Kiwi Property Group shares slipped after delivering their 2023 half year result. KPG reported net loss came in at -$151.1m, due to incurring a non-cash revaluation loss of its portfolio of $213.3m, which was flagged earlier reflecting higher interest rate environment softening cap rates on investment properties. Net tangible asset fell from $1.45 down to $1.31, with KPG trading at a large discount to account for further weakening over the near-term which appears likely.