Kiwi Property posts strong interim result

NZX RELEASE
20 November 2017
Kiwi Property posts strong interim result


Kiwi Property today reported a strong result for the six months ended 30 September 2017, with
after tax profit
1
increasing 5% to $47.9 million, underpinned by another record operating result.
Funds from operations (FFO)
2
grew by 13.6% to $54.2 million.
The result was driven by the Company’s disciplined investment strategy and focus on value
creation, leading to strong rental growth, increased retail sales and high portfolio occupancy.
Highlights include:
> 9.4% growth in rental income to $95.1 million
> 6.7% growth in annual sales from our retail portfolio to $1.75 billion
> portfolio occupancy of 99.4% and weighted average lease term of 5.3 years, and
> total returns to shareholders since inception of 9.4% per annum.
Chair, Mark Ford, said: “Our retail and office assets are in high demand and performing strongly,
which tells us that our strategy of focusing on creating exceptional tenant and customer
experiences is working well.”
Focused execution
Our construction projects at Sylvia Park are progressing on time and on budget:
> We are delighted to have secured a range of accomplished restaurant operators committed
to delivering an inspiring range of dining experiences at the $8.9 million ‘The Grove’ dining
precinct, which will open from December 2017.
> The $80.2 million ‘No. 1 Sylvia Park’ office building is 50% leased by income, with strong
interest in the remaining space.
> The $36.3 million central carpark, due to complete in November 2018, will deliver
~600 additional parking spaces for our customers.
We have locked in long-term opportunities:
> We settled our acquisition of land at Drury, South Auckland, and we are participating in the
Auckland Council-led structure plan for the broader Drury/Opaheke precinct as a precursor
to securing a town centre zoning for commercial, retail and residential uses.
> Post the period, we purchased further land adjoining Sylvia Park for $27.1 million as a long-
term strategic holding.
> We today announce that we are proceeding with the development of a vibrant new dining
and entertainment precinct, to be named ‘Langdons Quarter’, at Northlands in Christchurch.
The project will cost $18.8 million (including seismic strengthening costs of $6.8 million) and will
yield 6% (excluding seismic strengthening costs) in the first year post completion.
We continue to recycle capital:
> Post the period, we secured an unconditional agreement for the sale of The Majestic Centre
for $123.2 million, and a marketing and sales process for North City is underway and ongoing.

2
Sylvia Park galleria and south carpark update
Good progress has been made with our second level galleria expansion proposal at Sylvia Park,
securing a lease agreement with Farmers
3
for a new 8,000 sqm, two-level flagship department
store as part of the proposed development.
Chief Executive, Chris Gudgeon, said: “Before proceeding with the development, we are
committed to securing construction cost certainty for our investors.”
‘For construction’ design documentation will be completed this year and we expect to secure
construction cost pricing from the market by the first quarter of 2018. Subject to satisfactory pricing
outcomes, we expect to be able to seek board approval for the development by mid-2018.
Robust balance sheet
We maintain a robust balance sheet to reduce financial risk, with conservative gearing and
diversified sources of debt. During the period we:
> increased the value of our property portfolio to $3.1 billion through our development and
acquisition activity
> raised $161 million of new equity through an underwritten pro-rata entitlement offer, applied
to reduce bank debt
> reduced our overall gearing ratio to 31.2%
4
, down from 34.5%, and
> maintained a healthy 3.5-year weighted average term to maturity and low weighted
average cost of debt of 4.84%.
Post the period, Kiwi Property has been assigned a corporate credit rating of BBB (stable) from
S&P Global Ratings
5
and an issue credit rating of BBB+ in respect of the Company’s existing fixed-
rate senior secured bonds.
The Company currently has two bonds on issue and we are assessing the merits of undertaking a
further issue.
Outlook and guidance
The New Zealand economy continues to perform strongly, creating supportive property market
fundamentals. The Auckland office market in particular is experiencing high tenant demand and
low levels of new supply, which is contributing to future rental growth expectations and the retail
sector continues to record positive sales growth nationally.
Chief Executive, Chris Gudgeon, said: “We remain confident that we have the right strategy in
place for our shopping centres – one which focuses on the social and experiential benefits we
can offer our customers. By curating a vibrant, contemporary and relevant retail mix in each of
our centres we will continue to build portfolio resilience and maintain investment performance.
We are also equally confident that our property diversification strategy provides our investors with
through-cycle resilience.”
“We have a strategy that favours property exposures expected to outperform, a healthy balance
sheet, a pipeline of future development opportunities, and a well-tenanted portfolio with a long
weighted average lease term – all aimed at securing superior, risk-adjusted returns for our
shareholders. We also have an experienced, dedicated management team focused on
delivering our strategy, and a culture which is built on excellence,” said Mr Gudgeon.
Shareholders will receive an interim cash dividend of 3.425 cents per share for the six months
ended 30 September 2017, up 1.5% from the prior period and in line with guidance. The board
has confirmed that the Dividend Reinvestment Plan will be available to eligible shareholders for
the period. No discount will be applied to the price at which the shares are issued.
We continue to project the cash dividend for the year ending 31 March 2018 to be 6.85 cents per
share, absent material adverse events or unforeseen circumstances.

3
Additional information
Kiwi Property has today also released an interim result presentation and interim report which are
available for download on the Company’s website kp.co.nz or from nzx.com.

Notes+
1. The reported profit has been prepared in accordance with New Zealand generally accepted accounting
practice (GAAP) and complies with New Zealand Equivalents to International Financial Reporting
Standards. The reported profit information has been extracted from the interim financial statements
which have been the subject of a review by an Independent Auditor pursuant to the External Reporting
Board’s New Zealand Standard on Review Engagements 2410.
2. FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing
the Company’s underlying operating performance and to determine income available for distribution.
FFO is a measure commonly used by real estate entities to describe their underlying and recurring
earnings from operations. FFO does not have a standard meaning prescribed by GAAP and therefore
may not be comparable to information presented by other entities. FFO is calculated by Kiwi Property in
accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported FFO information has been extracted from the Company's interim financial statements which
have been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s
New Zealand Standard on Review Engagements 2410.
3. Subject to final approval by the board of Kiwi Property.
4. Pro-forma gearing, post the sale of The Majestic Centre, is 28.3%.
5. Further information about S&P Global Ratings’ credit rating scale is available at www.standardandpoors.com.
A rating is not a recommendation by any rating organisation to buy, sell, or hold Kiwi Property securities. The
rating is current as at the date of this NZX release and may be subject to suspension, revision or withdrawal at
any time by S&P Global Ratings.
> Ends

