FY23 Interim Results Release

.1
22.11.2022
Market Release
FY23 Interim Result
Argosy will present the FY23 interim result via a teleconference and webcast at 10am
today. Please visit https://s1.c-conf.com/diamondpass/10026640-dlz5m8.html or dial 0800
453 055 and quote the conference ID 10026640. It is recommended that you dial in or log
in a few minutes before the start time. A copy of the webcast will be available on
Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the six
months to 30 September 2022.
Key highlights for the period include:
• Net property income of $55.0 million, up 3.6%;
• Net distributable income of $32.9 million (flat on pcp);
• Adjusted Funds From Operations (AFFO) of $32.0 million, up 25.7%;
• Continued h igh occupancy (98.9%) and WALT (5.5 years);
• Strong portfolio leasing and rent review outcomes over the first half of the year, including
2.6% annualised rental growth on rents reviewed;
• Modest $23.5 million r evaluation loss resulting in a decrease in NTA per share to $1.72
from $1.74 at 31 March 2022;
• Continued successful focus on sustainability and progressing green developments; and
• Unchanged FY23 dividend guidance of 6.65 cents per share, a 1.5% increase on the
prior year
Chairman Jeff Morrison said, “The Board is very pleased with the way the company has
continued to build on the foundations laid in prior years in the first six months of FY23. While
rising interest rates, inflation and cost of living concerns continue to create headwinds for
the economy, Argosy has continued to deliver on strategy underpinned by a robust capital
position and resilient portfolio.
A key benefit of Argosy’s portfolio is the resilience that diversification by location and sector
provides through various economic cycles.

.2
The bottom-up fundamentals of the Auckland Industrial and Wellington Office sectors
remain strong, with both experiencing ongoing rental growth and low vacancy levels.
Rental income from Government tenancies also helps to underpin the company’s earnings
and dividends.
Argosy continued to execute on its Value Add opportunities over the first six months with the
completion and formal opening of 8-14 Willis Street in Wellington for Statistics New Zealand
in July.
Based on current projections for the portfolio and subject to market and interest rate
conditions, FY23 dividend guidance is reiterated at 6.65 cents per share, a 1.5% increase on
the prior year.”
Argosy’s Chief Executive Officer, Peter Mence said “We have started the year very well.
Operationally, the business is in good shape with several new leases and renewals being
addressed. The Auckland Office leasing market has proven to be more resilient than many
expected, particularly in the non-CBD segment. The current environment is showing a
decided preference by tenants for sustainable green rated buildings, and this is providing
benefits from decisions made by the company up to a decade ago.
The development team have continued to progress our Value Add opportunities at Mt
Richmond, Neilson Street and 105 Carlton Gore Road which is now over 50% leased. We
continue to receive strong market enquiry for these properties which underpin our green
development pipeline over the next few years.
We expect that the next 12 months will be challenging for the domestic economy but
believe the business is well placed and expect dividends to be consistent with guidance.
We will remain focused on achieving the best long term results for our shareholders while
being cognisant of the immediate hurdles and opportunities. To do this, we will continue to
develop our Value Add opportunities to deliver high quality, vibrant green spaces for our
tenants that support their growth aspirations. We will continue to focus on working with our
customers, addressing expiries and leasing vacancy within the portfolio. We expect to see
further rental growth in the portfolio over the next six months. All of these activities support
the delivery of our strategy and sustainable distributions to shareholders.”
Financial Results
Statement of Comprehensive Income
For the six months to 30 September, Argosy reported net property income of $55.0 million for
the period, up 3.6% compared with the prior comparable period.
The net property income increase was driven by steady like for like rental growth of 3.6%,
part period contributions from acquisitions (Maui Street) and developments (Willis Street)
and lower Covid-19 rent rebates over the period, offset by disposals.

.3
Net interest expense of $16.3 million was up $3.2 million on the prior comparable period, due
to higher floating interest rates and higher debt volume from acquisitions and development
expenditure.
An internal assessment of property valuations was undertaken at the end of the period and
reviewed by an independent valuer. Based on the internal assessment, a total unrealised
revaluation loss for the period of $23.5 million, or a 1% decrease to book value as at 30
September 2022, was adopted. Chairman Jeff Morrison said, “Although there is little
transactional evidence, the Argosy Board believed it was prudent to reflect wider market
expectation around softening market conditions up to 30 September.”
Argosy also received $3.0 million during the period from the defaulting purchaser under the
March 2020 contract for the sale of the Albany
Lifestyle Centre. The sale of the property to
an alternative purchaser was subsequently completed in May 2021.
Distributable Income
Net distributable income for the six months was $32.9 million, stable compared to $33.0
million in the prior comparable period.
AFFO
AFFO for the six months was $32.0 million which was up by $6.5 million on the $25.5 million
recorded in the prior comparable period. The prior comparable period included $7.2 million
in façade repairs at 7 Waterloo Quay. These repairs are now complete.
NTA
As a result of the interim internal assessment, Argosy’s NTA decreased to $1.72, from $1.74 at
31 March 2022.
Portfolio Activity
Portfolio Metrics, Rent Reviews and Leasing
As at 30 September, Argosy’s WALT was 5.5 years and portfolio occupancy was 98.9%, up
slightly from 98.7% at 31 March 2022.
For the six months to 30 September, Argosy completed 53 rent reviews achieving annualised
rental growth of 2.6%. These reviews were achieved on rents totalling $27.0 million. On rents
subject to review by sector, Argosy achieved annualised rental growth of 2.4% for Industrial
rent reviews, 2.8% for Office rent reviews and 3.5% for Large Format Retail rent reviews.
For the first six months of the 2023 financial year, 87% of rents reviewed were subject to fixed
reviews and 12% were market reviews.

