Argosy FY20 Annual Result – Looking through Covid-19

20.05.2020
Annual Results
FY20
Looking through

PRESENTED BY
Agenda
2—
Peter Mence
Dave Fraser
CEO
CFO
Covid-19 Update
4
Highlights
7
Strategy/Portfolio
9
Financials
21
Leasing Update
30
Focus and Outlook
34
Appendices
36
Note: This results presentation should be read in conjunction with the NZX release dated 20 May 2020. Due to
rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

“Our strength lies in the diversity of our portfolio by
sector, location and tenant mix, providing flexibility to
support our tenants changing needs, ensuring a
resilient business through various economic cycles.”
3—
Peter Mence
CEO

Covid-19 Update
4—

Covid-19 Update
5—
WORKING CLOSELY WITH ALL STAKEHOLDERS
Staff
Ensuring safe working conditions at work and at home.
Greater use of technology.
Tenants
Working together to find short term solutions.
Those tenants that need assistance are receiving it primarily via deferral and rental abatement.
Including the Albany Lifestyle Centre, Argosy has provided for approximately $2.8 million in rent abatements for April
and May since year end, for tenants most in need.
We will continue to work closely with our tenants over the coming months.
Construction activity/projects
Projects potentially delayed by 3-4 months.
Greater health & safety focus given social distancing requirements.
Investors
Continuous disclosure obligations maintained at all times.
First hybrid Annual Meeting to be held in July.

SECTOROUTLOOK
Economic Environment
-Sharp recession less likely.
-Some sectors significantly more exposed than others.
-Argosy’s has limited direct exposure to the most affected sectors but will not be immune.
Political Environment
-Election still some way off.
-Will the economic fallout be catalyst for change
?
Regulatory Environment
-Re-introduction of depreciation a positive.
-OCR lowered by 75bps for a minimum of 1 year.
-Other government initiatives for the economy should be positive.
Argosy's Outlook
-Strategy delivery will continue to build resilience.
-Positive regulatory changes helping to offset short term economic weakness.
-Core business is in good shape and underpinning dividend sustainability.
Post Covid-19
6—
WHAT DOES A POST COVID-19 ENVIRONMENT LOOK LIKE?
Negative
Neutral
Neutral
Positive

Highlights
7—

FY20 Annual Result
8—
3.8%
Net distributable income
increase
$1.30
A 6.5% increase driven by a $60m
revaluation gain
6.35¢
Full year FY20 dividend, an increase
of 1.2% on the prior year
100m
2
nd
successful 7 year green bond
2.7%
Annualised rent increase on rents
reviewed

Strategy / Portfolio
9—

Create.Manage.Own.
10—
Proactive delivery of sustainable growth
Own the right assets, with the
right attributes in the right
New Zealand locations.
Manage all elements of the business
to deliver the right outcomes
for all our stakeholders.

Create
Proactive delivery of
sustainable growth.
Manage
Manage all elements of our
business to deliver the right
outcomes for all our
stakeholders.
Own
Own the right assets, with
the right attributes in the
right locations.
2020 Results
11—
STRONG DELIVERY OF STRATEGY
Strategic acquisition opportunities with long term capital growth upside achieved
during the year (54-56 Jamaica Drive and 224 Neilson Street). Other opportunities
under consideration.
Settled strategic acquisition of 244 Puhinui Road, contiguous to an existing site.
Other strategic divestments executed (223 Kioreroa Road, Whangarei)
Non settlement of non Core Albany Lifestyle Centre disappointing. However,
Argosy now fielding interest from several potential new buyers.
Solid leasing outcomes over FY20 finishing with only 1.2% vacancy. Average
expiry over the next 5 years of only 9% p.a.
Excellent leasing results announced with the Crown for 7WQ space, building is
now 82% leased. Strong inquiry for remaining floors. Citibank and Khyber Pass
vacancies also addressed.
2
nd
successful 7 year Green Bond issue of $100m completed improving debt
funding diversification and tenor.
Transition towards AFFO based dividend policy continues.
Successfully transitioned Value Add properties to drive earnings and capital growth
(180 Hutt Road, 107 Carlton Gore Road).
Current organic value add development pipeline of over $200m will add more
quality and resilience to the business.
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$1.87B
Portfolio Snapshot
12—

Portfolio highlights
13—
98.8%
Occupancy
71%
Auckland portfolio weighting
2.7%
Annualisedrent increase on rents
reviewed
6.1 yrs
Weighted average lease term
(WALT)
45%
Industrial portfolio weighting
60m
Annual revaluation gain, 3.5%
above 31 March book values

Portfolio at a glance
14—
$1.87 BILLION
1
@ 31 MARCH 2020
TOTAL PORTFOLIO VALUE
BY SECTOR
45%
40%
15%
Industrial
Office
Large Format
Retail
TOTAL PORTFOLIO VALUE
BY REGION
71%
27%
2%
Auckland
Wellington
Regional North Island
& South Island
TOTAL PORTFOLIO VALUE
BY ASSET MIX
80%
12%
8%
Core
Value Add
Non Core
Bands
45-55% (was 40-50%)
30-40%
10-20% (was 15-25%)
Bands
65-75%
20-30%
<10%
Bands
75-90%
-
-
1. Metrics include asset held for sale – Albany Lifestyle Centre
2. Includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga and Hamilton.
2

Sector Summary
15—
38
Number of buildings
16
Number of buildings
5
Number of buildings
$842.8
Market value of assets ($m)
$754.2
Market value of assets ($m)
$270.0
Market value of assets ($m)
97.8%
Occupancy (by income)
99.4%
Occupancy (by income)
100%
Occupancy (by income)
7.2yr
Weighted average lease term (WALT)
5.2yr
Weighted average lease term (WALT)
5.3yr
Weighted average lease term (WALT)
5.69%
Contract yield
6.60%
Contract yield
6.54%
Contract yield
INDUSTRIALOFFICELARGE FORMAT RETAIL

Value Add
16—
OPPORTUNITIES TO DRIVE CAPITAL GROWTH AND EARNINGS
In Value Add properties with
potential to deliver earnings and
capital growth
+$200m
Value Add properties total 12% of the
portfolio.
Several major development projects
underway within the group to
transition them to Core properties,
driving long term capital growth and
earnings.
The focus remains on transforming
Value Add assets into green
developments where possible.
Some Value Add opportunities which
were due to commence shortly have
been deferred for the time being due
to Covid-19.
1. Independent valuations as at 31 March 2020.
PropertySectorLocation
Valuation
1
$m
5 Unit y Driv e, A lbanyI ndust rialA uckland
7.4
960 Great Sout h Road, Penrose I ndust rialA uckland
7.3
15 Unit y Driv e, A lbanyI ndust rialA uckland
5.2
133 Roscommon Road, WiriI ndust rialA uckland9.5
224 Neilson St reet , OnehungaI ndust rialA uckland32.0
101 Carlton Gore Road, N ewmarket (deferred)OfficeAuckland28.1
105 Carlton Gore Road, N ewmarket (deferred)OfficeAuckland32.8
54-56 Jamaica Drive, Wellington (underway)IndustrialWellington
7.2
8-14 Willis Street/360 Lambton Quay (underway)OfficeWellington
89.8
TOTAL $m 219.3

Development Pipeline
17—
GREEN DEVELOPMENTS REMAIN THE KEY FOCUS
107 Carlton Gore Road:
completed December-19.
180-202 Hutt Road:
completed March-20.
7WQ:Residual seismic and
reinstatement works nearing
completion.
54-56 Jamaica Drive:On
track pre Covid-19 but now
expected to complete
August-20.
8- 14 Willis Street/360 Lambton
Quay: Construction progress
suspended due to Covid-19.
Was due for completion in
April-21 but now delayed to
August-21.
1. Expected value on completion based on ‘as if complete’ (less cost to complete) valuations performed by independent valuersasat 31 March 2020.
2. Acquired by Freightways 1 April 2020
3. Includes 360 Lambton Quay (formerly Stewart Dawson Corner).
Green developments at 101
Carlton Gore Road and 105
Carlton Gore Road have
been deferred due to Covid-
19.
Expected value on completion of
development projects
$276m
DevelopmentMajor TenantTypeLocation
Cost to
complete
$m
1
Forecast
completion
Sep-20Mar-21Sep-21Mar-22
Underway / commenced
7WQV
arious Crown t enant sOFFWT N10.2128.0
Aug-20
54-56 Jamaica Drive
Big Chill
2
INDWT N3.010.3
Aug-20
8-14 Willis St reet
3
St at ist ics New ZealandOFF/RETWT N48.2138.
0Aug-21
TOTAL61.4276.3
Green Dev elopmentsStandard Dev elopments
FY 2021FY 2022

Green Projects Underway
18—
Target completion: August 2021
Anchor tenant:Statistics New Zealand / 15 years
Green Star rating: Targeting 6 Star Built
NABERSNZ rating: Targeting 5 Star
Value
1
:$138.0 million
8- 14 Willis Street/360 Lambton Quay,
Wellington
1. Expected value on completion based on ‘as if complete’ valuations performed by independent valuers as at 31 March 2020.
The development will create both a substantially new 11
level,12,800m
2
building and 3,100m
2
of prime retail/office space
on the 360 Lambton Quay part of the site (formerly Stewart
Dawson Corner).
The office/building is targeting a 6 Green Star Built rating and 5
Star NABERSNZ energy efficiency rating. The office component
has a new 15 yearlease with Statistics New Zealand.
The development incorporates innovative and sustainable
features including; rainwater harvesting, chilled beams to deliver
heating & cooling, a new HVAC system to comply with Green
Star requirements and modern end of trip services.
Argosy is finalisingthe potential retail mix for the location and is in
discussion with a range of potential tenants for the space.
Was due for completion in April 2021 but due to Covid-19 it is now
delayed to August 2021.

7WQ Reinstatement & Insurance Claim
19—
PROGRESS BEING MADE
Reinstatement / Seismic Works
The reinstatement and seismic works to the building are largely complete. Final works under the reinstatement
project are required for toilets, floor coverings and in ceiling services in Level 12.
The seismic works are also complete except for the reinstatement of the Level 12 spandrels and the completion of
works to the interchange. Certification of 80% of NBS has been achieved. These two projects are expected to be
completed in the first half of this financial year.
Insurance Claim
Argosy has submitted 14 interim claims in respect of material damage and business interruption to 31 March 2020.
Argosy continues to work with insurers towards resolution of its claim.

Revaluations
20—
PORTFOLIO RELATIVELY RESILIENT THROUGH COVID-19 IMPACT
Revaluation gain 3.5% above
book value. Portfolio market yield
firmed 24bps.
Regionally, Auckland was the
biggest contributor of the
revaluation gain at 83% and
Industrial was the largest
contributing sector, at 89%.
Large format retail firmed 4bps
with valuers taking a more
conservative approach to this
sector around rental growth,
vacancy and leasing up.
1. Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may notexactly reflect absolute figures.
2. Market Yields are excluding 7 Waterloo Quay, 8-14 Willis Street/360 Lambton Quay and 54-56 Jamaica Drive as the rents of these properties included in the valuations
were based on the completion of the planned remedial and redevelopment work required to be undertaken. The Albany Lifestyle Centre (held for sale) is also excluded
from the yield metrics.
31 Mar 2031 Mar 19
A uckland 1,188.8 1,238.5 49.7 4.2%6.22%6.43%
Wellingt on 498.0 507.0 9.01.8%7.
19%7.48%
Nort h Island Regional & Sout h
I sland
35.7 36.8 1.2 3.2%6.98%7.45%
Total 1,722.4 1,782.3 59.9 3.5%6.41%6.65%
31 Mar 2031 Mar 19
I ndust rial 789.5 842.8 53.4 6.8%6.17%6.46%
Office 734.6 754.2 19.52.7%6.
83%7.14%
Large Format Ret ail 198.3 185.4 (13.0)-6.5%6.23%6.27%
Total 1,722.4 1,782.3 59.9 3.5%6.41%6.65%
Market Yield
2
31 Mar 20
Book Value
($m)
1
31 Mar 20
Valuation
($m)
Δ
$m
Δ
%
Market Yield
31 Mar 20
Book Value
($m)
1
31 Mar 20
Valuation
($m)
Δ
$m
Δ
%

Financials
21—

Income Reconciliation
22—
STEADY RENTAL GROWTH OFFSET BY DEVELOPMENTS AND DISPOSALS

Financial Performance
23—
RESILIENT OPERATIONAL PERFORMANCE
Like-for-like rental growth of 2.4%
during the period.
Net property income was down
due to a combination of prior year
property divestments, properties
under development and a one-off
termination fee received - offset
by lower property expenses
1
.
Interest expense lower as the
interest on higher average debt
was offset by interest rate savings
and higher capitalisedinterest on
developments.
Solid full year revaluation gain,
equating to a 3.5% increase
above book value.
1. $2.2 million reclassified from property expenses to interest expense and depreciation under NZ IFRS 16. This is the first time this standard has been adopted by the Company.
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.
FY20FY19
$m$m
Net propert y income99.7102.5
A dminist rat ion expenses(11.4)(10.9)
Profit before financial income/(expenses),
other gains/(losses) and tax
88.291.5
Net int erest expense(22.8)(24.2)
Gain/(loss) on deriv at iv es 2.1 (7.4)
Rev aluat ion gains 59.9 70.5
I mpairment (loss) on held for sale(3.0) -
Realised gains/(losses) on disposal(0.1) 6.1
Net : I nsurance proceeds & eart hquake
expense
(0.5) 6.8
Profit before tax123.9143.3
T axat ion expense(4.7)(9.6)
Profit after tax119.1133.7
Earnings per share (cent s)14.4016.16

Distributable Income
24—
INCREASE IN NET DISTRIBUTABLE INCOME PER SHARE
After non-cash adjustments and
current tax, net distributable
income increased $2.2 million or
3.8%.
Tax expense lower due to lower
profit in FY20, higher capitalised
interest, higher deductible capital
expenditure, depreciation and
loss on disposals.
FY20 Net Distributable Income per
share, a 3.7% increase on the prior
period
7.2cps
FY20FY19
$m$m
Profit before income tax123.9143.
3
Adjust ed for:
Rev aluat ions gains(59.9)(70.5)
I mpairment (loss) on held for sale 3.0 -
Realised losses/(gains) on disposal 0.1 (6.1)
Deriv at iv e fair v alue loss/(gain)(2.1) 7.
4
Eart hquake expense net of recov eries 0.5 (6.8)
Gross distributable income65.467.3
Depreciat ion recov ered 0.0 1.7
Current t ax expense(5.9)(11.7)
Net distributable income59.657.4
Weight ed av erage number of ordinary shares ( m)827.2827.0
Gross dist ribut able income per share (cent s)7.918.
14
Net dist ribut able income per share (cent s)7.206.94
NOTE: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.