CONTACT US FOR FURTHER INFORMATION
Chris Gudgeon
Chief Executive
chris.gudgeon@kp.co.nz
+64 9 359 4011
mobile +64 21 855 907
Gavin Parker
Chief Operating Officer
gavin.parker@kp.co.nz
+64 9 359 4012
mobile +64 21 777 055
Stuart Tabuteau
Chief Financial Officer
stuart.tabuteau@kp.co.nz
+64 9 359 4025
mobile +64 21 912 247
Mathew Chandler
Investor Relations and Communications Manager
mathew@acumentum.com.au
+61 458 110 042
direct +61 2 9519 5850
About us
Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock
Exchange and is a member of the NZX15 Index. We’ve been around for more than 20 years
and we proudly own and manage a $3.1 billion portfolio of real estate, comprising some of New
Zealand’s best shopping centres and prime office buildings. Our objective is to provide investors
with a reliable investment in New Zealand property by targeting superior risk-adjusted returns
over time through the ownership and active management of a diversified, high-quality portfolio.
S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an
issue credit rating of BBB+ for each of its existing fixed-rate senior secured bonds. Kiwi Property is
licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz

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20
18
interim report
kiwi property

kiwi property
02
2018 interim report
brand
new
experiences
Sylvia Park diners are being treated to
a new cultural fiesta, with the opening
of Mexico – a fast-paced, energetic
restaurant with superb Mexican cuisine.
Drenched in bright colour and bold
imagery, Mexico celebrates the vibrant,
fresh and lighter side of Mexican food.
Whatever the occasion, the experience
is complemented by smiling staff and
the hum of happy diners.
Photography: Logan West

03
K E Y DATE S
1
20 December 2017
interim dividend payment
20 February 2018
KPG010 bond interest payment
7 March 2018
KPG020 bond interest payment
31 March 2018
annual balance date
21 May 2018
annual result announcement
5 July 2018
annual meeting
contents
exceptional experiences
P G 0 4
highlights
PG 06
group
our strategy and results
PG 08
interim financial statements
PG 19
directory
PG 35
This interim report is dated 17 November 2017
and is signed on behalf of the board by:
MARK FORD
CHAIR
MARY JANE DALY
CHAIR OF THE AUDIT
AND RISK COMMITTEE
1. Dates are subject to change.

kiwi property
04
2018 interim report
we’re all about
exceptional experiences
We strive to deliver exceptional retail and workplace experiences
for New Zealanders across our portfolio of shopping centres
and office buildings.
more dining,
entertainment, leisure

and personal services
valet parking
digital wayfinding

for easier parking
improved

social media content
live events
for our
shoppers
first class end-of-trip
facilities
book a park
concierge services
vertical communities
tenant portals
more dining choices
for our
office
tenants
we are deliveringwe are delivering

05
Each year, our shopping centres attract close to 50 million visitors who
spend over $1.7 billion on food, entertainment, retail goods and personal
services. Our office buildings provide great workplaces for over 8,000
New Zealanders, and we deliver a broad range of programmes to support
the prosperity and wellbeing of the communities in which we operate.
When we create great experiences, we seek to unite our stakeholders,
build brand preference and loyalty, and drive better outcomes
for our shareholders.
flexible working options
diversity
health and wellbeing
workplace agility
remuneration

and alignment
learning and
development
for our
people
cleaner energy solutions
waste reduction
health and fitness
programmes
parent groups
tertiary education

funding support
for our
community
we are deliveringwe are delivering

highlights
Rental income growth was driven by full-period
contributions from Sylvia Park, The Aurora Centre
and 44 The Terrace following completion of value-add
development works in the prior period, and the
acquisitions of Westgate Lifestyle and The Base.
This strong rental performance, partially offset by
an increase in interest and finance charges and
employment and administration expenses, has resulted
in a further record funds from operations result
and driven an improved after-tax profit.
net rental income
$95.1m
Sep-16: $86.9m
total return
since inception
9.4%
per annum
compound average growth
property
portfolio value
$3.1b
Mar-17: $3.0b
funds from operations
$54.2m
Sep -16: $ 47.7m
profit after tax
$47. 9m
Sep-16: $45.6m
kiwi property
06
2018 interim report

Our continued focus on improving our
experiential offer for customers continues to reap
rewards, with strong like-for-like retail sales
performances from pharmacy and wellbeing (+5.0%),
commercial services (including mobile phones
and travel) (+4.3%) and food (+2.1%).
Intensive asset management by our
professional management team has ensured
that our property metrics remain solid.
Our balance sheet remains strong. Our property
portfolio value has increased following the acquisition
of our strategic landholdings in Drury, South Auckland,
together with development activity, predominantly
at Sylvia Park. Our gearing has reduced following
repayment of bank debt from the proceeds of
an equity raise completed in July 2017.
retail sales
$1.7b
+6.7% on prior period
(+1.3% like-for-like)
weighted average
lease term
5.3 years
Mar-17: 5.6 years
07
occupancy
99.4%
Mar-17: 98.8%
gearing
31.2%
Mar-17: 34.5%
Read more about our results
in the Chief Executive’s report
commencing on page 12.

Over 24 years, Kiwi Property
has built a position as the
leading diversified property
company in New Zealand.
Constant evolution of our
assets and business to meet
market demand has been
key to our success.
kiwi property
08
2018 interim report
the success
of continued
evolution
MARK FORD
CHAIR
chair's report

