Retail Roadshow Presentation 2021

2
nd
July – 22
nd
July 2021
Retail Roadshow
2021
Building a better
future

“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
82 Wyndham Street, Auckland

PRESENTED BY
AGENDA
3—
Peter Mence
Dave Fraser
CEO
CFO
Highlights
4
Vision & Strategy
6
Portfolio
10
Financials
19
Leasing Update
29
Focus and Outlook
33
Note: This results presentation should be read in conjunction with the NZX release dated 19 May 2021. 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.

2021 ANNUAL RESULT HIGHLIGHTS
4—
54-56 JaimacaDrive, Wellington

KEY HIGHLIGHTS
5—
13.7%
Net distributable income
increase
$1.53
NTA up 17.7% from $1.30 driven by a
$157.7m revaluation gain
6.45ps
Full year FY21 dividend
increased by 1.6%
$125m
A 3
rd
successful 7 year green bond
issue
3.3%
Annualised rent increase on rents
reviewed

VISION & STRATEGY
6—

VISION -BUILDING A BETTER FUTURE

BIG CORPORATE GOALS - 2031
8—
>50%
Of the portfolio to be green
assets
>50%
Of total debt finance being green
non-bank funding
CO
2
Target carbon neutral
>$3bn
Portfolio activity will result in
increased scale through
acquisitions and green
developments
-30%
Reduction in carbon emissions by
2031
Greater engagement and bigger
contribution to social initiatives.
“Changing lives, saving lives.”

FY21 ACHIEVEMENTS
9—
Carefully managed our way through Covid-19, minimising the financial
impact on Argosy
Resilient operating results reflecting a high quality portfolio of diversified real
estate
Continued to progress green developments despite the Covid-19 impact
on construction
Strong leasing progress at 7WQ, now 89% leased
Capital management initiatives delivered, recycled capital into green
developments
Executed on strategic industrial Auckland opportunities in line with strategy







$2.01B
Portfolio Snapshot
10—
Note: Portfolio value excludes assets held for sale.

PORTFOLIO HIGHLIGHTS
11—
99.0%
Occupancy
6.3%
Like for like rental growth
5.5yrs
Weighted average lease term
(WALT)
$157.7m
Annual revaluation gain 8.5% above
31 March book values

PORTFOLIO AT A GLANCE
12—
$2.01 BILLION
1
@ 31 MARCH 2021
TOTAL PORTFOLIO VALUE
BY SECTOR
49%
40%
11%
Industrial
Office
Large Format
Retail
TOTAL PORTFOLIO VALUE
BY REGION
72%
26%
2%
Auckland
Wellington
Regional North Island
& South Island
TOTAL PORTFOLIO VALUE
BY ASSET MIX
83%
17%
0%
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. Metrics exclude Held for Sale assets.
2. Includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga and Hamilton.
2

VALUE ADD PROPERTIES
13—
GREEN OPPORTUNITIES WILL DRIVE EARNINGS AND CAPITAL GROWTH
In Value Add properties with
potential to deliver earnings and
capital growth
+$337m
Value Add properties total ~17% of the
portfolio.
Some Covid-19 deferred projects are
likely to be re-initiated in the next 6-9
months.
Transforming Value Add assets into
green developments remains a key
focus and aligns with our vision and
strategy.
Value Add Auckland industrial estates
will drive earnings and capital growth
over the medium to longer term.
1. Valuations as at 31 March 2021.
Property - Value AddSectorLocation
Valuation
1
$m
5 A llens Road, East T amakiI ndust rialA uckland
5.6
1-3 Unit y Driv e, A lbanyI ndust rialA uckland14.9
5 Unit y Driv e, A lbanyI ndust rialA uckland7.8
15 Unit y Driv e, A lbanyI ndust rialA uckland5.8
133 Roscommon Road, WiriI ndust rialA uckland
11.5
25 Nugent Street, Grafton (office portion)OfficeA uckland
15.8
224 Neilson Street, Onehunga (planned)
IndustrialAuckland
32.8
8-14 Mt Richmond Drive, Mt Wellington (planned)
IndustrialAuckland
78.0
101 Carlton Gore Road, Newmarket (deferred)
OfficeAuckland
29.5
105 Carlton Gore Road, Newmarket (deferred)
OfficeAuckland
29.0
8-14 Willis Street/ 360 Lambton Quay (underway)
OfficeWellington
106.6
TOTAL $m 337.3

