Argosy FY21 Interim Result

Results announcement




Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$51,095 0.2%
Total Revenue $51,095 0.2%
Net profit/(loss) from
continuing operations
$114,573 49.0%
Total net profit/(loss) $114,573 49.0%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.016375
Imputed amount per Quoted
Equity Security
$0.000709
Record Date 9 December 2020
Dividend Payment Date 23 December 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.41 $1.28
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial information for this announcement has been
extracted from the unaudited financial statements of Argosy
Property Limited which has been released to NZX in conjunction
with this announcement.
Authority for this Announcement
Name of person

authorised
to make this announcement
Steve Freundlich
Contact person for this
announcement
Steve Freundlich
Contact phone number (09) 304 3426
Contact email address sfreundlich@argosy.co.nz
Date of release through MAP

26/11/2020

Unaudited financial statements accompany this announcement.

---

1 ⸺

FOR THE 6 MONTHS TO 30 SEPTEMBER 2020
Argosy will present the 2021 interim result via a teleconference and webcast at 10am today. Please
visit https://s1.c-conf.com/diamondpass/10009790-invite.html o r dial 0800 122 360 and quote the
conference ID 10009790. It is recommended that you dial in or log in a few minutes before the start
time. A copy of the webcast will be available on Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the 6 months to 30
September 2020.
Key highlights for the period include:
• Net distributable income up 21.5%;
• Net distributable income per share up 21.2%;
• Robust portfolio metrics maintained with high occupancy (99.4%) and WALT (5.7 years);
• Strong portfolio leasing and rent review outcomes, including 3.8% annualised rent growth on rents
reviewed;
• An unrealised revaluation gain of $79.8 million, an increase of 4.3% on book value;
• An increase in net tangible assets per share (NTA) to $1.41 from $1.30 at 31 March 2020;
• Strong delivery on key strategy focus areas including minimising Covid-19’s impact on the business,
the continued focus on sustainability and green developments and executing on capital
management initiatives;
• Argosy’s FY21 dividend guidance increased to 6.45 cents per share, reflecting continued sound
delivery of strategy.

Argosy’s Chief Executive Officer, Peter Mence said, “We recognise that the FY21 year has started under
challenging economic and operating conditions. Covid-19 has been tough for all New Zealanders,
including our tenants and staff. During the first six months of the financial year we focused on working
closely with our tenants to support them through near term uncertainty. Pleasingly, despite the
challenges we both faced, Argosy has managed to deliver on many core strategic focus areas
including re-commencing organic green development projects, achieving strong leasing outcomes,
delivering on capital management initiatives and executing on strategic acquisition opportunities to
deliver long term capital growth.
Argosy has a quality portfolio of diversified assets. The business has proved resilient and is well positioned
to deliver a solid second half performance. Our third green bond issue in October was well received
reflecting the continued interest in our transition towards greening the portfolio.
The $76 million acquisition of the Mt Richmond Properties announced in October will provide attractive
long term capital growth and earnings sustainability for Argosy. We are confident of delivering on the
remaining focus areas over FY21 including leasing up the balance of 7 Waterloo Quay in Wellington.”

Market Release
26 November 2020
ARGOSY FY21 INTERIM RESULT – MANAGING THROUGH COVID-19

2 ⸺

Chairman Jeff Morrison said, ”Argosy has made a strong start to FY21 despite the challenging operating
conditions and a cloudy economic outlook. New Zealand, like all other countries affected by Covid-19,
continues to manage through uncertain times with the economic impact likely to continue for some
time.
Argosy’s current business is resilient and underpinned by a diversified portfolio of quality assets in prime
locations. Its capital and portfolio position is sound as it heads into the second half of FY21.
Argosy remains focused on ensuring the sustainability of dividends to shareholders. Based on current
projections for the portfolio and subject to market conditions, the Board is pleased to announce an
expected dividend of 6.45 cents per share for the 2021 financial year. This increased guidance from 6.35
cents per share reflects its view that investors should share in the continuing strength of the business,
whilst maintaining our momentum towards an Adjusted Funds from Operations (AFFO) based dividend
policy over the medium term.”

Financial Results
Statement of Comprehensive Income
For the six months to 30 September, Argosy reported net property income of $51.1 million for the period,
in line with the prior comparable period. Strong like-for-like rental growth and additional income from
leasing up of 7WQ and acquisitions & developments were offset by rental abatements for Covid-19 and
lower insurance proceeds for rental loss at 7WQ.
Argosy provided $3.3 million in rental abatements to tenants in the interim period and $0.6m in
deferrals (note that $0.3m of this will reverse in this financial year). Argosy may need to provide further
support to tenants should New Zealand move back to Level 3 or Level 4 lockdowns.
Interest expense of $14.2 million is up on the prior comparable period primarily due to lower capitalised
interest, as developments have completed.
Desk top valuations for the interim period to 30 September were performed by Colliers International New
Zealand Limited (‘Colliers’). The total unrealised revaluation gain for the six months to 30 September 2020
was $79.8 million. The portfolio is 1% under-rented excluding market rent on vacant space.

Distributable Income
Net distributable income increased by 21.5% to $36.0 million (including $4.5 million received in respect
of the forfeited deposit on the Albany Lifestyle Centre) compared to $29.7 million in the prior
comparable period. Net distributable income per share increased 21.2% to 4.35 cents per share from
3.59 cents per share.

Desk Top Valuations
The desk top valuations performed by Colliers resulted in an interim revaluation gain of $79.8 million, or
a 4.3% increase on book values immediately prior to the revaluation.
By location, Auckland was the largest contributor to the revaluation gain with $54.0 million or 68% of the
total portfolio gain. By sector, Industrial was a strong driver of the overall gain at $44.1 million, up 5.7%.
The Office portfolio increased $21.4 million, or 2.7% and Large Format Retail also increased by $14.3
million or 5.3%.
As a result of the revaluation gain, Argosy’s NTA has increased to $1.41, an 8.5% increase from $1.30 at
31 March 2020. Following the revaluation, Argosy’s portfolio shows a contract yield on values of 6.04%
and a yield on fully let market rentals of 6.14%.

3 ⸺

Portfolio Activity
Portfolio Metrics, Rent Reviews and Leasing
Argosy’s WALT as at 30 September was 5.7 years and portfolio occupancy was 99.4%.
“We are pleased to have reported strong portfolio metrics for the interim reporting period. Argosy’s
quality portfolio coupled with the strong metrics has allowed Argosy to deliver excellent operational
outcomes in a challenging environment. Argosy’s business is underpinned by a diversified portfolio that
delivers resilient and defensive cashflows.” said Peter Mence.
For the six months to 30 September, Argosy completed rent reviews achieving annualised rental growth
of 3.8%. These reviews were achieved on rents totalling $36.1 million. On rents subject to review by sector,
Argosy achieved annualised rental growth of 2.9% for Industrial rent reviews, 5.3% for Office rent reviews
and 2.5% for Large Format Retail rent reviews.
For the first half of FY21, 49% of rents reviewed were subject to fixed reviews, 34% were market reviews
and 17% were CPI based. Market reviews accounted for 55% of the total annualised rental uplift with
Auckland and Wellington each accounting for 50% of the total annualised rental uplift.
Despite the impact from Covid-19, there was still plenty of activity across the business. The management
team have remained very focused on delivering on Argosy’s FY21 strategy focus areas.
Argosy completed 25 leasing transactions across 55,997m
2
of NLA over the first six months. Leases were
mixed between extensions (7), renewals (10) and new leases (8).
Key leasing transaction successes over the period include;
- Parliamentary Services, 147 Lambton Quay, 8,139m
2
on a new 3 year lease;
- Citibank, 23 Customs Street, 545m
2
on a 5 year renewal;
- CNZ (Auckland) at 23 Customs Street, 657m
2
on a 3 year renewal;
- Fergs Beds at Albany Lifestyle Centre; 608m
2
of space on a 2 year extension from 2024;
- Peter Baker Transport, 18,703m
2
of space extended for a further 1 year.
Overall, the leasing outlook compared to six months ago is still challenging, albeit some subsectors and
locations are performing better than others.
Acquisitions and Value Add Developments
Argosy made no strategic acquisitions during the first six months of the financial year. However, it did
complete the acquisition of two contiguous industrial properties in Mt Richmond, Auckland, in October.
Peter Mence said, “Our focus has very much been on working closely with our tenants and
recommencing work on existing development projects affected by the Covid-19 lockdowns. However,
this did not mean we weren’t seeing opportunities in the market. We have identified and acted upon
opportunities which meet our investment criteria, in particular the $76 million acquisition of two Mt
Richmond Properties, announced subsequent to the interim period end.
We were pleased to secure these strategic sites within a prime industrial precinct with historically very
low supply levels. The acquisition of the Mt Richmond Properties fits squarely with our green development
strategy and affords us flexibility to support the growth of existing tenants’ needs and potential new
tenants.
The acquisition provides Argosy with an attractive initial holding yield and positive cashflow. The sites are
close to the Auckland CBD with strong arterial network connections. The redevelopment potential of
the large sites provides Argosy with the opportunity to create long term value and drive earnings and
capital growth.”

