Kiwi Property delivers solid rental growth in 1H

NZX RELEASE
18 November 2019
Kiwi Property announces 1H financial result, featuring
solid rental growth


Kiwi Property today reported its financial result for the six months ended 30 September 2019,
including an uplift in rental performance through the half-year. Total rental growth was 4.6%,
maintaining the previous period’s solid momentum.
Kiwi Property CEO, Clive Mackenzie, said: “The demand for space at leading mixed-use and
retail locations, as well as premium-grade office buildings, is driving solid rental growth. New
leases and renewals were particularly pleasing, with mixed-use up 14.1%, office up 8.5% and
retail up 0.8%,” Mackenzie added.
Net rental income was down marginally from last year to $89.6m, due to the sale of North City in
the comparative period. When viewed on a like-for-like
1
basis however, this metric grew $1.8m or
2.1%.
Portfolio continues to perform
Retail sales across Kiwi Property’s portfolio were $1.71b, up 2.1% on the previous year, with
traditional shopping centre sales climbing 2.3% to $1.54b. Specialty sales productivity improved
to $11,400 per square metre, up from $11,000 in March.
At the half-year, Kiwi Property’s property portfolio was 99.4% occupied, with a healthy weighted
average lease expiry of 5.1 years.
Profit impacted by one-offs and interest rates
Funds from Operations (FFO)
2
, Kiwi Property’s measure of operating performance, was $51.9m for
the period. As expected, this figure was down slightly on the year before, again reflecting the
impact of one-off disposals in the 2019 financial year.
Net profit after tax also declined to $36.8m due to a fair value loss of $12.9m in the value of Kiwi
Property’s interest rate swaps, following successive interest rates cuts. In contrast, these same cuts
are having a favourable impact on the Company’s weighted average cost of debt.
Robust balance sheet
Kiwi Property maintained its robust balance sheet through the first half of the 2020 financial year,
increasing the value of its portfolio to $3.3b, off the back of significant development activity at
Sylvia Park.
In addition, the company made strategic acquisitions at 51-53 Carbine Road and 7-10 Arthur
Brown Place, at a combined cost of $25.5m. The properties are adjacent to the Sylvia Park train
station, giving Kiwi Property access to both sides of the railway line and creating significant
scope for future mixed-use development.
Strong progress at Sylvia Park
Construction of the galleria and south carpark remains on track, with stores set to open from
August 2020, in line with the spring fashion season. Retailers have now committed to two-thirds of
available space at the 60-store galleria, with strong demand from a variety of top local and
international brands for the remaining area.

2
ANZ Raranga, the first office building at Sylvia Park, is now fully occupied, with good demand
already received for space in a second tower. In parallel, Kiwi Property has continued its analysis
of build to rent accommodation through the first half of the year, with initial designs now
underway for a potential residential apartment complex.
Active capital management
Kiwi Property undertook a successful equity raise after the half-year balance date, raising gross
proceeds of $180m. The placement was strongly supported by a broad range of new and
existing investors from both local and offshore markets. Kiwi Property is also targeting a $20m
retail offer, with the ability to accept oversubscriptions of up to $10 million.
Mr Mackenzie said: “The new equity will enable us to reduce pro-forma gearing below 30% and
create additional capacity to fund our development pipeline, and pursue new acquisition
opportunities.”
Embedding strategy
The sound financial result caps a busy six months for Kiwi Property, following the launch of its new
strategy, which focusses on optimising the company’s performance, intensifying its mixed-use
assets and developing a funds management business.
Kiwi Property also undertook a company-wide realignment, with the aim of creating a business
that is more closely mapped to strategy. This process resulted in a recalibration of resources and
a stronger focus on mixed-use leasing, asset management, and funds management.
Kiwi Property Chair, Mark Ford, said: “Our goal is to create modern mixed-use communities,
where Kiwis want to shop, work, play and stay. Our refreshed strategy will help position the
company for future growth by aligning the organisation to key opportunities in the market. We
see significant scope to create additional value for our shareholders by integrating a range of
complementary uses at our significant landholdings.”
Outlook for the second half of the 2020 financial year
Kiwi Property will pay a half-year cash dividend of 3.525 cents per share, up 1.4% on last year. The
company also confirmed its intention to hold its full year cash dividend at 7.05 cents per share
3
.
Additional information
Kiwi Property has today also released its half-year financial statements for the six months ended
30 September 2019, which are available for download on the Company’s website kp.co.nz/half-
year-result or from nzx.com.
Kiwi Property will publish a distribution notice within the next five days once all applications under
its retail share offer have been processed and the final number of shares is confirmed.
Notes
1. Like-for-like net rental income excludes the sale of North City, the impact of Sylvia Park
galleria and new rental income from ANZ Raranga.
2. FFO is an alternative non-GAAP performance measure. Refer to the 2020 half-year result
presentation for definitions.
3. Full year dividend guidance is subject to the absence of material adverse effects or
unforeseen circumstances.

> Ends

3
Contact us for further information
Campbell Hodgetts
Communications Lead
E: campbell.hodgetts@kp.co.nz
M: +64 275 634 985

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 20 Index. We’ve been around for over 25 years
and we proudly own and manage a $3.3 billion portfolio of real estate, comprising some of
New Zealand’s best mixed-use, retail and 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 one of the highest rated New Zealand
companies within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of
benchmarks and tradable indices for ESG (Environmental, Social and Governance) investors.
Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our
website kp.co.nz

---

HALF-YEAR2020
RESULT PRESENTATION
18 November 2019

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
2
Disclaimer
Kiwi Property Group Limited has prepared this document. By accepting this document and to the maximum extent permitted by law, youacknowledge and agree to the following matters.
No liability
Kiwi Property Group Limited, its advisers, affiliates, related bodies corporate, directors, officers, partners, employees andagents (together ‘Kiwi Property’) expressly exclude and disclaim any and all
liability which may arise from this document, any information provided in connection with this document, any errors in or omissi ons from this document, from relying on or using this document or
otherwise in connection with this document.
No representation
Kiwi Property makes no representation or warranty, express or implied, as to the accuracy, completeness, reliability or sufficiency of the information in this document or the reasonableness of the
assumptions in this document. All images (including any dimensions) are for illustrative purposes only and are subject to changeat any time and from time to time without notice.
Not advice
This document does not constitute advice of any kind whatsoever (including but without limitation investment, financial, tax,accounting or legal advice) and must not be relied upon as such. This
document is intended to provide general information only and does not take into account your objectives, situation or needs. Youshould assess whether the information in this document is
appropriate for you and consider talking to a professional adviser or consultant.
Not an offer
This document is for information purposes only and is not an invitation or offer of financial products for subscription, purchase or sale in any jurisdiction. This document is not a prospectus or product
disclosure statement or other offering document under New Zealand law or any other law. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the
United States and will not be lodged with the U.S Securities Exchange Commission.
Past performance
Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication or guarantee of future performance.
Future performance
This document contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can
generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may','predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target',
'outlook', 'guidance' and other similar expressions. The forward-looking statements contained in this document are not guarantees or predictions of future performance and involve known and
unknown risks and uncertainties and other factors, many of which are beyond the control of Kiwi Property, and may involve signif icant elements of subjective judgement and assumptions as to
future events which may or may not be correct. There is no assurance or guarantee that actual outcomes will not materially differ from these forward-looking statements. A number of important
factors could cause actual results or performance to differ materially from the forward-looking statements. Investors should consider the forward-looking statements contained in this document in
light of this information. The forward-looking statements are based on information available to Kiwi Property as at the date of this document.
Investment risk
An investment in the financial products of Kiwi Property Group Limited is subject to investment and other known and unknown risk s, some of which are beyond the control of Kiwi Property Group
Limited. Kiwi Property Group Limited does not guarantee its performance or the performance of any of its financial products unless and to the extent explicitly stated in a prospectus or product
disclosure statement or other offering document.
No duty to update
Statements made in this document are made only as the date of this document unless another date is specified. Except as requiredby law or regulation (including the NZX Listing Rules), Kiwi
Property undertakes no obligation to provide any additional or updated information or revise or reaffirm the information in thisdocument whether as a result of new information, future events,
results or otherwise. Kiwi Property Group Limited reserves the right to change any or all of the information in this documentatany time and from time to time without notice.
Caution regarding sales information
Any sales information included in this document has been obtained from third parties or, where such information has not been provided by third parties, estimated by Kiwi Property based on
information available to it. The sales information has not been independently verified. The sales information included in this document will not be complete where third parties have not provided
complete sales information and Kiwi Property has not estimated sales information. You are cautioned that this document shouldnot be relied upon as a representation, warranty or undertaking in
relation to the currency, accuracy, reliability or completeness of the sales information contained in this document.
Copyright
The copyright of this document and the information contained in it is vested in Kiwi Property Group Limited. This document should not be copied, reproduced or redistributed without the prior
written consent of Kiwi Property Group Limited.
Real Estate Agents Act 2008
Kiwi Property Group Limited is licensed under the Real Estate Agents Act 2008.

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
3
Contents
This half-year result presentation, for the six months ended 30 September 2019, should be read in conjunction with the NZX announcement and Financial Statements
also released on 18 November 2019. Refer to our website kp.co.nz/half-year-resultor nzx.com. Property statistics within this presentation represent owned assets
only; property interests managed on behalf of third parties are excluded. Unless otherwise indicated, all of the numerical data provided in this presentation is stated
for the six months ended and/or as at 30 September 2019. All amounts are in New Zealand dollars. Due to rounding, numbers within this presentation may not add up
precisely to the totals provided and percentages may not precisely reflect the absolute figures. Refer to Appendix 5.01 of this presentation for a glossary of terms. The
non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. The GAAP financial information has been subject to review.
Half-yearresult.........................................................
4
Our strategic focus...................................................
10
Our mixed-useopportunities.......................................
11
Optimising our performance......................................
14
Priorities, outlook and dividend guidance ..........................
15
Appendix one: Property update ........................................
17
Appendix two: Development update ................................
34
Appendix three: Market update .....................................
41
Appendix four: Financial update ....................................
46
Appendix five: Other information ....................................
60

Kiwi Property >
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Kiwi Property half-year 2020 result presentation
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$
89.6m
Net rental income
-$0.3m -0.3
%1
$
51.9m
FFO
-$0.4m -0.8
%
•Like-for-like (excluding Sylvia Park
galleria, ANZ Raranga, and the sale
of North City) net rental income
was +$1.8m or +2.1%
•Net profit after tax impacted by fair
value loss on interest rate swaps of
$12.9m, following recent interest
rate cuts
1.04
4.01
4.04
Net rental income
Profit after tax
FFO
Sound half-year result
$
59.6m
Operating profit
before tax
-$0.5m -0.8
%
$
36.8m
Net profit
after tax
-$11.5m -23.8
%
Note 1Comparative figures in slides 1-9 relate to the 1H 2019 period, unless otherwise stated.

