KPG Annual Meeting 2023 presentation and address

Placeholder image
Kiwi Property
Annual meeting
2023
28 June 2023

2
•Chair’s address
•Chief Executive Officer’s address
•Questions
•Formal business
•Message from the incoming Chair
Annual meeting agenda
Unless otherwise stated, all information provided in this presentation is for the year ended
and/or as at31 March 2023. For further information, refer to our website kp.co.nz or NZX.com.

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3
How to ask a written question

4
Chair’s address
4

1. Lead the market on mixed-use
Create flagship mixed-use assets at high-growth
metropolitan town centres.
2. Grow with diverse capital sources
Recycle capital and partner with investors to grow
assets under management.
3. Enable customer and partner success
Drive asset performance and develop strategic long-
term customer relationships.
4. Build a future fit business
Harnesss the power of digital, lead on sustainability
and build a winning team.
We have a clear strategy
for creatingvalue
5
Ambition:
To be New
Zealand’s leading
creator and
curator of mixed-
use communities
Lead the
market on
mixed-use
Grow with
diverse sources
of capital
Enable
customer and
partner success
Build a
future fit
business

FY23: navigating a challenging financial climate
High inflationRapidly rising interest ratesDeclining property values
6

Drive operational discipline
and cost control
Proactively responding to economic headwinds
Asset sales and capital
recycling
Manage the pace of
development
7

Maintaining a robust balance sheet
$125m
33.3%
Green bond issued
90%
Pro-forma hedging
(FY23: 84.0%)
8
Pro-forma gearing
(FY23: 35.0%)
$283m
Capital recycled
(Last 12 months)

Our robust tenant portfolio diversifies risk
9
1. Essential services include supermarkets, pharmacies, medical services, banks, insurance, legal, government, telecommunications and financial services. Everyday essentials
include electronics, hardware, consultancy, department stores and discount department stores, hairdressers and opticians. Allother categories are considered discretionary.
6%
9%
14%
9%
10%
15%
36%
0%
10%
20%
30%
40%
50%
Vacant /
holdover
FY24FY25FY26FY27FY28FY29+
38%
15%
47%
Lease expiry profile
% of investment portfolio gross income
1.
ASB Bank 8.2
2.
Ministry of Social Development 6.3
3.
Farmers 3.6
4.
ANZ Bank 2.5
5.
Bell Gully 2.3
6.
Suncorp 2.3
7.
The Warehouse 2.2
8.
Russell McVeagh1.9
9.
Woolworths NZ1.4
10.
Craigs Investment Partners1.3
Top 10 tenants
% of investment portfolio gross income
Income breakdown
% of investment portfolio gross income
Essentialservices
Everyday essentials
Discretionary
Key
1
:
Key:
Mixed-use
Office

Delivering on our mixed-use strategy at Sylvia Park
Retail
New Zealand’s favourite shopping
centre
1
, featuring over 250 local and
international retailers.
Office
Home to a growing commercial
precinct including the ANZ Raranga
and 3 Te Kehu Way office buildings.
Residential
295 high quality build-to-rent (BTR)
apartments due for completion in
May 2024.
10
1. “The Heart of Kiwi Property 2022” Nielsen.

Chief Executive Officer’s address
11

A robust operating performance
$203.7m
$129.6m
-$227.7m
$116.5m
Net rental income
(+13.9%)
Operating profit before tax
(+11.3%)
Net loss after tax
(- 201.5%)
Adjusted funds from operations
(+16.1%)
12
General note: Comparative figures relate to the FY22 period, unless otherwise stated. Net rental income,
operating profit before tax and AFFO are alternative non-GAAP performance measures used by Kiwi Property.
Refer to Annual Results Presentation 2023 for the definition and determination of these measures
.

Achieving record sales in FY23
$1.7b
25m
$889m
$508m
Mixed-use salesCustomer visits
Sylvia Park Precinct salesThe Base sales
13

Driving sustained rental growth
5.2%
99.3%
Total rental growth
(FY22: 4.2%)
Occupancy
(FY22: 99.8%)
12.9%
Specialty gross occupancy cost
1
(FY22: 16.4%)
14
1. Comprises Sylvia Park, The Base Te Awa and LynnMall specialty sales only.

IKEA commences construction
•Sale of 3.2ha of Sylvia Park
land to IKEA now
unconditional.
•Store construction now
und
erway, with opening
scheduled late 2025.
•Adjacent 6,400sqm large
f
ormat retail (LFR) centre
planned.
•IKEA expected to drive a
p
ronounced increase in
Sylvia Park visitor numbers.
15

Building a thriving commercial hub at Sylvia Park
•3 Te Kehu Way opened in
March 2023, catering to
office and medical tenants.
•Completed on budget with
projected stabilised yield
ahead of target.
•Around 75% of net lettable
area now leased or subject
to advanced negotiations.
•Continues Sylvia Park’s
evolution into a world-class
mixed-use community.
16

Build-to-rent progressing at pace
•Construction of New Zealand’s first major
BTR development is well advanced.
•On track to open in May 2024.
•Reduced construction activity and rising
migration expected to drive rental growth
and enhance returns.
•Kiwi Property’s exciting new BTR brand,
Resido, will be in-market from late 2023.
17

