Annual meeting presentation and address

NZX RELEASE
7 June 2018
Annual meeting presentation and address


Address from the Chair
Introduction
Good morning ladies and gentlemen. Welcome to the 2018 annual meeting of Kiwi Property. It is
great to see so many of you here today and we thank you for your attendance.
My name is Mark Ford and I am an independent director, chair of the board of Kiwi Property and
chair of today’s meeting. I am pleased to advise there is a quorum and I declare this annual
meeting of shareholders open.
I would like to take this opportunity to introduce my colleagues on the board.
> Mary Jane Daly – Mary Jane was appointed to our board in September 2014. She is an
Auckland-based professional director with a strong background in banking and finance.
Following the retirement of Joanna Perry from our board, effective 30 September 2017, Mary
Jane was appointed Chair of our Audit and Risk Committee.
> Jane Freeman – Jane was appointed to our board in August 2014. She is an Auckland-based
professional director who has extensive retail experience and expertise in the field of
customer-driven technology. Jane also serves as Chair of our Remuneration and Nominations
Committee. Jane is up for re-election today and will provide more details on herself later in
the meeting.
> Mark Powell – Again, following the retirement of Joanna, we welcomed Mark to our board in
October 2017. Following a successful career as an executive leader in retail, wholesale and
logistics in New Zealand and overseas, Mark is now an Auckland-based professional director.
Given Mark's appointment was a board appointment, as required by NZX Listing Rules, we are
seeking your approval today for Mark to remain in his role as an independent director. He will
provide more details on himself later in the meeting.
> Mike Steur – Mike joined the board in January 2010. He is an experienced company director
with over 30 years’ experience in the property sector. Mike is also up for re-election today and
will provide more details on himself later in the meeting.
The final director on our board is Richard Didsbury. He sends his apologies for today. Richard is
one of the founders of our business and brings extensive property and business expertise to the
board.
In accordance with NZX Listing Rule 3.3.2, the board has determined that all directors are
independent.
Also joining us as at the table is our Chief Executive, Chris Gudgeon and our Chief Operating
Officer, Gavin Parker.
I also acknowledge attendance of other members of our leadership team and you will have the
opportunity to meet them following the conclusion of the meeting.
I also extend a welcome to the team from our Registrar, Link Market Services. You will have met
them at the arrivals desk this morning. They will also help conduct the voting on the formal
business later in the meeting.

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I also welcome Leo Foliaki from our auditor, PwC, who will act as scrutineer for the voting.
Agenda (slide 2)
I would now like to take a moment to explain today’s agenda.
Proceedings will commence with a brief address from me, including an overview of the Kiwi
Property strategy. I will then invite Chris to provide an update on the Company’s results and
achievements for the year ended 31 March 2018. At the conclusion of these presentations, we
will provide you with an opportunity to ask any questions you may have about the Company.
We will then move to the formal business of the day, being resolutions:
> to re-elect Mike Steur and Jane Freeman to the board
> to elect Mark Powell to the board, and
> to authorise the board to fix the auditor’s remuneration.
Turning now to my address.
We are guided by our vision, objective, goals and investment strategy (slide 3)
I’m going to start today by talking about our vision, objective, goals and investment strategy,
because these things provide the context and the setting in which to describe our result.
Headlining our strategy is our vision – which is all about offering our customers and tenants the
best retail and office workplace experiences in New Zealand.
We are proud owners of some of New Zealand’s most outstanding retail and office assets,
including the country’s largest and most successful shopping centre, Sylvia Park, the iconic ASB
North Wharf building in Wynyard Quarter and the landmark office building, the Vero Centre.
Our objective is to provide you, our investors, with superior, risk-adjusted returns over time through
the ownership and active management of a diversified high-quality property portfolio.
We are guided by our vision, objective, goals and investment strategy (continued) (slide 4)
We measure our performance by what we achieve for you, our shareholders.
We target long-term total returns of greater than 9% per annum, underpinned by pre-tax funds
from operations per share growth of greater than 2% per annum.
In the 2018 financial year, we delivered a long-term total return, since Kiwi Property first listed on
the stock exchange back in 1993, of 9.3% per annum – exceeding our 9% target.
For the year ended 31 March 2018, we again produced a record result for rental income
performance and, at $111.3 million, a record operating result as measured by ‘Funds from
Operations’.
Due to an increased number of shares on issue following an equity raise in July 2017 together with
the sale of a non-core asset, on a per share basis, we were below our pre-tax funds from
operations target of 2%, achieving -2.5% per annum for the current financial year, compared with
12.5% for the prior year.
Undertaking the equity raise and selling non-core assets were important steps to assist us with
funding our future investment and development opportunities. Chris will provide an update on
some of the exciting projects that we are currently undertaking which are utilising these funds.
For the year ended 31 March 2018, I am pleased to advise that shareholders will receive a full-
year dividend of 6.85 cents per share, which is up from 6.75 cents per share in the prior year and
in line with our guidance.
Looking now at our investment strategy – which is how we invest to deliver on our vision and
objective.

