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KIP Portfolio Valuation Update

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KIP Portfolio Valuation Update NZX RELEASE 2 April 2014 KIP portfolio valuation update Kiwi Income Property Trust today reported a net increase of $17.8 million (+0.8%) in the value of its portfolio of shopping centres and office buildings for the year ended 31 March 2014. The overall value of the Trust’s property portfolio stands at $2.1 billion. The valuations were determined by independent valuers, are subject to final audit and will be confirmed in the Trust’s financial results for the year to 31 March 2014 to be announced on 20 May 2014. As at 30 September 2013 the Trust independently revalued three assets – Vero Centre, ASB North Wharf and Unisys House. A second-half increase of $13.4 million, recorded predominantly through the office portfolio, built on the $4.4 million positive revaluation recorded in the first half. Mr Mark Ford, Chairman of the Manager of the Trust, said: “Strong investor demand for prime Auckland assets has been a continuing trend. Consistent with this, all of the Trust’s Auckland assets increased in value with Sylvia Park Shopping Centre, Vero Centre and ASB North Wharf collectively delivering revaluation gains of $55.6 million.” The weighted average capitalisation rate for the portfolio has firmed 32 basis points to 7.19% and the independent valuations indicate that over-renting across the portfolio is approximately 1.0%. Retail portfolio valuation The Trust’s flagship asset, Sylvia Park Shopping Centre in Auckland, increased in value by $21.8 million (+4.0%) to $564.0 million reflecting a continuation of the centre’s market dominance and strong trading performance. Growth in value over a two-year period for this prime regional shopping centre has been an impressive $58.7 million (+11.7%). Notwithstanding, in the year to 31 March 2014, the value of the Trust’s retail portfolio decreased $4.5 million (-0.3%) to $1.4 billion due to allowances made in valuations for earthquake strengthening and remedial work at three of the Trust’s shopping centres and a lower than anticipated valuation of Centre Place Shopping Centre in Hamilton following completion of its redevelopment in October 2013. The value of Centre Place, at $122.5 million, reflects the competitive operating environment in Hamilton and resulted in a $13.6 million (-10.0%) revaluation loss. The value of Northlands Shopping Centre in Christchurch reduced by $9.0 million (-4.2%) consistent with updated provisions made in the valuation for earthquake remedial works that are the subject of an ongoing insurance claim. A formal mediation is underway with the Trust’s insurers with the intention of securing a settlement towards the middle of this year. Similarly, the value of North City Shopping Centre in Porirua reduced by $4.0 million (-4.0%) largely as a result of a capital expenditure allowance made in the valuation for seismic strengthening to parts of the centre. The value of the Trust’s other shopping centres, LynnMall Shopping Centre in Auckland and The Plaza Shopping Centre in Palmerston North, remained essentially unchanged at $206.0 million and $196.0 million respectively. On a like-for-like basis, the weighted average capitalisation rate for retail assets firmed 14 basis points over the year, from 7.31% to 7.17%. Office portfolio valuation In the year to 31 March 2014, the office portfolio increased in value by $19.7 million (+3.0%) driven predominantly by improving fundamentals in the Auckland office market and positive leasing outcomes at 205 Queen. Valuation gains have largely resulted from capitalisation rate firming, with continued strong demand for investment-grade assets and anticipated improvement in office rents. Vero Centre in Auckland increased in value by $24.9 million (+9.1%) over the year, with the capitalisation rate firming 62 basis points to 6.88%. The capitalisation rate for the Trust’s newest asset, ASB North Wharf, also firmed to 6.88% increasing its value by $8.8 million (+5.8%) to $162.2 million as at 31 March 2014, comparing favourably to its $134.0 million development cost. Positive leasing outcomes at 205 Queen have resulted in the building’s vacancy rate reducing from 22.5% at September 2013 to 9.2% at March 2014, and led