CURRENT DEVELOPMENT PROJECT
14—
FOCUS ON COMPLETING 6 STAR GREEN DEVELOPMENT
8-14 Willis Street/360 Lambton Quay:Argosy continues to progress with an
expected completion date in February 2022. As noted at the interim
result, the addition of an 11th floor to the initial plans will cost $6.8 million
and deliver incremental income of $0.7 million. 360 Lambton Quay is in
the process of being repurposed into a combination of retail and office
space. This, along with increased costs caused by delays to the project
have increased the expected total spend (including land) to $140.1
million. The net rental for the combined building is now expected to be
$7.4 million. The IRR on the combined development is expected to be
7.2%, with an initial yield on cost of 5.3%. The development margin is 7.6%.
Other green developments: The 101 Carlton Gore Road and 105 Carlton
Gore Road green projects have been deferred.
Expected IRR on 8-14 Willis
Street/360 Lambton Quay
development
7.2%
DevelopmentMajor TenantTypeLocation
Cost to
complete
Forecast
completion
Sep-20Mar-21Sep-21Mar-22
Underway
8-14 Willis St reetSt at ist ics New ZealandOFF/RETWT N37.9Feb-22
TOTAL37.9
FY 2021FY 2022

7WQ UPDATE
15—
STRONG LEASING PROGRESS AND INSURANCE CLAIM SETTLED
Leasing
The building is now 89% leased with a
WALT of 8.8 years.
Argosy is in advanced discussions with
the Crown for the remaining 2,436m
2
of
space on Levels 9 and 12.
Insurance Claim
Argosy settled its insurance claim with its
insurers, receiving a further $23.5 million
plus GST as full and final settlement. The
total payout was 80% of the claim.
Façade
The additional work on the exterior
façade of the building, expected to
cost $15.5 million, is progressing and
should be completed in FY22.

ANNUAL REVALUATIONS
16—
CAP RATE FIRMING AND RENTAL GROWTH KEY DRIVERS OF INCREASE
For the year to 31 March, the
portfolio recorded a revaluation
gain of $157.7m or 8.5%. The
portfolio market yield firmed
63bps.
By location, Auckland was the
largest contributor to the
revaluation gain with $150.2m of
the total portfolio gain.
By sector, Industrial experienced
solid cap rate firming and market
rental growth in the period, and
provided the greatest
contribution at $129.9 million, up
15.2%.
The Office portfolio revaluation
was weighed down by additional
capital required for the façade
repairs at 7 Waterloo Quay and
increased development costs at
8- 14 Willis Street/360 Lambton
Quay.
1.Market Yield 31 March 2021 excludes7 Waterloo Quay, 8-14 Willis Street/360 Lambton Quay.
Market Yield 31March 2020 excludes 7 Waterloo Quay and 8-14 Willis Street/360 Lambton
Quay & 54-56 Jamaica Drive.
Note: Due to rounding, numbers presented in this presentation may not add up exactly
to the totals provided and percentages may not reflect exactly absolute figures.
31 Mar 2131 Mar 20
A uckland 1,296.3 1,446.5 150.2 11.6%5.59%6.22%
Wellingt on 519.8 523.4 3.50.7%6.62%7.19%
Nort h I sland Regional & Sout h I sland 37.0 41.0 3.9 10.7%6.41%6.98%
Total 1,853.1 2,010.8 157.7 8.5%5.78%6.41%
31 Mar 2131 Mar 20
I ndust rial 855.0 985.0 129.9 15.2%5.42%6.17%
Office 814.2 812.7 (1.5)-0.2%6.43%6.83%
Large Format Ret ail 183.9 213.2 29.3 15.9%5.65%6.23%
Total 1,853.1 2,010.8 157.7 8.5%5.78%6.41%
Mar ket Yi el d
1
31 Mar 21
Book Val ue
($m)
1
31 Mar 21
Valuation
($m)

