Brief: Kiwi Property Group Posts FY Net Rental NZ$186.8 MLn

Kiwi Property

24/05/2020 21:48

May 25 (Reuters) - Kiwi Property Group Ltd  KPG.NZ :
    * FY NET RENTAL INCOME UP 3.4% TO NZ$186.8 MILLION
    * NOT TO PAY A FINAL DIVIDEND FOR YEAR
    * UNDER REVISED DIVIDEND POLICY, AIMS PAYMENTS THAT ARE
ABOUT
90-100% OF ADJUSTED FUNDS FROM OPERATIONS
    * FY FFO UP 6.3% TO NZ$113.6 MILLION
    * SINCE RETURN TO ALERT LEVEL 2, NUMBER OF VISITORS TO
SHOPPING
CENTRES IS DOWN 8%
    * FY NET LOSS AFTER TAX OF NZ$186.7 MILLION
    * ECONOMIC UNCERTAINTY BY PANDEMIC CAUSED NZ$290 MILLION
WRITE-DOWN IN FAIR VALUE OF CO'S PROPERTY PORTFOLIO
    * SEES REINTRODUCTION OF DEPRECIATION ALLOWANCES FOR
COMMERCIAL
BUILDINGS TO INCREASE AFTER TAX EARNINGS BY ABOUT $4.5 MILLION
IN FY21
    * BOARD OF DIRECTORS, CEO & EXECUTIVE TEAM AGREED TO
TEMPORARY 20%
PAY CUT
    * ABATEMENTS APPLY TO Q1 OF FY21 AND ARE EXPECTED TO IMPACT
FFO BY
NZ$20 MILLION

Source text for Eikon:  ID:nNZWDw5fM 
Further company coverage:  KPG.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))