2023 Annual Meeting

.1
20.6.2023
CHAIRMAN’S REVIEW (PART 1)
ANNUAL MEETING [SLIDE 1]
Good afternoon everyone. My name is Jeff Morrison and I am the Chairman of
Argosy Property Limited. On behalf of my fellow directors and members of the
management team, it is my pleasure to welcome you all to the 2023 annual
meeting of shareholders of Argosy. It is my privilege to be able to chair this meeting
at the Royal New Zealand Yacht Squadron.
Before we get things underway there are the usual housekeeping matters. In the
unlikely event of an emergency, please evacuate the building using the blue
doors at the eastern exit behind you and assemble in the carpark. The bathrooms
are located behind me next to the main reception area.
As per previous years, today’s annual meeting is a hybrid annual meeting.
Shareholders who are not attending in person can attend virtually and still ask
questions and vote, through the Computershare online virtual meeting platform.
Shareholders can also follow proceedings via the live webcast.
Today’s meeting will focus on our recent annual results to 31 March 2023, our long
term strategy for growth and progress around our sustainability goals.

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Before we get to that, there are a few procedural differences we need to run
through for our hybrid meeting to run smoothly.
HYBRID AGM - INSTRUCTIONS FOR WEBCAST PARTICIPANTS [SLIDE 2]
For shareholders participating through the live webcast, polling on the three
resolutions has now opened. Votes can be cast by selecting the polling icon on
the instruction screen and following the prompts. Votes can be amended up until
the time the poll closes, which is at the conclusion of the meeting.
Now the meeting has started, questions can also be submitted through the
webcast portal. We have allocated time to address these at the relevant time in
the meeting, but they can be submitted at any stage.
If you experience any technical issues casting your vote or submitting questions,
please refer to the instructions provided in the Virtual Annual Meeting Guide that
accompanied the Notice of Meeting or you can call Computershare on 0800-650-
034.
THE BOARD [SLIDE 3]
With those new procedural matters explained, lets get things underway.
I’d like to record that the Notice of the Meeting was duly given on 19 May 2023
and as there are at least 5 shareholders here today, there is a quorum present.
Accordingly, I declare the 2023 Annual Meeting of Argosy Property Limited - open.

.3

Your Board of Directors
There is detailed information about the Board in the 2023 Annual Report, however I
will briefly introduce them to you.
To my right is Stuart McLauchlan. Stuart was appointed to the Board in August 2018
and is a prominent businessman and company director. He is Chairman of the NZ
Sports Hall of Fame and Scott Technology Limited and a director of EBOS Group
Limited and several other companies.
Next, we have Chris Gudgeon who joined the Board in November 2018. He has
been involved in property investment, development and construction in New
Zealand for more than 25 years and is currently a director of Crown Infrastructure
Partners and Ngāti Whātua Ōrākei Whai Rawa Limited. He was previously Chief
Executive of Kiwi Property Group and Capital Properties NZ Ltd.
Next to Chris, we have Mike Pohio. Mike was appointed in February 2019 and has
over 25 years of corporate experience across a range of industries including
property, investment, ports/logistics and dairy. Mike holds a number of
directorships and is currently the Chairman of Ngāi Tahu Holdings Corporation.

.4
Next, to Mike we have Martin Stearne. Martin has over 20 years commercial and
capital markets experience, and currently holds appointments to the NZX Listing
Subcommittee, the Takeovers Panel and the Investment Committee of the Impact
Enterprise Fund. He is a member of INFINZ and ICEAngels. Martin’s position as
director is up for re-election and we’ll hear from him later in the meeting.
You may notice that Rachel Winder is not here today and she sends her apologies.
Rachel’s position as director is also up for re-election and we’ll hear from her later
in the meeting via video.
Finally, I have been a director since July 2013 and have over 40 years of
experience as a property lawyer, 29 of them as a commercial property partner at
Russell McVeagh. As well as my role as Chairman of Argosy, I also chair the
Remuneration Committee and sit on the Company’s Audit and Risk Committee.
THE EXECUTIVE TEAM [SLIDE 4]
Seated next to the Board of directors is the Chief Executive, Peter Mence and the
Chief Financial Officer, Dave Fraser. We also have several other members of the
management team here today.
I’d just like to take a moment to congratulate Pete who won the Property Institute
of New Zealand Supreme Award two weeks ago. The Award is presented to an
individual who has demonstrated the qualities of leadership and vision and who
has positively impacted on the property sector, economy and community.

