Trevor Wairepo
Level 7, Vero Centre, 48 Shortland Street

Kiwi Property Group Limited Analysis


Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the NZX15 Index.

Kiwi Property was formed more than 20 years ago and now proudly owns and manages a $3.0 billion portfolio of real estate, comprising some of New Zealand's best shopping centres and prime office buildings. The company's objective is to provide investors with a reliable investment in New Zealand property by targeting superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio. Kiwi Property is licensed under the Real Estate Agents Act 2008.


  • Kiwi Property was founded in 1992 and listed on the NZX in December 1993 as Kiwi Income Property Trust
  • In December 2013, Kiwi Income Property Trust internalised its management and, in December 2014, moved from a trust to a company structure, changing its name to Kiwi Property and its NZX Code from KIP to KPG.

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The following information was extracted from Kiwi Property Group Limited's full year, released on 27 May 2024:

  • Net rental income: $184.9m (-9.2%)
  • Operating profit before tax: $108.2m (-16.5%)
  • Net loss after tax: $2.1m (+99.1%)
  • Adjusted funds from operations: $99.8m (-14.3%)
  • Net tangible assets per share: $1.17 (-5.1%)
  • Full-year dividend: 5.70 cps (No change)

Kiwi Property released its annual results for the year ended 31 March 2024 (FY24) today, announcing a solid underlying operational performance and progress on key aspects of its mixed-use strategy.

Financial performance

Kiwi Property recorded net rental income of $184.9 million in FY24, down 9.2% on the year before, due to the sale of non-core assets such as Northlands and Westgate Lifestyle in recent periods. Operating profit before tax was similarly affected, declining 16.5% to $108.2 million, while adjusted funds from operations (AFFO) decreased 14.3% to $99.8 million. When viewed on a like-for-like [1] basis to enable a more accurate comparison of Kiwi Property’s underlying performance, net rental income rose 5.8% in FY24, demonstrating the company’s ability to grow revenue from its remaining assets.

Kiwi Property continued to drive leasing spreads in FY24 despite the challenging economic conditions, with total rental movement up 4.4% and new leases rising 5.3%. Leasing spreads on new office leases rose 18.7%, underpinned by success at Vero Centre over recent months.

Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.