Kiwi Property sees strong interim performance, advances strategic goals

Kiwi Property Group reported a solid performance for the six months ended September 30, 2025, with operating profit before tax rising 11.5% to $62.9 million, driven by income growth and cost management. Net rental income growth was up 7.0%, while net profit after tax stood at $9.8 million. The total portfolio value was $3.3 billion, experiencing a fair value movement of -0.9% since March 2025.

The company made significant strides in its strategic priorities, including maintaining a strong balance sheet with gearing at 38.5% and driving rent growth of +3.5% across its portfolio. Key milestones include the ASB North Wharf lease extension through 2040 and Resido at Sylvia Park achieving 99% leased status. The Mackersy Large Format Retail fund was established, with Sylvia Park Lifestyle as the seed asset, expected to release at least $53 million in funds to Kiwi Property.

Further progress was made on the sell-down of Drury large-format retail sites, with approximately 77% of the precinct conditionally sold. Conditional sales of 6.4 hectares to Costco Wholesale, Rebel Sport/Briscoes, and Harvey Norman were announced, with proceeds expected in FY27-FY29. The board confirmed a FY26 full-year dividend guidance of 5.60 cents per share.