.5
This award, couple with his 2103 Stuart McIntosh award in recognition of his
contribution to the University of Auckland and his 2021 Property Council New
Zealand Members’ Laureate award – means that Pete has been recognised at the
very highest level by of his peers for his service and valuable contribution to the
industry. So Pete, on behalf of the Board, the Argosy team and shareholders,
congratulations on your fantastic achievement.
As you know Argosy is reporting its results through some quite a challenging
economic environment and I would like extend our collective appreciation to the
management team for a job well done.
I would also like to welcome our auditors, Deloitte, our solicitors, Harmos Horton
Lusk, our Registrar, Computershare and our tax advisors, KPMG, to the meeting.
AGENDA [SLIDE 5]
The agenda for this afternoon’s meeting will be as follows:
• As Chairman, I will deliver a brief review of Argosy’s 2023 results and strategy;
• This will be followed by a more detailed review of Argosy’s performance by
our Chief Executive, Peter Mence;
• Following Peter’s review, we will take questions from Shareholders;
• We will then move to the formal resolutions of the Meeting;
• And finally, we will then attend to any general business.

.6
After the meeting has been formally closed, please stay for refreshments where
the Directors and Executives of Argosy will be available to discuss any queries you
may have.
PROXIES
Proxies have been received in respect of 355,253,148 shares and these have been
audited by Deloitte. There are 847,168,744 shares on issue.
CHAIRMAN’S INTRODUCTION [SLIDE 6]
I am pleased to now present to you a summary of the Company’s performance
for the year ended 31 March 2023. You will have received the 2023 Annual Report
and financial statements, either by post or electronically, depending on your
preference.
FY23 ACHIEVEMENTS [SLIDE 7]
The Argosy Board is pleased with the way management and staff have delivered
another solid result and continued to execute on the company’s asset allocation
strategy - increasing its Industrial weighting and reducing its weighting to Office. In
FY23 we continued to progress our sustainability and development strategies. We
achieved Toitu net carbon zero certification for 2022 and continued to progress
our emissions reduction plan.
On developments, we completed Willis Street in Wellington, our Bell Ave industrial
project and 105 Carlton Gore Road office project – both of these being Auckland

.7
based redevelopments. You might recall that for Willis Street and Carlton Gore
Road redevelopments we’re targeting 6 Green Star Built ratings for both of these
which will certify that the buildings have been built to World Leading standards.
At an operational level, the business continues to demonstrate its resilience as we
resolved key expiries and addressed outstanding vacancy in the portfolio. And you
saw the results of this through our higher year end occupancy compared to last
year. We also managed the balance sheet well with gearing sitting at middle of
our target 30-40% band.
Peter will speak to the property and financial achievements in more detail in his
presentation shortly.
Shareholders will also be pleased we delivered a dividend in line with guidance of
6.65 cents per share for 2023, an increase of 1.5% on the prior year.
We are progressing planning and delivery around our bigger long term strategic
growth drivers with our two large Auckland industrial estate opportunities and our
rejuvenation of older office properties into modern, attractive green buildings to
support our carbon reduction plan of 30% over the next 10 years.
While there are still a few headwinds as we start the 2024 financial year, such as
inflation and high interest rates - I believe the company’s sound financial and
portfolio position sees the business well placed to manage any near term
economic volatility.