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Our investment strategy is unchanged. Kiwi Property is deliberately diversified. We target both
retail and office assets that we believe will outperform through the ups and downs of the
economic cycle by consistently attracting high levels of tenant demand.
We are guided by our vision, objective, goals and investment strategy (continued) (slide 5)
Our investment strategy has been in place for a number of years. We have a definite bias
towards exposures we think will outperform.
> Geographically, we prefer Auckland because of its superior growth prospects.
> We also have a bias towards retail because in retail we can secure a competitive
advantage by:
• owning strong shopping centres that are significant in their catchments and are difficult
to replicate, and
• having specialist in-house retail capability and nationwide relationships with retailers.
Our investment strategy is built on a core portfolio.
> In retail that means:
• owning regional shopping centres and large format retail, with a ‘golden triangle’ bias,
and
• outside of Auckland, regional shopping centres that are prominent in their catchments.
When we refer to the ‘golden triangle’ we mean the area that includes Auckland, the
Waikato and the Bay of Plenty. We like it because of its superior growth prospects.
> In office, we continue that Auckland bias and target prime-grade office. With office in
Wellington, we prefer to own buildings that attract long-term government leases.
The last point on the slide talks to how we increasingly see ourselves as investors in town centres –
or as Auckland Council refers to them, metropolitan centres. These are centres that are identified
for growth and intensification, and are located at key transport nodes.
As town centre investors, we are responding to market demand for well-conceived mixed-use
developments, within compelling urban environments that are supported by good transport
linkages.
The diligent execution of our strategy over a number of years has positioned us today with a high-
quality portfolio of assets that we believe can be expected to outperform.
Board focus during FY18 (slide 6)
We deliver for our stakeholders by taking a holistic approach to investment management.
Alongside the property portfolio investment strategy we just talked about, we also maintain a
steadfast commitment to environmental, social and governance matters, which we refer to as
our focus on ‘people, planet and profit’.
Like many companies, our sustainability programme began with a focus on implementing
environmental initiatives that would reduce operating costs and allow us to tread more lightly on
this planet. Today, more than 15 years later, we are increasingly focused on engagement that
brings us closer to our communities, builds better social experiences and rewards, produces a
strong corporate culture and ensures our investments are enduring.
A definite highlight this year, is the release of our Sustainability Report as part of our annual result
documentation suite, for the first time. I encourage you to read the report on our website and
take a look at our ‘people, planet and profit’ achievements in more detail.
I also wanted to take a couple of minutes to share with you a couple of key areas of focus for the
board during the last financial year.

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As always, as a board, we are committed to ensuring the Company adheres to best practice
corporate governance principles and high levels of ethical standards. During the year, we
adopted the NZX’s best practice recommendations encompassed in the new NZX Corporate
Governance Code.
We also continued to focus on the health, safety and wellbeing of our people, as well as the
gender and ethnic diversity of our people to ensure we are well placed to serve our customers
and the communities in which we operate.
We share more details on this in our 2018 annual report.
On the slide are the screenshots of the three documents which make up our 2018 annual
reporting suite. I encourage you to read the reports on our website and take a look at our
achievements in more detail.
I now invite Chris to provide you with a detailed update on the Company’s activities and result
for the year ended March 2018.
Chief Executive’s address
Chief Executives title slide (slide 7)
Thanks Mark and good morning everyone.
I’ll start by looking at the highlights of the year and what this means for our business looking
through the strategic lens that Mark has just outlined. We will then review the financial result for
the year ended 31 March 2018.
We have recycled capital out of non-core assets to fund future growth (slide 8)
In order to fund growth in line with our investment strategy, we sold two Wellington assets which
are not ‘core’ or essential to our investment strategy going forward.
Firstly, we sold The Majestic Centre in December 2017.
And post balance date, we entered into an unconditional contract to sell North City, with
settlement scheduled to occur by July.
The capital released from these sales will be utilised to fund growth opportunities within our core
portfolio.
Capital management initiatives executed to fund growth (slide 9)
We also raised new equity capital through a successful entitlement offer in July 2017.
The equity raise, taken together with the asset sales I just talked about, adds up to some
$380 million in capital that provides additional balance sheet capacity to fund growth in line with
strategy.
We further strengthened our financial position by continuing to diversify our sources of debt
funding. We did this by:
> successfully executing our third bond issue, and
> adding two new banks to our pool of lenders.
Given our intention to be a repeat issuer of long-term bonds, we secured a credit rating from S&P
Global Ratings. We were very pleased with the BBB+ issue rating in relation to our bonds and we
think it is helpful to our investors to have an independent assessment of our financial strength.
Sylvia Park – Our vision (slide 10)
Let’s now look at the developments we’re doing which are using the capital we’ve raised.
We currently have $370 million of developments in progress that we expect to add significantly to
both the income performance and quality of our portfolio.