09

Welcome to the 2018 Kiwi Property
interim report.
The Company remains in excellent
shape, supported by a high-quality
portfolio of retail centres and office
buildings, a robust balance sheet
and a clear strategy aimed at creating
value for all our stakeholders. We are
purposefully diversified by asset
class, and we are increasingly
focused on owning and developing
assets that are complementary to
our town centre vision.
Our Chief Executive, Chris Gudgeon,
provides a full report on the Company’s
financial and operational performance
for the interim period on page 12.
There has been increasing market
commentary regarding the rise of
online retailing and the potential
impact on traditional retail in the
Oceania region with the arrival of
Amazon into Australia. I want to
reassure our investors that your
board and management have been
acutely aware of the challenge of
online retailing for many years, and
have been responding proactively
to build portfolio resilience.
We continue to fortify our retail offer
with a steadfast focus on creating
spaces where New Zealanders want
to be and by curating experiences
that New Zealanders can share and
delight in. Accordingly, we are
focused on providing more food,
entertainment, leisure and personal
services – categories where
experiences cannot be emulated
online – and down-weighting
categories most exposed to online
retailing. As a result, we have
witnessed sales growth, increased
sales productivity and a high and
stable portfolio occupancy rate.
We firmly believe the future for our
portfolio of shopping centres is bright.
We favour centres that dominate their
catchment, and assets that we can
evolve in step with market demand.
It is true that some retailers – even
some categories of retail – will
disappear from shopping centres
over time. Rather than being a
new phenomenon, this is a natural
evolution in retail, and we have seen
it decade after decade because our
shopping centres inherently reflect
consumer trends.
Online retail, while a vital and growing
offer, does not provide what is in fact
the very fabric of shopping centres –
a place that brings people together
to socialise and to experience
products and services in person.
Over 24 years, Kiwi Property has built
a position as the leading diversified
property company in New Zealand.
Our management team comprises
more than 170 professionals who
execute our strategy daily, and have
been hand-picked for not only their
experience and expertise, but also
for their passion and dedication to
a job well done.
The Company's culture, which has
been carefully nurtured since our
inception, is one that celebrates
excellence, leadership, integrity and
diversity, and above all our ability to
listen, understand and react to the
needs of our stakeholders.
During the period, we announced
several changes to your board
and senior management, including
the intention by Chris Gudgeon
to retire from his position as
Chief Executive in September 2018,
after 10 years with the business. In
doing so, Chris has provided us with
Dear shareholders,
kiwi property
10
2018 interim report
chair's report

sufficient time to recruit a high-
calibre individual who will be
responsible for executing the
Company’s strategy and ensuring
the continuation of a strong and
vibrant culture. We are grateful
to Chris for his contribution to
Kiwi Property during his tenure and
look forward to making the most of
his talents in his remaining time
with the business. Our search is
encompassing domestic and
international candidates.
At a board level, as foreshadowed at
the 2017 annual meeting, Joanna Perry
has retired from her position as an
independent non-executive director
and Chair of the Audit and Risk
Committee. Joanna provided
immeasurable support and guidance
to the board during her almost 11-year
tenure, and we wish her well in her
future endeavours.
Following Joanna's retirement,
Mary Jane Daly was appointed Chair
of the Audit and Risk Committee.
We are delighted that Mark Powell
joined the board, as an independent
non-executive director, on
1 October 2017. Mark is the former
Chief Executive of The Warehouse
Group, bringing with him extensive
experience in strategy setting and
execution, cultural and digital
transformation, property development,
mergers and acquisitions, joint-venture
management and capital raising.
The change in both the board and
leadership team is an opportunity to
inject fresh ideas into our business,
while maintaining a clear focus on
our investment objective and
execution of our business strategy.
Kiwi Property is an outstanding
company, built by a team of people
committed to building exceptional
experiences for New Zealanders.
We are well placed to continue to
deliver for our shareholders.
On behalf of the board, I thank
you for your continued support
of Kiwi Property.
MARK FORD
CHAIR
11
JOANNA PERRY
RETIRED BOARD MEMBER
AND CHAIR OF THE AUDIT
AND RISK COMMITTEE
MARK POWELL
NEW BOARD MEMBER

kiwi property
12
2018 interim report
kiwi property
2018 interim report
12
growth and
consolidation
We have grown revenues and
increased dividends while
continuing to build a stronger
underlying portfolio of
property assets and future
value-add opportunities.
CHRIS GUDGEON
CHIEF EXECUTIVE
chief executive’s report

1313

In a period of consolidation,
Kiwi Property has posted a strong
performance for the six months to
30 September 2017. As always, we are
driven by our disciplined investment
strategy and focus on value creation.
The strength of the Company’s
performance is highlighted by:
— 5.0% growth in after-tax profit
1

to $47.9 million
— 13.6% growth in funds from
operations (FFO)
2
to $54.2 million
— 9.4% (2.8% like-for-like) growth in
rental income to $95.1 million
— 6.7% total (1.3% like-for-like)
growth in annual sales from our
shopping centres
— a total property portfolio value
of $3.1 billion
— high portfolio occupancy of
99.4% and weighted average
lease term of 5.3 years, and
— an increased interim cash dividend
to shareholders of 3.425 cents per
share, up 1.5% on the prior period
and in line with guidance.
We have grown revenues and increased
dividends, while continuing to build a
stronger underlying portfolio of
property assets and future value-add
opportunities. We have also continued
to deliver on our long-term investment
return goal, with total returns to
shareholders (since inception 24 years
ago) running at 9.4% per annum.
focused execution
With our major Wellington
redevelopments complete, our
key area of focus has been on
progressing our world-class town
centre vision for Sylvia Park.
Our construction projects at
Sylvia Park are progressing on
time and on budget:
— We are delighted to have secured
a range of accomplished restaurant
operators committed to delivering
an inspiring range of dining
experiences at the $8.9 million
‘The Grove’ dining precinct, which
will open from December 2017.
— The $80.2 million No. 1 Sylvia Park
office building is 50% leased
by income, with strong interest
in the remaining space.
— The $36.3 million central
carpark, due to complete in
November 2018, will deliver
~600 additional parking spaces
for our customers.
Sylvia Park galleria and south
carpark update
We have made good progress with
our proposed second level galleria
expansion at Sylvia Park. Our intention
with this proposed development is
to further increase Sylvia Park’s
attractiveness as New Zealand’s
most popular shopping centre
3
by
increasing our range of successful
local and international retail brands
with around 50 additional stores,
including brands new to New Zealand,
plus a new department store offer
and casual dining experience.
chief executive's report
kiwi property
14
2018 interim report
chief executive’s report
1. The reported profit has been prepared in accordance with New Zealand Equivalents to International Financial Reporting Standards.
The reported profit information has been extracted from New Zealand generally accepted accounting practice (GAAP) and complies with the
interim financial statements which have been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s
New Zealand Standard on Review Engagements 2410.
2. FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying
operating performance and to determine income available for distribution. FFO is a measure commonly used by real estate entities to describe
their underlying and recurring earnings from operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not
be comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice
Guidelines issued by the Property Council of Australia. The reported FFO information has been extracted from the Company's interim financial
statements which have been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s New Zealand
Standard on Review Engagements 2410.
3. Sylvia Park was named as New Zealand’s favourite shopping centre to visit in a nationwide Nielsen survey. The survey was conducted by
Nielsen from 20 February to 13 March 2017 and had a sample size of 2,507 interviews, with a predicted margin of error of +/- 2.0% at the
95% confidence level.
You can read more about our
key metrics on pages 6 and 7.

