Kiwi Property drives robust operating result in 1H23

Interim Report
For the six months ended 30 September 2022

Contents
Kiwi Property Interim Report
for the six months ended 30 September 2022
Letter from the Chair
& Chief Executive Officer2
Financials6
For further information visit our investor centre at:
kp.co.nz/investor-centre. This interim report is dated 25 November 2022.

Letter from the
Chair & Chief
Executive Officer
Kiwi Property maintained
significant momentum through
the first half of the 2023 financial
year, navigating the challenging
economic climate to deliver
sustained growth in key metrics
such as sales, rental income,
operating profit and adjusted funds
from operations. This is a positive
outcome in the high inflation, rising
interest rate environment and
underscores the strength of our
business and assets.
Our strategic evolution from a
retail and office landlord to the
creator of connected communities
continues to progress well. While
this transition will take time, it is
pleasing to have sustained our
robust operating performance
over the past six months, while
taking the business closer to our
goal of becoming a developer,
owner and operator of mixed-use
assets at key metropolitan centres
and transport hubs.
Kia ora,
Kiwi Property
Interim Report FY23
02

Performance overview
Kiwi Property’s net rental income
rose 6.3% to a record-high $100
million in the first half of the 2023
financial year, driven by sustained
revenue growth at Sylvia Park, in
particular. Operating profit before
tax was also up, increasing 4.2% to
$65.1 million, reflecting the strong
performance of our diversified
asset portfolio. Adjusted funds
from operations rose 35.8% to
$65.2 million, assisted by the
release of COVID-19 rental
abatement accruals which
were not required.
Our active leasing and re-mixing
programme drove increases
in both rent reviews and new
leasing, which rose 5.2% and
4.1% respectively. With portfolio
vacancy remaining at just 0.3%
and our specialty gross occupancy
cost ratio (a key measure of
tenancy affordability) sitting at
a conservative 12.1%, we’re well
placed to deliver further rental
growth going forward.
The sales performance across
Kiwi Property’s asset base was
similarly robust, increasing 9.6%
from the prior comparable period.
The number of shoppers visiting
our mixed-use and retail centres
is recovering well from the impact
of COVID-19, with year-to-date
pedestrian counts at Sylvia Park,
for example, now broadly in line
with pre-pandemic levels.
Despite this positive operational
performance, there’s no doubt
we’re operating in a volatile
economic environment. Countries
around the world have been
Operating profit before tax
$
65.1
m
contending with rising inflation,
worker shortages and the
fallout from the war in Ukraine.
New Zealand is no exception,
with the Reserve Bank recently
lifting interest rates to a 13 year
high in a bid to curtail rapid price
growth. These definitive moves
have had a material impact on the
country’s listed property sector,
contributing to an across-the-
board decrease in share prices,
and a decline in asset values.
In the absence of relevant
transactional evidence, valuers
have responded to the volatile
macro-economic climate by
softening capitalisation rates. As a
result, the fair value of our property
portfolio decreased by an
unrealised 5.8% or $213.3 million
for the six months ended 30
September 2022, leading to a
subsequent net loss after tax of
$151.1 million.
While the reduction in the fair
value of our property portfolio and
subsequent impact on net profit is
disappointing, it’s not unexpected
given the well documented
challenges facing the global
economy. By actively managing
our properties and tightly
managing costs, we will help
accelerate the recovery of our
asset values as the financial
climate improves.
Kiwi Property
Interim Report FY23
03

Mitigating disruption
and volatility
In the wake of COVID-19, tenants
are making a discernible flight to
quality, as they re-evaluate their
requirements for the post-
pandemic world. In the retail
space, the rate of bifurcation
has accelerated, with the best
shopping centres going from
strength-to-strength. A similar
trend can be seen in the office
market, where prime and A-grade
buildings are remaining highly
resilient, while secondary
assets face eroding rents
and rising vacancy.
This flight to quality plays well to
our strategy and asset portfolio,
which boasts some of the
country’s leading property assets.
As our rent and sales figures show,
Kiwi Property’s medium-term
operational performance has
not diminished by COVID-19,
but rather, we have continued
to grow income and adjusted
funds from operations.
One of Kiwi Property’s strengths
is its large strategic landholding,
including more than 125 hectares
across our mixed-use assets at
Sylvia Park, LynnMall, The Base
and Drury. As we’ve discussed
previously, this landholding creates
a distinct competitive advantage
and provides an extensive range
of development options as we
progress our strategy of creating
mixed-use town centres.
Just as importantly, particularly
in the current volatile environment,
is the flexibility the landholding
offers us to dictate the timing of
our development programme.
We are the masters of our own
destiny and can speed up or slow
down development according to
market conditions, and funding.
We currently have around
$217 million of development
expenditure remaining at 3 Te
Kehu Way and Sylvia Park
build-to-rent and are proactively
managing pricing to help mitigate
the risk of potential increases.
While we’ve got some exciting
developments already underway,
we’ll maintain a cautious approach
to the timing of further activity,
given the current level of
economic volatility. Our priority is
to ensure the right financial
conditions and suitable funding
are in place before any new
construction projects begin so
we’re making the best use of
shareholder capital.
Unlocking value through
targeted development
Kiwi Property made significant
progress on its targeted
development programmes in the
first half of the 2023 financial year,
bringing Sylvia Park’s
transformation into a world-class
mixed-use community ever closer
to fruition. Construction of the
precinct’s 295 build-to-rent
apartment complex is moving
forward at pace with the steel
superstructure now up to three
levels high in some places. This
exciting project will help embed
Kiwi Property as a leader in the
asset class in New Zealand and
put us in the driver’s seat to
capture the financial benefit we
believe will be delivered.
Elsewhere at Sylvia Park, the new
six-level medical and office
development at 3 Te Kehu Way is
moving forward with similar
momentum. The building’s exterior
is now complete, with its
innovative and distinctive design
already becoming a prominent
feature on the Mt Wellington
landscape. Internal fitouts are now
underway, and 3 Te Kehu Way is
on track to be completed in the
first quarter of 2023, marking the
next step towards the creation of a
thriving commercial precinct at
Sylvia Park.
Around two thirds of 3 Te Kehu
Way’s net lettable area is either
committed or subject to advanced
negotiations, with an impressive
line-up of tenants in place
including Tamaki Health, Horizon
Radiology, Geneva Finance and
co-working operator, IWG.
With our Drury Private Plan
Change recently approved by the
Environment Court, stage one
earthworks are now underway,
marking the next step in Kiwi
Property’s ambition to create a six
Green Star, transit-oriented
community south of Auckland. The
earthworks are expected to take
two years, with civil infrastructure
such as roads, sewers, water
mains and electricity set to follow.
Pleasingly, the improvement of our
Drury site has delivered substantial
valuation gains, with the
landholding now worth more than
double the purchase price. This
places us in a position to unlock
additional value if we choose to
subdivide our residential
landholding into super-lots, for
example. While Drury presents an
exciting opportunity for Kiwi
Property, we’ll be pragmatic about
the rate of development there,
moving as fast or slow as the
economic climate and funding
allow to ensure we’re delivering the
best outcomes for shareholders.
Executing our funding
strategy
In September, the company
announced the disposal for
Northlands Shopping Centre in
Christchurch for $151 million (net
of seismic costs), with settlement
set for 30 November 2022. After
the reporting period, we also sold
44 The Terrace in Wellington for
$48 million (with $2 million retained
for seismic costs). The transaction is
expected to settle on 15 December
2022 and delivers a property level
return of 12.2% since inception.
Net rental income
$
100
m
Kiwi Property
Interim Report FY23
04

In parallel, we have recently listed
Westgate Lifestyle for sale, with a
marketing campaign now
underway. The net proceeds from
these transactions will be used to
repay debt and help fund our
development pipeline, unlocking
what we believe will be better
growth and greater long-term
value for shareholders.
The disposal of our non-core
assets and subsequent recycling
of capital is a central pillar of
our funding strategy. We’re
focussed on executing these
transactions at the right time to
manage the earnings impact and
achieve optimal returns from
each initiative. Work on the office
co-investment platform continues,
although progress has been
slowed by the economic climate,
with investors waiting for a
normalisation of conditions
before taking steps forward.
Active capital
management
Kiwi Property undertook several
capital management initiatives in
the first half of the 2023 financial
year, including increasing our
bank debt facilities by $100 million,
with the introduction of MUFG
Bank Limited to our panel.
Post 30 September 2022, we
increased our facilities by a further
$50 million and extended the
company’s weighted term of debt
from 2.9 years to 4.1 years on a
pro-forma basis.
Dividend and outlook
Despite the challenging macro-
economic picture, Kiwi Property’s
performance exceeded
expectations for the first half of the
financial year. We recently
amended our dividend policy to
pay out on a quarterly, rather than
semi-annual basis, providing our
investors with more frequent
distributions. The first quarter
dividend of 1.425 cents per share
was distributed on 21 September
2022, with the dividend for the
subsequent quarter also being set
at 1.425 cents per share and
payable on 21 December 2022.
We’re pleased to confirm dividend
guidance at 5.70 cents per share
for the 2023 financial year,
representing an attractive gross
dividend yield of 9.3% (based on
Kiwi Property’s closing share price
on 25 November 2022), while
simultaneously enabling the
company to retain earnings to fund
future development and
growth opportunities.
While we’re encouraged by our
robust operating performance,
strong cash flows and strategic
evolution, the continued discount
of our stock price relative to asset
values is disappointing and
something we’re squarely
focussed on. It’s clear the broader
operating environment is
negatively impacting our share
price, however despite these
challenges we remain staunchly
committed to creating value.
As we face the current economic
headwinds, we will maintain a
strict focus on costs, adopt a
pragmatic approach to
development, continue to execute
our mixed-use strategy, and work
diligently to drive returns for you,
our shareholders.
Thank you for your
continued support.
Mark Ford
Chair
Clive Mackenzie
Chief Executive Officer
Total sales growth
9.6
%
Leasing uplift
4.9
%
First half dividend
2.85
cps
Notes:
Operating profit before tax and adjusted funds from
operations are non-GAAP performance measures.
Refer to the Interim Results Presentation for
definitions. Dividend guidance is contingent on the
company’s FY23 financial result and barring material
adverse effects or unforeseen circumstances.
Kiwi Property
Interim Report FY23
05

Financials
Kiwi Property
Interim Report FY23
06

ANZ Raranga
Kiwi Property
Interim Report FY23
07

Interim consolidated
financial statements
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
08
Consolidated statement of comprehensive income
Pg 09
Consolidated statement of changes in equity
Pg 10
Consolidated statement of financial position
Pg 11
Consolidated statement of cash flows
Pg 12
Notes to the consolidated financial statements
Pg 14
Independent auditor's review report
Pg 29