Investment Properties
25—
GROWTH DRIVEN BY DEVELOPMENTS AND REVALUATION GAINS
Capitalisedcosts: Driven by
large developments including
7WQ, 8-14 Willis Street/360
Lambton Quay, 107 Carlton
Gore Road and 180-202 Hutt
Road, Wellington.
Acquisitions: 54 Jamaica
Drive Wellington, 244 Puhinui
Road, Auckland and 224
Neilson Street, Auckland.
Disposal: 223 Kioreroa Road,
Whangarei
Revaluation gain of $60m,
+3.5% above book value.
* ROU = Right of Use

NTA per share reconciliation
26—
GROWTH UNDERPINNED BY REVALUATION GAIN

Gearing
27—
Albany Lifestyle Centre remains
held for sale and plans are in
place to divest in FY21. Argosy is
currently fielding interest from a
range of parties.
Target policy gearing range is
between 30-40% and Argosy is
currently within the band.
Argosy has $140.6m of assets
classified as non Core
(including the Albany Lifestyle
Centre). Divestment of these
assets at book value would
reduce pro forma gearing by
~5%.
Green bonds issued increased
to $200 million during FY20 with
a second successful issuance of
$100 million 7 year bonds at a
coupon of 2.90%.
CAPITAL STRUCTURE SOUND, WITHIN BANDS AND WELL BELOW COVENANT
1.Excludes capitalised borrowing costs.
FY20FY19
$m$m
I nv est ment propert ies1,782.31,
667.0
A sset held for sale84.60
.0
Right of Use A sset41.80.0
Ot her asset s20.98.1
Tota l a ssets1,929.61,675.1
Right of Use A sset(41.8)0
.0
Total assets (net of Right of Use Asset)1,887.81,675.1
Fixed Rat e Green Bonds200.0100.0
Bank debt
1
533.2496.2
Total Debt & Bond Funding733.2596.2
Debt-to-total-assets ratio
2
38.8%35.6%

Funding & Interest Rate Management
28—
During FY20, Argosy extended
its bank facilities, refinanced
three tranches of existing debt
and expanded its syndicate.
Argosy also successfully
completed a second $100m 7
year senior secured Green Bond
issue which was over-
subscribed.
Subsequent to year end, Argosy
added a new banking facility,
Tranche I, for $75 million. This
new Tranche expires in May
2024.
Weighted average facility term as
at 31 March
3.6yrs
1.Including margin and line fees.
2.Excluding IFRS16 adjustment in FY20, ICR is 3.0x
EXTENDED TENOR & DIVERSIFIED DEBT
FY20FY19
Weight ed av erage durat ion of bank facilit y3.6 years2.7 years
Weight ed av erage int erest rat e
1
3.95%4.75%
I nt erest Cov er Rat io2.8x3.2x
% of fixed rat e borrowings50%53%
2

Dividends
29—
The FY20 dividend was increased 1.2%
on the prior year.
A 4
th
quarter cash dividend of 1.5875
cents per share has been declared,
with nil imputation credits attached,
and will be paid on 24 June 2020.
The Dividend Reinvestment Plan has
been reopened and will be available
for participation in the 4
th
quarter
dividend with a 3% discount.
The FY21 dividend guidance reflects
the Board’s wish for shareholders to
share in the continued solid operating
results whilst allowing Argosy to
maintain its momentum towards an
AFFO based dividend policy over the
medium term.
6.35cps
FY21 full year dividend guidance
based on current projections for
the portfolio
RESILIENT AND SUSTAINABLE DIVIDENDS

Leasing Update
30—

Leasing Success
31—
STRONG LEASING OUTCOMES OVER FY20
Argosy leased 107,617m
2
across the portfolio, or 18% of
the portfolios total net lettable area. 36 transactions over
the period, with 17 renewals, 4 extensions and 15 new
leases.
Notable leases over the year include:
7WQ, Wellington DIA
1
9yrs for 4,133m
2
7WQ, Wellington MHUD
2
9.25yrs for 3,675m
2
7WQ, Wellington Kaīnga Ora 9.25yrs for 7,001m
2
Wiri sites, Mt Wellington Cardinal Logistics 15yrs for 43,916m
2
56 Jamaica DriveBig Chill 15yrs for 1,885m
2
Albany Mega CentreNorth Beach 10yrs for 1,085m
2
Wakefield St, Wellington BP Oil NZ 14yrs for 2,026m
2
6.1yrs
3
rd
consecutive year WALT
maintained above 6 years
1. Department of Internal Affairs (DIA).
2. Ministry for Housing and Urban Development (MHUD)

Lease Expiry
32—
STABLE PROFILE OVER THE MEDIUM TERM
5yr average income percentage
expiring in any year ~9%.
Largest single expiry over next 5
years is 5.5% in March-25 being
General Distributors at 80-120
FavonaRoad, Mangere.
Key lease expiries being focused
on over the first six months of FY21
include:
MBIE at 147 Lambton Quay,
Wellington
Gough Gough& Hammer, 960
Great South Road, Auckland
Viridian Glass, 39 Randwick
Road, Wellington
Homes Consulting Group, 39
Market Place, Auckland

Sector Summary
33—
INDUSTRIALOFFICELARGE FORMAT RETAIL
►Net absorption continues to drive
additional supply.
►Limited land supply in Auckland
and Wellington encourages non-
traditional locations.
►Rental growth continues for good
quality property.
►Vacancy remains very low, with
constrained funding limiting
speculative supply.
►Effect of Covid-19 recession
expected to be muted.
►Flexible working environments
c
ontinue to drive a disconnect
between employment growth and
net absorption.
►Net absorption effect of Covid-19 is
yet to be quantified with conflicting
trends of working from home offset
by additional space requirements
and less activity based working in
the medium term.
►Rental growth impacted by new
supply – softer in Auckland,
reflected in higher incentives, and
firmer in Wellington.
►The Wellington market continues to
show strong demand, with low
vacancy for good quality
seismically sound space that is well
located. There is a shortage of large
floor plate/high quality stock with
upward rental growth pressure as a
result. Premium and Grade A
vacancy is minimal.
►Equilibrium with on-lin
e retailing is
yet to show full effect.
►Structural change in retail property
will show increased focus on
showroom and semi industrial
facilities.
►Impact of additional development
will be felt in secondary locations.
►Large format, and entertainment
retail expected to be most secure
other than use dependant on
tourism.
►Move to online retailing has
potential to accelerate as a result
of Covid-19 lockdown.
►Rental growth expected to be flat
or mildly negative.

Focus and Outlook
34—

2021 Focus
35—
Create
Proactive delivery of
sustainable growth.
Manage
Manage all elements of
our business to deliver the
right outcomes for all our
stakeholders.
Own
Own the right assets, with
the right attributes in the
right locations.
Ensure all existing developments in progress recommence swiftly and safely.
Divest all non Core assets to reduce gearing and provide more flexibility.
Continue to invest in a diverse range of properties across sectors, locations and sizes.
Investment activity focused on existing portfolio – preferably green developments.
Carefully manage our way through Covid-19 to minimise the financial impact.
Work closely with our tenants during Covid-19 to ensure high retention rates and key
expiries/vacancies are addressed early.
Lease up the balance of 7 Waterloo Quay.
Maintain transition towards AFFO based dividend policy.
Maintain our green / sustainable focus on all acquisition and development
opportunities.
Continue transitioning $200 million worth of Value Add opportunities to drive earnings
and capital growth.
Make appropriate risk / reward decisions, with pre-commitments preferred on all
developments.

Appendices
36—

Adjusted Funds From Operations (AFFO)
37—
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures. AFFO is an
alternative performance measure used to assist investors in assessing the Company’s underlying performance and to determine income available for distribution. This reconciliation is based
on guidelines for disclosing AFFO as provided by the Property Council of Australia.
FY20FY19
$m$m
Profit before income tax123.9143.
3
Rev aluat ion gains(59.9)(70.5)
I mpairment loss on held for sale 3.0 -
Realised losses/(gains) on disposal 0.1 (6.1)
Deriv at iv e fair v alue (gain)/loss(2.1) 7.4
Eart hquake expense net of recov eries 0.5 (6.8)
Gross distributable income65.467.3
Depreciat ion recov ered 0.0 1.7
Current t ax expense(5.9)(11.7)
Net distributable income59.657.4
A mort isat ion of t enant incent iv es and leasing cost s 3.5 3.9
Funds from operations (FFO)63.061.3
Capit alisat ion of t enant incent iv es and leasing cost s(5.5)(
6.5)
Maint enance capit al expendit ure(6.0)(
4.6)
T ax effect ed maint enance capit al expendit ure recov ered 0.3 1.5
Adjusted funds from operations (AFFO)51.851.7
Weight ed av erage number of shares on issue ( m)827.2827.0
AFFO per share (cents)6.276.25
Div idends paid / payable in relat ion t o period6.356.28
Div idend payout rat io ( t o A FFO)101%100%

Rent Reviews by Type, Sector & Location
38—
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.
Type#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase (000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total10043,453100%44,8961,4433.3%1,163100%2.7%
By review type
Fixed6627,37463%28,2058313.0%83171%3.0%
Market125,21812%5,5423246.2%14412%2.8%
CPI2210,86125%11,1492882.7%18816%1.7%
By sector
Industrial2820,40147%21,0816803.3%58550%2.9%
Office4312,62429%12,9813572.8%31227%2.5%
LFR2910,42824%10,8354063.9%26623%2.6%
By location
Auckland8937,71187%39,0471,3363.5%1,06091%2.8%
Wellington93,8919%3,951591.5%555%1.4%
Other21,8514%1,898482.6%484%2.6%

Rent Reviews –Auckland, Wellington &
Regional
39—
Location#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase (000's)
% of Total
Annualised
Increase
Annualised %
Increase
Auckland
Industrial2217,68147%18,2886073.4%51644.3%2.9%
Office3910,35327%10,6913383.3%29325.2%2.8%
LFR289,67726%10,0683914.0%25121.6%2.6%
8937,711100%39,0471,3363.5%1,06091.1%2.8%
Wellington
Industrial51,62042%1,661402.5%363.1%2.2%
Office42,27158%2,290190.8%191.6%0.8%
LFR000%000.0%00.0%0.0%
93,891100%3,951591.5%554.7%1.4%
Regional North Island & South Island
Industrial11,09959%1,132333.0%332.8%3.0%
LFR175141%766152.0%151.3%2.0%
21,850100%1,898482.6%484.1%2.6%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.

Portfolio Metrics
40—
DEFENSIVE AND RESILIENT TENANTS, HIGH ESSENTIAL SERVICE EXPOSURE

Portfolio Snapshot
41—
HIGH PORTFOLIO QUALITY IS BEING REFLECTED IN OUR METRICS
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
FY16FY17FY18FY19FY20
WALT (years)
0.0%
5.0%
1 0. 0%
1 5. 0%
2 0. 0%
2 5. 0%
3 0. 0%
3 5. 0%
4 0. 0%
FY16FY17FY18FY19FY20
Debt-to-total-assets
0.0%
2 0. 0%
4 0. 0%
6 0. 0%
8 0. 0%
100.0%
FY16FY17FY18FY19FY20
Occupancy
$ 0. 00
$ 0. 20
$ 0. 40
$ 0. 60
$ 0. 80
$ 1. 00
$ 1. 20
$ 1. 40
FY16FY17FY18FY19FY20
Net Tangible Assets

Disclaimer
42—
This presentation has been prepared by Argosy Property Limited. The details in this presentation
provide general information only. It is not intended as investment or financial advice and must
not be relied upon as such. You should obtain independent professional advice prior to making
any decision relating to your investment or financial needs. This presentation is not an offer or
invitation for subscription or purchase of securities or other financial products. Past performance
is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
20 May 2020

---

Annual Report 2020

LOOKING THROUGH
Argosy Property Limited
Annual Report 2020

20
20
20
21
20
22
Argosy’s solid results were
the result of BUILDING on the
successful execution of its
strategy. It has delivered on all
its key focus areas positioning
it well for the years ahead.
Argosy will be even STRONGER
and more resilient in FY22. Several
of our Green Star developments
will be completed and more
value-add opportunities should
be underway to support Argosy’s
momentum towards creating further
incremental value and sustainable
dividends for shareholders.
Building
We will be focused on
MANAGING the effects of
Covid-19. We have strong
relationships with all our
stakeholders and will work
closely with them to get through
the near-term challenges.
Our Strategy at Work2
Argosy's Investment Framework4
Financial Summary6
Chairman's Review8
Chief Executive Of
ficer's Review10
Create. Manage. Own.
Create.12
Manage.18
Own.30
Our Portfolio34
Consolidated Financial Statements41
Corporate Governance73
Investor Statistics82
Directory85
1
Argosy Property Limited
Annual Report 2020

