Capital change notice – share rights plan

NZX RELEASE
6 October 2020
Kiwi Property issues performance share rights


Kiwi Property Group Limited (Kiwi Property) has today issued performance share rights to its
executives and other invited employees. The performance share rights are part of an
employee share plan designed to better drive long-term performance, and vest if return on
capital employed and relative shareholder return thresholds are met. Vesting occurs equally
over a three-year period, calculated as a percentage of the participant’s fixed annual
remuneration. Performance share rights do not carry a dividend entitlement.
A notice of allotment of performance share rights accompanies this announcement.
Contact us for further information
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz

Campbell Hodgetts
Communications Lead
campbell.hodgetts@kp.co.nz
+64 27 563 4985
About us
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand
Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around for over 25
years and proudly own and manage a significant real estate portfolio, comprising some of
New Zealand’s best mixed-use, retail and office buildings. Our objective is to provide investors
with a reliable investment in New Zealand property through the ownership and active
management of a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi
Property an issuer credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its
fixed rate senior secured bonds. Kiwi Property is the highest rated New Zealand company
within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of benchmark
and tradable indices for ESG (Environmental, Social and Governance) investors. Kiwi Property
is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz

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Kiwi Property Group Limited
Capital Change Notice




Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
NZX ticker code KPG
Class of financial product Unlisted Performance Share
Rights
ISIN (If unknown, check on NZX website) Not applicable
Currency Not applicable
Section 2: Capital change details
Number issued/acquired/redeemed
1,464,491 Performance Share
Rights
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security No cash consideration is
payable for the issue of the
Performance Share Rights
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
1

260% of all existing
Performance Share Rights
(representing 0.093% of
Ordinary Shares on issue if all
of these Performance Share
Rights vest)
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
See terms of issue below.
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Performance Share Rights
issued pursuant to the Kiwi
Property Group Limited Share
Rights Plan
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
2,027,628 unlisted
Performance Share Rights.
There is no treasury stock.
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
Not applicable

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Authorised by board resolution
dated 17 September 2020 and
listing rule 4.6.1
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The Performance Share Rights
vest each year over a three
year period from 1 April 2020.
Vesting of the Performance
Share Rights is subject to the
satisfaction of the following two
tranches of hurdles:
(1) 75% of the
Performance Share
Rights are subject to
the Company’s
performance against
the target return on
capital employed over
the performance period
(being 1 April 2020 to
31 March 2021)
(“Performance
Period”); and
(2) 25% of the
Performance Share
Rights are subject to
the Company’s relative
return over the
Performance Period.
Upon vesting, each
Performance Share Right can
be converted into one Ordinary
Share in Kiwi Property on
exercise for no cash payment.
The Performance Share Rights
cannot be transferred.
Date of issue/acquisition/redemption
2
6 October 2020
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Gavin Parker
Contact person for this announcement Gavin Parker
Contact phone number +64 9 359 4012
Contact email address gavin.parker@kp.co.nz
Date of release through MAP

6 October 2020




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).