We are delighted to have secured
a lease agreement with Farmers
for a new 8,000 sqm, two-level
flagship department store
4
. We are
in a very positive position in terms
of leasing prospects for our expansion
with this commitment and our
significant waiting list of domestic
and international retailers seeking
a Sylvia Park presence.
However, before proceeding with the
development, we are committed to
securing construction cost certainty
for our investors. Given the large
volume of construction projects
underway in Auckland now and
current capacity issues in the
construction sector, we have
committed to completing detailed
design documentation that can
be priced by our construction
contractors to secure a high level
of confidence with respect to the
cost of the development.
'For construction' design
documentation will be completed
this year and we expect to secure
construction cost pricing from the
market by the first quarter of 2018.
Subject to satisfactory construction
cost pricing outcomes, we expect to
be able to seek board approval for
the development by mid-2018.
clear strategy
Our property investment strategy
continues to focus on:
— the Auckland market, given its
superior prospects for economic,
population and employment
growth
— retail assets that can be expected
to deliver superior performance
over time, including dominant
regional shopping centres and
retail centres in locations favoured
by the Auckland Unitary Plan, and
— core government office
accommodation in Wellington
and Prime-grade office assets
in Auckland.
LONG -TERM VALUE C RE ATION
During the period, we received
Overseas Investment Office approval
for our acquisition of land at Drury,
south of Auckland.
Our vision for Drury is to develop a
town centre on our 51-hectare
landholding, staged over the next
20 years to coincide with predicted
population growth, household
formation and employment growth
in South Auckland. In conjunction
with Watercare, Auckland Transport
and neighbouring landowners and
developers, we are participating in
the Auckland Council-led structure
plan for the broader Drury/Opaheke
precinct. This is a precursor to
securing a town centre zoning to
provide for commercial and retail
uses, integrated with high and
medium-density residential
accommodation.
In July 2017, the Government
announced its commitment to a
$600 million co-investment (through
Crown Infrastructure Partners)
alongside local councils and private
investors for big new housing
developments. Our landholdings
at Drury will be a direct beneficiary
of this investment.
Post the reporting period, we acquired
a strategic parcel of land adjoining
Sylvia Park. Combined with our
existing landholdings on Carbine Road
and Clemow Drive, the acquisition of
this 3.2-hectare parcel for $27.1 million
allows us to consolidate a 7.7-hectare
landholding with a road bridge
connection to Sylvia Park over
the railway line.
While we have no immediate plans
to redevelop the land, it makes
good sense for us as a long-term
investor to increase our landholdings
in this strategic location. Our total
landholdings in Mount Wellington
now exceed 31 hectares.
15
4. Subject to final approval by the board of Kiwi Property.

We are delighted to announce
that we are proceeding with the
development of a vibrant new
dining and entertainment precinct,
to be named ‘Langdons Quarter’
at Northlands in Christchurch. This
project features the development
of a new food precinct beneath the
existing cinema complex, together
with seismic strengthening works
in that area.
This development is directly in line with
our strategy of providing compelling
food and dining experiences and
responds to customer demand.
The total cost of the development
is $18.8 million (which includes
$6.8 million of seismic strengthening
works) and will yield 6.0% (excluding
seismic costs) in the first full year post
completion. Construction is expected
to commence January 2018, with
tenancies expected to open for
trading from October 2018.
ASSET RECYCLING
Our asset recycling programme
progressed during the period, with
CBRE leading a sales campaign to
divest The Majestic Centre and
North City. Both assets have been
identified as being non-core to our
longer-term investment strategy,
and we have been encouraged
by the strong level of purchaser
interest from both domestic and
offshore sources.
On 13 November 2017 (post the
reporting period), we secured
an unconditional agreement
for the sale of The Majestic Centre
for $123.2 million. Settlement
will occur in December 2017.
The marketing and sales
process for North City is
underway and ongoing.
robust balance sheet
We maintain a robust balance sheet to
reduce financial risk, with conservative
gearing and diversified sources of debt.
During the period we:
— increased the value of our
property portfolio to $3.1 billion
following the acquisition of
further strategic landholdings in
Drury, South Auckland, together
with development activity,
predominantly at Sylvia Park
— raised $161 million of new equity
through a fully underwritten
pro-rata entitlement offer,
providing a net $157 million
to reduce bank debt
— further diversified our sources
of debt through the addition of
China Construction Bank and
HSBC to our pool of lenders
— increased our bank debt facilities
by $75 million to $1.3 billion to
provide further headroom for
ongoing investment activities
— reduced our overall gearing ratio
to 31.2%, down from 34.5%
— maintained a healthy 3.5-year
weighted average term to maturity
on our bank debt facilities, and
— maintained a low weighted average
cost of debt of 4.84%.
Post the period, Kiwi Property has
been assigned a corporate credit
rating of BBB (stable) from S&P
Global Ratings
5
and an issue credit
rating of BBB+ in respect of the
Company's existing fixed-rate
senior secured bonds.
kiwi property
16
2018 interim report
chief executive’s reportchief executive’s report
5. Further information about S&P Global Ratings' credit rating scale is available at www.standardandpoors.com. A rating is not a
recommendation by any rating organisation to buy, sell, or hold Kiwi Property securities. The above rating is current as at the date
of this report and may be subject to suspension, revision or withdrawal at any time by S&P Global Ratings.

