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 full year results, released on 26 May 2025:

• Net rental income $194.1m (+5.0%)

Operating profit before tax $116.2m (+7.4%)

• Net profit after tax $57.0m (+2,814.3%)
• Adjusted funds from operations $92.8m (-7.0%)
• Net tangible assets per share $1.14 (-2.0%)
• Full year dividend 5.40 cents per share (-5.3%)

Operational resilience

Kiwi Property released its annual results for the twelve months ended 31 March 2025 (FY25) today, with the results demonstrating operational resilience, fiscal discipline and the continued advancement of its long-term retail-led mixed-use strategy.

Kiwi Property Chair Simon Shakesheff noted that the “recession has affected the wider property and construction sectors, with downward pressures on office tenancies, residential rentals, and consumer propensity to spend on retail goods. As economic pressures on consumers and businesses slowly ease, I believe Kiwi Property will be increasingly well-positioned, with our positive exposure to population, retail and rental trends continuing to underpin our strategy.”