Creating a path to value at Drury
•Stage one Drury earthworks
progressing well and 13
super-lots now formed.
•Gross development land value
expected to be $205m after
stage one complete.
•Potential funding sources
include land sales and capital
partnerships.
•Government spending around
$2.5b on Drury infrastructure
over the next five years.
18

We’re serious about sustainability
81
8 Star
Global real estate benchmark
sustainability score
Homestar design rating for
Sylvia Park build-to-rent
53%
Emissions reduction vs. 2012
baseline
19

We have a clear set of priorities for FY24
Proactive capital
management:
•Mitigate interest cost
increases.
•Maintain balance sheet
flexibility.
Position Kiwi Property
for the future:
•Finish Drury Stage 1
earthworks.
•Identify future
opportunities.
Prepare for BTR
launch:
•Launch Resido brand.
•Establish BTR operating
platform.
Drive operational
excellence:
•Grow sales, rents,
occupancy and GOCs.
•Drive cost control.
20

Delivering dividends for our shareholders
5.70cps
5.70cps
FY23 cash dividendFY24 dividend guidance
1
9.5%
Gross dividend yield
2
21
1:FY24 dividend guidance and payments are contingent on Kiwi Property’s financial performance through the financial year and barring material adverse
effects or unforeseen circumstances. 2: Based on a share price of $0.90, representing the closing share price recorded on the NZX on 19 May 2023.

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Thank you

Questions
23

Formal business
24

1.Click the “Get a Voting Card”
button at either the top or
bottom of the page.
2.Enter your Shareholder Number
or Proxy Number and click
“Submit Details and Vote”.
3.Fill out your voting card for
each item of business.
4.Click “Submit Vote” or “Submit
P
artial Vote”.
25
How to vote

Resolutions 1, 2 and 3:
Re-election / election of directors
Explanatory information:
•In accordance with the Company’s constitution and the NZX Listing Rules,
S
imon Shakesheff, Carlie Eve and Peter Alexander will retire at this meeting, however
Simon offers himself for re-election and Carlie, and Peter offer themselves for election.
•The Board has determined that Simon Shakesheff, Carlie Eve and Peter Alexander will be
in
dependent directors for the purposes of the NZX Listing Rules, if re-elected or elected.
•The Notice of Meeting contains information on what it means to be an independent
d
irector for the purposes of the NZX Listing Rules.
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Resolution 1:
About Simon
Simon Shakesheff
MCom
Date of first appointment:
November 2019
Date last re-elected:
June 2020
Board committees:
Member of the Audit and Risk Committee
Member of the ESG Committee
27

Resolution 2:
About Carlie
Carlie Eve
BSc, BCom
Date of first appointment:
May 2023
Board committee:
Member of the Audit and Risk Committee
28

Resolution 3:
About Peter
Peter Alexander
BPA, FRICS
Date of first appointment:
May 2023
Board committee:
Member of the ESG Committee
29

Resolutions 1, 2 and 3:
Re-election / election of directors
The Board
1
recommends that you vote in favour of the re-election of
Simon Shakesheff and the election of Carlie Eve and Peter Alexander.
Rationale:
•The Board is committed to ensuring that it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities.
•The Board supports the re-elec
tion of Simon Shakesheff, Carlie Eve and Peter Alexander
as it considers they have the expertise to contribute to the overall skill set required by the
Board.
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1. The Board other than Simon Shakesheff, Carlie Eve and Peter Alexander in respect to their own positions.

That Simon Shakesheff be re-elected
as a director of the Company
Resolution 1
31

That Carlie Eve be elected
as a director of the Company
Resolution 2
32

That Peter Alexander be elected
as a director of the Company
Resolution 3
33

Proxy voting results
34
Resolution 1: That Simon Shakesheff be re-elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
971,769,278938,394,69496.57%6,149,7030.63%27,224,8812.80%
Resolution 2: That Carlie Eve be elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
972,595,044920,342,61794.63%24,937,2992.56%27,315,1282.81%
Resolution 3: That Peter Alexander be elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
971,585,253943,876,50597.15%472,2280.05%27,236,5202.80%

