2024 Annual Result

1
22.05 .2024
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $116,461 3.3%
Total Revenue $116,461 3.3%
Net profit/(loss) from continuing operations $(55,275) 31.6%
Total net profit/(loss) $(55,275) 31.6%
Final Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00163299
Record Date 12 June 2024
Dividend Payment Date 26 June 2024
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $1.45 per share $1.58 per share
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 audited 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 22/05/2024

Audited financial statements accompany this announcement.

---

1
22.05.2024

FY24 Annual Result – Building a better future
Argosy will present the FY24 annual result via a teleconference and webcast at 10am today. Please visit
https://s1.c-conf.com/diamondpass/10038045-5wb7dd.html dial 0800 453 055 and quote the conference
ID#10038045. 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 12 months to 31
March 2024.
Key results for the period include:
• Net property income for the period of $116.5 million, up 3.3% on the prior comparable period;
• $111.7 million revaluation loss for the 12 months to 31 March ($50.8 million recognised in the first
half), down 5.4% on book value, contributing to a full year net loss after tax of $55.3 million;
• Net distributable income of $55.8 million vs. $64.2 million for the prior comparable period;
• Sound portfolio metrics, with occupancy at 96.7% and WALT of 5.2 years;
• NTA per share of $1.45, from $1.58 at 31 March 2023;
• Portfolio gearing steady at 36.5%, near the middle of the target band of 30-40%;
• Divested four non Core assets for $93.1 million, achieving above book value;
• Successful portfolio leasing and rent review outcomes, including 3.5% annualised rental growth on
rents reviewed and 85% tenant retention rate;
• Execution of strategy, including obtaining 6 Green Star Built and 5.5 NABERSNZ certification on 8-
14 Willis Street, commencement of 224 Neilson Street targeting 6 Green Stars and continuing the
company’s portfolio transformation and progress to a 50% green portfolio by 2031; and
• FY25 dividend guidance of 6.65 cents per share, in line with the prior year.
CHAIR’S REVIEW
Chair Jeff Morrison said, “The Board is satisfied with the way the business, management team and
staff have performed despite continued weak operating conditions.
Inflation remains outside the Reserve Bank’s target band, and consequently interest rates remain at a
higher level. These high rates have clearly had a negative influence on property values.
As a Board, we are pleased by the progress Argosy continues to make towards our sustainability goals
evidenced by the green buildings completed, certifications achieved, and future new developments.
We also maintained or improved NABERSNZ ratings across rated assets and retained our MSCI ESG
Green Rating at AA. We are increasing our focus on the potential impacts of climate change on the
business.

2
Argosy’s diversified portfolio remains resilient and the 34% weighting to the Government sector
provides a measure of earnings defensiveness. Our portfolio metrics remain sound, although we
acknowledge the coming year will certainly be more challenging.
The Board is comfortable with the company's capital position and balance sheet strength over the
medium term, having made several strategic asset divestments through the year, all at or in excess of
book values. The business has sufficient funding capacity to accommodate short term development
requirements and strategic acquisition opportunities should they arise.
Argosy continues to deliver an investment strategy focused on a di
versified high quality portfolio
underpinned by our sustainability strategy. Key policy targets are an increased weighting in Auckland
Industrial and a reduced weighting in Wellington Office. Our commitment to building a better future,
particularly for our tenants and the environment, is unchanged.
The Board considers the business to be in a sound position. Based on current projections for the
portfolio and subject to delivery against strategic objectives and market conditions, which we
acknowledge remain uncertain, the dividend guidance for FY25 is 6.65 cents per share, consistent with
this financial year.”
MANAGEMENT REVIEW
Argosy’s Chief Executive Officer, Peter Mence said “The business is in good shape with a solid capital
position. Whilst we experienced positive leasing and rent review results over the period, the extended
time to close leasing opportunities persisted and we expect this to continue for the FY25 financial year.
Although our portfolio occupancy at 96.7% is solid, the next 12 months is expected to be challenging in
a weaker economic environment as we seek to address near term expiries and vacancy.
I’m pleased the way our Health & Safety framework is working, and we’ll continue to work
collaboratively with our key stakeholders towards our goal of zero harm.
We are seeing increased market interest and demand for green buildings, particularly in relation to our
current industrial development project at Neilson Street.
We have adjusted our Investment Policy target bands, with a 5% increase to our Auckland Industrial
weighting and a commensurate reduction to Wellington Office. The continued favourable
characteristics of the Industrial sector, coupled with growing demand for green buildings will see the
portfolio well placed to benefit from these drivers over the long term.
Despite a muted outlook for the next 12 months, we remain confident in and committed to the delivery
of our long term strategy, importantly including the payment of sustainable dividends to shareholders
and building a better future for all our stakeholders.”
Financial Results
Statement of Comprehensive Income
For the 12 months to 31 March, Argosy reported net property income of $116.5 million for the period,
up $3.7 million or 3.3% compared with the prior comparable period.
Net property income was bolstered by solid like-for-like rental growth, driven by contributions from rent
reviews and income from completed developments.

3
Net interest expense of $43.7 million was up $7.4 million on the prior comparable period, primarily due
to higher floating rates, higher average debt and lower capitalised interest.
Annual valuations for the year to 31 March 2024 were performed by CBRE Limited and Colliers
International New Zealand Limited. The total unrealised revaluation loss for the year to 31 March was
$111.7 million or 5.4% on book value. The softening of the portfolio capitalisation rate by 37 basis
points to 6.21% was the key driver of the revaluation decrease. Of the annual decline, $50.8 million
was recognised in the interim result at 30 September 2023.
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.
As a result of the FY24 revaluations, Argosy’s NTA declined to $1.45 per share from $1.58 at 31 March
2023. Following the revaluation, Argosy’s portfolio shows a contract yield on values of 6.05% and a
yield on fully let market rentals of 6.73%.
The revaluation loss contributed to the net loss after tax of $55.3 million, compared to a net loss of
$80.8 million in FY23.
Distributable Income
Net distributable income for the year was $55.8 million compared to $64.2 million in the prior
comparable period (which included a $3 million settlement for the failed sale of the Albany Lifestyle
Centre).
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “The full year has definitely been influenced by a tougher economic environment.
However, the team has delivered solid results across our core operating metrics.”
As at 31 March, Argosy’s WALT was 5.2 years and portfolio occupancy was 96.7%.
For the period to 31 March 2024, Argosy completed 115 rent reviews, achieving annualised rental
growth of 3.5%. These reviews were achieved on rents totalling $93 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 3.4% for Industrial
rent reviews, 3.5% for Office rent reviews and 4.0% for Large Format Retail rent reviews.
For the period to 31 March 2024, 65% of rents reviewed were subject to fixed reviews, 28% were
market reviews and 7% were CPI based.
Argosy completed 44 leasing transactions across 151,660m
2
of NLA over the period to 31 March.
Lease transactions were made up of 20 new leases, 21 renewals and 3 e xtensions.
Key leasing highlights over the full year include;
• The Mind Lab Limited, 99-107 Khyber Pass, 875m
2
renewed for 4 years;
• Electrix Limited, 15 Unity Drive and Rothwell Avenue, 14,000m
2
renewed for 4 years;
• Instant Offices NZ Limited, 105 Carlton Gore Road for 1,102m
2
on a new 8 year lease;
• The Warehouse, Albany Mega Centre, 908m
2
renewed for 3 years;
• The Warehouse, Taupo, 4,212m
2
renewed for 5 years;

