Kiwi Property has released draft valuations for the six months ended 30 September 2022, which have revealed an expected 5.8% decrease in the fair value of the Company's property portfolio to $3.4 billion.
Chief Executive Officer Clive Mackenzie attributed the reduction to the high inflation and interest rate environment, which has led to softening capitalisation rates globally.
Despite the reduction, Kiwi Property's operating earnings are not impacted, and the Company's FY23 cash dividend guidance remains unchanged.
The draft valuations are subject to external review before being confirmed in the Company's interim FY23 financial statements.
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