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A key focus for our development activity is at Sylvia Park. Sylvia Park continues to shine as the star
in our portfolio and has been a standout investment since we completed the original
development.
Some key facts and figures for you:
> The centre has grown in value by over $285 million since opening in 2006.
> Since the 2009 financial year, annual retail sales have grown by nearly $200 million to
$551 million.
> Net income has grown by more than $14 million to over $41 million per annum.
> Retailers have seen customer numbers grow to more than 15 million every year.
> And finally, we are really excited that Sylvia Park was last year named New Zealand’s
favourite shopping centre in a nationwide survey conducted by Nielsen.
So, after 11 years of outstanding performance, we are now underway with a series of projects to
bring Sylvia Park to the next level. Our vision for Sylvia Park is the creation of a world-class town
centre, offering our customers exceptional retail, dining, entertainment and workplace
experiences. Over the next few slides we will share with you how we are bringing this vision to life.
Sylvia Park – Centre plan (slide 11)
Let’s start by looking at the plan of Sylvia Park, which has been marked up to show the location
of the various projects we are undertaking. This will give you some context as we talk to each of
these projects in more detail over the next few slides.
Firstly, on the ground floor:
> in 2016, we added international fashion giants H&M and Zara to our retail mix – marked with
the orange outlines. These have been a great success story for Sylvia Park, and have
generated a notable increase in foot traffic throughout the centre, and
> in December 2017, we completed a new dining district, The Grove Dining District, marked in
the dark blue outline on the left of the slide. Judging by its positive trading performance, we
can see that this has been a welcome addition for our shoppers.
Later this year we will complete the new central multi-deck carpark– marked in light blue – and a
new 10-level office building – marked in green.
Moving to the upper level. Marked in the pink outline, is our latest development. This
development is the addition of a second level retail galleria which, as you can see, spans the
distance of the current south end of the mall. And, finally a further 900 space carpark building –
marked in purple.
Looking now at each of these projects in more detail.
Sylvia Park – The Grove Dining District (slide 12)
A highlight of the year was the opening of The Grove Dining District in December, featuring ten
on-trend food offers.
The dining district reflects current consumer trends, with customers increasingly wanting inclusive
and immersive dining experiences that not only entertain but also provide social meeting places.
Our operators are reporting pleasing trading performance and the project is on track to exceed
our initial target investment returns. The project will deliver an initial yield of 7.8%, growing to 8.2%
over the following two years.

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Sylvia Park – No.1 Sylvia Park (slide 13)
We continue to make steady progress with our $80 million office tower, known as No.1 Sylvia Park.
Nine-levels of office accommodation are situated over the dining district we just talked about.
We look forward to completing the building in July this year.
Our office solution offers businesses a truly unique and high-quality working environment in an
easily accessible location with excellent rail and bus transport links, with staff being able to take
advantage of the extensive range of amenities and services at the centre.
A key highlight of the year was concluding a lease with ANZ Bank – who will be occupying
6,740 sqm, or five whole floors and a part floor, in the building.
The building is now 90% lease by area – with ANZ joining IAG Insurance as anchor building
tenants.
IAG’s lease commences in July this year and ANZ will be moving in stages during 2019.
We are pleased to be projecting investment metrics ahead of our original targets. Following full
occupation, the project will deliver a yield of 7.4% and the building will have a weighted average
lease term of almost 10 years.
The concept picture on this slide shows how striking the building will look on completion.
Sylvia Park – No.1 Sylvia Park: Progress as at 31 May 2018 (slide 14)
On this slide, you can see how this concept is coming to life. Outside, the final cladding and
exterior works are being completed, while inside, the tenant fitout works are well underway.
Sylvia Park – central carpark (slide 15)
We will continue to progress construction of a new $36 million carpark that will provide 600
additional parking spaces for our customers. The project is on-budget and on-time to complete
in November 2018, in time for the busy Christmas period.
Again, this slide shows the concept picture of how the building will look on completion.
Sylvia Park – central carpark: Progress as at 31 May 2018 (slide 16)
And, this slide shows progress as at May 2018, with the carpark having reached full height. Over
the next few months we will see the façade being installed and the vehicle ramps on the outside
of the building being completed.
Sylvia Park – Galleria and south carpark (slide 17)
A major milestone for the year was our announcement, in February, that we are proceeding with
our exciting Galleria retail expansion – which will complete in just over two years’ time in mid-2020.
The Galleria will take Sylvia Park to another level – literally – with a second level of retail
constructed above the existing mall.
It will provide an additional 18,000 square metres of new retail space anchored by a flagship
Farmers department store with approximately 60 new retailers, including new-to -market brands
and a next generation casual dining experience.
The development will cost $223 million and, given the current busy construction market in
Auckland, we are pleased to have in place a fixed price contract with our builder. The project is
expected to deliver an initial yield of 5.7%, growing to 6.2% in year three, with a projected 10 year
IRR in excess of 10%.
The artist’s impression on this slide shows the view looking south towards the new Farmers
department store.

