Market Release – FY24 interims. Strong Foundations.

Argosy Property LimitedInterim Financial Statements 30 September 20233
Contents
Condensed Consolidated Interim Statement of
Financial Position
4
Condensed Consolidated Interim Statement of
Comprehensive Income
5
Condensed Consolidated Interim Statement of
Changes in Equity
6
Condensed Consolidated Interim Statement of
Cash Flows
7
Notes to the Condensed Consolidated Interim
Financial Statements
8
Independent Review Report17

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023 (UNAUDITED)
Note
Group (unaudited)
30 September 2023
$000s
Group (audited)
31 March 2023
$000s
Non-current assets
Investment properties
4
2,151,2392,184,899
Derivative financial instruments
5
19,64914,818
Other non-current assets193183
Total non-current assets2,171,0812,199,900
Current assets
Cash and cash equivalents2,0152,057
Trade and other receivables8565,166
Derivative financial instruments
5
85122
Other current assets1,5195,190
Taxation receivable–202
Total current assets4,47512,737
Total assets
3
2,175,5562,212,637
Shareholders' funds
Share capital
6
820,557820,069
Share based payments reserve237673
Retained earnings466,983514,953
Total shareholders' funds1,287,7771,335,695
Non-current liabilities
Interest bearing liabilities
7
772,887759,991
Derivative financial instruments
5
38,81536,252
Non-current lease liabilities39,88739,953
Deferred tax18,92318,059
Total non-current liabilities870,512854,255
Current liabilities
Trade and other payables12,79518,796
Taxation payable121–
Current lease liabilities127121
Other current liabilities4,2243,770
Total current liabilities17,26722,687
Total liabilities887,779876,942
Total shareholders' funds and liabilities2,175,5562,212,637
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 28 November 2023
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 20234

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2023
$000s
Group (unaudited)
Six months to
30 September 2022
$000s
Gross property income from rentals65,82660,434
Gross property income from expense recoveries10,4519,469
Property expenses(17,843)(14,949)
Net property income
3
58,43454,954
Administration expenses5,5005,188
Profit before financial income/(expenses), other gains/(losses) and tax52,93449,766
Financial income/(expenses)
Interest expense
8
(21,351)(16,324)
Gain/(loss) on derivative financial instruments held for trading2,2314,529
Interest income12935
(18,991)(11,760)
Other gains/(losses)
Revaluation gains/(losses) on investment property
4
(50,816)(23,498)
Realised gains/(losses) on disposal of investment property106(359)
Settlement for failed sale of investment property–3,000
(50,710)(20,857)
Profit/(loss) before income tax attributable to shareholders(16,767)17,149
Taxation expense
9
3,0366,450
Profit/(loss) and total comprehensive income/(loss) after tax(19,803)10,699
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)(2.34)1.26
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 20235

CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 (UNAUDITED)
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2023 (unaudited)
Shareholders' funds at the beginning of the period820,069673514,9531,335,695
Total comprehensive income/(loss) for the period––(19,803)(19,803)
Contributions by shareholders
Dividends to shareholders––(28,167)(28,167)
Equity settled share based payments488(436)–52
Shareholders' funds at the end of the period820,557237466,9831,287,777
For the six months ended
30 September 2022 (unaudited)
Shareholders' funds at the beginning of the period819,857385651,8801,472,122
Total comprehensive income for the period––10,69910,699
Contributions by shareholders
Dividends to shareholders––(27,941)(27,941)
Equity settled share based payments212(109)–103
Shareholders' funds at the end of the period820,069276634,6381,454,983
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 20236

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 (UNAUDITED)
Group (unaudited)
Six months to
30 September 2023
$000s
Group (unaudited)
Six months to
30 September 2022
$000s
Cash flows from operating activities
Cash was provided from:
Property income78,82170,746
Interest received12935
Settlement for failed sale of investment property–3,000
Cash was applied to:
Property expenses(14,057)(11,883)
Interest paid(19,943)(13,843)
Interest paid for ground lease(1,002)(1,005)
Employee benefits(3,897)(4,172)
Taxation paid(1,725)(2,715)
Other expenses(2,427)(2,592)
Net cash from/(used in) operating activities35,89937,571
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals60819,950
Cash was applied to:
Capital additions on investment properties(19,250)(30,035)
Capitalised interest on investment properties(1,384)(2,220)
Purchase of properties, deposits and deferrals(21)(33,168)
Net cash from/(used in) investing activities(20,047)(45,473)
Cash flows from financing activities
Cash was provided from:
Debt drawdown27,19664,016
Cash was applied to:
Repayment of debt(14,500)(27,577)
Dividends paid to shareholders net of reinvestments(28,292)(28,185)
Issue cost of shares–(10)
Repayment of lease liabilities(61)(58)
Bond costs(22)(31)
Facility refinancing fee(215)(357)
Net cash from/(used in) financing activities(15,894)7,798
Net increase/(decrease) in cash and cash equivalents(42)(104)
Cash and cash equivalents at the beginning of the period2,0571,663
Cash and cash equivalents at the end of the period2,0151,559
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 20237

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. APL is incorporated under the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties which include Industrial, Office and Large Format Retail properties,
predominantly in Auckland and Wellington.
These condensed consolidated interim financial statements (interim financial statements) are presented in New Zealand dollars
which is the Company's functional currency and have been rounded to the nearest thousand dollars ($000) and include those of APL
and its subsidiaries (the Group).
These interim financial statements were approved by the Board of Directors on 28 November 2023.
2. Basis of preparation
Statement of compliance
These interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) and comply with NZ IAS 34 and IAS 34 Interim Financial Reporting as applicable to the Company as a profit-oriented
entity. These interim financial statements do not include all of the information required for full annual financial statements.
The interim financial statements have been prepared on the historical cost basis except for derivative financial instruments and
investment properties which are measured at fair value.
Use of estimates and judgement
The preparation of financial statements in conformity with NZ GAAP requires the use of certain critical accounting estimates that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The area involving a higher
degree of complexity, and where assumptions and estimates are significant to the financial statements is note 4 - valuation of
investment property.
Change in accounting policies
Accounting policies and methods of computation have been applied consistently to all periods and by all Group entities.
New accounting standards adopted
At the date of authorisation of these financial statements, the Group has not applied any new or revised NZ IFRS standards and
amendments that have been issued but are not yet effective.
Argosy Property LimitedInterim Financial Statements 30 September 20238

3. Segment information
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to
segments and assess their performance.
The information reported to the Group’s Chief Executive Officer includes investment property information aggregated into three
business sectors, Industrial, Office and Large Format Retail, based on what the occupants actual or intended use is. Segment profit
represents profit earned by each segment including allocation of identifiable revaluation gains/(losses) on investment properties
and gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2023
$000s
2022
$000s
2023
$000s
2022
$000s
2023
$000s
2022
$000s
2023
$000s
2022
$000s
Segment profit/(loss)
Net property income
1
27,58825,92924,52722,0766,3196,94958,43454,954
Realised gains/(losses) on disposal
of investment properties
(21)(4)–(321)127(34)106(359)
Settlement for failed sale of
investment property
–––––3,000–3,000
27,56725,92524,52721,7556,4469,91558,54057,595
Revaluation gains/(losses) on
investment properties
(14,966)(22,040)(26,296)(9,073)(9,554)7,615(50,816)(23,498)
Total segment profit/(loss)
2
12,6013,885(1,769)12,682(3,108)17,5307,72434,097
Unallocated:
Administration expenses(5,500)(5,188)
Net interest expense(21,222)(16,289)
Gain/(loss) on derivative financial instruments held for trading2,2314,529
Profit/(loss) before income tax(16,767)17,149
Taxation expense(3,036)(6,450)
Profit/(loss) for the period(19,803)10,699
1.Net property income consists of revenue generated from external tenants less property operating expenditure.
2.There were no inter-segment sales during the period (30 September 2022: Nil).
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2023 (unaudited)
Current assets556844651,465
Investment properties1,117,975836,964196,3002,151,239
Total segment assets1,118,531837,808196,3652,152,704
Unallocated assets22,852
Total assets2,175,556
Segment assets as at 31 March 2023 (audited)
Current assets2,5846,1158699,568
Investment properties1,127,775851,174205,9502,184,899
Total segment assets1,130,359857,289206,8192,194,467
Unallocated assets18,170
Total assets2,212,637
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to
reportable segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets
that cannot be allocated to particular segments.
Argosy Property LimitedInterim Financial Statements 30 September 20239

