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$50 notes - Source: ONE News -
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Kiwi Income Property Trust has reported a full-year after tax loss of $168.9 million, but has described its operating performance as solid.
The trust says the result was impacted by an unrealised reduction in the value of the property portfolio and an adverse fair value movement in interest rate derivatives.
The Trust's portfolio dropped by 10.1%, or $215.1 million, to $1.91 billion due to softening in market capitalisation rates.
This was offset partly by an improvement in rental income performance, with net rental income growing by 6.9% to $133.7 million.
Despite the overall result, the trust, whose portfolio includes Auckland's Sylvia Park mall, says its distributable profit was $61.0 million, down only 1.8% on the previous financial year.
The trust last month completed $50 million in capital raising via a share placement to institutional investors.
