Argosy FY22 Interim Result market release

Argosy Property Limited
Interim Results:
Staying Focused
FY22
23.11.21

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

Agenda
.3
Peter Mence
CEO
Dave Fraser
CFO
Vision & Strategy4
Result Highlights9
Portfolio10
Financials23
Leasing Update35
Focus and Outlook39
Appendices41
Note: This results presentation should be read in conjunction with the NZX release dated 23 November 2021. Due to rounding, numberspr esented in this
presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.

Vision and
Strategy
.4

.5

.6
Good for the environment and occupants
Cost effective
Growing demand, particularly from Government
Risk mitigation
Financial returns
The business case for green
..”7 in 10 companies in
APAC willing to pay
rental premiums for
green buildings..”
JLL Report June 21

The business case for green
.7
0-4%
Small upfront design costs
Upfront costs offset by lower life
cycle costs
25-30%
Energy cost savings
0-30%
Valuation uplift
Driven by higher rents, higher
occupancy, lower opex
30-60%
Reduced absenteeism
Reduced staff turnover
World Green Building Council. 2013. The business case for green building –A review of the costs and benefits for developers, investors and occupants.
Green Building Council Australia - (August, 2020), Green star in focus, the case for sustainable industrial buildings.

Case Study: 82 Wyndham Street
.8
25%
Increase in gross rents
8%
Operational cost savings
11%
Development margin
8.3%
IRR achieved
1st
New Zealand building to receive
carbon-zero certification from Toitū
Envirocare and the New Zealand
Green Building Council

Key result highlights
.9
5.1%
Increase in net property income
$91.7m
Interim desk top revaluation increase, or
4.5% above book value
$1.64
NTA up ~7% from $1.53
6.55ps
Full year FY22 dividend guidance
maintained
$127m
Record interim net profit after tax

.10
98.7%
Occupancy
5.3yrs
Weighted average lease term
Portfolio highlights
2.4%
Annualised rent review increase on rents
reviewed

.11
Portfolio valuation @ 30 September

Sector Summary
.12
Number of
buildings
INDUSTRIAL
Number of
buildings
OFFICE
Number of
buildings
LARGE FORMAT RETAIL
34164
Market value
of assets ($m)
Market value
of assets ($m)
Market value
of assets ($m)
$1,063$846.8$214.9
Occupancy
(by income)
Occupancy
(by income)
Occupancy
(by income)
99.9%97.3%100%
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
6.3yr4.6yr3.6yr
Contract
yield
Contract
yield
Contract
yield
4.88%6.11%5.81%

Portfolio at a glance @ 30 September
.13
Sectorby value %Regionby value %Asset Mix by value %
1.Large Format Retail. 2. Regional North Island and South Island. This weighting also includes up to 5% allocation to the Golden
Triangle area between Auckland, Tauranga and Hamilton.
1
2

.14
CBRE July-21 Property Market Monitor (AKL)
Market forecasts help inform investment policy
1st
Ranking of secondary industrial property
by total forecast return 2021-2025
10.6%
Average annual total return forecast of
secondary industrial property 2021-2025
2nd
Ranking of Large Format Retail sector by
total forecast returns 2021-2025
3
rd
Ranking of prime industrial property by
total forecast return 2021-2025
9.6%
Average annual total return forecast of
prime industrial property 2021-2025
9.9%
Average annual total return forecast of
LFR 2021-2025
7%
Argosy portfolio weighting to this
Auckland subsector @ 30 September
10%
Argosy portfolio weighting to this
Auckland subsector @ 30 September
37%
Argosy portfolio weighting to this
Auckland subsector @ 30 September

.15
Auckland
Industrial
Portfolio
Number of properties
28
Occupancy by rent
100%
WALT
6.2 years
Market value of buildings ($)
$942.4M
Onehunga
2
Albany
7
Silverdale
1
Panmure
1
Mangere
1
Mt Wellington
4
East Tamaki
7
Wiri
3
Manukau
2

.16
Onehunga
2
Mangere
1
Panmure
1
Mt Wellington
4
Wiri
3
East Tamaki
7
Manukau
2
South / East
Auckland
Industrial
Portfolio
Properties
20
Occupancy
100%

Value Add Properties
.17
Transformation of value add properties is
key to delivering Strategy 2031
Master Planning for Mt Richmond and
Neilson Street progressing.
101 & 105 Carlton Gore Rd properties in
design phase.
Good tenant interest across industrial
and office opportunities
Green assets underpinning
organic growth
+$430m
Of properties with potential to
deliver earnings and capital growth
PropertySectorLocation
Valuation @
30 Sep
12-16 Bell Avenue, Mt Wellington
(underway)
IndustrialAuckland39.5
18-20 Bell Avenue, Mt Wellington
(underway)
IndustrialAuckland20.4
5 AllensRoad, East Tamaki
(planning)
IndustrialAuckland7.0
1-3 Unity Drive, Albany
(underway)
IndustrialAuckland16.8
5 Unity Drive, Albany
(underway)
IndustrialAuckland10.3
224 Neilson Street, Onehunga
(planning)
IndustrialAuckland34.8
8-14 Mt Richmond Drive, Mt Wellington
(planning)
IndustrialAuckland87.0
25 Nugent Street, Grafton
(currently leased)
OfficeAuckland17.3
101 Carlton Gore Road, Newmarket
(planning)
OfficeAuckland25.6
105 Carlton Gore Road, Newmarket
(planning)
OfficeAuckland27.6
8-14 Willis Street/ 360 Lambton Quay
(completing)
OfficeWellington127.7
133 Roscommon Road, Wiri
(currently leased)
IndustrialAuckland12.8
15 Unity Drive, Albany
(currently leased)
IndustrialAuckland6.3
TOTAL $m 433.0

.18
15km
From the CBD
40,000
m2 of new warehouse space
4,000
m2 of new office space
~7%
Internal rate of return
Value Add Case Study: Mt Richmond Estate
1
+$250m
Project end value over quarter of a billion
dollars
1. Potential development strategy

.19
~8.3%
Internal rate of return
$69m
Forecast valuation on completion
Value Add Case Study: 12-16 & 18-20 Bell Ave
10yrs
Length of new lease entered into by PBT
as part of the development
~26%
Forecast development margin
4 Star
Green Built rating being targeted
$8.8m
Refurbishment and redevelopment of site

.20
$65m
Forecast valuation on completion
Value add case study: 105 Carlton Gore Road
7.1%
IRR forecast
~5.3%
Forecast yield on cost
5 Star
Green Built rating would be targeted
$35m
Refurbishment and redevelopment

Development Projects
.21
8-14 Willis Street/360 Lambton Quay
Project completion pushed out one month to Mar-22. Leasing on the 360 Lambton Quay (360LQ) part of the development
continues and there is solid market interest for space given its attractive location. Three unconditional leases at 360LQ have been
concluded as follows;
•Mountain Warehouse (outdoor lifestyle retailer), 537m
2
on a new 10 year lease;
•Flo & Frankie (women’s retail fashion), 168m
2
on a new 6 year lease;
•James Pascoe Limited (jewelry) returns after an 5 year absence, 118m
2
on a new 6 year lease.
18-20 and 12-16 Bell Ave, Mt Wellington
Peter Baker Transport (PBT) has occupied both sites since 1999. Argosy & PBT have now entered into an agreement for an $8.8m
refurbishment and redevelopment of the sites targeting a 4 Green Star Built rating.
PBT has entered into a new 10-year lease with two rights of renewal of six years. On completion, the project is forecast to havea
yield on development cost of 5.2% with an IRR of ~8.3%. The forecast valuation on completion is expected to be $69m.
Completion of current projects in CY22
DevelopmentMajor TenantTypeLocation
Cost to
complete
Forecast
completion
Sep-21Mar-22Sep-22Mar-23
8-14 Willis St reetSt at ist ics New ZealandOFF/RETWT N20.4Mar-22
12-16 & 18-20 Bell AvePet er Baker Transport (PBT)INDA KL8.1Sep-22
TOTAL28.5
2FY 2022FY 2023

Interim Revaluations
.22
$91.7m revaluation gain reported, or 4.5%
increase over book value. Portfolio
market yield firms 20bps. On a cap rate
basis, the portfolio firmed 28bps to 5.27%.
By location, Auckland was again the
largest contributor with 84% of the total
gain or $77m.
By sector, Industrial delivered the biggest
gain ($83.9m or 92% of the total) driven
by cap rate firming and market rental
growth over the first six months.
Auckland industrial stars
4.5%
Interim desk top revaluation uplift
above book value at 30 September
30 Sep 21
Book Value
($m)
30 Sep 21
Valuation
($m)

