KPG drives robust performance amid strategic transformation

Interim Report
For the six months ended
30 September 2023

Contents
For further information visit our investor centre at:
kp.co.nz/investor-centre.
Kiwi Property Interim Report for the six
months ended 30 September 2023
Letter from the Chair and
Chief Executive Officer 2
Financials 7
Kiwi Property Interim Report FY241
Kiwi Property Interim Report FY241

Letter from
the Chair &
Chief Executive
Officer
Simon
Shakesheff
Clive
Mackenzie
Kiwi Property Interim Report FY242
Kiwi Property Interim Report FY242

Reshaping our portfolio
Kiwi Property has a comprehensive
strategy targeting attractive long-
term results for investors through the
company’s ownership, development and
management of a portfolio of high-
quality real estate assets.
The foundation of this strategy is a
focus on creating and curating retail-led
mixed-use properties at key transport
nodes. Sylvia Park, LynnMall and Drury
sit at the heart of three of Auckland’s
11 metropolitan town centres, placing
them in a prime position to benefit from
the signi
ficant population and economic
growth that is forecast for those areas
over the coming decades.
Our mixed-use centres all enjoy
excellent public transport connectivity.
Not only does this proximity to trains
and buses help attract people to our
centres, but based on international
precedent, we’re expecting strong
valuation and rental uplift to occur in
and around these assets as they densify
with commuters.
The company is focused on the
optimisation of our property portfolio,
with the aim of creating a higher quality
asset base. T
o this end, we completed
the sale of Northlands and 44 The
Terrace in FY23 and, in 1H24 disposed of
Westgate Lifestyle and the Sylvia Park
IKEA site, raising an additional $127.1
million.
By
selling our non-core, capital-intensive
assets and reinvesting the proceeds into
opportunities such as Drury and build-
to
-rent (BTR), we will help build a greener,
h
igher quality, more resilient, and lower-
risk portfolio. While this capital recycling
has resulted in a temporary decline in
r
evenue, we are confident the steps
we’re taking will result in greater tenant
demand, higher rents, and improved
returns for our shareholders.
Kiwi Property experienced a 16.2%
reduction in net rental income to $89.1
million following the asset sales outlined
above, coupled with the impact of
abatement accruals released
in the prior
period. Operating profit before tax
was similarly affected, declining 26.7%
to $52.4 million, while adjusted funds
from operations (AFFO) contracted
25.4% to $48.6 million.
When viewed on a like-for-like basis
2
,
however, a more balanced picture
emerges, showing a 2.5% increase in net
rental income, while AFFO decreased
marginally by 0.2% and operating profit
before tax declined 1.0%, due to rising
interest costs.
$ 1 2 7.1 m
CAPITAL RECYCLED 1H24
When we began our strategic
transformation from primarily a
shopping centre and office landlord
to the creator and curator of retail-led
mixed-use communities, we said it
would take time. As a result of the delays
caused by COVID-19, the process has
been slower than we intended or would
have ideally liked. Pleasingly, however,
the company is moving quickly towards
its next strategic milestone, with the
opening of our first BTR development,
unlocking an important new revenue
stream and initiating the next stage
of the company’s evolution.
Driving rental growth
Tenants at our retail and mixed-use
centres achieved a record-high $2.1
billion in sales
3
in the 12 months to
September 30 2023, an increase of
14.9% on the prior year. The Sylvia Park
precinct
4
led from the front once again,
delivering sales growth of 18.1% to $915
million, while The Base sustained its
recent momentum to produce sales of
$523 million, up 15.6%. This escalation is
particularly noteworthy given the tough
financial climate, reflecting the resilience
of our property portfolio.
4.5%
MIXED-USE RENTAL
GROWTH
New Zealand faced a
challenging economic
environment in the six
months to 30 September
2023 (1H24), with
inflationary and interest
rate pressures contributing
to high living costs and
diminished consumer
confidence. Despite these
headwinds, our assets
performed well in the first
half of the financial year,
enabling us to grow rents
and confirm our full-year
dividend guidance of 5.70
cents per share
1
.
1. Dividend guidance and payments are contingent
on the company’s financial performance through
the financial year and barring material adverse
events or unforeseen circumstances.
2.
Like-for-like results exclude the impact of asset
sales and COVID-19 adjustments.
3.
Moving annual t
otal to 30 September 2023.
4. Sylvia Park Precinct includes Sylvia Park Shopping
Centre, 3 Te Kehu Way, ANZ Raranga, Sylvia Park
Lifestyle and adjoining properties.
General note: Refer to the Interim Results
Presentation for the six months ended 30
September 2023 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 1H23 period unless otherwise stated.
Kiwi Property Interim Report FY243
Kiwi Property Interim Report FY243

The strong sales performance across our
centres enabled us to drive robust rental
growth in 1H24, achieving an uplift on
new leases and rent reviews across our
mixed-use and office assets of 4.5% and
3.5%, respectively. We completed almost
350 leasing transactions in the period
with new office leases the standout,
rising well ahead of inflation at 13.9%. The
relationship with our tenants remains as
positive as ever, as shown by the 11 basis
point improvement in Kiwi Property’s net
promoter score since March 2023. It’s
perhaps not surprising then that our
assets were almost fully occupied at
the end of the period, with vacancy of
just 1.2%.
Valuations in focus
On 30 September 2023, our property
portfolio was valued at $3.1 billion, a
fair value decrease of 2.5% or $81.1
million from 31 March 2023, driven by a
softening of capitalisation rates. While
global headwinds saw the valuation of
our office portfolio decrease 5.9% or
$52.4m, our mixed-use assets were
more resistant, declining just 1.1%
or $21.3 million. The decline in asset
values contributed to a net loss after
tax of $36.5 million.
The reduction in the value of our
investment portfolio is disappointing,
although not unexpected, given the
current stage of the property cycle.
On a more positive note, it’s pleasing
to see the continued resilience of our
mixed-use asset values, where rental
growth has helped offset capitalisation
rate softening. For example, The Base
increased in value by 3.7% for the
period, defying the softening of property
prices commonly seen elsewhere
in New Zealand’s commercial and
residential property sectors.
Growing income and AFFO
through development
Construction of Kiwi Property’s BTR
development at Sylvia Park continued in
1H24, with the building’s three structures
topped off in August 2023 and earning
an 8 Homestar design rating. Work is
now underway on fit-outs of the 295
studio, one, two and three-bedroom
apartments ahead of a scheduled
opening from May 2024. Our BTR brand,
Resido will be released to consumers
over the coming weeks and will be
advertised across a range of channels
and consumer touch points to help
stimulate tenant demand.
The sharp rise in net migration,
coupled with high borrowing costs
and a decline in building consents, are
expected to drive demand for rental
accommodation in the short to medium
term, accelerating growth in the BTR
sector. We intend to be at the forefront
of that growth, with our development
at Sylvia Park providing the opportunity
to ‘prove up’ the concept to the market,
build investor confidence and stimulate
interest from the range of capital
partners seeking a foothold in the sector.
Elsewhere, earthworks have resumed
at Drury, with the development of
the site’s residential and large format
retail precincts progressing well. We’re
currently in discussions with a range of
home builders and big-box retailers
about potential opportunities, including
the purchase of super-lots. Our
objective is to maximise the returns
from stage one land sales to help fund
our ownership and development of the
Drury town centre (stage two), where
our expertise in community creation will
enable us to unlock the greatest value.
Proactive capital management
The delivery of our exciting Sylvia Park
BTR and Drury developments is a priority
for the business. So too, is the effi
cient
funding of these projects. We remain
focused on securing capital partners
to fund major new developments and
accelerate the growth of the business.
In the current economic climate, where
asset values have decreased and
interest costs have risen, maintaining the
strength and flexibility of our balance
sheet are important considerations.
To this end, we have
taken several steps
over recent periods to put the company
i
n an even more resilient financial
position, including asset sales and
b
eing disciplined about non-essential
capital expenditure. In October 2023,
the company also amended its bond
gearing covenant from
45% to 50%, in
a move that was supported by 99.8%
of voting bondholder
s. The amendment
aligns Kiwi Property with other listed
property companies while also ensuring
consistency across our bond and banking
c
ovenants. Kiwi Property’s gearing was
35.3% on 30 Septembe
r 2023.
Kiwi Property Interim Report FY244
Kiwi Property Interim Report FY244

$3.1b
PROPERTY PORTFOLIO
VALUE
Sustained ES
G progress
The company made further progress on
our sustainability agenda in 1H24, as we
continue pushing towards our ambition
of being net carbon negative in our
operations by 2030.
In October, Kiwi Property was awarded a
score of 79 out of 100 by the Global Real
Estate Sustainability Benchmark,
re
flecting the company’s strong ESG
credentials. As part of our focus on
increasing the wellbeing of people in and
around our communities, we also
recently launched an innovative
campaign designed to bring Kiwis
together and connect over a cup of
coffee. Over 8,000 people participated
in the initiative, raising funds for the
Mental Health Foundation and driving
sales for our food and beverage retailers.
Dividend and outlook
Kiwi Property will pay a cash dividend
of 1.425 cents per share for the second
quarter of FY24 on 20 December 2023,
taking the total interim cash dividend
payment to 2.85 cents per share.
The Dividend Reinvestment Plan will not
operate this quarter and will be
reassessed on a quarterly basis. We’re
committed to delivering for our
shareholders and recognise the
importance of maintaining and
ultimately growing AFFO and our
dividend. As such, we’re pleased to
advise our full-year dividend guidance
remains unchanged at 5.70 cents per
share
1
for FY24 despite the challenging
economic conditions, and expect this
figure to be within our target payout
ratio of 90-100% of AFFO.
While recent asset sales have seen
a decline in the business’ total revenue,
it’s encouraging that our diversifi
ed
portfolio has performed solidly on a
like-for-like basis. Retail continues
to exceed many commentators’
expectations, and the growth in our
leasing spreads, and pedestrian counts
are a testament to t
he resilience of our
leading mixed-use assets.
Heading into the second half of the
financial year, we’re focussed on closely
managing our balance sheet, driving
business efficiency, and executing our
transformation into a retail-led mixed-
use community creator. Completing the
Sylvia Park BTR scheme, progressing
earthworks at Drury and securing
capital to support our strategic
ambitions are vital to building market
support and growing our share price.
By delivering on these priorities and
continuing to increase earnings, we will
help drive value and boost returns for
you, our shareholders.
Thank you for your support.
Simon Shakesheff
Chair
Clive Mackenzie
Chief Executive Officer
2.85cps
TOTAL INTERIM CASH
DIVIDEND PAYMENT
Kiwi Property Interim Report FY245
Kiwi Property Interim Report FY245

Kiwi Property Interim Report FY246
Kiwi Property Interim Report FY246

Financials
Kiwi Property Interim Report FY247
Kiwi Property Interim Report FY247

Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY248
Consolidated statement of comprehensive incomePg 9
Consolidated statement of changes in equityPg 10
Consolidated statement of financial positionPg 11
Consolidated statement of cash flowsPg 12
Notes to the consolidated financial statementsPg 14
Independent auditor's review reportPg 31

Consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY249
6 months
6 months30 Sep 2022
30 Sep 2023Restated
1
Note$000$000
Revenue
Property revenue115,690131,803
Property management revenue2,041887
Total revenue117,731132,690
Expenses
Direct property expenses(26,558)(25,419)
Employment and administration expenses(15,759)(15,477)
Total expenses(42,317)(40,896)
Profit before net finance expenses, other income/(expenses) and income tax75,41491,794
Interest income37452
Interest and finance charges(23,409)(20,394)
Net fair value gain on interest rate derivatives3.3.26,2386,260
Net finance expenses(16,797)(14,082)
Profit before other income/(expenses) and income tax58,61777,712
Net fair value loss on investment properties3.2(81,114)(219,717)
Litigation settlement income-6,625
Loss on disposal of investment properties(2,438)-
Other expenses(83,552)(213,092)
Loss before income tax(24,935)(135,380)
Income tax expense2.1(11,613)(15,699)
Loss and total comprehensive income after income tax attributable
to shareholders(36,548)(151,079)
Basic and diluted earnings per share (cents)2.2(2.32)(9.62)
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.4 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 SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2410
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20221,663,4991,987606,1272,271,613
Loss after income tax--(151,079)(151,079)
Dividends paid--(67,125)(67,125)
Long-term incentive plan1,150(392)59817
Employee share ownership plan125(87)-38
Balance at 30 September 20221,664,7741,508387,9822,054,264
Balance at 1 April 20231,664,7742,103266,6081,933,485
Loss after income tax--(36,548)(36,548)
Dividends paid--(44,916)(44,916)
Dividends reinvested16,948--16,948
Long-term incentive plan1,073(415)84742
Employee share ownership plan-46-46
Balance at 30 September 20231,682,7951,734185,2281,869,757
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2411
Note
30 Sep 2023
$000
31 Mar 2023
$000
Current assets
Cash and cash equivalents15,89517,878
Trade and other receivables3.19,74114,662
Interest rate derivatives3.3.22,0255
Investment properties held for sale3.2-130,189
27,661162,734
Non-current assets
Investment properties3.23,101,5003,063,832
Property, plant and equipment2,1662,261
Interest rate derivatives3.3.212,2389,595
3,115,9043,075,688
Total assets3,143,5653,238,422
Current liabilities
Trade and other payables58,87861,218
Interest bearing liabilities3.3.1-125,205
Income tax payable3,7693,832
Lease liabilities463,113
62,693193,368
Non-current liabilities
Interest bearing liabilities3.3.11,105,3651,005,916
Interest rate derivatives3.3.2-1,575
Deferred tax liabilities105,310103,614
Lease liabilities440464
1,211,1151,111,569
Total liabilities1,273,8081,304,937
Equity
Share capital1,682,7951,664,774
Share-based payments reserve1,7342,103
Retained earnings185,228266,608
Total equity1,869,7571,933,485
Total equity and liabilities3,143,5653,238,422
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 24 November 2023.
Simon Shakesheff
 Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2412
6 months
30 Sep 2023
$000
6 months
30 Sep 2022
$000
Cash flows from operating activities
Property revenue120,285135,137
Property management revenue2,215901
Interest and other income37452
Direct property expenses(23,121)(24,839)
Interest and finance charges(22,458)(19,195)
Interest costs paid on lease liabilities(30)(162)
Employment and administration expenses(18,806)(15,466)
Income tax expense(9,981)(16,330)
Goods and Services Tax received(641)(864)
Net cash flows from operating activities47,83759,234
Cash flows from investing activities
Proceeds from disposal of investment properties122,193-
Acquisition of investment properties(24,096)(13,811)
Capital expenditure on investment properties(87,794)(80,929)
Interest and finance charges capitalised to investment properties(5,743)(3,902)
Acquisition of property, plant and equipment(390)(57)
Litigation settlement income with respect to investment properties-6,625
Net cash flows from/(used in) investing activities4,170(92,074)
Cash flows from financing activities
Payment of lease liabilities(22)(29)
Proceeds from bank loans491,000424,000
Repayment of bank loans(392,000)(320,000)
Repayment of fixed-rate green bonds(125,000)-
Dividends paid(27,968)(67,125)
Net cash flows used in financing activities(53,990)36,846
Net (decrease)/increase in cash and cash equivalents(1,983)4,006
Cash and cash equivalents at the beginning of the period17,87811,600
Cash and cash equivalents at the end of the period15,89515,606
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property Interim Report FY2413
6 months
6 months30 Sep 2022
Reconciliation of loss after income tax to net cash flows from operating activities
30 Sep 2023Restated
1
$000$000
Loss after income tax(36,548)(151,079)
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities2,270(8,234)
Non-cash items:
Net fair value gain on interest rate derivatives(6,238)(6,260)
Net fair value loss on investment properties81,114219,717
Increase in deferred tax liabilities1,6965,281
Amortisation of lease incentives and fees3,5143,917
Straight-lining of fixed rental increases(489)(746)
Movements in working capital items:
Decrease in trade and other receivables4,921619
Decrease in income tax payable(63)(5,912)
(Decrease)/increase in trade and other payables(2,340)1,931
Net cash flows from operating activities47,83759,234
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.4 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 SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2414
1.General information
1.1Reporting entityPg 15
1.2Basis of preparationPg 15
1.3Significant changes during the periodPg 15
1.4New standards, amendments and interpretationsPg 16
1.5Key judgements and estimatesPg 16
1.6Accounting policiesPg 16
2.Profit and loss information
2.1Tax expensePg 17
2.2Earnings per sharePg 18
3.Financial position information
3.1Trade and other receivablesPg 19
3.2Investment propertiesPg 20
3.3FundingPg 26
4.Other information
4.1Segment informationPg 28
4.2CommitmentsPg 30
4.3Subsequent eventsPg 30

1. General information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2415
1.1 Reporting entity
The interim consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled
entities (the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and
is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with
its ordinary shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 Interim Financial
Reporting and International Accounting Standards (IAS) 34 Interim Financial Reporting. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements in the 2023 annual report.
The interim consolidated financial statements for the six months ended 30 September 2023 are unaudited. Comparative balances
for 30 September 2022 are unaudited, whilst the comparative balances for the year ended 31 March 2023 are audited. Certain
comparative figures have been reclassified to accord with current year presentation.
The interim consolidated financial statements have been prepared on the basis the Group is a going concern.
The interim consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The
functional and presentation currency used in the preparation of the interim consolidated financial statements is New Zealand dollars.
1.3
 Significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the period:
Investment property
During the period ended 30 September 2023, the Group acquired two properties adjoining Sylvia Park for $26.6 million.
On 1 May 2023, the Group disposed of Westgate Lifestyle for $85.7 million (before disposal costs).
On 31 August 2023, the Group disposed of land adjoining Sylvia Park to IKEA for $41.4 million (before disposal costs).
Interest bearing liabilities
In May 2023, the Group decreased its overall bank debt facilities from $1 billion to $950 million.

Kiwi Property Interim Report FY2416
1.4 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.
The following tables summarise the impact of this change in accounting policy on the comparative consolidated financial statements:
Consolidated statement of comprehensive income
6 months
30 Sep 2022
$000
6 months
30 Sep 2022
$000
6 months
30 Sep 2022
$000
RestatedReportedDifference
Property revenue131,803129,3352,468
Direct property expenses(25,419)(29,323)3,904
Net fair value loss on investment properties(219,717)(213,345)(6,372)
Loss and total comprehensive income after income tax attributable
to shareholders(151,079)(151,079)-
Consolidated statement of cash flows
Reconciliation of loss after income tax to net cash flows from
operating activities
6 months
30 Sep 2022
$000
6 months
30 Sep 2022
$000
6 months
30 Sep 2022
$000
RestatedReportedDifference
Movement in working capital items relating to investing and financing activities(8,234)(4,441)(3,793)
Net fair value loss on investment properties219,717213,3456,372
Amortisation of lease incentives and fees3,9176,496(2,579)
Net cash flows from operating activities59,23459,234-
There was no impact to the Consolidated Statement of Financial Position as a result of the agenda decision.
1.5
 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim consolidated financial statements and in the
2023 annual report.
1.6
 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim consolidated financial statements are
consistent with those used in the 2023 annual consolidated financial statements.

2. Profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2417
2.1 Tax expense
A reconciliation of loss before income tax to income tax expense follows:
6 months
6 months30 Sep 2022
30 Sep 2023Restated
1
$000$000
Loss before income tax(24,935)(135,380)
Prima facie income tax benefit at 28%6,98237,906
Adjusted for:
Net fair value gain on interest rate derivatives1,7471,753
Net fair value loss on investment properties(22,712)(61,521)
Loss on disposal of investment properties(683)-
Litigation settlement income-1,855
Depreciation6,2147,082
Depreciation recovered on disposal of investment properties(2,792)-
Net deferred leasing costs(199)1,271
Deferred rent received-(52)
Deductible capitalised expenditure1,6081,093
Other(82)195
Current tax expense(9,917)(10,418)
Depreciation recoverable(23)(4,586)
Net fair value gain on interest rate derivatives(1,747)(1,753)
Deferred leasing costs and other temporary differences741,058
Deferred tax expense(1,696)(5,281)
Income tax expense reported in profit(11,613)(15,699)
Imputation credits available for use in subsequent periods5,6866,162
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.4 for
further information.
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.

Kiwi Property Interim Report FY2418
2.2 Earnings per share
6 months
30 Sep 2023
6 months
30 Sep 2022
Loss and total comprehensive income after income tax attributable to shareholders ($000)(36,548)(151,079)
Weighted average number of shares (000)1,577,5281,570,800
Basic and diluted earnings per share (cents)(2.32)(9.62)

3. Financial position information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2419
3.1 Trade and other receivables
30 Sep 2023
$000
31 Mar 2023
$000
Trade debtors7,8169,420
Provision for doubtful debts(1,643)(2,006)
6,1737,414
Prepayments3,5687,248
Trade and other receivables9,74114,662
The movement in the provision for doubtful debts is as follows:
30 Sep 2023
$000
31 Mar 2023
$000
Opening provision for doubtful debts2,0063,374
Increase in doubtful debts allowance recognised in profit or loss during the period175439
Receivables written off during the period as uncollectible(126)(135)
Unused amounts reversed(412)(1,672)
Closing provision for doubtful debts1,6432,006

Kiwi Property Interim Report FY2420
3.2 Investment properties
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
30 Sep 2023
%
Fair value
31 Mar 2023
$000
Capital
movements
30 Sep 2023
$000
Fair value
gain/(loss)
30 Sep 2023
$000
Fair value
30 Sep 2023
$000
Mixed-use
Sylvia Park Precinct
1
Various5.941,510,324102,712(27,372)1,585,664
LynnMallCBRE7.38206,0003,209(1,209)208,000
The Base
2
JLL7.13196,3257837,292204,400
1,912,649106,704(21,289)1,998,064
Office
Vero CentreJLL5.50484,1001,706(18,806)467,000
ASB North WharfCBRE6.13230,000194(16,194)214,000
The Aurora CentreColliers6.50165,000364(17,364)148,000
879,1002,264(52,364)829,000
Retail
The PlazaJLL8.88107,5002,959(2,459)108,000
Centre Place North
2
JLL9.1331,075120(245)30,950
138,5753,079(2,704)138,950
Other
Development land133,0006,735(4,735)135,000
3,063,324118,782(81,092)3,101,014
Gross up of lease liabilities508-(22)486
Investment properties - non-current3,063,832118,782(81,114)3,101,500
Investment properties held for sale
Properties held for sale
3
127,120(127,120)--
Gross up of lease liabilities
4
3,069(3,069)--
Investment properties held for sale - current130,189(130,189)--
Total investment properties3,194,021(11,407)(81,114)3,101,500
1Sylvia Park Precinct was valued “as if complete” at $1.675 billion based on a weighted capitalisation rate of 5.9% (including the as if complete capitalisation rate of Resido Lynton
build-to-rent). The deduction of $89.0 million outstanding development costs for the Resido Lynton build-to-rent development results in an “as is” value of $1.586 billion net
of seismic costs.
2Represents the Group's 50% ownership interest.
3The fair value at 31 March 2023 includes Westgate Lifestyle and the IKEA land. During the current period, Westgate Lifestyle was sold for $85.7 million and the IKEA land was
sold for $41.4 million. Refer to note 1.3 for further information.
4The value at 31 March 2023 includes the gross up of lease liabilities associated with Westgate Lifestyle. Westage Lifestyle was sold during the current period.

Kiwi Property Interim Report FY2421
3.2 Investment properties (continued)
The movement in the Group's investment properties during the six months to 30 September 2023 is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2023 excluding gross up
of lease liabilities1,912,649879,100138,575133,000127,1203,190,444
Capital movements:
Acquisitions26,596----26,596
Disposals----(131,189)(131,189)
Capitalised costs (including lease
incentives, fees and fixed rental income)78,4323,0923,2664,5534,19493,537
Capitalised interest and finance charges3,529-322,182-5,743
Amortisation of lease incentives, fees and
fixed rental income(1,853)(828)(219)-(125)(3,025)
106,7042,2643,0796,735(127,120)(8,338)
Net fair value loss on investment properties
excluding gross up of lease liabilities(21,289)(52,364)(2,704)(4,735)-(81,092)
Balance at 30 September 2023 excluding
gross up of lease liabilities1,998,064829,000138,950135,000-3,101,014
Gross up of lease liabilities:
Balance at 31 March 2023508---3,0693,577
Capital movements----(3,069)(3,069)
Fair value movements(22)----(22)
Balance at 30 September 2023486----486
Balance at 30 September 2023 including
gross up of lease liabilities1,998,550829,000138,950135,000-3,101,500

Kiwi Property Interim Report FY2422
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of
investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2023: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
In line with the Group’s valuation policy, independent desktop reviews of investment property values were performed at
30 September 2023 for The Base, Centre Place North, Sylvia Park Lifestyle, Resido Lynton build-to-rent (Resido Lynton),
Drury development land and other adjoining industrial assets within the Sylvia Park Precinct. Full independent valuations were
performed for all other investment properties by independent valuers who are members of the Group’s valuation panel and the
New Zealand Institute of Valuers. The desktop reviews were completed by the same independent valuers who completed full
independent valuations at
31 March 2023.
No independent valuations were performed for the adjoining residential properties within the Sylvia Park Precinct, which are
presented at their 31 March 2023 independent valuations, adjusted for capital expenditure over the period as appropriate. This
represents the Directors’ best estimate of fair value at 30 September 2023. The Group has also internally assessed the value of
a recently purchased adjoining industrial asset. Where a contracted sale price is available, the investment property held for sale
is carried at that value less associated costs for seismic remediation or rental guarantees, this being the best indicator of fair
value. Where no contracted price is available, the fair value is determined by independent registered valuers. At 31 March 2023,
all properties were carried at external valuation or contract price as applicable, except for a small number of non-core residential
properties which were subject to a kerbside assessment performed by an independent registered valuer that is a member of
the New Zealand Institute of Valuers.
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 and made deductions for seismic strengthening works.
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 30 September 2023, being the
Resido Lynton 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 and desktop reviews are reviewed by the Group and adopted as the carrying value in the financial statements. As
part of this process, the Group’s management verifies all major inputs to the valuations, assesses valuation movements since
the previous period and holds discussions with the independent valuers to assess the reasonableness of the valuations.

Kiwi Property Interim Report FY2423
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 $42.1 million (31 March 2023: $48.2 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 30 September 2023
For the period ended 30 September 2023, the Group reported a fair value loss of $81.1 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.