C
R
E
A
T
E





M
A
N
A
G
E
O
W
N
Target off-market
opportunities
or contiguous properties
with potential
An environmentally focused
& sustainable business
A diversified portfolio of
high quality, well located
assets with growth potential
Strong and valued relationships
across all key stakeholders
Transition value add properties
to drive earnings
and
capital growth
Real estate with a primary
focus on Auckland &
Wellington markets
Safe working environments
for Argosy’s people and
its partners
Execution of tenant led
development
opportunities
A commitment to
management
excellence
Our Strategy at Work
2
Argosy Property Limited
Annual Report 2020

cre atemanageown
$100m
second successful Green Bond
issuance to support Argosy’s
focus on sustainability and
high quality green buildings
+$200m
pool of Value Add
development opportunities 
to drive earnings and 
capital growth
$1.87b
diversified portfolio of
high quality assets
71%
exposure
to Auckland and 45%
exposure to industrial assets
Transitioned
$64m
of Value Add
properties to
Green Developments
Our family of
177
tenants
across our portfolio
Tenant surveys
+92%
of Argosy tenants surveyed
would recommend us as
a partner
Portfolio
98.8%
occupancy
Health & safety
93%
pre-qualification of all
approved contractors
that visit our properties
26%
exposure
by rental income to
government organisations
$32m
strategic industrial acquisition
in FY20 to be redeveloped,
creating value for shareholders
3
Argosy Property Limited
Annual Report 2020

Industrial 45-55%
Office 30-40%
Large Format Retail 10-20%
Focus on good quality
Office, Industrial and
Large Format Retail
No international properties
No Leasehold
Concentrate on
Auckland (65%-75%) and
Wellington (20%-30%).
Regional North Island
(including the Golden
Triangle between Auckland,
Tauranga and Hamilton) or
South Island (<10%)
Target “off-market”
acquisitions and avoid
competitive processes
Target Value Add properties
where we can leverage internal
expertise within overall
Core/Value Add targets
Target contiguous
properties with potential
Value parameters
$10m+
Greater than $10 million
unless strategically imperative
($6 million for Industrial)

10%
No acquisition more than
10% of overall portfolio value

Due diligence
Structural integrity ≥ 70%
of New Building Standard
(unless this represents
a Value Add opportunity)
Argosy strives to
deliver sustainable
returns to shareholders.
Where will we buy?
Development

Developments only for
tenants who provide
strategic value to Argosy
Joint ventures will be
undertaken only where the
counterparty is of sufficient
financial standing to carry
their share of risk
Apply Argosy’s
due diligence
checklist
>70%
Argosy's Investment Framework
4
Argosy Property Limited
Annual Report 2020

Argosy has a clearly
defined investment
framework.
Argosy is, and will remain, invested in a portfolio that
is diversified by sector, location and tenant mix. The
Investment Strategy is unchanged and Argosy’s portfolio
will continue to consist primarily of Core and Value
Add properties.
Core
Core properties are well constructed, well located assets
which are intended to be long-term investments of more
than 10 years. The Core properties target is between 75%
to 90% of the portfolio by value. Core properties are well
located with strong long-term generic demand, a leasing
profile that provides for rental growth of at least CPI and
good structural integrity with minimal maintenance
capital expenditure required.
Value Add
Value Add properties are assets which, through skilled
asset management, can increase future earnings and
provide capital growth. Value Add properties will already
be well located with the potential for strong long-term
tenant demand. These properties are available for near
to medium-term repositioning or development with the
view to moving into the Core category.
Investment Policy
The Investment Policy clearly defines what properties
Argosy will seek to own by setting the boundaries
within which it will operate and invest. It delivers a clear
acquisition checklist and every potential acquisition (and
portfolio asset) can be measured against that checklist.
In some cases, a portfolio of assets may be considered
for acquisition. The strategy for a potential portfolio
acquisition must be consistent with the overall Argosy
Investment Strategy (i.e. the majority by value of the
properties either are Core or offer potential to
move to Core in the medium-term).
In certain circumstances, exceptions to the Investment
Policy may be considered where an acquisition is made
to meet the requirements of a valued tenant.
The Board has recently approved small adjustments to
the Investment Policy target bands. By portfolio value,
the Industrial target has increased by 5% to 45-55%
from 40-50%. The Large Format Retail target has
reduced by 5% to 10-20% from 15-25%. The Office
target of 30-40% is unchanged.
Geographical weightings are unchanged although the
Board has recently acknowledged the growing importance
of the Golden Triangle area between Auckland, Tauranga
and Hamilton. A 5% weighting will sit within the Regional
North Island and South Island band of 10%.
As at 31 March 2020, Argosy was operating within the
parameters of its Investment Policy.
Argosy’s diversified portfolio of quality properties has an
average value of $31.6 million. This allows the Company
to react quickly to changing economic or property market
conditions. Liquid properties, which are properties that
could potentially be under contract within a short period
currently represent approximately 26% of the portfolio
or $468 million.
Capital Management
The optimal capital structure for Argosy is one that enables
it to maximise its earnings yield through the property cycle
within the following parameters:
• properties can be acquired when they meet the
approved Investment Policy criteria, or sold when
they are non Core;
• there are no forced sales of properties or a requirement
to issue equity at a price that is dilutive to shareholders;
• measured dividend growth is maintained.
Argosy’s debt-to-total assets ratio target band remains
at 30-40%. This band allows Argosy flexibility to react
to changing financial and property market conditions.
Any movement beyond pre-set parameters requires an
action plan and timeframe to move debt levels to within
the prescribed range.
Risk Management
Argosy strives to deliver reliable and attractive returns
to shareholders. It takes a considered approach to
development, acquisition, divestment, leasing and
capital management decisions, reflecting its proposition
to shareholders as a yield-based investment.
Argosy has a robust risk assessment process. Risk
assessment reviews are carried out by a representative
cross-section of Argosy’s management team at least twice
a year in accordance with Argosy’s risk management
framework. A risk assessment review has three phases:
identification of material risks arising from Argosy’s
operations; assessment of the probability and consequences
of the risk; and development of controls to achieve a level
of residual risk that is within Argosy’s risk appetite.
Argosy generally operates within a medium/low
overall risk range. Argosy has a low risk appetite for
risks associated with managing developments and
Value Add projects and compliance matters.
5
Argosy Property Limited
Annual Report 2020

Financial Summary
Net Property Income
$M
98.498.4
100.8100.8
101.0101.0
102.5102.5
99.799.7
FY16FY17FY18FY19FY20
0
30
60
90
120
Net Distributable Income
CENTS PER SHARE
6.356.35
6.556.55
6.626.62
6.946.94
7.207.20
FY16FY17FY18FY19FY20
0
2
4
6
8
Debt-to-total-assets Ratio
PERCENT
AGE
36.7%36.7%
36.3%36.3%
35.9%35.9%
35.6%35.6%
38.8%38.8%
FY16FY17FY18FY19FY20
0
10
20
30
40
FINANCIAL SUMMARY
Unit of
measur
e
FY2016FY2017FY2018FY2019FY2020
Net property income$m98.4100.8101.0102.599.7
Profit before financial income/(expenses) and
other gains/(losses) and tax$m89.491.491.191.588.2
Revaluation gains on investment property$m42.242.347.370.559.9
Profit for the year (befor
e taxation)$m83.6120.4109.3143.3123.8
Profit for the year (after taxation)$m78.9103.698.2133.7119.0
Earnings per sharecents9.7912.6911.9016.1614.40
Gross distributable income per sharecents7.608.037.958.147.91
Net distributable income per sharecents6.356.556.626.947.20
Total assets$m1,374.91,458.61,544.81,675.11,929.6
Debt-to-total-assets ratio%36.736.335.935.638.8
Net assets backing per sharecents100106112122130
Cash dividend per sharecents6.036.106.206.286.35
Shares on issue at year endm812.6822.9827.0827.0827.2
Total equity$m810.4875.2926.91,009.01,075.8
PROPERTY METRICS
Unit of
measure
FY2016FY2017FY2018FY2019FY2020
Number of tenants#193185176171177
Number of properties
1
no.6664616059
Average property value$m20.7222.5324.8127.8031.64
Net lettable areasqm601,045606,324587,766587,125584,932
Total book value$m1,367.61,442.21,513.11,667.01,866.9
Weighted average lease termyears5.245.596.086.146.09
Occupancy factor by rental%99.498.698.897.798.8
Occupancy factor by area%99.697.499.497.898.3
1. Certain titles have been consolidated and treated as one. The total number of buildings includes properties held for sale.
6
Argosy Property Limited
Annual Report 2020

Top: 99-107 Khyber Pass, Auckland. Bottom: 15 Stout Street, Wellington.
7
Argosy Property Limited
Annual Report 2020

On behalf of the Boar
d of Directors, it is
my pleasure to present Argosy’s 2020
Annual Report.
The end of the financial y
ear coincided with the world facing an
unprecedented event with the emergence of Covid-19. The virus’s
impact has been severe on global economies and financial
markets. Argosy’s management team has done an excellent job
and have continued to manage the business well through the crisis
which continues today. Argosy’s diversified portfolio by asset and
tenant type sees it positioned to withstand the current market
volatility. The full quantum of the virus’s impact may not be
known for some time yet. However, we will continue to work hard
to monitor, manage and mitigate its impact on the business.
STRATEGY
Argosy’s Create, Manage, Own strategic framework will continue
to guide our overall long-term goals, together with Argosy’s
Investment Framework . The Board's message to stakeholders is
to look through the near term challenges we are facing. There is
significant opportunity, with our Value Add properties and
development pipeline, to position Argosy well for the future. In
the meantime, we continue to work with all our stakeholders to
ensure we come through Covid-19 in good shape.
GOVERNANCE
The Annual M
eeting of Shareholders this year will be held at 2pm
on 28 July as a hybrid meeting. We have taken this approach due
to the Covid-19 situation and our desire to ensure the health and
safety of all stakeholders.
The Board refresh process signalled 18 months ago is now
complete and sees Argosy commence FY21 with a solid
governance foundation to take the company forward. Rachel
Winder and Martin Stearne, who were appointed during the year,
will retire in accordance with the Company’s constitution and the
NZX Listing Rules and will be eligible for re-election. As
previously announced, Peter Brook and myself will retire at the
2020 Annual Meeting and will not stand for re-election.
We met all of our focus points in 2020, but
r
ecognise that in 2021 the big focus will be
carefully managing our way through the
consequences of the Covid-19 pandemic.”
Mike Smith
CHAIRMAN
LOOKING THROUGH
8
Argosy Property Limited
Annual Report 2020

DIVIDENDS
A fourth quarter dividend of 1.5875 cents per share has been
declared for the June quarter with nil imputation credits
attached. The fourth quarter dividend will be paid to
shareholders on 24 June 2020 and the record date will be 10 June
2020. Argosy has re-opened its Dividend Reinvestment Plan and
it will be available for shareholders to participate in for the fourth
quarter dividend.
The Board recognises that we start the 2021 financial year in
challenging times. However, Argosy’s business is resilient and
supported by a sound capital and portfolio position. Accordingly,
based on current projections for the portfolio, the Board is pleased
to confirm our expectations of a full year dividend of 6.35 cents
per share for the 2021 financial year. This guidance reflects the
Boards view that shareholders should continue to share in the
continuing strength of the business. However, we are also
cognisant that we must maintain our momentum towards an
Adjusted Funds from Operations (AFFO
1
) based dividend policy
over the medium term.
OUTLOOK
Argosy ended FY20 with strong momentum. However, economic
conditions since 31 March have changed drastically. Covid-19 has
delivered new and significant challenges to the domestic and
global economies. We expect to see further weakness and
volatility over the next 12-18 months as the world and New
Zealand find their way through this pandemic. Higher
unemployment levels and low consumer and business confidence
will all take time to turn around. Pleasingly, banks are open for
business with no issues to Argosy accessing capital to secure
opportunities if required. Whilst a lower interest rate
environment and the reintroduction of depreciation on buildings
is a positive for Argosy, economic conditions will be negatively
affected, creating headwinds that will require careful navigation.
Notwithstanding these issues, the Board's focus and message to
shareholders is about looking through the short-term challenges,
to the medium and longer term. Argosy remains well positioned.
It has a sound and diversified capital position. Its diverse portfolio
of quality investment properties has a broad tenant composition
providing added resilience and stability to its cashflows.
Looking ahead through the next 12-18 months, the focus on
addressing residual expiries within the portfolio and ensuring
that the tenant retention rate remains high, is unchanged. Argosy
will continue to focus on sustainability and green developments
and on transitioning Value Add properties into higher quality
ones, to drive earnings and capital growth. This emphasis will
continue Argosy’s momentum towards creating further
incremental value and sustainable dividends for shareholders.
To all our investors, both shareholders and bondholders, thank
you all for your continued support over the year and I look
forward to updating you further at the Annual Meeting.
P MICHAEL SMITH
Chairman
1
AFFO (A
djusted Funds From Operations) is considered by some investors to represent a measure of dividend sustainability. The annual results presentation
released today provides a reconciliation between net distributable income and AFFO.
FY20 full year dividend
6.35cps
1.2% increase on the prior period
Q4 dividend to be paid
1.5875
24 June payment date
9
Argosy Property Limited
Annual Report 2020

We are pleased to have delivered on our
key focus areas in 2020, including
strong leasing progress at 7WQ to high
quality Crown tenants and further debt
diversification with a second successful
$100 million green bond issue.
Ultimately ho
wever, we finished the year with a focus on Covid-19.
The last few months have been incredibly tough for all our
stakeholders including our staff, tenants and shareholders. We
have been working extremely hard to ensure everyone we deal
with remains as safe as possible. Whilst there is a lot of volatility
and uncertainty in the market, we are confident in the resilience
of our business and the quality of our diversified portfolio. We
acknowledge that the effect of Covid-19 will be negative for the
economy generally. However, we have strong relationships with
tenants and will continue to work closely with them as we look
through the near-term challenges. Since 31 March 2020, Argosy
has provided some assistance to tenants to counter the impact of
lockdowns associated with Covid-19. This assistance has
primarily been via deferrals or rent abatements. Including the
Albany Lifestyle Centre, Argosy has provided for approximately
$2.8 million in rent abatements for April and May since year end,
for tenants most in need.
We remain focused on ensuring the sustainability of dividends to
shareholders and we will update the market as the ongoing impact
from Covid-19 unfolds through the year.
HIGHLIGHTS
•
Net distributable income
2
up 3.8%;
•
Net distributable income per share up 3.7%;
•
Portfolio metrics in excellent shape with high occupancy
(98.8%) and WALT (6.1yrs) maintained;
•
Full year unrealised revaluation gain of $60 million, an
increase of 3.5% on book value;
•
Strong portfolio leasing outcomes, particularly in Wellington,
with 7WQ now 82% leased to the Crown;
•
Further debt diversification via a second successful
$100 million, 7 year green bond issuance;
•
A lift in net tangible assets (NTA) to $1.30 from $1.22 at
31 March 2019;
•
FY21 dividend guidance of 6.35 cents per share, reflecting
continued sound delivery of strategy.
2
Pr
ofit before tax and distributable income are alternative performance measures used to assist investors in assessing the Company’s underlying operating
performance and to determine income available for distribution to shareholders. Note 23 of the financial statements provides a full reconciliation between profit
before tax and distributable income.
RESLIENCE PAYING DIVIDENDS
10
Argosy Property Limited
Annual Report 2020