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
4. Investment properties
Industrial
Six months to
30 September
2023
$000s
Office
Six months to
30 September
2023
$000s
Large Format Retail
Six months to
30 September
2023
$000s
Group (unaudited)
Six months to
30 September
2023
$000s
Movement in investment properties
Balance at 1 April 20231,127,775851,174205,9502,184,899
Capitalised costs5,52512,382(25)17,882
Change in fair value(14,966)(26,296)(9,554)(50,816)
Change in capitalised leasing costs(101)(11)(19)(131)
Change in lease incentives(258)(285)(52)(595)
Investment properties at 30 September1,117,975836,964196,3002,151,239
Less lease liability (39 Market Place)–(40,014)–(40,014)
Investment properties at 30 September excluding
NZ IFRS 16 lease adjustments
1,117,975796,950196,3002,111,225
Industrial
12 months to
31 March 2023
$000s
Office
12 months to
31 March 2023
$000s
Large Format Retail
12 months to
31 March 2023
$000s
Group (audited)
12 months to
31 March 2023
$000s
Movement in investment properties
Balance at 1 April 20221,126,975897,540223,2002,247,715
Acquisition of property33,220––33,220
Capitalised costs17,52833,3881,32652,242
Change in fair value(49,108)(78,998)(18,451)(146,557)
Change in capitalised leasing costs(168)(125)(31)(324)
Change in lease incentives(672)(631)(94)(1,397)
Investment properties at 31 March1,127,775851,174205,9502,184,899
Less lease liability (39 Market Place)–(40,074)–(40,074)
Investment properties at 31 March excluding NZ IFRS
16 lease adjustments
1,127,775811,100205,9502,144,825
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
In accordance with the valuation policy of the Group, property valuations are carried out at least annually by independent registered
valuers. Given the current challenging investment market and the high interest rate environment, the Board and Management
engaged Colliers International New Zealand Limited (Colliers) to review key valuation metrics in order to undertake a high-level
desktop review of the property portfolio as at
30 September 2023.
Colliers did not re-inspect the properties and did not undertake a full market valuation as at 30 September 2023. They undertook
relevant investigations, including considering any tenant changes, assessing market rentals and reviewing capitalisation rates in
order to determine the desktop value of Argosy’s properties.
Whilst the valuations were provided for Argosy internal purposes, they have been reviewed and assessed by Management and
subsequently adopted by the Board. Overall, there was a revaluation loss of $50.8 million (2022: $23.5 million) which has been
recognised as a revaluation loss on investment property as at 30 September 2023.
Following the adoption of NZ IFRS 16 on 1 April 2019, the right-of-use asset and investment were recognised on the ground lease that
exists over 39 Market Place, Viaduct Harbour, Auckland.
Argosy Property LimitedInterim Financial Statements 30 September 202310

4. Investment properties (continued)
Investment property metrics for the period ended 30 September 2023 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.23%6.86%6.65%5.97%
Market yield
1
- Average6.03%7.41%6.72%6.61%
Occupancy (rent)100.0%97.3%97.1%98.4%
Occupancy (net lettable area)100.0%96.7%97.3%99.1%
Weighted average lease term (years)5.765.042.615.11
No. of buildings
2
3515454
Fair value total ($000s)1,117,975796,950196,3002,111,225
1.105 Carlton Gore Road and 224 Neilson Street have been excluded from the yield metrics. 105 Carlton Gore Road has been valued on the basis of the completion of
the redevelopment currently underway and the 224 Neilson Street valuation is based on land only.
2.Certain titles have been consolidated and treated as one.
Investment property metrics for the year ended 31 March 2023 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.07%6.10%6.51%5.60%
Market yield
1
- Average5.68%6.96%6.29%6.21%
Occupancy (rent)100.0%98.5%100.0%99.3%
Occupancy (net lettable area)100.0%97.7%100.0%99.5%
Weighted average lease term (years)6.15.22.95.4
No. of buildings
2
3515454
Fair value total ($000s)1,127,775811,100205,9502,144,825
1.105 Carlton Gore Road, 224 Neilson Street and 39 Market Place have been excluded from the yield metrics. 105 Carlton Gore Road has been valued on the basis
of the completion of the redevelopment currently underway, the 224 Neilson Street valuation is based on land only and the 39 Market Place valuation is based on
discounted cash flow methodology.
2.Certain titles have been consolidated and treated as one.
Argosy Property LimitedInterim Financial Statements 30 September 202311

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
5. Derivative financial instruments
Group (unaudited)
30 September 2023
$000s
Group (audited)
31 March 2023
$000s
Nominal value of interest rate swaps - fixed rate payer495,000495,000
Nominal value of interest rate swaps - fixed rate receiver275,000275,000
Average fixed interest rate - fixed rate payer3.48%3.48%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest
rates at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been
classified into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end
date use observable inputs.
The net liability for derivative financial instruments as at 30 September 2023 is $19.1 million (31 March 2023: $21.3 million). The
mark-to-market decrease in the liability for derivative financial instruments is a result of movements in the interest rate curve during
the interim period.
6.
 Share capital
Group (unaudited)
30 September 2023
$000s
Group (audited)
31 March 2023
$000s
Balance at the beginning of the period820,069819,857
Issue of shares from equity settled share based payments488212
Total share capital820,557820,069
The number of shares on issue at 30 September 2023 was 847,168,744 (31 March 2023: 846,723,895).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2023
Group (audited)
31 March 2023
Balance at the beginning of the period846,724846,551
Issue of shares from share based payments445173
Total number of shares on issue847,169846,724
Argosy Property LimitedInterim Financial Statements 30 September 202312

7. Interest bearing liabilities
Group (unaudited)
30 September 2023
$000s
Group (audited)
31 March 2023
$000s
Syndicated bank loans450,864438,167
Fixed rate green bonds325,000325,000
Borrowing costs(2,977)(3,176)
Total interest bearing liabilities772,887759,991
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)5.61%5.39%
Syndicated bank loans
Group (unaudited)
30 September 2023
$000s
Group (audited)
31 March 2023
$000s
Westpac New Zealand Limited193,666125,792
Industrial and Commercial Bank of China90,00060,000
ANZ Bank New Zealand Limited76,932121,583
The Hongkong and Shanghai Banking Corporation Limited54,40070,000
Commonwealth Bank of Australia34,40050,000
Bank of New Zealand1,46610,792
Total syndicated bank loans450,864438,167
As at 30 September 2023, the Group had a syndicated revolving facility with Westpac New Zealand Limited, Industrial and
Commercial Bank of China, ANZ Bank New Zealand Limited, The Hongkong and Shanghai Banking Corporation Limited,
Commonwealth Bank of Australia and Bank of New Zealand for $525.0 million (31 March 2023: $475.0 million) secured by way
of mortgage over the investment properties of the Group. The facility includes a Tranche A limit of $160.0 million, a Tranche B limit
of $60.0 million, a Tranche C limit of $115.0 million, a Tranche D limit of $110.0 million and a Tranche I limit of $80.0 million.
Tranche A matures on 1 April 2025, Tranche B on 1 October 2025, Tranche C on 1 October 2027, Tranche D on 1 October 2026 and
Tranche I on 19 May 2026.
The limits for Tranches A, D and I remain unchanged from 31 March 2023. The Tranche B limit decreased from $125.0 million to
$60.0 million, and Tranche C was introduced. The maturity dates for Tranche A, B, D and I remain unchanged from 31 March 2023.
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%93,010
ARG020100,00029 October 201929 October 20262.90%87,436
ARG030125,00027 October 202027 October 20272.20%101,027
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1
in the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September
and December. Interest on ARG020 and ARG030 bonds is payable in equal instalments on a quarterly basis in April, July, October
and January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
Argosy Property LimitedInterim Financial Statements 30 September 202313