4 ⸺

Value Add developments
8-14 Willis Street and 360 Lambton Quay, Wellington
Following recommencement of works post the Covid-19 lockdown, Argosy’s green development at 8-
14 Willis Street/360 Lambton Quay continues to progress. The project will now include an 11
th
floor to the
8- 14 Willis Street building at an additional cost of $6.8 million. The tenant, Statistics New Zealand, will pay
gross rent of $539 per m
2
for the additional space of 1,175m
2
. The yield on incremental cost is 7.2%. The
development was forecast to complete in August 2021. However, supply chain delays arising from
Covid-19, design changes and the additional floor have resulted in a new expected programme
completion date of February 2022. The company has discontinued negotiations with a major
international retailer for the space at 360 Lambton Quay. However, Argosy is currently working with a
number of interested parties for the available space.
54-56 Jamaica Drive, Wellington
This $5.6 million project for Big Chill completed in early September and new rents following completion
of the development have commenced. Peter Mence said, “It’s good to see this excellent Wellington
industrial project complete and we’ll continue to focus on the completion of our green office project at
8- 14 Willis Street and 360 Lambton Quay.”
Divestment of non Core Assets
Since 31 March 2020 year end, Argosy announced investment property divestments totalling $73.5
million on a weighted average premium to book value of 6.3% and include;
- 180-202 Hutt Road, Kaiwharawhara, in Wellington for $23.5 million, 11% above book value;
- 80 Springs Road, Auckland for $16.5 million, 2.3% above book value;
- 960 Great South Road, Auckland for $8.5 million, 16% above book value; and
- Corner of Wakefield and Taranaki Street, Wellington for $25.0 million, 1% above book value.
Peter Mence said "With a portfolio of Argosy’s size, some properties will not continue to meet our
investment criteria. After careful consideration, Argosy noted the above properties no longer met this
criteria. The premiums received above book value demonstrate that the vendor market remains robust.
Despite a challenging operating environment ahead, we remain focused on progressing Argosy’s
capital management plan. We continue to review the long term strategic ownership of all our properties,
particularly around their ability to create or support long term value for shareholders.”
Sale of Albany Lifestyle Centre
The Albany Lifestyle Centre is currently subject to a Sale & Purchase agreement but remains subject to
purchaser due diligence.
Separate to the potential sale, the deposit of $4.5 million paid by the original purchaser, CPG
Management Limited (‘Cook Group’) who nominated APF Nominee Limited as custodian for Augusta
Property Fund, has been forfeited and has been treated as distributable income by Argosy.
Any receipt of payment for damages from Cook Group will also be treated as distributable income.

5 ⸺

7 Waterloo Quay Wellington (7WQ) – Leasing, Façade Works and Insurance Claim Update
Reinstatement of all the office floors is now complete. Residual make-good works around the
interchange are also nearing completion. The building is currently 82% leased with a WALT of 8.7 years
underpinned by:
- Ground floor & Level 1; NZ Post 5.3 years, 4,430m
2

- Levels 2 & 10; Department of Internal Affairs (DIA), 9 years 4,133m
2

- Levels 3, 4 and 5: Kāinga Ora (formerly Housing New Zealand), 9 years 7,001m
2

- Levels 6, 7 and 8: Ministry of Housing and Urban Development (HUD), 9 years 3,675m
2

Argosy is in discussions with several potential tenants (including the Crown) for the remaining 3,650m
2
of
space on Levels 9, 11 and 12.
The exterior façade of the building requires additional work and Argosy now expects this to cost
approximately $15.5 million versus $10.0 million previously but with enhanced operational performance
outcomes offsetting the additional cost (this work does not relate to the insurance claim referred to
below). The timing of any works will be considered around the programmed removal of the tower
scaffolding which is currently set for March 2021.
Argosy continues to work with insurers towards resolution of its insurance claim.
• The total claimed for material damage to 30 September 2020 is $50.7 million. These costs relate primarily
to urgent reinstatement works required to make damaged levels of the building available for
reoccupation and were not able to be agreed with insurers in advance. Further claims will be made in
respect of additional reinstatement works as costs are incurred.
• Claims have been submitted to 30 September 2020 for business interruption costs (loss of rents,
additional costs and claims preparation) totalling $15.1 million. The main component of this is loss of rents
$14.3 million and no further claims in respect of loss of rents are expected.
• Argosy has recognised payments from insurers of $24.0 million (after a $4.9 million deductible) in
relation to its interim claims. Of these, $10.9 million has been allocated to reinstatement of earthquake
damage, $1.8 million to expense recoveries and $11.3 million to loss of rents.
Capital Management
At 30 September 2020, Argosy’s debt-to -total-assets ratio, excluding capitalised borrowing costs, was
36.6% compared to 38.8% at 31 March 2020. The ratio reflects the net impact of development activity
during the period, offset by divestments and desk top revaluation gains. The ratio also excludes the lease
liability and right of use asset at 39 Market Place of $41.7 million, recorded in the period under NZ IFRS
16.
During the first six months Argosy added a new banking facility, Tranche I, for $75.0 million. This new
Tranche expires in May 2024.
At 30 September, Argosy’s total bank debt facility was $660.0 million ($585.0 million at 31 March 2020).
The company’s weighted average debt tenor, including bonds, was 3.2 years (3.6 years at 31 March
2020) and its weighted average interest rate was 3.74% from 3.95% at 31 March 2020. Following the issue
of $125.0 million in green bonds in October, Argosy cancelled $125.0 million of banking facilities. The net
effect of this saw Argosy’s weighed average debt tenor increase to 4.0 years.
From a capital management perspective, Argosy’s target gearing band remains at 30-40%. The Board
regularly reviews the various capital management options at its disposal and remains comfortable that
the band provides Argosy sufficient flexibility based on current market conditions and internal
development forecasts.
At interim period end, Argosy remained well within all bank covenants and currently sits just above the
middle of the target gearing band.

6 ⸺

Argosy regularly reviews its investment portfolio against its investment policy framework criteria. Where
properties no longer meet the criteria, they may be reclassified as non Core. At 30 September, Argosy
had approximately $116.0 million or 6% of its portfolio classified as non Core, including the Albany
Lifestyle Centre.

Dividends
A second quarter dividend of 1.6375 cents per share has been declared for the September quarter with
imputation credits of 0.0709 cents per share attached. The second quarter dividend will be paid to
shareholders on 23
rd
December 2020 and the record date will be 9
th
December 2020. The Dividend
Reinvestment Plan (DRP) will be available for shareholders to participate in.
The full economic impact of Covid-19 is yet to be felt but the domestic and global economies will not
be immune to the risk of further weakening. However, Management continues to work hard to minimise
the impact of Covid-19 on tenants and the business. Argosy’s tenant base remains resilient and
defensive, underpinned by a quality portfolio of diversified properties by type and location.
Despite the potential challenges ahead, Argosy remains very focused on delivering sustainable
dividends to shareholders.

Governance
On 28
th
July 2020, Argosy held its first ever hybrid Annual Shareholder Meeting (ASM) at the Royal New
Zealand Yacht Squadron, in Westhaven, Auckland. While New Zealand was in Alert Level 1, the hybrid
functionality of the ASM allowed investors to attend ‘virtually’ and participate in all elements of the
meeting including being able to ask questions and complete all voting.
Argosy’s Chairman Mike Smith and Chief Executive Officer Peter Mence both gave addresses on
Argosy’s performance during the 2020 financial year.
The ASM saw Rachel Winder and Martin Stearne both elected as directors by shareholders. The meeting
was however most notable as being the last for chairman Mike Smith and director Peter Brook, after 18
years of loyal and valued service to Argosy. A director since 2013, Jeff Morrison was appointed as
Argosy's new chairman, taking effect from the close of the meeting.
During the period the Board established an Environmental, Social and Governance (ESG) Committee to
oversee Argosy's ESG Framework. It ensures sustainability factors remain front of mind to both preserve
and create value for investors. Members of the ESG Committee are Mike Pohio (Chairman) and Rachel
Winder.

Outlook
Argosy’s management team has worked closely with tenants to support them during the pandemic and
this strong tenant focus will continue over the remainder of the 2021 financial year.
Covid-19 is expected to deliver additional challenges to the domestic economy over the next 6-12
months.
Generally, Management expect to see ongoing operating headwinds with some sectors of the
economy more impacted than others. Rising unemployment levels, weaker consumer confidence and
challenging business conditions will create some degree of uncertainty. Offsetting these factors is a
low interest rate environment which will provide positive economic stimulus.

