Record sales and robust rents underpin KPG’s FY23 result

A disciplined approach2023 Annual Report

Contents
Introduction Pg 2
FY23 financial highlights Pg 4
Letter from the Chair Pg 6
Letter from the incoming Chair Pg 10
Chief Executive Officer’s report Pg 14
Spotlight on our strategy Pg 20
Re-imagining renting with Resido Pg 24
Creating a connected community at Drury Pg 26
Bringing mixed-use to life at 3 Te Kehu Way Pg 28
Leading the way on ESG Pg 30
Our Board Pg 34
Executive Team Pg 36
Financials Pg 38
Other information Pg 92
Corporate governance Pg 94
Remuneration report Pg 96
Other investor information Pg 106
Directory Pg 113
ANZ Raranga
Today &

Tomorrow
Kiwi Property Annual Report 20231

Challenges &
INTRODUCTION
Responding to today’s challenges
As an astute and responsive property
company, we’ve acted decisively to
manage our assets and balance sheet
as the economic environment has
shifted over the last year. Discipline is
a hallmark of our approach. Taking our
cues from unfolding market dynamics,
we’ve exercised constraint where it
made sense to do so, and pursued
opportunities where the timing was right.
Our operating performance reinforces
our credibility. As does our disciplined
use of capital, our focus on strict
management and our focus on driving
returns for our shareholders.
3 Te Kehu Way
Kiwi Property Annual Report 20232

Opportunities
Focused on tomorrow’s opportunities
At the same time, we remain firmly
engaged with our strategy and our
commitment to a pragmatic and well-
paced roll-out of key initiatives such as
build-to-rent and the development at
Drury. The robustness of our approach
to our key assets reflects our sure and
measured approach to what’s ahead.
Growing value and maximising potential
remain paramount.
At Kiwi Property we have never been
afraid to invest in transformative
opportunities. In fact, we pride ourselves
on planning for tomorrow – without losing
sight of where things are at, and what’s
needed, right now.
Drury development site
Kiwi Property Annual Report 20233

FY23 financial highlights
$129.6m
11.3%
OPERATING PROFIT BEFORE TAX
$203.7m
13.9%
NET RENTAL INCOME
Kiwi Property Annual Report 20234

$227.7m
201.5%
NET LOSS AFTER TAX
5.7cps
1.8%
FINAL DIVIDEND
5.2%
FY22 4.2%
TOTAL RENTAL GROWTH
$1.7b
28.5%
MIXED-USE TENANT SALES
Note: Refer to the Annual Results Presentation FY23 for the
definition and determination of sales and the non-GAAP
performance measures net rental income and operating profit
before tax. Comparative figures relate to the FY22 period.
Kiwi Property Annual Report 20235

Mark Ford, Chair
Letter from the Chair
Kiwi Property Annual Report 20236

Dear Shareholders,
Welcome to the Kiwi Property annual report
for the year ended 31 March 2023 (FY23).
This is my final Chair letter before I retire from
the Board at the upcoming Annual Meeting
of Shareholders. My time as a director of Kiwi
Property has passed quickly, and as I look back
on my tenure, I am proud of many of the things
we have achieved together. As always though,
there is more to do.
The last few years have been challenging -
not just for our business but for the property
sector as a whole - as we have contended with
the impact of COVID-19 and the economic
volatility that has followed. The coming financial
year has the potential to be similarly disrupted,
fuelled by high inflation and living costs. We
believe though, that our strategy of creating
mixed-use communities at key growth nodes
will help the business navigate the current
headwinds and promote earnings growth in
the period that follows.
In FY23, we took several steps to enhance the
resilience and performance of the business.
These moves have been instrumental in helping
the company deliver another good operational
result. Sales, rental income, operating profit, and
adjusted funds from operations were all strong,
underlining the quality of our portfolio and the
strategic and financial value delivered by mixed-
use. Clive, our Chief Executive Officer, will provide
an overview of our key metrics in his report, which
begins on page 14.

Unfortunately, despite this strong operational
performance, rising capitalisation rates have
negatively impacted the value of our property
portfolio, which declined by 4.2% or $139.3 million
in the second half of FY23¹ and contributed
to a subsequent full-year net loss after tax of
$227.7 million. These numbers are disappointing
however they are not unexpected given the stage
of the property cycle and current economic
headwinds. By continuing to drive sales, grow
rents and diversify our income streams, we will
help mitigate further devaluations.
Managing the pace of development
Kiwi Property has a large mixed-use landholding
of more than 125 hectares across Sylvia Park,
LynnMall, The Base and Drury. The scale and
zoning of these assets give us the flexibility to
carefully manage the pace of our development
programme, making strategic choices about
what and when to build based on demand,
market fundamentals and the cost of funding.
That flexibility is essential in the current
climate, where interest and capitalisation rates
are impacting property values and material
prices are squeezing margins. We are adopting
a disciplined and conservative approach,
limiting development to specific strategic
opportunities, while holding off on others
until the market stabilises.
A clear example of this pragmatism in action
is 3 Te Kehu Way. The distinctive new six-level
office development at Sylvia Park was completed
in March 2023, marking an important milestone
in the precinct’s strategic evolution. Designed to
cater to the requirements of both medical and
office tenants, the building enables us to target
new customer segments and respond to interest
from the wide range of organisations keen to
establish a presence at Sylvia Park’s growing
business hub.
3 Te Kehu Way offers excellent amenities,
transport connectivity, sustainability
performance and unparalleled access to
New Zealand’s favourite shopping centre².
Geneva Finance, CLC Consulting and the
government agency, Rau Paenga will be
among those joining the building’s previously
announced tenants of Tamaki Health,
Horizon Radiology, and Regus.
Performing while transforming
While we’re focused on delivering for our
shareholders today, we’re also looking over the
horizon at the new and emerging opportunities
that will unlock value and fuel future growth.
Much of Kiwi Property’s success has been built
on similar foresight and a long-term approach.
It took some imagination, for example, to look at
a run-down block of storage sheds at Sylvia Park
and envisage that it could become a world-class
mixed-use community. Nonetheless, that belief
saw us acquire the initial 24-hectare site in 1995.
Today, the precinct is worth over $1.5 billion,
attracts over 14.5 million customer visits a year
and generated $889 million in sales in FY23.
Similarly, the parcel of paddocks we bought
at Drury almost a decade ago is evolving into
a new city centre. More than 3,000 homes, 117,000
square metres of retail space and 58,000 square
metres of office space are expected to be built
across Drury East in the future.
Importantly, we continue to look ahead, analysing
demographic, economic and social trends and
anticipating how these will shape future demand
In FY23, we took several steps
to enhance the resilience and
performance of the business.
These moves have been
instrumental in helping the
company deliver another good
operational performance.
1. Excluding the gross up of lease liabilities required by NZ IFRS 16.
2. “The Heart of Kiwi Property 2022” NielsenI
Kiwi Property Annual Report 20237

for retail, commercial and residential space. Our
build-to-rent (BTR) and Drury developments are
prime examples of us responding proactively
to new opportunities in the market. Given
the forecast increase in demand for rental
accommodation and the expected growth in the
size of the Drury community, we believe that by
acting quickly on these projects, we will create
value for our shareholders over time.
Change is the only constant
Since joining the Board in 2011, change has been
the only constant. Within my first few years as
Chair, we proceeded with both the internalisation
and the corporatisation of Kiwi Property, two
initiatives I’m particularly proud of and which
created benefit for shareholders. In a period of
rapid growth in the following years, we completed
ASB North Wharf, purchased Sylvia Park Lifestyle
and entered into 50% joint ventures with Tainui
Group Holdings at The Base and Centre Place.
Since then, the rate of change has been similarly
quick and while COVID delayed several critical
initiatives over the past few years, in the
background, the business’ transition into the
creator of mixed-use communities at strategic
growth nodes has gained momentum. By
reshaping our portfolio, we will help create a more
resilient and higher-performing company that
generates better returns for our shareholders.
In parallel, we have become a more diversified
business. At Sylvia Park, for example, we now
have a mix of retail and commercial precincts
with residential set to follow and ample scope
to move into other sectors, such as medical,
over time. Not only does this approach allow
us to optimise the use and value of our land,
it also helps create a critical mass of customers
and workers for the businesses on-site. More
customers generate more sales and support the
case for higher rents and improved valuations.
Passing the baton
At our upcoming Annual Meeting of Shareholders
on 28 June, I will pass the baton as Kiwi Property
Chair to Simon Shakesheff. He will be familiar to
many of our shareholders, having been a director
of the company since 2019. Simon has all the
experience, knowledge and intellect you could
wish for, and I have no doubt he will make a
major positive impact.
I would also like to thank Mark Powell for his
significant contribution as a director over the
past five years, including his integral role as the
founding Chair of our Environmental, Social and
Governance (ESG) committee.
We are fortunate to have two excellent new
directors, Carlie Eve and Peter Alexander,
joining the Kiwi Property Board on 23 May 2023.
Their expertise in property development and
investment, funds management, capital markets,
and community creation will be invaluable to the
company going forward.
Kiwi Property Annual Report 20238

Dividend and outlook
The company’s share price has unfortunately
traded beneath expectations in FY23. This
is partly due to market concerns about the
decrease in commercial property values being
felt across our sector, as well as the risk of a
potential future recession. While these factors
are beyond our control, we are focused on those
that are, including intensively operating our
properties and strictly managing our gearing,
and balance sheet. Although asset sales and
rising interest rate costs have the potential to
reduce earnings in the short term, we are taking
steps to address this impact and are committed
to maintaining our dividend.
To this end, Kiwi Property will pay a fourth-
quarter cash dividend of 1.425 cents per share,
taking the full-year FY23 dividend to 5.70 cents
per share.³ The Dividend Reinvestment Plan will
also be reinstated for the fourth quarter dividend.
This initiative will contribute to the company’s
multi-faceted capital management programme,
while enabling shareholders to grow their Kiwi
Property holdings at a 2% discount⁴ and without
transaction costs.
I am also pleased to confirm dividend guidance
of 5.70 cents per share for the 2024 financial
year, which we expect to be within our target
payout range of 90-100% of adjusted funds
from operations. This figure provides an attractive
dividend yield of 9.5% (based on Kiwi Property’s
closing share price on 19 May 2023) and allows
the company to retain earnings to help fund
future growth.
We are clear on our way
forward and confident
of our ability to turn
our strategy into reality.
By doing so, we will drive
the company’s operational
results, promote growth
in our share price and
help create greater
recognition within the
market of Kiwi Property’s
underlying value.
Kiwi Property is operating in a challenging market
and it’s likely that we will continue to experience
economic headwinds in FY24. Nonetheless, we
are clear on our way forward and confident of
our ability to turn our strategy into reality. By
doing so, we will drive the company’s operational
results, promote growth in our share price and
help create greater recognition within the market
of Kiwi Property’s underlying value.
I want to express my gratitude and appreciation
to our shareholders, customers, and employees.
Your support and dedication have been
instrumental in our success, and I look forward
to watching Kiwi Property’s continued progress
in the years to come. Thank you for the privilege
of serving as your Chair.

Mark Ford
Chair
3. Dividend guidance is contingent on the company’s FY24
financial result and barring material adverse effects or
unforeseen circumstances.
4. Pricing for this dividend based on the volume weighted
average share price for the five trading days to 12 June 2023.
Kiwi Property Annual Report 20239

Kiwi Property is an impressive business with
a robust strategy and some of the country’s
leading real estate assets. It is an honour to be
stepping into the Chair role Mark Ford has held so
effectively for over a decade. I have an ambitious
vision for the company, including a focus on
driving improved returns for shareholders and
positively impacting the communities where
we operate.
I intend to bring a mix of continuity and
commitment to the job. I have been a director
on the Board since 2019 and know the business,
our strengths, and the challenges we must
overcome. Kiwi Property is at a pivotal moment
in its transformation from a retail and office
landlord into a creator of connected mixed-use
communities. We must push on to realise the
benefits of this evolution while keeping sight of
the need to deliver for our investors as we do.
As you will read in this report, Kiwi Property
delivered a good operational performance in
FY23. The business effectively managed its
assets, made progress on its developments at
Sylvia Park and Drury, and completed several
strategic asset sales. We now have mixed-use
assets at three of Auckland’s 12 metropolitan
centres, placing us in a position to benefit
from the forecast growth of these locations
over future decades.
In the current market, operational delivery and
development potential alone are not enough,
however. Effectively managing our capital, gearing
and funding pipeline are all vital for the company
to be successful over the long term. It is clear we
are good at owning, developing and intensifying
mixed-use assets. My priority is to ensure we
translate our proven capabilities into better
returns for our shareholders.
As a good corporate citizen, Kiwi Property has
a responsibility to contribute to New Zealand’s
future. We have committed to a comprehensive
Environmental, Social and Governance (ESG)
strategy and made excellent progress on this
journey. We must keep stretching ourselves
to maintain this momentum. I do not believe
that we must sacrifice performance to achieve
our purpose. Instead, we will strive for an
effective balance between people, profit
and the planet as we work towards becoming
the country’s leading creator and curator of
mixed-use communities.
I look forward to meeting many of you at the
upcoming Annual Meeting of Shareholders.
Thank you for your support of Kiwi Property.
Simon Shakesheff
Chair-elect
Letter from
the incoming
Chair
I have an ambitious
vision for the company,
including a focus on
driving improved returns
for shareholders and
positively impacting
the communities where
we operate.
Kiwi Property Annual Report 202310

Vero Centre
Kiwi Property Annual Report 202311

We’re creating connected
communities for the people of
Aotearoa New Zealand. Places like
Sylvia Park, which is transforming into
a world-class mixed-use property
that combines New Zealand’s
favourite shopping centre,
1
a growing
office hub and opening early FY25,
the country’s first major build-
to-rent apartment development.
We’re building cities for the future.
And we’re just getting started.
3 Te Kehu Way
1. “The Heart of Kiwi Property 2022” NielsenIQ.
Kiwi Property Annual Report 202312

Kiwi Property Annual Report 202313

Clive Mackenzie, Chief Executive Officer
Chief Executive Officer’s report
Kiwi Property Annual Report 202314