$m

%
Market Yield
1
30 Sep 2131 Mar 21
Auckland1,451.9 1,528.9 77.0 5.3%5.35%5.59%
Wellington550.8 563.4 12.62.3%6.40%6.62%
Regional30.3 32.4 2.1 6.8%5.69%6.41%
Total2,033.0 2,124.6 91.7 4.5%5.58%5.78%
30 Sep 21
Book Value
($m)
1
30 Sep 21
Valuation
($m)

$m

%
Market Yield
1
30 Sep 2131 Mar 21
Industrial979.1 1,063.0 83.9 8.6%5.02%5.42%
Office840.5 846.8 6.30.7%6.38%6.43%
Large Format Retail213.4 214.9 1.5 0.7%5.68%5.65%
Total2,033.0 2,124.6 91.7 4.5%5.58%5.78%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Financials
.23

Gross Property Income Waterfall
.24
Solid like for like growth and acquisition income offset by disposals
53.9
2.2
-0.7
-0.2
1.9
0.2
-4.2
3.3
56.4
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Gross Property
Income
30 Sep 2020
Rent reviewsVacancy &
leasing up
7WQAcquisitionsDevelopmentsDisposalsRent
Rebates/Deferred
Rent Covid-19
Gross Property
Income
30 Sep 2021
Rental income $m
Like for like rental growth of 2.8%

Financial Performance
.25
Net property income grew 5.1% on strong
rent reviews, full period contribution of
acquisition income and lower rent
rebates, partially offset by disposals.
$0.8m in rental rebates was provided for
over the period, with no deferrals.
Interest expense was lower due to a
combination of lower overall debt levels
and higher capitalisedinterest.
The solid interim revaluation gain was
driven largely by continued cap rate
firming.
Strong result despite COVID
$127m
Reported net profit after tax
1H221H21
$m$m
Net property income53.150.5
Administration expenses(5.8)(5.3)
Profit before financial income/(expenses), other
gains/(losses) and tax
47.245.2
Net interest expense(13.1)(14.2)
Gain/(loss) on derivatives7.0 0.1
Other gains/(losses)
Revaluation gains91.7 79.8
Forfeited deposit on sale of property4.5
Realised gains/(losses) on disposal(1.9)1.0
Earthquake expenses(0.5)
Profit before tax130.9115.9
Taxation expense(3.9)(1.3)
Profit after tax127.0114.6
Earnings per share (cents)15.1013.82
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Distributable Income
.26
Net distributable income was $33.0 million
compared to $36.0 million in the prior
comparable period. The prior
comparable period benefited from the
forfeited non-refundable ALC deposit of
$4.5 million.
Current tax expense higher this year due
to large prior period adjustments made in
the prior comparable period
Prior period comparison
affected by ALC deposit
1H221H21
$m$m
Profit before income tax130.9115.9
Adjustments:
Revaluations gains(91.7)(79.8)
Realised losses/(gains) on disposal1.9 (1.0)
Derivative fair value (gain)/loss(7.0)(0.1)
Earthquake expense net of recoveries-0.5
Gross distributable income34.135.6
Depreciation recovered1.2 0.0
Current tax expense(2.4)0.4
Net distributable income33.036.0
Weighted average number of ordinary shares (m)841.3829.0
Gross distributable income per share (cents)4.064.29
Net distributable income per share (cents)3.924.35
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Adjusted Funds From Operations (AFFO)
.27
Lower capitalisation of leasing incentives
due to large incentives on developments
(7WQ and 107 Carlton Gore Rd) in prior
period.
Maintenance capex relates to a range of
smaller projects with the largest being
$0.85m for roof & gutter replacement at
17 Mayo Road
1H22 AFFO payout is 90% adjusted for
one off 7WQ façade maintenance
capex.
Resilient cashflows
$25.5m
AFFO for the six months to 30
September
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
1H221H21
$m$m
Net distributable income33.036.0
Amortisation of tenant incentives and leasing costs3.8 2.1
Funds from operations (FFO)36.838.1
Capitalisation of tenant incentives and leasing costs(0.9)(5.2)
Maintenance capital expenditure(3.5)(1.9)
7 Waterloo Quay façade repairs (7.2)(0.0)
Maintenance capital expenditure recovered through sale0.4 0.0
Adjusted funds from operations (AFFO)25.531.0
Weighted average number of ordinary shares (m)841.3829.0
FFO cents per share 4.374.59
AFFO cents per share 3.033.74
Dividends paid/payable in relation to period3.283.18
Dividend payout ratio to FFO75%69%
Dividend payout ratio to AFFO108%85%

Investment Properties
.28
Capitalised project costs and revaluations drive portfolio value higher
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
2,052
34
-11
92
-1
-42
2,125
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
2,300
2,400
Balance at 1 AprilCapitalised costsDisposalsRevaluationsOtherBalance 30 Sep '21 incl.
NZIFRS 16
Right of Use AssetBalance 30 Sep '21 excl.
NZIFRS 16
Investment Properties ($m)
2,166

NTA Per Share
.29
Revaluations drive increase of ~7% for the first six months
1.53
0.03
0.01
0.11
(0.03)
1.64
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
NTA at FY21Profit for the yearDerivativesRevaluationsDividends paidNTA at 1H22
NTA per share ($)
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Balance Sheet Management
.30
The balance sheet is in very good shape.
There is sufficient facility headroom to
develop near term projects and act on
any strategic opportunities.
Portfolio growth has been driven by a
combination of capital projects and
revaluation gains.
Revaluation gains, lower
capex profile and asset
sales drive gearing lower
31.7%
Debt to total assets ratio at the
bottom end of the target 30-40%
range
1. Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place of $41.6 million
1H22FY21
$m$m
Investment properties2,166.3 2,052.5
Asset held for sale-87.5
Right of Use Asset--
Other assets
11.5 16.8
Total assets2,177.8 2,156.8
Right of Use Asset(41.6)(41.7)
Total assets (net of Right of Use Asset)2,136.1 2,115.1
Fixed Rate Green Bonds325.0 325.0
Bank debt
1
352.0 433.9
Total Debt & Bond Funding677.0 758.9
Debt-to-total-assets ratio
2
31.7%35.9%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Balance Sheet Management continued
.31
Low gearing provides flexibility to fund near term green value add developments.
35.8
35.6
38.8
35.9
31.7
0
10
20
30
40
50
FY18FY19FY20FY211H22
Debt to total assets (%)
Target Range 30-40%

Interest Rate Management
.32
Weighted average interest rate has
increased slightly over the period driven
by higher fixed rate borrowings
percentage and floating rate increases.
The interest cover ratio remains sound.
Strong interest cover ratio
maintained
1H22FY21
Weighted average interest rate
1
3.88%3.69%
Interest Cover Ratio3.3x3.3x
% of fixed rate borrowings59%51%
Weighted average duration of active payer swaps3.6 years3.8 years
Average rate of active payer swaps3.71%3.85%
1. Including line and margin fees
3.3x
Strong interest cover ratio vs.
banking covenant of 2.0x

Debt Profile
.33
During the first six months Argosy
extended $215 million of its existing
syndicated bank facilities with its banking
group.
The total amount of the bank facility has
also reduced by $35 million and is now
$455 million, down from $490 million
previously.
Argosy’s $325m of green bonds continue
to provide diversification and tenor
benefits to the business.
Green bonds provide
diversification and tenor
80
205
170
100
100
125
0
50
100
150
200
250
300
350
FY2 2FY2 3FY2 4FY2 5FY2 6FY2 7FY2 8
Facilities ($m)
Bank facilitiesExisting Green Bonds
4.0yrs
Weighted average duration of
Argosy’s debt

Dividends
.34
A 2
nd
quarter dividend of 1.6375cps has
been declared with imputation credits of
0.0720cps attached.
The record date is December 8
th
and the
dividend will be paid on December 22
nd
.
The Dividend Reinvestment Plan will be
available for participation in the 2
nd
quarter dividend.
Reconfirmed FY22 dividend guidance of
6.55cps.
Steady and sustainable on
look through basis
6.20
6.28
6.35
6.45
6.55
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
7.00
FY18FY19FY20FY21FY22f
Dividend cps
6.55cps
FY22 dividend forecast

Leasing
.35

.36
15km from CBD
Prime industrial location
Green development
40,000m2 of warehouse
4,000m2 of office
End value +$250m
IRR ~8%
Value Add Case Study: Mt Richmond Estate
Leasing
18,704
Of NLA leased to PBT on a new 10 year
lease at 18-20 and 12-16 Bell Ave
properties
7.4yr
New lease signed by Ministry of Housing
and Urban Development for 1,228m
2
at 7
Waterloo Quay
21
Leasing transactions including 16 new
leases, 3 renewals and 2 extensions
8%
Equivalent of total portfolio by NLA
50,458
Of NLA leased over the first 6mths

