Positioned for growth: Kiwi Property posts sound result

NZX RELEASE
19 November 2018
Positioned for growth: Kiwi Property posts sound
result


Kiwi Property today reported a net profit after tax
1
of $48.3 million for the six months to
30 September 2018, up from $47.9 million in the prior corresponding period.
Funds from Operations (FFO)
2
, the Company’s measure of operating performance, was $52.3 million,
down from $54.2 million. This predominantly reflects the loss of income following the sale of The
Majestic Centre and North City.
Chair, Mark Ford, said: “Over the past several years, we have been actively rebalancing the
composition of our property portfolio in favour of greater exposure to Auckland, the nation’s
economic powerhouse. The sale of non-core assets to achieve this strategy has predictably resulted
in lower rental revenue in the short term, but has placed us in an even stronger position to pursue
growth opportunities for long-term benefit,” said Mr Ford.
growth in dividends
Shareholders will receive an interim dividend of 3.475 cents per share, an increase of 1.5% on the
prior corresponding period. The dividend will be paid on 19 December 2018.
The Dividend Reinvestment Plan will be available to eligible shareholders for the period. No discount
will be applied to the price at which the shares are issued.
portfolio strongly positioned
Chief Executive Officer, Clive Mackenzie, said: “The portfolio is strongly positioned, with our
rebalancing programme almost complete. Our portfolio is valued at $3.0 billion and our portfolio
weighting to our preferred market of Auckland now sits at 69%.”
The Company continues to have an impressive occupancy ratio of 99.3%, supported by a high-
quality tenant mix. New leasing and rent reviews completed in the current period resulted in an
uplift of 3.8% over prior passing rents.
retail
Our retail portfolio ended the period 99.9% occupied, with a weighted average lease term of
3.8 years. Total retail sales for the 12 months ended 30 September 2018 grew by 2.4%
(+2.7% like-for-like) to $1.7 billion, while attracting more than 48 million shopper visits.
office
Our office portfolio ended the period 97.6% occupied, with a weighted average lease term of
10.0 years. Occupancy was modestly impacted by the vacancies we held in the Vero Centre to
accommodate our lease renewals with key anchor tenants, Russell McVeagh and Suncorp.
adding value through developments
Mr Mackenzie said: “Our development pipeline continues to play a major role in value creation,
with $140 million of projects nearing completion and a further $245 million underway.”

2
Chair, Mark Ford, said: “We increasingly see the importance of developing and owning
complementary mixed-use communities, such as those we are bringing to life at Sylvia Park and
Drury. Large land holdings, zoned appropriately, can accommodate a variety of commercial
property uses.”
robust balance sheet and capital management
Our balance sheet remains strong, with conservative gearing and diversified sources of debt.
Our gearing ratio was 29.4% (Mar-18: 29.7%), reflecting that the proceeds from the sale of North
City have been offset by value-adding investment activities within our investment portfolio.
outlook and dividend guidance
Mr Mackenzie said: “Our successful efforts to rebalance our portfolio have provided us with
greater balance sheet flexibility, enabling us to focus on growth through developments and
considered acquisitions, while still maintaining conservative levels of debt,” he said.
“For the balance of the 2019 financial year, we will be focused on completing and advancing
development projects underway at Sylvia Park and Northlands, and progressing zoning outcomes
for our Drury landholdings.”
The board continues to project the cash dividend for the year ending 31 March 2019 to be
6.95 cents per share, up from 6.85 cents per share for the prior year.
additional information
Kiwi Property has today also released an Interim Result Presentation and Interim Report which are
available for download on the Company’s website kp.co.nz/interim-result or from nzx.com
Notes
1. The reported profit has been prepared in accordance with New Zealand generally accepted accounting
practice (GAAP) and complies with New Zealand Equivalents to International Financial Reporting Standards
and with International Financial Reporting Standards. The reported profit information has been extracted
from the interim financial statements which have been the subject of a review by an Independent Auditor
pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410. GAAP is a
common set of accounting principles, standards and procedures that companies must follow when they
compile their financial statements.
2. FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing
the Company’s underlying operating performance and to determine income available for distribution. FFO
is a measure commonly used by real estate entities to describe their underlying and recurring earnings from
operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance
with the Voluntary Best Practice Guidelines issued by the Property Council of Australia (the Guidelines).
During the Company’s 2018 financial year, the Guidelines amended the method used to derive FFO and
Adjusted Funds from Operations (AFFO) to include the amortisation of leasing fees and gross leasing fees
paid. Kiwi Property has amended its current period FFO and AFFO calculation to reflect this change. The
reported FFO information has been extracted from the Company's interim financial statements which have
been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s New
Zealand Standard on Review Engagements 2410.

> Ends

3
Contact us for further information
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@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 $3.0 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 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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2017
2018
2019
2020
2021
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2008
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400500600700800900
1,0001,1001,200
net finance debt Mar-18
net rental income
interest and finance charges
employment/admin expenses
investment/development
expenditure
disposal proceeds
dividends
tax and other
net finance debt Sep-18

‡‡‡‡‡

0%5%
10%15%20%25%30%
35%40%45%
as at Sep-18
settlement of Drury land
No.1 Sylvia Park
central carpark, Sylvia
Park
Langdons Quarter,
Northlands
Kmart, Sylvia Park
galleria and south
carpark, Sylvia Park
pro-forma as at Sep-18

‡‡‡‡‡‡

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interim report
kiwi property
20
19

1. Lobby at No.1 Sylvia Park
2. IAG tenancy at No.1 Sylvia Park
3. Sylvia Park Shopping Centre
4. No.1 Sylvia Park and The Grove Dining District
3.
2.
1.
4.

