Kiwi Income Property Trust

New Zealanders are radically changing their grocery shopping habits as they tighten their belts.

Foodstuffs South Island chief executive Steve Anderson said the co-operative chain, which has Pak'n Save, New World and Four Square, had seen a huge change in shopping behaviour. "It's like someone flicked a switch three months ago and as a result people are changing the way they shop," he said. "The trend is towards Pak'n Saves for the cheaper prices," Anderson said.

Rising fuel prices had also proved a blessing for smaller grocery stores in rural areas. Anderson said the trend was towards shopping in rural Four Squares and New Worlds, rather than coming into the city. "People have been calculating how much it costs to drive and as a result they're shopping locally," he said. "Prior to the fuel increases no-one seemed to think about it and now they do it's cost-effective to shop there rather than spend $25 to drive to supermarkets."

Anderson said the popularity of products had also changed, with house brands increasingly in demand. "Budget and Pam's are doing very well, which is an indication of tighter times."

Another noticeable change was the shift towards 500g blocks of cheese rather than the traditional 1kg block as prices rose. "People went from a situation where they were happy to live this lifestyle because of the value of property and their job is safe and then they started thinking these pillars are not there so they've gone from spenders to conservers."

Angus McNaughten, of the Kiwi Income Property Trust which owns malls including Northlands, said there had been a shift to the cheaper supermarkets. "It would be fair to say ... people are becoming a lot more cost-conscious," he said. "It's a sign of the times."

Progressive Enterprises spokeswoman Fiona Breen said Progressive's supermarkets, which include Woolworths and Countdown, had experienced strong growth in their in-house label, Homebrand. She said there had also been a change in where people shopped.

Petrol prices had changed people's habits and many preferred not to drive as far to shop, she said. "Convenience in location is becoming a big factor," she said. However, they had not seen a noticeable shift from Woolworths to Countdown, perhaps because the prices at the stores were now similar.

Shopper Irena Sutherland said she had recently changed to Pak'n Save Moorhouse in Christchurch because of the competitive prices. "I used to shop at New World in Opawa but I found it cheaper here, I have to confess," she said yesterday. "I also buy the house brands, why not? They serve the same purpose."

Sharon Lister said that although she had closer supermarkets, she travelled to Moorhouse Avenue because it was the cheapest option. However, Lister also went to other supermarkets for specific items when they had good deals. "I shop around, especially with the cheap brands," she said. "If they've got something on special I will go down and grab it."

Glen Steele, of Hanmer Four Square, said more residents of the North Canterbury town were shopping locally but business was suffering from a drop in tourist numbers.

A verdict should at last be delivered in the coming week by the Commerce Commission on whether Foodstuffs or Woolworths will be allowed to buy The Warehouse.

The commission has now been considering the matter for close to six months. A "no" seems the most likely outcome, given the time taken, but nothing is certain here.

If the commission decides that it can't make a "no" fly through the bumpy process of appeals and court action that would follow such a verdict, then it might yet produce a "yes".

But given that the commission seems to be against either of the supermarket companies acquiring The Warehouse, the key point is whether it has the appetite for a big battle on this one.

A fledgling flutter

The Xero float is an interesting one, but comes too soon in the company's life for "mum and dad" retail punters.

Xero plans to sell Internet-based accounting software to small and medium businesses through monthly subscriptions. Co-founder Rod Drury has had previous success, selling e-mail business AfterMail to America's Quest for $65 million last year. Securing Trade Me founder Sam Morgan as an independent director adds tremendous credibility.

Xero cites salesforce.com, a US$5.6 billion New York listed sales force automation software provider, as one company successfully pursuing its planned business model. But Xero reckons its big international rivals, MYOB, Sage and Intuit, aren't well placed to adopt the Internet business model, which provides lower infrastructure costs and predictable revenue.

Xero decided to float, rather than seek private funding, for greater credibility when expanding overseas. It sees immediate New Zealand market potential of $90 million. It plans to open shop in Australia, where it sees three times as many customers, and Britain where it sees 13 times as many. The directors don't expect profits for at least three years, and don't anticipate paying dividends for the foreseeable future.