Kiwi Property Interim Report FY2424
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.
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.
Class of propertyInputs used to measure fair value
Range of significant
unobservable inputs
Sensitivity30 Sep 202331 Mar 2023
Mixed-use
1
Core capitalisation rate5.9% - 7.4%5.5% - 7.3%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate5.9% - 8.1%5.8% - 8.0%
Discount rate7.8% - 10.0%7.3% - 9.3%
Terminal capitalisation rate6.1% - 7.4%5.8% - 7.3%
Gross market rent (per sqm)
2
$401 - $876$385 - $852The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)0.5% - 5.0%-0.9% - 3.0%
OfficeCore capitalisation rate5.5% - 6.5%5.1% - 5.8%
The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate6.8% - 7.8%6.5% - 7.5%
Terminal capitalisation rate5.8% - 7.0%5.4% - 6.3%
Gross market rent (per sqm)
2
$582 - $791$572 - $761The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)1.0% - 4.3%1.5% - 4.2%
RetailCore capitalisation rate8.9% - 9.3%8.5% - 9.0%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate8.9% - 10.3%8.5% - 10.0%
Discount rate9.5% - 10.0%9.0% - 9.5%
Terminal capitalisation rate9.0% - 9.4%8.8% - 9.3%
Gross market rent (per sqm)
2
$474 - $658$466 - $637
The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)0.5% - 3.0%0.5% - 2.3%
1Mixed-use excludes adjoining properties located at Sylvia Park for the purpose of the table above.
2Weighted average by property.

Kiwi Property Interim Report FY2425
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.
30 September 2023
Adopted
value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,998,064
Impact of assumption change ($000)73,900(67,900)32,000(31,000)
Impact of assumption change (%)3.7(3.4)1.6(1.6)
Office
Actual valuation ($000)829,000
Impact of assumption change ($000)39,500(36,000)16,000(15,000)
Impact of assumption change (%)4.8(4.3)1.9(1.8)
Retail
Actual valuation ($000)138,950
Impact of assumption change ($000)5,500(6,700)3,200(3,100)
Impact of assumption change (%)4.0(4.8)2.3(2.2)
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)
Retail
Actual valuation ($000)138,575
Impact of assumption change ($000)6,100(6,500)2,400(2,300)
Impact of assumption change (%)4.4(4.7)1.7(1.7)

Kiwi Property Interim Report FY2426
3.3 Funding
3.3.1
 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2023
$000
31 Mar 2023
$000
Bank loans - total facilities950,0001,000,000
Bank loans - undrawn facilities(345,000)(494,000)
Bank loans - drawn facilities - non-current605,000506,000
Fixed-rate green bonds - current-125,205
Fixed-rate green bonds - non-current500,365499,916
Fixed-rate green bonds - amortised cost500,365625,121
Interest bearing liabilities1,105,3651,131,121
30 Sep 2023
$000
31 Mar 2023
$000
Face value of fixed-rate green bonds - current-125,000
Face value of fixed-rate green bonds - non-current500,000500,000
Face values500,000625,000
30 Sep 2023
$000
31 Mar 2023
$000
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)5.52%5.18%
Weighted average term to maturity for the combined facilities3.6 years3.8 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.
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 2023, the Group decreased the overall bank facilities from $1 billion to $950 million.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the six months
ended 30 September 2023 and year ended 31 March 2023, the Group was in compliance with all of its financial covenants.

Kiwi Property Interim Report FY2427
3.3.1
 Interest bearing liabilities (continued)
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. The Charging Group comprises Kiwi Property Group Limited and its subsidiaries
that are party to the Global Security Deed as guarantors. At the date of these financial statements, the guaranteeing subsidiaries
comprise 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. 7 Limited, Sylvia Park Business Centre Limited,
Kiwi Property Te Awa Limited and Kiwi Property Centre Place Limited. The guaranteeing subsidiaries may change from time to time.
3.3.2
 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred to as
interest rate swaps).
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
30 Sep 2023
$000
31 Mar 2023
$000
Interest rate derivative assets - current2,0255
Interest rate derivative assets - non-current12,2389,595
Interest rate derivative liabilities - non-current-(1,575)
Net fair values of interest rate derivatives14,2638,025
Notional value of interest rate derivatives - fixed-rate payer - active360,000320,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting160,000225,000
Notional values520,000545,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.9 years1.5 years
Weighted average term to maturity - forward starting3.8 years4.7 years
Weighted average term to maturity2.4 years2.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
3.59%3.25%
Weighted average interest rate - forward starting
1
3.75%4.07%
Weighted average interest rate3.64%3.59%
1Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor using
valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2023: Level 2). These are based on the present
value of estimated future cash flows based on the terms and maturities of each contract and the current market interest rates
at balance date. Fair values also
reflect the current creditworthiness of the derivative counterparties. These values are verified
against valuations prepared by the respective counterparties. The valuations were based on market rates at 30 September 2023
of between 5.74% for the 90-day BKBM and 5.18% for the 10-year swap rate (31 March 2023: 5.23% and 4.30%, respectively).

4. Other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Kiwi Property Interim Report FY2428
4.1 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. As at
30 September 2023, the retail segment has been added in alignment with the Group's strategy. The comparative figures have been
reclassified on the same basis. Investment properties held for sale are included in the other segment. The Group operates in New
Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2023
Property revenue70,34231,54513,282521115,690
Less: amortisation of fixed rental increases(317)(271)(11)110(489)
Less: direct property expenses(15,715)(7,053)(3,721)(69)(26,558)
Less: ground lease expenses(35)--(17)(52)
Segment profit54,27524,2219,55054588,591
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2022
Property revenue (restated)
1
68,00632,38213,38318,032131,803
Less: amortisation of fixed rental increases(666)(46)(20)(14)(746)
Less: direct property expenses (restated)
1
(12,278)(5,928)(3,193)(4,020)(25,419)
Less: ground lease expenses(33)--(158)(191)
Segment profit55,02926,40810,17013,840105,447
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.4 for
further information.
30 Sep 23
61%
Mixed-use
27%
Office
11%
Retail
1%
Other
Segment profit
30 Sep 22
52%
Mixed-use
25%
Office
10%
Retail
13%
Other
Segment profit

Kiwi Property Interim Report FY2429
4.1 Segment information (continued)
A reconciliation of the segment profit to the loss before income tax reported in the Consolidated Statement of Comprehensive
Income is provided as follows:
6 months
6 months30 Sep 2022
30 Sep 2023Restated
1
$000$000
Segment profit88,591105,447
Property management fees2,041887
Increase in rental income resulting from straight-lining of fixed rental increases489746
Interest income37452
Net fair value loss on investment properties(81,114)(219,717)
Interest and finance charges(23,409)(20,394)
Employment and administration expenses(15,759)(15,477)
Net fair value gain on interest rate derivatives6,2386,260
Litigation settlement income-6,625
Loss on disposal of investment properties(2,438)-
Ground lease expenses classified as interest and fair value loss on investment properties52191
Loss before income tax(24,935)(135,380)
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.4 for
further information.
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
30 September 2023
Segment assets1,995,413830,160139,777144,07834,1373,143,565
Segment liabilities31,5396,5429,0291,7481,224,9501,273,808
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
31 March 2023
Segment assets1,907,673881,935140,201276,24232,3713,238,422
Segment liabilities32,9134,8968,0794,3941,254,6551,304,937
All assets are allocated to reportable segments other than cash and cash equivalents, interest rate derivatives and property, plant and
equipment, which are included in 'all other segments'.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives, which are included in 'all other segments'.

Kiwi Property Interim Report FY2430
4.2 Commitments
The following costs have been committed to but not recognised in the consolidated financial statements as they will be incurred in
future reporting periods:
30 Sep 2023
$000
31 Mar 2023
$000
Development costs at Sylvia Park60,497113,951
Development costs at LynnMall-2,937
Development costs at ASB North Wharf892-
Development costs at Vero Centre1,317-
Development costs at The Plaza14,104-
Drury infrastructure4,4866,071
Capital commitments81,296122,959
4.3 Subsequent events
On
20 October 2023, the Group amended the gearing ratio set out in the Master Trust Deed by increasing the ratio from 45% to 50%.
On 1 November 2023, the Group extended the term of the facilities and added Industrial and Commercial Bank of China Limited,
Auckland Branch (ICBC) to the banking suite. The new weighted average term of all debt facilities (calculated on a 30 September 2023
pro-forma basis) is 4.1 years.
On 24 November 2023 the Board declared a dividend for the period of 1 July 2023 to 30 September 2023 of 1.425 cents per share
(cps) (equivalent to $22.7 million), together with imputation credits of 0.227 cps. The dividend record date is 5 December 2023 and
payment will occur on 20 December 2023.

Independent auditor's
review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property Interim Report FY2431
Conclusion
We have reviewed the consolidated interim financial statements (‘interim financial statements’) of Kiwi Property Group Limited
(‘the Company’) and its controlled entities (‘the Group’) which comprise the consolidated statement of financial position as at
30 September 2023, and the consolidated statement of comprehensive income, statement of changes in equity and statement of
cash flows for the six months ended on that date, and a summary of significant accounting policies and other explanatory information
on pages 9 to 30.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Group do
not present fairly, in all material respects, the financial position of the Group as at 30 September 2023 and its financial performance
and cash flows for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review
of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the
annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in Kiwi Property Group Limited or its controlled entities.
Directors' responsibility for the interim consolidated financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the
directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken
as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we might identify in an audit. Accordingly we do not express an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company’s shareholders as a body, for
our engagement, for this report, or for the conclusions we have formed.
Andrew Boivin
Partner
for Deloitte Limited
Auckland, New Zealand
24 November 2023

Kiwi Property Interim Report FY2432
Company
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
Auckland 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
Bond supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
Security trustee
New Zealand Permanent Trustees Limited
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
Registrar
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
Auditor
Deloitte Limited
Deloitte Centre
80 Queen Street
Private Bag 115003
Auckland 1010
T: +64 9 303 0700
W: deloitte.co.nz
Bankers
•
ANZ Bank New Zealand
•
Bank of New Zealand
•
China Construction Bank (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand

kp.co.nz

---

NZX RELEASE
27 November 2023
KPG drives robust performance amid strategic
transformation
•Net rental income: $89.1m (-16.2%. +2.5% like-for-like)
•Operating profit before tax: $52.4m (-26.7%. -1.0% like-for-like)
•Net loss after tax: -$36.5m (+75.8%. +76.6% like-for-like)
•Adjusted funds from operations: $48.6m (-25.4%. -0.2% like-for-like)
•Net tangible assets per share: $1.17 (-4.9%)
•Interim dividend: 2.85 cents per share (+0%)
K
iwi Property released its interim results for the six months ended 30 September 2023
(1H24) today, announcing a robust asset performance and further momentum on its
portfolio transformation programme, despite economic headwinds.
B
uilding a stronger portfolio
T
he company made solid progress on its strategy of creating and curating retail-led
mixed-use properties at key transport nodes in 1H24. The location and favourable
zoning of key strategic assets including Sylvia Park, LynnMall, The Base and Drury are
expected to accelerate their densification and growth, helping to boost valuations and
performance over time.
K
iwi Property’s asset sales programme delivered over $127 million in 1H24, following the
disposal of Westgate Lifestyle and the Sylvia Park IKEA site. Chief Executive Officer, Clive
Mackenzie, said the company’s capital recycling activity would help create a higher
quality and more profitable asset base.
“
By disposing of our non-core, capital-intensive assets and reinvesting the proceeds into
opportunities such as Drury and build-to -rent, we will build a greener, more resilient and
lower-risk portfolio. While this capital recycling activity has resulted in a temporary
decline in revenue, the steps we’re taking will promote greater tenant demand, better
rents, lower seismic costs and improved returns for our shareholders.”
F
inancial performance
K
iwi Property experienced a 16.2% reduction in net rental income to $89.1 million in
1H24 following the aforementioned asset sales, while operating profit before tax
decreased 26.7% to $52.4 million and adjusted funds from operations (AFFO) was down
25.4% to $48.6 million.
W
hen viewed on a like-for-like
1
basis however, net rental income rose 2.5%, while AFFO
declined a marginal 0.2%, highlighting the company’s resilience through the first half of
the financial year. Like-for-like operating profit before tax decreased by 1.0%, driven by
higher interest costs.

2
Valuations in focus

Further to the announcement by Kiwi Property on 25 September 2023, capitalisation
rate increases underpinned a 2.5% or $81.1 million reduction in the fair value of the
company's investment portfolio in 1H24. Mixed-use assets were down 1.1% or $21.3
million, while global sector headwinds saw the office portfolio decrease 5.9% or $52.4m.
The decline in asset values contributed to a net loss after tax of $36.5 million. Kiwi
Property’s mixed-use, office, retail and other properties were valued at $3.1 billion as at
30 September 2023.

“The reduction in the value of our investment portfolio is disappointing but reflects the
recent downturn in the property cycle. On a more positive note, it’s encouraging to see
the increased stabilisation of our mixed-used asset values, where rental growth has
helped offset capitalisation rate softening. For example, The Base has defied the
economic conditions to increase in value by 3.7% through the period,” says Mackenzie.

Robust rental and sales growth

Kiwi Property completed almost 350 leasing transactions in the first half of FY24,
delivering a 4.5% total uplift on new mixed-use leases, renewals and rent reviews. New
office leases and renewals were up 13.9%. Kiwi Property’s ability to drive rental growth in
the challenging climate reflects the performance and productivity of its tenancies.
Sales across the company’s mixed-use and retail centres grew 14.9% to $2.1 billion in
the 12 months to 30 September 2023.

