Argosy 2018 Interim Results

MARKET RELEASE

FOR THE SIX MONTHS TO 30 SEPTEMBER 2017
Argosy will present the 2018 interim results via a teleconference and webcast at 10am today.
Please visit http://edge.media-server.com/m/go/argosyfy18 or dial 0800 452 795 and quote the
conference ID 800456. It is recommended that you dial in or log in a few minutes before the start
time. A copy of the webcast will be available on Argosy’s website later in the day.

Argosy Property Limited (“Argosy” or the “Company”) has reported its results for the six months to
30 September 2017.
Argosy Chief Executive officer Peter Mence said “Against the backdrop of a stable economy, we are
pleased to have delivered a solid result for the first half of the 2018 financial year. During the
period, we continued to concentrate on improving portfolio quality and delivering quality and
sustainable earnings for investors. The management team also maintained its focus on divesting
non-Core assets whilst working closely with our existing tenants to develop and add value
organically within the portfolio.
On the back of this work, Argosy’s portfolio metrics remain in great shape. Our occupancy remains
high at 98.1% and our Weighted Average Lease Term (WALT) has been maintained at 5.6 years.”
Chairman Mike Smith says “We have started the 2018 financial year well and we are pleased the
team has delivered a good result for Argosy’s shareholders. The management group continue to deal
with significant lease expiries and vacancies and delivering on strategy. Looking ahead, there is now
more visibility and certainty around New Zealand’s medium term position and we are confident there
will be no material impact on our business. There could potentially be some attractive opportunities
for our Wellington assets. The outlook for the New Zealand property market remains positive, with
rental growth being achieved and good levels of enquiry for vacant space. We continue to see
strength in our diversified portfolio and are focused on delivering sustainable dividends to our
shareholders. On behalf of the Board I would like to thank shareholders for their continuing
support.”

Highlights:
• Net property income of $48.5 million
• Net distributable income per share of 3.23 cents
• Debt to total assets ratio at 36.8%
• NTA per share of $1.06
• Disposal of non-Core properties above book value
• Tenant led developments completed and other tenant developments on track
• Weighted average lease term maintained at 5.6 years
• Occupancy remains high at 98.1%
• Annualised rent review increase of 2.8%



21 November 2017

ARGOSY 2018 INTERIM RESULT

Financial Results
Statement of Comprehensive Income
Argosy reported net rental property income of $48.5 million for the period which includes rental loss
recoveries from insurers. This is down $5.2 million due to the payment recognised in the six months
to 30 September 2016 (previous period) of $5.5 million in respect of the surrender of the lease by
New Zealand Post (NZ Post) for the top three floors of the building at 7 Waterloo Quay in
Wellington.
Administration expenses were stable.
Interest expense for the period reduced to $12.6 million, a reduction of $0.4 million compared to the
previous period, primarily due to capitalised interest in relation to development projects.
While there were no interim revaluations undertaken for the interim reporting period, full year
revaluations will occur as per normal.
Profit before tax for the period was $27.4 million compared to $62.2 million in the previous period,
the key difference being the interim revaluation gain recorded last year of $35.8 million.
Distributable Income
Gross distributable income
1
was $31.2 million compared to $36.1 million, driven largely by the
surrender payment recognised from NZ Post of $5.5 million in the six months to 30 September 2016
(previous period). Gross distributable income for the period was 3.79 cents per share, down 14.6%
from 4.44 cents per share in the previous period.
Net distributable income declined 9.8% to 3.23 cents per share from 3.58 cents per share in the
prior period.
Portfolio Activity
Leasing and Rent Reviews
Supported by solid property market fundamentals, Argosy delivered strong leasing results over the
first six months of the 2018 financial year.
During the period, 22 lease transactions were completed, including 13 new leases and 9 lease
renewals. Argosy also re-leased several material expiries and dealt with some key vacancies.
Argosy’s key leasing results during the period included the renewal of a 6-year lease at 9 Ride Way,
Albany with Amcor Flexibles for 9,178sqm. This lease was Argosy’s largest expiry in the current
financial year accounting for 1.2% of portfolio income. Other results included a new 12-year lease
to New Zealand Couriers Limited for 12,736sqm at 1 Rothwell Avenue, Albany. They will relocate
when Mighty Ape shift to their new building being developed by Argosy in Highgate, Silverdale.
Due to the leasing success over the period, Argosy’s outstanding lease expiries to 31 March 2018
has reduced to 5.7%.
Argosy remains confident of further leasing success with key expiries over the second half of this
financial year. The strong leasing results including new leases over the period was a key driver in
maintaining the weighted average lease term at 5.6 years and maintaining occupancy over 98%.
During the period Argosy completed 41 rent reviews achieving an annualised increase of 2.8%.
Approximately 50% of rent reviews by value were fixed reviews with the balance split between CPI
and market.



1
Profit before tax and distributable income are alternative performance measures used to assist investors in
assessing the Company’s underlying operating performance and to determine income available for distribution
to shareholders. Note 14 of the financial statements released today provides a full reconciliation between profit
before tax and distributable income.

Acquisitions and Value Add Developments
No new acquisitions were made over the period. However, another development was completed and
others remain in progress where Argosy has worked with tenants on solutions to support growth in
their businesses. The extensive $9.0 million refurbishment of 82 Wyndham Street in Auckland was
completed during the period. This development has seen the building transformed, with both a 4
Star Office Built Green Star rating and a 4 Star NabersNZ
2
energy efficient rating being targeted.
The ground and level 1 works have been completed to program and Panuku Development Auckland
(an Auckland Council organisation) has moved in on a 9-year lease.
Developments in progress:
• Highgate, Silverdale. The $24.7 million development will be completed for Mighty Ape by
December 2017. Over recent months Argosy has worked closely with Mighty Ape to create an
environmentally sustainable design package or ‘green building’ which has now been included in
the development. Many energy saving systems will now be incorporated into the project
providing the opportunity to add significant value to the tenant and Argosy’s portfolio.
• 23 Customs Street, Auckland (Snickel Lane). This is Argosy’s laneways style development at the
Citibank Centre. Whilst consenting delays have pushed time frames out, significant leasing
progress has been made with an exciting mix of retailers already in the laneway. Argosy expects
to make further detailed announcements on this before Christmas with expectations that final
retailers could shift in by early 2018. The Snickel Lane concept has seen increased occupier
interest within the building and Citibank has renewed their 689sqm of space on Level 11 for a
further 3-years.
• 180 Hutt Road, Wellington. This redevelopment is forecast to cost $9.4 million. The property is
currently occupied by Placemakers who have entered into a new 9-year lease on 3,713sqm of
the property following completion. The development will also include the addition of 1,100sqm of
retail space for lease. Completion is due by late-2018.

New Zealand Post House – 7 Waterloo Quay

Damage Assessment
Argosy’s 12 storey property at 7 Waterloo Quay in Wellington sustained damage in the 7.5
magnitude Kaikoura earthquake on 14 November 2016. Independent engineers have confirmed that
the building remains structurally sound, but significant reinstatement of fit out and services was
required. We do not expect the final cost to be higher than the $50 million that was estimated by
our quantity surveyor earlier in the year, based on a preliminary scope of works. Argosy has
reinstatement insurance and we are working with our insurers to progress our insurance claim.

Insurance Claim
Argosy has made claims under its business interruption policy and has received $4.0 million on an
unallocated basis (by October 31, 2017). The total amount claimed to 30 September 2017 is $8.7
million and a $4.8 million deductible has been applied against this amount. Argosy’s business
interruption insurance provides loss of rents cover for a 24-month period expiring in November
2018.

Leasing/Reinstatement
Argosy has commenced reinstatement works on levels 1-4 and 7 which remain unoccupied due to
earthquake damage. Levels 10-12 are being marketed to new tenants now, and will be reinstated
and ready for occupation toward the end of the 2018 calendar year. We expect strong demand for
these, and any other levels that become available.