Consolidated statement
of comprehensive income
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
09
Note
6 months
30 Sep 2022
$000
6 months
30 Sep 2021
$000
Income
Property revenue
129,335
121,385
Property management income
887
931
Total income130,222
122,316
Expenses
Direct property expenses
(29,323)
(27,344)
Employment and administration expenses
(15,477)
(12,853)
Total expenses(44,800)
(40,197)
Profit before net finance expenses, other income/(expenses) and income tax85,422
82,119
Interest income
52
23
Interest and finance charges
(20,394)
(19,665)
Net fair value gain on interest rate derivatives3.3.2
6,260
7,985
Net finance expenses(14,082)
(11,657)
Profit before other income/(expenses) and income tax71,340
70,462
Net fair value (loss)/gain on investment properties3.2
(213,345)
93,623
Litigation settlement income1.3
6,625
-
Loss on disposal of investment properties
-
(3,116)
Other (expenses)/income(206,720)
90,507
(Loss)/profit before income tax(135,380)
160,969
Income tax expense2.1
(15,699)
(17,739)
(Loss)/profit and total comprehensive income after income tax attributable
to shareholders(151,079)
143,230
Basic and diluted earnings per share (cents)2.2
(9.62)
9.12
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
10
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20211,661,9161,890470,9802,134,786
Profit after income tax--143,230143,230
Dividends paid--(46,289)(46,289)
Long-term incentive plan1,519(443)3131,389
Employee share ownership plan64(25)-39
Balance at 30 September 2021
1,663,4991,422568,2342,233,155
Balance at 1 April 2022
1,663,4991,987606,1272,271,613
Loss after income tax
--(151,079)(151,079)
Dividends paid
--(67,125)(67,125)
Long-term incentive plan
1,150(392)59817
Employee share ownership plan
125(87)-38
Balance at 30 September 20221,664,7741,508387,9822,054,264
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
A S A T 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
11
Note
30 Sep 2022
$000
31 Mar 2022
$000
Current assets
Cash and cash equivalents
15,606
11,600
Other assets
314
600
Trade and other receivables3.1
7,111
7,730
Interest rate derivatives3.3.2
265
-
Investment properties held for sale3.2
291,822
208,764
315,118
228,694
Non-current assets
Investment properties3.2
3,155,287
3,358,872
Property, plant and equipment
2,850
3,319
Interest rate derivatives3.3.2
10,696
3,604
3,168,833
3,365,795
Total assets3,483,951
3,594,489
Current liabilities
Trade and other payables
64,885
62,954
Interest bearing liabilities3.3.1
125,100
-
Income tax payable
3,390
9,302
Lease liabilities
4,447
1,385
Interest rate derivatives3.3.2
-
175
197,822
73,816
Non-current liabilities
Interest bearing liabilities3.3.1
1,115,287
1,135,944
Interest rate derivatives3.3.2
2,348
1,076
Deferred tax liabilities
113,743
108,462
Lease liabilities
487
3,578
1,231,865
1,249,060
Total liabilities1,429,687
1,322,876
Equity
Share capital
1,664,774
1,663,499
Share-based payments reserve
1,508
1,987
Retained earnings
387,982
606,127
Total equity2,054,264
2,271,613
Total equity and liabilities3,483,951
3,594,489
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised these consolidated financial statements for issue on 25 November 2022.
Mark Ford
 Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
12
6 months
30 Sep 2022
$000
6 months
30 Sep 2021
$000
Cash flows from operating activities
Property revenue
135,137
122,541
Property management income
901
994
Interest and other income
52
23
Direct property expenses
(24,839)
(27,031)
Interest and finance charges
(19,195)
(18,842)
Interest costs paid on lease liabilities
(162)
(160)
Employment and administration expenses
(15,466)
(11,941)
Income tax expense
(16,330)
(10,579)
Goods and Services Tax (paid)/received
(864)
1,222
Net cash flows from operating activities59,234
56,227
Cash flows from investing activities
Proceeds from disposal of investment properties
-
8,300
Acquisition of investment properties
(13,811)
(6,772)
Capital expenditure on investment properties
(80,929)
(32,831)
Interest and finance charges capitalised to investment properties
(3,902)
(1,698)
Acquisition of property, plant and equipment
(57)
(131)
Litigation settlement income
6,625
-
Net cash flows used in investing activities(92,074)
(33,132)
Cash flows from financing activities
Payment of lease liabilities
(29)
(26)
Net proceeds from bank loans
104,000
(4,700)
Proceeds from fixed-rate green bonds
-
148,160
Repayment of fixed-rate green bonds
-
(125,000)
Dividends paid
(67,125)
(46,273)
Net cash flows from/(used in) financing activities36,846
(27,839)
Net increase/(decrease) in cash and cash equivalents4,006
(4,744)
Cash and cash equivalents at the beginning of the period
11,600
16,040
Cash and cash equivalents at the end of the period15,606
11,296
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property
Interim Report FY23
13
Reconciliation of (loss)/profit after income tax to net cash flows from operating activities
6 months
30 Sep 2022
$000
6 months
30 Sep 2021
$000
(Loss)/profit after income tax
(151,079)
143,230
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities
(4,441)
(5,288)
Non-cash items:
Net fair value gain on interest rate derivatives
(6,260)
(7,985)
Net fair value loss/(gain) on investment properties
213,345
(93,623)
Loss on disposal of investment properties
-
3,116
Increase in deferred tax liabilities
5,281
6,616
Amortisation of lease incentives, abatements and fees
6,496
6,554
Straight-lining of fixed rental increases
(746)
(1,357)
Movements in working capital items:
Decrease in trade and other receivables
619
2,123
(Decrease)/increase in income tax payable
(5,912)
545
Increase in trade and other payables
1,931
2,296
Net cash flows from operating activities59,234
56,227
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
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Interim Report FY23
14
1.General information
1.1Reporting entity
Pg 15
1.2Basis of preparation
Pg 15
1.3Significant changes during the period
Pg 15
1.4Key judgements and estimates
Pg 15
1.5Accounting policies
Pg 15
2.Profit and loss information
2.1Tax expense
Pg 16
2.2Earnings per share
Pg 17
3.Financial position information
3.1Trade and other receivables
Pg 18
3.2Investment properties
Pg 19
3.3Funding
Pg 25
4.Other information
4.1Segment information
Pg 27
4.2Capital commitments
Pg 28
4.3Subsequent events
Pg 28

1. General information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
15
1.1 Reporting entity
The interim consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled
entities (the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and
is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with
its ordinary shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 Interim Financial
Reporting and International Accounting Standards (IAS) 34 Interim Financial Reporting. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements in the 2022 annual report.
The interim consolidated financial statements for the six months ended 30 September 2022 are unaudited. Comparative balances
for 30 September 2021 are unaudited, whilst the comparative balances for the year ended 31 March 2022 are audited.
The interim consolidated financial statements have been prepared on the basis the Group is a going concern.
The interim consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The
functional and presentation currency used in the preparation of the interim consolidated financial statements is New Zealand dollars.
1.3 Significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the period:
Investment properties
During the period ended 30 September 2022, the Group acquired three properties adjoining Sylvia Park for $13.8 million.
On 30 September 2022, the Group entered into an unconditional agreement to dispose of Northlands and 43 Langdons Road in
Christchurch for $151 million (net of seismic costs). Settlement is due to take place on 30 November 2022.
On 6 May 2022, Auckland Council announced the approval of the Group's Drury Private Plan Change application. The 53-hectare site
is set to be the location of the mixed-use Drury Town Centre.
Litigation settlement
In July 2022, the Group settled claims it had against certain parties regarding engineering services provided in connection with one
of its investment properties. As part of that settlement the Group received $6.6 million.
Bank loans
In May 2022, the Group increased its overall bank debt facilities from $850 million to $950 million.
1.4 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim consolidated financial statements and in the
2022 annual report.
1.5 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim consolidated financial statements are
consistent with those used in the 2022 consolidated financial statements.

2. Profit and loss information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
16
2.1 Tax expense
A reconciliation of (loss)/profit before income tax to income tax expense follows:
6 months
30 Sep 2022
$000
6 months
30 Sep 2021
$000
(Loss)/profit before income tax
(135,380)
160,969
Prima facie income tax benefit/(expense) at 28%
37,906
(45,071)
Adjusted for:
Net fair value gain on interest rate derivatives
1,753
2,236
Net fair value (loss)/gain on investment properties
(59,737)
26,215
Loss on disposal of investment properties
-
(873)
Litigation settlement income
1,855
-
Depreciation
7,082
7,501
Net abatements and deferred leasing costs
(513)
(703)
Deferred rent received
(52)
(258)
Deductible capitalised expenditure
1,093
479
Other
195
(649)
Current tax expense(10,418)
(11,123)
Depreciation recoverable
(4,586)
(6,047)
Net fair value gain on interest rate derivatives
(1,753)
(2,236)
Deferred leasing costs and other temporary differences
1,058
1,667
Deferred tax expense(5,281)
(6,616)
Income tax expense reported in profit(15,699)
(17,739)
Imputation credits available for use in subsequent periods6,162
11,125

Kiwi Property
Interim Report FY23
17
2.1 Tax expense (continued)
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair value.
Investment properties are valued at least once each year by independent valuers. These values include an allocation of the
valuation between the land and building components. The calculation of deferred tax on depreciation recovered relies on this
allocation provided by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values attributable
to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed utilising
independent valuation advice and the remaining properties have been assessed with reference to previous transactional
evidence and their age and quality.
2.2 Earnings per share
6 months
30 Sep 2022
6 months
30 Sep 2021
(Loss)/profit and total comprehensive income after income tax attributable to shareholders ($000)
(151,079)
143,230
Weighted average number of shares (000)
1,570,800
1,569,865
Basic and diluted earnings per share (cents)(9.62)
9.12

3. Financial position information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
18
3.1 Trade and other receivables
30 Sep 2022
$000
31 Mar 2022
$000
Trade debtors
7,806
11,829
Provision for doubtful debts
(2,698)
(3,374)
Accrued COVID-19 rent relief
1
(1,379)
(7,370)
3,729
1,085
Deferred rent
-
195
Prepayments
3,382
6,450
Trade and other receivables7,111
7,730
1Relates to expected abatements and other rent reductions offered to certain tenants as part of COVID-19 rent relief which were not finalised at the reporting date.
Key estimates and assumptions: provision for doubtful debts
The Group’s property revenue largely consists of fixed rental obligations due under lease agreements, which are received
monthly in advance. Therefore, property revenue and the assessment of the recoverability of tenant debtors have not been
subject to a significant level of judgement or estimation prior to the COVID-19 pandemic. Retail trade was unfavourably
impacted by COVID-19 due to extended lockdown periods in the year ended 31 March 2022. As a result, the trade debtor
balance at this time was relatively high compared to pre-pandemic levels. Judgement is required in determining allowances
for expected credit losses on these receivables.

Kiwi Property
Interim Report FY23
19
3.2 Investment properties
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
30 Sep 2022
%
Fair value
31 Mar 2022
$000
Capital
movements
30 Sep 2022
$000
Fair value
gain/(loss)
30 Sep 2022
$000
Fair value
30 Sep 2022
$000
Mixed-use
Sylvia Park Precinct
1
Various5.461,462,57775,968(75,917)1,462,628
LynnMall
Colliers6.88251,0006,945(18,945)239,000
The Base
2
JLL6.63198,000(300)1,300199,000
1,911,57782,613(93,562)1,900,628
Office
Vero Centre
JLL4.75545,000(888)(27,112)517,000
ASB North Wharf
CBRE5.25258,000(216)(12,784)245,000
The Aurora Centre
CBRE5.88183,900(278)(14,622)169,000
44 The Terrace
CBRE6.3855,400(71)(5,329)50,000
1,042,300(1,453)(59,847)981,000
Other
Westgate Lifestyle
3
94,600(94,600)--
The Plaza
CBRE8.25150,0002,467(32,467)120,000
Other properties
4
42,575(6,684)(2,891)33,000
Development land
114,2005,927-120,127
401,375(92,890)(35,358)273,127
3,355,252(11,730)(188,767)3,154,755
Gross up of lease liabilities
3,620(3,069)(19)532
Investment properties - non-current3,358,872(14,799)(188,786)3,155,287
Investment properties held for sale
Properties held for sale
5
207,421104,548(24,549)287,420
Gross up of lease liabilities
6
1,3433,069(10)4,402
Investment properties held for sale - current208,764107,617(24,559)291,822
Total investment properties3,567,63692,818(213,345)3,447,109
1Sylvia Park Precinct was valued “as if complete” at $1.685 billion based on a weighted capitalisation rate of 5.3% (including the as if complete capitalisation rates for 3 Te Kehu
Way and Sylvia Park build-to-rent). The deduction of outstanding development costs for the Sylvia Park build-to-rent development and the 3 Te Kehu Way
office development
($217.1 million in total), together with allowances for profit and risk and stabilisation ($4.9 million in total), results in an “as is” value of $1.463 billion net of seismic costs.
2Represents the Group's 50% ownership interest.
3Westgate Lifestyle has been reclassified to properties held for sale during the current period.
4The fair value at 31 March 2022 includes 43 Langdons Road located in Christchurch which has been reclassified to properties held for sale during the current period. Refer to
note 1.3 for further information.
5The fair value at 31 March 2022 includes Northlands and certain adjoining properties located at Sylvia Park in relation to the sale of land to IKEA. The fair value at 30 September
2022 includes Northlands, 43 Langdons Road, Westgate Lifestyle and the IKEA land. Northlands and 43 Langdons Road is carried at the sale price of $151 million (net of seismic
costs). The IKEA land is carried at contract price and Westgate Lifestyle is carried at the value determined by external valuation.
6The value at 30 September 2022 includes the gross up of lease liabilities associated with Westgate Lifestyle.