Lease Expiry Profile
.37
Overall vacancy remains very low
Medium term expiry profile enhanced
due to strategic lease extensions as part
of value add developments and new
leasing deals
Largest single expiry remains the 9.4%
expiry in Mar-27 to Ministry for Business,
Innovation and Employment, at 15-21
Stout Street, Wellington.
Improved medium term
expiry profile
1.3%
Vacancy at 30 September

Market Insights
.38
Strong demand continues to drive
additional supply.
Limited land supply in Auckland and
Wellington puts pressure on land values,
rentals and encourages non-traditional
locations.
Rental growth continues.
Vacancy remains very low, with limited
speculative supply.
Covid-19 pandemic and supply chain
constraints have seen average size
demand increase.
INDUSTRIAL
Flexible working environments and
remote working models continue to drive
a disconnect between employment
growth and net absorption.
Changes in the way space is used
focusing on the environment becoming
a reason to be in the office.
Impact of Covid-19 has resulted in a
significant increase in space available
for sub-lease in A grade and prime
buildings in the Auckland market
Auckland rental growth impacted by
sublease vacancy and new supply.
Wellington continues to see solid
demand, with low vacancy for good
quality, well located space. There is a
shortage of large floor plate stock with
upward rental growth pressure resulting.
Premium and Grade A vacancy is
minimal.
OFFICE
Many retailers’ systems have been shown
to be inadequate to cope with higher
online sales volumes.
Structural change in retail property will
show increased focus on showroom and
semi-industrial facilities.
Impact of additional development will
be felt, particularly in secondary
locations.
Large format retail expected to be most
secure.
LARGE FORMAT RETAIL

Focus &
Outlook
.39

A solid start to FY22, but need to finish strongly
.40
Ongoing central government stimulus is supporting the domestic economic engine - for now.
Strong CPI numbers for Q2 saw the RBNZ start its monetary policy tightening phase – which is expected to occur over a shorter time frame than
forecast just 3-4 months ago.
Domestic and global vaccination rollouts have accelerated over the last 6 months. New Zealand’s vaccination rate is improvingbut the 90%
double dose target for Auckland could remain frustratingly out of reach until Q1 2022.
Globally, many countries are now re-opening with vaccination rates below NZ.
Key focus areas for the second half of FY22 include delivering strong operational results, addressing key expiries, leasing up remaining
vacancies and completion of our development programme.
We continue to progress preliminary master planning across key Value Add properties including our large green industrial opportunities at
Neilson Street and Mt Richmond.
Property fundamentals are still robust and some key markets (e.g. Wellington office, Auckland industrial) continue to presentattractive
dynamics of low supply, high demand and steady rental growth.
Structural changes in the way property is used will provide opportunities and challenges.
We will stay focused on delivering Strategy

Appendices
.41

Rent Review Summary
.42
Type#
Previous Rent
(000's)
% of rent
reviewed
New rent
(000's)
$ Increase
(000's)
% Increase
Annualised
$ Increase
(000's)
% of Total
Annualised
Increase
Annualised
% Increase
Total4726,828100%27,5697402.8%653100%2.4%
By review type
Fixed3521,71781%22,2905732.6%57388%2.6%
Market53,50413%3,6231193.4%406%1.1%
CPI71,6086%1,656483.0%416%2.5%
By sector
Industrial1719,06271%19,5214592.4%45269%2.4%
Office236,02422%6,2492253.7%14522%2.4%
Retail71,7436%1,799563.2%569%3.2%
By location
Auckland3922,52084%23,1506302.8%54984%2.4%
Wellington73,52813%3,593641.8%589%1.6%
Other17803%826465.9%467%5.9%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.

Rent Review Summary – Auckland & Wellington
.43
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
#
Previous Rent
(000's)
% of rent
reviewed
New rent
(000's)
$ Increase
(000's)
%
Increase
Annualised
$ Increase
(000's)
% of Total
Annualised
Increase
Annualised
% Increase
Auckland
Industrial1215,11867%15,4793612.4%36155%2.4%
Office205,65925%5,8722133.8%13220%2.3%
Retail71,7438%1,799563.2%569%3.2%
3922,520100%23,1506302.8%54984%2.4%
Wellington
Industrial43,16390%3,216521.6%457%1.4%
Office336510%377123.3%122%3.3%
Retail000%000.0%00%0.0%
73,528100%3,593641.8%589%1.6%

Portfolio Summary
.44
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Property Address
Valuation
$000sWALT (years)
Net lettable area
(m
2
)
Vacant
Space (m
2
)
Contract
Yield
Industrial
Auckland
19 Nesdale Avenue, Wiri$80,00013.1 20,677 -4.06%
240 Puhinui Road, Manukau $52,00013.1 17,715 -3.85%
244 Puhinui Road, Manukau $18,30013.1 5,504 -3.65%
Highgate Parkway, Silverdale$39,8006.4 10,581 -4.40%
32 Bell Avenue, Mt Wellington$14,5001.6 8,139 -5.86%
12-16 Bell Avenue, Mt Wellington$39,5008.4 14,809 -4.36%
18-20 Bell Avenue, Mt Wellington$20,40011.3 8,941 -5.10%
2 Allens Road, East Tamaki$7,6603.0 2,920 -4.31%
12 Allens Road, East Tamaki$6,9103.0 2,325 -4.85%
106 Springs Road, East Tamaki$9,9303.0 3,846 -4.28%
5 Allens Road, East Tamaki$6,9750.2 2,663 -4.00%
1 Rothwell Avenue, Albany$40,1008.8 12,683 -4.34%
4 Henderson Place, Onehunga$35,9009.8 10,841 -4.66%
211 Albany Highway, Albany$28,7001.3 14,589 -5.39%
9 Ride Way, Albany$33,30011.0 9,178 -4.65%
90-104 Springs Road, East Tamaki$7,8505.4 3,885 -4.87%
8 Forge Way, Panmure$38,4509.2 4,231 -4.10%
10 Transport Place, East Tamaki$38,0002.7 10,641 -5.43%
1-3 Unity Drive, Albany$16,8009.7 6,116 -4.90%
5 Unity Drive, Albany$10,3009.7 3,196 -4.11%
Cnr William Pickering Drive & Rothwell Avenue, Albany$20,2002.6 7,074 -4.74%
17 Mayo Road, Wiri$37,5005.3 13,351 -4.25%
320 Ti Rakau Drive, East Tamaki$84,7006.4 28,353 324 4.93%
80-120 Favona Road, Mangere$113,7502.9 59,386 -6.62%
224 Neilson Street, Onehunga$34,8000.4 7,002 -3.85%
8-14 Mt Richmond Drive, Mt Wellington$87,0001.8 88,980 -4.73%
15 Unity Drive, Albany$6,3002.6 7,002 -4.10%
133 Roscommon Road, Wiri$12,80012.0 15,862 -3.62%
Wellington
54-56 Jamaica Drive, Wellington$12,60014.0 1,825 -5.14%
147 Gracefield Road, Seaview$21,8506.5 8,018 -4.85%
19 Barnes Street, Seaview$18,2509.9 6,857 -5.97%
39 Randwick Road, Seaview$23,7502.8 16,249 -7.33%
68 Jamaica Drive, Grenada North$23,9506.8 9,609 -5.43%
Other
8 Foundry Drive, Woolston, Christchurch$20,1508.3 7,668 -5.79%
TOTAL - INDUSTRIAL$1,062,9756.3 450,714 324 4.88%

Portfolio Summary
.45
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
Property Address
Valuation
$000s
WALT
(years)
Net lettable area
(m
2
)
Vacant
Space (m
2
)
Contract
Yield
OFFICE
Auckland
99-107 Khyber Pass Road, Grafton
$19,5003.1 2,509 -5.34%
8 Nugent Street, Grafton$59,9004.6 8,125 -5.59%
39 Market Place, Viaduct Harbour$29,8003.8 10,365 1,881 9.72%
302 Great South Road, Greenlane$11,8002.6 1,890 -5.72%
308 Great South Road, Greenlane$10,5004.5 1,568 -5.42%
25 Nugent Street, Grafton$17,2501.2 3,028 -5.03%
82 Wyndham Street$51,7004.3 6,012 -5.38%
101 Carlton Gore Road, Newmarket$25,6002.1 4,821 -7.48%
105 Carlton Gore Road, Newmarket$27,6000.1 5,312 -8.12%
107 Carlton Gore Road, Newmarket$49,00010.4 6,093 -5.32%
Citibank Centre, 23 Customs Street East$81,1003.2 9,629 56 5.67%
Wellington
7-27 Waterloo Quay
$126,3008.3 23,107 1,229 5.46%
15-21 Stout Street$154,0004.8 20,709 -5.32%
143 Lambton Quay$13,0003.8 6,216 -16.49%
147 Lambton Quay$42,0001.4 8,539 134 7.53%
8-14 Willis Street/ 360 Lambton Quay$127,700----
TOTAL - OFFICE$846,7504.6 117,923 3,300 6.11%

