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Showing 25-48 of 64 published briefings.

Argosy Property (ARG)FY25Released 20 November 2024

HY25 interim NPAT $33.0m as revaluation turns positive; NTA edges to $1.46

Period-shape mismatch against FY24 distorts growth rates; gearing rose to 37.2% with AFFO payout at 105%.

Published 22 April 2026

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Goodman Property Trust (GNZ)HY25Released 13 November 2024

GMT operating earnings up 10.6% as valuation drag reverses to $45.5m profit

Underlying rental growth of 7.3% and new completions drove revenue 34.7% higher, but NTA per unit fell 12.7% and borrowings rose $108.6m, tightening

Published 22 April 2026

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Precinct Properties (PCT)FY24Released 28 August 2024

Operating cash fell 32.6% even as revenue grew 13.3%

The narrowing statutory loss reflects property valuation stabilisation; FCF pre-lease stayed at -$97.6m and gross borrowings rose 7.1%.

Published 22 April 2026

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Property for Industry (PFI)HY24Released 26 August 2024

Pre-lease FCF hit unprecedented -$26.2m as capex tripled to $54.0m

Headline NPAT swung +169.4% on a smaller fair-value loss, but operating profit was flat and rising debt funded the development spend.

Published 22 April 2026

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Winton Land (WIN)FY24Released 23 August 2024

Winton swung from $204.8m net cash to $23.1m net debt as PBT fell 38.3%

A $65.4m inventory build and $42.1m of capex consumed the cash pile and required a new debt facility, even as revenue rose 8.8%.

Published 23 April 2026

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CDL Investments New Zealand (CDI)HY24Released 7 August 2024

Cash dropped 76% to NZ$10.7m as PBT rose 31.4%

Strong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT

Published 22 April 2026

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Goodman Property Trust (GNZ)FY24Released 28 May 2024

Rental revenue up 14.2% but revaluations widened the loss to $564.9m

Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.

Published 22 April 2026

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Asset Plus (APL)FY24Released 28 May 2024

Stoddard Road sale cut debt 54%, but FY24 dividend was withheld

Asset-sale-led deleveraging and Munroe Lane rental halved the PBT loss to $5.3m, yet operating cash flow fell 84% and no FY24 dividend was declared.

Published 22 April 2026

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Kiwi Property Group (KPG)FY24Released 27 May 2024

Working capital absorbed NZ$72.0m, driving pre-lease FCF to NZ$-72.7m

Headline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.

Published 22 April 2026

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Property for Industry (PFI)FY23Released 26 February 2024

FCF swung to NZ$30.0m outflow as capex tripled to NZ$77.0m

Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.

Published 22 April 2026

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CDL Investments New Zealand (CDI)FY23Released 26 February 2024

Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%

FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.

Published 22 April 2026

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Precinct Properties (PCT)HY24Released 22 February 2024

NPAT swung to $15.3m but AFFO per share slipped to 3.26cps

Operating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.

Published 22 April 2026

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Winton Land (WIN)HY24Released 20 February 2024

PBT collapsed 72.2% on a 0.6% revenue rise

Residential development margins compressed sharply, with capex up 199.9% and $64.1m drawn on a previously undrawn debt facility.

Published 23 April 2026

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Argosy Property (ARG)FY24Released 29 November 2023

Property revaluations push NPAT to -$19.8m while operating profit grew 6.4%

Operating profit and pre-lease FCF both improved, but fair-value losses dragged statutory equity down 11.5% to $1,287.8m.

Published 22 April 2026

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Asset Plus (APL)HY24Released 28 November 2023

NTA per share fell 11.3% as Asset Plus reshaped the portfolio

Eastgate and Stoddard Road sales cut borrowings to $35.0m, but the rental base reset to $2.6m with Munroe Lane's lease only now starting.

Published 22 April 2026

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Kiwi Property Group (KPG)HY24Released 27 November 2023

Loss narrowed 75.8% but pre-lease FCF dropped to -$40.0m

Revenue fell 9.6% on portfolio reshaping while capex climbed to 74.6% of revenue, leaving pre-lease cash flow below its historical range.

Published 22 April 2026

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Goodman Property Trust (GNZ)HY24Released 23 November 2023

Property revaluations drive $163m loss despite 5.9% operating earnings lift

Underlying rental performance strengthened, but a 15.5% borrowings increase and 11.6% equity decline reset the leverage picture.

Published 22 April 2026

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Precinct Properties (PCT)FY23Released 23 August 2023

Revaluation losses drove a $153m NPAT loss while cash earnings rose 34%

Statutory NPAT swung to -$153.1m on property revaluations even as revenue rose 9.3% and operating cash flow climbed to $118.1m.

Published 22 April 2026

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Property for Industry (PFI)HY23Released 22 August 2023

PFI swings to NZ$30.5m loss; equity falls 7.4% on revaluation hit

Rental revenue rose just 1.3% and pre-lease free cash flow halved to NZ$6.4m as capex on the development pipeline doubled.

Published 22 April 2026

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CDL Investments New Zealand (CDI)HY23Released 8 August 2023

Revenue down 75.1% and NPAT down 78.2% on non-recurring 2022 land sales

The decline is volume-driven against a HY22 boosted by one-off land sales, while cash grew to NZ$45.0m with no debt and margins held within range.

Published 22 April 2026

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Asset Plus (APL)FY23Released 29 May 2023

Stoddard Road sale sharpens Asset Plus' cash-flow test

The NZ$36.8m disclosed value from the Stoddard Road sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.

Published 22 April 2026

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Kiwi Property Group (KPG)FY23Released 22 May 2023

NPAT swung NZ$451.9m to a loss while rents grew 5.7%

Operating cash held near flat at NZ$113.0m, but doubled capex pushed pre-lease FCF to -NZ$49.4m and halved the final dividend.

Published 22 April 2026

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Precinct Properties (PCT)HY23Released 23 February 2023

NPI grew 9% but NPAT swung to a $1.8m loss as revaluation gains faded

Operating cash earnings strengthened, but development capex jumped 81% and pre-lease FCF widened to -$88.5m, outside the historical range.

Published 22 April 2026

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Property for Industry (PFI)FY22Released 20 February 2023

Fair-value reversal drives $13.9m loss; cash earnings hold at $52.1m

Last year's $392.5m property revaluation gains have unwound, yet a 32.5% drop in reported income lacks explanation in the release.

Published 22 April 2026

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