Disciplined capital management

Kiwi Property maintained its focus on proactive capital management over recent
months, including amending its bond gearing covenant from 45% to 50% in October
2023, a move supported by 99.8% of voting bondholders. The amendment brings Kiwi
Property in line with other listed property entities in the sector while also providing
consistency across its bond and banking covenants. Kiwi Property’s gearing was 35.3%
on 30 September 2023, up 30bps on FY23.

“We’re committed to maintaining a solid balance sheet and have taken steps over
recent periods to put the company in an even more resilient financial position,
including asset sales a nd being disciplined about non-essential capital expenditure. The
successful delivery of our exciting Sylvia Park BTR and Drury projects remain a priority,
and securing suitable third-party funding will be important for any new major
developments,” says Mackenzie.

Continued progress on build-to-rent

Construction of Kiwi Property’s build-to -rent (BTR) development at Sylvia Park continued
in 1H24, with the building’s three structures topped off in August 2023. Work is underway
on fit-outs of the scheme’s 295 studio, one, two and three-bedroom apartments ahead
of a scheduled opening from May 2024. Strong inbound migration, high borrowing costs
and a decline in building consents are expected to promote demand for rental
accommodation in the short to medium term, accelerating growth in the BTR sector.

3
Kiwi Property will release its new BTR brand, Resido, to the consumer market in the
coming weeks. The aspirational proposition will be advertised across a range of
marketing channels and consumer touch points, helping to stimulate tenant demand.
Kiwi Property expects the lease-up of its Sylvia Park BTR project to take 12-18 months.

Sustained ESG momentum

Kiwi Property made further progress on its sustainability agenda in 1H24, as it continued
towards its ambition of being net carbon negative in its operations by 2030. T he
company was awarded a score of 79 out of 100 by the Global Real Estate Sustainability
Benchmark in October 2023, reflecting its strong ESG credentials. As part of Kiwi
Property’s focus on increasing the wellbeing of people in and around its communities,
the company also recently launched a campaign designed to bring people together
and connect over a cup of coffee. Over 8,000 people participated in the initiative,
raising funds for the Mental Health Foundation and driving sales for Kiwi Property’s food
and beverage retailers.

Dividend and guidance

Kiwi Property will pay a cash dividend of 1.425 cents per share for the second quarter of
FY24 on 20 December 2023, taking the interim cash dividend payment to 2.85 cents per
share. The dividend reinvestment plan will not operate for Q3 FY24 and will be
reassessed by the company on a quarterly basis. Kiwi Property today also reiterated its
dividend guidance at 5.70 cents per share for FY24
2
, which it expects to be within its
target payout range of 90-100% of AFFO.
FY24 Outlook

Kiwi Property Chair, Simon Shakesheff, said: “ We’re pleased to maintain our dividend,
despite the challenging economic conditions, in line with our focus on delivering for our
shareholders. Our like-for-like operational results reflect the resilience of the business,
and it’s encouraging to see leasing spreads and pedestrian counts rising. The retail
sector continues to perform better than many had expected, and we’re well-
positioned to benefit from this trend, given our excellent portfolio of retail-led mixed-use
assets.

“As always, closely managing our balance sheet and executing our strategic
transformation remains a priority. We’re working hard to complete the Sylvia Park BTR
scheme, progress earthworks at Drury and secure the capital to support our ambitions.
By delivering on this agenda and continuing to grow earnings, we will help drive value
and returns for investors.”

Additional information

Kiwi Property has today also released an Interim Results Presentation, which is available
for download on the company’s website, kp.co.nz or from nzx.com.

ENDS

Notes:

4

General: Net rental income, operating profit before tax and adjusted funds from
operations are non-GAAP performance measures. Refer to the Kiwi Property Interim
Results Presentation for the six months ended 30 September 2023 for details. 1: Like-for-
like results exclude the impact of asset sales and COVID-19 adjustments. 2: Dividend
guidance and payments are contingent on the company’s financial performance
through the financial year and barring material adverse events or unforeseen
circumstances.

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

---

Annual Results
Presentation FY23
•22 May 2023
Interim Results
Presentation
27 November 2023
For the six months ended 30 September 2023

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

Contents
3
Section
Page
Business highlights and financial results4
Development update15
FY24 priorities23
Appendix 1: Property update25
Appendix 2: Financial update43
Glossary61
This interim results presentation for the six months ended 30 September 2023 should be read in conjunction with the NZX announcement and consolidated financial statements released on 27 November 2023. Refer to our
website kp.co.nz or nzx.com. Property statistics within this presentation represent owned assets only; property interests managed on behalf of thirdparties are excluded. Unless otherwise indicated, all of the numerical data
provided in this presentation is stated for thesix months ended and/or as at 30 September 2023. All amounts are in New Zealanddollars. Sylvia Park Precinct comprises Sylvia Park Shopping Centre, ANZ Raranga, 3 Te Kehu
Way, the residual value of Sylvia Park build-to -rent, Sylvia Park Lifestyle and the adjoining properties. Due to rounding, numbers within this presentation may not add up precisely to the totals provided and percentages may not
precisely reflect the absolute figures. The non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other
entities. The interim consolidated financial statements, which contain GAAP financialinformation, have been subject to review procedures by Deloitte. Refer to the Glossary and Appendix 2 for the definitions and
determination of non-GAAP measures.

4
Business highlights
and financial results

Our strategy for growing returns for shareholders
5
Ambition:
To be New
Zealand’s leading
creator and curator
of retail-led mixed-
use communities
Lead the market
on retail-led
mixed-use
Grow with
diverse sources
of capital
Enable
customer and
partner success
Build a
future fit
business
•Focus on retail-led mixed-use
properties at key transport nodes.
•Prioritise strategic assets with strong
redevelopment and value-creation
potential.
•Maximise the performance and
earnings of our assets, through active
leasing and asset management.
•Recycle capital from the sale of non-
core assets into new developments
forecast to deliver superior returns over
time.
•Create a higher-quality, more resilient,
greener and lower-risk asset portfolio.

Kiwi Property’s strategic advantage
A leading portfolio of assets, with favourable zoning at key transport nodes
6
LynnMall
Sylvia Park
Drury
Existing train station Planned train station
Zoning: Business - Metropolitan
Centre
Transit time: New Lynn to Auckland
CBD: ~23 mins (post City Rail Link)
Zoning: Business - Metropolitan
Centre
Transit time: Sylvia Park to Auckland
CBD: ~30 mins (post City Rail Link)
Zoning: Business - Metropolitan
Centre
Transit time: Drury to Auckland
CBD: ~50 mins expected
The Base
Zoning: Sub-regional Centre

7
+$280m
+16.5%
Total portfolio sales (MAT)
1
Mixed-use sales (MAT)
1
Maximising the operational performance of our assets
Sales and rental growth continues, despite economic headwinds
+5.1m
Mixed-use customer visits (LTM)
1
~350
+4.5%
Total leasing transactions
Mixed-use rent reviews and new
leases
+13.9%
Office new leases
1: Versus the prior comparable period.

Unlocking value at our retail-led mixed-use assets
Delivering new stores and diversifying revenue streams
8
Leveraging the power of
our portfolio
JD Sports expands its store
footprint from Sylvia Park to
The Base and LynnMall
JB Hi-Fi, Footlocker and
Mecca all move into new or
bigger stores at The Base
New Zealand’s largest 3D
capable video out-of-home
screencomes to Sylvia Park
Continuing to strengthen
the retail mix
Growing advertising
income
Delivering brilliant brand
activations
In-centre activations
delivered for brands such as
Samsung, Red Bull, Lancôme

Delivering on our sustainability strategy
Kiwi Property continues to drive strong ESG performance
Kiwi Property’s mental
wellbeing initiative brings 8,000
New Zealanders together
Residoawarded
8 Homestar Designrating
Sylvia Park leads the market
with NABERS pilot energy
rating
9

Interim financial results 2024
10
Net rental
income
Operating
profit
before tax
Net loss
after tax
Adjusted
funds from
operations
September 2023:
reported
$89.1m$52.4m-$36.5m$48.6m
September 2022:
reported
$106.4m$71.5m-$151.1m$65.2m
Movement:
reported
-$17.3m
-16.2%
-$19.1m
-26.7%
+$114.5m
+75.8%
-$16.6m
-25.4%
September 2023:
like-for-like
$88.8m$51.3m-$32.2m$47.6m
September 2022:
like-for-like
$86.6m$51.8m-$137.7m$47.7m
Movement:
like-for-like
+$2.2m
+2.5%
-$0.5m
-1.0%
+$105.5m
+76.6%
-$0.1m
-0.2%
•We continue to rebalance our portfolio
towards assets that we expect will be more
resilient and higher performing over time.
•Decrease in reported net rental income,
operating profit before tax and AFFO follows
the disposal of Northlands, 44 The Terrace,
Westgate Lifestyle and sale of land to IKEA in
FY23 and 1H24.
•Like-for-likeresults exclude the impact of asset
sales and COVID-19 adjustment.
•Net rental income up 2.5% on a like-for-like
basis, driven by a strong performance from our
mixed-use assets.Like-for-like AFFO down
marginally due to higher interest costs.
•Net loss after tax includes an $81.1m (2.5%)
decrease in the fair value of the company’s
investment properties, driven by capitalisation
rate softening.
•For more information, see Appendix 2.9.

General note: All sales include GST.Sales are for the 12 months to 30 September 2023. Comparative figures may vary from what has been
reported previously as sales figures are updated as annual audited sales are received. 1: Mixed-use sales include all reported sales provided
by tenants at Sylvia Park, Sylvia Park Lifestyle, The Base Te Awa, The Base LFR and LynnMall. Calculated on a MAT basis 2: Total portfolio sales
are made up of mixed-use sales plus Centre Place North and The Plaza. 3. Mixed-use specialty sales comprise Sylvia Park, LynnMall and The
Base Te Awa. Total specialty sales comprise mixed-use specialty sales plus The Plaza and Centre Place North.
Retail sales
•Mixed-use centres include Sylvia Park,
LynnMall and The Base.
•Total portfolio includes the mixed-use centres
plus Centre Place North and The Plaza.
•We have seen a positive performance from
all centres, resulting in total sales growth of
+14.9% or $0.28b.
•Growth has occurred across all categories,
with the best performers being commercial
services and mini-majors.
11
Mixed-use
1
Total portfolio
2
Twelve months
ended
30 Sep 202330 Sep 202230 Sep 202330 Sep 2022
Total sales
$1.77b
$1.52b
$2.13b
$1.85b
Total sales growth
16.5%
10.5%
14.9%
8.5%
Specialty sales
(per sqm)
3
$12,900
$10,646
$12,000
$8,498
Specialty GOC
3
12.8%
15.0%
12.7%
14.5%

3.7%
Total rental growth
FY23:4.8%
98.8%
Occupancy
FY23:99.2%
4.1 years
Weighted average lease expiry (WALE)
FY23:4.2 years
Mixed-use, office and retail leasing activity
Rental growth
•Overall rental growth from mixed-use, office and retail
leasing activity was +3.7%,with newleasing +2.1%and
rent reviews +4.1%.
•Strong uplift in leasing spreads for new lease deals across
the mixed-use portfolio +4.1%, led by Sylvia Park Precinct
and The Base, at +8.1%and +3.1%,respectively.
•17% of our portfolio is on CPI-based rent reviews, helping
drive robust rental growth.
Occupancy and WALE
•Around 80% of net lettable area at 3 Te Kehu Way is now
leased or under advanced negotiation, with the
balance under negotiation.
•Excluding 3 Te Kehu Way, portfolio occupancy is 99.5%.
12

5.52%3.6years
Weighted average
cost of debt
Weighted average
term to maturity of debt
FY23: 5.18%FY23: 3.8 years
$3.1b35.3%
Property assetsGearing
FY23: $3.2bFY23: 35.0%
Capital management and balance sheet
•Increase in weighted average cost of debt reflects the
rising interest rate environment.
•KPG030, KPG040 and KPG050 bond gearing covenants
successfully raised from 45% to 50% in October 2023,
providing additional flexibility and bringing the
company’s debt covenants into line with the market.
•Asset sales delivered $127.1m in recycled capital in
1H24.
•Kiwi Property holds a BBB+ issue rating (fixed-rate green
bonds) and a BBB (negative) issuer credit rating from
S&P.
•Refinance was completed in November 2023:
•Bank facilities maintained at $950m.
•ICBC has been added, taking the banking
suite to eight banks.
•Weighted average term of all debt facilities
extended to 4.1 years (calculated on a 30
September pro-forma basis).
13
$1.17
Net tangible assets per share
FY23: $1.23

3.08cps92%
AFFOAFFO payout ratio
-1.07 cps (-25.7%)
AFFO, dividend and guidance
•AFFO per share decreased 25.7%, driven by asset sales,
rising interest rates, and the positive impact of COVID-19
adjustments in the prior period. When viewed on a like-
for-like basis, the decrease in AFFO was 0.2% (versus
1H23).
•The DRP will not operate in Q3 FY24 and will be
reassessed on a quarterly basis.
•While FY24 earnings include the impact of asset sales
and higher interest costs, Kiwi Property confirms FY24
cash dividend guidance of 5.70cps
2
. This is expected to
be within the target payout range of 90-100% of AFFO.
14
1.425cps2.85cps
Quarterly cash dividend
1
YTD interim cash dividend
1: For the three-month period ended 30 September 2023. 2:FY24 dividend guidance and payments are contingent on
Kiwi Property’s financial performance through the financial year and barring material adverse events or unforeseen
circumstances.
5.70cps
FY24 dividend guidance
2

Development
update
15

Build-to-rent (BTR) is growing quickly internationally
Capital inflows to BTR overseas highlight potential trajectory in New Zealand
16
0
5,000
10,000
15,000
20,000
25,000
201720182019202020212022202320242025202620272028
0
50,000
100,000
150,000
200,000
250,000
300,000
Units completedUnder constructionPlanning phaseTotal
20162022
UK: BTR Pipeline 2016 vs Q3 2022Australia: BTR apartments (in operation) - cumulative
•Australia’s BTR sector is expected to increase fourfold by
2028, to over 23,000 apartments
1,2
•The UK BTR sector has grown from 47,240 units in 2016 to
240,200 units in 2022 (+508%)
1,2
1: Source: A new form of housing supply for Australia: Build to Rent housing Prepared for Property
Council of Australia Pty Ltd. 2: Includes homes that are completed, under construction or in planning.
•Strong growth in BTR internationally provides confidence in the sector’s prospects in New Zealand, including its ability to attr act
new capital.

