Kiwi Property announces half-year results and dividend

NZX RELEASE
23 November 2020
Kiwi Property announces half-year results and
dividend


Kiwi Property today announced its financial results for the six months ended
30 September 2020, reporting operating profit before tax
1
of $55.2 million, down 8.4% on
the same period last year. Net profit after tax
2
rose 47.5% to $54.2 million, assisted by a
fair value gain on investment properties.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said the proactive steps taken
early in the financial year had enabled the Company to navigate the financial impacts
of COVID-19.

“While operating profit fell for the period, it’s important to consider the result within the
context of the lockdowns that took place in the first half. Looking ahead, we’re focused
on delivering a solid performance through the remainder of the 2021 financial year,
capitalising on our diversified property portfolio and the successful opening of Sylvia
Park Level 1,” said Mackenzie.

Property valuations

As at 30 September 2020, the Company’s mixed use, office, retail and other investment
properties were worth $3.2 billion
3
,

following an

$11.8 million fair value uplift. Net tangible
assets per share also increased marginally to $1.29. Kiwi Property’s office assets proved
most resistant to the economic impact of the pandemic, increasing in value by 4.3% to
$950 million. In contrast, the Company’s mixed-use and retail portfolios declined in
value by 0.9% (to $1.55 billion) and 3.3% (to $469 million) respectively.

“While the uncertainty caused by COVID-19 continues to impact property values, it’s
encouraging to see a firming of capitalisation rates and a general stabilisation of asset
pricing across our portfolio,” said Mackenzie.

Rent relief

The cost of the rent relief measures introduced to support tenants post-lockdowns
contributed to a 5.3% reduction in net rental income to $84.9 million. Adjusted Funds
from Operations
1
(AFFO) were similarly affected, declining 21.1% to $36.5 million.

The cash cost of the tenant support package remains within the $20 million provision
previously outlined by the Company (equivalent to $14 million after tax for the full-year)
and will have a first half pre-tax accounting impact of approximately $8.1 million. These
rent relief costs will be partially offset by the reintroduction of depreciation allowances
for commercial buildings, expected to increase Kiwi Property’s full year after-tax
earnings by approximately $4.5 million.

2
“COVID-19 and the ensuing lockdowns placed a number of our tenants under
significant pressure. While the costs associated with abating and deferring rent for our
tenants has impacted Kiwi Property’s financial performance, by supporting our retailers
and SMEs we have maintained productive shopping centres, and helped safeguard
the long-term performance of our assets,” said Mackenzie.

Resilient tenant portfolio

At the half year, Kiwi Property’s assets were 99.1% occupied, with a robust weighted
average lease expiry of 4.7 years. In parallel, income from new leases and rent reviews
rose 1.5% overall, led by office (+3.6%).

Kiwi Property’s tenant portfolio is increasingly resilient to the impact of future
COVID-19 related lockdowns. Around 50% of the Company’s tenants are designated as
either essential services or everyday essentials, many of which are able to operate at
more restrictive alert levels. With only two of Kiwi Property’s tenants contributing over
five percent of gross income, the Company also benefits from a diversified rental
stream.

Sylvia Park Level 1

Kiwi Property opened the 20,000 square metre Sylvia Park Level 1 expansion on
15 October 2020. The $277 million development features an extensive lineup of local
and international brands, including a two-level Farmers flagship store and ‘The Terrace
at Sylvia Park’ dining precinct. Following the launch of the new addition, Sylvia Park is
now home to 10 of New Zealand’s 11 favourite retailers
4
, as well as more than 250 stores
and over 5,000 free carparks, the most of any shopping centre in the country.

Moving forward on strategy

Kiwi Property continued to progress its mixed-use strategy through the first half of the
2021 financial year, with a focus on diversifying its asset base. Design of Sylvia Park
Tower 2 is ongoing, with resource consent granted for the 15-floor development.
Planning is also underway for Sylvia Park Tower 3, a smaller six-floor office and medical
building, as well as a build-to -rent residential development at Sylvia Park.

In October 2020, the Company began marketing for sale The Plaza shopping centre in
Palmerston North. The potential disposal of this asset forms part of Kiwi Property’s
portfolio rebalancing strategy and will unlock capital to help fund its mixed-use
development pipeline.

Dividend and guidance update

An interim dividend will be paid for the six month period ended 30 September 2020. In
line with Kiwi Property’s new dividend policy, the payout of 2.20 cents per share is set at
95% of the Company’s AFFO. Payment will be made on 18 December 2020.
Acknowledging that trading conditions remain uncertain for the remainder of the year,
the board expects full-year AFFO to be in the range of 4.90 to 5.15 cents per share
5
.

Kiwi Property Chair, Mark Ford, said the reinstatement of the dividend reflected a
relative stabilisation of trading conditions over recent months.

3

“COVID-19 has had a significant impact on Kiwi Property, however despite the
challenges the business has faced, we have remained resilient. We’re pleased to be in
a position to pay an interim dividend and encouragingly, provide guidance for the full
year.

“While the pandemic may create more uncertainty in the months ahead, as always,
we are committed to delivering for our shareholders and other stakeholders,” Ford
concluded.

ENDS


Notes:
1. Operating profit before tax and AFFO are alternative non-GAAP performance
measures. Refer to the 2021 half-year result presentation accompanying this
announcement for definitions.
2. The reported profit has been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (GAAP).
3. Kiwi Property’s independent valuers have included either ‘material valuation
uncertainty’ or ‘market volatility and uncertainty’ clauses, consistent with market
practice following COVID-19.
4. NZ’s top retailers survey, September 2020, Colmar Brunton.
5. The final dividend payment is contingent on the financial performance of the
Company through the remainder of the 2021 financial year, barring material adverse
effects or unforeseen circumstances.


Contact us for further information:
Clive Mackenzie
Chief Executive Officer
Clive.mackenzie@kp.co.nz
Campbell Hodgetts
Communications and Investor Relations Lead
campbell.hodgetts@kp.co.nz;
+64 27 5634985


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

---

2021
HALF–YEAR
FINANCIAL
STATEMENTS

1
Kiwi Property half-year
financial statements
For the six months ended
30 September
2020
Contents
Letter from the Chair and CEO
Pg 2
Consolidated statement of
comprehensive income
Pg 6
Consolidated statement of
changes in equity
Pg
7
Consolidated statement of
financial position
Pg 8
Consolidated statement of
cash flows
Pg 9
Notes to the consolidated
financial statements
Pg 11
Independent auditor's
review report
Pg 27
Directory
Pg 28
Key Dates
For all our upcoming investor dates visit our investor
centre at:
kp.co.nz/investor-centre. These half-year
financial statements are dated 20 November 2 020 and
are signed on behalf of the board by:
Mark Ford
Chair
Mary Jane Daly
Chair of the Audit and
Risk Committee

Letter from
the Chair and CEO
2KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Dear shareholders
New Zealand has experienced an unprecedented
series
of events over recent months, as it has adapted
to the realities of COVID-19. Despite lockdowns and
economic uncertainty, the country has responded to
the challenges caused by the global pandemic with
a characteristically Kiwi sense of pragmatism and
resilience. So too has Kiwi Property.
The first
half of the 2021 financial year has been unlike
any other in the Company’s history. COVID-19 has
disrupted the world around us, resulting in a new
normal operating environment. We have not been
immune to this volatility, but by being agile and
responding to both our tenants and the dynamic
operating environment, we have helped mitigate the
challenges caused by the pandemic and positioned
the business for the future.
Financial performance
Kiwi Property's net rental income declined 5.3% for
the period, due to rent relief measures required to
support tenants through the COVID-19 lockdown.
Operating profit
before tax
1
was similarly affected,
decreasing 8.4%.
While the costs associated with abating and deferring
rent for our tenants has had a short-term impact on
Kiwi Property’s
financial performance, by protecting
the health of our SMEs and retailers, we have
maintained productive shopping centres, cemented
long-term leasing arrangements and helped safeguard
the performance of our assets.
$
55
.2m
Operating profit
Before tax
$
3
.2b
Property portfolio
value
$
36
.5m
Adjusted funds
from operations
Crowds gathering for the opening of Sylvia Park Level 1
1
Operating profit before tax and adjusted funds from operations (AFFO) are non-GAAP measures.
Refer to the 2021 half-year results presentation for definitions.

3
Property valuations
The fair value of Kiwi Property’s property portfolio
stabilised in the first half, recording an $11.8 million
gain. As at
30 September 2020, the combined
valuation of the Company’s mixed-use, office, retail
and other assets was $3.2 billion. Net tangible assets
rose marginally to $1.29 per share.
While the uncertainty caused by
COVID-19 continues
to cause a drag on asset pricing, capitalisation rates
tightened across the portfolio, including a weighted
average 19 basis point
firming of our office assets
to 5.3%. The positive revaluation of our investment
portfolio contributed to an uplift in net profit after tax,
which rose 47.5% on the prior comparable period.
Sylvia Park Level 1
On
15 October 2020, we opened the exciting new
20,000 square metre Level 1 expansion at Sylvia Park.
The $277 million development features an extensive
lineup of local and international brands, including a
two-level Farmers flagship store and ‘The Terrace at
Sylvia Park’ dining precinct. Sylvia Park is now home
to 10 of New Zealand’s 11 favourite retailers, as well as
more than 250 stores and over 5,000 free carparks, the
most of any shopping centre in the country.
Moving forward on strategy
Kiwi Property made progress on several core elements
of its strategy in the first half, with a focus on
diversifying our asset base. Design of Sylvia Park Tower
2 continued its positive momentum, with resource
consent now granted for the 15-floor
development.
Planning is also underway for Sylvia Park Tower
3, a smaller six-floor office and medical building,
already attracting encouraging leasing interest. This
two-pronged approach offers significant optionality
and the ability to move ahead with either (or both)
of the developments, depending on economic
conditions and tenant demand. In addition, design
of our
first build-to-rent residential scheme continues
to advance.
In October 2020, we began marketing the sale of
The Plaza shopping centre in Palmerston North. The
potential disposal of this asset forms part of our
portfolio rebalancing strategy and will unlock capital to
help fund our mixed-use development pipeline.
Dividend, guidance and outlook
Following a relative stabilisation of trading conditions
over recent months, we are pleased to advise that
an interim dividend will be paid for the period ended
30 September
2020. In line with the new dividend
policy, the payout of 2.20 cents per share has been
set at 95% of adjusted funds from operations
1
(AFFO).
While trading conditions remain uncertain for the
remainder of the year, we expect full-year AFFO to be in
the range of 4.90 to 5.15 cents per share, contingent on
the financial performance of the Company through the
second half of the financial year and barring material
adverse effects or unforeseen circumstances.
COVID-19 has had a significant impact on Kiwi
Property, however despite the challenges the business
has faced, we have remained resilient. While the
pandemic is likely to create more uncertainty in
the months ahead, our commitment to delivering
for our shareholders and other stakeholders remains
unchanged. Thank you for your continued support.
Mark Ford
Chair
Clive Mackenzie
Chief
Executive Officer

4KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Financials
5
5
Financials

Consolidated statement
o
f comprehensive income
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
6KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Note
6 months
30 Sep 2020
$000
6 months
30 Sep 2019
$000
Income
Property revenue
111,290
117,310
Property management income
906
857
Total income112,196
118,167
Expenses
Direct property expenses
(26,377)
(27,672)
Employment and administration expenses
(10,834)
(11,023)
Total expenses(37,211)
(38,695)
Profit
before net finance expenses, other income/(expenses) and income tax
74,985
79,472
Interest income
98
117
Interest and
finance charges
(19,913)
(19,389)
Net fair value loss on interest rate derivatives3.3.2
(2,841)
(12,891)
Net
finance expenses
(22,656)
(32,163)
Profit
before other income/(expenses) and income tax
52,329
47,309
Net fair value gain on investment properties3.2
11,841
-
Other income/(expenses)11,841
-
Profit
before income tax
64,170
47,309
Income tax expense2.1
(9,941)
(10,537)
Profit
and total comprehensive income after income tax attributable
to shareholders
54,229
36,772
Basic and diluted earnings per share (cents)2.2
3.46
2.55
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
o
f changes in equity
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
7
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at
31 March 20191,449,646602600,6322,050,880
Profit
after income tax
--36,77236,772
Dividends paid--(49,790)(49,790)
Dividends reinvested17,534--17,534
Long-term incentive plan-9053143
Balance at
30 September 2019
1,467,180692587,6672,055,539
Balance at
31 March 2020
1,660,9611,600308,9441,971,505
Profit
after income tax
--54,22954,229
Long-term incentive plan
883(291)-592
Employee share ownership plan
70(35)-35
Balance at
30 September 2020
1,661,9141,274363,1732,026,361
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
o
f financial position
A S A T 3 0 S E P T E M B E R 2 0 2 0
8KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Note
30 Sep 2020
$000
31 Mar 2020
$000
Current assets
Cash and cash equivalents
13,456
21,252
Trade and other receivables3.1
21,999
11,932
35,455
33,184
Non-current assets
Investment properties3.2
3,206,689
3,114,734
Property, plant and equipment
4,276
4,274
Interest rate derivatives3.3.2
4,992
4,186
3,215,957
3,123,194
Total assets3,251,412
3,156,378
Current liabilities
Trade and other payables
59,987
53,523
Interest bearing liabilities3.3.1
125,450
-
Income tax payable
1,055
1,748
Interest rate derivatives3.3.2
-
104
Lease liabilities
1,201
1,024
187,693
56,399
Non-current liabilities
Interest bearing liabilities3.3.1
907,938
1,009,867
Interest rate derivatives3.3.2
30,281
26,530
Deferred tax liabilities
87,851
83,217
Lease liabilities
11,288
8,860
1,037,358
1,128,474
Total liabilities1,225,051
1,184,873
Equity
Share capital
1,661,914
1,660,961
Share-based payments reserve
1,274
1,600
Retained earnings
363,173
308,944
Total equity2,026,361
1,971,505
Total equity and liabilities3,251,412
3,156,378
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the board, who authorised these financial statements for issue on 20 November 2020.
Mark Ford
Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
o
f cash flows
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
9
6 months
30 Sep 2020
$000
6 months
30 Sep 2019
$000
Cash
flows from operating activities
Property revenue
104,800
122,051
Property management income
868
850
Interest and other income
98
117
Direct property expenses
(17,079)
(22,989)
Interest and
finance charges
(15,183)
(18,808)
Employment and administration expenses
(11,226)
(12,809)
Income tax expense
(6,000)
(18,899)
Goods and Services Tax paid/(received)
443
(58)
Net cash
flows from operating activities
56,721
49,455
Cash
flows from investing activities
Acquisition of investment properties
(4,017)
(25,523)
Expenditure on investment properties
(77,321)
(83,817)
Interest and
finance charges capitalised to investment properties
(5,656)
(5,034)
Acquisition of property, plant and equipment
(523)
(195)
Net cash
flows used in investing activities
(87,517)
(114,569)
Cash
flows from financing activities
Proceeds from bank loans
23,000
98,500
Dividends paid
-
(32,203)
Net cash
flows from financing activities
23,000
66,297
Net (decrease)/increase in cash and cash equivalents(7,796)
1,183
Cash and cash equivalents at the beginning of the period
21,252
9,923
Cash and cash equivalents at the end of the period13,456
11,106
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
o
f cash flows (continued)
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
10KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Reconciliation of
profit after income tax to net cash flows from
operating activities
6 months
30 Sep 2020
$000
6 months
30 Sep 2019
$000
Profit
after income tax
54,229
36,772
Items
classified as investing or financing activities:
Increase/(decrease) in working capital items relating to investing and
financing activities
4,805
(3,932)
Non-cash items:
Net fair value loss on interest rate derivatives
2,841
12,891
Net fair value gain on investment properties
(11,841)
-
Increase/(decrease) in deferred tax liabilities
4,635
(852)
Amortisation of lease incentives, abatements and fees
7,180
3,333
Amortisation of
fixed rental increases
(832)
(552)
Movements in working capital items:
(Increase)/decrease in trade and other receivables
(10,067)
6,199
Decrease in income tax payable
(693)
(7,503)
Increase in trade and other payables
6,464
3,099
Net cash
flows from operating activities
56,721
49,455

Notes to the consolidated
f
inancial statements
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
11
1.General information
1.1
Reporting entityPG
12
1.2Basis of preparationPG
12
1.3Significant
changes during the period
PG
12
1.4New standards, amendments and interpretationsPG
12
1.5Key judgements and estimatesPG
13
1.6Accounting policiesPG 13
2.Profit
and loss information
2.1
Tax expensePG
14
2.2Earnings per sharePG
14
3.Financial position information
3.1Trade and other receivablesPG
15
3.2Investment propertiesPG
16
3.3FundingPG
22
4.Other information
4.1
Segment informationPG
24
4.2CommitmentsPG 26
4.3Subsequent eventsPG
26

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
F
O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
12KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
1.1 Reporting entity
The interim financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled entities
(the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1
993 and is
an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited
with its ordinary shares quoted on the NZX Main Board and fixed-rate bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim
financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 - Interim Financial
Reporting and International Accounting Standards (IAS) 34 - Interim Financial Reporting. These interim financial statements
should be read in conjunction with the financial statements and related notes in the 2020 annual report.
The interim financial statements for the six months ended 30 September 2020 are unaudited. Comparative balances for
30 September 2019 are unaudited, whilst the comparative balances for the year ended 31 March 2020 are audited.
The
financial statements have been prepared on the basis the Group is a going concern.
The financial statements are prepared on the basis of historical cost, except where otherwise identified. The functional and
reporting currency used in the preparation of the
financial statements is New Zealand dollars.
1.3 Significant changes during the period
The
financial position and performance of the Group was affected by the following events and transactions during the
reporting period:
Investment property acquisitions
During the six months ended 30 September 2020, the Group acquired properties in Mount Wellington and Drury for a total of
$
4.0 million.
COVID-19 global pandemic
In response to the COVID-19 global pandemic, New Zealand entered a nationwide Alert Level 4 lockdown on 26 March 2020.
During
Alert Levels 3 and 4 the operation of many of the Group’s tenants were restricted to varying degrees, and at Alert Level
2 businesses were able to operate with restrictions remaining in place around social-distancing and mass gatherings. At Alert
Level 1, businesses were able to operate with no restrictions around social-distancing and mass gatherings.
New Zealand moved from Alert Level 4 to Alert Level 3 on 28 April 2020, to Alert Level 2 on 14 May 2020 and to Alert Level 1
on 9 June 2020. Alert Levels were increased to Level 3 in Auckland and Level 2 across the rest of New Zealand on 12 August
2020 following new cases of community transmission of COVID-19. Areas outside of Auckland moved back to Alert Level 1 on
22 September 2020 whereas Auckland remained at Alert Level 2 as at 30 September 2020.
The pandemic resulted in the Group offering
rental relief across the majority of the Group’s tenants. This rental relief included
abatements for rental income payable for the months of April, May and June and in some cases also included rental deferrals
(generally for 18 to 24 months). These rental abatements are accounted for as lease modifications under New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS), with the change in lease payments amortised over the
remaining terms of the leases. Rental abatements relating to the COVID-19 global pandemic were $16.9 million gross, with an
impact of $4.6 million on the Consolidated Statement of Comprehensive Income for the six months ended 30 September 2 020.
Rent deferrals as at 30 September 2020 amounted to $2.9 million, exclusive of GST.
1.4 New standards, amendments and interpretations
There were no new accounting standards impacting the financial statements for the six months ended 30 September 2020.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13
1.5 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim financial
statements and in the 2020
annual report.
1.6 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim financial statements are
consistent with those used in the 2
020 annual report.
The Group received $1.0m of government grants under the COVID-19 wage subsidy scheme in the six months ended
30 September 2020. The government grants were accounted for under NZ IAS 20 - Accounting for Government Grants and
Disclosure of Government Assistance, and have been presented on a net basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2. Profit and loss information
F
O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
14KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
2.1 Tax expense
A reconciliation of
profit before income tax to income tax expense follows:
6 months
30 Sep 2020
$000
6 months
30 Sep 2019
$000
Operating
profit before income tax
64,170
47,309
Prima facie income tax expense at 28%
(17,968)
(13,247)
Adjusted for:
Net fair value loss on interest rate derivatives
(795)
(3,609)
Net fair value gain on investment properties
3,315
-
Depreciation
6,403
3,824
Deferred leasing costs
2,275
4
Deferred rent
817
-
Deductible capitalised expenditure
1,604
1,455
Other
(957)
184
Current tax expense(5,306)
(11,389)
Depreciation recoverable
(2,456)
(2,567)
Net fair value loss on interest rate derivatives
795
3,609
Deferred leasing costs and other temporary differences
(2,974)
(190)
Deferred tax
(expense)/benefit
(4,635)
852
Income tax expense reported in
profit
(9,941)
(10,537)
Imputation credits available for use in subsequent periods16,549
12,979
Key estimates and assumptions: income tax
Depreciation recovered on the former PricewaterhouseCoopers Centre (PwC Centre), Christchurch
The impairment of the PwC Centre in the year ended 31 March 2
012 (resulting from the 2010 and 2011 Canterbury earthquakes)
and the associated insurance recovery triggered a potential tax liability for depreciation recovered.
Following the earthquakes, the Government introduced legislation that provides, in certain circumstances, rollover relief for
taxpayers affected by the earthquakes where insurance income will be used to acquire or develop replacement property in
the Canterbury region. The legislation requires that the replacement property be available for use by 31 March 2024. As at
30 September 2020, the Group continues to qualify for this relief and a deferred tax liability of $4.2 million continues to
be provided.
2.2 Earnings per share
6 months
30 Sep 2020
6 months
30 Sep 2019
Total comprehensive income after income tax attributable to shareholders ($000)
54,229
36,772
Weighted average number of shares (000)
1,569,257
1,439,278
Basic and diluted earnings per share (cents)3.46
2.55

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3. Financial position information
F
O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
15
3.1 Trade and other receivables
30 Sep 2020
$000
31 Mar 2020
$000
Trade debtors
22,178
6,779
Provision for doubtful debts
(3,377)
(1,030)
Accrued
COVID-19 rent relief
1
(3,814)
-
14,987
5,749
Deferred rent
2
3,354
-
Prepayments
3,658
6,183
Trade and other receivables21,999
11,932
1Relates to expected abatements and other rent reductions offered to certain tenants as part of COVID-19 rent relief which were not yet finalised at balance date.
2Relates to rental amounts where payment terms have been extended as part of COVID-19 rent relief offered to certain tenants.
Trade debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
rate
method, less an allowance for impairment. Collectability of trade debtors is reviewed on an ongoing basis and a provision
for doubtful debts is made when there is evidence that the Group will not be able to collect the receivable. In determining
the provision the Group applies the simplified approach to measuring expected credit losses prescribed by NZ IFRS 9, which
permits the use of lifetime expected credit losses for all trade debtors. To measure the expected credit losses the Group uses a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment. Debtors are written off when recovery is no longer anticipated. There are no overdue debtors
considered impaired that have not been provided for.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
3.2 Investment properties
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
%
Valuation
31 Mar 2020
$000
Capital
movements
$000
Fair value
gain/(loss)
$000
Book value
30 Sep 2020
$000
Mixed-use
Sylvia Park
1
JLL5.50982,00057,3935,6071,045,000
Sylvia Park Lifestyle
JLL6.1374,3001452,80577,250
LynnMall
Colliers6.63245,0005,113(5,113)245,000
The Base
2
CBRE6.50198,0002,324(16,824)183,500
1,499,30064,975(13,525)1,550,750
Retail
Westgate Lifestyle
Colliers6.5079,0005613,93983,500
Centre Place North
CBRE10.8836,500701(701)36,500
The Plaza
CBRE8.25170,0001,301(2,301)169,000
Northlands
JLL8.00195,0002,105(17,105)180,000
480,5004,668(16,168)469,000
Office
Vero Centre
Colliers5.00445,00080329,197475,000
ASB North Wharf
JLL5.13238,0004856,515245,000
The Aurora Centre
CBRE5.88170,300(218)2,918173,000
44 The Terrace
CBRE6.2557,100(100)30057,300
910,40097038,930950,300
Other
Other properties
154,6504,470-159,120
Development land
60,0005,030-65,030
214,6509,500-224,150
3,104,85080,1139,2373,194,200
Gross up of lease liabilities
9,884-2,60512,489
Investment properties3,114,73480,11311,8423,206,689
1Sylvia Park was valued “as if complete” at $1.105 billion based on a capitalisation rate of 5.50%. The deduction of outstanding development costs for the Level 1
development ($
45.4 million) together with allowances for profit and risk and stabilisation ($14.5 million) results in an “as is” value of $1.045 billion.
2Represents the Group's 50% ownership interest.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17
The movement in the Group's investment properties during the period is as follows:
Mixed-useRetailOfficeOther
6 months
30 Sep 2020
$000
Balance at the beginning of the period
excluding gross up of lease liabilities1,499,300480,500910,400214,650
3,104,850
Gross up of lease liabilities4988,656-730
9,884
Balance at the beginning of the period1,499,798489,156910,400215,380
3,114,734
Capital movements:
Acquisitions---4,017
4,017
Capitalised costs (including fees
and incentives)64,4386,3682,1623,820
76,788
Capitalised interest and finance charges3,797--1,859
5,656
Amortisation of lease incentives, fees,
abatements and
fixed rental income
(3,260)(1,700)(1,192)(196)
(6,348)
64,9754,6689709,500
80,113
Net fair value (loss)/gain on
investment properties(13,525)(16,168)38,930-
9,237
Movement in gross up of lease liabilities(16)2,621--
2,605
Balance at the end of the period
1,551,232480,277950,300224,880
3,206,689
The movement in the Group's investment properties during the prior period is as follows:
Mixed-useRetailOfficeOther
12 months
31 Mar 2020
$000
Balance at the beginning of the period1,533,500597,500893,000183,3893,207,389
Capital movements:
Acquisitions---25,58325,583
Capitalised costs (including fees
and incentives)138,51810,5894,0083,127156,242
Capitalised interest and finance charges6,715154-3,92410,793
Amortisation of lease incentives, fees and
fixed
rental income
(2,268)(1,678)(1,133)(198)(5,277)
142,9659,0652,87532,436187,341
Net fair value (loss)/gain on
investment properties(177,165)(126,065)14,525(1,175)(289,880)
Movement in gross up of lease liabilities4988,656-7309,884
Balance at the end of the period
1,499,798489,156910,400215,3803,114,734