Portfolio Summary
.46
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
Property Address
Valuation
$000sWALT (years)
Net lettable area
(m
2
)
Vacant
Space (m
2
)
Contract
Yield
RETAIL
Auckland
Albany Mega Centre and 11 Coliseum Drive, Albany$159,5003.5 33,792 -5.89%
50 & 54-62 Cavendish Drive, Manukau$32,1003.7 9,939 -5.58%
252 Dairy Flat Highway, Albany$11,1008.3 2,262 -4.59%
Other
Cnr Taniwha & Paora Hapi Streets, Taupo$12,2001.0 4,212 -6.41%
TOTAL - RETAIL $214,9003.6 50,204 -5.81%
TOTALS (excl properties held for sale)$2,124,6255.3 618,841 3,624 5.42%

Portfolio Metrics
.47
Defensive & resilient tenant, high essential service exposure

Portfolio Snapshot
.48
Portfolio quality and resilience reflected in key metrics
1.12
1.22
1.30
1.53
1.64
0.00
0.50
1.00
1.50
2.00
FY18FY19FY20FY211H22
Net Tangible Assets ($ per share)
98.8
97.7
98.8
99.0
98.7
0
20
40
60
80
100
FY18FY19FY20FY211H22
Occupancy (%)
6.1
6.1
6.1
5.5
5.3
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY18FY19FY20FY211H22
WALT (years)
35.8
35.6
38.8
35.9
31.7
0
10
20
30
40
50
FY18FY19FY20FY211H22
Debt-to-total-assets (%)

Portfolio Valuations – Cap rate summary
.49
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
CAP RATES
Sept 2021
cap rate
wgt%
Mar 2021
cap rate
wgt%
Cap rate
change
bps
Auckland
5.12%5.43%-0.32%
Wellington
5.65%5.82%-0.17%
Regional
5.66%6.06%-0.40%
Total
5.27%5.54%-0.28%
Industrial
4.92%5.33%-0.40%
Office
5.62%5.81%-0.19%
Large Format Retail
5.57%5.53%0.04%
Total
5.27%5.54%-0.28%

Disclaimer
.50
This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general
information only. It is not intended as investment or financial advice and must not be relied upon as such. You
should obtain independent professional advice prior to making any decision relating to your investment or
financial needs. This presentation is not an offer or invitation for subscription or purchase of securities or other
financial products. Past performance is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
23 November 2021

---

Interim
Financial
Statements
30 September 2021

Argosy Property LimitedAnnual Report 2019
CONSOLIDATED FINANCIAL
STATEMENTS
Contents
Condensed Consolidated Interim Statement of Financial
Position
4
Condensed Consolidated Interim Statement of
Comprehensive Income
5
Condensed Consolidated Interim Statement of Changes
in Equity
6
Condensed Consolidated Interim Statement of Cash
Flows
7
Notes to the Condensed Consolidated Interim Financial
Statements
8
Independent Review Report17
3
Argosy Property Limited
Interim Financial Statements 30 September 2020

CONSOLIDATED FINANCIAL
STATEMENTS
Contents
Condensed Consolidated Interim Statement of Financial
Position
4
Condensed Consolidated Interim Statement of
Comprehensive Income
5
Condensed Consolidated Interim Statement of Changes
in Equity
6
Condensed Consolidated Interim Statement of Cash
Flows
7
Notes to the Condensed Consolidated Interim Financial
Statements
8
Independent Review Report18
3
Argosy Property Limited
Interim Financial Statements 30 September 2021

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021 (UNAUDITED)
Note
Group (unaudited)
30 September 2021
$000s
Group (audited)
31 March 2021
$000s
Non-current assets
Investment properties
4
2,166,2522,052,485
Derivative financial instruments
6
5,7216,161
Other non-current assets266262
Total non-current assets
2,172,2392,058,908
Current assets
Cash and cash equivalents2,1681,762
Trade and other receivables2,6551,935
Other current assets6963,998
Taxation receivable–2,721
5,51910,416
Non-current asset classified as held for sale
5
–87,455
Total current assets
5,51997,871
Total assets
3
2,177,7582,156,779
Shareholders' funds
Share capital
7
817,158809,230
Share based payments reserve282659
Retained earnings570,448470,746
Total shareholders' funds
1,387,8881,280,635
Non-current liabilities
Interest bearing liabilities
8
672,989754,521
Derivative financial instruments
6
40,60448,559
Non-current lease liabilities41,50541,569
Deferred tax13,30411,803
Total non-current liabilities
768,402856,452
Current liabilities
Trade and other payables16,66313,996
Taxation payable323–
Current lease liabilities122116
Derivative financial instruments
6
61590
Other current liabilities3,7453,490
Deposit received for non-current asset classified as held for sale
5
–2,000
Total current liabilities
21,46819,692
Total liabilities
789,870876,144
Total shareholders' funds and liabilities
2,177,7582,156,779
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 22 November 2021
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
4
Argosy Property Limited
Interim Financial Statements 30 September 2021

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2021
$000s
Group (unaudited)
Six months to
30 September 2020
$000s
Gross property income from rentals56,39553,345
Insurance proceeds - rental loss–583
Gross property income from expense recoveries9,8849,791
Property expenses(13,213)(13,231)
Net property income
3
53,06650,488
Administration expenses5,8465,296
Profit before financial income/(expenses),
other gains/(losses) and tax
47,22045,192
Financial income/(expenses)
Interest expense
9
(13,104)(14,182)
Gain/(loss) on derivative financial instruments held for trading6,99192
Interest income824
(6,105)(14,066)
Other gains/(losses)
Revaluation gains on investment property
4
91,67479,797
Realised gains/(losses) on disposal of investment property(1,885)968
Forfeited deposit on sale of investment property–4,525
Earthquake expenses–(502)
89,78984,788
Profit before income tax attributable to shareholders
130,904115,914
Taxation expense
10
3,8631,341
Profit and total comprehensive income after tax
127,041114,573
All amounts are from continuing operations.
Earnings per share
Basic and diluted earnings per share (cents)15.1013.82
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
5
Argosy Property Limited
Interim Financial Statements 30 September 2021

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021 (UNAUDITED)
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2021 (unaudited)
Shareholders' funds at the
beginning of the period
809,230659470,7461,280,635
Total comprehensive income
for the period
––127,041127,041
Contributions by shareholders
Issue of shares from Dividend
Reinvestment Plan
7,472––7,472
Issue costs of shares(24)––(24)
Dividends to shareholders––(27,339)(27,339)
Equity settled share based payments480(377)–103
Shareholders' funds at the
end of the period
817,158282570,4481,387,888
For the six months ended
30 September 2020 (unaudited)
Shareholders' funds at the
beginning of the period
792,826418282,5601,075,804
Total comprehensive income
for the period
––114,573114,573
Contributions by shareholders
Issue of shares from Dividend
Reinvestment Plan8,042––8,042
Issue costs of shares(22)––(22)
Dividends to shareholders––(26,316)(26,316)
Equity settled share based payments–120–120
Shareholders' funds at the
end of the period
800,846538370,8171,172,201
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
6
Argosy Property Limited
Interim Financial Statements 30 September 2021

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021 (UNAUDITED)
Group
(unaudited)
Six months to
30 September
2021
$000s
Group
(unaudited)
Six months to
30 September
2020
$000s
Cash flows from operating activities
Cash was provided from:
Property income68,10463,865
Interest received824
Taxation received770–
Cash was applied to:
Property expenses(10,103)(9,893)
Earthquake expenses–(436)
Interest paid(11,666)(12,964)
Interest paid for ground lease(1,007)(1,226)
Employee benefits(2,600)(3,386)
Taxation paid–(3,826)
Other expenses(3,071)(2,247)
Net cash from/(used in) operating activities
40,43529,911
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals94,89336,434
Cash was applied to:
Capital additions on investment properties(30,750)(38,566)
Capitalised interest on investment properties(2,136)(1,714)
Purchase of properties, deposits and deferrals(13)(341)
Net cash from/(used in) investing activities
61,994(4,187)
Cash flows from financing activities
Cash was provided from:
Debt drawdown19,54845,656
Cash was applied to:
Repayment of debt(101,351)(52,281)
Dividends paid to shareholders net of reinvestments(19,955)(18,356)
Issue cost of shares(25)(11)
Repayment of lease liabilities(58)(55)
Bond costs(18)(17)
Facility refinancing fee(164)(256)
Net cash from/(used in) financing activities
(102,023)(25,320)
Net increase/(decrease) in cash and cash equivalents
406404
Cash and cash equivalents at the beginning of the period1,7621,861
Cash and cash equivalents at the end of the period
2,1682,265
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
7
Argosy Property Limited
Interim Financial Statements 30 September 2021

