KPG reports 164% profit growth, delivers on strategy

NZX RELEASE
22 November 2021
KPG reports 164% profit growth, delivers on
strategy
•Net profit after tax: $143.2m (+164.1% on the prior comparable period (pcp))
•Investment property fair value movement: +$93.6m (+2.8%)
•Net tangible assets per share: $1.42 (+6 cents per share (cps))
•Net rental income: $94.0m (+11.5% on pcp)
•Operating profit before tax
1
: $62.5m (+8.0% on pcp)
•Adjusted funds from operations
1
: 3.06cps (+31.6% on pcp)
•Gearing: 30.7% (FY21 31.2%)
•Interim dividend: 2.75cps
Kiwi Property today announced a robust financial result for the six months ended
30 September 2021, reporting an uplift in all key operating metrics on the prior
comparable period, including growth in income, profitability, asset values and interim
dividend, despite the impact of COVID-19.
Net profit after tax was $143.2 million, up 164.1% on the same time last year,
underpinned by a $93.6 million increase in the fair value of the company’s investment
properties. Operating profit before tax rose 8.0% to $62.5 million, driven by an increase
in net rental income, which grew 11.5% to $94.0 million.
Kiwi Property’s mixed-use, office and other properties were worth $3.5 billion as at
30 September 2021, up 2.8%, highlighting the strength of the company’s portfolio. Office
was once again the highest performing of the asset classes recording a fair value gain
of 4.9% to $1.1 billion. Kiwi Property’s mixed-use portfolio, including Sylvia Park, LynnMall
and The Base, also experienced a valuation uplift, climbing 2.5% to $1.7 billion.
Kiwi Property Chief Executive Officer, Clive Mackenzie said the company’s solid half-
year performance was particularly pleasing given the financial headwinds caused by
the pandemic.
“Kiwi Property’s financial position and diversified property portfolio have remained
resilient, despite the impact of COVID-19. The opening of the Sylvia Park Level 1
expansion had a positive impact on sales, driving increases in both income and
operating profit. We’re operating in a challenging market and the full financial impact
of recent lockdowns won’t be known until the second half of our financial year. We
enter that period in good shape though, well placed to tackle whatever comes next.”
Resilient tenant portfolio
Recent COVID-19 lockdowns have placed a number of businesses under significant
pressure. Kiwi Property is committed to sharing a fair proportion of the financial impact

2
of the pandemic and supporting its small and medium sized tenants, in particular, to
successfully navigate the pandemic. A $7.4 million rent relief provision was recorded in
the first half of the financial year and a similar cost is expected for the second half
2
.

Kiwi Property’s customer-centric approach has enabled the company to minimise
vacancy, maintain productive shopping centres, and helped safeguard the long-term
performance of the company’s assets. At the half-year, Kiwi Property’s assets were
99.8% occupied, with a robust weighted average lease expiry of 5.2 years and rental
growth of approximately 3.0%.

Delivering on strategy

“Over the past six months we’ve made significant progress on our mixed-use ambition;
breaking ground on new developments, launching a new asset class and identifying
new funding streams,” said Mackenzie.

“Despite the volatile macro-economic climate, our evolution into a creator of
integrated retail, office and residential communities has more momentum than ever,”
he added.

Build-to-rent

Kiwi Property has begun construction of New Zealand’s first major build-to -rent
development, marking an important milestone in the delivery of the company’s mixed-
use strategy. The $221 million, 295 apartment complex will be located at Sylvia Park in
Auckland, accelerating the site’s evolution into an integrated retail, office and
residential community. The development has a target stabilised net yield of
approximately 4.5% and 10 year property internal rate of return of over 8.0%.

“Build-to -rent is poised to become an important part of our portfolio, further diversifying
our asset base, unlocking growth and promoting valuation uplift. With our large mixed-
use landholdings, including Sylvia Park and LynnMall, we’re in a unique position to
deliver build-to -rent at scale in this country. Based on current plans, more than 1,200
residential apartments could potentially be added to Sylvia Park in the next decade,”
said Mackenzie.

LynnMall

Resource consent has been obtained for a 25 level mixed-use development at
LynnMall, which will integrate a compelling combination of ground floor retail, three
commercial office levels and a 19 floor build-to -rent tower.

Located on LynnMall’s south west corner, the proposed mixed-use development is
expected to become the tallest structure in west Auckland, making it a distinctive and
iconic landmark. Construction of the development could begin as early as 2022,
pending funding and approval.

Sustainability

3
Kiwi Property continues to make substantive progress on its sustainability journey, with
the Global Real Estate Benchmark (GRESB) awarding the company a score of 80 (out
of 100) for its Environmental, Social and Governance (ESG) performance in 2021, a
strong result for a first time participant. This achievement places Kiwi Property among an
impressive group of real estate organisations and sets a solid platform for further
progress.

In addition, the company has supported Waikato-Tainui and the Waikato District Health
Board to establish the region’s largest vaccination centre at Te Awa, The Base. More
than 50,000 vaccinations have been administered at the facility since it opened in July.

Dividend and outlook

Kiwi Property will pay an interim dividend of 2.75 cents per share for the period ended
30 September 2021. Despite the expected cost of COVID-19 rental abatements, the
company continues to target a total dividend of no less than 5.30 cps
3
for the 2022
financial year, up from 5.15 cps the year before.

Outlook

Kiwi Property Chair, Mark Ford said “Kiwi Property took a number of important steps
forward in the delivery of its strategy over the past six months. Our priority is to maintain
this pace of execution, while continuing to unlock additional growth and development
opportunities. COVID-19 will invariably cause challenges in the months ahead, but we
will tackle them head-on, as we continue striving to create long-term value for our
shareholders and other stakeholders.”

> ENDS

Notes:
1: Operating profit before tax and AFFO are alternative non-GAAP performance
measures. Refer to the interim presentation accompanying this announcement for
definitions.
2: Absent lockdowns beyond 30 November 2021 or adverse impacts arising from the
Government’s recent changes to the Property Law Act.
3: Contingent on the performance of the company through the second half of the
financial year and barring material adverse effects or unforeseen circumstances.


Contact us for further information:
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz

Campbell Hodgetts
Communications and Investor Relations Lead
campbell.hodgetts@kp.co.nz
+64 27 563 4985
About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around

4
for over 25 years and proudly own and manage a significant real estate portfolio,
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our
objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
S&P Global Ratings has assigned Kiwi Property an issuer credit rating of BBB (stable) and
an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property
is the highest rated New Zealand company within CDP (Carbon Disclosure Project) and is
a member of FTSE4 Good, a series of benchmark and tradable indices for ESG
(Environmental, Social and Governance) investors. Kiwi Property is licensed under the
Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz

---

INTERIM REPORT
FOR THE SIX MONTH
S E NDED 30 SEPTEMBER 2021
Delivering
on strategy

Sylvia Park build-to-rent courtyard (artist impression)

Contents
01
02
Letter from the
Chair & CEO
Financials08
02
Kiwi Property Interim Report
for the six months ended 30 September 2021
Key Dates
For further information visit our investor centre at:
kp.co.nz/investor-centre. This interim report is dated 19 November 2021.

Letter from
the Chair & CEO
Mark Ford
Chair
Clive Mackenzie
Chief Executive Officer
0 2K I W I P R O P E R T Y

Dear shareholders,
Kiwi Property delivered a robust result
for the first half of the 2022 financial year,
despite the ongoing impact of COVID-19.
While the company has not been immune
to the disruption caused by recent
lockdowns, our continued focus on
operational efficiency and fiscal prudence
has enabled us to mitigate many of the
challenges caused by the pandemic.
Responding effectively to COVID-19
is a priority for Kiwi Property,
however just as important, if not more
so, is accelerating the delivery of our
business strategy. Over the past six
months we have made significant
progress on our mixed-use ambition,
breaking ground on new developments,
launching a new asset class and exploring
new funding streams. In the face of the
volatile macro-economic climate, our
evolution into a creator of integrated
retail, office and residential communities
has more momentum than ever.
Financial performance
Kiwi Property announced a solid
financial performance for the six months
ended 30 September 2021, reporting
an uplift in all key operating metrics on
the prior comparable period, including
growth in income, profit, asset values
and interim dividend. This is a particularly
pleasing outcome given the financial
headwinds caused by the protracted
Auckland lockdown, reflecting the
resilience of our portfolio and ability to
effectively manage business disruption.
Operating profit before tax was $62.5
million, up 8.0% on the same period last
year, driven by an increase in net rental
income, which rose 11.5% to $94.0 million.
Net profit after tax was $143.2 million,
up 164.1 % on the prior comparable period,
underpinned by a $93.6 million increase
in the fair value of the company’s
investment properties.
Kiwi Property’s mixed-use, office and
other properties were worth $3.5 billion
as at 30 September 2021, up 2.8% on the
year before, highlighting the strength of
the company’s portfolio. Office was once
again the best performing of the asset
classes, recording a fair value gain of
4.9% to $1.1 billion. Kiwi Property’s
mixed-use portfolio, including
Sylvia Park, LynnMall and The Base,
also experienced a valuation uplift,
climbing 2.5% to $1.7 billion.
Delivering on strategy
Kiwi Property made substantial progress
against each of the three pillars of our
strategy in the first half of the 2022
Kiwi Property announced a robust
financial result, reporting
an uplift
in all key operating metrics.
financial year, positioning the business
for growth in the years ahead.
1. Intensify mixed-use assets
L
ast month we pro udly began
construction of New Zealand’s first major
build-to-rent development, marking an
important milestone in the delivery
of our mixed-use ambition. The $221
million, 295 apartment complex will be
located at Sylvia Park, accelerating the
site’s evolution into an integrated retail,
o
ffice and residential community.
The
structural case for build-to-rent
is strong, particularly in Auckland.
More than half of the city's residents
over 15 years of age live in rental
accommodation, with this number
expected to rise to 60% by 2043.
The asset class has the potential
to play an important role in helping
alleviate New Zealand’s housing shortfall.
Build-to-rent is poised to become
an important part of Kiwi Property’s
portfolio, helping to diversify our asset
base, unlock new revenue streams
and promote valuation uplift across
our sites. With our large mixed-use
land-holdings and established asset
management capabilities, we’re in
a unique position to deliver
build-to-rent at scale in New Zealand.
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 10 3

Based on current plans, there is potential
for more than 1,200 residential apartments
t
o be added to Sylvia Park in the next
decade. Of course, residential is just
one part of our vision for the asset’s
futu
re. With the ability to build up to
72 metres in height across a large part of
our 35 hectare landholding, our intention is
to develop a city within a city, creating
a thriving mixed-use community, unlike
anything previously seen in this country.
While Sylvia Park is a focus of our
development programme, our other
mixed-use assets are also poised for
significant intensification. Resource
consent has been obtained for a 25 level
development at LynnMall, which will
integrate a compelling combination of
ground floor retail, three commercial office
levels and a 19 floor build-to-rent tower.
The building is expected to become the
tallest structure in west Auckland, making
it a distinctive and iconic landmark.
Located on LynnMall’s south west corner,
the proposed mixed-use tower connects
directly into the existing shopping centre,
offering residents unparalleled access to a
wide range of retail options, The
Brickworks dining and entertainment
precinct and the New Lynn transport hub.
Construction of the project could begin
as early as 2022, pending funding and
approval, with the potential to build as
many as 600 build-to-rent apartments
at LynnMall in the coming years.
Elsewhere, our Drury Fast-track application
has been referred by the Minister for
the Environment to the Environmental
Protection Authority consenting panel.
This is the final stage in the Fast-track
process, with a decision possible as
early as the first quarter of 2022.
If we are successful, earthworks
could begin almost immediately,
unlocking up to 35,000 sqm of large
format retail, 7.1 hectares of land for
residential development and setting
the platform for the creation of an
exciting new town centre. Our vision
is for Drury to become New Zealand’s
first major green star community,
as well as an exemplar for transport
oriented development in this country.
2. Grow with third party capital
Kiwi Property has an expansive
development pipeline, creating substantial
competitive advantage for the company.
A variety of mechanisms are available
to fund this programme, including asset
sales and the establishment of joint
ventures across our mixed-use properties.
By

introducing capital partners at
o
ne or more of these assets we will
be in a strong position to accelerate
their transformation and create additional
value, while continuing to prioritise
the interests of our shareholders.
These joint ventures, alongside
a
sset sales and funds management
all have the potential to deliver a
significant proportion of the capital
required to finance Kiwi Property’s
development programme, while also
simultaneously unlocking additional
fee income. We look forward to sharing
more information about progress on
these initiatives in due course.
3. Empower customer success
The first half of the 2022 financial year
has been a challenging period for many
of our tenants, as they deal with the cost
and uncertainty of COVID-19 related
lockdowns. As before, we are
supporting these businesses through
this difficult time, with a steadfast
commitment to putting people first. This
includes sharing a fair proportion of the
fi
nancial impact of the pandemic and
working with our small and medium
sized tenants, in particular, to ensure
they come through the coming months
in good financial health.
Based on current plans, there
is potential for more than 1,200
residential apartments to be added
to Sylvia Park in the next decade.
0 4K I W I P R O P E R T Y

