New Zealand's Kiwi Property sees best day in nearly 7 months on FY AFFO forecast upgrade

Kiwi Property

11/03/2021 22:09

** Shares of real estate firm Kiwi Property Group Ltd
 KPG.NZ  gain as much as 5.5% to NZ$1.245 – their biggest
intraday percentage gain since Aug. 17, 2020
    ** Company says it increased its FY 2021 adjusted funds from
operations (AFFO) earnings guidance to 5.50–5.60 NZ cents per
share from 4.90–5.15 NZ cents per share  urn:newsml:reuters.com:*:nFWN2L912I
    ** KPG says revised guidance reflects stronger than
anticipated trading conditions, with the company's retailers
performing ahead of expectations, despite COVID-19-related
disruptions
    ** Stock hits its highest level since Feb. 18
    ** Stock on track to post its second consecutive positive
session
    ** KPG down 3.3% this year, as of the last close
       

 (Reporting by Aditya Munjuluru in Bengaluru; Editing by Peter
Cooney)
 ((aditya.srivastsav@thomsonreuters.com))