KPG Annual Meeting 2022 presentation and address

Kiwi Property
Annual Meeting 2022
29 June 2022

Annual meeting agenda
>Chair’s address
>Chief Executive Officer’s address
>Questions
>Formal business
Unless otherwise stated, all information provided in this presentation is for the year ended and/or
as at 31 March 2022. For further information, refer to our website kp.co.nz or NZX.com
2

1.Click the “Ask a Question”
button at either the top or
bottom of the page.
2.Select the item of business
from the drop-down menu
and type your question in
the space provided.
3.Once you have typed your
question, click “Submit
Question”.
How to ask a written question
3

Chair’s address
4
4

A strong operating performance in the 2022 financial year (FY22)
5
5
•Sales
•Rental income
•Operating profit
1
•Net profit after tax
•Property portfolio value
•Adjusted funds from operations
1

Responding to an uncertain economic climate
6

Kiwi Property is well placed to navigate the disruption
7
31.6%
Gearing
$264m
Undrawn
bank
facilities
~70%
of debt
hedged
BBB
S&P issuer
credit rating

Sylvia Park,Auckland
35hectares
The Base,Hamilton(JV with Tainui Group Holdings)
7 hectares
LynnMall,Auckland
Drury,Auckland
53hectares
30hectares
125 hectares of unparalleled mixed-use opportunity
1.Diversifies revenue
streams.
2.Creates critical
mass of customers,
workers and
residents.
3.Drives site-wide
valuation growth.
4.Enables timing of
development in-
line with supportive
conditions.
8

Funding our exciting pipeline of opportunities
9
>Process of establishing a
standalone CBD office
co-investment platform
now underway.
>Expected to unlock
capital to fund mixed-
use development and
support office growth.
>Asset sale process
ongoing.

Chief Executive
Officer’s address
10
10

$
187.1m
Net rental income
+
$
13.5m(+7.8
%
)
FY22 financial results – growth across the board
$
224.3m
Net profit
after tax
+
$
27.8m (+14.1
%
)
$
124.8m
Operating profit
before tax
+
$
8.5m (+7.3
%
)
>Sylvia Park’s Level 1 expansion helped drive
a 7.8% increase in net rental income.
>Net profit after tax includes a $120.5m net
fair value gain on investment properties.
>12.3% increase in adjusted funds from
operations (AFFO) underpinned by higher
operating profitand reduced COVID-19
impacts.
11
$
100.4m
AFFO
+
$
11.0m (+12.3
%
)

Driving revenue growth and stability
12
4.2
%
Leasing uplift
6.7
%
Total sales growth
99.8
%
Occupancy
(+10bps)
13.9
%
Gross occupancy cost
(10.1% adjusted)

Robust balance sheet and capital management
>Property assets valued at $3.6b at year
end, following a fair value gain on the
Company’s asset portfolio.
>Bank debt facilities increased by $25m in
FY22 and $100m increase after balance
date, enabling Kiwi Property to take
advantage of favourable terms.
>$150m green bond issued in July 2021 for a
seven-year term at a 2.85% coupon.
3.4years
Weighted average
term to maturity of debt
FY21: 2.9 years
3.85
%
Weighted average
cost of debt
FY21: 4.19
%
$
3.6b
Property assets
FY21:
$
3.3b (+
$
0.2b)
$
1.45
Net asset backing
per share
FY21: $1.36
13

Bringing IKEA a step closer
>3.2ha of Sylvia Park
land conditionally sold
to IKEA.
>Important step towards
welcoming IKEA to the
centre.
>Reinforces Sylvia Park’s
standing as New
Zealand’s favourite
shopping centre.
>Adjacent 6,400sqm
large format retail
centre planned.
14

3 Te Kehu Way takes shape
>Construction of Sylvia
Park’s second office
building underway.
>Building will be 7,450 sqm
and target a 6 Green Star
rating.
>30% of net lettable area
now committed.
>Next step in the creation
of a thriving commercial
precinct.
15

>295 apartment BTR
development now
underway at Sylvia
Park.
>On track for completion
in Q1 2024.
>Planning of a second
BTR development in
progress.
>Around 1,200
apartments could be
built at Sylvia Park.
Build-to-rent (BTR) gains pace
16

Build-to-rent video

Drury development ramps up
18
>Kiwi Property site poised
to become Drury’s new
town centre.
>Successful Private Plan
Change application
being appealed by
Auckland Council.
>First stage 1 consents
issued, enabling
earthworks to proceed.
>Fast Track consent
decision is expected
shortly.

LynnMall mixed-use moves closer
19
>Resource consent
obtained for LynnMall
mixed-use tower.
>Integrates ground floor
retail, three office levels
and 245 BTR apartments.
>Construction to begin
in -line with funding,
demand and conducive
market conditions.