K E Y DATE S
1
19 December 2018
interim dividend payment to shareholders
KPG030 (2024 maturity) bond interest payment
20 February 2019
KPG010 (2021 maturity) bond interest payment
7 March 2019
KPG020 (2023 maturity) bond interest payment
31 March 2019
annual balance date
12 May 2019
KPG040 (2025 maturity) bond interest payment
20 May 2019
annual result announcement
20 June 2019
final dividend payment to shareholders
annual meeting of shareholders
contents
creating exceptional experiences
welcome to kiwi property
PG 2
delivering results
interim period highlights
PG 4
our strategy and results
letter from the chair
chief executive officer’s report
PG 6
interim financial statements
PG 13
directory
PG 29
This interim report is dated 16 November 2018
and is signed on behalf of the board by:
MARK FORD
CHAIR
MARY JANE DALY
CHAIR OF THE AUDIT
AND RISK COMMITTEE
1. Dates are subject to change.
1

creating
exceptional experiences
Welcome to Kiwi Property, the home of exceptional
retail and workplace experiences.
We’re New Zealand’s largest listed property company,
dedicated to curating experiences that connect people when
they work, shop, relax and play.
By ensuring our assets remain attractive and in demand,
we can provide our investors with a reliable investment in
New Zealand property, while also contributing to a healthier planet
and a prosperous New Zealand.
170+ employees
6 shopping centres
2 lifestyle centres
4 office buildings
48 million shoppers annually
7,000+ workers in our office buildings
we are
home to
kiwi property
2019 interim report
2

50+ community programmes
and we
contribute to
over the past five years, our environmental programme has:
diverted 310 tonnes of waste from landfill
reduced energy consumption by
4.48 million kWh
produced a 40% reduction in carbon emissions
reduced water consumption by
23.3 million litres
and we have added:
26 free electric vehicle charging stations
free water bottle filling stations
for our shopping centre customers
while committing to a
brighter New Zealand
3

people
We’re passionate about creating a team of exceptional
people who are well cared for and who are empowered to
deliver outstanding outcomes for our stakeholders.
planet
Our sustainability programme has been in place for more
than 15 years and is aimed at creating better environmental
outcomes whilst optimising asset performance.
profit
When you create exceptional experiences, you
create assets that are in demand, resilient and
perform strongly through market cycles.
We deliver for our stakeholders by taking a
holistic approach to investment management,
focusing on people, planet and profit.
delivering
results
people
profitplanet
The following page highlights some
of our key achievements from the first
six months of the 2019 financial year.
kiwi property
2019 interim report
4

interim period highlights
profit
after tax
$48.3m
Sep -17: $ 47.9m
property
portfolio value
1
$3.0b
Mar-18: $3.1b
funds from
operations
1
$52.3m
Sep-17: $54.2m
weighted average
lease term
5.4 years
Mar-18: 5.3 years
net rental
income
1
$89.9m
Sep-17: $95.1m
portfolio
occupancy
99.3%
Mar-18: 99.6%
gearing
29.4%
Mar-18: 29.7%
retail sales
$1.7b
Sep-17: $1.6b
profit
people
Be. Accessible
rated
all our shopping centres
have been awarded Gold,
Silver or Bronze ratings
for accessibility
scholarship
programme
we awarded our
inaugural Māori and
Pasifika scholarship
to help build a new
generation of
property experts
diversity and
inclusion
36% of key
management
personnel positions
are held by women,
up from 25% at the
beginning of 2018
workplace of
the future
all employees in our
new corporate workplace
are mobile-enabled and
our less-paper environment
has reduced paper
consumption by 42%
planet
A-
rating
achieved in the Carbon
Disclosure Project –
the highest rating of any
New Zealand listed entity for
the third consecutive year
4.0
ESG rating (out of 5)
FTSE4Good rating
ranked second in
the international real
estate sub-sector
5.5
stars (out of 6)
NABERSNZ Energy rating
achieved for The Aurora
Centre, Wellington, which
was redeveloped from
2014 to 2016
10,000
plastic bottles
recycled
into five sculpture families
to encourage people to follow
our lead in recycling
1. Decrease reflects asset sales.
5

dear shareholders
Welcome to Kiwi Property’s 2019
interim report.
We’ve had a productive start to the
financial year, progressing the Company’s
development pipeline and strengthening
our portfolio to provide a greater exposure
to New Zealand’s economic powerhouse,
Auckland. As always, we have remained
focused on our objective of providing
investors with a reliable investment in
property and have delivered long-term
total returns of 9.3% per annum for our
shareholders, above our 9% target.
In step with our portfolio rebalancing
programme, which has resulted in the
divestment of a number of non-core
assets and therefore a reduction in rental
income, we recorded pre-tax funds from
operations per share growth of -5.1% for
the period, below our 2% target.
Notwithstanding, I am pleased to confirm
an interim dividend of 3.475 cents per
share, an increase of 1.5% on the prior
corresponding period.
evolving Kiwi Property
Kiwi Property continues to evolve in step
with market demand, albeit we have never
wavered from our priority of providing

our investors with reliable returns from
an investment in New Zealand property.
We continue to hold a bias in our
investment strategy to owning assets
in Auckland, due to its prospects for
superior economic growth. We favour
retail assets that dominate their
catchment, in particular those offering
mixed-use development opportunities,
along with landmark office assets in
Auckland that attract high-quality
tenants on stable, long-term leases
and office buildings in Wellington that
attract long-term government tenants.
We increasingly see the importance of
developing and owning complementary
mixed-use communities, such as those
we are bringing to life at our iconic asset
Sylvia Park, and the vision we have for
our undeveloped land holdings at Drury,
in Auckland’s south. Large land holdings,
zoned appropriately, can accommodate
a variety of property uses.
In July, we welcomed Clive Mackenzie
as the Company’s new Chief Executive
Officer. Clive has extensive experience

in retail and mixed-use property
development in New Zealand and the
United States. The board looks forward to
working with Clive and the management
team to review, evolve and implement

our strategy with a view to evolving and
strengthening the Company into a new
phase of growth and opportunity,

while leveraging the Company’s core
capabilities to deliver for our shareholders.
In his role as Chief Executive Officer,
Clive is responsible for the leadership,
strategic direction and management of
the Company. He provides an update
on the first six months of the 2019
financial year from page 8 of this report.
your board
At our annual meeting held in June,
shareholders voted in favour of the
re-election of independent directors
Mike Steur and Jane Freeman and voted
in favour of the election of Mark Powell,
who joined the board in October 2017.
As a result, the board of Kiwi Property
continues to comprise a 100% majority
of independent directors possessing a
diverse range of skills.
people, planet, profit
In December, we will celebrate the
25th anniversary of Kiwi Property listing
on the New Zealand Stock Exchange.
Those 25 years have been marked by the
development of a strong and capable
management team, consistent shareholder
returns, assiduous improvements in asset
quality and a track record of building
towards a brighter New Zealand,
highlighted in part by our position as

the top ranked New Zealand company
in the Carbon Disclosure Project and our
sector-leading FTSE4Good rating, which
measures the performance of companies
demonstrating strong environmental,
social and governance (ESG) practices.
We have also maintained a steadfast
commitment to ESG matters, which we
refer to as our focus on ‘people, planet,
profit’, a commitment that assists us to
meet our investment objectives while
building a resilient business.
letter from the chair
kiwi property
2019 interim report
6
chair’s report