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VISION – BUILDING A BETTER FUTURE [SLIDE 8]
Many of you will be quite familiar with this slide now. Our vision of building a better
future continues to be underpinned by the three core pillars of being a green,
resilient business owning a quality portfolio diversified by sector, tenant and
location.
Greening the portfolio remains a focus as we target 50% of our portfolio being
green assets by 2031. Our strategy of focusing on sustainable spaces is being
rewarded through increasing tenant enquiry for sustainable buildings.
This market demand underscores international trends we see, and our own view
that Argosy’s resilient revenue streams continue to be enhanced by growing the
number of green buildings in the portfolio. Anecdotal evidence around rental
premium differentials between green and non green buildings is growing and
expected to increase over time. This all underpins the sustainability and stability of
earnings and dividends over the long term.
The portfolio is, and always will be diversified by sector, tenant and location. This
approach has - and will continue to reduce volatility in returns and widen growth
opportunities over the longer term.
In summary, our future is in the business of being green. We want to support many
of our tenants who are on this journey themselves as they look to do right by their
people and reduce their own impact on the environment. Accordingly, we are

.9
focused on remaining the market leader in retro fitting existing buildings to create
modern, attractive working environments for our tenants and their staff. We’ll
continue to target strategic growth opportunities with green potential – which
currently include the Auckland industrial and Wellington office sectors over the
medium term.
Our strategy of creating a green, resilient and diversified business is about ensuring
we can create value in the business to deliver measurable and sustainable
dividend growth to shareholders.
SHARE PRICE SLIDE [SLIDE 9]
You might have noticed the softer share price performance over recent times and
be wondering when it might start to recover.
The main driver of share price movements are interest rates as shown on this slide –
which shows Argosy’s share price as the light brown line and the 10 year
government bond as the blue line – over the last 17 years.
The share price axis on the left goes from low to high and the bond yield axis is on
the right hand side and it goes from high to low
What you can see is a reasonably well acknowledged relationship between yield
investments – like Argosy – and interest rates.

.10
Essentially, as interest rates rise and fall over time, yield investments like Argosy
move inversely – or in the opposite direction - as investors look for alternative
investments when interest rates are high and, generally speaking, look to
investment in yield investments when interest rates are low.
So - when will Argosy’s share price start to recover? Unfortunately - as you might
appreciate I cant predict when that will be - but as the chart clearly shows - the
biggest driver will be interest rates, the extent to which they come down, and the
extent to which property valuations and earnings recover
FULL-YEAR DIVIDEND AND FIRST QUARTER ANNOUNCEMENT [SLIDE 10]
The Board was pleased to announce a FY23 full-year cash dividend of 6.65 cents
per share, an increase of 1.5% on the prior year. Looking ahead, it is clear that the
New Zealand economy will face challenges during the remainder of FY24 as
inflation and interest rates remain high. With this in mind, the Board has decided to
maintain the dividend at the current level, so dividend guidance for FY24 is for a
pay-out of 6.65 cents per share.
I’ll now hand over to Peter who will take you through a review of the business.
-END-


Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

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.1
20.6.2023
CEO’S ADDRESS
CHIEF EXECUTIVE OFFICERS REVIEW [SLIDE 11]
Thank you Mr Chairman. As noted earlier, I’ll be taking you through a few more
highlights of the FY23 results in a little more detail before rounding out with an
update on the market as we see things.
KEY FY23 RESULT HIGHLIGHTS [SLIDE 12]
A summary of results are shown here. The result was dominated by the unrealised
revaluation decline of $146.6 million. This was driven by softening cap rates across
the board offset by rental growth particularly in the industrial sector and in green
buildings. We were very happy with our net property income growth which was
pretty resilient. Our gearing is in the mid point of our target 30-40% range and our
NTA at year end was $1.58.
PORTFOLIO HIGHLIGHTS [SLIDE 13]
Operationally we had a good year – tenant retention rates are strong and we
have very low arrears across the portfolio. Solid occupancy numbers and only one
tenant failure at the Albany Mega Centre – who were at the end of their lease –
and where we have since released that space at a higher rental rate.