management changes
During the period we announced
changes to our leadership team.
Karl Retief resigned from the role
of GM Retail after 17 years with the
business. We are grateful to Karl for
his significant contribution during
his time with the Company. An
executive search for his replacement
is underway with a high level of
interest expressed from both
domestic and Australian candidates.
Miles Brown left the role of Head
of Transactions after 14 years with
the Company. Miles was instrumental
in helping the Company realise its
core property portfolio ambitions.
We wish both Karl and Miles the best
for the future.
We were pleased to announce the
appointment of Rebecca Oliphant to
the newly created role of Strategy
Manager. Rebecca is assisting with
the development and implementation
of Kiwi Property’s strategy, from both
a corporate and property investment
perspective.
outlook and guidance
The New Zealand economy
continues to perform strongly,
creating supportive property market
fundamentals. The Auckland office
market is experiencing high tenant
demand with low levels of new supply,
which is contributing to future rental
growth expectations.
The retail sector continues to record
positive sales growth nationally. This
is reflected in our own store sales,
which grew 6.7% in the year to
30 September 2017.
We remain confident that we have
the right strategy in place for our
shopping centres – one which focuses
on the social and experiential benefits
we can offer our customers. By
curating a vibrant, contemporary
and relevant retail mix in each of
our centres we will continue to build
portfolio resilience and maintain
investment performance. We are
also equally confident that our
property diversification strategy
provides our investors with through-
cycle resilience.
We have a strategy that favours
property exposures expected to
outperform, a healthy balance sheet,
a pipeline of future development
opportunities, and a well-tenanted
portfolio with a long weighted average
lease term – all aimed at securing
superior, risk-adjusted returns for
our shareholders. We also have an
experienced, dedicated management
team focused on delivering our
strategy, and a culture which is
built on excellence.
Shareholders will receive an interim
cash dividend for the six months
ended 30 September 2017 of
3.425 cents per share, up 1.5%
from the prior period and in line
with guidance. The board has
confirmed that the Dividend
Reinvestment Plan will be available
to eligible shareholders for the period.
No discount will be applied to the
price at which the shares are issued.
Looking ahead, we continue to
project the cash dividend for the
year ending 31 March 2018 to be
6.85 cents per share.
We thank you for continuing to
support Kiwi Property and hope you
enjoy reading our interim report.
17
CHRIS GUDGEON
CHIEF EXECUTIVE

2018 interim report
kiwi property
18
2018 interim report

19
interim financial
statements
consolidated statement
of comprehensive income
PG 20
consolidated statement
of changes in equity
PG 21
consolidated statement
of financial position
PG 22
consolidated statement
of cash flows
PG 23
notes to the consolidated
financial statements
PG 24
independent review report
PG 34

kiwi property
20
financial statements
2018 interim report
consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
Note
6 months
30 Sep 17
$000
6 months
30 Sep 16
$000
Income
Property revenue 123,073 114,233
Property management income 861 424
Interest and other income 161 148
Total income 124,095 114,805
Expenses
Direct property expenses (28,001) (27,316)
Interest and finance charges (22,386) (20,124)
Employment and administration expenses (10,123) (9,215)
Net fair value loss on interest rate derivatives3.2.2 (1,891) (2,565)
Loss on disposal of investment properties– (1,126)
Total expenses (62,401) (60,346)
Profit before income tax 61,694 54,459
Income tax expense2.1 (13,837) (8,861)
Profit and total comprehensive income after income tax attributable to shareholders 47,857 45,598
Basic and diluted earnings per share (cents)2.2
3.53
3.56
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

21
Note
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 31 March 2016 1,241,129 168 475,468 1,716,765
Profit after income tax – – 45,598 45,598
Dividends paid – – (42,123) (42,123)
Dividends reinvested 14,215 – – 14,215
Long-term incentive plan (429) 66 – (363)
Balance at 30 September 2016 1,254,915 234 478,943 1,734,092
Balance at 31 March 2017 1,272,622 365 533,046 1,806,033
Profit after income tax – – 47,857 47,857
Dividends paid – – (43,856) (43,856)
Long-term incentive plan (478) (70) 28 (520)
Shares issued – entitlement offer1.3 156,962 – – 156,962
Balance at 30 September 2017 1,429,106 295 537,075 1,966,476
consolidated statement
of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

kiwi property
22
financial statements
2018 interim report
Note
30 Sep 17
$000
31 Mar 17
$000
Current assets
Cash and cash equivalents 8,196 9,772
Trade and other receivables 11,110 12,883
19,306 22,655
Non-current assets
Investment properties3.1 3,061,415 2,969,365
Property, plant and equipment 1,244 1,218
Interest rate derivatives3.2.2 1,139 2,428
Deferred tax assets 4,737 4,208
3,068,535 2,977,219
Total assets 3,087,841 2,999,874
Current liabilities
Trade and other payables 45,058 45,464
Income tax payable 3,486 7,163
Interest rate derivatives3.2.2 1,113 198
49,657 52,825
Non-current liabilities
Interest bearing liabilities3.2.1 959,141 1,030,358
Interest rate derivatives3.2.2 16,945 17,258
Deferred tax liabilities 95,622 93,400
1,071,708 1,141,016
Total liabilities 1,121,365 1,193,841
Equity
Share capital 1,429,106 1,272,622
Share-based payments reserve 295 365
Retained earnings 537,075 533,046
Total equity 1,966,476 1,806,033
Total equity and liabilities 3,087,841 2,999,874
For and on behalf of the board, who authorised these financial statements for issue on 17 November 2017.
consolidated statement
of financial position
AS AT 30 SEPTEMBER 2017
MARK FORD
CHAIR
MARY JANE DALY
CHAIR OF THE AUDIT AND RISK COMMITTEE
The consolidated statement of financial position should be read in conjunction with the accompanying notes.

