NZ's Kiwi Income Property Trust posts year loss

WELLINGTON, May 15 (Reuters) - Kiwi Income Property Trust Ltd. (KIP.NZ), New Zealand's biggest listed property company, on Friday reported a full year loss due to a fall in the value of its investments.

The top-10 company posted a net loss of NZ$169 million ($101 million) for the year to March 31, including revaluation losses, compared with NZ$123 million profit last year.

Excluding revaluations profit was NZ$61 million, down 1.8 percent on last year's NZ$62.1 million.

It declared a final dividend of 4 cents per share, compared with 4.5 cents a share in 2008.

The full year distribution totalled 8 cents per share, and the company forecast a distribution of 7.5 cents for the year to March 2010.

Shares in Kiwi Income, which invests in office buildings and shopping centres, closed on Thursday at 93 cents, having traded between 88 cents and NZ$1.30 over the past year.

Kiwi Income said on March 27 its portfolio lost NZ$162 million in value in the financial year, reducing its value to NZ$1.9 billion. It sold two buildings in March worth around NZ$38 million.

Last month it completed a NZ$50 million placement of new shares to institutional investors to beef up its balance sheet and reduce debt.

It is also undertaking a share purchase plan for shareholders to raise a further maximum NZ$15 million. ($1=NZ$1.68)