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Sylvia Park – Galleria and south carpark (continued) (slide 18)
This artist’s impression shows the exterior of the new Galleria and more particularly the entrance
to the new dining terrace, which incorporates ground floor west facing restaurants, with new
generation food and beverage operators on the first floor, opening into the Galleria.
Sylvia Park – Galleria and south carpark (continued) (slide 19)
This artist’s impression shows the south carpark which is being completed as part of the Galleria
development, including speed ramps which will provide quick access to upper parking levels.
On completion in mid-2020, this carpark will provide an additional 900 spaces, which will bring
overall site parking to around 5,000 spaces, more than any other retail centre in the country.
Langdons Quarter – New dining and entertainment precinct (slide 20)
Outside of Auckland, we are making good progress with our Langdons Quarter development at
Northlands in Christchurch.
The project features a new dining precinct with 13 food operators, beneath a newly refurbished
HOYTS cinema offer, together with seismic strengthening in that area. The project is on-time for
completion in November 2018 and on-budget. Leasing is progressing well.
This is yet another example of how we are evolving the offer at our centres, creating social
engagement through a greater focus on food, hospitality and entertainment.
An increasing proportion of our leasing is now hospitality based. Last year, one-third of all the
lease deals we did were to food and beverage operators, and of those, half were new tenants to
our centres.
Creating exceptional places to work – Suncorp New Zealand (slide 21)
Across our office portfolio, our commercial team continue to look for ways to improve our
tenants’ working environments.
Our collaboration with Suncorp New Zealand at the Vero Centre is a great example.
To suit Suncorp’s move to a new way of working, we worked closely with Suncorp to construct a
new five-storey internal staircase to solve their requirement for connectivity.
As a result, we were able to retain an important building tenant and lock in a long-term income
stream.
Further, as we increasingly seek to meet the demands of flexible, healthy working environments,
we have delivered some very positive initiatives to improve our tenant facilities.
These include end-of -trip facilities (such as showers and change rooms for people who cycle,
walk or run to work), electric bike recharging stations, concierge services and lobbies that
support the ability to work flexibly in a more casual environment.
We are very pleased to see that our office portfolio has an occupancy rate of over 99% and a
weighted average lease-term of over 10 years, which we believe reflects the fact that tenants
are responding positively to our efforts.
Building long-term investment opportunities (slide 22)
Outside of our investment portfolio, we have two current long-term opportunities consistent with
our strategic town centre focus.
At Drury, in South Auckland, we now control over 50 hectares of land that is destined, over time,
to become a town centre.
We are making good progress on an Auckland Council-led structure plan for the wider area that
will inform future land uses and enable appropriate zoning changes to be achieved.