MARK FORD
CHAIR
conclusion
Kiwi Property is an outstanding company,
built by a team of professionals committed
to delivering exceptional experiences

for New Zealanders.
While the rebalancing of our portfolio has
predictably resulted in reduced income in
the short term, due to asset sales, we have
delivered on the strategic imperative we
set ourselves to increase the Company’s
exposure to key assets in our preferred
markets. These asset sales have enabled
us to pay down debt and reduce our
interest expense, while creating balance
sheet flexibility to fund our development
pipeline and pursue other value-added
initiatives that should benefit shareholders
in the longer term.
Looking ahead, we continue to project
the cash dividend for the year ending
31 March 2019 to be 6.95 cents per share,
up from 6.85 cents per share for the
prior year.
I take this opportunity to thank the entire
team at Kiwi Property for their commitment
to a job well done.
On behalf of the board, I also wish to
pass on my thanks to our investors and
stakeholders for your continued support.
I look forward to updating you again on
our progress in 2019.
7

In my first update to you as Chief Executive
Officer, it is my pleasure to report that
the Company is in excellent shape.
Kiwi Property is a formidable business
with a strategy and culture that focuses
our people on delivering excellence.
As noted by the Chair, over the past
several years, we have been actively
rebalancing the composition of our
property portfolio in favour of greater
exposure to Auckland, the nation’s
largest and fastest growing economy.
The execution of this strategy has led to
the successful sale of non-core assets,
including The Majestic Centre office
building in Wellington in December 2017,
and the sale of North City Shopping
Centre in Porirua in July this year.
While these sales have resulted in lower
rental revenue in the short term, we have
continued to grow our dividends to
shareholders and placed ourselves in an
even stronger position to pursue growth
opportunities for long-term benefit.
Our rebalancing programme is almost
complete, leaving the portfolio
positioned strongly. Our portfolio
weighting to Auckland now sits at 69%.
Our retail and office assets continue to
have low vacancies and are supported by
a high-quality tenant mix. Our balance
sheet is robust, and we are well
positioned to deliver new value through
the execution of the developments we
currently have under way (including at
Sylvia Park and Northlands) and future
potential developments at our recently
acquired land at Drury.
As ever, we are focused on creating
spaces where Kiwis want to be – a focus
that provides us with opportunities to
attract high-quality tenants, grow
revenues, build resilient investment
returns and create better experiences
for our tenants and customers.
sound financial result
In the six months to 30 September 2018,
Kiwi Property recorded a net profit after
tax1 of $48.3 million, up from $47.9 million
in the prior corresponding period.
Funds from Operations (FFO)
2
, our
measure of operating performance, was
$52.3 million, down from $54.2 million.
This reflects the loss of income following
the sale of The Majestic Centre and North
City, together with reduced rental income
from the Vero Centre and Sylvia Park.
At the Vero Centre, we held a number of
vacancies to temporarily accommodate
anchor tenants, Russell McVeagh and
Suncorp, while we retrofitted their
existing office tenancies in support of
long-term lease renewals. At Sylvia Park,
Countdown did not renew its lease when
it expired in June 2018. However, post the
period, we were delighted to announce
that customer favourite Kmart will be
coming to Sylvia Park and will commence
a lease in this space from mid-2019.
Like-for-like rental income growth across
the balance of the portfolio was positive,
underpinned by the predominance of
fixed and CPI-related rent reviews across
our portfolio. Rent reviews completed in
the current period resulted in an uplift of
3.2% over prior passing rents.
It is worth noting that, since March 2018,
we have executed 10 new lease agreements
at the Vero Centre for 5,000 sqm of space,
with combined weighted average lease
terms of 7.6 years. The new lease
agreements, which will begin progressively
through to June 2019, reflect an average
rental uplift of 7.7% on prior passing rentals.
growth in dividends
As mentioned by the Chair, shareholders
will receive an interim cash dividend for
the six months ended 30 September 2018

of 3.475 cents per share, up 1.5% from
the prior comparable period and in line
with guidance. The dividend will be paid
on 19 December 2018.
The board has confirmed that the
Dividend Reinvestment Plan will be
available to eligible shareholders for the
period. No discount will be applied to
the price at which the shares are issued.
robust balance sheet and
capital management
Our balance sheet remains strong,
with conservative gearing and diversified
sources of debt.
Our property portfolio was valued at
$3.0 billion (Mar-18: $3.1 billion), reflecting
the 31 March 2018 values, together with
capital expenditure incurred over the
period, predominantly development spend
at Sylvia Park and Northlands, offset by the
sale of North City. Our gearing ratio was
29.4% (Mar-18: 29.7%), reflecting that the
proceeds from the sale of North City have
been offset by value-adding investment
activities within our investment portfolio.
chief executive
officer’s report
1. The reported profit has been prepared in accordance with New Zealand generally accepted accounting practice (GAAP) and complies with New Zealand Equivalents
to International Financial Reporting Standards and with International Financial Reporting Standards. The reported profit information has been extracted from the interim
financial statements which have been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s New Zealand Standard on Review
Engagements 2410. GAAP is a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.
2. FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying operating performance and to determine
income available for distribution. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is calculated by Kiwi Property
in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia (the Guidelines). During the Company’s 2018 financial year, the Guidelines
amended the method used to derive FFO and Adjusted Funds from Operations (AFFO) to include the amortisation of leasing fees and gross leasing fees paid. Kiwi Property has
amended its current period FFO and AFFO calculation to reflect this change. The reported FFO information has been extracted from the Company’s interim financial statements
which have been the subject of a review by an Independent Auditor pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
kiwi property
2019 interim report
8
chief executive officer’s report