Stepping up on solar
20
>New Zealand’s largest
rooftop solar installation
being built at Sylvia
Park.
>Will produce enough
energy to power the
average household for
over 200 years.
>Expected to reduce Kiwi
Property’s operational
emissions by around 7%
per annum.

We have a clear focus for FY23
21
Maintain
development
momentum
Launch
CBD office
co-investment
platform
Continue striving
to unlock additional
shareholder value
Progress
capital recycling
activity

Striving to grow our dividend for shareholders
22
>Cash dividend of 5.60 cents per
share paid for the 2022 financial
year.
>Represents a New Zealand tax-paid
yield of 5.52%, amongst the highest
in the sector
2
.
>Cash dividend of no less than 5.70
cents per share targeted for FY23
3
.

Questions
23

Formal
business
24

How to vote
1.Click the “Get a Voting
Card” button at either the
top or bottom of the page.
2.Enter your Shareholder
Number or Proxy Number
and click “Submit Details
and Vote”.
3.Fill out your voting card for
each item of business.
4.Click “Submit Vote” or
“Submit Partial Vote”.
25

Explanatory information:
>In accordance with the Company’s constitution and the NZX Listing Rules,
Mary Jane Daly will retire at this meeting and offer herself for re-election.
>The board has determined that Mary Jane Daly will be an independent director
for the purposes of the NZX Listing Rules, if re-elected.
>The Notice of Meeting contains information on what it means to be an
independent director for the purposes of the NZX Listing Rules.
Resolution 1:
Re-election of Mary Jane Daly
26

Resolution 1:
About Mary Jane
Mary Jane Daly
BCom, MBA
Date of first appointment
September 2014
Date last re-elected
June 2019
Board committees
Chair of the Audit and Risk Committee
27

The board
*
recommends that you vote in favour
of this resolution
Rationale:
>The board is committed to ensuring that it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities.
>The board supports the re-election of Mary Jane Daly as it considers she has the
expertise to contribute to the overall skill set required by the board.
Resolution 1:
Recommendation
*The board, other than Mary Jane Daly.
28

That Mary Jane Daly be re-elected
as a director of the Company
Resolution 1
29

Explanatory information:
>The directors’ fee pool was last reviewed in July 2017, at which time a fee pool
of $737,500 plus GST (if any) per annum was approved by shareholders.
>This resolution aims to increase the pool to $854,000 plus GST (if any) – a 3% per
annum increase since the previous review.
Resolution 2:
Director’s fee pool increase
30

Resolution 2:
Director’s fee pool table
Office
Number of
persons
holding office
Current
remuneration
Proposed
remuneration
Proposed
increase
Chair(includingmembershipofallthreecommittees)
1$172,500$177,500
$5,000(2.9%)
Director(excludingChair)
5$94,000$97,000
$3,000(3.2%)
ChairofAuditandRiskCommittee
1$20,000$20,000
No change
MemberofAuditandRiskCommittee
(excludingthecommitteeChair)
1$11,500$11,500
No change
Chair ofEnvironmental,SocialandGovernanceCommittee
1$20,000$20,000
No change
MemberofEnvironmental,SocialandGovernanceCommittee
(excludingthecommitteeChair)
1$11,500$11,500
No change
Chair ofRemunerationandNominationsCommittee
1$20,000$20,000
No change
MemberofRemunerationandNominationsCommittee
(excludingthecommitteeChair)
1$11,500$11,500
No change
Discretionarypool
$500$97,000
$96,500
Totaldirectorfeepool
$737,500$854,000
$116,500(15.8%)
31

The board recommends that you vote in favour
of this resolution
Rationale:
>To ensure directors’ fees are aligned with the market in order to attract and
retain high performing directors.
>EY has benchmarked the directors’ fees to relevant market data.
>An increase in directors’ fees is required to more competitively align directors’
remuneration to the market’s 75th percentile.
Resolution 2:
Recommendation
32

That the directors’ fee pool for the
Company be increased from $737,500 to
$854,000 per annum plus GST (if any) for the
purpose of NZX Listing Rule 2.11.1, such sum
to be divided among the directors as the
directors from time to time deem
appropriate
Resolution 2
33

Resolution sought:
>The resolution sought is to authorise the directors to fix the remuneration of the
auditor pursuant to Section 207(S)(a) of the Companies Act 1993.
The board recommends that you vote in favour
of this resolution
Resolution 3:
Auditor’s remuneration
34

That the directors be authorised to fix the
auditor’s remuneration
Resolution 3
35

