portfolio summary

Kiwi Property has been investing in New Zealand property for nearly two and a half decades. We own and have developed best-in-class shopping centres and landmark office buildings. Our property assets are more than their physical presence; they are spaces where New Zealanders can shop, work, connect, live and grow.

what we own

We proudly directly own and manage a $3.1 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 regions superior economic, population and employment growth prospects.

¹ On 11 April 2018, Kiwi Property entered into an unconditional agreement for the sale of North City.  The asset is recorded at its net sale price and settlement is expected to occur no later than July 2018.

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 ($m) 2,080.6 831.2 2,911.8 93.1 47.1 3,052.0
capitalisation rate (%) 6.25 5.76 6.11
net operating income ($m) 136.5 44.3 180.8 3.2 184.0
net lettable area (sqm) 355,235 95,995 451,230
weighted average lease term (years) 3.8 10.1 5.3
occupancy (%) 99.7 99.3 99.6
tenants (no.) 964 59 1,023
carparks (no.) 14,092 825 14,917

All statistics are for the year ended/as at 31 March 2018. All amounts are in New Zealand dollars. 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 74,843 206
Sylvia Park Lifestyle Auckland 16,536 16
LynnMall Auckland 37,570 143
Westgate Lifestyle Auckland 25,581 28
The Base Hamilton 85,552 162
Centre Place – North Hamilton 15,807 82
The Plaza Palmerston North 32,202 104
North City Porirua 25,514 105
Northlands Christchurch 41,632 118
TOTAL 355,237 964
office
Vero Centre Auckland 39,542 34
ASB North Wharf Auckland 21,625 12
The Aurora Centre Wellington 24,503 3
44 The Terrace Wellington 10,325 10
TOTAL 95,995 59

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.

supermarkets5%
department stores3%
discount department stores (DDS)3%
cinemas2%
home and living2%
mini-majors12%
fashion18%
food10%
general7%
pharmacy and wellbeing6%
other6%
total retail 74%
government6%
banking6%
legal4%
insurance3%
financial services3%
consultancy1%
other2%
total office 25%

top 20 tenants

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

  • Occupy 49% of investment portfolio by area
  • Contribute 39% of investment portfolio by gross income

ASB Bank6.9%
Ministry of Social Development4.7%
Farmers¹3.1%
Progressive Enterprises2.8%
Cotton On Group1.8%
Foodstuffs1.8%
Bell Gully1.8%
Just Group1.8%
Suncorp1.8%
The Warehouse1.7%
Hallenstein/Glasson1.5%
Russell McVeagh1.4%
HOYTS Cinemas1.4%
Kmart1.3%
ANZ Bank1.0%
Whitcoulls¹1.0%
Craigs Investment Partners0.9%
Pascoes¹0.8%
Hannahs0.8%
Westpac0.8%
proportion of investment portfolio by gross income39%
¹ Controlled by The James Pascoe Group