.2m$
143
NET PROFIT AFTER TAX
$.0m
94
NET RENTAL INCOME
OPERATING PROFIT
BEFORE TAX
Sylvia Park build-to-rent
(artist impression)
$.5m
62
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 10 5

.5b$
3
PROPERTY PORTFOLIO VALUE
cps
2.75
INTERIM DIVIDEND
Sylvia Park
The Grove Dining District
LynnMall proposed
mixed
-use building (artist impression)
0 6K I W I P R O P E R T Y

With the Delta variant taking an increasing
foothold, New Zealand will likely encounter
a degree of COVID-19 related disruption
for some time yet. Faced with this
uncertainty, we must take a long-term
view. We’ve made a $7.4 million rent relief
provision for the first half of the 2022
financial year and expect a similar cost
in the second half, absent lockdowns
beyond 30 November 2021 or adverse
impacts arising from the Government’s
recent changes to the Property Law Act.
While these measures affect earnings
in the short term, the impact is outweighed
by the benefit that comes from maintaining
full, productive assets and enabling
our tenants to scale up quickly once
lockdowns end. The steps we take to assist
our customers today, will empower their
success, and ours, in the years to come.
Sustainability
We continued to make significant progress
on our sustainability journey in the first
half of the 2022 financial year, achieving
a number of impressive milestones
during the period. The Global Real
Estate Benchmark (GRESB) awarded
Kiwi Property a score of 80 (out of 100)
for its Environmental, Social and
Governance (ESG) performance in 2021,
a strong result for a first time participant.
This proud achievement places the
company among an impressive group
of real estate organisations and sets
a solid platform for further progress.
Of
the company’s recent social
activities, none has been more
i
mportant than supporting
Waikato-Tainui and the Waikato District
Health Board to establish the Ìe£iÁnĬs
largest vaccination centre at Te Awa,
The Base. The facility has administered
more than 50,000 vaccinations since it
opened in July, helping keep the local
c
ommunity safe from COVID-19.
Dividend and outlook
Kiwi Property will pay an interim
dividend of 2.75 cents per share for the
six months ended 30 September 2021.
Despite the expected cost of rental
abatements, we continue to target
a total dividend of no less than
5.30 c
ps for the 2022 financial year,
up from 5.15 cps in the prior comparable
period. As always, the payment of any
fi
nal dividend is contingent on the
c
ompany’s performance through the
second half of the financial year and
barring material adverse effects or
u
nforeseen circumstances.
Kiwi Property took a number of
important steps forward in the delivery
of our strategy over the past six
months. Our
priority is to maintain this
pace of execution, while continuing to
u
nlock additional growth and
development opportunities. COVID-19
wi
ll invariably cause challenges in the
m
onths ahead, but we will tackle them
he
ad-on, as we continue striving to
c
reate long-term value for our
shareholders and other stakeholders.
Thank you for your continued support.
Mark F
ord
Chair
Clive Mackenzie
Chief Executive Officer
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 10 7

Financials
02
0 8K I W I P R O P E R T Y

02
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 10 9

Interim consolidated
financial statements
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
1 0K I W I P R O P E R T Y
Consolidated statement of comprehensive income
Pg 11
Consolidated statement of changes in equity
Pg 12
Consolidated statement of financial position
Pg 13
Consolidated statement of cash flows
Pg 14
Notes to the interim consolidated financial statements
Pg 16
Independent auditor's review report
Pg 35

Consolidated statement
of comprehensive income
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 11 1
Note
6 months
30 Sep 2021
$000
6 months
30 Sep 2020
$000
Income
Property revenue
121,385
111,290
Property management income
931
906
Total income122,316
112,196
Expenses
Direct property expenses
(27,344)
(26,983)
Employment and administration expenses
(12,853)
(10,834)
Total expenses(40,197)
(37,817)
Profit before net finance expenses, other income/(expenses) and income tax82,119
74,379
Interest income
23
98
Interest and finance charges
(19,665)
(16,642)
Net fair value gain/(loss) on interest rate derivatives3.3.2
7,985
(2,841)
Net finance expenses(11,657)
(19,385)
Profit before other income/(expenses) and income tax70,462
54,994
Net fair value gain on investment properties3.2
93,623
9,176
Loss on disposal of investment properties
(3,116)
-
Other income90,507
9,176
Profit before income tax160,969
64,170
Income tax expense2.1
(17,739)
(9,941)
Profit and total comprehensive income after income tax attributable
to shareholders143,230
54,229
Basic and diluted earnings per share (cents)2.2
9.12
3.46
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
1 2K I W I P R O P E R T Y
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20201,660,9611,600308,9441,971,505
Profit after income tax--54,22954,229
Long-term incentive plan883(291)-592
Employee share ownership plan70(35)-35
Balance at 30 September 20201,661,9141,274363,1732,026,361
Balance at 1 April 2021
1,661,9161,890470,9802,134,786
Profit after income tax
--143,230143,230
Dividends paid
--(46,289)(46,289)
Long-term incentive plan
1,519(443)3131,389
Employee share ownership plan
64(25)-39
Balance at 30 September 20211,663,4991,422568,2342,233,155
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
A S A T 3 0 S E P T E M B E R 2 0 2 1
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 11 3
Note
30 Sep 2021
$000
31 Mar 2021
$000
Current assets
Cash and cash equivalents
11,296
16,040
Trade and other receivables3.1
9,717
11,840
Investment properties held for sale3.2
325,477
356,199
346,490
384,079
Non-current assets
Investment properties3.2
3,124,837
2,975,295
Property, plant and equipment
3,659
4,115
Interest rate derivatives3.3.2
1,308
2,822
3,129,804
2,982,232
Total assets3,476,294
3,366,311
Current liabilities
Trade and other payables
55,561
53,265
Interest bearing liabilities3.3.1
-
125,664
Income tax payable
3,217
2,672
Interest rate derivatives3.3.2
665
-
Lease liabilities
1,288
8,737
60,731
190,338
Non-current liabilities
Interest bearing liabilities3.3.1
1,068,861
924,197
Interest rate derivatives3.3.2
8,801
18,965
Deferred tax liabilities
101,134
94,518
Lease liabilities
3,612
3,507
1,182,408
1,041,187
Total liabilities1,243,139
1,231,525
Equity
Share capital
1,663,499
1,661,916
Share-based payments reserve
1,422
1,890
Retained earnings
568,234
470,980
Total equity2,233,155
2,134,786
Total equity and liabilities3,476,294
3,366,311
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised these interim consolidated financial statements for issue on 19 November 2021.
Mark Ford
Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
1 4K I W I P R O P E R T Y
6 months
30 Sep 2021
$000
6 months
30 Sep 2020
$000
Cash flows from operating activities
Property revenue
122,541
104,800
Property management income
994
868
Interest and other income
23
98
Direct property expenses
(27,031)
(16,484)
Interest and finance charges
(18,842)
(15,183)
Interest costs paid on lease liabilities
(160)
(535)
Employment and administration expenses
(11,941)
(11,226)
Income tax expense
(10,579)
(6,000)
Goods and Services Tax received
1,222
443
Net cash flows from operating activities56,227
56,781
Cash flows from investing activities
Proceeds from disposal of investment properties
8,300
-
Acquisition of investment properties
(6,772)
(4,017)
Expenditure on investment properties
(32,831)
(77,321)
Interest and finance charges capitalised to investment properties
(1,698)
(5,656)
Acquisition of property, plant and equipment
(131)
(523)
Net cash flows used in investing activities(33,132)
(87,517)
Cash flows from financing activities
Payment of lease liabilities
(26)
(60)
Net proceeds from bank loans
(4,700)
23,000
Net proceeds from fixed-rate green bonds
23,160
-
Dividends paid
(46,273)
-
Net cash flows (used in)/from financing activities(27,839)
22,940
Net decrease in cash and cash equivalents(4,744)
(7,796)
Cash and cash equivalents at the beginning of the period
16,040
21,252
Cash and cash equivalents at the end of the period11,296
13,456
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 11 5
Reconciliation of profit after income tax to net cash flows from operating activities
6 months
30 Sep 2021
$000
6 months
30 Sep 2020
$000
Profit after income tax
143,230
54,229
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities
(5,288)
2,200
Non-cash items:
Net fair value (gain)/loss on interest rate derivatives
(7,985)
2,841
Net fair value gain on investment properties
(93,623)
(9,176)
Loss on disposal of investment properties
3,116
-
Increase in deferred tax liabilities
6,616
4,635
Amortisation of lease incentives, abatements and fees
6,554
7,180
Straight-lining of fixed rental increases
(1,357)
(832)
Movements in working capital items:
Decrease/(increase) in trade and other receivables
2,123
(10,067)
Increase/(decrease) in income tax payable
545
(693)
Increase in trade and other payables
2,296
6,464
Net cash flows from operating activities56,227
56,781
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the interim
consolidated financial statements
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
1 6K I W I P R O P E R T Y
1.General information
1.1Reporting entity
Pg 17
1.2Basis of preparation
Pg 17
1.3Significant changes during the period
Pg 17
1.4New standards, amendments and interpretations
Pg 18
1.5Key judgements and estimates
Pg 18
1.6Accounting policies
Pg 18
2.Profit and loss information
2.1Tax expense
Pg 19
2.2Earnings per share
Pg 20
3.Financial position information
3.1Trade and other receivables
Pg 21
3.2Investment properties
Pg 22
3.3Funding
Pg 30
4.Other information
4.1Segment information
Pg 32
4.2Commitments
Pg 33
4.3Subsequent events
Pg 34

1. General information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 11 7
1.1 Reporting entity
The interim consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled
entities (the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and
is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with
its ordinary shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 - Interim Financial
Reporting and International Accounting Standards (IAS) 34 - Interim Financial Reporting. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements and related notes in the 2021 annual report.
The interim consolidated financial statements for the six months ended 30 September 2021 are unaudited. Comparative balances
for 30 September 2020 are unaudited, whilst the comparative balances for the year ended 31 March 2021 are audited.
The interim consolidated financial statements have been prepared on the basis the Group is a going concern.
The interim consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The
functional and presentation currency used in the preparation of the interim consolidated financial statements is New Zealand dollars.
Certain comparative figures have been reclassified to accord with the current period presentation.
1.3 Significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the period:
COVID-19
global pandemic
New Zealand entered a nationwide Alert Level 4 lockdown on 17 August 2021 due to new COVID-19 cases found in the community.
Auckland shifted to Alert Level 3 on 21 September 2021, while the rest of New Zealand shifted to Alert Level 3 and Alert Level 2
on 31 August 2021 and 7 September 2021 respectively. During Alert Levels 3 and 4 the operations of many of the Group’s tenants
were restricted to varying degrees, and at Alert Level 2 businesses were able to operate with restrictions remaining in place around
social-distancing and mass gatherings. Outside of these periods, New Zealand remained at Alert Level 1, where businesses were able
to operate with no restrictions around social-distancing and mass gatherings.
The lockdowns resulted in the Group offering rental relief across several of the Group’s tenants. This process was in progress at
30 September 2021 and expected rental relief has been accrued. Rental relief includes abatements for rental income payable for
the months of August and September 2021. Certain rental abatements have been accounted for as lease modifications under New
Zealand Equivalents to International Financial Reporting Standards (NZ IFRS), with the change in lease payments amortised over the
remaining terms of the leases, while other concessions have been recognised directly as a charge to the Consolidated Statement
of Comprehensive Income. Rental abatements incurred and accrued relating to the lockdowns during the period were $7.4 million
on a gross basis, with a charge to the Consolidated Statement of Comprehensive Income of $1.0 million for the six months ended
30 September 2021.
On 28 September 2021, the Government announced its proposal to amend the Property Law Act to insert a clause into commercial
leases requiring a ‘fair proportion’ of rent to be paid where a tenant has been unable to fully conduct their business in their premises
due to the COVID-19 restrictions. The law change was not effective at balance date. The Group will continue to monitor any changes
to the legislation. The Group considers that the abatements offered to tenants impacted by the COVID-19 restrictions during the
period represent a fair deduction to rent.