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Key estimates and assumptions: valuation and fair value measurement of investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2
020: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
The investment properties in the Group’s mixed-use, retail and office portfolios were valued as at 30 September 2020 (all
investment properties were valued as at 31 March 2
020). All valuations are prepared by independent valuers who are members
of the Group's valuation panel and members of the New Zealand Institute of Valuers. Other properties and development land
are presented at their 31 March 2020 independent valuations, adjusted for capital expenditure over the period as appropriate.
This represents the Directors’ best estimate of fair value at 30 September 2020.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison
approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach. Valuation
techniques are outlined in the 2020 annual report.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the
capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and the
cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, the valuers for LynnMall, The Base, Centre Place North, The Plaza and Northlands have made
deductions for seismic strengthening works. The Group has provided the valuers with the estimated cost of works for each
asset. In some instances the valuer has assessed additional costs for potential works to buildings which have not been subject
to a Detailed Seismic Assessment (DSA) and/or made additional allowances for escalation and profit and risk. The timing of the
cash outflow for these costs has been spread over the likely remediation period and the overall value deduction reflects the
present value of costs over the adopted time horizon.
Under the residual approach, valuers estimate the ‘as if complete’ value of an asset using the common investment valuation
approaches described above. They then deduct remaining project costs to determine the asset’s ‘as is’ or residual value.
Sylvia Park was valued using the residual approach as the Level 1 development was still in progress as at 30 September 2020.
Detail on this approach and its application to the valuation of Sylvia Park is outlined in the 2
020 annual report.
The valuations of the independent valuers are reviewed by the Group and adopted as the carrying value in the financial
statements. As part of this process, the Group’s management verifies all major inputs to the valuations (including costs to
complete for investment properties being developed), assesses valuation movements since the previous year and holds
discussions with the independent valuers to assess the reasonableness of the valuations.
Impact of the COVID-19 global pandemic
As at 30 September
2020 the real estate markets to which the Group’s investment properties belong continue to be impacted
by market uncertainty caused by the COVID-19 outbreak.
The valuation uncertainty has affected key inputs, assumptions and processes used in the valuation of the Group’s investment
properties, being:
•estimating the net income that a property can produce (income uncertainty), and
•converting that income to value by applying investment rates of return which are derived from analysis of recent market
transactions (investment uncertainty).
Further detail on valuation uncertainty is outlined in the 2020 annual report.
The valuations of the Group’s investment properties as at
30 September 2 020, with the exception of The Aurora Centre and 44
The Terrace, have been prepared on the basis of ‘material valuation uncertainty’ as recommended by The New Zealand Institute
of Valuers to highlight the difficulties in undertaking valuations in the current environment.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19
A ‘material valuation uncertainty’ statement implies the valuation is current at the date of valuation only and that less certainty
and a higher degree of caution should be attached to the valuation. In addition, the valuation should be kept under frequent
review as the assessed value may change
significantly and unexpectedly over a relatively short period of time.
The valuer for the two Wellington commercial properties, The Aurora Centre and 44 The Terrace, has revised their previous
‘material valuation uncertainty’ statement as at
31 March 2020 to a ‘market volatility and uncertainty’ statement as at
30 September 2020. They continue to state that the value may change more rapidly and significantly than during standard
market conditions and that the value should be kept under frequent review, but it is a lesser statement as, in their opinion,
the level of uncertainty has become clearer post COVID-19 than was previously the case. The valuer notes market trends are
supporting a ‘flight to quality’ for investors seeking long lease terms with strong tenant covenant; attributes offered by these
two buildings.
Impact on values at
30 September 2020
To
reflect the impact of the pandemic on investment property value, the valuers have generally adopted softer valuation inputs
than those adopted prior to the pandemic, including lower growth rates across the near term, lower market rental levels,
increased vacancy rates and increased letting-up allowances. The valuers have also made deductions for the costs of estimated
rent relief to tenants for occupancy disruption resulting from pandemic-related impacts. This is consistent with the approach
taken for the valuations prepared as at 31 March 2 020, although the quantum of the deductions is less as at 30 September 2 020,
with the Alert Level 4 lockdown period having now passed. At 31 March 2020 we also saw the valuers expand capitalisation and
discount rates due to the greater market uncertainty. At 30 September 2020, we have seen some capitalisation and discount
rates contract with the lesser uncertainty, however these are not back to pre-pandemic levels.
For the six months ended 30 September 2
020 the Group reported a fair value gain of $9.2 million ($11.8 million after accounting
for the gross up of lease liabilities).
Costs to complete development - Sylvia Park
The completion of Sylvia Park’s Level 1 development was impacted by COVID-19 restrictions, with opening delayed until
15 October
2020. Costs to complete used by the valuers at 30 September 2020 were based on expected completion costs.
Valuation sensitivity
A sensitivity analysis that shows how a change to capitalisation and discount rates affects
the value of the Group’s mixed-use,
retail and office portfolios is provided on the following page. The metrics chosen are those single-value inputs where
movements are likely to have the most significant impact on fair value of investment properties.
The capitalisation rate relates to the income capitalisation approach and the discount rate relates to the discounted cash flow
approach. Generally, a change in the capitalisation rate is accompanied by a directionally similar change in the discount rate.
The table on the following page assesses each of these inputs in isolation and assumes all other inputs are held constant.
The valuation of investment properties is complex with a number of interrelated key inputs and assumptions.
When calculating the income capitalisation value, the gross market rent has a strong interrelationship with the core
capitalisation rate. An increase in the gross market rent and an increase in the core capitalisation rate could potentially
offset the impact to fair value. The same can be said for a decrease in each input. A directionally opposite change in the two
inputs could potentially magnify the impact to the fair value.
When calculating the discounted cash
flow value, the discount rate has a strong interrelationship with the terminal capitalisation
rate. An increase in the discount rate and a decrease in the terminal capitalisation rate could potentially offset the impact to
fair value. The same can be said for an opposite movement in each input. A directionally similar change in the two inputs could
potentially magnify the impact to the fair value.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
Class of property
Inputs used to
measure fair value
Range of significant
unobservable inputs
Sensitivity
30 Sep 2020
31 Mar 2020
Mixed-useCore capitalisation rate
5.5% - 6.6%
5.5% - 6.6%The higher the capitalisation
rates and discount rate, the
lower the fair value
Other income capitalisation rate
6.5% - 8.2%
6.2% - 8.3%
Discount rate
7.1% - 8.3%
7.3% - 8.3%
Terminal capitalisation rate
5.6% - 6.9%
5.5% - 6.8%
Gross market rent (per sqm)
1
$368 - $792
$371 - $786The higher the market rent and
growth rate, the higher the
fair valueRental growth rate (per annum)
-6.7% - 5.8%
-14.6% - 7.4%
RetailCore capitalisation rate
6.5% - 10.9%
6.6% - 11.3%The higher the capitalisation
rates and discount rate, the
lower the fair value
Other income capitalisation rate
4.3% - 11.0%
6.6% - 11.3%
Discount rate
7.8% - 10.6%
8.3% - 10.6%
Terminal capitalisation rate
6.5% - 12.3%
8.1% - 12.3%
Gross market rent (per sqm)
1
$263 - $621
$263 - $638The higher the market rent and
growth rate, the higher the
fair valueRental growth rate (per annum)
-7.8% - 5.5%
-15.3% - 6.5%
OfficeCore capitalisation rate
5.0% - 6.3%
5.3% - 6.4%The higher the capitalisation
rates and discount rate, the
lower the fair value
Discount rate
6.8% - 7.3%
6.8% - 7.4%
Terminal capitalisation rate
5.1% - 6.6%
5.3% - 6.8%
Gross market rent (per sqm)
1
$486 - $659
$492 - $668The higher the market rent and
growth rate, the higher the
fair valueRental growth rate (per annum)
0.0% - 4.0%
0.0% - 4.0%
1Weighted average by property.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21
30 September
2020
Adopted
value
Capitalisation rate
- 25bp
Capitalisation rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,550,750
Impact of assumption change ($000)74,200(68,200)29,400(28,800)
Impact of assumption change (%)4.8(4.4)1.9(1.9)
Retail
Actual valuation ($000)469,000
Impact of assumption change ($000)16,900(15,800)8,400(8,400)
Impact of assumption change (%)3.6(3.4)1.8(1.8)
Office
Actual valuation ($000)950,300
Impact of assumption change ($000)47,700(43,300)17,500(17,200)
Impact of assumption change (%)5.0(4.6)1.8(1.8)
31 March
2020
Adopted
value
Capitalisation rate
- 25bp
Capitalisation rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,499,300
Impact of assumption change ($000)70,100(63,500)37,500(34,900)
Impact of assumption change (%)4.7(4.2)2.5(2.3)
Retail
Actual valuation ($000)480,500
Impact of assumption change ($000)17,200(14,800)8,700(8,500)
Impact of assumption change (%)3.6(3.1)1.8(1.8)
Office
Actual valuation ($000)910,400
Impact of assumption change ($000)44,700(39,800)16,800(16,500)
Impact of assumption change (%)4.9(4.4)1.8(1.8)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
3.3 Funding
3.3.1
Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2020
$000
31 Mar 2020
$000
Bank loans - total facilities
825,000
825,000
Bank loans - undrawn facilities
(268,000)
(291,000)
Bank loans - drawn facilities
557,000
534,000
Fixed-rate bonds - current
125,450
-
Fixed-rate bonds - non-current
350,938
475,867
Fixed-rate bonds - amortised cost
476,388
475,867
Interest bearing liabilities1,033,388
1,009,867
30 Sep 2020
$000
31 Mar 2020
$000
Face value of
fixed-rate bonds - current
125,000
-
Face value of
fixed-rate bonds - non-current
350,000
475,000
Face values475,000
475,000
30 Sep 2020
$000
31 Mar 2020
$000
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)
4.29%
4.35%
Weighted average term to maturity for the combined facilities
3.4 years
3.9 years
Bank loans
The bank loans are provided by ANZ Bank New Zealand, Bank of New Zealand, China Construction Bank, Commonwealth
Bank of Australia, The Hongkong and Shanghai Banking Corporation (HSBC) and Westpac New Zealand (unchanged from
31 March
2020).
In March 2020, $361 million of existing bank debt facilities were extended and are due to expire in the 2024 and 2026
financial
years.
Security
The bank loans and fixed-rate
bonds are secured by way of a Global Security Deed (the Deed). Pursuant to the Deed, a security
interest has been granted over all of the assets of the Group. No mortgage has been granted over the Group's properties,
however, the Deed allows a mortgage to be granted if an event of default occurs.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
23
3.3.2
Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred
to as interest rate swaps).
The following tables provide details of the fair values, notional values, term and interest rates of the Group's interest
rate derivatives.
30 Sep 2020
$000
31 Mar 2020
$000
Interest rate derivative assets - non-current
4,992
4,186
Interest rate derivative liabilities - current
-
(104)
Interest rate derivative liabilities - non-current
(30,281)
(26,530)
Net fair values of interest rate derivatives(25,289)
(22,448)
Notional value of interest rate derivatives - fixed-rate payer - active
290,000
245,000
Notional value of interest rate derivatives - fixed-rate receiver - active
1
40,000
40,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting
50,000
165,000
Notional values380,000
450,000
Fixed-rate payer swaps:
Weighted average term to maturity - active
3.1 years
2.3 years
Weighted average term to maturity - forward starting
6.0 years
5.0 years
Weighted average term to maturity3.6 years
3.4 years
Fixed-rate payer swaps:
Weighted average interest rate - active
2
2.98%
3.51%
Weighted average interest rate - forward starting
2
2.27%
2.74%
Weighted average interest rate2.87%
3.20%
1The Group has $40 million of fixed-rate
receiver swaps for the duration of the $100 million KPG040 fixed-rate bonds. The effect of the fixed-rate receiver swaps is to
convert a portion of the bond to floating interest rates.
2Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury adviser using
valuation techniques
classified as Level 2 in the fair value hierarchy (31 March 2020: Level 2). These are based on the present
value of estimated future cash flows based on the terms and maturities of each contract and the current market interest rates
at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. These values are verified
against valuations prepared by the respective counterparties. The valuations were based on market rates at 30 September 2 020
of between 0.31% for the 90-day BKBM and 0.51% for the 10-year swap rate (31 March 2020: 0.49% and 0.93%, respectively).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. Other information
F
O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 0
24KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
4.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, is the Chief Executive Officer.
Operating segments have been determined based on the reports reviewed by the Chief Executive Officer to assess
performance, allocate resources and make strategic decisions.
The Group's primary assets are investment properties. Segment information regarding investment properties is provided in
Note
3.2.
The Group operates in New Zealand only.
The following is an analysis of the Group's
profit by reportable segments:
6 months ended 30 September
Mixed-use
$000
Retail
$000
Office
$000
Other
$000
Total
$000
2020
Property revenue
48,95528,53229,9273,876111,290
Less: amortisation of fixed rental increases
(334)(141)(320)(37)(832)
Less: direct property expenses
(12,271)(7,285)(6,009)(812)(26,377)
Less: ground lease expenses
(60)(1,072)-(69)(1,201)
Segment
profit
36,29020,03423,5982,95882,880
2019
Property revenue50,57432,22331,6092,904117,310
Less: amortisation of fixed rental increases553(88)(1,006)(11)(552)
Less: direct property expenses(11,706)(8,405)(6,782)(779)(27,672)
Segment
profit
39,42123,73023,8212,11489,086
2020
44%
Mixed-use
24%
Retail
28%
Office
4%
Other
Segment profit
2019
44%
Mixed-use
27%
Retail
27%
Office
2%
Other
Segment profit