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
8. Interest expense
Group (unaudited)
Six months to
30 September 2023
$000s
Group (unaudited)
Six months to
30 September 2022
$000s
Interest expense(21,733)(17,539)
Interest on ground lease (39 Market Place)(1,002)(1,005)
Less amount capitalised to investment properties1,3842,220
Total interest expense(21,351)(16,324)
Capitalised interest relates to the development at 105 Carlton Gore Road, Newmarket, Auckland (30 September 2022: Capitalised
interest relates to the developments at 8-14 Willis Street/360 Lambton Quay, Wellington and 105 Carlton Gore Road,
Newmarket, Auckland).
9.
 Taxation
Group (unaudited)
Six months to
30 September 2023
$000s
Group (unaudited)
Six months to
30 September 2022
$000s
The taxation charge is made up as follows:
Current tax expense2,2763,635
Deferred tax expense8652,806
Adjustment recognised in the current year in relation
to the current tax of prior years(105)9
Total taxation expense recognised in profit or loss3,0366,450
Reconciliation of accounting profit/(loss) to tax expense
Profit/(loss) before tax(16,767)17,149
Current tax expense/(credit) at 28%(4,695)4,802
Adjusted for:
Capitalised interest(387)(622)
Fair value movement in investment properties14,2296,579
Fair value movement in derivative financial instruments(625)(1,268)
Depreciation(4,862)(4,546)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(879)(639)
Depreciation recovered/(loss) on disposal of investment properties–29
Tax on accounting gain/(loss) on disposal of investment properties(30)101
Settlement for failed sale of investment property–(828)
Other(475)27
Current taxation expense2,2763,635
Movements in deferred tax assets and liabilities attributable to:
Investment properties(190)1,632
Fair value movement in derivative financial instruments6251,268
Other430(94)
Deferred tax expense8652,806
Prior year adjustment(105)9
Total taxation expense recognised in profit or loss3,0366,450
Argosy Property LimitedInterim Financial Statements 30 September 202314

10. Distributable income and adjusted funds from operations
Group (unaudited)
Six months to
30 September 2023
$000s
Group (unaudited)
Six months to
30 September 2022
$000s
Profit/(loss) before income tax(16,767)17,149
Adjustments:
Revaluation (gains)/losses on investment property50,81623,498
Realised (gains)/losses on disposal of investment properties(106)359
(Gains)/losses on derivative financial instruments held for trading(2,231)(4,529)
Gross distributable income31,71236,477
Tax impact of depreciation recovered on disposal of investment properties–29
Current tax expense(2,171)(3,644)
Net distributable income29,54132,862
Weighted average number of ordinary shares (000s)847,052846,671
Gross distributable income cents per share3.744.31
Net distributable income cents per share3.493.88
Net distributable income29,54132,862
Amortisation of tenant incentives and leasing costs1,3431,412
Share based payment expense53–
Funds from operations (FFO)30,93734,274
Capitalisation of tenant incentives and leasing costs(617)(353)
Maintenance capital expenditure(865)(1,980)
Maintenance capital expenditure recovered through sale–107
Adjusted funds from operations (AFFO)29,45532,048
FFO cents per share3.654.05
AFFO cents per share3.483.79
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO91%82%
Dividend payout ratio to AFFO96%88%
The Company's dividend policy is based on AFFO. AFFO is based on the Property Council of Australia Voluntary Best Guidelines
for disclosing FFO and AFFO as interpreted by the Company and amended to include maintenance capital expenditure recovered
through sales.
FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
11.
 Commitments
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2023 and not provided for were
$6.3 million (31 March 2023: $20.1 million).
There were no other commitments as at 30 September 2023 (31 March 2023: Nil).
The Company has the following guarantee, which is not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
12.
 Contingencies
There were no contingencies as at 30 September 2023 (31 March 2023: Nil).
Argosy Property LimitedInterim Financial Statements 30 September 202315

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)
13. Subsequent events
On 14 November 2023, an unconditional sale and purchase contract was finalised to sell 10 Transport Place, East Tamaki for
$38.0 million. Settlement is expected to take place in January 2024.
On 28 November 2023 a dividend of 1.6625 cents per share was approved by the Board. The record date for the dividend is
6 December 2023 and a payment is scheduled to shareholders on 20 December 2023. Imputation credits of 0.1734 cents per share
are attached to the dividend.
14. Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
On 31 July 2023, Argosy Cover Limited, a wholly owned subsidiary of Argosy Property Limited was incorporated in the Cook Islands.
Argosy Cover Limited will act as a captive insurer for the Argosy Group.
There were no other significant changes in relationships or transactions with related parties during the period ended
30 September 2023.
Argosy Property LimitedInterim Financial Statements 30 September 202316

Independent Auditor’s Review Report

To the Shareholders of Argosy Property Limited

Conclusion

We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Argosy
Property Limited and its subsidiaries (‘the Group’) which comprise the condensed consolidated interim statement of
financial position as at 30 September 2023, and the condensed consolidated interim statement of comprehensive
income, condensed consolidated interim statement of changes in equity and condensed consolidated interim statement
of cash flows for the period ended on that date, and a summary of significant accounting policies and other explanatory
information on pages 4 to 16.

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 period 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 and for the attendance and scrutineering at the Annual Meeting, we have no
relationship with or interests in Argosy Property Limited or its subsidiaries. These services have not impaired our
independence as auditor of the Group.

Directors’ responsibilities for the interim 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 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
Argosy Property LimitedInterim Financial Statements 30 September 202317

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.




Peter Gulliver, Partner
For Deloitte Limited
Auckland, New Zealand
28 November 2023


Argosy Property LimitedInterim Financial Statements 30 September 202318

---

FY24 Interim Results:
Strong Foundations
29 November 2023

Argosy Property Ltd.
Agenda
Vision & Strategy4
Results Summary5
Portfolio Highlights6
Financials12
Leasing & Sector Commentary23
Focus and Outlook27
Appendices29
Peter Mence, CEODave Fraser, CFO
Note: This results presentation should be read in conjunction with the NZX release dated 29 November 2023. Due to rounding, numbers presented in this
presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
2
Argosy Property Limited

Argosy Property Ltd.
“Our strength lies in the diversity of our
portfolio by sector, location and tenant mix,
providing flexibility to support our tenants
changing needs, ensuring a resilient business
through economic cycles.”
Peter Mence, CEO
3
Argosy Property Limited

Argosy Property Ltd.
4
Building a better future
Owning the right assets with the right attributes
in the right New Zealand locations
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high-quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Developing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners

Argosy Property Ltd.
Results Summary
5
Argosy Property Limited
Net property income increased
+6.3%
Full year FY24 dividend guidance
reaffirmed
NTA down 3.8% from $1.58
driven by negative revaluations
Unrealised revaluation decline of
2.3% on book value
$58.4m6.65c
$1.52($50.8m)
Interim dividends declared for the
six months to 30 September
3.325c
Gearing comfortably in the middle
of the target 30-40% band
36.3%