Kia ora,
Kiwi Property built on its favourable operating
performance from the first six months of FY23,
with a similarly robust result in the second half
of the year, while also taking important steps on
our journey to becoming New Zealand’s leading
creator and curator of mixed-use communities.
Although COVID-19’s impact on New Zealand
has eased in the wake of the pandemic, the
country has experienced sharp increases in
inflation and interest rates, and a subsequent
economic slowdown.
In response, we acted decisively to strengthen
our business and balance sheet in FY23, including
recycling capital, actively managing gearing
and controlling the pace of our development
programme. Adopting this disciplined approach
will put the business in the best position to deal
with the current period of economic uncertainty.
Importantly, these measures aren’t just about
making Kiwi Property more resilient in the short
term. By taking the steps today, we will ensure
the company is in a stronger position to take
advantage of the opportunities that will emerge
as the market stabilises, unlocking value for
our shareholders.
Record-setting sales performance
Kiwi Property’s operating performance featured
several highlights in FY23, however one of
the most impressive was the record sales
performance of our mixed-use property portfolio.
Shoppers spent more than $1.7 billion at Sylvia
Park, LynnMall, and The Base, up 28.5% on last
year and 34.8% on FY19. Sylvia Park’s performance
was particularly strong with sales of $889 million
across the precinct.
This trading result demonstrates the resilience
of our mixed-use assets, particularly given the
impact of rising living costs on consumers’
wallets. Over recent years we’ve seen a
divergence in the retail property sector, with
the best centres going from strength to strength,
and second-tier centres, in contrast, coming
under increasing pressure from e-commerce
and store consolidation. We have worked hard
to ensure our assets are well placed to benefit
from this flight to quality, bringing an exciting
range of first-to-New Zealand retailers to
market and delivering a new standard of dining,
hospitality and entertainment options.
Kiwi Property’s net rental income continued
its recent upward trajectory, rising 13.9% to
$203.7 million in FY23, where we benefited from
the final release of COVID-19 rental abatement
accruals. Operating profit before tax increased
11.3% to $129.6 million, while adjusted funds from
operations rose 16.1% to $116.5 million.
Our property portfolio was almost entirely leased
on 31 March 2023, with occupancy sitting at
99.3%. Rental growth was similarly robust, with
rent reviews and new leasing up 5.3% and 4.4%
respectively, despite the challenging economic
environment. Together, these figures reinforce
the strength of tenant demand for space in
Kiwi Property’s mixed-use and office assets,
and with our speciality gross occupancy cost
ratio (a key measure of tenancy affordability)
remaining at a conservative 12.9%, there is
scope for the company to drive further rental
growth in the future.
Strengthening the balance sheet
Strict capital management is a cornerstone of
our business. This commitment has become
particularly important considering the rapid
rise of interest rates since mid-2021. In FY23,
we have undertaken several important initiatives
to fortify our balance sheet, increase our hedging
and ensure suitable funding for our development
programme. Managing our gearing position will be
an ongoing focus as we respond to the current
economic headwinds and their negative impact
on commercial property values.
In addition to the previously reported sales
of Northlands Shopping Centre and 44 The
Terrace, on 1 May 2023 we added to this list
the disposal of Westgate Lifestyle Shopping
Centre for $85.7 million. The sale of our non-
core properties and recycling of proceeds is a
central pillar of our funding strategy. Not only
does this provide our lowest cost of capital,
Shoppers spent a record
$1.7 billion at Sylvia Park,
LynnMall, and The Base in
FY23, up 28.5% on the year
before and 34.8% on FY19,
highlighting the strength
and resilience of our
mixed-use assets.
$889.4m
SYLVIA PARK PRECINCT SALES FY23
$ 5 07. 8 m
THE BASE SALES FY23
Kiwi Property Annual Report 202315

but it also results in a higher quality and more
resilient asset portfolio. Following the Westgate
Lifestyle transaction, our gearing ratio now sits
at 33.3% on a pro-forma basis.
Capital recycling is just one aspect of our
multi-faceted funding and capital management
strategy. In March, we overcame a challenging
time in the debt markets to complete a
successful $125 million Green Bond issue.
The heavily oversubscribed offer enjoyed
particularly firm support from retail investors
nationwide, highlighting the breadth and depth
of support for Kiwi Property, our mixed-use
strategy, and strong sustainability credentials.
Right time, right priorities
At Sylvia Park, the sale of 3.2 hectares of land to
IKEA is now unconditional, marking an essential
step towards our goal of welcoming the exciting
retailer to the precinct. In parallel, work is
ongoing at Sylvia Park’s 295-apartment BTR
complex, with the project’s towers now up to
nine floors high. The development is on track
for completion in early FY25, when we expect
the effects of rising net migration and falling
housing consents to create growth in demand
for rental accommodation. Our BTR assets will
be launched and marketed under the newly
created ‘Resido’ brand; a fresh and dynamic
proposition set to become synonymous
with Kiwi Property’s residential offering. For
more about the progress on Resido and the
Sylvia Park BTR development, please go to
page 24.

The BTR sector is expanding rapidly in markets
such as Australia, where high-quality BTR
apartments are attracting differentials of
up to 20% compared to traditional rental
accommodation. We believe similar trends
could flow to the New Zealand market,
positioning the asset class to deliver robust
returns for Kiwi Property over time.
Elsewhere, we are making major strides at
Drury, where stage one earthworks are underway,
and civil works are due to follow shortly after.
Auckland Council has designated our 53-hectare
site as the location of a new metropolitan
centre, placing it at the heart of the region’s
social and economic development. We intend
for Drury to be a Green Star Community that
sets a high standard for sustainability and urban
placemaking. This opportunity will be staged
over the next two decades. Turn to page 26 for
more information.
We are focused on carefully managing the
funding requirements of the Drury development
and have a range of options available, including
the introduction of capital partners or the sell-
down of one or more of the site’s 13 residential
super-lots and/or large format retail sites.
Enhancing the wellbeing of
our communities
The recent Auckland floods and Cyclone
Gabrielle provided a sobering reminder of the
effects of climate change. Although none of our
properties were damaged by these storms, we
are taking proactive steps to safeguard against
future extreme weather events. Kiwi Property
has well-established climate risk assessment
and management protocols in place, with a focus
on ensuring asset resilience over the long term.
More broadly, we recognise that as one of the
country’s largest property companies, we can
lead on environmental sustainability by actively
reducing our emissions profile and working
with our partners to decrease water, waste,
and energy use.
We are committed to being net carbon negative
in our operations by 2030 and are proud to have
been awarded a score of 81 (out of 100) by the
Global Real Estate Sustainability Benchmark
(GRESB) for our sustainability efforts last year.
100% of our core office assets have a NABERSNZ
rating of 4 stars or above, while our first 6 star
Green Star targeted building - 3 Te Kehu Way
– is now complete. We recognise that
Kiwi Property Annual Report 202316

sustainability is a core aspect of thriving
mixed-use communities and are committed
to ensuring that the places we create have
a positive environmental and social impact.
In FY23, we also made meaningful progress in our
efforts to enhance the wellbeing of people in and
around our communities, becoming an official
supporter of the Mental Health Foundation and
helping to reach tens of thousands of people
through initiatives such as Pink Shirt Day and the
Better Together Social Connection Campaign.
An overview of our FY23 environmental,
social and governance (ESG) highlights is
available on page 30 of this report, or if you
are interested in further details, please see our
standalone FY23 Sustainability Report, available
for download at https://www.kiwiproperty.com/
corporate/sustainability/.
FY24 outlook
New Zealand’s short-term economic trajectory is
difficult to predict however as the Chair noted, it
is reasonable to expect that elevated inflation and
interest rates will continue to be a factor in FY24.
During this period of volatility and disruption, we
will adopt a highly disciplined approach, driving
the operation of our business forward, strictly
managing our balance sheet, and being pragmatic
in our development programme.
Importantly, our commitment to delivery
remains as strong as ever – if not more so.
We are focused on growing rents, growing
our assets and growing returns for shareholders.
Our goal is to perform today while simultaneously
transforming Kiwi Property into a faster, more
resilient and ultimately more profitable business
for the years ahead.
Thank you for your continued support as we
continue our strategic evolution. We look forward
to rewarding your trust in FY24 and beyond.
Ngā mihi,
Clive Mackenzie
Chief Executive Officer
81
GLOBAL REAL ESTATE
SUSTAINABILITY
BENCHMARK SCORE
3.2 ha
IKEA LAND SALE NOW
UNCONDITIONAL
(OUT OF 100)
Sylvia Park build-to-rent development site
Kiwi Property Annual Report 202317

Sustainability has been at the
heart of our business for over
20 years. We’re passionate
about creating spaces that are
good for the planet, that bring
people together and where
everybody feels they belong.
Through our focus on mixed-use
we’re unlocking a vibrant and
dynamic new type of property
asset where people can live,
work, shop and play.
Sylvia Lane
Kiwi Property Annual Report 202318

Kiwi Property Annual Report 202319

Creating value through mixed-use
Through Kiwi Property’s mixed-use strategy, we
are transforming our business to unlock greater
shareholder value. It is all about diversifying our
income streams across a broader range of assets,
which will help accelerate our earnings growth
with lower risk, over time.
Ours is a multi-year journey as we transform our
$3.2 billion asset base from one weighted heavily
to retail, into a focused and future-fit portfolio,
with world-leading mixed-use communities at
its core. We’re not just looking to the horizon but
taking a disciplined and pragmatic approach to
the company’s evolution, including an unwavering
focus on delivering for our shareholders today
and tomorrow.
Mixed-use brings together retail, office and
residential on a single integrated site, attracting
more people to stay longer and potentially spend
more while they do. We call this the mixed-use
halo. Research conducted for Kiwi Property
calculated that the intensification of Sylvia Park
could drive a significant increase in value through
greater sales, higher rents and increased gross
occupancy costs.
Mixed-use also offers significant flexibility to
respond to shifting market dynamics, including
changing demographics and lifestyle trends.
This optionality is already evident across our
portfolio, including our construction of New
Zealand’s first major BTR development, our
expansion into medical office at 3 Te Kehu Way
and our plans to create a modern Green Star
Community at Drury - one of Auckland’s key
urban growth hubs.
Controlling the pace of change
The progress on our mixed-use journey has
been substantial, anchored in a large strategic
landholding that spans around 125 hectares
and offers extensive future optionality. We have
control over aspects ranging from the timing of
projects to the way they are funded, the tenant
mix and their sustainability credentials. This
certainty enables us to proactively manage costs,
maintain high occupancy rates and ensure stable
incomes. And by adopting a strong focus on
master planning, we can ensure that each new
building adds value to those around it, creating
more value and a better experience for our
tenants, their customers and employees and
the communities we serve.
Our strategy has longevity – primarily due to our
land holdings – but also our disciplined approach
to capital management and our focus on ensuring
new developments occur when they create the
most value.
We have a development pipeline that has the
potential to translate into billions of dollars of
additional property assets over the next 10 to
15 years, most of it weighted toward residential
and commercial. Importantly though, with only
Sylvia Park BTR and Drury Stage One earthworks
underway, we have limited exposure to the
pressures currently facing the construction
sector. We have the land, the time, the skills
and the experience to progress our development
pipeline when the time is right – but we are
in no rush. Taking a responsible and pragmatic
approach will enable us to maintain a sound
balance sheet, deliver sustained dividend growth
and get the best outcome for our shareholders
from every project.
Spotlight on our strategy
3 Te Kehu Way
Kiwi Property Annual Report 202320

Lead the market on mixed-use
We will create a competitive point of
difference in the New Zealand property
market by intensifying our core mixed-
use assets and growing connected
communities at Sylvia Park, LynnMall,
The Base and Drury.
1
Grow with diverse capital sources
We are focused on capital recycling and
partnering with a diverse set of investors
to grow our assets under management.
Kiwi Property has an exciting range of
opportunities ahead, and securing the right
funding solution for each will be a focus for
the company in FY24 and beyond.
2
Enable partner and customer success
Kiwi Property will only win if our customers
do too. We have a vital role in creating
the right conditions for our tenants and
residents to meet their goals.
3
Build a future fit business
The world is changing rapidly around us, and
we must change with it. By harnessing data
and digital, driving employee engagement
and delivering on our ESG ambitions, we will
position the business for long-term success.
4
A strategy for success
In FY23, we continued to evolve our strategy to
reflect the changing operating environment and our
ambitious vision for the company. As we enter the
new financial year, it now has a clearer focus, stronger
bias for action and an even stronger commitment to
supporting the success of our stakeholders. Our four
strategic priorities are as follows:
Sylvia Park - artist’s impression
Sylvia Park - artist’s impression
Kiwi Property Annual Report 202321

Our value
creation model
InputsBusiness strategy
Grow with
diverse
sources of
capital
Enable
partner and
customer
success
Build a
future fit
business
Lead the
market on
mixed use
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand’s
leading creator and
curator of connected
communities.
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
Communities
Environment
Tenant
partners and
suppliers
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.  
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Dividend growth
• Adjusted funds from
operations
• Total shareholder return
• Co-investment
opportunities
• Customer satisfaction
• Accessibility
• Digital enablement
• Employee engagement
• Health, safety and
wellbeing
• Diversity and inclusion
• Sales growth
• Occupancy levels
• Best practice and
sustainable outcomes 
• Community
engagement
• Social value
• Emissions reduction
• NABERSNZ
• Green Star
• Homestar
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Kiwi Property Annual Report 202322

Kiwi Property uses a range of resources and
inputs to deliver our business strategy and
create value for our stakeholders, guided by our
ambition to be New Zealand’s leading creator
and curator of connected communities.
Key inputs into our activities are financial
capital, properties, people and capabilities,
partnerships, and nature. Through the
execution of our business strategy, we create
value for our stakeholders: people, investors,
tenant partners and suppliers, customers,
communities, and the environment.
This process of value creation is illustrated in
the diagram below.
Business strategy
Stakeholder
groups
Outcome
measures
Grow with
diverse
sources of
capital
Enable
partner and
customer
success
Build a
future fit
business
Lead the
market on
mixed use
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand’s
leading creator and
curator of connected
communities.
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
Communities
Environment
Tenant
partners and
suppliers
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.  
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Dividend growth
• Adjusted funds from
operations
• Total shareholder return
• Co-investment
opportunities
• Customer satisfaction
• Accessibility
• Digital enablement
• Employee engagement
• Health, safety and
wellbeing
• Diversity and inclusion
• Sales growth
• Occupancy levels
• Best practice and
sustainable outcomes 
• Community
engagement
• Social value
• Emissions reduction
• NABERSNZ
• Green Star
• Homestar
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Kiwi Property Annual Report 202323

Flexibility is one of the strengths of Kiwi
Property’s mixed-use strategy. As a diversified
developer and asset manager, we’re not
bound to any specific asset class but instead
have the freedom to identify and develop
new properties based on market thematics,
emerging trends, forecast demand and the
best returns for shareholders.
Build-to-rent (BTR) is a case in point. We’re
leading from the front with the creation of
New Zealand’s first major BTR development
at Sylvia Park: a 295-apartment complex due
for completion in early FY25. The project is
progressing at pace, with the superstructure
of the residential towers now up to nine levels
high. We are targeting a property-level internal
rate of return of 8% for Sylvia Park BTR.
Our approach to BTR isn’t limited to developing
outstanding residential buildings on our sites.
Instead, we’re creating an operating platform that
leverages our proven asset management, leasing
and digital capabilities that could potentially be
licensed to third parties. This model has proven
highly successful offshore and would enable us
to target the growing pool of investors seeking
local BTR partners with established operational
infrastructure and the ability to scale.
BTR has the potential to drive a significant
shift in the traditional rental model, benefitting
residents and investors. We’re proud to be a
first mover in the emerging asset class, but
our priority isn’t to be at the leading edge –
it’s to unlock the significant commercial benefit
we believe it will deliver while simultaneously
mitigating risk.
Poised for growth
BTR is undergoing rapid expansion in several
overseas markets, including Australia, where
despite the asset class being relatively new,
23,000 BTR apartments are now completed,
under construction, or in planning, with
a combined value of around $16.9 billion.
If New Zealand followed a similar trend,
BTR has the potential to grow quickly in this
country. Sylvia Park alone has capacity for
around 1,200 BTR apartments, while LynnMall
could accommodate a further 600.
That’s a significant opportunity however
importantly, we’ll only move forward with new
BTR projects when and where it makes good
financial sense to do so. That means ensuring
the cost of capital, tenant demand, and return
metrics are where they need to be before
progressing any new initiative. We believe
strongly in the future of BTR, but as with most
things in life, timing is critical.
Demand for quality rental accommodation is
expected to increase markedly over the coming
years, as mounting living costs put home
ownership out of reach for many Kiwis. The
average New Zealand home now costs 11 times
the average household income, and despite a
recent cooling of the market, the proportion of
Aucklanders living in rental accommodation is
expected to jump from 50% to 60% by 2043.
1

