Kiwi Property Group Limited Analysis

Overview

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.

History

• 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.

To find out more, visit kp.co.nz

Performance

The following information was extracted from Kiwi Property Group Limited's half year results, released 24 November 2025

Net rental income: $102.0m (+7.0%)

Operating profit before tax: $62.9m (+11.5%)

Net profit after tax: $9.8m (-77.3%)

Adjusted funds from operations: $51.9m (+7.2%)

Net tangible assets per share: $1.12 (-2.2% from FY25)

Interim dividend: 2.80 cents per share (+3.7%)

Key highlights:

• Strong leasing momentum: ASB North Wharf lease extended to 2040, Vero Centre occupancy up to 94.3%, and Resido (build-to-rent) now 99% leased.

• Establishment of the Mackersy Large Format Retail Fund (seeded with Sylvia Park Lifestyle) is expected to release at least $53 million in capital.

• Conditional sales of Drury land to Costco, Rebel Sport/Briscoes, and Harvey Norman means around 77% of large-format retail land at Drury is now conditionally sold, with total sales proceeds of $115 million to be received in FY27-FY29.