23
6 months
30 Sep 17
$000
6 months
30 Sep 16
$000
Cash flows from operating activities
Property revenue 119,664 115,988
Property management income 791 424
Interest and other income 161 148
Direct property expenses (24,264) (23,239)
Interest and finance charges (22,744) (20,546)
Employment and administration expenses (10,205) (9,266)
Income tax expense (15,821) (15,375)
Goods and Services Tax received/(paid) (496) 1,574
Net cash flows from operating activities 47,086 49,708
Cash flows from investing activities
Proceeds from disposal of investment properties – 46,184
Acquisition of investment properties (30,290) (208,398)
Expenditure on investment properties (58,074) (49,125)
Interest and finance charges capitalised to investment properties (1,075) (1,446)
Acquisition of property, plant and equipment (224) (352)
Litigation settlement income – 4,300
Proceeds from other investment activities – 11
Net cash flows used in investing activities (89,663) (208,826)
Cash flows from financing activities
Proceeds from issue of shares 156,962 –
Own shares acquired for long-term incentive plan (633) (429)
Proceeds from/(repayment of) bank loans (71,500) 66,000
Proceeds from fixed-rate bonds – 123,816
Dividends paid (43,828) (27,908)
Net cash flows from financing activities 41,001 161,479
Net increase/(decrease) in cash and cash equivalents (1,576) 2,361
Cash and cash equivalents at the beginning of the period 9,772 6,155
Cash and cash equivalents at the end of the period 8,196 8,516
consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

24
notes
2018 interim report
kiwi property
notes to the consolidated
financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
1. general information
1.1 reporting entity PG 25
1.2 basis of preparation PG 25
1.3 significant changes during the period PG 25
1.4 key judgements and estimates PG 25
1.5 accounting policies PG 25
2. profit and loss information
2.1 tax expense PG 26
2.2 earnings per share PG 27
3. financial position information
3.1 investment properties PG 28
3.2 funding PG 30
4. other information
4.1 segment information PG 32
4.2 commitments PG 33
4.3 subsequent events PG 33

25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. general information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
1.1 reporting entity
The interim financial statements are for Kiwi Property Group
Limited ('Kiwi Property' or the 'Company') and its controlled
entities (the 'Group'). The Company is incorporated and
domiciled in New Zealand, is registered under the Companies
Act 1993 and is a reporting entity for the purposes of the
Financial Markets Conduct Act 2013. The Company is listed with
NZX Limited with its ordinary shares quoted on the NZX Main
Board and fixed-rate bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand
real estate.
1.2 basis of preparation
The interim financial statements have been prepared in
accordance with New Zealand Generally Accepted Accounting
Practice (GAAP) and the Financial Markets Conduct
Act 2013. They comply with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and
other guidance as issued by the External Reporting Board, as
appropriate for profit-oriented entities, and with International
Financial Reporting Standards.
The interim financial statements have been prepared in
accordance with NZ IAS 34 – Interim Financial Reporting
and IAS 34 – Interim Financial Reporting and should be read
in conjunction with the 2017 annual report.
The interim financial statements for the six months ended
30 September 2017 are unaudited. Comparative balances for
30 September 2016 are unaudited, whilst the comparative
balances for the year ended 31 March 2017 are audited.
The financial statements are prepared on the basis of historical
cost, except where otherwise identified. The functional and
reporting currency used in the preparation of the financial
statements is New Zealand dollars.
1.3 significant changes during the period
The financial position and performance of the Group was
affected by the following events and transactions during
the reporting period:
entitlement offer
On 17 July 2017, the Group completed a 1 for 11 entitlement
offer, raising a total of $157.0 million (net of issue costs)
through the issue of 118.1 million shares at $1.36 each.
investment property acquisition
On 20 September 2017, the Group settled its acquisition
of 30.6 hectares of land at Drury in South Auckland for
$32.7 million including acquisition costs.
1.4 key judgements and estimates
Critical judgements, estimates and assumptions are outlined
throughout these interim financial statements and in the
2017 annual report.
1.5 accounting policies
The accounting policies and methods of computation used
in the preparation of these interim financial statements are
consistent with those used in the 2017 annual report.

26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
notes
2018 interim report
kiwi property
2. profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
2.1 tax expense
A reconciliation of profit before income tax to income tax expense follows:
6 months
30 Sep 17
$000
6 months
30 Sep 16
$000
Profit before income tax 61,694 54,459
Prima facie income tax expense at 28% (17,274) (15,249)
Adjusted for non-taxable items:
Net fair value loss on interest rate derivatives (529) (718)
Loss on disposal of investment properties – (315)
Depreciation 3,562 2,859
Deferred leasing costs 530 231
Deductible capitalised expenditure 378 674
Prior year adjustment 1,317 –
Other (128) 460
Current tax expense (12,144) (12,058)
Depreciation recoverable (2,353) 246
Net fair value loss on interest rate derivatives 529 718
Deferred leasing costs and other temporary differences 131 2,233
Deferred tax benefit/(expense) (1,693) 3,197
Income tax expense reported in profit (13,837) (8,861)
Imputation credits available for use in subsequent periods 12,123 11,995
key estimates and assumptions:
income tax
depreciation recovered on the PricewaterhouseCoopers
Centre (PwC Centre), Christchurch
The impairment of the PwC Centre in the year ended
31 March 2012 (resulting from the 2010 and 2011 Canterbury
earthquakes) and the associated insurance recovery triggered
a potential tax liability of $5.1 million for depreciation
recovered. Following the earthquakes, the Government
introduced legislation which provides, in certain circumstances,
rollover relief for taxpayers affected by the earthquakes where
insurance income will be used to acquire or develop
replacement property in the Canterbury region. As at
30 September 2017, the Group continues to qualify for this
relief. As such no tax is payable in the current period in respect
of the depreciation recovered. A deferred tax liability of
$5.1 million continues to be provided as at 30 September 2017.

27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2.2 earnings per share
Basic and diluted earnings per share (EPS) are calculated by
dividing the post-tax profit for the period by the weighted
average number of shares outstanding during the period.
6 months
30 Sep 17
6 months
30 Sep 16
Basic and diluted EPS (cents) 3.53 3.56
Profit used in the calculation of basic and diluted EPS ($000) 47,857 45,598
Weighted average number of shares used in the calculation of basic and diluted EPS (000) 1,354,305 1,282,112

28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
notes
2018 interim report
kiwi property
3. financial position information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
3.1 investment properties
Investment properties held by the Group are as follows:
Valuer
Valuation
31 Mar 17
$000
Capital
movements
$000
Book value
30 Sep 17
$000
Retail
Sylvia ParkCBRE 755,000 32,374 787,374
Sylvia Park LifestyleCBRE 70,900 (126) 70,774
LynnMallCBRE 271,000 463 271,463
Westgate LifestyleJLL 87,000 183 87,183
The Base
1
JLL 195,000 485 195,485
Centre Place – NorthJLL 66,000 197 66,197
The PlazaColliers 215,500 3,845 219,345
North CityColliers 110,500 1,876 112,376
NorthlandsColliers 248,500 3,248 251,748
2,019,400 42,545 2,061,945
Office
Vero CentreCBRE 381,000 4,867 385,867
ASB North WharfColliers 196,250 703 196,953
The Majestic Centre
2
CBRE 119,400 2,755 122,155
The Aurora CentreColliers 140,650 4,270 144,920
44 The TerraceColliers 41,750 2,639 44,389
879,050 15,234 894,284
Other
Other propertiesVarious 57,915 682 58,597
Development landJLL 13,000 33,589 46,589
70,915 34,271 105,186
Investment properties 2,969,365 92,050 3,061,415
1. Represents the Group's 50% ownership interest.
2. The main contractor has submitted a final claim for works at The Majestic Centre which exceeds the Company's assessment of the amount due. This matter has been
referred to arbitration. The outcome of this arbitration and its potential impact on the fair value is not considered material.

