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Showing 1-24 of 63 published briefings.

Precinct Properties (PCT)HY26Released 26 February 2026

FFO fell 8.4% as investment property margins compressed 3.4pp

Revenue flat but operating profit down 3.8% and OCF down 15.4%, with HY26 FFO tracking below the pace needed to meet full-year guidance midpoint.

Published 21 April 2026

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CDL Investments New Zealand (CDI)FY25Released 24 February 2026

PBT fell 42% and final dividend cut 71% as development margin collapsed

Revenue declined 22.3% but segment result in residential land fell far faster, and cash balance dropped $19.4m despite near-zero disclosed leverage.

Published 22 April 2026

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Property for Industry (PFI)HY26Released 24 February 2026

PBT up 78.8% on valuation tailwinds, but operating cash barely moved

Reported earnings accelerated sharply while operating cash flow rose just 2.7% and net debt climbed $71.0m, widening the gap between accounting...

Published 21 April 2026

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Winton Land (WIN)HY26Released 20 February 2026

Revenue collapsed 60% as residential settlements fell to 14 units from 90

Commercial rental income now leads the mix and is profitable, but the residential engine stalled, operating cash swung $37.0m negative, and net...

Published 23 April 2026

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Kiwi Property Group (KPG)FY26Released 24 November 2025

KPG HY26 swings to $9.8m profit but comparables in data are mis-matched

Release is an interim (interim dividend declared) showing revenue +6.46% and a swing from loss, yet the supplied prior-year set is FY25 full-year,...

Published 22 April 2026

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Kiwi Property Group (KPG)HY26Released 24 November 2025

Operating profit +7.5% but PBT collapsed 56.7% on fair value and tax distortion

Revenue growth was real, but a near-tripling of the effective tax rate pushed NPAT down 77% — masking a sound underlying leasing performance.

Published 21 April 2026

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Goodman Property Trust (GNZ)HY26Released 20 November 2025

Highbrook proceeds slashed net debt 89%; PBT up 17% but tax flattered NPAT

A 5% lift in cash earnings and reaffirmed FY26 guidance sit behind a one-off balance-sheet reset that materially changes the leverage profile.

Published 22 April 2026

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Goodman Property Trust (GMT)HY26Released 20 November 2025

GMT PBT up 17% as balance sheet deleveraged sharply in HY26

Rental revenue growth and a ~$779m debt reduction reshape the balance sheet, but minimal tax and collapsed capex inflate the headline numbers.

Published 21 April 2026

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Argosy Property (ARG)FY26Released 19 November 2025

NPAT jumps 85% on revaluation lift while rental revenue grows just 4.9%

Capex nearly doubled to NZ$40.6m, turning pre-lease free cash flow negative even as gearing stayed inside the 30-40% target band.

Published 22 April 2026

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Asset Plus (APL)HY26Released 19 November 2025

Operating profit surged 34x but NPAT fell 31% as Graham Street gain exits...

Debt fully repaid and cash quadrupled to $10.3m, but underlying rent-only earnings are modest now that the prior-period disposal gain has...

Published 22 April 2026

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Winton Land (WIN)FY25Released 27 August 2025

Winton PBT fell 44.8% as net debt/EBITDA jumped to 3.7x from 0.8x

Operating cash flow nearly tripled, but NZ$75.9m of capex pushed free cash flow negative, drained cash, and paused the dividend.

Published 23 April 2026

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Precinct Properties (PCT)FY25Released 27 August 2025

PBT swung to $5.3m but H2 NPAT was just $1.8m and dividend ran at 2.4x earnings

Revenue and operating cash flow both improved, yet free cash flow stayed at -$58.2m and the earnings recovery was almost entirely booked in the...

Published 22 April 2026

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Property for Industry (PFI)FY25Released 25 August 2025

FY25 'up 401%' NPAT reflects a transition-period compare, not a step-change

Headline growth is distorted by a 12-month FY25 versus a shorter FP24; annualised cash dividends are up just 3.6% and net debt stepped up to...

Published 21 April 2026

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CDL Investments New Zealand (CDI)HY25Released 12 August 2025

CDI's PBT fell 45% as property sales softened, NPAT rise is a tax artefact

Revenue down 17% and operating cash outflow nearly doubled to $12.2m, while the headline NPAT lift is driven by normalised tax rather than trading.

Published 22 April 2026

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Goodman Property Trust (GNZ)FY25Released 29 May 2025

Goodman Property Trust swings to $109.6m profit as revaluation drag lifts

Rental income up 13.8% and capex nearly halved to $80.1m, but the headline swing is driven by the absence of last year's fair-value hit rather...

Published 22 April 2026

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Asset Plus (APL)FY25Released 27 May 2025

Debt eliminated via Graham Street sale but H2 swung to $8.0m loss

A balance sheet reset from $29.2m net debt to $10.9m net cash sits against a sharply negative H2, with operating cash flow also turning negative.

Published 22 April 2026

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Kiwi Property Group (KPG)FY25Released 26 May 2025

PBT up 283% to $94.5m, but H2 NPAT collapsed to $13.8m as cash fell 19%

FY25 headline swung back into profit on a normalised tax line, yet the second half and operating cash flow tell a materially weaker story.

Published 22 April 2026

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Property for Industry (PFI)HY25Released 25 February 2025

PFI PBT up 20%, but interim dividend trimmed and net debt climbed to NZ$694m

Headline 36% NPAT growth is flattered by a 6% effective tax rate; operating cash flow was flat and the interim dividend was cut 9%.

Published 21 April 2026

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CDL Investments New Zealand (CDI)FY24Released 24 February 2025

PBT up 43.1% on housing recovery, but $3.9m deferred tax hit clips NPAT to 14.2%

A 59.4% revenue rebound and strong segment margins are masked at the bottom line by a one-off deferred tax adjustment and still-negative operating...

Published 22 April 2026

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Winton Land (WIN)HY25Released 21 February 2025

Winton swung to a $2.0m loss and from net cash to $53.3m net debt

Settlements dropped from 158 to 90 units, EBITDA effectively vanished, and $46.9m of capex absorbed a stronger operating cash inflow.

Published 23 April 2026

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Precinct Properties (PCT)HY25Released 20 February 2025

Revenue up 11.1% but continuing-ops profit collapsed 75.2% as NTA fell 7.4%

Operational metrics (NPI +4.4%, FFO +7.4%) held up, but fair-value pressure and a capex-heavy build phase left free cash flow negative.

Published 22 April 2026

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Asset Plus (APL)HY25Released 26 November 2024

APL swings to $2.3m profit but operating cash outflow widens to $1.2m

The HY25 result hinges on a pending 35 Graham Street settlement to repay all debt and fund a special dividend, not on current cash generation.

Published 22 April 2026

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Kiwi Property Group (KPG)HY25Released 25 November 2024

NPAT swung to $43.2m profit but operating cash fell 22.6% and DPS was cut

A $79.7m PBT swing on just $8.7m of revenue growth points to non-cash drivers, while cash conversion, leverage and distributions all moved the...

Published 21 April 2026

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Argosy Property (ARG)FY25Released 20 November 2024

Argosy swings to $33.0m NPAT on revaluation reversal as operating cash flow...

Headline profit recovery is driven by property revaluations, not underlying income, with pre-lease free cash flow down roughly half and the...

Published 22 April 2026

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