Portfolio overview

Portfolio summary

For over two decades, we’ve owned and developed some of New Zealand’s best shopping centres, large format retail and office buildings to create a high-quality portfolio for our investors. The Company’s last reporting date was at 30 September 2016 . Unless otherwise stated, all statistics presented are as at this date.

What we own

We’re an active owner of a $2.88 billion portfolio of high-quality shopping centres, large format retail and office buildings.

 

What we own
Retail Location NLA
(sqm)
Tenants
(no.)
Sylvia Park Auckland 73,925 209
Sylvia Park Lifestyle Auckland 16,536 16
LynnMall Auckland 37,567 142
Westgate Lifestyle Auckland 25,581 3
The Base² (50%) Hamilton 85,398 168
Centre Place – North Hamilton 15,791 77
The Plaza Palmerston North 32,255 108
North City Porirua 25,417 105
Northlands Christchurch 41,515 126
TOTAL 353,985 954
Office
Vero Centre Auckland 39,530 34
ASB North Wharf Auckland 21,625 11
The Majestic Centre Wellington 24,574 23
The Aurora Centre Wellington 24,564 -
44 The Terrace Wellington 10,330 7
TOTAL 120,623 75

Come in and have a look around

Retail Office

Portfolio at a glance

Retail portfolio Office portfolio Investment portfolio Other properties Portfolio
Value ($m) 1,979.0 838.1 2,817.1 62.0 2,879.1
Capitalisation rate (%) 6.67 6.45 6.60
FY16 net rental income ($m) 111.9 42.0 153.9 2.7 156.6
Net lettable area (sqm) 353,985 120,623 4574,608
WALT (years) 3.9 9.6 5.5
Occupancy (%) 99.0 97.4 98.6
Tenants (no.) 971 80 1,051
Carparks (no.) 10,308 1,075 11,383

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 stores3%
Cinemas2%
Home and living1%
Mini-majors12%
Fashion18%
Food9%
General7%
Pharmacy and wellbeing6%
Home and living (specialty)2%
Other5%
Total retail 72%
Government8%
Banking6%
Legal5%
Insurance4%
Financial services2%
Other2%
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 48% of our portfolio’s net lettable area
  • Account for 39% of gross portfolio income

ASB Bank6.6%
Ministry of Development4.7%
Farmers¹2.9%
Progressive Enterprises2.8%
Russell McVeagh2.1%
Vero Insurance2.0%
Cotton On Clothing1.9%
Bell Gully1.8%
Foodstuffs1.8%
Just Group1.7%
The Warehouse1.7%
Hallenstein/Glasson1.4%
Hoyts Cinemas1.4%
Kmart1.3%
ANZ Bank0.9%
Whitcoulls¹0.9%
Craigs Investment Partners0.9%
Pascoes¹0.8%
Hannahs0.7%
Readings Cinemas0.7%
Proportion of gross rental income37%
¹ Controlled by The James Pascoe Group