0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2013201820232028203320382043
Number of Renters
Renting demographics
4
15-3435-4950-6970+
Market conditions are contributing to the rise in renting
BTR has the potential to benefit significantly from broader rental growth
17
-50,000
0
50,000
100,000
150,000
200,000
250,000
Aug-03Aug-04Aug-05Aug-06Aug-07Aug-08Aug-09Aug-10Aug-11Aug-12Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19Aug-20Aug-21Aug-22Aug-23
New Zealand net migration
1
Migrant arrivalsMigrant departuresNet migration
0%
10%
20%
30%
40%
50%
60%
0
2
4
6
8
10
12
14
Q2 2008Q2 2013Q2 2018Q2 2013
Auckland housing affordability
3
Years to save depositShare of income for repayments
Q2 2023
•A sharp rise in net migration, coupled with a decline in building consents and increased cost of living, is contributing to reduced
housing affordability and a rise in the rental population, creating opportunities for BTR.
Forecast
1: Source: Stats NZ 2023. 2: Source: Stats NZ, RBNZ 2023. 3: Source: REINZ 2023. 4: Source: JLL/Stats NZ 2020. Population – Aucklanders over 15 years old
0
1
2
3
4
5
6
10,000
12,000
14,000
16,000
18,000
20,000
22,000
3/01/20183/01/20193/01/20203/01/20213/01/20223/01/2023
Auckland residential building consents vs
NZ OCR
2
Auckland residential building consents - rolling averageNZ officical cashrate
%
%
%
%
%
%
%
Number of people
Years
% of income
Consents
OCR
NZ official cash rate
Age

Auckland’s supply constraints expected to drive strong rent growth
Significant opportunity to grow returns over time
18
1.1
1.0
1.3
1.2
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
2.3
2.5
AucklandBrisbaneSydneyMelbourne
Percentage %
Apartment vacancy (2023)
3
21.4
19.6
23.6
22.4
15.0
20.0
25.0
AucklandBrisbaneSydneyMelbourne
Percentage %
Apartment annual rental growth (2023)
4
19.5
21.5
27.0
20.1
15
20
25
30
AucklandQueenslandNew South WalesVictoria
Percentage %
Rent to income proportion (2023)
1
58.4
42.4
56.0
46.5
30
35
40
45
50
55
60
65
70
AucklandQueenslandNew South WalesVictoria
Percentage %
Mortgage payment as a proportion of
income (2023)
2
1: Source: 2023 CBRE, REIA. 2: Source: 2023CBRE, REIA. 3: Source: CBRE – Auckland at Oct 23, Australian comparatives
at Sept 23.4: Source: 2023 CBRE, MBIE, Domain.

Sylvia Park BTR progress continues
Resido on track for opening from May 2024
19
•Construction of Resido Lynton continues at pace.
Buildings were ‘topped out’ in August 2023 and internal
fitouts are now underway.
•Ancillary revenue streams being developed, including
parking leases, storage rental, furniture rental and
utilities recoveries (cleaning, power and internet).
•Return forecast reflects a 12-18 month lease-up period,
97.5% stabilised occupancy and 65% annual tenant
retention.
•Resido provides the opportunity to ‘prove up’ the
BTRconcept to the market, build investor confidence
and stimulate interest from the range of capital partners
seeking a foothold in the sector.
Project metrics
Projected opening date
From May 2024
Target sustainability rating
8 Home Star
Total project cost
$245m
1
Cost to complete
$89.0m
Net operating income
$11.7m
2
Ancillary income
$1.7m
2,3
Target operating expense ratio
22% - 25%
2
Projected yield on cost
4.50% - 5.00%
2
Projected property IRR (10 year)
7.75% - 8.25%
Apartment summary
ConfigurationNo.
Avg. Internal floor
area
Avg.
balcony area
Studio (1 bath)1243 sqm9 sqm
1 Bed (1 bath)17751 sqm9 sqm
2 Bed (2 bath)10179 sqm8 sqm
3 Bed (2 bath)5111 sqm22 sqm
Total29562 sqm9 sqm
1. Forecast cost at completion. 2. Stabilised (year 3). 3. Includes parking, storage, utilities, furniture income and a ~$550k
halo benefit.

Conditions support development at Drury
Kiwi Property is well-placed to benefit from regional growth
20
The wider Drury area is earmarked for substantial development over the
next 20 - 30 years, underpinned by Central Government financial support
towards critical infrastructure upgrades.
A range of factors support Kiwi Property’s development at Drury:
1.Scale: the wider Drury area is expected to be home to 60,000 people
over the next 30 years
1
.
Our Stage 2 site is the same size as Sylvia Park.
2.Funding: $2.7b of government-funded transport enhancements
underway in the wider Drury area.
3.Connectivity: Kiwi Property’s site is adjacent to State Highway 1, with a
new train station being constructed next to our landholding.
4.Zoning:Kiwi Property’s landholding rezoned as mixed-use metropolitan
centre, allowing construction up to 72 metres high.
5.Sustainability: 5 Green Star Community rating targeted, supporting
Kiwi Property’s ESG ambitions and responding to consumer demand.
6.Master planning: Significant ability to control development outcomes
enabling Kiwi Property to build a consistently high-quality community.
1: Source: Auckland Council Drury-Opaheke Structure Plan 2019.

Drury development continues
Stage 1 residential and large format retail move closer to fruition
21
•Stage 1 2023/2024 summer earthworks
season underway.
•Potential sale of residential super-lots and
large format retail (LFR) sites and/or joint
ventures or external capital partnerships
will help fund development.
•Discussions taking place with a range of
major LFR retailers and home builders
regarding opportunities at Drury.
•Kiwi Property's objective is to maximise
returns from Stage 1 land sales and
develop and hold the Drury town centre
(Stage 2), at an attractive entry price.

Unlocking AFFO and earnings at Drury
Drury has the potential to produce attractive long-term returns for shareholders
22
Key metricsStage 1Stage 2
Total
project
Gross land area
53.3ha
Acquisition cost
$55.2m
Costs incurred to date
$25.1m
3
Current market value (Sep 2023)
$135m
Saleable land area20.0ha13.8ha
33.8ha
% of total saleable land area59%41%
100%
Capex remaining post 30 September
1,2,3
~$85m~$65m
~$150m
Estimated land receipts
1,2
~$210m~$150m~$360m
Target land development property IRR
15-20%
Target town centre property IRR
8-12%
Estimated average annual FY26-FY29 AFFO
impact
5
+0.50-
+0.60 cps
1. Stage 1 land receipts and capex allowances reflect the sale of fully serviced super lots. Stage 2 allowances assume the Stage2 land is held
as a single 19.2ha raw development block for future development (i.e. assuming no internal roading or services provision within the Stage 2
land). 2.Land receipts and capex are presented on a real basis, i.e. before inflation allowances. 3. Capex excludes development
management fees and capitalised interest. 4. IRR calculated on a 10-year basis. 5. The annualFY26 – FY29 AFFO impact is calculated based
on the estimated average after-tax profit from Stage 1 land sales over FY26 –FY29, assuming sales at an average of ~$1,050 per sqm. The
number of shares as at 30 September 2023 is held constant and the land sales are assumed to be recorded in revenue and cost of sales for
accounting purposes.

23
FY24 priorities

FY24 priorities
We have a clear set of objectives and focus on delivering for shareholders
24
Proactively manage
capital:
•Strict capital management
•Ensure balance sheet
flexibility
Position Kiwi Property
for the future:
•Advance Drury Stage 1
earthworks
•Complete Yardi ERP
implementation
Prepare for BTR
launch:
•Progress Sylvia Park BTR
development, with aim of
May 2024 launch
•Establish BTR operating
platform
Maintain operational
excellence:
•Grow sales, rents,
occupancy and GOCs
•Drive cost control
Deliver returns for shareholders

Appendix 1:
Property update
25

Contents
26
AppendixSlidePage
1.1Our investment portfolio27
1.2Investment portfolio summary28
1.3Net rental income29
1.4Portfolio statistics30
1.5Capitalisation rate history31
1.6Geographic diversification32
1.7Sector and tenant diversification – property portfolio33
1.8Mixed-use portfolio diversification34
1.9Office portfolio diversification35
1.10Retail portfolio diversification36
1.11Rent reviews and new leasing37
1.12Lease expiry profile38
1.13Tenant diversification39
1.14Retail sales40
1.15Retail sales by property41
1.16Retail sales by category42

1.1 Our investment portfolio
27
Sylvia Park Lifestyle
Vero Centre
ANZ Raranga (Sylvia Park Precinct)
LynnMall
The Base
ASB North Wharf
Aurora Centre
Mixed-use
Office
Retail
3 Te Kehu Way (Sylvia Park Precinct) Sylvia Park Shopping Centre

1.2 Investment portfolio summary
28
30-Sep-2331-Mar-23
Mixed-useOfficeRetailTotalMixed-useOfficeRetailTotal
Number of assets
(Appendix 1.4)
43294329
Value ($m)
1(Appendix 1.4)
1,998.1829.0139.02,966.01,912.6879.1138.62,930.3
% of total portfolio by value
(Appendix 1.7)
64274966028492
Weighted average capitalisation rates
1 (Appendix 1.4)
6.26%5.84%8.93%6.27%6.07%5.37%8.61%5.97%
Net lettable area (sqm)
(Appendix 1.4)
285,29785,83851,897423,031302,72585,47152,036440,233
Number of tenants5635917579755959178796
% investment portfolio by gross income622711100622711100
Occupancy (by area)
2 (Appendix 1.4)
98.5%99.9%98.2%98.8%99.7%98.4%98.3%99.2%
Weighted average lease expiry (by income)
(Appendix 1.4)
3.5years6.1years2.7 years4.1 years3.6years6.4years2.7 years4.2years
The following notes apply to all of Appendix 1 (where applicable): 1: The value excludes the gross up of lease liabilities required by NZ IFRS 16 Leases. At 30-Sep-23, investment portfolio excludes development
land with a value of $135m(4%of total portfolio value). At 31-Mar-23, data has been restated to include the retail portfolio so that the comparative is like-for-like.2: Vacant tenancies with currentor pending
development works are excluded from the occupancy statistics. At 30-Sep-23 figures excluded 1,234sqm at The Base and 3,071sqm of properties adjoining Sylvia Park.At31-Mar-23, figures excluded 1,234sqm
at The Base, and 16,163sqm of properties adjoining Sylvia Park.General note 1: Kiwi Property owns 100% of all assets except The Base and Centre Place North, which are 50% owned. General note 2: Mixed-use
assets comprise Sylvia Park Precinct (where Sylvia Park Lifestyle, and the balance of the Sylvia Park Precinct, are counted as t wo assets), LynnMall and The Base.

1.3 Net rental income
29
•Net operating income (NOI) decreased $16.8m
(-16.0%) on the prior period, driven primarily by asset
disposals.
•Excluding assets sold, NOI has decreased by -$1.5m
(-1.8%), primarily due to the positive benefit of COVID
rental abatements in the previous period.
•NOI has been adjusted to reflect changes in
accounting for abatements of past due rent.
•Excluding the impact of rental abatements in the prior
period, and asset sales, net rental income increased
by $2.2m (+2.5%).
Six months ended
30-Sep-23
30-Sep-22
(restated)
variance
$m$m$m%
Sylvia Park
28.7 29.1 -0.4-1.5
ANZ Raranga
2.5 2.6 -0.1-1.5
3 Te Kehu Way
0.3 -0.3N/A
Sylvia Park Lifestyle
2.6 2.7 -0.1-4.8
Adjoining properties
2.3 2.2 0.1+6.1
Sylvia Park Precinct36.4 36.6 -0.2-0.4
LynnMall10.4 10.9 -0.5-4.3
The Base7.4 7.4 0.0+0.5
Mixed-use portfolio54.3 54.9 -0.6-1.1
Vero Centre12.7 12.9 -0.2-2.0
ASB North Wharf7.2 7.3 -0.1-1.9
The Aurora Centre4.5 4.5 0.0+0.5
Office portfolio24.3 24.7 -0.4-1.5
Centre Place - North1.5 1.7 -0.2-14.7
The Plaza8.0 8.3 -0.3-4.3
Retail portfolio9.4 10.1 -0.7-6.1
Net operating income (before disposals)88.1 89.6 -1.5 -1.8
Properties sold
1
0.4 15.7 -15.3-97.2
Net operating income (after disposals)88.5 105.3 -16.8 -16.0
Straight-lining of fixed rental increases
0.5
0.7
-0.2-34.6
Other net income
0.1
0.1
0.0-6.6
NZ IFRS 16 expense reclassifications0.1 0.2 -0.1-72.8
Net rental income89.1 106.4 -17.3-16.2
1. Includes Westgate Lifestyle and the IKEA land (sold in the period ended 30 September 2023), and Northlands, 43 Langdons
Road and 44 The Terrace (sold in the period ended 31 March 2023). The prior period has been recategorised on the same basis.

