Kiwi Property Investor Day presentation

Kiwi Property
Investor Day FY23
1
Kiwi Property
Investor Day
6 September 2022
Kiwi Property
Investor Day FY23

Kiwi Property
Investor Day FY23
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Past performance
Past performance information given in this document is given for
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future events which may or may not be correct. There is no assurance
or guarantee that actual outcomes will not materially differ from these
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as at the date of this document.
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is subject to investment and other known and unknown risks, some of
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Property Group Limited does not guarantee its performance or the
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Kiwi Property
Investor Day FY23
3
Delivering
on strategy
6 September 2022
Clive Mackenzie, Chief Executive Officer

Kiwi Property
Investor Day FY23
4
Speakers
Clive Mackenzie
Chief Executive Officer
G r e g To ll ey
Project Director,
Sylvia Park and BTR
David Schwartfeger
Project Director, Drury
Steve Penney
GM Funds Management
Linda Trainer
GM Asset Management
Aubrey Cheng
GM Income and Leasing
Angela Henderson
GM Digital
Gavin Parker
Chief Financial Officer
Ian Passau
GM Development

Kiwi Property
Investor Day FY23
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1. A deep dive into our
mixed-use strategy.
2. Increasing income and
asset values by creating
connected communities.
3. Developing our assets
during economic disruption.
4. Reshaping our portfolio
to drive higher long-term
growth and reduce risk.
What we’ll cover today

Kiwi Property
Investor Day FY23
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The five trends underpinning our strategy
Proactively responding to the evolving operating and economic environment
+
Urban
intensification
Retail
reinvention
New world
of work
Digital
acceleration
Economic
uncertainty

Kiwi Property
Investor Day FY23
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Kiwi Property’s integrated value creation strategy
Creating connected communities and delivering long-term growth
To create
connected
communities
Intensify
mixed-use
assets
Empower
customer
success
Grow
with diverse
capital
sources
D
e
v
e
l
o
p
I
n
v
e
s
t
O
p
t
i
m
i
s
e
C
u
r
a
t
e

Kiwi Property
Investor Day FY23
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Sustainability strategy overview
Kiwi Property is a leader in ESG within New Zealand’s property sector
Places
Create places that
promote wellbeing
Reduce our
environmental footprint
Develop sustainable
buildings
People
Foster wellbeing
in our communities
Embrace diversity
Enable our team
to succeed
Partnership
Partner with others to enhance
the wellbeing of our customers
Create shared value
with our tenants
Support sustainable
procurement

Kiwi Property
Investor Day FY23
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What is mixed-use?
Optimising assets by bringing together
a range of property types on one site
MIXED-USE
Retail
Residential
Dining and
entertainment
Office
Medical
HotelTransport

Kiwi Property
Investor Day FY23
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Mixed-use in action
Creating cities within cities where people can live, work and play
Britomart, Auckland.Top: King's Cross, London. Bottom: Assembly Row, Boston.

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Investor Day FY23
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Unlocking the full potential of our assets
Creating connected communities that are bigger and better than the sum of their parts
1. Diversifies revenue streams and
promotes through cycle returns.
2. Generates increased visitation and
more income from the same land area.
3. Unlocks halo benefit from increased
retail turnover and rental uplift.
4. Drives site-wide capitalisation rate
compression and valuation growth.
5. Builds a critical mass of customers,
workers and residents.
1+1=3

Kiwi Property
Investor Day FY23
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Quantifying the mixed-use halo
Attracting more customers promotes increased sales, higher rents and improved valuations
≥
7. 5%
Retail sales increase
>$
250m
Total mixed-use halo
2
Estimated Sylvia Park
mixed-use halo benefit
Estimated MAT
1
uplift
from mixed-use
1
PER 10,000 SQM
N O N-R E TA I L U S E
3.00.51.01.52.02.5
Hotel
High Density
Residential
Private
Hospital
Education
Office
Potential MAT uplift ($m)
Asset types
0.0
1. Moving annual turnover. Source: CBRE Retail Therapy: Shopping for Resilience in Retail Property (2020).
2. Mixed-use halo includes value upside from sales growth, capitalisation rate compression and ability to sustain a higher gross occupancy cost ratio.

Kiwi Property
Investor Day FY23
13
125 hectares of mixed-use opportunity
Kiwi Property’s extensive landholdings are a source of significant competitive advantage
Sylvia Park
Te Awa,
The Base
The
Brickworks,
LynnMall
Drury:
Artist's
impression

Kiwi Property
Investor Day FY23
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Kiwi Property is uniquely
placed to deliver mixed-use
We have the portfolio, the people and the strategy
to create world-class connected communities
Unparalleled portfolio
of large strategic
landholdings
• Mixed-use assets offer
significant redevelopment
potential.
• Scale of landholding enables
unique value creation
initiatives e.g. IKEA.
• In-house development, leasing
and asset management
capability drives operational
efficiency.
Mixed-use assets in
locations primed for
investment and growth
• Kiwi Property assets positioned
at 3 of Auckland’s
11 current or expected
metropolitan centres.
• Rapid intensification driving
trade area population and
expenditure growth.
• Significant Government
infrastructure funding
earmarked for mixed-use
locations.
Commitment to
managing risk and
safeguarding returns
• Landholding gives flexibility
to phase projects according to
funding and market conditions.
• No need to compete for
expensive land or acquisition
targets on-market.
• Multiple options to introduce
third-party capital across
properties or asset classes.

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Investor Day FY23
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Matching development to opportunity
Kiwi Property will manage the pace of its development programme to drive best outcome for shareholders
Development pipeline indicative investment allocation
ASSET CLASSNLA (SQM)CAPEX ($M)% OF SPEND
Residential (BTR)112,8001,44054%
Office52,20060022%
Large Format Retail59,00035013%
Hotel7,800853%
Retail5,800352%
Other28.8 hectares1606%
Total2 3 7,6 0 02,670100.0%
• ~$2.7b potential development
pipeline will help create significant
long-term value.
• New developments will be phased
according to market conditions to
optimise returns.
• Only $300m of capex currently
committed.
• Large landholdings provide
significant flexibility to dictate
development timing and only move
forward when the time is right.