Kiwi Property
Interim Report FY23
20
3.2 Investment properties (continued)
The movement in the Group's investment properties during the six months to 30 September 2022 is as follows:
Mixed-use
$000
Office
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2022 excluding gross up of
lease liabilities1,911,5771,042,300401,375207,421
3,562,673
Capital movements:
Transfers between asset classes--(101,100)101,100
-
Acquisitions13,811---
13,811
Capitalised costs (including lease incentives,
fees, abatements and fixed rental income)69,702(26)7,2713,908
80,855
Capitalised interest and finance charges2,360-1,542-
3,902
Amortisation of lease incentives, fees,
abatements and fixed rental income(3,260)(1,427)(603)(460)
(5,750)
82,613(1,453)(92,890)104,548
92,818
Net fair value loss on investment properties
excluding gross up of lease liabilities(93,562)(59,847)(35,358)(24,549)
(213,316)
Balance at 30 September 2022 excluding
gross up of lease liabilities1,900,628981,000273,127287,4203,442,175
Gross up of lease liabilities:
Balance at 31 March 2022548-3,0721,343
4,963
Capital movements--(3,069)3,069
-
Fair value movements(19)--(10)
(29)
Balance at 30 September 2022529-34,402
4,934
Balance at 30 September 2022 including
gross up of lease liabilities1,901,157981,000273,130291,8223,447,109

Kiwi Property
Interim Report FY23
21
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2022: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
The investment properties in the Group's mixed-use (excluding the adjoining properties located at Sylvia Park) and office
portfolios, as well as Centre Place North, The Plaza and Westgate Lifestyle were externally valued as at 30 September 2022.
All valuations are prepared by independent valuers who are members of the Group's valuation panel and the New Zealand
Institute of Valuers. Properties acquired during the period are presented at cost, plus related directly attributable costs of
acquisition. Other adjoining properties and development land are presented at their 31 March 2022 independent valuations,
adjusted for capital expenditure over the period as appropriate. This represents the Directors’ best estimate of fair value at
30 September 2022. Where a contracted sale price is available, the investment property held for sale is carried at that value less
associated costs for seismic remediation or rental guarantees, this being the best indicator of fair value. Where no contracted
price is available, the fair value is determined by independent registered valuers. At 31 March 2022, all properties were carried
at external valuation or contract price as applicable.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach. Valuation
techniques are outlined in the 2022 consolidated financial statements.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and the
cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, the valuers for Sylvia Park, LynnMall, The Base, Vero Centre, ASB North Wharf, The Aurora
Centre, 44 The Terrace and The Plaza have made deductions for seismic strengthening works. The valuer of Centre Place North
has assessed the seismic risk of the asset in the capitalisation rate of the valuation. The Group has provided the valuers with
the estimated cost of works for each asset. In some instances the valuer has assessed additional costs for potential works to
buildings which have not been subject to a Detailed Seismic Assessment (DSA) and/or made additional adjustments such as
for escalation and profit and risk.
The timing of the cash outflow for these costs has typically been spread over the next two to three years and the overall value
deduction reflects the present value of costs over the adopted time horizon. Refer also to the section titled ‘seismic uncertainty’
below for further information.
Two assets within the Sylvia Park Precinct were valued using the residual approach as at 30 September 2022, being the Sylvia
Park build-to-rent (BTR) and 3 Te Kehu Way properties, as the development of both of these properties has commenced with
construction underway. Under the residual approach, valuers estimate the ‘as if complete’ value of an asset using the common
investment valuation approaches described above. They then deduct remaining project costs and a typical profit margin for
risks assumed by the developer to determine the asset’s ‘as is’ or residual value.
The valuations are reviewed by the Group and adopted as the carrying value in the financial statements. As part of this process,
the Group’s management verifies all major inputs to the valuations, assesses valuation movements since the previous period
and holds discussions with the independent valuers to assess the reasonableness of the valuations.

Kiwi Property
Interim Report FY23
22
3.2 Investment properties (continued)
Valuation uncertainty
The direct impacts of COVID-19 on the wider commercial property market have now largely ceased. However, the property
market is now being impacted by global macro-economic conditions, including amongst other things, high levels of inflation,
rising interest rates, ongoing supply chain issues (although supply chain issues appear to be subsiding) and the economic
fallout from geopolitical events in Ukraine. 
While the levels of transaction activity and market confidence increased throughout 2021, more recently there has been a
marked slowdown in investment activity as a result of rapidly rising interest rates and uncertainty around the pace at which
inflation may return to targeted levels. Longer-term interest rates have been particularly volatile and a number of market
participants that were active through 2021 and early 2022 are now largely inactive. We expect levels of transactional activity to
remain low until economic conditions stabilise.
As a consequence, there is becoming an apparent gap between purchaser and vendor expectations. While the market remains
in this state, without a body of current transactional evidence, there is an increased level of uncertainty around property
valuations which is generally being reflected through an expansion of capitalisation rates and discount rates.
Seismic uncertainty
The Group is committed to upgrading the seismic resilience of its buildings to appropriate New Building Standards (NBS).
Detailed Seismic Assessments (DSA) continue to be undertaken for the Group’s buildings. A DSA verifies a building’s NBS rating
and assists in the design of remediation solutions, where required.
The cost assessments for seismic works required to increase NBS ratings contain uncertainty. The level of accuracy of design
solutions and cost estimates can vary as the design and remediation process progresses. Initially, estimates may be based
on the structural plans of a building, which can sometimes change significantly once more intrusive building investigations
are carried out. Therefore, costs for remediation works may fluctuate, and the costs associated with current or imminent
remediation works will be more accurate than those for a project in the early phases of investigation or planning.
The process undertaken and standards which are applied in seismic assessments evolve over time as the engineering
profession’s understanding of seismic events develops. This means that the outcome of seismic assessments may be subject
to change over time. Changes to seismic standards (or the interpretation and application of existing seismic standards) could
result in buildings no longer meeting the minimum seismic standards deemed appropriate by the Group, and may require the
Group to undertake further seismic remediation works.
Valuations for some of the Group’s buildings contain deductions for costs associated with identified seismic remediation works.
The cost deductions are typically based on external quantity surveyor assessments with additional allowances for professional
fees and other associated costs. In some instances the valuer has assessed additional costs for potential works to buildings
which have not been subject to a DSA and/or made additional adjustments such as for escalation and profit and risk.
In some cases the Group has become aware of potential remediation requirements from recent preliminary investigations and
in these instances the Group has provided general provisions of $51.3 million to the valuers for inclusion in the valuations. These
provisions are high level allowances pending the outcome of further investigations.
These allowances are based on the best information available at the time of valuation but may be subject to change as
circumstances and standards continue to evolve.
Climate change uncertainty
The Group continues to identify the impact of climate change on the business and its assets. The valuers made no explicit
adjustments in respect of climate change matters. However, the Group and valuers anticipate that climate change could have
a greater influence on valuations in the future as investment markets place a greater emphasis on this risk and its impacts.

Kiwi Property
Interim Report FY23
23
3.2 Investment properties (continued)
Impact on values at 30 September 2022
For the period ended 30 September 2022 the Group reported a fair value loss of $213.3 million.  The loss reflects expanding
capitalisation rates and discount rates on the back of heightened investment uncertainty relative to the prior period, as well as
additional allowances for potential seismic remediation costs.
Valuation inputs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely available or
explicit in the marketplace but rather analysed from transactional data that has taken place in similar market circumstances to
that prevailing at the date of valuation.
The Group’s investment property values contain unobservable inputs in determining fair value, some of which can be described
as ‘key unobservable inputs’ where significant judgement is applied in determining the input and a change to any one of these
inputs could significantly alter the fair value of an investment property.
Key unobservable inputs are the capitalisation rate, discount rate, terminal capitalisation rate, market rent and growth rates.
The table below sets out these key unobservable inputs and the ranges adopted by the valuers across the various properties
making up the Group’s mixed-use and office portfolios.
While values increased at March 2022 following the reversal of early impacts of COVID-19 and a general strengthening in
metrics from 2021 to 2022, this trend has now started to reverse following rising interest rates locally and globally. This is mainly
evident through the capitalisation rate and discount rate metrics, which have expanded, having an effect of decreasing the fair
value despite increased market rents.
Class of property
Inputs used to measure fair value
Range of significant
unobservable inputs
Sensitivity
30 Sep 2022
31 Mar 2022
Mixed-use
1
Core capitalisation rate
5.6% - 6.9%
5.3% - 6.5%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate
5.6% - 8.4%
5.5% - 9.0%
Discount rate
7.5% - 8.3%
7.3% - 8.0%
Terminal capitalisation rate
5.9% - 7.0%
5.6% - 6.6%
Gross market rent (per sqm)
2
$381 - $802
$372 - $794The higher the market rent and growth rate,
the higher the fair value.
Rental growth rate (per annum)
0.0% - 3.0%
0.0% - 3.0%
OfficeCore capitalisation rate
4.8% - 6.4%
4.5% - 5.8%The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate
6.3% - 7.4%
6.0% - 6.8%
Terminal capitalisation rate
5.0% - 6.9%
4.8% - 6.0%
Gross market rent (per sqm)
2
$514 - $742
$505 - $712The higher the market rent and growth rate,
the higher the fair value.
Rental growth rate (per annum)
1.5% - 3.5%
0.0% - 3.0%
1Mixed-use excludes adjoining properties located at Sylvia Park.
2Weighted average by property.
These key inputs are explained above.

Kiwi Property
Interim Report FY23
24
3.2 Investment properties (continued)
Valuation sensitivity
A sensitivity analysis that shows how a change to capitalisation and discount rates affects the value of the Group’s portfolio is provided
below. The metrics chosen are those single-value inputs where movements are likely to have the most significant impact on the fair
value of investment properties.
The capitalisation rate relates to the income capitalisation approach and the discount rate relates to the discounted cash flow
approach. Generally, a change in the capitalisation rate is accompanied by a directionally similar change in the discount rate, with a
reduction increasing a property's valuation and an increase decreasing a property's valuation. The table below assesses each of these
inputs in isolation and assumes all other inputs are held constant.
30 September 2022
Adopted
value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,900,628
Impact of assumption change ($000)87,500(79,400)35,000(34,300)
Impact of assumption change (%)4.6(4.2)1.8(1.8)
Office
Actual valuation ($000)981,000
Impact of assumption change ($000)52,800(48,100)19,400(18,500)
Impact of assumption change (%)5.4(4.9)2.0(1.9)
31 March 2022
Adopted
value
Capitalisation rate
- 25bp
Capitalisation rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,911,577
Impact of assumption change ($000)94,300(84,400)36,400(36,300)
Impact of assumption change (%)4.9(4.4)1.9(1.9)
Office
Actual valuation ($000)1,042,300
Impact of assumption change ($000)59,500(53,900)19,700(20,300)
Impact of assumption change (%)5.7(5.2)1.9(1.9)

Kiwi Property
Interim Report FY23
25
3.3 Funding
3.3.1 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2022
$000
31 Mar 2022
$000
Bank loans - total facilities
950,000
850,000
Bank loans - undrawn facilities
(211,000)
(215,000)
Bank loans - drawn facilities - non-current
739,000
635,000
Fixed-rate green bonds - current
125,100
-
Fixed-rate green bonds - non-current
376,287
500,944
Fixed-rate green bonds - amortised cost
501,387
500,944
Interest bearing liabilities1,240,387
1,135,944
30 Sep 2022
$000
31 Mar 2022
$000
Face value of fixed-rate green bonds - current
125,000
-
Face value of fixed-rate green bonds - non-current
375,000
500,000
Face values500,000
500,000
30 Sep 2022
$000
31 Mar 2022
$000
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)
4.41%
3.85%
Weighted average term to maturity for the combined facilities
2.9 years
3.4 years
Bank loans
The bank loans are provided by ANZ Bank New Zealand, Bank of New Zealand, China Construction Bank Corporation (New Zealand
Branch), Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation (HSBC), MUFG Bank, Ltd (Auckland
Branch) and Westpac New Zealand.
In May 2022, the Group increased the overall bank facilities from $850 million to $950 million.
Security
The bank loans and fixed-rate green bonds are secured by way of a Global Security Deed (the Deed). Pursuant to the Deed, a security
interest has been granted over all of the assets of the Group. No mortgage has been granted over the Group's properties, however,
the Deed allows a mortgage to be granted if an event of default occurs.