1 8K I W I P R O P E R T Y
1.3 Significant changes during the period (continued)
Investment property
Following the decision by the Board to divest retail properties from the investment property portfolio, and the subsequent receipt
of offers for various properties, a new classification of 'investment properties held for sale' was recognised as at 31 March 2021.
As at 30 September 2021, the retail segment has been removed in alignment with the Group's strategy. Refer to note 3.2 for
more information.
During the six months ended 30 September 2021, the Group acquired property in Drury for $4.0 million. The Group also agreed to
acquire property in Mount Wellington for $27.5 million and settlement is scheduled to take place in June 2022.
Joint venture
On 1 April 2021, the Group entered into a 50:50 joint venture with Tainui Group Holdings (TGH) in respect of Centre Place North. Under
the terms of the agreement, the joint venture comprises Centre Place North, 61-65 Bryce Street, 511-523 Victoria Street and land at
10 Ward Street, with a combined value of $68.3 million. A new 100-year ground lease has been granted by TGH, with rent pre-paid.
1.4 New standards, amendments and interpretations
The International Financial Reporting Interpretations Committee (IFRIC) published an agenda decision in March 2021 which was
ratified by the International Accounting Standards Board (IASB) in April 2021. The decision deals with specific circumstances in
relation to configuration and customisation costs incurred in implementing Software-as-a-Service (SaaS). As a result, certain costs
which previously may have been capitalised would now need to be expensed to the Consolidated Statement of Comprehensive
Income. The Group's accounting to date has been in line with the requirements of this agenda decision, however, it is expected that
the future impact will be more material as the Group undertakes digital transformation activities.
1.5 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim consolidated financial statements and in the
2021 annual report.
1.6 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim consolidated financial statements are
consistent with those used in the 2021 annual report.

2. Profit and loss information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 11 9
2.1 Tax expense
A reconciliation of profit before income tax to income tax expense follows:
6 months
30 Sep 2021
$000
6 months
30 Sep 2020
$000
Profit before income tax
160,969
64,170
Prima facie income tax expense at 28%
(45,071)
(17,968)
Adjusted for:
Net fair value gain/(loss) on interest rate derivatives
2,236
(795)
Net fair value gain on investment properties
26,215
2,569
Loss on disposal of investment properties
(873)
-
Depreciation
7,501
6,403
Net abatements and deferred leasing costs
(703)
2,275
Deferred rent
(258)
817
Deductible capitalised expenditure
479
1,604
Other
(649)
(211)
Current tax expense(11,123)
(5,306)
Depreciation recoverable
(6,047)
(2,456)
Net fair value (gain)/loss on interest rate derivatives
(2,236)
795
Deferred leasing costs and other temporary differences
1,667
(2,974)
Deferred tax expense(6,616)
(4,635)
Income tax expense reported in profit(17,739)
(9,941)
Imputation credits available for use in subsequent periods11,125
16,549

2 0K I W I P R O P E R T Y
2.1 Tax expense (continued)
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair
value. Investment properties are valued each year by independent valuers. These values include an allocation of the valuation
between the land and building components. The calculation of deferred tax on depreciation recovered relies on this allocation
provided by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values
attributable to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed
utilising independent valuation advice and the remaining properties have been assessed with reference to previous
transactional evidence and their age and quality.
Depreciation recovered on the former PricewaterhouseCoopers Centre (PwC Centre), Christchurch
The impairment of the PwC Centre in the year ended 31 March 2012 (resulting from the 2010 and 2011 Canterbury earthquakes)
and the associated insurance recovery triggered a potential tax liability for depreciation recovered.
Following the earthquakes, the Government introduced legislation that provides, in certain circumstances, rollover relief for
taxpayers affected by the earthquakes where insurance income will be used to acquire or develop replacement property in
the Canterbury region. The legislation requires that the replacement property be available for use by 31 March 2024. As at
30 September 2021, the Group continues to qualify for this relief and a deferred tax liability of $3.6 million has been provided
(31 March 2021: $3.6 million).
2.2 Earnings per share
6 months
30 Sep 2021
6 months
30 Sep 2020
Profit and total comprehensive income after income tax attributable to shareholders ($000)
143,230
54,229
Weighted average number of shares (000)
1,569,865
1,569,257
Basic and diluted earnings per share (cents)9.12
3.46

3. Financial position information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 12 1
3.1 Trade and other receivables
30 Sep 2021
$000
31 Mar 2021
$000
Trade debtors
12,782
7,566
Provision for doubtful debts
(2,829)
(2,620)
Accrued COVID-19 rent relief
1
(7,344)
(1,478)
2,609
3,468
Deferred rent
2
849
1,947
Prepayments
6,259
6,425
Trade and other receivables9,717
11,840
1Relates to expected rental abatements offered to certain tenants as part of COVID-19 rent relief for the period to 30 September 2021.
2Relates to rental amounts where payment terms were extended as part of COVID-19 rent relief offered to certain tenants in the year ended 31 March 2021.

2 2K I W I P R O P E R T Y
3.2 Investment properties
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
%
Fair value
31 Mar 2021
$000
Capital
movements
$000
Fair value
gain/(loss)
$000
Fair value
30 Sep 2021
$000
Mixed-use
Sylvia Park
JLL5.381,100,00022,82122,1791,145,000
Sylvia Park Lifestyle
JLL5.5086,5003327,66894,500
LynnMall
Colliers6.50249,0006,5644,436260,000
The Base
1
CBRE6.38187,5005656,435194,500
1,623,00030,28240,7181,694,000
Office
Vero Centre
Colliers4.50500,50055231,698532,750
ASB North Wharf
JLL4.75260,0003977,603268,000
The Aurora Centre
CBRE5.38181,700(279)8,279189,700
44 The Terrace
CBRE5.7559,400(103)2,00361,300
1,001,60056749,5831,051,750
Other
Westgate Lifestyle
Colliers5.7588,5002837,71796,500
Other properties
2
190,35011,924620202,894
Development land
68,3007,740-76,040
347,15019,9478,337375,434
2,971,75050,79698,6383,121,184
Gross up of lease liabilities
3,545125(17)3,653
Investment properties - non-current2,975,29550,92198,6213,124,837
Investment properties held for sale
Properties held for sale
3
347,500(18,281)(4,989)324,230
Gross up of lease liabilities
4
8,699(7,443)(9)1,247
Investment properties held for sale - current356,199(25,724)(4,998)325,477
Total investment properties3,331,49425,19793,6233,450,314
1Represents the Group's 50% ownership interest.
2The fair value at 31 March 2021 includes 50% of the Group's ownership of Centre Place North, with the remaining 50% included within properties held for sale.
On 1 April 2021, the Group disposed of 50% of its interest in Centre Place North as its contribution to the Centre Place North Joint Venture (a 50:50 joint venture between the
Group and Tainui Group Holdings). As part of the disposal, the Group received a 50% interest in investment property contributed by Tainui Group Holdings to the Centre Place
North Joint Venture, with the balance of the consideration being settled in cash. The investment property contribution by Tainui Group Holdings included a 100-year prepaid
ground lease and certain adjoining properties.
The fair value at 30 September 2021 includes the Group’s 50% ownership interest in the Centre Place North Joint Venture.
3The fair value at 31 March 2021 includes The Plaza, Northlands, 50% of Centre Place North and an adjoining property.
The 50% balance of Centre Place North and adjoining property was disposed of as part of the Centre Place North transaction referred to above.
The fair value at 30 September 2021 includes The Plaza and Northlands. The Plaza is carried at contract price and Northlands is carried at the value determined by an
external valuer.
4The fair value at 31 March 2021 includes The Plaza, Northlands, Centre Place North and an adjoining property.
The gross up of lease liabilities associated with Centre Place North and the adjoining property were extinguished on 1 April 2021 as part of the Centre Place North transaction
referred to above.

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 12 3
3.2 Investment properties (continued)
The movement in the Group's investment properties during the six months to 30 September 2021 is as follows:
Mixed-use
$000
Office
$000
Other
$000
Held for
sale
$000
Total
$000
Balance at the beginning of the period excluding gross up of
lease liabilities1,623,0001,001,600347,150347,500
3,319,250
Capital movements:
Acquisitions--4,022-
4,022
Net disposal of Centre Place North--11,793(19,800)
(8,007)
Capitalised costs (including lease incentives, fees,
abatements and fixed rental income)32,4401,7093,2122,638
39,999
Capitalised interest and finance charges338-1,360-
1,698
Amortisation of lease incentives, fees, abatements and fixed
rental income(2,496)(1,142)(440)(1,119)
(5,197)
30,28256719,947(18,281)
32,515
Net fair value gain/(loss) on investment properties excluding
gross up of lease liabilities40,71849,5838,337(4,989)
93,649
Balance at the end of the period excluding gross up of
lease liabilities
1,694,0001,051,750375,434324,230
3,445,414
Gross up of lease liabilities:
Balance at the beginning of the period473-3,0728,699
12,244
Capital movements125--(7,443)
(7,318)
Fair value movements(17)--(9)
(26)
581-3,0721,247
4,900
Balance at the end of the period including gross up of
lease liabilities
1,694,5811,051,750378,506325,477
3,450,314

2 4K I W I P R O P E R T Y
3.2 Investment properties (continued)
The movement in the Group's investment properties during the 12 months to 31 March 2021 is as follows:
Mixed-use
$000
Retail
$000
Office
$000
Other
$000
Held for
sale
$000
Total
$000
Balance at the beginning of the period excluding gross
up of lease liabilities1,499,300480,500910,400214,650-3,104,850
Transfer from retail to other-(97,250)-97,250--
Transfer to held for sale-(383,250)-(2,850)386,100-
Capital movements:
Acquisitions---4,017-4,017
Capitalised costs (including lease incentives, fees,
abatements and fixed rental income)99,629-3,1276,0586,689115,503
Capitalised interest and finance charges4,755--3,838-8,593
Amortisation of lease incentives, fees, abatements
and fixed rental income(4,868)-(4,325)(849)(3,551)(13,593)
99,516-(1,198)13,0643,138114,520
Net fair value gain/(loss) on investment properties
excluding gross up of lease liabilities24,184-92,39825,036(41,738)99,880
Balance at the end of the period excluding gross up of
lease liabilities1,623,000-1,001,600347,150347,5003,319,250
Gross up of lease liabilities:
Balance at the beginning of the period4988,656-730-9,884
Transfer from retail to other-(771)-771--
Transfer to held for sale-(7,885)-(730)8,615-
Capital movements9--2,3011742,484
Fair value movements(34)---(90)(124)
473--3,0728,69912,244
Balance at the end of the period including gross up of
lease liabilities1,623,473-1,001,600350,222356,1993,331,494

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 12 5
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2021: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
The investment properties in the Group's mixed-use and office portfolios, as well as the Centre Place North Joint Venture,
Westgate Lifestyle and Northlands were externally valued as at 30 September 2021. All valuations are prepared by independent
valuers who are members of the Group's valuation panel and the New Zealand Institute of Valuers. Other adjoining properties
and development land are presented at their 31 March 2021 independent valuations, adjusted for capital expenditure over the
period as appropriate. This represents the Directors’ best estimate of fair value at 30 September 2021. Where a contracted sale
price is available, the investment property held for sale is carried at that value less associated costs for seismic remediation
or rental guarantees, this being the best indicator of fair value. Where no contracted price is available, the fair value is
determined by independent registered valuers. At 31 March 2021, all properties were carried at external valuation or contract
price as applicable.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach. Valuation
techniques are outlined in the 2021 annual report.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and
the cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, the valuers for Sylvia Park, LynnMall, The Base, Centre Place North and Northlands have made
deductions for seismic strengthening works. The Group has provided the valuers with the estimated cost of works for each
asset. In some instances the valuer has assessed additional costs for potential works to buildings which have not been subject
to a Detailed Seismic Assessment (DSA) and/or made additional allowances for escalation and profit and risk.
The timing of the cash outflow for these costs has been spread over the likely remediation period and the overall value
deduction reflects the present value of costs over the adopted time horizon.
The valuations are reviewed by the Group and adopted as the carrying value in the financial statements. As part of this process,
the Group’s management verifies all major inputs to the valuations, assesses valuation movements since the previous year and
holds discussions with the independent valuers to assess the reasonableness of the valuations.
Impact of the
COVID-19 global pandemic
As at 30 September 2021 the real estate markets to which the Group’s investment properties belong continued to be impacted
by market uncertainty caused by COVID-19.
The market uncertainty has affected key inputs, assumptions and processes used in the valuation of the Group’s investment
properties, being:
•
estimating the net income that a property can produce (income uncertainty), and
•
converting that income to value by applying investment rates of return which are derived from analysis of recent market
transactions (investment uncertainty).

