31 March Year End Valuation Update

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Argosy Property Limited (‘Argosy’) today announced that for the 12 months to 31
March 2020, it has recorded a full year portfolio revaluation gain of $61.7 million, a 3.6%
increase over book value. Of this, $50.8 million was booked in the 30 September 2019
interim results.
Since the desk-top valuations undertaken in September 2019, the emergence of Covid-
19 has changed the current global economic environment. Accordingly, for the 31
March 2020 valuations, independent valuers have made adjustments to rental and
vacancy assumptions, particularly for properties which they consider to be the most
affected by Covid-19.
By location, Auckland was the largest contributor to the revaluation gain with $49.7m or
81% of the total portfolio gain. By sector, Industrial again provided the greatest
contribution at $53.4 million, up 6.8%. The Office portfolio increased $21.3 million, or 2.9%
and Large Format Retail declined by $13.0 million or -6.5%. More detail is provided in the
appendix to this release.
The valuations as at 31 March 2020 remain subject to audit (by Deloitte) and will be
confirmed in the financial results to be announced to the market on 20 May 2020.
The unaudited revaluation gain will result in an increase in NTA to $1.30 as at 31 March
2020.
Peter Mence, CEO of Argosy said, “We are very pleased to see our diversified portfolio
of quality assets demonstrating resilience in challenging times.”

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Market Release
23 April 2020
31 March Year End Valuation Update
ENQUIRIES
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

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APPENDIX - VALUATION SUMMARY



Auckland
1,188.8
1,238.5 49.7 4.2%
Wellington
498.0
508.8 10.8 2.2%
Nort h Island Regional & S out h
Island
35.736.8 1.2 3.2%
T otal 1,722.4
1,784.1
61.7
3.6%
-
-

Indust rial
789.5842.853.46.8%
Office734.6
756.0
21.32.9%
Large Format Ret ail198.3185.4(13.0)-6.5%
T otal 1,722.4 1,784.1 61.73.6%
* Excludes Sept ember 2019 revaluat i on gai ns
Not e: Due t o roundi ng, numbers present ed i n t hi s present at i on may not add up exact ly t o t he
t ot als provi ded and percent ages may not reflect exact ly absolut e fi gures.

%
31 Mar 20
Book Val ue
($m) *
31 Mar 20
Valuation
($m)

$m

%
31 Mar 20
Book Val ue
($m) *
31 Mar 20
Valuation
($m)

$m