.4
Argosy completed 19 leasing transactions across 21,046m
2
of NLA over the six months to 30
September. Lease transactions were made up of new leases (9), extensions (2) and
renewals (8). Notably, leasing enquiry remains almost exclusively focused on sustainable
green rated premises.
Key leasing highlights over the financial period include:
• Ministry for the Environment, 8 Willis Street, 2,225m
2
on a new 6 year lease;
• Alchemy Equipment Limited, 360 Lambton Quay, 115m
2
on a new 7 year lease;
• Macpac New Zealand Limited, 360 Lambton Quay, 389m
2
on a new 6 year lease;
• Bentley and Co Limited, 23 Customs Street, 204m
2
on a new 6 year lease;
• Harbour Cancer Centre, 105 Carlton Gore Road, 755m
2
on a new 12 year lease;
• Stantec New Zealand, 105 Carlton Gore Road, 1,606m
2
on a new 8 year lease;
• Briscoes Group Limited, Albany Mega Centre, 3,568m
2
renewed for 6 years;
• The Sports Authority (Rebel Sports), Albany Mega Centre, 2,083m
2
renewed for 6 years;
• Lighting Direct, Albany Mega Centre, 571m
2
renewed for 6 years; and
• Mainfreight, 32 Bell Ave, 8,139m
2
renewed for 12 months.
“We continue to see strong bottom-up fundamentals, including low vacancy and strong
rental growth in the Auckland Industrial market. The Auckland Industrial sector is forecast to
contribute solid returns over the next few years and, with half of our portfolio in this sector,
the portfolio remains well positioned to deliver attractive long term returns to shareholders.”
said Peter Mence.
Acquisitions
Argosy acquired an Industrial property at 100 Maui Street (Maui Street), located in Pukete,
Hamilton for $33.1 million early in the period. The Maui Street acquisition is consistent with
Argosy’s strategy and enhances its exposure to the attractive Industrial sector.
Prolife Foods are the tenant and a local food manufacturer, making them an essential
service and high-quality tenant. The property includes 8,100m
2
of vacant land for
development in the future.
Divestment of non Core Assets
During the period, Argosy settled the sale of 25 Nugent Street in Auckland, for $22.0 million.
Argosy regularly reviews its investment portfolio as part of its capital management planning
and will divest assets which no longer meet its investment criteria, redeploying those funds
into green Value Add opportunities.

.5
Developments
105 Carlton Gore Road, Newmarket
Argosy’s $35 million green redevelopment continues to track well with an expected
completion date in May 2023. The building is now targeting 6 Green Star certification
(previously 5 Star) and is forecast to be valued at $65 million on completion, generating an
IRR of 7.2% and a yield on cost of 5.3%.
Activity in the Auckland leasing market has been encouraging with new lease
commitments secured for two tenancies making up approximately 50% of the building by
net lettable area. Harbour Cancer Centre (HCC) and Stantec New Zealand (Stantec) have
signed up to long term leases. HCC have committed to a 12 year lease for 755m
2
on the
ground floor. Stantec have committed to an 8 year lease for 1,606m
2
of space including all
Level 4 (1,086m
2
) and part Level 3 (~520m
2
).
We are in advanced exclusive negotiations with an international tenant for a further floor in
this building (~1,086m
2
).
Capital Management
As at 30 September, Argosy’s debt to total assets ratio, excluding capitalised borrowing
costs, was 32.5% compared to 31.1% at 31 March 2022. The increase in the ratio
1
reflects the
net impact of acquisitions/developments, and the small revaluation decline during the
period.
Argosy’s gearing remains towards the bottom end of its target gearing band of 30-40%, and
well below its bank covenant of 50%. The Board is comfortable there is sufficient capacity to
accommodate known, medium term funding requirements.
During the period Argosy increased and extended its syndicated bank facilities with ANZ
Bank of New Zealand Limited, Bank of New Zealand Limited, The Hongkong and Shanghai
Banking Corporation, Commonwealth Bank of Australia and Westpac New Zealand Limited.
Argosy has also announced that Industrial and Commercial Bank of China Limited (ICBC)
has joined the syndicate. The total amount of the bank facility has increased by $20 million
and is now $475 million. Argosy’s weighted average debt tenor, including bonds, was 3.7
years (3.5 years at 31 March 2022) with the nearest tranche of bank debt expiring in April
2025. Its weighted average interest rate was 5.00% (4.14% at 31 March 2022).



1
The ratio excludes the right of use asset at 39 Market Place of $40.2 million, recorded under NZ IFRS 16.

.6
Strategy and Governance
Chairman Jeff Morrison said “The world is experiencing economic and geopolitical volatility
which continues to impact global financial markets. Argosy is mindful of this and remains
committed to delivering on its investment strategy.
We will continue to drive growth into the attractive Auckland Industrial sector and build an
increasingly sustainable and green portfolio. Our key deliverables over the remainder of
FY23 include completing existing developments, commencing new green projects, leasing
new developments and residual portfolio vacancies and addressing key expiries.
Our big strategic goals coupled with our current year objectives, continue to support the
delivery of sustainable dividend growth over the long term.”
Dividends and Outlook
A second quarter dividend of 1.6625 cents per share has been declared for the September
quarter with 0.159398 cents per share imputation credits attached. Overseas investors will
receive an additional supplementary dividend of 0.072332 cents per share to offset non-
resident withholding tax. The record date for the dividend is 7 December 2022 and the
payment date is 21 December 2022. The Dividend Reinvestment Plan remains suspended for
now.
Jeff Morrison said “Subject to market conditions including interest rate increases, the
forecast FY23 dividend guidance of 6.65 cents per share, a 1.5% increase on the prior year,
is reiterated.
Argosy has started the FY23 year off well, underpinned by its strong financial position and its
diversified portfolio of increasingly green and resilient assets delivering sustainable dividend
growth to shareholders.”
-END-
.6

Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3400
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3400
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

---

Interim Financial
Statements
30 September 2022

CONSOLIDATED FINANCIAL STATEMENTS
Contents
Condensed Consolidated Interim Statement of Financial
Position
4
Condensed Consolidated Interim Statement of
Comprehensive Income
5
Condensed Consolidated Interim Statement of Changes
in Equity
6
Condensed Consolidated Interim Statement of Cash
Flows
7
Notes to the Condensed Consolidated Interim Financial
Statements
8
Independent Review Report17
3
Interim Financial Statements 30 September 2022Argosy Property Limited

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022 (UNAUDITED)
Note
Group (unaudited)
30 September 2022
$000s
Group (audited)
31 March 2022
$000s
Non-current assets
Investment properties
4
2,283,5512,247,715
Derivative financial instruments
6
18,19212,157
Other non-current assets202246
Total non-current assets
2,301,9452,260,118
Current assets
Cash and cash equivalents1,5591,663
Trade and other receivables2,9794,306
Other current assets1,0963,459
5,6349,428
Investment property classified as held for sale
5
–22,000
Total current assets
5,63431,428
Total assets
3
2,307,5792,291,546
Shareholders' funds
Share capital
7
820,069819,857
Share based payments reserve276385
Retained earnings634,638651,880
Total shareholders' funds
1,454,9831,472,122
Non-current liabilities
Interest bearing liabilities
8
732,974696,475
Derivative financial instruments
6
43,73841,515
Non-current lease liabilities40,01140,074
Deferred tax15,49312,687
Total non-current liabilities
832,216790,751
Current liabilities
Trade and other payables15,21921,999
Taxation payable714331
Current lease liabilities121116
Derivative financial instruments
6
31747
Other current liabilities4,2953,280
Deposit received for investment property classified as held for sale
5
–2,200
Total current liabilities
20,38028,673
Total liabilities
852,596819,424
Total shareholders' funds and liabilities
2,307,5792,291,546
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 21 November 2022
The notes to the accounts form part of and are to be read in conjunction with these consolidated
financial statements.
4
Interim Financial Statements 30 September 2022Argosy Property Limited