Re-imagining renting with Resido
1,200
BTR APARTMENTS COULD
BE BUILT AT SYLVIA PARK
Sylvia Park BTR. Artist’s impression
1. Source: Statistics NZ and JLL Research and Consultancy.
Kiwi Property Annual Report 202324

A new way of living
BTR isn’t just for those who can’t afford their
own home. For many, it will be a lifestyle choice,
enabling residents to access outstanding
services, facilities and be part of a connected
community. It’s these tenants, in particular,
who we think will be attracted by our new
development at Sylvia Park, which will be the
first offering launched under Kiwi Property’s
dynamic new BTR brand, Resido.
In Resido, we are creating a unique rental
experience based on high-quality, professionally
designed, built and managed apartments,
coupled with outstanding amenities such as
gyms, media rooms, co-working spaces, and
rooftop barbeque and entertainment areas.
Resido apartments will be located within
attractive mixed-use precincts that are well
connected to schools, jobs and public transport,
delivering superior convenience and accessibility.
One of the key differentiators of the new
Resido offering will be a focus on using digital
and technology to deliver a more seamless
experience for Kiwi renters. An intuitive mobile
app will allow residents to renew leasing
contracts, pay rent, file maintenance requests,
book work or leisure amenities or respond to
community event invitations. This new approach
to resident interaction and service is just one way
Resido will stand apart from other rental options
and help establish Kiwi Property as a leader in
BTR in New Zealand.
Resido
Resido speaks to a new style of renting – one
where the residents come first. We’re creating
spaces that people will call home, with all the
peace of mind and freedom that comes with
ownership – but without the barriers and
burdens of a mortgage.
It’s a lifestyle choice that doesn’t mean a
lack of choice. Resido is about personalising
your place and space, while knowing that
important concerns like maintenance, security,
community and amenities are all taken care
of by professionals. There’s even the potential
option to relocate to another Resido property
- if work or circumstances make a change of
location more convenient.
Resido resets the renting experience in a way that
meets residents’ needs at all ages and stages in
life, with a high-quality mixed-use community
right on the doorstep.
295
BTR APARTMENTS DUE TO OPEN
AT SYLVIA PARK IN EARLY FY25
Kiwi Property Annual Report 202325

The creation of one of the country’s first
major Green Star Communities is underway
at Drury, south of Auckland, with Stage one
earthworks due for completion at the end of
2023 and the civil works required for essential
infrastructure, above and below ground,
following soon after.
These efforts will create the blank canvas for
a new metropolitan centre, designed and built
to meet the demanding standards of liveability,
economic prosperity, environmental performance
and innovation that a Green Star Communities
rating requires.
Unlocking the opportunity to build a connected
community from the ground up has taken
time – and foresight. The acquisition of our
site began eight years ago when the rural
farmland was purchased by Kiwi Property.
It’s also taken perseverance as we navigated
a consenting process that took more than four
years, including re-zoning the land under the
Resource Management Act 1991 and lodgement
of a Fast-track application under the COVID-19
Recovery Act 2020.
Creating a connected
community at Drury
60,000
PEOPLE EXPECTED TO CALL
THE DRURY REGION HOME
In 2022, our Drury landholding was successfully
re-zoned as a metropolitan town centre under
the Auckland Unitary Plan, one of just 12 across
the greater region, including Sylvia Park and
New Lynn. The Drury-Opaheke region is expected
to ultimately include 22,000 new homes and
a population of 60,000 people, making it
around the same size as Napier.
The central Government has already committed
$2.8 billion to fund infrastructure in the area,
including extending State Highway 1 from
Papakura to Drury and enhancing the rail
corridor. As a result of the re-zoning and
following the planned earth and civil works
to be undertaken in stage one, the gross
developed value of that site is expected
to increase to over $200 million, with further
value to be unlocked in stage two.
Kiwi Property Annual Report 202326

Kiwi at the heart
Our ambition is for Kiwi Property’s 53-hectare
land holding to become the region’s geographical,
social and economic heart. We have the
privilege to shape the character, quality and
design of the new urban centre, which will stand
for decades. Our vision is to create a thriving
transit-oriented mixed-use community that
features a compelling retail, residential and
office offering, as well as approximately 10
hectares of new parks, cycleways, and walking
paths. Our commitment to creating a Green Star
Community at Drury underscores how seriously
we take this responsibility.
With its convenient transport links and exciting
future, Drury is an attractive proposition, even
at this early development phase. Fisher & Paykel
Healthcare, one of New Zealand’s leading
companies, has acquired a 105-hectare site
to create a campus and innovation precinct
at nearby Karaka. This significant move
highlights Drury’s potential to become
a thriving commercial hub and potentially
even an emerging centre for research and
development south of Auckland.
Sustainability built-in
Green Star Communities are intended to be
more resilient, diverse, adaptable and with
a lower carbon and ecological footprint than
traditional towns. To achieve certification, the
planning, design and construction of our Drury
development will need to be assessed, with
the development evaluated on community
engagement, liveability, economic prosperity,
environmental impact and innovation.
From early on, sustainability, in its broadest
sense, has been at the centre of our vision for
Drury. Four years ago, we appointed a community
engagement specialist to interface with people
living in the area, addressing their concerns and
informing residents about upcoming activities.
We recognise the scale and pace of change
impacting this formerly rural community and
are committed to being a good corporate
citizen as we play a key part in Drury’s evolution.
We’re planning several important environmental
initiatives, which will continue over the life of
the development. One of the most prominent of
these projects is expected to be the restoration
of the Hingaia Stream that borders our property.
We intend to plant thousands of native plants
over time, helping to improve water quality and
reduce emissions.
Cyclone Gabrielle and the Auckland floods
highlighted the potential effects of extreme
weather on our developments. Our plan for Drury
accounts for climate change risk, while computer
stress-test simulations show that the site is well-
equipped to deal with torrential storms. It’s no
surprise then that our Drury landholding was
unaffected by the recent weather events, and
while we feel fortunate to have avoided damage,
we are equally pleased that the future residents
at our Drury development can look forward to
safe, dry homes.
Drury has the potential to be a cornerstone
project for Kiwi Property over the next two
decades and perhaps beyond, diversifying
our asset base, broadening our geographical
footprint, and enabling us to establish another
substantial mixed-use community. It took
foresight to see Sylvia Park’s potential when
we purchased the site in 1995, and today, it is
one of New Zealand’s leading property assets.
Like Sylvia Park, our vision for Drury will take time
to realise; however, we have the commitment
and the perseverance to make it happen. When
we do, the benefits have the potential to be
significant, not just for the thousands of people
who will one day shop, work or play there, but for
Kiwi Property’s shareholders, who stand poised
to benefit from the revenue and valuation growth
that Drury is expected to deliver.
$205m
DRURY STAGE ONE GROSS
DEVELOPMENT VALUE
Drury Station. Artist’s impression
Drury retail precinct. Artist’s impression
Kiwi Property Annual Report 202327

3 Te Kehu Way
Kiwi Property Annual Report 202328

The delivery of our mixed-use strategy took
another step forward in March 2023, following
the completion of the striking new 3 Te Kehu
Way office development. The building’s
opening marks a significant milestone in
Sylvia Park’s continued transition into a
connected community where people can
live, work, shop and play.
In the post-COVID era, the office’s role has
evolved to accommodate an increased focus
on collaboration and culture. As a result, many
organisations are changing how they think
about their office networks, including whether
they need a large and expensive CBD presence
or would be better served by supplementing
their downtown corporate headquarters
with one or more suburban satellite offices.
This ‘hub and spoke’ model is not only cost-
effective, it also offers workers greater flexibility
and the benefits of a shorter commute.
Located opposite the landmark ANZ Raranga
Tower, 3 Te Kehu Way caters to this trend and
has been designed with the requirements of
both commercial and medical tenants in mind;
the latter of which is a sector of increasing
focus for Kiwi Property due to its forecast
resilience and long-term growth prospects.
Catering to office and
medical tenants
3 Te Kehu Way is comprised of two distinct
but interconnected buildings. The first caters
to office tenants and offers flexible tenant
configurations across 1,019 sqm floor plates,
excellent amenities, high-quality end-of-trip
facilities and abundant natural light.
The development’s six-level office building
is proving attractive to tenants seeking
premises close to public transport and
motorway links while offering the benefits of
being part of a leading mixed-use community.
Committed tenants include the government
agency, Rau Paenga, Geneva Finance, hybrid
working space provider, Regus, and engineering
firm, CLC Consulting.
Next door is a low-rise two-level building geared
to the specialist needs of medical services, with
the likes of Smile Dental, Horizon Radiology and
Tamaki Health medical centre already on board.
A separate entrance and lobby give health
providers their own ‘front door’, ensuring
patient privacy and discretion.
The opportunity to be part of Sylvia Park’s
mixed-use community has been a drawcard
for potential tenants of 3 Te Kehu Way. As a
centre, it is arguably better served for transport
than many CBD locations, with a train station
on-site and in walking distance, with services
every 18 minutes, four bus routes and ramps
on and off the Southern Motorway. In addition,
1.3 million Aucklanders – or 91% of the population,
are within a 30-minute commute.
1
3 Te Kehu Way is a short walk from the Sylvia
Park retail precinct, with its market-leading
mix of 250 retail outlets, restaurants, food
courts, banking services, personal care services,
childcare, a gym and supermarkets. With Sylvia
Park also the site for New Zealand’s first major
build-to-rent apartment development, residential
accommodation will soon be included in the
community mix.
Strong sustainability credentials
In line with our commitment to sustainable
development, 3 Te Kehu Way is targeting a 6
star Green Star design and as built rating by the
New Zealand Green Building Council (NZGBC).
The leasing programme for 3 Te Kehu Way is
progressing well, with the building expected
to be fully leased shortly. Fitouts have already
commenced and the first tenants are now on site.
Bringing mixed-use to life at 3 Te Kehu Way
7,236 m
2
NET LETTABLE AREA
6 star
Green
Star
SUSTAINABILITY
RATING TARGETED
1. MacroPlan Dimasi. Drive time shown is off peak.
Kiwi Property Annual Report 202329

Our Sustainability Strategy guides us in
enhancing the wellbeing of people in and
around our assets and addressing our material
sustainability topics. It reflects our belief that
our long-term success is connected to the
success of the communities where we operate.
We have actions and targets associated with
each of the strategy’s three pillars – Places,
People and Partnerships – which are aligned to
the United Nations Sustainable Development
Goals. An overview is available on the right-
hand page, or to find out more, check out
Kiwi Property’s FY23 Sustainability Report on
our website https://www.kiwiproperty.com/
corporate/sustainability/.
Sustainability is a key aspect
of Kiwi Property’s overarching
corporate strategy, ensuring
close alignment between our
Environmental, Social and
Governance (ESG) ambitions
and overall business objectives,
as we work to deliver on
our purpose of creating
connected communities.
Leading the way on ESG
Kiwi Property Annual Report 202330

Foster wellbeing in
our communities
Embrace
diversity
Enable our team to
succeed
People
Partner with others to
enhance the wellbeing
of our customers
Create shared value
with our tenants
Support sustainable
procurement
Partnerships
Create spaces that
promote wellbeing
Reduce our
environmental footprint
Develop sustainable
buildings
Places
Kiwi Property Annual Report 202331

Places
This pillar of our Sustainability Strategy aims
to create places that promote wellbeing while
minimising our environmental impact.
Our placemaking and public art initiatives
continued during the year, most notably
the attractive transformation of the Sylvia
Lane dining precinct. These initiatives bring
our buildings and spaces to life by creating
opportunities for our communities to connect
with nature and each other.
We are focused on reducing the portfolio’s
environmental footprint as we work towards
becoming net carbon negative in our operations
by 2030. Guided by our Carbon Reduction
Roadmap, the expansion of the Sylvia Park
rooftop solar array during the year will increase
the precinct’s solar output to a peak capacity of
1.21 MWp and should produce enough electricity
to supply over 50% of the shopping centre’s
common areas. Our buildings are more water
efficient, using 11% less water compared to
our 2012 base year. Our waste management
programme encourages tenant partners, visitors
and customers to reduce waste and increase
recycling, with our buildings sending 13% less
waste to landfill in FY23 than in 2012. Our portfolio
and asset-level climate risk assessments help to
ensure we effectively manage and mitigate these
risks over the medium to long term.
We achieved our building rating targets, with all
eligible office buildings maintaining a minimum
4 star NABERSNZ rating. The 3 Te Kehu Way office
development targets a NZGBC 6 Star Green Star
rating, which represents ‘world leadership’ in
sustainable buildings. We have set Green Star,
Homestar and NABERSNZ rating targets for the
homes and town centre buildings in our new
Drury community.
1st
TARGETING OUR FIRST 6 STAR
GREEN STAR RATING AT 3 TE KEHU WAY
27%
ELECTRICITY REDUCTION
COMPARED TO 2012 BASELINE
People
This strategic pillar aims to foster wellbeing in
our communities and create a diverse, equitable,
inclusive and high-performing Kiwi Property team.
FY23 was our first year as an official supporter
of the Mental Health Foundation, which aims
to create a society free from discrimination
where all people enjoy positive mental health.
We supported a range of campaigns to increase
awareness of the Foundation’s work including
Pink Shirt Day and the Better Together Social
Connection Campaign, reaching tens of
thousands of Kiwis in the process. All existing
assets held a Be.Lab gold rating or higher, in line
with our strategic target for accessibility.
Kiwi Property again met our 40:40:20 gender
representation target for the Executive Team.
We hosted events for our people and our
customers to mark days of significance, including
the first national Matariki holiday, and are working
to better reflect the diversity of the communities
we serve in our workforce.
Our employee engagement score rose to 70% in
FY23 (FY22: 65%), achieving our target to equal
or exceed the national benchmark.
1
The care and
support people receive from their leaders and
understanding how their work contributes to Kiwi
Property’s success were key engagement drivers.
Working collaboratively with our people, we are
developing new corporate values and intend to
launch these in early 2024.
We made significant
progress in the delivery of
our Sustainability Strategy
during FY23, enhancing our
environmental performance,
building the resilience of
our property portfolio, and
increasing our social impact.
1. Culture Amp New Zealand Benchmark (100-200), January 2023.
Kiwi Property Annual Report 202332

Building our portfolio’s resilience
in a changing climate
Recent extreme weather events have
been a sobering reminder of the effects
of climate change, and we donated $10,000
to the Red Cross Disaster Fund to support
those affected.
While Kiwi Property’s assets were largely
unaffected by these events, our objective to
become net carbon negative in our operations
by 2030 has increased in importance. Ahead
of next year’s mandatory climate disclosure
regime in New Zealand, we continue to take our
responsibilities on climate change seriously
and are focused on building high-performing,
resilient assets that meet society’s future needs.
A recently completed climate risk assessment
will guide our efforts to ensure we are effectively
managing and mitigating these risks over the
short, medium and long term.
Find out more in the climate-related reporting
section of our Sustainability Report, which was
prepared with reference to the recommendations
of the Task Force on Climate-related Financial
Disclosures (TCFD).
5.5 star
NABERSNZ RATING FOR ANZ RARANGA,
AN INCREASE FROM FY22 (5 STAR)
70%
KIWI PROPERTY
EMPLOYEE ENGAGEMENT
$125m
GREEN BOND OFFER
WAS OVERSUBSCRIBED
100%
CORE ASSETS RATED GOLD
OR PLATINUM BY BE.LAB
Partnerships
The Partnerships strategic pillar aims to connect
and empower our partners to deliver social and
environmental change.
Our partnerships with Be.Lab, Accessibility Tick
and the Safe Space Alliance continued during
the year, collaborating to enhance our assets to
ensure that people from diverse groups and with
diverse needs can access and enjoy our places.
We developed an ESG engagement programme to
harness our tenants’ growing interest in the topic.
Working together to reduce our environmental
impact and support our communities will help
Kiwi Property and our partners achieve our
collective sustainability goals. The programme
will continue into FY24.
Following the introduction of our Sustainable
Procurement Guidelines in FY22, we developed
a Sustainable Procurement Action Plan during
the year to further integrate ESG considerations
into our procurement practices. The Action Plan
prioritises decarbonisation, the elimination of
modern slavery, and accessibility as areas where
our procurement can have the greatest impact
across our supply chain.
During the year, we completed a modern slavery
risk assessment, which enabled us to understand
potential modern slavery risks in our tier-one
supply chain and identify opportunities to
strengthen our existing risk controls. A Modern
Slavery Roadmap guides our efforts to address
this complex issue.
Kiwi Property Annual Report 202333