2
NabersNZ is National Australian Built Environment Rating System (New Zealand).

Divestment of non-Core Assets
Argosy has continued to take advantage of the strength in the property market during the period,
selling the predominantly vacant property at Pandora Rd in Napier. The property was sold to an
owner-occupier for $7.7 million, a premium to the current book value of $7.5 million. The sale was
in line with Argosy’s strategy of divesting non-Core properties. Argosy has approximately 4% or $60
million of the portfolio remaining as non-Core with potential to divest further properties over the
back half of the financial year.
Post 30 September 2017, there are currently two assets subject to conditional sale agreements with
a combined sale price of $32.6 million, being approximately 9% above current book value.
Capital Management
Current Leverage
At 30 September 2017, Argosy’s debt to total assets ratio, excluding capitalised borrowing costs,
was 36.8% versus 36.3% at 31 March 2017 year end. The slight increase reflects the net impact of
developments during the period offset by divestments. Argosy remains at the lower end of the
target debt-to-total-assets range of 35% to 40%. Argosy remains well within all bank covenants.
Argosy’s weighted average interest rate for the period was 5.04% versus 4.88% at 31 March 2017
year end. During the period Argosy restructured its syndicated banking arrangements with ANZ
Bank New Zealand Limited, Bank of New Zealand Limited and Hongkong and Shanghai Banking
Corporation. Following the restructure, the expiry of Tranche A ($275 million) has been extended to
31 October 2021. The expiry of Tranche B (also $275 million) remains at 30 September 2020. An
additional tranche (Tranche C) of $25 million has been added to the facility with an expiry date of 31
October 2021. The total facility is now $575 million. At 30 September 2017, the weighted average
facility term is 3.6 years.
Dividends
Consistent with the first quarter dividend, a second quarter dividend of 1.55 cents per share with
imputation credits of 0.32720 cents per share attached, has been declared for the September
quarter. This dividend represents an increase of 1.6% on the same period in the year ending 31
March 2017. The dividend will be paid to shareholders on 20 December 2017 and the record date
will be 6 December 2017. The dividend reinvestment plan (DRP) will continue, but no discount will
be applied to the price at which shares will be issued under the DRP for this dividend. The Board can
confirm that, based on current projections for the portfolio, a full year dividend of 6.20 cents per
share is expected to be paid for the year to 31 March 2018.
Consistent with our full year result, our accompanying interim result presentation provides details of
Argosy’s Adjusted Funds from Operations (AFFO). AFFO is considered by some investors to
represent a measure of dividend sustainability. Argosy’s Board recognises this view and intends to
move to an amended dividend policy, based on AFFO earnings, in the medium term. The Board
expects, based on current projections, that the cash dividend will be at least maintained over the
transition period.
Governance
At the July 2017 Annual Meeting, Andrew Evans and Mark Cross were re-elected as independent
Directors. At the date of this report, the Board comprised six Directors who are all independent.
Strategy
The Board remains focused on our strategy to create value and deliver sustainable earnings to
shareholders. The slight amendments made to our Investment Strategy asset allocation weightings
in 2017 will support our ability to achieve this. It is the Boards view that the property cycle is at or
nearing the top which makes acquisitions more challenging. As a result, we will continue to focus on
our Value Add properties where we can use our proactive asset management skills to provide
solutions to our tenants, increase future earnings and provide capital growth in these assets. This
ultimately supports our strategy by increasing portfolio quality and the delivery of sustainable
dividends.

Outlook
Argosy has delivered solid outcomes in the first six months of the 2018 financial year. The portfolio
remains in great shape and our core portfolio metrics strong. We completed some value add
developments with others still on track to deliver higher quality assets on completion. Key expiries
were dealt with and we are confident about resolving a number of others over the remainder of the
financial year.





– ENDS –


Enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz

Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz

Stephen Freundlich
Head of Investor Relations
Argosy Property Limited

Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

---

Amount NZ$000sPercentage change
48,502
-9.7%
23,394-58.3%
23,394-58.3%
Amount per security
Imputed amount per
security
NZ$0.0155NZ$0.0032720
30 September 2017
(NZ$)
30 September 2016
(NZ$)
Net tangible assets per share$1.060$1.036
Basic earnings after tax per share$0.0284$0.0690
Diluted earnings after tax per share$0.0284
$0.0690
Basic distributable income after tax per share¹
$0.0323$0.0358
Diluted distributable income after tax per
share
¹
$0.0323$0.0358
¹ Profit before tax and distributable income are alternative performance measures used to assist investors in assessing
the Company’s underlying operating performance and to determine income available for distribution to shareholders.
Note 14 of the financial statements released today provides a full reconciliation between the two measures.
Comments:The financial information for this announcement has
been extracted from the unaudited financial
statements of Argosy Property Limited which has
been released to NZX in conjunction with this
announcement.
Dividend Payment Date20 December 2016
6 December 2016
Net profit attributable to security holders
Dividend
Interim Dividend
Argosy Property Limited
Other Financial Information
Previous Reporting Period6 months to 30 September 2016
Unaudited interim results for announcement to the market
Reporting Period6 months to 30 September 2017
Revenue from ordinary activities
Profit from ordinary activities after tax
attributable to security holders
Record Date

---

OFFICE
INTERIM REPORT
30 SEPTEMBER 2017
RETAIL
STRENGTH IN DIVERSITY
INDUSTRIAL

17
Properties
People in
Business
$ 1. 4 6 b
Total portfolio value of $1.46 billion
63
18 5
PORTFOLIO
PROPERTIES
TENANTS
Our property portfolio is at
the heart of everything we do.
Its strength lies in the diversity
of our properties across
sectors, grades, sizes, styles
and locations allowing us to
adapt to the changing needs of
our growing family of tenants.
It’s this balanced combination
of quality properties, and doing
what’s right for our tenants, that
allows us to consistently deliver
value to our investors and for
our communities.

17
Properties
OFFICE
9 8 .1%
Occupancy (by rental)
steady at 98.1%
5.6
Weighted average lease term
remains over five years
37
Properties
09
Properties
OCCUPANCY
WALT / YEARS
INDUSTRIALRETAIL

Argosy Property Limited | Interim Report 30 September 2017
“We have started the 2018
financial year well and we
are pleased the team have
delivered a good result
for Argosy’s
shareholders.”
MICHAEL SMITH
CHAIRMAN
On behalf of the Argosy Board of Directors, I am
pleased to be able to report Argosy’s interim results
to 30 September 2017.
The management group continue to deal with
significant lease expiries and vacancies and
delivering on strategy. Looking ahead, there is now
more visibility and certainty around New
Zealand’s medium term position and we are
confident there will be no material impact on our
business. There could potentially be some
attractive opportunities for our Wellington assets.
FINANCIAL RESULT
Gross distributable income
1
was $31.2 million
compared to $36.1 million, driven largely by the
surrender payment recognised from NZ Post of
$5.5 million in the six months to 30 September
2016 (previous period).
Gross distributable income for the period was 3.79
cents per share, down 14.6% from 4.44 cents per
share in the previous period.
Net distributable income declined 9.8% to 3.23
cents per share from 3.58 cents per share in the
previous period.
1
Profit before tax and distributable income are alternative performance measures used to assist investors in assessing the Company’s underlying operating performance
and to determine income available for distribution to shareholders. Note 14 of the financial statements released today provides a full reconciliation between profit
before tax and distributable income.
Staying on
track
2
Chairman’s Review

Argosy Property Limited | Interim Report 30 September 2017
DIVIDENDS
Consistent with the first quarter dividend, a
second quarter dividend of 1.55 cents per share
with imputation credits of 0.32720 cents per share
attached, has been declared for the September
quarter. This dividend represents an increase of
1.6% on the same period in the year ending
31 March 2017. The dividend will be paid to
shareholders on 20 December 2017 and the record
date will be 6 December 2017. The dividend
reinvestment plan (DRP) will continue, but no
discount will be applied to the price at which
shares will be issued under the DRP for this
dividend. The Board can confirm that, based on
current projections for the portfolio, a full year
dividend of 6.20 cents per share is expected to be
paid for the year to 31 March 2018.
CAPITAL MANAGEMENT
At 30 September 2017, Argosy’s debt to total assets
ratio, excluding capitalised borrowing costs, was
36.8% versus 36.3% at 31 March 2017 year end. The
slight increase reflects the net impact of
developments during the period offset by
divestments. Argosy remains at the lower end of
the target debt-to-total-assets range of 35% to
40%. Argosy remains well within all bank
covenants.
GOVERNANCE
At the July 2017 Annual Meeting, Andrew Evans
and Mark Cross were re-elected as independent
Directors. At the date of this report, the Board
comprised six Directors who are all independent.
Gross Distributable Income per share
3.79c
STRATEGY
The Board remains focused on our strategy to
create value and deliver sustainable earnings to
shareholders. The slight amendments made to our
Investment Strategy asset allocation weightings in
2017 will support our ability to achieve this. It is
the Boards view that the property cycle is at or
nearing the top which makes acquisitions more
challenging. As a result, we will continue to focus
on our Value Add properties where we can use our
proactive asset management skills to provide
solutions to our tenants, increase future earnings
and provide capital growth in these assets. This
ultimately supports our strategy by increasing
portfolio quality and the delivery of sustainable
dividends.
OUTLOOK
The outlook for the New Zealand property market
remains positive, with rental growth being
achieved and good levels of enquiry for vacant
space. We continue to see strength in our
diversified portfolio and are focused on delivering
sustainable dividends to our shareholders.
On behalf of the Board I would like to thank
shareholders for their continuing support.
P MICHAEL SMITH
Chairman
Net Distributable Income per share
3.23c
3