Kiwi Property
Investor Day FY23
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Reshaping Kiwi Property’s portfolio
The composition of our asset base is set to change significantly over time
Kiwi Property’s future property portfolio
is expected to deliver:
• More diverse revenue and reduced
through-cycle income volatility.
• Higher total returns through greater
valuation and income growth.
• A more environmentally sustainable
asset base.
• Resilience to systemic changes in the
retail and office sectors.
RetailBTROceLFRDevelopment/Other
0%
20%
40%
60%
80%
100%
FutureCurrent
10%
5%
29%
56%
~5%
5–10%
15–25%
25–35%
40–50%
Portfolio composition(BY VALUE)

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Investor Day FY23
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1. Kiwi Property is uniquely
placed to deliver mixed-use
in New Zealand, diversifying
the company’s revenue
sources and increasing the
value of its assets.
2. Kiwi Property has an
unparalleled development
pipeline and will closely
manage the pace of its
construction programme to
maximise long-term value for
its shareholders.
3. The company is strongly
placed to navigate the
current period of economic
disruption and accelerate
growth as conditions
normalise.
4. Kiwi Property’s asset
portfolio is set to change
markedly in the years ahead,
becoming higher quality,
lower risk and offering
greater growth prospects.
Summary

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
19
Creating
value through
development
6 September 2022
Ian Passau, GM Development

Kiwi Property
Investor Day FY23
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What we’ll cover
• Creating value through property
development.
• Kiwi Property’s development
schedule and the extensive
opportunities that lie ahead.
• Development at our Sylvia Park,
LynnMall and Drury assets.
Vero Centre, Auckland.

Kiwi Property
Investor Day FY23
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Integrated development approach
Bringing people, property and placemaking together to create enduring, high-quality assets
People
Property
Placemaking

Kiwi Property
Investor Day FY23
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People
Property
Placemaking
Developing with customers and investors in mind
Maintaining strict financial and operational discipline through the development process
Proactive

Kiwi Property
Investor Day FY23
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Zoned for growth
Kiwi Property’s extensive landholdings provide significant flexibility
Sylvia Park
34 hectares
LynnMall
7 hectares
Drury
53 hectares

Kiwi Property
Investor Day FY23
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Development pipeline
Driving growth, reducing risk and creating value through a transformative development agenda
PROJECTCURRENT DEVELOPMENT
Sylvia Park
Te Kehu Way
BTR 1
LFR Stage 1
PROJECTFUTURE DEVELOPMENT OVER 10-15 YEARS
Sylvia Park
Carbine Office (Stage 1)
Carbine Road Mixed-Use
Sylvia Tower
BTR 2
LFR Stage 2-3
Carbine Road Commercial (Stage 2)
BTR 3 (Lynton Road)
BTR 4 (Carbine Road)
BTR 5 (Uptown)
Lynmall
Mixed-Use Tower 1
Drury
Mixed-Use
LFRCommercialResidentialMixed Use

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Investor Day FY23
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Sylvia Park:
Transforming
New Zealand’s
favourite shopping
centre into a
world class
mixed-use asset
Greg Tolley, Project Director, Sylvia Park and BTR

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Investor Day FY23
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Our ambition: to transform Sylvia Park from this...

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Investor Day FY23
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to this...

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Investor Day FY23
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...and ultimately this; a thriving, connected, sustainable city

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Investor Day FY23
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A bold vision
Sylvia Park 30-year masterplan
Retail / lifestyle
Residential
Commercial
Hospitality
Existing
Parking
Walkways
Open areas
Water bodies
Legend:
Southern Motorway
Train line
South Eastern Highway

Kiwi Property
Investor Day FY23
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Sylvia Park development schedule
Construction will be phased based on demand, market conditions and funding
LFR / IKEA
43 Carbine RdThe Sheds
Build to Rent 2
Build to Rent
3 Te Kehu Way
Sylvia Tower
Retail / lifestyle
Residential
Commercial
Hospitality
Existing
Parking
Walkways
Open areas
Water bodies
Legend:
Southern Motorway
Train line
South Eastern Highway

Kiwi Property
Investor Day FY23
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Sylvia Park: creating a city within a city
Rebalancing the precinct from retail to mixed-use
Sylvia Park asset composition current vs future state
Following the delivery of the
Sylvia Park development
schedule, the precinct will feature
an additional:
BTR:
+1,200 apartments
Hotel:
+140 rooms
LFR:
+16,400 sqm
Office:
+47,000 sqm
Retail:
+3,400 sqm
RetailOceLFRHotelBTR
Square metres
2022Future state
0
20,000
40,000
60,000
80,000
100,000
120,000

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Investor Day FY23
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Sylvia Park BTR
New Zealand’s first major BTR development
Overview:
• New Zealand’s first major BTR development
is underway.
• Spread over three separate buildings, up to
twelve levels high.
• Offering extensive services and facilities
including co-working, gym, residents’ lounge,
rooftop terrace.
Number of apartments295
Target environmental rating7 – 8 Home Star
Target completionQ2 2024
Target net yieldApprox. 4.5%
1
Target property IRR (10 year)> 8.0%
1. Stabilised.

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Investor Day FY23
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3 Te Kehu Way
The next step towards creating a thriving commercial precinct at Sylvia Park
Overview:
• Construction of 3 Te Kehu Way is well progressed.
• Caters to office, medical tenants, and hub-and-
spoke tenants.
• 30% leased and further 30% under advanced
negotiations.
• Key tenants include: IWG, Tamaki Health,
Horizon Radiology.
• Strong environmental focus, with a 6 Green Star
rating targeted.
Net lettable areaOffice: 5,700sqm
Medical: 1,600sqm
Target environmental rating6 Green Star
Target completionQ1 2023
Target net yield6.0%
1
Target property IRR9.0%
1. Stabilised.

