KPG - Kiwi Property Group Limited

[dibble]

... note that in inflation adjusted terms 7 cps a decade ago is 8 cps in annual dividends now. Why are dividends going backwards so badly in real terms ?

4. People invest in REIT's for income, why did the board cancel the dividend during Covid when cash earnings were reasonably okay and use the excuse that capital values had fallen as a reason to stop the dividend when you never pay a bumper dividend when capital values go up nicely so why is a capital value decline a reason to stop the dividend ?

Cash retention back then was a fair action (regardless of what they said-I preferred solvency threat to a dividend) and I wouldnt want a bumper div merely due to revaluation increases as it isnt a cash gain altho what happened to the cancelled dividend cash remains a mystery. Maybe that's the current Exec bonus pool.

But taking the dividend history Q further - 7cps 10 years ago was when interest rates were much higher. Gearing is a little lower now (from memory) but that aside we know rents have trickled up over the decade on assets already bought/developed, whilst int rates trickled down, surely the "margin" now is larger than ever? Where/how is this increased margin being squandered?

[dibble]

... note that in inflation adjusted terms 7 cps a decade ago is 8 cps in annual dividends now. Why are dividends going backwards so badly in real terms ?

4. People invest in REIT's for income, why did the board cancel the dividend during Covid when cash earnings were reasonably okay and use the excuse that capital values had fallen as a reason to stop the dividend when you never pay a bumper dividend when capital values go up nicely so why is a capital value decline a reason to stop the dividend ?

Cash retention back then was a fair action (regardless of what they said-I preferred solvency threat to a dividend) and I wouldnt want a bumper div merely due to revaluation increases as it isnt a cash gain altho what happened to the cancelled dividend cash remains a mystery. Maybe that's the current Exec bonus pool.

But taking the dividend history Q further - 7cps 10 years ago was when interest rates were much higher. Gearing is a little lower now (from memory) but that aside we know rents have trickled up over the decade on assets already bought/developed, whilst int rates trickled down, surely the "margin" now is larger than ever? Where/how is this increased margin being squandered?

[SPC]

Conveying my appreciation to Beagle for his correspondence to KPG and look forward to some answers, and additionally the whereabouts of the withheld dividend...?

[Baa_Baa]

Conveying my appreciation to Beagle for his correspondence to KPG and look forward to some answers, and additionally the whereabouts of the withheld dividend...?

Ditto that. Maybe an invitation to the CEO to come onto ST and share their thoughts, just like a couple of other companies do, which always seems appreciated.

[LaserEyeKiwi]

I hope you get some answers to your probing questions Beagle, but I suspect you will only get a repeat of what was already laid out in the Annual report:


F9C1D38D-4521-43E7-84E9-9559B96646FE.jpg45FF5822-6EEC-4847-A609-0EA84CD5978C.jpgF2AE1F6F-C445-45B2-BEFA-5EA32496B596.jpg531D1E00-C6B0-4644-B88F-0F9279ACFDC7.jpg

[LaserEyeKiwi]

Government infrastructure slush fund arrives with perfect timing for KPG’s Drury development looking like a prime candidate for nabbing a share:

https://www.interest.co.nz/property/...d-councils-iwi

[Beagle]

I hope you get some answers to your probing questions Beagle, but I suspect you will only get a repeat of what was already laid out in the Annual report:

I think you are right. Asking them to do a "mea cupla" and a full self diagnostic on past issues is a bridge too far. I will be left to make my own assessment of management and come up with my own strategy.

[winner69]

Where did the divie money go?

From Cash Flow Statement to Mar 21

Operating cash flow about the same as pcp (rents etc down 18m and tax paid down 15m with other things much the same)

Investment spend 80m less than pcp

FCF was negative 6m, not too bad as usually a lot more

They borrowed 39m and paid 53m less divies

Cynically one could say the divie money went to tenants (rent abatement) and meant they didn’t need to borrow as much

[Waltzing]

SP holding; orders building on the buy side at 116.5..

well off to work on the sculling as my nordic friends have warned me that summer regattas will be held next year on the baltic.. Testing some special high velocity looms specially lengthened at kilwell.. Buying NZ with aussi blades..will take them all back to europe to promote local products.

[Waltzing]

"Asking them to do a "mea cupla" and a full self diagnostic on past issues is a bridge too far. "

perhaps we can vote MR B to an independent director.