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2022
$000s
Group (unaudited)
Six months to
30 September 2021
$000s
Gross property income from rentals60,43456,395
Gross property income from expense recoveries9,4699,884
Property expenses(14,949)(13,213)
Net property income
3
54,95453,066
Administration expenses5,1885,846
Profit before financial income/(expenses), other gains/(losses)
and tax
49,76647,220
Financial income/(expenses)
Interest expense
9
(16,324)(13,104)
Gain/(loss) on derivative financial instruments held for trading4,5296,991
Interest income358
(11,760)(6,105)
Other gains/(losses)
Revaluation gains/(losses) on investment property
4
(23,498)91,674
Realised losses on disposal of investment property(359)(1,885)
Settlement for failed sale of investment property3,000–
(20,857)89,789
Profit before income tax attributable to shareholders
17,149130,904
Taxation expense
10
6,4503,863
Profit and total comprehensive income after tax
10,699127,041
All amounts are from continuing operations.
Earnings per share
Basic and diluted earnings per share (cents)1.2615.10
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
5
Interim Financial Statements 30 September 2022Argosy Property Limited

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022 (UNAUDITED)
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2022 (unaudited)
Shareholders' funds at the beginning of the period
819,857385651,8801,472,122
Total comprehensive income for the period
––10,69910,699
Contributions by shareholders
Dividends to shareholders––(27,941)(27,941)
Equity settled share based payments212(109)–103
Shareholders' funds at the end of the period
820,069276634,6381,454,983
For the six months ended
30 September 2021 (unaudited)
Shareholders' funds at the beginning of the period
809,230659470,7461,280,635
Total comprehensive income for the period
––127,041127,041
Contributions by shareholders
Issue of shares from Dividend Reinvestment Plan7,472––7,472
Issue costs of shares(24)––(24)
Dividends to shareholders––(27,339)(27,339)
Equity settled share based payments480(377)–103
Shareholders' funds at the end of the period
817,158282570,4481,387,888
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
6
Interim Financial Statements 30 September 2022Argosy Property Limited

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022 (UNAUDITED)
Group (unaudited)
Six months to
30 September 2022
$000s
Group (unaudited)
Six months to
30 September 2021
$000s
Cash flows from operating activities
Cash was provided from:
Property income70,74668,104
Interest received358
Taxation received–770
Settlement for failed sale of investment property3,000–
Cash was applied to:
Property expenses(11,883)(10,103)
Interest paid(13,843)(11,666)
Interest paid for ground lease(1,005)(1,007)
Employee benefits(4,172)(2,600)
Taxation paid(2,715)–
Other expenses(2,592)(3,071)
Net cash from/(used in) operating activities
37,57140,435
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals19,95094,893
Cash was applied to:
Capital additions on investment properties(30,035)(30,750)
Capitalised interest on investment properties(2,220)(2,136)
Purchase of properties, deposits and deferrals(33,168)(13)
Net cash from/(used in) investing activities
(45,473)61,994
Cash flows from financing activities
Cash was provided from:
Debt drawdown64,01619,548
Cash was applied to:
Repayment of debt(27,577)(101,351)
Dividends paid to shareholders net of reinvestments(28,185)(19,955)
Issue cost of shares(10)(25)
Repayment of lease liabilities(58)(58)
Bond costs(31)(18)
Facility refinancing fee(357)(164)
Net cash from/(used in) financing activities
7,798(102,023)
Net increase/(decrease) in cash and cash equivalents
(104)406
Cash and cash equivalents at the beginning of the period1,6631,762
Cash and cash equivalents at the end of the period
1,5592,168
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
7
Interim Financial Statements 30 September 2022Argosy Property Limited

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Argosy Property Limited (APL or the Company) is an FMC
Reporting Entity under the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013. APL is incorporated under
the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties
which include Industrial, Office and Large Format Retail
properties, predominantly in Auckland and Wellington.
These condensed consolidated interim financial statements
(interim financial statements) are presented in New Zealand
dollars which is the Company's functional currency and have been
rounded to the nearest thousand dollars ($000) and include those
of APL and its subsidiaries (the Group).
These interim financial statements were approved by the Board
of Directors on 21 November 2022.
2. BASIS OF PREPARATION
Statement of compliance
These interim financial statements have been prepared in
accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and comply with NZ IAS 34 and IAS 34
Interim Financial Reporting as applicable to the Company as a
profit-oriented entity. These interim financial statements do not
include all of the information required for full annual financial
statements.
The interim financial statements have been prepared on the
historical cost basis except for derivative financial instruments
and investment properties which are measured at fair value.
Use of estimates and judgement
The preparation of financial statements in conformity with NZ
GAAP requires the use of certain critical accounting estimates
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The area involving a
higher degree of complexity, and where assumptions and
estimates are significant to the financial statements is note 4 -
valuation of investment property.
Change in accounting policies
Accounting policies and methods of computation have been
applied consistently to all periods and by all Group entities.
New accounting standards adopted
At the date of authorisation of these financial statements, the
Group has not applied any new or revised NZ IFRS standards and
amendments that have been issued but are not yet effective.
8
Interim Financial Statements 30 September 2022Argosy Property Limited

3. SEGMENT INFORMATION
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to segments and assess
their performance.
The information reported to the Group’s Chief Executive Officer includes investment property information aggregated into three
business sectors, Industrial, Office and Large Format Retail, based on what the occupants actual or intended use is. Segment profit
represents profit earned by each segment including allocation of identifiable revaluation gains/(losses) on investment properties and
gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2022
$000s
2021
$000s
2022
$000s
2021
$000s
2022
$000s
2021
$000s
2022
$000s
2021
$000s
Segment profit
Net property income
1
25,92924,80022,07622,2386,9496,02854,95453,066
Realised gains/(losses) on
disposal of investment
properties
(4)(645)(321)(1,240)(34)–(359)(1,885)
Settlement for failed sale of
investment property
––––3,000–3,000–
25,92524,15521,75520,9989,9156,02857,59551,181
Revaluation gains/(losses) on
investment properties
(22,040)83,911(9,073)6,2737,6151,490(23,498)91,674
Total segment profit
2
3,885108,06612,68227,27117,5307,51834,097142,855
Unallocated:
Administration expenses(5,188)(5,846)
Net interest expense(16,289)(13,096)
Gain/(loss) on derivative financial instruments held for trading4,5296,991
Profit before income tax
17,149130,904
Taxation expense(6,450)(3,863)
Profit for the period
10,699127,041
1. Net property income consists of revenue generated from external tenants less property operating expenditure.
2. There were no inter-segment sales during the period (30 September 2021: Nil).
9
Interim Financial Statements 30 September 2022Argosy Property Limited

