Renewal and extension of $227.5 million of bank debt

NZX RELEASE

19 July 2012
Renewal and extension of $227.5 million of bank debt facilities

Kiwi Income Property Trust is pleased to announce that it has renewed and extended $227.5 million of bank debt facilities, the majority of which were due to expire between December 2012 and April 2013.

The renewed facilities, which were agreed with Bank of New Zealand ($127.5 million) and Commonwealth Bank of Australia ($100.0 million), are for six-year terms, expiring in the Trust’s 2019 financial year.

The Trust maintains $850 million of committed bank debt facilities by way of bilateral agreements with the four leading Australian-owned banks: ANZ National Bank, Bank of New Zealand, Commonwealth Bank of Australia and Westpac New Zealand.

As at 30 June 2012, the weighted average term to maturity for the combined facilities was 3.3 years. Following the current renewals and extensions, this will increase to 4.6 years, with no bank debt expiring until the Trust’s 2016 financial year.

Gavin Parker, Chief Financial Officer of the Manager of the Trust, said “The Trust’s ability to secure six-year bank debt at attractive rates highlights its credit quality and the strong support that it continues to receive from the banks. This has enabled us to maximise the term to maturity for the combined facilities whilst maintaining competitive pricing and diversity amongst lenders, with an appropriately spread expiry profile.”

ENDS
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 15 Index.
The total value of the Trust’s property portfolio is $1.95 billion. Assets include:
Key Retail Assets
Sylvia Park Shopping Centre Auckland
LynnMall Shopping Centre Auckland
Centre Place Shopping Centre Hamilton
The Plaza Shopping Centre Palmerston North
North City Shopping Centre Porirua
Northlands Shopping Centre Christchurch
Key Office Assets
Vero Centre Auckland
National Bank Centre Auckland
The Majestic Centre Wellington
Unisys House Wellington
44 The Terrace Wellington
Kiwi Income Property Trust’s website address is www.kipt.co.nz

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