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25
A reconciliation of the segment profit to the profit before income tax reported in the consolidated statement of comprehensive
income is provided as follows:
6 months
30 Sep 2020
$000
6 months
30 Sep 2019
$000
Segment
profit
82,880
89,086
Property management income
906
857
Rental income resulting from straight-lining of fixed rental increases
832
552
Interest income
98
117
Net fair value gain on investment properties
11,841
-
Interest and
finance charges
(19,913)
(19,389)
Employment and administration expenses
(10,834)
(11,023)
Net fair value loss on interest rate derivatives
(2,841)
(12,891)
Ground lease expenses
classified as interest and fair value gain on investment properties
1,201
-
Profit
before income tax
64,170
47,309

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
4.2 Commitments
The following costs have been committed to but not recognised in the financial statements as they will be incurred in future
reporting periods:
30 Sep 2020
$000
31 Mar 2020
$000
Development costs at Sylvia Park
27,270
63,572
Development costs at LynnMall
3,538
5,605
Development costs at The Base
1
104
1,080
Development costs at Centre Place North
299
-
Development costs at Northlands
271
765
Drury infrastructure
1,530
1,913
Commitments33,012
72,935
1Represents the Group’s 50% ownership interest.
4.3 Subsequent events
On 8 October
2020 Auckland moved from Alert Level 2 to Alert Level 1 under the Government’s COVID-19 Alert Level system.
On
15 October 2020 Sylvia Park’s Level 1 development was opened.
Marketing of The Plaza for sale commenced on 22 October 2020, with expressions of interest closing on 26 November 2020.
On 20 November
2020 the board declared an interim cash dividend for the six months ended 30 September 2020 of 2.20
cents per share (cps) (equivalent to $34.5 million), together with imputation credits of 0.856 cps. The dividend record date is
4 December 2020 and payment will occur on 18 December 2020.

Independent auditor's review report
T
O T H E S H A R E H O L D E R S O F K I W I P R O P E R T Y G R O U P L I M I T E D
27
Report on the interim financial
statements
Our conclusion
We have reviewed the interim
financial statements of Kiwi
Property Group Limited (the Company) and its controlled
entities (the Group), which comprise the consolidated
statement of financial position as at 30 September 2020,
and the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six month period
ended on that date, and significant accounting policies and
other explanatory information.
Based on our review, nothing has come to our attention
that causes us to believe that the accompanying interim
financial statements of the Group do not present fairly, in
all material respects, the financial position of the Group
as at 30 September 2020, and its financial performance
and cash flows for the six month period then ended,
in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34).
Emphasis of Matter – Material valuation uncertainty
related to valuation of investment properties
We draw your attention to note 3.2 to the interim
financial statements, where the Company discloses that the
independent registered valuers have included a 'material
valuation uncertainty’ clause in their 30 September 2020
valuation reports for all but two properties, as a result of the
COVID-19
pandemic. This clause highlights that less certainty
and a higher degree of caution should be attached to the
property values than would normally be the case given the
continued uncertainty of the COVID-19 pandemic on property
values. Our opinion is not modified in respect of this matter.
Basis for conclusion
We conducted our review in accordance with the New
Zealand Standard on Review Engagements 2
410 (Revised)
Review of Financial Statements Performed by the Independent
Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor’s
responsibilities for the review of the financial statements
section of our report.
We are independent of the Group in accordance with the
relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have
fulfilled
our other ethical responsibilities in accordance with
these ethical requirements. In addition to our role as auditor,
our firm carries out other services for the Group in the
areas of audits of special purpose financial information
in accordance with tenancy agreements, benchmarking of
executive remuneration and assistance with the long-term
incentive plan. The provision of these other services has not
impaired our independence.
Directors’ responsibility for the financial statements
The Directors of the Company are responsible on behalf of the
Company for the preparation and fair presentation of these
interim financial statements in accordance with IAS 3
4 and NZ
IAS 34 and for such internal control as the Directors determine
is necessary to enable the preparation and fair presentation
of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the
financial
statements
Our responsibility is to express a conclusion on the interim
financial
statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34
and NZ IAS 34. A review of interim financial statements in
accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting
of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and
other review procedures.
The procedures performed in a review are substantially less
than those performed in an audit conducted in accordance
with International Standards on Auditing and International
Standards on Auditing (New Zealand) and consequently does
not enable us to obtain assurance that we might identify in
an
audit. Accordingly, we do not express an audit opinion on
these interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a
body. Our review work has been undertaken so that we might
state to the Company’s Shareholders those matters which we
are required to state to them in our review report and for no
other purpose. To the fullest extent permitted by law, we do
not
accept or assume responsibility to anyone other than the
Shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.
The engagement partner on the review resulting in this
independent auditor’s review report is Jonathan Skilton.
For and on behalf of:
Chartered Accountants
20 November
2020
Auckland

Directory
28KIWI PROPERTY 2021 HALF-YEAR FINANCIAL STATEMENTS
COMPANY
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
AUCKLAND 1140
T:
+64 9 359 4000
W:
kp.co.nz
E:
info@kp.co.nz
BOND TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T:
0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
SECURITY TRUSTEE
New Zealand Permanent Trustees Limited
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
AUCKLAND 1140
T:
0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
REGISTRAR
Link Market Services Limited
Level 11, Deloitte Centre
80 Queen Street
PO Box 91976
AUCKLAND 1142
T: +64 9 375 5998 or 0800 377 388
W:
linkmarketservices.co.nz
E:
enquiries@linkmarketservices.co.nz
AUDITOR
PricewaterhouseCoopers New Zealand
PwC Tower, Level 27
15 Customs Street West
Private Bag 92162
AUCKLAND 1142
T:
+64 9 355 8000
W: pwc.co.nz
BANKERS
•ANZ Bank New Zealand
•Bank of New Zealand
•China Construction Bank (New Zealand)
•Commonwealth Bank of Australia
•The Hongkong and Shanghai Banking Corporation
•Westpac New Zealand

kp.co.nz

---

Kiwi Property
2021 half-year results presentation
Kiwi Property
2021 half-year results presentation

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

Contents
Page
Business update4
Half-yearresult13
Appendix 1: Property update 21
Appendix 2: Financial update40
Glossary56
This half-year result presentation, for the six months ended 30 September 2020, should be read in conjunction with the NZX announcement
and financial statements also released on 23 November 2020. Refer to our website kp.co.nz/half-year-result or nzx.com. Property statistics
within this presentation represent owned assets only; property interests managed on behalf of third parties are excluded. Unless otherwise
indicated, all of the numerical data provided in this presentation is stated for the six months ended and/or as at 30 September 2020. All
amounts are in New Zealand dollars. Due to rounding, numbers within this presentation may not add up precisely to the totals provided
and percentages may not precisely reflect the absolute figures. Refer to the Glossaryfor further definitions. The non-GAAP financial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The GAAP financial information has been subject to review.

Business update

2021 half-year result highlights
$55.2m
Operating profit
before tax
-$5.0m (-8.4
%
)
$11.8m
Property portfolio
fair value gain
1
$
1.29 NTA per share
57
New stores at
Sylvia Park Level 1
1. Includes gross up of lease liabilities.
$54.2m
Net profit
after tax
+$17.5m (+47.5
%
)
2.20cps
2021
interim dividend
5

A strategic response to COVID-19
Diversify
Stabilise
Grow
6

Navigating COVID-19
7
>Kiwi Property took a number of steps to help mitigate the significant impact of
COVID-19 on the Company:
–20% temporary pay reductions taken by the board and executive.
–Board made the difficult decision not to pay a full-year dividend.
–Non-essential projects and operating expenditure suspended.
–Received $1.0m wage subsidy, enabling all team members to be retained.
–Worked with tenants to share a fair proportion of the COVID-19 impact.
>1H abatements have impacted AFFO by ~$17m. The expected full-year cost
remains within the $20m ($14m after tax equivalent) provision previously
advised.
>Pre-tax income impact of the rent relief package was $8.1m in 1H with the
balance to be spread over the remainder of the lease terms in future periods.
>Rent relief costs will be partially offset by the reintroduction of depreciation
allowances for building structures, worth ~$4.5m (after tax) in FY21.