2 6K I W I P R O P E R T Y
3.2 Investment properties (continued)
Income uncertainty
The pandemic has impacted the income earning potential of the Group’s properties during the financial period. The Group
leases commercial accommodation to a range of businesses from where they conduct their operations. Restrictions imposed
by the Government to combat the pandemic prevented certain businesses from operating out of their premises in the usual
manner. In response, the Group is working through a cost sharing programme with affected tenants whereby the Group has
forgiven or will forgive a portion of the rent payable by the tenant. The percentage of rent forgiven and the duration of the
forgiveness period, is subject to negotiation between the Group and the tenant. This programme had a negative impact on the
Group’s income for the six months ended 30 September 2021. Future income may also be impacted as:
•
the underlying activity and profitability of many of the Group’s tenants may be affected by further restrictions which prevent
the population from socialising or accessing goods and services to the extent they could before the pandemic, although
the combination of the Government’s pandemic management protocols and the roll-out of an effective vaccination
programme over time is expected to reduce the need for long-term restrictions, and therefore the need for further cost
sharing measures of the same scale.
•
border restrictions into New Zealand mean businesses that rely on travel and tourism will continue to be
negatively impacted.
Investment uncertainty
Valuation uncertainty during the financial period also arose from an inactive property investment market. Investment market
participants were not able to conduct normal business activities during Alert Levels 3 and 4. Additionally, many large investors
are domiciled offshore and travel restrictions prevent them from physically inspecting assets and undertaking typical due
diligence. An inactive market for large retail assets means a lack of transactional evidence demonstrating current market
pricing. In these circumstances the only inputs and metrics available to reliably estimate fair value relate to the market before
the event occurred and the impact of the event on prices cannot be known until the market stabilises.
Valuation uncertainty
The Group’s valuers have noted the difficulty in undertaking valuations as a result of income and investment uncertainty and
accordingly certain valuations for the portfolio at 30 September 2021 contained Material Valuation Uncertainty statements
as recommended by The New Zealand Institute of Valuers to highlight the difficulties in undertaking valuations in the market
prevailing at the time. This implies the valuations were current at the date of the valuation only and that less certainty and a
higher degree of caution should be attached to the valuation. In addition, it was recommended that the valuations should be
kept under frequent review as the assessed value may change significantly and unexpectedly over a relatively short period
of time.
More recently, there has been increased transactional activity across some property sectors. This has enabled valuers of
properties within these sectors to conclude valuations with a greater degree of certainty and consequently remove the Material
Valuation Uncertainty clauses from the valuations for these assets. Notwithstanding, these valuations still include downgraded
statements pertaining to market volatility, elevated risk and uncertainty suggesting that a higher degree of caution should still
be exercised when relying upon the valuations.
Investment uncertainty remains for some assets as there have been no transactions of scale in the retail market. Valuations
for Sylvia Park and Northlands at 30 September 2021 continue to contain Material Valuation Uncertainty statements. In the
absence of relevant market evidence, the valuers have adjusted valuation inputs and estimates to reflect the impact of the
pandemic on investment property value. The valuers have tended to place greater emphasis on the discounted cash flow
approach as this methodology allows them to more explicitly model assumptions and events that are not expected to prevail
long into the future.
Until investment property values can be demonstrated to have stabilised post COVID-19, the Group intends to more closely
monitor the investment markets to determine if more frequent valuation updates need to be obtained.

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 12 7
3.2 Investment properties (continued)
Impact on values at 30 September 2021
The impact of COVID-19 on property valuation inputs has reduced over time, with valuers benefiting from greater market
certainty and having accounted for the negative effects of the pandemic during previous periods. The valuers have made
deductions for the costs of estimated rent relief to tenants for occupancy disruption resulting from pandemic-related impacts.
This is consistent with the approach taken for the valuations prepared as at 31 March 2021. At 30 September 2021, capitalisation
and discount rates contracted with the lesser uncertainty, with only LynnMall and The Base not back to pre-pandemic levels.
For the six months ended 30 September 2021 the Group reported a fair value gain of $93.6 million.
Seismic uncertainty
The Group is committed to upgrading the seismic resilience of its buildings to appropriate New Building Standards (NBS).
Detailed Seismic Assessments (DSA) continue to be undertaken for the Group’s buildings. A DSA verifies a building’s NBS rating
and assists in the design of remediation solutions, where required.
The cost assessments for seismic works required to increase NBS ratings contain uncertainty. The level of accuracy of design
solutions and cost estimates can vary as the design and remediation process progresses. Initially, estimates may be based
on the structural plans of a building, which can sometimes change significantly once more intrusive building investigations
are carried out. Therefore, costs for remediation works may fluctuate, and the costs associated with current or imminent
remediation works will be more accurate than those for a project in the early phases of investigation or planning.
The process undertaken and standards which are applied in seismic assessments evolve over time as the engineering
profession’s understanding of seismic events develops. This means that the outcome of seismic assessments may be subject
to change over time. Changes to seismic standards (or the interpretation and application of existing seismic standards) could
result in buildings no longer meeting the minimum seismic standards deemed appropriate by the Group, and may require the
Group to undertake further seismic remediation works.
Valuations for some of the Group’s buildings contain deductions for costs associated with identified seismic remediation
works. The cost deductions are based on external quantity surveyor assessments with additional allowances for professional
fees and other associated costs. In some instances the valuer has assessed additional costs for potential works to buildings
which have not been subject to a DSA and/or made additional allowances for escalation and profit and risk.
These allowances are based on the best information available at the time of valuation but may be subject to change as
circumstances and standards continue to evolve.
Valuation inputs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely available or
explicit in the marketplace but rather analysed from transactional data that has taken place in similar market circumstances to
that prevailing at the date of valuation.
The Group’s investment property values contain unobservable inputs in determining fair value, some of which can be
described as ‘key unobservable inputs’ where significant judgement is applied in determining the input and a change to any
one of these inputs could significantly alter the fair value of an investment property.
Key unobservable inputs are the capitalisation rate, discount rate, terminal capitalisation rate, market rent and growth rates.
The table on the following page sets out these key unobservable inputs and the ranges adopted by the valuers across the
various properties making up the Group’s mixed-use and office portfolios.
The impact of COVID-19 has been partially reversed and can be seen in the analysis below through the general strengthening
in metrics from 2020 to 2021. This is mainly evident through the capitalisation rate and discount rate metrics, which have
contracted (decreased), and the growth rates, which have expanded (increased), having an effect of increasing the fair value.
These metrics indicate a range across all assets in that portfolio, so don’t affect all properties, and typically relate to the early
year or years of the cash flow so don’t continue across the full discounted cash flow horizon.

2 8K I W I P R O P E R T Y
3.2 Investment properties (continued)
Class of propertyInputs used to measure fair value
Range of significant
unobservable inputs
30 Sep 2021
31 Mar 2021Sensitivity
Mixed-useCore capitalisation rate
5.4% - 6.5%
5.5% - 6.6%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate
5.4% - 6.5%
5.5% - 6.9%
Discount rate
6.8% - 8.0%
7.0% - 8.3%
Terminal capitalisation rate
5.5% - 6.6%
5.6% - 6.6%
Gross market rent (per sqm)
1
$386 - $792
$381 - $787The higher the market rent and growth rate,
the higher the fair value.
Rental growth rate (per annum)
0.0% - 3.5%
-2.3% - 3.9%
OfficeCore capitalisation rate
4.5% - 5.8%
4.8% - 5.9%The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate
6.4% - 6.8%
6.5%- 6.9%
Terminal capitalisation rate
4.6% - 6.1%
4.9% - 6.3%
Gross market rent (per sqm)
1
$495 - $672
$486 - $670The higher the market rent and growth rate,
the higher the fair value.
Rental growth rate (per annum)
1.0% - 3.5%
1.0% - 3.5%
1Weighted average by property.
These key inputs are explained above.

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 12 9
3.2 Investment properties (continued)
Valuation sensitivity
A sensitivity analysis that shows how a change to capitalisation and discount rates affects the value of the Group’s portfolios is
provided below. The metrics chosen are those single-value inputs where movements are likely to have the most significant impact
on fair value of investment properties.
The capitalisation rate relates to the income capitalisation approach and the discount rate relates to the discounted cash flow
approach. Generally, a change in the capitalisation rate is accompanied by a directionally similar change in the discount rate. The
table below assesses each of these inputs in isolation and assumes all other inputs are held constant.
30 September 2021
Adopted
value
Capitalisation rate
- 25bp
Capitalisation rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,694,000
Impact of assumption change ($000)80,400(76,700)31,900(27,400)
Impact of assumption change (%)4.7(4.5)1.9(1.6)
Office
Actual valuation ($000)1,051,750
Impact of assumption change ($000)57,500(52,000)23,600(23,200)
Impact of assumption change (%)5.5(4.9)2.2(2.2)
31 March 2021
Adopted
value
Capitalisation rate
- 25bp
Capitalisation rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,623,000
Impact of assumption change ($000)78,300(68,200)30,100(29,400)
Impact of assumption change (%)4.8(4.2)1.9(1.8)
Office
Actual valuation ($000)1,001,600
Impact of assumption change ($000)52,900(48,100)19,000(18,400)
Impact of assumption change (%)5.3(4.8)1.9(1.8)
The valuation of investment properties is complex with a number of interrelated key inputs and assumptions.
When calculating the income capitalisation value, the gross market rent has a strong interrelationship with the core capitalisation rate.
An increase in the gross market rent and an increase in the core capitalisation rate could potentially offset the impact to fair value.
The same can be said for a decrease in each input. A directionally opposite change in the two inputs could potentially magnify the
impact to the fair value.
When calculating the discounted cash flow value, the discount rate has a strong interrelationship with the terminal capitalisation rate.
An increase in the discount rate and a decrease in the terminal capitalisation rate could potentially offset the impact to fair value. The
same can be said for an opposite movement in each input. A directionally similar change in the two inputs could potentially magnify
the impact to the fair value.

3 0K I W I P R O P E R T Y
3.3 Funding
3.3.1 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2021
$000
31 Mar 2021
$000
Bank loans - total facilities
800,000
825,000
Bank loans - undrawn facilities
(231,700)
(252,000)
Bank loans - drawn facilities
568,300
573,000
Fixed-rate green bonds - current
-
125,664
Fixed-rate green bonds - non-current
500,561
351,197
Fixed-rate green bonds - amortised cost
500,561
476,861
Interest bearing liabilities1,068,861
1,049,861
30 Sep 2021
$000
31 Mar 2021
$000
Face value of fixed-rate green bonds - current
-
125,000
Face value of fixed-rate green bonds - non-current
500,000
350,000
Face values500,000
475,000
30 Sep 2021
31 Mar 2021
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)
3.77%
4.19%
Weighted average term to maturity for the combined facilities
3.9 years
2.9 years
Bank loans
The bank loans are provided by ANZ Bank New Zealand, Bank of New Zealand, China Construction Bank Corporation (New Zealand
Branch), Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation (HSBC) and Westpac New Zealand
(unchanged from 31 March 2021).
In May 2021, the Group refinanced $700 million of bank debt facilities and reduced the overall bank facilities from $825 million to
$800 million. In August 2021, the Group refinanced a further $100 million of bank debt facilities.
Fixed-rate green bonds
On 19 July 2021, the Group raised $150 million through the issue of seven-year fixed-rate green bonds. On 20 August 2021, the Group
repaid $125 million of fixed-rate green bonds that matured on this date.
Security
The bank loans and fixed-rate green bonds are secured by way of a Global Security Deed (the Deed). Pursuant to the Deed, a security
interest has been granted over all of the assets of the Group. No mortgage has been granted over the Group's properties, however,
the Deed allows a mortgage to be granted if an event of default occurs.