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Argosy Property Limited (APL or the Company) is an FMC
Reporting Entity under the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013. APL is incorporated under
the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties
which include Industrial, Office and Large Format Retail
properties throughout New Zealand.
These condensed consolidated interim financial statements
(interim financial statements) are presented in New Zealand
dollars which is the Company's functional currency and have been
rounded to the nearest thousand dollars ($000) and include those
of APL and its subsidiaries (the Group).
These interim financial statements were approved by the Board
of Directors on 22 November 2021.
2. BASIS OF PREPARATION
These interim financial statements have been prepared in
accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and comply with NZ IAS 34 and IAS 34
Interim Financial Reporting as applicable to the Company as a
profit-oriented entity. These interim financial statements do not
include all of the information required for full annual financial
statements.
The interim financial statements have been prepared on the
historical cost basis except for derivative financial instruments
and investment properties which are measured at fair value.
The preparation of financial statements in conformity with NZ
GAAP requires the use of certain critical accounting estimates
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The area involving a
higher degree of judgement or complexity, and where
assumptions and estimates are significant to the financial
statements is the valuation of investment property under NZ IAS
40 Investment Property and right-of-use assets under NZ IFRS
16 Leases (Note 4).
Insurance income recognition
The Company recognises income from insurance proceeds when
it is virtually certain that the claims made in an accounting period
have been accepted by insurers.
Change in accounting policies
The same accounting policies and methods of computation are
followed in the interim financial statements as compared with the
most recent annual financial statements. They have also been
applied consistently to all periods and by all group entities in these
financial statements.
New accounting standards adopted
At the date of authorisation of these financial statements, the
Group has not applied any new or revised NZ IFRS standards and
amendments that have been issued but are not yet effective.
8
Argosy Property Limited
Interim Financial Statements 30 September 2021

3. SEGMENT INFORMATION
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to segments and assess
their performance.
The information reported to the Group’s Chief Executive Officer includes information by investment property and has been aggregated
based on three business sectors, Industrial, Office and Large Format Retail, based on what occupants actual or intended use is. Segment
profit represents the profit earned by each segment including allocation of identifiable revaluation gains on investment properties and
gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2021
$000s
2020
$000s
2021
$000s
2020
$000s
2021
$000s
2020
$000s
2021
$000s
2020
$000s
Segment profit
Net property income
1
24,80022,13122,23821,2726,0287,08553,06650,488
Realised gains/(losses) on
disposal of investment
properties
(645)968(1,240)–––(1,885)968
Forfeited deposit on sale of
investment property
–––––4,525–4,525
Earthquake expenses–––(502)–––(502)
24,15523,09920,99820,7706,02811,61051,18155,479
Revaluation gains on
investment properties
83,91144,0936,27321,3841,49014,32091,67479,797
Total segment profit
2
108,06667,19227,27142,1547,51825,930142,855135,276
Unallocated:
Administration expenses(5,846)(5,296)
Net interest expense(13,096)(14,158)
Gain/(loss) on derivative financial instruments held for trading6,99192
Profit before income tax
130,904115,914
Taxation expense(3,863)(1,341)
Profit for the period
127,041114,573
1. Net property income consists of revenue generated from external tenants less property operating expenditure plus insurance proceeds - rental loss.
2. There were no inter-segment sales during the period (30 September 2020: Nil).
9
Argosy Property Limited
Interim Financial Statements 30 September 2021

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
3. SEGMENT INFORMATION (CONTINUED)
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2021
(unaudited)
Current assets6443501,7742,768
Investment properties1,062,975888,377214,9002,166,252
Total segment assets
1,063,619888,727216,6742,169,020
Unallocated assets8,738
Total assets
2,177,758
Segment assets as at 31 March 2021 (audited)
Current assets1,7662,0331,0494,848
Investment properties984,950854,335213,2002,052,485
Non-current assets classified as held for sale––87,45587,455
Total segment assets
986,716856,368301,7042,144,788
Unallocated assets11,991
Total assets
2,156,779
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to reportable
segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets that cannot be
allocated to particular segments.
4. INVESTMENT PROPERTIES
Industrial
Six months to
30 September
2021
$000s
Office
Six months to
30 September
2021
$000s
Large Format Retail
Six months to
30 September
2021
$000s
Group (unaudited)
Six months to
30 September
2021
$000s
Movement in investment properties
Balance at 1 April 2021984,950854,335213,2002,052,485
Capitalised costs5,19728,48830833,993
Disposals(10,742)––(10,742)
Change in fair value83,9116,2731,49091,674
Change in capitalised leasing costs12(505)(11)(504)
Principal repayment of lease liability–(58)–(58)
Change in lease incentives(353)(156)(87)(596)
Investment properties at 30 September
1,062,975888,377214,9002,166,252
Less lease liability (39 Market Place)–(41,627)–(41,627)
Investment properties at 30 September excluding
NZ IFRS 16 lease adjustments
1,062,975846,750214,9002,124,625
10
Argosy Property Limited
Interim Financial Statements 30 September 2021

4. INVESTMENT PROPERTIES (CONTINUED)
Industrial
12 months to
31 March 2021
$000s
Office
12 months to
31 March 2021
$000s
Large Format Retail
12 months to
31 March 2021
$000s
Group (audited)
12 months to
31 March 2021
$000s
Movement in investment properties
Balance at 1 April 2020842,779795,977185,3501,824,106
Acquisition of properties76,167––76,167
Capitalised costs6,64155,7691,49563,905
Transfer to properties held for sale––(87,455)(87,455)
Transfer from properties held for sale––84,63484,634
Disposals(70,303)––(70,303)
Change in fair value129,920(1,524)29,262157,658
Change in capitalised leasing costs(129)(347)(61)(537)
Principal repayment of lease liability–(110)–(110)
Change in lease incentives(125)4,570(25)4,420
Investment properties at 31 March
984,950854,335213,2002,052,485
Less lease liability (39 Market Place)–(41,685)–(41,685)
Investment properties at 31 March excluding NZ
IFRS 16 lease adjustments
984,950812,650213,2002,010,800
Held for sale at 31 March––87,45587,455
Total investment properties at 31 March including
held for sale excluding NZ IFRS 16 lease
adjustments
984,950812,650300,6552,098,255
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
In accordance with the valuation policy of the Group, property valuations are carried out at least annually by independent registered
valuers. Following recent market property sale transactions and improved leasing activity, the Board and Management engaged Colliers
International New Zealand Limited (Colliers) and CBRE Limited (CBRE) to review key valuation metrics in order to undertake a high-
level desktop review of the property portfolio as at 30 September 2021.
Colliers and CBRE did not re-inspect the properties and did not undertake a full market valuation as at 30 September 2021. They
undertook relevant investigations, including considering any tenant changes, assessing market rentals and reviewing capitalisation
rates in order to determine the desktop value of Argosy’s properties.
Whilst the valuations were provided for Argosy internal purposes, they have been reviewed and assessed by Management and
subsequently adopted by the Board. Overall, there was an uplift in the valuation of the portfolio of $91.7 million (2020: $79.8 million)
which has been recognised as a revaluation gain on investment property as at 30 September 2021.
Following the adoption of NZ IFRS 16 on 1 April 2019, the right-of-use asset and investment were recognised on the ground lease that
exists over 39 Market Place, Viaduct Harbour, Auckland.
11
Argosy Property Limited
Interim Financial Statements 30 September 2021

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENT PROPERTIES (CONTINUED)
Investment property metrics for the period ended 30 September 2021 are as follows:
IndustrialOfficeLarge Format
Retail
Total
Contract yield
1
- Average4.88%6.11%5.81%5.42%
- Maximum7.33%16.49%6.41%16.49%
- Minimum3.62%5.03%4.59%3.62%
Market yield
1
- Average5.02%6.38%5.68%5.58%
- Maximum6.98%19.57%5.78%19.57%
- Minimum3.75%4.82%4.63%3.75%
Occupancy (rent)99.86%97.25%100.00%98.69%
Occupancy (net lettable area)99.93%97.20%100.00%99.41%
Weighted average lease term (years)6.334.603.605.32
No. of buildings
2
3416454
Fair value total (000s)
$1,062,975$846,750$214,900$2,124,625
1. 8-14 Willis Street/360 Lambton Quay has been excluded from these yield metrics as the rent of the property included in the valuation reports was based
on the completion of the planned redevelopment work required to be undertaken. The fair value of the property was based on the completed redevelopment
less the costs to complete and a risk margin.
2. Certain titles have been consolidated and treated as one.
Investment property metrics for the year ended 31 March 2021 are as follows:
IndustrialOffice
Large Format
RetailTotal
Contract yield
1
- Average5.23%6.27%5.76%5.63%
- Maximum7.27%13.40%6.68%13.40%
- Minimum3.93%4.44%4.94%3.93%
Market yield
1
- Average5.42%6.43%5.65%5.78%
- Maximum7.30%15.90%5.81%15.90%
- Minimum4.11%4.94%4.99%4.11%
Occupancy (rent)99.52%98.32%100.00%99.03%
Occupancy (net lettable area)99.42%98.42%100.00%99.28%
Weighted average lease term (years)6.534.813.755.51
No. of buildings
2
3516455
Fair value total (000s)
$984,950$812,650$213,200$2,010,800
Held for sale (000s)––$87,455$87,455
Total (000s)
$984,950$812,650$300,655$2,098,255
1. 7 Waterloo Quay and 8-14 Willis Street/360 Lambton Quay have been excluded from these yield metrics as the rents of these properties included in the
valuation reports were based on the completion of the planned remedial and redevelopment work required to be undertaken. The property held for sale
has also been excluded from these yield metrics. The fair value of 8-14 Willis Street/360 Lambton Quay was based on the completed redevelopment less
the costs to complete and a risk margin.
2. Certain titles have been consolidated and treated as one. The total number of buildings excludes the property held for sale.
12
Argosy Property Limited
Interim Financial Statements 30 September 2021