Proxy voting results
Resolution 1: That Mary Jane Daly be re-elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
959,324,750934,280,56497.39%5,642,2060.59%19,401,9802.02%
Resolution 2: That the directors’ fee pool for the Company be increased
Proxy votes lodgedForAgainstDiscretionary
958,252,704934,717,38497.54%5,657,6660.59%17,877,6541.87%
Resolution 3: That the directors be authorised to fix the auditor’s remuneration
Proxy votes lodgedForAgainstDiscretionary
959,204,780921,028,31996.02%18,797,8161.96%19,378,6452.02%
36

Thank you
37

1.Adjusted funds from operations (AFFO) and operating profit before tax are non-GAAP
performance measures used by Kiwi Property to assist investors in assessing the Company’s
underlying operating performance. AFFO and operating profit do not have standard meanings
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 Australia.
2.Based on a share price of $1.015, representing the closing share price recorded on the NZX on
20 May 2022.
3.FY23 dividend guidance and payments are contingent on Kiwi Property’s financial performance
through the financial year and barring material adverse effects or unforeseen circumstances. The
actual dividend may be influenced by market conditions and the timing of potential transactions.
Notes
38

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 relying on or using this documentor 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 time without 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 isappropriate 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. Investors 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 risk s, 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 orproduct disclosure statement or other offering document.
No duty to update
Statements made in this document are made only as the date of this document unless another date is specified. Except as requiredby 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.
39

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Kiwi Property Annual Meeting 2022 address


SLIDE 1: WELCOME

Good morning and thank you for joining us for the Kiwi Property annual meeting of
shareholders for 2022 – either in person here at Eden Park or online via the Link
virtual meeting platform.

My name is Mark Ford. I am an independent director and Chair of the Board. I am
pleased to advise there is a quorum present and I declare this annual meeting
open.

Before we get proceedings started, I’d like to cover a few housekeeping matters.
Firstly, can you please put your mobile phone on silent. Toilet facilities are in the
landing area near the rear entrance to this room. If a fire alarm goes off, please
follow staff in an orderly fashion down the stairs and congregate in the car park at
the front of the building. If you are participating in the meeting online and
encounter any issues, please refer to the virtual meeting online portal guide or you
can phone the Link helpline on 0800 200 220.

And with that, let’s get things underway.

It’s great to be back in Auckland for today’s annual meeting. Covid-19 lockdowns
and travel restrictions unfortunately prevented Simon and me attending last year’s
event in person so we’re particularly happy to once again be connecting with
many of you face to face this morning.

I would like to start today’s meeting by introducing my colleagues on the Board.

> Mary Jane Daly – Mary Jane was appointed to our Board in September 2014.
She is an Auckland-based professional director with a strong background in
banking and finance. Mary Jane is the Chair of our Audit and Risk Committee
and is standing for re-election today.

> Chris Aiken - Chris is an Auckland-based professional director and joined our
Board in June last year. He has significant property experience, spanning both
the public and private sectors. Chris is a member of the Remuneration and
Nominations Committee.

> Jane Freeman – Jane was appointed to our Board in August 2014. She is an
Auckland-based professional director, with extensive retail experience in the
field of customer-driven technology. Jane also serves as Chair of our
Remuneration and Nominations Committee

> Mark Powell – Mark is a trans-Tasman professional director and has been a
member of the Kiwi Property board since October 2017, following a successful
career as an executive leader in retail, wholesale and logistics. Mark is Chair of
the Environmental, Social and Governance - or ESG - Committee.

2



> Simon Shakesheff – Simon is an Australian-based professional director and
joined our Board in November 2019. He brings a wealth of property and finance
expertise to the role and is a member of both the Audit and Risk and ESG
Committees.

In accordance with the NZX Listing Rules, the Board has determined that all
directors are independent. The Notice of Meeting also contains further information
on director independence.

Also joining us today are Clive Mackenzie, our Chief Executive Officer, and Gavin
Parker, our Chief Financial Officer.

I extend a warm welcome to the team from our registrar, Link Market Services. They
will help conduct the voting on the formal business later in the meeting and also
act as scrutineer. Finally, I’d like to welcome Jonathan Skilton and Karen Shires from
PwC, our Group’s auditor.

SLIDE 2: AGENDA

Moving to today’s agenda. I will start with a brief address and then invite Clive to
provide an update on the Company’s financial results for the year ended
31 March 2022 or FY22 as well as some of our key initiatives that we have underway.

At the conclusion of these presentations, we will then take questions and conduct
the formal business for today, being resolutions to:

> Re-elect Mary Jane to the Board
> Increase the director’s fee pool; and
> Authorise the Board to fix the auditor’s remuneration.

SLIDE 3: HOW TO ASK A QUESTION

Shareholders present at today’s meeting will be able to ask questions as will those
participating through the virtual meeting website. If you are online, you may submit a
question at any time by clicking on the ‘Ask a Question’ box at the top or bottom of the
online portal, as shown here.

We will be answering general questions at the conclusion of the Chair and CEO’s
addresses and then specific questions relating to each of the resolutions before voting
on them. I encourage shareholders who are attending online to send their questions
through as soon as possible. This will allow us to answer these questions at the
appropriate point in the meeting. As this is a shareholders’ meeting, only shareholders or
appointed proxies can ask a question, so you will be prompted to input your
Shareholder or Proxy number before completing the process.

SLIDE 4: CHAIR’S ADDRESS

Moving now to my remarks.

3



SLIDE 5: A STRONG OPERATING PERFORMANCE

While COVID-19 dominated news headlines over the past 12 months, Kiwi Property
came through the year in good shape, making significant progress on the delivery of
our mixed-use strategy.

The Company produced a strong operating performance in FY22, delivering increases
in all key metrics including sales, rents, profit, asset values and adjusted funds from
operations. This is a pleasing outcome given the impact of lockdowns and Omicron,
and demonstrates the resilience of our diversified asset base.

Although COVID-19 had an inevitable impact on our business, by focusing on our
customers and maintaining strict strategic and financial discipline, we not only
mitigated the impact of the pandemic in 2022 but continued to drive a strong result.
Maintaining this operational performance, growing profits, enhancing our property
portfolio and creating connected communities will continue to be a focus in FY23 –
and for years to come.

SLIDE 6 RESPONDING TO AN UNCERTAIN ECONOMIC CLIMATE

Over recent months, New Zealand has been hit by a wave of economic disruption,
due to factors such as the war in Ukraine, the post-pandemic supply chain backlog
and the large fiscal stimulus injected into the market over the past couple of years. This
disruption has triggered a sharp rise in inflation, causing the cost of items like petrol,
groceries and building supplies to increase, and resulting in a corresponding increase
in interest rates.

It won’t be news to anyone in this room that New Zealand’s share market, like most
others around the world, has been adversely impacted by these macro-economic
factors. The S&P/NZX50 Index is down more than 20% since the start of the year and
most listed property entities are now trading at a discount to their net asset backing.

Kiwi Property has not been immune to these market forces and our share price is
currently lower than any of us would like. Ours is a robust business, however of late, the
market hasn’t recognised what we believe to be the true value of the Company, our
assets or the pipeline of opportunities we have ahead.

Some of this mispricing is due to the macroeconomic factors I’ve just outlined, over
which we have limited control. In FY23 though, we will continue to focus on the factors
that are within our control, with the aim of creating value for our shareholders.

SLIDE 7: KIWI PROPERTY IS WELL PLACED TO NAVIGATE THE DISRUPTION

Kiwi Property is well placed to navigate the disruption currently facing the market,
supported by our disciplined approach to capital management.

At 31 March, our gearing was 31.6% - almost the same as the year before and within our
self-imposed gearing range. We currently have $264m of undrawn bank facilities and
approximately 70% of our debt is currently hedged, safeguarding the company against
further interest rate rises.

4



Finally, we proudly have a triple B corporate credit rating from S&P, demonstrating the
resilience of our Company.

While each of these factors has the potential to play an important role in helping ensure
Kiwi Property continues to thrive through the volatile economic period, there’s another
that stands out as the foundation for the company’s success in the years to come – our
unparalleled mixed-use landholding and property portfolio.

SLIDE 8: 125 HECTARES OF UNPARALLELED MIXED-USE OPPORTUNITY

Four years ago, we embarked on a journey to diversify our asset base, decrease
our retail exposure and create thriving, mixed-use communities at key metropolitan
centres.

We knew that by bringing together the best of retail, office and residential assets on
each site, we’d diversify our income sources, drive valuation uplift at our core
properties and create enduring assets where Kiwis want to live, work, shop and
play.

In the current environment, our large strategic landholdings at Sylvia Park, LynnMall,
The Base and Drury are even more a source of competitive advantage.

Unlike many other property entities, we don’t need to compete for expensive new
sites or assets in order to enhance our portfolio. With mixed-use assets that span
almost 125 hectares, we have the unique ability to focus on improving and
diversifying our existing properties for years to come.

In many ways, this makes us the master of our own destiny, able to move forward
with new developments at our own pace, in line with demand, funding and the
broader operating environment. Our landholdings give us the flexibility to wait for
conditions to normalise before proceeding, or to move quickly when specific
opportunities present themselves.

SLIDE 9: FUNDING OUR EXCITING PIPELINE

Kiwi Property’s extensive mixed-use landholdings provide the basis for an exciting
development pipeline. Ensuring the optimal funding of that pipeline is a key
consideration and something we are highly attuned to.