29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The movement in the Group's investment properties during the period is as follows:
6 months
30 Sep 17
$000
12 months
31 Mar 17
$000
Balance at the beginning of the period 2,969,365 2,669,920
Capital movements:
Acquisitions (refer to Note 1.3) 32,675 209,220
Disposal of Centre Place – South – (46,407)
Capitalised costs (including fees and incentives) 62,070 101,265
Capitalised interest and finance charges 1,075 2,626
Amortisation of lease incentives, fees and fixed rental income (3,770) (8,296)
92,050 258,408
Net fair value gain on investment properties – 41,037
Balance at the end of the period 3,061,415 2,969,365
key estimates and assumptions:
investment properties
valuation process
All investment properties are presented at their 31 March 2017
independent valuations, adjusted for capital expenditure over
the period as appropriate, with the exception of development
land acquired during the period which is carried at cost
including associated acquisition costs.

30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
notes
2018 interim report
kiwi property
3.2 funding
3.2.1 interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
Date issuedExpiryInterest rate
30 Sep 17
$000
31 Mar 17
$000
Bank loans – Nov-18 to Sep-23Floating 711,000 782,500
Fixed-rate bonds – KPG010Aug-14Aug-216.15% 125,000 125,000
Fixed-rate bonds – KPG020Sep-16Sep-234.00% 125,000 125,000
Unamortised capitalised costs on fixed-rate bonds – – – (1,859) (2,142)
Interest bearing liabilities 959,141 1,030,358
Weighted average interest rate for drawn debt (inclusive of bonds, active interest rate derivatives,
margins and line fees)4.84%4.61%
Weighted average term to maturity for the combined facilities 3.5 years 3.5 years
bank loans
The bank loans are provided by ANZ Bank New Zealand,
Bank of New Zealand, China Construction Bank (New Zealand),
Commonwealth Bank of Australia, The Hongkong and
Shanghai Banking Corporation (HSBC) and Westpac
New Zealand.
On 7 September 2017, the Group secured an additional
$100 million of three, four and five-year facilities from
HSBC and an additional $100 million six-year facility
from China Construction Bank. The Group paid down
$125 million of shorter dated facilities from existing lenders.
As at 30 September 2017, the Group's committed facilities
totalled $1.05 billion (31 March 2017: $975 million) and
the undrawn facilities available totalled $339.0 million
(31 March 2017: $192.5 million).
security
The bank loans and fixed-rate bonds are secured by way of
a Global Security Deed (the 'Deed'). Pursuant to the Deed,
a security interest has been granted over all of the assets of
the Group. No mortgage has been granted over the Group's
properties, however, the Deed allows a mortgage to be
granted if an event of default occurs.

31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3.2.2 interest rate derivatives
The Group is exposed to changes in interest rates and uses
interest rate derivatives to mitigate these risks by exchanging
floating rate interest obligations for fixed rate interest obligations
(commonly referred to as interest rate swaps).
The following table provides details of the fair values,
notional values, term and interest rates of the Group's
interest rate derivatives.
30 Sep 17
$000
31 Mar 17
$000
Interest rate derivative assets – non-current 1,139 2,428
Interest rate derivative liabilities – current (1,113) (198)
Interest rate derivative liabilities – non-current (16,945) (17,258)
Net fair values of interest rate derivatives (16,919) (15,028)
Notional value of interest rate derivatives – active 425,000 425,000
Notional value of interest rate derivatives – forward starting 140,000 220,000
Notional values 565,000 645,000
Weighted average term to maturity – active 2.7 years 2.4 years
Weighted average term to maturity – forward starting 5.4 years 5.4 years
Weighted average term to maturity 3.4 years 3.4 years
Weighted average interest rate – active
1
3.94%3.91%
Weighted average interest rate – forward starting
1
3.56%3.58%
Weighted average interest rate
1
3.84%3.80%
1. Excluding fees and margins.
key estimate:
fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from
valuations prepared by independent treasury advisers using
valuation techniques classified as Level 2 in the fair value
hierarchy (31 March 2017: Level 2). These are based on the
present value of estimated future cash flows based on the terms
and maturities of each contract and the current market interest
rates at balance date. Fair values also reflect the current
creditworthiness of the derivative counterparties. These values
are verified against valuations prepared by the respective
counterparties. The valuations were based on market rates at
30 September 2017 of between 1.96% for the 90-day BKBM
and 3.27% for the 10-year swap rate (31 March 2017: 2.00% and
3.45%, respectively).

32
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
notes
2018 interim report
kiwi property
4. other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
4.1 segment information
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible
for allocating resources and assessing performance of the
operating segments, is the Chief Executive.
Operating segments have been determined based on the
reports reviewed by the Chief Executive to assess performance,
allocate resources and make strategic decisions.
The Group's primary assets are investment properties.
Segment information regarding investment properties
is provided in Note 3.1.
The Group operates in New Zealand only.
The following is an analysis of the Group's profit by
reportable segments:
6 MONTHS ENDED 30 SEPTEMBER
Retail
$000
Office
$000
Other
$000
Total
$000
2017
Property revenue 85,717 35,443 1,913 123,073
Less: straight-lining of fixed rental increases 1,349 (1,721) 27 (345)
Less: direct property expenses(20,189) (7,205) (607) (28,001)
Segment profit 66,877 26,517 1,333 94,727
2016
Property revenue 81,047 31,210 1,976 114,233
Less: straight-lining of fixed rental increases(584) (1,284) (29) (1,897)
Less: direct property expenses(20,018) (6,731) (567) (27,316)
Segment profit 60,445 23,195 1,380 85,020
Retail 71%
Office 28%
Other 1%
September 2017
segment profit
Sep 2017 Segment Profit
Sep 2016 Segment Profit
Sep 2017 Segment Profit
Sep 2016 Segment Profit
Retail 71%
Office 27%
Other 2%
September 2016
segment profit