5. PROPERTY HELD FOR SALE
No investment property was subject to an unconditional sale and purchase agreement at 30 September 2021 (31 March 2021: Albany
Lifestyle Centre, Albany ($87.5 million)).
6. DERIVATIVE FINANCIAL INSTRUMENTS
Group (unaudited)
30 September 2021
$000s
Group (audited)
31 March 2021
$000s
Nominal value of interest rate swaps - fixed rate payer455,000405,000
Nominal value of interest rate swaps - fixed rate receiver325,000325,000
Average fixed interest rate - fixed rate payer3.71%3.85%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest rates
at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been classified
into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end date use
observable inputs.
The net liability for derivative financial instruments as at 30 September 2021 is $35.5 million (31 March 2021: $42.5 million). The mark-
to-market decrease in the liability for derivative financial instruments is a result of movements in the interest rate curve during the
interim period.
7. SHARE CAPITAL
Group (unaudited)
30 September 2021
$000s
Group (audited)
31 March 2021
$000s
Balance at the beginning of the period809,230792,826
Issue of shares from Dividend Reinvestment Plan7,47216,452
Issue costs of shares(24)(48)
Issue of shares from equity settled share based payments480–
Total share capital
817,158809,230
The number of shares on issue at 30 September 2021 was 844,658,102 (31 March 2021: 839,527,547).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends. All ordinary shares have equal voting
rights.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2021
Group (audited)
31 March 2021
Balance at the beginning of the period839,528827,187
Issue of shares from Dividend Reinvestment Plan4,81212,341
Issue of shares from share based payments318–
Total number of shares on issue
844,658839,528
13
Argosy Property Limited
Interim Financial Statements 30 September 2021

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
8. INTEREST BEARING LIABILITIES
Group (unaudited)
30 September 2021
$000s
Group (audited)
31 March 2021
$000s
Syndicated bank loans352,047433,851
Fixed rate green bonds325,000325,000
Borrowing costs(4,058)(4,330)
Total interest bearing liabilities
672,989754,521
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)3.88%3.69%
Syndicated bank loans
Group (unaudited)
30 September 2021
$000s
Group (audited)
31 March 2021
$000s
ANZ Bank New Zealand Limited84,81981,311
Bank of New Zealand105,000105,000
The Hongkong and Shanghai Banking Corporation Limited66,89165,000
Commonwealth Bank of Australia66,89140,000
Westpac New Zealand Limited28,446142,540
Total syndicated bank loans
352,047433,851
As at 30 September 2021, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
The Hongkong and Shanghai Banking Corporation Limited, Commonwealth Bank of Australia and Westpac New Zealand Limited for
$455.0 million (31 March 2021: $490.0 million) secured by way of mortgage over the investment properties of the Group. The facility
includes a Tranche A limit of $80.0 million, a Tranche B limit of $125.0 million, a Tranche C limit of $80.0 million, a Tranche D limit
of $90.0 million and a Tranche I limit of $80.0 million.
Tranche A matures on 1 April 2023, Tranche B on 1 October 2024, Tranche C on 1 April 2024, Tranche D on 1 October 2025 and Tranche
I on 19 May 2025. Tranches A, C, and I limits and maturity dates remain unchanged from 31 March 2021. Tranches B and D were
introduced and Tranches B2 and B3 cancelled during the interim period.
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%106,666
ARG020100,00029 October 201929 October 20262.90%101,844
ARG030125,00027 October 202027 October 20272.20%97,580
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1 in
the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September and
December. Interest on ARG020 and ARG030 bonds is payable in equal instalments on a quarterly basis in April, July, October and
January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
14
Argosy Property Limited
Interim Financial Statements 30 September 2021

9. INTEREST EXPENSE
Group (unaudited)
Six months to
30 September 2021
$000s
Group (unaudited)
Six months to
30 September 2020
$000s
Interest expense(14,198)(14,851)
Interest on ground lease (39 Market Place)(1,042)(1,045)
Less amount capitalised to investment properties2,1361,714
Total interest expense
(13,104)(14,182)
Capitalised interest relates to the development at 8-14 Willis Street/360 Lambton Quay, Wellington (30 September 2020: capitalised
interest relates to the developments at 8-14 Willis Street/360 Lambton Quay, Wellington and 54-56 Jamaica Drive, Wellington).
10. TAXATION
Group (unaudited)
Six months to
30 September 2021
$000s
Group (unaudited)
Six months to
30 September 2020
$000s
The taxation charge is made up as follows:
Current tax expense3,1853,007
Deferred tax expense1,5011,767
Adjustment recognised in the current year in relation
to the current tax of prior years(823)(3,433)
Total taxation expense recognised in profit
3,8631,341
Reconciliation of accounting profit to tax expense
Profit before tax130,904115,914
Current tax expense at 28%36,65332,456
Adjusted for:
Capitalised interest(598)(480)
Fair value movement in investment properties(25,669)(22,343)
Fair value movement in derivative financial instruments(1,957)(26)
Depreciation(4,049)(3,875)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(2,778)(323)
Depreciation recovered on disposal of investment properties1,22347
Tax on accounting loss/(gain) on disposal of investment properties528(271)
Tax on forfeited deposit on sale of investment property–(1,267)
Other(168)(911)
Current taxation expense
3,1853,007
Movements in deferred tax assets and liabilities attributable to:
Investment properties(345)1,328
Fair value movement in derivative financial instruments1,95726
Other(111)413
Deferred tax expense
1,5011,767
Prior year adjustment(823)(3,433)
Total tax expense recognised in profit or loss
3,8631,341
As part of the measures to provide relief for businesses during the Covid-19 pandemic, the Government reintroduced depreciation
deductions for commercial and industrial buildings effective from 1 April 2020.
15
Argosy Property Limited
Interim Financial Statements 30 September 2021

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
11. DISTRIBUTABLE INCOME AND ADJUSTED FUNDS FROM OPERATIONS
Group (unaudited)
Six months to
30 September 2021
$000s
Group (unaudited)
Six months to
30 September 2020
$000s
Profit before income tax130,904115,914
Adjustments:
Revaluation gains on investment property(91,674)(79,797)
Realised (gains)/losses on disposal of investment properties1,885(968)
Gain/(loss) on derivative financial instruments held for trading(6,991)(92)
Earthquake expenses–502
Gross distributable income
34,12435,559
Tax impact of depreciation recovered on disposal of investment properties1,22347
Current tax expense(2,362)426
Net distributable income
32,98536,032
Weighted average number of ordinary shares (000s)841,261829,044
Gross distributable income cents per share
4.064.29
Net distributable income cents per share
3.924.35
Net distributable income
32,98536,032
Amortisation of tenant incentives and leasing costs3,7812,060
Funds from operations (FFO)
36,76638,092
Capitalisation of tenant incentives and leasing costs(939)(5,178)
Maintenance capital expenditure(3,531)(1,866)
7 Waterloo Quay façade repairs(7,175)(42)
Maintenance capital expenditure recovered through sale37622
Adjusted funds from operations (AFFO)
25,49731,028
FFO cents per share
4.374.59
AFFO cents per share
3.033.74
Dividends paid/payable in relation to period3.283.18
Dividend payout ratio to FFO75%69%
Dividend payout ratio to AFFO108%85%
The Company's dividend policy is based on net distributable income. Net distributable income is determined under the Company's
bank facility agreement. For the year commencing 1 April 2022 and subsequent years, the Company's dividend policy will be based on
adjusted funds from operations (AFFO). AFFO is based on the Property Council of Australia Voluntary Best Guidelines for disclosing
FFO and AFFO as interpreted by the Company and amended to include maintenance capital expenditure recovered through sales.
Net distributable income, FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
12. COMMITMENTS
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2021 and not provided for were
$38.6 million (31 March 2021: $46.9 million).
There were no other commitments as at 30 September 2021 (31 March 2021: Nil).
The Company has the following guarantee, which is not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
13. CONTINGENCIES
There were no contingencies as at 30 September 2021 (31 March 2021: Nil).
16
Argosy Property Limited
Interim Financial Statements 30 September 2021