Kiwi Property
Investor Day FY23
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Sylvia Park LFR
Unlocking the potential of Sylvia Park’s eastern precinct
Overview:
• 3.2ha of land conditionally sold to IKEA in
November 2021.
• Development of LFR centre planned adjacent
to the IKEA site.
• The combined IKEA / LFR development
will help:
• Attract customers and boost visitation
to Sylvia Park
• Diversify the site’s asset mix and drive
site-wide valuation uplift
• Accelerate the transformation of Sylvia
Park’s light industrial land.
Net lettable areaLFR 6,430sqm
Target completionQ3 2025
Target net yield~6.0%

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Investor Day FY23
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An exciting future ahead
The Sylvia Park development pipeline features a range of exciting prospects
Sylvia Tower.Carbine Road commercial.Sylvia Park BTR2.

Kiwi Property
Investor Day FY23
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LynnMall
Reshaping
New Zealand’s
first shopping
centre into a
thriving mixed-use
community

Kiwi Property
Investor Day FY23
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LynnMall masterplan
Creating a dynamic mixed-use asset in Auckland’s western suburbs

Kiwi Property
Investor Day FY23
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Mixed use tower
The next chapter in LynnMall’s continued evolution
Overview:
• Resource consent granted for a mixed-use tower at LynnMall.
• Expected to be the tallest building in west Auckland.
• Will integrate ground floor retail, three office levels and 19 floors
of residential apartments.
• Connects to LynnMall and is within 50m of New Lynn train station.
• Amenities to include co-working and a rooftop deck and leisure area.
• Built with sustainability in mind; 7–8 Homestar rating targeted.
Number of apartments245
Net lettable area2,360sqm retail
4,967sqm office
Target environmental rating7 – 8 Home Star
Target property IRR> 8.0%

Kiwi Property
Investor Day FY23
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Drury:
a unique
opportunity
to help shape
Auckland’s
future
David Schwartfeger, Project Director, Drury
Drury

Kiwi Property
Investor Day FY23
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Drury: poised for growth
60,000 people are expected to call the Drury region home within the next 30 years

Kiwi Property
Investor Day FY23
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800m
2km
Oyster Site
Fulton Hogan Site
Kiwi Site
Drury South
Auranga
Drury Village
800m
Legend

Proposed Drury Central Rail StaƟon
State Highway 1
Business - Metropolitan Centre
Business - Mixed Use
Residenital - THAB
ResidenƟal - Mixed Housing Urban
ResidenƟal - Mixed Housing Suburban
Open Space - Informal RecreaƟon
Moving forward at Drury
Resolution of private plan change will enable Kiwi Property to unlock value
• Council plan change appeal
now resolved, paving the way
for positive ruling by the
Environment Court.
• Metropolitan Centre zoning will
allow building up to 72m high,
enabling significant intensification
over time.
• Successful re-zoning expected to
deliver significant valuation uplift
with further opportunities ahead.

Kiwi Property
Investor Day FY23
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An exciting long-term vision
Kiwi Property has the potential to create an expansive and connected community over time
Drury masterplan.

Kiwi Property
Investor Day FY23
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Town centre masterplan
Setting the standard for transport oriented-development and urban design
• Kiwi Property’s site will be the location of the new
town centre, ultimately featuring:
• Residential: ~3,000 houses
• LFR/Retail: ~117,000 sqm
• Office: ~58,000 sqm
• Mixture of community and civic uses
• Transit oriented development with direct
motorway access.
• Approximately 90% of our land is located within
800m radius of the Drury Central Train Station.
• Application being lodged with Green Building Council
for New Zealand’s first major Green Star Community.
Drury masterplan.

Kiwi Property
Investor Day FY23
44
Drury development timeline
Adopting a phased approach
ACTIVITYYEAR
12345
Earthworks
Civil construction
Residential land available for sale
Stage 1 LFR
Traffic upgrades

Kiwi Property
Investor Day FY23
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Drury: a bright future ahead
Kiwi Property’s Drury development has the potential to deliver significant revenue and valuation growth over time
AlbanyDrury

Kiwi Property
Investor Day FY23
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Unlocking value at Drury
Kiwi Property’s Drury development is expected to deliver attractive long-term returns
Land cost
$54.9m
Current
market valuation
1

$114.2m
Expected returns
(property IRR)
>8%
1. As at 31 March 2022.

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
48
Investing
for the future
6 September 2022
Steve Penney, GM Funds Management and Capital Transactions

Kiwi Property
Investor Day FY23
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Our current focus and long-term
business vision
• Kiwi Property over time.
Investment strategy enablers
• Funding: capital recycling.
• Funding: co-investment platforms
and capital partnerships.
• Investment returns.
Investment strategy outcomes
Kiwi Property’s investment strategy
Today’s discussion

Kiwi Property
Investor Day FY23
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Investment strategy
Our current focus and our long term business vision
Current focus
• Targeted asset recycling.
• Stewardship of existing development projects
to completion.
• Monitoring markets for signs of stability
and investment opportunities.
Preparing to deliver
• +$2.7b of investment into existing mixed-use assets.
• Multiple capital sources.
• Establish a material investment management
income stream.
• Further investment into BTR to drive lower risk
and long-term returns.
Company transition
2022
10+ YEAR
TARGETS
Total assets$3.8b$6.5b–6.6b
1
Funds under management$0.2b$2.5b–2.9b
Investment management (% of income
2
)1%5–10%
BTR as a percentage of portfolio by income–15–25%
% of portfolio green rated36%55–65%
1. Reflects capital recycling activities, valuation growth and development pipeline.
2. Includes third party property management fees.

Kiwi Property
Investor Day FY23
51
KPG’s portfolio over time by property value
ASSET CLASSFY12FY22THE FUTURE
Retail65%56%40-50%
BTR––25–35%
Office28%29%15–25%
LFR–5%5-10%
Development7%10%~5%
Unrivalled investment opportunity
Today’s portfolio is a step closer to our future

Kiwi Property
Investor Day FY23
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Investment enablers
Capital recycling
Short term:
• Includes Northlands
and Westgate Lifestyle.
• Sell down of non-core assets
that are not aligned with KPG’s
mixed-use strategy.
Long-term:
• The Plaza.
• Drury – funding via capital
partnerships or partial land sales.

