Wall Street Losing Money?

The Dunedin City Council's much-hyped shopping mall development may be losing money.
This item was in the ODT story on the DCC budget:

Other increases contributing to the council's rising operating costs included a further $1.05 million for the city property department, in part covering operating costs for the council's Wall Street mall.

Mr Stephens said those costs included rates, the building's warrant of fitness, cleaning and other costs not covered by rent from tenants.

Overall revenue from the complex was "more than adequately" covering costs, he said.

If rent from tenants is not covering expenses such as rates and cleaning, then Wall Street is losing money, not contributing to the City's finances as was the expectation.

Later update:
I may have misunderstood this, "not covered by rent from tenants" may mean not paid directly by tenants. Perhaps there is income elsewhere in the budget for rent.
It would be good to see the actual figures to see what effect Wall Street is having on the DCC budget. Does the income cover all expenses including depreciation?