14. SUBSEQUENT EVENTS
On 22 November 2021 a dividend of 1.6375 cents per share was approved by the Board. The record date for the dividend is 8 December
2021 and a payment is scheduled to shareholders on 22 December 2021. Imputation credits of 0.0720 cents per share are attached to
the dividend.
15. RELATED PARTY TRANSACTIONS
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note.
There were no significant changes in relationships or transactions with related parties during the period ended 30 September 2021.
17
Argosy Property Limited
Interim Financial Statements 30 September 2021

INDEPENDENT REVIEW REPORT
TO THE SHAREHOLDERS OF ARGOSY PROPERTY LIMITED
Conc
lusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Argosy Property
Limited and its subsidiaries (‘the Group’) which comprise the condensed consolidated interim statement of financial position as at 30
September 2021, and the condensed consolidated interim statement of comprehensive income, condensed consolidated interim
statement of changes in equity and condensed consolidated interim statement of cash flows for the period ended on that date, and a
summary of significant accounting policies and other explanatory information on pages 4 to 17.
Based o
n our review, nothing has come to our attention that causes us to believe that the interim 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 period ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the
Review of the Interim Financial Statements section of our report.
We are i
ndependent 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 requirements.
Other than in our capacity as auditor and for the attendance and scrutineering at the Annual Meeting, we have no relationship with
or interests in Argosy Property Limited or its subsidiaries. These services have not impaired our independence as auditor of the
Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the
directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not
enable us to obtain assurance that we might identify in an audit. Accordingly we do not express an audit opinion on the interim
financial statements.
Restr
iction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in a 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 company’s shareholders as a body, for
our engagement, for this report, or for the conclusions we have formed.
18
Argosy Property Limited
Interim Financial Statements 30 September 2021
Peter Gulliver, P artner
For Deloitte Limited
Auckland, N ew Zealand
22 November 2021
This review report relates to the unaudited interim financial statements of Argosy Property Limited for the six months ended 30 September 2021 included on the Argosy Property Limited website. The Group’s Board of Directors are
responsible for the maintenance and integrity of the Group’s website. We have not been engaged to report on the integrity of the entity’s website. We accept no responsibility for any changes that may have occurred to the unaudited
interim financial statements since they were initially presented on the website. The review report refers only to the unaudited interim financial statements named above. It does not provide an opinion on any other information which
may have been hyperlinked to/from these unaudited interim financial statements. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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

---

Results announcement




Results for announcement to the market
Name of issuer Argosy Property 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
$53,066 5. 1%
Total Revenue $53,066 5. 1%
Net profit/(loss) from
continuing operations
$127,041 10.9%
Total net profit/(loss) $127,041 10.9%
Interim Dividend
Amount per Quoted
Equity Security
$ 0.01637500
Imputed amount per
Quoted Equity Security
$0.00072027
Record Date 8 December 2021
Dividend Payment Date 22 December 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.64 $1.53
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood
The financial information for this announcement has been
extracted from the unaudited financial statements of
Argosy Property Limited which have been released to NZX
in conjunction with this announcement.
Authority for this Announcement
Name of person

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

23/11/2021

Unaudited financial statements accompany this announcement.

---

.1
23.11.2021
Market Release
FY22 Interim Result – Staying Focused
Argosy will present the FY22 interim result via a teleconference and webcast at 10am
today. Please visit https://s1.c-conf.com/diamondpass/10017807-qdgxr0.html or dial 0800
453 055 and quote the conference ID 10017807. It is recommended that you dial in or log
in a few minutes before the start time. A copy of the webcast will be available on
Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the 6 months
to 30 September 2021.
Key highlights for the period include:
• Continued focus on sustainability and green developments;
• Record interim net profit after tax of $127.0 million;
• Net property income for the period up 5.1%;
• High occupancy (~99%) and WALT (5.3 years);
• Strong portfolio leasing and rent review outcomes, including 2.4% annualised rental
growth on rents reviewed;
• 7WQ in Wellington is now 100% leased (at 30 November);
• $91.7 million revaluation gain, an increase of 4.5% on book value;
• Increase in NTA per share to $1.64 from $1.53 at 31 March 2021, a 7.2% increase; and
• FY22 dividend forecast reconfirmed at 6.55 cents per share and the new dividend policy
to commence from 1 April 2022.

Chairman Jeff Morrison said, ”Our business has again demonstrated its quality and
resilience, allowing us to deliver sustainable earnings, cashflows and dividends to
shareholders.
Argosy’s management team have worked hard delivering some very positive operational
results. FY22 started very well with the economy and operating environment looking positive.

.2
However, in August we returned to Alert Level 4 lockdown. This created a very challenging
time again for tenants, staff, contractors and other stakeholders in the business.
Nonetheless, Argosy is well placed to manage this near term economic volatility.
Based on current projections for the portfolio and subject to market conditions, the forecast
FY22 dividend has been reconfirmed at 6.55 cents per share.”
Argosy’s Chief Executive Officer, Peter Mence said, “Despite the extended lockdown in
Auckland and ensuing economic challenges which continue today, we are pleased to
have delivered a solid result for the first six months of the 2022 financial year.
Although net distributable income fell, primarily due to the non-refundable deposit income
recorded in the prior comparable period, our portfolio metrics were maintained at very high
levels. We achieved solid rent reviews and leasing results despite difficult economic
conditions.
During the period we continued to progress our green Wellington office development for
Statistics New Zealand as well as the façade works at 7 Waterloo Quay. We also progressed
the master planning for our Mt Richmond Road and Neilson Street industrial Value Add
properties, which are exciting opportunities for us and have generated a lot of market
interest. The current Covid-19 lockdown has certainly highlighted the benefits of having
Argosy’s portfolio heavily weighted to the industrial sector and the value warehousing and
logistics bring to the business, supply chain and local economy. Additionally, the portfolio
has benefited from its exposure to government tenants in Wellington.
Argosy’s quality portfolio is in sound shape and our balance sheet is conservatively geared,
allowing us flexibility to deliver on near term green Value Add projects or strategic
acquisitions when they arise. We expect that the second half of the year will hold
challenges as the economic and regulatory outlook remains unclear. Despite this, we will
continue to focus on what we can control – working closely with our tenants and
stakeholders, completing our green projects, master planning our Value Add opportunities
and delivering sustainable distributions to shareholders.”
Financial Results
Statement of Comprehensive Income
For the six months to 30 September, Argosy reported net property income of $53.1 million for
the period, up 5.1% compared with the prior comparable period.
The increase was underpinned by solid like-for-like rental growth, a greater contribution from
acquisitions (Mt Richmond) and lower Covid-19 rent rebates over the period, partially offset
by disposals.

.3
For the first six months Argosy provided for $0.8 million in rental abatements to tenants and
no deferrals.
Net interest expense of $13.1 million is down by $1.1 million on the prior comparable period,
primarily due to lower overall debt levels and higher capitalised interest.
Interim desk top valuations for the six months to 30 September were performed by CBRE and
Colliers International New Zealand Limited. Following their review, the total unrealised
revaluation gain for the period was $91.7 million or a 4.5% increase above book value. The
portfolio is 3.0% under-rented, excluding market rent on vacant space.
Current tax expense was higher due to large deductions recorded in the prior comparable
period and the non-assessable deposit for the Albany Lifestyle Centre.
Distributable Income
Net distributable income was $33.0 million compared to $36.0 million in the prior
comparable period. The prior comparable period benefited from a forfeited non-
refundable deposit of $4.5 million in respect of the Albany Lifestyle Centre.
Desk Top Valuations
Similar to last year, desk top valuations were performed which resulted in an interim
revaluation gain of $91.7 million, or a 4.5% increase on book value. By location, Auckland
was the largest contributor to the total unrealised revaluation increase, with $77.0 million or
84% of the total uplift. By sector, Industrial was again the key driver of the overall gain at
$83.9 million, up 8.6%. The Office portfolio increased $6.3 million, and Large Format Retail
increased by $1.5 million.
As a result of the revaluation gain, Argosy’s NTA increased to $1.64, or 7.2% from $1.53 at 31
March 2021. Following the revaluation, Argosy’s portfolio shows a contract yield on values of
5.42% and a yield on fully let market rentals of 5.58%.
Portfolio Activity
Portfolio Metrics, Rent Reviews and Leasing
As at 30 September, Argosy’s WALT was 5.3 years and portfolio occupancy was 98.7%.
For the six months to 30 September, Argosy completed 47 rent reviews achieving annualised
re ntal growth of 2.4%. These reviews were achieved on rents totalling $26.8 million. On rents
subject to review by sector, Argosy achieved annualised rental growth of 2.4% for Industrial
rent reviews, 2.4% for Office rent reviews and 3.2% for Large Format Retail rent reviews.
Peter Mence said “Despite the difficulties over the first six months, we were pleased to
deliver solid operational metrics around occupancy, rent reviews and leasing transactions.”