35
Message from the
incoming Chair

Placeholder image
Thank you
36

Disclaimer:
Kiwi Property Group Limited has prepared this document. By accepting this document and to the maximum extent permitted by law, you acknowledge and agree to the following matters.
No liability
Kiwi Property Group Limited, its advisers, affiliates, related bodies corporate, directors, officers, partners, employees andagents (together ‘Kiwi Property’) expressly exclude and disclaim any and all liability which may arise from this document, any
information provided in connection with this document, any errors in or omissions from this document, from relying on or using this document or otherwise in connection with this document.
No representation
Kiwi Property makes no representation or warranty, express or implied, as to the accuracy, completeness, reliability or sufficiency of the information in this document or the reasonableness of the assumptions in this document. All images (including any
dimensions) are for illustrative purposes only and are subject to change at any time and from time to time without notice.
Not advice
This document does not constitute advice of any kind whatsoever (including but without limitation investment, financial, tax,accounting or legal advice) and must not be relied upon as such. This document is intended to provide general information only
and does not take into account your objectives, situation or needs. You should assess whether the information in this document is appropriate for you and consider talking to a professional adviser or consultant.
Not an offer
This document is for information purposes only and is not an invitation or offer of financial products for subscription, purchase or sale in any jurisdiction. This document is not a prospectus or product disclosure statement or other offering document
under New Zealand law or any other law. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States and will not be lodged with the U.S Securities Exchange Commission.
Past performance
Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication or guarantee of future performance.
Future performance
This document contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can generally be identified by the use of forward-looking words
such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and other similar expressions. The forward-looking statements contained in this document are not guarantees
or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Kiwi Property, and may involve significant elements of subjective judgement and assumptions as to
future events which may or may not be correct. There is no assurance or guarantee that actual outcomes will not materially differ from these forward-looking statements. A number of important factors could cause actual results or performance to differ
materially from the forward-looking statements. Investors should consider the forward-looking statements contained in this document in light of this information. The forward-looking statements are based on information available to Kiwi Property as at
the date of this document.
Investment risk
An investment in the financial products of Kiwi Property Group Limited is subject to investment and other known and unknown risks, some of which are beyond the control of Kiwi Property Group Limited. Kiwi Property Group Limited does not guarantee its
performance or the performance of any of its financial products unless and to the extent explicitly stated in a prospectus orproduct disclosure statement or other offering document.
No duty to update
Statements made in this document are made only as the date of this document unless another date is specified. Except as requiredby law or regulation (including the NZX Listing Rules), Kiwi Property undertakes no obligation to provide any additional or
updated information or revise or reaffirm the information in this document whether as a result of new information, future events, results or otherwise. Kiwi Property Group Limited reserves the right to change any or all of the information in this document at
any time and from time to time without notice.
Caution regarding sales information
Any sales information included in this document has been obtained from third parties or, where such information has not been provided by third parties, estimated by Kiwi Property based on information available to it. The sales information has not been
independently verified. The sales information included in this document will not be complete where third parties have not provided complete sales information and Kiwi Property has not estimated sales information. You are cautioned that this document
should not be relied upon as a representation, warranty or undertaking in relation to the currency, accuracy, reliability or completeness of the sales information contained in this document.
Copyright
The copyright of this document and the information contained in it is vested in Kiwi Property Group Limited. This document should not be copied, reproduced or redistributed without the prior written consent of Kiwi Property Group Limited.
Real Estate Agents Act 2008
Kiwi Property Group Limited is licensed under the Real Estate Agents Act 2008.
37

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Kiwi Property Annual Meeting 2023 Address


SLIDE 1: OPENING

Good morning and thank you for joining us for the Kiwi Property annual meeting
of shareholders for 2023 – either in person here at the Marine Sports Centre or
online via the Link virtual meeting platform.

My name is Mark Ford. I am an independent director and Chair of the Board. I
am pleased to advise there is a quorum present, and I declare this annual
meeting open.

Before we start proceedings, I'd like to cover a few housekeeping matters.

Firstly, please put your mobile phone on silent. Toilet facilities are in the landing
area near the rear entrance to this room. If a fire alarm goes off, please follow
staff in an orderly fashion down the stairs and congregate in the car park at the
front of the building.

If you are participating in the meeting online and encounter any issues, please
refer to the virtual meeting online portal guide, or you can phone the Link
helpline on 0800 200 220.

And with that, let's get things underway.

I would like to start today's meeting by introducing my colleagues on the Board.

Mary Jane Daly – Mary Jane was appointed to our Board in September 2014.
She is an Auckland-based professional director with a strong background in
banking and finance. Mary Jane is the Chair of our Audit and Risk Committee.

Carlie Eve – Carlie is an Auckland-based professional director. She joined our
Board in May of this year, following a highly successful career in finance and
funds management and is standing for election today. Carlie is a member of
our Audit and Risk Committee.

Chris Aiken - Chris is an Auckland-based professional director and joined our
Board in June 2021. He has significant property experience, spanning both the
public and private sectors. Chris is the new Chair of our ESG Committee and a
member of the Remuneration and Nominations Committee.

Jane Freeman – Jane was appointed to our Board in August 2014. She is an
Auckland-based professional director with extensive retail experience in

2
customer-driven technology. Jane also serves as Chair of our Remuneration
and Nominations Committee.

Peter Alexander – is an Auckland-based professional director who joined our
Board in May this year. He has extensive property experience and has held
executive roles at several large listed New Zealand companies. Peter will be
standing for election today. Peter is a member of our ESG Committee.

Simon Shakesheff – Simon is an Australian-based professional director and
joined our Board in November 2019. He brings a wealth of property and finance
expertise to the role and is a member of both the Audit and Risk and ESG
Committees and is standing for re-election today.

In accordance with the NZX Listing Rules, the Board has determined that all
directors are independent. The Notice of Meeting also contains further
information on director independence.

Also joining us today are Clive Mackenzie, our Chief Executive Officer, and
Steve Penney, our Chief Financial Officer.

I warmly welcome the team from our registrar, Link Market Services. They will
help conduct the voting on the formal business later in the meeting and also
act as scrutineer. Finally, I'd like to welcome Karen Shires from PwC, our Group's
auditor for the 2023 financial year.

SLIDE 2: AGENDA

Moving to today's agenda. I will start with a brief address and then invite Clive
to provide an update on the Company's financial results for the year ended 31
March 2023 or FY23, as well as some of the key initiatives we have underway.

