Kiwi Property Resido tour presentation

Annual Results
Presentation FY23
•22 May 2023
Resido:
Counting down
to launch
March 2024

Disclaimer
2
Lead the
market on
retail-led
mixed-use
Enable
customer
and partner
success
Build a
future-fit
business
Disclaimer
Kiwi Property Group Limited (‘KPG’) 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
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corporate, directors, officers, partners, employees and agents (together with Kiwi Property, the 'Relevant Parties') expressly exclude and disclaim any and all liability which may arise
from this document, any information provided in connection with this document, any errors in or omissions from this document,from relying on or using this document or otherwise in
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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'', and other similar expressions. The forward-looking statements contained in this
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that actual outcomes will not materially differ from these forward-looking statements. A number of important factors could causeactual results or performance to differ materially from
the forward-looking statements. Investors should consider the forward-looking statements contained in this document in light of this information. The forward-looking statements are
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Unlocking value through our strategic transformation
3
Kiwi Property’s plan for driving earnings and
creating shareholder value:
1.Own, develop and manage retail-led mixed-
use properties at key transport nodes.
2.Prioritise strategic assets with strong
redevelopment and value-creation potential.
3.Maximise the performance and earnings of
our assets through active leasing and asset
management.
4.Recycle capital from the sale of non-core
assets into new initiatives forecast to deliver
superior returns over time.
5.Create a higher-quality, more resilient,
greener and lower-risk asset portfolio.

Sylvia Park overview
An outstanding example of mixed-use in action
4
Legend
Sylvia Park shopping centre
Large format retail
Residential (Build-to -rent)
Ancillary industrial

Sylvia Park 30-year masterplan
Building a city within a city
5
1. ANZ Office
11,620 sqm office
Completed 2018
2. 3 TeKehuWay
7,268 sqm office
Completed 2023
6. Sylvia Tower
Office +
144 key hotel
7. 43 Carbine Road
Office
3. BTR 1
295 units
Forecast 2Q24
12
3
6
7
Completed
Under
Construction
In planning
4
5. BTR Site 3
262 units
4. BTR Site 2
132 units
5

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+
Macro conditions fuelling rise in renting, creating opportunities for BTR
6
•Macroeconomic conditions are conducive to the rise of BTR in Auckland.
•Rising migration and falling building consents are increasing competition for quality accommodation.
•Increased debt and living costs are making houses less affordable, fuelling an increase in the rental population.
Forecast
1: Source: Stats NZ 2023. 2: Source: REINZ 2023. 3: Source: REINZ 2003 4: Source: JLL/Stats NZ 2020. Population – Aucklanders over 15 years old.
Number of people
Age
Auckland
current
~50%
Auckland
forecast
~60%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Building consentsOCR
Auckland residential building consents vs NZ OCR
-50,000
0
50,000
100,000
150,000
200,000
250,000
Dec-03Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
New Zealand net migration
Migrant arrivalsMigrant departuresNet migration
Consents issued
OCR
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
0
2
4
6
8
10
12
2008201320182023
Auckland housing affordability
3
Years to save depositShare of income from repayments
Years
% of income

Housing supply and demand imbalance is fuelling rental growth
7
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)
21.4
19.6
23.6
22.4
15.0
20.0
25.0
AucklandBrisbaneSydneyMelbourne
Percentage %
Apartment annual rental growth (2023)
1. Source: CBRE – Auckland at Oct 23, Australian comparatives at Sept 23. 2. Source: 2023 CBRE, MBIE, Domain

Low vacancy coupled with high demand and a lack of supply are driving strong
rental price growth, with no clear catalyst for softening in the short-medium term.

Resido returns in line with forecast
Resido is poised to become the country’s largest build-to-rent development
8
Project metrics
Projected opening date
From May 2024
Target sustainability rating
8 Home Star
Total project cost~$240m
1
Net operating income
$11.7m
2
Ancillary income
$1.7m
2,3
Target operating expense ratio
~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.
Artist’s impression

Delivering guaranteed BTR income from day one
•Australian serviced apartment provider, Urban Rest, will
rent 12% (34 apartments).
•Apartments will be made available to Urban Rest’s
corporate clients seeking short to medium-term
accommodation in Auckland.
•Forecast rents achieved, highlighting Resido’sappeal
and delivering guaranteed income from opening.
•Three-yearlease term (with the option of a two-year
extension) provides the stability of a cornerstone tenant,
while giving flexibility to test and optimise the operating
model.

Resido: enabling Kiwis to rent their way
Delivering a combination of quality accommodation and appealing amenities
Artist’s impression

Using technology to deliver a superior resident experience
App helps make life at Resido easier and more seamless
11

Counting down to the launch of Resido
Shifting focus from construction to operation
Early
March
Operations
team
established
Mid
April
Leasing
opens
Early
May
Resido
operational
Late May /
early June
Construction
complete.
Resido opens
Mid
December
Awareness
campaign
launches

Kiwi Property’s pragmatic BTR capital management strategy
Ensuring effective use of shareholder capital
13
Complete
•Complete Resido
development
•Commence
Resido leasing
Validate
•Activate management teams and validate operating model
•Prove-up rental expectations
Consent
•Advance concept design for BTR 2
•Secure resource consent and proceed design to tender stage
Partnership
•Secure capital partner for stake in Resido and/or future BTR
projects

14
Thank you