Our Board
Mark Ford, Chair
Mark is a professional
director based in Australia
with extensive property
industry experience. Mark
holds the roles of non-
executive director for Dexus
Property Group and non-
executive director for Prime
Property Fund Asia GP Pte.
Mark’s previous directorships
include Cbus Property Pty
Limited (Chair), Comrealty
Limited, South East Asia
Property Company (Chair),
Property Council of Australia,
Deutsche Asset Management
Australia and Trafalgar
Corporate Group Limited.
Board membership
Non-executive Chair
Other committees
Member of the Audit and Risk
Committee, ESG Committee
and the Remuneration and
Nominations Committee
Date appointed
May 2011
Date last re-elected
June 2020
Chris Aiken
Chris is an Auckland-based
professional director,
with a wealth of property
experience spanning both
the public and private
sectors. He is Chair of the
Kainga Ora Construction
Programme Assurance Panel
and was previously a director
of both Metlifecare and
Piritahi. Prior to commencing
his governance career, Chris
was Chief Executive of HLC,
a subsidiary of Housing
New Zealand, responsible
for developing large urban
communities, including
Hobsonville Point.
Board membership
Non-executive member
Other committees
Member of the Remuneration
and Nominations Committee
Date appointed
June 2021
Date last re-elected
July 2021
Mary Jane Daly
Mary Jane is an Auckland-
based professional director
with significant banking,
finance and risk experience.
She is the Chair of the
Fonterra Shareholders Fund
and AIG Insurance, and a
director of Kiwibank. Mary
Jane was also the former
Chair of the Earthquake
Commission, as well as a
former director of Auckland
Transport, Cigna Life
Insurance New Zealand,
Onepath Life, Airways
Corporation and the NZ
Green Building Council.
Board membership
Non-executive member
Other committees
Chair of the Audit and Risk
Committee
Date appointed
September 2014
Date last re-elected
June 2022
Kiwi Property Annual Report 202334

Jane Freeman
Jane is an Auckland-based
professional director who has
extensive retail experience
and expertise in the field of
customer driven technology.
She was previously a director
of Foodstuffs North Island,
ASB Bank, Delegat Group and
Air New Zealand.
Prior to her governance
career, Jane held a number of
senior general management
roles in major New Zealand
businesses including
Telecom, ASB Bank
and Bank Direct.
Board membership
Non-executive member
Other committees
Chair of the Remuneration
and Nominations Committee
Date appointed
August 2014
Date last re-elected
July 2021
Mark Powell
Mark is a Trans-Tasman
professional director based
in Auckland and Melbourne.
He is the former Chief
Executive of The Warehouse
Group and has extensive
experience in strategy,
transformation, mergers
and acquisitions, and joint
venture management. Mark
is a current director of ASX-
listed companies JB Hi-Fi
Group and Bapcor,
as well as Australia’s third
largest private business
7-Eleven Australia. He
previously sat on the Board
of Stihl Shop New Zealand
and Trinity Lands.
Board membership
Non-executive member
Other committees
Chair of the ESG Committee
Date appointed
October 2017
Date last re-elected
July 2021
Simon Shakesheff
Simon is an Australian-
based professional director,
with significant property
and finance experience
covering strategy, mergers
and acquisitions, and
debt and equity finance.
He is a director of Cbus
Property, Assembly Funds
Management, SGCH (formerly
St George Community
Housing) and Chair of the
Daily Needs Real Estate
Investment Trust. Simon
previously held a number of
executive roles at Stockland,
Bank of America Merrill
Lynch, UBS, J.P. Morgan and
Macquarie Bank.
Board membership
Non-executive member
Other committees
Member of the ESG
Committee and the Audit
and Risk Committee
Date appointed
November 2019
Date last re-elected
June 2020
Kiwi Property Annual Report 202335

Executive
Te a m
Angela Henderson
GM Digital
Angela leads Kiwi Property’s
digital and information
technology teams and
has overall responsibility
for the company’s digital
transformation strategy.
Angela joined Kiwi Property
in 2021 and prior to this
was GM Digital Strategy
and Transformation, and
Innovation at Air New
Zealand. She has a wealth of
experience leading innovative
technology teams, and has
held senior digital roles at
high profile New Zealand
organisations including
Westpac and Watercare.
Aubrey Cheng
GM Income and Leasing
Aubrey leads our income
and leasing team and is
responsible for all property-
related income, and new
revenue initiatives at both
our existing assets and
development projects. He
is charged with developing
and maintaining our key
client relationships, and
driving leasing activity
across our mixed-use,
office, retail, activate and
industrial portfolios. Aubrey
has 20 years’ property
experience and prior to
joining Kiwi Property was
a founding Director of
Match Realty.
Clive Mackenzie
Chief Executive Officer
Clive is responsible for
the leadership, strategic
direction and management
of the Company. He has
been involved with property
and finance for over 20
years and commenced
as Kiwi Property’s Chief
Executive Officer in July
2018. Clive was previously
Senior Vice President –
Development, East Coast
for Westfield USA, where he
was involved in the creation
and implementation of
transformational strategies
to evolve, strengthen and
develop the company’s real
estate portfolio.
Jo Harris
GM People
Jo leads Kiwi Property’s
people and culture function,
with a focus on building an
engaged and high performing
organisation. Jo joined
the company from Waka
Kotahi where she worked
as Portfolio Change Lead,
with responsibility for
leading organisational wide
culture and transformation
initiatives. Prior to this, Jo
held a variety of senior HR
roles at large organisations
in  New Zealand and offshore,
including Air New Zealand,
Vodafone Australia and AAPT.
Kiwi Property Annual Report 202336

Ian Passau
GM Development
Ian leads our development
team and is responsible for
all development activities
and major capital works
programmes. He has 30
years’ experience in property
design, construction and
development across a range
of asset classes. Prior to
joining us, Ian held senior
positions in Foodstuffs North
Island, Auckland Airport and
Arrow International. He is a
past president of the Waikato
Branch of the Property
Council of New Zealand and
past member of the Auckland
Urban Design Panel.
Linda Trainer
GM Asset Management
Linda has overall
responsibility for the
strategic and operational
aspects across the asset
classes, with a view to
optimising their investment
performance. She has
more than 20 years’
experience in property, retail,
management and marketing.
Prior to joining Kiwi Property
in April 2018, she was most
recently New Zealand
Regional Manager at Scentre
Group.
Steve Penney
Chief Financial Officer
Steve leads the company’s
finance, capital transactions
and legal functions, as well
as playing a key role in the
development and execution
of the company’s corporate
strategy. He has more than 20
years’ finance and investment
experience, and prior to
joining Kiwi Property was
General Manager, Investment,
at Stride Property Group.
Before that he was Investment
Director and Partner at H.R.L.
Morrison & Co Limited and
Associate Director at PwC.
Kiwi Property Annual Report 202337

The Terrace, Sylvia Park
Kiwi Property Annual Report 202338

Financials
Kiwi Property Annual Report 202339

Five-year summary
Kiwi Property Annual Report 202340
Financial performance
FOR THE YEAR ENDED 31 MARCH 2023
20222021
2023Restated
1
Restated
1
20202019
$m$m$m$m$m
Property revenue and management fees259.1255.9244.2243.6237.5
Total revenue259.1255.9244.2243.6237.5
Direct property expenses(52.8)(75.4)(78.3)(54.5)(54.6)
Employment and administration expenses(32.7)(25.8)(23.1)(22.6)(20.9)
Total expenses(85.5)(101.2)(101.4)(77.1)(75.5)
Profit before net finance expenses, other income/
(expenses) and tax173.6154.7142.8166.5162.0
Interest income0.20.20.30.20.2
Interest and finance charges(44.2)(38.4)(36.0)(37.0)(37.7)
Net fair value gain/(loss) on interest rate derivatives5.718.56.3(9.9)(11.0)
Net finance expenses(38.3)(19.7)(29.4)(46.7)(48.5)
Profit before other income/(expenses) and income tax135.3135.0113.4119.8113.5
Net fair value (loss)/gain on investment properties(352.6)128.8109.0(289.9)47.7
Litigation settlement income6.0----
(Loss)/gain on disposal of investment properties(3.5)(3.1)--0.9
Other (expenses)/income(350.1)125.7109.0(289.9)48.6
(Loss)/profit before income tax(214.8)260.7222.4(170.1)162.1
Income tax expense(12.9)(36.4)(25.9)(16.6)(24.0)
(Loss)/profit after income tax
2
(227.7)224.3196.5(186.7)138.1
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the consolidated
financial statements for further information.
2The reported 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 profit information has been extracted from the annual consolidated financial statements which have been the subject
of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
Reconciliation of (loss)/profit before tax to operating profit before tax
FOR THE YEAR ENDED 31 MARCH 2023
20222021
2023Restated
1
Restated
1
20202019
$m$m$m$m$m
(Loss)/profit before income tax(214.8)260.7222.4(170.1)162.1
Adjusted for:
Net fair value loss/(gain) on investment properties352.6(128.8)(109.0)289.9(47.7)
Loss/(gain) on disposal of investment properties3.53.1--(0.9)
Litigation settlement income(6.0)----
Net fair value (gain)/loss on interest rate derivatives(5.7)(18.5)(6.3)9.911.0
Operating profit before income tax
2
129.6116.5107.1129.7124.5
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the consolidated
financial statements for further information.
2Operating 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 not have 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 annual consolidated financial
statements which have been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property Annual Report 202341
Adjusted funds from operations
FOR THE YEAR ENDED 31 MARCH 2023
20222021
2023Restated
1
Restated
1
20202019
$m$m$m$m$m
(Loss)/profit after income tax(227.7)224.3196.5(186.7)138.1
Adjusted for:-
Net fair value loss/(gain) on investment properties352.6(128.8)(109.0)289.9(47.7)
Loss/(gain) on disposal of investment properties3.53.1--(0.9)
Net fair value (gain)/loss on interest rate derivatives(5.7)(18.5)(6.3)9.911.0
Litigation settlement income(6.0)----
Reversal of lease liability movement in investment properties(0.1)(0.1)(0.1)(0.1)-
Straight-lining of fixed rental increases(1.2)(3.0)-(1.2)(2.0)
Amortisation of tenant incentives and leasing fees7.78.37.17.17.0
Rent deferrals received/(rent deferrals) (COVID-19)0.21.5(1.7)--
Depreciation recovered on disposal of investment properties0.53.6--4.5
Share-based payment expense
2
1.41.2---
Depreciation of property, plant and equipment
2
1.11.3---
Deferred tax (benefit)/expense(4.8)13.911.3(5.3)(3.1)
Funds from operations
3
121.5106.897.8113.6106.9
Maintenance capital expenditure(6.6)(3.0)(5.3)(7.5)(6.9)
Capitalised tenant incentives and leasing fees(2.2)(3.4)(3.1)(3.9)(8.4)
One-off costs
4
3.8----
Adjusted funds from operations
5
116.5100.489.4102.291.6
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the consolidated
financial statements for further information.
2Represents non-cash expenses included in the determination of funds from operations with effect from 1 April 2021. No adjustment has been made in respect of prior years.
3Funds from operations (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 Guidelines). The reported FFO information has been extracted from the Company’s annual
consolidated financial statements which have been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
4One-off costs comprise expenses incurred in the implementation of software projects and other non-recurring transactions.
5Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure commonly used by real estate entities
to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO by deducting the cost of lease incentives, leasing fees, annual maintenance
capital expenditure for sustaining and maintaining existing space and one-off costs. AFFO does not have a standard 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 (the Guidelines). The reported AFFO information has been extracted from the Company’s annual consolidated financial statements which have been the
subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property Annual Report 202342
Dividends
FOR THE YEAR ENDED 31 MARCH 2023
20222021
2023Restated
1
Restated
1
20202019
$m$m$m$m$m
Funds from operations121.5106.897.8113.6106.9
Adjusted funds from operations116.5100.489.4N/AN/A
Less amount retained(27.0)(12.5)(8.6)(58.3)(7.4)
Cash dividend89.587.980.855.399.5
Payout ratio
2
77%88%90%49%93%
cpscpscpscpscps
Cash dividend5.705.605.153.536.95
Imputation credits1.131.431.360.792.00
Gross dividend6.837.036.514.328.95
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the consolidated
financial statements for further information.
2With effect from 1 April 2020, the Group revised its dividend policy to be based on adjusted funds from operations (previously funds from operations).
Financial position
AS AT 31 MARCH 2023
2023
$m
2022
$m
2021
$m
2020
$m
2019
$m
Assets
Investment properties
1
3,194.03,567.63,331.53,114.73,207.4
Cash and cash equivalents17.911.616.021.39.9
Other assets26.515.318.820.419.1
Total assets3,238.43,594.53,366.33,156.43,236.4
Liabilities
Interest bearing liabilities1,131.11,135.91,049.91,009.91,001.7
Deferred tax liabilities103.6108.594.583.288.5
Other liabilities70.278.587.191.895.3
Total liabilities1,304.91,322.91,231.51,184.91,185.5
Equity
Share capital1,664.81,663.51,661.91,661.01,449.6
Share-based payments reserve2.12.01.91.60.6
Retained earnings266.6606.1471.0308.9600.7
Total equity1,933.52,271.62,134.81,971.52,050.9
Total equity and liabilities3,238.43,594.53,366.33,156.43,236.4
Gearing ratio (finance debt / total tangible assets)35.0%31.6%31.2%32.0%31.0%
Net tangible assets per share$1.23$1.45$1.36$1.26$1.43
1Includes investment properties classified as held for sale.