Resilience through COVID-19
8
Essential services
1
68
%
Everyday essentials
2
15
%
Discretionary18
%
1. Essential services include supermarkets, pharmacies, medical services, banks, insurance, legal, government, telco and financial services. 2. Everyday essentials include
electronics, hardware, consultancy, department stores and discount department stores, hairdressers and opticians. All other categories are considered discretionary.
Essential services
1
38
%
Everyday essentials
2
12
%
Discretionary50
%
Top 20 tenants
% of gross income
Investment portfolio
% of gross income

Launching Sylvia Park Level 1
9
>The $277m, 20,000 square metre Sylvia Park Level 1 development
opened on 15 October, featuring 57 stores and ‘The Terrace at
Sylvia Park’ dining district.
>Successful launch highlights Sylvia Park’s resilience and standing as
New Zealand’s favourite shopping centre
1
.
>Level 1 features an over 8,000 square metre Farmers flagship store
and two-level Sephora, Mecca and H&M flagship stores. WALE is 7.8
years.
>Sylvia Park now features 10 of New Zealand’s 11 favourite retailers
2
,
more than 250 stores and over 5,000 free carparks, the most of any
shopping centre in the country.
1.The Heart of Kiwi Property survey, July 2019, Nielsen. 2. NZ’s top retailers survey, September 2020, Colmar Brunton

Moving forward on strategy
10
Office optionality at Sylvia Park
> Tower 2 design is ongoing and
resource consent now granted.
> Tower 3 design also underway,
targeting medical office. Provides
development optionality.
> Construction to begin in line with
market conditions. No major
capex currently committed.
Residential under design
> First build-to-rent concept design
progressing.
> Over 50% of Aucklanders now rent
highlighting scale of opportunity,
likely to be amplified by COVID-19.
> Resource consent submitted.
Reducing retail exposure
> The Plaza (Palmerston North) sale
process initiated in October.
> Next stage of strategy to diversify
portfolio and decrease retail
exposure.
> Recycled capital will help fund
extensive mixed-use development
pipeline.

Embedding ESG
11
>Kiwi Property has always put significant focus on ESG issues.
We are building on this foundation, following the launch of
the environmental, social and governance (ESG) board
committee in April 2020.
>New ESG strategy ratified, with the aim of establishing Kiwi
Property as a leader in the space and empowering others to
make positive change.
>Stakeholder research underway to help identify signature
initiatives that will form the basis of the company’s ESG
efforts.
>Emphasis on broadening Kiwi Property’s current focus from
environmental to social and community initiatives.
>Comprehensive update to be provided to the market in
2021, including the launch of a new ESG report, to be
published annually.

Interim dividend and guidance
12
>Following a relative stabilisation of trading
conditions, an interim dividend will be paid for
the period ended 30 September 2020.
>The payout of 2.20cents per share has been set
at 95% of AFFO, in line with the new dividend
policy.
>In addition, the company has provided full-year
AFFO guidance of 4.90to 5.15cents per share
1
.
1.Subject to final FY21 financial results and barring material adverse effects or unforeseen circumstances.

Half-year result

$
84.9m
Net rental income
1
-$4.7m (-5.3
%
)
$
36.5m
AFFO
-$9.8m (-21.1
%
)
Half-year result
$
55.2m
Operating profit
before tax
-$5.0m (-8.4
%
)
$54.2m
Net profit
after tax
+$17.5m (+47.5
%
)
General note: Comparative figures in slides 14-19 relate to the 1H 2020 period, unless otherwise stated. Net rental income
benefit in 1H 2021 of $1.2m due to reclassification of ground lease expenses under new NZ IFRS 16: Leases accounting standard.
> Net rental income (NRI) increased across the office
portfolio (+2.5%), but decreased for mixed-use
(-9.8%) and retail (-16.2%), driven by COVID-19
related rent abatements. Total COVID-19 impact
on NRI in the period was -$9.7m.
> Adjusted Funds from Operations (AFFO), a key
performance metric used to determine dividends,
reduced 21.1% to $36.5m.
> AFFO was affected by the cash impact of
COVID-19 rent relief, partially offset by lower
interest expense (excluding IFRS-16) following the
November 2019 equity raise, and tax depreciation
on buildings.
> Net profit after tax includes an $11.8m fair value
gain on Kiwi Property’s asset portfolio (no interim
revaluation was undertaken in FY20).
14

1.5
%
Total rental growth
FY20:4.0
%
99.1
%
Occupancy
FY20:99.5
%
4.7years
Weighted average lease expiry
FY20:4.9 years
Rental growth
Rental growth
>Overall rental growth was 1.5% driven by rent
reviews (+3.0%) partially offset by reversions on new
leasing (-10.0%) in the wake of COVID-19.
>Positive spreads recorded in the office portfolio
(+2.0%), led by new leases at Vero Centre.
>Mixed-use and retail leasing spreads declined 9.1%
and 22.5% respectively, driven by a short-term deal
with a retail chain currently in receivership.
•This agreement had a disproportionate impact
on the new lease metric, given the reduced
number of deals conducted during the period,
but enables the tenancies to remain full while
being repurposed.
Occupancy and WALE
>61 new leases or renewals with a WALE of 4.2 years
were completed in the period.
15

Retail sales
For the twelve months
ended 30-Sep-20
1,2
All centres
(incl. large format centres)
Shopping centres
(excl. large format centres)
Actual salesAdjusted sales
3
Actual salesAdjusted sales
3
Total sales (billion)
$
1.80
(Feb-20: $2.01)
$
2.02
(Feb-20: $2.01)
$
1.57
(Feb-20: $1.80)
$
1.75
(Feb-20: $1.80)
Total sales growth
-9.1
%
(Feb-20: +2.8%)
+1.8
%
(Feb-20: +2.8%)
-12.2
%
(Feb-20: +2.5%)
-1.7
%
(Feb-20: +2.5%)
Like-for-like sales
growth
-9.5
%
(Feb-20: +1.6%)
+0.9
%
(Feb-20: +1.6%)
-10.3
%
(Feb-20: +1.4%)
+0.0
%
(Feb-20: +1.4%)
Specialty sales
(per sqm)
$
10,900
(Feb-20: $13,200)
$
12,800
(Feb-20: $13,200)
Specialty GOC
12.7
%
(Feb-20: 10.5%)
Pedestrian count
(million)
1
39.2
(Feb-20: 45.3)
> Retail sales for the year ended 30 September 2020
have been heavily impacted by COVID-19
lockdowns and trading restrictions.
> Total MAT is 9.1% down on the previous period.
> To present a more comparable position, sales have
been adjusted for actual days traded to try and
eliminate some of the lockdown impact.
> Figures shown do not include adjustments for
reduced trade due to social distancing and other
COVID-19 related restrictions.
> Encouragingly, adjusted sales are largely in line
with totals for the year ended February 2020,
suggesting trade has held up well despite strict
limitations on how certain retailers could operate.
1:Due to COVID-19, we were unable to collect sales data for the month of Mar-20 and therefore comparable data is for the year ended
29-Feb-20. 2: In FY20 we changed the basis of our sales reporting to align with the Australian Council of Shopping Centres guidelines and
methodology adopted by our peers. Under these guidelines sales are now reported inclusive of GST. 3:For April 2020, where all but
essential services were at Alert Level 4 lockdown, monthly sales were estimated based on the tenant’s April 2019 monthly sales adjusted
for the average difference in the prior six months trade over the corresponding month a year earlier. For May, August and September 2020
(Auckland only), actual sales recorded were adjusted pro-rata for the number of days traded. June, July and September 2020 (out of
Auckland only), were not impacted by lockdown therefore recorded sales for the month are unadjusted.
16

4.29
%
Weighted average
cost of debt
FY20: 4.35
%
3.4 years
Weighted average
term to maturity of debt
FY20: 3.9 years
Capital management
BBB
+
Issue rating
(fixed-rate bonds)
BBB (stable)
Issuer credit rating
Credit ratings
> $361m of bank debt facilities were refinanced and
effective from 1 April 2020.
> KPG010 $125m bond matures in August 2021,
covered by $268m of undrawn bank debt facilities.
17

$
3.2b
Property assets
FY20: $3.1b (+$0.1b)
31.8
%
Gearing
FY20: 32.0
%
$
1.29
Net asset backing per
share
FY20: $1.26
Balance sheet
> Portfolio fair value gain of $11.8m, after accounting
for acquisitions and capex during 1H (including
$2.6m gross up of lease liabilities).
> Valuation assumptions have remained stable on
FY20. The unwinding of COVID-19 abatements and
a firming of capitalisation rates across some assets
has had a positive impact on value.
> Investment liquidity and appetite has improved
from FY20 but partially dampened by the August
2020 lockdown.
> Gearing decreased marginally and remains within
the self-imposed target range of 25-35%.
18

3.54 cps
FFO
-0.06 cps (-1.7
%
)
2.32 cps
AFFO
-0.89 cps (-27.6
%
)
95%
AFFO payout ratio
FFO and AFFO per share
General note: FFO and AFFO cps are calculated using the weighted average number of shares for the period.
> Funds from operations (FFO) per share decreased
1.7%.
> AFFO per share decreased by 27.6%, due to the
cash cost of COVID-19 rent abatements and
deferrals, and the increased weighted average
number of shares following the November 2019
equity raise.
> The AFFO payout ratio of 95% is in line with the
revised dividend policy of paying out between 90%
and 100% of AFFO.
19

A clear focus
Stabilise
>Effectively mitigate
operational impacts of
COVID-19, maintaining a
healthy tenant portfolio
through the pandemic.
>Strengthen and diversify
tenant mix at Sylvia Park.
Grow
•Advance Drury private plan
change application, with a
view to accelerating the
development timeline.
•Recycle capital and grow
non-retail revenue streams
with a continued focus on
diversifying funding sources.
Diversify
>Continue design and
planning of Sylvia Park
Towers 2 and 3, in readiness
to proceed as market
conditions and tenant
demand dictate.
>Progress build-to -rent design
and secure resource
consent for first scheme.
20

Appendix 1:
Property update

Contents
AppendixTitlePage
1.1Our portfolio23
1.2Property portfolio summary24
1.3Portfolio statistics25
1.4Net rental income26
1.5Capitalisation rate history27
1.6Geographic diversification28
1.7Sector and tenant diversification29
1.8Mixed-use portfolio diversification30
1.9Retail portfolio diversification31
1.10Office portfolio diversification32
1.11Rent reviews and new leasing33
1.12Lease expiry profile34
1.13Tenant diversification35
1.14Retail sales by centre36
1.15Retail sales by category38

1.1Our portfolio
23
Sylvia Park
Sylvia Park LifestyleLynnMall
The Base (50
%
)
Westgate Lifestyle
Centre Place North
Vero Centre
The PlazaNorthlandsThe Aurora Centre
ASB North Wharf
44 The Terrace
The Base (50%)
Sylvia Park
KEY:Mixed-use portfolioRetail portfolioOffice portfolio

1.2Property portfolio summary
30-Sep-2031-Mar-20
Mixed-use RetailOffice Total Mixed-use RetailOffice Total
Number of assets
(appendix 1.3)
4441244412
Value ($m)
1,2 (appendix 1.3)
1,550.8469.0950.32,970.11,499.3480.5910.42,890.2
% of total portfolio by value
(appendix 1.7)
4815309348162993
Weighted average capitalisation rates
2 (appendix 1.3)
5.83
%
8.05
%
5.27
%
6.00
%
5.87
%
8.11
%
5.46
%
6.11
%
Net lettable area (sqm)
(appendix 1.3)
226,403115,09295,995437,491224,691114,83995,998435,528
Number of tenants
(appendix 1.13)
4953086887150431868890
% investment portfolio by gross income472627100472726100
Occupancy (by area)
3 (appendix 1.3)
99.3
%
98.4
%
99.6
%
99.1
%
99.9
%
99.4
%
99.0
%
99.5
%
Weighted average lease expiry (by income)
(appendix 1.3)
3.6 years2.9 years8.5 years4.7 years3.7 years3.2 years8.7 years4.9 years
The following notes apply to all of appendix 1 (where applicable): 1:As at 30-Sept-20, excluded otherproperties and development land with a combined value of $224.2m (7
%
of total portfolio value). As at 31-Mar-20, excluded other
properties and development land with a combined value of $214.7m(7
%
of total portfolio value). 2:As at 30-Sept-20, Sylvia Park was valued ‘as if complete’ at $1.105 billion, based on a capitalisation rate of 5.50
%
. The deduction of
outstanding development costs for Level1 ($45.4m),together with allowances for profit and risk and stabilisation ($14.5m), resulted in an ‘as is’ value of $1.045 billion. As at 31-Mar-20, Sylvia Park was valued ‘as if complete’ at $1.09
billion, based on a capitalisation rate of 5.50
%
. The deduction of outstanding development costs for Level 1 and south carpark ($84.9m),together with allowances for profit and risk and stabilisation ($23.2m), resulted in an ‘as is’ value
of $982m.3:Tenancies at Westgate Lifestyle subject to vendor rental underwrites are treated as occupied. General note:Kiwi Property owns 100
%
of all assets except The Base which is 50
%
owned.
24