Kiwi Property
Investor Day FY23
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Investment enablers
Co-investment platforms and capital partnerships
CBD office co-investment platform
• Targeting an investment partner(s) with growth
aspirations to leverage our extensive asset management
and development capabilities.
• Strong fundamentals - high quality portfolio.
• Initial engagement with investors disrupted
by macro economic climate.
Establish co-investment platforms across our
mixed-use assets
• Partial sale of existing assets and a commitment to
invest in future development.
• Match capital to demand to maximise shareholder value.

Co-investment partner funding
Long term co-investment platforms
CBD oce co-investment platform
Long term capital recycling
Short term capital recycling
10-15 year average annual spend
250,000
0
500,000750,0001,000,000
NZ$000s
Kiwi Property
Investor Day FY23
54
Investment enablers
Funding our growth and success
Strategic capital funding options
in funding options
available to support
long-term development
$
2.5-
$
3.0b

Kiwi Property
Investor Day FY23
55
Investment enablers
Deliver competitive investment returns
• Target returns that are attractive
to investment partners.
• Target Property IRR: 8-8.5%+
1
.
• BTR NOI yield: 4.5-5.0%+.
• Commercial/LFR NOI yield:
5.5-6.0%+.
• Target NOI growth: 3.5%-4%+.
1. 10 year property IRR post fees.

Kiwi Property
Investor Day FY23
56
Investment strategy outcomes
Diversified income streams with significant income from BTR in the future
0%
20%
40%
60%
80%
100%
FY32–FY37FY22
58%
29%
9%
3%
1%
<3%
5-10%
40-50%
5-15%
15-25%
15–25%
Retail – Shopping Centre
Retail – Large Format Retail
Build-to-rent
O ce
Other Properties
Third Party/
Funds Management Fees
Income breakdown by sector

Kiwi Property
Investor Day FY23
57
Residential
RetailOce
Industrial
0%
50%
100%
150%
200%
250%
20182017201620152014201320122011201020092008
Investment strategy outcomes
Repositioning our portfolio over time for high quality, lower risk returns
Historical Beta for selected US REIT sectors 2008–2018
Source: NAREIT

Kiwi Property
Investor Day FY23
58
Investment strategy outcomes
Repositioning our portfolio over time for high quality, lower risk returns (cont.)
5 year risk/
return profiles
of selected
US listed
property
stocks to
29 July 2022
Global Real Estate – Strategy –
Welcome respite, summer lull
Research Report © UBS 2022. All
rights reserved. Reproduced with
permission. May not be forwarded
or otherwise distributed.
20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40%
25%
20%
15%
10%
5%
0%
RETURN
Lower risk
INDUSTRIAL
OFFICE
R E TA I L
RISK (ANNUALISED VOLATILITY)
BTR 
Higher risk

Kiwi Property
Investor Day FY23
59
Investment strategy outcomes
Long- term dividend growth
• Stable dividends expected
to be maintained through
transition period with asset
sales and large-scale
development.
• Targeting long-term
dividend growth
of at least 3% p.a.
Target dividend pathway
Current
Capital recycling
and investment
Dividend
growth phase

Kiwi Property
Investor Day FY23
60
Conclusion
Investment strategy outcomes
1. ~$2.5-3.0b of capital
available across asset sales
and co-investment platforms
to fund development.
2. Target ~$2.7b of AUM
growth from investment
over the next 10–15 years.
Flexibility to deliver when
market conditions are right.
3. Target 3% p.a. long term
dividend growth for
KPG shareholders.

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
62
Becoming a
leader in BTR
in New Zealand
6 September 2022
Linda Trainer, GM Asset Management

Kiwi Property
Investor Day FY23
63
1. Introduction to build-to-rent (BTR).
2. The macro conditions supporting
BTR growth in New Zealand.
3. Why Kiwi Property is strongly
placed to become a leader in BTR.
4. Options for growing BTR
and creating scale.
What we’ll cover today
Sylvia Park BTR: Artist’s impression.

Kiwi Property
Investor Day FY23
64
BTR: an exciting opportunity
for tenants and investors
• BTR is a commercial asset class and
represents a significant shift in New Zealand’s
traditional residential rental model.
• Offers residents the flexibility and
convenience of renting, coupled with
security of tenure.
• Residents enjoy quality accommodation,
extended tenancies and structured rental
increases.
• Successfully proven globally, with BTR the
largest investment asset class in the US and
growing fast in the UK and Australia.
Sylvia Park BTR: Artist’s impression.

Kiwi Property
Investor Day FY23
65
Declining house affordability
High house prices and rising interest rates are making it harder for Kiwis to buy a home
• Housing affordability has deteriorated and
in 2021, the median home cost 11 times the
average household income.
• Auckland median house prices remain out
of reach for many, with unaffordability
compounded by interest rate rises.
Median house price: AUCKLAND
House price to income ratio
600,000
400,000
800,000
1,00,000
1,200,000
1,400,000
2022202120202019201820172016201520142013201220112010
Median house price (NZD)
Price to income ratio
0
2
4
6
8
10
12
New ZealandAustraliaUnited KingdomIrelandCanadaUnited States
1987 or 1992 (earliest data)2021 median major markets
Source: REINZ monthly report July 2022Source: Demographia International Housing Affordability 2021

Kiwi Property
Investor Day FY23
66
Renting is on the rise
Rental accommodation is set to play an increasingly important role in Auckland’s housing mix
• Renters now account for around 50% of
Aucklanders aged 15 and over, with this number
expected to grow to ~60% by 2043.
• It takes the average New Zealander 12 years
to save a 20% deposit for a house in Auckland
in 2022, 4 years longer than in 2012.
Source: REINZ, IRD, JLL Research and ConsultancySource: Statistics NZ and JLL Research and Consultancy.
Shaded area in graph shows forecast period.
Time to save a deposit: AUCKLANDRenting demographics: AUCKLAND
Time required to save a 20% deposit (years)
0
2
4
6
8
12
10
14
202220212020201920182017201620152014201320122011
Number of renters
15-34 years35-49 years50-69 years70+ years
0
300,000
600,000
900,000
1,200,000
2043203820332028202320182013

Kiwi Property
Investor Day FY23
67
The downside of renting
The traditional New Zealand rental model has contributed to sub-optimal outcomes for many tenants
1.
Inconsistent
quality
2.
Uncertain
tenure
3.
Lack of rent
certainty

Kiwi Property
Investor Day FY23
68
BTR offers more than just a great place to live
Quality accommodation, secure tenancies and extensive amenities underpin a superior rental experience
Flexible tenure
Access to work, shopping
and entertainment
Professional management
Pets allowed
Quality amenities
Public transport
Ready to move in
Connected
communities

Kiwi Property
Investor Day FY23
69
BTR has the potential to become a major asset class
Conditions are conducive for BTR to grow quickly in New Zealand, just as it has offshore
• BTR accounted for 37% of US commercial
real estate investment volume in Q1 2022.
• Institutional BTR could comprise 5% of
Australia’s residential rental pool within a
decade, equal to 175,000 dwellings.
• BTR the fastest growing sector in UK real
estate, with supply increasing over 50%
per annum since 2015.
• 6,000 BTR homes could be built in
Auckland over the next decade, making
it a ~$5b asset class.
Source: Property Council of Australia, Delancey, CBRE, JLL.

Kiwi Property
Investor Day FY23
70
0%
1%
2%
3%
4%
5%
ResidentialOceIndustrial
The strong case for BTR at Kiwi Property
Kiwi Property is well placed to realise value from – and deliver - BTR in New Zealand
• Diversifies income and drives higher rental growth
than other property asset classes, with less volatility.
• Large landholdings mitigate upfront costs and
provide flexibility to scale at the right time.
• Supports site-wide capitalisation rate compression
and valuation uplift.
• Retail centres and transport nodes act as magnets to
attract tenants, unlocking cycle of growth.
• Strong increase in number of renters in mixed-use
catchments offers growing pool of potential tenants.
• Existing asset management, security and
maintenance platforms create operational synergies.
Rental growth by asset class
(JUNE 2010 -JUNE 2022)
Source: JLL Research, MBIE, Statistics New Zealand.

Kiwi Property
Investor Day FY23
71
An exciting potential BTR pipeline
Development will occur in line with funding and favourable market conditions
Sylvia Park BTR 1
295 apartments
LynnMall BTR 1
245 apartments
Sylvia Park BTR 2
262 apartments

Kiwi Property
Investor Day FY23
72
Kiwi Property’s ambition
is to become a leader in BTR
More than 1,800 apartments could be built based on current development pipeline
~
1,200
BTR apartments
at Sylvia Park
~
600
BTR apartments
at LynnMall
>
4.5%
Target
net yield
>
8%
Target
property IRR

Kiwi Property
Investor Day FY23
73
BTR: performing strongly offshore
Overseas BTR developments highlight potential to drive strong rents and high occupancy
LIV Indigo, Sydney.

Kiwi Property
Investor Day FY23
74
BTR investment
and management
platform
BTR operating and
ownership platform
• Leasing
• Marketing
• Digital and IT
• Development
• Asset management
Building a BTR operating platform
Leveraging Kiwi Property’s BTR investment to unlock additional revenue

Kiwi Property
Investor Day FY23
75
1. BTR is a new way of living that
responds to renters’ needs.
2. Current market conditions are
conducive to driving significant growth
in New Zealand’s rental market.
3. Kiwi Property’s mixed-use portfolio and
established operating platform make it
well placed to become a leader in BTR.
4. BTR will diversify the company’s
income sources and offer higher rental
growth than other property asset
classes, with less volatility.
Conclusion
Sylvia Park BTR: Artist’s impression.

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
77
The evolving
retail and office
landscapes
6 September 2022
Aubrey Cheng, GM Income & Leasing

Kiwi Property
Investor Day FY23
78
1. Office leasing.
2. Medical leasing.
3. Retail leasing.
What we’ll cover today

Kiwi Property
Investor Day FY23
79
Amenities
Employees
The flight to quality
Tenant requirements have evolved post COVID-19
FLIGHT TO QUALITY
Wellbeing
Collaboration
& client space
Environment
Flexi-working

Kiwi Property
Investor Day FY23
80


Responding to the changing requirements
of office tenants
• Reactive response.
• Work from home not
permanent.
• Flexi-working.
• Workplace strategy.
• Return to work.
• Increasing activity and enquiry.
• Immediate or 12-18 months.
• Flex & permanent.
• Fitouts a hassle.
• Local, corporate, government.
• Proximity to public transport.
• Smaller sizes 200-500sqm.
• 1,000-1,500sqm floorplate.
• Flexible leasing and fitouts.
COVIDACTIVITYREQUIREMENTS

Kiwi Property
Investor Day FY23
81
LEGEND
NO WORKS - OUT OF SCOPE
EXISTING WALLS TO BE REMAIN
NEW SOLID PARTITIONS
NEW SOLID PARTITIONS THROUGH CEILING
NEW GLAZED PARTITIONS
1. CONTRACTORS ARE REQUIRED TO VISIT THE SITE PRIOR TO PRICING TO
ASCERTAIN LOCAL CONDITIONS AND RESTRICTIONS LIKELY TO AFFECT THE
EXECUTION OF THE NEW WORKS.
2. ALL WORK SHALL COMPLY WITH THE BUILDING ACT AND ALL RELEVANT
AUCKLAND COUNCIL BYLAWS.
3. THE SETTING OUT OF THE WORKS SHALL BE THE COMPLETE RESPONSIBILITY
OF THE CONTRACTOR.
4. CONTRACTOR SHALL VERIFY ALL EXISTING AND NEW DIMENSIONS ON SITE
PRIOR TO COMMENCEMENT OF WORK.
5. ANY BUILDING MATERIALS DEFECTS OR BAD WORKMANSHIP SHALL BE THE
CONTRACTOR'S FULL RESPONSIBILITY TO REPLACE AND MAKE GOOD TO BEST
TRADE PRACTICE AT NO EXTRA COST TO THE CLIENT.
6. ALL ELECTRICAL WORK SHALL COMPLY WITH THE BUILDING ACT.
7. NO VARIATIONS IN COST OR BUILDING ALTERATIONS OUTSIDE THIS
CONTRACT ARE TO BE CARRIED OUT WITHOUT WRITTEN APPROVAL.
8. DRAWINGS ARE TO BE READ IN CONJUNCTION WITH THE RECOMMENDATIONS
OF THE FIRE REPORT.
9. ALL UNSPECIFIED WORK TO COMPLY WITH NZS 3604:2011 AND ITS
AMENDMENTS.
10. ALL PLUMBING AND DRAINAGE SERVICES WORK SHALL DISCHARGE INTO
EXISTING BUILDING PLUMBING AND DRAINAGE SYSTEM. ALL WORK SHALL
COMPLY WITH THE BUILDING ACT.
GENERAL NOTES
C
A
E
F
G
H
I
J
1234567891011
OUT OF SCOPE
L
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F
T
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F
T
L
I
F
T
L
I
F
T
L
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F
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EXIT STAIR
PARTNER (2)
PARTNER (3)
6PAX
6PAX
COMMS
RACK
JU.01
ZENITH
JU.05
JU.06
JU.02
MMEEEETT 22 ((66 PPAAXX))
QQUUIIEETT
KKIITTCCHHEENN
22--44PP MMEEEETT
CCOOLLLLAABB// BBRREEAAKK OOUUTT
UUTTIILLIITTYY
AARRRRIIVVAALL
JU.04
JU.10
JU.11
JU.12
M/WAVE
DISH/D
FRIDGE
134013401340
13401340
FFOOHH WWOORRKKSSPPAACCEE
DDEEEEDDSS
BBOOAARRDDRROOOOMM
0510 m
NO
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DDRRAAWWIINNGG
NNoo..
RREEVV..
A1
CLIENT:
CHECKEDSCALEDATEDRAWN
ORIGINAL SHEET SIZE
JOB NUMBER
DESIGN
PROJECT:
DRAWING TITLE:
www.stack.co.nz
COPYRIGHT in all drawings, specifications and other documents and
in the work executed from them remains the property of
Stack.
DIMENSIONS - Figured dimensions shall take preference over scaled.
Precedence shall be given to the largest scale drawing.
THE CONTRACTOR shall verify all dimensions on the job before
starting work or preparing shop drawings.
THE CONTRACTOR shall notify the Designer of any discrepancies.
127 Vincent Street Auckland Po Box 90220
Victoria Street West Auckland 1142
p: +64 9 909 0745
f: +64 9 909 0748
2000
1 : 100
B
C:\Users\iva.STACK\Documents\21023 EllisGould BC_PRICING V2020_iva8A6LQ.rvt
BC EXEMPTI ON
PROPOSED PLAN
ELLIS GOULD
LEVEL 31, 48 SHORTLAND ST.
VERO CENTRE, AUCKLAND
1010
21023
IP
IP
DP25.06.2021
A2000
JOINERY SCHEDULE
CODEDESCRIPTIONDWG #
JU.01KITCHENA5001
JU.02KITCHEN LEANER
JU.04PARTNER DESKS
JU.05UTILITYA5002
JU.06UTILITY WORK LEANERA5005
JU.10FEATURE SCREEN AA5004
JU.11FEATURE SCREEN BA5004
JU.12ENTRY TIMBER SCREENA5005
Scale: 1 : 100
PROPOSED PLAN
1
REV.DATEDESCRIPTIONISSUED BY
A2021.07.01PRELIMINARYIP
B2021.07.22ISSUE FOR BC EXEMPTIONIP
Performance focus:
• Maintain high occupancy (~700sqm).
• Accretive tenant retention.
• Positive leasing spreads.
• Pro active targeting & leasing.
Kiwi Property is well placed to succeed
in the evolving office landscape
Agile leasing:
• Large & small sizes.
• Fitout solutions (turnkey or part).
• Traditional rent + fitout rent.
• Scalable, flexible & pipeline across multi locations
Reference Imagery

Kiwi Property
Investor Day FY23
82
Medical office: unlocking an attractive new revenue stream
The creation of medical precincts at Kiwi Property
centres has the potential to deliver a number of
exciting opportunities:
• Aggregation of medical services.
• Strong fit for a mixed-use community.
• Magnet attracts customers and delivers
halo benefit.
• Growing & resilient tenant category.
• Increased rental from specialised fitout solution.

Kiwi Property
Investor Day FY23
83
Retail reinvented
The rise of omni-channel and the bifurcation of New Zealand retail
Bifurcation of retail & locations:
• Retailer response to changing spending habits.
• Big and/or local destinations poised to benefit.
• Kiwi Property mixed-use retail assets are ‘big retail
destinations’.
• Flagship stores create last mile distribution opportunity.
Omni channel:
• Online faces challenges with cost of returns, distribution
and climate impact.
• Online sales maturing.
• Omni channel more productive.
• Cross/up sell = retail instore + click & collect.
• Flagship stores offer full stock range, service and experience.
•$693mintotal sales(inclGST)
•Specialty and Commercial Services sales of $16,963sqm
(inclGST, like for like)
•Over12.8millioncustomer visits
•SylviaPark’s$277mLevel1retailexpansionopenedon15
October 2020fully leased, introducingmore than 50
new stores. The extensionspansover20,000 sqm(or
threerugbyfields)
•10story officetoweronsiteandnew 6leveloffice
tower (includingmedical)dueto open2023.
•Over250stores
•5000carparks, trainstationandmajor busroute
•NewESGstrategylaunchedin2021including
commitment to becoming netcarbonnegative.To date,
KPGhasreduced carbonemissionsby60%compared
to the2012baseline.
•Platinum Be.Lab accessibilityrating
•Net Promoter Score (NPS) rating of 46
IntroducingSylviaPark
All data is for the 12 months to August 2021 and includes GST. Sales in this period were affected by Covid 19 lockdowns. The information provided is accurate for the period, but it is
historic, Kiwi Property makes no representation over future sales and foot traffic. It is up to the Tenant to determine the profitability of its business through its own management.

Kiwi Property
Investor Day FY23
84
Driving sales growth through proactive asset
and tenant curation
Shopper needs & wantsBest practice 'big retail' mix
Essentials
Everyday
& functional
Aspirational
& experiences
R E TA I L
MIX
Width
& depth
Relevance
Services
Flagship
stores
Mini-Majors
& new brands
F&B +
entertainment
Experiential
& digital
Changing
demographics

Kiwi Property
Investor Day FY23
85
Sylvia Park: taking New Zealand's favourite shopping
centre to the next level
Sylvia Park continues to go from strength to strength:
• Over 250 stores including 20 mini majors
and 45 food and beverage operators.
• 11 new mini majors.
• 39 new retailers.
• Five majors plus IKEA.
• Flagship and first-to-market stores.
• Sylvia Park is 'everyday aspirational'.
Fivemajors.....

Kiwi Property
Investor Day FY23
86
Opportunity 1: responding to evolving demographics
Changing demographics provide
an opportunity to reach new
customer segments:
1. Increasing cultural diversity.
• Breadtop (Sylvia Park).
• Yum Cha (Sylvia Park).
• Planning for an Asian grocer.
2. New catchment profiles.
• Oscar Wylee (LynnMall).
• New international athleisure
(LynnMall).

Kiwi Property
Investor Day FY23
87
Opportunity 2: unlocking sales through regular re-mixing
• Strong growth in athleisure
and street-wear.
• LRF and lifestyle continues
to perform.
• Services retail bouncing back.
• Category leaders remain
a focus.
SylviaParkLifestyle

Kiwi Property
Investor Day FY23
88
Opportunity 3: the increasing role of experiences in retail
• Food and beverage is
both revenue stream
and customer magnet.
• Entertainment offering
grows more
sophisticated.
• Activate and digital
advertising emerging
as increasing sources
of income.

Kiwi Property
Investor Day FY23
89
Retail leasing conclusions
1. Kiwi Property is well placed
to succeed in the evolving
retail landscape, including
bifurcation of retail and rise
of omni-channel.
2. Changing demographics
provide opportunities to
reach new customers through
proactive curating of the
retail-mix.
3. Our mixed-use strategy will
help to create magnets that
attract customers, drive
sales and provide a strong
halo benefit.

www.kp.co.nz
Kiwi Property
Investor Presentation 2022
Thank you

Kiwi Property
Investor Day FY23
91
Creating
digitally enabled
communities
6 September 2022
Angela Henderson, GM Digital

Kiwi Property
Investor Day FY23
92
Harnessing digital to unlock new value
streams; creating synergy across the
shopping, working and living experience far
beyond what we know today.
A place where our assets are at the heart, our
customers are empowered and our business
is set up to thrive on a digital foundation.

There are two key objectives:
• Unlock additional value.
• Increase business efficiency.
The Vision:
SHOPPING
CENTRE

Kiwi Property
Investor Day FY23
93
Our investment in digital is targeting
those two key objectives through:
Unlocking Additional Value
• competitive advantage.
• enhanced engagement.
• elevated stickiness.
Increasing Business Efficiency
• streamlined operations.
• simplified processes.
• increased connectivity.
$
MALL
$
HOTEL
A Connected
Community
Simplified
Operations
The experience we create.A business that is fit to deliver it.

Kiwi Property
Investor Day FY23
94
Moving us from:
Individual disconnected
physical assets
MALL
Park
Dine
Shop
Connect
Community
Help
Entertainment
Park
Access
Collect
Connect
Dine
Community
Help

Kiwi Property
Investor Day FY23
95
To..
A digitally
connected
customer
ecosystem

Built by a..
Digitally enabled
business
continually
unlocking
additional value
through rich
customer data.
MALL
Connect
Entertainment
Book
Fix
Collect
Community
Help
Park
Dine
Shop
Order
Learn
Plan
Navigate
Access

Kiwi Property
Investor Day FY23
96
There are six key threads which tie the assets
& experience together; not just for customers
but tenants alike.
“(online shopping) is
definitely more convenient
but that fun part of going to
the mall is missing.. I do miss
the experience aspect.”
“I find it hard to figure out
where to park/enter to get to
the shops I actually need to
go to. I always end up at the
wrong door & having to walk
the length of the mall.”
Navigation Communication
Guidance + Service
Navigation
Parking + Transport
Facilities + Experience
Community
Facilities + Experience
Communication
“A platform to streamline (communication) would make sure tenants
actually receive the information that they need, when they need it.”

Kiwi Property
Investor Day FY23
97
Where do we sit currently?
Digitally Enhanced Experiences
Physical Asset Spread
A Gold Standard
Connected
Community
Retail
Residential
Commercial
Education
Health
Retail
Commercial
Residential
Retail
Commercial
Retail
Retail
Commercial
Residential
Retail
Commercial

Kiwi Property
Investor Day FY23
98
Digitally Enhanced Experiences
Physical Asset Spread
A Gold Standard
Connected
Community
Retail
Residential
Commercial
Education
Health
Retail
Commercial
Residential
Retail
Commercial
Retail
Retail
Commercial
Residential
Retail
Commercial
Retail
Commercial
Residential
Where are we aiming and what will it take?
BTR Build
Digitally
Connecting Assets

Kiwi Property
Investor Day FY23
99
Digital disruption is happening in every industry...
but smart businesses are harnessing the move to digital by unlocking new value in their physical assets.
CITIZEN M transformed the hotel industry by connecting
their entire customer experience through the use of digital
interactions; transforming what was once a traditionally
physical asset unlocking further value that digital had to offer.
• Seamless customer experience.
• Digital check in.
• Digitally controlled room ambience.
THE MARKET has elevated the Warehouse Group’s portfolio
transforming the online shopping industry in New Zealand.
Bringing brands together in one space digitally for consumers
to continue to shop from all the brands they love in a way that
was traditionally only reserved for physical malls.
• A multi brand experience.
• Convenience of choice.
• Utilising the things customers love about malls and
integrating into a digital experience to elevate their portfolio.