At the conclusion of these presentations, we will then take questions and
conduct the formal business for today, being resolutions to:

• Re-elect Simon to the Board
• Elect Carlie to the Board
• Elect Peter to the Board

We’ll then have a short message from our incoming Chair, before closing the
meeting.

SLIDE 3: HOW TO ASK A QUESTION

Shareholders present at today's meeting will be able to ask questions, as will
those participating through the virtual meeting website. If you are online, you

3
may submit a question at any time by clicking on the 'Ask a Question' box at
the top or bottom of the online portal, as shown here. We will answer general
questions after the Chair’s and CEO's addresses and then specific questions
relating to each resolution before voting on them.

I encourage shareholders who are attending online to send their questions
through as soon as possible. This will allow us to answer these questions at the
appropriate point in the meeting. As this is a shareholders' meeting, only
shareholders or appointed proxies can ask a question, so you will be prompted
to input your Shareholder or Proxy number before completing the online
process.

SLIDE 4: CHAIR'S ADDRESS

Moving now to my remarks.

SLIDE 5: WE HAVE A CLEAR STRATEGY FOR CREATING VALUE

Kiwi Property made significant progress towards our ambition of becoming New
Zealand's leading creator and curator of connected communities in FY23.

Once again, we delivered a robust operating performance, including increases
in key metrics such as sales, rents, operating profit and adjusted funds from
operations. Over the past year, we have been guided by a clear strategy for
creating value for our shareholders and other stakeholders.

This morning you will hear multiple examples of the way in which the Company
has executed against this strategy, and its four priorities, namely:

• Leading the market on mixed-use.
• Growing with diverse capital sources.
• Enabling the success of our customers and partners
• And building a future-fit business.

SLIDE 6: FY23: NAVIGATING A CHALLENGING FINANCIAL CLIMATE

There is no doubt the last few years have been challenging - not just for our
Company but for the property sector as a whole. We have contended with the
impact of COVID-19 and the disruption that has followed, including high
inflation, rising interest and capitalisation rates, a cost-of-living crisis, and
declining property prices.

Kiwi Property has not been immune to these forces, rather than simply reacting
to them, we've acted decisively to manage our assets and balance sheet as
the economic environment has shifted.

4

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.

SLIDE 7: PROACTIVELY RESPONDING TO THE ECONOMIC HEADWINDS

In FY23, we took several steps to effectively enhance the resilience and
performance of the business. Firstly, we made substantial progress on our
previously announced capital recycling programme, selling Northlands and 44
The Terrace in December 2022 and Westgate Lifestyle Shopping Centre in May.
Earlier this month, we also conditionally sold the Aurora Centre in Wellington.
The sale of our noncore properties and recycling of proceeds is a central pillar
of our funding strategy. Not only does it provide a low cost of capital, but it also
results in a higher quality and more resilient asset portfolio.

Secondly, we are strictly 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.

And finally, we are committed to driving operational discipline and ensuring
cost control. It's vital that we deliver efficiencies across the business and are
looking at a range of options to further optimise the Company's performance
and overheads.

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.

SLIDE 8: MAINTAINING A ROBUST BALANCE SHEET

As a result of Kiwi Property's asset sale programme, we have recycled around
$283m in capital over the last 12 months. These funds strengthen our balance
sheet and put the business in an even stronger position to navigate future
macroeconomic challenges.

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

5
the breadth and depth of support for Kiwi Property, our mixed-use strategy, and
strong sustainability credentials.

Our focus on capital management has helped curb increases in our gearing,
despite a decline in the value of our property portfolio to $3.2b in FY23. On 31
March 2023, our gearing sat at 35%, however, this reduced to 33.3% on a pro-
forma basis following the subsequent sale of Westgate Lifestyle. Also on a pro-
forma basis, our debt was 90% hedged, up from 84.0%. This additional cover will
offer a high degree of protection against further interest cost increases and
provide greater balance sheet certainty heading into FY24.

SLIDE 9: OUR ROBUST TENANT PORTFOLIO DIVERSIFIES RISK

Balance sheet flexibility is just one of the factors that will help Kiwi Property
navigate future economic uncertainty. Another is our property and tenant
portfolio, which we believe is one of the best in the country. 53% of our tenants
provide essential services, everyday essentials, are government departments or
financial service providers, ensuring a high degree of income security, even
under challenging conditions.

As you can see here, our top 10 tenants include a range of blue-chip
organisations, including ASB, MSD and ANZ. Importantly none of these tenants
provides more than 10% of gross income, offering significant revenue
diversification. Our weighted average lease expiry is 4.4 years allowing us to
reset rents, remix tenants and refresh fit-outs on a regular basis.

SLIDE 10: DELIVERING ON OUR MIXED-USE STRATEGY AT SYLVIA PARK

While we're focused on maintaining a robust and resilient balance sheet,
mitigating risk to our business is just one of the Board's priorities. Another priority is
to grow earnings so that we can deliver better returns for shareholders. One of
the ways we're doing this is by delivering our mixed-use strategy – led by our
efforts at Sylvia Park.