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SECTOR SUMMARY [SLIDE 14]
Looking at the Industrial sector – increasing rentals – although inquiry level
softening slightly although its very much location dependent. Interestingly, a lot
more interest in green and sustainable buildings in the industrial space. In office,
there is an increased focus on sustainability from tenants also. In the retail sector,
there are pressures in the market. The Albany Mega Centre performance remains
strong and releasing space is occurring at higher rental rates.
PORTFOLIO AT A GLANCE [SLIDE 15]
In terms of asset allocation, we’re on target with industrial and large format retail,
whilst office is slightly over. We expect office to come back within band as current
initiatives are completed. By region and asset mix we’re within our target bands.
ARGOSY vs MSCI BENCHMARK [SLIDE 16]
This chart really pulls our strategy together and demonstrates our diversified
portfolio approach has reduced volatility in returns and delivered outperformance
across the short, medium and long term.
REVALUATIONS [SLIDE 17]
There’s a common story across the sector – good rental growth coming through,
the portfolio is under rented and reversions are well down the track due to rental
structures and review cycles. No real issues regarding affordability issues other than
in the retail space and some modest further softening since balance date but
offset by rental growth to date.

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VALUE ADD OPPORTUNITIES [SLIDE 18]
Turning to the value add properties, We’ve completed our 12-16 and 18-20 Bell
Ave development. 105 CGR is now also completed and leasing of the remaining
space is progressing well. 224 Nielson St, the tenant has vacated the site, the
building has been demolished and we’re working with very good tenant enquiry
for that site. On the future opportunities, as expected, Vector has renewed one
floor at 101 Carlton Gore Road for three years and we’re getting good inquiry for
the balance of the building.
8-14 Mt Richmond is still an income earning asset and we have flexibility to see
how the market is looking over the next 12-24 months.
DISTRIBUTABLE INCOME [SLIDE 19]
After adjustments, gross distributable income was up $1.0 million to $68.7 million
compared to $67.7 million last year and net distributable income was $64.2 million
compared to $64.7 million last year. Net distributable income per share was 7.58
cents per share compared with 7.68 cents per share last year.
AFFO [SLIDE 20]
Amortisation of tenant incentives and leasing costs were lower than the prior
period which included write-offs and incentives relating to the Albany Lifestyle
Centre which was sold.
Maintenance capex was $600k higher in FY23 due to tenant fitout works at
Citibank and Albany Mega Centre and roofing works at 39 Randwick Rd in
Wellington and 12-16 Bell Ave in Auckland.

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Adjusted Funds from Operation or AFFO was $58.1 million for the year compared to
$48.31 million in the prior period. The payout ratio was 97% compared to 114% in
the prior year.
DEBT PROFILE INCLUDING BONDS [SLIDE 21]
This slide shows our debt profile including bonds. We refinanced our debt during
the year pushing out tenor, and increasing the facility by $20 million to $475 million.
Our nearest expiry is now April 2025 and our weighted average duration of debt is
3.2 years.
LEASE EXPIRY [SLIDE 22]
Our lease expiry profile remains relatively stable and we continue to target around
10% expiry per annum. Looking at FY24 and FY25 the majority of those expiries are
now expected to renew. The large expiry in FY27 is already being addressed.
MARKET INSIGHTS [SLIDE 23]
Looking at the three sectors and what we’re seeing in the market. A lot more focus
on sustainability coming through the industrial sector – and we expect this to grow.
Especially around staff amenities. With the office sector – its pleasing to see
elevated vacancy levels in Auckland are reducing and for us the vast majority of
enquiry is for green space. Our view is that the working from home theme is
overstated and people are coming back into the office. In the retail space
generally, we see the greatest challenges here and some affordability issues for
some over the near term. Current activity levels for us indicate that large retailers
are positioning themselves in good locations when the economy bounces back.

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OUTLOOK / CHALLENGES AHEAD [SLIDE 24]
So, turning to focus on the outlook. We expect to see continued economic
weakness in the very near term. The portfolio is well positioned to deal with it with a
sound balance sheet and property portfolio in good shape. We’ll stay focused on
customer satisfaction and retention. We’ll see more focus on green and
sustainability demand from the market and obligations from regulators.
Development timing and flexibility is key – we want to manage economic risk
prudently around the timing of this pipeline. And finally, we want to ensure we can
continue to deliver sustainable dividends to shareholders.
I will now hand you back to the Chairman.


Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications &
Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

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Argosy Property Limited
Annual
Meeting:
Building a
Better Future
2023
20.06.23

.2
HYBRID AGM
Any shareholder or appointed proxy /
representative attending is eligible to
ask questions.
If you wish to ask a question, select
the question icon button on your
computer, tablet or mobile phone,
and then type and submit your
question.
The question will then be sent to the
Board to answer.
We will try to get to as many of the
questions as possible, but not all
questions may be able to be
answered during the meeting.
In this case, questions will be followed
up via email after the meeting.
Q&A
VOTING
We will open the poll now, to give
you plenty of time to vote.
The ability to vote will appear on
your screen as a bar chart icon,
and from here, the resolution and
voting choices will be displayed
on your device.
To vote, simply select your voting
direction from the options shown
on screen.
To change your vote, simply
select another direction—you can
cancel your vote by clicking
‘Cancel’.
You can change your vote at any
time up until when the poll is
closed.
Prior to the poll closing, simply
select another voting choice to
change your vote.

.3
THE BOARD
Jeff Morrison Chairman
Stuart McLauchlan Director
Chris Gudgeon Director
Mike Pohio Director
Rachel Winder Director
Martin Stearne Director

.4
THE EXECUTIVE TEAM
Peter Mence Chief Executive Officer
Dave Fraser Chief Financial Officer

Agenda
.5
Chairman’s Review6
CEO’s Review11
Questions25
Resolutions26
General Business30
Close of Meeting31
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may notre flect exactly absolute figures.

Chairmans
Review
.6

●XXX
.7
2023 Achievements
Delivered a solid FY23 result
Executed asset allocation strategy and portfolio repositioning
Continued our sustainability and development strategies
Delivered on key focus areas (key expiries and vacancies)
Prudent capital management
Sustained dividend

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.9
Share Price vs 10yr Government Bonds
Source: Jarden
Correlation: Last 10 years -0.649

Dividends
.10
A 4
th
quarter dividend of 1.6625cps has
been declared with 0.01801 cents per
share imputation credits attached.
Overseas investors will receive an
additional supplementary dividend of
0.008171 cents per share to offset non-
resident withholding tax.
The record date was 7 June and the
payment date is 21 June.
Steady and sustainable
6.65cps
FY24 dividend guidance
6.28
6.35
6.45
6.55
6.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY19FY20FY21FY22FY23FY24f
Dividend cps

CEO’s
Review
.11

.12
$112.8m
Net property income
$64.2m
Net distributable income
$1.58
NTA per share
35.1%
Gearing in the mid-point of target range
Results Summary
($146.6)m
Unrealisedrevaluation loss to 31 March

.13
Note: Portfolio value excludes right of use asset at 39 Market Place of $40.1 million
99.3%
Occupancy
5.4yrs
Weighted average lease term
3.6%
Annualised rent review increase on rents
reviewed
Portfolio highlights

Sector Summary
.14
Number of
buildings
INDUSTRIAL
Number of
buildings
OFFICE
Number of
buildings
LARGE FORMAT RETAIL
35154
Market value
of assets ($m)
Market value
of assets ($m)
Market value
of assets ($m)
$1,127.8$811.1$206.0
Occupancy
(by income)
Occupancy
(by income)
Occupancy
(by income)
100%98.5%100%
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
Weighted average
lease term (WALT)
6.1yrs5.2yrs2.9yrs
Contract
yield
Contract
yield
Contract
yield
4.76%5.97%5.56%

Portfolio at a glance @ 31 March
.15
Sectorby value %Region by value %Asset Mixby value %
1.Large Format Retail.
2.Regional North Island and South Island. This weighting also includes up to 5% allocation to the Golden Triangle area between Auckland, Tauranga
and Hamilton.
2
1