Argosy Property Ltd.
Portfolio Highlights
6
Argosy Property Limited
Occupancy Weighted Average Lease Term
Net tangible assets (NTA)Tenant retention rate
Like for like rental growth
98.4%5.1yrs
$1.5291.3%
5.5%
Government sector rental income
34.1%

Argosy Property Ltd.
Industrial
Office
Large format retail
Sector Summary
Number of buildings
35
Market value of assets ($m)
$1,118.0
Occupancy (by income)
100%
Weighted average lease term (WALT)
5.8yrs
Number of buildings
15
Market value of assets ($m)
$797.0
Occupancy (by income)
97.3%
Weighted average lease term (WALT)
5.0yrs
Number of buildings
4
Market value of assets ($m)
$196.3
Occupancy (by income)
97.1%
Weighted average lease term (WALT)
2.6yrs
7
Argosy Property Limited

Argosy Property Ltd.
53
38
9
Industrial (55-65%)Office (25-35%)LFR (5-15%)
Portfolio at a glance
8
1.Large format retail
2.Regional North Island and South Island. This weighting also includes
up to 5% allocation to the golden triangle area between Auckland,
Tauranga and Hamilton
Sector by value %
(target band)
Region by value %
(target band)
Asset mix by value %
(target band)
1
2
71
26
3
Auckland (65-75%)Wellington (20-30%)Regional (<10%)
83
11
6
Core (75-90%)Value Add (n/a)Divest (n/a)
Argosy Property Limited

Argosy Property Ltd.
Revaluations
CAP RATE SOFTENING DIMINISHING,
RENTAL GROWTH STILL EVIDENT
•Independent desktop valuations as at 30
September were completed on all properties
•$50.8m decline reported, or 2.3% revaluation
to book values
•Cap rate softening continues to be offset to
some extent by market rental growth
•10 Transport Place was sold subsequent to 30
September 2023 at a 7.3% premium to 31
March 2023 book value
6.03%
Weighted average portfolio cap rate
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.
9
Auckland1,521.31,493.2(28.1)(1.8%)5.93%5.66%
Wellington580.8560.0(20.8)(3.6%)6.23%6.25%
North Island Regional & South Island59.858.0(1.8)(3.1%)6.50%6.25%
Total2,162.02,111.2(50.8)(2.3%)6.03%5.84%
Industrial1,132.91,118.0(15.0)(1.3%)5.65%5.48%
Offic e823.2797.0(26.2)(3.2%)6.42%6.23%
Large Format Retail205.9196.3(9.6)(4.6%)6.59%6.25%
Total 2,162.0 2,111.2 (50.8)(2.3%)6.03%5.84%
Sep 23
Cap rate
%
Mar 23
Cap rate
%
Sep 23
Cap rate
%
Mar 23
Cap rate
%
30 Sep 23
Book Value
($m)
30 Sep 23
Valuation
($m)

$m

%
30 Sep 23
Book Value
($m)
30 Sep 23
Valuation
($m)

$m

%
Argosy Property Limited

Argosy Property Ltd.
Value Add & Green Developments
GREEN ASSETS COMPLETING,
UNDERPINNING DEVELOPMENT
PIPELINE
•Transformation of Value Add properties is a
key strategic driver over the next decade
•105 Carlton Gore Road green project
completed
•Master Planning for Mt Richmond and
Neilson Street industrial estates
progressing, with earthworks for 224
Neilson Street expected to commence
early 2024
~$230m
Value Add properties with potential to
deliver earnings and capital growth
10
Property SectorLocation
Valuation @
30 Sep 23
224 Neilson Street, OnehungaplanningIndustrialAuckland36.2
8-14 Mt Richmond Drive, Mt WellingtonplanningIndustrialAuckland90.7
15 Unity Drive, AlbanyfutureIndustrialAuckland8.4
101 Carlton Gore Road, NewmarketfutureOfficeAuckland23.0
2 Allens Road, East TamakifutureIndustrialAuckland7.5
12 Allens Road, East Tamakifuture IndustrialAuckland7.6
106 Springs Road, East TamakifutureIndustrialAuckland9.7
90-104 Springs Road, East TamakifutureIndustrialAuckland8.9
133 Roscommon Road, WirifutureIndustrialAuckland13.5
32 Bell Avenue, Mt WellingtonfutureIndustrialAuckland17.0
143 Lambton Quay, WellingtonfutureOfficeWellington10.0
TOTAL $m 232.5
Argosy Property Limited

Argosy Property Ltd.
Sustainability Commitment
SUBHEADING 1
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xx%
Debt to total assets ratio in the middle
of the target 30-40% range
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11
COHESIVE APPROACH ACROSS THE BUSINESS
To reduce our impact on the environment, create vibrant spaces for tenants, engage more with stakeholders and
provide transparent and effective governance...
•Targeting >50% of the portfolio to be green by 2031
•Targeting carbon emission reductions of 30% by 2031
•XRB climate disclosure ready for FY24
•Health & safety focus (zero harm)
•Ongoing investment into communities
•Committed to high standards of corporate behaviour
•An important responsibility is to identify and assess the risks presented by
climate change, just as we manage other risks facing our business.
•Third party verification to validate building performance through a mixture
of energy ratings (NABERSNZ) and internationally recognised systems
(Green Star) for sustainable design, operational excellence, construction
and community impact.
•ESG ratings provide stakeholders with a standardised way to evaluate
our sustainability practices and ethical conduct against a global pool of
companies. We are currently AA rated by MSCI.
Asset
Performance
Ratings
Sustainability
Reporting
ESG Ratings
58
31
11
Portfolio by Green Asset* Type
Non Green
Green
Value Add
Argosy Property Limited

Argosy Property Ltd.
Financials
12

Argosy Property Ltd.
Gross Property Income Waterfall
13
Rent reviews and developments key drivers of rental growth over the first half
60.4
3.3
0.0
0.2
2.4
-0.5
65.8
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Gross Property
Income
30 Sep 2022
Rent ReviewsVacancy & leasing
up
AcquisitionsDevelopmentsDisposalsGross Property
Income
30 Sep 2023
Rental income $m
Like for like rental growth of 5.5%
Argosy Property Limited

Argosy Property Ltd.
Financial Performance
SOLID TOP LINE GROWTH
•The net property income increase for the
period was principally driven by solid like-for-
like rental growth and development income
from completed projects such as Willis Street
•Net interest expense was higher driven by
higher volume of debt, higher floating interest
rates and lower capitalised interest as projects
completed
•The prior comparable period benefitted from
the receipt of a $3.0m settlement for the failed
sale of the Albany Lifestyle Centre
$58.4m
NPI for the period, up 6.3%
14
1H241H23
$m$m
Net property income58.4
55.0
Administration expenses(5.5)
(5.2)
Profit before financial income/(expenses), other gains/(losses)
and tax
52.949.8
Net interest expense
(21.2)
(16.3)
Gain/(loss) on derivatives
2.2 4.5
Other gains/(losses)
Revaluation gains/(losses) on investment property
(50.8)(23.5)
Realised gains/(losses) on disposal of investment property 0.1 (0.4)
Settlement for failed sale of investment property - 3.0
Profit/(loss) before income tax attributable to shareholders(16.8) 17.1
Taxation expense 3.0
6.5
Profit/(loss) and total comprehensive income/(loss) after tax(19.8) 10.7
Earnings per share (cents)(2.34) 1.26
Argosy Property Limited