Following detailed analysis to identify our preferred initial funds management
initiative, we have begun the process of establishing a standalone CBD office co-
investment platform. This important move has the potential to achieve two
important goals.

Firstly, it creates a sector specific office vehicle with its own source of capital. This
will enable us to pursue new opportunities and help grow our portfolio of office
assets over time – while also delivering funds management income.

Secondly, it will enable us to recycle the capital from our CBD office assets to fund
the intensification of our mixed-use assets, in line with strategy and unlocking
significant value for our shareholders over time.

5



In parallel, our capital recycling programme continues, including the Northlands
sale process.

That concludes my opening remarks. I’ll now hand over to Clive to discuss the
considerable progress we made on the delivery of our mixed-use strategy during the
financial year.

SLIDE 10: CHIEF EXECUTIVE OFFICER’S REVIEW

Thanks Mark and kia ora everyone.

It’s great to be connecting with you face to face once again. Thank you for joining
us. And to everyone viewing this event online, we appreciate you logging on. As
Mark mentioned, Kiwi Property delivered a strong operating performance in FY22.

We are pleased to have achieved broad-based growth as well as unlocking a
range of exciting new opportunities. Our aim is to maintain that trajectory
throughout FY23, with a focus on sustained delivery – for our customers, tenants and
shareholders.

Now let’s take a closer look at some of our key financial and operational metrics.

SLIDE 11: FY22 FINANCIAL RESULTS – GROWTH ACROSS THE BOARD

As you can see here, net rental income increased 7.8% to $187.1m in FY22. This
growth was led by Sylvia Park’s 20,000 square metre Level 1 expansion, reflecting
the long-term strategic value of that project.

The growth over the past year drove a corresponding uplift in operating profit
before tax, which rose 7.3% to $124.8m. This is an extremely pleasing outcome given
the challenging macro-economic climate and presence of Omicron during the
latter half of the year.

Net profit after tax was also up, growing 14.1% to $224.3m, following a $120.5m fair
value gain on our high-quality investment property portfolio. This valuation uplift was
broad-based, with The Base, Vero Centre, Westgate Lifestyle, Sylvia Park and Drury
all doing well.

Adjusted funds from operations – the key metric used to determine Kiwi Property’s
dividend - increased 12.3% on the prior year to $100.4m, supported by a reduced
COVID-19 impact and maintenance capex costs compared to FY21.

SLIDE 12: LEADING ASSETS DRIVE REVENUE GROWTH AND STABILITY

One of the most significant aspects of our FY22 result was the robust performance
of our assets over the past 12 months.

The Company achieved continued rental growth in FY22, including a 4.2% increase
in new leases and rent reviews across our office and mixed-use portfolio. Our ability
to drive rental growth through the pandemic is a testament to the strong tenant
demand for space in our assets.

6



The photo on this slide was taken at the opening of the new Culture Kings store –
one of the many leading international retailers keen for a presence at our assets
such as Sylvia Park.

Sales were also up in FY22, increasing 6.7% compared to the prior year. This uplift
comes despite the fact our Auckland shopping centres were closed due to COVID-
19 restrictions for around 15% longer in this financial year than the last one.

In parallel, occupancy across our office and mixed-use portfolios was 99.8% at year
end. These trends highlight the resilience of our assets and the flight to quality in the
property sector, which Kiwi Property is ideally placed to capitalise on.

The last number on this slide shows the gross occupancy cost ratio for the specialty
stores at our centres and shows how affordable our rents are. What this figure
highlights is that the stores at our centres are highly productive, making them
attractive to retailers, especially if the economy starts to slow.

SLIDE 13: ROBUST BALANCE SHEET AND CAPITAL MANAGEMENT

As at 31 March 2022, Kiwi Property’s diversified property portfolio was valued at $3.6
billion, placing it amongst the largest in the country. As a result of the valuation
uplift, net asset backing per share increased to $1.45 - a 9 cent per share increase
on the year before.

The Company undertook several capital management activities in FY22, with a
view to enhancing our overall debt profile. We issued a new seven-year bond at a
coupon of 2.85% and increased our bank debt facilities, with MUFG being added to
our banking pool post balance date.

These steps enabled us to take advantage of favourable lending terms, reducing
our weighted average cost of debt by 34 basis points versus the prior comparable
period and increasing our weighted average term to debt maturity from 2.9 years
to 3.4 years.

In addition to our strong operational performance, we also moved ahead with
several exciting strategic and development initiatives. Let me take you through a
few of them now.

SLIDE 14: BRINGING IKEA A STEP CLOSER

At Sylvia Park around half of our 35-hectare landholding has capacity for further
intensification.