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
3. SEGMENT INFORMATION (CONTINUED)
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2022
(unaudited)
Current assets3901,8848553,129
Investment properties1,146,408906,202230,9412,283,551
Total segment assets
1,146,798908,086231,7962,286,680
Unallocated assets20,899
Total assets
2,307,579
Segment assets as at 31 March 2022 (audited)
Current assets1,5724,2411,5067,319
Investment properties1,126,975897,540223,2002,247,715
Non-current assets classified as held for sale–22,000–22,000
Total segment assets
1,128,547923,781224,7062,277,034
Unallocated assets14,512
Total assets
2,291,546
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to reportable
segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets that cannot be
allocated to particular segments.
4. INVESTMENT PROPERTIES
Industrial
Six months to
30 September
2022
$000s
Office
Six months to
30 September
2022
$000s
Large Format Retail
Six months to
30 September
2022
$000s
Group (unaudited)
Six months to
30 September
2022
$000s
Movement in investment properties
Balance at 1 April 20221,126,975897,540223,2002,247,715
Acquisition of property33,210––33,210
Capitalised costs8,73818,30819527,241
Change in fair value(22,040)(9,073)7,615(23,498)
Change in capitalised leasing costs(113)(246)(20)(379)
Principal repayment of lease liability–(58)–(58)
Change in lease incentives(362)(269)(49)(680)
Investment properties at 30 September
1,146,408906,202230,9412,283,551
Less lease liability (39 Market Place)–(40,132)–(40,132)
Investment properties at 30 September excluding
NZ IFRS 16 lease adjustments
1,146,408866,070230,9412,243,419
10
Interim Financial Statements 30 September 2022Argosy Property Limited

4. INVESTMENT PROPERTIES (CONTINUED)
Industrial
12 months to
31 March 2022
$000s
Office
12 months to
31 March 2022
$000s
Large Format Retail
12 months to
31 March 2022
$000s
Group (audited)
12 months to
31 March 2022
$000s
Movement in investment properties
Balance at 1 April 2021984,950854,335213,2002,052,485
Capitalised costs8,78658,09635767,239
Transfer to properties held for sale–(22,000)–(22,000)
Disposals(10,743)––(10,743)
Change in fair value144,7489,0829,832163,662
Change in capitalised leasing costs(24)(559)(19)(602)
Fair value changes on lease liability–(1,385)–(1,385)
Principal repayment of lease liability–(110)–(110)
Change in lease incentives(742)81(170)(831)
Investment properties at 31 March
1,126,975897,540223,2002,247,715
Less lease liability (39 Market Place)–(40,190)–(40,190)
Investment properties at 31 March excluding NZ
IFRS 16 lease adjustments
1,126,975857,350223,2002,207,525
Held for sale at 31 March–22,000–22,000
Total investment properties at 31 March including
held for sale excluding NZ IFRS 16 lease
adjustments
1,126,975879,350223,2002,229,525
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
In accordance with the valuation policy of the Group, property valuations are carried out at least annually by independent registered
valuers. Independent valuations were not completed for investment properties as at 30 September 2022. The Board and Management
have reviewed the portfolio using available market data, considered other key property information and discussed the results with
independent valuation experts. The Board and Management have subsequently determined that a revaluation loss of $23.5 million is
appropriate at 30 September 2022.
Following the adoption of NZ IFRS 16 on 1 April 2019, the right-of-use asset and investment were recognised on the ground lease that
exists over 39 Market Place, Viaduct Harbour, Auckland.
5. PROPERTY HELD FOR SALE
No investment property was subject to an unconditional sale and purchase agreement at 30 September 2022 (31 March 2022: 25 Nugent
Street, Grafton, Auckland ($22.0 million)).
11
Interim Financial Statements 30 September 2022Argosy Property Limited

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
6. DERIVATIVE FINANCIAL INSTRUMENTS
Group (unaudited)
30 September 2022
$000s
Group (audited)
31 March 2022
$000s
Nominal value of interest rate swaps - fixed rate payer375,000400,000
Nominal value of interest rate swaps - fixed rate receiver325,000325,000
Average fixed interest rate - fixed rate payer3.59%3.71%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest rates
at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been classified
into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end date use
observable inputs.
The net liability for derivative financial instruments as at 30 September 2022 is $25.6 million (31 March 2022: $30.1 million). The mark-
to-market decrease in the liability for derivative financial instruments is a result of movements in the interest rate curve during the
interim period.
7. SHARE CAPITAL
Group (unaudited)
30 September 2022
$000s
Group (audited)
31 March 2022
$000s
Balance at the beginning of the period819,857809,230
Issue of shares from Dividend Reinvestment Plan–10,189
Issue costs of shares–(42)
Issue of shares from equity settled share based payments212480
Total share capital
820,069819,857
The number of shares on issue at 30 September 2022 was 846,723,895 (31 March 2022: 846,550,602).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2022
Group (audited)
31 March 2022
Balance at the beginning of the period846,551839,528
Issue of shares from Dividend Reinvestment Plan–6,704
Issue of shares from share based payments173319
Total number of shares on issue
846,724846,551
12
Interim Financial Statements 30 September 2022Argosy Property Limited