Kiwi Property >
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1.03
1.04
1.11
1.12
Portfolio statistics
Net rental income
New leasing and rent reviews
Lease expiry profile
•Portfolio strength continues to
improve,driven by intensive asset
management
•New leases and renewals
particularlypleasing:
•Mixed-use portfolio +14.1
%
•Office portfolio +8.5
%
•Retail portfolio +0.8
%
•Occupancy and weighted average
lease expiry metrics remain strong
4.6
%
Total rental growth
FY19:+4.0
%
99.4
%
Occupancy
FY19:99.3
%
5.1 years
Weighted average lease expiry
FY19:5.2 years
Solid rental growth

Kiwi Property >
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Positive retail sales
•Total retail sales of $1.71 billion,
$1.54 billion of which came from
shopping centre assets
•Increase in sales performance,
with total sales growth, like-for-
like sales growth and specialty
sales productivity all increasing
•Good growth in discretionary
spend categories:
•Home and living +12.1%
•Commercial services +11.0%
•Pharmacy and wellbeing
+10.6%
All centres
(incl. large format
centres)
Shopping centres
(excl. large format
centres)
1
Total sales (billion)
$ 1.71
$1.54
(Mar-19: $1.53)
Total sales growth
+ 2 .1
%
+2.3
%
Like-for-like sales growth
+2.4
%
+2.2
%
Specialty sales (per sqm)
$11,400
(Mar-19: $11,000)
Specialty GOC
11.9
%
(Mar-19: 12.1
%
)
Pedestrian count
(million)
46.2
(Mar-1 9 : 4 7.7 )
Note 1Mar-19 comparable data excludes large format centres and North City, which was sold during
the year.
1.14
1.15
Retailsales by centre
Retail sales by category

Kiwi Property >
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•During the period we extended
$166mof existing debt facilities
•Equity raise undertaken post-
balance date:
•Raised $180m to reduce
gearing and fund development
pipeline, and new acquisition
opportunities
•Retail offer targeting $20m of
additional equity
4.52
%
Weighted average cost of debt
FY19: 4.80
%
3.3 years
Weighted average
term to maturity of debt
FY19: 3.2 years
1.03
4.07
4.08
4.09
Portfolio statistics
Balance sheet
Investment properties movement
Net finance debt movement
Active capital management
BBB
+
Issue rating
(fixed-rate bonds)
BBB (stable)
Corporate credit rating
Credit ratings

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
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•Property assets have increased due
to development expenditure,
primarily at Sylvia Park and the
acquisition of 51-53 Carbine Road
and 7-10 Arthur Brown Place
•Pro-forma gearing after allowing for
new equity of ~27.4% comfortably
within our target band of 25%-35%
$
3.3b
Property assets
+$0.1b +3.5
%
32.8
%
Gearing
FY19: 31.0
%
$
1.42
Net asset backing per
share
FY19: $1.43
1.03
4.07
4.08
4.09
Portfolio statistics
Balance sheet
Investment properties movement
Net finance debt movement
Solid balance sheet

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
9
3.60 cps3.21 cps
FFOAFFO
-0.07 cps -1.8
%
+0.10 cps +3.1
%
3.525 cps
FY20 half-year cash dividend
+0.05 cps +1.4
%
98
%
110
%
FFO payout ratioAFFO payout ratio
•A half-year dividend of 3.525
cents per share will be paid
•Up 1.4% on the comparable
period last year
•In-line with guidance
4.04
4.05
4.06
FFO
Dividends
AFFO
FFO, AFFO and half-year dividend

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
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Our strategic focus
We have embedded our mixed-use strategy in the first six
months of the 2020 financial year, realigning the business to
our core priorities and creating a platform for future growth
Optimise
performance
Intensifythe
mixed-use component
of our business
Focus on
developinga
fundsmanagement
business

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
11
Our mixed-use opportunities
Sylvia Park, Auckland
total land holdings
35 hectares
The Base, Hamilton
total land holdings
7 hectares
LynnMall, Auckland
Drury, Auckland
total land holdings
51 hectares
total land holdings
30 hectares

Kiwi Property >
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Kiwi Property half-year 2020 result presentation
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Delivering mixed-use at Sylvia Park
Commercialtower two
ADVANCED PLANNING
Build to rent (BTR)
UNDER ASSESMENT
Land acquisition
ONGOING WHERE REQUIRED
•Concept plan progressing, including
potential for a 15,000 sqmofficeand
~140room hotel
•Strong interest from office tenants
and international hotel operators
•Target construction from late 2020
•Analysis of macro-fundamentals
suggests strong potential demand
for BTR accommodation
•Initial designunderway for potential
150-250 apartment complex
•Assessing on-balance sheet vs. fund
management funding options
•51-53 Carbine Road and 7-10 Arthur
Brown Place acquired for $25.5m
•20,745 sqmcombined landholding
•Adjacency to Sylvia Park and
excellent transport connectivity offers
strong potential for mixed-use
development
Concept only. Subject to change
Indicative only.
Concept only. Subject to change

Kiwi Property >
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Sustained progress at Sylvia Park
south
carpark
Kmart
COMPLETE
Galleria
IN PROGRESS
South carpark
IN PROGRESS
•5,000 sqmstore commenced trading
on 15 August 2019
•New Zealand’s first and only 24 hour
Kmart store
•Already one of NZ’s top performing
Kmart outlets; top 10% in Australasia
•New ~19,000 sqmgalleria retail level
featuring ~60 new stores
•Retailers have committed to two-
thirds of space (by NLA)
•Finalising negotiations with key
international and national retailers
•Opening from August 2020
•New ~900 space multi-level carpark
•Includes 10 EV charging stations
•Will feature advanced vehicle
management system
•On programme for opening mid-
2020
galleria
September 2019
Artist’s impression
Photo credit: Kmart

Kiwi Property >
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Optimising our performance
Rental growth
DELIVERED
Organisation realignment
IN PROGRESS
Embedding sustainability
ONGOING
•Solid growth in new and renewed
leases, in particular:
•Mixed-use +14.1
%
•Retail +0.8
%
•Office +8.5
%
•Vero Centre leasing benefiting from
tight occupancy and increasing
rents for premium-grade office
space
•Business-wide realignment instigated
to match teams to mixed-use and
revenue opportunities
•Reorganisation process nearing
completion and delivering efficiency
enhancements
•Long term incentive scheme being
replaced with new performance-
based share rights programme
•35 free "top up while you shop" EV
charging stations now in place
•Northlands solar installation now
operational. The Plaza’s new array is
due for completion in November
•All office buildings achieved a
NABERSNZ rating of 4 stars or above

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
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We have a clear focus
Develop funds management
•Actively pursue opportunities to
leverage our portfolio and establish
new sources of revenue
Optimise performance
•Grow gross occupancy cost ratios
across our assets through rental
income improvement
•Complete organisational realignment,
embed new team structure and ways
of working
Intensify mixed-use
Sylvia Park
•Continue construction and leasing of
galleria and south carpark
•Progress planning of commercial
tower two and confirm build to rent
feasibility
The Base
•Progress plans for new food and
beverage precinct
Drury
•Submit plan change and continue
advocating for accelerated
construction timeline

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
16
Kiwi Property is well positioned for
growth:
•Clearly defined strategy
•High-quality asset portfolio
•Robustbalance sheet
•Gearing well within range
•Strong development pipeline
•Organisation aligned to strategic
opportunities
FY20 cash dividend guidance
7.0 5
cents per share
1
4.04
4.05
FFO
Dividends
Note 1Subject to the absence of material adverse effects or unforeseen circumstances.
.
Outlook and dividend guidance

Property
update

Kiwi Property >
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Kiwi Property half-year 2020 result presentation
18
1.01Our portfolio19
1.02Property portfolio summary20
1.03Portfolio statistics21
1.04Net rental income22
1.05Capitalisation rate history23
1.06Geographic diversification24
1.07Sector and tenant diversification25
1.08Mixed-useportfolio diversification26
1.09Retailportfolio diversification27
1.10Office portfolio diversification28
1.11Rent reviews and new leasing29
1.12Lease expiry profile30
1.13Tenant diversification31
1.14Retail sales by centre32
1.15Retail sales by category33
Property update: index

Kiwi Property >
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Kiwi Property half-year 2020 result presentation
19
Our portfolio
Sylvia Park
Sylvia Park LifestyleLynnMall
The Base (50
%
)
Westgate LifestyleCentre Place NorthVero Centre
The PlazaNorthlandsThe Aurora Centre
ASB North Wharf
44 The Terrace
The Base (50
%
)
Key:
Mixed-use portfolioRetail portfolioOffice portfolio
Sylvia Park
1.01