1.3 Portfolio statistics
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2031-Mar-2030-Sep-2031-Mar-2030-Sep-2031-Mar-2030-Sep-2031-Mar-2030-Sep-2031-Mar-20
Sylvia Park1,045982.05.505.5086,19984,71499.699.93.63.8
Sylvia Park Lifestyle77.374.36.136.2516,55016,550100.0100.02.41.9
LynnMall245.0245.06.636.6337,56937,51798.499.74.04.2
The Base183.5198.06.506.6386,08485,91099.399.93.63.3
Mixed-use portfolio1,550.81,499.35.835.87226,403224,69199.399.93.63.7
Westgate Lifestyle83.579.06.506.6325,62225,62299.6100.03.84.3
Centre Place North36.536.510.8811.2516,15315,78897.799.12.52.7
The Plaza169.0170.08.258.2532,30432,30498.6100.02.52.9
Northlands 180.0195.08.008.0041,01441,12597.798.83.13.4
Retail portfolio 469.0480.58.058.11
115,092114,83998.499.42.93.2
Vero Centre475.0445.05.005.2539,54139,54499.197.95.96.0
ASB North Wharf245.0238.05.135.2521,62521,625100.0100.010.410.7
The Aurora Centre173.0170.35.886.0024,50424,504100.0100.013.714.2
44 The Terrace57.357.16.256.3810,32510,32599.399.16.36.7
Office portfolio950.3910.45.275.4695,99595,99899.699.08.58.7
Investment portfolio2,970.12,890.26.006.11437,491435,52899.199.54.74.9
Adjoining properties159.1154.7
Development land65.060.0
Total portfolio3,194.23,104.9
25

1.4 Net rental income
Year ended
30-Sep-2030-Sep-19variance
$m$m$m%
Sylvia Park20.021.8-3.3-8.3
Sylvia Park Lifestyle2.52.6-0.1-4.5
LynnMall8.29.4-1.2-12.9
The Base5.56.4-0.8-12.4
Mixed-use portfolio
36.340.2-3.9-9.8
Westgate Lifestyle2.73.0-0.3-11.0
Centre Place North1.82.6-0.8-31.9
The Plaza6.98.3-1.3-16.1
Northlands 8.59.9-1.3-13.7
Retail portfolio
19.923.7-3.8-16.2
Vero Centre11.210.9+0.3+2.7
ASB North Wharf6.66.4+0.2+3.2
The Aurora Centre4.34.2+0.1+3.4
44 The Terrace1.51.6-0.1-3.9
Office portfolio
23.623.0+0.6+2.5
Other properties3.12.1+1.0+47.0
Net operating income
82.989.1-6.2-7.0
Straight-lining of fixed rental increases0.80.6+0.3+50.5
NZ IFRS 16 expense reclassifications1.2-+1.2N/A
Net rental income
84.989.6-4.7-5.3
> Net operating income (NOI) reduced $6.2m
year-on-year.
> Total COVID-19 NOI impact was -$9.7m
including rent relief and doubtful debts (-
$8.1m) and lost income and increased
vacancies (-$1.6m).
> COVID-19 impact is post-amortisation of rent
abatements across lease terms.
> COVID-19 NOI impact partially offset by
growth in office and sundry portfolios
(+$2.0m) and a full period of ANZ Raranga
rent (+$1.4m).
26

1.5Capitalisation rate history
5.83%
8.05%
5.27%
6.00%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20
Sep-20
Key:Mixed-useRetailOfficeInvestment portfolio
Global
Financial Crisis
Christchurch
earthquakes
COVID-19
27

1.6Geographic diversification
($2.38b) Auckland
Auckland region: Pop. 1,572,000
(Largest region, 33.4% of NZ)
3 x mixed-use assets
1 x retail asset
2 x office assets
($226m) Hamilton
Waikato region: Pop. 458,000
(4
th
largest region, 9.7% of NZ)
1 x mixed-use asset
1 x retail asset
2 x 3
rd
party management mandates
Wellington ($230m)
New Zealand’s capital city
Wellington region: Pop. 507,000
(3
rd
largest region, 10.8% of NZ)
2 x office assets
1 x 3
rd
party management mandate
Christchurch ($187m)
Canterbury region: Pop. 600,000
(2
nd
largest region, 12.8% of NZ)
1 x retail asset
Note: Population statistics sourced from Statistics New Zealand, 2018
Census results (usually resident population count).
($169m) Palmerston North
Manawatu-Whanganui region: Pop. 239,000
(6
th
largest region, 5.1% of NZ)
1 x retail asset
Auckland75
%
Wellington7
%
Hamilton7
%
Christchurch6
%
Palmerston North5
%
Geographic diversification
by portfolio value
28

Sector diversification
by portfolio value
1.7Sector and tenant diversification
Tenant diversification
by investment portfolio gross income
Mini-majors12
%
Government7
%
Legal5
%
Insurance3
%
Cinemas2
%
Home and living majors1
%
Mixed-use48
%
Retail15
%
Office30
%
Other7
%
Specialty stores47
%
Banking8
%
Department stores and DDS6
%
Supermarkets4
%
Financialservices3
%
Consultancy and other office2
%
29

Geographic diversification
by mixed-use portfolio value
Property type
by mixed-use portfolio value
1.8Mixed-use portfolio diversification
Tenant diversification
by mixed-use portfolio gross income
Specialty stores60
%
Mini-majors20
%
Departmentstores and DDS6
%
Supermarkets4
%
Banking3
%
Cinemas3
%
Insurance2
%
Home and living majors1
%
Other1
%
Regionalcentres
1
95
%
Large format centres5
%
1:Includes ANZ Raranga.
Auckland 88
%
Hamilton12
%
30

Property type
by retail portfolio value
1.9 Retail portfolio diversification
Tenant diversification
by retail portfolio gross income
Specialty stores65
%
Mini-majors12
%
Departmentstores and DDS10
%
Supermarkets8
%
Cinemas2
%
Home and living majors2
%
Other1
%
Geographic diversification
by retail portfolio value
Christchurch 38
%
Palmerston North36
%
Auckland18
%
Hamilton8
%
Regionalcentres74
%
Large format centres18
%
Sub-regional centres8
%
31

Property type
by office portfolio value
Geographic diversification
by office portfolio value
1.10 Office portfolio diversification
Tenant diversification
by office portfolio gross income
Premium50
%
A-grade campus26
%
A-grade18
%
B-grade6
%
Government25
%
Banking24
%
Legal20
%
Financialservices11
%
Insurance9
%
Other office5
%
Specialty stores4
%
Consultancy1
%
Other1
%
Auckland 76
%
Wellington24
%
32

1.11 Rent reviews and new leasing
Rent reviewsMixed-useRetailOfficeTotal
No.18710831326
NLA (sqm)51,27133,70735,553120,531
% investment portfolio NLA128828
Rental movement (%)+2.5+2.9+3.7+3.0
Compound annual growth (%)+2.1+2.5+2.9+2.5
Structured increases (% portfolio)97865882
New leases and renewals
No.3715961
NLA (sqm)4,6811,7412,5528,975
% investment portfolio NLA1012
Rental movement (%)-9.1-22.5+2.0-10.0
WALE (years)4.52.44.94.2
Total (excl development leasing)
No.22412340387
NLA (sqm)55,95235,44938,105129,506
% investment portfolio NLA138930
Rental movement (%)+0.8+0.0+3.6+1.5
Rent reviews
> High percentage of structured reviews (82%)
has provided consistent uplift, averaging +2.5%
on a compound annual basis.
New leasing
>Leasing volume impacted by COVID-19 with
less than half the normal level of new deals
recorded for the period.
>Mixed-use (-9.1%) impacted by short-term
deals with a national tenant at Sylvia Park,
LynnMall and The Base.
>Retail (-22.5%) impacted by short-term deals
with a national tenant at Northlands and The
Plaza.
>Office (+2.0%) driven by new leases at Vero
Centre and retail leases at ASB North Wharf,
and 44 The Terrace.
33

1.12Lease expiry profile
5%
7%
14%
8%
10%
13%
43%
0%
10%
20%
30%
40%
50%
Vacant or
holdover
FY21FY22FY23FY24FY25FY26+
Mixed-use and retail
>The retention of mixed-use and retail portfolio
tenants is a focus.
>We have agreed most rent relief
arrangements, helping tenants through this
difficult period.
>Level of holdovers is elevated with many
retailers delaying new lease negotiations while
they navigate COVID-19.
Office
>1,853 sqm of floor space has been leased at
the Vero Centre in 1H21 (4.7% of building NLA)
with a WALE of 5.9 years.
>As a result, only 6% of office gross income is
due for expiry in the next four years.
34
Key:Mixed-useRetailOffice
Lease expiry profile
% of investment portfolio gross income

1.13Tenant diversification
Our top 20 tenants
Top 20 tenants
% of investment portfolio gross income
ASB Bank7.1
Ministry of Social Development5.0
Farmers2.7
Progressive Enterprises 2.2
ANZ Bank2.1
BellGully1.9
Suncorp1.9
Foodstuffs1.8
The Warehouse 1.8
Just Group1.7
HOYTS Cinemas 1.6
Cotton On Clothing1.5
Russell McVeagh1.5
Kmart1.5
Hallenstein/ Glasson1.4
Craigs Investment Partners1.0
BNZ0.9
IAG0.9
Rebel / Briscoes0.8
TertiaryEducation Commission0.8
Tenant diversification
% of investment portfolio gross income
●
Department stores and DDS6
●
Supermarkets4
●
Cinemas2
●
Home and living1
●
Mini-majors12
●
Fashion15
●
Food11
●
General6
●
Pharmacy and wellbeing6
●
Home and living2
●
Other retail7
Banking8
Government7
Legal5
Insurance3
Financial services3
Consultancy and other office2
Total (871 tenants)100
occupy
52%
of investment
portfolio
area
contribute
40%
of investment
portfolio gross
income
have a weighted average
lease expiry of
6.8 years
Key:MajorsMini-majorsSpecialtyOffice
35

1.14 Retail sales by centre - actual
Actual sales
MAT $m
% var. from Sep-19Specialty sales
2,3
Ped. count
Year ended
30-Sep-20
1,2
totallike-for-like$/sqmGOC%million pa
Sylvia Park550.0
LynnMall254.3
The Base – Te Awa159.6
Mixed-use centres963.8
Centre Place North70.9
The Plaza218.9
Northlands 312.3
Retail centres602.1
Shopping centres1,565.9-12.2-10.310,90012.739.2
Sylvia Park Lifestyle
4
15.5
Westgate Lifestyle
4
23.2
The Base – LFR
4
200.2
Large format retail238.8
Total1,804.7
1: Sales are actual recorded sales from tenants for the 12 months ended 30-Sep-20. 2:In FY20 we changed the basis of our sales
reporting to align with the Australian Council of Shopping Centres guidelines and methodology adopted by our peers. Under
these guidelines sales are now reported inclusive of GST. 3: Specialty sales $/sqm and GOC% include commercial services
categories. 4:Sales data is being requested from tenants who are not obliged to provide under current leases. Total sales
reported are shown, but due to the changing composition of those who do report, comparable statistics are not meaningful.
36
> On a like-for-like basis, shopping centre sales
were down 10.3% compared to 1H20.