4
• NIWA, 82 Wyndham Street, 2,650m
2
on a new 12 year lease
• Colgate Palmolive, 105 Carlton Gore Road for 561m
2
on a new 6 year lease;
• Stantec New Zealand, 105 Carlton Gore Road for 1,647m
2
on a new 8 year lease;
• Harbour Cancer Centre, 105 Carlton Gore Road for 772m
2
on a new 12 year lease; and
• Mainfreight Limited, 32 Bell Avenue, 8,138m
2
on a 13 month extension.
Peter Mence said ” We have retained important tenants, with a retention rate above 85%, as well as
attracting very good new tenants to the portfolio.
The softer leasing environment identified at our interim results has persisted over the second half of
the financial year. This weakness was offset to a degree by the ongoing strong bottom-up
fundamentals for the Auckland Industrial sub-sector. This sector continues to show low forecast
vacancy and positive rental growth, coupled with a large reduction in forecast new supply. The
Industrial sector is forecast to deliver solid returns over the next three years and we will increase our
focus on this sector.
Our portfolio is 51% weighted to Industrial and our pipeline of green Value Add development Industrial
sites, such as 224 Neilson Street which is now under construction, continues to improve portfolio
quality and resilience over the longer term.”
Divestment of non Core Assets
The non Core asset at 10 Transport Place, East Tamaki, was sold during the second half of the year
for $38 million, at a pleasing 7.3% premium to 31 March 2023 book value. Other non Core properties
at 302 & 308 Great South Road were sold for $19.9 million. 8 Forge Way, Auckland, was also sold for
$35.2 million and is expected to settle 25 March 2025. All proceeds will initially be used to reduce bank
debt.
Investment Policy Bands
During the year, the Board and Management made a strategic decision to adjust Argosy’s Investment
Policy target bands to increase the portfolio weighting towards the Industrial sector and reduce the
weighting to Wellington Office. Accordingly, by portfolio value, the Industrial target is now 60-70% (was
55-65%), Office is now 20-30% (was 25-35%). There is no change to our Large Format Retail band of
5-15%.
Peter Mence said “As you would expect, we consistently monitor changes in the external environment.
We have continued to undertake regular assessment of Value Add opportunities within the portfolio,
supported by external research & analysis of forecast sector returns.
Auckland Industrial is forecast to be one of the best performing sectors over the medium to longer
term. The benefit of having a diversified portfolio is that it allows us to adjust our weightings and
allocations based on longer term trends.
The combination of delivering on our Value Add opportunities and strategic acquisitions and
divestments along the way, means that we expect to be close to or within our new target bands over
the next five years.”

5
Developments
224 Neilson Street
This project is the first of Argosy’s Value Add green industrial estates and is now under development.
On a 3.5ha site and with an expected value on completion of over $110 million, this will be Argosy’s
largest industrial build to date, when completed in late 2025. This new investment comes at a time
when parts of the Auckland region are facing the lowest levels of industrial building construction for
over a decade. It is strategically located 8km from the Auckland CBD, with excellent access to both
motorway networks. The project is being developed in two phases and is ultimately expected to total
around 17,200m
2
of warehouse NLA. The first phase is a 5,000m
2
warehouse targeting completion by
March 2025 with phase two, a 12,2 00m
2
warehouse, expected to be delivered by the end of 2025.
Both high stud, column free warehouses are targeting 6 Green Star Design and As Built ratings. The
design team have incorporated a wide range of green initiatives to help achieve the 6 Star rating,
including low carbon concrete, rainwater harvesting, solar electricity generation and intelligent lighting
and air conditioning. Furthermore, with approximately 1,750 solar panels generating over 1.2GWh of
energy annually, on completion the facility will have one of the largest rooftop photovoltaic installations
in the country.
“The development is underway and the level of tenant leasing enquiry is encouraging with strong
market demand for modern, well located and sustainable buildings. Sustainability driven projects like
224 Neilson Street, coupled with strong market fundamentals for Industrial property over the long term,
positions us very well for the future.” said Peter Mence.
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. The Mt Richmond development
remains an important part of our long term strategy given our positive view of the Industrial sector over
the long term. With the 224 Neilson Street development now underway, potential commencement of
the Mt Richmond development has been deferred and the current leases extended.
Capital Management
As at 31 March, Argosy’s debt to total assets ratio, excluding capitalised borrowing costs, was 36.5%
1

compared to 35.1% at 31 March 2023.
The ratio reflects the net impact of revaluation losses, divestments and development activity during the
period. Argosy’s year end gearing sits towards the middle of its target gearing band of 30-40%, and
well below its bank covenant of 50%.
During the period Argosy increased and extended its 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. The total amount of the bank facilities are $ 525 million.

1
The ratio excludes the right of use asset at 39 Market Place of $40.0 million, recorded in the period under NZ IFRS 16.

6
Argosy’s weighted average debt tenor, including bonds, was 2.3 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
5.59% (5.39% at 31 March 2023).
Strategy
Jeff Morrison said: “Our vision of building a better future for all our stakeholders remains unchanged.
We aim to build a better future for our tenants by creating modern spaces where their businesses and
their staff can thrive and grow. We strive to build a better future for the environment through our
commitment to sustainability and reducing our carbon footprint.
For our shareholders, we build a better future through our strategy of creating a resilient business
through various economic cycles delivering sustainable dividends. Our strategy also provides
diversified exposure to a quality portfolio of commercial real estate. Greening our portfolio towards
more sustainable buildings, with appropriate certifications validating their quality, will drive long term
value. For our people, we aim to provide pathways and opportunities to help them develop, grow and
succeed.
The adjustment to Argosy’s Investment Policy bands, increasing our target weighting to Auckland
Industrial, reflects the Boards belief in the positive long term structural trends in this sector. We will
consequently reduce our weighting to the Wellington Office market over time.”
Succession Planning
Jeff Morrison said “The Board is very focused on the current and future success of the business. A key
part of this is ensuring there is appropriate succession planning in place at both the Board and
Executive levels. The Remuneration Committee has transitioned to a Remuneration and Nominations
Committee and is developing a longer term succession plan for Directors and Senior Management that
will position the business well to continue to deliver solid and reliable results for shareholders.”
Dividends and Outlook
A fourth quarter dividend of 1.6625 cents per share has been declared for the March quarter with
imputation credits of 0.1633 cents per share attached. This brings the full year dividend to 6.65 cents
per share in line with previous guidance. The fourth quarter dividend will be paid to shareholders on 26
June 2024 and the record date will be 12 June 2024. The Dividend Reinvestment Plan remains
suspended by the Board until further notice.
Jeff Morrison said “The Board is mindful of maintaining a balance between delivering on near term
objectives and the delivery of longer term goals. Dividend guidance for FY25 is 6.65 cents per share,
consistent with the FY24 year. The Company is facing an environment of continuing restrictive interest
rates and softening market conditions, and some increasing property costs in Wellington. The removal
of tax depreciation on buildings from FY25 also imposes a significant additional tax impost on Argosy.
Based on current projections for the portfolio, including the sale of 39 Market Place, we are targeting
the dividend to stay within the top end of our dividend policy range of 85-100% of Adjusted Funds from
Operations over a three year rolling period.
As we look to the year ahead, the economic environment for FY25 looks demanding for business and
consumers. We recognise the team has challenges ahead of them. We expect them to remain focused

