31 March 2021 year end valuation update

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Argosy Property Limited (‘Argosy’) today announced that for the 12 months to 31
March 2021, it has recorded a full year portfolio revaluation gain of $157.7 million, an
8.5% increase over book value. Of this $79.8 million was booked in the 30 September
2020 interim result.
Since the desk-top valuations undertaken in September 2020, New Zealand’s
commercial real estate market has continued to experience firming in capitalisation
rates, consistent with low interest rates.
By location, Auckland was the largest contributor to the revaluation gain with $150.2m
of the total portfolio gain. By sector, Industrial provided the greatest contribution at
$129.9 million, up 15.2%. The Office portfolio declined by $1.5 million, and Large Format
Retail increased by $29.3 million. More detail is provided in the appendix to this release.
The Industrial sector experienced solid cap rate firming and market rental growth in the
period. The Office portfolio revaluation was weighed down by additional capital
required for the façade repairs at 7 Waterloo Quay and increased development costs
at 8-14 Willis Street/360 Lambton Quay.
The valuations as at 31 March 2021 remain subject to audit (by Deloitte) and will be
confirmed in the financial results to be announced to the market on 19 May 2021.
Peter Mence, CEO of Argosy said, “Argosy’s diversified portfolio of quality assets
continue to demonstrate its resilience.”



− END −







Market Release
7 May 2021
31 March Year End Valuation Update
ENQUIRIES
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

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APPENDIX - VALUATION SUMMARY




1. Market Yield at 31 March 2021 excludes 7 Waterloo Quay, 8-14 Willis Street/360 Lambton Quay. The Market Yield at 31 March 2020 excludes 7
Waterloo Quay and 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.


31 Mar 2131 Mar 20
A uckland 1,296.3 1,446.5 150.2 11.6%5.59%6.22%
Wellingt on 519.8 523.4 3.50.7%6.62%7.19%
Nort h I sland Regional & Sout h I sland 37.0 41.0 3.9 10.7%6.41%6.98%
Total 1,853.1 2,010.8 157.7 8.5%5.78%6.41%
31 Mar 2131 Mar 20
I ndust rial 855.0 985.0 129.9 15.2%5.42%6.17%
Office 814.2 812.7 (1.5)-0.2%6.43%6.83%
Large Format Ret ail 183.9 213.2 29.3 15.9%5.65%6.23%
Total 1,853.1 2,010.8 157.7 8.5%5.78%6.41%
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