1.14 Retail sales by centre - adjusted
Adjusted sales
MAT $m
% var. from Sep-19Specialty sales
2,3
Ped. count
Year ended
30-Sep-20
1,2
totallike-for-like$/sqmGOC%million pa
Sylvia Park626.8
LynnMall290.3
The Base – Te Awa181.3
Mixed-use centres1,098.4
Centre Place North81.6
The Plaza238.9
Northlands 335.0
Retail centres655.5
Shopping centres1,753.9-1.7+0.012,800N/AN/A
Sylvia Park Lifestyle
4
17.7
Westgate Lifestyle
4
28.3
The Base – LFR
4
219.8
Large format retail265.8
Total2,019.7
37
> After adjusting for lost trade due to the
lockdown periods, like-for-like sales were in line
with 1H20.
> Specialty sales productivity recovered but due
to social-distancing and other limitations on
trading, remains marginally below the Feb-20
metric.
1: Sales are actual recorded sales from tenants for the 12 months ended 30-Sep-20, subsequently adjusted to reflect various COVID-19 lockdown periods. For April 2020, where all but essential services were at Alert Level 4
lockdown, monthly sales were estimated based on the tenant’s April 2019 monthly sales adjusted for the average difference in theprior six months trade over the corresponding month a year earlier. For May, August and
September 2020 (Auckland only), actual sales recorded were adjusted pro-rata for the number of days traded. June, July and September 2020 (out of Auckland only), were not impacted by lockdown therefore recorded sales
for the month are unadjusted.2:In FY20 we changed the basis of our sales reporting to align with the Australian Council of Shopping Centres guidelines and methodology adopted by our peers. Under these guidelines sales are
now reported inclusive of GST. 3: Specialty sales $/sqm and GOC% include commercial services categories. 4:Sales data is being requested from tenants who are not obliged to provide under current leases. Total sales
reported are shown, but due to the changing composition of those who do report, comparable statistics are not meaningful.

Actual sales
MAT $m% var. from Sep-19
Year ended30-Sep-20
1,2
totallike-for-like
●
Supermarkets358.7+5.6+5.6
●
Department stores and DDS217.2+3.5-9.9
●
Cinemas19.0-51.7-51.7
●
Mini-majors236.8-14.5-15.1
●
Fashion238.8-18.7-15.8
●
Commercial services (non-travel)72.4-11.6-11.0
●
Commercial services (travel)91.9-35.3-6.0
●
Food (non-restaurant)96.7-18.2-18.5
●
Food (restaurant)32.6-12.6-24.4
●
Pharmacy and wellbeing102.9-12.3-11.7
●
General (incl. activate)78.9-21.9-13.9
●
Home and living19.9-23.3-12.8
Shopping centres1,565.9-12.2-10.3
1: Sales are actual recorded sales from tenants for the 12 months ended 30-Sep-20. 2:In FY20 we changed the basis of our sales
reporting to align with the Australian Council of Shopping Centres guidelines and methodology adopted by our peers. Under
these guidelines sales are now reported inclusive of GST.
1.15Retail sales by category -actual
38
> On a like-for-like basis, supermarkets – being an
essential service -were unsurprisingly the only
category to record a sales improvement year-
on-year.
> On an overall basis, department store sales
were up on the prior year due primarily to a full
year’s sales from Kmart Sylvia Park.
> Cinemas and restaurants have been
particularly affected by restrictions on the size
of gatherings and this can be seen with sales
declines of 52% and 24% respectively
compared to 1H20 on a like-for-like basis.

Adjusted sales
MAT $m% var. from Sep-19
Year ended30-Sep-20
1,2
totallike-for-like
●
Supermarkets358.7+5.6+5.6
●
Department stores and DDS244.6+16.6+1.9
●
Cinemas22.6-42.4-42.4
●
Mini-majors275.8-0.4-1.1
●
Fashion278.3-5.2-1.8
●
Commercial services (non-travel)81.1-1.0-0.4
●
Commercial services (travel)107.4-24.4+9.9
●
Food (non-restaurant)113.1-4.4-4.6
●
Food (restaurant)38.4+2.8-9.9
●
Pharmacy and wellbeing118.3+0.8+1.5
●
General (incl. activate)91.9-9.1+0.6
●
Home and living23.6-8.8+3.4
Shopping centres1,753.9-1.7+0.0
1: Sales are actual recorded sales from tenants for the 12 months ended 30-Sep-20, subsequently adjusted to reflect various
COVID-19 lockdown periods. For April 2020, where all but essential services were at Alert Level 4 lockdown, monthlysales were
estimated based on the tenant’s April 2019 monthly sales adjusted for the average difference in the prior six months trade over
the corresponding month a year earlier. For May, August and September 2020 (Auckland only), actualsales recorded were
adjusted pro-rata for the number of days traded. June, July and September 2020 (out of Auckland only), were not impacted by
lockdown therefore recorded sales for the month are unadjusted.2:In FY20 we changed the basis of our sales reporting to align
with the Australian Council of Shopping Centres guidelines and methodology adopted by our peers. Under these guidelines sales
are now reported inclusive of GST.
1.15Retail sales by category -adjusted
39
> After adjustment, a number of categories have
recorded like-for-like sales improvement over
the prior comparable period.
> Departments stores, home and living and
general retail, all benefited from the post-
lockdown retailrush.
> Commercial services (travel) increases year-
on-yearafter sales adjustment with a surge in
foreign currency business outstripping the sales
decline for travel centres.

Appendix 2:
Financial update

Contents
AppendixTitlePage
2.1Profit after tax42
2.2Operating profit before income tax43
2.3Interest and finance charges44
2.4Management expense ratio (MER)45
2.5Funds from operations (FFO)46
2.6Adjusted funds from operations (AFFO)47
2.7Dividends48
2.8Balance sheet49
2.9Investment properties movement50
2.10Debtors51
2.11Net finance debt movement52
2.12Finance debt facilities53
2.13Capital management metrics54
2.14Fixed-rate debt profile55

Six months ended
30-Sep-20
30-Sep-19Variance
$m
$m$m%
Property revenue111.3117.3-6.0-5.1
Property management income0.90.9+0.0+5.7
Total income
112.2118.2-6.0-5.1
Direct property expenses -26.4-27.7+1.3+4.7
Employment and administration expenses
(Appendix 2.4)
-10.8-11.0+0.2+1.7
Total expenses
-37.2-38.7+1.5+3.8
Profit before net finance expenses, other
(expenses)/income and income tax
75.079.5-4.5-5.6
Interest income0.10.1-0.0-16.1
Interest and finance charges
(Appendix 2.3)
-19.9-19.4-0.5-2.7
Net fair value loss on interest rate derivatives-2.8-12.9+10.1+78.0
Net finance expenses
-22.7-32.2+9.5+29.6
Profit before other (expenses)/income and income tax
52.347.3+5.0+10.6
Net fair value gain on investment properties11.8-+11.8N/A
Other income
11.8-+11.8N/A
Profit before income tax
64.247.3+16.9+35.6
Current tax-5.3-11.4+6.1+53.4
Deferred tax-4.60.9-5.5-644.0
Profit after income tax
1
(GAAP
2
measure)
54.236.8+17.5+47.5
2.1Profit after tax
>Property revenuedecreased 5.1%, driven by
rent abatements for COVID-19, partially offset
by higher rental income in office, ANZ Raranga
and the sundry portfolio.
>Decreased fair value loss on interest rate
swaps, driven by interest rate movements.
>Property portfolio revalued at 1H21 (no
revaluation undertaken 1H20), resulting in
$11.8m gain, inclusive of right-of-use asset
movements.
>Improved tax position due to introduction of
depreciation on building structures, and
COVID-19 relief deductions.
1:The reported profit has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies with New Zealand Equivalents to International Financial Reporting Standards. The reported
profit information has been extracted from the half-year financial statements which have been the subject of a review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standards on Review
Engagement 2410. 2:GAAP is acommon set of accounting principles,standards and procedures that companies must follow when they compile their financial statements. Kiwi Property’s financial statements comply with New
Zealand Equivalents to International Financial Reporting Standards and other guidance as issued by the External Reporting Board,as appropriate for profit-oriented entities, and with International Financial Reporting Standards.
42

Six months ended
30-Sep-20
30-Sep-19Variance
$m
$m$m%
Profit before tax
(Appendix 2.1)
64.247.3+16.9+35.6
Adjusted for:
Net fair value gain on investment properties
(Appendix 2.1)
-11.8--11.8N/A
Net fair value loss on interest rate derivatives
(Appendix 2.1)
2.812.9-10.1-78
Operating profit before income tax
1
(non-GAAP)
55.260.2-5.0-8.4
1: Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
company’s performance for the year by adjusting for a numberof non-operating items. Operating profit before income tax does not have a
standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported
operating profit beforeincome tax has been extracted from the company's half-year financial statements which have been the subject of a
review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410.
2.2Operating profit before income tax
43

2.3Interest and finance charges
Six months ended
30-Sep-20
30-Sep-19Variance
$m
$m$m%
Interest on bank debt -10.2-12.8+2.7+20.9
Interest on bonds-11.6-11.6+0.0+0.0
Interest on lease liabilities-3.8--3.8N/A
Interest expense incurred-25.6-24.4-1.2+4.7
Interest capitalisedto:
Sylvia Park3.62.8+0.8+28.6
Drury land1.92.0-0.1-5.8
Other properties under development0.20.2-0.0-24.6
Total capitalisedinterest5.75.0+0.6+12.4
Interest and finance charges
(Appendix 2.1)
-19.9-19.4-0.5-2.7
>Interest on bank debt reduced relative to prior
year following November 2019 equity issue.
>Interest on lease liabilities increased following
reclassification of ground lease costs under the
new NZ IFRS 16: Leases standard.
>Capitalised interest increased due to
capitalisation of expenditure on Sylvia Park
Level 1.
44

12 months ended
30-Sep-20
31-Mar-20
$m
$m
Employment and administration expenses
(Appendix 2.1)
22.422.6
Less recovered through property management fees-8.4-8.6
Net expenses14.013.9
Weighted average assets3,236.43,280.2
Management expense ratio
1
(non-GAAP measure)43 bps42 bps
1:MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the company’s underlying
operating costs. MER is a measure commonly used by real estate entities. MER does not have a standard meaning prescribed by
GAAP and therefore may not be comparable to information presented by other entities. Kiwi Property determines MER through
an annualised calculation, where employment and administration expenses, net of expenses recovered from tenants, is divided
by the weighted average value of its property assets. The reported MER information has been extracted from the company's half-
year financial statements which have been the subject of a review by an independent auditor pursuant to the External Reporting
Board’s New Zealand Standards on Review Engagement 2410.
>Weighted average assets decrease driven by
fair value loss in March 2020, partially offset by
new acquisitions and completed
developments.
2.4 Management expense ratio (MER)
45

2.5Funds from operations (FFO)
46
Six months ended
30-Sep-20
30-Sep-19Variance
$m
$m$m%
Profit after tax
(Appendix 2.1)
54.236.8+17.5+47.5
Adjusted for:
Net fair value gain on investment properties
(Appendix 2.1)
-11.8--11.8N/A
Net fair value loss on interest rate derivatives
(Appendix 2.1)
2.812.9-10.1-78.0
Straight-lining of fixed rental increases-0.8-0.6-0.2+50.5
Amortisation of tenant incentives and leasing fees3.43.6-0.2-5.6
Reversal of lease liability movement in investment properties2.6-+2.6N/A
Amortisation of rent abatements (COVID-19)3.5-+3.5N/A
Rent deferrals (COVID-19)-2.9--2.9N/A
Deferred tax expense
(Appendix 2.1)
4.6-0.9+5.5+644.0
Funds from operations (FFO)
1
(non-GAAP)
55.651.9+3.7+7.2
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying
operating performance. FFO is a measure commonly used by real estate entities to describe their underlying andrecurring earnings from
operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information
presented by other entities. FFO is calculated by Kiwi Property in accordance withthe Voluntary Best Practice Guidelines issued by the
Property Council of Australia.The reported FFO information has been extracted from the company's half-year financial statements which
have been the subject of a review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standards on
Review Engagement 2410.
>7.2% favourable FFO movement from the
prior period.
>Includes positive impact of tax depreciation
on buildings.
>COVID-19 related adjustments for the
amortisation of rent abatements and for rent
deferrals agreed.