FINANCIAL RESULTS
Statement of Comprehensive Income
For the 12 months to 31 March, Argosy reported net property
income of $99.7 million for the period, 2.7% lower than the prior
year. This was due to the impact of divestments, notably 31 El
Prado Drive in Palmerston North, buildings withdrawn for
development including 8-14 Willis Street and 107 Carlton Gore
Road and the $2.9 million termination fee paid by New Zealand
Post in the prior year.
Argosy has reclassified $2.1 million of property expenses to
interest expense in accordance with NZ IFRS 16, which has been
adopted for the first time. The adjustment relates to the ground
lease at 39 Market Place, Auckland.
Administration expenses were up slightly on the previous year
primarily due to small increases across a range of areas including
staffing costs, ground lease charges and NZ IFRS 16 depreciation.
Interest expense of $22.9 million is down on the previous year due
to interest rate savings and higher capitalised interest on
developments.
The valuations for the period to 31 March were performed by
Colliers International, Jones Lang Lasalle, CBRE and Bayleys
Real Estate. The total unrealised revaluation gain for the 12
months to 31 March 2020 was $60 million, corresponding to a
3.5% increase above book value. The portfolio is 3.4% under-
rented excluding market rent on vacant space.
Annual Valuations
The independent work performed by valuers resulted in an
annual revaluation uplift of $60 million. In the current year end
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
3
.
By location, Auckland was the largest contributor to the
revaluation gain with $49.7 million or 83% of the total portfolio
gain. By sector, Industrial again provided the greatest
contribution at $53.4 million, up 6.8%. The Office portfolio
increased $19.5 million, or 2.7% and Large Format Retail declined
by $13.0 million or -6.5%.
As a result of the revaluation gain, Argosy’s NTA has increased to
$1.30, a 6.5% increase from $1.22 at 31 March 2019. Following the
revaluation, Argosy’s portfolio shows a contract yield on values
of 6.11% and a yield on fully let market rentals of 6.41%.
Distributable Income
Net distributable income increased by 3.8% to $59.6 million
compared to the previous year of $57.4 million. Net distributable
income per share increased 3.7% to 7.20 cents per share from 6.94
cents per share in the previous year.
OUTLOOK
After a strong finish to FY20, we start FY21 with a focus on
Covid-19 and trying to manage the effects of this pandemic on the
business. We have strong relationships with all our stakeholders
and will work closely with them to look through the near-term
challenges.
As always, I would like to thank the Board for its continued sound
governance and stewardship of the Company. To our
management team, thank you all for your ongoing dedication and
hard work to deliver solid results for Argosy and our investors for
the 2020 financial year. I am so pleased to work with a team who
epitomise our values on a daily basis.
I look forward to updating all shareholders and bondholders
further at the Annual Meeting in July.
PETER MENCE
Chief E
xecutive Officer
Stout Street, Wellington
3
Please r
efer to Note 5 of the financial statements for more valuation commentary.
Full year revaluation uplift of
$60m
helps increase NTA to $1.30
Increase of
3.8%
in net distributable income
11
Argosy Property Limited
Annual Report 2020

Create. Manage. Own.
1. Environmentally focused and sustainable business.
W
e are taking a green or sustainable approach to
everything we do in our existing business and also
when identifying new opportunities.
2. Execution of tenant led development opportunities.
This is about managing risk by ensuring projects are
pre-committed (wherever possible) and well
managed to ensure they contribute to Argosy’s
performance early.
3. Execution of acquisition opportunities.
This is about ensuring we have the right relationships
to secure opportunities. This also requires us to have
the right people, with the right competence and
experience in the business.
ENVIRONMENTAL
Sustainability
Argosy continued to refine its Environmental, Social and
Governance Framework (ESG Framework) through 2020. The
ESG Framework recognises the importance sustainable business
practices have on the environment and the long-term value it can
create for shareholders.
Argosy issued its second successful $100 million green bond in
2020 under its Green Bond Framework (GB Framework). The GB
Framework promotes the transition to a sustainable future and
aligns with the Green Bond Principles.
Argosy’s green buildings provide both business and
environmental benefits including increased marketability, lower
operating costs, higher occupancy, higher valuations and
improved occupier productivity and well-being. The collective
impact and influence of these policies and frameworks is to
support the delivery of strategy and the greening of the portfolio
over time.
Vaue Add Developments
107 Carlton Gore Road, Auckland – Kaīnga Ora (formerly
Housing New Zealand)
This green project completed in December 2019. The works
included new lighting, air conditioning systems, seismic
restraints, end of trip facilities (showers, changing facilities and
bike parks) and lift replacement. Kaīnga Ora has taken a new 12
year lease which commenced 1 March 2020 for the entire
6,061m
2
of net lettable area. The building is now A Grade and
Argosy is targeting a minimum 4 Green Star Office Built rating
with a seismic rating of 100% of NBS.
We're very happy to deliver a green
pr
oduct where we've had really good
collaboration with the tenant.”
SAATYESH BHANA
HEAD OF SUST
AINABILITY, ARGOSY PROPERTY LIMITED
Create.
"Proactive actions to ensure
sus
tainable growth."
12
Argosy Property Limited
Annual Report 2020

8-14 Willis Street and 360 Lambton Quay, Wellington
This pr
oject is one of Argosy’s current green developments and
the largest in the company’s history. Argosy is targeting a 6 Green
Star Built rating and 5 Star NABERSNZ energy efficiency rating.
Willis Street and 360 Lambton Quay is expected to have an
independent valuation of $138 million on completion. Due to
Covid-19 and delays arising from Alert Level lockdowns, the
development is now forecast to complete in August 2021.
54-56 Jamaica Drive, Wellington
Argosy is progressing well with its $5.6 million development for
Big Chill at 54-56 Jamaica Drive. The development supports Big
Chill's growing business with practical completion now likely in
August 2020.
Big Chill facility at 56 Jamaica Drive
Other
The Cr
own via its various departments is the cornerstone partner
in most of Argosy's projects, providing a high degree of cashflow
certainty. While it is too early to assess what the financial impact
may be on the delayed projects at this time, we will update
investors in due course as the Covid-19 restrictions ease.
Argosy's developments are consistent with its Create strategy.
The green developments in particular deliver modern, functional
and appealing workspace environments to tenant employees.
Argosy will benefit from new, high quality tenants and modern
buildings along with the long term sustainable cashflow they
bring.
It is a real focus for Argosy to continue
pursuing these gr
een focused
opportunities to improve overall portfolio
quality and create incremental value for
shareholders.”
Peter Mence
CEO
107 Carlton Gore Road, Auckland
The building was vacated by ANZ Banking Group after 15
years. This provided an opportunity to refurbish and
upgrade the building to target a minimum 4 Green Star
Built rating and 4 Star Base build NABERSNZ energy
efficiency rating. These attributes attracted Kāinga Ora
(formerly Housing New Zealand) to exit three different
buildings and amalgamate to 107 Carlton Gore Road,
providing a new Auckland hub. Through a mixture of
innovation and additional specification of services,
Argosy is now targeting a 5 Green Star Built rating and 4.5
Star NABERSNZ energy efficiency rating. This 6 level
building provides four levels of office space with two
basement levels. The building provides for 1,000m
2
floor
plates with a central core, creating excellent natural light
and views over Newmarket. The upper basement has new
end of trip facilities that provide bike parks, lockers and
showers.
Argosy has taken learnings from other projects and
included the following features:
•
CO
2
sensors to control the fresh air rates. As the
building occupants increase, so does the fresh air
quantities;
•
Two new air cooled chillers matching the building load
to provide greater energy efficiency;
•
A new Building Management System that provides
optimisation control to maximise energy efficiency;
•
New LED lighting with daylight and occupancy
control;
•
New end of trip facilities that provide showers, lockers
and changing facilities;
•
Highly efficient water fixtures and fittings, ready for
rain water harvesting;
•
Metering of all electricity to enable NABERSNZ
assessments;
•
Acoustic materials to ensure a quiet working
environment; and
•
Power provisions for EV rapid chargers should the
tenant require them.
13
Argosy Property Limited
Annual Report 2020

Create.
Our aspirational goals
Ar
gosy's ESG Framework sets out the following aspirational
environmental goals;
1. We will strive to obtain NABERSNZ Energy Ratings on
all of our office buildings by 2022
We currently have NABERSNZ Base Build ratings on 308 Great
South Rd (4.5 Stars), 302 Great South Rd (5 Stars), 15 Stout Street
(5 Stars) & 82 Wyndham Street (5.5 Stars). We also have a 4 Star
NABERSNZ Whole Build rating on 143 Lambton Quay. We are
targeting NABERSNZ Base Build ratings once we have 12 months
of data on 99-107 Khyber Pass, 8 Nugent Street, 107 Carlton Gore
Rd and 23 Customs Street.
2. We will collect energy consumption data (electricity and
water) on all buildings
We have reviewed various environmental reporting software
platforms in terms of reporting, reliability, accuracy, price and
value. We have purchased a new data collection software system
called Quasar and all new projects have metering linked to the
system and we are transferring existing projects over.
3. We will develop a Waste Management Plan which will be
incorporated into all major projects
This has been successfully used in completed projects and
continues to be considered on all future major projects. On the
project at 107 Carlton Gore Rd we achieved 70% diversion from
landfill. We have a management plan in place for the 8-14 Willis
Street and 360 Lambton Quay development.
8-14 Willis Street (including 360
Lambton Quay pr
oject)
8-14 Willis Street is located in the centre of the Wellington
CBD, adjacent to 360 Lambton Quay (formerly Stewart
Dawson Corner). The area is predominantly
characterised by office and high street speciality retail.
Argosy has significantly progressed its $86 million
development. The development will create both a
substantially new 11 level, 12,800m
2
building and 3,100m
2
of additional prime retail/office space on the 360
Lambton Quay part of the site. Argosy is targeting a 6
Green Star Built rating and 5 Star NABERSNZ energy
efficiency rating.
Argosy has entered into a new 15 year lease with the
Crown (Statistics New Zealand) to occupy 12,300m
2
of
space other than 500m
2
of the planned ground floor retail.
Like many Crown departments, Statistics are focused on
sustainability and agile working environments. Willis
Street will incorporate innovative and sustainable
features including; rainwater harvesting, chilled beams to
deliver heating & cooling, a new HVAC system to comply
with Green Star requirements and modern end of trip
services. The building will have a NBS rating of 130%.
Argosy is finalising the potential mix of retail tenants for
the location and is in discussion with a range of potential
tenants for the space. Construction for the overall project
is expected to take 24 months and be completed by August
2021.
On completion, the property is forecast to have an
independent valuation of $138 million.
14
Argosy Property Limited
Annual Report 2020

Argosy continues to have a strong social
r
esponsibility and commitment to actively engage
with the communities in which we operate.
Shareholders retain high expectations for Argosy to
deliver a wider range of outcomes over and above
financial returns to them.
SOCIAL & COMMUNITY
Our Community
Argosy continues to have a strong social responsibility focus and
commitment to actively engage with the communities in which
we operate. Argosy continues to provide year on year support to
surf life saving clubs, youth development organisations (Spirit of
Adventure Trust) and children with one or more parent in prison
(Pillars).
Surf Life Saving
Our five surf life saving partners are: Red Beach Surf Life Saving
Club (SLSC), Hot Water Beach SLSC (Coromandel), Taylors
Mistake SLSC (Christchurch), Lyall Bay SLSC (Wellington) and
St Clair SLSC (Dunedin). These clubs remain fantastic
organisations to partner with given the huge value they contribute
in keeping communities safe in the water each year.
For the year to 31 March 2020 Argosy donated a total of $37,500
to these organisations.
Argosy continues to value these important partnerships and looks
forward to working with these clubs again in 2021 to support their
amazing work.
Hot Water Beach Surf Life Saving Club IRB with Argosy logo.
Spirit of Adventure Trust
This pr
ogramme has been building generations of young Kiwis
with confidence, resilience and self-esteem since 1972 and over
1,000 Kiwi teenagers get the opportunity to participate in this
potentially life changing voyage every year.
Argosy proudly supports the Spirit of Adventure Trust, based in
Auckland and contributed a total of $6,100 in FY20 for this
initiative. The sponsorship contributed towards the cost of two
teenagers, aged 16-18, to participate in the 10-day development
voyage on the Spirit of New Zealand.
The Trust identifies worthy recipients who would benefit from
the experience but who do not have the means to be able to fund
it.
Research studies have been completed on the outcomes of
students aboard the ship showing they display increased self-
esteem and initiative to take opportunities that life presents to
them. Argosy remains very happy to be supporting this
programme that delivers such positive outcomes for young
people.
Spirit of Adventure Trust and Argosy have partnered with
INZONE Education Foundation (INZONE). INZONE is a New
Zealand registered charitable trust that aims to inspire and
support Māori and Pasifika youth to take their place in the
cultural, economic and civic leadership of Aotearoa New Zealand.
It does this by providing kāinga (hostels) which are “InZone” for
high performing schools, Auckland Grammar and Epsom Girls’
Grammar.
In FY20 one student from both Auckland Grammar and Epsom
Girls’ Grammar attended a 10-day development voyage and we
are awaiting the students feedback to their respective schools on
their experience.
Further information about the Spirit of Adventure Trust can be
found at www
.spiritofadventure.org.nz.
Snickel Lane - Urban Art Award
Elam School of Fine Arts student Georgia Arnold was the 2019
recipient of the Snickel Lane Urban Art Award, which provides
the opportunity for a student to create and display a public work
of art, while developing essential industry skills.
The $10,000 award was established by Argosy in 2016. It is
awarded to Creative Arts and Industries students at the
University of Auckland, who are in their final year, or undertaking
postgraduate studies.
In 2019, Georgia was finishing her final year of a Bachelor of Fine
Arts with honours at Elam. Georgia said “The award is a perfect
opportunity for me to experience working at a larger scale,
pushing processes of drawing, painting and casting that I have
explored this year. It is also a great chance to make a site-specific
work, a work that I am lucky enough to have on show for a whole
year, hopefully enhancing the Lane and the experience of the
public alike.”
15
Argosy Property Limited
Annual Report 2020