1.4 Portfolio statistics
30
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2331-Mar-2330-Sep-2331-Mar-2330-Sep-2331-Mar-2330-Sep-2331-Mar-2330-Sep-2331-Mar-23
Sylvia Park1,012.01,012.05.885.7594,28094,20599.299.83.53.8
ANZ Raranga90.096.56.005.5011,62011,620100.0100.05.25.7
3 TeKehu Way
1
56.451.86.255.757,248N/A67.2N/A6.7N/A
Sylvia Park Lifestyle85.086.06.506.1316,57816,578100.0100.04.23.2
Adjoining properties
2
342.3264.1N/AN/A30,73155,575100.0100.02.02.2
Sylvia Park Precinct1,585.71,510.35.945.75160,457177,97898.099.93.73.8
LynnMall208.0206.07.387.2536,80536,52598.899.12.72.9
The Base204.4196.37.137.0088,03588,223100.099.33.53.6
Mixed-use portfolio1,998.11,912.66.266.07285,297302,72598.599.73.53.6
Vero Centre467.0484.1
5.505.1339,71339,718100.098.53.63.9
ASB North Wharf214.0230.06.135.6321,62121,24999.896.37.47.7
The Aurora Centre148.0165.06.505.7524,50424,504100.0100.010.711.2
Office portfolio829.0879.15.845.3785,83885,47199.998.46.16.4
Centre Place North31.031.19.139.0019,66719,66295.695.42.42.0
The Plaza108.0107.58.888.5032,23032,37599.099.22.82.8
Retailportfolio
3
139.0138.68.938.6151,89752,03698.298.32.72.7
Investment portfolio2,966.02,930.36.275.97423,031440,23398.899.24.14.2
Properties disposed
3
-127.1
Development land135.0133.0
Total portfolio
4
3,101.03,190.4
1.The 3 Te Kehu project completion date was 31 March 2023, with the first lease commencing in mid-April. As such, NLA, occupancy and WALE metrics were not applicable as at 31 March 2023. 2.IncludesSylvia Park BTR and the
adjoining properties.Capitalisation rate is not provided as many of the adjoining properties are valued on a land value basis. Occupancy and WALE metrics are provided for the adjoining properties that are not currently recorded
as held for development. 3: The prior year includesWestgate Lifestyle and the IKEA land. 4: Excludes the gross up of lease liabilities required by NZ IFRS 16 Leases.

1.5 Capitalisation rate history
31
6.26%
5.84%
8.93%
6.27%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23
Sep-23
Global
Financial Crisis
Christchurch
earthquakes
COVID-19
General note: Mixed-use and investment portfolio capitalisation rates fromMar-22 include Sylvia Park adjoining properties. The Sylvia Park
adjoining properties were not included prior to Sep-21. Northlands was excluded from the blended retail capitalisation rate post-Sep-20 as it was
held for sale (and subsequently sold). Westgate Lifestyle was excluded from the blended retail capitalisation rate post-Sep-22 as it was sold.

1.6 Geographic diversification
($2.61b) Auckland
Auckland region: Pop. 1,695,200
(Largest region, 33.1% of NZ)
3 x mixed-use assets
2 x office assets
1 x development land
($235m) Hamilton
Waikato region: Pop. 513,800
(4
th
largest region, 10.0% of NZ)
1 x mixed-use asset
1 x retail asset
3 x 3
rd
party management mandates
Wellington ($148m)
New Zealand’s capital city
Wellington region: Pop. 543,500
(3
rd
largest region, 10.6% of NZ)
1 x office asset
Christchurch
Canterbury region: Pop. 655,000
(2
nd
largest region, 12.8% of NZ)
1 x 3
rd
party management mandate of retail
asset
Note: Population statistics sourced from Statistics New Zealand, 2022
subnational population estimates (usually resident population count).
($108m) Palmerston North
Manawatu-Whanganui region: Pop. 258,200
(6
th
largest region, 5.0% of NZ)
1 x retail asset
Auckland
84%
Hamilton8%
Wellington5%
Palmerston North3%
Geographic diversification
by portfolio value
32

1.7 Sector and tenant diversification –property portfolio
33
Sector diversification
by portfolio value
Tenant diversification
by investment portfolio gross income
Mini-majors14%
Department stores and DDS6%
Legal6%
Financial services4%
Supermarkets2%
Home and living majors0%
Mixed-use64%
Office27%
Retail4%
Other4%
Specialty stores43%
Banking9%
Government6%
Consultancy and other5%
Insurance3%
Cinemas2%

1.8 Mixed-use portfolio diversification
34
Geographic diversification
by mixed-use portfolio value
Property type
by mixed-use portfolio value
Tenant diversification
by mixed-use portfolio gross income
Specialty stores54%
Mini-majors22%
Departmentstores and DDS8%
Other5%
Supermarkets3%
Banking3%
Cinemas3%
Insurance1%
Home and living majors1%
Regionalcentres
1
84%
Other
2
12%
Large format centres4%
1:Includes ANZ Raranga, 3 Te Kehu Way
and BTR. 2:Includes Sylvia Park adjoining
properties.
Auckland 90%
Hamilton10%

1.9 Office portfolio diversification
35
Property type
by office portfolio value
Geographic diversification
by office portfolio value
27%
Tenant diversification
by office portfolio gross income
Premium56%
A-grade campus26%
A-grade18%
Banking27%
Legal20%
Government20%
Financialservices12%
Insurance10%
Other5%
Specialty stores3%
Consultancy2%
Auckland 82%
Wellington18%

1.10 Retail portfolio diversification
36
Geographic diversification
by retail portfolio value
Property type
by retail portfolio value
Tenant diversification
by retail portfolio gross income
Specialty stores75%
Department stores and DDS13%
Supermarkets4%
Mini-majors4%
Government2%
Cinemas1%
Regional centres78%
Sub-regional22%
Palmerston North78%
Hamilton22%

1.11 Rent reviews and new leasing
37
Rent reviewsMixed-useOfficeRetailTotal
No.1843146261
NLA (sqm)67,29228,0059,281104,578
% investment portfolio NLA167225
Rental movement (%)+4.7+2.9+4.1+4.1
Compound annual growth (%)+4.7+2.7+4.1+4.0
Structured increases (% portfolio)978810094
New leases and renewals
No.5522784
NLA (sqm)14,0771,5284,53920,144
% investment portfolio NLA3015
Rental movement (%)+4.1+13.9-6.3+2.1
WALE (years)4.66.04.74.7
Total (excl. development
leasing)
No.2393373345
NLA (sqm)81,36929,53313,821124,723
% investment portfolio NLA197329
Rental movement (%)+4.5+3.5+0.1+3.7
Rent reviews
•High percentage of structured reviews (94%) provided
consistent uplift, averaging +4.0% on a compound
annual basis across the investment portfolio.
New leasing
•New mixed-use leasing was up +4.1% and office
+13.9%, reflecting the quality and demand for space
across our portfolio.
Total
•Mixed-use and office rental spreads were +4.5% and
+3.5% at half-year end respectively, a robust result –
particularly when viewed alongside the continued low
levels of vacancy across the portfolio.
General note 1: 3 Te Kehu Way is excluded from the analysis. This property was completed 31 March 2023 and, as such, there is no
prior rental with which to benchmark rental uplift. General Note 2: Leasing statistics are not adjusted to reflect Kiwi Property’s
ownership interest.

Mixed-use
•Mixed-use expiries remain relatively steady over
the next five years.
Office
•The longer-dated WALE of the office portfolio
means 60% of gross office income expires in FY29
and beyond.
Investment Portfolio
•Only 6% of the investment portfolio is
currentlyvacant or on holdover, providing
significantstability.
1.12 Lease expiry profile
38
6%
7%
15%
10%
11%
13%
38%
0%
10%
20%
30%
40%
50%
60%
Vacant or
holdover
FY24FY25FY26FY27FY28FY29+
Lease expiry profile
% of investment portfolio gross income
Key:
Mixed-useRetailOffice

1.13 Tenant diversification
39
Our top 20 tenants
Top 20 tenants
% of investment portfolio gross income
ASB Bank7.6
Ministry of Social Development5.4
Farmers3.8
ANZ Bank2.2
Bell Gully2.0
Suncorp2.0
The Warehouse1.9
Woolworths NZ1.7
Russell McVeagh1.6
Kmart1.5
Just Group1.4
Hallensteins/Glassons1.3
Hoyts1.2
Craigs Investment Partners1.1
Cotton On Group1.0
Foodstuffs0.9
Whitcoulls0.9
JB Hi Fi0.8
Westpac0.8
Spark0.8
Tenant diversification
% of investment portfolio gross income
●
Department stores and DDS6.2
●
Supermarkets2.5
●
Cinemas1.8
●
Home and living major0.4
●
Mini-majors14.0
●
Fashion14.0
●
Food10.2
●
Other retail6.3
●
General5.4
●
Pharmacy and wellbeing5.3
●
Home and living1.6
Banking8.9
Government5.8
Legal5.5
Consultancy and other5.3
Insurance3.5
Financial services3.6
Total (797 tenants)100.0
occupy
48%
of investment
portfolio
area
contribute
40%
of investment
portfolio gross
income
have a weighted average
lease expiry of
5.4years
Key:MajorsMini-majorsSpecialtyOffice

1.14 Retail sales
40
•Portfolio sales exceeded $2b for the
12 months to 30 September 2023.
•Portfolio sales were +14.9% on the previous
year, driven by mini-majors and commercial
services.
•The 12 months to September 2023 saw the
opening of JD Sports at LynnMall and The
Base and the opening of JB Hi-Fi at
The Base.
General note: All sales include GST. Sales are for the 12 months to September 2023. Comparative figures may vary from what has been reported previously as sales figures are updated as annual audited sales are
received 1.Includes Sylvia Park, Sylvia Park Lifestyle, LynnMall, The Base TeAwa, The Base LFR, Centre Place North and The Plaza.2.IncludesSylvia Park, Sylvia Park Lifestyle, LynnMall, The Base Te Awa, The Base LFR.
3.Includes Sylvia Park, LynnMall and The Base TeAwa. 4. Other shopping centres includes Centre Place North and The Plaza.
For the year ended 30
Sep 2023
All centres
1
(incl. large format
centres)
Mixed-use
centres
2
(incl. large format
centres)
Mixed-use
shopping
centres
3
(excl. large
format centres)
Other
shopping
centres
4
Actual salesActual salesActual salesActual sales
Total sales (billion)
$2.13
Sep 22:$1.85
$1.77
Sep 22: $1.52
$1.44
Sep 22: $1.21
$0.36
Sep22: $0.33
Total sales growth
+14.9%
Sep 22: 8.53%
+16.5%
Sep 22: 10.51%
+18.8%
Sep 22: 9.88%
+7.7%
Sep 22: 0.25%
Like-for-like sales
growth
+12.5%
Sep 22: 1.53%
+13.5%
Sep 22:1.83%
+16.7%
Sep 22: 1.41%
+8.2%
Sep22: 0.38%
Specialty sales (per
sqm)
$12,900
Sep 22: $10,646
$9,500
Sep22: $8,900
Specialty GOC+12.8%
Sep 22: 15.0%
+11.5%
Sep 22: 13.0%
Pedestrian count
(million)
36.6
Sep 22: 30.5
+26.6
Sep 22: 21.5
+10.0
Sep 22: 9.1

•The Sylvia Park Precinct sales continue to climb
with Precinct sales exceeding $900m.
•The Base sales have now reached over $520m.
•All centressaw an increase in total sales over the
same period last year.
•Sylvia Park sales were driven by mini majors, food
and commercial services.
•The Base sales benefited from the opening of JD
Sports and JB Hi-Fi.
•LynnMall sales also benefited from the opening of
JD Sports, food and commercial services.
•The Plaza sales have stabilisedafter good growth
over the last few years.
•Centre Place North saw good results from mini-
majors and commercial services.
1.15 Retail sales by property
41
1:All figures include GST. Sales are for the 12 months to September 2023. 2: Sales data is being requested from tenants who are not
obliged to provide it under their current leases. Total sales reported are shown, but due to the changing composition of those who
do report, comparable statistics are variable.
MAT $m
1
% var
Year ended30-Sep-23vs Sep 22
Sylvia Park879.119.0%
Sylvia Park Lifestyle
2
36.40.6%
Total Sylvia Park Precinct915.518.1%
The Base Te Awa228.226.8%
The Base LFR
2
295.38.2%
Total The Base523.415.6%
LynnMall333.413.5%
The Plaza261.43.8%
Centre Place North93.620.1%
Portfolio total 2,127.414.9%

1.16 Retail sales by category
42
Year ended
MAT $m% var. from 30-Sep-22
30-Sep-23TotalLike-for-like
Supermarkets181.1+4.6+4.6
Department stores and DDS169.0+15.2+15.2
Cinemas25.0+35.9+35.9
Mini-majors372.1+16.2+9.6
Fashion204.6+11.6+11.4
Commercial services (including
travel)
197.8+54.3+48.4
Food133.8+32.0+33.0
Pharmacy and wellbeing71.3+15.2+21.2
General (incl. Activate
1
)61.7+10.0+16.2
Home and living24.2+5.2+2.4
Total1,440.7+18.8+16.7
•Cinemas continue to rebound, helped by strong movie
releases (pre-writers strike).
•Mini-majors continued their strong performance,
especially fashion, food and pharmacy and wellbeing-
based mini-majors. Standout performers in mini-majors
were JD Sports, Chemist Warehouse and Mecca.
•Travel (reported through commercial services) and
travel-related services continued to see strong growth.
•Food performed strongly, reflecting the increases in
customer visits.
General note: All figures include GST and are for mixed-use shoppingcentres only. Sales are for the
12 months to September 2023. 1. Activate includes short-term leasing and in-centre advertising.