The Sylvia Park Precinct has evolved significantly in recent years to include an
increasing range of uses, helping to attract more people, drive sales and
contribute to stronger valuations. It's a perfect example of our strategy in action
and the value that mixed-use creates.

Sylvia Park is home to New Zealand's favourite shopping centre and attracted
around 15 million customer visits over the past 12 months. Despite the economic
headwinds, the centre's performance continues to go from strength to strength.

While retail is what Sylvia Park is historically known for, it's now also home to two
high-performing office buildings, ANZ Raranga and the recently opened 3 Te

6
Kehu Way. These offices will form the foundation of a commercial hub that we
expect to grow over time. We're already receiving significant interest from
office tenants wanting exposure to Sylvia Park's location, amenities and
transport connectivity.

The third piece of the puzzle is residential. We're currently underway with the
construction of 295 build-to-rent apartments, which are due for completion in
May 2024. The addition of residential will elevate Sylvia Park into a world-class
mixed-use centre, establish a new revenue stream and create a permanent
onsite population of people who will shop, eat and drink on-site, driving sales
and boosting earnings.

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. Mixed-use,
such as that in action at Sylvia Park, is one of those transformative activities. It
will be the competitive differentiator that sets Kiwi Property apart from the
competition in the years to come, helping drive business performance and
shareholder returns.

I'll now hand over to Clive to discuss our FY23 business performance and some
of our highlights from the year just been.

SLIDE 11: CHIEF EXECUTIVE OFFICER'S ADDRESS

Thanks, Mark and kia ora, everyone.

It's great to be connecting with our shareholders face-to-face once again.
Thank you for joining us. And to everyone viewing this event online, we
appreciate you logging on. As Mark mentioned, Kiwi Property delivered a
robust operating performance in FY23 while taking significant steps on our
journey to becoming New Zealand's leading creator and curator of mixed-use
communities.

Our aim is to build on that platform throughout FY24, with a focus on sustained
delivery and a commitment to driving returns for our shareholders. Now let's
take a closer look at some of our key financial and operational highlights from
FY23.

SLIDE 12: A ROBUST OPERATING PERFORMANCE

As you can see here, the Company's net rental income rose to $203.7m, up
13.9% on the same time last year. This figure benefitted from the release of
COVID-19 rental abatements that were not required, however, a key driver was
the strong performance of our assets – led by Sylvia Park and The Base.

7

The Company's ability to grow rental income while disposing of assets was a
positive outcome and highlights the strength of our core property portfolio.
Operating profit after tax was also up, increasing an impressive 11.3% to
$129.6m, while adjusted funds from operations – the key metric used to
determine Kiwi Property's dividend - rose 16.1% to $116.5m.

Unfortunately, the Company's robust operating result could not offset the
impact of rising interest rates and the global softening of capitalisation rates.
As a result of these forces, the fair value of Kiwi Property's investment portfolio
declined by an unrealised 10% or $352.6m, leading the business to post a net
loss after tax of $227.7m for FY23. While these numbers are disappointing, 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.

SLIDE 13: ACHIEVING RECORD SALES IN FY23

One of the most pleasing aspects of Kiwi Property's FY23 annual result 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 - the last full year of trading unaffected by COVID-19.

The Sylvia Park Precinct recorded a remarkable $889m in sales for FY23, while it
was great to see The Base breaking through the $500m sales threshold,
reflecting its standing as the leading retail centre in the Waikato. These figures
highlight the strength and resilience of our flagship mixed-use assets. Sylvia Park
recorded an impressive 15m customer visit over the past 12 months, while our
mixed-use portfolio recorded 25m in total in FY23.

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.

SLIDE 14: DRIVING SUSTAINED RENTAL GROWTH

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

8
demand for space in Kiwi Property's core assets – and the effectiveness of our
active leasing programme.

We believe that as our sites become increasingly mixed-use, we will be in an
even stronger position to attract more customers, who will stay longer and
spend more when they do. In parallel, with our specialty gross occupancy cost
ratio - a key measure of retail tenancy affordability - remaining at a
conservative 12.9%, there is scope for the Company to drive further rental
growth in the future. Alongside our strong operational performance, we also
moved ahead with several exciting strategic and development initiatives in
FY23.

Let me take you through a few of them now.

SLIDE 15: IKEA COMMENCES CONSTRUCTION

At Sylvia Park, around half of our 35-hectare landholding has the capacity for
further intensification, providing a range of options to unlock additional value
from the site. An example of this is the sale of 3.2ha of land on the eastern side
of the precinct to IKEA, which is now unconditional. The iconic Swedish retailer
has already begun constructing its store, which will be the first in New Zealand
and about the same size as three rugby fields.

IKEA is due to open in late 2025 and is expected to attract a huge number of
shoppers from across the country to Sylvia Park, as well as driving an increase in
the value of the entire precinct. We're already underway with the planning of a
6,400sqm LFR centre next to IKEA to take advantage of its remarkable pulling
power.

SLIDE 16: BUILDING A THRIVING COMMERCIAL HUB AT SYLVIA PARK

In late March, we completed the distinctive new six-level office development
at 3 Te Kehu Way, Sylvia Park. The building offers excellent amenities and
sustainability performance. 3 Te Kehu Way has been designed to cater to the
needs of both office and medical tenants – the latter of which is becoming an
increasing focus for the business due to the sector's forecast income resilience
and long-term growth potential.