2.6 Adjusted funds from operations (AFFO)
47
Six months ended
30-Sep-20
30-Sep-19Variance
$m
$m$m%
Funds from operations (FFO)
1 (Appendix 2.5)
55.651.9+3.7+7.2
Adjusted for
Maintenance capital expenditure-1.8-2.5+0.7+27.7
Capitalisedtenant incentives and leasing fees-1.5-3.2+1.7+53.1
Captalisedrent abatements (COVID-19)-15.9--15.9N/A
Adjusted funds from operations (AFFO)
2
(non-GAAP)
36.546.2-9.8-21.1
AFFO (cents per share)
3
2.323.21
Cash dividend payout ratio to AFFO95%110%
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s
underlying operating performance.FFO is a measure commonly used by real estate entities to describe their underlying and
recurring earnings from operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance withthe Voluntary Best
Practice Guidelines issued by the Property Council of Australia.The reported FFO information has been extracted from the
company's half-year financial statements which have been the subject of a review by an independent auditor pursuant to the
External Reporting Board’s New Zealand Standards on Review Engagement 2410. 2: AFFO is an alternative non-GAAP
performance measure used by Kiwi Property.AFFO is a measure used by real estate entities to describe their underlying and
recurring cash flows from operations for sustaining and maintaining existing space. Broadly, AFFO adjusts FFOby deducting the
cost of lease incentives and leasing fees and annual maintenance capital expenditure. AFFO does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities.AFFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia.
3: Calculated using the weighted average number of shares for the period.
>AFFO has reduced 21.1% from the prior period,
driven by the cash impact of COVID-19 rent
relief offered.
>Consistent with the Company’s revised
dividend policy, the cash dividend payout is
between 90% and 100% of AFFO.

Six months ended
30-Sep-20
30-Sep-19
30-Sep-20
30-Sep-19
$m
$m
cps
2
cps
2
Cash dividend34.550.92.203.525
Imputation credits13.413.00.8560.900
Gross dividend48.063.93.0564.425
Cash dividend payout ratio to AFFO95%110%
2.7Dividends
>Kiwi Property revised its dividend policy in May
2020 and now aims to pay out 90% to 100% of
AFFO. Dividends were previously based on FFO.
>A fully imputed half-year dividend will be paid
for the period ending 30 September 2020, set
at 95% of AFFO.
>Due to the inherent uncertainty created by the
COVID-19 global pandemic, Kiwi Property did
not pay a final dividend for FY20.
>The dividend reinvestment plan will not apply
to the 1H21 dividend.
>The company expects full-year AFFO to be in
the range of 4.90 to 5.15cents per share,
subject to final results and barring material
adverse effects or unforeseen circumstances.
48

2.8Balance sheet
>Investment property value increased due to
Sylvia Park capital expenditure and an $11.8m
fair value gain.
>Trade and other receivables increase driven
by the the impact of COVID-19.
>$23.5m debt increase driven by capital work at
Sylvia Park.
49
As at
30-Sep-20
31-Mar-20Movement
$m
$m$m%
Investment properties
(Appendix 2.9)
3,206.73,114.7+92.0+3.0
Cash
(Appendix 2.11)
13.521.3-7.8-36.7
Trade and other receivables
(Appendix 2.10)
22.011.9+10.1+84.4
Other assets9.38.5+0.8+9.5
Total assets3,251.43,156.4+95.0+3.0
Finance debt
(Appendix 2.11)
1,033.41,009.9+23.5+2.3
Deferred tax liabilities87.983.2+4.6+5.6
Other liabilities103.891.8+12.0+13.1
Total liabilities 1,225.11,184.9+40.2+3.4
Total equity2,026.41,971.5+54.9+2.8
Total equity and liabilities3,251.43,156.4+95.0+3.0
Gearing ratio (requirement <45
%
)
(Appendix 2.13)
31.8%32.0%
Net asset backing per share (NTA)$1.29$1.26

2.9Investment properties movement
50
Sylvia Park
adjoining
property
Sylvia Park
Drury
LynnMall
Fair value
change
Gross up of
lease liabilities
Other
=$3,114.7
Acquired
Capex
IFRS
movement
As at Sep
-20
As at Mar
-20
$m

2.10Debtors
>Debtors increased from $5.7m to $15.0m (GST
inclusive) between the FY20 and 1H21 balance
dates, driven by COVID-19.
>$3.4m rent (GST inclusive) has been deferred in
line with our COVID-19 rent relief package and
will generally be repaid over 18 to 24 months.
>Provision has been made for doubtful debts
and COVID-19 rent relief still being negotiated.
>Debtor movement between March 2020 and
September 2020 is shown in the graph.
―Abatements, waivers and deferrals all
form part of the COVID-19 rent relief
offered to affected tenants.
51
As at
30-Sep-20
31-Mar-20Variance
$m
$m$m%
Trade debtors (including GST)22.26.8+15.4+227.2
Provision for doubtful debts-3.4-1.0-2.4-227.9
Accrued COVID-19 rent relief-3.8--3.8N/A
15.05.7+9.2+160.7
Deferred rent (including GST)3.4--N/A
Prepayments3.76.2-2.5-40.8
Trade and other receivables
(Appendix 2.8)
22.011.9+10.1+84.4
Billed
revenue
Cash
receipts
Abatements
Waivers
Deferred
rent
Doubtful
debts
As at
Mar
-20
As at
Sep
-20

=$1,019.9
$988.6
+$15.2
+$11.2
+$4.0
+$83.0
+$5.6
-$87.7
400
500
600
700
800
900
1,000
1,100
1,200
net
finance
debt
Mar-20
net
rental
income
interest
and
finance
charges
employ
ment/a
dmin
expens
es
acquisiti
on of
investm
ent
properti
es
investm
ent/dev
elopme
nt
expendi
ture
tax and
other
net
finance
debt
Sep-20
2.11Net finance debt movement
Asat
30-Sep-2031-Mar-20
Bank debt557.0534.0
Bonds476.4475.9
Cash on deposit-13.5-21.3
Net finance debt1,019.9988.6
(Appendix 2.8, 2.12)
52
Net rental
income
Interest and
finance
charges
Employment
/ admin
expenses
Acquisition
of
investment
properties
Investment /
development
expenditure
Tax and
other
As at Mar
-20
As at Sep
-20

125.0
32.5
25.0
33.0
32.5
27.5
20.0
100.067.5
125.0
27.5
31.5
47.0
56.0
31.5
125.0
52.5
109.0
80.0
52.5
100.0
11%
14%
12%
8%
8%
11%
37%
Key:
ANZBNZ`CBACCBHSBCWestpacBonds
2.12Finance debt facilities
Debt sources
(Appendix2.8)
Debt maturity profile as at
30-Sep-20
$m%
FY21--
FY221259.6
FY231239.5
FY24367.528.2
FY2529122.4
FY2639430.3
Total facilities 1,300.0100.0
Facilitiesdrawn1,03279.4
Undrawn facilities 268.020.6
53

Finance debt metrics as at
30-Sep-20
31-Mar-20
Weightedaverage term to maturity3.4 years3.9 years
Weighted average interest rate (Incl.of bonds, active interest rate derivatives, margins and line fees)4.29%4.35%
Covenants – gearing as at
30-Sep-20
31-Mar-20
Gearing31.8%32.0%
Note: Must be <45%. Target band is 25%-35%. Calculated as finance debt / total tangible assets.
Covenants – interest cover ratio for the year ended
30-Sep-20
31-Mar-20
Interest cover ratio4.083.92
Note: Must be >2.25 times. Calculated as net rental income / net interest expense.
Creditratings – S&P Global Ratings
1
30-Sep-2031-Mar-20
Corporate (Issuer rating)BBB (stable)BBB (stable)
Fixed-rate bonds (Issue rating)BBB+BBB+
Generalnote: Further information about S&P Global Ratings’ credit rating scale is available at standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell or hold Kiwi Property securities. The
rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P GlobalRatings.
2.13Capital management metrics
54

Fixed-rate profile(inclusive of bonds on issue Sep-20: $475m, Mar-20: $475m)
30-Sep-20
31-Mar-20
Percentage of drawn finance debt at fixed rates70
%
67
%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)3.11%3.31%
Weighted average term to maturity of active fixed-rate debt3.1 years3.1 years
2.14Fixed-rate debt profile
55
2%
3%
4%
5%
6%
7%
8%
0
100
200
300
400
500
600
700
800
900
FY21FY22FY23FY24FY25FY26FY27
Fixed-rate debt maturity profile
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)

Glossary

Glossary
Adjusted funds from operations
(AFFO)
AFFO is a non-GAAP performance measure used by Kiwi Property.AFFO is a measure commonly used by real estate entities to describe their
underlying andrecurring cash flows from operations.Broadly, AFFO adjusts FFOby deducting the cost of lease incentives and leasing fees and
annual maintenance capital expenditure for sustaining and maintaining existing space. AFFO does not have a standardised meaning
prescribed by GAAP and therefore may not be comparable to information presented by other entities.AFFO is calculated by Kiwi Property in
accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported AFFO information has been
extracted from the company's half-yearfinancial statements which have been the subject of a review pursuant to the External Reporting
Board’s New Zealand Standard on Review Engagements 2410.
Discount department store
(DDS)
Includes Kmart and The Warehouse.
Funds from operations
(FFO)
FFO is a non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating performance.
FFO is a measure commonly used by real estate entities to describe their underlying andrecurring earnings from operations. FFO does not have
a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is calculated
by Kiwi Property in accordance withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia.
The reported FFO
information has been extracted from the company's half-yearfinancial statements which have been the subject of a review pursuant to the
External Reporting Board’s New Zealand Standard on Review Engagements 2410.
Gearing ratioCalculatedas finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes interest
rate derivatives).
Generallyaccepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial statements.
Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and other guidance as
issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting Standards.
Gross occupancy cost
(GOC)
Total grossoccupancy costs (excluding GST) expressed as a percentage of moving annual turnover.
57

Glossary
Like-for-likeretail salesOnlyincludes sales from those tenancies who have traded for the past 24 months.
Management expense ratio
(MER)
MER is a non-GAAP measure used by Kiwi Property to assist investors in assessing the company’s underlying operating costs. MER is a measure
commonly used by real estate entities.MER does not have a standard meaning prescribed by GAAP and therefore may not be comparable to
information presented by other entities. Kiwi Property determines MER through an annualised calculation, where employment and
administration expenses, net of expenses recovered from tenants, is divided by the weighted average value of its property assets. The reported
MER information has been extracted from the company's half-yearfinancial statements which have been the subject of a review pursuant to
the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (including GST).
Net operating income
(NOI)
Excludes income resulting from straight-lining of fixed rental increases and includes the amortisation of lease incentives and property
management fee income.
Net rental income
(NRI)
NOI,including rental income resulting from straight-lining of fixed rental increases.
Operating profit before
income tax
Operating profit before income tax is a non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s
performance for the year by adjusting for a number of non-operating items.Operating profit before income tax does not have a standard
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities.The reported operating profit
before income tax has been extracted from the company’s half-yearfinancial statements which have been the subject of a review pursuant to
the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
Profit aftertaxThe reported profit has been prepared in accordance with New Zealand GAAP and complies with New Zealand Equivalents to International
Financial Reporting Standards. The reported profit information has been extracted from the half-yearfinancial statements which have been the
subject of a review pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410.
58

Thank you

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly
Half Year X Special
DRP applies
Record date 04/12/2020
Ex-Date 03/12/2020
Payment date (and allotment date for
DRP)
18/12/2020
Total monies associated with the
distribution
$34,526,120
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03055556
Total cash distribution $0.02200000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00388235
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please state
imputation rate as % applied
28% (being imputation tax credits per financial
product divided by Gross Distribution)
Imputation tax credits per financial
product
$0.00855556
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A

2
Specify source of financial products to
be issued under DRP programme
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
N/A
Section 5: Authority for this announcement
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 23/11/2020

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Six months to 30 September 2020
Previous Reporting Period Six months to 30 September 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$112,196 -5.1%
Total Revenue $112,196 -5.1%
Net profit/(loss) from continuing
operations
$54,229 +47.5%
Total net profit/(loss) $54,229 +47.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02200000
Imputed amount per Quoted
Equity Security
$0.00855556
Record Date 4 December 2020
Dividend Payment Date 18 December 2020
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.29 $1.42
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
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 23/11/2020

Unaudited financial statements accompany this announcement.