Kiwi Property
Investor Day FY23
100
So, this is how we are responding..

Kiwi Property
Investor Day FY23
101
Four digitally enabled portfolios...
that come together to create a connected experience for the
customer & the business.
Each portfolio brings
the experience to life
in a way that is:
• Personalised.
• Accessible.
• Flexible.
• Mobile first.
A Connected Community +Efficient Business Operations
MALL
$
HOTEL
MALL
$
MALL
The Customer 360
The Mobile Shopper
The Connected Tenant
The Smart Resident
$

Kiwi Property
Investor Day FY23
102
The components
Integrated AppReporting SuiteTenant Web AppWebsiteMicrosoft 365
Software Elements
Marketing ToolsData MonetisationEmployee Wellbeing AppResident App
Hardware ElementsCorporate WebsiteHardware ElementsLeasing Platform
(Rent Cafe)
Website
(Mixed/Single use)
Mobile ShopperCustomer 360Connected TenantSmart ResidentBusiness Simplification
MALL
$
$

Kiwi Property
Investor Day FY23
103
Creating ROI through...
Enhanced competitive
advantage
We already have a
greater variety of
assets than our local
competitors and by
connecting them
digitally we will increase
our competitive
advantage.
Increased business
efficiency
Enhancing our digital
reach and customer
data capture to support
more informed
business decisions;
keeping us ahead of
the curve, working on
value add activity.
A ‘sticky’ customer
experience
By leveraging data
to create more
personalised
experiences that
engage customers
through connecting
more avenues of their
life to keep them
coming back for more.
Improved customer
satisfaction
By making our entire
experience easy,
empowered and
enriched, customers
will be more likely
to be satisfied in their
experience.

Kiwi Property
Investor Day FY23
104
What does this actually look like?

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
106
Putting our
costs and earnings
in context
6 September 2022
Gavin Parker, Chief Financial Officer

Kiwi Property
Investor Day FY23
107
• We have an ‘in-house’ operating model.
• Appropriate to consider corporate costs
and direct property expenses together.
• Accounting treatment for costs is not
necessarily comparable across REITs.
• Compliance costs increased over
recent years.
• Investing in new capabilities to drive
growth and deliver strategy.
• Normalisation of FY21 and FY22 COVID
impacts makes comparison relevant.
MER and earnings analysis
Clarifying the factors behind Kiwi Property’s expenses and earnings

Kiwi Property
Investor Day FY23
108
Expenses/assets ratio analysis
Kiwi Property’s expenses have declined relative to assets since 2015
Total expenses
Expenses/assets ratio
Average total assets
0
20
40
60
80
100
20222021202020192018201720162015
Total Expenses ($m)
CAGR (%)
Total expensesCAGR from 2015 (RHS)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
1,000
1,500
2,000
2,500
3,000
3,500
4,000
20222021202020192018201720162015
Total Assets ($m)
CAGR (%)
Average total assetsCAGR from 2015 (RHS)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
20222021202020192018201720162015
Expenses/assets ratio (%)
CAGR (%)
Expenses/assets ratio
CAGR from 2015 (RHS)
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%

Kiwi Property
Investor Day FY23
109
Expenses/property income
1
ratio analysis
Kiwi Property’s ratio of expenses to income has remained largely constant
Total expenses
Expenses/income ratio
Property income
0
20
40
60
80
100
20222021202020192018201720162015
0.0%
1.0%
0.5%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Total Expenses ($m)
CAGR (%)
Total expensesCAGR from 2015 (RHS)
0
50
100
150
200
250
300
20222021202020192018201720162015
Total prop. income ($m)
CAGR (%)
Property incomeCAGR from 2015 (RHS)Covid normalisation
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
1. FY21 & FY22 normalised for COVID impact
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
20222021202020192018201720162015
Expenses / income ratio (%)
CAGR (%)
Expenses/income ratio
CAGR from 2015 (RHS)
0.00%
0.04%
0.08%
0.12%
0.16%
0.20%

Kiwi Property
Investor Day FY23
110
AFFO and dividend analysis
1
Normalised AFFO (cps) has risen over 21% since 2017
AFFODividends paid
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
202220212020201920182017
Total AFFO [cps]
CAGR (%)
AFFOCAGR from 2017 (RHS)Covid normalisation
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
202220212020201920182017
Dividends paid [cps]
Dividends payout (%)
Target AFFO payout band [%]
Payout to normalised AFFO [%]
Dividends paid
40%
50%
60%
70%
80%
90%
100%
110%
120%
1. FY21 & FY22 normalised for COVID impact

Kiwi Property
Investor Day FY23
111
Geographic weightings
Re-weighting of portfolio to Auckland offers improved growth and resilience
Geographic weighting by value
0%
20%
40%
60%
80%
100%
20222021202020192018201720162015
64
5
12
10
9
64
4
15
9
8
61
9
14
9
7
66
9
10
8
7
70
9
7
8
6
73
8
7
7
5
77
6
7
5
5
78
6
7
5
4
AucklandHamiltonWellingtonChristchurchPalmerston North
Geographic weighting (%)

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

Kiwi Property
Investor Day FY23
113
Conclusion
6 September 2022
Clive Mackenzie, Chief Executive Officer

Kiwi Property
Investor Day FY23
114
Creating strong returns for shareholders
Kiwi Property is committed to delivering long-term dividend and value growth
Transformative
Development
Pipeline
Robust
Funding
Solution
Effective
Strategy
Resilient
Assets
Leading
Property
Portfolio
++
=
Strong
shareholder
returns

www.kp.co.nz
Kiwi Property
Investor Day FY23
Thank you

---

NZX RELEASE
6 September 2022
Kiwi Property Investor Day presentation


Kiwi Property is today holding an Investor Day, where senior members of the
management team will update investors and analysts about the company’s strategy
and direction.

Please find the presentation attached.

Ends

Contact us for further information:
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