Appendix 2:
Financial update
43

Contents
44
AppendixSlidePage
2.1Loss after income tax45
2.2Operating profit before income tax46
2.3Interest and finance charges47
2.4Management expense ratios (MER)48
2.5Treatment of COVID-19 rentrelief – prior period restatement49
2.6Funds from operations (FFO)50
2.7Adjusted funds from operations (AFFO)51
2.8Dividends52
2.9Financial results like-for-like comparison53
2.10Balance sheet54
2.11Investment properties movement55
2.12Net finance debt movement56
2.13Capital management metrics57
2.14Fixed-date debt profile58
2.15Finance debt facilities59
2.16Finance debt facilities – post half-year60

2.1 Loss after income tax
•Decrease in property revenue of
$16.1m arising from net property
disposals during the year (-$20.2m).
Like-for-like property revenue
increased by $4.1m or 3.6%.
•Increase in direct property expenses of
$1.1m arising from prior period
restatement release of COVID
abatements (-$3.9m), inflationary
impact on costs of -$2.0m offset by
$4.8m lower cost base through asset
sales. Refer to Appendix 2.5 for more
details.
•Fair value loss on investment properties
during the period reflects further
softening of capitalisation rates by
valuers in the wake of increasing
interest rates.
45
1
: The reported loss has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies with New Zealand Equivalents to International Financial Reporting Standards. The
reported loss information has been extracted from the interim consolidated financial statements, which have been the subject of a review by an independent auditor pursuant to the External Reporting Board’s New Zealand
Standards on Review Engagement 2410 (Revised).
2
:GAAP is a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. Kiwi Property’s financial
statements comply with New Zealand Equivalents to International Financial Reporting Standards and other guidance as issued byth e External Reporting Board, as appropriate for profit-oriented entities, and with International
Financial Reporting Standards.
Six months ended
30-Sep-23
30-Sep-22
(restated)
Variance
$m$m$m%
Property revenue
115.7 131.8 - 16.1-12.2
Property management income
2.0 0.9 +1.1+130.0
Total revenue
117.7 132.7 -15.0-11.3
Direct property expenses
-26.6 -25.5 -1.1-4.5
Employment and administration expenses
-15.8 -15.5 -0.3-1.8
Total expenses
(Appendix 2.4)
-42.4 -41.0 -1.4-3.5
Profit before net finance expenses, other (expenses)/income and income
tax
75.3 91.7 -16.4-17.8
Interest income
0.4 0.1 +0.3+618.9
Interest and finance charges
(Appendix 2.3)
-23.4 -20.4 -3.0-14.8
Net fair value gain on interest rate derivatives
6.2 6.3 -0.1-0.3
Net finance expenses
-16.8 -14.0 -2.8-19.3
Profit before other (expenses)/income and income tax
58.5 77.7 -19.2-24.6
Net fair value loss on investment properties
-81.1 -219.7 +138.6+63.1
Litigation settlement income
-6.6 -6.6-100.0
Loss on disposal of investment properties
-2.4
-
-2.4N/A
Other expenses
-83.5 -213.1 +129.6+60.8
Loss before income tax
-24.9 -135.4 +110.5+81.6
Current tax
-9.9 -10.4 +0.5+4.8
Deferred tax
-1.7 -5.3 +3.6+67.9
Loss after income tax
1
(GAAP
2
measure)
-36.5 -151.1 +114.5+75.8

2.2 Operating profit before income tax
46
Six months ended
30-Sep-23
30-Sep-22Variance
$m$m$m%
Loss before tax
(Appendix 2.1)
-24.9 -135.4 +110.5+81.6
Adjusted for:
Net fair value loss on investment properties
(Appendix 2.1)
81.1 219.7 -138.6-63.1
Litigation settlement income
(Appendix 2.1)
--6.6 +6.6+100.0
Loss on disposal of investment properties
(Appendix 2.1)
2.4 -+2.4N/A
Net fair value gain on interest rate derivatives
(Appendix 2.1)
-6.2 -6.3 +0.1+0.3
Operating profit before income tax
1
(non-GAAP)
52.4 71.5 -19.1-26.7
1
: Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors inassessing the Company’s
performance for the period by adjusting for a number of non-operating items. Operating profit before income tax does not have a standard meaning
prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported operating profitbefore income tax has
been extracted from the Company’s interim consolidated financial statements, which have been the subject of a review by an independent auditor pursuant
to the External Reporting Board’s New Zealand Standards on Review Engagement 2410 (Revised).

2.3 Interest and finance charges
•Interest costs were reflective of the
higher interest rate environment, with
the weighted average interest rate
increasing 111 bps to 5.52%.
•Interest on bonds negatively impacted
by KPG060 (6.24% coupon) issued on
27 March 2023, offset by the maturity
of KPG020 (4% coupon) on 7
September 2023.
•Higher capitalised interest reflects
higher rates and the step-up in Kiwi
Property’s development expenditure,
mainly in BTR at Sylvia Park and Drury.
47
Six months ended
30-Sep-23
30-Sep-22Variance
$m$m$m%
Interest on bank debt -15.6 -14.3 -1.3-9.0
Interest on bonds-13.5 -9.8 -3.7-37.7
Interest on lease liabilities--0.2 +0.2+81.7
Interest expense incurred
-29.2 -24.3 -4.9-20.0
Interest capitalised to:
Sylvia Park3.1 2.0 +1.1+59.5
Drury land
2.2 1.5 +0.7+41.5
Other properties under development
0.4 0.4 +0.0+1.3
Total capitalised interest
5.7 3.9 +1.8+46.4
Interest and finance charges
-23.4 -20.4 -3.0-14.8

•Kiwi Property is focused on reducing MER and has
the objective of bringing the figure back to pre-
COVID levels, through initiatives including
headcount optimisation and leveraging our
resources to manage third-party assets and
generate management fee income.
•Reduction in direct property expenses driven by
lower cost base following asset disposals and
reduction in rental abatements granted due to
COVID-19.
•Increase in employment and administration
expenses relates to one-time increases in digital
capability, organisation restructuring costs, selective
slow-down of development options and salary
inflation.
•One-off costs comprise expenses relating to the
implementation of software projects and other non-
recurring transactions, which will normalise following
the completion of the Yardi IT project.
2.4 Management expense ratios (MER)
48
12-month period ended
30-Sep-23
30-Sep-22
(restated)
$m$m
Direct property expenses54.066.3
Employment and administration expenses33.028.5
Total expenses86.994.7
One-off costs-3.9-2.5
Total underlying expenses83.092.2
Weighted average assets under management 3,642.733,791.47
Expenses / assets ratio
1
(non-GAAP measure)
228 bps243 bps
Total property income244.1263.4
Expenses / Property income ratio
1
(non-GAAP measure)
34.0%35.0%
1:MER is an alternative non-GAAP measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
costs. MER is a measure commonly used by real estate entities. MER does not have a standard meaning prescribed by GAAP and
therefore may not be comparable to information presented by other entities. Kiwi Property determines MER through an annualised
calculation, where employment and administration plus direct property expenses is divided by the weighted average value of prope
rty
assets under management. The information has been extracted from the company’s interim consolidated financial statements which
have been the subject of a review by an independent auditor pursuant to the External Reporting Board’s New Zealand Standards on
Review Engagement 2410 (Revised).

2.5 Treatment of COVID-19 rent relief -prior period restatement
49
•The Group previously recognised rental
abatements on a straight-line basis over
the remaining lease term.
•Abatements of past due rent are now
recognised immediately as an impairment
of trade receivables in the income
statement.
•This change was reflected in the Group’s
financial statements for the year ended 31
March 2023.
•The period ended 30 September 2022 has
accordingly been restated to reflect rental
abatements as if they were immediately
recognised in the income statement, as
opposed to recognised in investment
properties and amortised against revenue.
•There is no overall impact on HY23 profit
after tax or AFFO from the restatement.
Six months ended
30-Sep-2230-Sep-22
Reported
Restatement
Restated
$m$m$m
Revenue recognised on past due debt
1
-0.1-0.1
Reverse abatements previously amortised in rental revenue
2
+2.62.6
Property revenue129.3 +2.5131.8
Capitalised rental abatements
3
-1.6-1.6
Recognise abatements accrued through property expenses
4
+5.35.3
Rental abatements provided on past due debt
1
+0.10.1
Direct property expenses -29.3 +3.9-25.4
Reverse abatements previously amortised against investment
properties
2
-2.6-2.6
Capitalised rental abatements unamortised
3
+1.6+1.6
Derecognise accrued abatements capitalised against
investment properties
4
-5.3-5.3
Net fair value gain on investment properties-213.3 -6.4-219.7
Profit and total comprehensive income after income tax
attributable to shareholders
-151.1 +0.0-151.1
1: Rental abatements previously recognised directly against property revenue in the income statement are no longer recorded as are duction to
property revenue and are now recognised as impairments in direct property expenses. Provisions were released in the prior period, resulting in a
benefit to direct property expenses. 2: Rental abatements previously capitalised to investment properties and amortised to revenue over the
remaining lease term have been reversed. 3: Abatements on past due rent previously capitalised to investment properties are now recognised
directly as impairments in property expenses 4: Provisions for rental abatements not yet granted previously capitalised to investment properties are
now recognised directly as impairments in property expenses.Provisions were released in the prior period, resulting in a benefit to direct property
expenses.

2.6 Funds from operations (FFO)
50
•Lower operating profit has contributed to a
$16.3m decrease in FFO.
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported FFO
information has been extracted from the company’s annual consolidated financial statements, which have been the subject of anaudit pursuant to
New Zealand Auditing Standards issued by the External Reporting Board.
Six months ended
30-Sep-23
30-Sep-22
(restated)
Variance
$m$m$m%
Loss after tax
(Appendix 2.1)
-36.5 -151.1 +114.5+75.8
Adjusted for:
Net fair value loss on investment properties
(Appendix 2.1)
81.1 219.7 -138.6-63.1
Loss on disposal of investment properties
(Appendix 2.1)
2.4 -+2.4N/A
Net fair value gain on interest rate derivatives
(Appendix 2.1)
-6.2 -6.3 +0.1+0.3
Litigation settlement income-
-6.6 +6.6+100.0
Straight-lining of fixed rental increases
-0.5 -0.7 +0.2+34.6
Amortisation of tenant incentives and leasing fees
3.5 3.9 -0.4-10.5
Depreciation recovered on disposal of investment properties
2.8 -+2.8N/A
Rent deferrals (COVID-19)-
0.2 -0.2-100.0
Share-based payment expense
0.8 0.9 -0.1-11.1
Depreciation – property, plant and equipment
0.4 0.5 -0.1-20.0
Deferred tax (benefit)/expense
(Appendix 2.1)
1.7 5.3 -3.6-67.9
Funds from operations (FFO)
1
(non-GAAP)
(Appendix 2.7)
49.5 65.8 -16.3-24.8

2.7 Adjusted funds from operations (AFFO)
51
•Lower FFO – driven by a lower
operating profit - resulted in a $16.6m
AFFO decrease on the prior period.
•One-off costs relate to Yardi digital
implementation expenses and other
project costs.
•Categorisation of maintenance capital
expenditure was refined during the
period to exclude capital expenditure
for discretionary investment towards
the improvement of assets.
•Averageannual impact of revision to
maintenance capital expenditure
definition retrospectively on FY21- FY23
AFFO is 0.09 cents per share.
Six months ended
30-Sep-23
30-Sep-22
(restated)
Variance
$m$m$m%
Funds from operations (FFO)
1 (Appendix 2.6)
49.565.8-16.3-24.8
Adjusted for
Maintenance capital expenditure
-1.0-1.4+0.4+34.0
Tenant incentives and leasing fees
-2.1-1.3-0.8-65.2
One-off costs
2.22.0+0.1+4.8
Adjusted funds from operations (AFFO)
2
(non-GAAP)
48.665.2-16.6-25.4
AFFO (cents per share)
3
3.084.15
Interim cash dividend payout ratio to AFFO92%69%
1: FFO is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does
not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. The reported FFO
information has been extracted from the Company’s interim consolidated financial statements, which have been the subject of a review by an
independent auditor pursuant to the External Reporting Board’s New Zealand Standards on Review Engagement 2410 (Revised). 2:AFFO is an
alternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure used by real estate entities to describe theirunderlying and
recurring cash flows from operations for sustaining and maintaining existing space. Broadly, AFFO adjusts FFO by deducting the cost of lease
incentives,leasing fees, annual maintenance capital expenditure for sustaining and maintaining existing space and other one-off costs. AFFOdoes
not have a standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. AFFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australia. 3:Calculated
using the weighted average number of shares for the period.

