Kiwi Property Group Ltd said yesterday it could lose $6 million in rent from a small number of tenants which have a contractual right to suspend rental payments if they are unable or choose not to occupy or use their premises because of the Government order closing non-essential business premises for 4 weeks.
Kiwi Property said the drop in gross rental income if all tenants with that right exercised represented less than 3% of 2019 gross rental income.
The company said on Monday it had refinanced $214 million of debt facilities on 5-year terms with ANZ Bank, the Bank of NZ & Westpac. It has $303 million in undrawn credit lines and has a current gearing ratio of 29.2%.
Attribution: Company releases.