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 18 May 2026:

Disciplined FY26 execution strengthens balance sheet

• Net rental income $202.4m
• Operating profit before tax $126.2m
• Net profit after tax $50.4m
• Adjusted funds from operations $100.2m
• Net tangible assets per share $1.12
• Full year dividend 5.60 cents per share

Executing on strategy

Kiwi Property today released its annual results for the twelve months ended 31 March 2026 (FY26), delivering a robust operating performance and continued advancement of its strategic priorities. Performance benefited from rental growth, improved occupancy, disciplined cost management and progress on capital recycling initiatives. These contributors were partly offset by valuation movements, resulting in lower profit after tax.

Kiwi Property Chair Simon Shakesheff noted the strong progress on the capital recycling programme: “during the year, we sold The Plaza in Palmerston North for $118.9m, with settlement occurring in December 2025. Following the successful nine-year lease extension at ASB North Wharf in July last year, we also progressed a conditional sale of that asset, which was announced in January.” Since year end, Overseas Investment Office approval has been received for the ASB transaction, with settlement of the $205 million sale expected in May 2026.