Kiwi Property >
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1.03
1.07
1.13
Portfolio statistics
Sector and tenant diversification
Tenant diversification
30-Sep-1931-Mar-19
Mixed-use RetailOffice Total Mixed-useRetailOffice Total
Number of assets4441244412
Value ($m)
1,2
1,612.2604.2894.83,111.21,533.5597.5893.03,024.0
% of total portfolio by value4918279448182894
Weighted average capitalisation rates
2
assets were not independently valued at Sep-19 5.71
%
7.53
%
5.45
%
5.99
%
Net lettable area (sqm)229,077114,86895,995439,941226,347114,53195,992436,870
Number of tenants5033226789252132963913
% investment portfolio by gross income472726100472726100
Occupancy (by area)
3
99.8
%
99.3
%
98.8
%
99.4
%
99.5
%
99.4
%
98.7
%
99.3
%
Weighted average lease expiry (by income)3.9 years3.3 years9.1 years5.1 years4.1 years3.3 years9.3 years5.2 years
The following notes apply to all of appendix 1.00 (where applicable): Note 1At 30-Sep-19, excluded otherproperties and development land with a combined value of $212.7 million
(6
%
of total portfolio value). At 31-Mar-19, excluded otherproperties and development land with a combined value of $183.4 million (6
%
of total portfolio value). Note 2Assets were not
independently valued at 30-Sep-19. Assets are held at their 31-Mar-19 independent valuations adjusted for capital expenditure incurred over the period.Note 3
Vacant tenancies with
current or pending development works are excluded from the occupancy statistics. At 30-Sep-19 excluded 1,660 sqm at Sylvia Park and 353 sqm at The Base. At31-Mar-19, excluded 488
sqm at Sylvia Park, 102 sqm at LynnMalland 204 sqm at Northlands. Tenancies at Westgate Lifestyle subject to vendor rental underwrites are treated as occupied. General note
Kiwi
Property owns 100
%
of all assets except The Base which is 50
%
owned.
1.03
1.03
1.03
1.03
1.03
1.03
1.07
1.13
Property portfolio summary
1.02

Kiwi Property >
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Kiwi Property half-year 2020 result presentation
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As at
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
30-Sep-1931-Mar-1930-Sep-1931-Mar-1930-Sep-1931-Mar-1930-Sep-1931-Mar-1930-Sep-1931-Mar-19
Sylvia Park1,030.5955.0
---
assets were not independently valued at Sep
-19
---
5.3887,45586,42799.6100.04.14.2
Sylvia Park Lifestyle77.077.06.2516,55016,550100.0100.02.22.7
LynnMall285.9284.06.3837,69837,68999.698.74.54.7
The Base218.8217.56.1387,37485,681100.099.13.23.3
Mixed-use portfolio1,612.21,533.55.71229,077226,34799.899.53.94.1
Westgate Lifestyle90.090.06.3825,60425,604100.0100.04.85.4
Centre Place North53.353.510.2515,83315,80597.997.02.52.9
The Plaza209.5207.07.3832,23232,20199.799.93.13.3
Northlands 251.3247.07.5041,20040,92199.199.63.53.0
Retail portfolio 604.2597.57.53114,868114,53199.399.43.33.3
Vero Centre451.5450.05.1339,54239,53997.097.06.16.1
ASB North Wharf230.5230.05.3821,62521,625100.0100.011.211.7
The Aurora Centre159.5159.56.1324,50324,503100.0100.014.715.2
44 The Terrace53.353.56.5010,32510,325
100.0100.07.27.7
Office portfolio894.8893.05.4595,99595,99298.898.79.19.3
Investment portfolio3,111.23,024.05.99439,941436,87099.499.35.15.2
Adjoining properties151.0125.2
For notes supporting these values and statistics, refer to appendix 1.02.
Development land61.758.2
Total portfolio
1
3,323.93,207.4
1.02Property portfolio summary
Portfolio statistics
1.03
Note 1Excludes right-of-use assets of $6.1 million

Kiwi Property >
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Net rental income
Six months ended
30-Sep-1930-Sep-18Variance
$m$m$m%
Sylvia Park
21.821.4+0.4+1.8
Sylvia Park Lifestyle
2.62.6+0.1+2.8
LynnMall
9.49.3+0.1+1.3
The Base
6.46.0+0.4+5.2
Mixed-use portfolio
40.239.3+1.0+2.3
Westgate Lifestyle
3.03.0+0.0+0.0
Centre Place North
2.63.0-0.4-13.8
The Plaza
8.38.2+0.1+0.8
Northlands
9.99.3+0.6+6.2
Retail portfolio
23.723.5+0.2+0.9
Vero Centre
10.98.9+2.0+18.9
ASB North Wharf
6.46.2+0.2+3.3
The Aurora Centre
4.24.5-0.3-6.6
44 The Terrace
1.61.6-0.0-2.8
Office portfolio
23.021.2+1.8+7.4
Other properties
2.11.9+0.3+13.8
Net operating income
(before disposals)
89.185.8+3.3+0.8
North City
-2.7-2.7-100.0
Net operating income
(after disposals)
89.188.5+0.6+0.7
Straight-lining of fixed rental increases0.61.4
-0.9
-60.7
Net rental income
89.689.9-0.3-0.3
1.12
4.01
Lease expiry profile
Profit aftertax
1.04
•Solid growth inrental income at The Base
underpinned by new lettings, while in
contrast, Centre Place North experienced
increased vacancies during the period
•Completed LangdonsQuarter positively
impacting rents at Northlands.
•Vero Centre vacancies filled, lifting rental
performance; operating expenses at our
Wellington office assets increased on the back
of rising insurance costs

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
23
7.09%
5.71%
8.48%
5.45%
7.99%
5.99%
8.43%
7.53%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Key:
Mixed-useRetailOfficeInvestment portfolio
Capitalisation rate history
1.05

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
24
($2.37b)Auckland
Auckland region: Pop. 1,572,000
(Largest region, 33.4% of NZ
)
3 x mixed-use assets
1 x retail asset
2 x office assets
($278m)Hamilton
Waikato region: Pop. 458,000
(4
th
largest region, 9.7% of NZ)
1 x mixed-use asset
1 x retail asset
2 x 3
rd
party management mandates
Wellington($213m)
New Zealand’s capital city
Wellington region: Pop. 507,000
(3
rd
largest region, 10.8% of NZ)
2 x office assets
1 x 3
rd
party management mandate
Christchurch($258m)
Canterbury region: Pop. 600,000
(2
nd
largest region, 12.8% of NZ)
1 x retail asset
NotePopulation statistics sourced from Statistics New Zealand,
2018 Census results (usually resident population count).
($209m)Palmerston North
Manawatu-Whanganui region: Pop. 239,000
(6
th
largest region, 5.1% of NZ)
1 x retail asset
Auckland71
%
Hamilton8
%
Christchurch8
%
Wellington7
%
Palmerston North6
%
Geographic diversification
by portfolio value
Geographic diversification
1.06

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
25
Tenant diversification
by investment portfolio gross income
Mini-majors13
%
Government7
%
Legal5
%
Insurance3
%
Cinemas2
%
Home and living majors1
%
Mixed-use49
%
Retail18
%
Office27
%
Other6
%
Sector diversification
by portfolio value
Specialty stores47
%
Banking8
%
Department stores and DDS6
%
Supermarkets4
%
Financialservices2
%
Consultancy and other office2
%
Sector and tenant diversification
1.07

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
26
Tenant diversification
by mixed-use portfolio gross income
Specialty stores60
%
Mini-majors21
%
Departmentstores and DDS6
%
Supermarkets4
%
Cinemas3
%
Banking3
%
Insurance1
%
Home and living majors1
%
Other1
%
Regionalcentres
1
95
%
Large format centres5
%
Note 1Includes ANZ Raranga office building
which forms part of Sylvia Park.
Property type
by mixed-use portfolio value
Auckland 86
%
Hamilton14
%
Geographic diversification
by mixed-use portfolio value
Mixed-use portfolio diversification
1.08

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
27
Tenant diversification
by retail portfolio gross income
Specialty stores66
%
Mini-majors11
%
Departmentstores and DDS10
%
Supermarkets8
%
Cinemas2
%
Home and living majors2
%
Other1
%
Geographic diversification
by retail portfolio value
Christchurch 41
%
Palmerston North35
%
Auckland15
%
Hamilton9
%
Retail portfolio diversification
Regionalcentres76
%
Large format centres15
%
Sub-regional centres9
%
Property type
by retail portfolio value
1.09

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
28
Tenant diversification
by office portfolio gross income
Premium50
%
A-grade campus26
%
A-grade18
%
B-grade6
%
Property type
by office portfolio value
Government26
%
Banking25
%
Legal20
%
Financialservices10
%
Insurance9
%
Other office4
%
Specialty stores4
%
Consultancy1
%
Other1
%
Auckland 76
%
Wellington24
%
Geographic diversification
by office portfolio value
Office portfolio diversification
1.1 0

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
29
Rent reviews
•High percentage of structured reviews(81
%
)
has again provided consistent uplift,
averaging+2.6
%
on a compound annual basis
Rent reviews
Mixed-useRetailOfficeTotal
No.
14910528
282
NLA (sqm)
54,29634,84154,433
143,570
% investment portfolio NLA
12812
33
Rental movement (%)+3.6+2.5+4.6+3.8
Compound annual growth (%)
+3.5+1.9+2.3
+2.6
Structured increases (% portfolio)
978655
81
New leases and renewals
No.
47238
78
NLA (sqm)
9,4746,2483,777
19,499
% investment portfolio NLA
211
4
Rental movement (%)+14.1+0.8+8.5+9.1
WALE (years)
5.46.06.0
5.7
Total
(excl development leasing)
No.
19612836
360
NLA (sqm)
63,77041,08958,210
163,069
% investment portfolio NLA
15913
37
Rental movement (%)+5.8+2.2+4.9+4.6
Rent reviews and new leasing
New leasing
•Mixed-use +14.1
%
the result of positive
leasing across the whole portfolio and
particularly The Base and Sylvia Park
•Retail +0.8
%
under-pinned by new leasing at
The Plaza
•Office +8.5
%
comprises new leases at the
Vero Centre which continues to benefit from
tight occupancy and increasing rents for
premium-grade office space
1.1 1

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
30
2%
9%
9%
13%
10%
10%
47%
0%
10%
20%
30%
40%
50%
vacant or
holdover
FY20FY21FY22FY23FY24FY25+
Lease expiry profile
% of investment portfolio gross income
Mixed-use and retail
•Ourfocus for FY20 is on specialty store
expiries across our mixed-use and retail
portfolios
Office
•We remain focused on leasing up
vacancy at the Vero Centre
•Approximately 3,400 sqmof space at the
Vero Centre was leased or renewed
duringthe first half of the 2020 financial
year, for a weighted average lease term
of six years
Key:Mixed-useRetailOffice
Lease expiry profile
1.1 2