7 ⸺

Outlook continued
Noting all of the above, the Board’s focus and message to shareholders is unchanged. The Board
remains focused on ensuring the delivery of strategy, carefully managing the near term challenges
with a view to delivering on the longer term goals.
Argosy’s capital and portfolio position is sound. The issue of additional green bonds has diversified and
extended its overall debt tenor. The divestment of non Core properties has supported the capital
management program with funds reinvested into green development projects. Argosy’s portfolio of
quality investment properties has a diverse tenant composition which continues to provide resilience
and stability to its cashflows. Such resilience and certainty of cashflows are increasingly important to
investors.
For the remainder of FY21, the focus will be on addressing residual expiries within the portfolio and
leasing up remaining vacancies. The focus on green developments and transitioning Value Add
properties into higher quality ones, to drive earnings and capital growth is ongoing. This emphasis will
continue Argosy’s momentum towards creating further incremental value and sustainable dividends
for shareholders.
− END −
ENQUIRIES
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

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Interim Financial Statements
30 September 2020

C
R
E
A
T
E





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

CONSOLIDATED FINANCIAL
STATEMENTS
Contents
Condensed Consolidated Interim Statement of Financial
Position
4
Condensed Consolidated Interim Statement of
Comprehensive Income
5
Condensed Consolidated Interim Statement of Changes
in Equity
6
Condensed Consolidated Interim Statement of Cash
Flows
7
Notes to the Condensed Consolidated Interim Financial
Statements
8
Independent Review Report17
3
Argosy Property Limited
Interim Financial Statements 30 September 2020

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020 (UNAUDITED)
Note
Group (unaudited)
30 September 2020
$000s
Group (audited)
31 March 2020
$000s
Non-current assets
Investment properties
4
1,958,8351,824,106
Derivative financial instruments
6
16,90011,573
Other non-current assets631352
Total non-current assets
1,976,3661,836,031
Current assets
Cash and cash equivalents2,2651,861
Trade and other receivables2,0731,910
Other current assets1,4783,894
Taxation receivable5,6401,307
11,4568,972
Non-current assets classified as held for sale
5
38,19184,634
Total current assets
49,64793,606
Total assets
3
2,026,0131,929,637
Shareholders' funds
Share capital
7
800,846792,826
Share based payments reserve538418
Retained earnings370,817282,560
Total shareholders' funds
1,172,2011,075,804
Non-current liabilities
Interest bearing liabilities
8
722,778729,173
Derivative financial instruments
6
54,83849,878
Non-current lease liabilities41,62441,690
Deferred tax10,7458,978
Total non-current liabilities
829,985829,719
Current liabilities
Trade and other payables16,86015,334
Current lease liabilities116105
Derivative financial instruments
6
275–
Other current liabilities3,7264,150
Deposit received for non-current asset classified as held for sale
5
2,8504,525
Total current liabilities
23,82724,114
Total liabilities
853,812853,833
Total shareholders' funds and liabilities
2,026,0131,929,637
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 25 November 2020
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
4
Argosy Property Limited
Interim Financial Statements 30 September 2020

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2020
$000s
Group (unaudited)
Six months to
30 September 2019
$000s
Gross property income from rentals53,34550,249
Insurance proceeds - rental loss5832,500
Gross property income from expense recoveries9,79110,178
Property expenses(12,624)(11,917)
Net property income
3
51,09551,010
Administration expenses5,9035,605
Profit before financial income/(expenses),
other gains/(losses) and tax
45,19245,405
Financial income/(expenses)
Interest expense
9
(14,182)(11,144)
Gain/(loss) on derivative financial instruments held for trading92(3,564)
Interest income2419
(14,066)(14,689)
Other gains/(losses)
Revaluation gains on investment property79,79750,775
Realised gains/(losses) on disposal of investment property968(4)
Forfeited deposit on sale of investment property4,525–
Earthquake expenses(502)(212)
84,78850,559
Profit before income tax attributable to shareholders
115,91481,275
Taxation expense
10
1,3414,360
Profit and total comprehensive income after tax
114,57376,915
All amounts are from continuing operations.
Earnings per share
Basic and diluted earnings per share (cents)13.829.30
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
5
Argosy Property Limited
Interim Financial Statements 30 September 2020

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED)
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2020 (unaudited)
Shareholders' funds at the
beginning of the period
792,826418282,5601,075,804
Total comprehensive income
for the period
––114,573114,573
Contributions by shareholders
Issue of shares from Dividend
Reinvestment Plan
8,042––8,042
Issue costs of shares(22)––(22)
Dividends to shareholders––(26,316)(26,316)
Equity settled share based payments–120–120
Shareholders' funds at the
end of the period
800,846538370,8171,172,201
For the six months ended
30 September 2019 (unaudited)
Shareholders' funds at the
beginning of the period
792,620389215,9661,008,975
Total comprehensive income
for the period
––76,91576,915
Contributions by shareholders
Dividends to shareholders––(26,107)(26,107)
Equity settled share based payments206(89)–117
Shareholders' funds at the
end of the period
792,826300266,7741,059,900
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
6
Argosy Property Limited
Interim Financial Statements 30 September 2020

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 (UNAUDITED)
Group (unaudited)
Six months to
30 September 2020
$000s
Group (unaudited)
Six months to
30 September 2019
$000s
Cash flows from operating activities
Cash was provided from:
Property income63,86562,780
Insurance proceeds received–2,500
Interest received2419
Cash was applied to:
Property expenses(9,286)(11,190)
Earthquake expenses(436)(239)
Interest paid(12,964)(10,120)
Interest paid for ground lease(1,226)(1,048)
Employee benefits(3,993)(4,237)
Taxation paid(3,826)(6,140)
Other expenses(2,247)(2,551)
Net cash from/(used in) operating activities
29,91129,774
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals36,4343,333
Cash was applied to:
Capital additions on investment properties(38,566)(49,952)
Capitalised interest on investment properties(1,714)(4,673)
Purchase of properties, deposits and deferrals(341)(3,440)
Net cash from/(used in) investing activities
(4,187)(54,732)
Cash flows from financing activities
Cash was provided from:
Debt drawdown45,65672,228
Cash was applied to:
Repayment of debt(52,281)(19,500)
Dividends paid to shareholders net of reinvestments(18,356)(26,428)
Issue cost of shares(11)–
Repayment of lease liabilities(55)(53)
Bond costs(17)(142)
Facility refinancing fee(256)(483)
Net cash from/(used in) financing activities
(25,320)25,622
Net increase/(decrease) in cash and cash equivalents
404664
Cash and cash equivalents at the beginning of the period1,8612,190
Cash and cash equivalents at the end of the period
2,2652,854
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
7
Argosy Property Limited
Interim Financial Statements 30 September 2020

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Argosy Property Limited (APL or the Company) is an FMC
Reporting Entity under the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013. APL is incorporated under
the Companies Act 1993 and domiciled in New Zealand.
The principal activity of the Company and its subsidiaries (the
Group) is investment in properties which include Industrial,
Office and Large Format Retail properties throughout New
Zealand.
These condensed consolidated interim financial statements
(interim financial statements) are presented in New Zealand
dollars which is the Company's functional currency and have been
rounded to the nearest thousand dollars ($000) and include those
of APL and its subsidiaries.
These interim financial statements were approved by the Board
of Directors on 25 November 2020.
2. BASIS OF PREPARATION
These interim financial statements have been prepared in
accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and comply with NZ IAS 34 and IAS 34
Interim Financial Reporting as applicable to the Company as a
profit-oriented entity. These interim financial statements do not
include all of the information required for full annual financial
statements.
The interim financial statements have been prepared on the
historical cost basis except for derivative financial instruments
and investment properties which are measured at fair value.
The preparation of financial statements in conformity with NZ
GAAP requires the use of certain critical accounting estimates
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The area involving a
higher degree of judgement or complexity, and where
assumptions and estimates are significant to the financial
statements is the valuation of investment property and right-of-
use assets under NZ IFRS 16 Leases (Note 4).
Insurance income recognition
The Company recognises income from insurance proceeds when
it is virtually certain that the claims made in an accounting period
have been accepted by insurers.
Change in accounting policies
The same accounting policies and methods of computation are
followed in the interim financial statements as compared with the
most recent annual financial statements. They have also been
applied consistently to all periods and by all group entities in these
financial statements.
8
Argosy Property Limited
Interim Financial Statements 30 September 2020

3. SEGMENT INFORMATION - OPERATING SEGMENTS
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to the segments and
to assess their performance.
The information reported to the Group’s Chief Executive Officer includes information by investment property and has been aggregated
based on three business sectors, being Industrial, Office and Large Format Retail, based on what occupants actual or intended use is.
Segment profit represents the profit earned by each segment including allocation of identifiable revaluation gains on investment
properties and gains/(losses) on disposal of investment properties. This is the measure reported to the Chief Executive Officer.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2020
$000s
2019
$000s
2020
$000s
2019
$000s
2020
$000s
2019
$000s
2020
$000s
2019
$000s
Segment profit
Net property income
1
22,36422,12421,53519,9537,1968,93351,09551,010
Realised gains/(losses) on
disposal of investment
properties
968(4)––––968(4)
Forfeited deposit on sale of
investment property
––––4,5254,525–
Earthquake expenses––(502)(212)––(502)(212)
23,33222,12021,03319,74111,7218,93356,08650,794
Revaluation gains on
investment properties
44,09336,59621,38413,33914,32084079,79750,775
Total segment profit
2
67,42558,71642,41733,08026,0419,773135,883101,569
Unallocated:
Administration expenses(5,903)(5,605)
Net interest expense(14,158)(11,125)
Gain/(loss) on derivative financial instruments held for trading92(3,564)
Profit before income tax
115,91481,275
Taxation expense(1,341)(4,360)
Profit for the period
114,57376,915
1. Net property income consists of revenue generated from external tenants less property operating expenditure plus insurance proceeds - rental loss.
2. There were no inter-segment sales during the period (30 September 2019: Nil).
9
Argosy Property Limited
Interim Financial Statements 30 September 2020