The building's distinctive design has already made it a prominent feature on the
Mt Wellington landscape, but even more importantly, the building marks an
important step in Sylvia Park's continued mixed-use evolution.
With ANZ Raranga right next door, we've established the core of a new
commercial hub, providing a platform to attract new tenants and drive growth.

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3 Te Kehu Way was completed on budget and with projected yields ahead of
the 6% initial target, a great outcome given cost pressure throughout the build
period. We're currently finalising the lease-up of the building but are pleased to
have already welcomed new tenants such as Geneva Finance, Horizon
Radiology, Regus co-working and most recently, one of New Zealand’s largest
agricultural commodity traders, Viterra.

SLIDE 17: BUILD-TO-RENT PROGRESSING AT PACE

3 Te Kehu Way is just one place we've made significant progress on our
targeted development programme in FY23 - construction of New Zealand's first
major build-to-rent development is now also well advanced at Sylvia Park.The
295-apartment complex is now up to 10 levels high and is on track to open in
May next year. New Zealand experienced a net gain of 72,000 people in the
year to April 2023. That's the equivalent of an almost 1.5% boost to our
population, requiring tens of thousands of extra houses.

At the same time, residential construction has declined rapidly, with the number
of new building consents down 18% in the three months to February compared
to a year earlier. We expect this gap between demand and supply to place
upward pressure on rents and increase the number of people wanting to live at
Sylvia Park. 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.

SLIDE 18: CREATING A PATH TO VALUE AT DRURY

Drury is one of Kiwi Property's most exciting current opportunities. With the
private plan change now secured - which designated our site as the location of
the future town centre - we're moving ahead to create an exciting new mixed-
use asset over time. All 13 of the site's residential super lots are now formed and
at grade, with titles expected to be issued early in the 2026 calendar year. This
is excellent progress, especially considering some of the significant weather
events over recent months.

Kiwi Property isn't the only party firmly committed to Drury. The central
government is spending around $500m a year for the next five years to build
infrastructure in the area, including the state highway 1 upgrade and the new
Drury Central train station. These projects will enhance Drury's accessibility and
help supercharge growth across the region.

After earth and civil works, the gross developed land value of our stage one site
is expected to be $205m. The stage two site will be retained for future
development and provides the opportunity to drive significant additional
returns. We are focused on carefully managing the funding requirements of the

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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
super-lots or its LFR sites.

SLIDE 19: WE'RE SERIOUS ABOUT SUSTAINABILITY

We've been committed to sustainability for over 20 years and have made
substantial ground towards our goal of becoming net carbon-negative in our
operations by 2030. Over the past couple of years, ESG has taken a step
forward in terms of its importance to many of our current and potential
investors. This is a positive development and one we're highly supportive of.
Our efforts in this space are guided by our comprehensive sustainability
strategy, which is based on the pillars of places, people and partnerships, as
shown on this slide, each with their own set of KPIs.

We achieved several important ESG milestones over the past year, which
contributed to our being awarded a score of 81 out of 100 by the Global Real
Estate Sustainability Benchmark. In addition, our Sylvia Park build-to-rent
development has been awarded an 8 Homestar design rating, and in FY23 we
achieved a 53% reduction in our emissions compared to our 2012 baseline.
Working closely with Naylor Love and Waste Management NZ, we managed to
divert more than 92% of the construction waste from 3 Te Kehu Way from
landfill, highlighting our commitment to sustainable development.

SLIDE 20: WE HAVE A CLEAR SET OF PRIORITIES FOR FY24

That concludes my review of FY23. As we look ahead to FY24, the management
team and I are squarely focused on maintaining Kiwi Property's strong
operational performance. We have four key priorities for the rest of the year.

First, we'll drive proactive capital management, mitigate interest cost increases
and maintain balance sheet flexibility. Second, we will continue driving
operational excellence across our high-quality asset portfolio, with a focus on
cost control and asset management. Third, we will prepare for the launch of
Sylvia Park BTR 1, including successfully launching the Resido brand to the
market and establishing our BTR operating platform. And fourth, we will position
Kiwi Property for the future by completing Drury stage one earthworks and
identifying opportunities that will enable Kiwi Property to drive revenue and
returns for our shareholders.

By doing these things, we will help unlock additional shareholder value,
encourage a lift in the Kiwi Property share price and support sustained dividend
growth. Kiwi Property's commitment to delivery is as strong as ever – if not
stronger. We are focused on growing rents, growing our assets and growing
returns for shareholders. Our goal is to perform today while simultaneously

11
transforming Kiwi Property into a faster, more resilient and ultimately more
profitable business for the years ahead.

Before I wrap up I’d like to say welcome to Carlie and Peter, who have already
added significant value to the board since joining us around a month ago.
I’d also like to offer my sincere thanks to Mark, who is retiring as chair at today’s
annual meeting. He has been an excellent director, guiding our business and
championing the interest of Kiwi Property shareholders for more than a decade.
It’s been a pleasure working closely with you and I’d like to thank you for your
guidance and support.

I'll now hand back to Mark.

SLIDE 21: DELIVERING DIVIDENDS FOR OUR SHAREHOLDERS

Thanks, Clive.

