Portfolio summary

Kiwi Property has been investing in New Zealand real estate for 24 years. We own and have developed best-in-class shopping centres and landmark office towers. But much more than that, we’ve created spaces New Zealanders can simply enjoy.

We're growing with Auckland

Over recent years, our strategy has seen us substantially rebalance our property portfolio weighting towards Auckland, New Zealand’s largest regional economy and the country’s strongest centre of employment and population growth.

We’ve invested in high-quality office buildings and retail centres in locations favoured by the Auckland Unitary Plan.

We increasingly see ourselves as town centre investors, creating diverse, engaging environments for New Zealanders – exceptional places for exceptional people.

We're growing with Auckland

Property compendium

The property compendium should be read in conjunction with the 2017 annual report. You can read both below.

Property compendium Annual report
Property compendium

What we own

We proudly own and manage $3.1 billion in direct property investments in a portfolio that comprises some of New Zealand’s best retail and office assets. We also manage approximately $400 million of property on behalf of third parties.

Our properties provide diverse environments that connect and engage people through great experiences. They are places of aspiration and inspiration. They are places to shop, work, connect, live and grow.

 

What we own

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 ($m) 2,061.9 894.3 2,956.2 58.6 46.6 3,061.4
Capitalisation rate (%)* 6.52 6.13 6.40
Net rental income ($m)* 128.5 48.7 177.2 2.7 179.9
Net lettable area (sqm) 353,675 120,646 474,321
WALT (years) 3.6 9.7 5.6
Occupancy (%) 99.5 99.3 99.4
Tenants (no.) 961 83 1,044
Carparks (no.) 14,127 1,068 15,195

Retail Location NLA
(sqm)
Tenants
(no.)
Sylvia Park Auckland 73,852 203
Sylvia Park Lifestyle Auckland 16,536 16
LynnMall Auckland 37,526 142
Westgate Lifestyle Auckland 25,581 28
Centre Place – North Hamilton 15,812 79
The Plaza Palmerston North 32,299 107
Northlands Christchurch 41,493 121
North City Porirua 25,439 103
TOTAL 268,538 799
Office
Vero Centre Auckland 39,529 34
ASB North Wharf Auckland 21,625 12
The Aurora Centre Wellington 24,527 3
44 The Terrace Wellington 10,350 10
TOTAL 96,031 59

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 Auckland.

Geographic diversification

Occupancy

We work hard every day 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 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

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 living1%
Mini-majors12%
Fashion17%
Food9%
General7%
Pharmacy and wellbeing6%
Home and living2%
Other6%
Total retail 72%
Government8%
Banking6%
Legal4%
Insurance3%
Financial services2%
Other4%
Consultancy1%
Total office 28%

Top 20 tenants

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

  • Occupy 47% of our investment portfolio area
  • Contribute 38% of investment portfolio by gross income

ASB Bank6.5%
Ministry of Social Development4.6%
Farmers¹2.9%
Progressive Enterprises2.7%
Cotton On Group1.9%
Foodstuffs1.7%
Bell Gully1.7%
Just Group1.7%
Vero Insurance1.7%
The Warehouse1.6%
Hallenstein/Glasson1.4%
Russell McVeagh1.4%
Hoyts Cinemas1.3%
Kmart1.3%
ANZ Bank1.0%
Whitcoulls¹0.9%
Craigs Investment Partners0.9%
Pascoes¹0.8%
Hannahs0.7%
Westpac0.7%
Proportion of gross rental income38%
¹ Controlled by The James Pascoe Group