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
3. SEGMENT INFORMATION (CONTINUED)
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2020
(unaudited)
Current assets1,9248442483,016
Investment properties821,124851,911285,8001,958,835
Non-current assets classified as held for sale38,191––38,191
Total segment assets
861,239852,755286,0482,000,042
Unallocated assets25,971
Total assets
2,026,013
Segment assets as at 31 March 2020 (audited)
Current assets1,5862,3241,4495,359
Investment properties842,779795,977185,3501,824,106
Non-current asset classified as held for sale––84,63484,634
Total segment assets
844,365798,301271,4331,914,099
Unallocated assets15,538
Total assets
1,929,637
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to reportable
segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets that cannot be
allocated to particular segments.
4. INVESTMENT PROPERTIES
Industrial
Six months to
30 September
2020
$000s
Office
Six months to
30 September
2020
$000s
Large Format Retail
Six months to
30 September
2020
$000s
Group (unaudited)
Six months to
30 September
2020
$000s
Movement in investment properties
Balance at 1 April842,779795,977185,3501,824,106
Capitalised costs4,78331,2721,46037,515
Transfer (to)/from properties held for sale(38,191)–84,63446,443
Disposals(32,089)––(32,089)
Change in fair value44,09321,38414,32079,797
Change in capitalised leasing costs(77)(231)(32)(340)
Principal repayment of lease liability–(55)–(55)
Change in lease incentives(174)3,564683,458
Investment properties at 30 September
821,124851,911285,8001,958,835
Less lease liability (39 Market Place)–(41,740)–(41,740)
Investment properties at 30 September excluding
NZ IFRS 16 lease adjustments
821,124810,171285,8001,917,095
Held for sale at 30 September38,191––38,191
Total Investment properties at 30 September
including held for sale excluding NZ IFRS 16
lease adjustments
859,315810,171285,8001,955,286
10
Argosy Property Limited
Interim Financial Statements 30 September 2020

4. INVESTMENT PROPERTIES (CONTINUED)
Industrial
12 months to
31 March 2020
$000s
Office
12 months to
31 March 2020
$000s
Large Format Retail
12 months to
31 March 2020
$000s
Group (audited)
12 months to
31 March 2020
$000s
Movement in investment properties
Balance at 1 April737,670626,610302,7501,667,030
Acquisition of properties48,131––48,131
Capitalised costs15,99587,0231,699104,717
Transfer to properties held for sale––(87,634)(87,634)
Disposals(12,100)––(12,100)
Transfer between segments–18,300(18,300)–
Change in fair value53,39319,534(12,985)59,942
Change in capitalised leasing costs(50)2,362(48)2,264
Lease liability (39 Market Place)–41,795–41,795
Change in lease incentives(260)353(132)(39)
Investment properties at 31 March
842,779795,977185,3501,824,106
Less lease liability (39 Market Place)–(41,795)–(41,795)
Investment properties at 31 March excluding NZ
IFRS 16 lease adjustments
842,779754,182185,3501,782,311
Held for sale at 31 March––84,63484,634
Total Investment properties at 31 March including
held for sale excluding NZ IFRS 16 lease
adjustments
842,779754,182269,9841,866,945
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
The Group's policy is for investment property to be measured at fair value for which the Group completes property valuations at least
annually by independent registered valuers. Following recent market property sale transactions and improved leasing activity, the
Board and Management engaged Colliers International New Zealand Limited (Colliers) to review key valuation metrics in order to
undertake a high-level desktop review of the property portfolio as at 30 September 2020.
Colliers did not re-inspect the properties and did not undertake a full market valuation as at 30 September 2020. They undertook
relevant investigations, including considering any tenant changes, assessing market rentals and reviewing capitalisation rates in order
to determine the desktop value of Argosy’s properties.
Whilst the valuations were provided for Argosy internal purposes, they have been reviewed and assessed by Management and
subsequently adopted by the Board. Overall, there was an uplift in the valuation of the portfolio of $79.8 million (2019: $50.8 million)
which has been recognised as a revaluation gain on investment property as at 30 September 2020.
Generally as occupancy and weighted average lease terms increase, yields firm, resulting in increased fair values for investment
properties. A movement in any of these assumptions could result in a significant change in fair value.
Following the adoption of NZ IFRS 16 on 1 April 2019, the right-of-use asset and investment were recognised on the ground lease that
exists over 39 Market Place, Viaduct Harbour, Auckland.
11
Argosy Property Limited
Interim Financial Statements 30 September 2020

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENT PROPERTIES (CONTINUED)
Investment property metrics for the period ended 30 September 2020 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.59%6.48%6.44%6.04%
- Maximum8.32%8.88%7.09%8.88%
- Minimum4.06%2.10%4.97%2.10%
Market yield
1
- Average5.93%6.53%5.93%6.14%
- Maximum8.14%8.93%6.28%8.93%
- Minimum4.54%4.85%5.01%4.54%
Occupancy (rent)100.00%98.68%100.00%99.42%
Occupancy (net lettable area)100.00%98.64%100.00%99.71%
Weighted average lease term (years)6.635.054.865.68
No. of buildings
2
3416555
Fair value total (000s)
$821,124$810,171$285,800$1,917,095
Held for sale$38,191––$38,191
Total (000s)
$859,315$810,171$285,800$1,955,286
1. 7 Waterloo Quay and 8-14 Willis Street/360 Lambton Quay have been excluded from these yield metrics as the rents of these properties included in the
valuation reports were based on the completion of the planned remedial and redevelopment work required to be undertaken. Properties held for sale have
also been excluded from these yield metrics.
2. Certain titles have been consolidated and treated as one. The total number of buildings excludes properties held for sale.
Investment property metrics for the year ended 31 March 2020 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.69%6.60%6.54%6.11%
- Maximum8.42%9.03%7.00%9.03%
- Minimum0.00%5.53%5.40%0.00%
Market yield
1
- Average6.17%6.83%6.23%6.41%
- Maximum8.49%9.01%6.31%9.01%
- Minimum4.76%5.41%5.45%4.76%
Occupancy (rent)97.77%99.41%100.00%98.81%
Occupancy (net lettable area)97.53%99.61%100.00%98.27%
Weighted average lease term
(years)
7.195.185.296.09
No. of buildings
2
3816559
Fair value total (000s)
$842,779$754,182$185,350$1,782,311
Held for sale––$84,634$84,634
Total (000s)
$842,779$754,182$269,984$1,866,945
1. 7 Waterloo Quay, 8-14 Willis Street/360 Lambton Quay, 180-202 Hutt Road, Kaiwharawhara, 54-56 Jamaica Drive have been excluded from these yield
metrics as the rents of these properties included in the valuation reports were based on the completion of the planned remedial and redevelopment work
required to be undertaken. The property held for sale has also been excluded from these yield metrics.
2. Certain titles have been consolidated and treated as one. The total number of buildings includes the property held for sale.
12
Argosy Property Limited
Interim Financial Statements 30 September 2020

5. PROPERTY HELD FOR SALE
180-202 Hutt Road, Kaiwharawhara ($22.0 million) and 80 Springs Road, East Tamaki ($16.2 million) were subject to unconditional
sale and purchase agreements at 30 September 2020 (31 March 2020: Albany Lifestyle Centre, Albany ($84.6 million)).
6. DERIVATIVE FINANCIAL INSTRUMENTS
Group (unaudited)
30 September 2020
$000s
Group (audited)
31 March 2020
$000s
Nominal value of interest rate swaps - fixed rate payer365,000365,000
Nominal value of interest rate swaps - fixed rate receiver200,000200,000
Average fixed interest rate - fixed rate payer3.99%3.99%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest rates
at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been classified
into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end date use
observable inputs.
The net liability for derivative financial instruments as at 30 September 2020 is $38.2 million (31 March 2020: $38.3 million). The mark-
to-market decrease in the liability for derivative financial instruments is a result of movements in the interest rate curve during the
interim period.
7. SHARE CAPITAL
Group (unaudited)
30 September 2020
$000s
Group (audited)
31 March 2020
$000s
Balance at the beginning of the period792,826792,620
Issue of shares from Dividend Reinvestment Plan8,042–
Issue costs of shares(22)–
Issue of shares from equity settled share based payments–206
Total share capital
800,846792,826
The number of shares on issue at 30 September 2020 was 833,771,231 (31 March 2020: 827,186,969).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends. All ordinary shares have equal voting
rights.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2020
Group (audited)
31 March 2020
Balance at the beginning of the period827,187827,030
Issue of shares from Dividend Reinvestment Plan6,584–
Issue of shares from equity settlement share based payments–157
Total number of shares on issue
833,771827,187
13
Argosy Property Limited
Interim Financial Statements 30 September 2020