7
on delivering on the key operational metrics that drive earnings and dividend sustainability. These
include a focus on leasing up current vacancies, addressing near term lease expiries and making good
progress with our new green industrial project at Neilson Street.
Our key strategic goal around greening the portfolio remains a key focus, to support resilient and
sustainable dividend growth to shareholders over the long term.”
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

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FY24 Annual Results:
Building a better future
22 May 2024

Argosy Property Ltd.
Agenda
Vision & Strategy4
Sustainability 5
Results Summary6
Portfolio Highlights7
Financials13
Leasing & Sector Commentary24
Focus and Outlook28
Appendices30
Peter Mence, CEODave Fraser, CFO
Note: This results presentation should be read in conjunction with the NZX release dated 22 May 2024. 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
A diversified portfolio by sector and region
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.
Sustainability Commitment
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Debt to total assets ratio in the middle
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5
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 17.5% by 2031
•Initial XRB climate disclosures completed in FY24
•Health & safety focus (zero harm)
•Ongoing engagement with our community
•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
Argosy Property Limited
52
37
11
Portfolio by Green Asset Type
Non Green
Green
Value Add

Argosy Property Ltd.
Results Summary
6
Argosy Property Limited
Net property income increased
3.3%
Full year FY24 dividend
NTA per share down from $1.58
driven by revaluation decline
Full year net loss after tax, driven
by -$111.7m revaluation decline
$116.5m6.65c
$1.45-$55.3m
Q4 final dividend declared
1.6625c
Gearing comfortably in the middle
of the target 30-40% band
36.5%

Argosy Property Ltd.
Portfolio Highlights
7
Argosy Property Limited
Occupancy Weighted Average Lease Term
Tenant retention rateGovernment sector rental income
Like for like rental growth
96.7%5.2yrs
85% 34.4%
3.3%
Weighting to Auckland Industrial
44%

Argosy Property Ltd.
Industrial
Office
Large format retail
Sector Summary
Number of buildings
33
Market value of assets ($m)
$1,014.9
Occupancy (by income)
99.1%
Weighted average lease term (WALT)
5.9 years
Number of buildings
13
Market value of assets ($m)
$763.5
Occupancy (by income)
94.0%
Weighted average lease term (WALT)
5.1 years
Number of buildings
4
Market value of assets ($m)
$195.5
Occupancy (by income)
100%
Weighted average lease term (WALT)
2.5 years
8
Argosy Property Limited

Argosy Property Ltd.
88
11
1
Core (75-90%)Value AddDivest
69
28
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)
51
39
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
Portfolio at a glance
9
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 %Region by value %Asset mix by value %
1
2
Argosy Property Limited
Target Bands
Target Bands
Target Bands

Argosy Property Ltd.
Revaluations
CAP RATE SOFTENING ABATING,
RENTAL GROWTH STILL EVIDENT
•Independent valuations as at 31 March
were completed on all properties
•$111.7m decline reported, or 5.4%
devaluation versus book values
•Four non Core properties divested above
book value over the period for $93.1m
6.21%
Weighted average portfolio cap rate
1. Book Value excludes September 2023 revaluation gain/loss
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect
exactly absolute figures.
10
Argosy Property Limited
Auckland1,439.81,369.7(70.1)(4.9%)6.07%5.66%
Wellington585.8548.2(37.7)(6.4%)6.49%6.25%
North Island Regional & South
Island
59.956.0(3.9)(6.5%)6.86%6.25%
Total 2,085.5 1,973.8 (111.7)(5.4%)6.21%5.84%
Industrial1,066.11,014.9(51.2)(4.8%)5.94%5.48%
Office813.3763.5(49.9)(6.1%)6.45%6.23%
Large Format Retail206.0195.5(10.6)(5.1%)6.67%6.25%
Total 2,085.5 1,973.8 (111.7)(5.4%)6.21%5.84%
Mar 24
Cap rate
%
Mar 23
Cap rate
%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($m)

$m
Mar 24
Cap rate
%
Mar 23
Cap rate
%
31 Mar 24
Book Value
1
($m)
31 Mar 24
Valuation
($m)

$m

%

%

Argosy Property Ltd.
Value Add & Green Developments
GREEN ASSETS DRIVING DEVELOPMENT
PIPELINE
•Value Add properties are a key strategic pillar
and will transform the portfolio over the next
decade
•224 Neilson Street development underway with
delivery of 5,000m
2
warehouse set for Q1 of
2025. Phase 2 to potentially include a further
12,200m
2
of warehouse for delivery in late
2025.
•Master Planning for Mt Richmond continues,
with potential commencement in late 2025.
~$211m
Value Add properties with potential to
deliver earnings and capital growth
11
Argosy Property Limited
Property SectorLocation
Valuation @
31 Mar 24
32 Bell Avenue, Mt WellingtonfutureIndustrialAuckland15.8
90-104 Springs Road, East TamakifutureIndustrialAuckland8.9
224 Neilson Street, OnehungaunderwayIndustrialAuckland39.1
8-14 Mt Richmond Drive, Mt WellingtonfutureIndustrialAuckland89.5
15 Unity Drive, AlbanyfutureIndustrialAuckland8.5
133 Roscommon Road, WirifutureIndustrialAuckland13.7
101 Carlton Gore Road, NewmarketfutureOfficeAuckland26.5
143 Lambton QuayfutureOfficeWellington9.0
TOTAL $m 211.0
% of portfolio10.7%

Argosy Property Ltd.
12
Argosy Property Limited
Green Built rating being targeted
6 Star
NABERSNZ energy rating
being targeted
5 Star
Forecast IRR on completion
+8.0%
m
2
of warehouse to be
available
17,200
224 Neilson Street Development