During the period, we extended
$165 million of existing bank debt facilities
across several lenders. We closed the
reporting period with a weighted average
term to maturity on our finance debt
facilities of 3.3 years and a weighted
average cost of finance debt of 4.97%.
Post the period, we further diversified our
sources of debt funding by completing
our fourth bond issue, raising $100 million
through the issue of seven-year fixed-rate
senior secured bonds paying a coupon of
4.06% per annum. The proceeds have
initially been used to repay bank debt,
resulting in the cancellation of $92 million
of short-dated bank debt facilities.
strategy execution
A significant focus of our investment
strategy is to create a strong, underlying
property investment portfolio while
creating future investment value and
growth opportunities.
development activity
Our development pipeline continues
to play a major role in value creation,
with $140 million of projects nearing
completion and a further $245 million
under way. This includes our new office
tower at No.1 Sylvia Park (leased to IAG
and ANZ), Sylvia Park’s Galleria expansion,
a new central carpark and the conversion
of the old Countdown store into premises
for customer favourite Kmart. The new
food and entertainment precinct we are
delivering at Northlands, Langdons
Quarter, rounds out our current
development projects.
9

No.1 Sylvia Park
During the period, we progressed
construction of the $80 million office
tower at No.1 Sylvia Park and welcomed
the tower’s first tenant, IAG, to its new
home. We also secured ANZ Bank
New Zealand (through its wholly-owned
subsidiary Arawata Assets Limited) on a
nine-year lease over 6,740 sqm of space
in the tower, with the lease to commence
in stages between June and December
2019. ANZ has also secured exclusive
naming and signage rights to Sylvia Park’s
first ever office tower, which forms part of
our plan to build a world-class mixed-use
centre. The building completed at the
end of October 2018.
No.1 Sylvia Park has been designed to
integrate seamlessly with the retail centre
and the new The Grove Dining District,
which opened in December 2017. With a
dedicated entrance, it offers businesses
a truly unique and high-quality working
environment in an easily accessible
location with excellent rail and bus
transport links, allowing staff to take
advantage of the extensive range of
amenities and services at the centre.
Once ANZ takes occupation, there will
be over 1,000 office workers occupying
the building each day who will support
mid-week trading at the centre.
The combined economic benefits we are
able to draw from the mixed-use nature
of Sylvia Park – our first true mixed-use
asset – reflects a part of our investment
strategy that we will continue to evolve.
In addition to the leasing success we have
secured at No.1 Sylvia Park, we have
received unsolicited interest for additional
office product of this type. We continue
to evaluate opportunities to further
strengthen the mixed-use nature of Sylvia
Park, which has additional long-term
development capacity.
galleria
Construction commenced on the
second-level Galleria project in
March 2018, with completion due in
mid-2020. Our retail leasing team is
in discussions with a number of
international and domestic brands to
secure their Sylvia Park entry in the
18,000 sqm expansion. As we have
previously reported, we are thrilled to
have secured Farmers to anchor the
project with a new department store.
central carpark
Sylvia Park’s new central carpark is
expected to open on time and on budget
in November 2018, providing an additional
600 carpark spaces for our shoppers.
Kmart
Post the period, we began work on
creating a new store for Kmart, which will
take up residence in the space formerly
occupied by Countdown at Sylvia Park.
Kmart is an outstanding addition to our
retail line-up. They have proven time and
again that they are prepared to listen to
their customers and give them exciting
new products and experiences for the
right price. This is exactly the type of
retailer we want at Sylvia Park and augurs
well for our Galleria leasing as we look to
provide our customers with outstanding
retail experiences. Kmart is expected to
commence trading in mid-2019.
Langdons Quarter
Outside of Auckland, we are nearing
completion of our Langdons Quarter
development at Northlands in
Christchurch. The updated, modernised
dining precinct, which features 14 great
food offers, is expected to open from late
November 2018. Earlier in the year,
HOYTS unveiled its modernised cinema
offer at Northlands.
transactions
During the period, we settled the
$100 million sale of North City, Porirua.
The shopping centre had long been
identified as a non-core asset in the
portfolio, and the proceeds are assisting
to fund the development projects we
have under way.
Post the period, we also settled the
$9 million purchase of the final land
parcel that makes up our Drury holdings
in South Auckland. Altogether, our Drury
holdings now comprise 51 hectares of
undeveloped land.
Our vision for Drury is the creation of a
mixed-use centre, staged over the next
20 years to coincide with predicted
population growth, household formation
and employment growth in the area.
We are participating in the Council-led
structure plan and completing
masterplanning of the site before
commencing rezoning activities –
the key precursors that will enable us
to realise our vision.
property portfolio
performance
We have continued to take an active
management approach across both
our retail and office assets.
retail portfolio performance
Our leasing team executed 368 new
static centre leases or rent reviews across
91,300 sqm of space in the current
six-month period, resulting in a 3.5% uplift
over prior passing rents.
Our retail portfolio ended the period
99.9% occupied, with a weighted average
lease term of 3.8 years.
Total retail sales for the 12 months
ended 30 September 2018 grew by
2.4% (2.7% like-for-like) to $1.7 billion,
while attracting more than 48 million
shopper visits.
Positive like-for-like sales growth of
between 2.5% and 7.0% were delivered
at all our centres, with the exception of
Northlands, where sales have been
impacted by our development activity
and increased competition in the city.
Our continued focus on improving our
experiential offer for customers continues
to reap rewards, with strong category
performances from cinemas (+8.8%),
wellbeing (+3.3%), mini-majors (+4.8%)
and commercial services (predominantly
mobile phone providers and travel
services) (+8.6%).
office portfolio performance
With long-term leases of between 12 and
18 years over almost all office space in
three of our office buildings (ASB North
Wharf, The Aurora Centre and 44 The
Terrace), together with recent leasing at
kiwi property
2019 interim report
10
chief executive officer’s report

the Vero Centre, the office portfolio’s
weighted average lease term is strong at
10 years – providing long-term security of
income for our shareholders.
Overall office portfolio occupancy sits at
97.6%, impacted by the vacancies we
held at the Vero Centre to accommodate
our lease renewals with key anchor
tenants, Russell McVeagh and Suncorp.
Our forward focus will be on continuing
our leasing momentum and concluding
new leases over the 2,200 sqm of
remaining vacant space.
creating exceptional experiences
Our retail assets contribute 74% of our total
rental income revenue and represent 68%
of our total portfolio value. Ensuring we
create vibrant, in-demand centres where
Kiwis can connect is paramount to our
investment success.
Our Activate team performs two critical
functions within our retail business, which
are to drive additional rental revenue
through casual mall leasing while keeping
our centres fresh and exciting through
pop-up stores and in-mall retail and
community activations.
During the period, Activate generated
$2.63 million of like-for-like rental revenue
from over 340 in-centre activations, up
from $2.55 million in the prior comparable
period. These activations included
exciting entertainment from Weber Circus,
Nintendo Games and family movies,
experiential brand campaigns such as