.4
In the first six months, 81% of rents reviewed were subject to fixed reviews, 13% were market
reviews and 6% were CPI based. Fixed reviews accounted for 88% of the total annualised
rental uplift and Auckland and Wellington contributed 84% and 9% of the total annualised
rental uplift respectively.
Argosy completed 21 leasing transactions across 50,458m
2
of NLA over the six months to 30
September. Lease transactions were mixed between extensions (2), renewals (3) and new
leases (16).
Key leasing successes over the first six months of the financial year include;
• PBT Transport, 18-20 Bell Ave, 8,941m
2
and 12-16 Bell Ave, 9,763m
2
on new 10-year leases
at both locations.
• Macpac Limited, Albany Mega Centre, 775m
2
on a new 6-year lease.
• Ministry of Housing & Urban Development, 7WQ, 1,228m
2
on a new 7.4-year lease.
• NZ Blood & Organ Service, 308 Gt South Road, 576m
2
on a new 3-year lease.
• Earthwise Group Ltd, 12 Allens Road, 2,337m
2
on a new 3-year lease.
Peter Mence, Argosy CEO said “While we delivered positive leasing outcomes over the first
half of the year, given the extended nature of the current Covid-19 lockdown and impact
on the Auckland economy, we remain somewhat cautious on the outlook for the second
half of FY22.
The industrial sector continues to be the most resilient of all sectors with strong forecast
returns and in that regard, Argosy is very well positioned. We are working closely with all our
tenants during these uncertain times and we will continue to monitor things closely.”
Acquisitions
Peter Mence said, “While we did not execute on any strategic acquisitions during the
period, we take a long term view. For that reason, we will remain open to any potential
acquisitions that meet our investment criteria because real estate is a long term investment.
Auckland’s underlying property fundamentals remain particularly sound and the industrial
sector continues to fare better than others. There has been no change to our focus of
securing strategic industrial sites within a prime industrial precinct to support our growth.”
Developments
8-14 Willis Street and 360 Lambton Quay, Wellington
The development continues to progress despite the interruption from the recent Covid-19
lockdown. There was a significant project milestone achieved when the tower crane was
removed on 8 August, just a week before the current lockdown started.
Works recommenced when Wellington went down to Alert Level 3 and included internal
works such as services commissioning and tenant fitout related works.

.5
Leasing on the 360 Lambton Quay (360LQ) part of the development continues and there is
solid market interest for space given its attractive location.
Three unconditional leases at 360LQ have been concluded as follows;
• Mountain Warehouse (outdoor lifestyle retailer), 537m
2
on a new 10-year lease;
• Flo & Frankie (women’s retail fashion), 168m
2
on a new 6-year lease;
• James Pascoe Limited (jewellery) returns after a 5 year absence, 118m
2
on a new 6-year
lease.
The retail component of the combined site is now 90% leased with a conditional agreement
on the remaining tenancy. The expected completion date of the project has been pushed
out one month to March 2022.
7 Waterloo Quay, Wellington (7WQ) – leasing and façade works
The building is now 100% leased. As noted earlier, Level 9 of 7WQ has been leased to the
Ministry of Housing and Urban Development (MHUD) on a new 7.4-year lease.
This lease term aligns with MHUD’s existing lease for levels 6, 7 & 8 bringing its total leased
area to 4,903m
2
.
Subsequent to 30 September, Level 12 has been leased to FishServe on a new 9-year lease,
commencing 1 April 2022. FishServe provides administrative services to the New Zealand
commercial fishing industry on behalf of various Government agencies.
The additional work on the exterior façade of the building re-commenced after Wellington
shifted down to Alert Level 3, and the project remains on budget.
12-16 & 18-20 Bell Ave, Mt Wellington, Peter Baker Transport Limited (PBT)
PBT has occupied 12-16 and 18-20 Bell Avenue in Mt Wellington, Auckland since August
1999.
Argosy & PBT have now entered into an agreement for Argosy to undertake an $8.8 million
refurbishment and redevelopment of the sites to reposition them, targeting a 4 Green Star
Built rating. As part of the agreement, PBT has entered into a new 10-year lease.
On completion, the project is forecast to have a yield on total development cost of 5.2%
and a valuation of $69.0 million. The development margin is forecast to be 26% and the IRR
is 8.3%.
Argosy Chief Executive Officer Peter Mence said ”We are very pleased to extend our
existing relationship with PBT for a further 10 years. PBT has been a long term partner of ours
for twenty years and we’re excited to have them support this new green project and
remain part of our portfolio for the foreseeable future.

.6
The development is very much on strategy and demonstrates tenants are increasingly
collaborative around environmental & sustainability issues and keen to support our
commitment to reduce our carbon emissions. The recent expansion of our development
team supports our capability to deliver on the growing development pipeline across the
business.”
The landlord base build works across the two properties includes full upgrades and an end
of trip facility. The external works include new asphalt circulation on the site and a concrete
hardstand to the front-loading zone of 12-16 Bell Ave.
The development is projected to be completed by September 2022.
Divestment of non Core Assets
During the first six months Argosy settled the sale of the Hastings Cool Store at Omahu Road
for $10.4m. The sale reflects ongoing capital management initiatives, including asset
divestments over the last 18 months where assets no longer meet Argosy’s investment
criteria. The proceeds have initially been deployed to reduce bank debt but will be
redeployed into green developments in due course.
Subsequent to 30 September, Argosy has unconditionally sold its property at 25 Nugent
Street in Auckland, for $22.0 million. The sale price reflects a 28% premium above book value
and the sale is to a local investor. Settlement is expected to occur in September 2022.
Capital Management
As at 30 September, Argosy’s debt to total assets ratio, excluding capitalised borrowing
costs, was 31.7% compared to 35.9% at 31 March 2021.
The ratio reflects the net impact of divestments and revaluation gains offset by
development activity during the period. The ratio also excludes the lease liability and right
of use asset at 39 Market Place of $41.6 million, recorded in the period under NZ IFRS 16.
Argosy’s gearing at 30 September sits towards the bottom end of its target gearing band of
30-40%, and well below its bank covenant of 50%.
The Board regularly reviews the various capital management options at its disposal and
believes the capital management initiatives undertaken during the year provide sufficient
capacity to accommodate near term funding requirements.
During the period Argosy extended $215 million of its existing syndicated bank facilities with
ANZ Bank of New Zealand Limited, Bank of New Zealand Limited, Hongkong and Shanghai
Banking Corporation, Commonwealth Bank of Australia and Westpac New Zealand Limited.
The total amount of the bank facilities has also reduced by $35 million and at 30 September
is now $455 million, down from $490 million previously.

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Argosy’s weighted average debt tenor, including bonds, was 4.0 years (4.2 years at 31
March 2021) and its weighted average interest rate was 3.88%, compared to 3.69% at 31
March 2021.
Dividends
A second quarter dividend of 1.6375 cents per share has been declared for the September
quarter with imputation credits of 0.0720 cents per share attached. The second quarter
dividend will be paid to shareholders on 22 December 2021 and the record date will be 8th
December. The Dividend Reinvestment Plan (DRP) will be available for shareholders to
participate in but no discount will apply. Argosy continues to pay dividends in line with its
current policy, where annual dividends are less than net distributable income. However, as
outlined in the FY21 annual results, commencing 1 April 2022, Argosy’s policy will be to pay
dividends between 85-100% of AFFO.
Governance and Strategy
Argosy’s second hybrid Annual Shareholders Meeting (ASM) was held on 29 June at 2pm at
the Royal New Zealand Yacht Squadron in Auckland. Jeff Morrison and Stuart McLauchlan
were both elected as directors by shareholders. Argosy articulated its vision of building a
better future with a big focus on environmental goals. There is significant global research
which clearly articulates the benefits of greening buildings are not just for the environment,
but for occupiers, owners and investors. Argosy has a strong track record of delivering green
buildings in collaboration with its tenants.
Outlook
Structural change in the occupancy market hastened by the pandemic and New
Zealand’s responses to it is a key focus for the year ahead.
Argosy’s quality portfolio is in good shape and its balance sheet is conservatively geared. It
has capacity and flexibility to fund its near-term green Value Add opportunities. The
balance of FY22 will be about focusing on the core operational elements of the business –
including addressing key expiries and remaining rent reviews, leasing up remaining
vacancies and developments. Argosy will progress its pipeline of green Value Add projects
and focus on driving earnings and capital growth.

-END-
.8

Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz