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New Zealand Rural Land Company (NZL)HY26Released 27 August 2026
NZL's NPAT grew 34.3% but operating cash flow fell 43.9%
Profit before tax rose 39.5% while operating cash flow dropped 43.9% to $2.4m, raising questions about earnings quality.
Published 27 August 2026
Read briefingWinton Land (WIN)FY26Released 26 August 2026
Winton revenue rose 21.5% as net debt fell to NZ$5.4m
The NZ$103.1m disclosed value from the Sunfield sale sits behind the period; operating metrics remain the main read.
Published 26 August 2026
Read briefingProperty for Industry (PFI)FY26Released 24 August 2026
PFI free cash flow swings to -$50.2m on a debt-funded capex surge
PBT fell 21.6% and payout rose to 61.4% of NPAT while pre-lease free cash flow turned to -$50.2m, funded by rising debt.
Published 24 August 2026
Read briefingCDL Investments New Zealand (CDI)HY26Released 10 August 2026
PBT margin fell to 37.5% while ROE stayed flat at a weak 1.1%
Revenue fell 8.8% and margins compressed to a five-year low, but ROE held flat at 1.1% despite a record $328.5m asset base.
Published 10 August 2026
Read briefingGoodman Property Trust (GMT)FY26Released 26 May 2026
Profit surged on one-off gains while operating profit and cash conversion fell
Statutory profit growth masks a decline in operating profit and a sharp fall in cash conversion this year.
Published 1 July 2026
Read briefingAsset Plus (APL)FY26Released 22 May 2026
FFO swung to $3.2m profit but NTA fell 5.2% as capex drained cash
Operating cash flow turned positive, yet $3.9m of Munroe Lane capex cut cash holdings by $4.0m and left NTA per share at $0.307.
Published 22 May 2026
Read briefingArgosy Property (ARG)FY26Released 20 May 2026
Pre-lease FCF turned to -NZ$2.9m as capex outran operating cash
Operating cash flow rose 14.2% but a 22.5% capex lift pushed pre-lease free cash flow to a five-year low.
Published 20 May 2026
Read briefingKiwi Property Group (KPG)FY26Released 18 May 2026
PBT fell 17.0% while FCF swung to NZ$25.5m on a 45% capex cut
Reported earnings declined and the 5.6cps full-year dividend ran at 182.4% of NPAT, with lower capex rather than profit growth funding deleveraging.
Published 18 May 2026
Read briefingNew Zealand Rural Land Company (NZL)FY25Released 27 February 2026
NZL's NPAT fell 65.8% as AFFO cash earnings rose 9.9%
PBT fell 64.7% and NPAT fell 65.8% even as AFFO grew, and the release does not reconcile the divergence.
Published 21 August 2026
Read briefingPrecinct Properties (PCT)HY26Released 26 February 2026
Precinct Investment Partnership acquisition puts Precinct Properties' debt headroom in focus
The NZ$900m acquisition price from the Precinct Investment Partnership acquisition is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 21 April 2026
Read briefingCDL Investments New Zealand (CDI)FY25Released 24 February 2026
PBT fell 42.5% as margin reset to an unprecedented 40.4%
Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY26Released 24 February 2026
Revenue grew an unprecedented 20.2% but operating cash flow rose 2.7%
Reported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.
Published 22 April 2026
Read briefingWinton Land (WIN)HY26Released 20 February 2026
Settlements collapsed to 14 units, swinging operating cash $37m negative
Revenue fell 60.0% and net debt nearly doubled as inventories built, even as the commercial portfolio swung to a positive segment result.
Published 23 April 2026
Read briefingKiwi Property Group (KPG)HY26Released 24 November 2025
NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%
Valuation pressure and a 58.6% effective tax rate cut NPAT to $9.8m, while pre-lease free cash flow swung to $18.9m on lower capex.
Published 21 April 2026
Read briefingGoodman Property Trust (GNZ)HY26Released 20 November 2025
Gross borrowings fell 53% as PBT rose 17.1% on issuer transition
Cash rose to $531.8m and total assets fell $663.1m, signalling a material balance sheet reshape that complicates the like-for-like read.
Published 22 April 2026
Read briefingGoodman Property Trust (GMT)HY26Released 20 November 2025
Borrowings cut 76% via Highbrook Fund deal as PBT grew 17.1%
A 0.6% effective tax rate lifted NPAT 35.8%, but the cleaner 17.1% PBT growth and 5.2% like-for-like rental uplift set the operating read.
Published 21 April 2026
Read briefingAsset Plus (APL)HY26Released 19 November 2025
Debt fully repaid and FFO turned positive as NPAT fell 30.4%
Graham Street disposal left Asset Plus with NZ$10.3m cash and zero borrowings, but the smaller portfolio means headline profit is not comparable.
Published 22 April 2026
Read briefingWinton Land (WIN)FY25Released 27 August 2025
Net debt/EBITDA jumped from 0.8x to 3.7x as PBT fell 44.7%
Strong reported cash flow came from a $21.6m inventory drawdown, masking rising leverage and a paused dividend.
Published 23 April 2026
Read briefingPrecinct Properties (PCT)FY25Released 27 August 2025
Gross borrowings up 20.7% and NTA down 6.2% as operating profit edges 1.2%
The statutory swing from a $22.1m FY24 loss to $11.0m profit reflects easing valuation drag rather than core earnings growth.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY25Released 25 August 2025
FY25 growth inflated by 6-month base and fair value gains
Reported revenue of NZ$127.5m and NPAT of NZ$106.0m compare to a six-month transition period; the durable read is NTA up 4.8% to NZ$2.84.
Published 22 April 2026
Read briefingNew Zealand Rural Land Company (NZL)HY25Released 21 August 2025
PBT fell 66.9% as margin sank to 39.3% while payout hit 89.3% of NPAT
PBT margin fell to 39.3%, well below the historical average of 99.8%, while the payout ratio jumped to 89.3% of a much smaller profit.
Published 21 August 2026
Read briefingCDL Investments New Zealand (CDI)HY25Released 12 August 2025
PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%
Revenue dropped 17.2% in a subdued property market, and the headline NPAT gain reflects a 29.4% tax rate versus 70.2% prior, not improving operations.
Published 22 April 2026
Read briefingGoodman Property Trust (GNZ)FY25Released 29 May 2025
GMT swings from $564.9m loss to $109.6m profit on valuation reversal
Underlying property income rose 13.8% and operating cash flow lifted 43.9%, but NTA per unit barely moved as the revaluation cycle turned.
Published 22 April 2026
Read briefingAsset Plus (APL)FY25Released 27 May 2025
Assets down 38% to $118m as Asset Plus repays all debt and pays 5cps special
Operating cash flow turned negative and the statutory loss widened 7.5% to $5.7m, even as AFFO swung to a $0.5m profit.
Published 22 April 2026
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