the Primo Flavour Lab and Cadbury Easter
Egg hunt, car activations from Maserati,
Tesla, Alfa Romeo and Jaguar and a
number of food brand activations where
customers could sample the latest
offering. In addition, many charity
activations were run in support of our

local communities.
Our retail marketing team forms another
critical function in delivering exceptional
experiences for our shoppers. During the
period, the team launched several
initiatives that not only injected exciting
new energy and points of interest to our
centres, but also assisted in our strategy
to build customer loyalty and strengthen
community relations:
−We revealed ‘The Greens’ – a major
waste reduction campaign that
encouraged shoppers to rethink
their waste habits to prevent
unnecessary waste being sent to
landfill. The Greens are five ‘families’
made from more than 10,000 plastic
bottles recycled from our centres.
The families appeared at Sylvia Park,
LynnMall, Centre Place, The Plaza and
Northlands to take our recycling
message to a new level. In five years,
3

we have diverted 310 tonnes of waste
annually from landfill across our
portfolio of shopping centres and
office buildings – enough to fill 507
jumbo bins weighing the equivalent
of a 747 aeroplane – resulting in a
reduction of 137 tonnes of CO
2
e per
annum. The Greens provided an
educational experience for local
communities to engage in recycling
and reducing waste.
−We installed free water bottle filling
stations at each of our shopping
centres in an initiative aimed at
reducing the consumption of
single-use plastic bottles. We are
delighted with the usage of these
stations, with over 17,800 refills already
having been made in the first three
months since installation.
−We are sponsoring TVNZ 2’s Project
Runway New Zealand. Kiwi Property
shopping centres are supplying the
outfit-completing shoes, hats,
jewellery and bags available for
the designers on the famous
‘accessory wall’, which is a mainstay
of the popular Project Runway
series internationally.
Our office assets contribute 24% of
our total rental income revenue and
represent 28% of our total portfolio value.
We are committed to creating office
environments where people love to work.
This is as true for our tenants as it is for
our own people.
During the period, we transitioned
Kiwi Property to a new head office location
on level 7 of our own Vero Centre in
Auckland. The relocation allowed us
to rethink how we work as a business and
to solidify our business goals to increase
productivity, flexibility and collaboration.
It also allowed us to pursue a less-paper
workplace through improved technology.
Significantly, by tenanting a building we
own, we have the advantage of being
able to ‘live’ in the same environment as
our tenants, ensuring we can continue to
provide a best-in-class offer.
outlook
The New Zealand economy continues
to grow. Retail sales growth remains
positive, while investment market
conditions remain supportive.
Our successful efforts to rebalance our
portfolio have provided us with greater
balance sheet flexibility, enabling us to
focus on growth through developments
and considered acquisitions, while still
maintaining conservative levels of debt.
For the balance of the 2019 financial
year, we will continue to optimise the
performance of our portfolio by seeking
to improve our tenant and customer
experiences. We will be especially
focused on completing and advancing
development projects under way at
Sylvia Park and Northlands and
progressing our long-term vision for
our Drury landholdings.
Thank you for your continued support
of Kiwi Property.
CLIVE MACKENZIE
CHIEF EXECUTIVE
OFFICER
3. For the five years ended 31 December 2017.
11

1. The Grove Dining District, Sylvia Park
2, 3. IAG tenancy at No.1 Sylvia Park
3.2.
1.
kiwi property
2019 interim report
12
kiwi property
12
2019 interim report

interim financial
statements
consolidated statement
of comprehensive income
PG 14
consolidated statement
of changes in equity
PG 15
consolidated statement
of financial position
PG 16
consolidated statement
of cash flows
PG 17
notes to the consolidated
financial statements
PG 18
independent review report
PG 28
13

consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Note
6 months
30 Sep 18
$000
6 months
30 Sep 17
$000
Income
Property revenue 116,920 123,073
Property management income 1,025 861
Interest and other income 104 161
Gain on disposal of investment properties 628 -
Total income 118,677 124,095
Expenses
Direct property expenses (27,022) (28,001)
Interest and finance charges (18,405) (22,386)
Employment and administration expenses (11,097) (10,123)
Net fair value loss on interest rate derivatives3.2.2 (2,929) (1,891)
Total expenses (59,453) (62,401)
Profit before income tax 59,224 61,694
Income tax expense2.1 (10,940) (13,837)
Profit and total comprehensive income after income tax attributable to shareholders 48,284 47,857
Basic and diluted earnings per share (cents)2.2 3.39 3.53
kiwi property
2019 interim report
14
financial statements

consolidated statement
of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 31 March 2017 1,272,622 365 533,046 1,806,033
Profit after income tax - - 47,857 47,857
Dividends paid - - (43,856) (43,856)
Long-term incentive plan (478) (70) 28 (520)
Shares issued – entitlement offer 156,962 - - 156,962
Balance at 30 September 2017 1,429,106 295 537,075 1,966,476
Balance at 31 March 2018 1,432,936 401 560,777 1,994,114
Profit after income tax - - 48,284 48,284
Dividends paid - - (48,651) (48,651)
Dividends reinvested 12,139 - - 12,139
Long-term incentive plan (144) (55) 34 (165)
Balance at 30 September 2018 1,444,931 346 560,444 2,005,721
15

Note
30 Sep 18
$000
31 Mar 18
$000
Current assets
Cash and cash equivalents 11,203 10,697
Trade and other receivables 15,122 14,261
26,325 24,958
Non-current assets
Investment properties3.1 3,039,081 3,051,964
Property, plant and equipment 4,874 3,764
Interest rate derivatives3.2.2 80 658
Deferred tax assets 4,627 4,114
3,048,662 3,060,500
Total assets 3,074,987 3,085,458
Current liabilities
Trade and other payables 53,922 57,430
Income tax payable 6,286 9,290
Interest rate derivatives3.2.2 247 627
60,455 67,347
Non-current liabilities
Interest bearing liabilities3.2.1 900,891 913,502
Interest rate derivatives3.2.2 16,359 14,725
Deferred tax liabilities 91,561 95,770
1,008,811 1,023,997
Total liabilities 1,069,266 1,091,344
Equity
Share capital 1,444,931 1,432,936
Share-based payments reserve 346 401
Retained earnings 560,444 560,777
Total equity 2,005,721 1,994,114
Total equity and liabilities 3,074,987 3,085,458
For and on behalf of the board, who authorised these financial statements for issue on 16 November 2018.
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
MARK FORD
CHAIR
MARY JANE DALY
CHAIR OF THE AUDIT AND
RISK COMMITTEE
consolidated statement
of financial position
AS AT 30 SEPTEMBER 2018
kiwi property
2019 interim report
16
financial statements