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 13 1
3.3.2 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred to as
interest rate swaps).
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
30 Sep 2021
$000
31 Mar 2021
$000
Interest rate derivative assets - non-current
1,308
2,822
Interest rate derivative liabilities - current
(665)
-
Interest rate derivative liabilities - non-current
(8,801)
(18,965)
Net fair value of interest rate derivatives(8,158)
(16,143)
Notional value of interest rate derivatives - fixed-rate payer - active
315,000
290,000
Notional value of interest rate derivatives - fixed-rate receiver - active
1
40,000
40,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting
25,000
50,000
Notional values380,000
380,000
Fixed-rate payer swaps:
Weighted average term to maturity - active
2.4 years
2.6 years
Weighted average term to maturity - forward starting
5.0 years
5.5 years
Weighted average term to maturity2.6 years
3.1 years
Fixed-rate payer swaps:
Weighted average interest rate - active
2
2.94%
2.98%
Weighted average interest rate - forward starting
2
2.05%
2.27%
Weighted average interest rate2.87%
2.87%
1The Group has $40 million of fixed-rate receiver swaps for the duration of the $100 million KPG040 fixed-rate green bonds. The effect of the fixed-rate receiver swaps is to
convert a portion of the bond to floating interest rates.
2Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury adviser
using valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2021: Level 2). These are based on the
present value of estimated future cash flows based on the terms and maturities of each contract and the current market
interest rates at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. These
values are verified against valuations prepared by the respective counterparties. The valuations were based on market rates
at 30 September 2021 of between 0.60% for the 90-day BKBM and 2.25% for the 10-year swap rate (31 March 2021: 0.35% and
1.97%, respectively).

4. Other information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 1
3 2K I W I P R O P E R T Y
4.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, is the Chief Executive Officer.
Operating segments have been determined based on the reports reviewed by the Chief Executive Officer to assess performance,
allocate resources and make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2.
As at 31 March 2021 the retail segment was removed in alignment with the Group's strategy. Investment properties held for sale
and the properties previously categorised in the retail segment are included in the other segment for the six months ended
30 September 2021. The retail segment for the six months ended 30 September 2020 included Westgate Lifestyle, Centre Place
North, The Plaza and Northlands. The Group operates in New Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the period:
6 months ended
Mixed-use
$000
Office
$000
Other
$000
Total
$000
30 September 2021
Property revenue
58,06531,02932,291121,385
Less: amortisation of fixed rental increases
(974)(301)(82)(1,357)
Less: direct property expenses
(13,016)(6,794)(7,534)(27,344)
Less: ground lease expenses
(33)-(153)(186)
Segment profit44,04223,93424,52292,498
30 September 2020
Mixed-use
$000
Office
$000
Other
$000
Retail
$000
Total
$000
Property revenue48,95529,9273,87628,532111,290
Less: amortisation of fixed rental increases(334)(320)(37)(141)(832)
Less: direct property expenses(12,301)(6,009)(847)(7,826)(26,983)
Less: ground lease expenses(30)-(34)(531)(595)
Segment profit
36,29023,5982,95820,03482,880
Sep-21
48%
Mixed-use
26%
Office
26%
Other
Segment profit
Sep-20
44%
Mixed-use
28%
Office
4%
Other
24%
Retail
Segment profit

I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 13 3
4.1 Segment information (continued)
A reconciliation of the segment profit to the profit before income tax reported in the Consolidated Statement of Comprehensive
Income is provided as follows:
6 months
30 Sep 2021
$000
6 months
30 Sep 2020
$000
Segment profit
92,498
82,880
Property management fees
931
906
Increase in rental income resulting from straight-lining of fixed rental increases
1,357
832
Interest income
23
98
Net fair value gain on investment properties
93,623
9,176
Loss on disposal of investment properties
(3,116)
-
Interest and finance charges
(19,665)
(16,642)
Employment and administration expenses
(12,853)
(10,834)
Net fair value gain/(loss) on interest rate derivatives
7,985
(2,841)
Ground lease expenses classified as interest and fair value loss on investment properties
186
595
Profit before income tax160,969
64,170
4.2 Commitments
The following costs have been committed to but not recognised in the interim consolidated financial statements as they will be
incurred in future reporting periods:
30 Sep 2021
$000
31 Mar 2021
$000
Development costs at Sylvia Park
44,096
5,894
Development costs at LynnMall
3,499
2,669
Development costs at Northlands
-
90
Drury infrastructure
1,530
5,535
Commitments49,125
14,188

3 4K I W I P R O P E R T Y
4.3 Subsequent events
Further rental abatements will be granted to tenants in relation to the ongoing COVID-19 lockdowns across areas of New Zealand. It
is currently expected that rental abatements, on a gross basis, for the second half of the financial year will be similar to those accrued
for the six months ended 30 September 2021. This is dependent on a number of factors, including the duration of the lockdowns.
On 9 November 2021, Auckland moved to Step 2 of Alert Level 3. Under this level, certain retail operations resumed with restrictions
around social-distancing.
On 10 November 2021, the Group agreed to acquire property in Mount Wellington for $8.9 million and settlement is scheduled to
take place in December 2021.
On 19 November 2021 the Board declared an interim dividend for the six months ended 30 September 2021 of 2.75 cents per share
(cps) (equivalent to $43.2 million), together with imputation credits of 0.752 cps. The dividend record date is
3 December 2021 and
payment will occur on 17 December 2021.

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of Kiwi Property Group Limited

Report on the interim consolidated financial statements
Our conclusion
We have reviewed the interim consolidated financial statements of Kiwi Property Group Limited (the
Company) and its controlled entities (the Group), which comprise the consolidated statement of
financial position as at 30 September 2021, and the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the consolidated statement of cash flows for the
six month period ended on that date, and significant accounting policies and other explanatory
information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim consolidated financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2021, and its financial
performance and cash flows for the six month period then ended, in accordance with International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Emphasis of Matter – Material valuation uncertainty related to valuation of investment
properties
We draw your attention to note 3.2 to the interim consolidated financial statements, where the
Company discloses that the independent registered valuers have included a 'material valuation
uncertainty’ clause in the Sylvia Park and Northlands 30 September 2021 valuation reports, as a result
of the COVID-19 pandemic. This clause highlights that less certainty and a higher degree of caution
should be attached to these property values than would normally be the case. This is due to the
continued uncertainty of the COVID-19 pandemic on property values, specifically the lack of
comparable transactional evidence for properties of this size. Our opinion is not modified in respect of
this matter.
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility for the
review of the interim consolidated financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of audits of special purpose financial
information in accordance with tenancy agreements, benchmarking of executive remuneration and
agreed upon procedures in respect of a specified remuneration metric and apportionment statement.
The provision of these other services has not impaired our independence.
Directors’ responsibility for the interim consolidated financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim consolidated financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of interim consolidated financial statements that are free from material misstatement,
whether due to fraud or error.


I N T E R I M R E P O R T F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 13 5

Auditor’s responsibility for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the interim consolidated financial statements, taken as a whole,
are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim
consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim consolidated
financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s Shareholders those matters which we are
required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Shareholders, as a body,
for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is
Jonathan Skilton.
For and on behalf of:
Chartered Accountants Auckland, New Zealand
19 November 2021
3 6K I W I P R O P E R T Y

COMPANY
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Auckland 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
BOND SUPERVISOR
Public Trust
Level 4, Clearpoint House
7-9 Fanshawe Street
Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
AUDITOR
PricewaterhouseCoopers
New Zealand
PwC Tower
15 Customs Street West
Private Bag 92162
Auckland 1142
T: +64 9 355 8000
W: pwc.co.nz
SECURITY TRUSTEE
New Zealand Permanent
Trustees Limited
Level 4, Clearpoint House
7-9 Fanshawe Street
Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
REGISTRAR
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
BANKERS
ANZ Bank New Zealand
Bank of New Zealand
China Construction Bank (New Zealand)
Commonwealth Bank of Australia
The Hongkong and Shanghai Banking Corporation
Westpac New Zealand
Directory

---

Interim results
presentation
For the six months ended 30 September 2021

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

Agenda
Section
Page
Business update4
Interim financial results10
Appendix1: Property update19
Appendix 2: Financial update36
Glossary52
This interim result presentation for the six months ended 30 September 2021 should be read in conjunction with the NZX announcement and financial statements released on 22 November 2021. Refer to our website kp.co.nz/interim-result or nzx.com.
Property statistics within this presentation represent owned assets only; property interests managed on behalf of third parties are excluded. Unless otherwise indicated, all of the numerical data provided in this presentation is stated for the six months
ended and/or as at 30 September 2021. All amounts are in New Zealand dollars. Due to rounding, numbers within this presentation may not add up precisely to the totalsprovided and percentages may not precisely reflect the absolute figures. Refer to
the Glossary for further definitions. The non-GAAP financial information does not have a standardised meaning prescribed by GAAPand therefore may not be comparable to similar financial information presented by other entities. The GAAP financial
information has been subject to review.
3

Business update
4

Interim result highlights
$
62.5m
Operating profit
before tax
+
$
4.7m (+8.0
%
)
$
3.5b
Property portfolio
value
$
93.6m fair value gain
3.06cps
Adjusted funds from
operations per share
+0.74 cps (+31.6
%
)
General note: Percentages represent the change in performance over the prior comparable period.
$
143.2m
Net profit
after tax
+
$
89.0m (+164.1
%
)
2.75cps
FY22 interim
dividend
5
5
$
1.42
Net tangible assets
per share
+6cps

Delivering on strategy in the 2022 financial year
6
Strategy
Intensify mixed-use assets
Grow with third party capital
Empower customer
success

Build-to -rent begins at Sylvia Park
7
>Development of New Zealand’s first major build-to-rent (BTR)
scheme has begun at Sylvia Park.
>The $221m project comprises 295 residential apartments across
three separate buildings.
>Facilities include co-working facilities, gymnasium, residents’
lounge, as well as a rooftop terrace.
>Sylvia Park could accommodate up to 1,200 BTR apartments
over the next decade.
>Kiwi Property is in a unique position to deliver BTR in New Zealand:
1.Large mixed-use landholdings mitigate upfront costs and
provide a foundation for scale.
2.Mixed-use diversification supports site-wide capitalisation rate
compression.
3.Existing asset management platforms can be leveraged to
deliver operational synergies.

Accelerating our development pipeline
8
3 Te Kehu Way now underway
>Construction of Sylvia Park’s
second office building has
commenced.
>The $63m, six-level building is due
to open in Q1 2023 and continues
Sylvia Park’s mixed-use evolution.
>Robust demand for office space
at Sylvia Park continues.
Delivering mixed-use at LynnMall
>Resource consent obtained for
LynnMall mixed-use tower.
>The building will integrate ground
floor retail, three office levels and
19 floors of BTR apartments.
>Construction could begin in 2022
pending funding and approval.
Drury consenting continues
>Fast-track application now
referred to the Environmental
Protection Authority consenting
panel.
>Decision possible Q1 2022.
>Would unlock 35,000 sqm of LFR,
7.1 hectares of residential land
and the creation of an exciting
new Drury town centre.

Maintaining strong sustainability momentum
9
GRESB rating secured
> Kiwi Property participated in The
Global Real Estate Benchmark
(GRESB) for the first time.
> Overall score of 80 obtained,
setting a strong platform for further
progress.
> Reinforces previous index
performance e.g. CDP ‘A’ rating.
Vaccinating our communities
> Waikato’s largest vaccination
centre established at The Base.
> Supporting Waikato-Tainui and
Waikato DHB.
> More than 50,000 vaccinations
administered at the facility since
its opening in July.
Delivering on our ESG targets
> 4.5 star NABERSNZ rating achieved
across three of our office assets.
Aurora Centre received 5.5 stars.
> 44 The Terrace expected to
achieve minimum 4 star NABERSNZ
rating in November.
> Targeting: 6 Green Star rating –
3 Te Kehu Way; 7-8 Homestar rating
– Sylvia Park BTR.