Argosy Property Limited | Interim Report 30 September 2017
“We continued to
concentrate on
improving portfolio
quality and delivering
quality and sustainable
earnings for our
investors. ”
PETER MENCE
CHIEF EXECUTIVE OFFICER
Against the backdrop of a stable economy, we are
pleased to have delivered a solid result for the first
half of the 2018 financial year. During the period,
we continued to concentrate on improving
portfolio quality and delivering quality and
sustainable earnings for investors. The
management team also maintained its focus on
divesting non-Core assets whilst working closely
with our existing tenants to develop and add value
organically within the portfolio.
On the back of this work, Argosy’s portfolio
metrics remain in great shape. Our occupancy
remains high at 98.1% and our Weighted Average
Lease Term (WALT) has been maintained at 5.6
years.
HIGHLIGHTS:
— Net property income of $48.5 million
— Net distributable income per share of 3.23 cents
— Debt to total assets ratio at 36.8%
— NTA per share of $1.06
— Disposal of non-Core properties above book
value
— Tenant led developments completed and other
tenant developments on track
— Annualised rent review increase of 2.8%
FINANCIAL RESULTS
Profit Before Tax
Argosy reported net rental property income of
$48.5 million for the period which includes rental
loss recoveries from insurers. This is down
$5.2 million due to the payment recognised in the
six months to 30 September 2016 (previous
period) of $5.5 million in respect of the surrender
of the lease by New Zealand Post (NZ Post) for the
top three floors of the building at 7 Waterloo Quay
in Wellington.
Delivering
on strategy
4
Chief Executive Officer’s Review

Argosy Property Limited | Interim Report 30 September 2017
Administration expenses were stable.
Interest expense for the period reduced to
$12.6 million, a reduction of $0.4 million compared
to the previous period primarily due to capitalised
interest in relation to development projects.
While there were no interim revaluations
undertaken for the interim reporting period, full
year revaluations will occur as per normal.
Profit before tax for the period was $27.4 million
compared to $62.2 million in the previous period,
the key difference being the interim revaluation
gain recorded last year of $35.8 million.
PORTFOLIO ACTIVITY
Leasing and Rent Reviews
Supported by solid property market fundamentals,
Argosy delivered strong leasing results over the
first six months of the 2018 financial year.
During the period, 22 lease transactions were
completed, including 13 new leases and 9 lease
renewals. Argosy also re-leased several material
expiries and dealt with some key vacancies.
Argosy’s key leasing results during the period
included the renewal of a 6-year lease at 9 Ride
Way, Albany with Amcor Flexibles for 9,178sqm.
This lease was Argosy’s largest expiry in the
current financial year accounting for 1.2% of
portfolio income. Other results included a new
12-year lease to New Zealand Couriers Limited for
12,736sqm at 1 Rothwell Avenue, Albany. They will
relocate when Mighty Ape shift to their new
building being developed by Argosy in Highgate,
Silverdale.
Due to the leasing success over the period, Argosy’s
outstanding lease expiries to 31 March 2018 has
reduced to 5.7%.
Net Rental Income
$48.5m
Argosy remains confident of further leasing
success with key expiries over the second half of
this financial year. The strong leasing results
including new leases over the period was a key
driver in maintaining the weighted average lease
term at 5.6 years and maintaining occupancy over
98%.
During the period Argosy completed 41 rent
reviews achieving an annualised increase of 2.8%.
Approximately 50% of rent reviews by value were
fixed reviews with the balance split between CPI
and market.
Acquisitions and Value Add Developments
No new acquisitions were made over the period.
However, another development was completed
and others remain in progress where Argosy has
worked with tenants on solutions to support
growth in their businesses.
The extensive $9.0 million refurbishment of 82
Wyndham Street in Auckland was completed
during the period. This development has seen the
building transformed, with both a 4 Star Office
Built Green Star rating and a 4 Star NabersNZ
2
energy efficient rating being targeted. The ground
and level 1 works have been completed to program
and Panuku Development Auckland (an Auckland
Council organisation) has moved in on a 9-year
lease.
2
NabersNZ is National Australian Built Environment Rating System (New Zealand).
Portfolio Occupancy
98.1%
5

Argosy Property Limited | Interim Report 30 September 2017
Developments in progress:
— Highgate, Silverdale. The $24.7 million
development will be completed for Mighty Ape
by December 2017. Over recent months Argosy
has worked closely with Mighty Ape to create
an environmentally sustainable design package
or ‘green building’ which has now been
included in the development. Many energy
saving systems will now be incorporated into
the project providing the opportunity to add
significant value to the tenant and Argosy’s
portfolio.
— 23 Customs Street, Auckland (Snickel Lane).
This is Argosy’s laneway style development at
the Citibank Centre. Whilst consenting delays
have pushed time frames out, significant
leasing progress has been made with an
exciting mix of retailers already in the laneway.
Argosy expects to make further detailed
announcements on this before Christmas with
expectations that final retailers could shift in
by early 2018. The Snickel Lane concept has
seen increased occupier interest within the
building and Citibank has renewed their
689sqm of space on Level 11 for a further 3-
years.
— 180 Hutt Road, Wellington. This
redevelopment is forecast to cost $9.4 million.
The property is currently occupied by
Placemakers who have entered into a new
9-year lease on 3,713sqm of the property
following completion. The development will
also include the addition of 1,100 square metres
of retail space for lease. Completion is due by
late-2018.
DIVESTMENT OF NON CORE ASSETS
Argosy has continued to take advantage of the
strength in the property market during the period,
selling the predominantly vacant property at
Pandora Rd in Napier. The property was sold to an
owner-occupier for $7.7 million, a premium to the
current book value of $7.5 million. The sale was in
line with Argosy’s strategy of divesting non-Core
properties.
Argosy has approximately 4% or $60 million of the
portfolio remaining as non-Core with potential to
divest further properties over the back half of the
financial year. Post 30 September 2017, there are
currently two assets subject to conditional sale
agreements with a combined sale price of
$32.6 million being approximately 9% above
current book value.
PORTFOLIO UPDATE
New Zealand Post House - 7 Waterloo Quay
Damage Assessment
Argosy’s 12 storey property at 7 Waterloo Quay in
Wellington sustained damage in the 7.5 magnitude
Kaikoura earthquake on 14 November 2016.
Independent engineers have confirmed that the
building remains structurally sound, but
significant reinstatement of fit out and services
was required. We do not expect the final cost to be
higher than the $50 million that was estimated by
our quantity surveyor earlier in the year, based on
a preliminary scope of works. Argosy has
reinstatement insurance and we are working with
our insurers to progress our insurance claim.
Insurance Claim
Argosy has made claims under its business
interruption policy and has received $4.0 million
on an unallocated basis (by October 31, 2017). The
total amount claimed to 30 September 2017 is
$8.7 million and a $4.8 million deductible has been
applied against this amount. Argosy’s business
interruption insurance provides loss of rents cover
for a 24 month period expiring in November 2018.
Leasing/Reinstatement
Argosy has commenced reinstatement works on
levels 1-4 and 7 which remain unoccupied due to
earthquake damage.
Levels 10-12 are being marketed to new tenants
now, and will be reinstated and ready for
occupation toward the end of the 2018 calendar
year. We expect strong demand for these, and any
other levels that become available.
6
Chief Executive Officer’s Review

Argosy Property Limited | Interim Report 30 September 2017
CAPITAL MANAGEMENT
Argosy’s weighted average interest rate for the
period was 5.04% versus 4.88% at 31 March 2017
year end. During the period Argosy restructured
its syndicated banking arrangements with ANZ
Bank New Zealand Limited, Bank of New Zealand
Limited and Hongkong and Shanghai Banking
Corporation. Following the restructure, the expiry
of Tranche A ($275 million) has been extended to
31 October 2021. The expiry of Tranche B (also
$275 million) remains at 30 September 2020. An
additional tranche (Tranche C) of $25 million has
been added to the facility with an expiry date of
31 October 2021. The total facility is now
$575 million. At 30 September 2017, the weighted
average facility term is 3.6 years.
OUTLOOK
Argosy has delivered solid outcomes in the first six
months of the 2018 financial year. The portfolio
remains in great shape and our core portfolio
metrics strong. We completed some value add
developments with others still on track to deliver
higher quality assets on completion. Key expiries
were dealt with and we are confident about
resolving a number of others over the remainder
of the financial year.
PETER MENCE
Chief Executive Officer
2nd Quarter Dividend
1.55c
Debt-to-total-assets ratio
36.8%
7

Argosy Property Limited | Interim Report 30 September 2017
8 Nugent Street, Auckland
8
Chief Executive Officer’s Review

Argosy Property Limited | Interim Report 30 September 2017
Total portfolio update
BY SECTOR
40%Industrial
38%Office
22%Retail
Portfolio mix
BY VALUE
85%Core properties
11%Value Add properties
4%Properties and land
to divest
Total portfolio value
BY REGION
71%Auckland
24%Wellington
5%Regional North &
South Island
The above charts all exclude properties held for sale.
Lease Expiry Profile by Income
AS AT 30 SEPTEMBER 2017
Year ending
Percentage of portfolio (by income)
1.9%1.9%
5.7%5.7%
14.6%14.6%
9.9%9.9%
8.5%8.5%
8.0%8.0%
2.4%2.4%
6.4%6.4%
9.7%9.7%
11.0%11.0%
9.4%9.4%
12.5%12.5%
Total expiry
Largest single expiry
VacantMar-18Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27Mar-28+
0%
2%
4%
6%
8%
10%
12%
14%
16%
9
Portfolio