Argosy Property Ltd.
Distributable Income
STEADY RESULT
•Net distributable income for the six months
was $29.5m compared to $32.9m in the
prior comparable period, which benefitted
from the $3.0m Albany Lifestyle Centre
settlement
$29.5m
Net distributable income
15
1H241H23
$m$m
Profit before income tax(16.8) 17.1
Adjustments:
Revaluation (gains)/losses on investment property 50.8 23.5
Realised losses/(gains) on disposal(0.1) 0.4
Derivative fair value (gain)/loss(2.2)(4.5)
Gross distributable income31.736.5
Depreciation recovered on disposals - -
Current tax expense(2.2)
(3.6)
Net distributable income29.532.9
Weighted average number of ordinary shares (m)847.1846.7
Gross distributable income per share (cents)3.744.31
Net distributable income per share (cents)3.493.88
Argosy Property Limited

Argosy Property Ltd.
Adjusted Funds From Operations (AFFO)
AFFO COVERED DIVIDENDS
•Lower maintenance capex for the half year
reflects the significant projects undertaken
during the FY23 financial year
•FFO was 3.65c per share and AFFO was
3.48c per share
96%
AFFO dividend payout ratio
16
1H241H23
$m$m
Net distributable income29.532.9
Amortisation of tenant incentives and leasing costs1.3 1.4
Share based payment reserve 0.1-
Funds from operations (FFO)30.934.3
Capitalisation of tenant incentives and leasing costs(0.6)(0.4)
Maintenance capital expenditure(0.9)(2.0)
Maintenance capital expenditure recovered through sale- 0.1
Adjusted funds from operations (AFFO)29.532.0
Weighted average number of ordinary shares (m)847.1846.7
FFO cents per share 3.654.05
AFFO cents per share 3.483.79
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO91%82%
Dividend payout ratio to AFFO96%88%
Argosy Property Limited

Argosy Property Ltd.
Investment Property Waterfall
17
Revaluation impacts portfolio value decline
Argosy Property Limited

Argosy Property Ltd.
Net Tangible Asset
18
Revaluation key driver of NTA decline
Argosy Property Limited
1.58
0.03
(0.06)
(0.03)
1.52
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
NTA at 31 March 2023Profit for the yearRevaluationsDividends paidNTA at 30 Sept 2023
NTA per share ($)

Argosy Property Ltd.
Balance Sheet Management
GEARING REMAINS MODEST
•The balance sheet is in very good shape
•Argosy has sufficient facility headroom to
complete existing developments and any
near-term opportunities
•Green projects will continue to be a focus,
particularly 224 Nielson Street
•At 30 September 2023, ~$120m in assets
were regarded as non Core
•10 Transport Place sold subsequent to 30
September 2023 for $38m, a premium of
7.3% over 31 March 2023 book value
36.3%
Debt-to-total-assets ratio in the middle
of the target 30-40% range
19
1H24FY23
$m$m
Investment properties2,151.2 2,184.9
Asset held for sale
Other assets24.3 27.7
Total assets2,175.6 2,212.6
Right of Use Asset(40.0)(40.1)
Total assets (net of Right of Use Asset)2,135.5 2,172.6
Fixed Rate Green Bonds325.0 325.0
Bank debt
1

450.9 438.2
Total Bank Debt & Bond Funding775.9 763.2
Debt-to-total-assets ratio
2
36.3%35.1%
Argosy Property Limited
1. Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place of $40.0 million

Argosy Property Ltd.
Interest Rate Management
FIXED RATE COVER OF 70%
•Weighted average interest rate increased
to 5.6% from 5.4% at March
•Fixed rate cover at 70% of drawdown debt
•$175m in forward rate swaps commencing
from 5 March 2025
2.5x
Interest cover ratio banking covenant
set at a minimum of 2.0x
1.Including margin and line fees
2.As at 30 September there was a further $175m in forward start swaps at an average rate of 3.9%
20
1H24FY23
Weighted average interest rate
1
5.6%5.4%
Interest Cover Ratio2.5x2.8x
% of fixed rate borrowings70%71%
Weighted average duration of active payer swaps
2
1.4 years2.0 years
Average rate of active payer swaps3.48%3.48%
Argosy Property Limited

Argosy Property Ltd.
Debt Profile
GREEN BOND DIVERSIFICATION 38%
•The total amount of the bank facility is
$525m with the nearest tranche expiring in
April 2025 (FY26)
•Argosy’s $325m of green bonds continue to
provide important diversification and tenor
benefits to the business
2.8 years
Weighted average duration of Argosy’s
debt
21
220
190
115
100
100
125
0
50
100
150
200
250
300
350
400
FY24FY25FY26FY27FY28FY29
Facilities ($m)
Argosy Property Limited

Argosy Property Ltd.
Dividends
STEADY AND SUSTAINABLE
•A 2
nd
quarter dividend of 1.6625 cents per
share has been declared with 0.173398
cents per share imputation credits attached
•Overseas investors will receive an
additional supplementary dividend of
0.078685 cents per share to offset non-
resident withholding tax
•The record date is 6
th
December, and the
payment date is 20
th
December
6.65c
Reaffirmed FY24 dividend guidance in
line with previous guidance
22
6.28
6.35
6.45
6.55
6.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY19FY20FY21FY22FY23FY24f
Dividend cps
Argosy Property Limited

Argosy Property Ltd.
Leasing & sector
commentary
23
Argosy Property Limited

Argosy Property Ltd.
Leasing Outcomes
24
Argosy Property Limited
M2 of NLA leased during the six
months to 30 September
Equivalent of total portfolio
by NLA
M2 of NLA renewed with
Mainfreight for 12 months
New lease to Harbour Cancer
Centre Limited
Leases executed, 8 new leases, 5
renewals and 1 extension
37,597 5.8%
8,13812yr
14
Rent reviews over the period,
annualised rental growth of 3.6%
62

Argosy Property Ltd.
Lease Expiry & Rent Review Profile
GOOD MEDIUM TERM LEASE EXPIRY
PROFILE
•Largest single expiry remains MBIE in 2027
•Average annual expiry to 31 March 2026 is
only ~9%
3.6%
Annualisedrent review growth over the
six months to 30 September
25
1.6
1.5
1.7
9.0
6.1
1.6
2.8
1.3
2.0
1.3
5.3
5.9
9.7
6.3
6.0
7.5
4.9
5.1
2.7
5.7
2.5
8.0
1.6
0
2
4
6
8
10
12
14
16
VacantMar-24Mar-25Mar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34 +
Percentage of portfolio (by income)
As at 30 September 2023
Single largest expiry
Year ending
1.3
Total remaining
expiry
Argosy Property Limited

Argosy Property Ltd.
Market Insights
• Demand continues to drive additional supply but quieter
period in 2024 is projected.
• Limited land supply in Auckland and Wellington continues
pressure on land values, with prime sites holding their value.
• Rent continues to show growth in well located assets.
• Vacancy remains very low, with limited speculative supply.
• Supply chain issues largely resolved but just-in-time delivery
challenges returning.
INDUSTRIAL
• Flexible working environments continue but full-time remote
work is declining.
• Changes in the way space is used, focusing on the
environment, now a staff attraction matter.
• Increased focus from tenants on sustainability/green.
• Wellington has low vacancy for good quality (seismically
sound), green, well located space.
OFFICE
• Online proportion of total sales has reduced post pandemic.
• Large Format Retail continues to receive solid demand in
prime locations.
• Retailers consolidating to a fewer number of locations.
LARGE FORMAT RETAIL
26
Argosy Property Limited