Create.
Georgia is also able to use the award funds to purchase materials
to mak
e and install this work. Any funds leftover can be used for
future works, assist with travel to exhibitions, buy art books or
equipment.
“The recognition of being awarded this scholarship built my
confidence in my artistic practise, which I will continue to pursue
after graduating Elam. Thank you again for your generosity and
support.”
Due to Covid-19 and New Zealand’s Alert Level lockdown,
Geor
gia was unable to create her artwork in time for Argosy’s
annual report but we look forward to seeing it very soon.
Pillars
Pillars N
ew Zealand is one of Argosy’s newest community
partners. Established 30 years ago, Pillars is a charity dedicated
to supporting children of prisoners. In 2020, Argosy supported
Pillars with $5,000 which they used to help mentor coordinators
in Auckland. The Argosy team looks forward to a long and
prosperous partnership with Pillars and the fantastic work they
do for children and young people.
Star Jam
Ar
gosy has a community partnership with The Spirit of
Adventure Trust (the Trust). In September 2019 Argosy, in
conjunction with the Trust, organised a Pirates and Pizza day for
Star Jam, an organisation that Argosy staff are involved with. Star
Jam helps to inspire young people with disabilities (the
‘Jammers’) to express themselves through music, dance, singing
and performance. The Pirates and Pizza day saw the Trust provide
the Spirit of Adventure boat for the morning to take Jammers and
their families on a morning voyage around the harbour. Back on
shore, the Jammers were treated to pizzas and refreshments.
Thanks to Stefan Barton and the Spirt of Adventure Trust team
for supporting this cr
oss-collaboration opportunity.
Star Jammers Pirates and Pizza Day
Other sponsorships
Outside its main community partnerships
, Argosy made several
other contributions to worthy organisations totalling $8,290
including:
•
Wheel Blacks;
•
Auckland University;
•
Prostate Cancer Foundation; and
•
Child Cancer.
Staff Volunteer Days
Argosy encourages its staff to do volunteer work for a charity of
their choice. During the period Argosy staff undertook
fundraising to support a variety of well deserving organisations
during the year including Pillars, SPCA and The Mankind Project.
In July 2019, Argosy staff also spent a day planting trees at Atiu
Creek Regional Park, Tapora Peninsula Kaipara. The planting
helps Conservation Volunteers New Zealand and Auckland
Council in its goal of planting 30,000 native trees there over
winter. These trees will help filter contaminants before they reach
our waterways and provide food and habitat for native species,
contributing towards the health of the Kaipara Harbour.
Atiu Creek Regional Park, Tapora Peninsula Kaipara
16
Argosy Property Limited
Annual Report 2020

Snickel Lane
17
Argosy Property Limited
Annual Report 2020

Create. Manage. Own.
1. Strong and valued relationships across all key
stakeholders.
W
e want to be regarded as a good corporate to work
with/for by everyone we interact with.
2. Safe working environments for Argosy's people and
its partners.
Zero-harm philosophy. Keeping everyone safe inside
the business and outside it.
3. A commitment to management excellence and
innovation.
Constantly looking for improvements across the
business, from technology to people and processes.
Always trying to think ahead of the game and be
positioned for the next opportunity.
CAPITAL MANAGEMENT
At 31 March 2020, Argosy’s debt-to-total-assets ratio, excluding
capitalised borrowing costs, was 38.8% versus 35.6% at 31 March
2019. The ratio reflects the net impact of acquisitions and
development activity during the period, offset by revaluation
gains. The ratio also excludes the lease liability and right of use
asset at 39 Market Place of $41.8 million, recorded in the period
for the first time under NZ IFRS 16. As noted earlier, the planned
settlement of the Albany Lifestyle Centre (ALC) did not occur in
FY20. Had the unconditional sale been completed, Argosy’s debt-
to-total-assets ratio would have been 36.0% at year end.
During the year Argosy added three new tranches to its existing
syndicated bank facilities.
•
A new $50 million Tranche (Tranche F), expiry 8 October
2021.
•
A new $35 million Tranche (Tranche G), expiry 1 November
2021.
•
A new $50 million Tranche (Tranche H), expiry 30 April 2022.
During FY20 Argosy also refinanced three Tranches of its existing
syndicated bank facilities. Additionally, it extended its syndicate
to include Commonwealth Bank of Australia and Westpac New
Zealand Limited. Tranches B, D and E have been replaced with
three new Tranches as follows:
•
B1 - $100 million for 2 years;
•
B2 - $125 million for 4 years; and
•
B3 - $125 million for 5 years.
In October 2019, Argosy successfully completed a second
$100 million, 7 year Green Bond offer. As a result, Argosy
cancelled $100 million of bank facilities that were due to expire
in October 2021.
As at 31 March, the company’s total bank debt facility was
$585 million ($550 million at 31 March 2019). At 31 March
Argosy’s weighted average debt tenor, including bonds, was 3.6
years (2.7 years at 31 March 2019).
Argosy’s target gearing band is unchanged at 30-40% and
continues to provide flexibility depending on financial and
property market conditions. Argosy remains well within all bank
covenants and currently sits within the target debt-to-total-assets
band. As at 31 March, Argosy had approximately $140.6 million or
7.5% (across four assets) of its portfolio classified as non Core.
Argosy is targeting the divestment of these assets, including the
ALC, in FY21. Successful divestment of these properties at book
value would reduce pro forma gearing by approximately 5%.
Manage.
"Manage all elements of our
business to deliv
er the right
outcomes for all our key
stakeholders."
18
Argosy Property Limited
Annual Report 2020

At 31 March 2020, Argosy’s weighted average interest rate was
3
.95% versus 4.75% at 31 March 2019.
Subsequent to year end, Argosy added a new banking facility,
Tranche I, for $75 million. This new Tranche expires in May 2024.
7 WATERLOO QUAY (7WQ), UPDATE.
Reinstatement / Seismic Works and Leasing
The reinstatement and seismic works to the building are largely
complete. Final works under the reinstatement project are
required for toilets, floor coverings and in-ceiling services on
Level 12. The seismic works are also complete except for the
reinstatement of the Level 12 spandrels and the completion of
works to the interchange. Certification of 80% of NBS has been
achieved. These two projects are expected to be completed in the
first half of the 2021 financial year. During the year, Argosy
achieved the following leasing transactions for space in the
building:
Ground Floor and Level 1, New Zealand Post:
New Zealand Post remain on the Ground Floor and has relocated
from the four tower floors it previously occupied down to Level
1 (4,430m
2
leased to New Zealand Post).
Level 2 and 10, Department of Internal Affairs (DIA):
The DIA now occupies Levels 2 and 10 on an initial 9-year lease
for 4,133m
2
. The lease commenced 1 February 2020.
Level 3, 4 and 5, Kāinga Ora (formerly Housing New
Zealand):
Kāinga Ora entered into an initial 9-year, 3 month lease for
7,001m
2
. The lease commenced in March 2020.
Level 6, 7 and 8, Ministry of Housing and Urban
Development (HUD):
HUD entered into an initial 9-year 3 month lease over 3,675m
2
.
The lease commenced in March 2020.
These new leases mean that the building is now 82% leased. There
is good interest from potential tenants for the remaining 3,650m
2
of space on Levels 9, 11 and 12.
7WQ Insurance Claim
The building sustained substantial damage in the 7.5 magnitude
Kaikoura earthquake in November 2016. Soon after the
earthquake independent engineers confirmed that the building
remained structurally sound, but it suffered damage to internal
fit out and services. As with many significant insurance claims for
earthquake damage, there has been debate with insurers over the
extent of damage, the scope of repair works, the repair
methodology and the extent of insurance cover. To support its
claim, Argosy commissioned comprehensive damage assessment
reports, corresponding reinstatement scopes and a
comprehensive reinstatement cost estimate.
Argosy continues to work with insurers towards resolution of its
claim.
Argosy has submitted 14 interim claims in respect of material
damage and business interruption to 31 March 2020.
•
Claims for material damage (reinstatement works and claims
assessment costs) undertaken have been submitted based on
costs actually incurred. The total claimed from inception of
the claim to 31 March 2020 is $47.4 million. These costs relate
primarily to urgent reinstatement works required to make
damaged levels of the building available for reoccupation and
were not able to be agreed with insurers in advance. Further
claims will be made in respect of additional reinstatement
works as costs are incurred.
•
Claims ha
ve been submitted to 31 March 2020 for business
interruption costs (loss of rents, additional costs and claims
preparation) totalling $15.1 million. The main component of
this is loss of rents ($14.3 million) and no further claims in
respect of loss of rents are expected.
•
From inception of its claim to 31 March 2020, Argosy has
recognised payments from insurers of $23.4 million (after a
$4.9 million deductible) in relation to its interim claims. Of
these, $10.9 million has been allocated to reinstatement of
earthquake damage, $1.8 million to expense recoveries and
$10.7 million to loss of rents.
TENANTS
We proactively manage our tenant partnerships. We
aspire to provide modern, high quality and safe
properties that our tenants enjoy and are expertly
managed by our experienced team.
Our Tenant Philosophy
The foundation of this philosophy is unchanged, tenant’s success
is our success. This is all the more important right now and has
been highlighted in the current Covid-19 pandemic. We continue
to pride ourselves on providing modern, comfortable
environments which help support our tenant’s strategic growth
aspirations. But with Covid-19, right now its less about buildings
and more about people and relationships.
Strong and valued partnerships are
founded on integrity
. With the emergence
of Covid-19, our integrity has never been
more important than right now.”
Peter Mence
CHIEF EXECUTIVE OFFICER
Strategic Partnerships
A k
ey part of our strategy is to work with our key tenants to add
value to the portfolio. In FY20 we:
•
Completed the redevelopment at 180-202 Hutt Road in
Kaiwharawhara, Wellington for Fletcher Distribution
Limited. The project is targeting a 4 Green Star rating;
•
Completed the greening of 107 Carlton Gore Road, Auckland,
for Kāinga Ora on an initial 12 year lease. The project is
targeting a minimum 4 Green Star Built rating;
•
8-14 Willis Street/360 Lambton Quay. This project is one of
Argosy’s current green developments and the largest in the
company’s history. Argosy is targeting a 6 Green Star Built
rating and 5 Star NABERSNZ energy efficiency rating. 8-14
Willis Street/360 Lambton Quay is expected to have an
independent valuation of $138 million on completion. Due to
Covid-19 and delays arising from the Alert Level lockdowns,
the development is now forecast to complete in August 2021.
Argosy continues to work closely with all its tenants to improve
the quality of the portfolio which will ultimately deliver more
modern and efficient buildings for tenants to grow their
businesses.
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Argosy Property Limited
Annual Report 2020

Manage.
Tenant Communications
As we did last year, we surveyed our tenants in 2020 allowing us
to address any concerns they may have.
Over 92% of survey respondents would
r
ecommend Argosy as a property partner”
Argosy Tenant Survey 2020
Our online tenant survey results showed we are doing a lot of
things very well and made improvements against the prior year –
particularly around the quality and strength of our relationships.
Given the current Covid-19 environment, having those strong
relationships is absolutely critical in working together to get
through these challenging times. We need to focus on looking
through the short term, ensuring our tenants have a business that
is ready to go once we get down to lower Alert Levels.
With an experienced and enthusiastic property team on hand, we
pride ourselves on our tenant communication. Every property has
both a dedicated asset and property manager providing our
tenants with a dual line of communication. We aim to address
tenant issues swiftly in order to ensure their working
environment remains safe and fit for purpose to conduct their
daily business.
Right now, with the current economic headwinds we all face,
these relationships could not be more crucial. Our asset and
property management team have been in constant contact with
their tenant contacts to support them where we can.
All issues relating to health and safety are resolved by working
closely with our tenants. We actively encourage our tenants to
strive to achieve excellence in their own health and safety
performance as we do at Argosy.
Tenant Diversity
Every tenant is important and the diversity of our portfolio
continues to be one of its strengths.
Our current family has over 177 members across a diverse range
of industries. By income, the top 10 tenants account for 41.0% of
income while the top 30 account for over 62.0%. The diversity of
our tenant and income streams provides a high degree of certainty
and stability of our earnings and cashflows. We have low exposure
to any one sector or any large tenant and our diverse portfolio of
properties are highly sought after through various economic
cycles.
Argosy’s largest tenant in the portfolio is currently the Ministry
of
Business, Innovation and Employment accounting for 11.2% of
gross property rental income.
Top 10 Tenants
Percentage
of
income
Ministry of Business, Innovation and Employment11.2%
General Distributors Limited5.6%
Kāinga Ora5.4%
Cardinal Logistics Limited4.8%
The Warehouse Limited4.7%
New Zealand Post Limited2.0%
Tonkin & Taylor Limited1.9%
Mitre 10 (New Zealand) Limited1.9%
Te Puni Kokiri1.9%
PBT Transport Limited1.7%
STAFF
Ar
gosy is committed to creating and maintaining an
inclusive and supportive workplace for all its staff.
Diverse & Vibrant Culture
The diversity of our people remains a key focus. Our Diversity
Policy (which is available on our website) sets out our position
and includes measurable objectives to achieve our diversity goals.
We have continued our Environmental, Social and Governance
reporting obligations. We provide updated ethnic diversity
information on our business to illustrate the diverse cultures we
embrace and whom we benefit from in our business.
Argosy’s zero tolerance policy for discrimination recognises that
a talented and diverse workforce, where each employee brings
their own unique capabilities, experiences and characteristics to
their role, is a key competitive advantage.
We continue to recruit and retain talented people to support the
delivery of our strategy.
Targeting
6
Star
Green Star Built Rating on 8-14 Willis Street
20
Argosy Property Limited
Annual Report 2020