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
8. INTEREST BEARING LIABILITIES
Group (unaudited)
30 September 2020
$000s
Group (audited)
31 March 2020
$000s
Syndicated bank loans526,575533,200
Fixed rate green bonds200,000200,000
Borrowing costs(3,797)(4,027)
Total interest bearing liabilities
722,778729,173
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)3.74%3.95%
Syndicated bank loans
Group (unaudited)
30 September 2020
$000s
Group (audited)
31 March 2020
$000s
ANZ Bank New Zealand Limited127,445131,420
Bank of New Zealand142,500142,500
The Hongkong and Shanghai Banking Corporation Limited80,00080,000
Commonwealth Bank of Australia50,00050,000
Westpac New Zealand Limited126,630129,280
Total syndicated bank loans
526,575533,200
As at 30 September 2020, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
The Hongkong and Shanghai Banking Corporation Limited, Commonwealth Bank of Australia and Westpac New Zealand Limited for
$660.0 million (31 March 2020: $585.0 million) secured by way of mortgage over the investment properties of the Group. The facility
includes a Tranche A limit of $75.0 million, a Tranche B1 limit of $100.0 million, a Tranche B2 limit of $125.0 million, a Tranche B3
limit of $125.0 million, a Tranche C limit of $25.0 million, a Tranche F limit of $50.0 million, a Tranche G limit of $35.0 million, a Tranche
H limit of $50.0 million and a Tranche I limit of $75.0 million.
Tranche A matures on 31 October 2021, Tranche B1 on 1 October 2021, Tranche B2 on 1 October 2023, Tranche B3 on 1 October 2024,
Tranche C on 31 October 2021, Tranche F on 8 October 2021, Tranche G on 1 November 2021, Tranche H on 30 April 2022 and Tranche
I on 19 May 2024. Tranches A, B1, B2, B3, C, F, G and H limits and maturity dates remain unchanged from 31 March 2020. Tranche I
was introduced during the interim period.
On 29 October 2020, the Company has cancelled Tranches A and C of the syndicated banking facility and reduced the Tranche H limit
from $50.0 million to $25.0 million. All other Tranche facilities and maturity dates remain unchanged.
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%111,800
ARG020100,00029 October 201929 October 20262.90%106,935
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1 in
the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September and
December. Interest on ARG020 bonds is payable in equal instalments on a quarterly basis in April, July, October and January.
14
Argosy Property Limited
Interim Financial Statements 30 September 2020

9. INTEREST EXPENSE
Group (unaudited)
Six months to
30 September 2020
$000s
Group (unaudited)
Six months to
30 September 2019
$000s
Interest expense(14,851)(14,769)
Interest costs on lease (39 Market Place)(1,045)(1,048)
Less amount capitalised to investment properties1,7144,673
Total interest expense
(14,182)(11,144)
Capitalised interest relates to the developments at 8-14 Willis Street/360 Lambton Quay, Wellington and 54-56 Jamaica Drive,
Wellington (30 September 2019: capitalised interest relates to the developments at 180-202 Hutt Road, Kaiwharawhara, 7 Waterloo
Quay, Wellington, 99-107 Khyber Pass Road, Grafton, 8-14 Willis Street/360 Lambton Quay, Wellington and 107 Carlton Gore Road,
Auckland).
10. TAXATION
Group (unaudited)
Six months to
30 September 2020
$000s
Group (unaudited)
Six months to
30 September 2019
$000s
The taxation charge is made up as follows:
Current tax expense3,0075,357
Deferred tax expense1,767(264)
Adjustment recognised in the current year in relation
to the current tax of prior years(3,433)(733)
Total taxation expense recognised in profit/(loss)
1,3414,360
Reconciliation of accounting profit to tax expense
Profit before tax115,91481,275
Current tax expense at 28%32,45622,757
Adjusted for:
Capitalised interest(480)(1,308)
Fair value movement in investment properties(22,343)(14,217)
Fair value movement in derivative financial instruments(26)998
Depreciation(4,198)(2,771)
Depreciation recovered on disposal of investment properties47–
Tax on accounting gain on disposal of investment properties(271)–
Other(2,178)(102)
Current taxation expense
3,0075,357
Movements in deferred tax assets and liabilities attributable to:
Investment properties1,328636
Fair value movement in derivative financial instruments26(998)
Other41398
Deferred tax expense/(credit)
1,767(264)
Prior year adjustment(3,433)(733)
Total tax expense recognised in profit or loss1,3414,360
As part of the measures to provide relief for businesses during the Covid-19 pandemic, the Government reintroduced depreciation
deductions for commercial and industrial buildings effective from 1 April 2020.
15
Argosy Property Limited
Interim Financial Statements 30 September 2020

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
11. DISTRIBUTABLE INCOME
Group (unaudited)
Six months to
30 September 2020
$000s
Group (unaudited)
Six months to
30 September 2019
$000s
Profit before income tax115,91481,275
Adjustments:
Revaluation gains on investment property(79,797)(50,775)
Realised (gains)/losses on disposal of investment properties(968)4
Gain/(loss) on derivative financial instruments held for trading(92)3,564
Earthquake expenses502212
Gross distributable income
35,55934,280
Tax impact of depreciation recovered on disposal of investment properties47–
Current tax expense426(4,624)
Net distributable income
36,03229,656
Weighted average number of ordinary shares (000s)829,044827,130
Gross distributable income per share (cents)
4.294.14
Net distributable income per share (cents)
4.353.59
The Company's dividend policy is based on net distributable income. Net distributable income is determined under the Company's
bank facility agreement.
12. COMMITMENTS
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2020 and not provided for were
$43.0 million (31 March 2020: $56.3 million).
There were no other commitments as at 30 September 2020 (31 March 2020: Nil).
The Company has the following guarantee, which is not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
13. CONTINGENCIES
There were no contingencies as at 30 September 2020 (31 March 2020: Nil).
14. SUBSEQUENT EVENTS
On 9 October 2020, an unconditional sale and purchase agreement was entered to acquire 8-14 Mt Richmond Drive and 2 Doraval
Place, Mt Wellington, Auckland for $76.0 million. Settlement is expected to take place in March 2021.
On 27 October 2020, the Company issued $125.0 million of senior secured 7 year green bonds (ARG030) with a fixed rate of 2.20% per
annum.
On 29 October 2020, the Company has cancelled Tranches A and C of the syndicated banking facility and reduced the Tranche H limit
from $50.0 million to $25.0 million. All other Tranche facilities and maturity dates remain unchanged.
On 25 November 2020 a dividend of 1.6375 cents per share was approved by the Board. The record date for the dividend is 9 December
2020 and a payment is scheduled to shareholders on 23 December 2020. Imputation credits of 0.0709 cents per share are attached to
the dividend.
15. RELATED PARTY TRANSACTIONS
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note.
There were no significant changes in relationships or transactions with related parties during the period ended 30 September 2020.
16
Argosy Property Limited
Interim Financial Statements 30 September 2020

INDEPENDENTREVIEWREPORT
TO THE SHAREHOLDERS OFARGOSY PROPERTY LIMITED
We havereviewed thecondensedconsolidated interimfinancialstatementsofArgosy Property Limitedand its
subsidiaries (‘the Group’)which comprise thecondensed consolidatedstatement of financial position as at30
September 2020, and thecondensed consolidatedinterimstatement of comprehensive income,condensed
consolidatedinterimstatement of changes in equity andcondensed consolidatedinterimstatement of cash flows for
thesix monthsended on that date, and a summary of significant accounting policies and other explanatory information
on pages4 to 16.
This report ismade solely to the company’s shareholders, as a body.Ourreviewhas been undertaken so that we might
state to the company’s shareholders those matters we are required to state to them in areviewreport and for no other
purpose.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company’s shareholders as a body, for ourengagement, for this report, or for the opinions we have formed.
Board of Directors’ Responsibilities
The Board of Directorsareresponsible for the preparationand fair presentation of the condensed consolidated interim
financial statements, in accordance withNZ IAS 34Interim Financial Reportingand IAS 34Interim Financial Reporting
and for such internal control as the Board of Directors determine isnecessary to enable the preparation and fair
presentation of the condensed consolidated interim financial statements that are free from material misstatement,
whether due to fraud or error.
OurResponsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based on our
review. We conducted our review in accordance with NZ SRE 2410Review of Financial Statements Performed by the
Independent Auditor of the Entity(‘NZ SRE 2410’). NZ SRE 2410 requires us to concludewhether anything has come to
our attention thatcauses us to believethat thecondensedconsolidated interim financial statements, taken as a whole,
are not prepared, in all material respects, in accordance withNZ IAS 34InterimFinancial Reportingand IAS 34Interim
Financial Reporting.As the auditor ofArgosy Property Limited, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
A review of the condensedconsolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters,and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those
financial statements.
Other than in our capacity as auditorandfor the attendance andvotescrutineering at theAnnual Meeting,we have no
relationship with or interests inArgosy Property Limitedor its subsidiaries.These services have not impaired our
independence as auditor of the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that thecondensedconsolidated
interim financial statementsof the Groupdo not present fairly, in all material respects,the financial position of the
Group as at30 September 2020andits financial performanceand cash flows for thesix monthsended on that date in
accordancewithNZ IAS 34Interim Financial Reportingand IAS 34Interim Financial Reporting.
25 November 2020
Auckland, New Zealand
17
Argosy Property Limited
Interim Financial Statements 30 September 2020

39 Market Place
PO Box 90214, Victoria Street West, Auckland 1142
P / 09 304 3400
F / 09 302 0996
www.argosy.co.nz

---

26.11.2020
Interim Results
FY21
Managing
through Covid-19

“Our strength lies in the diversity of our portfolio by
sector, location and tenant mix, providing flexibility to
support our tenants changing needs, ensuring a
resilient business through various economic cycles.”
2—
Peter Mence
CEO

PRESENTED BY
Agenda
3—
Peter Mence
Dave Fraser
CEO
CFO
Highlights
4
Strategy/Portfolio
6
Financials
19
Leasing Update
29
Focus and Outlook
33
Appendices
35
Note: This results presentation should be read in conjunction with the NZX release dated 26 November 2020.
Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Highlights
4—

FY21 Interim Result
5—
21.5%
Net distributable income
increase
$1.41
A 8.5% increase in NTA driven by a
$79.8m revaluation gain
6.45cps
Full year FY21 dividend guidance
increased by 1.6%
$125m
A 3
rd
successful 7 year green bond
issue
3.8%
Annualised rent increase on rents
reviewed

Strategy / Portfolio
6—

Create.Manage.Own.
7—
Proactive delivery of sustainable growth
Own the right assets, with the
right attributes in the right
New Zealand locations.
Manage all elements of the business
to deliver the right outcomes
for all our stakeholders.