Argosy Property Ltd.
Focus and outlook
27
Argosy Property Limited

Argosy Property Ltd.
Remainder of FY24 has headwinds but we can deliver
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND EXECUTING ON STRATEGIC GOALS
•New Zealand’s domestic economy continues to experience headwinds from high interest rates and inflation
•Global market and geopolitical volatility are likely to impact the domestic economy over the near term
•Argosy’s diversified portfolio exposure continues to provide income resilience in turbulent times, a key point of difference
•The company is well placed, with a sound capital position to grow its portfolio of green and environmentally focused properties
•Our key focus areas for the remainder of FY24 are to 1) keep delivering strong operational results by addressing key expiries, leasing
up remaining vacancies and achieving strong rental growth, 2) deliver on key strategic objectives by completing key green
developments, gaining green certification and planning new sustainable developments and 3) divesting low growth assets and
reinvesting proceeds into green developments
•Progress master planning across key green Value Add developments at Mt Richmond and Neilson Street. Earthworks expected to
commence at Neilson Street in 2024
•Leverage strong bottom-up property fundamentals in key markets (Auckland Industrial and Wellington Office) focusing on rising
demand for green buildings
•Deliver sustainable dividends to shareholders
28
Argosy Property Limited

Argosy Property Ltd.
Appendices
29

Argosy Property Ltd.
Balance Sheet Management
30
Gearing remains comfortably within the mid-range of the band
Target Range 30-40%
38.8
35.9
31.1
35.1
36.3
0
10
20
30
40
50
FY20FY21FY22FY231H24
Debt to total assets (%)
Argosy Property Limited

Argosy Property Ltd.
Hedges, Interest Rates & Debt Maturity
31
Hedges & Weighted Average
Interest Rates (March)
Debt Maturity Profile (drawn) &
Weighted Average Margin and Line Fee
220
116
115
100
100
125
1.37%
1.51%
1.63%
0.01
0.012
0.014
0.016
0.018
0.02
0.022
0
50
100
150
200
250
300
350
400
450
FY24FY25FY26FY27FY28
Weighted average margin & Line fee (%)
Debt profile $millions
DebtBondMargin+Line fee
525
270
155155
60
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
100
200
300
400
500
600
20242025202620272028
Weighted Average Interest Rate (%)
Face Value of Hedges ($m)
Fixed interestRate
Argosy Property Limited

Argosy Property Ltd.
Rent review summary – by type, sector and location
32
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Type#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase
(000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total6251,860100%55,9874,1278.0%1,881100%3.6%
By review type
Fixed4627,98254%28,6887052.5%70537%2.5%
Market922,77944%26,1383,35914.7%1,12160%4.9%
CPI71,0982%1,162635.7%553%5.0%
By sector
Industrial1718,86036%20,0381,1796.2%61633%3.3%
Office3329,79157%32,6202,8299.5%1,15461%3.9%
LFR123,2106%3,3291193.7%1116%3.5%
By location
Auckland4931,85361%33,3721,5194.8%94850%3.0%
Wellington1320,00739%22,6162,60913.0%93450%4.7%
Other000%000.0%00%0.0%
Argosy Property Limited

Argosy Property Ltd.
Rent review summary – Auckland & Wellington
33
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Location#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase
(000's)
% of Total
Annualised
Increase
Annualised %
Increase
Auckland
Industrial1517,29754%18,4391,1426.6%58030.8%3.4%
Office2211,34636%11,6032572.3%25713.6%2.3%
Retail123,21010%3,3291193.7%1115.9%3.5%
4931,853100%33,3721,5194.8%94850.4%3.0%
Wellington
Industrial21,5638%1,599362.3%361.9%2.3%
Office1118,44492%21,0172,57313.9%89747.7%4.9%
Retail000%000.0%00.0%0.0%
1320,007100%22,6162,60913.0%93449.6%4.7%
Argosy Property Limited

Argosy Property Ltd.
Portfolio metrics
34
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Rent Roll by IndustryTop 10 Customers by Rent
34%
17%
14%
14%
10%
6%
Government Administration
Transport and Storage
Retail Trade
Manufacturing
Property and Business
Services
Wholesale Trade
Finance and Insurance
Health and Community
Services
All other
9%
6%
5%
5%
5%
4%
3%
3%
2%
2%
55%
MBIE
General Distributors Limited
Statistics New Zealand
Cardinal Logistics Limited
Kainga Ora
The Warehouse Limited
Carr & Haslam Limited
Parliamentary Corporation
PBT Transport Limited
Ministry of Housing and Urban
Development
All other
Argosy Property Limited

Argosy Property Ltd.
Portfolio snapshot
35
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Argosy Property Limited
6.1
5.5
5.7
5.4
5.1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY20FY21
FY22FY23
1H24
WALT (years)
38.8
35.9
31.1
35.1
36.3
0
10
20
30
40
50
FY20FY21FY22FY231H24
Debt-to-total-assets (%)
98.8
99.0
98.7
99.3
98.4
0
20
40
60
80
100
FY20FY21FY22FY231H24
Occupancy (%)
1.30
1.53
1.74
1.58
1.52
0.00
0.50
1.00
1.50
2.00
FY20FY21FY22FY231H24
Net Tangible Assets ($ per share)

Argosy Property Ltd.
Portfolio summary – Industrial
36
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Argosy Property Limited
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
Auckland
19 Nesdale Av enue, Wiri$77,60011.1 20,677 - 4.82%
240 Puhinui Road, Manukau $49,00011.1 17,715 - 4.86%
244 Puhinui Road, Manukau $17,00011.1 5,504 - 4.38%
Highgate Parkway, Silverdale$38,3004.4 10,581 - 4.78%
32 Bell Av enue, Mt Wellington$17,0000.7 8,139 - 6.21%
12-16 Bell Av enue, Mt Wellington$39,6009.3 14,809 - 4.44%
18-20 Bell Av enue, Mt Wellington$23,0009.3 8,941 - 4.64%
2 Allens Road, East Tamaki$7,5251.0 2,920 - 4.65%
12 Allens Road, East Tamaki$7,5751.0 2,333 - 4.53%
106 Springs Road, East Tamaki$9,7001.0 3,846 - 4.64%
5 Allens Road, East Tamaki$7,4755.1 2,572 - 4.55%
1 Rothwell Av enue, Albany$37,2006.8 12,683 - 4.93%
4 Henderson Place, Onehunga$33,5007.8 10,841 - 5.30%
211 Albany Highway, Albany$36,1004.3 15,191 - 5.64%
9 Ride Way, Albany$33,1009.0 9,178 - 5.28%
90-104 Springs Road, East Tamaki$8,9003.4 3,885 - 4.55%
8 Forge Way, Panmure$34,8007.2 4,231 - 4.76%
10 Transport Place, East Tamaki$37,8500.8 10,641 - 5.73%
1-3 Unity Driv e, Al bany$18,8507.7 6,116 - 4.61%
5 Unity Driv e, Al bany$9,6007.7 3,196 - 4.65%
Cnr Wil l iam Pickering Driv e & Rothw el l Av enue, Al bany$22,3000.6 7,074 - 4.55%
17 Mayo Road, Wiri$38,7003.3 13,351 - 4.67%
320 Ti Rakau Drive, East Tamaki$81,2004.8 28,242 - 5.54%
80-120 Fav ona Road, Mangere$144,5004.5 59,386 - 5.88%
224 Neilson Street, Onehunga$36,200- - -
8-14 Mt Richmond Driv e, Mt Wel l ington$90,7000.5 94,219 - 4.52%
15 Unity Driv e, Al bany$8,4000.6 7,002 - 3.26%
133 Roscommon Road, Wiri$13,50010.0 15,862 - 3.60%
Wellington
54-56 Jamaica Driv e, Wellington$11,75012.0 1,825 - 5.72%
147 Gracefield Road, Seav iew$19,0004.5 8,018 - 5.80%
19 Barnes Street, Seav iew$17,0007.9 6,857 - 7.09%
39 Randwick Road, Seaview$23,5003.2 16,249 - 7.75%
68 Jamaica Drive, Grenada North$20,7504.8 9,417 - 6.27%
Other
100 Maui Street, Hamilton$29,700
12.9 12,341 - 5.30%
8 Foundry Driv e, Woolston, Christchurch$17,1006.3 7,668 - 7.24%
TOTAL - INDUSTRIAL$1,117,9755.8 461,509 - 5.23%