Five-year summary (continued)
Kiwi Property Annual Report 202343
Property metrics
AS AT 31 MARCH 2023
20232022202120202019
Number of core properties7881212
Net lettable area (sqm)388,197400,159341,914435,528436,870
Occupancy99.3%99.8%99.7%99.5%99.3%
Weighted average lease expiry (years)4.44.95.34.95.2
Weighted average capitalisation rate5.84%5.23%5.49%6.11%5.99%
Property metrics exclude The Plaza, Northlands Shopping Centre, Westgate Lifestyle and Centre Place North which have been
reclassified to either 'investment properties held for sale' or 'other properties' as at 31 March 2023, 31 March 2022 and 31 March 2021.
Property metrics as at 31 March 2023 and 31 March 2022 include the adjoining properties located at Sylvia Park. No adjustment has
been made in respect of prior years.
Interpretation
The following commentary is provided to assist with the
interpretation of the five-year summary:
2023
•
Acquired additional properties adjacent to Sylvia Park for
$13.8 million.
•
Northlands Shopping Centre, Christchurch, was sold.
•
44 The Terrace, Wellington, was sold.
•
A $125 million bond issue was completed (2029 expiry) to
replace the $125 million bond maturing in September 2023.
•
Concluded development of 3 Te Kehu Way at Sylvia Park.
•
Westgate Lifestyle was reclassified from 'other properties' to
'investment properties held for sale'.
2022
•
Commenced development of build-to-rent scheme at
Sylvia Park.
•
Commenced development of 3 Te Kehu Way at Sylvia Park.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $38.8 million.
•
Entered into a 50:50 joint venture with Tainui Group Holdings
in respect of Centre Place North and adjoining properties.
•
Provided rental abatements of $17.4 million as a result of the
COVID-19 pandemic.
•
A $150 million bond issue was completed (2028 expiry)
following the maturity of the $125 million bond in August 2021.
•
The Plaza was reclassified from 'investment properties held
for sale' to 'other properties'.
2021
•
Concluded development of Sylvia Park Level 1.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $4.0 million.
•
Provided rental abatements of $19.5 million as a result of the
COVID-19 pandemic.
•
The Plaza, Northlands and 50% of Centre Place North were
reclassified as 'investment properties held for sale'. Westgate
Lifestyle and 50% of Centre Place North were reclassified as
'other properties'.
2020
•
Raised $193.7 million (net of issue costs) of new equity
through a placement and retail entitlement offer.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland, for $25.5 million.
•
COVID-19 declared a global pandemic by the World Health
Organisation in March 2020, impacting investment property
valuations at balance date and causing the Board to cancel
the final dividend for the year ended 31 March 2020.
2019
•
Concluded development of an office tower (ANZ Raranga) and
the central carpark at Sylvia Park, Auckland, and Langdons
Quarter at Northlands, Christchurch.
•
Acquired property adjacent to Sylvia Park, Auckland, for
$25 million.
•
Acquired a further 8.6 hectares of land at Drury, South
Auckland, for $9.1 million.
•
North City, Porirua, was sold.
•
A $100 million bond issue was completed (2025 expiry).

Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202344
Consolidated statement of comprehensive incomePg 45
Consolidated statement of changes in equityPg 46
Consolidated statement of financial positionPg 47
Consolidated statement of cash flowsPg 48
Notes to the consolidated financial statementsPg 50
Independent auditor's reportPg 87

Consolidated statement
of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202345
2022
2023Restated
1
Note$000$000
Revenue
Property revenue2.1256,539254,116
Property management revenue2,5461,759
Total revenue259,085255,875
Expenses
Direct property expenses(52,838)(75,342)
Employment and administration expenses2.2(32,688)(25,828)
Total expenses(85,526)(101,170)
Profit before net finance expenses, other income/(expenses) and income tax173,559154,705
Interest income268152
Interest and finance charges2.2(44,231)(38,397)
Net fair value gain on interest rate derivatives3.4.25,67218,496
Net finance expenses(38,291)(19,749)
Profit before other income/(expenses) and income tax135,268134,956
Net fair value (loss)/gain on investment properties3.2(352,626)128,816
Litigation settlement income1.36,038-
Loss on disposal of investment properties(3,494)(3,124)
Other (expenses)/income(350,082)125,692
(Loss)/profit before income tax(214,814)260,648
Income tax expense2.3(12,888)(36,375)
(Loss)/profit and total comprehensive income after income tax attributable
to shareholders(227,702)224,273
Basic and diluted earnings per share (cents)3.6.3(14.49)14.29
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202346
Note
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--224,273224,273
Dividends paid3.6.2--(89,440)(89,440)
Long-term incentive plan3.6.41,519883141,921
Employee share ownership plan649-73
Balance at 31 March 20221,663,4991,987606,1272,271,613
Balance at 1 April 20221,663,4991,987606,1272,271,613
Loss after income tax--(227,702)(227,702)
Dividends paid3.6.2--(111,876)(111,876)
Long-term incentive plan3.6.41,150168591,377
Employee share ownership plan125(52)-73
Balance at 31 March 20231,664,7742,103266,6081,933,485
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 31 MARCH 2023
Kiwi Property Annual Report 202347
Note
2023
$000
2022
$000
Current assets
Cash and cash equivalents17,87811,600
Other assets-600
Trade and other receivables3.114,6627,730
Interest rate derivatives3.4.25-
Investment properties held for sale3.2130,189208,764
162,734228,694
Non-current assets
Investment properties3.23,063,8323,358,872
Property, plant and equipment2,2613,319
Interest rate derivatives3.4.29,5953,604
3,075,6883,365,795
Total assets3,238,4223,594,489
Current liabilities
Trade and other payables3.561,21862,954
Interest bearing liabilities3.4.1125,205-
Income tax payable3,8329,302
Lease liabilities3,1131,385
Interest rate derivatives3.4.2-175
193,36873,816
Non-current liabilities
Interest bearing liabilities3.4.11,005,9161,135,944
Interest rate derivatives3.4.21,5751,076
Deferred tax liabilities3.3103,614108,462
Lease liabilities4643,578
1,111,5691,249,060
Total liabilities1,304,9371,322,876
Equity
Share capital3.6.11,664,7741,663,499
Share-based payments reserve2,1031,987
Retained earnings266,608606,127
Total equity1,933,4852,271,613
Total equity and liabilities3,238,4223,594,489
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 19 May 2023.
Mark Ford
 Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202348
2023
$000
2022
$000
Cash flows from operating activities
Property revenue263,254245,222
Property management revenue2,4951,702
Interest and other income268152
Direct property expenses(61,817)(56,348)
Interest and finance charges(39,974)(36,859)
Interest costs paid on lease liabilities(290)(324)
Employment and administration expenses(28,235)(22,337)
Income tax expense(23,206)(15,804)
Goods and Services Tax received471196
Net cash flows from operating activities112,966115,600
Cash flows from investing activities
Proceeds from disposal of investment properties193,5408,293
Acquisition of investment properties(13,811)(38,830)
Capital expenditure on investment properties(162,348)(81,032)
Interest and finance charges capitalised to investment properties(10,496)(3,800)
Acquisition of property, plant and equipment(88)(353)
Litigation settlement income with respect to investment properties6,038-
Net cash flows from/(used in) investing activities12,835(115,722)
Cash flows from financing activities
Payment of lease liabilities(53)(51)
Proceeds from bank loans1,577,000966,900
Repayment of bank loans(1,706,000)(904,900)
Proceeds from fixed-rate green bonds123,688148,158
Repayment of fixed-rate green bonds-(125,000)
Settlement of interest rate derivatives(2,282)-
Dividends paid(111,876)(89,425)
Net cash flows used in financing activities(119,523)(4,318)
Net increase/(decrease) in cash and cash equivalents6,278(4,440)
Cash and cash equivalents at the beginning of the year11,60016,040
Cash and cash equivalents at the end of the year17,87811,600
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property Annual Report 202349
2022
Reconciliation of (loss)/profit after income tax to net cash flows from operating activities
2023Restated
1
$000$000
(Loss)/profit after income tax(227,702)224,273
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities6,266(1,025)
Non-cash items:
Net fair value gain on interest rate derivatives(5,672)(18,496)
Net fair value loss/(gain) on investment properties352,626(128,816)
(Decrease)/ increase in deferred tax liabilities(4,848)13,944
Amortisation of lease incentives and fees7,6488,303
Straight-lining of fixed rental increases(1,214)(3,012)
Movements in working capital items:
(Increase)/decrease in trade and other receivables(6,932)4,110
(Decrease)/increase in income tax payable(5,470)6,630
(Decrease)/increase in trade and other payables(1,736)9,689
Net cash flows from operating activities112,966115,600
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202350
1.General information
1.1Reporting entityPg 51
1.2Basis of preparationPg 51
1.3Significant changes during the yearPg 51
1.4Group structurePg 51
1.5New standards, amendments and interpretationsPg 52
1.6Key judgements and estimatesPg 53
1.7Accounting policiesPg 53
2.Profit and loss information
2.1Property revenuePg 54
2.2ExpensesPg 55
2.3Tax expensePg 57
3.Financial position information
3.1Trade and other receivablesPg 59
3.2Investment propertiesPg 60
3.3Deferred taxPg 70
3.4FundingPg 71
3.5Trade and other payablesPg 76
3.6EquityPg 76
4.Financial risk management
4.1Interest rate riskPg 80
4.2Credit rate riskPg 81
4.3Liquidity riskPg 82
5.Other information
5.1Segment informationPg 83
5.2Related party transactionsPg 85
5.3Key management personnelPg 86
5.4CommitmentsPg 86
5.5Subsequent eventsPg 86

1. General information
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202351
1.1 Reporting entity
The 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 consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP) and
the Financial Markets Conduct Act 2013. They comply with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) and other guidance as issued by the External Reporting Board, as appropriate to for-profit entities, and with International
Financial Reporting Standards (IFRS).
The consolidated financial statements have been prepared on the basis the Group is a going concern.
The 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 consolidated financial statements is New Zealand dollars.
1.3
 Significant changes during the year
The
financial position and performance of the Group was affected by the following events and transactions during the year:
Investment property
During the year ended
31 March 2023, the Group acquired three properties adjoining Sylvia Park for $13.8 million.
On 5 December 2022, the Group disposed of Northlands and 43 Langdons Road in Christchurch for $151 million (net of seismic costs).
On 15 December 2022, the Group disposed of 44 The Terrace in Wellington for $46 million (net of seismic costs).
On 30 March 2023, the Group unconditionally agreed to dispose of Westgate Lifestyle for $85.7 million, with settlement taking place
on 1 May 2023. Refer to note 5.5 for further information.
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 the settlement the Group received $6.0 million.
Interest bearing liabilities
In May 2022, the Group increased its overall bank debt facilities from $850 million to $950 million and in November 2022, the Group
further increased its overall bank debt facilities by $50 million to $1 billion.
On 27 March 2023, the Group issued a $125 million fixed-rate green bond with a maturity date of 27 September 2029.
1.4
 Group structure
Controlled entities
The Company has the following wholly owned subsidiaries:
•
Kiwi Property Centre Place Limited
•
Kiwi Property Holdings Limited
•
Kiwi Property Holdings No. 2 Limited
•
Kiwi Property Holdings No. 3 Limited
•
Kiwi Property Holdings No. 4 Limited
•
Kiwi Property Holdings No. 5 Limited
•
Kiwi Property Holdings No. 6 Limited
•
Kiwi Property Holdings No. 7 Limited
•
Kiwi Property Holdings No. 8 Limited
•
Kiwi Property Te Awa Limited
•
Sylvia Park Business Centre Limited
The Company has control over the trust fund operated by Pacific Custodians (New Zealand) Limited as trustee for the Company's
long-term incentive (LTI) plan (for further details refer to note 3.6.4). The trust fund is consolidated as part of the Group.

Kiwi Property Annual Report 202352
1.4 Group structure (continued)
Joint ventures
The Group holds a 50% interest in both The Base and The Centre Place unincorporated joint ventures. The Group has determined
that its interests constitute a joint arrangement as the relevant decisions about the properties require the unanimous consent of both
parties. The joint arrangements have been classified as joint operations on the basis that the parties have direct rights to the assets
and obligations for the liabilities relating to their share of the properties in the normal course of business. The Group recognises its
share of assets, liabilities, revenue and expenses of the joint ventures.
Principles of consolidation
The consolidated financial statements include the Company and the entities it controls up until the date control ceases. The balances
and effects of transactions between controlled entities and the Company are eliminated in full.
1.5
 New standards, amendments and interpretations
Rental abatements
The International Financial Reporting Interpretations Committee (IFRIC) published an agenda decision in October 2022 regarding
the accounting by a lessor when lease payments are forgiven. The decision clarified that IFRS 9 Financial Instruments applies to the
forgiveness of amounts contractually due for past rent. The forgiveness of lease payments relating to future periods are accounted
for as a modification of the lease to which IFRS 16 Leases applies.
The Group previously accounted for rental abatements as lease modifications whereby the change in lease payments were
recognised on a straight-line basis over the remaining lease term.
Where an abatement is granted retrospectively on uncollected past due rent, the agenda decision requires the abatement to be
expensed as an impairment of trade receivables. As a consequence, the Group has retrospectively changed its accounting policy in
respect of the forgiveness of past due rent and comparative information has been restated.
Rental abatements of $1.6 million provided in the current year have been expensed as an impairment of trade receivables.
The following tables summarise the impact of this change in accounting policy on the comparative consolidated financial statements:
Consolidated statement of comprehensive income
2022
$000
2022
$000
2022
$000
RestatedReportedDifference
Property revenue254,116245,0709,046
Direct property expenses(75,342)(57,953)(17,389)
Net fair value gain on investment properties128,816120,4738,343
Profit and total comprehensive income after income tax attributable
to shareholders224,273224,273-
Consolidated statement of cash flows
Reconciliation of profit after income tax to net cash flows from
operating activities
2022
$000
2022
$000
2022
$000
RestatedReportedDifference
Movement in working capital items relating to investing and financing activities(1,025)(14,148)13,123
Net fair value gain on investment properties(128,816)(120,473)(8,343)
Amortisation of lease incentives and fees8,30313,083(4,780)
Net cash flows from operating activities115,600115,600-
There was no impact to the Consolidated Statement of Financial Position as a result of the agenda decision.

Kiwi Property Annual Report 202353
1.5 New standards, amendments and interpretations (continued)
Climate-related Disclosures
On 14 December 2022, the External Reporting Board (XRB) published its Climate-related Disclosures standards. The mandatory
reporting regime for disclosing risks in the Annual Report under these new standards is for reporting periods beginning on or after
1 January 2023.
The Group currently prepares and discloses climate related risks in its Sustainability Report, with reference to the recommendations
of the Task Force on Climate-related Financial Disclosures (TCFD).  Disclosures aligned to the new standards will form part of the
Annual Report for the year ended 31 March 2024. 
1.6 Key judgements and estimates
In the process of applying the Group's accounting policies, a number of judgements have been made and estimates of future events
applied. Judgements and estimates are found in the following notes:
Note 2.3Tax expensePage 57
Note 3.1Provision for doubtful debtsPage 59
Note 3.2Investment propertiesPage 60
Note 3.4.2Interest rate derivativesPage 73
Note 3.6.4Share-based paymentsPage 78
1.7 Accounting policies
Accounting policies that summarise the measurement bases used and are relevant to an understanding of the consolidated financial
statements are provided throughout the notes to the consolidated financial statements. Other relevant policies are provided
as follows:
Measurement of fair values
The Group classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following levels:
•
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
•
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The carrying amount of all financial assets and liabilities is equivalent to their fair values apart from the fixed-rate green bonds (refer
to note 3.4.1 for further details on the fair value of the fixed-rate green bonds).
Goods and Services Tax
The consolidated financial statements have been prepared on a Goods and Services Tax exclusive basis, with the exception of
receivables and payables which are inclusive of Goods and Services Tax where relevant.
Property management revenue
Property management revenue is recognised over time as performance obligations are satisfied in accordance with the
management contracts.
Litigation settlement income
Litigation settlement income received in connection with investment properties is classified as cash flows from investing activities
within the Consolidated Statement of Cash Flows as the proceeds are used to remediate the investment properties.

