portfolio summary

Kiwi Property has been investing in New Zealand property for nearly 25 years. We own and have developed best-in-class shopping centres and landmark office buildings, and are increasingly focused on deriving the combined economic benefits from mixed-use assets. Our properties are spaces where New Zealanders can shop, work, connect, live and grow.

what we own

We proudly directly own and manage a $3.0 billion property portfolio.  We manage over $370 million of properties for third party clients.  We invest only in New Zealand.

 

what we own

sector diversification

Our portfolio is diversified across the retail and office sectors to smooth returns throughout the property cycles.

sector diversification

geographic diversification

Our geographic diversification reflects our strategy of investing in New Zealand’s main centres, with a bias to the ‘golden triangle’, predominantly Auckland (in particular location favoured by the Auckland Unitary Plan), the Waikato.   This bias is due to this region’s superior economic, population and employment growth prospects.

geographic diversification

Come in and have a look around

retail office

portfolio at a glance

retail portfolio office portfolio investment portfolio adjoining properties development land total
value ($m) 2,059.9 836.6 2,896.5 94.0 48.6 3,039.1
capitalisation rate (%)* 6.13 5.76 6.02
net operating income ($m) 65.4 21.2 86.6 1.9 - 88.5
net lettable area (sqm) 331,450 95,992 427,442
weighted average lease term (years) 3.8 10.0 5.4
occupancy (%) 99.9 97.6 99.3
tenants (no.) 852 61 913
carparks (no.) 12,867 825 13,692

Unless otherwise stated, all statistics are for the six months ended/as at 30 September 2018. Due to rounding, numbers within this page may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

retail location nla
(sqm)
tenants
(no.)
Sylvia Park Auckland 78,215 207
Sylvia Park Lifestyle Auckland 16,536 16
LynnMall Auckland 37,694 142
Westgate Lifestyle Auckland 25,581 28
The Base Hamilton 85,549 162
Centre Place Hamilton 15,801 80
The Plaza Palmerston North 32,221 105
Northlands Christchurch 39,853 112
TOTAL 331,450 852
office
Vero Centre Auckland 39,539 36
ASB North Wharf Auckland 21,625 12
The Aurora Centre Wellington 24,503 3
44 The Terrace Wellington 10,325 10
TOTAL 95,992 61

occupancy

We work hard to ensure our assets remain at the top of their game, and we are consistently rewarded with high portfolio occupancy.

occupancy

weighted average lease term (WALT)

WALT is a measure of the security of our rental income. It tells us the average term to expiry of our existing leases, weighted by income.

weighted average lease term (WALT)

lease expiry profile

The lease expiry profile indicates the proportion of our gross income stream expiring in each financial year.

lease expiry profile

tenant diversification

It’s important that we maintain tenant diversification to ensure we are not unduly exposed to fluctuations in any one market sector or single tenant. Our portfolio continues to attract a great range of tenants, across sectors.

supermarkets4%
department stores3%
discount department stores (DDS)3%
cinemas2%
home and living3%
mini-majors13%
fashion17%
food9%
general7%
pharmacy and wellbeing6%
other6%
office1%
total retail 74%
government7%
banking6%
legal5%
insurance2%
financial services3%
other3%
total office 26%

top 20 tenants

Our top 20 tenants are comprised of respected companies, government departments and successful retail chains. Collectively, the top 20 tenants:

  • Occupy 50% of investment portfolio by area
  • Contribute 39% of investment portfolio by gross income

ASB Bank7.1%
Ministry of Social Development4.9%
Farmers¹2.7%
Progressive Enterprises2.3%
Cotton On Clothing2.0%
Bell Gully1.9%
Foodstuffs1.9%
Suncorp1.9%
The Warehouse1.8%
Just Group1.7%
Kmart1.5%
Russell McVeagh1.5%
HOYTS Cinemas1.5%
Hallenstein/Glasson1.4%
ANZ Bank1.1%
Craigs Investment Partners1.0%
Whitcoulls¹0.9%
BNZ0.9%
IAG0.8%
Tertiary Education Commission0.8%
proportion of investment portfolio by gross income50%
¹ Controlled by The James Pascoe Group

30/9/2018