Argosy Property Limited | Interim Report 30 September 2017
A lower for longer interest
rate cycle in New Zealand and
replicated globally in recent
years, has driven asset prices
up and yields on property
assets down. New Zealand is
in a relatively strong financial
position but the change in
government could potentially
see higher central
government spending and
inflation pressures rise. This
could result in an interest rate
rise and a stabilisation or even
moderate softening in real
estate yields. With its
conservative capital position,
Argosy remains well placed to
manage such risks.
Industrial
NUMBER OF BUILDINGS
37
MARKET VALUE OF ASSETS
$588.0m
OCCUPANCY FACTOR (BY INCOME)
100%
WALT (YEARS)
6.6
PASSING YIELD
7.2%
10
Portfolio

Argosy Property Limited | Interim Report 30 September 2017
17 Mayo Road, Auckland
11

Argosy Property Limited | Interim Report 30 September 2017
Office
NUMBER OF BUILDINGS
17
MARKET VALUE OF ASSETS
$560.6m
OCCUPANCY FACTOR (BY INCOME)
96.3%
WALT (YEARS)
4.5
PASSING YIELD
7.3%
105 Carlton Gore Road, Auckland
12
Portfolio

Argosy Property Limited | Interim Report 30 September 2017
Retail
NUMBER OF BUILDINGS
9
MARKET VALUE OF ASSETS
$315.0m
OCCUPANCY FACTOR (BY INCOME)
98.4%
WALT (YEARS)
5.5
PASSING YIELD
7.4%
Wagener Place, Auckland
13

INDEPENDENT REVIEW REPORT
TO THE SHAREHOLDERS OF ARGOSY PROPERTY LIMITED

We have reviewed the condensed consolidated interim financial statements of Argosy
Property Limited and its subsidiaries (‘the Group’) which comprise the statement of
financial position as at 30 September 2017, and the statement of comprehensive
income, statement of changes in equity and statement of cash flows for the six months
ended on that date, and a summary of significant accounting policies and other
explanatory information on pages 16 to 32.

This report is made solely to the company’s shareholders, as a body. Our review has
been undertaken so that we might state to the company’s shareholders those matters
we are required to state to them in a 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’s shareholders as a body,
for our engagement, for this report, or for the opinions we have formed.

Board of Directors’ Responsibilities
The Board of Directors are responsible for the preparation and fair presentation of the
condensed consolidated interim financial statements, in accordance with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal
control as the Board of Directors determine is necessary to enable the preparation and
fair presentation of the condensed consolidated interim financial statements that are
free from material misstatement, whether due to fraud or error.

Our Responsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim
financial statements based on our review. We conducted our review in accordance with
NZ SRE 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 condensed consolidated interim
financial statements, taken as a whole, are not prepared, in all material respects, in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting. As the auditor of Argosy Property Limited, NZ SRE 2410 requires that we
comply with the ethical requirements relevant to the audit of the annual financial
statements.


Argosy Property Limited | Interim Report 30 September 2017
14
Independent Review Report

A review of the condensed consolidated interim 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 those financial statements.

Other than in our capacity as auditor and attending the Annual Meeting, we have no
relationship with or interests in Argosy Property Limited or its subsidiaries. These
services have not impaired our independence as auditor of the Group.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that
the condensed consolidated interim financial statements of the Group do not present
fairly, in all material respects, the financial position of the Group as at 30 September
2017 and its financial performance and cash flows for the six months ended on that date
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.


Chartered Accountants
Auckland, New Zealand
20 November 2017

Argosy Property Limited | Interim Report 30 September 2017
15

Argosy Property Limited | Interim Report 30 September 2017
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017 (UNAUDITED)
Note
Group (unaudited)
30 September 2017
$000s
Group (audited)
31 March 2017
$000s
Non-current assets
Investment properties41,463,6151,442,155
Other non-current assets530518
Total non-current assets
1,464,1451,442,673
Current assets
Cash and cash equivalents287968
Trade and other receivables2,6921,301
Other current assets2,211568
5,1902,837
Non-current assets classified as held for sale5–13,043
Total current assets
5,19015,880
Total assets
31,469,3351,458,553
Shareholders' funds
Share capital7791,569788,372
Share based payments reserve8292194
Retained earnings84,42186,655
Total shareholders' funds
876,282875,221
Non-current liabilities
Borrowings9539,141528,795
Derivative financial instruments631,54228,878
Deferred tax1111,58612,619
Total non-current liabilities
582,269570,292
Current liabilities
Trade and other payables7,0778,911
Other current liabilities3,1813,272
Taxation payable526857
Total current liabilities
10,78413,040
Total liabilities
593,053583,332
Total shareholders' funds and liabilities
1,469,3351,458,553
For and on behalf of the Board
P Michael Smith
Director
Mark Cross
Director
20 November 2017
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
16
Consolidated Financial Statements

Argosy Property Limited | Interim Report 30 September 2017
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2017
$000s
Group (unaudited)
Six months to
30 September 2016
$000s
Gross property income from rentals49,46756,782
Gross property income from expense recoveries8,6078,118
Insurance proceeds - rental loss2,418–
Property expenses(11,990)(11,174)
Net property income
348,50253,726
Administration expenses4,7134,623
Profit before financial income/(expenses),
other gains/(losses) and tax
43,78949,103
Financial income/(expenses)
Interest expense15(12,596)(13,011)
Gain/(loss) on derivative financial instruments held for trading(2,665)(9,676)
Interest income2632
(15,235)(22,655)
Other gains/(losses)
Revaluation gains on investment property–35,767
Realised gains/(losses) on disposal of investment property165(31)
Insurance proceeds - earthquake expenses782–
Earthquake expenses(2,102)–
(1,155)35,736
Profit before income tax attributable to shareholders
27,39962,184
Taxation expense104,0056,029
Profit and total comprehensive income after tax
23,39456,155
All amounts are from continuing operations.
Earnings per share
Basic and diluted earnings per share (cents)132.846.90
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
17

Argosy Property Limited | Interim Report 30 September 2017
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017 (UNAUDITED)
Note
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2017 (unaudited)
Shareholders' funds at the
beginning of the period
788,37219486,655875,221
Total comprehensive income
for the period
––23,39423,394
Contributions by shareholders
Issue of shares from Dividend
Reinvestment Plan
73,200––3,200
Issue costs of shares7(3)––(3)
Dividends to shareholders––(25,628)(25,628)
Equity settled share based payments8–98–98
Shareholders' funds at the
end of the period
791,56929284,421876,282
For the six months ended
30 September 2016 (unaudited)
Shareholders' funds at the
beginning of the period
777,5146532,825810,404
Total comprehensive income
for the period
––56,15556,155
Contributions by shareholders
Issue of shares from Dividend
Reinvestment Plan
5,788––5,788
Issue costs of shares(10)––(10)
Dividends to shareholders––(25,150)(25,150)
Equity settled share based payments–32–32
Shareholders' funds at the
end of the period
783,2929763,830847,219
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
18
Consolidated Financial Statements

Argosy Property Limited | Interim Report 30 September 2017
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September
2017
$000s
Group (unaudited)
Six months to
30 September
2016
$000s
Cash flows from operating activities
Cash was provided from:
Property income58,03267,366
Insurance proceeds received2,000–
Interest received2632
Cash was applied to:
Property expenses(12,993)(12,623)
Earthquake expenses(1,936)–
Interest paid(12,277)(12,877)
Employee benefits(3,417)(3,175)
Taxation paid(5,369)(5,001)
Other expenses(2,235)(1,981)
Net cash from/(used in) operating activities
1221,83131,741
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals20,5231,145
Purchase price adjustment for 7 Waterloo Quay–6,000
Cash was applied to:
Capital additions on investment properties(29,591)(19,257)
Capitalised interest on investment properties(1,142)(140)
Purchase of properties, deposits and deferrals–(412)
Net cash from/(used in) investing activities
(10,210)(12,664)
Cash flows from financing activities
Cash was provided from:
Debt drawdown46,13030,365
Cash was applied to:
Repayment of debt(35,489)(30,300)
Dividends paid to shareholders net of reinvestments(22,429)(19,364)
Issue cost of shares(14)(22)
Facility refinancing fee(500)–
Net cash from/(used in) financing activities
(12,302)(19,321)
Net increase/(decrease) in cash and cash equivalents
(681)(244)
Cash and cash equivalents at the beginning of the period9681,130
Cash and cash equivalents at the end of the period
287886
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
19

