KPG - Kiwi Property Group

[winner (n)]

How the KPG share price has gone compared to 10 Year Govt Stock

One day might map yield v 10 Year -- prob look much the same

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[Shareguy]

Hm. Competition for KPG as just down the Road

https://www.nzherald.co.nz/property/te-reiputa-auckland-build-to-rent-apartment-fills-fast-as-tenants-lock-in-up-to-10-year-leases/premium/CJSLA4KCGRFYZIYAPY2IMREZ3Y/

[Basil]

Disciplined FY26 execution strengthens balance sheet
18/05/2026, 08:30 NZST, FLLYR
Net rental income $202.4m (+4.3%)
Operating profit before tax $126.2m (+8.6%)
Net profit after tax $50.4m (-11.5%)
Adjusted funds from operations $100.2m (+8.0%)
Net tangible assets per share $1.12 (-2.4%)
Full year dividend 5.60 cents per share (+3.7%)

Dividend outlook for FY27 up 2.7% to 5.75 cps.

Occupancy up very strongly from 96.9% to 99%

https://api.nzx.com/public/announcement/472753/attachment/468522/472753-468522.pdf

Disc: Holding ~ 7% portfolio allocation for tax efficient reliable quarterly dividend income.

[BlackPeter]

Disciplined FY26 execution strengthens balance sheet
18/05/2026, 08:30 NZST, FLLYR
Net rental income $202.4m (+4.3%)
Operating profit before tax $126.2m (+8.6%)
Net profit after tax $50.4m (-11.5%)
Adjusted funds from operations $100.2m (+8.0%)
Net tangible assets per share $1.12 (-2.4%)
Full year dividend 5.60 cents per share (+3.7%)

Dividend outlook for FY27 up 2.7% to 5.75 cps.

Occupancy up very strongly from 96.9% to 99%

https://api.nzx.com/public/announcement/472753/attachment/468522/472753-468522.pdf

Disc: Holding ~ 7% portfolio allocation for tax efficient reliable quarterly dividend income.

Yep, not too bad for a Build to Rent company.

On the other hand - after reaching 99% occupation, further occupancy gains will get more difficult, and 2027 forecast sounds as well a bit more - hmm complex..

But yes, I hold them as well despite all the people who complained about the build to rent program ... and don't see at this stage a reason to change this. Maybe I buy some more, while the price is right.

[mfd]

You call them a build to rent company, but they certainly aren't talking much about Resido in today's releases. Good occupancy, but looks like a small valuation fall and they are no longer talking about repeating the model as far as I can see.

Fairly small part of the portfolio, but maybe a failed experiment? Harder to account for the flow on benefits to their surrounding properties.

[Basil]

Yield on Resido lower than what they were expecting I reckon.  Interesting that foot traffic in Sylvia park is up 8% since Ikea's opening a while ago.  I'd suggest its opening was far more impactful than Resido.

Not so good to see the value of Drury fall considering the investment there.  I'm guessing the current cost of earthmoving and roading is well north of initial projections.  Maybe they slow this development down with so much geopolitical uncertainty at present ?

Good to see the forecast dividend go up and their goal to increase it by 3% each year.