Our Values include treating all people with respect. We want to
cr
eate a supportive and understanding environment where
everyone can realise their potential within the company,
regardless of their different backgrounds or beliefs. We remain
committed to employing the best people to do the best job possible
for Argosy and its shareholders. Throughout the Covid-19
pandemic our people have worked hard and diligently.
Ethnic Diversity
71%European
20%Asian
6%Maori
3%Pacific people
Staff Wellbeing
Ar
gosy remains committed to providing a healthy and safe
workplace for all our employees and have a long established
workplace Health and Safety Committee. The purpose of the
Committee is to support the health and wellbeing of Argosy staff
and encourage the safe and early return to work of ill or injured
employees.
The Committee is also responsible for establishing initiatives that
support this purpose such as the provision of subsidised gym
memberships (physical health) and access to independent
employee assistance programs. As well as this, permanent
employees are provided with health, life and disability insurance
cover as part of their employment.
Currently, the Committee is focused on ensuring all staff have the
support they need during the Covid-19 pandemic. With some staff
continuing to work from home – our Committee is making sure
everyone has access to everything they need to still be effective in
their respective roles.
Developing Our Talent
We invest resources into upskilling our people to ensure we have
the necessary skills and experience to perform our roles expertly
and professionally. Each employee has a personal development
plan as part of their Employee Performance Plan. The plan is
developed with the employee's line manager and reviewed as part
of the annual review process.
Over the last 12 months, Argosy staff have continued to upskill
across a range of areas including sustainability, health & safety,
human resources and governance.
Our Values
Our v
alues guide our internal conduct as well as our relationships
with external parties. In striving for outstanding performance, we
do not compromise our ethics or principles. We place great
importance on honesty, integrity, quality and trust.
Our Values
Ethics
Doing the right thing and doing things right
Culture
Cr
eating a fun environment that encourages
inclusiveness and teamwork
Respect
Treating all stakeholders with courtesy and
understanding
Accountability
Taking ownership and responsibility
Communication
Promoting honest, timely and appropriate
communication with all stakeholders
21
Argosy Property Limited
Annual Report 2020

Manage.
Michael Smith
CHAIRMAN
Dir
ector since December 2002
4
Mr Smith was employed by Lion Nathan Limited for 29 years,
holding a number of senior executive positions including being a
director of the parent company for 16 years. Mr Smith is a current
director of several private equity companies. His previous
directorships/trusteeships include The Lion Foundation,
Auckland International Airport Limited and Fisher & Paykel
Healthcare Corporation Limited. Mr Smith holds a Master of
Commerce degree from The University of Auckland and is a
Graduate of the Programme for Management Development, at
Harvard Business School. He is also a member of the Institute of
Directors in New Zealand.
Peter Brook
DIRECTOR
Dir
ector since December 2002
4
Mr Brook has 21 years experience in the investment banking
industry, retiring in 2000 to pursue his own business and
consultancy activities. He is presently Chairman of Burger Fuel
Group Limited, Trust Investments Management Limited and
Generate Investment Management Limited. Mr Brook is also a
trustee of the Melanesian Mission Trust Board, a member of the
Institute of Finance Professionals New Zealand Inc. and a
director of several private companies. Mr Brook holds a Bachelor
of Commerce degree from The University of Auckland and is a
member of Chartered Accountants Australia and New Zealand.
Chris Gudgeon
DIRECTOR
Dir
ector since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than 25
years. He was previously Chief Executive of Kiwi Property Group
and Capital Properties NZ Limited. He is currently a director of
Crown Infrastructure Partners Limited. Mr Gudgeon holds an
MBA from the Wharton School, University of Pennsylvania and
a Bachelor of Engineering degree from The University of
Canterbury. He is a Fellow of the Royal Institute of Chartered
Surveyors and is a past President of Property Council New
Zealand.
Stuart McLauchlan
DIRECTOR
Dir
ector since August 2018
Mr McLauchlan is a Senior Partner of GS McLauchlan & Co
Business Advisors and Accountants, a prominent businessman
and company director. He is a Director of Scenic Hotels Group
Limited, Dunedin Casinos Limited, EBOS Group Limited and
several other companies. Mr McLauchlan is also Chairman of the
NZ Sports Hall of Fame, UDC Finance, AD Instruments Pty
Limited and Scott Technology Limited. He is also a past President
of the New Zealand Institute of Directors. Mr McLauchlan is a
qualified accountant with a Bachelor of Commerce degree from
the University of Otago, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Fellow of the New
Zealand Institute of Directors.
4
On 1 M
arch 2012, Argosy Property Trust converted from a unit trust into a company, Argosy Property Limited, through a corporatisation process. On
incorporatisation, the Board of Argosy Property Limited comprised the same directors as the Board of Argosy Property Management Limited, the manager of
Argosy Property Trust. Prior to 1 March 2012, Michael Smith and Peter Brook were directors of the manager of the former Trust and began their tenures in
December 2002.
22
Argosy Property Limited
Annual Report 2020

Jeff Morrison
DIRECTOR
Dir
ector since July 2013
Mr Morrison has 40 years of experience as a property lawyer, 29
of them as a commercial property partner at Russell McVeagh,
and now practises on his own account. Mr Morrison is a trustee
of the Spirit of Adventure and other charitable trusts and holds a
number of private company directorships. Mr Morrison is a
qualified lawyer with a Bachelor of Laws degree from The
University of Auckland. He is also a member of the Institute of
Directors in New Zealand.
Mike Pohio
DIRECTOR
Dir
ector since February 2019
Mr Pohio has 25 years of senior executive experience across a
range of industries including property, investment, port/logistics
and dairy. He is the Chief Executive of Ngāi Tahu Holdings
Corporation (NTHC). In addition to being a director on the
boards of NTHC subsidiaries and related party companies, he is
a director on the board of Te Atiawa Iwi Holdings. He is also
Chairman of Rotoiti 15 Investments LP. Mr Pohio holds an MBA
from IMD, Lausanne, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Member of the New
Zealand Institute of Directors.
Martin Stearne
DIRECTOR
Dir
ector since March 2020
Mr Stearne has over 20 years commercial and capital markets
experience, primarily gained during his time at Jarden and its
predecessors from 1995 until 2015. He currently holds
appointments to the NZX Listing Subcommittee, the Takeovers
Panel and the Investment Committee of the Impact Enterprise
Fund. He is a member of INFINZ and IceAngels. Mr Stearne holds
a B.Sc (Hons) in maths and a B.Com in finance from the University
of Otago.
Rachel Winder
DIRECTOR
Dir
ector since August 2019
Mrs Winder has been involved in the property sector for over 20
years across a variety of roles including strategy, portfolio
management, financial management and development. Her
experience spans across industries from construction to
telecommunications and financial services. Rachel is currently
Head of Property for Westpac New Zealand and holds an MBA
from the University of Otago and a Bachelor of Property from
Auckland University. She is also a member of the New Zealand
Institute of Directors.
23
Argosy Property Limited
Annual Report 2020

Manage.
24
Argosy Property Limited
Annual Report 2020

25
Argosy Property Limited
Annual Report 2020

Manage.
SHAREHOLDERS
W
e are committed to fostering open and transparent
communications with investors, ensuring we deliver
to the highest standards and comply with the NZX
listing rules. We meet all continuous disclosure
obligations to ensure that all investors are fully
informed of all information necessary to assess the
Company’s performance.
Each year we strive to improve our relationship with all investors.
We pride ourselves on our ability to release timely, accurate and
appropriate information to everyone. Our senior management
and Board of Directors make themselves available to investors
through one-on-one meetings, property tours, investor
roadshows, conference calls and result webcasts.
Our Communication Strategy
Our communication strategy includes;
•
Periodic and continuous disclosure to NZX in accordance with
the NZX listing rules and Argosy’s Continuous Disclosure
Policy;
•
Information and briefings provided to investors, analysts and
media;
•
Annual and interim reports, distributed to shareholders and
bondholders and made available on the Company’s website;
•
Annual and interim use of proceeds reports in relation to green
bonds in accordance with the product disclosure statement;
•
Bi-annual Investor Updates;
•
The Annual Shareholders’ Meeting and any other meetings
called to obtain approval for Company actions as appropriate;
•
Notices and explanatory memoranda for annual and special
meetings;
•
Annual Retail investor roadshows;
•
The Company’s website containing investor related
information, including portfolio information, market releases,
annual and interim reports, investor presentations and
webcasts, share price information, dividend details, notices of
shareholder meetings and Argosy’s governance policies and
charters; and
•
Market announcements sent to persons in the investor
relations contacts list and published on our website at
www.argosy.co.nz.
Governance
We are committed to operating to the highest standards of
corporate behaviour and accountability. Our corporate
governance practices comply with the NZX Corporate
Governance Code (1 January 2019), as set out in the Statement on
Reporting Against the NZX Code available on the Company
website (www.argosy.co.nz).
We aim to uphold the highest ethical standards, acting in good
faith and in the best interests of shareholders at all times. The
ethical and behavioural standards we expect of Directors, officers
and employees are set out in our Code of Conduct and Ethics.
This Code includes policies about conflicts of inter
est, fair
dealing, compliance with applicable laws and regulations,
maintaining confidentiality of information, dealing with
company assets and use of company information.
Our focus is on having a Board whose members can act
independently and have the combined skills to improve our
financial performance and returns to shareholders. The
Constitution provides for no fewer than three directors. All Board
members are non-executive directors. The Board does not impose
a restriction on the tenure of any director as such a restriction
may lead to the loss of experience and expertise.
The purpose of independent directors is to reassure shareholders
that the Board is undertaking its role properly and is diligent in
holding management accountable for its performance. By
“independent director” we mean independent of management
and free of any business or other relationship that could
materially interfere with, or could reasonably be perceived to
materially interfere with, the exercise of their unfettered and
independent judgement.
As required under Listing Rule 3.3.2, the Board has determined
that Peter Brook, Michael Smith, Mike Pohio, Chris Gudgeon,
Stuart McLauchlan, Jeff Morrison, Rachel Winder and Martin
Stearne are considered to be independent directors under the
NZX Listing Rules.
Further information on the Board of Directors can be found on
pages 22-23 of this report. Our corporate governance policies have
been made public and can be viewed on our website.
Annual Meeting
The Annual Meeting of Shareholders this year will be held at 2pm
on 28 July as a hybrid meeting. We have taken this approach due
to the Covid-19 situation and our desire to ensure the health and
safety of all stakeholders.
The Board refresh process signalled 18 months ago is now
complete and sees Argosy commence FY21 with a solid
governance foundation to take the company forward.
Rachel Winder and Martin Stearne, who were appointed during
the year, will retire in accordance with the Company’s
constitution and the NZX Listing Rules and will be eligible for re-
election. As previously announced, Michael Smith and Peter
Brook will retire at the 2020 Annual Meeting and will not stand
for re-election.
We encourage you to attend the meeting where you will have the
opportunity to listen to and meet the Board of Directors in person.
Our Website
Argosy’s website at www.argosy.co.nz. provides all relevant
public information to Investors. The website:
•
Reflects any information released to the NZX as soon as
practicable after the event;
•
Is a repository for relevant documents, including annual
reports, interim reports, newsletters, information releases,
Company policies, Committee charters, corporate governance
related material and similar documents; and
•
Provides information including registry forms and full texts of
notices of meetings and explanatory notes.
26
Argosy Property Limited
Annual Report 2020

Website information is reviewed regularly to ensure it is current,
and where required, archived. Investors who have provided
Argosy with an email address will be sent annual and interim
reports and other investor communications electronically, unless
they opt to receive hard copies of these reports. We continue to
encourage the receipt of information online to receive
information faster and minimise the impact on the environment
and reduce costs for the company.
DIVIDEND PAYMENTS
A fourth quarter dividend of 1.5875 cents per share has been
declared for the June quarter with nil imputation credits
attached. The fourth quarter dividend will be paid to
shareholders on 24 June 2020 and the record date will be 10 June
2020. Argosy has re-opened its Dividend Reinvestment Plan
(DRP) and it will be available for shareholders to participate in
for the fourth quarter dividend.
Despite the impacts of Covid-19, Argosy remains focused on
delivering sustainable dividends to shareholders. The effect of
Covid-19 will be negative for the economy generally and Argosy
will not be immune. Management is working hard to minimise
the impact on Argosy’s business. Through the strong execution
and delivery of strategy, Argosy’s business is highly resilient,
underpinned by a quality portfolio of diversified property.
Accordingly, based on current projections for the portfolio, the
Board is guiding to a full year 2021 cash dividend of 6.35 cents per
share. This guidance reflects that despite the current challenges,
the Board's view is that shareholders should continue to share in
the positive operating results of the company. Importantly, the
FY21 dividend allows Argosy to maintain its momentum towards
an AFFO
5
based dividend policy in the medium term.
RETAIL ROADSHOW
Argosy normally holds its annual retail investor roadshow each
year following the release of the annual results.
However, due to Covid-19, the 2020 roadshow has been
rescheduled for October, with dates to be confirmed. Senior
management will still visit 13 locations across the country to
present the financial results to 31 March 2020 and provide an
update on Argosy's strategy and portfolio activities.
As usual, several of Argosy's Directors will also be in attendance
on the roadshow, making themselves available to mingle with
shareholders and answer questions. We encourage you to take the
opportunity to attend and catch up with members of the
management team and Board. Further information about the
roadshow will be provided in due course.
Key Dates
(indicative only and ar
e subject to change)
24 June 2020
Final quarter FY20 dividend payment
28 July 2020
Annual Shareholders Meeting
September 2020
FY21 1
st
Quarter Dividend Payment
October 2020
Annual Retail Roadshow
November 2020
FY21 Interim results release
December 2020
FY21 2
nd
Quarter Dividend Payment
5
AFFO (A
djusted Funds From Operations) is considered by some investors to represent a measure of dividend sustainability. The full year results presentation
released today provides a reconciliation between net distributable income and AFFO.
Payment date
24
Jun
Final quarter dividend payment
Annual Retail Roadshow
Oct-20
Dates to be confirmed for the 3 week, 13 city
event
27
Argosy Property Limited
Annual Report 2020