•Dividend payout ratio returns to within
target payout range of 90-100% of
AFFO, following the prior years’
retention of earnings to assist
development funding.
•Despite retaining funds for investment
into future developments and asset
recycling, cash dividends are in line
with the four-year average from 2019.
•Lower imputation credits arise from
timing of dividend payments and tax
impacts of one-off transactions.
2.8 Dividends
52
Six months ended
30-Sep-23
30-Sep-22
30-Sep-23
30-Sep-22
$m$mcps
1
cps
1
Cash dividend
45.2
44.8
2.85 2.85
Imputation credits
7.88.9
0.49 0.56
Gross dividend
53.053.6
3.34 3.41
Dividend payout ratio to AFFO
92%69%
1: Calculated using the number of shares for the periodentitled to the dividend.
Interim period ended 30 September
20232022202120202019
$m$m$m$m$m
Cash dividend ($m)
45.2
44.8 43.234.550.9
AFFO/FFO Payout ratio
2
92%69%90%95%98%
cpscpscpscpscps
Cash dividend
2.852.852.752.203.53
Imputation credits
0.490.560.750.860.90
Gross dividend
3.343.413.503.064.43
Financial yearHY24
HY20-23
(average)
VarianceVariance %
Cash dividend (cps)
2.852.830.020.7%
Imputation (cps)
0.490.76(0.27)-35.0%
Gross dividend (cps)
3.343.59(0.25)-7.0%
2:Prior to FY2021, dividend payout policy was based on funds from operations (FFO)

2.9 Financial results like-for-like comparison
53
Net rental
income
Operating
profit before
tax
Net loss after
tax
Adjusted funds
from
operations
September 2022:
reported
$106.4m$71.5m-$151.1m$65.2m
Rental abatements-$3.9m-$3.9m-$3.9m-$3.9m
Asset sales-$15.9m-$15.7m+$17.3m-$13.5m
September 2022:
like-for-like
$86.6m$51.8m-$137.7m$47.7m
September 2023:
reported
$89.1m$52.4m-$36.5m$48.6m
Asset sales-$0.3m-$1.1m+$4.4m-$1.0m
September 2023:
like-for-like
$88.8m$51.3m-$32.2m$47.6m
Movement:
reported
-$17.3m
-16.2%
-$19.1m
-26.7%
+$114.5m
+75.8%
-$16.6m
-25.4%
Movement:
like-for-like
+$2.2m
+2.5%
-$0.5m
-1.0%
+$105.5m
+76.6%
-$0.1m
-0.2%
•Decrease in net rental income,
operating profit before tax and AFFO
follows disposal of Northlands, 44 The
Terrace, Westgate Lifestyle and sale of
land to IKEA in FY23 and 1H24.
•Like-for-likeresults exclude the impact
of asset sales and COVID-19
adjustments in the prior period.
•Net rental income up 2.5% on a like-
for-like basis driven by a strong
performance from our mixed-use
assets.
•Net loss after tax includes $81.1m
(2.5%) decrease in the fair value of the
company’s investment properties,
driven by capitalisation rate softening.

2.10 Balance sheet
•Investment properties value decrease
driven by $131.2m of net disposals and
an $81.1m fair value loss, offset by an
additional $96.3m in capital
expenditure and $26.6m of property
acquisitions.
•Green bond gearing ratio covenant
increased from 45% to 50% by special
resolution post-reporting period on 20
October 2023. As a result, our gearing
ratio covenant is now 50% across all
senior, secured debt.
54
As at
30-Sep-23
31-Mar-23Movement
$m
$m$m
%
Investment properties
(Appendix 2.11)
3,101.53,194.0-92.5-2.9
Cash
(Appendix 2.12)
15.917.9-2.0-11.1
Trade and other receivables9.714.6-5.0-33.6
Other assets16.511.9+4.6+38.5
Total assets3,143.63,238.4-94.9-2.9
Finance debt
(Appendix 2.12)
1,105.41,131.1-25.7-2.3
Deferred tax liabilities105.3103.6+1.7+1.6
Other liabilities63.170.2-7.1-10.2
Total liabilities 1,273.81,304.9-31.1-2.4
Total equity1,869.81,933.5-63.7-3.3
Total equity and liabilities3,143.63,238.4-94.8-2.9
Gearing ratio (requirement <50
%
)
1 (Appendix 2.13)
35.3%35.0%
Net asset backing per share (NTA)$1.17$1.23
1:Green bond gearing covenant increased from 45% to 50% post reporting period.

2.11 Investment properties movement
55
AcquisitionsCapital Expenditure
$m
Property portfolio fair
value as at Mar
-23
Acquisitions
Sylvia Park Precinct
LynnMall
The Plaza
Vero Centre
Other
Fair value change
Property portfolio fair
value as at Sep
-23
Westgate Lifestyle,
IKEA land disposals
Disposals
Movement in lease
liabilities
Drury

2.12 Net finance debt movement
56
As at30-Sep-2331-Mar-23
Bank debt
(Appendix 2.10)
605.0506.0
Bonds
(Appendix 2.10)
500.4625.1
Cash on deposit
(Appendix 2.10)
-15.9-17.9
Net finance debt1,089.51,113.2
As at Mar
-23
Net rental income
Interest and finance
charges
Employment/
admin expenses
Acquisition of
investment
properties
Investment/
development
expenditure
Dividends
Tax and other
As at Sep
-23
$m
Investment property
disposal proceeds

2.13 Capital management metrics
57
Finance debt metrics as at30-Sep-23
31-Mar-23
Weighted average term to maturity
1
3.6 years 3.8 years
Weighted average interest rate (Incl. of bonds, active interest rate derivatives, margins and line fees)5.52%5.18%
Covenants – gearing as at30-Sep-23
31-Mar-23
Gearing
1
35.3%35.0%
Note: Must be <45% (bank gearing covenant increased to 50% with provisional arrangements). Target band is 25%-35%.
Calculated as finance debt / total tangible assets.
Covenants – interest cover ratio for the year ended30-Sep-23
31-Mar-23
Interest cover ratio3.17 3.75
Note: Must be >2.25 times. Calculated as net rental income / net interest expense.
Credit ratings – S&P Global Ratings30-Sep-23
31-Mar-23
Corporate (Issuer rating)BBB (negative)BBB (stable)
Fixed-rate green bonds (Issue rating)BBB+BBB+
1: Facilities were maintained at $950 million and the term extended post reporting period. Weighted average term extended to 4.1years. General note: Further information about
S&P Global Ratings’ credit rating scale is available at standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell or hold Kiwi Property
securities. The rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P Global Ratings.

2.14 Fixed-rate debt profile
58
Fixed-rate profile
(inclusive of bonds on issue Sep-23: $500m, Mar-23: $625m)
30-Sep-23
31-Mar-23
Percentage of drawn finance debt at fixed rates
78%
84%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)
3.16%
2.90%
Weighted average term to maturity of active fixed-rate debt
2.9 years 2.8 years
Fixed-rate debt maturity profile
•Percentage of drawn finance debt at
fixed rates has decreased primarily
due to the maturity of KPG020 on 7
September 2023.
0%
1%
2%
3%
4%
5%
6%
7%
-
100
200
300
400
500
600
700
800
900
FY24FY25FY26FY27FY28FY29
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)

$125
$100
$150
$125
$50
$150
$125
$25
$175$100
$50
$50
$33
$33
$34
$125
Debt maturity profile as at:
30-Sep-23
$m%
FY24
--
FY25
125.08.6%
FY26
208.014.3%
FY27
333.023.0%
FY28
509.035.1%
FY29
150.010.3%
FY30
125.08.6%
Total facilities
1,450.0100.0%
Facilities drawn
1,105.076.2%
Undrawn facilities
345.023.8%
2.15 Finance debt facilities
59
$33.0
$50.0
$50
Key:
ANZBNZCBACCBHSBCMUFGW estpacBonds
13.8%
8.6%
13.8%
6.9%
6.9%6.9%
8.6%
34.5%
Debt sources

$125
$100
$150
$125
$50
$100
$100
$70
$50
$100
$50$100
$50
$50
$34
$36
$70$90
Debt maturity profile as at:
30-Sep-23
$m%
FY24
--
FY25
125.08.6%
FY26
100.06.9%
FY27
100.06.9%
FY28
514.035.4%
FY29
486.033.5%
FY30
125.08.6%
Total facilities
1,450.0100.0%
Facilities drawn
1,105.076.2%
Undrawn facilities
345.023.8%
2.16 Finance debt facilities – post half-year
60
$33.0
$50.0
$50
•Facilities were amended post-reporting period. Weighted term extended to 4.1 years.
17.2%
4.8%
13.8%
6.9%
6.9%
4.8%
4.8%
34.5%
6.2%
Debt sources
Key:
ANZBNZCBACCBHSBCICBCMUFGW estpacBonds

Glossary
61

Glossary
Adjusted funds from operations
(AFFO)
AFFO is analternative non-GAAP performance measure used by Kiwi Property.AFFO is a measure commonly used by real estate entities to
describe their underlying andrecurring cash flows from operations.Broadly, AFFO adjusts FFOby deducting the cost of lease incentives, leasing
fees, annual maintenance capital expenditure for sustaining and maintaining existing space and other one-off costs. AFFO does not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities.AFFO is
calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property Council of Australi a. The reported
AFFO information has been extracted from the Company’s interimconsolidated financial statements which have been the subject of a review
pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Discountdepartment store
(DDS)
Includes Kmart and TheWarehouse.
Funds from operations
(FFO)
FFO is analternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying operating
performance.FFO is a measure commonly used by real estate entities to describe their underlying andrecurring earnings from operations. FFO
does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO
is calculated by Kiwi Property in accordance withthe Voluntary Best Practice Guidelines issued by the Property Council of Australia. The
reported FFO information has been extracted from the Company’s interimconsolidated financial statements which have been the subject of a
review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
Gearing ratioCalculatedas finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes interest
rate derivatives).
Generallyaccepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial
statements.Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards and other
guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting
Standards.
Gross occupancy cost
(GOC)
Total grossoccupancy costs (excluding GST) expressed as a percentage of moving annual turnover (including GST).
62

Glossary
Like-for-likeretail salesOnlyincludes sales from those tenants who have traded for the past 24 months.
Loss afterincome taxThe reported loss after income tax has been prepared in accordance with GAAP and complies with New Zealand Equivalents to International
Financial Reporting Standards. The reported loss information has been extracted from the Company’s interimconsolidated financial statements
which have been the subject of review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410
(Revised).
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (including GST).
Net operating income
(NOI)
NOI is an alternative non-GAAP performance measure used by Kiwi Property. NOI is a measure commonly used by real estate entities to
describe their operating earnings from investment properties. NOI is calculated by Kiwi Property as rental revenue from investment properties,
minus expenses directly attributable to those operations. NOI excludes income resulting from straight-lining of fixed rental increases and includes
the amortisation of lease incentives.
Net rental income
(NRI)
NRI is an alternative non-GAAP performance measure used by Kiwi Property. NRI is calculated as NOI,including rental income resulting from
straight-lining of fixed rental increases, general provision for expected credit loss, other income and expense reclassifications required under NZ
IFRS16 Leases.
Net tangible assets
(NTA)
Represents net asset backing per share and calculated as net assets divided by shares on issue.
Operating profit before
income tax
Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
Company’s performance for the year by adjusting for a number of non-operating items.Operating profit before income tax does nothave a
standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. The reported
operating profit before income tax has been extracted from the Company’s interimconsolidated financial statements which have been the
subject of review pursuant to the External Reporting Board’s NewZealand Standard on Review Engagements 2410 (Revised).
63

Thank you
64

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly x
Half Year Special
DRP applies
Record date 5 December 2023
Ex-Date 4 December 2023
Payment date (and allotment date for
DRP)
20 December 2023
Total monies associated with the
distribution
$22,672,076
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01651917
Total cash distribution $0.01425000
Excluded amount (applicable to listed
PIEs)
$0.00841498
Supplementary distribution amount $0.00102971
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed component
Imputation tax credits per financial
product
$0.00226917
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) N/A
Start date and end date for determining
market price for DRP
N/A
Date strike price to be announced (if not
available at this time)
N/A

2
Specify source of financial products to
be issued under DRP programme
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Steve Penney
Contact person for this announcement Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 27 November 2023

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Six months to 30 September 2023
Previous Reporting Period Six months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$117,731 -11.3%
Total Revenue $117,731 -11.3%
Net profit/(loss) from continuing
operations
-$36,548 +75.8%
Total net profit/(loss) -$36,548 +75.8%
Final Dividend
Amount per Quoted Equity
Security
$0.01425000
Imputed amount per Quoted
Equity Security
$0.00226917
Record Date 5 December 2023
Dividend Payment Date 20 December 2023
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.17 $1.31
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached results announcement for commentary
on the result. Certain prior comparable period numbers
have been restated.
Authority for this announcement
Name of person authorised to
make this announcement
Steve Penney
Contact person for this
announcement
Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 27 November 2023

Unaudited interim financial statements accompany this announcement.