Argosy Portfolio vs MSCI Benchmark
.16

Revaluations
.17
Independent valuations undertaken at 31
March.
$146.6m decline reported, or 6.4%
revaluation to book values.
Cap rate softening has been offset to
some extent by market rental growth.
Continued dearth of transactional
evidence during the period.
Cap rate headwinds but rental
growth delivers
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect
exactly absolute figures.
Auck land1,617.61,507.6(110.0)(6.8%)
Wellington607.8577.4(30.5)(5.0%)
North Island Regional & South Island65.959.9(6.1)(9.2%)
Total
2,291.4 2,144.8 (146.6)(6.4%)
Industrial1,176.91,127.8(49.1)(4.2%)
Office890.1811.1(79.0)(8.9%)
Large Format Retail224.4206.0(18.5)(8.2%)
Total 2,291.4 2,144.8 (146.6)(6.4%)
31 Mar 23
Book Val ue
($m)
31 Mar 23
Valuation
($m)

$m

%
31 Mar 23
Book Val ue
($m)
31 Mar 23
Valuation
($m)

$m

%

Value Add Properties
.18
Conversion and transformation of Value
Add properties remains a key strategic
driver over the next decade.
Green project at 105 Carlton Gore Road
nearing completion.
Master Planning for Mt Richmond and
Neilson Street industrial estates
progressing – resource consents with
Council.
Green assets delivering
Status & ProjectSectorLocation
Completed
12-16 & 18-20 Bell Ave, Mt WellingtonIndustrialAuckland
105 Carlton Gore Road, NewmarketOfficeAuckland
Planning
224 Neilson Street, Onehunga IndustrialAuckland
Future
101 Carlton Gore Road, Newmarket OfficeAuckland
8-14 Mt Richmond Drive, Mt Wellington IndustrialAuckland
Currently Leased (6 properties)Industrial Auckland

Distributable Income
.19
Net distributable income for the year was
$64.2m compared to $64.7m in the prior
comparable period.
Current tax expense (after depreciation
recovered adjustments) was due to
higher repairs and maintenance
deductibles in the prior comparable
period.
Stability key in a
challenging market
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may
not reflect exactly absolute figures.
$64.2m
Net distributable income
FY23FY22
$m$m
Pr ofi t befor e i ncome tax(70.9) 241.2
Adjustments:
Rev aluation (gains)/losses on inv estm ent property 146.6 (163.7)
Realised losses/(gains) on disposal 0.4 2.6
Derivative fair value (gain)/loss(7.3)(12.4)
Gr oss di str i butabl e i ncome68.767.7
Depreciation recov ered 0.0 1.2
Current tax expense(4.5)(4.2)
Net di str i butabl e i ncome64.264.7
Weighted average number of ordinary shares (m)846.7843.2
Gr oss di str i butabl e i ncome per shar e (cents)8.118.03
Net di str i butabl e i ncome per shar e (cents)7.587.68

Adjusted Funds From Operations (AFFO)
.20
7WQ façade works completed in FY22
AFFO payout ratio was 97% for the
period.
AFFO covered dividends key
$58.1m
AFFO for the year to 31 March
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
FY23
FY22
$m$m
Net di str i butabl e i ncome64.264.7
Amortisation of tenant incentives and leasing costs 2.7 4.6
Funds fr om oper ati ons (FFO)66.969.4
Capitalisation of tenant incentives and leasing costs(1.0)(1.1)
Maintenance capital expenditure
(6.4)
(5.8)
7 Waterloo Quay façade repairs - (14.5)
Sw ap contract termination payment
(1.5)
-
Maintenance capital expenditure recov ered through sale 0.1 0.4
Adjusted funds fr om oper ati ons (AFFO)58.148.3
Weighted average number of ordinary shares (m)846.7843.2
FFO cents per share 7.918.23
AFFO cents per shar e
6.865.73
Dividends paid/payable in relation to period6.656.55
Dividend payout ratio to FFO84%80%
Dividend payout ratio to AFFO97%114%

