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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New Zealand Rural Land Company (NZL)HY23Released 1 March 2023

Capital raise puts New Zealand Rural Land Company's debt headroom in focus

The NZ$38.5m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Published 21 August 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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CDL Investments New Zealand (CDI)FY22Released 16 February 2023

Revenue fell 27% but NPAT margin hit an unprecedented 46.5%

Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.

Published 22 April 2026

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Asset Plus (APL)HY23Released 29 November 2022

Borrowings up 71.7% as capex surges to fund development phase

Headline earnings fell on a portfolio-basis change; the read now sits with leverage trajectory and timing of development completion.

Published 22 April 2026

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Kiwi Property Group (KPG)HY23Released 28 November 2022

NPAT swung to NZ$151.1m loss and dividend halved as OCF grew 5.3%

Investment-property revaluation effects drove an unprecedented statutory loss while rental cash earnings grew, but a halved dividend and rising

Published 22 April 2026

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Argosy Property (ARG)FY23Released 22 November 2022

HY23 interim result framed against FY22 full year distorts every comparison

The period-shape mismatch makes the headline declines non-comparable, while FY23 dividend guidance of 6.65 cents per share is reiterated.

Published 22 April 2026

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New Zealand Rural Land Company (NZL)FY22Released 26 August 2022

NZL's NPAT jumped 162.9% but only 8.5% is paid out to shareholders

Revenue and profit growth reflect a portfolio still being assembled, not like-for-like performance, while cash fell and borrowings rose.

Published 21 August 2026

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Property for Industry (PFI)HY22Released 22 August 2022

NPAT down 91.3% as prior fair-value gains lapse; rental result stable

Rent reviews delivered 4.8% uplifts and new leases ran 15.6% above prior contracts, but operating cash flow fell 34.4% to $26.2m.

Published 22 April 2026

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CDL Investments New Zealand (CDI)HY22Released 10 August 2022

Operating cash flow fell 74.9% even as profit before tax rose 10.4%

CDL's profit grew on margin, not cash: operating cash flow fell 74.9% and cash fell 83.4% as revenue declined 22.2%.

Published 22 April 2026

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Kiwi Property Group (KPG)FY22Released 23 May 2022

PBT up 17.2% but operating profit up just 7.3% as valuation gains dominate

Statutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.

Published 22 April 2026

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Asset Plus (APL)FY22Released 19 May 2022

Borrowings up 493% to $55.7m to fund Munroe Lane development

Rental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather than

Published 22 April 2026

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New Zealand Rural Land Company (NZL)HY22Released 22 February 2022

NZL deploys cash shell: $61.5m capex funded by $88.5m of new debt

HY21 was pre-operational so the headline growth rates are not informative; the real read is a leveraged rural land portfolio at $1.35 NTA per share.

Published 28 April 2026

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Property for Industry (PFI)FY21Released 21 February 2022

Fair value gains of $392.5m drove FY21; FFO rose 14.4%

Revaluation lifted NPAT to $452.8m and NTA to 303.4 cents per share, while cash earnings rose modestly and gearing eased to 27.7%.

Published 22 April 2026

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CDL Investments New Zealand (CDI)FY21Released 18 February 2022

Operating cash inflow fell 93% to NZ$4.1m as NPAT advanced 4.0%

Residential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.

Published 22 April 2026

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Argosy Property (ARG)FY22Released 23 November 2021

Argosy HY22 NPAT fell 47.5% as revaluation tailwind normalised

Interim profit halved against an unusually strong prior comparable, but rental cash flow, gearing and NTA all moved in the right direction.

Published 22 April 2026

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