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And in Mt Wellington, we have increased our landholdings to over 31 hectares with the purchase
of a strategic 3.2 hectare site across the railway line from Sylvia Park. This has enabled us to
consolidate a 7.7 hectare site with direct road access to Sylvia Park – which in time will be
suitable for redevelopment as Sylvia Park continues to grow as a town centre.
Strategy execution drives strong results (slide 23)
On to the financial result.
We are pleased that our strategy is leading to positive financial results.
As Mark reported earlier, for the year ended 31 March 2018, we again produced a record result
for rental income performance and, at $111.3 million, a record operating result as measured by
‘Funds From Operations’.
The result was assisted by full-year contributions from prior year acquisitions of The Base and
Westgate Lifestyle, combined with completed developments at Sylvia Park, 44 The Terrace and
The Aurora Centre. The balance of the portfolio was underpinned by good rental income growth
at Sylvia Park, Centre Place – North, The Plaza and ASB North Wharf.
Profit after tax was down on the prior year. This was primarily due to the fact that, whilst our
properties did increase in value, the fair value gains this year were not as big as they were last
year. Similarly, the fair value movement on our interest rate derivatives were lower this year
compared with last year.
Balance sheet strengthened to fund future growth (slide 24)
Our balance sheet remains in a strong position.
Our portfolio is now valued at $3.1 billion, $82.6 million higher than last year. Good development
and leasing outcomes, and the strength of the investment market with record low capitalisation
rates, supported value growth, particularly across the office markets.
Our larger asset base, combined with debt repayment from our capital management initiatives,
means year-end gearing was 29.7%, down almost 5 percentage points from last year and
comfortably within our target band. Gearing will improve further when the sale of North City
settles.
We’re delivering on our capital management strategy (slide 25)
Earlier, I outlined the measures taken to diversify our sources of funding, with:
> our third bond issue, and
> the addition of two new bank lenders to our pool.
The repayment of existing short-dated debt has improved our weighted average term to maturity
of debt facilities to 3.6 years and, at 4.99%, our weighted average cost of debt remains
competitive.
We’ve created a stronger property portfolio (slide 26)
The execution of our investment strategy has resulted in a stronger portfolio of assets which
delivered overall rental growth of 3.5%.
Rent reviews continued to deliver solid, predictable growth at 3.4% this year, while new leasing
activity produced very encouraging growth of 3.7%.
We finished the year with overall occupancy of 99.6% and a very comfortable weighted average
lease term of 5.3 years.

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Positive retail sales trend (slide 27)
Looking at our retail sales result for the year.
Across the portfolio we generated almost $1.8 billion in retail sales for the year, up 3.4% on last
year.
The most insightful analysis is provided by the right hand column, where we have excluded sales
from both our Large Format Retail centres and North City. North City has been excluded
because it has been sold, and we have excluded our Large Format Retail sales because a
significant number of tenants do not report sales, so it is a somewhat imperfect data set.
In doing this, we see that total sales growth was 4.5% and like-for-like sales growth was 1.8%.
Positive total sales growth has been recorded across most categories, with particularly good
uplifts from mini-majors, commercial services and pharmacy and wellbeing categories
Before closing off on sales, I wanted to make a few observations about the outlook for shopping
centres.
Where some commentators have suggested that shopping centres would struggle with the
emergence of online shopping, after more than a decade of competition, the facts belie the
theory: quality shopping centres are not only surviving, they are thriving.
We continue to see positive sales growth and vacancy at our shopping centres is less than 0.5%.
Not only that, our shopping centres are more productive than they’ve ever been – our specialty
store operators are achieving average sales of $10,600 per square metre, up 7.1% in the past
12 months.
Positive retail sales trend (continued) (slide 28)
The success we are experiencing is because we focus on delivering the right mix of in-demand
retailers and customer experiences – an approach that responds to how New Zealanders are
changing the way they work, shop and play.
Our centres have more food, more entertainment, more personal services, community events
and programmes, and pop-up activations that bring constant renewal and excitement, for all
ages and all shopper types. They are vibrant spaces that invite in the community, for
convenience, fashion, food, entertainment and for connecting socially with friends and family.
Compared to global benchmarks, the New Zealand shopping centre sector is relatively
undersupplied, with the amount of retail floorspace per person being one quarter that of the
United States and half that of Australia.
Particularly in Auckland, the growth in retail floorspace has not kept pace with demand, which
has been fuelled by population growth, creating opportunities for strong centres to expand and
take market share.
In this digital age, it is still quite clear that retailers rely on their bricks and mortar stores as they
develop their online distribution capability. The physical interaction that comes with an instore
experience for a retailer’s product and brand is still a critical part of the customer connection.
We make that instore visit even more compelling by providing shoppers with a whole range of
complementary experiences in a social, fun and entertaining environment, which is why we
believe the outlook for well managed shopping centres in New Zealand remains strong.
Continuing to lead in sustainability (slide 29)
Turning now to our sustainability programme. Kiwi Property is proud to be a market leader in
sustainability.

