Kiwi Property increases FY22 dividend guidance

NZX RELEASE
19 April 2022
Kiwi Property increases FY22 dividend guidance


Kiwi Property today increased its FY22 dividend guidance, following a stronger than expected
fourth quarter.

The company’s diversified asset portfolio proved more resilient to the financial impact of Omicron
and the red COVID-19 traffic light setting, with adjusted funds from operations exceeding forecast
through the latter stage of the financial year. As a result, Kiwi Property now expects to pay a
dividend of 5.6
1
cents per share (cps) for FY22, up 5.7% from the 5.3 cps guidance previously
announced. The proposed dividend represents a New Zealand tax-paid yield of 5.21%
2
.

The resilience of Kiwi Property’s asset portfolio has been highlighted by the rental growth achieved
over the course of the year, despite the headwinds caused by COVID-19. Rental income from
new mixed-use leases was up approximately 4% in FY22 compared to the year before, with office
rents rising by over 8% in the same period. Rent reviews also increased, delivering uplift of almost
4% for mixed-use and more than 4% for office.

Sales across Kiwi Property’s mixed-use properties were strong over recent months, growing
approximately 4% through January and February, compared to the year before. Sylvia Park sales
rose by over 8% on the prior comparable period, underpinned by the Level One expansion and
new athleisure precinct.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said he was pleased by the company’s
robust continued performance through the pandemic in FY22.

“We’re delighted to be in a position to increase the dividend guidance. While COVID-19 has
invariably caused disruption, we’ve come through Omicron well so far, with rental growth, sales
and income exceeding expectations.

“We’re continuing to transition our asset base and deliver on our strategy of creating mixed-use
communities at key metropolitan centres, with good progress being made on build-to-rent and
the 3 Te Kehu Way office development, in particular. We look forward to maintaining this
momentum as we enter our new financial year.”

ENDS

Notes:
1. The actual FY22 dividend payment is subject to year-end audit processes and Board approval.
2. Based on a share price of $1.075, representing the closing share price recorded on the NZX on
13 April 2022.

2
Contact us for further information:
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz

Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 27 563 4985


About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock
Exchange and is a member of the S&P/NZX 20 Index. We’ve been around for over 25 years and
proudly own and manage a significant real estate portfolio, comprising some of New Zealand’s
best mixed-use, retail and office buildings. Our objective is to provide investors with a reliable
investment in New Zealand property through the ownership and active management of a
diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property an issuer credit
rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured
green bonds. Kiwi Property is the highest rated New Zealand company within CDP (Carbon
Disclosure Project) and is a member of FTSE4 Good, a series of benchmark and tradable indices for
ESG (Environmental, Social and Governance) investors. Kiwi Property is licensed under the Real
Estate Agents Act 2008. To find out more, visit our website kp.co.nz