Note
6 months
30 Sep 18
$000
6 months
30 Sep 17
$000
Cash flows from operating activities
Property revenue 117,270 119,664
Property management income 1,009 791
Interest and other income 148 161
Direct property expenses (24,149) (24,264)
Interest and finance charges (18,148) (22,744)
Employment and administration expenses (11,642) (10,205)
Income tax expense (18,665) (15,821)
Goods and Services Tax paid (1,278) (496)
Net cash flows from operating activities 44,545 47,086
Cash flows from investing activities
Proceeds from disposal of investment properties 100,260 -
Acquisition of investment properties (830) (30,290)
Expenditure on investment properties (86,817) (58,074)
Interest and finance charges capitalised to investment properties (4,244) (1,075)
Acquisition of property, plant and equipment (1,505) (224)
Net cash flows from/(used in) investing activities 6,864 (89,663)
Cash flows from financing activities
Proceeds from issue of shares - 156,962
Own shares acquired for long-term incentive plan (329) (633)
Repayment of bank loans (13,000) (71,500)
Settlement of interest rate derivatives 3.2.2 (1,097) -
Dividends paid (36,477) (43,828)
Net cash flows from/(used in) financing activities (50,903) 41,001
Net increase/(decrease) in cash and cash equivalents 506 (1,576)
Cash and cash equivalents at the beginning of the period 10,697 9,772
Cash and cash equivalents at the end of the period 11,203 8,196
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.
consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
17

notes to the consolidated
financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
1. general information
1.1 reporting entity PG 19
1.2 basis of preparation PG 19
1.3 significant changes during the period PG 19
1.4 new standards, amendments and interpretations PG 19
1.5 key judgements and estimates PG 19
1.6 accounting policies PG 19
2. profit and loss information
2.1 tax expense PG 20
2.2 earnings per share PG 21
3. financial position information
3.1 investment properties PG 22
3.2 funding PG 24
4. other information
4.1 segment information PG 26
4.2 commitments PG 27
4.3 subsequent events PG 27
kiwi property
2019 interim report
18
notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. general information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
1.1 reporting entity
The interim financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled entities (the Group).
The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and is an FMC reporting
entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with its ordinary shares
quoted on the NZX Main Board and fixed-rate bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.

1.2 basis of preparation
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(GAAP) and comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. These interim financial
statements should be read in conjunction with the financial statements and related notes in the 2018 annual report.
The interim financial statements for the six months ended 30 September 2018 are unaudited. Comparative balances for
30 September 2017 are unaudited, whilst the comparative balances for the year ended 31 March 2018 are audited.
The financial statements are prepared on the basis of historical cost, except where otherwise identified. The functional and reporting
currency used in the preparation of the financial statements is New Zealand dollars.
1.3 significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the reporting period:
Investment property disposal
On 9 July 2018, the Group settled the sale of North City, Porirua, for $100 million before disposal costs.
1.4 new standards, amendments and interpretations
The Group has adopted both NZ IFRS 9 Financial instruments and NZ IFRS 15 Revenue from contracts with customers as required.
There have been no material changes required to the interim financial statements through the adoption of these standards.
1.5 key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim financial statements and in the 2018 annual report.
1.6 accounting policies
The accounting policies and methods of computation used in the preparation of these interim financial statements are consistent
with those used in the 2018 annual report.
19

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2. profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
2.1 tax expense
A reconciliation of profit before income tax to income tax expense follows:
6 months
30 Sep 18
$000
6 months
30 Sep 17
$000
Profit before income tax 59,224 61,694
Prima facie income tax expense at 28% (16,583) (17,274)
Adjusted for:
Net fair value loss on interest rate derivatives (513) (529)
Gain on disposal of investment properties 176 -
Depreciation 3,281 3,562
Depreciation recovered on disposal of investment properties (4,539) -
Deferred leasing costs 307 530
Deductible capitalised expenditure 1,228 378
Prior year adjustment - 1,317
Other 982 (128)
Current tax expense (15,661) (12,144)
Depreciation recoverable 5,233 (2,353)
Net fair value loss on interest rate derivatives 513 529
Deferred leasing costs and other temporary differences (1,025) 131
Deferred tax benefit/(expense) 4,721 (1,693)
Income tax expense reported in profit (10,940) (13,837)
Imputation credits available for use in subsequent periods 15,689 12,123

key estimates and assumptions: income tax
depreciation recovered on the PricewaterhouseCoopers Centre (PwC Centre), Christchurch
The impairment of the PwC Centre in the year ended 31 March 2012 (resulting from the 2010 and 2011 Canterbury earthquakes)
and the associated insurance recovery triggered a potential tax liability for depreciation recovered.
Following the earthquakes, the Government introduced legislation that provides, in certain circumstances, rollover relief for taxpayers
affected by the earthquakes where insurance income will be used to acquire or develop replacement property in the Canterbury region.
The legislation required that the replacement property be available for use by 31 March 2019. As at 30 September 2018, the Group
continues to qualify for this relief and a deferred tax liability of $4.2 million continues to be provided.
In August 2018, the Minister of Revenue announced that the Government will extend the depreciation rollover relief relating to the
Canterbury earthquakes for a further five years through to 31 March 2024. The legislation is currently going through the Parliamentary
approval process. It is anticipated that the replacement property currently expected to be developed by the Group in the Canterbury
region will not be available for use by 31 March 2019, therefore, should the legislation not be passed, the deferred tax liability will
crystallise into a current tax liability in the 2019 financial year.
kiwi property
2019 interim report
20
notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2.2 earnings per share
6 months
30 Sep 18
6 months
30 Sep 17
Total comprehensive income after income tax attributable to shareholders ($000) 48,284 47,857
Weighted average number of shares (000) 1,425,451 1,354,305
Basic and diluted earnings per share (cents) 3.39 3.53
21