2021 Focus
8—
Create
Proactive delivery of
sustainable growth.
Manage
Manage all elements of
our business to deliver the
right outcomes for all our
stakeholders.
Own
Own the right assets, with
the right attributes in the
right locations.
Ensure all existing developments in progress recommence swiftly and safely.
Divest non Core assets to recycle into green developments, both existing and
planned.
Continue to invest in a diverse range of properties across sectors, locations and
tenants. The current focus is on strategic Value Add Auckland industrial
opportunities.
Carefully manage our way through Covid-19 to minimise the financial impact.
Work closely with our tenants to ensure high retention rates and the key
expiries/vacancies are addressed early.
Lease up the balance of 7 Waterloo Quay.
Maintain our green / sustainable focus on all acquisition and development
opportunities.
Continue transitioning Value Add opportunities to drive earnings and capital growth.
Make appropriate risk / reward decisions, with pre-commitments preferred on all
developments.






o

o

$1.92B
Portfolio Snapshot
9—
Note: Portfolio value excludes assets held for sale.

Portfolio highlights
10—
99.4%
Occupancy
5.2%
Like for like rental growth
5.7yrs
Weighted average lease term
(WALT)
$79.8m
Desktop revaluation gain, 4.3%
above 30 September book values

Portfolio at a glance
11—
$1.92 BILLION
1
@ 30 SEPTEMBER 2020
TOTAL PORTFOLIO VALUE
BY SECTOR
43%
42%
15%
Industrial
Office
Large Format
Retail
TOTAL PORTFOLIO VALUE
BY REGION
71%
27%
2%
Auckland
Wellington
Regional North Island
& South Island
TOTAL PORTFOLIO VALUE
BY ASSET MIX
82%
12%
6%
Core
Value Add
Non Core
Target
Bands
45-55%
30-40%
10-20%
Target
Bands
65-75%
20-30%
<10%
Target
Band
75-90%
-
-
1. Interim desktop valuations have been completed for the period to 30 September 2020. Metrics exclude Held for Sale assets.
2. Includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga and Hamilton.
2

Sector Summary
12—
34
Number of buildings
16
Number of buildings
5
Number of buildings
$821.1
Market value of assets ($m)
$810.2
Market value of assets ($m)
$285.8
Market value of assets ($m)
100%
Occupancy (by income)
98.7%
Occupancy (by income)
100%
Occupancy (by income)
6.6yr
Weighted average lease term (WALT)
5.1yr
Weighted average lease term (WALT)
4.9yr
Weighted average lease term (WALT)
5.59%
Contract yield
6.48%
Contract yield
6.44%
Contract yield
INDUSTRIALOFFICELARGE FORMAT RETAIL

Value Add
13—
OPPORTUNITIES TO DRIVE CAPITAL GROWTH AND EARNINGS
In Value Add properties with
potential to deliver earnings and
capital growth
+$227m
Value Add properties total 12% of the
portfolio.
Several development projects have
either completed (e.g. 54-56 Jamaica
Drive and 107 Carlton Gore Road) or
underway.
Some pre Covid-19 Value Add green
opportunities have been deferred for
the time being.
Transforming Value Add assets into
green developments where possible
remains a key focus.
1. Desk top valuations performed as at 30 September 2020.
Property - Value AddSectorLocation
Valuation
1
$m
5 Unity Drive, AlbanyIndustrialAuckland7.6
15 Unity Drive, AlbanyIndustrialAuckland5.5
133 Roscommon Road, WiriIndustrialAuckland10.4
224 Neilson Street, OnehungaIndustrialAuckland32.0
101 Carlton Gore Road, Newmarket
(deferred)
OfficeAuckland28.1
105 Carlton Gore Road, Newmarket
(deferred)
OfficeAuckland32.0
8-14 Willis Street/360 Lambton Quay
(underway)
OfficeWellington111.7
TOTAL $m 227.3

Green Strategy
14—
Mt Richmond Properties
Bell Ave Properties
SH1
Great South Road
12-16
18-20
32

8-14 Mt Richmond Drive & 2 DoravalPlace,
Mt Wellington (Mt Richmond Properties)
15—
Acquisition Investment Thesis / Strategy
Only 15km from the Auckland CBD.
Prime industrial location with direct access to Mt
Wellington highway.
Attractive initial holding yield provides positive cashflow.
Mt Wellington industrial market has low forecast supply
with inventory tightly held.
Development potential for 40,000sqm of warehouse and
4,000sqm of office.
Strategy is for green developments.
Acquisition metrics
Acquisition price$76 million
Expected settlement27 March 2021
Initial Yield4.7%
Lease term1.To December 2027, with break clause
in January 2024
2.February 2022 (Licence Agreement)
NLA10.64 hectares, 23,000sqm
of existing buildings

Current Developments
16—
GREEN DEVELOPMENTS REMAIN THE KEY FOCUS
7WQ: Additionalwork on the exterior façade of the building should be
completed by the time the tower scaffolding is removed, set for 31 March
2021.
8-14 Willis Street/360 Lambton Quay:The project will now also include an
11th floor of 1,175m
2
, costing $6.8m. The yield on incremental cost is 7.2%.
The development was forecast to complete in August 2021, however
supply chain delays arising from Covid-19, design changes and the
additional floor have resulted in a new expected programmecompletion
date of February 2022.
Other green developments: The 101 Carlton Gore Road and 105 Carlton
Gore Road green projects have been deferred due to Covid-19.
1. Includes 360 Lambton Quay (formerly Stewart Dawson Corner).
Incremental yield on cost on capex
for 11
th
floor at 8-14 Willis Street
7.2%
DevelopmentMajor TenantTypeLocation
Cost to
complete
Forecast
completion
Sep-20Mar-21Sep-21Mar-22
Underway / commenced
7WQVarious Crown t enant sOFFWT N19.3Mar-21
8-14 Willis St reet
1
St at ist ics New ZealandOFF/RETWT N40.3Feb-22
TOTAL59.6
Green Dev elopmentsStandard Dev elopments
FY 2021FY 2022

7WQ Leasing, Façade Works and Insurance
17—
PROGRESS CONTINUES
Reinstatement / Seismic Works
Reinstatement of all office floors now complete. Residual make-good works around the interchange are nearing
completion. The building is currently 82% leased with a WALT of 8.7 years.
Argosy is in discussions with several potential tenants (including the Crown) for the remaining 3,650m
2
of space on
Levels 9, 11 and 12.
The exterior façade of the building requires additional work and Argosy now expects this to cost approximately $15.5
million versus $10.0 million previously but with enhanced operational performance outcomes offsetting the
additional cost (this work does not relate to the insurance claim referred to below). The timing of any works will be
considered around the programmed removal of the tower scaffolding which is currently set for March 2021.
Insurance Claim
Argosy has submitted 16 interim claims in respect of material damage and business interruption to 30 September
2020.
Argosy continues to work with insurers towards resolution of its claim.

Revaluations
18—
CAP RATE FIRMING AND RENTAL GROWTH KEY DRIVERS OF INCREASE
For the six months to 30
September, the portfolio
recorded a revaluation gain of
$79.8m or 4.3%.
The portfolio market yield firmed
27bps.
Regionally, Auckland again
contributed the biggest
revaluation gain in dollar terms of
$54.0m above book value (68%
of the total), or 4.1%.
By sector, Industrial reported a
$44.1m revaluation gain (55% of
the total), an increase of 5.7%
above book value.
Wellington recorded the biggest
yield compression at 51bps
largely driven by market rent
reviews in the office portfolio.
1. The Market Yield 30 September 2020 is excluding 7 Waterloo Quay and 8-14 Willis Street/360 Lambton Quay. The Market Yield 31 March 2020 is excluding 7 Waterloo Quay, 8-14
Willis Street/360 Lambton Quay, 180 Hutt Road & 54-56 Jamaica Drive.
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
30 Sep 2031 Mar 20
A uckland
1,304.9 1,358.9 54.0 4.1%6.00%6.22%
Wellingt on 495.5 518.9 23.44.7%6.68%7.19%
Nort h Island Regional & Sout h
I sland
36.9
39.3 2.4 6.5%6.73%6.98%
Total 1,837.3 1,917.1 79.8 4.3%6.14%6.41%
30 Sep 2031 Mar 20
I ndust rial 777.0 821.1 44.1 5.7%5.93%6.17%
Office 788.8 810.2 21.42.7%6.53%6.83%
Large Format Ret ail 271.5 285.8 14.35.3%5.93%6.23%
Total 1,837.3 1,917.1 79.8 4.3%6.14%6.41%
Market Yield
1
30 Sep 20
Book Value
($m)
30 Sep 20
Valuation
($m)
Δ
$m
Δ
%
Market Yield
30 Sep 20
Book Value
($m)
30 Sep 20
Valuation
($m)
Δ
$m
Δ
%

Financials
19—

Income Reconciliation
20—
STRONG OPERATIONAL RESULTS OFFSET BY ONE-OFF COVID-19 IMPACTS

