New Zealand's largest listed landlord has suffered a $290 million asset devaluation due to Covid-19.

Kiwi Property told the NZX its property valuations fell 8.5 per cent so its assets were worth $3.1 billion at the end of March, down from $3.39b before the outbreak.

Clive Mackenzie, Kiwi chief executive, said the valuations had been heavily impacted by the Covid-19 pandemic.

"The significant uncertainty caused by the coronavirus has prompted valuers to include an assessment of its effects on property values. As a result, their assumptions around rental growth, vacancy, downtime, leasing up allowances and trading conditions have all softened. The challenging investment market conditions and an expected decline in capital inflows are also contributing to an expansion in capitalisation and discount rates," Mackenzie said.

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"This uncertain environment is likely to continue for some time. We will regularly review further changes in asset values and make additional announcements as appropriate," Mackenzie added.

The mixed-use portfolio - including Sylvia Park, Sylvia Park Lifestyle, LynnMall and The Base - suffered a 10.6 per cent or $177m drop to $1.4b. These assets account for nearly half the company's assets.

Retail asset valuations fell $126m or 20.8 per cent to $481m. Regional shopping centre values were hardest hit, contributing to a capitalisation rate expansion of 58 basis points to a weighted average of 8.11 per cent. Regional retail assets are 15.5 per cent of Kiwi's portfolio.

Kiwi office portfolio was the most resilient, down only $15m or 1.6 per cent to $910 million.

Wellington's The Aurora Centre and 44 The Terrace revalued up 7.1 per cent and 7.4 per cent, underpinned by long-term Government leases.

ASB North Wharf rose 3.1 per cent but the Vero Centre dropped 1.7 per cent.

The value of huge Drury landholdings and Sylvia Park redevelopment sites fell $1m to $215m but Kiwi expressed confidence in plans for both sites.

"Mixed-use is critical to Kiwi Property's growth. With our significant landholdings at Sylvia Park and Drury, we are in a position to develop master-planned communities that contain a mix of asset classes, and are potentially more resilient in the face of market shocks, such as those caused by Covid-19," Mackenzie said.

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Gearing rose to 32 per cent, Kiwi said.

Kiwi's shares traded today at $1.01, down from $1.67 in October last year.

Covid19.govt.nz: The Government's official Covid-19 advisory website