KPG - Kiwi Property Group Limited

[Harley]

Up 4.3% today, more Likers than Haters. What was the thing that happened today?

[LaserEyeKiwi]

Up 4.3% today, more Likers than Haters. What was the thing that happened today?

No news, although the Auckland covid case numbers really starting to shrink now which might be encouraging some investors back. Lots of buying pressure at the close as well.

[Habits]

Up 4.3% today, more Likers than Haters. What was the thing that happened today?

There was an uptick in the SP on this day in 1995, so we are simply shadowing that move. Thus to prove the point this company has no future it only has a past /sarc

[Beagle]

NZX50 rebalance at close.

[LaserEyeKiwi]

Kiwi Property increases FY22 dividend guidance

19/4/2022, 3:36 pm MKTUPDTE

Kiwi Property today increased its FY22 dividend guidance, following a stronger than expected fourth quarter.

The company’s diversified asset portfolio proved more resilient to the financial impact of Omicron and the red COVID-19 traffic light setting, with adjusted funds from operations exceeding forecast through the latter stage of the financial year. As a result, Kiwi Property now expects to pay a dividend of 5.6 cents per share (cps) for FY22 [NOTE 1], up 5.7% from the 5.3 cps guidance previously announced. The proposed dividend represents a New Zealand tax-paid yield of 5.21% [NOTE 2].

The resilience of Kiwi Property’s asset portfolio has been highlighted by the rental growth achieved over the course of the year, despite the headwinds caused by COVID-19. Rental income from new mixed-use leases was up approximately 4% in FY22 compared to the year before, with office rents rising by over 8% in the same period. Rent reviews also increased, delivering uplift of almost 4% for mixed-use and more than 4% for office.

Sales across Kiwi Property’s mixed-use properties were strong over recent months, growing approximately 4% through January and February, compared to the year before. Sylvia Park sales rose by over 8% on the prior comparable period, underpinned by the Level One expansion and new athleisure precinct.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said he was pleased by the company’s robust continued performance through the pandemic in FY22.

“We’re delighted to be in a position to increase the dividend guidance. While COVID-19 has invariably caused disruption, we’ve come through Omicron well so far, with rental growth, sales and income exceeding expectations.

“We’re continuing to transition our asset base and deliver on our strategy of creating mixed-use communities at key metropolitan centres, with good progress being made on build-to-rent and the 3 Te Kehu Way office development, in particular. We look forward to maintaining this momentum as we enter our new financial year.”

[Grimy]

And Sylvia Park was packed all weekend. Excellent.

[winner69]

That's good news eh LEK ..... 5.6 cent is better than 5,3 cents

Wasn't the F19 dividend about 7 cents

[Beagle]

No mention of how they're getting on with selling their regional malls that have bene on the market for a very long time now.
Yet another multi million dollar write-down coming for them ?
I do remember them saying last year if they couldn't sell them then it was good for short term eps so this dividend probably mostly reflects that.
Whether that's a good thing or not in the medium term remains to be seen.

[Arbroath]

No mention of how they're getting on with selling their regional malls that have bene on the market for a very long time now.
Yet another multi million dollar write-down coming for them ?
I do remember them saying last year if they couldn't sell them then it was good for short term eps so this dividend probably mostly reflects that.
Whether that's a good thing or not in the medium term remains to be seen.

A write down could be brutal. Centre City in New Plymouth sold for $20m against a valuation of about $65m. It has earthquake code issues but that is a brutal discount for AMP to take selling it.
I think P North was meant to be worth about $200m but maybe the real value is $150m or so.

[Ohdoyle]

A write down could be brutal. Centre City in New Plymouth sold for $20m against a valuation of about $65m. It has earthquake code issues but that is a brutal discount for AMP to take selling it.
I think P North was meant to be worth about $200m but maybe the real value is $150m or so.

It has more than just earthquake issues the building itself will be bordering on worthless by 2030.

Great land holding though.