8. INTEREST BEARING LIABILITIES
Group (unaudited)
30 September 2022
$000s
Group (audited)
31 March 2022
$000s
Syndicated bank loans411,567375,128
Fixed rate green bonds325,000325,000
Borrowing costs(3,593)(3,653)
Total interest bearing liabilities
732,974696,475
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)5.00%4.14%
Syndicated bank loans
Group (unaudited)
30 September 2022
$000s
Group (audited)
31 March 2022
$000s
ANZ Bank New Zealand Limited108,28380,064
Bank of New Zealand4,14280,040
The Hongkong and Shanghai Banking Corporation Limited70,00070,000
Commonwealth Bank of Australia50,00070,000
Westpac New Zealand Limited119,14275,024
Industrial and Commercial Bank of China60,000–
Total syndicated bank loans
411,567375,128
As at 30 September 2022, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
The Hongkong and Shanghai Banking Corporation Limited, Commonwealth Bank of Australia, Westpac New Zealand Limited and
Industrial and Commercial Bank of China for $475.0 million (31 March 2022: $455.0 million) secured by way of mortgage over the
investment properties of the Group. The facility includes a Tranche A limit of $160.0 million, a Tranche B limit of $125.0 million, a
Tranche D limit of $110.0 million and a Tranche I limit of $80.0 million.
Tranche A matures on 1 April 2025, Tranche B on 1 October 2025, Tranche D on 1 October 2026 and Tranche I on 19 May 2026.
The limits for Tranches B and I remain unchanged from 31 March 2022. The Tranche A limit increased from $80.0 million to
$160.0 million and the Tranche D limit increased from $90.0 million to $110.0 million. Tranche C was cancelled. The Tranche A maturity
date increased by two years, while the maturity dates for Tranches B, D and I all increased one year from 31 March 2022.
Fixed rate green bonds
NZX code
Value of Issue
$000s
Issue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%94,516
ARG020100,00029 October 201929 October 20262.90%89,396
ARG030125,00027 October 202027 October 20272.20%104,544
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1 in
the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September and
December. Interest on ARG020 and ARG030 bonds is payable in equal instalments on a quarterly basis in April, July, October and
January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
13
Interim Financial Statements 30 September 2022Argosy Property Limited

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
9. INTEREST EXPENSE
Group (unaudited)
Six months to
30 September 2022
$000s
Group (unaudited)
Six months to
30 September 2021
$000s
Interest expense(17,539)(14,198)
Interest on ground lease (39 Market Place)(1,005)(1,042)
Less amount capitalised to investment properties2,2202,136
Total interest expense
(16,324)(13,104)
Capitalised interest relates to the developments at 8-14 Willis Street/360 Lambton Quay, Wellington and 105 Carlton Gore Road,
Newmarket, Auckland (30 September 2021: capitalised interest relates to the development at 8-14 Willis Street/360 Lambton Quay,
Wellington).
10. TAXATION
Group (unaudited)
Six months to
30 September 2022
$000s
Group (unaudited)
Six months to
30 September 2021
$000s
The taxation charge is made up as follows:
Current tax expense3,6353,185
Deferred tax expense2,8061,501
Adjustment recognised in the current year in relation
to the current tax of prior years9(823)
Total taxation expense recognised in profit
6,4503,863
Reconciliation of accounting profit to tax expense
Profit before tax17,149130,904
Current tax expense at 28%4,80236,653
Adjusted for:
Capitalised interest(622)(598)
Fair value movement in investment properties6,579(25,669)
Fair value movement in derivative financial instruments(1,268)(1,957)
Depreciation(4,546)(4,049)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(639)(2,778)
Depreciation recovered/(loss) on disposal of investment properties291,223
Tax on accounting loss on disposal of investment properties101528
Settlement for failed sale of investment property(828)–
Other27(168)
Current taxation expense
3,6353,185
Movements in deferred tax assets and liabilities attributable to:
Investment properties1,632(345)
Fair value movement in derivative financial instruments1,2681,957
Other(94)(111)
Deferred tax expense
2,8061,501
Prior year adjustment9(823)
Total tax expense recognised in profit or loss
6,4503,863
14
Interim Financial Statements 30 September 2022Argosy Property Limited

11. DISTRIBUTABLE INCOME AND ADJUSTED FUNDS FROM OPERATIONS
Group (unaudited)
Six months to
30 September 2022
$000s
Group (unaudited)
Six months to
30 September 2021
$000s
Profit before income tax17,149130,904
Adjustments:
Revaluation (gains)/losses on investment property23,498(91,674)
Realised losses on disposal of investment properties3591,885
(Gains)/losses on derivative financial instruments held for trading(4,529)(6,991)
Gross distributable income
36,47734,124
Tax impact of depreciation recovered on disposal of investment properties291,223
Current tax expense(3,644)(2,362)
Net distributable income
32,86232,985
Weighted average number of ordinary shares (000s)846,671841,261
Gross distributable income cents per share
4.314.06
Net distributable income cents per share
3.883.92
Net distributable income
32,86232,985
Amortisation of tenant incentives and leasing costs1,4123,781
Funds from operations (FFO)
34,27436,766
Capitalisation of tenant incentives and leasing costs(353)(939)
Maintenance capital expenditure(1,980)(3,531)
7 Waterloo Quay façade repairs–(7,175)
Maintenance capital expenditure recovered through sale107376
Adjusted funds from operations (AFFO)
32,04825,497
FFO cents per share
4.054.37
AFFO cents per share
3.793.03
Dividends paid/payable in relation to period3.333.28
Dividend payout ratio to FFO82%75%
Dividend payout ratio to AFFO88%108%
From 1 April 2022, the Company's dividend policy is based on adjusted funds from operations (AFFO). AFFO is based on the Property
Council of Australia Voluntary Best Guidelines for disclosing FFO and AFFO as interpreted by the Company and amended to include
maintenance capital expenditure recovered through sales.
FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
12. COMMITMENTS
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2022 and not provided for were
$33.8 million (31 March 2022: $37.7 million).
There were no other commitments as at 30 September 2022 (31 March 2022: Nil).
The Company has the following guarantee, which is not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
13. CONTINGENCIES
There were no contingencies as at 30 September 2022 (31 March 2022: Nil).
15
Interim Financial Statements 30 September 2022Argosy Property Limited

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
14. SUBSEQUENT EVENTS
On 21 November 2022 a dividend of 1.6625 cents per share was approved by the Board. The record date for the dividend is 7 December
2022 and a payment is scheduled to shareholders on 21 December 2022. Imputation credits of 0.1594 cents per share are attached to
the dividend.
15. RELATED PARTY TRANSACTIONS
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note.
There were no significant changes in relationships or transactions with related parties during the period ended 30 September 2022.
16
Interim Financial Statements 30 September 2022Argosy Property Limited

Independent Auditor’s Review Report

To The Shareholders of Argosy Property Limited


Conclusion We have reviewed the condensed consolidated interim financial statements
(‘interim financial statements’) of Argosy Property Limited (‘the Company’) and
its subsidiaries (‘the Group’) which comprise the condensed consolidated
interim statement of financial position as at 30 September 2022, and the
condensed consolidated interim statement of comprehensive income,
condensed consolidated interim statement of changes in equity and
condensed consolidated interim statement of cash flows for the period ended
on that date, and a summary of significant accounting policies and other
explanatory information on pages 4 to 16.

Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements of the Group do not present
fairly, in all material respects, the financial position of the Group as at 30
September 2022 and its financial performance and cash flows for the period
ended on that date in accordance with NZ IAS 34 Interim Financial Reporting
and IAS 34 Interim Financial Reporting.
Basis for Conclusion We conducted our review in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (‘NZ
SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the Interim Financial Statements section of
our report.

We are independent of the Group in accordance with the relevant ethical
requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.

Other than in our capacity as auditor and for the attendance and scrutineering
at the Annual Meeting, we have no relationship with or interests in Argosy
Property Limited or its subsidiaries. These services have not impaired our
independence as auditor of the Group.

Directors’ responsibilities
for the interim financial
statements
The directors are responsible on behalf of the Group for the preparation and
fair presentation of the interim financial statements in accordance with NZ IAS
34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for
such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are
free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities
for the review of the
interim financial
statements
Our responsibility is to express a conclusion on the interim financial
statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us to believe
that the interim financial statements, taken as a whole, are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting
and IAS 34 Interim Financial Reporting.
17
Interim Financial Statements 30 September 2022Argosy Property Limited

A review of the interim financial statements in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. We perform procedures,
primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on the interim financial statements.

Restriction on use This report is made solely to the Group’s shareholders, as a body. Our review
has been undertaken so that we might state to the Group’s shareholders those
matters we are required to state to them in a review report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Group’s shareholders as a body, for our
engagement, for this report, or for the conclusions we have formed.




Peter Gulliver, Partner
For Deloitte Limited
Auckland, New Zealand
21 November 2022


















This review report relates to the unaudited interim financial statements of Argosy Property Limited for the six months ended 30
September 2022 included on Argosy Property Limited’s website. The entity’s Board of Directors are responsible for the maintenance and
integrity of the entity’s website. We have not been engaged to report on the integrity of the entity’s website. We accept no
responsibility for any changes that may have occurred to the unaudited interim financial statements since they were initially presented
on the website. The review report refers only to the unaudited interim financial statements named above. It does not provide an opinion
on any other information which may have been hyperlinked to/from these unaudited interim financial statements. If readers of this
report are concerned with the inherent risks arising from electronic data communication they should request a hard copy of the
unaudited interim financial statements and related review report dated 21 November 2022 to confirm the information included in the
unaudited interim financial statements presented on this website. Legislation in New Zealand governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
18
Interim Financial Statements 30 September 2022Argosy Property Limited

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

---

Results announcement




Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period Six months to 30 September 2022
Previous Reporting Period Six months to 30 September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$54,954 3.6%
Total Revenue $54,954 3.6%
Net profit/(loss) from
continuing operations
$10,699 -91.6%
Total net profit/(loss) $10,699 -91.6%
Interim Dividend
Amount per Quoted
Equity Security
$ 0.01662500
Imputed amount per
Quoted Equity Security
$0.00159398
Record Date 7 December 2022
Dividend Payment Date 21 December 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.72 $1.74
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood
The financial information for this announcement has been
extracted from the unaudited financial statements of
Argosy Property Limited which have been released to NZX
in conjunction with this announcement.
Authority for this Announcement
Name of person

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

22/11/2022

Unaudited financial statements accompany this announcement.

---

Argosy Property Limited
Interim Result:
Building a
Better Future
FY23
22.11.22

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

Agenda
.3
Peter Mence
CEO
Dave Fraser
CFO
Vision & Strategy4
Result Highlights6
Portfolio Highlights7
Financials14
Leasing Update25
Focus and Outlook29
Appendices31
Note: This results presentation should be read in conjunction with the NZX release dated 22 November 2022. Due to rounding, numberspr esented in this
presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.

Vision and
Strategy
.4

.5

.6
$55m
Net property income
$32.9m
Net distributable income
$1.72
NTA per share
32.5%
Gearing at the bottom end of range
Key result highlights

.7
98.9%
Occupancy
5.5yrs
Weighted average lease term
Portfolio highlights
2.6%
Annualised rent review increase on rents
reviewed
81%
Tenant retention rate
6.3%
Portfolio under renting
$2.24b
Portfolio value @ 30 September
Note: Portfolio value excludes right of use asset at 39 Market Place of $40.2 million

Sector Summary
.8
Number of
buildings
INDUSTRIAL
Number of
buildings
OFFICE
Number of
buildings
LARGE FORMAT RETAIL
35154
Market value
of assets ($m)
Market value
of assets ($m)
Market value
of assets ($m)
$1,146.4$866.1$230.9
Occupancy
(by income)
Occupancy
(by income)
Occupancy
(by income)
100%97.8%100%
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
5.8yrs5.9yrs3.4yrs
Contract
yield
Contract
yield
Contract
yield
4.76%5.97%5.56%

Portfolio at a glance @ 30 September
.9
Sectorby value %Regionby value %Asset Mix by value %
1.Large Format Retail. 2. Regional North Island and South Island. This weighting also includes up to 5% allocation to the Golden
Triangle area between Auckland, Tauranga and Hamilton.
1
2

Revaluations
.10
Internal assessment undertaken during
the period, reviewed by independent
valuer.
$23.5m loss reported, or -1% revaluation
to book values at 30 September 2022.
Generally, cap rate softening has been
offset to some extent by market rental
growth.
Limited transactional evidence during
the period.
Cap rate headwinds but rental
growth delivers
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
30 Sep 22
Book Value
($m)
30 Sep 22
Valuation
($m)

$m

%
Auckland1,597.3 1,579.5 (17.9)-1.1%
Wellington603.9 598.3 (5.6)-0.9%
Regional65.7 65.7 (0.0)0.0%
Total2,266.9 2,243.4 (23.5)-1.0%
30 Sep 22
Book Value
($m)
30 Sep 22
Valuation
($m)

$m

%
Industrial1,168.4 1,146.4 (22.0)-1.9%
Office875.1 866.1 (9.1)-1.0%
Large Format Retail223.3 230.9 7.63.4%
Total2,266.9 2,243.4 (23.5)-1.0%

