Kiwi’s portfolio performs despite slashing of valuation

CEO Clive Mackenzie said Kiwi will take a pragmatic approach to development. (Image: Supplied)

Mon, 28 Nov 2022

An unrealised decrease of $213.3 million in Kiwi Property’s portfolio sent its first-half results into the red, even though the portfolio’s actual performance was positive.Kiwi posted a $151.1m net loss for the six months ended September, compared with a $143.2m net profit in the same six months a year earlier. In the previous first half, unrealised property gains boosted the bottom line by $93.6m.Net rental income rose 6.3% to $100m while adjusted funds from operations were up 35.8% to $65.2m – the latter was boosted by the r...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Flick not profitable before $70m sale to Meridian

After eight years of trying in electricity retailing, Z throws in the towel.

Ian Llewellyn 12:20pm

Economy

Finance Minister announces $100m to elevate Elevate

Elevate is a government-funded 'fund of funds' programme.

Rebecca Howard 11:00am

Finance Minister announces $100m to elevate Elevate

Energy

Meridian to pay $70m for Z Energy's Flick

Z Energy paid $46m for its 70.01% stake in the electricity retailer seven years ago.

Ian Llewellyn 10:00am

Meridian to pay $70m for Z Energy's Flick

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Property

Property

Summerset launches $100m bond offer

Summerset Group has launched a six-year bond offer to fund the repayment of previously issued debt. The retirement village and aged care company told the market on Monday that it is raising up to $100 million, with the potential to accept an additional $50m in oversubscriptions. ...

Staff reporters 12 May 2025