Argosy Property Ltd.
Portfolio summary - Office
37
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Argosy Property Limited
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
Auckland
99-107 Khyber Pass Road, Grafton$15,6001.7 2,509 - 7.06%
8 Nugent Street, Grafton$47,4003.4 8,125 - 7.18%
39 Market Place, Viaduct Harbour$10,0002.2 10,365 2,359 28.51%
302 Great South Road, Greenlane$11,0001.7 1,890 - 6.37%
308 Great South Road, Greenlane$8,9002.5 1,568 - 6.64%
82 Wyndham Street$50,0003.1 6,012 - 5.73%
101 Carlton Gore Road, Newmarket$23,0000.8 4,821 - 8.33%
105 Carlton Gore Road, Newmarket$46,7508.6 5,119 1,097
107 Carlton Gore Road, Newmarket$42,3008.4 6,093 - 6.41%
Citibank Centre, 23 Customs Street East$74,0003.6 9,629 802 6.49%
Wellington
7-27 Waterloo Quay$133,0007.0 23,080 - 6.42%
15-21 Stout Street$139,0002.8 20,709 - 6.71%
143 Lambton Quay$10,0001.8 6,216 - 21.44%
147 Lambton Quay$43,0001.9 8,783 100 7.95%
8-14 Willis Street/ 360 Lambton Quay$143,00011.4 16,776 - 4.95%
TOTAL - OFFICE$796,9505.0 131,696 4,358 6.86%

Argosy Property Ltd.
Portfolio summary – Large Format Retail
38
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.
Argosy Property Limited
Property Address
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
Space (m
2
)
Contract
Yield
Auckland
Albany Mega Centre and 11 Coliseum Driv e, Albany$143,0002.7 33,792 1,360 6.79%
50 & 54-62 Cav endish Driv e, Manukau$31,5002.1 9,939 - 6.38%
252 Dairy Flat Highway, Albany$10,6006.3 2,262 - 5.10%
Other
Cnr Taniwha & Paora Hapi Streets, Taupo$11,2000.1 4,212 - 7.12%
TOTAL - LARGE FORMAT RETAIL$196,3002.6 50,204 1,360 6.65%
TOTALS $2,111,2255.1 643,409 5,718 5.97%

Argosy Property Ltd.
Thank you
DISCLAIMER
This presentation has been prepared by Argosy
Property Limited. The details in this presentation provide
general information only. It is not intended as investment
or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior
to making any decision relating to your investment or
financial needs. Thispresentation is not an offer or
invitation for subscription or purchase of securities or
other financial products. Past performance is no
indication of future performance.
All values are expressed in New Zealand currency
unless otherwise stated.
29 November 2023
39
Argosy Property Limited

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1
29.11.2023
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property 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 $58,434 6.3%
Total Revenue $58,434 6.3%
Net profit/(loss) from continuing operations $(1 9,803) -285.1%
Total net profit/(loss) $(1 9,803) -285.1%
Interim Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00173398
Record Date 6 December 2023
Dividend Payment Date 20 December 2023
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $1.52 $1.58
A brief explanation of any of the figures above necessary to enable
the figures to be understood
The financial information for this announcement has been
extracted from the unaudited financial statements of Argosy
Property Limited which have been released to NZX in
conjunction with this announcement.
Authority for this Announcement
Name of person authorised to make this announcement Steve Freundlich
Contact person for this announcement Steve Freundlich
Contact phone number (09) 304 3426
Contact email address sfreundlich@argosy.co.nz
Date of release through MAP 29/11/2023

Unaudited financial statements accompany this announcement.

---

1
29.11.2023

FY24 Interim Result – Strong foundations
Argosy will present the FY24 interim result via a teleconference and webcast at 10am today. Please
visit https://event.choruscall.com/mediaframe/webcast.html?webcastid=wyWeRpxL dial 0800 453 055
and quote the conference ID#10034663. It is recommended that you dial in or log in a few minutes
before the start time. A copy of the webcast will be available on Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the 6 months to 30
September 2023.
Key results for the period include:
• Net property income for the period of $58.4 million, up 6.3% on the prior comparable period;
• $50.8 million interim revaluation loss for the six months to 30 September, down 2.3% on book
value, contributing to a net loss after tax of $19.8 million;
• Net distributable income of $29.5 million, compares to $32.9 million for the prior comparable period
which included a $3 million revenue receipt in respect of the non settlement of the Albany Lifestyle
Centre;
• Strong portfolio metrics, with occupancy at 98.4% and WALT of 5.1 years;
• NTA per share of $1.52, from $1.58 at 31 March 2023;
• Portfolio gearing steady at 36.3%, near the middle of the target band of 30-40%;
• Successful portfolio leasing and rent review outcomes, including 3.6% annualised rental growth on
rents reviewed and 91.3% tenant retention rate;
• Execution of strategy, including obtaining a 6 Green Star certification on 8-14 Willis Street and the
successful completion of other green developments, continuing our portfolio transformation and
progress to a 50% green portfolio by 2031; and
• Reaffirmed FY24 dividend guidance of 6.65 cents per share.
CHAIRMAN REVIEW
Chairman Jeff Morrison said, “The Board is pleased with the way the portfolio has continued to deliver,
despite more difficult operating conditions.
Inflation remains elevated as are interest rates. These factors have added to market volatility and
weighed down market pricing in recent times.

2
Despite this headwind, the portfolio, which remains diversified by tenant and sector, continues to be
resilient and the exposure to the Government sector provides earnings defensiveness and certainty.
Portfolio metrics, including tenant retention and occupancy ratios, have been particularly pleasing in
the interim period.
The company has continued its strategic commitment to greening the portfolio through redevelopment,
with 8-14 Willis Street achieving a 6 Green Star Built certification and a 130% NBS rating. The building
has recently received a global seismic design award. The Excellence and Merit awards earned by 107
Carlton Gore Road at this year’s Property Council New Zealand awards, further highlights the portfolio
quality and Argosy’s long term commitment to building a better future, particularly for our tenants and
the environment.
The Board is comfortable with the company's capital position and balance sheet strength, and that
Argosy has sufficient funding capacity to accommodate medium term development requirements and
any further adverse property valuation movements.
Looking ahead, dividend guidance for FY24 is maintained at 6.65 cents per share, consistent with
previous guidance.”
MANAGEMENT REVIEW
Argosy’s Chief Executive Officer, Peter Mence said “We have started FY24 off very well despite softer
operating and economic conditions.
Operationally, the business is in excellent shape with a solid capital position and strong leasing and
rent review results over the period.
We did notice a softening in tenant enquiry levels leading up to the election and the time to close deals
extended. However, there remains strong market interest and demand for green buildings. We
continue to receive positive market enquiry for green properties with their vibrant and engaging
environments, which reinforces our overall strategic direction.
The economic environment has resulted in us being even more vigilant around balancing near term
results with delivery of our longer term strategic goals. Over the first six months we focused on working
with our customers, addressing expiries and leasing vacancy within the portfolio. The combination of
our short and long term focus areas continues to underpin the delivery of our strategy, sustainable
distributions to shareholders and building a better future for all our stakeholders.”
Financial Results
Statement of Comprehensive Income
For the 6 months to 30 September, Argosy reported net property income of $58.4 million for the period,
up $3.5 million or 6.3% compared with the prior comparable period. Net property income was largely
driven by solid like-for-like rental growth from rent reviews and completed developments, particularly 8-
14 Willis Street.
Net interest expense of $21.2 million was up $4.9 million on the prior comparable period, primarily due
to higher floating rates, higher overall debt levels and lower capitalised interest.