Interim financial results
10

$
94.0m
Net rental income
+
$
9.7m (+11.5
%
)
Interim financial results 2022
$
143.2m
Net profit
after tax
+
$
89.0m (+164.1
%
)
$
62.5m
Operating profit
before tax
+
$
4.7m (+8.0
%
)
General note: Comparative figures in slides 11-16 relate to the 1H 2021 period, unless otherwise stated.
> Net rental income (NRI) increased 11.5% in the first half of
the 2022 financial year (1H22) driven by a full period of
Sylvia Park Level 1 trading.
> Net profit after tax includes a $93.6m net fair value gain
on investment properties.
> Adjusted funds from operations (AFFO) increased 31.6% to
$48.0m, underpinned by a lower level of COVID-19
abatements in 1H compared to pcp.
> 1H22 included a $7.4m provision for rental abatements.
11
$
48.0m
AFFO
+
$
11.5m (+31.6
%
)

3.0
%
Total rental growth
FY21:3.2
%
99.8
%
Occupancy
FY21:99.7
%
5.2years
Weighted average lease expiry
FY21:5.3 years
Mixed-use and office leasing activity
> Overall rental growth from mixed-use and office leasing
activity was +3.0% driven by rent reviews (+3.7%) and new
leasing (+0.6%).
Occupancy and WALE
>51 new leases and renewals were completed in the
period.
>Occupancy remains high at 99.8%, a particularly pleasing
result given the potential of COVID-19 to impact this
statistic.
12

General note: All sales include GST. 1: ExcludesCentre Place, The Plaza and Northlands. 2: Mixed-use shopping centres only.
$
1.41b
Total sales
1
Sep 20:
$
1.22b
15.5
%
Total sales growth
1
Sep 20: 23.8
%
Retail sales
> Retail sales bounced back from the prior comparable
period, due to a combination of reduced store
lockdowns and the benefit of a full period of sales at
Sylvia Park’s Level 1 expansion.
> On an MAT basis, total sales were up 15.5% across our
mixed-use and large format retail centres combined, or
14.1% across Sylvia Park, LynnMall and The Base.
13
$
12,90011.4
%
Specialty sales (per sqm)
2
Specialty GOC
2
Sep 20:
$
11,430Sep 20: 12.8
%

3.77
%
Weighted average
cost of debt
FY21: 4.19
%
3.9 years
Weighted average
term to maturity of debt
FY21: 2.9 years
Capital management
BBB
+
Issue rating
(fixed-rate green bonds)
BBB (stable)
Issuer credit rating
Credit ratings
> $700m of bank debt facilities were refinanced in May
2021, with a further $100m refinanced in August 2021.
Overall bank facilities were reduced from $825m to
$800m.
> KPG010 $125m green bond matured in August 2021.
> KPG050 $150m green bond issued in July 2021
for a seven year term at a 2.85% coupon.
14

$
3.5b
Property assets
FY21:
$
3.3b (+
$
0.2b)
30.7
%
Gearing
FY21: 31.2
%
$
1.42
Net asset backing per
share
FY21:
$
1.36
Balance sheet
> Property assets increased in value following a $93.6m fair
value gain (after accounting for acquisitions and capex).
> The COVID-19 related decline in property values
recorded in March 2020 continues to unwind.
> Uplift in property portfolio value also contributed to a
decrease in gearing ratio to 30.7%.
15

3.67cps
FFO
+0.13 cps (+3.8
%
)
3.06cps
AFFO
+0.74 cps (+31.6
%
)
90
%
AFFO payout ratio
FFO and AFFO per share
General note: FFO and AFFO cps are calculated using the weighted average number of shares for the period.
> AFFO per share increased 31.6%, driven by a lower level
of COVID-19 rent abatements in the period.
> The AFFO payout ratio of 90% remains in-line with the
target range.
16

Dividend payment and guidance
17
> Kiwi Property will pay an interim dividend of 2.75 cents per share
(cps) for the six months ended 30 September 2021.
> 2H22 rental abatement costs expected to be similar to those
incurred in 1H22
1
.
> Despite this impost, the company continues to target a total
full-year dividend of no less than 5.30 cps, up from 5.15 cps in the
prior comparable period.
> Payment of the final dividend is contingent on Kiwi Property’s
financial performance through the second half of the financial
year and barring material adverse effects or unforeseen
circumstances.
1: Absent any further lockdowns beyond 30 November 2021 and/or adverse impacts arising from the Government’s recent
changes to the Property Law Act.

Strategic priorities for the second half of FY22
18
1.Move ahead with BTR and 3 Te Kehu Way developments
at Sylvia Park.
2.Secure Drury Fast-track approval and begin earthworks.
3.Advance the sale process for The Plaza and Northlands.
4.Progress opportunities to grow with third party capital.

Appendix 1:
Property update
19

Contents
AppendixTitlePage
1.1Our investment portfolio
21
1.2Investment portfolio summary22
1.3Portfolio statistics23
1.4Net rental income24
1.5Capitalisation rate history25
1.6Geographic diversification– investment portfolio26
1.7Sector and tenant diversification –property portfolio27
1.8Mixed-use portfolio diversification28
1.9Office portfolio diversification29
1.10Rent reviews and new leasing30
1.11Lease expiry profile31
1.12Tenant diversification32
1.13Retail sales33
1.14Retail sales by property34
1.15Retail sales by category35
20

1.1 Our investment portfolio
21
Vero Centre
The Aurora Centre
ASB North Wharf
44 The Terrace
Sylvia Park Lifestyle
LynnMall
The Base (50%)
Mixed-use portfolioOffice portfolio
Sylvia Park

1.2 Investment portfolio summary
22
30-Sep-2131-Mar-21
Mixed-use Office Total Mixed-use Office Total
Number of assets
(appendix 1.3)
448448
Value ($m)
1 (appendix 1.3)
1,694.01,051.82,745.81,623.01,001.62,624.6
% of total portfolio by value
(appendix 1.7)
493180493079
Weighted average capitalisation rates
1 (appendix 1.3)
5.67
%
4.79
%
5.33
%
5.79
%
4.99
%
5.49
%
Net lettable area (sqm)
(appendix 1.3)
250,00695,994346,000245,91995,994341,914
Number of tenants
(appendix 1.12)
5526862054967616
% investment portfolio by gross income67331006733100
Occupancy (by area)
2 (appendix 1.3)
99.8
%
99.7
%
99.8
%
99.9
%
99.3
%
99.7
%
Weighted average lease expiry (by income)
(appendix 1.3)
4.0 years7.6 years5.2 years4.0 years8.0 years5.3 years
The following notes apply to all of Appendix 1 (where applicable): 1: The value excludes the gross up of lease liabilities required by NZ IFRS 16 Leases. At 30-Sep-21, value excluded other properties, properties
held for saleand development land with a combined value of $700m (20% of total portfolio value).At 31-Mar-21, value excluded other properties, properties held for saleand development land with a
combined value of $695m (21% of total portfolio value). 2: Vacant tenancies with current or pending development works are excluded from the occupancy statistics. At 30-Sep-21, figures excluded 844 sqm at
LynnMall. At 31-Mar-21, figures exclude 212 sqm at Sylvia Park and 384 sqm at LynnMall. General note: Kiwi Property owns 100
%
of all assets except The Base and Centre Place North, which are 50
%
owned.

1.3 Portfolio statistics
23
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2131-Mar-2130-Sep-2131-Mar-2130-Sep-2131-Mar-2130-Sep-2131-Mar-2130-Sep-2131-Mar-21
Sylvia Park1,145.01,100.05.385.50108,164105,875100.099.84.34.3
Sylvia Park Lifestyle94.586.55.505.8816,55016,550100.0100.03.42.7
LynnMall260.0249.06.506.6337,64637,586100.0100.03.33.8
The Base194.5187.56.386.3887,64685,90899.399.93.93.4
Mixed-use portfolio1,694.01,623.05.675.79250,006245,91999.899.94.04.0
Vero Centre532.8500.54.504.7539,54139,54199.598.55.15.5
ASB North Wharf268.0260.04.754.8821,62521,62599.8100.09.49.9
The Aurora Centre189.7181.75.385.5024,50424,504100.0100.012.713.2
44 The Terrace61.359.45.755.8810,32510,325100.099.35.45.8
Office portfolio1,051.81,001.64.794.99
95,99495,99499.799.37.68.0
Investment portfolio2,745.82,624.65.335.49346,000341,91499.899.75.25.3
Westgate Lifestyle96.588.55.756.0025,65425,654100.099.73.13.3
Other properties
1
202.9190.4
Properties held for sale
2
324.2347.5
Development land76.068.3
Total portfolio
3
3,445.43,319.3
1: The adopted value at 31 March 2021 includes the Group’s 50% ownership of Centre Place North, with the remaining 50% included within properties held for sale. On 1 April 2021, the Group disposed of 50% of its interest in Centre
Place North and an adjoining property as its contribution to the Centre Place North Joint Venture (a 50:50 joint venture betweenthe Group and Tainui Group Holdings). The adopted value at 30 September 2021 includes the
Group’s 50% ownership interest in the Centre Place North Joint Venture. 2:The adopted value at 31 March 2021 includes The Plaza, Northlands and 50% of Centre Place North and an adjoining property. Asat 30 September 2021,
investment properties held for sale include The Plaza and Northlands. 3: Excludes the gross up of lease liabilities required by NZ IFRS 16 Leases.

1.4 Net rental income
24
> Net operating income (NOI) increased $10.0m
on pcp, driven by a full period of Sylvia Park
Level 1, coupled with a reduction in the
financial impact of COVID-19 relative to pcp.
> Other properties includes Centre Place North,
of which 50% was disposed of on 1 April 2021.
Halfyear ended30-Sep-2130-Sep-20
Variance
$m$m$m%
Sylvia Park
26.2 20.0 6.2+31.4
Sylvia Park Lifestyle
2.5 2.5 0.0+1.4
LynnMall
9.2 8.2 1.0+12.5
The Base
6.3 5.6 0.7+11.9
Mixed-use portfolio
44.3 36.3 8.0+22.0
Vero Centre
11.7 11.2 0.5+4.5
ASB North Wharf
6.8 6.6 0.2+3.0
The Aurora Centre
4.3 4.3 0.0-1.0
44 The Terrace
1.6 1.5 0.1+4.0
Office portfolio
24.3 23.6 0.7+3.0
Westgate Lifestyle
2.8 2.7 0.1+6.8
Other properties
4.2 4.9 -0.7-13.2
Properties held for sale
17.2 15.5 1.7+11.3
Net operating income
92.9 82.9 10.0 +12.1
Straight-lining of fixed rental increases
1.4 0.8 0.6+63.1
Generalprovisionfor expected credit loss
-0.5
-
-0.5N/A
Other net income
0.1
-
0.1N/A
NZ IFRS 16 expense reclassifications
0.2 0.6 -0.4-68.8
Net rental income
94.0 84.3 9.7+11.5

1.5 Capitalisation rate history
25
5.67%
4.79%
5.33%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21
Sep-21
Key:Mixed-useRetailOfficeInvestment portfolio
Global
Financial Crisis
Christchurch
earthquakes
COVID-19

1.6 Geographic diversification – investment portfolio
26
($2.3b) Auckland
Auckland region: Pop. 1,572,000
(Largest region, 33.4% of NZ)
3 x mixed-use assets
2 x office assets
($195m) Hamilton
Waikato region: Pop. 458,000
(4
th
largest region, 9.7% of NZ)
1 x mixed-use asset
2 x 3
rd
party management mandates
Wellington ($251m)
New Zealand’s capital city
Wellington region: Pop. 507,000
(3
rd
largest region, 10.8% of NZ)
2 x office assets
1 x 3
rd
party management mandate
Note: Population statistics sourced from Statistics New Zealand,
2018 Census results (usually resident population count).
Auckland84
%
Hamilton7
%
Wellington9
%
Geographic diversification
by investment portfolio value

1.7 Sector and tenant diversification – property portfolio
27
Sector diversification
by portfolio value
Tenant diversification
by investment portfolio gross income
Mini-majors14
%
Government8
%
Department stores and DDS5
%
Financialservices4
%
Cinemas2
%
Home and living majors1
%
Mixed-use49
%
Office31
%
Heldfor sale9
%
Other11
%
Specialty stores41
%
Banking10
%
Legal7
%
Insurance4
%
Supermarkets2
%
Consultancy and other office2
%

1.8 Mixed-use portfolio diversification
28
Geographic diversification
by mixed-use portfolio value
Property type
by mixed-use portfolio value
Tenant diversification
by mixed-use portfolio gross income
Specialty stores59
%
Mini-majors20
%
Departmentstores and DDS8
%
Supermarkets4
%
Banking3
%
Cinemas3
%
Insurance1
%
Home and living majors1
%
Other1
%
Regionalcentres
1
94
%
Large format centres6
%
1:Includes ANZ Raranga.
Auckland 89
%
Hamilton11
%

1.9 Office portfolio diversification
29
Property type
by office portfolio value
Geographic diversification
by office portfolio value
Tenant diversification
by office portfolio gross income
Premium51
%
A-grade campus25
%
A-grade18
%
B-grade6
%
Government25
%
Banking24
%
Legal21
%
Financialservices11
%
Insurance9
%
Other office4
%
Specialty stores4
%
Consultancy2
%
Other0
%
Auckland 76
%
Wellington24
%

1.10 Rent reviews and new leasing
30
Rent reviewsMixed-useOfficeTotal
No.15215167
NLA (sqm)53,25331,59684,849
% investment portfolio NLA15925
Rental movement (%)+3.3+4.3+3.7
Compound annual growth (%)+3.0+2.9+2.9
Structured increases (% portfolio)965881
New leases and renewals
No.49251
NLA (sqm)35,95363936,591
% investment portfolio NLA10010
Rental movement (%)+0.2+12.8+0.6
WALE (years)5.17.35.2
Total (excl development leasing)
No.20117218
NLA (sqm)89,20632,234121,440
% investment portfolio NLA26935
Rental movement (%)+2.2+4.5+3.0
Rent reviews
> High percentage of structured reviews (81%)
provided consistent uplift, averaging +2.9% on a
compound annual basis.
New leasing
>New mixed-use leasing held flat (+0.2%), a solid
result given current COVID-19 related disruptions
to retail trading.
>Office (+12.8%) driven by new leases at Vero
Centre.