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
31
Our top 20 tenantsTop 20 tenants
% of investment portfolio gross income
ASB Bank7.0
Ministry of Social Development5.0
Farmers3.2
ANZ Bank2.4
Countdown2.2
The Warehouse2.1
Bell Gully1.9
Cotton On Group1.9
PAK’nSAVE1.8
Hoyts1.8
Suncorp1.8
Just Group1.7
Hallensteins/Glassons1.5
Russell McVeagh1.5
Kmart1.5
Rebel/Briscoes1.1
Craigs Investment Partners1.0
BNZ Bank0.9
IAG0.9
Westpac0.8
Tenant diversification
% of investment portfolio gross income
●
Department stores and DDS6
●
Supermarkets4
●
Cinemas2
●
Home and living1
●
Mini-majors13
●
Fashion16
●
Food11
●
General6
●
Pharmacy and wellbeing6
●
Home and living1
●
Other retail7
Banking
8
Government
7
Legal
5
Insurance
3
Financial services
2
Consultancy and other
2
total (913 tenants)
100
occupy
51
%
of investment
portfolio
area
contribute
42
%
of investment
portfolio gross
income
have a weighted
average lease expiry of
7.0 years
Key:
MajorsMini-majorsSpecialtyOffice
Tenant diversification
1.1 3

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
32
Retail sales by centre
Year ended
MAT $m% Var. from Sep-18Specialty sales
1
Pedestrian
count
30-Sep-19Total
Like-for-
like$/sqmGOC%Million pa
Sylvia Park
559.0
LynnMall
257.2
The Base – Te Awa
157.0
Mixed-use centres973.2
Centre Place North
76.5
The Plaza
200.3
Northlands
290.4
Retail centres567.2
Shopping centres1,540.4+2.3+2.211,40011.946.2
Sylvia Park Lifestyle
2
7.3
Westgate Lifestyle
2
23.2
The Base – LFR
142.6
Large format retail173.1
Total1,713.5
Note 1Specialty sales $/sqm and GOC% include commercial services categories.Note 2Sales data is being
requested, however most tenants are not obliged to provide it under currentleases. Total sales reported are shown,
butdue to the changing composition of those who do report, comparable statistics are not meaningful.
•Overall sales (excluding large format
centres) grew by +2.3
%
or 2.2
%
like-for-
like
•Specialty sales grew to $11,400 per
square metre (Mar-19: $11,000) and a
consistent gross occupancy cost of
11.9% (Mar-19: 12.1%) means rentals
have also improved
1.1 4

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
33
Year ended
MAT $m% Var. from Sep-18
30-Sep-19TotalLike-for-like
Shopping centres
●
Supermarkets
295.4-2.3+3.1
●
Department stores and DDS
182.2+4.4+1.4
●
Cinemas
34.2-5.4-5.4
●
Mini-majors
240.9+2.6+1.2
●
Fashion
255.3-2.3-0.6
●
Commercial services
194.8+11.0+11.8
●
Food
135.1+2.6+1.0
●
Pharmacy and wellbeing
102.3+10.6+0.7
●
General
77.7+1.3-0.3
●
Home and living
22.6+12.1-1.0
Total1,540.4+2.3+2.2
•Positive growth has been recorded across
most categories, with particularly good
uplift from:
•Commercial services; discretionary spend
including travel and mobile phones
•Pharmacy and wellbeing; including
personal services such as hair, beauty,
massage and cosmetics
•Mini-majors; good growth from those in
the home/living categories
•While fashion recorded a sales decline
overall, some sub-categories showed good
growth, including sportswear, fashion
accessories and fine jewellery
•The supermarket category was impacted by
the exit of Countdown from Sylvia Park in
FY19
Key:
MajorsMini-majorsSpecialty
1.1 5
Retail sales by category

Development
update

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
35
2.01Development pipeline36
2.02Sylvia Park: Kmart37
2.03Sylvia Park: galleria and south carpark38
2.04Sylvia Park: progress update image39
2.05Sylvia Park: completed project render40
Development update: index

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
36
Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21beyond
Development pipeline
Sylvia Park galleria & south carpark
Drury structure planningDrury plan change activitiesDrury design & development
Langdons Quarter
Northlands major, mini-major & specialty space
The Base food & beverage precinct
~$258 million of
development in progress
Sylvia ParkKmart
Sylvia Park No.2 office/hotel building
Sylvia Park No.3 office building
LynnMall mixed use & commercial
2.01
Mar-18
CompletedIn progressAdvanced planningMaster planning (indicative, not committed subject to change)
Key:

Projectoverview
•New 5,000 sqmstore
•Conversion of the previous Countdown tenancy
•Initial 10-year lease
•Commenced trading 19 August 2019
Financial metrics
Total project cost
$12.6m
Timetable
Construction commenced
Oct-18
Construction completed
Aug-19
Cost profile ($m)
spent toto spend
FY191H202H 20FY21
Total (incl. letting up
allowances)
5.57.1--
2.02
Sylvia Park
Kmart
37

Artist’s impression. Concept only. Subject to change.
Projectoverview
•New galleria retail level:
•~19,000 sqm with ~60 new retailers
•Two-level Farmers department store
•Nextgeneration casual dining experience
•Retailers have committed to two-thirds of
space by NLA
•New five level ~900 space carpark building with
10 EV charging stations
Financial metrics
Expected total cost
$258m
Projected Y1 yield
(FY22)
5.7
%
Projected Y3 yield (FY24)
6.2
%
Projected 10-year IRR
>10
%
Projected development margin
>$30m
Timetable
Construction commenced
Mar-18
Projectedconstruction completion
Frommid 2020
Sylvia Park
Galleria and south carpark
Cost profile ($m)
spent toto spend
FY191H202H 20FY21
Total (incl. letting up
allowances)
88.358.878.532.2
2.03
38

2.04
Sylvia Park galleria and south carpark
Progress update as at September 2019
39

2.05
Sylvia Park galleria and south carpark
Render showing completed project
Artist’s impression. Concept only. Subject to change
40

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year result presentation 2020
41
Appendix break slide
Market
update

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
42
3.01NZ economic overview43
3.02Auckland CBD office market44
3.03Wellington CBD office market45
Market update: index

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
43
Gross domestic product (GDP)
1
GDP growth pa (Mar-19 estimate)2.7
%
GDP (2019 estimate)$296 billion
GDP per capita
(2019 estimate)$60,995
Inflation
2
Annual inflation (Mar-19)1.5
%
Labourmarket
2
Unemployment rate (Mar-19)4.2
%
Currency
Currency
(as at 13-Nov-19)
US $1.00 = NZ $1.58
JPY100 = NZ $1.45
Household economic information
2
Annual wages growth rate(Jun-19)2.0
%
Note 1Sourced from New Zealand Institute of Economic Research Quarterly
Predictions (Sep-19).Note 2
Sourced from Statistics New Zealand (statistics as at
Jun-19).
4.2%
0%
2%
4%
6%
8%
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Unemployment trend
1.5%
0%
1%
2%
3%
4%
5%
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Inflation trend
$296b
2.7%
-2%
0%
2%
4%
6%
0
100
200
300
400
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
GDP growth (% pa)
GDP ($ billion)
GDP trend
GDP (LHS)
GDP growth (RHS)
3.01
New Zealand economic review

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
44
3.02
Auckland CBD office market
Our Auckland office exposure
PremiumA-grade
BuildingsVero CentreASB North Wharf
Value $m451.5230.5
Office portfolio %
by value
50.525.8
Total portfolio %
by value
13.66.9
WALE years5.711.2
Occupancy%95.4100.0
ExpectationsWith high premium-
grade occupancy
and no new supply
until 2020, Vero
Centre has benefited
from rental growth
and strong
investment interest in
the asset class
ASB North Wharf has
excellent investment
qualities; an
unparalleled and
improving location,
high-quality building
and a long-term lease
in place to a secure
tenant. Its value
should continue to
benefit from high
investor demand for
these attributes
OutlookKey points (premium and a-grade accommodation)
►
Supply
-Premium: no change to stock until completion of the
39,000 sqm PwC Tower, now 2020
-A-grade: stock is expected to increase by over 35,000 sqm
in 2021 with the completion of 10 Madden Street, plus two
Mansonsdevelopments on FanshaweStreet
▲
Absorption
-Premium: solid tenant demand environment is expected to
result in positive overall absorption as new supply comes on
board and landlords backfill remaining space
-A-grade: negative absorption expected in 2020 as several
occupiers upgrade to new space or backfill premium space
post the completion of the new PwC Tower. Positive
absorption is expected from 2021
▲
Vacancy
-Premium: forecast to be 2.3
%
for 2019, increasing to 7.9
%
in
2020 following completion of the PwC Tower the
fluctuating between 5% and 10% through to 2023
-A-grade: forecast to be 3.5
%
for 2019, increasing nominally
as supply increases but remaining below 9% through to
2023
►
Rents
($/sqm/net
effective)
-Premium: forecast to average $469/sqm for 2019, softening
to $460/sqm in 2020 with slow growth (1.6%pa) to 2023
-A-grade: forecast to average $366/sqm for 2019, softening
to $364/sqm in 2020 with slow growth (1.4%pa) to 2023
▼
Yield
-Premium: forecast to average 5.1% at end 2019, firming to
5.0% in 2020 and remaining stable thereafter
-A-grade: forecast to average 6.0% at end 2019, firming to
5.9% in 2020 and remaining stable thereafter
NoteSourcedfrom CBRE Research: Auckland Property Market Outlook (Jun-19).

