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Kiwi Income Property Trust Portfolio Value Declines

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 2 NZPA - Kiwi Income Property Trust said the value of its portfolio has reduced by 3.5 percent to $1.83 billion.

Sean Wareing, chairman of the manager of the trust, said the rate of decline in values appeared to be slowing and there was an expectation that recent improvements in global economic conditions would help to stabilise property values going forward.

Underlying operating earnings remained sound and the change in portfolio value would not adversely affect distributions to unitholders, Mr Wareing said.

As at September 30 the buildings had an occupancy level of 98.5 percent and the weighted average lease term was 4.2 years.

NZPA WGT pjg gt

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