2. Profit and loss information
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202354
2.1 Property revenue
2022
2023Restated
1
$000$000
Gross rental income
2
262,006258,416
Straight-lining of fixed rental increases1,2143,012
Amortisation of capitalised lease incentives(6,681)(7,312)
Property revenue256,539254,116
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
2Includes $42.8 million of property operating expenses recovered from tenants (2022: $40.8 million).
The contractual future minimum property operating lease income to be received on properties owned by the Group at balance date,
including assets held for sale, is as follows:
2023
$000
2022
$000
Within one year234,849260,294
Between one and two years197,134215,509
Between two and three years163,349188,712
Between three and four years139,028153,445
Between four and five years112,283129,441
Later than five years364,604443,846
Property operating lease income1,211,2471,391,247
Recognition and measurement
The Group enters into property leases with tenants on its investment properties. The Group has determined that it retains all
significant risks and rewards of ownership of these properties and has therefore classified the leases as operating leases.
Rental income from those leases, including fixed rental increases, is recognised on a straight-line basis over the term of the lease.
Lease incentives offered to tenants as an inducement to enter into leases are capitalised to investment properties and then
amortised over the term of the lease as a reduction of rental income.
The share of property operating expenses which are recoverable from tenants is recognised as gross rental income from
expense recoveries. This is associated with the provision of services relating to the operations of the Group's properties (for
example, council and water rates, insurance, utilities, repairs and maintenance, security costs). The Group recognises revenue
in the accounting period the underlying expenses are incurred in accordance with the contractual terms.

Kiwi Property Annual Report 202355
2.2 Expenses
2023
$000
2022
$000
Interest and finance charges on bank loans34,75920,495
Interest on fixed-rate green bonds19,67821,378
Interest on lease liabilities290324
Interest capitalised to investment properties being developed(10,496)(3,800)
Interest and finance charges44,23138,397
Auditor's remuneration:
Statutory audit and review of the consolidated financial statements267244
Audit of joint venture financial statements4035
Assurance related services
1
4744
Remuneration benchmarking-24
Agreed upon procedures in respect of a specified remuneration metric66
Agreed upon procedures in respect of asset disposals197
Directors' fees752749
Employee entitlements29,58325,121
Less: recognised in direct property expenses(8,325)(6,451)
Less: capitalised to investment properties being developed(3,191)(3,411)
Information technology5,3322,801
Investor related expenses1,153952
Occupancy costs471427
Professional fees3,7322,756
Trustees' fees141101
Other2,6612,423
Employment and administration expenses32,68825,828
1Assurance related services includes the audits of special purpose financial information in accordance with tenancy agreements ($45,045) and trustee reporting ($1,890).
PwC New Zealand was also engaged after the balance date to perform advisory services in respect of future property development
funding structures and financial models, and agreed upon procedures in respect of a specified remuneration metric.

Kiwi Property Annual Report 202356
2.2 Expenses (continued)
Recognition and measurement
Interest and finance charges
The interest and finance charges on bank loans are expensed in the period in which they occur, other than associated
transaction costs which are capitalised and amortised over the term of the facility to which they relate.
The interest expense on fixed-rate green bonds is recognised using the effective interest rate method.
To determine the amount of borrowing costs capitalised to investment properties that are being constructed or developed for
future use, the Group uses the weighted average interest rate applicable to its outstanding borrowings during the year. For 2023
this was 4.69% (2022: 3.95%).
Finance charges also include interest on lease liabilities as outlined in note 3.2.
Employee entitlements
Employee benefits are expensed as the related service is provided. Details of the employee entitlements expense in relation to
share-based payments is outlined in note 3.6.4.

Kiwi Property Annual Report 202357
2.3 Tax expense
A reconciliation of (loss)/profit before income tax to income tax expense follows:
2022
2023Restated
1
$000$000
(Loss)/profit before income tax(214,814)260,648
Prima facie income tax benefit/(expense) at 28%60,148(72,981)
Adjusted for:
Net fair value gain on interest rate derivatives1,5885,179
Net fair value (loss)/gain on investment properties(98,735)36,068
Loss on disposal of investment properties(978)(875)
Litigation settlement income1,691-
Depreciation13,53915,108
Depreciation recovered on disposal of investment properties(473)(3,637)
Net deferred leasing costs109(2,201)
Deferred rent received(52)(422)
Deductible capitalised expenditure2,9851,065
Prior year adjustment(212)173
Other2,65492
Current tax expense(17,736)(22,431)
Depreciation recoverable2,654(7,222)
Net fair value gain on interest rate derivatives(1,588)(5,179)
Deferred leasing costs and other temporary differences3,782(1,543)
Deferred tax benefit/(expense)4,848(13,944)
Income tax expense reported in profit(12,888)(36,375)
Imputation credits available for use in subsequent periods4,30110,632
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.

Kiwi Property Annual Report 202358
2.3 Tax expense (continued)
Recognition and measurement
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at balance date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognised in respect of all taxable temporary differences between the carrying amounts of assets and liabilities
for
financial reporting purposes and the amounts used for taxation purposes. For deferred tax liabilities or assets arising on
investment property measured at fair value, it is assumed that the carrying amounts of investment property will be recovered
through sale (refer to note
3.3).
Imputation credits
The imputation credits available represent the balance of the imputation credit account at the end of the reporting period,
adjusted for imputation credits which will arise from the payment of the income tax liability.
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 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.

3. Financial position information
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202359
3.1 Trade and other receivables
2023
$000
2022
$000
Trade debtors9,42011,829
Provision for doubtful debts(2,006)(3,374)
Accrued COVID-19 rent relief
1
-(7,370)
7,4141,085
Deferred rent-195
Prepayments7,2486,450
Trade and other receivables14,6627,730
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.
The movement in the provision for doubtful debts is as follows:
2023
$000
2022
$000
Opening provision for doubtful debts3,3742,620
Increase in doubtful debts allowance recognised in profit or loss during the year4391,311
Receivables written off during the year as uncollectible(135)(154)
Unused amounts reversed(1,672)(403)
Closing provision for doubtful debts2,0063,374
Recognition and measurement
Trade debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
rate method, less an allowance for impairment. Collectability of trade debtors is reviewed on an ongoing basis and a provision
for doubtful debts is made when there is evidence that the Group will not be able to collect the receivable. In determining
the provision, the Group applies the
simplified approach to measuring expected credit losses prescribed by NZ IFRS 9, which
permits the use of lifetime expected credit losses for all trade debtors. To measure the expected credit losses the Group uses
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors
and the economic environment. Debtors are written off when recovery is no longer anticipated. All overdue debtors considered
to be impaired have been provided for at balance 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 Annual Report 202360
3.2 Investment properties
Recognition and measurement
Investment properties are properties held for long-term capital appreciation and to earn rental income.
Initial recognition - acquired properties
Investment properties are initially measured at cost, plus related costs of acquisition. Subsequent expenditure is capitalised to
the asset's carrying amount when it adds value to the asset and its cost can be measured.
Initial recognition - properties being developed
Investment properties also include properties that are being constructed or developed for future use as investment properties.
All costs directly associated with the purchase and construction of a property, and all subsequent capital expenditures for the
development qualifying as acquisition costs, are capitalised. Borrowing costs are capitalised if they are directly attributable to
the development.
Subsequent measurement
After initial recognition, investment properties are measured at fair value as determined by independent registered valuers.
Investment properties under construction are carried at cost until it is possible to reliably determine their fair value, from which
point they are carried at fair value. Investment properties are valued at least annually and may not be valued by the same valuer
for more than three consecutive years.
Any gains or losses arising from changes in fair value are recognised in profit or loss in the reporting period in which they arise.
Investment properties are classified as held for sale when they are actively marketed for sale and their carrying amount will be
recoverable principally through a sale transaction rather than continuing use. Investment properties held for sale are carried at
fair value. Where a contracted sale price is available, the investment property 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.
Lease incentives
Lease incentives provided by the Group to lessees are included in the measurement of fair value of investment properties and
are treated as separate assets. Such assets are amortised on a straight-line basis over the respective periods to which the lease
incentives apply.
Ground leases
While the majority of the Group’s investment portfolio is freehold, the Group has entered into several occupational ground
leases of properties or components of properties in its investment portfolio to which NZ IFRS 16 applies. Lease liabilities are
initially measured as the present value of the remaining cash flows discounted at the 'incremental borrowing rate', being the
property yield for the properties with the benefit of the occupational ground leases. Property yield is used given the long term
nature of the leases. The cash flows relating to the ground leases are also included in the fair value of the investment properties
and therefore a gross up for the lease liability is recognised in the investment property balance at the amount equal to the
lease liability.
The Group is exposed to potential future increases in variable lease payments which are not included in lease liabilities until
they take effect. When this occurs a corresponding adjustment is made to the gross up of the lease liability in the investment
property balance.
Lease payments are allocated between principal and finance costs. The finance cost is charged to the Consolidated Statement
of Comprehensive Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance
of the liability for each period.
Disposals
Investment properties are derecognised when they have been disposed of. The net gain or loss on disposal is calculated as the
difference between the carrying amount of the investment property at the time of the disposal and the proceeds on disposal
and is included in profit or loss in the reporting period in which the disposal settled.

Kiwi Property Annual Report 202361
3.2 Investment properties (continued)
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
%
Fair value
31 March 2022
$000
Capital
movements
2023
$000
Fair value
gain/(loss)
2023
$000
Fair value
31 March 2023
$000
Mixed-use
Sylvia Park Precinct
1
Various5.751,462,577139,381(91,634)1,510,324
LynnMallCBRE7.25251,00015,130(60,130)206,000
The Base
2
JLL7.00198,000953(2,628)196,325
1,911,577155,464(154,392)1,912,649
Office
Vero CentreJLL5.13545,000(132)(60,768)484,100
ASB North WharfCBRE5.63258,000102(28,102)230,000
The Aurora CentreColliers5.75183,900(384)(18,516)165,000
44 The Terrace55,400(46,107)(9,293)-
1,042,300(46,521)(116,679)879,100
Other
Westgate Lifestyle
3
94,600(94,600)--
The PlazaJLL8.50150,0003,840(46,340)107,500
Other properties
4
42,575(6,148)(5,352)31,075
Development land114,20013,7955,005133,000
401,375(83,113)(46,687)271,575
3,355,25225,830(317,758)3,063,324
Gross up of lease liabilities3,620(3,072)(40)508
Investment properties - non-current3,358,87222,758(317,798)3,063,832
Investment properties held for sale
Properties held for sale
5
207,421(45,487)(34,814)127,120
Gross up of lease liabilities
6
1,3431,740(14)3,069
Investment properties held for sale - current208,764(43,747)(34,828)130,189
Total investment properties3,567,636(20,989)(352,626)3,194,021
1Sylvia Park Precinct was valued “as if complete” at $1.664 billion based on a weighted capitalisation rate of 5.7% (including the as if complete capitalisation rate of Sylvia Park
build-to-rent). The deduction of $153.3 million outstanding development costs for the Sylvia Park build-to-rent development results in an “as is” value of $1.510 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 year.
4The fair value at 31 March 2022 includes 43 Langdons Road located in Christchurch which was sold during the current year. Refer to note 1.3 for further information. The fair value
at 31 March 2023 includes the Group's 50% ownership interest in Centre Place North.
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 31 March 2023
includes Westgate Lifestyle and the IKEA land, which are carried at contract price. Northlands and 43 Langdons Road was sold during the current year for $151 million (net of
seismic costs). Refer to note 1.3 for further information.
6The value at 31 March 2023 includes the gross up of lease liabilities associated with Westgate Lifestyle.

Kiwi Property Annual Report 202362
3.2 Investment properties (continued)
CapitalisationFair value
Capital
movements
2022
Fair value
gain/(loss)
2022Fair value
rate31 March 2021Restated
1
Restated
1
31 March 2022
Valuer%$000$000$000$000
Mixed-use
Sylvia Park Precinct
2
Various5.201,100,000310,09352,4841,462,577
Sylvia Park Lifestyle
3
86,500(86,500)--
LynnMallColliers6.50249,00014,467(12,467)251,000
The Base
4
JLL6.25187,5009569,544198,000
1,623,000239,01649,5611,911,577
Office
Vero CentreJLL4.50500,5001,03143,469545,000
ASB North WharfCBRE4.75260,000543(2,543)258,000
The Aurora CentreCBRE5.38181,700(316)2,516183,900
44 The TerraceCBRE5.7559,400(98)(3,902)55,400
1,001,6001,16039,5401,042,300
Other
Westgate LifestyleCBRE5.8888,5002625,83894,600
The PlazaCBRE8.00-157,264(7,264)150,000
Other properties
5
190,350(152,096)4,32142,575
Development land68,30010,94934,951114,200
347,15016,37937,846401,375
2,971,750256,555126,9473,355,252
Gross up of lease liabilities3,545107(32)3,620
Investment properties - non-current2,975,295256,662126,9153,358,872
Investment properties held for sale
Properties held for sale
6
347,500(141,999)1,920207,421
Gross up of lease liabilities
7
8,699(7,337)(19)1,343
Investment properties held for sale - current356,199(149,336)1,901208,764
Total investment properties3,331,494107,326128,8163,567,636
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
2Sylvia Park Precinct was valued “as if complete” at $1.732 billion based on a weighted capitalisation rate of 5.0% (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
($262.7 million in total), together with allowances for profit and risk and stabilisation ($6.5 million in total), results in an “as is” value of $1.463 billion.
3Sylvia Park Lifestyle has been reclassified to Sylvia Park Precinct.
4Represents the Group's 50% ownership interest.
5The fair value at 31 March 2021 includes 50% of the Group's ownership interest in Centre Place North, with the remaining 50% included within properties held for sale. On 1 April
2021, the Group disposed of 50% of its interest in Centre Place North as its contribution to the Centre Place North Joint Venture (a 50:50 joint venture between the Group and
Tainui Group Holdings). As part of the disposal, the Group received a 50% interest in investment property contributed by Tainui Group Holdings to the Centre Place North Joint
Venture, with the balance of the consideration being settled in cash. The fair value at 31 March 2022 includes the Group’s 50% ownership interest in the Centre Place North
Joint Venture. Certain adjoining properties located at Sylvia Park have been reclassified to Sylvia Park Precinct in the mixed-use asset class above. The adjoining properties
associated with the sale of land to IKEA have been reclassified to properties held for sale.
6The fair value at 31 March 2021 includes The Plaza, Northlands and 50% of Centre Place North and an adjoining property. The 50% share of Centre Place North and adjoining
property was disposed of as part of the Centre Place North Joint Venture transaction referred to above. The Plaza has been reclassified to the other properties asset class
above as it is no longer being actively marketed for sale. The 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. Northlands is carried at the value determined by external valuation and the IKEA adjoining properties are carried at contract price.
7The fair value at 31 March 2021 includes Northlands and Centre Place North and an adjoining property. The gross up of lease liabilities associated with Centre Place North and
the adjoining property were extinguished on 1 April 2021 as part of the Centre Place North Joint Venture transaction referred to above.

