Jeez the KPG narrative and accounts even more confusing than what Oceania produce.
But they say ‘solid results’ so suppose it’s a good report
No pay rise for punters though
I’ll wait for LEK’s summary
Personally I would have preferred they didn’t drop the dividend by such a minor amount, instead they should have maintained the dividend and just paid out the extra single digit millions (at maybe ~105% of AFFO), knowing that revenue is increasing over next 12 months as BTR & 3 tekehu way tenant up, and the likelyhood of the Vero sale brings in almost half a billion in cash.
Not that I will particularly notice the 5% divi reduction, but I think it just sets a bum note when its a temporary issue of such a small amount.
Agreed 100 percent LEK. Shoppers are paying more to the lessees, who are paying more to KPG. But KPG wants to pay less to the shareholders who fund the operation and carry the risk
MASSIVE BUM NOTE
Agreed 100 percent LEK. Shoppers are paying more to the lessees, who are paying more to KPG. But KPG wants to pay less to the shareholders who fund the operation and carry the risk
MASSIVE BUM NOTE
As a shareholder you'd only be robbing yourself to pay yourself a full dividend...
I thought they may have mentioned how the renting out of apartments at residio was going - but no mention so I guess not going as well as hoped.
They just completed 3 of the 4 buildings two weeks ago (2 of the towers & the residents pavilion building), and since then they have started doing tours and started formal applications to lease, they have 12 apartments under tenanting applications already (some complete, others still processing), in addition to the 36 apartments already leased to Urban loft on a 3 year contract. 4th and final building to be finished next week. They expect to reach full occupancy over next 12-18 months. Expected IRR on resido has increased slightly. This was discussed on earnings call.
They just completed 3 of the 4 buildings two weeks ago (2 of the towers & the residents pavilion building), and since then they have started doing tours and started formal applications to lease, they have 12 apartments under tenanting applications already (some complete, others still processing), in addition to the 36 apartments already leased to Urban loft on a 3 year contract. 4th and final building to be finished next week. They expect to reach full occupancy over next 12-18 months. Expected IRR on resido has increased slightly. This was discussed on earnings call.
Thanks for that Lasereye. They are going to reduce the dividend to 5.3c. Still not a bad yield. With a share price of 83 cent it still gives a dividend yield of 6.4% after tax.
I don’t think it will be anytime soon, considering they recently let go of their head of development because there was literally no new projects for him to work on.
Personally i hope they would consider potentially partnering with simplicity living on future BTR projects.
Last edited by LaserEyeKiwi; 28-05-2024 at 10:21 AM.
Nats said This morning, @cjsbishop and @chrisluxonmp formally opened a new Build to Rent development in Mt Wellington.
Build to Rent housing is an important part of solving New Zealand’s housing crisis, helping to increase the supply of secure, affordable and quality rental developments.
We need to take every option available to us to get more homes built in NZ. Build to Rent is one of those options.
Good stuff eh
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
Nats said This morning, @cjsbishop and @chrisluxonmp formally opened a new Build to Rent development in Mt Wellington.
Build to Rent housing is an important part of solving New Zealand’s housing crisis, helping to increase the supply of secure, affordable and quality rental developments.
We need to take every option available to us to get more homes built in NZ. Build to Rent is one of those options.
Good stuff eh
Wrong end of the island for me to attend unfortunately.
Also worth noting the announcement today in regards to foreign investors investing in BTR projects.
“Today I will introduce legislation to Parliament that will make changes to the Overseas Investment Act 2005 to better support Build to Rent housing developments.
“The legislation introduced today will amend the Overseas Investment Act to create a new streamlined consent pathway that would allow investors to purchase land with the intention of building a new Build to Rent development or purchasing an existing one.
“This legislation will be supported by the recently-issued directive on Build to Rent investment from Associate Finance Minister David Seymour and myself which provided immediate certainty that New Zealand is open to foreign investment in Build to Rent developments.
“The Coalition government remains committed to the ban on overseas investment into existing residential housing and land in New Zealand (unless the investor is eligible for a consent). The changes in the legislation introduced today are all about adding to supply of housing and making it easier for Kiwis to get into a warm and dry home.”
Originally Posted by winner69
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