Largest listed real estate entity posts $31m loss

Falling property values have pushed New Zealand's largest listed real estate entity into the red, with Kiwi Income Property Trust announcing a $31.3 million after-tax loss.

Buildings owned by the huge shopping centre and office block owner were devalued by $52 million, resulting in the loss for the half year to September 30.

The Trust today revised its projected cash distribution for the full year to 8 cents per unit.

"This is lower than previously forecast due to the decision to cease distributing the gain from the trust's investment in capital properties, at this stage," said chairman Sean Wareing.

A $8.3m gain made in the trust's investment in Capital Properties New Zealand Ltd will not be distributed.

The trust is paying an interim distribution of 4.60 cents per unit, comprising 4 cents in cash and 0.60 cents in imputation credits on December 15.

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Posted: 14 Nov 2008

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