The $1.2 billion landlord and developer Kiwi Income Property Trust has given its manager - Kiwi Income Properties - a $1 million-plus pay rise.
Monday, June 20th 2005, 7:02AM
by The Landlord
"But don't go on a witch hunt," said Angus McNaughton, chief executive of the trust's Commonwealth Bank of Australia-owned manager.
"The manager has performed well and we've just had the strongest year since the trust was set up."
The trust's annual report, due to arrive in unitholders' hands today, shows the manager was paid $8,056,000 in the March year, up on last year's $6,716,000.
Fees are based on the gross value of assets under management.
Kiwi's portfolio has expanded in the last year, breaking the $1 billion barrier. The company yesterday was promoted to the New Zealand stock exchange's top 10 index.
