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Highlights

  • IPL’s FY25 net rental income increased to NZD 62.3 million, up from NZD 61.2 million in FY24.
  • The company recorded profit after income tax of NZD 38.4 million in FY25
  • The board intends to maintain the dividend of 6.50 cents per share (cps) in FY26.

Investore Property Ltd (NZX IPL), a New Zealand-listed property investment company, continues to stay true to its singular focus of owning and managing large-format retail properties. In the financial year 2025 (FY25), IPL’s net rental income increased to NZD 62.3 million, up from NZD 61.2 million in FY24, driven by the acquisition of Bunnings Westgate in 2024 and the completed development of 5 Green Star Design & As Built rated Woolworths supermarket at Waimakairiri Junction.

The profit after income tax reached NZD 38.4 million in FY25, representing an improvement from the prior year’s loss of NZD 67.1 million, primarily driven by changes in the net fair value of its portfolio.

However, the distributable profit after current income tax declined to NZD 28.4 million, down from NZD 31.0 million in FY24. Correspondingly, distributable profit per share dropped to 7.58 cents, from 8.39 cents in the prior year.

The company reported gross margin of 81.8% in FY 2025, significantly outperforming the industry median of 69.8%. The company also boasts a robust EBITDA margin of 71.4% in FY 2025, well above the industry median of 64.7%.

A notable downside is the company’s debt/equity ratio of 0.65x, which is above the industry median of 0.46x.

Dividend Announcement

In the Q4FY25, the company declared cash dividend of 1.625 cps taking the full year cash dividend to 6.50 cps, in line with FY25 guidance. The Board currently intends to maintain the same dividend of 6.50 cps for FY26.

Company Outlook

Despite the broader economic challenges, Investore’s portfolio continues to demonstrate resilience. The company's defensive rental income stream mainly from non-discretionary, ‘everyday needs’ retail tenants. This defensive approach is complemented by proactive capital management and favourable hedging positions.

The commercial property sector is showing clear signs of stabilisation. Transaction volumes have increased, valuations have levelled off, and the cost of capital has reduced.

Share performance of IPL

IPL shares closed at NZD 1.17 on 16 June 2025, gaining 1.74% intraday. The stock has risen 0.85% over the past week and delivered a 3.51% gain for the month. Over the last three months, IPL is up 7.27% and remains 3.51% higher over a six-month horizon.

52-week high of IPL is NZD 1.29, recorded on 20 August 2024, and the 52-week low is NZD 0.99, marked on 18 June 2024.

Resistance and support summary  

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 16 June 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.