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3.1 investment properties
Investment properties held by the Group are as follows:
Valuation
31 Mar 18
$000
Capital
movements
$000
Book value
30 Sep 18
$000
Retail
Sylvia Park 835,000 56,923 891,923
Sylvia Park Lifestyle 74,000 12 74,012
LynnMall 274,000 5,420 279,420
Westgate Lifestyle 90,000 13 90,013
The Base
1
202,500 995 203,495
Centre Place – North 59,000 572 59,572
The Plaza 207,000 2,489 209,489
North City 99,150 (99,150) -
Northlands 240,000 11,948 251,948
2,080,650 (20,778) 2,059,872
Office
Vero Centre 420,000 5,208 425,208
ASB North Wharf 209,000 530 209,530
The Aurora Centre 152,250 (126) 152,124
44 The Terrace 49,900 (169) 49,731
831,150 5,443 836,593
Other
Other properties 93,064 946 94,010
Development land 47,100 1,506 48,606
140,164 2,452 142,616
Investment properties 3,051,964 (12,883) 3,039,081
1. Represents the Group’s 50% ownership interest.
3. financial position information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
kiwi property
2019 interim report
22
notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The movement in the Group’s investment properties during the period is as follows:
6 months
30 Sep 18
$000
12 months
31 Mar 18
$000
Balance at the beginning of the period 3,051,964 2,969,365
Capital movements:
Acquisitions - 59,828
Disposal of The Majestic Centre - (128,373)
Disposal of North City (refer to Note 1.3) (98,993) -
Disposal of other properties (639) -
Capitalised costs (including fees and incentives) 85,840 128,882
Capitalised interest and finance charges 4,244 3,755
Amortisation of lease incentives, fees and fixed rental income (3,335) (8,021)
(12,883) 56,071
Net fair value gain on investment properties - 26,528
Balance at the end of the period 3,039,081 3,051,964
key estimates and assumptions: investment properties
valuation process
All investment properties are presented at their 31 March 2018 independent valuations, adjusted for capital expenditure over the
period as appropriate.
23

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3.2 funding
3.2.1 interest bearing liabilities
The Group’s secured interest bearing liabilities are as follows:
30 Sep 18
$000
31 Mar 18
$000
Bank loans – total facilities 917,000 917,000
Bank loans – undrawn facilities (390,000) (377,000)
Bank loans – drawn facilities 527,000 540,000
Fixed-rate bonds – Aug-21 (KPG010) 125,000 125,000
Fixed-rate bonds – Sep-23 (KPG020) 125,000 125,000
Fixed-rate bonds – Dec-24 (KPG030) 125,000 125,000
Unamortised capitalised costs on fixed-rate bonds (1,109) (1,498)
Interest bearing liabilities 900,891 913,502
Weighted average interest rate for drawn debt (inclusive of bonds, active interest rate derivatives,
margins and line fees)4.97%4.99%
Weighted average term to maturity for the combined facilities 3.3 years 3.6 years
bank loans
The bank loans are provided by ANZ Bank New Zealand, Bank of New Zealand, China Construction Bank, Commonwealth
Bank of Australia, The Hongkong and Shanghai Banking Corporation and Westpac New Zealand.
On 28 September 2018, $165 million of existing bank debt facilities were extended. The facilities, which were due to expire in
the 2022 financial year, will now expire in the 2023 and 2024 financial years.
security
The bank loans and fixed-rate bonds are secured by way of a Global Security Deed (the Deed). Pursuant to the Deed, a security
interest has been granted over all of the assets of the Group. No mortgage has been granted over the Group’s properties, however,
the Deed allows a mortgage to be granted if an event of default occurs.
3.2.2 interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks by exchanging floating-rate
interest obligations for fixed-rate interest obligations (commonly referred to as interest rate swaps).
The following tables provide details of the fair values, notional values, term and interest rates of the Group’s interest rate derivatives.
30 Sep 18
$000
31 Mar 18
$000
Interest rate derivative assets – non-current 80 658
Interest rate derivative liabilities – current (247) (627)
Interest rate derivative liabilities – non-current (16,359) (14,725)
Net fair values of interest rate derivatives (16,526) (14,694)
In conjunction with the disposal of North City (refer to Note 1.3), interest rate swaps with a face value of $20 million were closed out
during the period for a payment of $1.1 million. The fair value change to the remaining interest rate derivatives for the period was a
loss of $2.9 million. The difference between these two amounts represents the movement in the net interest rate derivative liabilities
from 31 March 2018 to 30 September 2018.
kiwi property
2019 interim report
24
notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
30 Sep 18
$000
31 Mar 18
$000
Notional value of interest rate derivatives – active 360,000 385,000
Notional value of interest rate derivatives – forward starting 170,000 140,000
Notional values 530,000 525,000
Weighted average term to maturity – active 3.3 years 2.3 years
Weighted average term to maturity – forward starting 6.0 years 4.9 years
Weighted average term to maturity 4.2 years 2.9 years
Weighted average interest rate – active
1
3.76%3.80%
Weighted average interest rate – forward starting
1
2.96%3.56%
Weighted average interest rate
1
3.50%3.74%
1. Excluding fees and margins.
key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisers using
valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2018: Level 2). These are based on the present value of
estimated future cash flows based on the terms and maturities of each contract and the current market interest rates at balance date.
Fair values also reflect the current creditworthiness of the derivative counterparties. These values are verified against valuations
prepared by the respective counterparties. The valuations were based on market rates at 30 September 2018 of between 1.91% for
the 90-day BKBM and 2.90% for the 10-year swap rate (31 March 2018: 1.96% and 3.06%, respectively).
25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4.1 segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, is the Chief Executive Officer (CEO).
Operating segments have been determined based on the reports reviewed by the CEO to assess performance, allocate resources
and make strategic decisions.
The Group’s primary assets are investment properties. Segment information regarding investment properties is provided in Note 3.1.
The Group operates in New Zealand only.
The following is an analysis of the Group’s profit by reportable segments:
SIX MONTHS ENDED 30 SEPTEMBER
Retail
$000
Office
$000
Other
$000
Total
$000
2018
Property revenue 85,878 28,436 2,606 116,920
Less: straight-lining of fixed rental increases(274) (1,060) (70) (1,404)
Less: direct property expenses(20,506) (5,829) (687) (27,022)
Segment profit 65,098 21,547 1,849 88,494
2017
Property revenue 85,717 35,443 1,913 123,073
Less: straight-lining of fixed rental increases 1,349 (1,721) 27 (345)
Less: direct property expenses(20,189) (7,205) (607) (28,001)
Segment profit 66,877 26,517 1,333 94,727
4. other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
retail 74%
office 24%
other 2%
segment profit
Sep 2018 Segment Profit
Sep 2017 Segment Profit
2018
Sep 2018 Segment Profit
Sep 2017 Segment Profit
retail 71%
office 28%
other 1%
segment profit
2017
kiwi property
2019 interim report
26
notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A reconciliation of the segment profit to the profit before income tax reported in the consolidated statement of comprehensive
income is provided as follows:
6 months
30 Sep 18
$000
6 months
30 Sep 17
$000
Segment profit 88,494 94,727
Property management income 1,025 861
Rental income resulting from straight-lining of fixed rental increases 1,404 345
Interest and other income 104 161
Interest and finance charges (18,405)(22,386)
Employment and administration expenses (11,097)(10,123)
Net fair value loss on interest rate derivatives (2,929)(1,891)
Gain on disposal of investment properties 628 -
Profit before income tax 59,224 61,694
4.2 commitments
The following costs have been committed to but not recognised in the financial statements as they will be incurred in future
reporting periods:
30 Sep 18
$000
31 Mar 18
$000
Development costs at Sylvia Park 160,801 185,152
Development costs at LynnMall 1,825 1,819
Development costs at The Plaza 3,396 5,111
Development costs at Northlands 7,179 8,042
Development and leasing costs at Vero Centre - 261
Development costs at 44 The Terrace 45 45
Commitment to purchase development land 8,145 -
Commitments 181,391 200,430
4.3 subsequent events
On 29 October 2018, the Group settled its acquisition of 8.6 hectares of additional development land at Drury, Auckland,
for $9.0 million.
On 12 November 2018, the Group issued $100 million of fixed-rate bonds, bearing a fixed interest rate of 4.06% per annum.
The bonds mature on 12 November 2025. Interest is payable semi-annually in May and November in equal instalments.
On 14 November 2018, the Group cancelled $92 million of short-dated bank debt facilities.
On 16 November 2018, the board declared an interim cash dividend for the six months ended 30 September 2018 of 3.475 cents per
share (cps) (equivalent to $49.7 million), together with imputation credits of 0.93 cps. The dividend record date is 4 December 2018
and payment will occur on 19 December 2018.
27