3
Independent desktop valuations were performed as at 30 September on all properties by Colliers
International. The total unrealised revaluation loss for the 6 months to 30 September was $50.8 million
or 2.3% on book value. Overall cap rates softened by 19 basis points to an average of 6.03% and this
was a primary driver in revaluation decreases. By sector, Industrial decreased $15.0 million or 1.3%,
Office declined by $26.2 million or 3.2%, and Large Format Retail declined by $9.6 million or 4.6%.
The portfolio is 9.4% under-rented, excluding market rent on developments.
As a result of the desktop revaluations, Argosy’s NTA declined to $1.52 from $1.58 as at 31 March
2023. Following the revaluations, Argosy’s portfolio shows a contract yield on values of 5.97% and a
yield on fully let market rentals of 6.61%.
The revaluation loss contributed to a net loss after tax of $19.8 million, compared to a net profit of
$10.7 million in the prior comparable period.
Distributable Income
Net distributable income for the year was $29.5 million compared to $32.9 million in the prior
comparable period. The prior comparable period included a $3.0 million receipt in respect of the failed
settlement of the Albany Lifestyle Centre.
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “The first half of the financial year was influenced by tighter economic conditions and
geopolitical uncertainty. The team has worked hard delivering solid results around core operating
metrics including occupancy, rental growth and leasing outcomes.”
As at 30 September, Argosy’s WALT was 5.1 years and portfolio occupancy was 98.4%.
For the period to 30 September, Argosy completed 62 rent reviews, achieving annualised rental growth
of 3.6%. These reviews were achieved on rents totalling $51.9 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 3.3% for Industrial
rent reviews, 3.9% for Office rent reviews and 3.5% for Large Format Retail rent reviews.
For the period to 30 September, 54% of rents reviewed were subject to fixed reviews, 44% were
market reviews and 2% were CPI based.
Argosy completed 14 leasing transactions across 37,600m2 of NLA over the period to 30 September.
Lease transactions were made up of new leases (8), renewals (5) and one extension.
Key leasing highlights over the six month period include;
• Instant Offices NZ Limited, 105 Carlton Gore Road for 1,102m2 on a new 8 year lease;
• Colgate Palmolive, 105 Carlton Gore Road for 561m2 on a new 6 year lease;
• Stantec New Zealand, 105 Carlton Gore Road for 1,647m2 on a new 8 year lease;
• Harbour Cancer Centre, 105 Carlton Gore Road for 772m2 on a new 12 year lease;
• Mainfreight Limited, 32 Bell Avenue, 8,138m2 on a 13 month extension;
• The Fitness Portal Limited, 8 Nugent Street, 1,348m2 on a new 8 year lease; and
• Steel & Tube Holdings Limited, 39 Randwick Road, 2,097m2 renewed for 3 years.

4
Peter Mence said ”I was very happy with the diligence shown by the team over the first six months of
the year. We’ve managed to retain many important tenants and attract some great new tenants to the
portfolio, maintaining a retention rate above 91%.
I noted at our full year result that there was potential for a quieter period ahead. However, strong
bottom up fundamentals for Auckland Industrial, including low forecast vacancy and rental growth
together with a sizable reduction in new supply, leave the sector in positive space. The Industrial sector
remains resilient with solid forecast returns over the next three years.
Our portfolio is 53% weighted to Industrial and our pipeline of green Value Add development Industrial
sites, such as 224 Neilson Street, will continue to enhance portfolio quality and resilience over the
longer term.”
Divestment of non Core Assets
There were no divestments during the first six months of the year. However, the non Core asset at 10
Transport Place, East Tamaki, was sold subsequent to 30 September for $38 million at a premium of
7.3% to 31 March 2023 book value.
Developments
Mt Richmond
Master Planning continues at this 10.6 hectare Value Add green development site in the central
industrial precinct of Mt Wellington, only 15km from the Auckland CBD. However, due to market
conditions including high interest rates, the development has been pushed back into FY25.
Neilson Street
Neilson Street is the second of Argosy’s Value Add green development sites. It is strategically located
8km from the Auckland CBD, with excellent access to both motorway networks. The site will offer 5
Green Star high stud office/warehouse options from 3,500m2 – 7,000m2.
“This location continues to generate interest and we are commencing earthworks for this development
in early 2024. There is strong market demand for modern, well located and sustainable buildings.
Green developments like Neilson Street coupled with attractive market fundamentals, means we are
well placed to benefit from this demand.” said Peter Mence.
Capital Management
As at 30 September, Argosy’s debt-to-total-assets ratio, excluding capitalised borrowing costs, was
36.3% compared to 35.1% at 31 March 2023. This remains near the middle of our 30-40% target band
and well below the bank/bond covenant of 50%. The settlement of the sale of Transport Place will
reduce the debt-to-total-assets ratio to 35.2% on a proforma basis. The interest cover ratio was 2.5
times (2.8 times at 31 March 2023).
Argosy maintains syndicated bank facilities with ANZ Bank of New Zealand Limited, Bank of New
Zealand Limited, The Hongkong and Shanghai Banking Corporation, Commonwealth Bank of
Australia, Westpac New Zealand Limited and Industrial and Commercial Bank of China Limited (ICBC).
The total amount of the bank facility is $525 million, an increase of $50 million from March 2023.

5
Argosy’s weighted average debt tenor, including bonds, was 2.8 years (3.2 years at 31 March 2023)
with the nearest tranche of bank debt expiring in April 2025. The weighted average interest rate was
5.6% (5.4% at 31 March 2023).
Strategy and Governance
Jeff Morrison said: “We remain completely focused on building a better future for all our stakeholders.
For tenants we do this by creating modern, vibrant, productive spaces where their businesses can
thrive. For the environment, we will do this through our commitment to sustainability, greening our
portfolio and reducing our carbon footprint. We’ll meet tenant demand, through redevelopment of
existing buildings and development of new ones. For our shareholders, we’ll build a better future for
them by maintaining a resilient business, providing diversified exposure to attractive property sectors
and delivering them sustainable dividends. For our people, we apply the right support and
opportunities to help them develop and grow. We remain weighted to the Auckland Industrial market,
well placed to benefit from positive long term structural trends.
As we look ahead to the remainder of FY24, the economic environment is still looking difficult for
business and consumers. The team recognises the challenges that lie ahead and remains focused on
delivering on our critical operational objectives that drive earnings and dividend sustainability. These
include completing existing developments and associated leasing up, commencing our new green
industrial projects and addressing our residual vacancies and near term expiries. Over and above
these, our key strategic goal around greening the portfolio remains a key focus and will support
resilient and sustainable dividend growth to shareholders over the long term.”
Dividends and Outlook
A second quarter dividend of 1.6625 cents per share has been declared for the September quarter with
imputation credits of 0.173398 cents per share attached. This will bring the interim dividend for the six
months to 30 September to 3.325 cents per share. Overseas investors will receive an additional
supplementary dividend of 0.078685 cents per share to offset non-resident withholding tax.
The record date for the dividend is 6 December 2023 and the payment date is 20 December 2023. The
Dividend Reinvestment Plan remains suspended until further notice.
Jeff Morrison said: “Argosy has started the FY24 year well from an operational and capital
management perspective. While the near term operating environment has its challenges, we’ll remain
focused on our strategy of delivering a sustainably focused, resilient and diversified business that
creates long term value for shareholders.”

END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz
Stephen Freundlich
Head of Corporate Communications & Investor Relations
09 304 3426
sfreundlich@argosy.co.nz