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Showing 25-48 of 63 published briefings.

Goodman Property Trust (GNZ)HY25Released 13 November 2024

Revenue up 12.8% and NPAT swings to $45.5m, but dividend outruns pre-lease FCF

Rental-led operating recovery lifts GNZ from a $163.2m prior-period loss, yet borrowings climb $108.6m and the 1.625cps distribution sits at 181%...

Published 22 April 2026

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Precinct Properties (PCT)FY24Released 28 August 2024

Loss narrowed 86% to $22.1m but operating cash fell 33% as debt jumped $457m

Revaluation headwinds eased and revenue grew 13.3%, but a second-half profit reversal, weaker cash conversion and a step-up in gearing dominate...

Published 22 April 2026

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Property for Industry (PFI)HY24Released 26 August 2024

NPAT swings to $21.2m on smaller fair value losses as net debt climbs to $674m

Headline swing to profit is driven by a softer revaluation hit, while underlying operating profit is flat and capex pushes pre-lease FCF to...

Published 21 April 2026

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Winton Land (WIN)FY24Released 23 August 2024

NPAT halved and $204.8m cash pile turned to net debt on 8x capex surge

Revenue rose 8.8% but margins, cash, and leverage all turned materially as Winton funded a $60.5m capex build-out.

Published 23 April 2026

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CDL Investments New Zealand (CDI)HY24Released 7 August 2024

Tax step-up hides 31.9% PBT growth as NPAT falls 45.4% at CDI

Operational earnings strengthened on higher property sales, but a 70% effective tax rate and a $9.0m swing to negative operating cash flow...

Published 22 April 2026

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Goodman Property Trust (GNZ)FY24Released 28 May 2024

GMT posts $564.9m loss as revaluations swamp 14.2% rental growth

Operating cash flow rose 22.9% to $112.1m, but $191.0m of development capex and rising borrowings pushed net debt to $1,448.6m.

Published 22 April 2026

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Asset Plus (APL)FY24Released 28 May 2024

APL halved its debt load but operating cash flow collapsed 84%

A narrower NZ$5.3m loss and NZ$38.4m of debt repayment mask a shrinking rental base and near-zero operating cash generation.

Published 22 April 2026

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Kiwi Property Group (KPG)FY24Released 27 May 2024

PBT swung to +$24.7m but tax expense pushed NPAT back into the red

Revaluation-driven pre-tax recovery disguises a 4.6% revenue decline, falling operating cash, and rising leverage against unchanged dividends.

Published 21 April 2026

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Property for Industry (PFI)FY23Released 26 February 2024

AFFO up 1.0% but NPAT swung to a NZ$97.8m loss on property revaluations

Rental growth and a 2.5% dividend lift sit against a 93bp jump in debt cost, swelling capex, and pre-lease free cash flow turning negative.

Published 21 April 2026

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CDL Investments New Zealand (CDI)FY23Released 26 February 2024

NPAT halved to $13.5m as operating cash flow swung to a $10.3m outflow

A 54% revenue decline and a $42m cash swing leave the dividend maintained but uncovered, even as the balance sheet stays debt-free.

Published 21 April 2026

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Precinct Properties (PCT)HY24Released 22 February 2024

PBT up 6x to NZ$17.7m but operating cash flow fell 38%

Headline earnings recovered on a normalised tax charge and a smaller revaluation drag, yet cash conversion halved and pre-lease free cash flow...

Published 22 April 2026

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Winton Land (WIN)HY24Released 20 February 2024

NPAT collapsed 71.8% on flat revenue as residential margins reset

Operating cash flow swung positive but capex tripled, first-time debt of $64.1m was drawn, and the interim dividend was cut 73.3%.

Published 23 April 2026

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Argosy Property (ARG)FY24Released 29 November 2023

Operating profit rose 6.4% but Argosy swung to a $19.8m NPAT loss

Rental operations held up and dividend guidance was reaffirmed, but below-the-line charges collapsed PBT by $33.9m and cut equity 11.5%.

Published 22 April 2026

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Asset Plus (APL)HY24Released 28 November 2023

PBT swung to a NZ$4.7m loss as divestments cut revenue 39.7%

Stoddard Road sale repaired the balance sheet, but the remaining portfolio now generates materially less revenue and is burning operating cash.

Published 22 April 2026

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Kiwi Property Group (KPG)HY24Released 27 November 2023

PBT loss narrows 82% but operating profit down 12% and OCF falls 19%

A smaller fair-value drag masks a softer operating core, with capex pushing pre-lease free cash flow to -NZ$40.0m while the dividend is held.

Published 21 April 2026

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Goodman Property Trust (GNZ)HY24Released 23 November 2023

Rental income up 14% but a $163m HY24 loss wiped $423m off equity

Operating performance and FY24 guidance were reaffirmed, yet the balance sheet absorbed a sharp revaluation hit while gearing moved materially higher.

Published 22 April 2026

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Precinct Properties (PCT)FY23Released 23 August 2023

Precinct swings to $153.1m NPAT loss as revaluations hit 2H

Operating profit rose 7.1% on 9.3% revenue growth, but a $294m pre-tax swing driven almost entirely in the second half reset the equity base.

Published 22 April 2026

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Property for Industry (PFI)HY23Released 22 August 2023

NPAT swung to a NZ$30.5m loss as revaluations overwhelmed 1.3% rental growth

Rental income and the interim dividend edged higher, but a sharp PBT reversal, tripled capex, and weaker operating cash flow reshape the read.

Published 21 April 2026

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CDL Investments New Zealand (CDI)HY23Released 8 August 2023

NPAT down 78% to $5.0m as HY22's one-off land sales do not repeat

Run-rate revenue has collapsed to roughly a third of FY22, but a near-debt-free balance sheet and $45.0m cash absorb the cycle.

Published 21 April 2026

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Asset Plus (APL)FY23Released 29 May 2023

Revenue halved and NPAT swung to a NZ$13.0m loss as net debt rose to NZ$66.5m

Operating cash flow ticked up, but a heavy H2 loss and NZ$58.2m of Munroe Lane capex pushed borrowings and leverage materially higher.

Published 22 April 2026

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Kiwi Property Group (KPG)FY23Released 22 May 2023

Rental engine grew 6.4%, but a $475m PBT swing produced a $227.7m loss

Operating profit kept expanding while non-cash property value movements turned headline earnings sharply negative and halved the final dividend.

Published 21 April 2026

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Precinct Properties (PCT)HY23Released 23 February 2023

Precinct HY23: revenue up 13.7% but PBT collapsed 94.6% on a revaluation squeeze

Rent growth and flexible-space scale lifted operating cash, yet property fair-value movements and a capex surge pushed NPAT into a loss and...

Published 22 April 2026

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Property for Industry (PFI)FY22Released 20 February 2023

Fair value reversal flipped NZ$452.8m profit into NZ$13.9m loss as rents...

Rental income and pre-lease free cash flow held firm, but a NZ$56.7m property revaluation loss swamped the result and nudged leverage higher.

Published 21 April 2026

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CDL Investments New Zealand (CDI)FY22Released 16 February 2023

Revenue down 27% but NPAT held flat as H2 sales softened sharply

FY22 NPAT of NZ$31.2m matched FY21 on much lower revenue, but the H1/H2 split shows a second-half slowdown into a "very different" FY23.

Published 21 April 2026

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