1.11 Lease expiry profile
31
4%
8%
7%
7%
11%
8%
54%
0%
10%
20%
30%
40%
50%
60%
Vacant or
holdover
FY22FY23FY24FY25FY26FY27+
Mixed-use
>Mixed-use tenant retention remains a focus.
>Sylvia Park Level 1 expansion contributed to a
longer term mixed-use expiry profile.
>A higher percentage of longerterm deals are
being achieved.
Office
>639 sqm of floor space has been leased at the
Vero Centre in FY22 (1.6% of building NLA) with a
WALE of 7.3 years.
>As a result, only 5% of office gross income is due
for expiry in the next three years.
Key:Mixed-useOffice
Lease expiry profile
% of investment portfolio gross income

1.12 Tenant diversification
32
Our top 20 tenants
Top 20 tenants
% of investment portfolio gross income
ASB Bank 8.3
Ministry of Social Development 6.0
Farmers 3.2
ANZ Bank 2.5
Bell Gully 2.3
Suncorp 2.2
Russell McVeagh 1.8
Progressive Enterprises1.6
The Warehouse1.4
Cotton On Group1.3
Hoyts1.2
Craigs Investment Partners1.2
Foodstuffs1.2
Just Group1.1
Hallensteins/Glassions1.0
Tertiary Education System1.0
Kmart1.0
IAG0.9
NIB0.8
Commerce Commission0.8
Tenant diversification
% of investment portfolio gross income
●
Department stores and DDS5
●
Supermarkets2
●
Cinemas2
●
Home and living major1
●
Mini-majors14
●
Fashion13
●
Food10
●
General6
●
Other retail5
●
Pharmacy and wellbeing5
●
Home and living2
Banking10
Government8
Legal7
Insurance4
Financial services4
Consultancy and other office2
Total (620 tenants)100
occupy
51%
of investment
portfolio
area
contribute
41%
of investment
portfolio gross
income
have a weighted average
lease expiry of
7.2 years
Key:MajorsMini-majorsSpecialtyOffice

1.13 Retail sales
33
> Alert level 3 and 4 restrictions prevented
Auckland retail centres from trading for
approximately seven weeks and non-
Auckland centres for three weeks.
> Total MAT is up 15.5% on the previous
period.
> To present a more comparable position,
sales have been adjusted for actual
days traded to try and eliminate some of
the lockdown impact.
> Note: All centres excludes Centre Place,
The Plaza and Northlands.
General note: All sales include GST. 1: Adjusted sales show a pro-rata figure reflecting the same number of days of trade to enable a comparison
between the two periods. It is not a day-to -day comparison but a pro-rata of the total figure.
For the twelve months ended
30-Sept-2021
All centres
(incl. large format centres)
Shopping centres
(Mixed Use only)
Actual salesAdjusted sales
1
Actual salesAdjusted sales
1
Total sales (billion)
$
1.41
(Sep 20 $1.22)
$
1.55
(Sep 20 $1.40)
$
1.11
(Sep 20 $0.97)
$
1.22
(Sep 20 $1.11)
Total sales growth
+15.5
%
(Sep 20 +23.8%)
+10.5
%
+14.1
%
(Sep 20 +26.7%)
+9.6
%
Like-for-like sales growth
+9.3
%
(Sep 20 +16.5%)
+5.7
%
+7.4
%
(Sep 20 +15.7%)
+4.5
%
Specialty sales (per sqm)
$
12,900
(Sep 20 $11,430)
Specialty GOC
11.4
%
(Sep 20 +12.8%)
Pedestrian count (million)
23.1

1.14 Retail sales by property
34
> The opening of the Sylvia Park Level 1 expansion
has driven positive growth in total sales at the
centre.
> Culture Kings and JD Sports anchor the new
urban and athleisure precinct.
> LynnMall continues to feel the impact of COVID-
19 on a previously strong travel offering.
> The Base delivered a solid performance across
majors, mini majors and specialty.
> Customers are spending more, albeit across
fewer visits, resulting in higher average spend
figures.
Year ended
MAT $m
1
% Var. from Sep-20% Var. 1H22 vs PCP
3
30-Sep-21Total
Like-for-
like
TotalLike-for-like
Sylvia Park659.2
LynnMall264.7
The Base – Te Awa182.0
Mixed-use centres1,105.9+14.1+7.4+26.7+15.7
Sylvia Park Lifestyle
2
15.4
Westgate Lifestyle
2
44.4
The Base – LFR 245.8
Large format retail305.6
Total1,411.5
1:All figures include GST. 2: Sales data is being requested from tenants who are not obliged to provide it under their
current leases. Total sales reported are shown, but due to the changing composition of those who do report,
comparable statistics are variable. 3: Percentage variation Apr 21 – Sep 21 vs the same period the year before.

1.15 Retail sales by category
35
Year ended
MAT $m% var. from Sep-206 Mths Apr-Sep
30-Sep-21totallike-for-likeTotallike-for-like
Supermarkets170.0-1.4-1.4+3.4+3.4
Department stores and DDS143.8+32.3+5.0+38.0+8.8
Cinemas14.4+10.2+10.2+387.1+387.1
Mini-majors245.4+18.9+12.0+31.3+16.4
Fashion192.5+25.5+21.9+36.3+33.0
Commercial services88.6-13.9-2.9+19.3+10.6
Food103.1+26.2+8.0+46.2+23.8
Pharmacy and wellbeing70.0+6.0+8.8+3.3+4.4
General (incl. activate)57.5+18.0+7.6+26.5+11.5
Home and living20.6+26.1+15.4+24.1+17.4
Total1,105.9+14.1+7.4+26.7+15.7
General note: All figures include GST and are for mixed-use centres only. 2: Percentage variation Apr 21 – Sep 21 vs the same
period the year before.
> DDS and department stores have been boosted
by the opening of Farmers at Sylvia Park and
strong performance of Kmart.
> Cinemas were starting to see a rebound in
visitation prior to the August 2021 lockdown
> Mini Majors continue to benefit from the post
lockdown focus on home improvement and
increased demand for outdoor and sporting
goods.
> COVID-19 continues to have an impact on travel.

Appendix 2:
Financial update
36

Contents
AppendixTitlePage
2.1Profit after tax38
2.2Operating profit before income tax39
2.3Interest and finance charges40
2.4Management expense ratio (MER)41
2.5COVID-19 rentrelief42
2.6Funds from operations (FFO)43
2.7Adjusted funds from operations (AFFO)44
2.8Dividends45
2.9Balance sheet46
2.10Investment properties movement47
2.11Net finance debt movement48
2.12Finance debt facilities49
2.13Capital management metrics50
2.14Fixed-rate debt profile51
37

2.1 Profit after tax
> Property revenue increased $10.1m,
enabled by a full period of trading at
Sylvia Park’s Level 1 expansion.
> The fair value loss on interest rate
derivatives in the pcp swung to a gain in
the current year, driven by an increase in
longer-dated interest rates.
> Property portfolio value continues to
increase, with a $93.6m gain in 1H22,
reversing some of the FY20 revaluation
loss caused by COVID-19 uncertainty.
38
1:
The reported profit has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies withNew Zealand Equivalents to International Financial Reporting Standards. The
reported profit information has been extracted from the interim consolidated financial statements,which have been the subject of a review by an independent auditor pursuantto the External Reporting Board’s New Zealand
Standards on Review Engagement 2410 (Revised).
2:
GAAP is a common set of accounting principles,standards and procedures that companies must follow when they compile their fina
ncial statements. Kiwi Property’s financial
statements comply with New Zealand Equivalents to International Financial Reporting Standards and other guidance as issued byth e External Reporting Board, as appropriate for profit-oriented entities, and with International
Financial Reporting Standards.
Six months ended
30-Sep-21
30-Sep-20Variance
$m$m$m%
Property revenue
121.4 111.3+10.1+9.1
Property management income0.90.9+0.0+2.7
Total income122.3112.2+10.1+9.0
Direct property expenses -27.3-27.0-0.3-1.3
Employment and administration expenses
(Appendix 2.4)
-12.9-10.8-2.1-18.6
Total expenses-40.2-37.8-2.4-6.3
Profit before net finance expenses, other (expenses)/income and
income tax
82.174.4+7.7+10.4
Interest income-0.1-0.1-76.9
Interest and finance charges
(Appendix 2.3)
-19.7-16.6-3.1-18.2
Net fair value gain/(loss) on interest rate derivatives8.0-2.8+10.8+381.1
Net finance expenses-11.7-19.4+7.7+39.9
Profit before other (expenses)/income and income tax70.555.0+15.5+28.1
Losson disposal of investment properties-3.1--3.1N/A
Net fair value gainon investment properties93.69.2+84.4+920.3
Other income90.59.2+81.3+886.4
Profit before income tax161.064.2+96.8+150.8
Current tax-11.1-5.3-5.8-109.6
Deferred tax-6.6-4.6-2.0-42.7
Profit after income tax
1
(GAAP
2
measure)143.254.2+89.0+164.1

2.2 Operating profit before income tax
39
Six months ended
30-Sep-21
30-Sep-20Variance
$m$m$m%
Profit before income tax
(Appendix 2.1)
161.0 64.2+96.8+150.8
Adjusted for:
Net fair value gain on investment properties
(Appendix 2.1)
-93.6 -9.2-84.4-920.3
Loss on disposal of investment properties
(Appendix 2.1)
3.1-+3.1N/A
Net fair value (gain)/loss on interest rate derivatives
(Appendix 2.1)
-8.02.8-10.8-381.1
Operating profit before income tax
1
(non-GAAP)
62.557.8+4.7+8.0
1: Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s
performance for the year by adjusting for a number of non-operating items. Operating profit before income tax does not have a standard meaning prescribed
by GAAP and therefore may not be comparable to information presented by other entities. The reported operating profit before income tax has been
extracted from the company's interim consolidated financial statements, which have been the subject of a review by an independent auditor pursuant to the
External Reporting Board’s New ZealandStandards on Review Engagement 2410 (Revised).

2.3 Interest and finance charges
> Capitalised interest has reduced on the pcp
following the completion of works at Sylvia Park
Level 1.
40
Sixmonthsended
30-Sep-21
30-Sep-20Variance
$m$m$m%
Interest on bank debt -9.6 -10.2+0.6+5.8
Interest on bonds-11.6-11.6-0.0-0.2
Interest on lease liabilities-0.2-0.5+0.3+69.1
Interest expense incurred-21.4-22.3+0.9+4.2
Interest capitalised to:
Sylvia Park0.13.6-3.5-96.9
Drury land1.41.9-0.5-26.8
Other properties under development0.20.2+0.0+16.3
Total capitalised interest1.75.7-4.0-70.0
Interest and finance charges
(appendix 2.1)
-19.7-16.6-3.1-18.2

> Growth in employment and administration
expenses partially driven by investmentin key
personneland additional capabilities required to
deliver Kiwi Property’s mixed-use strategy.
> Up-weighting of expertise in areas such as digital,
data and analytics expected to unlock significant
value in the medium term.
2.4 Management expense ratio (MER)
41
Year ended
30-Sep-2131-Mar-21
$m$m
Employment and administration expenses
(Appendix 2.1)
25.123.1
Less recovered through management fees-7.7-7.3
Net expenses17.415.8
Weighted average assets3,255.503,160.25
Management expense ratio
1
(non-GAAP measure)54 bps50 bps
1: MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
costs. MER is a measure commonly used by real estate entities. MER does not have a standard meaning prescribed by GAAP and
therefore may not be comparable to information presented by other entities. Kiwi Property determines MER through an annualised
calculation, where employment and administration expenses, net of expenses recovered throughmanagement fees, is divided by the
weighted average value of its property assets. The reported MER information has been extracted from the company's interim
consolidated financial statements which have been the subject of a review by an independent auditor pursuant to the External
Reporting Board’s New ZealandStandards on Review Engagement 2410 (Revised).