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By way of example, through our relationship with Meridian Energy, we are set to become New
Zealand’s largest commercial solar power user with new arrays to be installed at four more of our
shopping centres, in addition to the array already in place at Sylvia Park. This will reduce our
carbon footprint, reduce our reliance on natural resources, and provide economic gain over the
long-term.
Our electric vehicle charging station roll-out continues and we now have 26 stations available
across five of our shopping centres.
This is yet another convenience we are providing free-of-charge for our customers – which
benefits our retailers because our stats show that, on average, EV customers spend longer at our
centres.
And we continue the excellent progress we’ve made over many years with our ongoing
programmes to reduce water consumption, save power and divert waste from landfill.
Continuing to lead in sustainability (continued) (slide 30)
We are the highest rated NZX-listed company for carbon management, and the only one with an
A- rating, in the Carbon Disclosure Project.
Our focus on sustainable design means our buildings achieve high NABERSNZ ratings for resource
use efficiency.
And this year we sponsored the Retail Interiors Association’s first ever sustainable shop fitout
award, with entries assessed against sustainable design criteria which we developed in-house.
We have a clear focus for 2019 and will continue to deliver on our strategy (slide 31)
Looking at the year ahead, we have a number of clear priorities.
At Sylvia Park we’ll complete the No.1 Sylvia Park office building and central carpark building,
while advancing the Galleria project.
At Drury, we’ll be progressing the structure planning process with Auckland Council.
Outside Auckland, we’ll settle our North City sale, complete Langdons Quarter at Northlands and
at The Base we are excited to be completing an upgrade to the outlet centre which will feature
New Zealand’s second Nick Scali furniture store.
In our office portfolio, we’ll be concentrating on new leasing with the aim of taking both the Vero
Centre, and the portfolio as a whole, towards full occupancy.
The management team are focused on creating exceptional experiences for our customers, and
we will continue to pursue opportunities to invest in line with strategy and to leverage our
management platform.
From a customer perspective we will focus, as always, on creating better experiences for our
customers and tenants at both our shopping centres and office buildings.
Ladies and gentlemen, thank you very much – that concludes my review of the Company’s 2018
results. It has been yet another busy and exciting year.
This is my last address to an annual meeting as Chief Executive of Kiwi Property.
It has been a privilege to take the company through some very transformative times and I’m
proud of:
> the strong position in which the business now sits,
> its very positive future prospects, and
> the excellent management team who will be taking the business forward.

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I will now hand you back to Mark to provide some concluding comments and to conduct the
formal business of the meeting.
Chairman’s concluding address
Outlook and dividend guidance (slide 32)
Thank you Chris.
We are grateful to Chris for his contribution to Kiwi Property over his ten-year tenure and look
forward to making the most of his talents in his remaining time with the business. As you will be
aware, Chris last year provided us with notice of his intention to retire from his position in
September this year. The Board should be in a position to announce Chris’s successor in the very
near future.
In summary of what you have heard today, Kiwi Property is in a strong position and well
positioned for growth.
We have:
> a clear strategy
> a portfolio of great assets with robust investment metrics
> a strong balance sheet
> a pipeline of development opportunities, and
> an exceptional team of people who are committed to the success of our business.
With that, I am pleased to advise that our dividend guidance for 2019 is for an increase in the
cash dividend to 6.95 cents per share – which as you see from the chart continues a recent
positive trajectory established for shareholder dividends and is a clear demonstration that our
strategy is working.
Questions (slide 33)
Ladies and gentlemen, that concludes the overview of the Company’s activities for the year
ended 31 March 2018.
Before we move to the formal business of the day, we would be happy to answer any questions
on the Company’s activities. We ask that you limit your questions at this time to the Company’s
activities. You will have an opportunity to ask questions in relation to the formal business shortly.
As this is a shareholders meeting, only shareholders or appointed proxies can ask a question. If
you wish to speak, please wait to be handed a microphone by the staff. Please introduce
yourself, including whether you are a shareholder or a proxy holder, and state your name.
Formal business (slide 34)
Thank you. We will now move to consider the formal resolutions of the meeting.
The resolutions for consideration today may only be voted on by shareholders (either in person or
by proxy). Voting on each resolution will be by poll. On a poll, each person voting at the
meeting and each shareholder who has cast a vote directed by proxy has one vote for each
share held.
I will put each resolution to the meeting and provide an opportunity for you to ask questions in
relation to that resolution. I ask that you keep the questions strictly to the resolution.
Again, as this is a shareholders meeting, only shareholders or appointed proxies can ask a
question. If you wish to speak, please wait to be handed a microphone by the staff. Please
introduce yourself, including whether you are a shareholder or a proxy holder, and state your
name.