Not only does the scale of our landholding give us the scope to undertake this
exciting potential future development, it also provided the flexibility to conditionally
sell to IKEA 3.2 hectares of land immediately adjacent to the east of the Sylvia Park
shopping centre, in late November 2021.
This agreement marks a major step towards our goal of welcoming IKEA to Sylvia
Park and our aspiration for them to build their first New Zealand flagship store at the
centre.

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Construction of a new IKEA store would be a game-changer for Sylvia Park, likely
driving site-wide valuation uplift and attracting visitors from across the country.

The move would also likely be the catalyst for us going ahead with plans for an
exciting new 6,400 square metre large format retail centre directly adjacent to
IKEA, to take advantage of its remarkable pulling power.

SLIDE 15: 3 TE KEHU WAY TAKES SHAPE

Also at Sylvia Park, construction of a second office building began in November
2021, furthering the diversification of our asset portfolio. This development, known as
3 Te Kehu Way, signals the next key step towards the creation of a thriving
commercial hub, and the continued evolution of Sylvia Park into a world-class
mixed-use asset.

3 Te Kehu Way aims to capitalise on the high levels of interest in office space at
Sylvia Park. Interest has been strong in the wake of COVID-19, with many tenants
now looking for satellite offices to complement their CBD locations. The
development has been designed with flexible working and the specialist
requirements of medical practitioners in mind, enabling us to effectively cater to
this important market. Despite the challenging leasing environment, 30% of the
office space in the building is now committed, with good interest in the remaining
area.

SLIDE 16: BUILD TO RENT GAINS PACE

Around half of Aucklanders over the age of 15 currently live in rental
accommodation, with this number expected to rise to around 60% by 2043.

This growth in demand, coupled with a lack of quality rental stock and strong
demand have pushed up house prices and created fierce competition for housing.
Build-to -rent has the potential to play an important role in helping address this
imbalance, offering residents the flexibility of renting, coupled with secure lease
terms, professional on-site management and transparent costs.

The asset class is also attractive to Kiwi Property, helping to broaden our existing
asset base and provide a stable, low-risk revenue stream and robust capital
growth. Our ambition is to become a leader in this sector, with our mixed-use assets
likely to include a significant residential presence going forward. We’ve already
begun construction of New Zealand’s first major BTR development at Sylvia Park,
with the 295-apartment complex likely to begin renting in early 2024. Let’s look at a
short video providing an overview of the project and our vision for this exciting new
asset class.

SLIDE 17: BUILD TO RENT VIDEO

SLIDE 18: DRURY DEVELOPMENT RAMPS UP

At Drury, our 53-hectare site has been designated as the site for the new Drury town
centre and we intend to create a sustainable mixed-use community that will become
the hub for the 60,000 people who are expected to move into the area over the next
25 years.

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Unfortunately, despite our Private Plan Change application being approved by
Auckland Council’s independent commissioners in May, the Council has advised it now
intends to take the unprecedented step of appealing its own decision to the
Environment Court.

While this is disappointing, an earthworks consent has already been issued, enabling us
to proceed with enabling activity. In addition, the Fast-Track process being run by
central government is still ongoing and we remain optimistic that a favourable
outcome will be announced over the coming weeks.

SLIDE 19: LYNNMALL MIXED-USE MOVES CLOSER

During the year we also made considerable progress on our ambition to transform
LynnMall into a thriving mixed-use community, obtaining resource consent for an
exciting 25-storey tower that is set to change the New Lynn landscape.

Integrating ground floor retail, three commercial office levels and 245 build-to -rent
apartments, the development will connect directly into the existing shopping centre,
offering residents unparalleled convenience and a range of retail, entertainment and
transport options on their doorstep.

We’re focused on proceeding with the LynnMall development at the optimum time
and will ensure input costs, market conditions and the macroeconomic climate are
conducive, before moving forward with construction.

SLIDE 20: STEPPING UP ON SOLAR

Kiwi Property has been committed to sustainability for 20 years. We continued to
make significant progress towards the delivery of our environmental and social
targets in FY22, including a 60% carbon emissions reduction compared to our 2012
baseline.

In May, we also announced that we’re working with Meridian on an exciting
initiative to create the country’s largest rooftop solar array at Sylvia Park. The
installation will feature around one hectare of photovoltaic panels and produce
enough energy annually to power the average household for 200 years. The array is
expected to reduce Kiwi Property’s operational emissions by around 7%, a
significant milestone on our sustainability journey.

SLIDE 21: WE HAVE A CLEAR FOCUS FOR FY23

That concludes my review of FY22.