In the nine months to March Xero lost $1 million before tax and cites equity of just $1.7 million. It's similar to a venture capital investment opportunity.
-GARETH VAUGHAN

Shelling out

A great, if hazardous, pastime of the 1980s is back. It's called "spot the shell company and make a pile".

Anybody fortunate to have climbed into listed shell Vistron's shares at 24 cents each recently will have been gratified by the four-fold increase in their value in the week and a half since aggressive Queensland investor and financial services company MFS announced it was reversing its New Zealand arm into Vistron.

At the moment, Vistron is essentially an empty vessel, with a group of shareholders and a sharemarket listing. It is 70 per cent owned by sharebroker Brett Wilkinson, who has seen the value of his holding increase by about $2 million.

Till the details of the reverse takeover by MFS New Zealand are revealed, punters are guessing a bit about the likely value of the Vistron shares after the deal is done. But that's not the only punting going on. Holly Springs Investments is another listed empty vessel – also 70 per cent owned by Mr Wilkinson.

Its infrequently traded shares changed hands at two cents each on April 13. But when they next traded on May 21 – the day before the MFS deal with Vistron was announced – the price shot up to 10c. Subsequently the price has topped 30c, on very small volumes. One to watch, perhaps.

Having pie but not eating it

Unitholders in listed property trusts are set to benefit when the Government's new portfolio investment entities (PIE) tax regime comes into effect on October 1.

Under the new rules New Zealand investors will pay no further tax on cash dividends. But, according to ING Property Trust chairman Michael Smith, the changes have yet to be fully reflected in INGPT's unit price.

And you could probably say that about a couple of the other trusts as well, he believes. Four of the bigger trusts, ING, Kiwi Income, AMP NZ Office and Macquarie Goodman, are still trading below their net asset backing per unit.
-ANDREW JANES

New Zealand's biggest property company says high demand from offshore investors is making it difficult to acquire new assets.

Kiwi Income Property Trust [ NZX : KIP ] reported revenue of $59.2 million for the year to March 2007.

Profits rose by four per cent over the previous year after the removal of a $15 million gain from the previous year is taken out.   A $220 million revaluation on its portfolio earlier this year lifted its total value to $1.9 billion.

Chief executive Angus MacNaughton, says New Zealand property is particularly popular among foreign investors at the moment.  Mr MacNaughton says completion of the Sylvia Park shopping centre in Auckland has been the company's main focus over the past year.

The Centre has now been valued as an investment property worth $422.7 million, giving it a current year revaluation gain of $47.6 million- ahead of the projected revaluation gain of $6.0 million.

Kiwi Income Property Trust will focus on developing its existing portfolio this year rather than looking at major acquisitions.

Angus McNaughton, chief executive of the manager of the trust, said continued demand from overseas and New Zealand investors was making it harder to acquire assets.

Kiwi reported a $59.2 million after-tax profit for the year ending March 31, compared with $72.1 million the previous year. Excluding a $15 million one-off gain from selling the AUT building and its Capital Properties stake in the March 2006 year, after-tax profit was up 3.7 per cent.

The trust will pay a final dividend of 4.85 cents per unit, bringing the total dividend for the year to 9.6c.

During the year, Kiwi opened the first three stages of its Sylvia Park Mall, New Zealand's largest, in Auckland. Stage four, 40 more stores and a rail connection, is due to open late next month.

Kiwi also owns a mix of shopping centres and office buildings, including the Vero Centre in Auckland, the Majestic Centre and Unisys House in Wellington, and the Plaza Shopping Centre in Palmerston North.

Early this year the trust recorded a revaluation gain of $219.8 million, bringing the total value of its portfolio to $1.9 billion.

This year the trust's New Zealand unit-holders will benefit from a new tax regime for portfolio investment entities such as the trust. The regime takes effect from October 1 and will apply to both of the trust's dividends in the March 2008 year.

The opening of 45 new stores with a focus on entertainment, food and leisure at Sylvia Park today is hoped to bring an end to some quiet weekdays at the mega mall in Mt Wellington.

Among the retailers opening their doors for the first time from 10am are a Hoyts' 10-cinema complex - including the first beanbag cinema in New Zealand - a food area with restaurants and takeaway bars, outdoor retailers such as Norsewear and Swazi, Kathmandu, a Borders book store and electronics shops.