Manage.
HEALTH & SAFETY
The focus ar
ound health & safety remains paramount
and the provision of a healthy and safe workplace for
our employees, tenants and contractors is
unchanged.
We continue to have accurate recording and reporting of
workplace incidents, supporting innovation and fresh ideas to
improve health and safety systems and supporting the safe and
early return to work of injured employees.
Underpinning this commitment is our continued innovation and
adoption of technology to improve our systems – particularly
around recording and reporting of workplace incidents.
The introduction in 2017 of Sitesoft, a contractor management
system, continues to be a big driver of our improved systems and
processes. Sitesoft ensures all work carried out on a building is
completed to the highest standards and in the safest way possible.
It allows real time notifications of risks, emergency procedures
and building information to be passed on to a contractor visiting
a building through smart phone technology. Contractors undergo
a pre-qualification and induction before work can start. We have
211 contractors and 1,291 contractor’s staff loaded onto this
system, which represents 93% of all contractors, a small increase
on 92% in the prior year.
With the concerns around Covid-19, we have added a new section
into the safety audit that specifically addresses personal safety on
site, in line with MBIE guidelines. We have scheduled regular
supervisor/site manager meetings with our major contractors
where we take the opportunity to discuss matters regarding
health and safety on site.
Health and Safety Strategic Goals
W
e want to create a positive safety culture. Therefore, it’s critical
that we manage health and safety risks, provide adequate training
and resources and ensure that managers and individuals are
accountable for their actions or inaction. Our seven key strategic
goals to provide a safer work environment are;
1.
We will proactively identify risks and implement actions to
eliminate, isolate or minimise the risk of harm;
2.
We will consult and actively engage with employees and
contractors to ensure they have the training, skills, knowledge
and resources to maintain a healthy and safe workplace;
3.
We will improve our health and safety management systems
including a new pre-qualification format for sub-contractors
to increase skill levels on site;
4.
We will actively encourage our contractors and tenants to
demonstrate the same commitment to achieving excellence in
health and safety performance as we do;
5.
We will support the health and wellbeing of staff and
encourage the safe and early return to work of injured or ill
employees;
6.
We will comply with relevant legislation and regulations; and
7.
We will accurately report our incidents and investigate root
causes, in a timely manner.
Progress
The following health and safety initiatives were operating during
the year;
•
Extending the pre-start project meetings to include any high
risk work based on our risk matrix;
•
Regularly monitoring risk mitigation controls;
•
Providing ongoing training and appropriate equipment to
staff;
•
Reducing the number of contractors by introducing a ‘pre-
qualification’ process;
•
Maintaining a robust health and safety system including
auditing every contractor at least once a year; and
•
Conducting monthly contractor meetings to discuss key
health and safety points.
28
Argosy Property Limited
Annual Report 2020

Highgate Parkway, Silverdale - Might Ape
29
Argosy Property Limited
Annual Report 2020

Create. Manage. Own.
1. A diversified portfolio of high quality
, well located
assets with growth potential.
Owning the right assets, with the right attributes in the
right locations.
2. Real estate with a primary focus on Auckland &
Wellington markets.
Remain focused in these two major metro areas
unless there is a strong strategic rationale to consider
other locations.
3. Target off-market opportunities.
This includes contiguous properties with potential.
PORTFOLIO POSITIONING
Leasing and Rent Reviews
Argosy’s leasing and rent review activity across the
first half of FY20 strengthened further over the back
half of the year underpinned by robust property
market fundamentals in Auckland and Wellington.
Argosy completed 36 leases across 107,617m
2
of NLA over the year.
Leases were mixed between extensions (4), renewals (17) and new
leases (15). Significant leasing transaction successes over the
financial year include;
•
7 Waterloo Quay, Wellington, Department of Internal Affairs
9 years, 4,133m
2
•
7 Waterloo Quay, Wellington, Ministry of Housing & Urban
Development 9.25 years, 3,675m
2
•
7 Waterloo Quay, Wellington, Kaīnga Ora 9.25 years, 7,001m
2
•
Wiri sites, Cardinal Logistics 15 years, 43,916m
2

•
54-56 Jamaica Drive, Wellington, Big Chill 15 years, 1,885m
2
•
Albany Mega Centre, North Beach 10 years, 1,085m
2
•
32 Bell Ave, Auckland, Mainfreight 3 years, 8,139m
2
•
99 Khyber Pass, Auckland, Interoperability Health 6 years,
646m
2
•
99 Khyber Pass, Auckland, The Mind Lab Limited 4 years,
875m
2
•
Cnr Wakefield St, Wellington, BP Oil NZ 14 years, 2,026m
2
•
23 Customs Street, Auckland, Stirling Anderson Limited 4
years, 229m
2
Following the successful leasing activity in FY20, Argosy’s WALT
at 31 March 20 was again maintained above six years at 6.1 years
(6.1 years at 31 March 2019). Vacancies at 23 Customs Street and
99 Khyber Pass existing at the half year have now been leased.
Subsequent to year end the industrial property at 80 Springs Road,
Auckland was also leased.
Argosy's quality portfolio coupled with relatively low vacancy
levels has allowed it to deliver strong operational results. With a
long WALT and a diversified portfolio, the business maintains a
high degree of resilience and cashflow certainty.
Own.
"Argosy has a v
ery clear Investment
Framework. Simply put, its about
owning the right assets in the right
locations, divesting what we don’t
need and using that capital
elsewhere in the business, including
green developments."
Peter Mence, CEO
30
Argosy Property Limited
Annual Report 2020

As a result of this leasing activity, Argosy increased its occupancy
rate to 98.8% from 97.7% at 31 March 2019.
For the year to 31 March 2020 Argosy completed 100 rent reviews
achieving annualised rental growth of 2.7%. These reviews were
achieved on rents totalling $43.5 million. On rents subject to
review by sector, Argosy achieved annualised rental growth of
2.9% on industrial rent reviews, 2.5% for office rent reviews and
2.6% for large format retail rent reviews.
For the 12 months to 31 March, 63% of rents reviewed were subject
to fixed reviews, 12% were market reviews and 25% were CPI
based. Fixed reviews accounted for 71% of the total annualised
rental uplift and Auckland accounted for 91% of the total
annualised rental uplift.
Acquisitions
During the 12 months to 31 March, Argosy acquired the following
properties;
•
54 Jamaica Drive, Grenada, Wellington for $3.5 million, which
is currently leased to Big Chill. As announced previously, this
property is adjacent to existing Argosy owned development
land at 56 Jamaica Drive. With Big Chill’s existing facilities at
capacity, Argosy has commenced a development on the vacant
land for Big Chill to support their long term growth.
•
244 Puhinui Road, Mangere, for $12.4 million. The site is
contiguous to existing Argosy sites and is leased to Cardinal
Logistics. The purchase of this site had been signalled in the
prior year as part of a sale and leaseback agreement with
Cardinal Logistics; and
•
224 Neilson Street, Onehunga for $32 million. The site
comprises 34,965m
2
of land and 8,000m
2
of buildings and is
currently occupied by Steelpipe Limited. The current lease
expires in December 2022 with a break clause on
30 September 2020.
All of Argosy's acquisitions are considered for their long-term
strategic benefits and whether it can add significant value for
shareholders.
224 Neilson Street acquisition
$32m
Strategic acquisition that will deliver long term
value
224 Neilson Street, Onehunga
Divestments of non Core Assets
The
low interest rate environment underpinned strong property
market fundamentals through the financial year to 31 March.
Prior to Covid-19, both the Auckland and Wellington markets
were relatively buoyant.
The second half of the financial year saw the sale of 223 Kioreroa
Road, Whangarei for $12.3 million, a 1.7% gain above its book
value.
We continued to see a strong vendors
mark
et during the year, allowing us to sell
assets at premiums to book value, and
reinvest the proceeds elsewhere in the
portfolio.”
Peter Mence, CEO
Albany Lifestyle Centre
As pr
eviously disclosed on 27 March, Cook Property Group
Limited, who nominated APF Nominee Limited as custodian for
Augusta Property Fund, failed to settle the sale of the Albany
Lifestyle Centre (ALC).
On 20 April 2020, Argosy cancelled the contract for the sale and
purchase of the ALC and the deposit of $4.525 million was
forfeited to Argosy and will be recognised as distributable income
in FY21. ALC remains for sale and Argosy has fielded good interest
for the property.
Occupancy at year end
98.8%
Improving earnings and cashflow
31
Argosy Property Limited
Annual Report 2020

Own.
Unit of measureIndustrialOffice
Large Format
RetailTOTAL
1
Number of buildingsno.3816559
Market value of assets$m8437542701,867
Net lettable aream
2
391,918117,86275,152584,932
Occupancy factor by rent
2
%97.8%99.4%100.0%98.8%
Weighted average lease termyears7.25.25.36.1
Average value$m22.247.154.031.6
Passing yield
3
%5.69%6.60%6.54%6.11%
1. All statistics include Albany Lifestyle Centre unless otherwise stated
2.
Excluding 7 Waterloo Quay floors unavailable for lease
3. Excluding redevelopments and Albany Lifestyle Centre
Lease Expiry Pr
ofile
BY RENT
Percentage of Portfolio (by income)
1.21.2
10.810.8
9.49.4
5.45.4
5.45.4
14.314.3
8.68.6
11.911.9
4.04.0
6.06.0
6.26.2
16.816.8
VacantMar-21Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27Mar-28Mar-29Mar-30Mar-31 +
0
3
6
9
12
15
18
Annualised rent growth
2.7%
On 100 rent reviews on $43.4 million of existing
r
ental income
Industrial sector contributed
47%
Of rental income increase
32
Argosy Property Limited
Annual Report 2020

Rent Reviews
BY SECTOR
No. of
Reviews
Annualised
Rent
Incr
ease
Increase over
Contract ($)
Industrial282.9%679,611
Office432.5%356,874
Large Format Retail292.6%406,632
TOTAL1002.7%1,443,117
New Leases completed in FY20
BY SECTOR
Floor
Ar
ea
(sqm)
Average
Lease
Term
(years)
No. of
Leases
Industrial27,0947.119
Office77,0195.412
Large Format Retail3,5045.95
TOTAL107,6176.336
New Leases completed in FY20
BY TYPE
Floor
Ar
ea
(sqm)
Average
Lease
Term
(years)
No. of
Leases
New lease28,8638.815
Right of renewal34,6885.117
Extension44,0662.84
TOTAL107,6176.336
Total Portfolio Value
BY SECTOR
45%Industrial
40%Office
15%
Large Format
Retail
Total Portfolio Value
BY REGION
71%Auckland
27%Wellington
2%Regional
Portfolio Mix
BY TYPE
80%Core
12%Value Add
8%Non Core
Additional annual rent
$1.44m
On rents reviewed during FY20
Industrial rent growth increase
2.9%
Annualised growth on 28 rent reviews
33
Argosy Property Limited
Annual Report 2020

Number of buildings
59
Net lettable area (sqm)
584,932
Passing Yield
6.11%
Market Value of buildings ($M)
1,867.0
Occupancy By Rent
98.8%
Portfolio WALT (years)
6.1
Industrial
AUCKLAND
A
90 - 104 Springs Road, East Tamaki
VALUATION
$ 5,700,000
WA LT
7. 9
NET LETTABLE AREA (SQM)
3,885
VACANT SPACE (SQM)
–
PASSING YIELD
6.32%
8 Forge Way, Panmure
VALUATION
$ 29,500,000
WA LT
11.7
NET LETTABLE AREA (SQM)
4,231
VACANT SPACE (SQM)
–
PASSING YIELD
5.08%
10 Transport Place, East Tamaki
VALUATION
$ 28,900,000
WA LT
5.1
NET LETTABLE AREA (SQM)
10,641
VACANT SPACE (SQM)
–
PASSING YIELD
6.80%
1 Rothwell Avenue, Albany
VALUATION
$ 28,400,000
WA LT
11.3
NET LETTABLE AREA (SQM)
12,683
VACANT SPACE (SQM)
–
PASSING YIELD
5.67%
4 Henderson Place, Onehunga
VALUATION
$ 26,000,000
WA LT
12.3
NET LETTABLE AREA (SQM)
10,841
VACANT SPACE (SQM)
–
PASSING YIELD
5.89%
320 Ti Rakau Drive, East Tamaki
VALUATION
$ 59,000,000
WA LT
7. 9
NET LETTABLE AREA (SQM)
28,353
VACANT SPACE (SQM)
–
PASSING YIELD
6.45%
1-3 Unity Drive, Albany
VALUATION
$ 10,750,000
WA LT
2.5
NET LETTABLE AREA (SQM)
6,204
VACANT SPACE (SQM)
–
PASSING YIELD
6.98%
5 Unity Drive, Albany
VALUATION
$ 7,375,000
WA LT
2.0
NET LETTABLE AREA (SQM)
3,046
VACANT SPACE (SQM)
–
PASSING YIELD
4.95%
80 Springs Road, East Tamaki
VALUATION
$ 13,200,000
WA LT
0.0
NET LETTABLE AREA (SQM)
9,675
VACANT SPACE (SQM)
9,675
PASSING YIELD
0.00%
211 Albany Highway, Albany
VALUATION
$ 26,200,000
WA LT
3.8
NET LETTABLE AREA (SQM)
14,589
VACANT SPACE (SQM)
–
PASSING YIELD
5.57%
80-120 Favona Road, Mangere
VALUATION
$ 90,000,000
WA LT
5.4
NET LETTABLE AREA (SQM)
59,386
VACANT SPACE (SQM)
–
PASSING YIELD
7.16%
19 Nesdale Avenue, Wiri
VALUATION
$ 53,500,000
WA LT
12.7
NET LETTABLE AREA (SQM)
20,677
VACANT SPACE (SQM)
–
PASSING YIELD
5.55%
15 Unity Drive, Albany
VALUATION
$ 4,525,000
WA LT
1.1
NET LETTABLE AREA (SQM)
7,002
VACANT SPACE (SQM)
–
PASSING YIELD
5.55%
12-16 Bell Avenue, Mt Wellington
VALUATION
$ 24,500,000
WA LT
1.8
NET LETTABLE AREA (SQM)
14,809
VACANT SPACE (SQM)
–
PASSING YIELD
5.94%
18-20 Bell Avenue, Mt Wellington
VALUATION
$ 15,050,000
WA LT
2.2
NET LETTABLE AREA (SQM)
8,941
VACANT SPACE (SQM)
–
PASSING YIELD
5.87%
32 Bell Avenue, Mt Wellington
VALUATION
$ 11,950,000
WA LT
1.1
NET LETTABLE AREA (SQM)
8,139
VACANT SPACE (SQM)
–
PASSING YIELD
6.30%
9 Ride Way, Albany
VALUATION
$ 25,400,000
WA LT
13.5
NET LETTABLE AREA (SQM)
9,178
VACANT SPACE (SQM)
–
PASSING YIELD
5.67%
2 Allens Road, East Tamaki
VALUATION
$ 5,095,000
WA LT
5.5
NET LETTABLE AREA (SQM)
2,920
VACANT SPACE (SQM)
–
PASSING YIELD
6.28%
12 Allens Road, East Tamaki
VALUATION
$ 4,261,000
WA LT
2.6
NET LETTABLE AREA (SQM)
2,333
VACANT SPACE (SQM)
–
PASSING YIELD
6.52%
41
Argosy Property Limited
Annual Report 2019
Our Portfolio
34
Argosy Property Limited
Annual Report 2020