Kiwi Property
Interim Report FY23
26
3.3.2 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred to as
interest rate swaps).
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
30 Sep 2022
$000
31 Mar 2022
$000
Interest rate derivative assets - current
265
-
Interest rate derivative assets - non-current
10,696
3,604
Interest rate derivative liabilities - current
-
(175)
Interest rate derivative liabilities - non-current
(2,348)
(1,076)
Net fair values of interest rate derivatives8,613
2,353
Notional value of interest rate derivatives - fixed-rate payer - active
270,000
315,000
Notional value of interest rate derivatives - fixed-rate receiver - active
1
40,000
40,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting
85,000
50,000
Notional values395,000
405,000
Fixed-rate payer swaps:
Weighted average term to maturity - active
1.7 years
1.9 years
Weighted average term to maturity - forward starting
5.5 years
6.6 years
Weighted average term to maturity2.6 years
2.5 years
Fixed-rate payer swaps:
Weighted average interest rate - active
2
2.81%
2.94%
Weighted average interest rate - forward starting
2
3.15%
2.67%
Weighted average interest rate2.89%
2.90%
1The Group has $40 million of fixed-rate receiver swaps for the duration of the $100 million KPG040 fixed-rate green bonds. The effect of the fixed-rate receiver swaps is to
convert a portion of the bond to floating interest rates.
2Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor
using valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2022: Level 2). These are based on the
present value of estimated future cash flows based on the terms and maturities of each contract and the current market
interest rates at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. These
values are verified against valuations prepared by the respective counterparties. The valuations were based on market rates
at 30 September 2022 of between 3.85% for the 90-day BKBM and 4.51% for the 10-year swap rate (31 March 2022: 1.53% and
3.38%, respectively).

4. Other information
F O R T H E S I X M O N T H S E N D E D 3 0 S E P T E M B E R 2 0 2 2
Kiwi Property
Interim Report FY23
27
4.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating
segments, is the Chief Executive Officer.
Operating segments have been determined based on the reports reviewed by the Chief Executive Officer to assess performance,
allocate resources and make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2.
Investment properties held for sale are included in the other segment. The adjoining properties located at Sylvia Park are included in
the other segment for the period ended 30 September 2021 and in the mixed-use segment for the period ended 30 September 2022.
The Group operates in New Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the period:
6 months ended
Mixed-use
$000
Office
$000
Other
$000
Total
$000
30 September 2022
Property revenue
67,06632,19330,076129,335
Less: amortisation of fixed rental increases
(666)(46)(34)(746)
Less: direct property expenses
(14,827)(7,022)(7,474)(29,323)
Less: ground lease expenses
(33)-(158)(191)
Segment profit51,54025,12522,41099,075
30 September 2021
Mixed-use
$000
Office
$000
Other
$000
Total
$000
Property revenue58,06531,02932,291121,385
Less: amortisation of fixed rental increases(974)(301)(82)(1,357)
Less: direct property expenses(13,016)(6,794)(7,534)(27,344)
Less: ground lease expenses(33)-(153)(186)
Segment profit
44,04223,93424,52292,498
Sep-22
52%
Mixed-use
25%
Office
23%
Other
Segment Profit
Sep-21
48%
Mixed-use
26%
Office
26%
Other
Segment Profit

Kiwi Property
Interim Report FY23
28
4.1 Segment information (continued)
A reconciliation of the segment profit to the (loss)/profit before income tax reported in the Consolidated Statement of
Comprehensive Income is provided as follows:
6 months
30 Sep 2022
$000
6 months
30 Sep 2021
$000
Segment profit
99,075
92,498
Property management fees
887
931
Increase in rental income resulting from straight-lining of fixed rental increases
746
1,357
Interest income
52
23
Net fair value (loss)/gain on investment properties
(213,345)
93,623
Interest and finance charges
(20,394)
(19,665)
Employment and administration expenses
(15,477)
(12,853)
Net fair value gain on interest rate derivatives
6,260
7,985
Litigation settlement income
6,625
-
Loss on disposal of investment properties
-
(3,116)
Ground lease expenses classified as interest and fair value loss on investment properties
191
186
(Loss)/profit before income tax(135,380)
160,969
4.2 Capital commitments
The following costs have been committed to but not recognised in the consolidated financial statements as they will be incurred in
future reporting periods:
30 Sep 2022
$000
31 Mar 2022
$000
Development costs at Sylvia Park
142,492
36,540
Development costs at LynnMall
11,034
11,795
Development costs at Northlands
-
377
Drury infrastructure
7,868
1,530
Capital commitments161,394
50,242
4.3 Subsequent events
On 24 November 2022, the Group increased its bank debt facilities by $50 million to $1 billion, and extended the term of the facilities.
The new weighted average term of all debt facilities (calculated on a 30 September 2022 pro-forma basis) is 4.1 years. The Group also
granted mortgage security over certain real property in respect of its indebtedness.
On 24 November 2022, the Group entered into an unconditional agreement to dispose of 44 The Terrace in Wellington for $48 million,
with $1.97 million to be retained to fund seismic works by the Group. The Group has the obligation to fund any costs exceeding
$1.97 million and has the right to retain any balance unutilised. Settlement is due to take place on 15 December 2022. The property
was not being marketed at 30 September 2022.
On 25 November 2022 the Board declared a dividend for the period of 1 July 2022 to 30 September 2022 of 1.425 cents per share
(cps) (equivalent to $22.4 million), together with imputation credits of 0.294 cps. The dividend record date is 6 December 2022 and
payment will occur on 21 December 2022.

Independent auditor's
review report
T O T H E S H A R E H O L D E R S O F K I W I P R O P E R T Y G R O U P L I M I T E D
Kiwi Property
Interim Report FY23
29
Report on the interim consolidated financial statements
Our conclusion
We have reviewed the interim consolidated financial statements
of Kiwi Property Group Limited (the Company) and its controlled
entities (the Group), which comprise the consolidated
statement of financial position as at 30 September 2022,
and the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the
consolidated statement of cash flows for the six month period
ended on that date, and significant accounting policies and
other explanatory information.
Based on our review, nothing has come to our attention
that causes us to believe that the accompanying interim
consolidated financial statements of the Group do not present
fairly, in all material respects, the financial position of the Group
as at 30 September 2022, and its financial performance and
cash flows for the six month period then ended, in accordance
with International Accounting Standard 34 Interim Financial
Reporting (IAS 34) and New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of
the Entity (NZ SRE 2410 (Revised)). Our responsibility is further
described in the Auditor’s responsibilities for the review of the
interim consolidated financial statements section of our report.
We are independent of the Group in accordance with the
relevant ethical requirements in New Zealand relating to the
audit of the annual financial statements, and we have fulfilled
our other ethical responsibilities in accordance with these
ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of
audits of special purpose financial information in accordance
with tenancy agreements and agreed upon procedures in
respect of a specified remuneration metric and apportionment
statement. The provision of these other services has not
impaired our independence.
Directors' responsibility for the interim consolidated
financial statements
The Directors of the Company are responsible on behalf of the
Company for the preparation and fair presentation of these
interim consolidated financial statements in accordance with
IAS 34 and NZ IAS 34 and for such internal control as the
Directors determine is necessary to enable the preparation
and fair presentation of the interim consolidated financial
statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s responsibilities for the review of the interim
consolidated financial statements
Our responsibility is to express a conclusion on the interim
consolidated financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the interim
consolidated financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34.
A review of interim consolidated financial statements in
accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting
of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical
and other review procedures. The procedures performed in
a review are substantially less than those performed in an
audit conducted in accordance with International Standards
on Auditing and International Standards on Auditing (New
Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we
do not express an audit opinion on these interim consolidated
financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a
body. Our review work has been undertaken so that we might
state those matters which we are required to state to them in
our review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility
to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we
have formed.
The engagement partner on the review resulting in this
independent auditor’s review report is Karen Shires.
For and on behalf of:
Chartered Accountants
25 November 2022
Auckland, New Zealand

Kiwi Property
Interim Report FY23
30
Company
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
Auckland 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
Bond supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
Security trustee
New Zealand Permanent Trustees Limited
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
Registrar
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
Auditor
PricewaterhouseCoopers New Zealand
PwC Tower
15 Customs Street West
Private Bag 92162
Auckland 1142
T: +64 9 355 8000
W: pwc.co.nz
Bankers
•
ANZ Bank New Zealand
•
Bank of New Zealand
•
China Construction Bank (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand

www.kp.co.nz

---

NZX RELEASE
28 November 2022
Kiwi Property drives robust operating result in 1H23


• Net rental income: $100.0m (+6.3%)
• Operating profit before tax: $65.1m (+4.2%)
• Net loss after tax: $151.1m (-205.5%)
• Adjusted funds from operations: $65.2m (+ 35.8%)
• Net tangible assets per share: $1.31 (-14 cps)
• Q2 dividend: 1.425cps (1H23 dividend: 2.85cps (+ 3.6%)

Kiwi Property today released its financial results for the six months ended 30 September
2022, with the company continuing its record of operational delivery, despite the
challenging macro-economic conditions. The results highlight the strong performance
of the company’s property portfolio and the opportunities created by its strategic
evolution into a creator of mixed-use communities at key metropolitan centres and
transport hubs.

Net rental income rose 6.3% to a record-high $100 million in the first half of the 2023
financial year, driven by sustained revenue growth at Sylvia Park, in particular.
Operating profit before tax was also up, increasing 4.2% to $65.1 million, while adjusted
funds from operations rose 35.8% to $65.2 million, assisted by the release of COVID-19
rental abatement accruals which were not required.

The company’s active leasing and re-mixing programme drove an uplift in both rent
reviews and new leasing, which rose 5.2% and 4.1% respectively. Portfolio vacancy
remained at just 0.3%, while Kiwi Property’s specialty gross occupancy cost ratio (a key
measure of tenancy affordability) was a conservative 12.1% at 30 September 2022,
providing scope for the company to deliver further rental growth going forward.

The sales performance across Kiwi Property’s asset base was robust, increasing 9.6%
from the prior comparable period. The number of shoppers visiting the company’s
mixed-use and retail centres is recovering well from the impact of COVID-19, with year-
to -date pedestrian counts at Sylvia Park, for example, now broadly in line with pre-
pandemic levels.
In the absence of relevant transactional evidence, valuers have responded to the
current high inflation, rising interest rate economic climate by softening property
capitalisation rates. As a result, the fair value of Kiwi Property’s property portfolio
decreased by an unrealised 5.8% or $213.3 million for the six months ended 30
September 2022, leading to a net loss after tax of $151.1 million.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said “ while the reduction in the
value of our property portfolio and subsequent impact on net profit is disappointing, it’s
not unexpected given the well documented challenges facing the global economy. By
actively managing our properties, tightly managing costs and delivering on our mixed-
use strategy, we will help accelerate the recovery of our asset values as the financial
climate improves.”

2
“The evolution of our business from a retail and office landlord to the creator of
connected communities continues to gain momentum. While this transition will take
time, we’re well advanced on our goal of becoming a developer, owner and operator
of world-class mixed-use assets.”
Unlocking value through targeted development

Kiwi Property made good progress on its targeted development programme in the first
half of the 2023 financial year. Construction of Sylvia Park’s 295 build-to -rent apartment
complex is moving forward at pace with the steel superstructure now up to three levels
high. This project will help embed Kiwi Property as a leader in the asset class in New
Zealand.

Elsewhere at Sylvia Park, the new six-level medical and office development at 3 Te
Kehu Way is moving forward with similar momentum. The building’s exterior is now
complete and internal fitouts are taking place, with the development on track to be
completed in the first quarter of 2023. Around two thirds of 3 Te Kehu Way’s net lettable
area is either committed or subject to advanced negotiations, with an impressive line-
up of tenants in place including Tamaki Health, Horizon Radiology, Geneva Finance
and co-working operator, IWG.


