Kiwi portfolio drops $162m

Listed office and retail landlord Kiwi Income Property Trust had $162.2 million wiped off the value of its real estate.

Sean Wareing, chairman of Kiwi's manager, said revaluations had resulted in the portfolio dropping 10.1 per cent to $1.91 billion.

Sylvia Park shopping mall in Mt Wellington took a huge hit. Its value fell from $470 million to $453.7 million although Kiwi did not issue a list of valuation comparisons on individual properties.

Wareing said underlying operating earnings were still sound but signalled further softening valuations.

Kiwi's units last traded at 99c, down from an annual high of $1.30.