2.5 COVID-19 rent relief
42
> The table to the left shows the accounting
treatment of expected rent relief for the six
months to 30 September 2021.
Period ended
30-Sep-2131-Mar-21
$m
6 months
$m
12 months
Gross cost of abatements
Abatements capitalised and amortised over remaining lease terms
(Appendix 2.7)
6.415.2
Abatements expensed directly in profit and loss1.04.3
Total gross abatements7.419.5
Amortisation of abatements
Opening balance9.3-
Abatements subject to amortisation granted in the current period6.415.2
Amounts amortised in current period
(Appendix 2.6)
-2.1-5.9
Abatements written off inrelation to partial disposal of Centre Place North-0.2-
Amounts to be amortised in subsequent financial years13.49.3
Abatements recognised in profit and loss
Abatements expensed directly in profit and loss1.04.3
Amounts amortised in current period
(Appendix 2.6)
2.15.9
Amounts written off inrelation to disposal of Centre Place North0.2-
Total abatements recognised in profit and loss3.310.2
Deferred rent
Deferred rent outstanding at end of period (excl. GST)
0.71.7

2.6 Funds from operations (FFO)
43
Six months ended
30-Sep-21
30-Sep-20Variance
$m$m$m%
Profit after tax
(Appendix 2.1)
143.254.2+89.0+164.1
Adjusted for:
Net fair value gain on investment properties
(Appendix 2.1)
-93.6-9.2-84.4-920.3
Loss on disposal of investment properties
(Appendix 2.1)
3.1-+3.1N/A
Net fair value (gain)/loss on interest rate derivatives
(Appendix 2.1)
-8.0 2.8-10.8-381.1
Straight-lining of fixed rental increases-1.4-0.8-0.6-63.3
Amortisation of tenant incentives and leasing fees4.73.4+1.3+40.9
Reversal of lease liability movement in investment properties-- 0.1 +0.1+57.1
Amortisation of rent abatements (COVID-19)
(Appendix 2.5)
2.13.5-1.4-41.1
Rent deferrals (COVID-19)0.9-2.9+3.8+131.6
Deferred tax expense
(Appendix 2.1)
6.64.6+2.0+42.7
Funds from operations (FFO)
1
(non-GAAP)
(Appendix 2.7)
57.755.6+2.1+3.8
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO
does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entiti es. FFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported FFO
information has been extracted from the company's interim consolidated financial statements, which have been the subject of a review by an
independent auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410 (Revised).
> Higher operating profit,partially offset by
higher current tax, has driven an increase in
FFO of 3.8%. The increase in current tax is
largely related to the impact of COVID rent
relief.

2.7 Adjusted funds from operations (AFFO)
44
> COVID-19 rent abatements reduced on
the prior period, contributing to an AFFO
increase of 31.6%.
> Consistent with the Company’s
dividend policy, the cash dividend
payout has been set at 90% of AFFO.
Sixmonthsended
30-Sep-21
30-Sep-20Variance
$m$m$m%
Funds from operations (FFO)
1 (appendix 2.6)
57.755.6+2.1+3.8
Adjusted for
Maintenance capital expenditure-0.7-1.8+1.1+58.6
Tenant incentives and leasing fees-2.6-1.5-1.1-72.3
Capitalised rent abatements (COVID-19)
(appendix 2.5)
-6.4-15.9+9.5+59.9
Adjusted funds from operations (AFFO)
2
(non-GAAP)48.036.5+11.5+31.6
AFFO (cents per share)
3
3.062.32
Cash dividend payout ratio to AFFO90%95%
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported FFO
information has been extracted from the interim consolidated financial statements,which have been the subject of a review by an independent
auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410 (Revised). 2:AFFO is an alternative non-
GAAP performance measure used by Kiwi Property.AFFO is a measure used by real estate entities to describe their underlying and recurring cash
flows from operations for sustaining and maintaining existing space. Broadly, AFFO adjusts FFO by deducting the cost of leaseincentives,
leasing fees,
rental abatements and annual maintenance capital expenditure for sustaining and maintaining existing space. AFFO does not have astandardised
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. AFFO is calculatedbyKiwi Property
in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. 3:Calculated using the weighted average
number of shares for the period.

2.8Dividends
> The dividend reinvestment plan will not apply to
the 1H22 dividend.
45
Six months ended
30-Sep-2130-Sep-2030-Sep-2130-Sep-20
$m$mcps
1
cps
1
Cash dividend43.234.52.75 2.20
Imputation credits11.813.40.750.86
Gross dividend55.048.03.503.06
Cash dividend payout ratio to AFFO90%95%
1: Calculated using the number of shares for the periodentitled to the dividend.

2.9Balance sheet
> Investment properties value increased driven
by a $93.6m fair value gain as well as capital
expenditure, offset by the sale of 50% of
Centre Place North.
46
As at
30-Sep-21
31-Mar-21Movement
$m$m$m
%
Investment properties
(Appendix 2.10)
3,450.33,331.5+118.8+3.6
Cash
(Appendix 2.11)
11.316.0-4.7-29.6
Trade and other receivables9.711.8-2.1-17.9
Other assets5.07.0-2.0-28.4
Total assets3,476.33,366.3+110.0+3.3
Finance debt
(Appendix 2.11)
1,068.91,049.9+19.0+1.8
Deferred tax liabilities101.194.5+6.6+7.0
Other liabilities73.187.1-14.0-16.1
Total liabilities 1,243.11,231.5+11.6+0.9
Total equity2,233.22,134.8+98.4+4.6
Total equity and liabilities3,476.33,366.3+110.0+3.3
Gearing ratio (requirement <45
%
)
(Appendix 2.13)
30.7%31.2%
Net asset backing per share (NTA)$1.42$1.36
`

2.10Investment properties movement
47
Acquisitions
Capital Expenditure
Disposals
Property portfolio fair
value as at Sep
-21
Centre Place North
50% disposal
Property acquisitions
Sylvia Park
LynnMall
Drury
Other
Fair value change
Movement in lease
liabilities
Property portfolio fair
value as at Mar
-21

2.11Net finance debt movement
48
As at30-Sep-2131-Mar-21
Bank debt
(Appendix 2.9)
568.3573.0
Bonds
(Appendix 2.9)
500.6476.9
Cash on deposit
(Appendix 2.9)
-11.3-16.0
Net finance debt1,057.61,033.9
$1,057.6
$1,033.9
+$18.8
+$11.9
+$6.8
+$32.8
+$46.3
+$10.8
-$95.5
-$8.3
750
850
950
1,050
1,150
Net finance debt Mar-21
Net rental income
Interest and finance charges
Employment/admin expenses
Acquisition of investment
properties
Investment/development
expenditure
Dividends
Disposal proceeds
Tax and other
Net finance debt Sep-21

2.12Finance debt facilities
49
Debt maturity profile as at:
30-Sep-21
$m%
FY24125.09.6%
FY25358.027.5%
FY26334.025.7%
FY27333.025.6%
FY280.00.0%
FY29150.011.5%
Total facilities 1,300.0100.0%
Facilities drawn1,068.382.2%
Undrawn facilities 231.717.8%
Key:
ANZBNZCBACCBHSBCWestpacBonds
11.5%
11.5%
11.5%
7.7%
7.7%
11.5%
38.6%
Debt sources
$125.0
$50.0
$50.0
$50.0
$33.0
$34.0
$33.0
$50.0
$50.0
$100.0
-
$50
$50
$50
-
-
$50
$50
$0
-
$ 33
$ 34
$ 33
-
$125
$100
$0
$150
$125
$50
$50
$50
$50
$100
$50
$50
$50

2.13Capital management metrics
50
Finance debt metrics as at30-Sep-2131-Mar-21
Weighted average term to maturity3.9 years2.9 years
Weighted average interest rate (Incl. of bonds, active interest rate derivatives, margins and line fees)3.77%4.19%
Covenants – gearing as at30-Sep-2131-Mar-21
Gearing30.7%31.2%
Note: Must be <45%. Target band is 25%-35%. Calculated as finance debt / total tangible assets.
Covenants – interest cover ratio for the year ended30-Sep-2131-Mar-21
Interest cover ratio4.273.99
Note: Must be >2.25 times. Calculated as net rental income / net interest expense.
Credit ratings – S&P Global Ratings30-Sep-2131-Mar-21
Corporate (Issuer rating)BBB (stable)BBB (stable)
Fixed-rate green bonds (Issue rating)BBB+BBB+
General note: Further information about S&P Global Ratings’ credit rating scale is available at spglobal.com. A rating is not a recommendationby any rating organisation to buy, sell or hold Kiwi Property
securities. The rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P Global Ratings.

2.14Fixed-rate debt profile
51
Fixed-rate profile (inclusive of green bonds on issue Sep-21: $500m, Mar-21: $475m)
30-Sep-21
31-Mar-21
Percentage of drawn finance debt at fixed rates
73%
69%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)
2.53%
3.11%
Weighted average term to maturity of active fixed-rate debt
2.4 years
2.6 years
Fixed-rate debt maturity profile

Glossary
52

Glossary
Adjusted funds from operations
(AFFO)
AFFO is analternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure commonly used by real estate entities to
describe their underlying andrecurring cash flows from operations.Broadly, AFFO adjusts FFOby deducting the cost of lease incentives, leasing
fees, rental abatements and annual maintenance capital expenditure for sustaining and maintaining existing space. AFFO does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities.AFFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australi a. The reported
AFFO information has been extracted from the Company's interimconsolidated financial statements which have been the subject of a review
pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Discountdepartment store
(DDS)
Includes Kmart and TheWarehouse.
Funds from operations
(FFO)
FFO is analternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying andrecurring earnings from operations. FFO
does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO
is calculated by Kiwi Property in accordance withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported FFO information has been extracted from the Company's interim consolidated financial statements which have been the subject of a
review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Gearing ratioCalculatedas finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes interest
rate derivatives).
Generallyaccepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial statements.
Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and other guidance as
issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting Standards.
Gross occupancy cost
(GOC)
Total grossoccupancy costs (excluding GST) expressed as a percentage of moving annual turnover (including GST).
53

Glossary
Like-for-likeretail salesOnlyincludes sales from those tenants who have traded for the past 24 months.
Management expense ratio
(MER)
MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the company’s underlying operatingcosts. MER is a
measure commonly used by real estate entities.MER does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. Kiwi Property determines MER through an annualised calculation, whereemployment
and administration expenses, net of expenses recovered through management fees, is divided by the weighted average value of its property
assets. The reported MER information has been extracted from the Company's interim consolidated financial statements which have been the
subject of a review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (including GST).
Net operating income
(NOI)
Excludes income resulting from straight-lining of fixed rental increases and includes the amortisation of lease incentives, fees, abatements and
property management fee income.
Net rental income
(NRI)
NOI,including rental income resulting from straight-lining of fixed rental increases, general doubtful debt provisions, other incomes and expense
reclassifications required under NZ IFRS16 Leases.
Operating profit before
income tax
Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
company’s performance for the year by adjusting for a number of non-operating items.Operating profit before income tax does nothave a
standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported
operating profit before income tax has been extracted from the company’s interim consolidated financial statements which have been the
subject of a review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Profit aftertaxThe reported profit has been prepared in accordance with GAAP and complies with New Zealand Equivalents to International Financial
Reporting Standards. The reported profit information has been extracted from the interim consolidated financial statements whichhave been
the subject of a review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
54

Thank you
55

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly
Half Year X Special
DRP applies
Record date 03/12/2021
Ex-Date 02/12/2021
Payment date (and allotment date for
DRP)
17/12/2021
Total monies associated with the
distribution
$43,177,610
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03502101
Total cash distribution $0.02750000
Excluded amount (applicable to listed
PIEs)
$0.00816026
Supplementary distribution amount $0.00341289
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed component
Imputation tax credits per financial
product
$0.00752101
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A

2
Specify source of financial products to
be issued under DRP programme
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Gavin Parker
Contact person for this announcement Gavin Parker
Contact phone number +64 9 359 4000
Contact email address gavin.parker@kp.co.nz
Date of release through MAP 22/11/2021

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Six months to 30 September 2021
Previous Reporting Period Six months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$122,316 +9.0%
Total Revenue $122,316 +9.0%
Net profit/(loss) from continuing
operations
$143,230 +164.1%
Total net profit/(loss) $143,230 +164.1%
Final Dividend
Amount per Quoted Equity
Security
$0.02750000
Imputed amount per Quoted
Equity Security
$0.00752101
Record Date 3 December 2021
Dividend Payment Date 17 December 2021
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.42 $1.29
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
Gavin Parker
Contact person for this
announcement
Gavin Parker
Contact phone number +64 9 359 4000
Contact email address gavin.parker@kp.co.nz
Date of release through MAP 22 November 2021

Unaudited interim financial statements accompany this announcement.