Industrial
AUCKLAND
A
90 - 104 Springs Road, East Tamaki
VALUATION
$ 6,500,000
WALT
6.9
NET LETT
ABLE AREA (SQM)
3,885
VACANT SPACE (SQM)
–
PASSING YIELD
5.71%
8 Forge Way, Panmure
VALUATION
$ 30,400,000
WALT
10.7
NET LETT
ABLE AREA (SQM)
4,231
VACANT SPACE (SQM)
–
PASSING YIELD
5.06%
10 Transport Place, East Tamaki
VALUATION
$ 29,600,000
WALT
4.1
NET LETT
ABLE AREA (SQM)
10,641
VACANT SPACE (SQM)
–
PASSING YIELD
6.64%
1 Rothwell Avenue, Albany
VALUATION
$ 30,300,000
WALT
10.3
NET LETT
ABLE AREA (SQM)
12,683
VACANT SPACE (SQM)
–
PASSING YIELD
5.45%
4 Henderson Place, Onehunga
VALUATION
$ 29,850,000
WALT
11.3
NET LETT
ABLE AREA (SQM)
10,841
VACANT SPACE (SQM)
–
PASSING YIELD
5.28%
1-3 Unity Drive, Albany
VALUATION
$ 12,700,000
WALT
1.5
NET LETT
ABLE AREA (SQM)
6,204
VACANT SPACE (SQM)
–
PASSING YIELD
6.09%
5 Unity Drive, Albany
VALUATION
$ 7,350,000
WALT
1.0
NET LETT
ABLE AREA (SQM)
3,046
VACANT SPACE (SQM)
–
PASSING YIELD
5.54%
80 Springs Road, East Tamaki
VALUATION
$ 16,100,000
WALT
0.0
NET LETT
ABLE AREA (SQM)
9,675
VACANT SPACE (SQM)
9,675
PASSING YIELD
0.00%
211 Albany Highway, Albany
VALUATION
$ 26,100,000
WALT
2.8
NET LETT
ABLE AREA (SQM)
14,589
VACANT SPACE (SQM)
–
PASSING YIELD
5.75%
12-16 Bell Avenue, Mt Wellington
VALUATION
$ 25,900,000
WALT
1.0
NET LETT
ABLE AREA (SQM)
14,809
VACANT SPACE (SQM)
–
PASSING YIELD
5.81%
18-20 Bell Avenue, Mt Wellington
VALUATION
$ 16,100,000
WALT
1.2
NET LETT
ABLE AREA (SQM)
8,941
VACANT SPACE (SQM)
–
PASSING YIELD
5.77%
32 Bell Avenue, Mt Wellington
VALUATION
$ 12,750,000
WALT
3.1
NET LETT
ABLE AREA (SQM)
8,139
VACANT SPACE (SQM)
–
PASSING YIELD
6.05%
9 Ride Way, Albany
VALUATION
$ 26,200,000
WALT
12.5
NET LETT
ABLE AREA (SQM)
9,178
VACANT SPACE (SQM)
–
PASSING YIELD
5.63%
80-120 Favona Road, Mangere
VALUATION
$ 96,000,000
WALT
4.4
NET LETT
ABLE AREA (SQM)
59,386
VACANT SPACE (SQM)
–
PASSING YIELD
6.71%
19 Nesdale Avenue, Wiri
VALUATION
$ 59,100,000
WALT
14.6
NET LETT
ABLE AREA (SQM)
20,677
VACANT SPACE (SQM)
–
PASSING YIELD
5.02%
2 Allens Road, East Tamaki
VALUATION
$ 5,319,000
WALT
4.5
NET LETT
ABLE AREA (SQM)
2,920
VACANT SP
ACE (SQM)
–
PASSING YIELD
6.02%
12 Allens Road, East Tamaki
VALUATION
$ 4,635,000
WALT
1.6
NET LETT
ABLE AREA (SQM)
2,325
VACANT SP
ACE (SQM)
–
PASSING YIELD
6.02%
106 Springs Road, East Tamaki
VALUATION
$ 6,846,000
WALT
4.5
NET LETT
ABLE AREA (SQM)
3,846
VACANT SP
ACE (SQM)
–
PASSING YIELD
6.02%
5 Allens Road, East Tamaki
VALUATION
$ 5,350,000
WALT
1.7
NET LETT
ABLE AREA (SQM)
2,663
VACANT SP
ACE (SQM)
–
PASSING YIELD
5.21%
35
Argosy Property Limited
Annual Report 2020

Industrial
960 Great South Road, Penrose
VALUATION
$ 7,300,000
WALT
0.1
NET LETT
ABLE AREA (SQM)
3,676
VACANT SPACE (SQM)
–
PASSING YIELD
5.77%
17 Mayo Road, Wiri
VALUATION
$ 29,600,000
WALT
6.8
NET LETT
ABLE AREA (SQM)
13,351
VACANT SPACE (SQM)
–
PASSING YIELD
5.31%
Cnr William Pickering Drive &
Rothwell Avenue, Albany
VALUATION
$ 16,400,000
WALT
3.2
NET LETT
ABLE AREA (SQM)
7,074
VACANT SPACE (SQM)
–
PASSING YIELD
5.39%
320 Ti Rakau Drive, East Tamaki
VALUATION
$ 66,500,000
WALT
7.8
NET LETT
ABLE AREA (SQM)
28,353
VACANT SPACE (SQM)
–
PASSING YIELD
6.20%
15 Unity Drive, Albany
VALUATION
$ 5,200,000
WALT
4.1
NET LETT
ABLE AREA (SQM)
7,002
VACANT SPACE (SQM)
–
PASSING YIELD
4.98%
240 Puhinui Road, Manukau
VALUATION
$ 38,850,000
WALT
14.6
NET LETT
ABLE AREA (SQM)
17,735
VACANT SPACE (SQM)
–
PASSING YIELD
4.72%
244 Puhinui Road, Manukau
VALUATION
$ 14,000,000
WALT
14.6
NET LETT
ABLE AREA (SQM)
5,504
VACANT SPACE (SQM)
–
PASSING YIELD
4.77%
Highgate Parkway, Silverdale
VALUATION
$ 30,500,000
WALT
7.9
NET LETT
ABLE AREA (SQM)
10,581
VACANT SPACE (SQM)
–
PASSING YIELD
5.57%
133 Roscommon Road, Wiri
VALUATION
$ 9,500,000
WALT
13.5
NET LETT
ABLE AREA (SQM)
15,862
VACANT SPACE (SQM)
–
PASSING YIELD
4.64%
224 Neilson Street, Onehunga
VALUATION
$ 32,000,000
WALT
0.5
NET LETT
ABLE AREA (SQM)
7,002
VACANT SPACE (SQM)
–
PASSING YIELD
4.06%
36
Argosy Property Limited
Annual Report 2020

WELLINGTON
W
Cnr W
akefield, Taranaki & Cable
Streets
VALUATION
$ 24,750,000
WALT
13.09
NET LETT
ABLE AREA (SQM)
3,307
VACANT SPACE (SQM)
–
PASSING YIELD
4.80%
147 Gracefield Road, Seaview
VALUATION
$ 15,950,000
WALT
8.01
NET LETT
ABLE AREA (SQM)
8,018
VACANT SPACE (SQM)
–
PASSING YIELD
6.38%
19 Barnes Street, Seaview
VALUATION
$ 14,050,000
WALT
8.42
NET LETT
ABLE AREA (SQM)
6,857
VACANT SPACE (SQM)
–
PASSING YIELD
7.33%
39 Randwick Road, Seaview
VALUATION
$ 19,700,000
WALT
3.14
NET LETT
ABLE AREA (SQM)
16,249
VACANT SPACE (SQM)
–
PASSING YIELD
8.42%
68 Jamaica Drive, Grenada North
VALUATION
$ 17,250,000
WALT
1.33
NET LETT
ABLE AREA (SQM)
9,609
VACANT SPACE (SQM)
–
PASSING YIELD
7.10%
54-56 Jamaica Drive, Wellington
VALUATION
$ 7,228,000
WALT
15.18
NET LETT
ABLE AREA (SQM)
860
VACANT SPACE (SQM)
–
PASSING YIELD
6.40%
180-202 Hutt Road, Kaiwharawhara
VALUATION
$ 21,026,000
WALT
9.17
NET LETT
ABLE AREA (SQM)
6,019
VACANT SPACE (SQM)
–
PASSING YIELD
4.22%
OTHER
O
8 Foundry Drive, Woolston,
Christchur
ch
VALUATION
$ 15,675,000
WALT
9.83
NET LETT
ABLE AREA (SQM)
7,668
VACANT SPACE (SQM)
–
PASSING YIELD
7.22%
1478 Omahu Road, Hastings
VALUATION
$ 10,200,000
WALT
7.34
NET LETT
ABLE AREA (SQM)
8,514
VACANT SPACE (SQM)
–
PASSING YIELD
7.38%
37
Argosy Property Limited
Annual Report 2020

Office
AUCKLAND
A
99-107 Khyber Pass Road, Grafton
VALUATION
$ 15,800,000
WALT
4.42
NET LETT
ABLE AREA (SQM)
2,509
VACANT SPACE (SQM)
–
PASSING YIELD
6.07%
101 Carlton Gore Road, Newmarket
VALUATION
$ 28,100,000
WALT
3.59
NET LETT
ABLE AREA (SQM)
4,821
VACANT SPACE (SQM)
–
PASSING YIELD
6.43%
8 Nugent Street, Grafton
VALUATION
$ 48,100,000
WALT
4.04
NET LETT
ABLE AREA (SQM)
8,125
VACANT SPACE (SQM)
325
PASSING YIELD
6.52%
39 Market Place, Viaduct Harbour
VALUATION
$ 43,750,000
WALT
2.36
NET LETT
ABLE AREA (SQM)
10,365
VACANT SPACE (SQM)
–
PASSING YIELD
8.60%
105 Carlton Gore Road, Newmarket
VALUATION
$ 32,800,000
WALT
1.30
NET LETT
ABLE AREA (SQM)
5,312
VACANT SPACE (SQM)
–
PASSING YIELD
6.83%
302 Great South Road, Greenlane
VALUATION
$ 10,800,000
WALT
3.78
NET LETT
ABLE AREA (SQM)
1,890
VACANT SPACE (SQM)
–
PASSING YIELD
6.02%
308 Great South Road, Greenlane
VALUATION
$ 7,800,000
WALT
0.46
NET LETT
ABLE AREA (SQM)
1,568
VACANT SPACE (SQM)
–
PASSING YIELD
6.58%
25 Nugent Street, Grafton
VALUATION
$ 12,600,000
WALT
2.65
NET LETT
ABLE AREA (SQM)
3,028
VACANT SPACE (SQM)
–
PASSING YIELD
6.62%
107 Carlton Gore Road, Newmarket
VALUATION
$ 42,900,000
WALT
11.92
NET LETT
ABLE AREA (SQM)
6,061
VACANT SPACE (SQM)
–
PASSING YIELD
5.95%
Citibank Centre, 23 Customs Street
East
VALUATION
$ 76,400,000
WALT
3.65
NET LETT
ABLE AREA (SQM)
9,633
VACANT SPACE (SQM)
–
PASSING YIELD
6.35%
82 Wyndham Street
VALUATION
$ 48,100,000
WALT
5.74
NET LETT
ABLE AREA (SQM)
6,012
VACANT SPACE (SQM)
–
PASSING YIELD
5.53%
WELLINGTON
W
143 Lambton Quay
VALUATION
$ 23,750,000
WALT
5.25
NET LETT
ABLE AREA (SQM)
6,216
VACANT SPACE (SQM)
–
PASSING YIELD
9.03%
147 Lambton Quay
VALUATION
$ 36,500,000
WALT
0.78
NET LETT
ABLE AREA (SQM)
8,539
VACANT SPACE (SQM)
134
PASSING YIELD
8.26%
15-21 Stout Street
VALUATION
$ 119,200,000
WALT
6.31
NET LETT
ABLE AREA (SQM)
20,709
VACANT SPACE (SQM)
–
PASSING YIELD
5.82%
8-14 Willis Street and 360 Lambton
Quay
VALUATION
$ 89,780,000
WALT
–
NET LETT
ABLE AREA (SQM)
–
VACANT SP
ACE (SQM)
–
PASSING YIELD
0.00%
7 Waterloo Quay
VALUATION
$ 117,802,000
WALT
9.16
NET LETT
ABLE AREA (SQM)
23,075
VACANT SP
ACE (SQM)
–
PASSING YIELD
5.53%
38
Argosy Property Limited
Annual Report 2020