ARG, IPL- Have these 2 stocks declared dividends in FY22 results?

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ARG, IPL- Have these 2 stocks declared dividends in FY22 results?

property stocks
Image source: Alexander Raths, Shutterstock.com

Highlights

  • NZ property companies have successfully navigated through impacts of the COVID-19 pandemic and demonstrated resilience in their annual performance
  • Argosy Property posts an impressive FY22 performance, to pay a dividend this June
  • Investore Property will distribute payouts to its shareholders next month, shares its FY23 dividend guidance

New Zealand’s property market is witnessing a high supply of homes as house prices dipped and sales activity took a tumble.

As per reports, the total number of properties being sold dropped to 35.2% yearly, while the number of houses for sale nationwide rose 70.8% annually.

Rising interest rates, tighter lending criteria, and LVRs coupled with inflationary conditions are the main reasons behind this trend.

With this backdrop, let us look at the two NZX-listed property stocks- Argosy Property Limited (NZX:ARG) and Investore Property Limited (NZX:IPL)- that declared their FY22 results today.

NZ property stocks- ARG, IPL

Source: © Oleschwander | Megapixl.com

Argosy Property Limited (NZX:ARG)

Argosy Property Limited boasts a quality portfolio comprising industrial, office and retail properties. Today, the Company released its FY22 performance, with an NPAT worth NZ$236.2 million and net property income clocking NZ$105.1 million, majorly on account of revaluation gains and continued resilience demonstrated by its portfolio companies.

Related Read: From KPG to PFI: 5 NZX dividend-paying REITs to watch out for

It has announced paying a Q4 dividend of 1.6375 cps on 22 June, the record date being 8 June, thus bringing the total FY22 dividend to 6.55 cps.

Moreover, ARG has forecasted its FY23 dividend guidance of 6.65 cps, a rise of 1.5% from previous year.

The Company boasts a sound capital position for the year ahead and remains focused on sustainable dividend growth for its shareholders.

At the time of writing on 18 May, ARG was rising 2.08% at NZ$1.225.

Investore Property Limited (NZX:IPL)

Investore Property Limited, which invests in large-format retail property assets, today unveiled its full-year performance for the year ended 31 March 2022.

Its PBT stood at NZ$34.3 million, up NZ$4.3 million on pcp and net rental income amounted to NZ$58.3 million during the said period, bolstered by disciplined capital management.

Further, the Company will distribute an interim dividend of 1.975 cps for the last quarter, thus taking the total FY22 dividend to 7.90 cps.

The said dividend will be paid on 2 June, with the record date being 26 May.

IPL announced its FY23 dividend guidance to be 7.90 cps. Further, it continues to focus on enhancing its portfolio and delivering maximum returns for its shareholders.

At the time of writing on 18 May, IPL was climbing 2.0% at NZ$1.530.

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Bottom Line

NZ property stocks have remained resilient during the pandemic and are focused on improving and developing their existing property portfolio so as to give maximum gains to all their stakeholders.

New Zealand’s property market is witnessing a high supply of homes as house prices dipped and sales activity took a tumble.

As per reports, the total number of properties being sold dropped to 35.2% yearly, while the number of houses for sale nationwide rose 70.8% annually.

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