Comprehensive analysis of NZX-listed property portfolios. Tracking 116 properties across 10 REITs and property companies, with $6.7B in total book value.
| Property | Owner | City | Type | Book Value | Cap Rate | WALE |
|---|---|---|---|---|---|---|
| Sylvia Park Precinct | KPG KPG | Auckland | mixed | $1.7B | 5.9% | 4.1yr |
| Investore Property Limited Portfolio | SPG SPG | Auckland | retail | $1.0B | - | - |
| Industre Property Joint Venture Portfolio | SPG SPG | Auckland | industrial | $726M | - | - |
| SPL Office Portfolio | SPG SPG | Auckland | office | $705M | - | 6.9yr |
| Vero Centre | KPG KPG | Wellington | office | $458M | - | 4.1yr |
| Diversified NZ Property Trust Portfolio | SPG SPG | Auckland | mixed | $414M | - | - |
| SPL Town Centre Portfolio | SPG SPG | Auckland | retail | $284M | - | 3.8yr |
| ASB North Wharf | KPG KPG | Auckland | office | $212M | 6.3% | 4.1yr |
| The Base Te Awa | KPG KPG | Hamilton | mixed | $205M | 7.1% | 4.1yr |
| LynnMall | KPG KPG | Auckland | mixed | $202M | 7.5% | 4.1yr |
| 8-14 Willis Street / 360 Lambton Quay | ARG ARG | Wellington | office | $150M | 5.3% | - |
| The Aurora Centre | KPG KPG | Auckland | office | $146M | 6.5% | 4.1yr |
| The Plaza | KPG KPG | Palmerston North | retail | $112M | 8.9% | 4.1yr |
| Munroe Lane | APL APL | Auckland | office | $107M | 6.1% | 9.0yr |
| Mt Richmond Road | ARG ARG | Auckland | industrial | $76M | - | - |
| Company | Properties | Portfolio Value | Avg Cap Rate | Avg WALE | Avg Occupancy | Types | FY |
|---|---|---|---|---|---|---|---|
SPG SPG | 14 | $3.1B | - | 5.3yr | 97% | officeindustrialretailmixed | 2024 |
KPG KPG | 11 | $3.1B | 7.3% | 4.1yr | 96% | mixedofficeretailotherresidential | 2024 |
ARG ARG | 14 | $226M | 5.3% | 5.6yr | 89% | officeindustrialotherretailhealthcare | 2021 |
APL APL | 1 | $107M | 6.1% | 9.0yr | 65% | office | 2025 |
PFI PFI | 4 | $41M | - | 5.1yr | 100% | industrial | 2024 |
IPL IPL | 5 | $26M | - | 7.1yr | 99% | retail | 2024 |
CDI CDI | 3 | $0K | - | - | - | industrialretail | 2025 |
GMT GMT | 14 | $0K | 5.8% | 6.7yr | 98% | logistics | 2025 |
VHP VHP | 37 | $0K | - | 18.9yr | 98% | healthcare | 2025 |
PCT PCT | 13 | $0K | - | 6.0yr | 99% | mixedofficeretail | 2023 |
116 geocoded properties across NZ. Circle size indicates book value. Click for details.
Herfindahl-Hirschman Index measures tenant diversification. HHI > 2,500 indicates high concentration; > 5,000 indicates very high concentration.
Portfolio value concentration by city. REITs with >60% in a single city have elevated geographic risk.
Year-on-year portfolio book value changes and implied net operating income derived from average cap rates.
| REIT | Portfolio Value | Prior Year | YoY Change | Avg Cap Rate | Implied NOI |
|---|---|---|---|---|---|
SPG SPG | $3.1B | $3.9B | -20.5% | - | - |
KPG KPG | $3.1B | $3.1B | +1.9% | 7.3% | $229M |
ARG ARG | $226M | $169M | +33.9% | 5.3% | $12M |
APL APL | $107M | $181M | -40.8% | 6.1% | $7M |
PFI PFI | $41M | $210M | -80.7% | - | - |
IPL IPL | $26M | $28M | -7.1% | - | - |
VHP VHP | $0K | $299M | -100.0% | - | - |
PCT PCT | $0K | $3.7B | -100.0% | - | - |
CDI CDI | $0K | $108M | -100.0% | - | - |
GMT GMT | $0K | $300M | -100.0% | 5.8% | - |
| Total | $6.7B | $12.0B | -44.4% | $247M |
Implied NOI = Avg Cap Rate × Portfolio Book Value. This approximates annual rental earnings power. Actual NOI may differ due to vacancies, incentives, and operating costs.