Kiwi Property Annual Report 202363
3.2 Investment properties (continued)
The movement in the Group's investment properties during the year 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 liabilities1,911,5771,042,300401,375207,4213,562,673
Capital movements:
Transfers between asset classes--(101,100)101,100-
Acquisitions13,811---13,811
Disposals-(46,399)-(151,299)(197,698)
Capitalised costs (including lease
incentives, fees and fixed rental income)138,4842,10414,4985,082160,168
Capitalised interest and finance charges6,456-4,040-10,496
Amortisation of lease incentives, fees and
fixed rental income(3,287)(2,226)(551)(370)(6,434)
155,464(46,521)(83,113)(45,487)(19,657)
Net fair value loss on investment properties
excluding gross up of lease liabilities(154,392)(116,679)(46,687)(34,814)(352,572)
Balance at 31 March 2023 excluding gross
up of lease liabilities1,912,649879,100271,575127,1203,190,444
Gross up of lease liabilities:
Balance at 31 March 2022548-3,0721,3434,963
Capital movements--(3,072)1,740(1,332)
Fair value movements(40)--(14)(54)
Balance at 31 March 2023508--3,0693,577
Balance at 31 March 2023 including gross up
of lease liabilities1,913,157879,100271,575130,1893,194,021

Kiwi Property Annual Report 202364
3.2 Investment properties (continued)
The movement in the Group's investment properties during the prior year is as follows:
Mixed-use
$000
Office
$000
Other
$000
Held for sale
$000
Total
$000
Balance at the beginning of the year excluding
gross up of lease liabilities1,623,0001,001,600347,150347,5003,319,250
Capital movements:
Transfers between asset classes133,189-(8,654)(124,535)-
Acquisitions35,347-3,483-38,830
Net disposal of Centre Place North--11,793(19,800)(8,007)
Capitalised costs (including lease
incentives, fees and fixed rental
income) (restated)
1
72,1802,4637,5902,99185,224
Capitalised interest and finance charges1,070-2,730-3,800
Amortisation of lease incentives, fees and
fixed rental income (restated)
1
(2,770)(1,303)(563)(655)(5,291)
239,0161,16016,379(141,999)114,556
Net fair value gain on investment
properties excluding gross up of lease
liabilities (restated)
1
49,56139,54037,8461,920128,867
Balance at the end of the year excluding gross
up of lease liabilities1,911,5771,042,300401,375207,4213,562,673
Gross up of lease liabilities:
Balance at the beginning of the year473-3,0728,69912,244
Capital movements107--(7,337)(7,230)
Fair value movements(32)--(19)(51)
548-3,0721,3434,963
Balance at the end of the year including gross
up of lease liabilities1,912,1251,042,300404,447208,7643,567,636
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.

Kiwi Property Annual Report 202365
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 (2022: Level 3) in the fair value hierarchy because
all significant inputs that determine fair value are not based on observable market data. Refer to note 1.7 for further information
on the fair value hierarchy.
Valuation process
Except for a small number of non-core residential properties owned by the Group, which are addressed below, all investment
properties were valued as at 31 March 2023 (and as at 31 March 2022). All valuations are prepared by independent valuers who
are members of the Group's valuation panel and the New Zealand Institute of Valuers.
The non-core residential properties were subject to a kerbside assessment performed by an independent registered valuer that
is a member of the New Zealand Institute of Valuers. The valuer is not on the Group’s valuation panel. The properties represent
less than 1% of the value of the Group’s investment properties. 
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.
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 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’ below for
further information.
One asset within the Sylvia Park Precinct was valued using the residual approach as at 31 March 2023, being the Sylvia Park
build-to-rent (BTR) property, as the development of this property has commenced with construction underway. Under the
residual approach, valuers estimate the ‘as if complete’ value of an asset using the discounted cash flow approach described
above. They then deduct remaining project costs 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 Annual Report 202366
3.2 Investment properties (continued)
Seismic
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, and 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.
In these instances the Group has provided additional provisions to the valuers for inclusion in the valuations, the present
value of which is $48.2 million (2022: $51.3 million). These provisions are estimated allowances pending the outcome of
further investigations.
When estimating such allowances, the Group considers several factors and applies judgement on how those factors may impact
future costs. Factors requiring judgement include the function of the impacted area, impact on existing tenants and complexity
of remediation works. Costing is assessed based on internal and external evidence of seismic remediation, with consideration
given to the nature and relevance of similar properties. Management applies a probability and risk weighting assessment across
these inputs to derive a value for estimated allowances. While a change in risk weighting on one factor may not on its own result
in a material change in the seismic estimate, it is possible that the risk weighting could change in a combination of factors which
could potentially result in a material change in the seismic estimate.
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
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.
Impact on values at 31 March 2023
For the year ended 31 March 2023, the Group reported a fair value loss of $352.6 million. The loss reflects expanding
capitalisation rates and discount rates consistent with higher risk-free-rates and heightened investment uncertainty relative
to the prior year, as well as additional allowances for potential seismic remediation costs.

Kiwi Property Annual Report 202367
3.2 Investment properties (continued)
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. Refer to note 1.7 for further information on the fair value hierarchy.
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
most significant key unobservable inputs are the capitalisation rate and discount rate.
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 31 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
Sensitivity20232022
Mixed-use
1
Core capitalisation rate5.5% - 7.3%5.3% - 6.5%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate5.8% - 8.0%5.5% - 9.0%
Discount rate7.3% - 9.3%7.3% - 8.0%
Terminal capitalisation rate5.8% - 7.3%5.6% - 6.6%
Gross market rent (per sqm)
2
$385 - $852$372 - $794The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)-0.9% - 3.0%0.0% - 3.0%
OfficeCore capitalisation rate5.1% - 5.8%4.5% - 5.8%
The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate6.5% - 7.5%6.0% - 6.8%
Terminal capitalisation rate5.4% - 6.3%4.8% - 6.0%
Gross market rent (per sqm)
2
$572 - $761$505 - $712The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)1.5% - 4.2%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 Annual Report 202368
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. The table
below assesses each of these inputs in isolation and assumes all other inputs are held constant.
31 March 2023
Adopted
value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,912,649
Impact of assumption change ($000)76,000(69,300)31,400(33,000)
Impact of assumption change (%)4.0(3.6)1.6(1.7)
Office
Actual valuation ($000)879,100
Impact of assumption change ($000)44,700(41,700)16,400(16,900)
Impact of assumption change (%)5.1(4.7)1.9(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 Annual Report 202369
3.2 Investment properties (continued)
The valuation of investment properties is complex with a number of interrelated key inputs and assumptions.
When calculating the income capitalisation value, the gross market rent has a strong interrelationship with the core capitalisation rate.
An increase in the gross market rent and an increase in the core capitalisation rate could potentially offset the impact to fair value.
The same can be said for a decrease in each input. A directionally opposite change in the two inputs could potentially magnify the
impact to the fair value.
When calculating the discounted cash flow value, the discount rate has a strong interrelationship with the terminal capitalisation rate.
An increase in the discount rate and a decrease in the terminal capitalisation rate could potentially offset the impact to fair value. The
same can be said for an opposite movement in each input. A directionally similar change in the two inputs could potentially magnify
the impact to the fair value.
The following table explains the key inputs used to measure fair value for investment properties.
Valuation techniques
Income capitalisation approachA valuation technique which determines fair value by capitalising a property's core net
income at an appropriate, market derived rate of return with subsequent capital adjustments
for near-term events, typically including letting up allowances, capital expenditure and the
difference between contract and market rentals.
Discounted cash flow approachA valuation technique which requires explicit assumptions to be made regarding the
prospective income and expenses of a property over an assumed holding period, typically
10 years. The assessed cash flows are discounted to present value at an appropriate,
market-derived discount rate to determine fair value.
Residual approachA valuation technique used primarily for property which is undergoing, or is expected
to undergo, redevelopment. Fair value is determined through the estimation of a gross
realisation on completion of the redevelopment with deductions made for all costs
associated with converting the property to its end use including finance costs and a typical
profit margin for risks assumed by the developer.
Unobservable inputs within the income capitalisation approach
Gross market rentThe annual amount for which a tenancy within a property is expected to achieve under a new
arm's length leasing transaction, including a fair share of property operating expenses.
Core capitalisation rateThe rate of return, determined through analysis of comparable market-related sales
transactions, which is applied to a property's core net income to derive value.
Other income capitalisation rateThe rate of return which is applied to other, typically variable or uncontracted, sources of
property income to derive value and that is assessed with consideration to the risks in
achieving each income source.
Unobservable inputs within the discounted cash flow approach
Discount rateThe rate, determined through analysis of comparable market-related sales transactions,
that is applied to a property's future net cash flows to convert those cash flows into a
present value.
Terminal capitalisation rateThe rate which is applied to a property's core net income at the end of an assumed holding
period to derive an estimated future market value.
Rental growth rateThe annual growth rate applied to market rents over an assumed holding period.

Kiwi Property Annual Report 202370
3.3 Deferred tax
2023
$000
2022
$000
Interest rate derivatives2,247659
Depreciation recoverable93,36996,023
Deferred leasing costs and other temporary differences7,99811,780
Deferred tax liabilities103,614108,462
Recognition and measurement
Deferred tax is provided for all taxable temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available to utilise them. For deferred tax assets or liabilities arising on investment
property, it is assumed that the carrying amounts of investment property will be recovered through sale. Deferred tax is
disclosed on a net basis, as the deferred tax assets and the deferred tax liabilities relate to the same taxation authority.
The carrying amount of deferred tax assets is reviewed at each balance date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) applicable at balance date.

Kiwi Property Annual Report 202371
3.4 Funding
3.4.1
 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
2023
$000
2022
$000
Bank loans - total facilities1,000,000850,000
Bank loans - undrawn facilities(494,000)(215,000)
Bank loans - drawn facilities - non-current506,000635,000
Fixed-rate green bonds - current125,205-
Fixed-rate green bonds - non-current499,916500,944
Fixed-rate green bonds - amortised cost625,121500,944
Interest bearing liabilities1,131,1211,135,944
2023
$000
2022
$000
Face value of fixed-rate green bonds - current125,000-
Face value of fixed-rate green bonds - non-current500,000500,000
Face values625,000500,000
20232022
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)5.18%3.85%
Weighted average term to maturity for the combined facilities3.8 years3.4 years
Recognition and measurement
All interest bearing liabilities are initially recognised at the fair value of the consideration received, less directly attributable
transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate
method whereby the transaction costs are spread over the expected life of the instrument.

Kiwi Property Annual Report 202372
3.4.1
 Interest bearing liabilities (continued)
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.
In November 2022, the Group increased its bank debt facilities by a further $50 million to $1 billion.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the 2023 and 2022
financial years, the Group was in compliance with all of its financial covenants.
Fixed-rate green bonds
On 27 March 2023, the Group raised $125 million through the issue of a 6.5 year fixed-rate green bond.
The following table provides details of the Group's fixed-rate green bonds:
NZX code
Value of
issue
$000Date issued
Date of
maturity
Interest
rateInterest payable
Fair value
2023
$000
Fair value
2022
$000
KPG020125,0007-Sep-167-Sep-234.00%March, September123,754125,465
KPG030125,00019-Dec-1719-Dec-244.33%June, December120,936125,982
KPG040100,00012-Nov-1812-Nov-254.06%May, November94,73899,697
KPG050150,00019-Jul-2119-Jul-282.85%January, July127,571135,387
KPG060125,00027-Mar-2327-Sep-296.24%March, September125,593-
Fixed-rate green bonds625,000592,592486,531
The fair value of the fixed-rate green bonds is based on their listed market prices at balance date and is classified as Level 1 in the fair
value hierarchy (2022: Level 1). Refer to note 1.7 for further information on the fair value hierarchy.
Security
The bank loans and fixed-rate green bonds are secured by a Global Security Deed granted by the Charging Group over all of their
assets, together with first ranking registered mortgages over substantially all of the real property (being land and buildings and other
fixtures on that land) owned by the Charging Group.

Kiwi Property Annual Report 202373
3.4.2
 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.
2023
$000
2022
$000
Interest rate derivative assets - current5-
Interest rate derivative assets - non-current9,5953,604
Interest rate derivative liabilities - current-(175)
Interest rate derivative liabilities - non-current(1,575)(1,076)
Net fair values of interest rate derivatives8,0252,353
Notional value of interest rate derivatives - fixed-rate payer - active320,000315,000
Notional value of interest rate derivatives - fixed-rate receiver - active
1
-40,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting225,00050,000
Notional values545,000405,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.5 years1.9 years
Weighted average term to maturity - forward starting4.7 years6.6 years
Weighted average term to maturity2.8 years2.5 years
Fixed-rate payer swaps:
Weighted average interest rate - active
2
3.25%2.94%
Weighted average interest rate - forward starting
2
4.07%2.67%
Weighted average interest rate3.59%2.90%
1The Group previously had $40 million of fixed-rate receiver swaps for the duration of the $100 million KPG040 fixed-rate green bonds, which were closed out during the current
financial year. The effect of the fixed-rate receiver swaps was to convert a portion of the bond to floating interest rates.
2Excluding fees and margins.

Kiwi Property Annual Report 202374
3.4.2
 Interest rate derivatives (continued)
Recognition and measurement
Interest rate derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered
into and are subsequently re-measured to fair value each balance date exclusive of accrued interest. Fair values at balance date
are calculated to be the present value of the estimated future cash flows of these instruments. Transaction costs are expensed
on initial recognition and recognised in
profit or loss. Derivatives are carried as assets when their fair value is positive and as
liabilities when their fair value is negative.
The Group does not designate any derivatives into hedging relationships. Gains or losses arising from changes in fair value of
interest rate derivatives are recognised in profit or loss.
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 (2022: Level 2). Refer to note 1.7 for further information on
the fair value hierarchy. 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 31 March 2023 of between 5.23% for the 90-day BKBM and 4.30% for the 10-year swap
rate (2022: 1.53% and 3.38%, respectively).

Kiwi Property Annual Report 202375
3.4.3
 Capital management
The Group's capital includes equity and interest bearing liabilities. The Group maintains a strong capital base to ensure investor,
creditor and market confidence and to sustain the Group's ongoing activities. The impact of the level of capital on shareholder returns
and the need to maintain a balance between the higher returns that might be possible with greater gearing and the advantages and
security afforded by a sound capital position is managed by the Group. The Group is subject to the capital requirement imposed by
the Group's Senior Facilities Agreement governing its interest bearing liabilities which requires that total finance debt be maintained
at no more than 50% (previously 45%) of the total tangible assets of the Group. Gearing for the Group’s fixed-rate bonds is maintained
at no more than 45%, with the exception of KPG060 which is maintained at no more than 50%, as governed by the Master Trust Deed
between the Group and the Supervisor (Public Trust). However, the Group actively manages its debt to its internal treasury policy
which sets a target gearing range of 25% to 35%. In certain market conditions, the Group may temporarily operate outside the internal
target gearing range. The Group has complied with its Senior Facilities Agreement capital requirement at all times throughout the year.
The Group actively manages liquidity risk to ensure that it is able to access sufficient funds on a timely basis to meet operational
expenses, capital and debt expiry commitments as and when they fall due. To enhance its access to a range of funding sources, the
Group has secured credit ratings from S&P Global Ratings. To minimise liquidity risk, the Group ensures that it maintains sufficient
capacity in its overall debt facilities to cover projected debt (current debt plus Board approved capital commitments), has ready
access to sufficient cash reserves or available debt drawdowns, and reliably forecasts its expected cash requirements. Further detail
on liquidity risk is provided in note 4.3.
Dividend payments are based on a range of factors, including with particular reference to the Group’s adjusted funds from operations
(AFFO), which is the primary basis on which dividend amounts are determined. AFFO is a non-GAAP performance measure used by
the Group to determine underlying and recurring cash flows from operations. AFFO is calculated with reference to the guidelines
established by the Property Council of Australia. In determining a dividend payment, the Group will have regard to, amongst other
things, the solvency requirements under the Companies Act 1993, its banking and green bond covenants and internal financing
targets, its future investment plans, current and forecast earnings, operating cash flows, and the economic climate and competitive
environment. Having regard to these matters, the Group will target a dividend payout ratio of approximately 90% to 100% of AFFO.
At balance date, the market capitalisation of the Group (being the 31 March 2023 closing share price, as quoted on the NZX Main Board,
multiplied by the number of shares on issue) was below the carrying amount of the Group’s net assets and shareholders’ funds. In
considering the difference, the Group notes that 99% of total assets at 31 March 2023 are investment properties which are carried at
fair value as detailed in note 3.2.
Factors that may influence market capitalisation include, amongst other things:
•
Broader market and investor sentiment
•
Property market segment sentiment, particularly with regard to retail assets
•
Effect of leverage of debt funding and including corporate overheads
•
The impact of rising interest rates, inflation, supply chain issues and other market factors.
In the review of valuations and the considerations around fair value determined by the independent valuers (as disclosed in note 3.2),
and having considered the influencing factors above, the Group considers the carrying amount of net assets is appropriate.