Kiwi Property paid a quarterly cash dividend of 1.425 cents per share for Q4
FY23, taking the full-year cash dividend to 5.7 cents per share. We're committed
to maintaining and then growing the dividend payout over time, and the fact
we've been able to do this in a period of economic volatility while also selling
assets speaks to our intent.

Kiwi Property also reinstated its Dividend Reinvestment Plan for Q4 FY23 at a 2%
discount. The DRP contributes to our multi-faced capital management
programme and will support shareholders to grow their Kiwi Property holdings
while averting transaction costs.

I'm also pleased to confirm our full-year cash dividend guidance of 5.7 cents
per share for FY24, delivering an attractive gross dividend yield. As always –
dividend guidance and payments are contingent on the Company's
performance and barring material adverse effects or unforeseen
circumstances.

SLIDE 22: THANK YOU

That concludes our overview of the Company's activities for FY23. Before we
move on to questions and formal business, I'd like to make some final remarks.

As Clive mentioned, today is my final AGM as Chair of Kiwi Property. My time as
a director of Kiwi Property feels like it's gone quickly, and as I look back on my
12 year tenure, I am proud of many of the things we have achieved together.
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

12
corporatisation of Kiwi Property, two initiatives I'm particularly proud of and
which created benefits 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 North.

Many of Kiwi Property's greatest successes have required foresight, courage
and a long-term outlook. 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, and today it's worth over $1.5 billion.

When we embarked on our strategic transformation a few years ago, we knew
the shift from a retail landlord to the creator of mixed-use communities would
take time, and that's proven to be the case. But I firmly believe we are on the
cusp of delivering on that ambition, with the likes of 3 Te Kehu Way and build-
to-rent set to bring our story to life.

I would like to thank you for your continued support as we go through this
evolution. I've never taken the trust you've placed in me, the Board and Kiwi
Property for granted. I know that my fellow directors and management feel the
same way. On that note, I'd also like to thank the members of the Board and
Clive and wish you all the best for the future.

SLIDE 23: QUESTIONS

Before moving to the formal business of the day, we would happily answer
questions. We ask that you limit your questions at this time to the Company's
activities. You will be able to ask questions about the formal business shortly. As
this is a shareholders' meeting, only shareholders or appointed proxies can ask a
question or vote.

When I call for questions, can shareholders present in the room, please wait until
a microphone is provided to you and then clearly state your name before
asking the question. I will take questions from those present in the meeting first
before moving on to any questions from shareholders online. Are there any
questions from shareholders?

SLIDE 24: FORMAL BUSINESS

Thank you. We will now move to consider the formal resolutions of the meeting.
Voting on each resolution will be by poll. Each person voting at the annual
meeting and each shareholder who has cast a vote by proxy has one vote for
each share held. I will put each resolution to the meeting and provide an

13
opportunity for you to ask questions concerning that resolution. I ask that you
keep the questions strictly to the resolution.

In respect of proxies received, if as the Chair of the meeting, I have been
appointed to act as proxy and am not directed how to vote in respect of a
resolution, I will vote in favour of all resolutions. For shareholders joining us here
today, you should have a voting card given to you when you registered. Please
raise your hand if you do not have a voting card, and someone will assist you.
Please mark your voting intention for each resolution, and the voting cards will
be collected after the meeting.

SLIDE 25: HOW TO VOTE
Shareholders joining online will be able to cast their vote using the electronic
voting card received once online registration is validated. To vote, you will
need to click "Get Voting Card" within the online meeting platform. You will be
asked to enter your Shareholder or Proxy Number to validate.

Please then mark your voting card in the way you wish to vote by clicking "FOR",
"AGAINST" or "ABSTAIN" on the voting card. Once you have made your
selection, please click "Submit Vote" on the bottom of the card to lodge your
vote.

Please refer to the virtual meeting online portal guide or use the helpline
specified if you require assistance. Note that voting will remain open until 5
minutes after the conclusion of the meeting. The results of the votes will be
declared and announced via the NZX.

SLIDE 26: RESOLUTIONS 1, 2 AND 3: RE-ELECTION / ELECTION OF DIRECTORS
EXPLANATORY INFORMATION

Moving to resolutions 1, 2 and 3, which are ordinary resolutions. In accordance
with the Company's constitution and the NZX Listing Rules, Simon Shakesheff,
Carlie Eve, and Peter Alexander will retire at this meeting, however, Simon offers
himself for re-election and Carlie and Peter offer themselves for election.

The Board has determined that Simon Shakesheff, Carlie Eve and Peter
Alexander will be independent directors for the purposes of the NZX Listing Rules
if re-elected. I will now ask Simon to provide a brief bio and comments
supporting his re-election.

SLIDE 27: RESOLUTION 1: ABOUT SIMON

Thank you, Mark. My name is Simon Shakesheff. I have been a Kiwi Property
director since November 2019 and am a current member of the Audit and Risk
and ESG committees. I bring to Kiwi over 30 years of experience within the listed

14
real estate sector; including 25 years as an analyst and corporate advisor. My
background has given me expertise in finance, capital markets, and M&A
activity, and an understanding of the requirements of institutional investors,
both in New Zealand and overseas.

