Full Year 2026 Kiwi Property Group Ltd Earnings Call Transcript
Key Points
- Kiwi Property Group Ltd (KWIPF) reported a robust earnings growth with Adjusted Funds from Operations (AFO) increasing by 8% to $100.2 million.
- The company achieved a high occupancy rate of 99% across its portfolio, up from 96.9% the previous year.
- Rental growth was strong, with a 4.5% increase across the total portfolio, supported by positive leasing spreads.
- The company successfully reduced its gearing to 37.4%, with further reduction expected following asset sales.
- Kiwi Property Group Ltd (KWIPF) maintained disciplined cost management, reducing employment and administration expenses by 3.6% compared to the previous year.
- Portfolio valuations declined by 1.3% or $41 million over the year, reflecting market repricing and development costs.
- The residential market remains subdued, with only 1% to 2% growth expected in residential rental income.
- There is exposure to cost escalation pressures, particularly related to fuel costs, which could impact future infrastructure projects.
- The company has not yet recognized any valuation benefits from pending regulatory changes related to seismic allowances.
- Progress on new contracts for the Drury development has been limited, with no new transactions since the half-year.
Good day and thank you for standing by. Welcome to Kiwi Property FY26 Annual Results webcast.
At this time, all participants are in a listen-only mode.
After the speaker's presentation, there'll be a question-and-answer session.
To ask a question during the session, you need to press *11 on your telephone. You will then hear an automated message advising your hand is raised.
To withdraw your question, please press *11 again.
Please be advised, today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Clive McKenzie, Chief Executive Officer. Please go ahead.
Thanks, Maggie. Kia ora and good morning, everyone.
Thank you for joining us for Kiwi Property's annual results announcement for the 12 months ended March 31, 2026. I'm Clive McKenzie, the CEO of Kiwi Property, and today I'm joined by Fraser Gunn, our Head of Investor Relations. We also have Tania Duplessis, our Interim
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