Stage three - the "entertainment and leisure precinct" - is dubbed the "men's creche" because of its electronics, food and outdoor-wear shops. It will cover 20,000sq m and includes 450 new car parks.

Although the first stage's opening last June brought Auckland's southern motorway to a standstill, Sylvia Park has been nicknamed Spooky Park because of the dearth of customers, especially during the week.  The Warehouse Extra, McDonalds and Life Pharmacy have all said sales were lower than expected, and they hoped the opening of stage three would attract more foot traffic.

Supermarket competitors Foodstuffs and Progressive Enterprises also said it was slower than expected after the initial excitement wore off.  They also expect revenue to pick up after today brings the crucial mix of food and entertainment to the centre.

Angus McNaughton, chief executive of Kiwi Income Property Trust which manages the complex, was upbeat. "Before now we were missing some quite large chunks of the retail mix. There was no children's fashion, no dining places, no entertainment, no books, and no electronics, so there were some big gaps ...  "We have had a fantastic trading given there was that big chunk of the mix missing."

He said 26 of the stores opening today were either new to New Zealand or did not yet have stores in shopping centres.  He said most shopping centres had relatively quiet weekdays. About 60 to 65 per cent of business at Sylvia Park happened over the week, and about 35 to 40 per cent in the weekend, when it was busier.

"We've been open for 30 seconds so give us a chance and let us finish opening and then judge us."

Mr McNaughton said no major fanfare was planned to mark the opening, although many of the retailers were having their own parties.

Dick Smith Electronics PowerHouse had lined up entertainment from Tony Veitch and Stacey Daniels, spot prizes and special discount prices.  Hoyts Sylvia Park is kicking off with the New Zealand comedy Black Sheep tonight, at a theatre complex which promises more leg room, beanbags for two, and what Guinness World Records says is the biggest cinema screen in the world.

The final stage of the complex, which will include a Sylvia Park railway station, is due to open in mid-year - about a year after the first stage.

Kiwi Income Property Trust said today its property assets had been revalued up by $210 million to $1.9 billion for the year ended in March.

Chief executive of the trust's manager, Angus McNaughton, said the 13 per cent increase in the portfolio's value was equally spread between the retail and office portfolios.

The trust's flagship office asset, the Vero Centre in Auckland, had been valued up by $44m to $300m.

Unisys House in Wellington was revalued by $14m to $74m and the PricewaterhouseCoopers Centre in Christchurch by $13m to $58m.

A value of $420m had been put on the Sylvia Park shopping centre in Auckland, $43m above the projected valuation.  The final fourth stage of that retail project is due to open mid-year, which will also see the opening of the Sylvia Park railway station.

The trust's Centre Place Shopping Centre in Hamilton was revalued up by 22 per cent to $122m while the Northlands Shopping Centre in Christchurch was valued up $19m to $249m and the North City Shopping Centre in Porirua by $18m to $135m.

The trust is projecting a gross dividend of 9.50 cents per unit for the year to March 31, 4.4 per cent of the previous year's dividend.  Kiwi Income shares were up 1c to a record $1.69.

Kiwi Income Property Trust announced its property assets have recorded a total revaluation gain of approximately $210 million for the financial year ended 31 March 2007.

The revaluation gain will increase the value of the Trust's total portfolio (including acquisitions and capital expenditure) to $1.9 billion, and increases the undiluted net asset backing per unit by approximately 29 cents to $1.73.

Valuations of the Trust's assets are conducted by independent valuers and are carried out every 12 months. The revaluations are subject to audit and will be confirmed as part of the 31 March 2007 full-year financial result.

Chief Executive of the Manager of the Trust, Angus McNaughton, said the revaluation gain was a combination of the significant demand for investment grade assets internationally, portfolio rental growth, and the quality of the Trust's portfolio. In line with international trends, cap rates for prime assets have continued to firm strongly in the New Zealand market. The 13% increase in portfolio value is equally spread between the retail and office portfolios.

The Trust's flagship office asset, the Vero Centre, has continued to benefit from a very strong Auckland office market, increased market rentals, and a firming of its cap rate to 6.75%. The building has increased in value by $44 million to $300 million and has predominantly underpinned the gain in the overall office portfolio. Other key office assets that increased strongly were Unisys House in Wellington, up $14 million to $74 million, PricewaterhouseCoopers Centre in Christchurch up $13 million to $58 million, and the National Bank Centre in Auckland, which the Trust recently acquired the remaining 50% of, up $13 million to $120 million.