Kiwi Property recently received approval from the Environment Court for its Drury Private
Plan Change application and stage one earthworks are underway, marking the next
step in the company’s ambition to create a six Green Star, transit-oriented community
south of Auckland. The earthworks are expected to take two years, with civil
infrastructure such as roads, sewers, water mains and electricity set to follow.

“The improvement of our site has delivered substantial valuation gains, with the
landholding now worth more than double the purchase price. This places us in a
position to unlock additional value, if we choose to subdivide our residential
landholding into super-lots, for example. Drury presents an exciting opportunity however
we’ll be pragmatic about the rate of development there, moving as fast or slow as the
economic climate and funding allow,” said Mackenzie.

Strategic funding and capital management

Kiwi Property today announced the unconditional sale of 44 The Terrace in Wellington
for $48 million (with $2 million retained for seismic costs). The transaction is expected to
settle on 15 December 2022 and delivers a property level return of 12.2% since
inception. The successful sale builds on the recent disposal of Northlands Shopping
Centre for $151 million (net of seismic costs), which is due to settle on 30 November.
Together, these transactions reduce the company’s pro-forma gearing to
approximately 32%, down from 35.7% a t the end of the period.

“The sale of our non-core properties and subsequent recycling of capital is a central
pillar of our funding strategy. The proceeds from these transactions will be used to
repay debt and help fund our development pipeline, unlocking what we believe will be
better growth and greater long-term value for shareholders,” said Mackenzie.

3
Kiwi Property’s large strategic landholding, including more than 125 hectares across its
mixed-use assets at Sylvia Park, LynnMall, The Base and Drury, is an area of strength for
the company. This portfolio not only provides a range of development options but also
gives Kiwi Property the flexibility to speed up or slow down its construction programme
to optimise returns.

Kiwi Property currently has approximately $217 million of development expenditure
remaining at 3 Te Kehu Way and Sylvia Park build-to -rent and is proactively managing
pricing to help mitigate the risk of potential increases.

“We have some exciting developments already underway, however we’ll maintain a
cautious approach to the timing of further activity, given the current level of economic
volatility. Our priority is to ensure the right financial conditions and suitable funding are
in place before any new construction projects begin.”

Kiwi Property undertook several capital management initiatives in the first half of the
2023 financial year, including increasing its bank debt facilities by $100 million, with the
introduction of MUFG Bank Limited to its panel. Post 30 September 2022, the company
increased its facilities by a further $50 million and extended its weighted term of debt
from 2.9 years to 4.1 years on a pro-forma basis.
Dividend and full-year guidance

Kiwi Property will pay a cash dividend of 1.425 cents per share for the second quarter
on 21 December 2022, having previously distributed a first quarter dividend of 1.425
cents per share on 21 September 2022.

The company today confirmed its dividend guidance at 5.70 cents per share for the
2023 financial year
1
, representing an attractive gross dividend yield of 9.3%
2
while
simultaneously enabling the company to retain earnings to fund future development
and growth opportunities.

Driving returns through FY23 and beyond

Kiwi Property Chair, Mark Ford, said “while we’re pleased to have achieved another
robust operating performance and strong cashflows, the continued discount of our
stock price relative to asset values is disappointing and something we’re squarely
focussed on.

“As we face the current economic headwinds, we will maintain a strict focus on costs,
adopt a pragmatic approach to development, continue to execute our
transformational strategy, and work diligently to drive returns for our investors,” Ford
concluded.

Additional information

Kiwi Property has today also released an Interim Results Presentation and Interim Report,
which are available for download on the Company’s website kp.co.nz/interim-result or
from nzx.com

4
#ENDS

Notes:

General: Operating profit before tax and adjusted funds from operations are non-GAAP
performance measures. Refer to the Interim Results Presentation 2023 for details.
1: D ividend guidance and payments are contingent on the company’s financial
performance through the financial year and barring material adverse effects or
unforeseen circumstances.
2: 9.3% dividend yield is based on Kiwi Property’s closing share price on
25 November 2022 and assuming a 33% personal tax rate.

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

Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 27 563 4985
About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around
for over 25 years and proudly own and manage a significant real estate portfolio,
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our
objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
S&P Global Ratings has assigned Kiwi Property an issuer credit rating of BBB (stable) and
an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property
is the highest rated New Zealand company within CDP (Carbon Disclosure Project) and is
a member of FTSE4 Good, a series of benchmark and tradable indices for ESG
(Environmental, Social and Governance) investors. Kiwi Property is licensed under the
Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz

---

InterimResults
Presentation
For the six months ended
30 September 2022

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

Contents
Section
Page
Business update 4
Financial results10
Appendix1: Property update18
Appendix 2: Financial update34
Glossary51
This interim results presentation for the six months ended 30 September 2022 should be read in conjunction with the NZX announcement and financial statements released on 28 November 2022. Refer to our website kp.co.nz/interim-result or nzx.com.
Property statistics within this presentation represent owned assets only; property interests managed on behalf of third parties are excluded. Unless otherwise indicated, all of the numerical data provided in this presentation is stated for thesix months
ended and/or as at 30 September 2022. All amounts are in New Zealand dollars. Sylvia Park Precinct comprises Sylvia Park, including ANZ Rarangaand the residual values of both 3 TeKehuWay and Sylvia Park build-to-rent, Sylvia Park Lifestyle and the
adjoining properties. Due to rounding, numbers within this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Refer to the Glossary for further definitions. The non-GAAP financial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial inf ormation presented by other entities. The interim financial statements, which contain GAAP financialinformation, have
beensubject to review procedures by PwC.
3

Business update
4

A strategy for drivinglong term value and shareholder returns
5

1H23: A strong operational performance
6
6
$100m
Net rental income
4.9
%
Leasing uplift
99.7
%
Portfolio occupancy
9.6
%
Total sales growth
>$750m
Sylvia Park precinct sales
81
GRESB score

Delivering on strategy through targeted development at Sylvia Park
7
3 Te Kehu Way
>Building exterior largely finished
and internal fitouts are underway.
>On track to be delivered in the
first quarter of 2023.
>Around two thirds of net lettable
area is either committed or
subject to advanced
negotiations.
Sylvia Park BTR
>Construction of Sylvia Park’s 295
apartment BTR complex is moving
forward at pace.
>Carpark and podium level
structurally complete.
>Steel superstructure now up to
three levels high.
Sylvia Lane dining precinct
>Exciting all-weather upgrade to
Sylvia Lane completed.
>The development will create an
attractive and vibrantal-fresco
dining precinct.
>Set to become a cornerstone of
the centre’s entertainment
offering.

Unlocking value and a funding pathway at Drury
8
Stage 1 LFRStage 1 residentialDrury stage 2
>Private Plan Change approved by the
Environment Court.
>Stage one earthworks underway and forecast to
take two years.
>Land value expected to increase further once
earth and civil works complete.
>Fast-track consenting process has resumed,
which will enable creation of 13 residential
super-lots, if successful.
>Potential sale of super-lots could release capital
for large format retail (LFR) development.
Kiwi Property Drury landholding

A disciplined andproactive approach to capital management
9
Northlands goes unconditional
>Northlands shopping centre sold
for $151m (net of seismic costs),
with settlement expected 30
November 2022.
>Asset no longer core to strategy.
>Net proceeds from transactions
willbe used to repay bank debt
and help fund development.
Strategic capital recycling
>44 The Terrace sold for $48m (with
$2mretained for seismiccosts) post
30 September 2022. Settlement is
expected on 15 December 2022.
>Realises value for shareholderswith
a property level IRR of 12.2%from
inception.
>Westgate Lifestyle Shopping
Centre has beenlisted for sale.
Pragmatic development timing
>Large landholding provides
flexibility to controltiming.
>Approximately $217m of capex
remaining Sylvia Park BTR and
3 Te Kehu Way, with costs being
proactively managed.
>New developments will only occur
when market conditions, costs and
return metrics are acceptable.

Financial results
10

$
100.0m
Net rental income
+
$
6.0m(+6.3
%
)
Interim financial results 2023
-
$
151.1m
Net loss
after tax
-
$
294.3m (-205.5
%
)
$
65.1m
Operating profit
before tax
+
$
2.6m (+4.2
%
)
General note: Comparative figures on pages 11-16 relate to the 1H22 period, unless otherwise stated.
> Net rental income increased 6.3% on the prior period to a
record $100m, assistedby improved performance at
Sylvia Park and the release of COVID-19 rental
abatement accruals which were not required.
> Net loss after tax includes an unrealised$213.3m decrease
in the fair value of investment properties due to a
softening of property capitalisationrates.
> Adjusted funds from operations (AFFO) increased 35.8% to
$65.2m, underpinned by higher operating profit and a
lower COVID-19 impact.
11
$
65.2m
AFFO
+
$
17.2m (+35.8
%
)

4.9
%
Total rental growth
FY22:4.2
%
99.7
%
Occupancy
FY22:99.8
%
4.6 years
Weighted average lease expiry (WALE)
FY22:4.9years
Mixed-use and office leasing activity
Rental growth
> Overall rental growth from mixed-use and office leasing
activity was +4.9%, with newleasing up +4.1% and rent
reviews up +5.2%.
> Strong uplift in leasing spreads for new lease deals across
the mixed-use portfolio (+4.2%), led by Sylvia Park and The
Base.
Occupancy and WALE
>58 new leases and renewals were completed in the
period.
>Occupancy remains high at 99.7%.
12

General note: All sales include GST.
1: Total sales includes Sylvia Park, Sylvia Park Lifestyle, The Base Te Awa, The Base LFR and LynnMall
2: Comprises Sylvia Park, The Base Te Awa and LynnMall
$
1.51b
Total sales
1
Sep 21:
$
1.38b
+9.6
%
Total sales growth
1
Sep 21: 15.53
%
Retail sales
> Extra 13 days traded in Auckland versus the prior
comparable period, while Hamiltontraded for 10
fewerdays.
> We have seen a positive performance from most centres,
resulting in total sales growth of +9.6% in the first-half.
> Growth is being driven by mini-majors and commercial
services.
> Strong speciality sales per sqm and gross occupancy
costs compare favourably to many leading Australasian
REITs.
13
$
12,90012.1
%
Specialty sales (per sqm)
2
Specialty GOC
2
Sep 21:
$
12,833Sep 21: 11.3
%

4.41
%
Weighted average
cost of debt
FY22: 3.85
%
2.9years
Weighted average
term to maturity of debt
FY22: 3.4 years
Capital management
BBB
+
Issue rating
(fixed-rate green bonds)
BBB(stable)
Issuer credit rating
Credit ratings (no change)
> Bank debt facilities were increased from $850m to
$950m.
> Increase in weighted average cost of debt reflects the
rising interest rate environment.
> Interest rate rises continue to drive fair value gains on
interest rate swaps.
> Post the reporting period:
•Bank facilities increased from $950m to $1b.
•Weighted average term of all debt facilities extended
to 4.1 years (calculated on a 30 September 2022 pro-
forma basis).
•Bank gearing covenant increased to 50% with
provisional arrangements while bond gearing
covenant remains at 45%.
•Mortgage security granted over at least 90% of the
charging group’s properties.
14

$
3.4b
Property assets
FY22:
$
3.6b
35.7
%
Gearing
FY22: 31.6
%
$
1.31
Net tangible assets per share
FY22: $1.45
Balance sheet
> Unrealisedfair value decrease in property assets partially
offset by $93m in further capital expenditure and
property acquisitions.
> Allowing for the settlement of Northlands on
30 November 2022 and 44 The Terrace on 15 December
2022, pro-forma gearing is approximately 32%.
15

4.15cps69
%
AFFOAFFO payout ratio
+1.09 cps (+35.7
%
)
AFFO, dividend and guidance
> AFFO per share increased 35.7%, driven by higher
operating profit anda lower impact of COVID-19
in 1H23.
> Kiwi Property confirms its FY23 cash dividend guidance of
5.70 cps
2
, representing an attractive gross dividend yield
of 9.3%
3
, while simultaneously enabling the company to
retain earnings to fund future development and growth
opportunities.
16
1.425cps2.85cps
Quarterly cash dividend
1
YTD interim cash dividend
+0.10cps(+3.6
%
)
1: For the three-month period ended 30 September 2022. 2: FY23 dividend guidance and payments are contingent on
Kiwi Property’s financial performance through the financial year and barring material adverse effects or unforeseen
circumstances.3: Based on a share price of $0.91, representing the closing share price recorded on the NZX on
25 November2022 and assuming a 33% personal tax rate.
5.70cps
9.3
%
FY23 dividend guidanceGross dividend yield
3

Building momentum for strategic evolution: 2H23 priorities
17
1.Maintain balance sheet flexibility and capacity.
2.Advance Drury earthworks and Fast-track consent application.
3.Progress leasing at 3 Te Kehu Way, aiming to be fully committed on opening.
4.Continue driving operational excellence across the asset portfolio.