Value Add Properties
.11
Transformation of Value Add properties
remains key to delivering on our strategy.
Strong industrial sector fundamentals
supportive.
8-14 Willis Street completed in July-22 and
Statistics New Zealand occupying on a 15
year lease. Targeting a 6 Star Green
Rating.
Bell Ave and 105 Carlton Gore Road
green projects well underway.
Master Planning for Mt Richmond and
Neilson Street industrial estates
progressing – resource consent lodged
for Mt Richmond.
Green assets delivering
+$340m
Of Value Add properties with potential to
deliver earnings and capital growth
Status & ProjectSectorLocation
Underway
12-20 Bell Avenue, Mt Wellington IndustrialAuckland
105 Carlton Gore Road, Newmarket OfficeAuckland
1-3 Unity Drive, Albany IndustrialAuckland
5 Allens Road, East Tamaki IndustrialAuckland
Planning
224 Neilson Street, Onehunga IndustrialAuckland
8-14 Mt Richmond Drive, Mt Wellington IndustrialAuckland
Future
101 Carlton Gore Road, Newmarket OfficeAuckland
Currently Leased (7 properties)Industrial Auckland

.12
Value add case study: 8-14 Willis Street
5.3%
Forecast yield on cost
5 Star
NABERSNZ energy rating being targeted
6 Star
Green Built rating being targeted
15yr
Lease commitment to Statistics
New Zealand

.13
$65m
Forecast valuation on completion
Value add case study: 105 Carlton Gore Road
7.2%
Internal rate of return
5.3%
Forecast yield on cost
6 Star
Green Built rating now being targeted
$35m
Refurbishment and redevelopment
50%
Leased by net lettable area

Financials
.14

Gross Property Income Waterfall
.15
All areas of business contributing to rental growth

Financial Performance
.16
The net property income increase was
driven by a range of factors including
acquisitions, like for like rental growth,
and developments.
Interest expense was higher driven by
higher volume of debt and higher
floating interest rates.
Argosy received a settlement for the
failed sale of an investment property of
$3.0m.
Solid top line growth
$55.0m
Net property income
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
1H231H22
$m$m
Net property incom e55.053.1
Adm inistration expenses(5.2)(5.8)
Pr ofi t befor e fi nanci al i ncome/(expenses), other
gains/(losses) and tax
49.8
47.2
Net interest expense(16.3)(13.1)
Gain/(loss) on derivatives 4.6 7.0
Other gains/(losses)
Revaluation gains(23.5) 91.7
Realised gains/(losses) on disposal(0.4)(1.9)
Settlem ent for failed sale of inv estm ent property 3.0
Pr ofi t befor e tax17.1130.9
Taxation expense 6.5 3.9
Profit after tax10.7127.0
Earnings per share (cents)1.2615.10
Corporate expense / net property incom e9.4%
11.0%

Distributable Income
.17
Net distributable income for the six
months was $32.9m compared to $33.0m
in the prior comparable period.
Current tax expense higher due to higher
deductible repairs & maintenance
expenditure in the prior period.
Stability critical in tough
market conditions
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
$32.9m
Net distributable income
1H231H22
$m$m
Profit before income tax17.1130.9
Adjustments:
Revaluations (losses)/gains23.5 (91.7)
Realised losses/(gains) on disposal0.4 1.9
Derivative fair value (gain)/loss(4.5)(7.0)
Gross distributable income36.5
34.1
Depreciation recovered0.0 1.2
Current tax expense(3.6)(2.4)
Net distributable income32.9
33.0
Weighted average number of ordinary shares (m)846.7841.3
Gross distributable income per share (cents)4.31
4.06
Net distributable income per share (cents)3.88
3.92

Adjusted Funds From Operations (AFFO)
.18
Maintenance capex lower.
AFFO payout ratio was 88% for the period
as façade repairs at 7WQ concluded in
the previous period.
Clean AFFO for the period
$32.0m
AFFO for the six months to 30 September
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
1H231H22
$m$m
Net distributable income32.933.0
Amortisation of tenant incentives and leasing costs1.4 3.8
Funds from operations (FFO)34.336.8
Capitalisation of tenant incentives and leasing costs(0.4)(0.9)
Maintenance capital expenditure(2.0)(3.5)
7 Waterloo Quay façade repairs -(7.2)
Maintenance capital expenditure recovered through sale0.1 0.4
Adjusted funds from operations (AFFO)32.025.5
Weighted average number of ordinary shares (m)846.7841.3
FFO cents per share 4.054.37
AFFO cents per share 3.793.03
Dividends paid/payable in relation to period3.333.28
Dividend payout ratio to FFO82%75%
Dividend payout ratio to AFFO88%108%

Investment Properties
.19
Portfolio value stable over the period
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures. 1. Including NZ IFRS16 adjustment. 2. Excluding NZ IFRS16 adjustment.
12

NTA Per Share
.20
NTA flat over the first six months
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.

Balance Sheet Management
.21
The balance sheet is in good shape.
Argosy has sufficient facility headroom to
complete existing developments and any
near-term opportunities.
Investment portfolio stable,
development pushes debt
slightly higher
32.5%
Debt to total assets ratio at the
bottom end of the target 30-40%
range
1. Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place of $40.2 million
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
1H23FY22
$m$m
Investment pr oper ti es 2,283.6
2,247.7
Asset held for sale - 22.0
Other assets 24.0
21.8
Total assets 2,307.6
2,291.5
Ri ght of use asset
(40.2)(40.2)
Total assets (net of r i ght of use asset) 2,267.4
2,251.3
Fixed rate green bonds
325.0 325.0
Bank debt
1
411.6 375.1
Total bank debt & bond funding 736.6
700.1
Debt-to-total-assets ratio
2
32.5%
31.1%

Interest Rate Management
.22
Weighted average interest rate has
increased over the period driven by
floating rate increases.
The interest cover ratio remains sound.
Exposure to floating
creating short term
headwinds
1H23FY22
Weighted average interest rate
1
5.00%4.14%
Interest Cover Ratio3.1x3.1x
% of fixed rate borrowings51%57%
Weighted average duration of active payer swaps3.0 years2.8 years
Average rate of active payer swaps3.59%3.71%
1. Including line and margin fees
3.1x
Strong interest cover ratio vs.
banking covenant of 2.0x

Debt Profile
.23
During the year Argosy extended its
existing syndicated bank facilities with its
banking group.
The total amount of the bank facility has
increased by $20m and is now $475m.
The nearest tranche expires in April 2025.
Industrial and Commercial Bank of China
Limited (ICBC) has joined the syndicate.
Argosy’s $325m of green bonds continue
to provide diversification and tenor
benefits to the business.
Green bonds provide
diversification and tenor
3.7yrs
Weighted average duration of
Argosy’s debt
285
190
0
100
100
125
0
50
100
150
200
250
300
350
400
450
FY24FY25FY26FY27FY28
Facilities ($m)
Bank facilitiesExisting Green Bonds