$m

%
Mar ket Yi el d
1
31 Mar 21
Book Val ue
($m)
31 Mar 21
Valuation
($m)

$m

%

PORTFOLIO METRICS
17—
DEFENSIVE AND RESILIENT TENANTS, HIGH ESSENTIAL SERVICE EXPOSURE

PORTFOLIO SNAPSHOT
18—
PORTFOLIO QUALITY AND RESILIENCE REFLECTED IN METRICS
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
FY17FY18FY19FY20FY21
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%
FY17FY18FY19FY20FY21
Debt-to-total-assets
0.0%
2 0. 0%
4 0. 0%
6 0. 0%
8 0. 0%
100.0%
FY17FY18FY19FY20FY21
Occupancy
$ 0. 00
$ 0. 20
$ 0. 40
$ 0. 60
$ 0. 80
$ 1. 00
$ 1. 20
$ 1. 40
$ 1. 60
$ 1. 80
FY17FY18FY19FY20FY21
Net Tangible Assets

FINANCIALS
19—

GROSS PROPERTY INCOME WATERFALL
20—
VERY STRONG OPERATIONAL RESULTS DESPITE COVID-19 IMPACTS

FINANCIAL PERFORMANCE
21—
RESILIENT OPERATIONAL PERFORMANCE
Like-for-like gross rental growth of
6.3% for the financial year.
Additional income from 7WQ,
acquisitions & recently completed
developments were partially offset
by disposals and rental abatements
for Covid-19.
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.
Insurance settlement proceeds
were received in FY21.
Strong annual revaluation gain,
equating to an 8.5% 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.
FY21FY20
$m
$m
Net propert y income107.799.7
A dminist rat ion expenses(12.1)
(11.4)
Profit before financial income/(expenses),
other gains/(losses) and tax
95.688.2
Net int erest expense(28.5)(22.8)
Gain/(loss) on deriv at iv es(4.2) 2.1
Rev aluat ion gains 157.7 59.9
I mpairment loss held for sale(3.0)
Forfeit ed deposit on sale of propert y 4.5 -
Realised gains/(losses) on disposal 2.0 (0.1)
I nsurance proceeds - reinst at ement 19.9 -
Eart hquake expenses 1.4 (0.5)
Profit before tax248.4123.9
T axat ion expense(6.7)(4.7)
Profit after tax241.7119.1
Earnings per share (cent s)29.0414.40

DISTRIBUTABLE INCOME
22—
STRONG PERFORMANCE ON PER SHARE BASIS
After non-cash adjustments and
current tax, net distributable
income increased by $8.2 million
or 13.7%.
Tax expense was lower due to
increased depreciation on
buildings, additional 7WQ
depreciation and the non-
assessable forfeited deposit for
Albany Lifestyle Centre.
Increase in net distributable
income cents per share to 8.14 vs.
7.20
+13.1%
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.
FY21FY20
$m$m
Profit before income tax248.4123.9
Adjust ed for:
Rev aluat ions gains(157.7)(59.9)
I mpairment loss on held for sale - 3.0
Realised losses/(gains) on disposal(2.0) 0.1
Deriv at iv e fair v alue (gain)/loss 4.2 (2.1)
I nsurance proceeds - reinst at ement(19.9) -
Eart hquake expense net of recov eries(1.4) 0.5
Gross distributable income71.665.4
Depreciat ion recov ered 0.0 0.0
Current t ax expense(3.9)(5.9)
Net distributable income67.759.6
Weight ed av erage number of ordinary shares ( m)832.3827.2
Gross dist ribut able income per share (cent s)8.617.91
Net dist ribut able income per share (cent s)8.147.20

