Kiwi Income Property Trust is under scrutiny from one of its institutional investors.
At its annual meeting, the company told shareholders it expects to maintain a payout of 7.5 cents per unit for the current March financial year, despite lower economic and investment activity.
Craig Tyson, equity investment manager at ING - the largest investor in the listed property sector - says the dividend is disappointing.
Mr Tyson says such companies have built up assets in the good times but when the cycle turns investors have to put their hands in their pockets to fix the problem, through capital raising and a cut in dividend.
He asked the Trust whether it would better manage its balance sheet in the future, to prepare for the downturns in such a cyclical business.
Kiwi Income Property Trust says it didn't predict the market's turning point and does not want to sell assets as it's a long term investor.
Chief executive Chris Gudgeon says the trust has had a solid three months trading since releasing its annual results at the end of March.