33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A reconciliation of the segment profit to the profit before income
tax reported in the consolidated statement of comprehensive
income is provided as follows:
6 months
30 Sep 17
$000
6 months
30 Sep 16
$000
Segment profit 94,727 85,020
Property management income 861 424
Rental income resulting from straight-lining of fixed rental increases 345 1,897
Interest and other income 161 148
Interest and finance charges (22,386)(20,124)
Employment and administration expenses (10,123)(9,215)
Net fair value loss on interest rate derivatives (1,891)(2,565)
Loss on disposal of investment properties – (1,126)
Profit before income tax 61,694 54,459
4.2 commitments
Development costs at the following properties have been
committed to but not recognised in the financial statements as
they will be incurred in future reporting periods:
30 Sep 17
$000
31 Mar 17
$000
Sylvia Park 53,432 43,859
The Plaza 2,861 2,430
North City 564 2,609
Northlands 1,182 2,020
Vero Centre 4,268 3,775
44 The Terrace 45 2,192
Commitments 62,352 56,885
4.3 subsequent events
On 13 October 2017, the Group acquired property at
79 Carbine Road and 10 Clemow Drive in Mount Wellington,
Auckland for $27.1 million.
On 13 November 2017, the Group secured an unconditional
agreement to sell The Majestic Centre for $123.2 million.
The sale will settle in December 2017.
On 17 November 2017, the board declared an interim cash
dividend for the six months ended 30 September 2017
of 3.425 cents per share (equivalent to $48.6 million),
together with imputation credits of 0.92 cents per share.
The dividend record date is 5 December 2017 and payment
will occur on 20 December 2017.

2018 interim report
kiwi property
34
independent review report
report on the interim financial statements
We have reviewed the accompanying financial statements of Kiwi Property Group Limited (the “Company”) and its controlled entities
(together the “Group”) on pages 20 to 33, which comprise the consolidated statement of financial position as at 30 September 2017, and
the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement
of cash flows for the period ended on that date and a summary of accounting policies and selected explanatory notes.
directors’ responsibility for the
interim financial statements
The directors are responsible on behalf of the Company for
the preparation and presentation of these financial statements
in accordance with New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34)
and for such internal controls as the directors determine are
necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to
fraud or error.
our responsibility
Our responsibility is to express a conclusion on the
accompanying financial statements based on our review.
We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe
that the financial statements, taken as a whole, are not prepared
in all material respects, in accordance with NZ IAS 34. As the
auditor of the Company, NZ SRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual
financial statements.
A review of financial statements in accordance with NZ SRE 2410
is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The
procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly,
we do not express an audit opinion on these financial
statements.
We are independent of the Group. Our firm carries out other
services for the Group in the areas of audit, other assurance and
executive remuneration benchmarking services. The provision
of these other services has not impaired our independence.
conclusion
Based on our review, nothing has come to our attention that
causes us to believe that these financial statements of the
Group are not prepared, in all material respects, in accordance
with NZ IAS 34.
who we report to
This report is made solely to the Company’s shareholders, as a
body. Our review work has been undertaken so that we might
state to the Company’s shareholders those matters which we
are required to state to them in our review report and for no
other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s shareholders, as a body, for our
review procedures, for this report, or for the conclusion we
have formed.
For and on behalf of:
Chartered Accountants Auckland
17 November 2017
independent review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED

35
COMPANY
Kiwi Property Group Limited
Level 14, DLA Piper Tower
205 Queen Street
PO Box 2071
Shortland Street
AUCKLAND 1140
T: 64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
BOND TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
SECURITY TRUSTEE
New Zealand Permanent Trustees Limited
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
REGISTRAR
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
PO Box 91976
AUCKLAND 1142
T: 64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
AUDITOR
PricewaterhouseCoopers New Zealand
PwC Tower
188 Quay Street
Private Bag 92162
AUCKLAND 1142
T: 64 9 355 8000
W: pwc.co.nz
BANKERS
ANZ Bank New Zealand
Bank of New Zealand
China Construction Bank (New Zealand)
Commonwealth Bank of Australia
The Hongkong and Shanghai Banking
Corporation
Westpac New Zealand
directory

kp.co.nz

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KIWI PROPERTY
Results for announcement to the market
Reporting period Six months to 30 September 2017
Previous reporting period Six months to 30 September 2016

Amount ($000s) Percentage change
Revenue from ordinary activities 124,095 +8.1%
Profit/(loss) from ordinary activities after tax
attributable to shareholders
47,857 +5.0%
Net profit (loss) attributable to
shareholders
47,857 +5.0%

Interim dividend Amount per share Imputed amount per
share
NZ$0.03425 NZ$0.0092

Ex-Date 4 December 2017
Record Date 5 December 2017
Dividend Payment Date 20 December 2017
Dividend Reinvestment Plan
The interim dividend is eligible for reinvestment in accordance
with the terms of the Dividend Reinvestment Plan (DRP). The
price for reinvestment will be calculated as the average of the
volume weighted average price at which shares are sold
through the NZX Main Board on each of the 10 business days
following and including the Ex-Date, with no discount applied.
Shareholders who wish to participate in the DRP and who have
not previously elected to participate, should contact the
Registrar:
Link Market Services
PO Box 91979
Auckland
Ph. +64 9 375 5998 or toll free on 0800 377 388
www.linkmarketservices.co.nz

Other financial information 30 September 2017 30 September 2016
Net tangible assets per share $1.39 $1.39
Basic and diluted earnings per share 3.53 cents per share 3.56 cents per share

Commentary The unaudited interim financial statements for the Group are
included within the Interim Report which has been released to
NZX in conjunction with this announcement.

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APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
x
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
5 December, 201720 December, 2017
$$0.0092
$
New Zealand Dollars$0.00417479
$48,552,261
Date Payable
N/A
$0.01059286
Enter N/A if not
applicable
NZKPGE0001S9
In dollars and cents
Retained earnings
$0.02365714
Ordinary shares
+ 64-9-359-4000+64-9-359-3997201117
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Kiwi Property Group Limited
Stuart Tabuteau, CFODirectors' resolution