Argosy Property Ltd.
Financials
13

Argosy Property Ltd.
Gross Property Income Waterfall
14
Rent reviews and developments key drivers of rental growth
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 8-
14 Willis Street and 105 Carlton Gore Road
•Net interest expense was higher driven by
higher floating interest rates, higher
average debt and lower capitalised interest
•The full year revaluation decline reflected a
5.4% reduction on book value
$116.5m
NPI for the period, up 3.3%
15
Argosy Property Limited
FY24FY23
$m$m
Net property income116.5112.8
Administration expenses(11.6)(10.8)
Profit before financial income/(expenses), other gains/(losses) and
tax
104.9102.0
Net interest expense(43.7)(36.3)
Gain/(loss) on derivatives0.6 7.3
Other gains/(losses)
Revaluation gains/(losses) on investment property(111.7)(146.6)
Realised gains/(losses) on disposal of investment property(1.0)(0.4)
Settlement for failed sale of investment property3.0
Profit/(loss) before income tax attributable to shareholders(50.8)(70.9)
Taxation expense(4.5)(9.9)
Profit/(loss) and total comprehensive income/(loss) after tax(55.3)(80.8)
Earnings per share (cents)(6.53)(9.55)

Argosy Property Ltd.
Distributable Income
SOUND RESULT
•Net distributable income for the year was
$55.8m compared to $64.2m in the prior
comparable period
•The variance from last year was driven
primarily due to higher interest costs and
higher taxation
•The prior comparable period also benefited
from the receipt of a $3.0m settlement for
the failed sale of the Albany Lifestyle
Centre
$55.8m
Net distributable income
16
Argosy Property Limited
FY24FY23
$m$m
Profit before income tax(50.8)(70.9)
Adjustments:
Revaluation (gains)/losses on investment property111.7 146.6
Realised losses/(gains) on disposal1.0 0.4
Derivative fair value (gain)/loss(0.6)(7.3)
Gross distributable income61.268.7
Depreciation recovered on disposals0.9 0
Current tax expense(6.3)(4.5)
Net distributable income55.864.2
Weighted average number of ordinary shares (m)847.1846.7
Gross distributable income per share (cents)7.238.11
Net distributable income per share (cents)6.587.58

Argosy Property Ltd.
Adjusted Funds From Operations (AFFO)
AFFO COVERED DIVIDENDS
•Higher amortisation of tenant incentives
reflect divested assets and lease
terminations during the year
•Lower maintenance capex for the year
reflects the significant projects undertaken
during the prior year
•AFFO was 6.90cps, which is consistent
with the prior year
96%
AFFO dividend payout ratio
17
Argosy Property Limited
FY24FY23
$m$m
Net distributable income55.864.2
Amortisation of tenant incentives and leasing costs3.5 2.7
Share based payment expense0.3 -
Funds from operations (FFO)59.666.9
Capitalisation of tenant incentives and leasing costs(1.3)(1.0)
Maintenance capital expenditure(2.1)(6.4)
Swap contract termination payment-(1.5)
Maintenance capital expenditure recovered through sale2.3 0.1
Adjusted funds from operations (AFFO)58.458.1
Weighted average number of ordinary shares (m)847.1846.7
FFO cents per share 7.047.91
AFFO cents per share 6.906.86
Dividends paid/payable in relation to period6.656.65
Dividend payout ratio to FFO94%84%
Dividend payout ratio to AFFO96%97%

Argosy Property Ltd.
Investment Property Waterfall
18
Revaluation impacts portfolio value decline
Argosy Property Limited
-1
2,185
35
-35
-58
-112
2,014
-40
1,974
1,400
1,600
1,800
2,000
2,200
2,400
Balance at 1 April
2023
Capitalised costsTransfer to property
held for sale
DisposalsChange in fair valueChange in
capitalised leasing
costs & incentives
Balance 31 March
2024
Right of use assetBalance 31 March
2024 (excluding right
of use asset)
Investment Properties ($m)

Argosy Property Ltd.
Net Tangible Asset
19
Revaluation key driver of NTA decline
Argosy Property Limited

Argosy Property Ltd.
Balance Sheet Management
GEARING AT THE MID-RANGE OF
TARGET BAND
•The balance sheet is in good shape
•Argosy has sufficient facility headroom to
complete existing developments and act on
any near-term opportunities
•Green projects will continue to be a key
focus, particularly 224 Neilson Street
•At 31 March, $23.0m in assets were
regarded as non Core
•Four non Core assets divested over the
period totalling $93.1m
36.5%
Debt-to-total-assets ratio in the middle
of the target 30-40% range
20
Argosy Property Limited
1. Excludes capitalised borrowing costs. 2. Excludes Right of Use Asset at 39 Market Place of $40.0 million
FY24FY23
$m$m
Investment properties2,013.8 2,184.9
Asset held for sale35.2 -
Other assets20.0 27.7
Total assets2,069.0 2,212.6
Right of Use Asset(40.0)(40.1)
Total assets (net of Right of Use Asset)2,029.0 2,172.6
Fixed Rate Green Bonds325.0 325.0
Bank debt
1

415.6 438.2
Total Bank Debt & Bond Funding740.6 763.2
Debt-to-total-assets ratio
2
36.5%35.1%

Argosy Property Ltd.
Interest Rate Management
FIXED RATE COVER OF 71%
•Weighted average interest rate increased
to 5.6% from 5.4% at 31 March 2023
•Fixed rate cover at 71% of drawdown debt
•$255m in forward rate swaps commencing
from 5 March 2025
2.4x
Interest cover ratio banking covenant
set at a minimum of 2.0x
1.Including margin and line fees
21
FY24FY23
Weighted average interest rate
1
5.6%5.4%
Interest Cover Ratio2.4x2.8x
% of fixed rate borrowings71%71%
Weighted average duration of active payer swaps1.1 years2.0 years
Average rate of active payer swaps3.43%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 $325m of green bonds continue to
provide important diversification and tenor
benefits to the business
2.3 years
Weighted average duration of Argosy’s
debt
22
Argosy Property Limited
220
190
115
100
100
125
0
50
100
150
200
250
300
350
400
FY25FY26FY27FY28FY29
Facilities ($m)

Argosy Property Ltd.
Dividends
STEADY THROUGH TOUGH ECONOMIC
CYCLES
•A 4
th
quarter dividend of 1.6625 cents per
share has been declared with 0.1633 cents
per share imputation credits attached
•Overseas investors will receive an
additional supplementary dividend of
0.0741 cents per share to offset non-
resident withholding tax
•The record date is 12 June, and the
payment date is 26 June
6.65c
FY25 dividend guidance in line with prior year
23
Argosy Property Limited
6.28
6.35
6.45
6.55
6.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY19FY20FY21FY22FY23FY24FY25 f'cast
Dividend cps