As we look ahead to FY23, the management team and I are squarely focussed on
both maintaining Kiwi Property’s strong operational performance and delivering on
our key strategic initiatives. That includes launching our CBD office co-investment
platform, keeping up the development momentum at 3 Te Kehu Way and Sylvia
Park BTR, in particular, and progressing the sale of Northlands and subsequently The
Plaza.

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By doing these things we will help unlock additional shareholder value,
encouraging a lift in the Kiwi Property share price and supporting sustained
dividend growth. We made significant progress on our mixed-use strategy in FY22
and are set to do the same again in FY23, moving us ever closer to our goal of
creating connected communities for the people of New Zealand.

Thank you for your continued support. I’ll now hand back to Mark.

SLIDE 22: DIVIDEND AND GUIDANCE

Thank you Clive.

Kiwi Property paid a final cash dividend of 2.85 cents per share for the six months
ended 31 March 2022, bringing the total cash dividend for FY22 to 5.60 cents per
share, up 8.7% on last year.

Looking ahead, we are targeting a FY23 cash dividend of no less than 5.70 cents
per share, contingent on the financial performance of the Company and barring
material adverse effects or unforeseen circumstances, such as COVID-19 related
lockdowns.

Ladies and gentlemen, that concludes our overview of the Company’s activities for
FY22.

SLIDE 23: QUESTIONS

Before we move to the formal business of the day, we would be happy to answer
questions. We ask that you limit your questions at this time to the company’s activities.
You will have an opportunity to ask questions relating to the formal business shortly.

As this is a shareholders’ meeting, only shareholders or appointed proxies can ask a
question or vote. When I call for questions, can shareholders present in the room please
wait until a microphone is provided to you and then clearly state your name before
asking the question.

I will take questions from those present in the meeting first before moving onto any
questions from shareholders online. Are there any questions from shareholders?

SLIDE 24: FORMAL BUSINESS

Thank you. We will now move to consider the formal resolutions of the meeting.

Voting on each resolution will be by poll. Each person voting at the annual meeting
and each shareholder who has cast a vote by proxy has one vote for each share held.
I will put each resolution to the meeting and provide an opportunity for you to ask
questions in relation to that resolution. I ask that you keep the questions strictly to the
resolution.

In respect of proxies received, if as the Chair of the meeting I have been appointed to
act as proxy, and am not directed how to vote in respect of a resolution, I will vote in
favour of resolutions one and three and abstain from resolution two, as it relates to
director remuneration.

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For shareholders joining us here today, you should have a voting card which was given
to you when you registered. Please put up your hand if you do not have a voting card
and someone will assist you. Please mark your voting intention for each resolution and
the voting cards will be collected at the conclusion of the meeting.

SLIDE 25: HOW TO VOTE

Shareholders joining online will be able to cast their vote using the electronic voting
card received, once online registration is validated. To vote, you will need to click “Get
Voting Card” within the online meeting platform. You will be asked to enter your
Shareholder or Proxy Number to validate.

Please then mark your voting card in the way you wish to vote by clicking “FOR”,
“AGAINST” or "ABSTAIN" on the voting card. Once you have made your selection
please click “Submit Vote” on the bottom of the card to lodge your vote. Please refer
to the virtual meeting online portal guide or use the help line specified if you require
assistance. Note that voting will remain open until 5 minutes after the conclusion of the
meeting.

Results of the votes will be declared and announced via the NZX.

SLIDE 26: RESOLUTION 1: RE-ELECTION OF DIRECTOR EXPLANATORY INFORMATION

Moving to resolution 1, which is an ordinary resolution.

In accordance with the Company’s constitution and the NZX Listing Rules Mary
Jane Daly will retire at this meeting and offer herself for re-election. The Board has
determined that if Mary Jane is re-elected, she will be an independent director for
the purposes of the NZX Listing Rules. I will now ask Mary Jane to provide a brief bio
and comments supporting her re-election.

SLIDE 27: RESOLUTION 1: RE-ELECTION OF MARY JANE DALY

Thank you Mark.

I am pleased to offer myself for re-election to the Kiwi Property Board. I first joined the
Board in 2014 and have been the Chair of the Audit and Risk Committee since 2017. I
have also chaired numerous Due Diligence Committees during my time on the Board. I
am a professional director and currently serve on the Boards of Kiwibank, AIG Insurance
and the Fonterra Shareholders Fund. I have also recently retired as Chair of EQC.

My executive background is in banking and insurance and my key areas of focus on
the Board are the development and execution of our strategy focused on creating
connected communities and contributing to financial and operational risk
management matters overlaid with a strong ESG lens.

SLIDE 28: RESOLUTION 1 RE-ELECTION OF DIRECTOR

The Board is committed to ensuring it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities. The

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Board supports the re-election of Mary Jane as it considers she has the expertise to
contribute to the overall skill set required by the Board.