Due to Sylvia Park's construction reaching a significant level of completion, the Centre has, for the first time, been valued as an investment property. The current value of the retail centre as at 31 March 2007 has been assessed at $420 million, giving rise to a current year revaluation gain of $43 million, significantly ahead of the April 2008 projected revaluation gain of $6 million. The Centre has been valued on a cap rate of 6.0%, which is comparable with recent Australasian transactions and valuations of assets with Sylvia Park's growth potential and quality. The Stage III Entertainment and Leisure Precinct, which is fully leased, is due to open on programme tomorrow at 10am. This Precinct includes the Hoyts 10 Cinema Complex with the largest screen in the world for a 35mm projector, Borders bookstore, Dick Smith Electronics Powerhouse, Kathmandu, seven restaurants in a dining lane, and many new retailers. Of the 45 retailers opening within Stage III, 26 are either new to New Zealand or new to a shopping centre in New Zealand. The final Stage IV of the retail project is on programme to open mid-year, which will also see the opening of the Sylvia Park railway station.

The Trust's other retail assets also increased in value significantly. Centre Place Shopping Centre in Hamilton was up $22 million to $122 million, Northlands Shopping Centre in Christchurch up $19 million to $249 million, and North City Shopping Centre in Porirua up $18 million to $135 million.

"The level of the overall valuation increase reflects the strength of both the office and retail markets. Demand for office space across the portfolio remains firm with high occupancy levels providing an excellent platform for rental growth. A number of Australian retailers also continued to seek new opportunities in New Zealand, contributing to the demand for space at Sylvia Park which is now 97% leased", said Mr McNaughton.

As stated in the Trust's Interim Result release on 17 November 2006, the Trust is projecting a gross dividend of 9.50 cents per unit for the year ending 31 March 2007, 4.4% ahead of the previous year's dividend. The Trust's Final Result will be released mid-May this year.

ENDS

For further information please contact:
Angus McNaughton
Chief Executive
Kiwi Income Properties Limited
DDI: 64 9 357 9332
Mob: 021 946 157

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 10 Index.

The total value of the Trust's assets is $1.9 billion. Key assets include:

Key Office Assets
Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
Majestic Centre Wellington
Unisys House Wellington
BP House Wellington
Vector Building Wellington
PricewaterhouseCoopers Centre Christchurch

Key Retail Assets
Sylvia Park Shopping Centre Auckland
Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North

Kiwi Income Property Trust's website address is www.kipt.co.nz

Flagship store The Warehouse Extra is among retailers failing to meet projected sales targets at Auckland's Sylvia Park complex.

But like competitors Foodstuffs and Progressive Enterprises, The Warehouse management remains confident business will pick up.

The only site in New Zealand to have three-way grocery competition has been going through periods of ghostly quiet on some weekdays, prompting some prospective tenants to dub it "Spooky Park".

The Sylvia Park Warehouse Extra - which opened with the rest of the complex last June - was running below present targets, chief executive chief Ian Morrice said yesterday.

But he said he still had confidence in the Mt Wellington shopping complex.

"Our view on Sylvia Park is that this is a long-term target that will take some years to mature as a location."

"The initial performance has not continued [but] that is not something that has concerned us."

Progressive Enterprises managing director Peter Smith has said its Foodtown operation at Sylvia Park has sometimes faced lower-than-expected foot traffic.

Foodstuffs chief executive Tony Carter said that after an initial flurry business revenue was down.

"I don't know the details from the actual store but we are entirely comfortable. This is something that happens at a new centre."

All three expected revenue to increase as Sylvia Park developed.

Kiwi Income Property Trust reports strong demand for tenancies and insists existing retailers are enjoying good sales. Stage three of the four-stage complex - featuring an entertainment and restaurant row - will open on March 29, making Sylvia Park New Zealand's biggest mall.

Some prospective tenants dub it Spooky Park, but Sylvia Park retailers expect Stage Three of the complex will end the ghostly quiet trading on weekdays.

Stage Three - to open on March 29 - will incorporate a cinema and entertainment complex, and restaurant row and 44 retailers, making Sylvia Park the largest mall in the country.

Stage One of the Mt Wellington complex opened to capacity crowds on June 12 last year and bargain-hunters brought traffic in the area to a standstill. Although weekends have been relatively busy, Sylvia Park during the week has been deathly quiet, prompting some prospective tenants to give it the nickname Spooky Park.

Established tenants had not heard that term but agreed it was quiet and said trading had been below their expectations. They expect that the new stores will boost shopper numbers through the week.

Managing director of No 1 Shoe Warehouse, Gerard Peterson, was keen for a place at Sylvia Park but had been unable to find the right location.

The Spooky Park reputation during weekdays would be short-lived, he said. "That is what retailers are calling it - all shopping is quiet during off-peak in weekdays but it is particularly quiet at Sylvia Park. "We are at other malls such as those owned by Westfield and it is pretty even through the week and spikes on Thursday, Friday and Saturday."

Despite the nickname, retail space is highly sought after at Sylvia Park.

Sylvia Park owners the Kiwi Income Property Trust last week said the 20,000sq m Stage Three would open fully leased at the end of the month. Counting Stage Four, set to open in June, only 3 per cent of the entire complex was vacant.

Chief executive Angus McNaughton rejected talk of untoward concentration of shoppers in weekends. Data supplied by BNZ Marketwatch so far this year year showed 10 per cent of sales on Monday, 11 per cent on Tuesday, 12 per cent on Wednesday, 14 per cent on Thursday and 15 per cent on Friday, he said. The 38 per cent in the weekend was similar to other shopping malls, said McNaughton, who said that Stage Three would give the complex a wider choice of retail, meaning more foot traffic.

Kiwi Income shares - which hit an all-time high of $1.66 last week - closed down 1c at $1.63 yesterday.

Five Sylvia Park tenants approached by the Business Herald were looking forward to Stage Three opening this month. Only one - Bendon - said trading figures so far met expectations.

Life Pharmacy acting chief executive Des Flynn said weekday sales were probably 15 per cent down on expectations, largely because of the lack of foot traffic during Tuesdays, Wednesdays and Thursdays. Weekends were below expectations, but closer.

"Our staff-to-sales ratios have gone out the window," Flynn said. "We need to have a certain number of staff on duty for security reasons, but for a lot of that time there is not enough to keep them busy."

The owner of beauty store All About You, Tony Ahern, had not heard the Spooky Park nickname but said tenants talked about the periods of low foot traffic.

"It's been said that you could fire a shot down the mall at a certain time and be sure of not hitting anybody." he said.

McDonald's Restaurants country manager Mark Hawthorne confirmed that sales were below expectations. He was less convinced that Stage Three would boost weekdays.

Kiwi Income Property Trust today announced a record net profit after tax of $29.7 million for the six months to 30 September 2006. Excluding realised gains, this represents an increase of 8.7% over the same period last year.

The Trust will pay a gross interim dividend of 4.75 cents per unit for the half year, comprising 4.34 cents per unit in cash and 0.41 cents per unit in imputation credits. The record date for this dividend will be 4 December 2006, and the payment date is 15 December 2006. The dividend is eligible for reinvestment in accordance with the terms of the Trust's Dividend Reinvestment Scheme.

Rental revenue increased by 7.1% to $47.5 million following strong rent reviews, leasing activity and the maiden contribution from Sylvia Park. On a "like for like" basis rental revenue rose 6.0%, primarily reflecting the strength of the Trust's office portfolio and the robust office market conditions.

Chairman of the Manager of the Trust, Sean Wareing, said "The Trust has again produced a result which highlights the strength of the Trust's portfolio and the markets within which it operates. The result reinforces the benefits of the Trust's focus on a diversified quality property portfolio and the effective implementation of its asset management strategy".

A gross dividend for the year ending 31 March 2007 of not less than 9.10 cents per unit was projected in May 2006. Strong rent review and leasing performance, particularly from the office portfolio, has supported an upgrade to this dividend projection. Subject to a continuation of reasonable economic conditions, a gross dividend of 9.50 cents per unit is now projected for the year ending 31 March 2007, 4.4% ahead of the previous year's dividend.