Argosy Property Ltd.
Leasing & sector
commentary
24

Argosy Property Ltd.
Leasing Outcomes
25
Argosy Property Limited
m2 of NLA leased to 31 MarchEquivalent of total by NLA
m2 of NLA renewed with Electrix
for 4 years
New lease to Harbour Cancer
Centre Limited
Leases executed, 20 new leases, 21
renewals and 3 extensions
151,66024%
14,00012yr
44
Rent reviews over the period,
annualised rental growth of 3.5%
115

Argosy Property Ltd.
Lease Expiry & Rent Review Profile
MEDIUM TERM LEASE EXPIRY PROFILE
IS WELL MANAGED
•Largest single expiry remains MBIE in 2027
•Average annual expiry over the next three
years is ~11%
3.5%
Annualised rent review growth over the
year to 31 March
26
Argosy Property Limited
1.2
1.8
9.3
6.4
1.6
2.9
1.4
2.1
1.4
0.4
5.4
7.3
6.7
5.6
10.4
5.9
5.9
2.4
6.4
2.5
0.3
9.5
0
2
4
6
8
10
12
14
16
18
VacantMar-25Mar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35 +
Percentage of portfolio (by income)
As at 31 March 2024
Largest single expiry
Year ending
3.3
Total remaining
expiry

Argosy Property Ltd.
Market Insights
• Softer period of both supply and demand currently as
projected for 2024 as both occupiers and developers struggle
• Limited land supply in Auckland and Wellington continues
pressure on land values, with prime sites holding their value
• Rent continues to show some growth in well specified and
well located assets
• Vacancy remains very low, with limited speculative supply
and with little expansion capacity
• Modest reduction in construction costs reduces rental growth
pressure
INDUSTRIAL
• Flexible working environments continue but working from
home and full-time remote work are declining
• Changes in the way space is used, focusing on the
environment, now a staff attraction matter
• Continued focus from tenants on sustainability/green
• Increase in desire for flexibility in lease terms from tenants
• Wellington vacancy levels have increased and are expected
to increase further, particularly in secondary locations and for
poorer quality stock (seismic issues)
OFFICE
• Retail turnover rates have declined significantly on a per
capita basis
• Discretionary lines showing a significant drop in sales
• Online proportion of total sales continues to reduce
• Large Format Retail continues to receive solid demand in
prime locations
• "Moving of the deck chairs" as market share changes
• Retailers consolidating to a fewer number of locations
• Increased costs of operation are giving affordability issues
LARGE FORMAT RETAIL
27
Argosy Property Limited

Argosy Property Ltd.
Focus and outlook
28
Argosy Property Limited

Argosy Property Ltd.
OUTLOOK
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND EXECUTING ON STRATEGIC GOALS
•New Zealand’s domestic economy continues to experience challenging headwinds from stubborn inflation and restrictive interest rates.
•The diversified portfolio exposure continues to provide a degree of resilience.
•Argosy is well placed, with a solid capital position to continue to transform towards a green & environmentally sustainable business.
•Our key focus areas for 2025 are to:
1.deliver strong operational results by addressing key expiries, leasing up remaining vacancies and achieving strong rental growth;
2.deliver on key strategic objectives including green developments and other value add opportunities;
3.achieve Green Star & NABERSNZ certifications; and
4.divest low growth assets and reinvest proceeds into green developments.
29
Argosy Property Limited

Argosy Property Ltd.
Appendices
30

Argosy Property Ltd.
Balance Sheet Management
31
Gearing remains comfortably within the mid-range of the band
Target Range 30-40%
Argosy Property Limited
38.8
35.9
31.1
35.1
36.5
0
10
20
30
40
50
FY20FY21FY22FY23FY24
Debt to total assets (%)

Argosy Property Ltd.
Hedges, Interest Rates & Debt Maturity
32
Hedges & Weighted Average
Interest Rates (March)
Debt Maturity Profile (drawn) &
Weighted Average Margin and Line Fee
Argosy Property Limited
325
210210
140
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
100
200
300
400
2025202620272028
Weighted Average Interest Rate (%)
Face Value of Hedges ($m)
Fixed interestRate
220
81
115
100
100
125
1.37%
1.55%
1.63%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
2.20%
0
50
100
150
200
250
300
350
400
450
FY25FY26FY27FY28
Weighted average margin & Line fee (%)
Debt profile $millions
DebtBondMargin+Line fee

Argosy Property Ltd.
Rent review summary – by type, sector and location
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.
Argosy Property Limited
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
Total11593,038100%98,5815,5436.0%3,274100%3.5%
By review type
Fixed8660,85365%62,6201,7672.9%1,76754%2.9%
Market1325,67128%29,0943,42313.3%1,18636%4.6%
CPI166,5147%6,8673535.4%32210%4.9%
By sector
Industrial4044,68848%46,7852,0974.7%1,53447%3.4%
Office5342,38246%45,5573,1757.5%1,50046%3.5%
LFR225,9686%6,2392714.5%2397%4.0%
By location
Auckland9463,42168%66,1122,6904.2%2,09664%3.3%
Wellington1926,84629%29,6272,78110.4%1,10634%4.1%
Other22,7713%2,843722.6%722%2.6%

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
5.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY20FY21FY22FY23FY24
WALT (years)
38.8
35.9
31.1
35.1
36.5
0
10
20
30
40
50
FY20FY21FY22FY23FY24
Debt-to-
total
-assets (%)
98.8
99.0
98.7
99.3
96.7
0
0
0
0
0
0
FY20FY21FY22FY23FY24
Occupancy (%)
1.30
1.53
1.74
1.58
1.45
0
0
0
0
0
FY20FY21FY22FY23FY24
Net Tangible Assets ($ per share)

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.
22 May 2024
36
Argosy Property Limited

---

Building a
better future
Annual Report
2024

Argosy Property LimitedAnnual Report 202402

For us, the goal has always been
much more than just achieving
financial returns.
We believe in doing what’s right,
building a better future for our tenants,
our investors, and the communities
we are part of.