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Before being asked to vote on each resolution, the result of the voting completed by directed
proxy will be provided.
In respect of proxies received, if the chairman of the meeting has been appointed to act as
proxy and was not directed how to vote in respect of a resolution, the vote will be cast in favour
of the resolution.
When you are required to cast your vote, you should tick either the FOR or AGAINST box on the
voting card. If you do not tick any box, that vote will not be counted.
If you do not have a voting card, please let one of the Link Market Services representatives know
immediately. If you do not have a pen, please indicate to one of the staff in the room, and they
will hand you one.
On completion of voting, representatives of Link Market Services will come around with ballot
boxes to collect the voting cards from you.
Resolutions 1 and 2 – Re-election of directors: Explanatory information (slide 35)
Moving to resolutions 1 and 2.
In accordance with the Company’s constitution and the NZX Listing Rules, Mike Steur and Jane
Freeman retire at this meeting and both offer themselves for re-election.
The board has determined that, if re-elected, Mike and Jane will each be an independent
director for the purposes of the NZX Listing Rules.
I will now ask Mike and Jane to each provide a brief bio and comments supporting their re-
election.
Resolutions 1 and 2 – Re-election of directors: Explanatory information (continued) (slide 36)
Thank you Mark and good morning.
I joined the board in January 2010. I have more than 30 years’ experience in property, spanning
valuation, property management and consultancy within New Zealand, Australia, the Pacific
Islands and across Asia. I was a founding director of Richard Ellis (later CBRE) in New Zealand in
1988.
In addition to being on Kiwi Property’s Audit and Risk and Remuneration and Nominations
Committees, I currently serve on the boards of BWP Management, the responsible entity for BWP
Trust and the Dexus Wholesale Property Fund and Healthcare Wholesale Property Fund.
Thank you. I will now pass you over to Jane.
Resolutions 1 and 2 – Re-election of directors: Explanatory information (continued) (slide 37)
Thank you Mike and good morning.
I joined the board in August 2014. I am an Auckland-based professional director, with extensive
experience in the field of customer driven technology.
In addition to chairing Kiwi Property’s Remuneration and Nominations Committee, I am a director
for Foodstuffs North Island and have previously held directorships with ASB Bank, Air New Zealand
and Delegat Group.
Thank you. I will now pass you back to Mark.
Resolutions 1 and 2 – Re-election of directors: Recommendation and rationale (slide 38)
Thank you Mike and Jane.
The board is committed to ensuring that it possesses the appropriate mix of skills, knowledge,
experience and diversity to discharge its role and responsibilities.

13

The board supports the re-election of Mike and Jane as it considers that these candidates have
the expertise to contribute to the overall skill set required by the board.
The board, other than Mike and Jane each in respect of their own positions, recommends that
you vote in favour of the resolutions.
Resolution 1 (slide 39)
I will now read the resolution.
That Mike Steur be re-elected as a director of the Company.
Are there any comments or questions from shareholders on this resolution?
<<Q&A time>>
Thank you.
Resolution 1 – Proxy votes (slide 40)
Before putting the motion, I advise that proxies representing 761,227,595 shares were lodged in
respect of this resolution with the following voting instructions:
> For – 756,204,626 shares, representing 99.34% of the votes cast.
> Against – 3,739 shares, representing 0.00% of the votes cast.
> Discretionary votes – 5,019,230 shares, representing 0.66% of the votes cast.
In order for the resolution to be passed, it must be approved by a simple majority of votes of
those shareholders entitled to vote and voting on the resolution, in person or by proxy.
I will now put the motion. Can you please tick either the FOR or AGAINST box on your voting card
to indicate the way you wish to vote on this resolution.
<<Wait for a time for voting to be completed>>
Resolution 2 (slide 41)
Moving to resolution two. I will now read the resolution.
That Jane Freeman be re-elected as a director of the Company.
Are there any comments or questions from shareholders on this resolution?
<<Q&A time>>
Thank you.
Resolution 2 – Proxy votes (slide 42)
Before putting the motion I advise that proxies, representing 761,221,820 shares, were lodged in
respect of this resolution with the following voting instructions:
> For – 754,642,782 shares, representing 99.14% of the votes cast.
> Against – 1,547,393 shares, representing 0.20% of the votes cast.
> Discretionary votes – 5,031,645 shares, representing 0.66% of the votes cast.
In order for the resolution to be passed, it must be approved by a simple majority of votes of
those shareholders entitled to vote and voting on the resolution, in person or by proxy.
I will now put the motion. Can you please tick either the FOR or AGAINST box on your voting card
to indicate the way you wish to vote on this resolution.
<<Wait for a time for voting to be completed>>