Financial Performance
21—
RESILIENT OPERATIONAL PERFORMANCE
Like-for-like gross rental growth of
5.2% during the period.
Strong gross rental growth was
offset by Covid-19 rental
abatements and lower insurance
proceeds at 7WQ.
Interest expense rose primarily due
to lower capitalised interest as
developments completed.
Forfeited deposit of $4.5m from
the incomplete sale of Albany
Lifestyle Centre.
Interim desk top revaluation gain,
equating to a 4.3% increase
above book value.
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.
1H211H20
$m$m
Net property income51.151.0
Administration expenses(5.9)(5.6)
Profit before financial income/(expenses), other
gains/(losses) and tax
45.245.4
Net interest expense(14.2)(11.1)
Gain/(loss) on derivatives0.1 (3.6)
Revaluation gains79.8 50.8
Forfeited deposit on sale of property4.5 -
Realised gains/(losses) on disposal1.0 (0.0)
Earthquake expenses(0.5)(0.2)
Profit before tax115.981.3
Taxation expense(1.3)(4.4)
Profit after tax114.676.9

Distributable Income
22—
INCREASE IN NET DISTRIBUTABLE INCOME PER SHARE
After non-cash adjustments and
current tax, net distributable
income increased by $6.4 million
or 21.5%.
Tax expense was lower due to
depreciation on buildings and
asbestos removal deductions.
1H21 Net Distributable Income per
share, a 21.2% increase on the
prior comparable period
4.35cps
NOTE: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.
1H211H20
$m$m
Profit before income tax115.981.3
Adjust ed for:
Rev aluat ions gains(79.8)(50.8)
Realised losses/(gains) on disposal(1.0) 0.0
Deriv at iv e fair v alue (gain)/loss(0.1) 3.6
Eart hquake expense net of recov eries 0.5 0.2
Gross distributable income35.634.3
Depreciat ion recov ered 0.0 -
Current t ax expense 0.4 (4.6)
Net distributable income36.029.7
Weight ed av erage number of ordinary shares ( m)829.0827.1
Gross dist ribut able income per share (cent s)4.294.14
Net dist ribut able income per share (cent s)4.353.59

Investment Properties
23—
GROWTH UNDERPINNED BY REVALUATION GAINS
Capitalised costs: Driven by
large developments including
8- 14 Willis Street/360 Lambton
Quay, 7WQ and completion
of 54 Jamaica Drive
development.
Transfers: Hutt Road and 80
Springs Rd transferred out and
Albany Lifestyle Centre
transferred in.
Disposals: Corner of Wakefield
Street (Wellington), 960 Great
South Road (Auckland).
Revaluation gain: $79.8m,
+4.3% above book value.

NTA per share reconciliation
24—
REVALUATION GAIN CONTRIBUTES 10 CENTS PER SHARE

Balance Sheet and Gearing
25—
The balance sheet position is
sound.
Argosy recycled $73.5 million of
non Core assets during the period
which no longer met Argosy’s
Investment Criteria.
Target policy gearing range is
between 30-40% and following
strong strategy delivery on capital
management initiatives, Argosy is
currently sitting in the middle of
the band.
Since interim reporting date
Argosy has received $37 million of
settlement funds from asset sales.
CAPITAL STRUCTURE SOUND, WITHIN BANDS AND WELL BELOW COVENANT
1.Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place
1H21FY20
$m$m
Investment properties1,917.11,782.3
Assets held for sale38.284.6
Right of Use Asset41.741.8
Other assets29.020.9
Total assets2,026.01,929.6
Right of Use Asset(41.7)(41.8)
Total assets (net of Right of Use Asset)1,984.31,887.8
Fixed Rate Green Bonds200.0200.0
Bank debt
1
526.6533.2
Total Debt & Bond Funding726.6733.2
Debt-to -total-assets ratio
2
36.6%38.8%

Funding & Interest Rate Management
26—
During the interim period, Argosy
added a new banking facility,
Tranche I, for $75 million. This new
Tranche expires in May 2024.
On October 29, following the
successful issue of $125m of senior
secured fixed rate 7-year green
bonds, Argosy cancelled $125m of
bank facilities.
Argosy’s exposure to floating
interest rates continues to increase
as it positions itself towards the
bottom end of its hedging bands
as swaps roll off.
Weighted average facility term as
at 30 September
3.2yrs
1.Including margin and line fees.
COST OF FUNDING DECREASING
1H21FY20
Weighted average duration of debt facility3.2 years3.6 years
Weighted average interest rate
1
3.74%
3.95%
Interest Cover Ratio3.0x2.8x
% of fixed rate borrowings50%50%
Weighted average duration of payer swaps4.2 years4.7 years
Average rate of payer swaps3.99%3.99%

Debt Profile
27—
The issue of $125m of senior secured
fixed rate 7 year green bonds in
October at a coupon of 2.20%
(1.95% margin) resulted in Argosy’s
weighted average debt facility term
increasing from 3.2 years to 4.0
years.
The green bond issue further
diversified Argosy’s bond-to-bank
debt capital funding mix from 23%
to 38%.
Argosy’s ARG030 green bonds
began trading on Wednesday 28
th
October.
Weighted average debt tenor post
bond issue and cancellation of bank
facilities on 29 October 2020
4.0yrs
3RD GREEN BOND ISSUE INCREASES TENOR

Dividends
28—
A 2
nd
quarter cash dividend of 1.6375
cents per share has been declared,
with imputation credits of 0.0709 cents
per share attached, and will be paid
on 23 December 2020.
The Dividend Reinvestment Plan will be
available for participation in the 2
nd
quarter dividend with a 3% discount.
The FY21 dividend guidance is
increased to 6.45 cents per share, or
1.6%.
The Board’s view is for shareholders to
continue sharing in the solid operating
results whilst allowing Argosy to
maintain its momentum towards an
AFFO based dividend policy over the
medium term.
6.45cps
FY21 full year dividend guidance
increased by 1.6% based on
current projections for the business
RESILIENT AND SUSTAINABLE DIVIDENDS

Leasing Update
29—

Leasing Success
30—
STRONG LEASING OUTCOMES OVER 1H21
Argosy leased 55,997m
2
across the portfolio over 1H21, or 10% of
the portfolios total net lettable area. There were 25 transactions
over the period, with 10 renewals, 7 extensions and 8 new leases.
Notable transactions over the first six months include:
147 Lambton Quay Parliamentary Services new 3yr lease for 8,139m
2
23 Customs Street Citibank, 5yr renewal for 545m
2
;
23 Customs Street CNZ (Auckland) 3yr renewal, 657m
2
;
Albany Lifestyle FergsBeds, 2yr extension for 608m
2
;
Peter Baker Transport extension for a further 1 year, 18,703m
2
.
5.7yrs
Interim portfolio WALT

Lease Expiry
31—
STABLE PROFILE OVER THE MEDIUM TERM
5yr average income percentage
expiring in any year ~9%.
Largest single expiry over the next
10 years is 9.5% in March-27 being
the Ministry for Business,
Innovation and Employment, in
15-21 Stout Street.
Very low portfolio vacancy at 30
September
0.6%

Sector Summary
32—
INDUSTRIALOFFICELARGE FORMAT RETAIL
►Net absorption continues to drive
additional supply.
►Limited land supply in Auckland
and Wellington encourages non-
traditional locations.
►Rental growth continues for good
quality property.
►Vacancy remains very low, with
constrained funding limiting
speculative supply.
►Effects of Covid-19 recession
expected to be muted.
►Flexible working environments
continue to drive a disconnect
between employment growth and
net absorption.
►Net absorption effect of Covid-19 is
yet to be quantified with conflicting
trends of working from home offset by
additional space requirements and
less activity-based working in the
medium term. Significant increase in
space available for sub lease in prime
buildings
►Rental growth impacted by new
supply – softer in Auckland, reflected
in higher incentives, and firmer in
Wellington.
►The Wellington market continues to
show strong demand, with low
vacancy for good quality seismically
sound space that is well located.
There is a shortage of large floor
plate/high quality stock with upward
rental growth pressure as a result.
Premium and Grade A vacancy is
minimal.
►Equilibrium with on-line retailing is yet
to show full effect. A move to online
retailing has potential to accelerate
as a result of Covid-19 lockdowns.
►Many retailers’ systems have been
shown to be inadequate to cope
with higher online sales volumes.
►Structural change in retail property
will show increased focus on
showroom and semi-industrial
facilities.
►Impact of additional development
will be felt particularly in secondary
locations.
►Large format, and entertainment
retail expected to be most secure
other than use dependant on tourism.
►Rental growth has turned negative
over the last 6 months.