NZS 1170.5 seismic zones, GNS Science liquefaction data, NIWA flood hazards, MfE sea level rise projections. Based on published NZ government hazard assessments.
Top 10 by composite climate/natural hazard risk score
| Property | Owner | City | Score | Seismic | Flood | Liquefaction | Sea Level | Book Value |
|---|---|---|---|---|---|---|---|---|
| 68 Saint Asaph Street | VHP VHP | Christchurch | 72 | Zone 2 | medium | high | high | - |
| Woolworths Rangiora | IPL IPL | Christchurch | 72 | Zone 2 | medium | high | high | - |
| Woolworths Waimakariri Junction | IPL IPL | Christchurch | 72 | Zone 2 | medium | high | high | $26M |
| Prestons Park Retail Shops | CDI CDI | Christchurch | 72 | Zone 2 | medium | high | high | - |
| Stonebrook Retail Shops | CDI CDI | Christchurch | 72 | Zone 2 | medium | high | high | - |
| Kawarau Park Health Hub | VHP VHP | Christchurch | 72 | Zone 2 | medium | high | high | - |
| 215 Lambton Quay | SPG SPG | Wellington | 63 | Zone 4 | low | medium | medium | - |
| 20 Customhouse Quay | SPG SPG | Wellington | 63 | Zone 4 | low | medium | medium | - |
| 22 The Terrace | SPG SPG | Wellington | 63 | Zone 4 | low | medium | medium | - |
| Vero Centre | KPG KPG | Wellington | 63 | Zone 4 | low | medium | medium | $458M |
62 properties with WALE data — shorter WALE = higher near-term re-leasing risk
Year-over-year book value increases
Year-over-year book value decreases
Year-over-year property portfolio changes across all REITs
| FY | REIT | Additions | Disposals | Net |
|---|---|---|---|---|
| 2025 | APL | — | 35 Graham Street | -1 |
| 2025 | CDI | Wiri Commercial WarehousingPrestons Park Retail ShopsStonebrook Retail Shops | Commercial warehousing at WiriRetail shops at Prestons ParkRetail shops at Stonebrook | 0 |
| 2025 | GMT | Westney Industry ParkThe Gate Industry ParkFavona Road Estate+8 more | Mt RoskillŌtāhuhu | +9 |
| 2025 | VHP | AscotAscot CarparkWakefield Hospital Level 5 Expansion+7 more | Ascot Carpark (Right of Use)Ascot Hospital & ClinicsPlayford Health Hub - Retail & Carpark+6 more | +1 |
| 2024 | APL | — | 22 Stoddard Road | -1 |
| 2024 | CDI | Commercial warehousing at WiriRetail shops at Prestons ParkRetail shops at Stonebrook | Kewa RoadDominion RoadPrestons Park+1 more | -1 |
| 2024 | IPL | Woolworths Hamilton (Anglesea Street)Woolworths RangioraWoolworths Waimakariri Junction+2 more | Hakarau Road, KaiapoiAverill Street, PapakuraCountdown Morrinsville+2 more | 0 |
| 2024 | KPG | The Base Te AwaDrury Development LandResido | Development landDrury EastThe Base+3 more | -3 |
| 2024 | PFI | Spedding Road30-32 Bowden Road78 Springs Road+1 more | 670-680 Rosebank Road44 Noel Burnside RoadT&G Global Hawkes Bay+4 more | -3 |
| 2024 | SPG | 215 Lambton Quay20 Customhouse Quay34 Airpark Drive+3 more | 55 Lady Elizabeth LaneQueensgate Shopping CentreRemarkables Park+4 more | -1 |
| 2024 | VHP | Ascot Carpark (Right of Use)Ascot Hospital & ClinicsEndoscopy Auckland+33 more | RDX developmentEndoscopy Auckland expansionMacarthur Health Precinct - Cancer Centre (Stage 1)+2 more | +31 |