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
45
OutlookKey points (a-grade and b-grade accommodation)
▲
Supply
-A-grade: in 2019, nearly 50,000 sqm of a-grade space is
expected to re-enter supply, predominantly the return of
buildings withdrawn for repair post the 2016 earthquake and
the completion of WAP2 projects, including the 38,000 sqm
Bowen Campus
-B-grade: almost 80,000 sqm is expected to re-enter the
market over 2020-2022
▲
Absorption
-A-grade: expected to have positive net absorption from
2019 as new supply comes on-board
-B-grade: positive net absorption is forecast from 2020-2022
▲
Vacancy
-A-grade: forecast to be 1.2
%
for 2019 but with supply out-
stripping absorption will increase to c. 5% by 2023
-B-grade: forecast to be 2.1
%
for 2019 but with supply out-
stripping absorption will increase to c. 8% by 2023
▲
Rents
($/sqm/net
effective)
-A-grade: forecast to average $312/sqm for 2019, increasing
to $338/sqm over the next two years then remaining stable
B-grade: forecast to average $246/sqm for 2019 and remain
stable over the forecast horizon
▲
Yield
-A-grade: forecast to average 7.1% at end 2019, firming to
7.0% in 2020 and remaining stable thereafter
-B-grade: forecast to average 8.2% at end 2019 and remain
stable over the forecast horizon
NoteSourcedfrom CBRE Research: Wellington Property Market Outlook (Jun-19).
Our Wellington office exposure
A-gradeB-grade
BuildingsThe Aurora Centre44 The Terrace
Value $m159.553.3
Office portfolio %
by value
17.86.0
Total portfolio %
by value
4.81.6
WALE years14.77.2
Occupancy%100.0100.0
ExpectationsThe Aurora Centre and 44 The Terrace both
present as solid investment-grade assets.
Both have been strengthened and
refurbished to a high standard and benefit
from long-term government leases over all
office space
3.03
Wellington CBD office market

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
46
Financial
update

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
47
4.01Profit aftertax48
4.02Interest and finance charges49
4.03Management expense ratio (MER)50
4.04Funds from operations(FFO)51
4.05Dividends52
4.06Adjusted funds from operations (AFFO)53
4.07Balance sheet54
4.08Investment properties movement55
4.09Net finance debt movement56
4.10Finance debt facilities57
4.11Capitalmanagement metrics58
4.12Fixed-rate debt profile59
Financial update: index

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
48
Six months ended
30-Sep-1930-Sep-18
Variance
$m$m
$m%
Property revenue
117.3 116.9+0.4+0.3
Property management income
0.91.0-0.1-16.4
Interest and other income
0.10.1-
Gain on disposal of investment properties
-0.6-0.6-100
Total income
118.3118.6-0.3-0.3
Direct property expenses
-27.7-27.0-0.7-2.6
Interest and finance charges
-19.4-18.4-1.0-5.4
Employment and administration expenses
-11.0-11.1+0.1+0.7
Net fair value loss on interest rate derivatives
-12.9-2.9-10.0-340.1
Total expenses
-71.0-59.4-11.6-19.5
Profit before income tax
47.359.2-11.9-20.2
Current tax
-11.3-15.6+4.3+27.5
Deferred tax
0.8+4.7-3.9-81.9
Profit after tax
1
(GAAP
2
measure)
36.848.3-11.6-23.9
Note 1The reported profit has been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(GAAP) and complies with New Zealand Equivalents to International Financial Reporting Standards.The reported profit
information has been extracted from the half-year financial statements which have been the subject of areview by an
independent auditor pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410. Note
GAAP is acommon set of accounting principles,standards and procedures that companies must follow when they compile
their financial statements.Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial
Reporting Standards and other guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities,
and with International Financial Reporting Standards.
1.04
4.03
Profit after tax
4.01
1.04
4.02
Rental income
•Increased due torental growth at
the Vero Centreand lease up of
ANZ Raranga
Interest and finance charges
•Increased dueto capital
expenditure on completed
developments (ANZ Raranga and
Kmart) and the acquisition of 43
Carbine Road
Tax
•Prior period impacted by $4.5m of
depreciation recovered following
the sale ofNorth City
1.04
4.02
4.03
4.04
Rental income
Interest and finance charges
Management expense ratio
FFO

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
49
Interest and finance charges
Six months ended
30-Sep-1930-Sep-18
Variance
$m$m
$m%
Interest on bank debt
-12.8-13.2+0.4+3.0
Interest on bonds
-11.6-9.4-2.2-23.4
Interest expense incurred-24.4-22.6-1.8+8.0
Interest capitalised to
Sylvia Park
2.82.9-0.1-3.4
Drury land
2.01.1+0.981.8
Other properties under development
0.20.2
--
Total capitalised interest5.04.2+0.8+19.0
Interest and finance charges-19.4-18.4-1.0-5.4
4.01
4.09
4.10
Profit after tax
Net finance debt movement
Finance debt facilities
4.01
Interest on bank debt
•Reduced due to lower
interest rates and new bond
issue
Intereston bonds
•Increasedfollowing the
issuance of our fourth bond
series in Nov-18
Capitalisedinterest
•Increaseddue to full-period
interest capitalisation on
our
landholdings at Drury
•Interest capitalisation on
completed developments
(ANZ Raranga and Kmart)
ceased but has been offset
by increased capitalisation
of expenditure on Sylvia
Park galleria
4.02

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
50
Twelve months ended
30-Sep-1931-Mar-19
$m$m
Employment and administration expenses
20.820.9
Less recovered through property management fees
-8.3-8.5
Net expenses
12.512.4
Weighted average assets
3,141.52,900.8
Management expense ratio
1
(non-GAAP measure)
40 bps43 bps
Note 1MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the Company’s
underlying operating costs. MER is a measure commonly used by real estate entities. MER does not have a standard
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. Kiwi
Property determines MER through an annualised calculation, where employment and administration expenses, net of
expenses recovered from tenants, is divided by the weighted average value of its property assets.
The reported MER
information has been extracted from the Company's half-year 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.
4.01Profit after tax
4.01
•30-Sep-19 costs includeone-off
organisational realignment
expenses
•Assetgrowth due to new
acquisitions and completed
developments
Management expense ratio (MER)
4.03

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
51
4.05
Six months ended
30-Sep-1930-Sep-18
Variance
$m$m
$m%
Profit after tax
36.848.3-11.5-23.8
Adjusted for
Loss/(gain) on disposal of investment properties
--0.6+0.6+100.0
Net fair value loss on interest rate derivatives
12.92.9+10.0+340.1
Straight-lining of fixed rental increases
-0.6
-1.4
+0.8+60.7
Amortisationof tenant incentives and leasing fees
3.63.3+0.3+9.1
Depreciation recovered on disposal of investment property
-4.5-4.5-100.0
Deferred tax expense
-0.8-4.7+3.9+81.9
Funds from operations (FFO)
1
(non-GAAP measure)
51.952.3-0.4-0.8
Note 1FFO 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 andrecurring 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
withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia.T
he reported FFO information has been extracted from the Company's half-year financial
statements which have been the subject of a review byan Independent Auditor pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
4.01
4.01
4.01
4.05
5.01
Profit after tax
Dividends
Glossary
4.01
4.01
Funds from operations (FFO)
4.04

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
52
Six months ended
30-Sep-1930-Sep-1830-Sep-1930-Sep-18
$m$mcps
2
cps
2
Funds from operations (FFO)
1
51.952.33.6053.661
Amount retained
-1.0-2.6-0.08-0.186
Cash dividend
50.949.73.5253.475
Imputation credits
13.013.30.9000.930
Gross dividend63.963.04.4254.405
Cash dividend payout ratio to FFO
98
%
95
%
Note 1FFO 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 andrecurring 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
withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia.T
he reported FFO information has been extracted from the Company's half-year financial
statements which have been the subject of a review byan Independent Auditor pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
Note 2Kiwi Property has revised the method it uses to calculate FFO and AFFO cps, and nowbases its calculation on the weighted average number of shares (rather than number of
shares entitled to the relevant dividend), in line with accepted market practice (Sep-19: 1,439,278,328 shares, Sep-18: 1,425,451,313). General note
Due to the timing of the equity raise,
Kiwi Property’s dividend reinvestment plan (DRP) has been suspended in respect to the FY20 half-year dividend.
4.04
4.04
5.01
FFO
Glossary
Dividends
4.05

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
53
4.04
4.05
5.01
FFO
Dividends
Glossary
Six months ended
30-Sep-1930-Sep-18
variance
$m$m
$m%
Funds from operations (FFO)
1
51.952.3-0.5-0.9
Adjusted for
Maintenance capital expenditure
-2.5-2.9+0.5+16.9
Tenant incentives and leasing fees
-3.2-5.0+1.8+45.8
Adjusted funds from operations (AFFO)
2
(non-GAAP measure)
46.244.4+1.8+4.0
AFFO (cents per share)
3
3.213.11
Cash dividend payout ratio to AFFO
110
%
112
%
Note 1FFO 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 andrecurring 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
withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia.T
he reported FFO information has been extracted from the Company's half-year financial
statements which have been the subject of a review byan Independent Auditor pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
Note
2
AFFO is an alternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure used by real estate entities to describe their underlying andrecurring cash flows
from operations. Broadly, AFFO adjusts FFOby deducting the cost of lease incentives and leasing fees provided for sustaining and maintaining existing space and annual
maintenance capital expenditure. AFFO does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by otherentities.
AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia.
Note 3Calculated using the weighted
average number of shares for the period.
4.04
Adjusted funds from operations (AFFO)
4.06

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
54
4.12
As at
30-Sep-1931-Mar-19
Movement
$m$m
$m%
Investment properties
3,330.03,207.4+122.6+3.8
Cash
11.19.9+1.2+12.1
Other assets
15.019.1-4.1-21.5
Total assets3,356.13,236.4+119.7+3.7
Finance debt
1,100.71,001.7+99.0+9.9
Deferred tax liabilities
87.788.5-0.8-1.0
Other liabilities
112.295.3+16.9+17.7
Total liabilities
1,300.61,185.5+115.1+9.7
Total equity
2,055.52,050.9+4.5+0.2
Total equity and liabilities3,356.13,236.4+119.6+3.7
Gearing ratio (requirement <45
%
)
32.8%31.0
%
Net asset backing per share (NTA)
$1.42$1.43
4.08
4.09
4.09
•Investmentproperties and
gearing increased due to:
•Acquisitionof properties
adjacent to Sylvia Park
•Capital expenditure,
predominantly on the Sylvia
Park galleria level and south
carpark
4.08
4.09
4.12
Investment properties movement
Net finance debt movement
Capital management metrics
Balance sheet
4.07