Appendix 1:
Property update
18

Contents
AppendixTitlePage
1.1Investment portfolio summary20
1.2Portfolio statistics21
1.3Net rental income22
1.4Capitalisation rate history23
1.5Geographic diversification– investment portfolio24
1.6Sector and tenant diversification –property portfolio25
1.7Mixed-use portfolio diversification26
1.8Office portfolio diversification27
1.9Rent reviews and new leasing28
1.10Lease expiry profile29
1.11Tenant diversification30
1.12Retail sales31
1.13Retail sales by property32
1.14Retail sales by category33
19

1.1 Investment portfolio summary
20
30-Sep-2231-Mar-22
Mixed-use Office Total Mixed-use Office Total
Number of assets
(Appendix 1.2)
448448
Value ($m)
1(Appendix 1.2)
1,900.6981.02,881.61,911.61,042.32,953.9
% of total portfolio by value
(Appendix 1.6)
552884542983
Weighted average capitalisation rates
1 (Appendix 1.2)
5.77
%
5.15
%
5.56
%
5.48
%
4.78
%
5.23
%
Net lettable area (sqm)
(Appendix 1.2)
304,32896,047400,375304,16195,998400,159
Number of tenants5716863956969638
% investment portfolio by gross income68321006832100
Occupancy (by area)
2 (Appendix 1.2)
99.9
%
99.2
%
99.7
%
99.9
%
99.3
%
99.8
%
Weighted average lease expiry (by income)
(Appendix 1.2)
3.7 years6.6 years4.6 years3.9 years7.1 years4.9 years
The following notes apply to all of Appendix 1 (where applicable): 1: The value excludes the gross up of lease liabilities required by NZ IFRS 16 Leases. At 30-Sep-22, value excludes other properties, properties held
for saleand development land with a combined value of $560.5m (16% of total portfolio value). At 31-Mar-22, value excludes other properties, properties held for sale and development land of $609m (17% of
total portfolio value).2: Vacant tenancies with current or pending development works are excluded from the occupancy statistics. At 30-Sep-22, figures excluded 1,275sqm at LynnMall, 1,234sqm at The Base,
and 4,435sqm of properties adjoining Sylvia Park. At 31-Mar-22, figures exclude 844sqm at LynnMall and 2,698sqm of properties adjoining Sylvia Park. General note 1: Kiwi Property owns 100% of all assets except
The Base and Centre Place North, which are 50% owned. Centre Place North is not included in the investment portfolio metrics.General note 2: Mixed-use assets comprise Sylvia Park (including ANZ Rarangaand
adjoining properties), Sylvia Park Lifestyle, LynnMall and The Base.

1.2 Portfolio statistics
21
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2231-Mar-2230-Sep-2231-Mar-2230-Sep-2231-Mar-2230-Sep-2231-Mar-2230-Sep-2231-Mar-22
Sylvia Park
1
1,059.01,071.95.635.3894,83294,76999.999.83.94.1
ANZ Raranga 102.5114.55.384.7511,62011,603100.0100.06.26.8
Sylvia Park Lifestyle88.592.05.885.5016,57816,550100.0100.03.33.3
Sylvia Park Precinct
2
1,462.61,462.65.465.20179,106178,999100.099.93.94.1
LynnMall239.0251.06.886.50
37,54337,51299.4100.03.13.3
The Base199.0198.06.636.2587,67987,65099.999.93.63.7
Mixed-use portfolio1,900.61,911.65.775.48304,328304,16199.999.93.73.9
Vero Centre517.0545.04.754.5039,59739,54498.298.54.24.6
ASB North Wharf245.0258.05.254.7521,62121,62599.899.88.48.9
The Aurora Centre169.0183.95.885.3824,50424,504100.0100.011.712.2
44 The Terrace50.055.46.385.7510,32510,325100.0100.04.44.9
Office portfolio981.01,042.35.154.7896,04795,99899.299.36.67.1
Investment portfolio2,881.62,953.95.565.23400,375400,15999.799.84.64.9
Other properties
3
153.0186.1
Properties held for sale
4
287.4308.5
Development land120.1114.2
Total portfolio
5
3,442.23,562.7
1: Includes Sylvia Park Shopping Centre and the residual values of 3 Te Kehu Way and Sylvia Park BTR. 2.Includes the value of adjoining properties which are not separately disclosed. 3.Other properties
includes The Plaza and the Group’s 50% ownership interest in the Centre Place North Joint Venture. The prior period has beenrecategorised on the same basis. 4: Includes Westgate Lifestyle, Northlands, 43
LangdonsRoad and the IKEA land. The prior period has been recategorised on the same basis. 5: Excludes the gross up of lease liabilities required by NZ IFRS 16 Leases.

1.3 Net rental income
22
> Net operating income (NOI) increased $6.1m
(+6.5%) on the prior period, driven primarily by
improved performance at Sylvia Park and the
release of COVID-19 rental abatements not
required.
Six months ended30-Sep-2230-Sep-21
Variance
$m$m$m%
Sylvia Park
27.523.93.6+15.3
ANZ Raranga
2.52.40.1+3.5
Sylvia Park Lifestyle
2.52.5-0.1-2.2
Sylvia Park Precinct
34.530.44.2+13.7
LynnMall
9.89.20.6+6.1
The Base
6.86.30.5+8.5
Mixed-use portfolio
51.145.95.3+11.5
Vero Centre
12.211.70.6+5.0
ASB North Wharf
6.96.80.1+1.2
The Aurora Centre
4.34.3-+0.4
44 The Terrace
1.71.60.1+7.8
Office portfolio
25.124.30.8+3.3
Other properties
1
9.79.8-0.1-1.5
Properties held for sale
2
13.012.90.2+1.2
Net operating income
99.092.96.1+6.5
Straight-lining of fixed rental increases
0.71.4-0.6-45.0
Generalprovisionfor expected credit loss
--0.50.5-100.0
Other net income
0.10.1--2.0
NZ IFRS 16 expense reclassifications
0.20.2-+3.3
Net rental income
100.094.06.0+6.3
1. Includes the Group’s 50% interest in Centre Place North JV, The Plaza and Drury development land. The prior period has been
recategorised on the same basis. 2. Includes Westgate Lifestyle, Northlands, 43 LangdonsRoad and the IKEA land. The prior period
has been recategorised on the same basis.

1.4 Capitalisation rate history
23
5.77%
5.15%
5.56%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22
Sep-22
Key:Mixed-useOfficeInvestment portfolio
Global
Financial Crisis
Christchurch
earthquakes
COVID-19
General note: Mixed-use and investment portfolio capitalisation rates fromMar-22 includes Sylvia Park adjoining properties. In Mar-21 and earlier
the Sylvia Park adjoining properties were not included. Retail is not shown on the graph as it is no longer classified under the company’s
investment portfolio.

1.5 Geographic diversification –investment portfolio
24
($2.5b) Auckland
Auckland region: Pop. 1,572,000
(Largest region, 33.4% of NZ)
3 x mixed-use assets
2 x office assets
($199m) Hamilton
Waikato region: Pop. 458,000
(4
th
largest region, 9.7% of NZ)
1 x mixed-use asset
2 x 3
rd
party management mandates
Wellington ($219m)
New Zealand’s capital city
Wellington region: Pop. 507,000
(3
rd
largest region, 10.8% of NZ)
2 x office assets
Note
: Population statistics sourced from Statistics New Zealand,
2018 Census results (usually resident population count).
Auckland85
%
Hamilton7
%
Wellington8
%
Geographic diversification
by investment portfolio value

1.6 Sector and tenant diversification –property portfolio
25
Sector diversification
by portfolio value
Tenant diversification
by investment portfolio gross income
Mini-majors15
%
Government8
%
Consultancy and other5
%
Insurance4
%
Supermarkets2
%
Home and living majors0
%
Mixed-use55
%
Office28
%
Other8
%
Heldfor sale8
%
Specialty stores38
%
Banking10
%
Legal6
%
Department stores and DDS5
%
Financialservices3
%
Cinemas2
%

1.7 Mixed-use portfolio diversification
26
Geographic diversification
by mixed-use portfolio value
Property type
by mixed-use portfolio value
Tenant diversification
by mixed-use portfolio gross income
Specialty stores55
%
Mini-majors22
%
Departmentstores and DDS8
%
Other5
%
Supermarkets3
%
Banking3
%
Cinemas3
%
Insurance1
%
Home and living majors1
%
Regionalcentres
1
85
%
Other11
%
Large format centres5
%
1:Includes ANZ Raranga and Sylvia Park
adjoining properties.
Auckland 90
%
Hamilton10
%

1.8 Office portfolio diversification
27
Property type
by office portfolio value
Geographic diversification
by office portfolio value
Tenant diversification
by office portfolio gross income
Premium53
%
A-grade campus25
%
A-grade17
%
B-grade5
%
Government25
%
Banking25
%
Legal20
%
Financialservices11
%
Insurance10
%
Other office5
%
Specialty stores4
%
Consultancy2
%
Other0
%
Auckland 78
%
Wellington22
%

1.9 Rent reviews and new leasing
28
Rent reviewsMixed-useOfficeTotal
No.16926195
NLA (sqm)96,06712,539108,606
% investment portfolio NLA24327
Rental movement (%)+5.3+4.5+5.2
Compound annual growth (%)+4.3+2.8+4.0
Structured increases (% portfolio)975582
New leases and renewals
No.54458
NLA (sqm)26,20525426,460
% investment portfolio NLA707
Rental movement (%)+4.2+2.0+4.1
WALE (years)3.93.93.9
Total (excl. development leasing)
No.22330253
NLA (sqm)122,27212,793135,065
% investment portfolio NLA31334
Rental movement (%)+5.0+4.5+4.9
Rent reviews
> High percentage of structured reviews (82%)
provided consistent uplift, averaging +4.0% on a
compound annual basis across the investment
portfolio. CPI hitting a peak of 7.3% in June 2022
has contributed to this.
New leasing
>New mixed-use leasing +4.2%, which is a solid
result given the current economic climate.
>Office +2.0% which is a mixture of small retail,
storage, carpark and license deals at Vero
Centre.