report on the interim financial statements
We have reviewed the accompanying financial statements of Kiwi Property Group Limited (the “Company”) and its controlled entities
(together the “Group”) on pages 14 to 27, which comprise the consolidated statement of financial position as at 30 September 2018, and
the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement
of cash flows for the period ended on that date and a summary of significant accounting policies and selected explanatory notes.
directors’ responsibility for the
interim financial statements
The directors are responsible on behalf of the Company for the
preparation and presentation of these financial statements in
accordance with New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34)
and International Accounting Standard 34 (IAS 34) and for such
internal controls as the directors determine are necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
our responsibility
Our responsibility is to express a conclusion on the
accompanying financial statements based on our review.
We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe
that the financial statements, taken as a whole, are not prepared
in all material respects, in accordance with NZ IAS 34 and IAS 34.
As the auditor of the Company, NZ SRE 2410 requires that we
comply with the ethical requirements relevant to the audit of
the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410
is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily

of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The
procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and
International Standards on Auditing. Accordingly, we do not
express an audit opinion on these financial statements.
We are independent of the Group. Our firm carries out other
services for the Group in the areas of audit, other assurance and
executive remuneration benchmarking services. The provision
of these other services has not impaired our independence.
conclusion
Based on our review, nothing has come to our attention that
causes us to believe that these financial statements of the
Company are not prepared, in all material respects, in
accordance with NZ IAS 34 and IAS 34.
who we report to
This report is made solely to the Company’s shareholders, as a
body. Our review work has been undertaken so that we might
state to the Company’s shareholders those matters which we are
required to state to them in our review report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and
the Company’s shareholders, as a body, for our review procedures,
for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
16 November 2018
independent review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
kiwi property
2019 interim report
28
independent review report

directory
COMPANY
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
AUCKLAND 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
BOND SUPERVISOR
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
SECURITY TRUSTEE
New Zealand Permanent Trustees Limited
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
REGISTRAR
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
PO Box 91976
AUCKLAND 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
AUDITOR
PricewaterhouseCoopers New Zealand
PwC Tower
188 Quay Street
Private Bag 92162
AUCKLAND 1142
T: +64 9 355 8000
W: pwc.co.nz
BANKERS
ANZ Bank New Zealand
Bank of New Zealand
China Construction Bank (New Zealand)
Commonwealth Bank of Australia
The Hongkong and Shanghai Banking
Corporation
Westpac New Zealand
29

kp.co.nz

---

KIWI PROPERTY
Results for announcement to the market
Reporting period Six months to 30 September 2018
Previous reporting period Six months to 30 September 2017

Amount ($000s) Percentage change
Revenue from ordinary activities 118,677 -4.4%
Profit/(loss) from ordinary activities after tax
attributable to shareholders
48,284 +0.9%
Net profit (loss) attributable to
shareholders
48,284 +0.9%

Interim dividend Amount per share Imputed amount per
share
NZ$0.03475 NZ$0.0093

Ex-Date 3 December 2018
Record Date 4 December 2018
Dividend Payment Date 19 December 2018
Dividend Reinvestment Plan
The interim dividend is eligible for reinvestment in accordance
with the terms of the Dividend Reinvestment Plan (DRP). The
price for reinvestment will be calculated as the average of the
volume weighted average price at which shares are sold
through the NZX Main Board on each of the 10 business days
following and including the Ex-Date, with no discount applied.
Shareholders who wish to participate in the DRP and who have
not previously elected to participate, should contact the
Registrar:
Link Market Services
PO Box 91979
Auckland
Ph. +64 9 375 5998 or toll free on 0800 377 388
www.linkmarketservices.co.nz

Other financial information 30 September 2018 30 September 2017
Net tangible assets per share $1.40 $1.39
Basic and diluted earnings per share 3.39 cents per share 3.53 cents per share

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

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
x
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FWP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
1
Kiwi Property Group Limited
Stuart Tabuteau, CFODirectors' resolution
+ 64-9-359-4000+64-9-359-3997191118
NZKPGE0001S9
In dollars and cents
Retained earnings
$0.02391429
Ordinary shares
$0.01083571
Enter N/A if not
applicable
New Zealand Dollars$0.00422017
$49,671,990
Date Payable
N/A
$$0.0093
$
4 December, 201819 December, 2018