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
55
4.07Balance sheet
Investment properties movement ($m)
4.08
=$3,330.0
+$3,207.4
+$25.5
+$75.8
+$5.8
+$6.0
+$3.4
+$6.1
2,500
2,600
2,700
2,800
2,900
3,000
3,100
3,200
3,300
3,400
3,500
as at
Mar-19
Acquisition: Sylvia Park adjoining
Capex:
Sylvia Park
Capex:
Mixed-use assets
(excl SP)
Capex:
Retail assets
Capex:
Office assets
NZ IFRS 16 Right-of-use assets
as at
Sep-19

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
56
Net finance debt movement ($m)
Asat
30-Sep-1931-Mar-19
Bank debt
625.5527.0
Bonds
475.2474.7
Cash on deposit
-11.1-9.9
Net finance debt1,089.6991.8
4.09
4.07
4.10
Balancesheet
Finance debt facilities
$1,089.6
$991.8
+$18.8
+$12.8
+$25.5
+$88.9
+$32.2
+$18.7
-$99.1
400
500
600
700
800
900
1,000
1,100
1,200
Net finance debt Mar-19
Net rental income
Interest and finance
charges
Employment/admin
expenses
Acquisition of investment
properties
Investment/development
expenditure
Dividends
Tax and other
Net finance debt Sep-19

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
57
Debt maturity profile
as at 30-Sep-19$m%
FY20
FY21
29222
FY22
19415
FY23
12310
FY24
30023
FY25
29122
FY26
1008
Total facilities
1,300100
Facilitiesdrawn
1,100.585
Undrawn facilities
199.515
$31.5
$27.5
$32.5
$52.5
$47.0
$20.0
$35.0
$74.0
$56.0
$25.0
$80.0
$100.0
$33.0
$34.0
$33.0
$31.5
$27.5
$32.5
$53.0
$100.0
$125.0
$125.0
$125.0
Key:
ANZBNZ`CBACCBHSBCWestpacBonds
Debt sources
11%
14%
13%
8%
8%
9%
37%
4.09
4.11
4.12
Net finance debt movement
Postbalance date finance debt facilities
Capital management metrics
Finance debt facilities ($m)
4.1 0

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
58
Finance debt metrics
as at
30-Sep-1931-Mar-19
Weightedaverage term to maturity
3.3 years3.2 years
Weighted average interest rate
(Incl.of bonds, active interest rate derivatives, margins and line fees)
4.52
%
4.80
%
Covenants – gearing
as at
30-Sep-1931-Mar-19
Gearing (must be <45
%
, target 25
%
-35
%
)
Calculated as finance debt / total tangible assets
32.8
%
31.0
%
Covenants – interest cover ratio
for the year ended
30-Sep-1931-Mar-19
Interest cover ratio (must be >2.25times) calculated as net rental income / net interest expense
3.793.94
Creditratings – S&P Global Ratings
1
30-Sep-1931-Mar-19
Corporate
BBB (stable)BBB (stable)
Fixed-rate bonds
BBB+BBB+
Note 1Further information about S&P Global Ratings’ credit rating scale is available at standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell
or hold Kiwi Property securities. The rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P Global
Ratings.
Capital management metrics
4 .1 1

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
59
Fixed-rate profile (inclusive of bonds on issue Sep-19: $475 million, Mar-19: $475 million)30-Sep-1931-Mar-19
Percentage of drawn finance debt at fixed rates
73
%
80
%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)
3.40
%
3.40
%
Weighted average term to maturity of active fixed-rate debt
3.4 years3.9 years
Fixed-rate debt profile
4.1 2
2%
3%
4%
5%
6%
7%
8%
0
100
200
300
400
500
600
700
800
900
FY20FY21FY22FY23FY24FY25FY26
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)
Fixed-rate debt maturity profile

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year result presentation 2020
60
Appendix break slide
Other
information

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
61
5.01Glossary62
5.02Calendar of key dates64
Other information: index

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
62
Glossary
Adjusted funds from operations
(AFFO)
AFFO is an alternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure commonly
used by real estate entities to describe their underlying andrecurring cash flows from operations.Broadly,
AFFO adjusts FFOby deducting the cost of lease incentives and leasing fees provided for sustaining and
maintaining existing space and annual maintenance capital expenditure. AFFO does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to information presented by other
entities.AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued
by the Property Council of Australia. The reported AFFO information has been extracted from the Company's
half-year 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.
Discount department store
(DDS)
Includes Kmart and The Warehouse.
Funds from operations
(FFO)
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 andrecurring earnings from
operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance with
the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported FFO
information has been extracted from the Company's half-year financial statements which have been the
subject a review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standard
on Review Engagements 2410.
Gearing ratio
Calculatedas finance debt (which includes secured bank debt and the face value of bonds) over total tangible
assets (which excludes interest rate derivatives).
Generallyaccepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they
compile their financial statements.Kiwi Property’s financial statements comply with New Zealand Equivalents
to International Financial Reporting Standards and other guidance as issued by the External Reporting Board,
as appropriate for profit-oriented entities, and with International Financial Reporting Standards.
5.01

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
63
Glossary
Gross occupancy cost
(GOC)
Total grossoccupancy costs expressed as a percentage of moving annual turnover (excluding GST).
Like-for-likeretail sales
Onlyincludes sales from those tenancies who have traded for the past 24 months.
Management expense ratio
(MER)
MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the
Company’s underlying operating costs. MER is a measure commonly used by real estate entities.MER
does not have a standard meaning prescribed by GAAP and therefore may not be comparable to
information presented by other entities. Kiwi Property determines MER through an annualised calculation,
where employment and administration expenses, net of expenses recovered from tenants, is divided by
the weighted average value of its property assets. The reported MER information has been extracted from
the Company's annual 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.
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (excluding GST).
Net operating income
(NOI)
Excludes income resulting from straight-lining of fixed rental increases and includes the amortisation of
lease incentives and property management fee income.
Net rental income
(NRI)
NOI,including rental income resulting from straight-lining of fixed rental increases.
Profit aftertax
The reported profit has been prepared in accordance with New Zealand generally accepted accounting
practice and complies with New Zealand Equivalents to International Financial Reporting Standards. The
reported profit information has been extracted from the half-year 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.
5.01

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year 2020 result presentation
64
Calendar of key dates
2020 half-year result announcement18 November 2019
Retail shareoffer settlement and commencement of new share trading21 November 2019
Half-year dividend payment (for the six months ending 30 September 2019)
•Exdate2 December 2019
•Recorddate3 December 2019
•Payment date18 December 2019
KPG030 bond interest payment (2024 maturity)19 December 2019
KPG010 bond interest payment (2021 maturity)
20 February 2020
KPG020 bond interest payment (2023 maturity)
7 March 2020
KPG040 bond interest payment (2025 maturity)
12 May 2020
FY20 annual result announcement
18 May 2020
NoteDates are subject to change.
5.02

Kiwi Property >
Type Presentation Name > Date
Kiwi Property half-year result presentation 2020
65
Kiwi Property Group Limited (‘Kiwi Property’) has prepared this presentation (the ‘Presentation’). The information contained in it is intended to
provide general information only and does not take into account your individual objectives, financial situation or needs. It is not intended as
investment or financial advice and must not be relied upon as such. Some of the information in this Presentation is based on unaudited
financial data. You should assess whether the Presentation is appropriate for you and consider talking to a financial adviser or consultant
before making any investment decision. This Presentation is not an offer or invitation for subscription or purchase of financial products.
All reasonable care has been taken in relation to the preparation of the Presentation. Neither Kiwi Property, its directors, officers, employees,
agents, associates, nor any other person accepts responsibility for any loss, damage or cost whatsoever resulting from the use of or reliance on
the Presentation by any person.Past performance is not indicative of future performance and no guarantee of future returns is implied or
given. Kiwi Property, its directors, officers, employees, agents and associates make no representation or warranty, express or implied, as to the
currency, accuracy, reliability or completeness of this Presentation. Statements made in this Presentation are made only as at the date of this
Presentation unless stated otherwise. The information in the Presentation remains subject to change, without notice, at any timeand from time
to time.
caution regarding forward-looking statements
This Presentation includes forward-looking statements regarding future events and the future financial performance of Kiwi Property. Any
forward-looking statements included in this Presentation involve subjective judgement and analysis and are subject to significant uncertainties,
risks and contingencies, many of which are outside the control of, and are unknown to Kiwi Property, its directors, officers,employees, agents
and associates.
Actual results, performance or achievements may vary materially from any forward-looking statements and the assumptions on which those
statements are based including, without limitation, in particular because of risks associated with the New Zealand economy whichcould affect
the future performance of Kiwi Property’s property portfolio, its ability to obtain funding on acceptable terms, the risks inherent in property
ownership and leasing, and Kiwi Property’s business generally. Given these uncertainties, you are cautioned that this Presentation should not
be relied upon as a recommendation or forecast by Kiwi Property, any of its directors, officers, employees, agents or associates. None of Kiwi
Property, any of its directors, officers, employees, agents or associates undertakes any obligation to revise the forward-looking statements
included in this Presentation to reflect any future events or circumstances.
copyright and confidentiality
The copyright of this Presentation and the information contained in it is vested in Kiwi Property. This Presentation should not be copied,
reproduced or redistributed without prior written consent of Kiwi Property.
Disclaimer
5.03