14

Resolution 3 – Election of director: Explanatory information (slide 43)
Moving to resolution 3.
In accordance with the Company’s constitution and the NZX Listing Rules, any director
appointed by the board must retire at the next annual meeting, but shall be eligible for election
at that meeting.
Mark Powell was appointed by our board in October 2017 so therefore retires at this meeting, and
offers himself for election.
The board has determined that, if elected, Mark will be an independent director for the purposes
of the NZX Listing Rules.
I will now ask Mark to provide a brief bio and comments supporting his election.
Resolution 3 – Election of director: Explanatory information (continued) (slide 44)
Thank you Mark and good morning.
I am an Auckland-based professional director with extensive experience in strategy setting and
execution, cultural and digital transformation, property development, mergers and acquisitions
and joint venture management in publicly listed companies.
Since finishing at The Warehouse Group in January 2016, I have taken up directorships, in addition
to Kiwi Property, with: JB Hi-Fi, Trinity Lands, Halls Group, Stihl Shop New Zealand and a number of
not-for-profit charitable organisations.
Thank you. I will now pass you back to Mark.
Resolution 3 – Election of director: Recommendation and rationale (slide 45)
Thank you Mark.
The board supports the election of Mark as it considers he has the expertise to contribute to the
overall skill set required by the board. Accordingly, the board, other than Mark, recommends
that you vote in favour of the resolution.
Resolution 3 (slide 46)
I will now read the resolution.
That Mark Powell be elected as a director of the Company.
Are there any comments or questions from shareholders on this resolution?
<<Q&A time>>
Thank you.
Resolution 3 – Proxy votes (slide 47)
Before putting the motion, I advise that proxies representing 761,213,310 shares were lodged in
respect of this resolution with the following voting instructions:
> For – 755,094,472 shares, representing 99.20% of the votes cast.
> Against – 1,059,978 shares, representing 0.14% of the votes cast.
> Discretionary votes – 5,058,860 shares, representing 0.66% of the votes cast.
In order for the resolution to be passed, it must be approved by a simple majority of votes of
those shareholders entitled to vote and voting on the resolution, in person or by proxy.
I will now put the motion. Can you please tick either the FOR or AGAINST box on your voting card
to indicate the way you wish to vote on this resolution.
<<Wait for a time for voting to be completed>>

15

Auditor’s remuneration – Explanatory information (slide 48)
Moving to resolution 4.
This resolution is sought to authorise the directors to fix the remuneration of the auditor pursuant to
Section 207(S)(a) of the Companies Act 1993.
The board recommends that you vote in favour of the resolution.
Resolution 4 (slide 49)
I will now read the resolution.
That the directors be authorised to fix the auditor’s remuneration.
Are there any comments or questions from shareholders on this resolution?
<<Q&A time>>
Thank you.
Resolution 4 – Proxy votes (slide 50)
Before putting the motion I advise that proxies, representing 761,170,913 shares, were lodged in
respect of this resolution with the following voting instructions:
> For – 755,336,924 shares, representing 99.23% of the votes cast.
> Against – 785,406 shares, representing 0.10% of the votes cast.
> Discretionary votes – 5,048,583 shares, representing 0.66% of the votes cast.
In order for the resolution to be passed, it must be approved by a simple majority of votes of
those shareholders entitled to vote and voting on the resolution, in person or by proxy.
I will now put the motion. Can you please tick either the FOR or AGAINST box on your voting card
to indicate the way you wish to vote on this resolution.
<<Wait for a time for voting to be completed>>
Closing slide
That completes voting on the resolutions. I will now ask for the voting papers to be collected in
the boxes being circulated.
<<Pause for voting papers to be collected>>
The Registrar will complete the counting of the votes and PwC will complete their duties as
scrutineer for the purposes of the poll. We will make an announcement on the results of the
voting to the NZX once this process has been completed.
I now draw this meeting to a close. Thank you for your attendance and participation today. For
your information, a copy of this presentation and our addresses are available on our website.
We invite you to now join us for refreshments.
> Ends

16

Contact us for further information
Chris Gudgeon
Chief Executive
chris.gudgeon@kp.co.nz
+64 9 359 4011
Gavin Parker
Chief Operating Officer
gavin.parker@kp.co.nz
+64 9 359 4012

Stuart Tabuteau
Chief Financial Officer
stuart.tabuteau@kp.co.nz
+64 9 359 4025
About us
Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock
Exchange and is a member of the S&P/NZX 15 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 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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