1.10 Lease expiry profile
29
5%
5%
9%
14%
9%
10%
48%
0%
10%
20%
30%
40%
50%
60%
Vacant or
holdover
FY23FY24FY25FY26FY27FY28+
Mixed-use
> Mixed-use expiries remain relatively steady over
the next five years.
> Only 5% of the investment portfolio is currently
vacant or on holdover, a solid result given the
current economic climate.
Office
>The longer-dated WALT of the office portfolio
means 71% of gross office income expires in FY28
and beyond.
Key:Mixed-useOffice
Lease expiry profile
% of investment portfolio gross income

1.11 Tenant diversification
30
Our top 20 tenants
Top 20 tenants
% of investment portfolio gross income
ASB Bank 8.2
Ministry of Social Development 5.7
Farmers 3.4
ANZ Bank 2.4
Bell Gully 2.3
Suncorp 2.3
Russell McVeagh 1.8
The Warehouse1.4
Woolworths NZ1.4
Cotton On Group1.3
Craigs Investment Partners1.3
Hoyts1.2
Foodstuffs1.1
Just Group1.1
Hallensteins/Glassons1.0
Kmart1.0
Tertiary Education Commission1.0
IAG0.9
nib 0.8
Whitcoulls0.8
Tenant diversification
% of investment portfolio gross income
●
Department stores and DDS5
●
Supermarkets2
●
Cinemas2
●
Home and living major0
●
Mini-majors15
●
Fashion12
●
Food10
●
Other retail5
●
General5
●
Pharmacy and wellbeing5
●
Home and living2
Banking10
Government8
Legal6
Consultancy and other5
Insurance4
Financial services3
Total (639 tenants)100
occupy
44%
of investment
portfolio
area
contribute
40%
of investment
portfolio gross
income
have a weighted average
lease expiry of
6.6 years
Key:MajorsMini-majorsSpecialtyOffice

1.12 Retail sales
31
> The year to September 2022 saw an extra
13 days tradedin Auckland. In
contrast,Hamiltontrade for 10 fewer
days than the previous period.
> Total sales are up 9.6% on the previous
period and shopping centre sales are
+9.5%.
> Specialty sales per square metre and
specialty GOC remain very competitive.
>General note: All sales include GST. All centres includes Sylvia Park, Sylvia Park Lifestyle, LynnMall, The Base TeAwaand The Base LFR. Mixed use
shopping centres includes Sylvia Park, LynnMall and The Base Te Awa.
For the year ended 30-Sep-22
All centres
(incl. large format centres)
Shopping centres
(mixed-use only)
Actual salesActual sales
Total sales (billion)
$
1.51
(Sep 21 $1.38)
$
1.21
(Sep 21 $1.10)
Total sales growth
+9.6
%
(Sep 21 15.53%)
+9.5
%
(Sep 21 13.76%)
Like-for-like sales growth
+1.5
%
(Sep 21 9.0%)
+1.1
%
(Sep 21 +7.09%)
Specialty sales (per sqm)
$
12,900
(Sep 21 $12,833)
Specialty GOC
12.1
%
(Sep 21 11.3%)
Pedestrian count (million)
21.5

1.13 Retail sales by property
32
> A full year of trade for new storesin the mini-
major category and the resurgence of travel in
commercial services is driving total sales growth
at Sylvia Park.
> Customers continue to spend more, albeit across
fewer visits, resulting in higher average spend
figures.
Year ended
MAT $m
1
% Var. from 30-Sep-21
30-Sep-22Total
Like-for-
like
Mixed-use centres1,207.8+9.5+1.1
Large format retail
2
301.3
Total1,509.1
1:All figures include GST. 2: Sales data is being requested from tenants who are not obliged to provide it under their
current leases. Total sales reported are shown, but due to the changing composition of those who do report,
comparable statistics are variable.
MAT $m
1
Year ended30-Sep-22
Sylvia Park736.5
Sylvia Park Lifestyle
2
29.5
Total Sylvia Park Precinct766.0
The Base Te Awa178.8
The Base LFR
2
271.8
Total The Base Precinct450.6
LynnMall292.5

1.14 Retail sales by category
33
Year ended
MAT $m% var. from 30-Sep-21
30-Sep-22TotalLike-for-like
Supermarkets171.5+0.9+0.9
Department stores and DDS146.7+2.0+2.1
Cinemas18.4+55.5+55.5
Mini-majors314.7+28.8+1.4
Fashion182.2-5.9-0.5
Commercial services127.3+43.7+4.7
Food102.8-0.2-3.3
Pharmacy and wellbeing63.3-9.5-9.1
General (incl. activate)60.0+4.2+2.1
Home and living20.8+1.0-6.1
Total1,207.8+9.5+1.1
General note: All figures include GST and are for mixed-use shoppingcentres only.
> The move away from the traffic light settings
helped cinemas to continue their rebound. The
success of Top Gun: Maverick was key to their
performance amidst the limited release of other
blockbuster titles.
> The fashion categorycontinues to be impacted
by the move ofkey fashion stores into new, larger
flagship stores which moves their categorisation
from fashion to mini majors.
> Pharmacy and wellbeing was impacted by the
arrival of Chemist Warehouse in all centres as
Chemist Warehouse shows in the mini-major
category.

Appendix 2:
Financial update
34

Contents
AppendixTitlePage
2.1Profit after tax36
2.2Operating profit before income tax37
2.3Interest and finance charges38
2.4Management expense ratios (MER)39
2.5COVID-19 rentrelief40
2.6Funds from operations (FFO)41
2.7Adjusted funds from operations (AFFO)42
2.8Dividends43
2.9Balance sheet44
2.10Investment properties movement45
2.11Net finance debt movement46
2.12Finance debt facilities47
2.13Capital management metrics48
2.14Fixed-rate debt profile49
2.15Finance debt facilities – post half-year50
35

Six months ended
30-Sep-22
30-Sep-21Variance
$m$m$m%
Property revenue129.3
121.4 +7.9+6.5
Property management income0.90.9-0.0-4.7
Total income130.2122.3+7.9+6.5
Direct property expenses-29.3-27.3-2.0-7.2
Employment and administration expenses
(Appendix 2.4)
-15.5-12.9-2.6-20.4
Total expenses-44.8-40.2-4.6-11.5
Profit before net finance expenses, other income/(expenses) and
income tax
85.482.1+3.3+4.0
Interest income0.10.0+0.0+129.3
Interest and finance charges
(Appendix 2.3)
-20.4-19.7-0.7-3.7
Net fair value gain on interest rate derivatives6.38.0-1.7-21.6
Net finance expenses-14.1-11.7-2.4-20.8
Profit before other (expenses)/income and income tax71.370.5+0.9+1.2
Losson disposal of investment properties--3.1+3.1N/A
Net fair value (loss)/gainon investment properties-213.393.6-307.0-327.9
Litigation settlement income6.6-+6.6N/A
Other (expenses)/income-206.790.5-297.2-328.4
(Loss)/profit before income tax-135.4161.0-296.3-184.1
Current tax-10.4-11.1+0.7+6.3
Deferred tax-5.3-6.6+1.3+20.2
(Loss)/profit after income tax
1
(GAAP
2
measure)-151.1143.2-294.3-205.5
2.1 Profit after tax
> Property revenue increased $7.9m,
assisted by rental growth across the
portfolio and reduced impact of COVID-
19 disruptions.
> Fair valuegainson interest rate
derivatives remain positive during the
period,driven by recent interest rate
rises.
> Unrealisedproperty portfolio loss in 1H23
reflects softening of property
capitalisation rates by valuers in wake of
market volatility.
> Litigation settlement income of
$6.6mrepresents claims settled against
third parties regarding engineering
services provided in connection with an
investment property.
36
1
:The reported (loss)/profit has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies with New Zealand Equivalents to International Financial Reporting Standards. The
reported (loss)/profit information has been extracted from the interim consolidated financial statements, which have been thesubject of a review by an independent auditor pursuant to the External Reporting Board’s New
Zealand Standards on Review Engagement 2410 (Revised).
2
:GAAP is a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. Kiwi Property’s
financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and other guidance asissued by the External Reporting Board, as appropriate for profit-oriented entities, and with
International Financial Reporting Standards.

2.2 Operating profit before income tax
37
Six months ended
30-Sep-22
30-Sep-21Variance
$m$m$m%
(Loss)/profit before income tax
(Appendix 2.1)
-135.4161.0-296.3-184.1
Adjusted for:
Net fair value loss/(gain) on investment properties
(Appendix 2.1)
213.3-93.6+307.0+327.9
Litigation settlement income
(Appendix 2.1)
-6.6--6.6N/A
Loss on disposal of investment properties
(Appendix 2.1)
-3.1-3.1N/A
Net fair value gain on interest rate derivatives
(Appendix 2.1)
-6.3-8.0+1.7+21.6
Operating profit before income tax
1
(non-GAAP)
65.162.5+2.6+4.2
1: Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s
performance for the period by adjusting for a number of non-operating items. Operating profit before income tax does not have a standard meaning
prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported operating profitbefore income tax has
been extracted from the company's interim consolidated financial statements, which have been the subject of a review by an independent auditor pursuant
to the External Reporting Board’s New ZealandStandards on Review Engagement 2410 (Revised).

2.3 Interest and finance charges
> Interest on bonds favourablyimpacted by
maturity of KPG010 at 6.15% (August-21) and issue
of KPG050 at 2.85% (July-21).
> Capitalised interest has increased on the prior
period following the commencement of build-to -
rent works at Sylvia Park.
38
Six monthsended
30-Sep-22
30-Sep-21Variance
$m$m$m%
Interest on bank debt-14.3-9.6 -4.7-49.4
Interest on bonds-9.8-11.6+1.8+15.5
Interest on lease liabilities-0.2-0.2-+1.2
Interest expense incurred-24.3-21.4-2.9-13.7
Interest capitalised to:
Sylvia Park Precinct2.00.1+1.9+1,692.7
Drury land1.51.4+0.2+13.4
Other properties under development0.40.2+0.2+70.2
Total capitalised interest3.91.7+2.2+129.8
Interest and finance charges
(Appendix 2.1)
-20.4-19.7-0.7-3.7

> Increase in employment and administration
expenses largely driven by IT costs, co-investment
platform costs and investmentin personneland
capabilities to deliver Kiwi Property’s mixed-use
and digital strategies.
> Up-weighting of expertise in areas such as digital,
data and analytics expected to unlock value in
the medium-term.
> Corporate costs and direct property expenses
considered together to better reflect the ‘in-
house’ operating model.
2.4 Management expense ratios (MER)
39
12-month period ended
30-Sep-22
30-Sep-21
$m$m
Employment and administration expenses28.525.1
Direct property expenses59.959.2
Total expenses88.484.3
Weighted average assets under management3,758.283,255.49
Expenses / assets ratio
1
(non-GAAP measure)
235 bps
259 bps
Total property income263.5246.4
Expenses / Property income ratio
1
(non-GAAP measure)
33.5%
34.2%
1:The management expense ratios are alternative non-GAAP measures used by Kiwi Property to assess operating expense efficiency.
The ratios do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities. The information has been extracted from the company’s interim consolidated financial statements which have been the
subject of a review by an independent auditor pursuant to the External Reporting Board’s New ZealandStandards on Review
Engagement 2410 (Revised), except for property income which has been normalised to remove the impacts of COVID-19 to aid
comparability.

2.5 COVID-19 rent relief
40
> The table shows the accounting treatment
of rent relief agreed, or expected to be
agreed, for the six months ended 30
September 2022.
> Since March 2022, the company has agreed
rental abatements across most of the
portfolio.
> Accruals for COVID-19 related abatements
of $3.8m that were not required have been
released during the period.
Period ended
30-Sep-22
31-Mar-22
$m$m
Gross cost of abatements
Abatements capitalised and amortised over remaining lease terms
(Appendix 2.7)
-3.813.1
Abatements expensed directly in profit and loss-0.14.3
Total gross abatements-3.917.4
Amortisation of abatements
Opening balance17.49.3
Abatements subject to amortisation in the current period-3.813.1
Amounts amortised in current period
(Appendix 2.6)
-2.6-4.8
Abatements written off inrelation to partial disposal of Centre Place North--0.2
Amounts to be amortised in subsequent financial years11.017.4
Abatements recognised in profit and loss
Abatements expensed directly in profit and loss-0.14.3
Amounts amortised in current period
(Appendix 2.6)
2.64.8
Amounts written off inrelation to disposal of Centre Place North-0.2
Total abatements recognised in profit and loss2.59.3
Deferred rent
Deferred rent outstanding at end of period (excl. GST)
-0.2
General note: The table above includes $1.4m of accrued rent relief as at 30 September 2022 ($7.4m as at 31 March 2022).

2.6 Funds from operations (FFO)
41
> Higher operating profit as well as costs on
share-based plans and depreciation have
contributed to a 7.4% increase in FFO.
Six months ended
30-Sep-2230-Sep-21Variance
$m$m$m%
Operating profit before tax65.1 62.5 +2.6+4.2
Adjusted for:
Straight-lining of fixed rental increases-0.7 -1.4 +0.6+45.0
Amortisation of tenant incentives and leasing fees3.9 4.7 -0.8-17.1
Reversal of lease liability movement in investment properties--+0.0N/A
Amortisation of rent abatements (COVID-19)
(Appendix 2.5)
2.6 2.1 +0.5+23.7
Rent deferrals (COVID-19)0.2 0.9 -0.7-79.9
Share-based payment expense
1
0.9 -+0.9N/A
Depreciation – property, plant and equipment
1
0.5 -+0.5N/A
Current tax expense
(Appendix 2.1)
-10.4 -11.1 +0.7+6.3
Funds from operations (FFO)
2
(non-GAAP)
(Appendix 2.7)
62.0 57.7 +4.3+7.4
1: Represents non-cash expenses that are now included in the determination of funds from operations. No adjustment has been made inrespect
of the prior period.2: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s
underlying operating performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings
from operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities. FFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of
Australia. The reported FFO information has been extracted from the company's interim consolidated financial statements, which have been the
subject of a review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410
(Revised).