---

A
HALF-YEAR
FINANCIAL
STATEMENTS
2020
We bring places to life

1B
© KIWI PROPERTY
Contents
Half-year highlights
Pg 2
Consolidated statement of comprehensive income
Pg 4
Consolidated statement of changes in equity
Pg 5
Consolidated statement of financial position
Pg 6
Consolidated statement of cash flows
Pg 7
Notes to the consolidated financial statements
Pg 8
Independent review report
Pg 18
Directory
Pg 19
Key Dates
For all our upcoming investor dates visit our
investor centre at kp.co.nz/investor-centre
This half-year report is dated 15 November 2019 and is
signed on behalf of the board by:
MARK FORD
Chair
MARY JANE DALY
Chair of the Audit
and Risk Committee
Kiwi Property
Half-year financial statements
For the six months ended 30 September 2019

32
© KIWI PROPERTY
Kiwi Property delivered a solid result in the
six months to 30 September 2019, progressing
our new strategy and achieving a sound
financial performance.
Rent from new leases and rent reviews grew
solidly over the period, as did like-for-like net rental
income1. Funds from operations (FFO) dropped
slightly from last year, due to the sale of North City
in the comparative period, while net profit after
tax declined, impacted by a fair value loss on
interest rate swaps.
We took important steps towards embedding our
mixed-use vision in the first half of the year, as well
as strengthening our organisational capabilities and
advancing major development projects, such as the
Sylvia Park galleria and south carpark.
People
Planet
Place
Energy Efficiency
Organisational Realignment
Waste Reduction
Agile
Property Portfolio Value
Total Rental GrowthWeighted Average Lease Expiry
Our office buildings
have achieved a
NABERSNZ rating of
4 stars or better,
highlighting their
excellent energy
efficiency.
We’ve aligned the
organisation to our
strategy, increasing
our strength in mixed-
use leasing and asset
management, positioning
the business for growth.
Water filling stations at
our shopping centres
have saved around
180,000 plastic bottles
from potentially making
their way into our
oceans or landfills.
We’re rolling out
agile ways of working,
beginning with two core
business programmes,
enabling a faster, more
customer-centric
approach.
89.6
51.9
36.8
3.3b
4.6%
5.1
Years
$
m
m
m
$
$
$
NET RENTAL INCOME
FUNDS FROM OPERATIONS
NET PROFIT AFTER TAX
Half-year
highlights
1 Excludes ANZ Raranga, disposal of North City and tenancies impacted by Sylvia Park Development.
Portfolio Occupancy
99.4
%

54
© KIWI PROPERTY
Consolidated statement
of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
Consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Note
6 months
30 Sep 19
$000
6 months
30 Sep 18
$000
Income
Property revenue 117,310 116,920
Property management income 857 1,025
Interest and other income 117 104
Gain on disposal of investment properties - 628
Total income 118,284 118,677
Expenses
Direct property expenses (27,672) (27,022)
Interest and finance charges (19,389) (18,405)
Employment and administration expenses (11,023) (11,097)
Net fair value loss on interest rate derivatives3.2.2 (12,891) (2,929)
Total expenses (70,975) (59,453)
Profit before income tax 47,309 59,224
Income tax expense2.1 (10,537) (10,940)
Profit and total comprehensive income after income tax attributable to shareholders 36,772 48,284
Basic and diluted earnings per share (cents)2.2 2.55 3.39
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
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
Balance at 31 March 2019 1,449,646 602 600,632 2,050,880
Profit after income tax - - 36,772 36,772
Dividends paid - - (49,790) (49,790)
Dividends reinvested 17,534 - - 17,534
Long-term incentive plan - 90 53 143
Balance at 30 September 2019 1,467,180 692 587,667 2,055,539

76
© KIWI PROPERTY
Note
30 Sep 19
$000
31 Mar 19
$000
Current assets
Cash and cash equivalents 11,106 9,923
Trade and other receivables7,002 13,201
18,108 23,124
Non-current assets
Investment properties3.1 3,330,000 3,207,389
Property, plant and equipment 4,066 4,253
Interest rate derivatives3.2.2 3,936 1,665
3,338,002 3,213,307
Total assets 3,356,110 3,236,431
Current liabilities
Trade and other payables 63,444 60,345
Interest bearing liabilities3.2.1 - 166,000
Income tax payable 1,172 8,675
Interest rate derivatives3.2.2 1,637 344
Lease liabilities1.4 1,024 -
67,277 235,364
Non-current liabilities
Interest bearing liabilities3.2.1 1,100,679 835,688
Interest rate derivatives3.2.2 39,827 25,958
Deferred tax liabilities 87,688 88,541
Lease liabilities1.4 5,100 -
1,233,294 950,187
Total liabilities 1,300,571 1,185,551
Equity
Share capital 1,467,180 1,449,646
Share-based payments reserve 692 602
Retained earnings 587,667 600,632
Total equity 2,055,539 2,050,880
Total equity and liabilities 3,356,110 3,236,431
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
Note
6 months
30 Sep 19
$000
6 months
30 Sep 18
$000
Cash flows from operating activities
Property revenue 122,051 117,270
Property management income 850 1,009
Interest and other income 117 148
Direct property expenses (22,989) (24,149)
Interest and finance charges (18,808) (18,148)
Employment and administration expenses (12,809) (11,642)
Income tax expense (18,899) (18,665)
Goods and Services Tax paid (58) (1,278)
Net cash flows from operating activities 49,455 44,545
Cash flows from investing activities
Proceeds from disposal of investment properties - 100,260
Acquisition of investment properties (25,523) (830)
Expenditure on investment properties (83,817) (86,817)
Interest and finance charges capitalised to investment properties (5,034) (4,244)
Acquisition of property, plant and equipment (195) (1,505)
Net cash flows from/(used in) investing activities (114,569) 6,864
Cash flows from financing activities
Own shares acquired for long-term incentive plan - (329)
Proceeds from/(repayment of) bank loans 98,500 (13,000)
Settlement of interest rate derivatives 3.2.2 - (1,097)
Dividends paid (32,203) (36,477)
Net cash flows from/(used in) financing activities 66,297 (50,903)
Net increase/(decrease) in cash and cash equivalents 1,183 506
Cash and cash equivalents at the beginning of the period 9,923 10,697
Cash and cash equivalents at the end of the period 11,106 11,203
The consolidated statement of cash flows 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 2019
Consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
For and on behalf of the board, who authorised these financial statements for issue on 15 November 2019.

98
© KIWI PROPERTY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
1.1 Reporting entity PG 9
1.2 Basis of preparation PG 9
1.3 Significant changes during the period PG 9
1.4 New standards, amendments and interpretations PG 9
1.5 Key judgements and estimates PG 9
1.6 Accounting policies PG 9
2. Profit and loss information
2.1 Tax expense PG 10
2.2 Earnings per share PG 11
3. Financial position information
3.1 Investment properties PG 12
3.2 Funding PG 14
4. Other information
4.1 Segment information PG 16
4.2 Commitments PG 17
4.3 Subsequent events PG 17
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 2019 annual report.
The interim financial statements for the six months ended 30 September 2019 are unaudited. Comparative balances for
30 September 2018 are unaudited, whilst the comparative balances for the year ended 31 March 2019 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 acquisitions
On 30 September 2019, the Group acquired property at 51 Carbine Road, 53 Carbine Road and 7-10 Arthur Brown Place,
Mount Wellington, Auckland for $25.5 million.
1.4 New standards, amendments and interpretations
The Group has adopted NZ IFRS 16 Leases as required, which is effective for annual reporting periods beginning on or after 1 January
2019. This standard replaces NZ IAS 17. NZ IFRS 16 requires a lessee to recognise a lease liability reflecting future lease payments and
a ‘right-of-use’ asset for virtually all lease contracts. Lessor accounting remains largely unchanged from NZ IAS 17.
While the majority of the Group’s portfolio is freehold, the Group does have several occupational ground leases of properties/parts
of properties in its investment property portfolio to which NZ IFRS 16 applies.
The Group has elected to apply the modified retrospective approach in adopting NZ IFRS 16 with the effect of adoption being
recognised at the transition date with no adjustment to the prior period presented. The lease liabilities recognised on 1 April 2019
of $6.539 million were measured as the present value of the remaining cash flows discounted at the transition date “incremental
borrowing rate”, being the property yield for the properties with the benefit of the occupational ground leases. The cash flows
relating to the ground leases are included in the fair value of the investment properties and therefore a gross up for the lease liability
is recognised in the investment property balance at the amount equal to the lease liability. As at 30 September 2019, the lease
liabilities have reduced to $6.124m.
1.5 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim financial statements and in the 2019 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 2019 annual report, other than the adoption of NZ IFRS 16.
Notes to the consolidated
financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
1. General information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

1110
© KIWI PROPERTY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2.1 Tax expense
A reconciliation of profit before income tax to income tax expense follows:
6 months
30 Sep 19
$000
6 months
30 Sep 18
$000
Profit before income tax 47,309 59,224
Prima facie income tax expense at 28% (13,247) (16,583)
Adjusted for:
Net fair value loss on interest rate derivatives (3,609) (513)
Gain on disposal of investment properties - 176
Depreciation 3,824 3,281
Depreciation recovered on disposal of investment properties - (4,539)
Deferred leasing costs 4 307
Deductible capitalised expenditure 1,455 1,228
Other 184 982
Current tax expense (11,389) (15,661)
Depreciation recoverable (2,567) 5,233
Net fair value loss on interest rate derivatives
3,609 513
Deferred leasing costs and other temporary differences (190) (1,025)
Deferred tax benefit 852 4,721
Income tax expense reported in profit (10,537) (10,940)
Imputation credits available for use in subsequent periods 12,979 15,689
Key estimates and assumptions: income tax
Depreciation recovered on the former 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 requires that the replacement property be available for use by 31 March 2024. As at 30 September 2019, the Group
continues to qualify for this relief and a deferred tax liability of $4.2 million continues to be provided.
2. Profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
2.2 Earnings per share
6 months
30 Sep 19
6 months
30 Sep 18
Total comprehensive income after income tax attributable to shareholders ($000) 36,772 48,284
Weighted average number of shares (000) 1,439,278 1,425,451
Basic and diluted earnings per share (cents) 2.55 3.39