Argosy Property Limited | Interim Report 30 September 2017
1. GENERAL INFORMATION
Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets
Conduct Act 2013 and the Financial Reporting Act 2013. APL is incorporated under the Companies Act
1993 and domiciled in New Zealand.
The Company’s principal activity is investment in properties which include industrial, office and retail
properties throughout New Zealand.
These condensed consolidated interim financial statements (interim financial statements) are presented
in New Zealand dollars which is the Company's functional currency and have been rounded to the nearest
thousand dollars ($000) and include those of APL and its subsidiaries (the Group).
These interim financial statements were approved by the Board of Directors on 20 November 2017.
2. BASIS OF PREPARATION
These interim financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (NZ GAAP) and comply with NZ IAS 34 and IAS 34 Interim Financial
Reporting as applicable to the Company as a profit-oriented entity. These interim financial statements do
not include all of the information required for full annual financial statements.
The interim financial statements have been prepared on the historical cost basis except for derivative
financial instruments and investment properties which are measured at fair value.
The preparation of financial statements in conformity with NZ GAAP requires the use of certain critical
accounting estimates that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. The area involving a higher degree of judgement or complexity, and where
assumptions and estimates are significant to the financial statements is set out in Note 4 - valuation of
investment property.
Change in accounting policies
Accounting policies and methods of computation have been applied consistently to all periods and by all
Group entities.
While there has been no change to accounting policies, due to the earthquake in Kaikoura on 14 November
2016, in the current period a number of earthquake related expenses have been incurred, and associated
insurance proceeds reflecting acceptance of the claim by the insurance company have been recognised.
Insurance proceeds are recognised only when received or when receipt is virtually certain.
20
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Argosy Property Limited | Interim Report 30 September 2017
3. SEGMENT INFORMATION- OPERATING SEGMENTS
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand.
NZ IFRS 8 - Operating Segments requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief operating decision maker,
being the Chief Executive Officer, in order to allocate resources to the segments and to assess their
performance.
The information reported to the Group’s Chief Executive Officer includes information by investment
property and has been aggregated based on three business sectors, being Industrial, Office and Retail,
based on what the occupants actual or intended use is. Segment profit represents the profit earned by
each segment including allocation of identifiable revaluation gains on investment properties and gains/
(losses) on disposal of investment properties. This is the measure reported to the Chief Executive Officer.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeRetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2017
$000s
2016
$000s
2017
$000s
2016
$000s
2017
$000s
2016
$000s
2017
$000s
2016
$000s
Segment profit
Net property income
1
19,12717,88418,42424,77510,95111,06748,50253,726
Realised gains/(losses)
on disposal of
investment properties(47)(31)––212–165(31)
Earthquake expense recoveries––782–––782–
Earthquake expense(6)–(2,096)–––(2,102)–
19,07417,85317,11024,77511,16311,06747,34753,695
Revaluation gains/(losses) on
investment properties–29,922–(538)–6,383–35,767
Total segment profit
2
19,07447,77517,11024,23711,16317,45047,34789,462
Unallocated:
Administration expenses(4,713)(4,623)
Net interest expense(12,570)(12,979)
Gain/(loss) on derivative financial instruments held for trading(2,665)(9,676)
Profit before income tax
27,39962,184
Taxation expense(4,005)(6,029)
Profit for the year
23,39456,155
1. Net property income consists of revenue generated from external tenants plus insurance proceeds from rental loss at 7 Waterloo Quay, Wellington, less property
operating expenditure.
2. There were no inter-segment sales during the period (30 September 2016: Nil).
21
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
IndustrialOfficeRetailTotal
$000s$000s$000s$000s
Segment assets as at 30 September 2017 (unaudited)
Current assets9803,0643084,352
Investment properties588,026560,605314,9841,463,615
Total segment assets
589,006563,669315,2921,467,967
Unallocated assets1,368
Total assets
1,469,335
Segment assets as at 31 March 2017 (audited)
Current assets670928831,681
Investment properties583,405547,450311,3001,442,155
Non-current assets classified as held for sale7,428–5,61513,043
Total segment liabilities
591,503548,378316,9981,456,879
Unallocated liabilities1,674
Total liabilities
1,458,553
For the purposes of monitoring segment performance and allocating resources between segments, all
assets are allocated to reportable segments other than cash and cash equivalents, derivatives, tax assets,
other non-current assets and other minor assets that cannot be allocated to particular segments.
22
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
4. INVESTMENT PROPERTIES
Industrial
Six months to
30 September
2017
$000s
Office
Six months to
30 September
2017
$000s
Retail
Six months to
30 September
2017
$000s
Group
(unaudited)
Six months to
30 September
2017
$000s
Movement in investment properties
Balance at the beginning of the period583,405547,450311,3001,442,155
Capitalised costs12,55912,9903,76929,318
Disposals(7,500)––(7,500)
Change in capitalised leasing costs(57)181(57)67
Change in lease incentives(381)(16)(28)(425)
Investment properties balance at 30 September
588,026560,605314,9841,463,615
Industrial
12 months to
31 March 2017
$000s
Office
12 months to
31 March 2017
$000s
Retail
12 months to
31 March 2017
$000s
Group
(audited)
12 months to
31 March 2017
$000s
Movement in investment properties
Balance at the beginning of the period507,113548,610311,8281,367,551
Acquisition of properties32,039––32,039
Purchase price adjustment on 7 Waterloo Quay–(6,000)–(6,000)
Capitalised costs11,84417,7204,20833,772
Disposals(7,928)–(9,956)(17,884)
Transfer to properties held for sale(7,599)–(5,615)(13,214)
Change in fair value44,217(11,971)10,07142,317
Change in capitalised leasing costs163160401724
Change in lease incentives3,556(1,069)3632,850
Investment properties balance at 31 March
583,405547,450311,3001,442,155
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under
the fair value hierarchy on the basis that adjustments must be made to observable data of similar properties
to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour,
Auckland and a small part of 19 Barnes Street, Wellington.
23
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
4. INVESTMENT PROPERTIES (CONTINUED)
Valuation of Investment properties
The Group's policy is for investment property to be measured at fair value for which the Group completes
property valuations at least annually by independent registered valuers. There was no independent
valuation completed for investment properties as at 30 September 2017. The Board and Management have
reviewed the portfolio using available market data and considered other key property information
(tenancy schedules, operating expenditure and capital expenditure) to determine that there has been no
significant change to the valuation completed at 31 March 2017.
Generally as occupancy and weighted average lease term increase, yields firm, resulting in increased fair
values for investment properties. A movement in any of these assumptions could result in a significant
change in fair value.
5. PROPERTY HELD FOR SALE
No property was subject to an unconditional sale and purchase agreement at 30 September 2017 (31 March
2017: 28-30 Catherine Street, Henderson, Auckland ($5,615,000), and 19 Richard Pearse Drive and 26
Ascot Avenue, Mangere ($7,428,000) were subject to unconditional sale and purchase agreements).
6. DERIVATIVE FINANCIAL INSTRUMENTS
Group
(unaudited)
30 September
2017
$000s
Group (audited)
31 March 2017
$000s
Nominal value of interest rate swaps345,000345,000
Average fixed interest rate4.56%4.56%
Floating rates based on NZD BBR (including margin)2.83%2.74%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based
on applicable yield curves derived from observable market interest rates. Accepted market best practice
valuation methodology using mid-market interest rates at the period end date is used, provided from
sources perceived to be reliable and accurate. Interest rate swaps have been classified into Level 2 of the
fair value hierarchy on the basis that the valuation techniques used to determine the values at period end
date use observable inputs.
The net liability for derivative financial instruments as at 30 September 2017 is $31.5 million (31 March
2017: $28.9 million). The mark-to-market increase in the liability for derivative financial instruments is
a result of movements in the interest rate curve during the interim period.
24
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
7. SHARE CAPITAL
Group
(unaudited)
30 September
2017
$000s
Group (audited)
31 March 2017
$000s
Balance at the beginning of the period788,372777,514
Issue of shares from Dividend Reinvestment Plan3,20010,900
Issue costs of shares(3)(42)
Total share capital
791,569788,372
The number of shares on issue at 30 September 2017 was 826,019,598 (31 March 2017: 822,928,249).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends. All
ordinary shares have equal voting rights.
Reconciliation of number of shares
(in thousands of shares)
Group
(unaudited)
30 September
2017
Group (audited)
31 March 2017
Balance at the beginning of the period822,928812,616
Issue of shares from Dividend Reinvestment Plan3,09210,312
Total number of shares on issue
826,020822,928
25
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
8. SHARE BASED PAYMENTS RESERVE
Performance share rights (PSRs) were offered to senior executives, commencing 1 April 2015. Under the
scheme, PSRs are issued to participants which give them the right to receive ordinary shares in the
Company after a three year period, subject to certain vesting and other conditions being met. The vesting
of the PSRs is subject to the Company achieving a positive total shareholder return (measured against the
Company's share price on the date of the issue of the PSRs, and including dividends) over a three year
measurement period. The total number which actually vest will be dependent on the relative ranking of
the Company's total shareholder returns against a comparator group of listed entities determined by the
Board from the S&P/NZX All Real Estate Gross Index.
The total expense recognised in the period to 30 September 2017 in relation to equity settled share based
payments was $97,500 (30 September 2016: $32,400). No rights were exercised or forfeited during the
period.
Grant dateVesting date
Granted
during the
year
1
Weighted
average
issue price
Balance at
the
beginning
of the
period
1
Vested
during the
period
Forfeited
during the
period
Balance at
the end of
the period
1
2018
1 April 20171 April 2020321,284$0.99547,873––869,157
2017
1 April 20161 April 2019268,670$1.17279,203––547,873
2016
1 April 20151 April 2018279,203$1.13–––279,203
1. This is the number of PSRs.
26
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
9. BORROWINGS
Group
(unaudited)
30 September
2017
$000s
Group (audited)
31 March 2017
$000s
ANZ Bank New Zealand Limited270,288264,967
Bank of New Zealand162,173158,980
The Hongkong and Shanghai Banking Corporation Limited108,115105,987
Borrowing costs(1,435)(1,139)
Total borrowings
539,141528,795
Shown as:
Term539,141528,795
As at 30 September 2017, the Group had a syndicated revolving facility with ANZ Bank New Zealand
Limited, Bank of New Zealand and The Hongkong and Shanghai Banking Corporation Limited for
$575,000,000 (31 March 2017: $550,000,000) secured by way of mortgage over the investment properties
of the Group. The facility includes a Tranche A limit of $275,000,000, a Tranche B limit of $275,000,000
and a Tranche C limit of $25,000,000. Tranche A matures on 31 October 2021, Tranche B on 30 September
2020 and Tranche C on 31 October 2021. (31 March 2017: Tranche A ($275,000,000) matured on
30 September 2018 and Tranche B ($275,000,000) matured on 30 September 2020).
The weighted average interest rate on borrowings (including margin and line fee and interest rate swaps)
as at 30 September 2017 was 5.04% (31 March 2017: 4.88%).
Borrowing costs are the costs incurred in establishing the bank facility. These costs are amortised over
the life of the facility at the effective interest rate.
27
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
10. TAXATION
Group
(unaudited)
Six months to
30 September
2017
$000s
Group
(unaudited)
Six months to
30 September
2016
$000s
The taxation charge is made up as follows:
Current tax expense5,0386,874
Deferred tax expense(1,033)(993)
Adjustment recognised in the current year in relation
to the current tax of prior years–148
Total taxation expense recognised in profit/(loss)
4,0056,029
Reconciliation of accounting profit to tax expense
Profit before tax27,39962,184
Current tax expense at 28%7,67217,411
Adjusted for :
Capitalised interest(320)(39)
Fair value movement in derivative financial instruments7462,709
Fair value movement in investment properties–(10,014)
Depreciation(3,274)(2,997)
Depreciation recovered on disposal of investment properties3823
Other(168)(199)
Current taxation expense
5,0386,874
Movements in deferred tax assets and liabilities attributable to:
Investment properties(172)1,841
Fair value movement in derivative financial instruments(746)(2,709)
Other(115)(125)
Deferred tax expense/(credit)
(1,033)(993)
Prior year adjustment–148
Total tax expense recognised in profit or loss4,0056,029
There were no imputation credits at 30 September 2017 (30 September 2016: Nil).
28
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
11. DEFERRED TAX
The following are the major deferred tax liabilities and (assets) recognised by the Group, and the
movements thereon during the current and prior reporting years:
Interest rate
swaps
$000s
Investment
property
$000s
Other
$000s
Total
$000s
At 1 April 2017(8,086)17,4943,21112,619
Charge/(credit) to deferred taxation expense for the
period
(746)(172)(115)(1,033)
At 30 September 2017 (unaudited)(8,832)17,3223,09611,586
At 1 April 2016(11,175)16,9823,1458,952
Charge/(credit) to deferred taxation expense for the
year
3,089512663,667
At 31 March 2017 (audited)(8,086)17,4943,21112,619
12. RECONCILIATION OF SURPLUS AFTER TAXATION WITH CASH FLOWS FROM OPERATING ACTIVITIES
Group
(unaudited)
Six months to
30 September
2017
$000s
Group
(unaudited)
Six months to
30 September
2016
$000s
Profit after tax
23,39456,155
Movements in working capital items relating to investing and financing activities2,0951,748
Non cash items
Movement in deferred tax liability(1,033)(993)
Movement in interest rate swaps2,6659,676
Fair value change in investment properties–(35,767)
Movements in working capital items
Trade and other receivables(1,391)2,804
Taxation payable(331)2,020
Trade and other payables(1,834)(3,194)
Other current assets(1,643)(1,541)
Other current liabilities(91)833
Net cash from operating activities21,83131,741
29
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
13. EARNINGS PER SHARE
Basic and diluted earnings per share is calculated by dividing the profit attributable to shareholders of
the Company by the weighted average number of ordinary shares on issue during the year.
Group (unaudited)
Six months to
30 September 2017
Group (unaudited)
Six months to
30 September 2016
Profit attributable to shareholders of the Company ($000s)23,39456,155
Weighted average number of shares on issue (000s)823,629813,838
Basic and diluted earnings per share (cents)
2.846.90
Weighted average number of ordinary shares
Issued shares at beginning of period (000s)822,928812,616
Issued shares at end of period (000s)826,020817,784
Weighted average number of ordinary shares (000s)
823,629813,838
On 20 November 2017, a final dividend of 1.55 cents per share was approved by the Company. Continuation
of the Dividend Reinvestment Plan programme will increase the number of shares on issue.
14. DISTRIBUTABLE INCOME
Group (unaudited)
Six months to
30 September 2017
$000s
Group (unaudited)
Six months to
30 September 2016
$000s
Profit before income tax27,39962,184
Adjustments:
Revaluation gains on investment property–(35,767)
Realised (gains)/losses on disposal of investment properties(165)31
Derivative fair value (gain)/loss2,6659,676
Earthquake expense2,102–
Earthquake expense recoveries(782)–
Gross distributable income
31,21936,124
Tax impact of depreciation recovered on disposal of investment properties
and taxable gains on disposal of revenue account properties428–
Tax expense(5,038)(7,022)
Net distributable income26,60929,102
Weighted average number of ordinary shares (000s)823,629813,838
Gross distributable income per share - (cents per share)3.794.44
Net distributable income per share - (cents per share)3.233.58
The Company's dividend policy is based on net distributable income. Net distributable income is
determined under the Company's bank facility agreement.
30
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
15. INTEREST EXPENSE
Group
(unaudited)
Six months to
30 September
2017
$000s
Group
(unaudited)
Six months to
30 September
2016
$000s
Interest expense(13,738)(13,151)
Less amount capitalised to investment properties1,142140
Total interest expense
(12,596)(13,011)
Capitalised interest for the period to 30 September 2017 relates to the Polarcold development at 8 Foundry
Drive, Christchurch, the Placemaker development at 180-202 Hutt Road, Kaiwharawhara, the Mighty
Ape development at Highgate Parkway, Silverdale, Auckland and the development at 82 Wyndham Street,
Auckland. (30 September 2016: Capitalised interest relates to the Polarcold development at 8 Foundry
Drive, Christchurch).
16. COMMITMENTS
Ground rent
Ground leases exist over 39 Market Place, Viaduct Harbour, Auckland and a small part of 19 Barnes Street,
Wellington. The amount paid in respect of the Auckland ground lease during the period was $0.5 million
(30 September 2016: $0.5 million). The annual ground lease commitment is $1.0 million and is generally
recoverable from tenants in proportion to their area of occupancy. The Auckland ground lease is
renewable in perpetuity, with the next renewal date in 2019.
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2017
and not provided for were $30.9 million (31 March 2017: $48.8 million). Of this total, $7.4 million relates
to the Mighty Ape development at Parkway Drive, Highgate and $8.9 million relates to the Placemaker
development at 180-202 Hutt Road, Kaiwharawhara.
There were no other commitments as at 30 September 2017 (31 March 2017: Nil).
31
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
17. CONTINGENCIES
There were no contingencies as at 30 September 2017 (31 March 2017: Nil).
18. SUBSEQUENT EVENTS
On 20 November 2017, a dividend of 1.55 cents per share was approved by the Company. The record date
for the dividend is 6 December 2017 and a payment is scheduled to shareholders on 20 December 2017.
Imputation credits of 0.32720 cents per share are attached to the dividend.
19. RELATED PARTY TRANSACTIONS
Balances and transactions between the Company and its subsidiaries, which are related parties of the
Company, have been eliminated on consolidation and are not disclosed in this note.
There were no significant changes in relationships or transactions with related parties during the period
ended 30 September 2017.
32
Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(CONTINUED)