Contents
Chairman's review16
Management report18
Numbers at a glance24
Our Leadership & Governance26
Consolidated Financial Statements32
Independent Auditor's Report59
Corporate Governance61
Investor Statistics75
Directory79
Argosy Property LimitedAnnual Report 202403

A
better future
f
or our investors.
Our diverse portfolio of properties widens
growth opportunities including developing
green buildings, to drive earnings and capital
growth that deliver the steady dividends our
investors rely on.
We pride ourselves on the valued relationships
we have with our investors, maintaining their
trust by operating with the highest standards
of transparency and never compromising on
our principles.
Argosy Property LimitedAnnual Report 202404

Argosy Property LimitedAnnual Report 202405

Our buildings are productive spaces that
enable our diverse family of 150+ tenants to
grow and succeed, building a brighter future
for themselves and their people.
We work in partnership with tenants to
understand their aspirations and to deliver
the facilities they need to prosper today and
for tomorrow. The breadth of our portfolio
allows us to keep offering new and extended
spaces as their needs evolve.
A better future
for our tenants.
Argosy Property LimitedAnnual Report 202406

for our tenants
Argosy Property LimitedAnnual Report 202407

We are committed to driving better long-term
outcomes for the communities we are part of. A
better future sees these communities thriving.
And that’s why we foster long-term partnerships
with the Graeme Dingle Foundation, Keystone
Trust, Pillars, The Spirit of Adventure Trust,
Surf Lifesaving, Variety and others. These are all
organisations who, like us, work hard to create a
better future for more people.
A better future
for our communities.
Argosy Property LimitedAnnual Report 202408

Argosy Property LimitedAnnual Report 202409

We are reducing our environmental impact
by leading the market in retrofitting existing
properties into green buildings. These
innovative and energy-efficient spaces allow
tenants to also advance their own sustainability
aspirations.
With 35% of our portfolio being green buildings, we
are well on our way to having at least 50% of our
portfolio Green rated by 2031.
A better future
for Aotearoa
New Zealand.
Argosy Property LimitedAnnual Report 202410

Argosy Property LimitedAnnual Report 202411

$116.5m
Net
Property
Income
3.3%
2024 highlights
6.65cps
FY25
dividend
guidance
$111.7m
Revaluation
loss for the
ye a r, 5.4%
on book value
9 6.7%
Occupancy
5.2yr
$1.45
Weighted
average
lease term
(WALT)
Net
Tangible
Assets
(per share)
Argosy Property LimitedAnnual Report 202412

51%
36.5%
69%
34%
Industrial weighting
Gearing
Auckland weighting
Government sector
rental income
$137, 278
of community sponsorship in 2024
Social
Sustainability
6 Star
Green Building certification for 8-14
Willis Street, Wellington’s 1st for Office
35%
Completed green assets
percentage of portfolio
To i t ū
Certified Net Carbonzero for
year to 31 March 2024
Argosy Property LimitedAnnual Report 202413

Building a
better future
G
r
e
e
n
R
e
s
i
l
i
e
n
t
D
i
v
e
r
s
i
f
i
e
d
Proactive delivery of
sustainable growth
A business culture that is
environmentally focused
Executing 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
A diversified portfolio by sector
and region
A diversified asset allocation
across sectors to reduce volatility
and widen growth opportunities
Targeting strategic growth
opportunities with green potential
and a focus on the Auckland
Industrial market
Maintaining a portfolio of
high quality, well located
Core assets with growth potential
P
Argosy Property LimitedAnnual Report 202414

Argosy Property LimitedAnnual Report 202415

08Annual Report 2022Argosy Property Limited
Building a
Better Future
Jeff Morrison
CHAIRMAN
“The Board is satisfied with the way the business,
management team and staff have performed despite
continued weak operating conditions.”
Argosy Property LimitedAnnual Report 202416
Chairman's review

On behalf of the Board of Directors, it is my pleasure
to present Argosy’s 2024 Annual Report.
Inflation remains outside the Reserve Bank’s target band, and
consequently interest rates remain at a higher level. These
high rates have clearly had a negative influence on property
values. As a Board, we are pleased by the progress Argosy
continues to make towards our sustainability goals evidenced
by the green buildings completed, certifications achieved, and
future new developments.
We also maintained or improved NABERSNZ ratings across
rated assets and retained our MSCI ESG Green Rating at AA.
We are increasing our focus on the potential impacts of climate
change on the business. Argosy’s diversified portfolio remains
resilient and the 34% weighting by income to the Government
sector provides a measure of earnings defensiveness. Our
portfolio metrics remain sound, although we acknowledge the
coming year will certainly be more challenging.
The Board is comfortable with the company's capital position
and balance sheet strength over the medium term, having
made several strategic asset divestments through the year,
all at or in excess of book values. The business has sufficient
funding capacity to accommodate short term development
requirements and strategic acquisition opportunities should
they arise.
Argosy continues to deliver an investment strategy focused
on a diversified high quality portfolio underpinned by our
sustainability strategy. Key policy targets are an increased
weighting in Auckland Industrial and a reduced weighting in
Wellington Office. Our commitment to building a better future,
particularly for our tenants and the environment, is unchanged.
The Board considers the business to be in a sound position.
Based on current projections for the portfolio and subject to
delivery against strategic objectives and market conditions,
which we acknowledge remain uncertain, the dividend guidance
for FY25 is 6.65 cents per share, consistent with this
financial year.
Governance & Succession Planning
Argosy’s Annual Shareholders Meeting (ASM) will be held as a
hybrid meeting on 18 June at 2pm at the Royal New Zealand
Yacht Squadron in Auckland. Argosy continues to utilise the
hybrid functionality of the ASM. It allows shareholders to
attend virtually and participate in all elements of the meeting
including questions and answers and completing all voting.
Stuart McLauchlan and myself will both retire in accordance
with the Company’s constitution and the NZX Listing Rules and
will be eligible for re-election.
The Board is very focused on the current and future success of
the business. A key part of this is ensuring there is appropriate
succession planning in place at both the Board and Executive
levels. The Remuneration Committee has transitioned to a
Remuneration and Nominations Committee and is developing
a longer term succession plan for Directors and Senior
Management that will position the business well to continue to
deliver solid and reliable results for shareholders.
Dividends
A fourth quarter dividend of 1.6625 cents per share has been
declared for the March quarter with imputation credits of 0.1633
cents per share attached. This brings the full year dividend
to 6.65 cents per share in line with previous guidance. The
fourth quarter dividend will be paid to shareholders on 26 June
2024 and the record date will be 12 June 2024. The Dividend
Reinvestment Plan remains suspended by the Board until
further notice.
The Board is mindful of maintaining a balance between
delivering on near term objectives and the delivery of longer
term goals. Dividend guidance for FY25 is 6.65 cents per
share, consistent with the FY24 year. The Company is facing
an environment of continuing restrictive interest rates and
softening market conditions, and some increasing property
costs in Wellington. The removal of tax depreciation on
buildings from FY25 also imposes a significant additional tax
impost on Argosy. Based on current projections for the portfolio,
including the sale of 39 Market Place, we are targeting the
dividend to stay within the top end of our dividend policy range
of 85-100% of Adjusted Funds from Operations over a three
year rolling period.
Outlook
As we look to the year ahead, the economic environment
for FY25 looks demanding for business and consumers. We
recognise the team has challenges ahead of them. We expect
them to remain focused on delivering on the key operational
metrics that drive earnings and dividend sustainability. These
include a focus on leasing up current vacancies, addressing
near term lease expiries and making good progress with our
new green industrial project at Neilson Street.
Our strategic goal around greening the portfolio remains a key
focus, to support resilient and sustainable dividend growth to
shareholders over the long term.
Jeff Morrison
Chairman
FY24 FULL YEAR DIVIDEND
6.65 cps
Consistent with the prior year
FY25 DIVIDEND GUIDANCE
6.65 cps
Consistent with the FY24 dividend
Argosy Property LimitedAnnual Report 202417

