Market Update – 31 March Year End Valuations

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26 .04 .2024

31 March year end valuation update
Argosy Property Limited (‘Argosy’) today announced that for the 12 months to 31 March 2024, it has
recorded a full year portfolio revaluation loss of $111.7 million, a 5.4% decrease on book value. Of this
decrease, $50.8 million was recognised in the 30 September 2023 interim result.
Overall cap rates softened by 37 basis points to an average of 6.21% and this was a primary driver in
revaluation decreases. By sector, Industrial decreased $51.2 million or 4.8%. The Office portfolio
declined by $49.9 million or 6.1%, and Large Format Retail declined by $10.6 million or 5.1%. The
portfolio is 8.6% under-rented, excluding market rent on developments. More detail is provided in the
appendix to this release. Based on the provisional revaluation announced today, Argosy’s adjusted
NTA would be approximately $1.45 p er share compared to $1.58 as at 31 March 2023.
The valuations as at 31 March 2024 remain subject to audit by Deloitte and will be confirmed in the
financial results to be announced to the market on 22 May 2024.

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END.
Auckland1,439.81,369.7(70.1)(4.9%)6.07%5.66%
Wellington585.8548.2(37.7)(6.4%)6.49%6.25%
North Island Regional & South
Island
59.956.0(
3.9)(6.5%)6.86%6.25%
Total 2,085.5 1,973.8 (111.7)(5.4%)6.21%5.84%
Industrial1,066.11,014.9(51.2)(4.8%)5.94%5.48%
Office813.3763.5(49.9)(6.1%)6.45%6.23%
Large Format Retail206.0195.
5(10.6)(5.1%)6.67%6.25%
Total 2,085.5 1,
973.8 (111.7)(5.4%)6.21%5.84%
Note: Due to rounding, numb ers presented in this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly ab solute figures.
1. Book Value excludes Septemb er 2023 revaluation gain/loss
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%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($
m)
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$m
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%
Mar 24
Cap rate
%
Mar 23
Cap rate
%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($
m)

$m
Mar 24
Cap rate
%
Mar 23
Cap rate
%
Peter Mence
Chief Executive Officer
09 304 3400
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 3400
sfreundlich@argosy.co.nz