Argosy Property Limited | Interim Report 30 September 2017
DIRECTORS
Argosy Property Limited
Philip Michael Smith, Auckland (Chair)
Peter Clynton Brook, Auckland
Andrew Mark Cross, Auckland
Andrew Hardwick Evans, Auckland
Christopher Brent Hunter, Auckland
Jeffrey Robert Morrison, Auckland
REGISTERED OFFICE
Argosy Property Limited
39 Market Place
Auckland 1010
PO Box 90214
Victoria Street West
Auckland 1142
Telephone: (09) 304 3400
Facsimile: (09) 302 0996
REGISTRAR
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna
Private Bag 92119
Auckland 1142
Telephone: (09) 488 8777
Facsimile: (09) 488 8787
AUDITOR
Deloitte
Deloitte Centre
80 Queen Street
Private Bag 115-003
Auckland 1010
Telephone: (09) 303 0700
Facsimile: (09) 303 0701
LEGAL ADVISORS
Harmos Horton Lusk Limited
Vero Centre
48 Shortland Street
PO Box 28
Auckland 1010
Telephone: (09) 921 4300
Facsimile: (09) 921 4319
Russell McVeagh
Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: (09) 367 8000
Facsimile: (09) 367 8163
BANKERS TO THE COMPANY
ANZ Bank New Zealand Limited
ANZ House
23–29 Albert Street
PO Box 6243
Auckland 1141
Bank of New Zealand Limited
Deloitte Centre
80 Queen Street
Private Bag 99208
Auckland 1142
The Hongkong and Shanghai Banking
Corporation Limited
HSBC House
1 Queen Street
PO Box 5947
Wellesley Street
Auckland 1141
33
Directory