Management Report
Diversification pays
dividends
“After another challenging year affected by lockdowns
and traffic light settings, its pleasing to have delivered
what we consider to be a very solid full year result to
shareholders.”
Peter Mence
CHIEF EXECUTIVE OFFICER
Dave Fraser
CHIEF FINANCIAL OFFICER
8
Annual Report 2022Argosy Property Limited
We delivered on all of our operational focus areas around
vacancies, key expiries and completing developments. We also
divested non-core buildings during the year at healthy premiums
to book value. Our core portfolio metrics have remained sound
despite the operational environment being so difficult for
everyone.
8-14 Willis Street has now been handed over to Statistics New
Zealand. At a total cost o
f $xm, the handover sees Argosy complete
its largest green development project in its history. If we achieve
our target 6 Green Stars the building will certainly be the jewel in
our crown. The Wellington office market continues to exhibit
strong fundamentals which we don’t see waning for some time.
Our ongoing exposure to Government rental streams provides a
high degree of certainty and stability during uncertain times.
Master planning at Argosy’s two key Auckland industrial estates
at Mt Richmond Road and Neilson Street are progressing and we
are fielding a lot of market inquiry for these sites which will be
repurposed into green industrial estates. We’re excited about the
potential these sustainably focused properties bring to the
portfolio and the cross section of new industrial tenants showing
interest. We think strong industrial fundamentals and the fact the
sector is forecast to be the best performer over the next five years
is underpinning occupier interest.
The balance of the portfolio is in excellent shape. Argosy’s capital
structure is sound and we have capacity to execute on
opportunities as they arise. However, with interest rates rising it
we are focusing more on our organic value add development
pipeline. Given the pipeline of work we see ahead, we’ve
resourced the business and development team up accordingly.
Highlights
Key highlights for the period include:
•
Continued focus on sustainability and green developments;
•
Record interim net profit after tax of $xx.0 million;
•
Net property income for the period up xx%;
•
High occupancy (~9x%) and WALT (5.x years);
•
Strong portfolio leasing and rent review outcomes, including
xx% annualised rental growth on rents reviewed;
•
7WQ in Wellington is now 100% leased;
•
$xx million annual revaluation gain, an increase of x% on book
value;
•
Increase in NTA per share to $1.xx from $1.53 at 31 March 2021,
a xx% increase; and
•
FY23 dividend guidance of 6.65 cents per share under the new
dividend policy which commenced from 1 April 2022.
Financial Results
Statement of Comprehensive Income
For the 12 months to 31 March, Argosy reported net property
income of $xx million for the period, up x% compared with the
prior comparable period.
Solid like for like rental growth was bolstered by a full year
contribution from Mt Richmond and lower Covid-19 rent rebates
over the period, partially offset by disposals.
For the year to 31 March, Argosy provided for $x million in rental
abatements to tenants and no deferrals.
Net interest expense of $xx million was up/down by $xx million
on the prior comparable period, primarily due to xxx [lower
overall debt levels and higher capitalised interest].
Annual valuations for the year to 31 March were performed by
CBRE, Colliers International New Zealand Limited, Bayleys and
Jones Lang Lasalle. The total unrealised revaluation gain for the
year to 31 March was $xx million or a xx% increase above book
value. The portfolio is x% under-rented, excluding market rent
on vacant space.
Current tax expense was higher / lower due to large deductions
recorded in the prior comparable period and the non-assessable
deposit for the Albany Lifestyle Centre.
Distributable Income
Net distributable income for the year was $xx million compared
to $.0 million in the prior comparable period.
Valuations
The work performed by the valuers resulted in an annual
revaluation uplift of $x million, or a x% increase above book value.
By location, Auckland was the largest contributor to the total year
end valuation results with an unrealised revaluation increase of
$x million or 84% of the total portfolio uplift. By sector, and at
~50% of Argosy’s portfolio by value Industrial was the key driver
of the overall gain at $x million, up x% on book value. The Office
portfolio increased $x million, and Large Format Retail increased
by $x million.
As a result of the FY22 revaluation gain, Argosy’s NTA increased
to $1.xx, or xx% from $1.64 at 31 March 2021. Following the
revaluation, Argosy’s portfolio shows a contract yield on values of
5.xx% and a yield on fully let market rentals of 5.xx%.
Outlook
With the economy facing a range of headwinds, the next 6-12
months will be challenging for the domestic economy, but we’re
ready for it. We’ll continue to work hard on the things we can
control. On the operational side this is leasing up vacancies and
renewing expiring leases. On the strategic side, we’ll keep
working closely with our tenants and supporting their growth
aspirations, completing our existing green projects and master
planning and development of our value add opportunities. All of
these support the delivery of our ten year strategic plan and
sustainable distributions to shareholders.
I look forward to updating all our stakeholders at our Annual
Meeting in June.
PETER MENCE
Chief Executive Officer
NEED TO UPDATE
SIGNATURE
DAVE FRASER
Chief Financial Officer
9
Annual Report 2022Argosy Property Limited
A sustainable
focus
Peter Mence (right)
CHIEF EXECUTIVE OFFICER
Dave Fraser (left)
CHIEF FINANCIAL OFFICER
“The financial year has definitely been influenced by a
weaker economic and operating environment.”
Argosy Property LimitedAnnual Report 202418
Management report