1312
© KIWI PROPERTY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The movement in the Group’s investment properties during the period is as follows:
6 months
30 Sep 19
$000
12 months
31 Mar 19
$000
Balance at the beginning of the period 3,207,3893,051,964
Capital movements:
Acquisitions 25,523 34,348
Disposal of North City - (99,623)
Capitalised costs (including fees and incentives) 88,711 169,550
Capitalised interest and finance charges 5,034 8,459
Amortisation of lease incentives, fees and fixed rental income (2,781) (4,959)
116,487 107,775
Net fair value gain on investment properties - 47,650
Gross up of lease liabilities 6,124 -
Balance at the end of the period 3,330,000 3,207,389
Key estimates and assumptions: investment properties
Valuation process
All investment properties are presented at their 31 March 2019 independent valuations, adjusted for capital expenditure over the
period, which is considered representative of fair value at balance date.
3.1 Investment properties
Investment properties held by the Group are as follows:
Valuation
31 Mar 19
$000
Capital
movements
$000
Book value
30 Sep 19
$000
Mixed-use
Sylvia Park 955,000 75,536 1,030,536
Sylvia Park Lifestyle 77,000 (14) 76,986
LynnMall 284,000 1,853 285,853
The Base1 217,500 1,335 218,835
1,533,500 78,710 1,612,210
Retail
Westgate Lifestyle 90,000 28 90,028
Centre Place North 53,500 (194) 53,306
The Plaza 207,000 2,497 209,497
Northlands 247,000 4,322 251,322
597,500 6,653 604,153
Office
Vero Centre 450,000 1,462 451,462
ASB North Wharf 230,000 539 230,539
The Aurora Centre 159,500 (26) 159,474
44 The Terrace 53,500 (177) 53,323
893,000 1,798 894,798
Other
Other properties 125,239 25,759 150,998
Development land 58,150 3,567 61,717
183,389 29,326 212,715
3,207,389 116,487 3,323,876
Gross up of lease liabilities2 - 6,124 6,124
Investment properties 3,207,389 122,611 3,330,000
1. Represents the Group’s 50% ownership interest.
2. Refer to Note 1.4.
3. Financial position information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

1514
© KIWI PROPERTY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 19
$000
31 Mar 19
$000
Bank loans – total facilities 825,000 825,000
Bank loans – undrawn facilities (199,500) (298,000)
Bank loans - drawn facilities 625,500 527,000
Fixed-rate bonds 475,000 475,000
Unamortised capitalised costs on fixed rate bonds 179 (312)
Interest bearing liabilities 1,100,679 1,001,688
Weighted average interest rate for drawn debt (inclusive of bonds, active interest rate derivatives,
margins and line fees)4.52%4.80%
Weighted average term to maturity for the combined facilities 3.3 years 3.2 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 (HSBC) and Westpac New Zealand.
On 15 May 2019, $166 million of existing bank debt facilities were extended. The facilities which were due to expire in the 2020
financial year, will now expire in the 2025 financial year.
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 (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 19
$000
31 Mar 19
$000
Interest rate derivative assets – non-current 3,936 1,665
Interest rate derivative liabilities – current (1,637) (344)
Interest rate derivative liabilities – non-current (39,827) (25,958)
Net fair values of interest rate derivatives (37,528) (24,637)
30 Sep 19
$000
31 Mar 19
$000
Notional value of interest rate derivatives – fixed-rate payer - active 365,000 365,000
Notional value of interest rate derivatives – fixed-rate receiver1 - active 40,000 40,000
Notional value of interest rate derivatives – fixed-rate payer - forward starting 195,000 170,000
Notional values 600,000 575,000
Fixed-rate payer swaps:
Weighted average term to maturity – active 2.7 years 3.2 years
Weighted average term to maturity – forward starting 5.5 years 5.7 years
Weighted average term to maturity 3.7 years 4.0 years
Fixed-rate payer swaps:
Weighted average interest rate – active
2
3.63%3.63%
Weighted average interest rate – forward starting
2
2.79%2.90%
Weighted average interest rate
1
3.34%3.40%
1. The Group has $40 million of fixed-rate receiver swaps for the duration of the $100 million KPG040 fixed-rate bonds, the effect of the
fixed-rate receiver swaps is to convert a portion of the bond to floating interest rates.
2. 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 2019: 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 2019 of between
1.15% for the 90-day BKBM and 1.21% for the 10-year swap rate (31 March 2019: 1.85% and 2.16%, respectively).

1716
© KIWI PROPERTY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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.
Operating segments have been determined based on the reports reviewed by the Chief Executive Officer to assess performance,
allocate resources and make strategic decisions. In March 2019, the Group made a change to its asset classifications in line with
strategy and the prior period reportable segments have been reclassified for consistency purposes.
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
Mixed-use
$000
Retail
$000
Office
$000
Other
$000
Total
$000
2019
Property revenue 50,574 32,223 31,609 2,904 117,310
Less: straight-lining of fixed rental increases 553 (88) (1,006) (11) (552)
Less: direct property expenses(11,706) (8,405) (6,782) (779) (27,672)
Segment profit 39,421 23,730 23,821 2,114 89,086
2018
Property revenue 50,746 35,132 28,436 2,606 116,920
Less: straight-lining of fixed rental increases(309) 35 (1,060) (70) (1,404)
Less: direct property expenses(11,167) (9,339) (5,829) (687) (27,022)
Segment profit 39,270 25,828 21,547 1,849 88,494
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 19
$000
6 months
30 Sep 18
$000
Segment profit 89,086 88,494
Property management income 857 1,025
Rental income resulting from straight-lining of fixed rental increases 552 1,404
Interest and other income 117 104
Interest and finance charges (19,389)(18,405)
Employment and administration expenses (11,023)(11,097)
Net fair value loss on interest rate derivatives (12,891)(2,929)
Gain on disposal of investment properties - 628
Profit before income tax 47,309 59,224
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 19
$000
31 Mar 19
$000
Development costs at Sylvia Park 90,151 124,858
Development costs at LynnMall 6,484 -
Development costs at The Base 723 -
Development costs at The Plaza - 807
Development costs at Northlands 500 1,648
Drury infrastructure 1,913 1,913
Commitments 99,771 129,226
4.3 Subsequent events
On 30 October 2019, the Company announced plans to raise approximately $200 million of new equity through a fully underwritten
placement of shares raising $180 million, together with a retail offer targeting $20 million (with the ability to accept oversubscriptions
of up to $10 million at the Company’s discretion). The issue price for all new shares was $1.58 per share and all new shares rank
equally with existing shares on issue. The placement was completed on 30 October 2019 and successfully reached the $180 million
target. The placement settled on 4 November 2019 and 113.9 million new shares were issued and allotted on that date.
The retail offer opened on 1 November 2019 and closes at 5.00pm (NZ time) on 15 November 2019 (the date that these accounts are
issued). At the time of signing these accounts, the final amount raised under the retail offer is not yet known. An announcement will
be made to NZX (refer NZX.com) once the amount and number of shares to be issued and allotted is known. The new shares for the
retail offer are expected to be issued and allotted on 21 November 2019.
On 15 November 2019 the board declared an interim cash dividend for the six months ended 30 September 2019 of 3.525 cents per
share (cps), together with imputation credits of 0.79 cps. The dividend record date is 3 December 2019 and payment will occur on
18 December 2019.
mixed use 44%
retail 27%
office 27%
other 2%
segment profit
Sep 2019
4. Other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
Sep 2018
mixed use 45%
retail 29%
office 24%
other 2%
segment profit

1918
© KIWI PROPERTY
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of Kiwi Property Group Limited (the Company) and its controlled
entities (the Group) on pages 4 to 17, which comprise the consolidated statement of financial position as at 30 September 2019, 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 selected explanatory notes.
Directors’ responsibility for the interim financial
statements
The Directors are responsible on behalf of the Company for the
preparation and fair presentation of these interim financial
statements in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34) and for such internal control as the
Directors determine is necessary to enable the preparation of
interim 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 interim 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 interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditor of the Company, NZ SRE 2410 requires
that we comply with the ethical requirements relevant to the
audit of the annual financial statements.
A review of interim financial statements in accordance with NZ
SRE 2410 is a limited assurance engagement. The auditor
performs procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and
International Standards on Auditing. Accordingly, we do not
express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other
services for the Group in the areas of audits of special purpose
financial information in accordance with tenancy agreements,
voting procedures over the annual shareholders’ meeting, the
benchmarking of executive remuneration and assistance with
the long-term incentive plan. 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 interim financial statements of
the Group do not present fairly, in all material respects, the
financial position of the Group as at 30 September 2019, and its
financial performance and cash flows for the period then ended,
in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a
body. Our review work has been undertaken so that we might
state to the Company’s shareholders those matters which we are
required to state to them in our review report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the 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
15 November 2019
Independent review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
INDEPENDENT REVIEW REPORT
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 TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
SECURITY TRUSTEE
New Zealand Permanent
Trustees Limited
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
REGISTRAR
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
PO Box 91976
AUCKLAND 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
AUDITOR
PricewaterhouseCoopers New Zealand
PwC Tower
188 Quay Street
Private Bag 92162
AUCKLAND 1142
T: +64 9 355 8000
W: pwc.co.nz
BANKERS
ANZ Bank New Zealand
Bank of New Zealand
China Construction Bank
(New Zealand)
Commonwealth Bank of Australia
The Hongkong and Shanghai
Banking Corporation
Westpac New Zealand
Directory

kp.co.nz

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Six months to 30 September 2019
Previous Reporting Period Six months to 30 September 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$118,284 -0.3%
Total Revenue $118,284 -0.3%
Net profit/(loss) from continuing
operations
$36,772 -23.8%
Total net profit/(loss) $36,772 -23.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03525000
Imputed amount per Quoted
Equity Security
$0.00790000
Record Date 3 December 2019
Dividend Payment Date 18 December 2019
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.42 $1.40
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
Steve Cooper
Contact person for this
announcement
Steve Cooper
Contact phone number +64 9 359 4025
Contact email address steve.cooper@kp.co.nz
Date of release through MAP 18/11/2019

Unaudited financial statements accompany this announcement.