Focus and Outlook
33—

2020/21 Outlook
34—
The current economic outlook remains challenging with some sectors (e.g. tourism and education) likely
to remain under significant pressure.
New Zealand monetary policy settings should remain stimulatory for the economy over the short to
medium term.
Strong execution of strategy and delivering on key 2021 focus areas including capital management
initiatives, is positioning the business well for the future. Argosy will continue to take advantage of strategic
acquisitions that can drive long term capital growth and earnings.
Property fundamentals in key metropolitan markets are robust with some segments (e.g. Wellington office,
Auckland industrial) presenting with favourable dynamics of low supply, high demand and steady rental
growth.
Based on the current economic outlook and portfolio performance, the Board has increased the
expected FY21 dividend to 6.45 cents per share.
6.45cps
FY21 full year dividend guidance
increased by 1.6% based on
current projections for the business

Appendices
35—

Adjusted Funds From Operations (AFFO)
36—
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures. AFFO is an
alternative performance measure used to assist investors in assessing the Company’s underlying performance and to determine income available for distribution. This reconciliation is based
on guidelines for disclosing AFFO as provided by the Property Council of Australia.
1H21
1H20
$m
$m
Profit before income tax115.981.3
Rev aluat ion gains on inv est ment propert y
(79.8)(50.8)
Realised (gains)/losses on disposal of inv est ment propert ies(1.0) 0.0
Deriv at iv e fair v alue (gain)/loss(0.1) 3.6
Eart hquake expenses 0.5 0.2
Gross distributable income35.634.3
Depreciat ion recov ered
0.0 -
Current t ax expense 0.4 (4.6)
Net distributable income36.029.7
A mort isat ion of t enant incent iv es and leasing cost s 2.1 1.7
Funds from operations (FFO)38.131.4
Capit alisat ion of t enant incent iv es and leasing cost s(5.2)(2.0)
Maint enance capit al expendit ure(1.9)(4.0)
T ax effect ed maint enance capit al expendit ure recov ered (0.0) -
Adjusted funds from operations (AFFO)31.025.4
Weight ed av erage number of shares on issue ( m)829.0827.1
AFFO per share (cents)3.743.06
Div idends paid3.183.14
Div idend payout rat io ( t o A FFO)85%103%

Rent Reviews by Type, Sector & Location
37—
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.
Type#
Previous Rent
(000's)
% of rent
reviewed
New rent
(000's)
$ Increase
(000's)
% Increase
Annualised $
Increase (000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total5336,140100%38,8932,7537.6%1,358100.0%3.8%
By review type
Fixed3617,66449%18,1695052.9%46834%2.6%
Market812,44534%14,4612,01616.2%74955%6.0%
CPI96,03117%6,2632333.9%14010%2.3%
By sector
Industrial1514,93241%15,4685363.6%43132%2.9%
Office2014,16339%16,1672,00414.2%74755%5.3%
Retail187,04519%7,2582143.0%17913%2.5%
By location
Auckland4623,03664%23,8207843.4%67350%2.9%
Wellington713,10436%15,0731,96915.0%68550%5.2%

Rent Reviews – Auckland & Wellington
38—
Location#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase (000's)
% of Total
Annualised
Increase
Annualised %
Increase
Auckland
Industrial1111,28349%11,6803963.5%35926%3.2%
Office174,70820%4,8821753.7%13410%2.8%
Large Format
Retail
187,04531%7,2582143.0%17913%2.5%
4623,036100%23,8207843.4%67350%2.9%
Wellington
Industrial43,64828%3,7881393.8%725%2.0%
Office39,45672%11,2851,83019.3%61345%6.5%
Large Format
Retail
000%000.0%00%0.0%
713,104100%15,0731,96915.0%68550%5.2%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not exactly reflect absolute figures.

Portfolio Metrics
39—
DEFENSIVE AND RESILIENT TENANTS, HIGH ESSENTIAL SERVICE EXPOSURE

Portfolio Snapshot
40—
HIGH PORTFOLIO QUALITY IS BEING REFLECTED IN OUR METRICS
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
FY17FY18FY19FY201H21
WALT (years)
0.0%
5.0%
1 0. 0%
1 5. 0%
2 0. 0%
2 5. 0%
3 0. 0%
3 5. 0%
4 0. 0%
FY17FY18FY19FY201H21
Debt-to-total-assets
0.0%
2 0. 0%
4 0. 0%
6 0. 0%
8 0. 0%
100.0%
FY17FY18FY19FY201H21
Occupancy
$ 0. 00
$ 0. 20
$ 0. 40
$ 0. 60
$ 0. 80
$ 1. 00
$ 1. 20
$ 1. 40
$ 1. 60
FY17FY18FY19FY201H21
Net Tangible Assets

Portfolio Summary -Industrial
41—
Note: Yield excludes re-
development properties
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
Industrial
Auckland
90 - 104 Springs Road, East Tamaki$6,8506.4
3,885
-
5.42%
8 Forge Way, Panmure$32,10010.2 4,231 - 4.79%
10 Transport Place, East Tamaki$31,5003.6 10,641 - 6.39%
1 Rothwell Avenue, Albany$32,3009.8 12,683 - 5.25%
4 Henderson Place, Onehunga$30,80010.8 10,841 - 5.27%
1-3 Unity Drive, Albany$13,7001.0 6,204 - 5.64%
5 Unity Drive, Albany$7,6000.5 3,046 - 5.36%
211 Albany Highway, Albany$27,0002.3 14,589 - 5.56%
12-16 Bell Avenue, Mt Wellington$27,5001.3 14,809 - 5.47%
18-20 Bell Avenue, Mt Wellington$16,9501.7 8,941 - 5.48%
32 Bell Avenue, Mt Wellington$13,5002.6 8,139 - 6.14%
9 Ride Way, Albany$28,00012.0 9,178 - 5.40%
80-120 Favona Road, Mangere$100,2503.9 59,386 - 6.43%
19 Nesdale Av enue, Wiri$63,50014.1 20,677 - 4.68%
2 Allens Road, East Tamaki$5,6004.0 2,920 - 5.72%
12 Allens Road, East Tamaki$4,9001.1 2,325 - 5.72%
106 Springs Road, East Tamaki$7,3004.0 3,846 - 5.65%
5 Allens Road, East Tamaki$5,5001.2 2,663 - 5.07%
17 Mayo Road, Wiri$31,3006.3 13,351 - 5.02%
Cnr William Pickering Drive & Rothwell Avenue, Albany$17,2002.8 7,074 - 5.53%
320 Ti Rakau Drive, East Tamaki$69,0007.3 28,353 - 6.02%
15 Unity Drive, Albany$5,4503.6 7,002 - 4.60%
240 Puhinui Road, Manukau $40,70014.1 17,735 - 4.51%
244 Puhinui Road, Manukau $14,90014.1 5,504 - 4.48%
Highgate Parkway, Silverdale$33,1007.4 10,581 - 5.17%
133 Roscommon Road, Wiri$10,35013.0 15,862 - 4.36%
224 Neilson Street, Onehunga$32,0000.5 7,002 - 4.06%
Wellington
54-56 Jamaica Drive, Wellington$13,00015.0 1,825 - 5.05%
147 Gracefield Road, Seav iew$18,0007.5 8,018 - 5.77%
19 Barnes Street, Seav iew$15,7507.9 6,857 - 6.85%
39 Randwick Road, Seaview$20,0002.8 16,249 - 8.32%
68 Jamaica Drive, Grenada North$17,5000.8 9,609 - 7.37%
Other
8 Foundry Drive, Woolston, Christchurch$17,3759.3 7,668 - 6.52%
1478 Omahu Road, Hastings
$10,6506.8 8,514 - 7.07%
TOTAL - INDUSTRIAL$821,1246.6 370,206 - 5.59%

Portfolio Summary -Office
42—
Note: Yield excludes re-development properties
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
OFFICE
Auckland
99-107 Khyber Pass Road, Grafton
$17,0003.9 2,509 -
5.65%
101 Carlton Gore Road, New market$28,1003.1 4,821
- 6.43%
8 Nugent Street, Grafton
$51,3003.5
8,125


325

6.16%
39 Market Place, Viaduct Harbour$42,500
2.1 10,365 -
8.88%
105 Carlton Gore Road, New market$32,0000.9
5,312
- 7.01%
302 Great South Road, Greenlane$11,2003.6
1,890


-

5.92%
308 Great South Road, Greenlane$8,1007.0 1,568 1,149 2.10%
25 Nugent Street, Grafton$14,0002.2 3,028 - 6.03%
107 Carlton Gore Road, New market
$46,00011.4
6,061 - 5.55%
Citibank Centre, 23 Customs Street East$77,3004.0 9,633
- 6.27%
82 Wyndham Street$48,0005.3 6,012
- 5.73%
Wellington
143 Lambton Quay$25,2504.8

6,216 - 8.49%
147 Lambton Quay$39,0002.3 8,539
134 8.05%
8-14 Willis Street/ 360 Lambton Quay$111,680
-


-
-
7 Waterloo Quay$114,7408.7 23,075 -
15-21 Stout Street$144,000
5.8

20,709 - 6.08%
TOTAL - OFFICE$810,1705.1 117,862 1,609 6.48%

Portfolio Summary -Retail
43—
Note: Yield excludes re-development properties
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
RETAIL
Auckland
Albany Mega Centre and 11 Coliseum Drive, Albany$147,0003.8
33,792 - 6.22%
Albany Lifestyle Centre$87,5006.4 24,955 - 7.09%
50 & 54-62 Cavendish Drive, Manukau$30,1004.7
9,939
- 5.94%
252 Dairy Flat Highway, Albany$9,9509.3 2,255 - 4.97%
Other
Cnr Taniwha & Paora Hapi Streets, Taupo$11,2502.0 4,212 - 6.81%
TOTAL - RETAIL $285,8004.9
75,152
- 6.44%
TOTALS (excl pr oper ti es hel d for sal e)$1,917,0955.7 563,221 1,609
6.04%

Disclaimer
44—
This presentation has been prepared by Argosy Property Limited. The details in this presentation
provide general information only. It is not intended as investment or financial advice and must
not be relied upon as such. You should obtain independent professional advice prior to making
any decision relating to your investment or financial needs. This presentation is not an offer or
invitation for subscription or purchase of securities or other financial products. Past performance
is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
26 NOVEMBER 2020