The Board, other than Mary Jane, recommends you vote in favour of the resolution.

SLIDE 29: RESOLUTION 1

I will now read Resolution 1.

That Mary Jane Daly be re-elected as a director of the Company.

Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple majority of
votes of those shareholders or appointed proxies entitled to vote and voting on the
resolution. I will now put the motion. Please now select either “FOR”, “AGAINST” or
"ABSTAIN" for Resolution 1 on the voting card.

SLIDE 30: RESOLUTION 2: DIRECTOR’S FEE POOL INCREASE EXPLANATORY
INFORMATION

The directors’ fee pool was last reviewed in July 2017, at which time a fee pool of
$737,500 plus GST (if any) per annum was approved by shareholders.

The Board considers alignment of directors’ fees to market is important for the
Company to continue to attract and retain high performing directors whose skills
and experience are well suited to Kiwi Property’s requirements.

The Company engaged EY to benchmark the roles of Chair, committee chairs,
committee members and non-executive directors versus the property and aged
healthcare sector, and the general market. The Board reviewed this benchmark
data and, based on a comparison of the fees currently paid to the Company’s
directors to the market data, considers an increase in directors’ fees is required to
more competitively align their remuneration closer to the comparator groups’ 75th
percentile.

The proposed increase will require a 15.8% or $116,500 increase in the directors’ fee
pool to $854,000. This is equivalent to a 3.0% per annum increase since the pool was
last reviewed in 2017.

SLIDE 31: RESOLUTION 2: DIRECTOR’S FEE POOL TABLE

If the resolution is passed, the board intends to allocate the fee pool initially as set
out on the table on the screen.

The proposed increase to the directors’ fee pool will also allow for a discretionary
pool of $97,000 that provides flexibility to, amongst other things, remunerate
directors who assume additional responsibilities including, for example, one-off
projects or specific transactions.

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SLIDE 32: RESOLUTION 2: RECOMMENDATION

Consequently, as provided for in resolution 2, the Board seeks approval from
shareholders to increase the directors’ fee pool. The directors consider the
proposed increase appropriate and justified, and recommend you vote in favour of
the resolution.

SLIDE 33: RESOLUTION 2

I will now read Resolution 2.

That the directors’ fee pool for the Company be increased from $737,500 to
$854,000 per annum plus GST (if any) for the purpose of NZX Listing Rule 2.11.1, such
sum to be divided among the directors as the directors from time to time deem
appropriate.

Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple majority of
votes of those shareholders or appointed proxies entitled to vote and voting on the
resolution. I will now put the motion. Please now select either “FOR”, “AGAINST” or
"ABSTAIN" for Resolution 2 on the voting card.

SLIDE 34: RESOLUTION 3: AUDITOR’S REMUNERATION

This resolution is sought to authorise the directors to fix the remuneration of PwC as
the Group’s auditor pursuant to Section 207(S)(a) of the Companies Act 1993.

During FY22, $323,000 was paid to PwC for audit and assurance related services.
$37,000 was also paid for advisory and other services.

The Board recommends that you vote in favour of this ordinary resolution.

SLIDE 35: RESOLUTION 3: AUDITOR’S REMUNERATION

I will now read Resolution 3.

That the directors be authorised to fix the auditor’s remuneration.

Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple majority of
votes of those shareholders or appointed proxies entitled to vote and voting on the
resolution. I will now put the motion. Please now select either “FOR”, “AGAINST” or
"ABSTAIN" for Resolution 3 on the voting card.

SLIDES 36: PROXY VOTING RESULTS

That completes voting on the resolutions. At this time, I’d like to advise the outcome
of proxy votes that were lodged in respect of each of the resolutions. I will not read
the proxy results for each resolution, but they are shown up on the screen now.

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The Registrar, Link Market Services will now move through the room to collect your
voting cards. For those shareholders online, you can now submit your vote – voting will
be open until 5 minutes after the conclusion of the meeting.

Link will complete the counting of all votes and complete their duties as scrutineer for
the purposes of the poll. We will make an announcement of the results of the voting to
the NZX once this process has been completed.

SLIDE 37: THANK YOU

I now draw this meeting to a close. Thank you for your attendance and participation
today. For your information, a copy of this presentation and our addresses are available
on our website and on the NZX.

ENDS

---

NZX RELEASE
29 June 2022
Kiwi Property Annual Meeting 2022 presentation
and address


Kiwi Property has provided the NZX with a copy of the presentation and addresses to
be made by the Chair of the Board and Chief Executive Officer at the Company’s
Annual Meeting 2022 to be held today.

Ends

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

Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 275 634 985
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 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 a corporate
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