ADJUSTED FUNDS FROM OPERATIONS (AFFO)
23—
A FOCUS ON SUSTAINABLE DISTRIBUTIONS
Higher capitalisedincentives
reflects large leasing deals with
government departments ($3.6m
at 7WQ)
Lower maintenance capex
reflects impact of Covid-19.
AFFO dividend payout ratio for
FY21
89%
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.
FY21FY20
$m$m
Net distributable income67.759.6
A mort isat ion of t enant incent iv es and leasing cost s 5.1 3.5
Funds from operations (FFO)72.963.0
Capit alisat ion of t enant incent iv es and leasing cost s(8.2)(5.5)
Maint enance capit al expendit ure(3.9)(6.0)
7 Wat erloo Quay façade repairs (1.0)(0.0)
Maint enance capit al expendit ure recov ered t hrough sale 0.7 0.3
Adjusted funds from operations (AFFO)
1
60.451.8
Weight ed av erage number of ordinary shares ( m)832.3827.2
FFO per share (cents)
8.757.62
AFFO per share (cents)
7.266.27
Div idends paid/payable in relat ion t o period6.456.35
Div idend payout rat io ( t o FFO)74%83%
Div idend payout rat io ( t o A FFO)89%101%
Div idend payout rat io ( t o A FFO)
2
95%101%
1. Audited 2. Excluding ALC deposit and 7WQ façade works net of tax

INVESTMENT PROPERTIES
24—
FY21 GROWTH UNDERPINNED BY A COMBINATION OF FACTORS
Acquisitions: Mt Richmond
Properties for $76m in
October.
Capitalisedcosts: Driven by
large developments
including 8-14 Willis
Street/360 Lambton Quay,
7WQ and completion of 54
Jamaica Drive
development.
Disposals: Corner of
Wakefield, Taranaki and
Cable Street & 180-202 Hutt
Road (both Wellington), 960
Great South Road & 80
Springs Rd (both Auckland).
Revaluation gain +8.5%
above book value.
Held for sale: Albany
Lifestyle Centre,
subsequently settled 30
April 2021.

NTA PER SHARE WATERFALL
25—
REVALUATION GAIN KEY DRIVER OF ~18% NTA INCREASE

BALANCE SHEET MANAGEMENT
26—
The balance sheet position is
sound.
During the period Argosy
recycled $73.5 million of non
Core assets which no longer met
Argosy’s Investment Criteria.
Target policy gearing range
remains between 30-40% and
following strong strategy delivery
on capital management
initiatives, Argosy is currently
sitting in the middle of the band.
Since reporting date Argosy has
received $85.5 million of
settlement funds from the sale of
the Albany Lifestyle Centre, which
will reduce pro forma gearing by
~2.7% to 33.2%.
CAPITAL MANAGEMENT INITIATIVES ENHANCE YEAR END POSITION
1.Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place
FY21FY20
$m$m
I nv est ment propert ies2,010.81,782.3
A sset held for sale87.584.6
Right of Use A sset41.741.8
Ot her asset s17.021.0
Tota l a ssets
2,156.81,929.6
Right of Use A sset(41.7)(41.8)
Total assets (net of Right of Use Asset)2,115.11,887.8
Fixed Rat e Green Bonds325.0200.0
Bank debt
1
433.9533.2
Total Debt & Bond Funding758.9733.2
Debt-to-total-assets ratio
2
35.9%38.8%

DEBT PROFILE
27—
Issued $125m of senior secured fixed
rate 7-year green bonds in October
2020 at a coupon of 2.20% (1.95%
margin).
Green bonds support Argosy’s
overall debt capital funding
programme, diversifying its bond-to-
bank debt funding mix to 40:60.
Refinanced $240 million in March at
attractive rates and increased term.
Weighted average debt tenor at 31
March 2021
4.2yrs
GREEN FINANCING ATTRACTIVE DIVERSIFICATION TOOL, INCREASES TENOR

