New Zealand's largest listed landlord has suffered a $290 million asset devaluation due to Covid-19.
Kiwi Property told the NZX its property valuations fell 8.5 per cent so its assets were worth $3.1 billion at the end of March, down from $3.39b before the outbreak.
Clive Mackenzie, Kiwi chief executive, said the valuations had been heavily impacted by the Covid-19 pandemic.
"The significant uncertainty caused by the coronavirus has prompted valuers to include an assessment of its effects on property values. As a result, their assumptions around rental growth, vacancy, downtime, leasing up allowances and trading conditions have all softened. The challenging investment market conditions and an expected decline in capital inflows are also contributing to an expansion in capitalisation and discount rates," Mackenzie said.