HALF YEAR FINANCIAL HIGHLIGHTS
- Net profit after tax increased by 2.0% (over the same period last year) to $29.7 million. After excluding gains on realisation of investments, net profit after tax increased by 8.7%.
- Net rental revenue increased by 7.1% to $47.5 million ("like for like" basis up 6.0%).
- Total assets at 30 September 2006 were $1,553.9 million, an increase of $108.1 million on the 31 March 2006 position.
- Secured borrowings at 30 September 2006 amounted to $344.5 million, representing 22.2% of assets.
- Unit Holders' funds were $1,025.0 million as at 30 September 2006, up $4.8 million on the 31 March 2006 position.

PORTFOLIO MANAGEMENT
Office market conditions remain robust, with rental growth and firming yields continuing to drive strong returns from the sector. Rentals for new leases and rent reviews are now approaching $500m2 net in the top levels of the Vero Centre. Limited available space at the quality end of the office market is expected to continue to drive rental growth across the Trust's office portfolio. Net rental revenue from the office portfolio increased by 7.4% compared to the previous comparable period. After adjusting for the sale of the AUT building, and the acquisition of the Fisher and Paykel building, the level of rental growth increases to 9.5% ("like for like" basis). The Trust's office portfolio at 30 September also achieved the highest ever level of occupancy at 99.6%.

Post balance date, the Trust exercised its pre-emptive right to unconditionally acquire the remaining 50% of the National Bank Centre in Auckland for $55.6 million. The 26,146m2 building, completed in 1990, comprises two office towers, prominent ground floor retail premises, and basement carparking. The acquisition represented a market yield of 8.0%, and will be debt funded, with settlement later this month. Chief Executive of the Manager of the Trust, Angus McNaughton, commented that there are few opportunities to purchase a well located quality 'A' grade building and that the National Bank Centre had good rental growth, a level of under-renting, and future opportunities to add value.

A slowing domestic economy and increased competition has led to flat retail sales on a moving annual turnover basis across the retail portfolio. However, occupancy has remained high at 99.7% (as at 30 September 2006). Net rental revenue increased by 8.2%, with Northlands and The Plaza Shopping Centres strong contributors. The interim period includes the maiden contribution from Sylvia Park. On a "like for like" basis rental income from the retail portfolio increased by 2.3%.

The Trust's Sylvia Park project continues to reach important milestones, with Stages I and II opening fully leased in June and August respectively. Leasing of the remainder of the retail project, Stages III and IV, is nearing completion with over 90% of the entire Centre now leased by both area and net rental. Construction continues to progress well, both on budget, and on programme to be completed in mid 2007. The focus of Stage III will be the fashion, entertainment and leisure precinct beneath Sylvia Park's inspirational 30 metre "volcanic cone". This stage includes the Hoyts 10 cinema complex, Borders Bookstore, Dick Smith Electronics Powerhouse, adventure and fashion retailers, and a family dining lane. Stage IV will complete the retail offering with a mix of retailers that includes Noel Leeming and The Baby Factory.

Mr McNaughton commented that "Stages I and II continue to trade well, with the strong Christmas period only weeks away. When complete we remain confident that the Centre will fulfil its potential as the most comprehensive retail destination for the wider Auckland region".

OUTLOOK
Mr Wareing said the outlook for the Trust remained positive with property sector fundamentals expected to remain resilient, underpinning solid rental and leasing activity across the Trust's retail and office portfolios. The office portfolio will continue to benefit from low vacancy levels, and solid demand for office space. Any softening of retail sales will be buffered by the high occupancy levels at the Trust's retail centres and the rental increases built into the majority of the Trust's retail specialty leases.

ENDS

For further information please contact:
Angus McNaughton
Chief Executive
Kiwi Income Properties Limited
DDI: 64 9 357 9332
Mob: 021 946 157

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 10 Index.

The total value of the Trust's assets is $1.6 billion. Key assets include:

Key Office Assets
Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
Majestic Centre Wellington
Unisys House Wellington
BP House Wellington
Vector Building Wellington
PricewaterhouseCoopers Centre Christchurch

Key Retail Assets
Sylvia Park Shopping Centre Auckland
Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North