Debt Profile
.21
During the year Argosy extended its
existing syndicated bank facilities with its
banking group.
Industrial and Commercial Bank of China
Limited (ICBC) has joined the syndicate.
The total amount of the bank facility is
$475m with the nearest tranche expiring
in April 2025.
Argosy’s $325m of green bonds continue
to provide important diversification and
tenor benefits to the business.
Green bonds provide
diversification and tenor
3.2yrs
Weighted average duration of
Argosy’s debt
285
190
0
100
100
125
0
50
100
150
200
250
300
350
400
450
FY24FY25FY26FY27FY28
Facilities ($m)
Bank facilitiesExisting Green Bonds

Lease Expiry & Rent Review Profile
.22
The largest single expiry remains the 9.4%
expiry in Mar-27 to Ministry for Business,
Innovation and Employment, at 15-21
Stout Street.
FY24 sees $91.4m of portfolio income
subject to rent reviews. Of these, $61.8m
is subject to fixed reviews, $21.8m to
market review and $7.8m to CPI.
Expiry profile remains well
managed
3.6%
Annualisedrent review for FY23

MARKET INSIGHTS
.23
Strong demand continues to drive
additional supply but quieter period in
2024 is projected.
Limited land supply in Auckland and
Wellington continues pressure on land
values with prime sites holding their
value.
Rentals continue to show solid growth in
well located assets.
“Reshoring” return of domestic
manufacturing.
Vacancy remains very low, with limited
speculative supply.
Supply chain issues largely resolved but
Just-in-time challenges remain.
INDUSTRIAL
Flexible working environments continue
but full-time remote work is declining.
Changes in the way space is used,
focusing on the environment, now a staff
attraction matter.
Increased focus from tenants on
sustainability/green.
Decrease in space available for sub-
lease following pandemic.
Wellington has low vacancy, and
demand continues for good quality,
green well located space.
Auckland office still exhibits elevated
(but reducing) vacancy with occupancy
demand focused on green assets.
OFFICE
Online proportion of total sales has
reduced post pandemic.
Large Format Retail continues to receive
solid demand in prime locations.
Retailers consolidating to a fewer
number of locations.
LARGE FORMAT RETAIL

FY24 brings fresh challenges, but we’re well placed
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New Zealand domestic economy continues to experience headwinds from high interest rates and inflation.
Argosy’s diversified portfolio exposure to attractive sectors provides resilience in turbulent times. Diversification remainsa strength.
The company remains well positioned to navigate through near term economic volatility, underpinned by its sound capital positionand
growing portfolio of green and environmentally centredbuildings.
Our key objectives for FY24 remain clear and unchanged from what has delivered success previously: keep delivering strong operational
results, address key expiries, lease up remaining vacancies, complete key green developments and commence new ones as planned.
Progress Master planning across key green Value Add developments at Neilson Street and Mt Richmond where we continue to receive strong
market interest in these opportunities.
Strong bottom up property fundamentals in key markets (Auckland Industrial and Wellington Office) continue to present attractivedynamics
of low supply, high demand and steady rental growth. Rising demand by the market for green buildings remains very encouragingand Argosy
is well placed to benefit.
Deliver sustainable dividends to shareholders.
Strategy delivery is our key focus

Questions
.25

Resolutions
.26

.27
RESOLUTION 1
That Martin Stearne be elected as a Director.

.28
RESOLUTION 2
That Rachel Winder be elected as a Director.

.29
RESOLUTION 3
That the Board be authorisedto fix the Auditor’s Fees and Expenses.

General
Business
.30

Close of
Meeting.
Thank you.
.31

Disclaimer
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This presentation has been prepared by Argosy Property Limited. The details in this presentation provide general
information only. It is not intended as investment or financial advice and must not be relied upon as such. You
should obtain independent professional advice prior to making any decision relating to your investment or
financial needs. This presentation is not an offer or invitation for subscription or purchase of securities or other
financial products. Past performance is no indication of future performance.
All values are expressed in New Zealand currency unless otherwise stated.
20 June 2023