2.7 Adjusted funds from operations (AFFO)
42
> Reduction in COVID-19 rent
abatements, coupled with higher FFO,
resulted in a 35.8% AFFO increase on the
prior period.
> One-off costs relate to software-as-a-
service (“SaaS”) digital implementation
expenses, and other project costs.
Six months ended
30-Sep-22
30-Sep-21
Variance
$m$m$m%
Funds from operations (FFO)
1 (Appendix 2.6)
62.057.7+4.3
+7.4
Adjusted for
Maintenance capital expenditure-1.4-0.7-0.7
-97.3
Tenant incentives and leasing fees-1.3-2.6+1.3
+51.4
Capitalised rent abatements (COVID-19)
(Appendix 2.5)
+3.8-6.4
+10.2+159.6
One-off costs+2.1-
+2.1N/A
Adjusted funds from operations (AFFO)
2
(non-GAAP)
65.248.0+17.2+35.8
AFFO (cents per share)
3
4.153.06
Interim cash dividend payout ratio to AFFO69%90%
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported FFO
information has been extracted from the interim consolidated financial statements,which have been the subject of a review by an independent
auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410 (Revised). 2:AFFO is an alternative non-
GAAP performance measure used by Kiwi Property.AFFO is a measure used by real estate entities to describe their underlying and recurring cash
flows from operations for sustaining and maintaining existing space. Broadly, AFFO adjusts FFO by deducting the cost of leaseincentives,
leasing fees,
rental abatements, annual maintenance capital expenditure for sustaining and maintaining existing space and other one-off costs.AFFO does not
have a standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. AFFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. 3:Calculated
using the weighted average number of shares for the period.

2.8 Dividends
> The dividend reinvestment plan will not apply to
thequarterly dividendpayable in December
2022.
> Retained earnings used to assist funding.
43
Six months ended
30-Sep-22
30-Sep-21
30-Sep-22
30-Sep-21
$m$mcps
1
cps
1
Cash dividend44.843.22.85 2.75
Imputation credits8.911.80.560.75
Gross dividend53.655.03.413.50
Cash dividend payout ratio to AFFO69%90%
1: Calculated using the number of shares for the periodentitled to the dividend.

2.9 Balance sheet
> Investment properties value decreasedriven
by a $213.3munrealisedfair value loss, offset
by an additional $93 m in capital expenditure
and property acquisitions.
> Debt has increased by $104.4m, primarily
driven by increased construction spend,
property acquisitions and the payment of two
dividends in the current period.
> Allowing for the settlement of Northlands on
30 November 2022 and 44 The Terrace on 15
December 2022, pro-forma gearing is
approximately 32%.
44
As at
30-Sep-22
31-Mar-22Movement
$m$m$m
%
Investment properties
(Appendix 2.10)
3,447.13,567.6-120.5-3.4
Cash
(Appendix 2.11)
15.611.6+4.0+34.5
Trade and other receivables7.17.7-0.6-8.0
Other assets14.17.6+6.6+87.8
Total assets3,484.03,594.5-110.5-3.1
Finance debt
(Appendix 2.11)
1,240.41,135.9+104.4+9.2
Deferred tax liabilities113.7108.5+5.3+4.9
Other liabilities75.678.5-2.9-3.7
Total liabilities1,429.71,322.9+106.8+8.1
Total equity2,054.32,271.6-217.3-9.6
Total equity and liabilities3,484.03,594.5-110.5-3.1
Gearing ratio (requirement <45
%
)
(Appendix 2.13)
35.7%31.6%
Net tangible assets per share (NTA)$1.31$1.45

2.10 Investment properties movement
45
AcquisitionsCapital Expenditure
Property portfolio fair
value as at Sep
-22
Acquisitions
Sylvia Park Precinct
LynnMall
Drury
Other
Fair value change
Property portfolio fair
value as at Mar
-22
$m
The Plaza

2.11 Net finance debt movement
46
As at30-Sep-2231-Mar-22
Bank debt
(Appendix 2.9)
739.0635.0
Bonds
(Appendix 2.9)
501.4500.9
Cash on deposit
(Appendix 2.9)
-15.6-11.6
Net finance debt1,224.81,124.3
As at Mar
-22
Net rental income
Interest and finance
charges
Employment/
admin expenses
Acquisition of
investment
properties
Investment/
development
expenditure
Dividends
Tax and other
As at Sep
-22
$m

2.12 Finance debt facilities
47
Debt maturity profile as at:
30-Sep-22
$m%
FY24175.012.1%
FY25358.024.7%
FY26367.025.3%
FY27366.025.2%
FY2834.02.3%
FY29150.010.3%
Total facilities 1,450.0100.0%
Facilities drawn1,239.085.4%
Undrawn facilities 211.014.6%
$125.0
$50.0
$50.0
$50.0
$33.0
$34.0
$33.0
$50.0
$50.0
$100.0
$50
$50
$50
$50
$100
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$ 33
$ 34
$ 33
$ 50
$ 50
$ 50
$125
$125
$100
$150
$100
$33
$33
$34
10.3%
10.3%
13.8%
6.9%
6.9%
6.9%
10.3%
34.5%
Debt sources
Key:
ANZBNZCBACCBHSBCMUFGW estpacBonds

2.13 Capital management metrics
48
Finance debt metrics as at30-Sep-22
31-Mar-22
Weighted average term to maturity
1
2.9 years3.4 years
Weighted average interest rate (Incl. of bonds, active interest rate derivatives, margins and line fees)4.41%3.85%
Covenants – gearing as at30-Sep-22
31-Mar-22
Gearing
2
35.7%31.6%
Note: Must be <45%. Target band is 25%-35%. Calculated as finance debt / total tangible assets.
Covenants – interest cover ratio for the year ended30-Sep-22
31-Mar-22
Interest cover ratio4.324.48
Note: Must be >2.25 times. Calculated as net rental income / net interest expense.
Credit ratings – S&P Global Ratings30-Sep-22
31-Mar-22
Corporate (Issuer rating)BBB (stable)BBB (stable)
Fixed-rate green bonds (Issue rating)BBB+BBB+
1: Facilities were increased by $50m and the term extended post reporting period. Weighted average term extended to 4.1 years 2: Allowing for the settlement of Northlands on 30 November 2022 and 44
The Terrace on 15 December 2022, pro-forma gearing is approximately 32%.General note: Further information about S&P Global Ratings’ credit rating scale is available at spglobal.com. A rating is not a
recommendation by any rating organisation to buy, sell or hold Kiwi Property securities. The rating is current as at the datestated in this presentation and may be subject to suspension, revision or
withdrawal at any time by S&P Global Ratings.

2.14 Fixed-rate debt profile
49
Fixed-rate profile (inclusive of green bonds on issue Sep-22: $500m, Mar-22: $500m)
30-Sep-22
31-Mar-22
Percentage of drawn finance debt at fixed rates
59%
68%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)
2.45%
2.53%
Weighted average term to maturity of active fixed-rate debt
2.6 years
2.9 years
Fixed-rate debt maturity profile
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
100
200
300
400
500
600
700
800
900
FY23FY24FY25FY26FY27FY28FY29
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)
> Allowing for the settlement of Northlands on
30 November 2022 and 44 The Terrace on
15 December 2022, pro-forma percentage
of drawn finance debt at fixed rates is
approximately 70%.

$50
$150
$150
$25
$175
$50
$50
$ 150
$125
$125
$100
$150
$100
$33
$33
$34
2.15 Finance debt facilities – post half-year
50
Debt maturity profile as at:
30-Sep-22
$m%
FY24125.08.3%
FY25125.08.3%
FY26208.013.9%
FY27383.025.5%
FY28509.033.9%
FY29150.010.0%
Total facilities 1,500.0100.0%
Facilities drawn1,239.082.6%
Undrawn facilities 261.017.4%
$33.0
$50.0
$50.0
$50
$100
$50
$50
> Facilities were increased by $50m and the term extended post reporting period. Weighted term extended to 4.1 years.
Key:
ANZBNZCBACCBHSBCMUFGW estpacBonds
13.3%
10.0%
13.3%
6.7%
6.7%6.7%
10.0%
33.3%
Debt sources

Glossary
51

Glossary
Adjusted funds from operations
(AFFO)
AFFO is analternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure commonly used by real estate entities to
describe their underlying andrecurring cash flows from operations.Broadly, AFFO adjusts FFOby deducting the cost of lease incentives, leasing
fees, rental abatements, annual maintenance capital expenditure for sustaining and maintaining existing space and other one-off costs. AFFO
does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by otherentities.
AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported AFFO information has been extracted from the Company's interimconsolidated financial statements which have been the subject of a
review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Discountdepartment store
(DDS)
Includes Kmart and TheWarehouse.
Funds from operations
(FFO)
FFO is analternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying operating
performance.FFO is a measure commonly used by real estate entities to describe their underlying andrecurring earnings from operations. FFO
does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO
is calculated by Kiwi Property in accordance withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported FFO information has been extracted from the Company's interimconsolidated financial statements which have been the subject of a
review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Gearing ratioCalculatedas finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes interest
rate derivatives).
Generallyaccepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial
statements.Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and other
guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting
Standards.
Gross occupancy cost
(GOC)
Total grossoccupancy costs (excluding GST) expressed as a percentage of moving annual turnover (including GST).
52

Glossary
Like-for-likeretail salesOnlyincludes sales from those tenants who have traded for the past 24 months.
(Loss)/profit aftertaxThe reported (loss)/profit has been prepared in accordance with GAAP and complies with New Zealand Equivalents to International Financial
Reporting Standards. The reported profit information has been extracted from the interim consolidated financial statements whichhave been
the subject of a review pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410 (Revised).
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (including GST).
Net operating income
(NOI)
Excludes income resulting from straight-lining of fixed rental increases and includes the amortisation of lease incentives, fees, abatements and
property management fee income.
Net rental income
(NRI)
NOI,including rental income resulting from straight-lining of fixed rental increases, general provision for expected credit loss, other income and
expense reclassifications required under NZ IFRS16 Leases.
Net tangible assets
(NTA)
Represents net asset backing per share and calculated as net assets divided by shares on issue.
Operating profit before
income tax
Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
Company’s performance for the year by adjusting for a number of non-operating items.Operating profit before income tax does nothave a
standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported
operating profit before income tax has been extracted from the Company's interimconsolidated financial statements which have been the
subject of a review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
53

Thank you
54

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly x
Half Year Special
DRP applies
Record date 6 December 2022
Ex-Date 5 December 2022
Payment date (and allotment date for
DRP)
21 December 2022
Total monies associated with the
distribution
$22,375,669
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01718749
Total cash distribution $0.01425000
Excluded amount (applicable to listed
PIEs)
$0.00669645
Supplementary distribution amount $0.00133298
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed component
Imputation tax credits per financial
product
$0.00293749
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A

2
Specify source of financial products to
be issued under DRP programme
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Gavin Parker
Contact person for this announcement Gavin Parker
Contact phone number +64 9 359 4012
Contact email address gavin.parker@kp.co.nz
Date of release through MAP 28 November 2022

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group 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
$130,222 +6.5%
Total Revenue $130,222 +6.5%
Net profit/(loss) from continuing
operations
-$151,079 -205.5%
Total net profit/(loss) -$151,079 -205.5%
Final Dividend
Amount per Quoted Equity
Security
$0.01425000
Imputed amount per Quoted
Equity Security
$0.00293749
Record Date 6 December 2022
Dividend Payment Date 21 December 2022
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.31 $1.42
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
Gavin Parker
Contact person for this
announcement
Gavin Parker
Contact phone number +64 9 359 4000
Contact email address gavin.parker@kp.co.nz
Date of release through MAP 28 November 2022

Unaudited interim financial statements accompany this announcement.