| 2023 | APL | 22 Stoddard Road | Stoddard RoadKamoEastgate Shopping Centre | -2 |
| 2023 | GMT | Roma Road EstateSavill LinkHighbrook Business Park+2 more | Mainfreight supersite facilityNZ Post parcel processing facilityVilla Maria Winery adjacent land+6 more | -4 |
| 2023 | IPL | Hakarau Road, KaiapoiAverill Street, PapakuraCountdown Morrinsville+2 more | Petone Countdown4 Carr RoadWaimak Junction | +2 |
| 2023 | KPG | Development landDrury East | NorthlandsDrury | 0 |
| 2023 | PCT | Commercial Bay117 Pakenham StreetAON Centre+3 more | AON Centre - AucklandNo.3 The TerraceFreyberg Building+11 more | -8 |
| 2023 | SPG | 55 Lady Elizabeth LaneSPL Town Centre PortfolioQueensgate Shopping Centre+11 more | 80 Greys Avenue25 Teed Street7-9 Fanshawe Street+4 more | +7 |
| 2023 | VHP | RDX developmentEndoscopy Auckland expansionMacarthur Health Precinct - Cancer Centre (Stage 1)+2 more | Ormiston HospitalGrace HospitalWakefield Hospital+9 more | -7 |
| 2022 | APL | Munroe Lane | 6-8 Munroe Lane | 0 |
| 2022 | CDI | Havelock North | Hawkes Bay Land HoldingsStonebrook | -1 |
| 2022 | GMT | Mainfreight supersite facilityNZ Post parcel processing facilityVilla Maria Winery adjacent land+6 more | T&G Global facility7-8 Monahan Road | +7 |
| 2022 | IPL | Petone Countdown4 Carr Road | Countdown PetoneCountdown PapakuraJohnsonville Countdown+1 more | -2 |
| 2022 | KPG | DrurySylvia Park Build-to-Rent3 Te Kehu Way+1 more | Sylvia Park LifestyleDrury Development LandSylvia Park | +1 |
| 2022 | PCT | AON Centre - AucklandNo.3 The TerraceWynyard Quarter Stage 3+12 more | Aon CentreOne Queen Street (Deloitte Centre)40 Bowen Street+7 more | +5 |
| 2022 | PFI | 670-680 Rosebank Road44 Noel Burnside RoadT&G Global Hawkes Bay+4 more | 306 Neilson Street12 Hautu DriveCarlaw Park+2 more | +2 |
| 2022 | SPG | 80 Greys Avenue25 Teed Street7-9 Fanshawe Street+4 more | Countdown PetoneWaimak Junction Development Land | +5 |
| 2022 | VHP | Ormiston HospitalPlayford Health HubEpworth Eastern Hospital+6 more | Epworth CamberwellNorth West Private HospitalMayo Private Hospital+5 more | +1 |
| 2021 | APL | Kamo | — | +1 |
| 2021 | ARG | 8-14 Willis Street / 360 Lambton QuayMt Richmond Road960 Great South Road+7 more | 90-104 Springs Road, East Tamaki80 Springs Road, East Tamaki211 Albany Highway, Albany+14 more | -7 |
| 2021 | IPL | Countdown PetoneCountdown PapakuraWaimak Junction+2 more | Mt Wellington Shopping CentreBay Central Shopping CentreBunnings Carr Road+4 more | -2 |
Unified analyst consensus — target prices, guidance accuracy, earnings expectations across the NZX.
8-factor beat/miss probability model — guidance accuracy, management tone, insider alignment.
Predicted HY/FY reporting dates for all NZX companies based on historical patterns.
Data sourced from publicly available records. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