Dividends
.24
A 2
nd
quarter dividend of 1.6625cps has
been declared with 0.159398 cents per
share imputation credits attached.
Overseas investors will receive an
additional supplementary dividend of
0.072332 cents per share to offset non-
resident withholding tax.
The record date is 7 December and the
payment date is 21 December.
Steady and sustainable
6.65cps
Unchanged FY23 dividend
guidance, a 1.5% increase on the
prior year
6.20
6.28
6.35
6.45
6.55
6.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY18FY19FY20FY21FY22FY23f
Dividend cps

Leasing
.25

.26
15km from CBD
Prime industrial location
Green development
40,000m2 of warehouse
4,000m2 of office
End value +$250m
IRR ~8%
Value Add Case Study: Mt Richmond Estate
Leasing
5,650
Of NLA renewed by Briscoes Group for 6
years
8yrs
New lease commitment to Stantec New
Zealand for 1,606m
2
at 105 Carlton Gore
Road
19
Leasing transactions including 9 new
leases, 8 renewals and 2 extensions
~4%
Equivalent of total portfolio by NLA
21,046
Of NLA leased over the first 6 months

Lease Expiry & Rent Review Profile
.27
The largest single expiry remains the 9.4%
expiry in Mar-27 to Ministry for Business,
Innovation and Employment, at 15-21
Stout Street.
FY23 sees $83m of portfolio income
subject to rent reviews. Of these, $47m is
subject to fixed reviews, $27m to market
review and $9m to CPI.
Expiry profile remains well
managed
2.6%
Annualisedrent review

MARKET INSIGHTS
.28
Strong demand continues to drive
additional supply.
Limited land supply in Auckland and
Wellington puts pressure on land values,
rentals and encourages non-traditional
locations.
Return of domestic manufacturing as a
result of the supply chain issues and
carbon footprint of distribution from
offshore.
Rental growth continues.
Vacancy remains very low, with limited
speculative supply.
Covid-19 pandemic and supply chain
constraints have seen average size
demand increase.
INDUSTRIAL
Flexible working environments continue.
Changes in the way space is used,
focusing on the environment, becoming
a reason to be in the office.
Increased focus from tenants on
sustainability/green as an appeal to
younger staff.
Impact of Covid-19 has resulted in a
significant increase in space available
for sub-lease in A grade and prime
buildings in the Auckland market.
Auckland rental growth impacted by
sublease vacancy and new supply.
Wellington continues to see solid
demand, with low vacancy for good
quality, well located space.
OFFICE
Many retailers’ systems have been shown
to be inadequate to cope with higher
online sales volumes.
Structural change in retail property will
show increased focus on showroom and
semi-industrial facilities.
Large format retail expected to be most
secure.
Retailers looking to consolidate to a
fewer number of locations.
LARGE FORMAT RETAIL

Focus &
Outlook
.29

FY23 remains challenging, but the business is well positioned
.30
Local and global economy continues to experience significant volatility driven by a range of factors including rising interest rates (tightening),
inflation headwinds and geopolitical risks (although easing).
Argosy is well positioned to manage its way through with a sound capital position and quality portfolio of diversified properties by type and
location. Our diversification remains a strength.
Key focus areas for FY23 are simple and remain unchanged from year end: keep delivering strong operational results, address key expiries,
lease up remaining vacancies, complete key green developments and commence new ones as planned.
Progress Master planning across key green Value Add developments at Mt Richmond and Neilson Street where we continue to receive strong
market interest.
Strong bottom up property fundamentals in key markets (Auckland Industrial and Wellington Office) continue to present attractivedynamics
of low supply, high demand and steady rental growth. Rising demand by the market for green buildings remains very encouragingand Argosy
is well placed to benefit.
Deliver on dividend guidance to shareholders.
We will stay focused on delivering on Strategy

Appendices
.31

Balance Sheet Management
.32
Gearing comfortably at the bottom end of target range
Target Range 30-40%

Hedges, Interest Rates & Debt Maturity Profile
.33
Hedges & Weighted Average
Interest Rates
Debt Maturity Profile (drawn) &
Weighted Average Margin and Line fee
Bank Facilities (drawn) Green Bonds
Note: All payer data as at 31 March year end

Rent Review Summary
.34
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Type#
Previous Rent
($000's)
% of rent
reviewedNew Rent ($000's)
Increase
($000's)% Increase
Annualised
Increase ($000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total5326,961100%27,7708083.0%712100%2.6%
By review type
Fixed4523,55287%24,1696162.6%61687%2.6%
Market53,15612%3,3371815.7%8512%2.7%
CPI32531%264114.2%111%4.2%
By sector
Industrial1616,74562%17,1484032.4%40357%2.4%
Office266,48324%6,6801973.0%17925%2.8%
LFR113,73314%3,9422085.6%13018%3.5%
By location
Auckland4824,70892%25,4737653.1%66894%2.7%
Wellington52,2538%2,297441.9%446%1.9%
Other000%000.0%00%0.0%

Rent Review Summary – Auckland & Wellington
.35
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Location#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
Increase
($000's)% Increase
Annualised
Increase ($000's)
% of Total
Annualised
Increase
Annualised %
Increase
Auckland
Industrial1214,50159%14,8613602.5%36050.6%2.5%
Office256,47426%6,6701973.0%17825.0%2.7%
Retail113,73315%3,9422085.6%13018.3%3.5%
4824,708100%25,4737653.1%66893.9%2.7%
Wellington
Industrial42,244100%2,287431.9%436.0%1.9%
Office190%1017.3%10.1%7.3%
Retail000%000.0%00.0%0.0%
52,253100%2,297441.9%446.1%1.9%

Portfolio Metrics
.36
Defensive & resilient tenant, high essential service exposure

Portfolio Snapshot
.37
Portfolio quality and resilience reflected in key metrics
6.1
6.1
5.5
5.7
5.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY19
FY20
FY21
FY221H23
WALT (years)
35.6
38.8
35.9
31.1
32.5
0
10
20
30
40
50
FY19FY20FY21FY221H23
Debt-to-total-assets (%)
97.7
98.8
99.0
98.7
98.9
0
20
40
60
80
1 00
FY19FY20FY21FY221H23
Occupancy (%)
1.22
1.30
1.53
1.74
1.72
0.00
0.50
1.00
1.50
2.00
FY19FY20FY21FY221H23
Net Tangible Assets ($ per share)

Disclaimer
.38
This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general
information only. It is not intended as investment or financial advice and must not be relied upon as such. You
should obtain independent professional advice prior to making any decision relating to your investment or
financial needs. This presentation is not an offer or invitation for subscription or purchase of securities or other
financial products. Past performance is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
22 November 2022