39 Market Place
Po Box 90214, Victoria Street West, Auckland 1142
P / 09 304 3400
F / 09 302 0996
www.argosy.co.nz

---

Interim Results
Presentation
Argosy Property Limited
21 November 2017
www.argosy.co.nz

AGENDA
HighlightsPage 5
FinancialsPage 7
Strategy OverviewPage 16
Leasing UpdatePage 26
OutlookPage 30
PRESENTED BY:
Peter Mence CEODave Fraser CFO
2
Note: Due to rounding, numbers presented in this presentation
may not add up exactly to the totals provided and percentages
may not exactly reflect absolute figures.

Our strength lies in the diversity of our
properties across sectors, grades, sizes
and locations allowing us to adapt to
the changing needs of our growing
family of tenants.
Peter Mence
CEO
3

HIGHLIGHTS
4

HIGHLIGHTS
Portfolio quality
and metrics
improved over first
six months of FY18
3.23c
82 Wyndham St.
development
completed,
others on track
1.55c$1.06
2.8%
98.1%
5.6
years
Net Distributable Income
per share
2
nd
QtrDividend (+1.6%)
Occupancy (by rental)
Annualisedrent review
increase
Net Tangible Assets per
Share
Weighted Average
Lease Term
$48.5m
Net property income
5

FINANCIALS
6

Income Reconciliation
7
56.8
1.1
-0.5
1.0
-0.8
-5.7
51.9
30.0
35.0
40.0
45.0
50.0
55.0
60.0
Gross Property
Income 1H17
Acquisitions /
developments
DisposalsRent reviewsVacancy & leasing upNet movement re
NZ Post House
Gross Property
Income 1H18
Rental income $m

Financial Performance
8
1H181H17
$m$m
Net property income48.553.7
Administration expenses(4.7)(4.6)
Profit before financial income/(expenses), other gains/(losses) and tax43.849.1
Interest expense(12.6)(13.0)
Gain/(loss) on derivatives(2.6)(9.7)
Finance income0.0 0.0
(15.2)(22.7)
Revaluation gains-35.8
Realised gains/(losses) on disposal0.1 (0.0)
Net: Insurance proceeds & earthquake expense(1.3)-
Profit before tax27.462.2
Taxation expense(4.0)(6.0)
Profit after tax23.456.2
Basic and diluted earnings per share (cents)2.846.90

Distributable Income
9
¹ Under the amended bank facility agreement, tax paid has changed to current tax expense in line with the rest of the sector.
1H181H17
$m$m
Profit before income tax27.462.2
Adjusted for:
Revaluations gains-(35.8)
Realised losses/(gains) on disposal(0.1)0.0
Derivative fair value loss/(gain)2.6 9.7
Earthquake expense net of recoveries1.30.0
Gross distributable income31.236.1
Depreciation recovered0.4 -
Current tax expense¹(5.0)(7.0)
Net distributable income26.629.1
Weighted average number of ordinary shares (m)823.6813.8
Gross distributable income per share (cents)3.794.44
Net distributable income per share (cents)3.233.58

Investment Properties
10
1,442.2
28.9
-7.5
1,463.6
1,200.0
1,250.0
1,300.0
1,350.0
1,400.0
1,450.0
1,500.0
Investment Properties FY17Capitalised costsDisposalsInvestment Properties 1H18
Investment Properties $m

Movement in NTA per share
11
1.06
0.03
(0.03)
1.06
-
0.20
0.40
0.60
0.80
1.00
1.20
NTA at FY17Comprehensive incomeDividends paidNTA at 1H18
$ per share

Gearing / Capital Structure
36.8%
Debt-to-total assets ratio
Argosy remains at the bottom end of the medium term policy gearing range of between 35
to 40%.
12
1H18FY17
$m$m
Investment properties1,463.61,442.2
Assets held for sale0.013.0
Other assets5.73.4
Total assets1,469.31,458.6
Bank debt (excl. capitalised borrowing costs)540.6529.8
Debt-to-total-assets ratio36.8%36.3%

Funding & Interest Rate
Management
Argosy maintains strong relationships with its banking partners ANZ Bank New Zealand
Limited, Bank of New Zealand and The Hongkong and Shanghai Banking Corporation
Limited, and remains well within its banking covenants.
Argosy restructured its syndicated bank facility in May 2017. At 30 September 2017the
weighted average debt expiry was 3.6 years providing medium term funding certainty.
13
3.6years
Weighted average debt facility term
1H18FY17
$m$m
Weighted average duration of bank facility3.6 years2.5 years
Weighted average interest rate
1
5.04%4.88%
Interest Cover Ratio3.2x3.4x
% of fixed rate borrowings64%65%
Average fixed interest rate4.56%4.56%
¹ Including margin and line fees

Dividends
6.20c
FY18 dividend guidance
The second quarter cash dividend of 1.55 cents per share has been declared, with
imputation credits of 0.32720 cents per share attached, and will be paid on 20 December
2017.
The FY18 dividend guidance of 6.20 cents per share remains unchanged, an increase of
1.6% on the previous year.
Argosy intends to move to an amended dividend policy, based on AFFO earnings, in the
medium term.
The Board expects, based on current projections, that the cash dividend will be at least
maintained over the transition period.
20 Dec
2
nd
quarter dividend payment
14

Strategy Overview
15

Strategy
Argosy will continue to invest in a diverse range of properties across sectors, grades, sizes and locations.
Our Investment Strategy consists of Core and Value Add properties. Parameters for these are;
Core properties between 75-90% of the portfolio by value.
Value add properties between 10-15% of the portfolio by value.
Our Investment Policy sector band parameters (by value) are:
Industrial 40-50%
Office 30-40%
Retail 15-25%
As at 30 September 2017, Argosy was operating within the parameters of its Investment Policy.
Argosy strives to deliver reliable and sustainable returns to shareholders. We take a considered
approach to acquisition, divestment, development, leasing and capital management decisions,
reflecting our proposition to shareholders as a dividend stock, with all the advantages of the
PIE Regime.
16

Portfolio at a glance
TOTAL PORTFOLIO VALUE
BY SECTOR
TOTAL PORTFOLIO VALUE
BY REGION
PORTFOLIO MIX
BY VALUE
71%
24%
5%
Auckland
Wellington
Regional North Island &
South Island
85%
11%
4%
Core properties
Value Add properties
Properties and land to divest
17
40%
38%
22%
Industrial
Office
Retail

Value Add
The following properties have been designated as Value Add,
which make up 11% of the total portfolio:
18
PropertySectorLocation
Book Value
1
$m
90 - 104 Springs RoadIndustrialAuckland4.1
80 Springs RoadIndustrialAuckland9.6
211 Albany HighwayIndustrialAuckland15.8
8 Foundry DriveIndustrialChristchurch13.0
960 Great South RoadIndustrialAuckland6.1
Highgate, SilverdaleIndustrialAuckland20.2
99-107 Khyber Pass RoadOfficeAuckland8.1
8-14 Willis StreetOfficeWellington15.2
82 Wyndham StreetOfficeAuckland38.2
180-202 Hutt RoadRetailWellington8.6
Stewart Dawsons CnrRetailWellington15.5
TOTAL $m (excl. land)154.4
56 Jamaica DriveLandWellington1.1
15 Unity DriveLandAuckland4.1
246 Puhinui RoadLandAuckland3.1
TOTAL $m162.7
¹ At 30 September 2017