FY22 & NEW DIVIDEND POLICY
28—
In 2017, Argosy’s Board advised of its
intention to move (in the medium term) to
an amended dividend policy, based on
AFFO earnings.
Commensurate with this commitment,
commencing 1 April 2022, Argosy’s policy
will be to pay dividends between 85-100%
of AFFO.
In formulating the dividend policy, the
Board was focused on Argosy’s ability to
grow sustainable dividends to
shareholders.
TRANSITIONING INTO AFFO DIVIDEND POLICY FRAMEWORK FROM FY23
AFFO dividend payoutratio from 1
April 2022
85-100%
* Adjusted for forfeited deposit at Albany Lifestyle Centre and 7WQ façade works (net of tax)
6.45
6.55
5.00
5.50
6.00
6.50
7.00
7.50
FY18FY19FY20FY21FY22FY23
A rgosy Div idend
Transition Period
Dividend cpsAFFO cps*Audited AFFO
NewPolicy
Commences
6.55cps
FY22 full year dividend guidance is
based on current projections for
the business

LEASING & EXPIRY PROFILE
29—

LEASING SUCCESS
30—
STRONG LEASING OUTCOMES OVER FY21
Argosy leased 97,391m
2
across the portfolio in FY21, or 15% of the
portfolios total net lettable area. There were 38 transactions over
the period, with 17 renewals, 10 extensions and 11 new leases.
Notable transactions over the financial year include:
7WQTeachers Council, new 9yr lease for 1,221m
2
68 Jamaica DriveIron Mountain, 7yr renewal for 9,609m
2
39 Market PlaceNIWA, 6yr renewal for 2,788m
2
147 Lambton Quay Parliamentary Services new 3yr lease for 8,139m
2
19 Barnes StreetNZ Van Lines, 3yr renewal for 6,857m
2
Peter Baker Transport
1
extension for a further 1 year, 18,703m
2
.
5.5yrs
Portfolio WALT at 31 March
1. Across two properties

LEASE EXPIRY PROFILE
31—
RELATIVELY STABLE PROFILE OVER THE MEDIUM TERM
Low year end portfolio vacancy.
5yr average income percentage
expiring in any year ~10%.
Largest single expiry over the next
10 years is Ministry for Business,
Innovation and Employment, in
15-21 Stout Street (9.4% in Mar-27).
Very low portfolio vacancy at
31 March
1.0%

MARKET UPDATE
32—
INDUSTRIALOFFICELARGE FORMAT RETAIL
►Net absorption continues to drive
additional supply.
►Limited land supply in Auckland
and Wellington puts pressure on
land values and encourages non-
traditional locations.
►Rental growth continues.
►Vacancy remains very low, with
limited speculative supply.
►Effects of Covid-19 recession have
been muted.
►Flexible working environments
continue to drive a disconnect
between employment growth and
net absorption.
►Net absorption effect of Covid-19 has
resulted in a significant increase in
space available for sub-lease in A
grade and prime buildings in the
Auckland market
►Rental growth impacted by new
supply – softer in Auckland, and firmer
in Wellington.
►The Wellington market continues to
show solid 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.
►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
►Rental growth has been negative
over the last 6 months.

FOCUS & OUTLOOK
33—

2022 OUTLOOK
34—
The current domestic and global economic outlook still remains challenging. Vaccination rollouts globally
are accelerating. Countries will open up again for tourism in the near term.
However, central banks globally are dealing with the conflicting forces of transitory inflationary pressures
driven by Covid supply chain issues rather than economic growth. NZ is not immune. Our low monetary
policy settings could rise in the medium term which could create an unintended headwind for business
confidence and growth.
Key focus areas for FY22 include an operational focus on addressing key expiries, leasing up remaining
vacancies and continuation of the green development programme.
New Zealand monetary policy settings should remain stimulatory for the economy over the short term but
the medium term could see risk of tightening policy settings.
Property fundamentals in key metropolitan markets are still robust and some segments (e.g. Wellington
office, Auckland industrial) continue to present attractive dynamics of low supply, high demand and
steady rental growth.

THANK YOU
35—

DISCLAIMER
36—
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.
2 July 2021