to a $5.6 million (+11.0%) increase in value for the Trust’s remaining 50% interest1. In November 2013 the Trust announced a new 18-year New Zealand Government lease commitment at 56 The Terrace (Unisys House) Wellington, as part of a comprehensive $67 million refurbishment of the 45-year-old office complex. In recognition of the impending departure of existing tenants and the development works, the value of the building has been adjusted downwards by $15.3 million (-22.3%) to $53.4 million as at 31 March 2014. Following redevelopment, and on commencement of the Government’s new lease in August 2016, it is projected that the building’s value will be approximately $120.5 million. The overall value of the office portfolio now stands at $674.6 million with a like-for- like weighted average capitalisation rate of 7.36%, 47 basis points firmer than the prior year. Chief Executive of the Manager of the Trust, Mr Gudgeon, concluded: “Office market fundamentals in Auckland are positively assisting our leasing efforts and should lead to rental growth over the medium term.” A full valuation summary as at 31 March 2014 has been provided to NZX with this announcement. ENDS For further information please contact: Chris Gudgeon Chief Executive Kiwi Property Management Limited DDI: +64 9 359 4011 Mob: +64 21 855 907 Mathew Chandler Investor Relations and Communications Manager DDI: +61 2 9303 3484 Mob: +61 407 009 687 1 In October 2013, the Trust entered into an agreement to sell a 50% interest in the asset for $47.5 million. The sale settled on 31 January 2014. Capitalisation rate Adopted value Net change in value Valuation summary Mar-13 Mar-14 Var. Mar-14 FY 2014 As at 31 March 2014 [%] [%] [bps] [$000s] [$000s] [%] Retail portfolio Sylvia Park Shopping Centre 6.63% 6.50% -13 564,000 21,834 4.0% LynnMall Shopping Centre 7.38% 7.13% -25 206,000 282 0.1% Centre Place Shopping Centre 8.25% 8.25% 0 122,500 -13,594 -10.0% The Plaza Shopping Centre 7.50% 7.25% -25 196,000 4 0.0% North City Shopping Centre 8.25% 8.25% 0 96,400 -3,996 -4.0% Northlands Shopping Centre 7.75% 7.75% 0 205,322 -9,038 -4.2% Total: Retail portfolio 7.31% 7.17% -14 1,390,222 -4,508 -0.3% Total: Retail portfolio (like for like) 7.31% 7.17% -14 Office portfolio Vero Centre 7.50% 6.88% -62 299,000 24,936 9.1% ASB North Wharf [Note 1] 7.38% 6.88% -50 162,200 8,849 5.8% 205 Queen (50% interest) 9.13% 8.50% -63 56,300 5,580 11.0% The Majestic Centre 8.00% 8.00% 0 76,600 -4,197 -5.2% Unisys House [Note 2] 8.75% 7.25% -150 53,400 -15,303 -22.3% 44 The Terrace 8.50% 8.50% 0 27,100 -139 -0.5% Total: Office portfolio 8.07% 7.23% -83 674,600 19,726 3.0% Total: Office portfolio (like for like) [Note 3] 7.83% 7.36% -47 Total: Investment portfolio 7.52% 7.19% -32 2,064,822 15,218 0.7% Total: Investment portfolio (like for like) 7.43% 7.22% -21 Other property Adjoining property 45,853 2,693 N/A Development land 19,500 -78 N/A Total: Other property 65,353 2,615 4.2% TOTAL: PORTFOLIO 2,130,175 17,833 0.8% Summary Six months ended 30 September 2013 2,143,865 4,394 0.2% Six months ended 31 March 2014 2,130,175 13,439 0.6% As at 31 March 2014 2,130,175 17,833 0.8% 1 ASB North Wharf transferred to the core portfolio following practical completion in May 2013. The 31 March 2013 capitalisation rate is shown for comparative purposes only but is not included in the weighted average office capitalisation rate for that year. 2 Unisys House capitalisation rate at March 2014 is the 'on completion' assessed rate. 3 Excludes ASB North Wharf (under development in prior year) and Unisys House (change of valuation methodology due to pending redevelopment). About Kiwi Income Property Trust Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 15 Index. The total value of the Trust’s property portfolio is $2.1 billion. Assets include: Key retail assets Sylvia Park Shopping Centre Auckland LynnMall Shopping Centre Auckland Centre Place Shopping Centre Hamilton The Plaza Shopping Centre Palmerston North North City Shopping Centre Porirua Northlands Shopping Centre Christchurch Key office assets Vero Centre Auckland ASB North Wharf Auckland 205 Queen (50%) Auckland The Majestic Centre Wellington Unisys House Wellington 44 The Terrace Wellington Kiwi Income Property Trust’s website address is kipt.co.nz .
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