Industrial
NUMBER OF BUILDINGS
37
MARKET VALUE OF ASSETS ($M)
$588.0
OCCUPANCY (BY INCOME)
100%
WALT (YEARS)
6.6
PASSING YIELD
7.2%
19

Office
NUMBER OF BUILDINGS
17
MARKET VALUE OF ASSETS ($M)
$560.6
OCCUPANCY (BY INCOME)
96.3%
WALT (YEARS)
4.5
PASSING YIELD
7.3%
20

Retail
NUMBER OF BUILDINGS
9
MARKET VALUE OF ASSETS ($M)
$315.0
OCCUPANCY (BY INCOME)
98.4%
WALT (YEARS)
5.5
PASSING YIELD
7.4%
21

Tenant-led Developments
PolarcoldStores Limited is fully utilising the entire space at Foundry Drive on a
12 year lease.
82 Wyndham has been transformed with a 4 Star Office Built Green Star rating and a
4 Star NabersNZenergy efficient rating being targeted.
Significant leasing progress has been made at Snickel Lane with an exciting mix of
retailers for space in the laneway.
180-202 Hutt Rd - Placemakers have a new nine-year lease on of the property following
completion.
¹ Includes purchase of land for $8.1m in Dec 2016.
22
DevelopmentTypeLocation
Total Cost
$m
Spent to
30-Sep
$m
Sep-17
Mar-18Sep-18Mar-19
Foundry DriveINDCHC
7.5
7.5
82 WyndhamOFFA KL9.07.5
Might y Ape
1
INDA KL24.717.4
Snickel Lane
OFFA KL
7.5
6.6
180-202 Hut t RdINDWT N9.40.4
TOTAL58.139.4
FY 2018FY 2019
Subst antially complet e
Subst antiallycomplet e
Dec-17
Early -18
Lat e -18

Mighty Ape Green Star Project
Mighty Ape, Highgate Business Park, Silverdale -
Auckland
23
$24.7m development
including $8.1m cost of land
Joint partnership with
tenant with shared
philosophy
Raft of energy saving
systems incorporated
including electricity / water
metering and recording,
LED lighting systems and
water harvesting
22,575sqm of land, 10,500sqm of net lettable
space (9,000sqm warehouse, 1,500sqm office
over two levels, 116 onsite carparks)
December 2017 completion, 10 year WALT

7 Waterloo Quay (NZ Post)
24
Damage Assessment
Cost unlikely to be higher than $50m per initial estimate.
Working hard to complete damage assessment and progress claim.
Insurance Claim
Received $4m on an unallocated basis.
Total claim to 30 September was $8.7m with a $4.8m deductible applied.
Leasing / Reinstatement
Reinstatement work on Levels 1-4 & 7 has commenced with Levels 10-12 to follow.
We expect strong demand for Levels 10-12 prior to completion.

Leasing Update
25

Leasing Success
Strong first six months with lease activity.
During the period Argosy has completed 22 leasing transactions totalling ~61,000m² of NLA.
Notable leasing successes during include:
26
Some larger remaining FY18 lease expiries include:
PropertyTenantNLA (sqm)Lease Term
1 Rothwell Avenue, Albany New Zealand Couriers Limited 12,73712 years
180-202 Hutt Road, KaiwharawharaPlacemakers6,0199 years
9 Ride Way, Albany Amcor Flexibles (New Zealand) Limited 9,1786 years
Albany Lifestyle Centre, Albany Danske MoblerLimited 1,7856 years
Citibank Centre Citibank Group 6893 years
PropertyTenantNLA (sqm)Status
211 Albany Highway, Albany Visypet(NZ) Limited 15,6515 year renewal agreed
80 Springs Road, East Tamaki Coda GP Limited 9,675Extension to 31-Aug-18
12-16 Bell Avenue, Mt Wellington Mainfreight Limited 5,046
In discussion with tenant for extension

Lease Maturity
Note: 1. The number above each bar denotes the total tenant expires per year (excluding monthly carparks and tenants with multiple leases
within one property).
2. Dotted spaces above Mar-18 and Mar-19 denote movement from March 2017.
27
5.7%
14.6%
9.9%
8.5%
8.0%
2.4%
6.4%
9.7%
11.0%
9.4%
12.5%
1.9%
19
33
28
26
19
13
10
9
11
6
11
0
5
10
15
20
25
30
35
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
VacantMar-18Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27Mar-28
+
Percentage of portfolio (by income)
Year ending
Total ExpiryVacancyLargest single expiry

Market Update
Solid domestic economic growth remains, and this is driving steady net absorption. There are
few catalysts for change in the near term.
The mixture of a steady economy and advancing technology supporting demand for
industrial assets.
Continued growth of online retailing bringing challenges to the traditional retail space,
expected to limit future sales growth.
Growth in Auckland office supply is yet to cause concern, however previous projections for
increased vacancy around 2020 are unchanged.
Wellington office vacancy continues to reduce with rental growth resulting.
Tougher lending conditions continue to impact developers. This will create potential
opportunities.
An end to the yield firming, increased construction costs, solid net absorption and fewer
developers are all positive factors for rental growth.
28

Outlook
29

Outlook
Fundamental real estate drivers remain sound.
Despite ongoing global unpredictability, New Zealand remains solid with good economic
growth and a positive property market outlook is expected to continue.
Argosy’s diversified portfolio allows it to make the most of buoyant current market
conditions.
Argosy will continue to focus on resolving near term expiries, maintaining high tenant
retention rates and ensuring core portfolio metrics remain strong.
Key activities expected to continue to be dominated by opportunities generated from
within the portfolio (existing tenants / existing property)
We will continue to deliver on strategy with the aim of providing sustainable and attractive
returns to shareholders.
30

Appendices
31

Adjusted Funds from Operations (AFFO)
AFFO is an alternative performance measure used to assist investors in assessing the Company’s underlying performance and to determine income available
for distribution. This reconciliation is based on guidelines for disclosing AFFO as provided by the Property Council of Australi a.
32
1H181H17
$m$m
Profit before income tax27.462.2
Revaluation gains-(35.8)
Derivative fair value (gain)/loss2.6 9.7
Realised losses/(gains) on disposal(0.1)-
Earthquake expense net of recoveries1.3 -
Gross distributable income31.236.1
Depreciation recovered0.4 -
Current tax expense(5.0)(7.0)
Net distributable income26.629.1
Amortisation of tenant incentives and leasing costs2.11.8
Funds from Operations (FFO)28.730.9
Capitalisation of tenant incentives and leasing costs(1.8)(1.8)
Maintenance capital expenditure(3.6)(2.7)
Tax effected maintenance capital expenditure recovered 0.20
Adjusted funds from operations (AFFO)23.526.4
Weighted average number of shares on issue (m)823.6813.8
AFFO per share (cents)
2.853.24
Dividends in period3.103.05
Dividend payout ratio (to AFFO)109%94%

Rent Reviews
33
Type#
Previous Rent
(000's)
New rent
(000's)
$ Increase
(000's)
% Increase
Annualised $
Increase
(000's)
Annualised %
Increase
% of rent
reviewed
Total4113,512.213,948.3436.13.2%374.22.8%100.0%
By review type
Fixed236,586.46,817.4231.03.5%231.03.5%48.7%
Market93,521.73,617.395.62.7%92.52.6%26.1%
CPI93,404.13,513.6109.53.2%50.71.5%25.2%
By sector
Industrial84,887.05,051.2164.23.4%130.62.7%36.2%
Office173,483.93,607.6123.73.6%120.63.5%25.8%
Retail165,141.35,289.5148.22.9%123.02.4%38.0%
By location
Auckland3712,602.313,010.5408.23.2%346.32.7%93.3%
Wellington4909.9937.827.93.1%27.93.1%6.7%
Other00.00.00.00.0%0.00.0%0.0%

Rent Reviews
34
#
Previous Rent
(000's)
New rent
(000's)
$ Increase
(000's)
% Increase
Annualised $
Increase
(000's)
Annualised %
Increase
% of rent
reviewed
Auckland
Office142,919.03,024.8105.83.6%102.73.5%21.6%
Industrial74,542.04,696.2154.23.4%120.62.7%33.6%
Retail165,141.35,289.5148.22.9%123.02.4%38.0%
3712,602.313,010.5408.23.2%346.32.7%93.3%
Wellington
Office3564.9582.817.93.2%17.93.2%4.2%
Industrial1345.0355.010.02.9%10.02.9%2.6%
Retail00.00.00.00.0%0.00.0%0.0%
4909.9937.827.93.1%27.93.1%6.7%

Disclaimer
This presentation has been prepared by Argosy Property Limited. The details in this
presentation provide general information only. It is not intended as investment or
financial advice and must not be relied upon as such. You should obtain independent
professional advice prior to making any decision relating to your investment or financial
needs. This presentation is not an offer or invitation for subscription or purchase of
securities or other financial products. Past performance is no indication of future
performance.
All values are expressed in New Zealand currency unless otherwise stated.
21 November 2017
35