Kiwi Property Annual Report 202376
3.5 Trade and other payables
2023
$000
2022
$000
Trade creditors33,01834,998
Interest and finance charges payable2,3621,607
Development costs payable14,91618,528
Employment liabilities5,1294,640
Rent in advance3,4421,301
Goods and Services Tax payable2,3511,880
Trade and other payables61,21862,954
Recognition and measurement
Trade and other payables are carried at amortised cost and due to their short-term nature are not discounted. Provisions are
recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that a future outflow
of cash or other benefit will be required and a reliable estimate can be made of the amount of the obligation.
3.6 Equity
3.6.1 Share capital
The following table provides details of movements in the Group’s issued shares:
2023202320222022
Number
000
Amount
$000
Number
000
Amount
$000
Balance at the beginning of the year1,570,0941,663,4991,569,3691,661,916
Issue of shares:
Long-term incentive plan - shares issued997-725-
Long-term incentive plan - shares vested-1,150-829
Long-term incentive plan - shares forfeited---690
Employee share ownership plan - shares issued80---
Employee share ownership plan - shares vested-125-64
Balance at the end of the year1,571,1711,664,7741,570,0941,663,499
Recognition and measurement
Share capital is recognised at the fair value of the consideration received by the Company. Costs relating to the issue of new
shares have been deducted from proceeds received.
All shares carry equal weight in respect of voting rights, dividend rights and rights on winding up of the Company and have no
par value.

Kiwi Property Annual Report 202377
3.6.2
 Dividends
The Group amended its dividend policy during the financial year ended 31 March 2023 to pay dividends on a quarterly basis
(previously paid on a semi-annual basis). Dividends paid during the year comprised:
Payment date
2023
cps
2023
$000Payment date
2022
cps
2022
$000
Cash2.85044,7482.95046,289
Imputation credits0.67710,6320.5057,926
Q4 final dividend22-Jun-223.52755,38024-Jun-213.45554,215
Cash1.42522,376--
Imputation credits0.2714,256--
Q1 interim dividend21-Sep-221.69626,632--
Cash1.42522,3762.75043,151
Imputation credits0.2944,6130.75211,801
Q2 interim dividend21-Dec-221.71926,98917-Dec-213.50254,952
Cash1.42522,376--
Imputation credits0.2914,566--
Q3 interim dividend23-Mar-231.71626,942--
Total cash7.125111,8765.70089,440
Total imputation credits1.53324,0671.25719,727
Total dividends8.658135,9436.957109,167
The Group operates a Dividend Reinvestment Plan (DRP) which allows eligible shareholders to elect to reinvest dividends in shares.
The Board, at its sole discretion, may suspend the DRP at any time and/or apply a discount to which shares are issued under the DRP.
The DRP did not apply to the dividend payments shown above.
3.6.3 Earnings per share
20232022
(Loss)/profit and total comprehensive income after income tax attributable to
shareholders ($000)(227,702)224,273
Weighted average number of shares (000)1,570,9851,569,980
Basic and diluted earnings per share (cents)(14.49)14.29

Kiwi Property Annual Report 202378
3.6.4
 Share-based payments
Long-term incentive (LTI) plans
Performance Share Rights LTI Plan
Participants of the LTI plan are issued Performance Share Rights (PSRs) for service periods of one, two and three years. The number of
PSRs that can be exercised and converted into shares in the Company depends on a mix of the Company's shareholder return relative
to comparator entities and a return on capital employed metric over a one year performance period. On vesting, the participant is
entitled to receive one share upon the valid exercise of each vested PSR they hold.
On 1 April 2022, the LTI plan was changed from an annual tranche vesting approach to a single-point, three-year vesting approach.
The previous plan is being progressively phased out (referred to as 'grandfathering') over the 31 March 2023 and 31 March 2024
financial years.
Recognition and measurement
The fair value of the LTI plans at grant date is recognised over the vesting period of the plan as an employee entitlements
expense, with a corresponding increase in the share-based payments reserve. The fair value is independently measured using
an appropriate option pricing model.
Number of performance share rights
Start of
performance period
Measurement
date
Performance
share right
price at grant
date
Balance at
the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
the end of
the year
2023
1 April 202231 March 2025$1.071-2,078,057-(205,466)1,872,591
1 April 2022
(grandfathered plan)31 March 2023$1.071-996,257-(109,408)886,849
1 April 202131 March 2022$1.2381,282,409-(320,601)(379,761)582,047
1 April 202031 March 2021$0.888842,181-(421,092)(18,732)402,357
1 April 201931 March 2020$1.455255,265-(255,265)--
Total2,379,8553,074,314(996,958)(713,367)3,743,844
Number of performance share rights
Start of
performance
period
Measurement
date
Performance
share right
price at grant
date
Balance at
the beginning
of the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
the end of the
year
2022
1 April 202131 March 2022$1.238-1,406,681-(124,272)1,282,409
1 April 202031 March 2021$0.8881,464,491-(444,230)(178,080)842,181
1 April 201931 March 2020$1.455563,138-(281,568)(26,305)255,265
Total2,027,6291,406,681(725,798)(328,657)2,379,855

Kiwi Property Annual Report 202379
3.6.4
 Share-based payments (continued)
Key estimates and assumptions: fair value measurement of LTI plan
The fair value of the LTI plans have been determined using a Monte Carlo simulation to model a range of future share price
outcomes for the Company and comparator entities. The fair value at grant date and the measurement inputs used were
as follows:
Performance Share Rights LTI Plan
Measurement date31 March 202531 March 202331 March 2022
New planGrandfathered
plan
Weighted average performance share right price at grant date$1.071$1.071$1.238
Risk-free rate3.59%3.32%0.22%
Standard deviation of the comparator entities12.1% - 17.8%12.1% - 17.8%14.0% - 22.3%
Correlation between Company share price and comparator entities27.8% - 65.4%27.8% - 65.4%36.4% - 67.8%
Estimated fair value per share$0.830$0.852$1.032
The volatility and correlation measures were derived from measuring the standard deviation and correlation of returns for listed
entities in the S&P/NZX All Real Estate Index over a three-year period. The risk free rate was based on government bond yields
over the same period.
It has been assumed that participants will remain employed with the Company on the vesting date. Dividend assumptions are
based on projected dividend payments over the vesting period.
The employee entitlements expense relating to the LTI plan for the year ended 31 March 2023 is $1,376,986 (2022: $1,075,955)
with a corresponding increase in the share-based payments reserve. The unamortised fair value of the remaining performance
share rights at 31 March 2023 is $1,098,731 (2022: $623,106).

4. Financial risk management
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202380
In the normal course of business, the Group is exposed to a variety of financial risks. This section explains the Group's exposure to
financial risks, how these risks could affect the Group's financial performance and how they are managed.
The Group is exposed to the following financial risks through its use of financial instruments:
•
Interest rate risk
•
Credit risk
•
Liquidity risk
Financial instruments
The following items in the Consolidated Statement of Financial Position are classified as financial instruments: cash and cash
equivalents, trade and other receivables, trade and other payables, interest bearing liabilities and interest rate derivatives. All financial
instruments are recorded at amortised cost with the exception of interest rate derivatives, which are recorded at fair value through
profit or loss.
Risk management
The Board has overall responsibility for establishing and overseeing the Group's risk management framework. The Board has an Audit
and Risk Committee with responsibilities that include risk management, compliance and financial management and control.
The Group has developed a risk management framework which guides management and the Board in the identification, assessment
and monitoring of new and existing risks. Management report to the Audit and Risk Committee and the Board on relevant risks and
the controls and treatments of those risks.
4.1
 Interest rate risk
Nature of the risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance or the fair value of its holdings
of financial instruments.
Risk management
The Group adopts a policy of reducing its exposure to changes in interest rates by utilising interest rate derivatives to limit future
interest cost volatility by exchanging floating rate interest obligations for fixed rate interest obligations or by exchanging fixed rate
interest obligations for floating rate interest obligations. The Group has established a treasury management group consisting of senior
management and external treasury advisors to review and set treasury strategy within the guidelines of its treasury policy.
Exposure
The Group's exposure to interest rate risk arises primarily from bank loans which are subject to floating interest rates. The weighted
average interest rate, term to maturity of interest bearing liabilities and details of the interest rate derivatives utilised are set out in
note 3.4. The fair value of interest rate derivatives is impacted by changes in market interest rates.

Kiwi Property Annual Report 202381
4.1 Interest rate risk (continued)
Sensitivity to interest rate movements
The following sensitivity analysis shows the effect on profit or loss and equity if market interest rates at balance date had been 100
basis points higher or lower with all other variables held constant.
An increase in market interest rates gives rise to a favourable impact on profit or loss and equity due to the fair value of the interest
rate derivatives increasing by more than the additional interest costs.
20232022
100 bps increase
($000)
100 bps decrease
($000)
100 bps increase
($000)
100 bps decrease
($000)
Impact on interest and finance charges(1,860)1,860(3,600)3,600
Impact on fair value of interest rate derivatives10,916(11,406)6,124(6,423)
Net impact on profit/(loss)9,056(9,546)2,524(2,823)
Net impact on equity6,520(6,873)1,817(2,033)
4.2 Credit rate risk
Nature of the risk
Credit rate risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group incurs credit risk in the normal course of business from trade receivables and transactions with financial institutions.
Risk management
The risk associated with trade receivables is managed with a credit policy which includes performing credit evaluations on tenants
and imposing standard payment terms and the monitoring of aged debtors. Collateral is obtained where possible. The risk from
financial institutions is managed by only placing cash and deposits with high credit quality financial institutions.
Exposure
The carrying amounts of financial assets recognised in the Consolidated Statement of Financial Position best represent the Group's
maximum exposure to credit risk and are recognised net of any provision for losses on these financial instruments.
The Group is not exposed to any concentrations of credit risk.

Kiwi Property Annual Report 202382
4.3 Liquidity risk
Nature of the risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Risk management
The Group evaluates its liquidity requirements on an ongoing basis by continuously forecasting cash flows. The Group generates
sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has bank facilities
available to cover potential shortfalls. The Group's approach to managing liquidity risk is to ensure it will always have sufficient liquidity
to meet its obligations when they fall due under both normal and stress conditions. The Group manages liquidity by maintaining
adequate committed credit facilities and spreading maturities in accordance with its treasury policy.
Exposure
The following table analyses the Group's financial liabilities into relevant maturity groupings based on the earliest contractual maturity
date at balance date. The amounts are contractual undiscounted cash flows, which includes interest through to maturity and assumes
all other variables remain constant.
Contractual cash flows (principal and interest)
Consolidated Statement
of Financial Position
$000
Total
$000
0-6 months
$000
6-12 months
$000
1-2 years
$000
2-5 years
$000
>5 years
$000
2023
Trade and other payables47,93447,93447,934----
Interest bearing liabilities1,131,1211,369,261155,80428,613180,728716,115288,001
Net interest rate derivatives(8,025)(8,696)(2,889)(3,095)(3,659)711236
Total financial liabilities1,171,0301,408,499200,84925,518177,069716,826288,237
2022
Trade and other payables53,52653,52653,526----
Interest bearing liabilities1,135,9441,253,90918,33118,331182,850878,810155,587
Net interest rate derivatives(2,353)(2,262)1,629(290)(1,454)(2,086)(61)
Total financial liabilities1,187,1171,305,17373,48618,041181,396876,724155,526

5. Other information
FOR THE YEAR ENDED 31 MARCH 2023
Kiwi Property Annual Report 202383
5.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker, who is the Chief Executive Officer (CEO). The CEO is responsible for allocating resources and assessing performance of the
operating segments.
Operating segments have been determined based on the reports reviewed by the CEO 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 year ended 31 March 2022 and in the mixed-use segment as part of the Sylvia Park Precinct for the year
ended 31 March 2023 as they are deemed to be integral to the Sylvia Park Precinct development strategy. The Group operates in New
Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the year:
Mixed-use
$000
Office
$000
Other
$000
Total
$000
2023
Property revenue138,28064,12154,138256,539
Less: amortisation of fixed rental increases(1,009)(191)(14)(1,214)
Less: direct property expenses(28,523)(12,610)(11,705)(52,838)
Less: ground lease expenses(68)-(275)(343)
Segment profit108,68051,32042,144202,144
2022
Mixed-use
$000
Office
$000
Other
$000
Total
$000
Property revenue (restated)
1
124,27562,75367,088254,116
Less: amortisation of fixed rental increases(2,002)(829)(181)(3,012)
Less: direct property expenses (restated)
1
(41,635)(15,291)(18,416)(75,342)
Less: ground lease expenses(63)-(312)(375)
Segment profit80,57546,63348,179175,387
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
2023
54%
Mixed-use
25%
Office
21%
Other
Segment profit
2022
46%
Mixed-use
27%
Office
27%
Other
Segment profit

Kiwi Property Annual Report 202384
5.1 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:
2022
2023Restated
1
$000$000
Segment profit202,144175,387
Property management fees2,5461,759
Increase in rental income resulting from straight-lining of fixed rental increases1,2143,012
Interest income268152
Net fair value (loss)/gain on investment properties(352,626)128,816
Interest and finance charges(44,231)(38,397)
Employment and administration expenses(32,688)(25,828)
Net fair value gain on interest rate derivatives5,67218,496
Litigation settlement income6,038-
Loss on disposal of investment properties(3,494)(3,124)
Ground lease expenses classified as interest and fair value loss on investment properties343375
(Loss)/profit before income tax(214,814)260,648
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 for
further information.
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the year:
Mixed-use
$000
Office
$000
Other
$000
All other
segments
$000
Total
$000
2023
Segment assets1,907,673881,935416,44332,3713,238,422
Segment liabilities32,9134,89612,4731,254,6551,304,937
Mixed-use
$000
Office
$000
Other
$000
All other
segments
$000
Total
$000
2022
Segment assets1,726,3261,043,271804,24720,6453,594,489
Segment liabilities33,4107,02315,6271,266,8161,322,876
All assets are allocated to reportable segments other than cash and cash equivalents, interest rate derivatives and property, plant
and equipment.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives.

Kiwi Property Annual Report 202385
5.2 Related party transactions
The Group holds its 50% interests in The Base and Centre Place North through unincorporated joint ventures. Kiwi Property
manages the joint venture properties on behalf of the joint ventures and receives management fees in accordance with the Property
Management Agreements.
The transactions with the joint ventures and the balances outstanding at 31 March 2023, are outlined in the tables below.
During the year the following income or expense reimbursements were received or receivable from the joint ventures:
2023
$000
2022
$000
Property management fees1,9041,977
Expenditure reimbursement1,7931,605
Leasing fees959821
Development management fees3113
Legal fees9996
Retail design management fees4246
Total related party transactions4,8004,658
The following balances were receivable from the joint ventures at balance date:
2023
$000
2022
$000
The Base-243
Centre Place North-119
Total related party balances-362
The following distributions were received from the joint ventures during the year:
2023
$000
2022
$000
The Base19,1609,917
Centre Place North2,9732,173
Total related party distributions22,13312,090
The following contributions were made to the joint ventures during the year:
2023
$000
2022
$000
The Base--
Centre Place North-34,363
Total related party contributions-34,363