In addition to Kiwi Property, I am currently a director of Cbus Property, Assembly
Funds Management, SGCH and HomeCo Daily Needs REIT, as well as a
consultant to the New South Wales Treasury Corporation. I will now pass you
over to Carlie.

SLIDE 28: RESOLUTION 2: ABOUT CARLIE

Kia ora, my name is Carlie Eve. I am sorry I can’t be there in person with you
today, due to plans made prior to my appointment as a director. I have nearly
30 years’ experience in financial markets and the corporate sector with
executive roles across equity research, investment banking, investor relations,
corporate strategy and funds management. The majority of my career has in
some form been linked to Kiwi Property Group, as an analyst, institutional
investor and a prior member of the executive team.

I am now a professional director based in Auckland. I am currently a director of
the Fonterra Shareholders Fund, Chair of the Diocesan School Heritage
Foundation and was previously a director of Hobsonville Land Company.

I have a deep understanding of the property sector and what investors across
the spectrum are seeking from their investments from a value creation
perspective. I am strategic and analytical, with strong financial skills. I believe
my skill set would be a valuable addition to the Kiwi Property Group Board and
appreciate your support.

SLIDE 29: RESOLUTION 3: ABOUT PETER

My name is Peter Alexander. I am a property investment and development
adviser in private practice in Auckland. I have over 35 years’ experience in
property investment, property development and investment management. I
am the former CEO Stride Property Group and have worked in executive roles
at Property for Industry, Goodman Group, AMP Capital and Auckland Airport. I
have deep property investment and development experience, including
portfolio strategy and place-based development.

I am currently a Trustee of the Dilworth Trust Board and a Director of Smith &
Caughey. I was previously the chair of community housing provider Homes of
Choice and Director at HLC. I hold a Bachelor of Property from the University of
Auckland and I am a Fellow of the Royal Institution of Chartered Surveyors. I
believe I can contribute my skills and experience to assist Kiwi Property Group

15
execute its strategy effectively and deliver growth in shareholder returns. I will
now pass you back to Mark.

SLIDE 30: RESOLUTIONS 1, 2, 3 - RE-ELECTION/ELECTION OF DIRECTORS

The Board is committed to ensuring it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities.
The Board supports the re-election of Simon Shakesheff and the election of
Carlie and Peter as it considers they have the expertise to contribute to the
overall skill set required by the Board. The Board, other than Simon, Carlie and
Peter, each in respect of their own positions, recommends you vote in favour of
the resolutions.

SLIDE 31: RESOLUTION 1

I will now read Resolution 1. That Simon Shakesheff be re-elected as a director
of the Company. Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
"FOR", "AGAINST", or "ABSTAIN" for Resolution 1 on the voting card.

SLIDE 32: RESOLUTION 2

I will now read Resolution 2. That Carlie Eve be elected as a director of the
Company. Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
"FOR", "AGAINST", or "ABSTAIN" for Resolution 1 on the voting card.

SLIDE 33: RESOLUTION 3

I will now read Resolution 3. That Peter Alexander be elected as a director of
the Company. Are there any questions from shareholders on this resolution?

Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
"FOR", "AGAINST", or "ABSTAIN" for Resolution 1 on the voting card.

16
SLIDES 34: PROXY VOTING RESULTS

That completes voting on the resolutions. At this time, I'd like to advise the
outcome of proxy votes that were lodged in respect of each of the resolutions. I
will not read the proxy results for each resolution, but they are shown up on the
screen now.

The Registrar, Link Market Services, will now move through the room to collect
your voting cards. For those shareholders online, you can now submit your vote
– voting will be open until 5 minutes after the conclusion of the meeting. Link will
complete the counting of all votes and complete their duties as scrutineer for
the purposes of the poll. We will announce the voting results to the NZX once
this process has been completed.

I'd now like to hand over to Simon Shakesheff, who will succeed me as Chair
following today's annual meeting. He has all the experience, knowledge and
intellect you could wish for, and I have no doubt he will make an extremely
positive impact and be an effective champion for the interest of the
Company's shareholders. Simon...

SLIDE 35: MESSAGE FROM THE INCOMING CHAIR

Good morning, everyone. Firstly, I'd like to thank Mark, who has ably led Kiwi
Property as Chair for over a decade. He's been an excellent director, a staunch
advocate for shareholder interests and committed to the highest governance
standards. Please join me in a round of applause for Mark.

Kiwi Property is an impressive business with a robust strategy and some of the
country's leading real estate assets. I have an ambitious vision for the
Company, focusing 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.

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 have heard today, we delivered a good operational performance in
FY23. In the current market, effectively managing our capital, gearing and
funding pipeline is just as important if we are to be successful over the long
term. 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. Thank you.

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SLIDE 36: THANK YOU

I now draw this meeting to a close. Thank you for your attendance and
participation today. A copy of this presentation and our speeches are
available on our website and on the NZX.

---

NZX RELEASE
28 June 2023
KPG Annual Meeting 2023 presentation and
address


Kiwi Property has provided the NZX with a copy of the presentation and addresses to
be made by the Chair of the Board and Chief Executive Officer at the Company’s
Annual Shareholder Meeting 2023 being held today.

ENDS

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

Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 27 563 4985
About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We have been
around for over 25 years and proudly own and manage a significant real estate portfolio,
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our
objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our
website kp.co.nz