NET PROPERTY INCOME
$116.5m
Up 3.3% for the period
The business is in good shape with a solid capital
position. Whilst we experienced positive leasing and
rent review results over the period, the extended
time to close leasing opportunities persisted and we
expect this to continue for the FY25 financial year.
KEY METRICS FOR THE PERIOD INCLUDE:
•Net property income for the period of $116.5 million, up 3.3%
on the prior comparable period;
•$111.7 million revaluation loss for the 12 months to 31 March
($50.8 million recognised in the first half), down 5.4% on
book value, contributing to a full year net loss after tax of
$55.3 million;
•Net distributable income of $55.8 million vs. $64.2 million
for the prior comparable period;
•Sound portfolio metrics, with occupancy at 96.7% and WALT
of 5.2 years;
•NTA per share of $1.45, from $1.58 at 31 March 2023;
•Portfolio gearing steady at 36.5%, near the middle of the
target band of 30-40%;
•Divested four non Core assets for $93.1 million, achieving
above book value;
•Successful portfolio leasing and rent review outcomes,
including 3.5% annualised rental growth on rents reviewed
and 85% tenant retention rate;
•Execution of strategy, including obtaining 6 Green Star
Built and 5.5 NABERSNZ certification on 8-14 Willis Street,
commencement of 224 Neilson Street targeting 6 Green
Stars and continuing the company’s portfolio transformation
and progress to a 50% green portfolio by 2031; and
•FY25 dividend guidance of 6.65 cents per share, in line with
the prior year.
Although our portfolio occupancy at 96.7% is solid, the
next 12 months is expected to be challenging in a weaker
economic environment as we seek to address near term expiries
and vacancy.
We're pleased with the way our Health & Safety framework is
working, and we’ll continue to work collaboratively with our key
stakeholders towards our goal of zero harm. We are seeing
increased market interest and demand for green buildings,
particularly in relation to our current industrial development
project at Neilson Street.
We have adjusted our Investment Policy target bands, with
a 5% increase to our Auckland Industrial weighting and a
commensurate reduction to Wellington Office. The continued
favourable characteristics of the Industrial sector, coupled with
growing demand for green buildings will see the portfolio well
placed to benefit from these drivers over the long term.
Financial Results
STATEMENT OF COMPREHENSIVE INCOME
For the 12 months to 31 March, Argosy reported net property
income of $116.5 million for the period, up $3.7 million or 3.3%
compared with the prior comparable period.
Net property income was bolstered by solid like-for-like rental
growth, driven by contributions from rent reviews and income
from completed developments.
Net interest expense of $43.7 million was up $7.4 million on the
prior comparable period, primarily due to higher floating rates,
higher average debt and lower capitalised interest.
Annual valuations for the year to 31 March 2024 were performed
by CBRE Limited and Colliers International New Zealand
Limited. The total unrealised revaluation loss for the year to
31 March was $111.7 million or 5.4% on book value. In general,
portfolio capitalisation rate softening of 37 basis points to
6.21% was the key driver of revaluation decrease. Of the annual
decline, $50.8 million was recognised in the interim result at
30 September 2023.
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.
As a result of the FY24 revaluations, Argosy’s NTA declined
to $1.45 per share from $1.58 at 31 March 2023. Following the
revaluation, Argosy’s portfolio shows a contract yield on values
of 6.05% and a yield on fully let market rentals of 6.73%.
The revaluation loss contributed to the net loss after tax of
$55.3 million, compared to a net loss of $80.8 million in FY23.
DISTRIBUTABLE INCOME
Net distributable income for the year was $55.8 million
compared to $64.2 million in the prior comparable period
(which included a $3.0 million settlement for the failed sale of
the Albany Lifestyle Centre).
Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “The full year has definitely been influenced
by a tougher economic environment. However, the team has
delivered solid results across our core operating metrics.”
As at 31 March, Argosy’s WALT was 5.2 years and portfolio
occupancy was 96.7%.
For the period to 31 March 2024, Argosy completed 115 rent
reviews, achieving annualised rental growth of 3.5%. These
reviews were achieved on rents totalling $93.1 million.
On rents subject to review by sector, Argosy achieved
annualised rental growth of 3.4% for Industrial rent reviews,
3.5% for Office rent reviews and 4.0% for Large Format Retail
rent reviews.
For the period to 31 March 2024, 65% of rents reviewed were
subject to fixed reviews, 28% were market reviews and 7% were
CPI based.
Argosy completed 44 leasing transactions across 151,660m2 of
NLA over the period to 31 March. Lease transactions were made
up of 20 new leases, 21 renewals and 3 extensions.
Argosy Property LimitedAnnual Report 202419

Key leasing transaction successes over the financial
year include:
•The Mind Lab Limited, 99-107 Khyber Pass, 875m
2
renewed
for 4 years;
•Electrix Limited, 15 Unity Drive and Rothwell Avenue,
14,000m
2
renewed for 4 years;
•Instant Offices NZ Limited, 105 Carlton Gore Road for 1,102m
2
on a new 8 year lease;
•The Warehouse, Albany Mega Centre, 908m
2
renewed for
3 years;
•The Warehouse, Taupo, 4,212m
2
renewed for 5 years;
•NIWA, 82 Wyndham Street, 2,650m
2
on a new 12 year lease;
•Colgate Palmolive, 105 Carlton Gore Road for 561m
2
on a new
6 year lease;
•Stantec New Zealand, 105 Carlton Gore Road for 1,647m
2
on
a new 8 year lease;
•Harbour Cancer Centre, 105 Carlton Gore Road for 772m
2
on
a new 12 year lease; and
•Mainfreight Limited, 32 Bell Avenue, 8,138m
2
on a 13
month extension.
Peter Mence said "We have retained important tenants, with a
retention rate above 85%, as well as attracting very good new
tenants to the portfolio.
The softer leasing environment identified at our interim results
has persisted over the second half of the financial year. This
weakness was offset to a degree by the ongoing strong bottom-
up fundamentals for the Auckland Industrial sub-sector. This
sector continues to show low forecast vacancy and positive
rental growth, coupled with a large reduction in forecast new
supply. The Industrial sector is forecast to deliver solid returns
over the next three years and we will increase our focus on
this sector.
Our portfolio is 51% weighted to Industrial and our pipeline of
green Value Add development Industrial sites, such as 224
Neilson Street which is now under construction, continues to
improve portfolio quality and resilience over the longer term.”
Investment Policy Bands
During the year, the Board and Management made a strategic
decision to adjust Argosy’s Investment Policy target bands to
increase the portfolio weighting towards the Industrial sector
and reduce the weighting to Wellington Office. Accordingly,
by portfolio value, the Industrial target is now 60-70% (was
55-65%), Office is now 20-30% (was 25-35%). There is no
change to our Large Format Retail band of 5-15%.
Peter Mence said “As you would expect, we consistently
monitor changes in the external environment. We have
continued to undertake regular assessment of Value Add
opportunities within the portfolio, supported by external
research & analysis of forecast sector returns.
Auckland Industrial is forecast to be one of the best performing
sectors over the medium to longer term. The benefit of having a
diversified portfolio is that it allows us to adjust our weightings
and allocations based on longer term trends.
The combination of delivering on our Value Add opportunities
and strategic acquisitions and divestments along the way,
means that we expect to be close to or within our new target
bands over the next five years.”
Value Add Developments
NEILSON STREET, ONEHUNGA
This project is the first of Argosy’s Value Add green industrial
estates and is now under development. On a 3.5 hectare site
and with an expected value on completion of over $110 million,
this will be Argosy’s largest industrial build to date, when
completed in late 2025. This new investment comes at a
time when parts of the Auckland region are facing the lowest
levels of industrial building construction for over a decade.
It is strategically located 8km from the Auckland CBD, with
excellent access to both motorway networks. The project is
being developed in two phases and is ultimately expected to
total around 17,200m
2
of warehouse NLA. The first phase is a
5,000m
2
warehouse targeting completion by March 2025 with
phase two, a 12,200m
2
warehouse expected to be delivered by
the end of 2025.
Both high stud, column free warehouses are targeting 6 Green
Star Design and As Built ratings. The design team have
incorporated a wide range of green initiatives to help achieve
the 6 Star rating, including low carbon concrete, rainwater
harvesting, solar electricity generation and intelligent lighting
and air conditioning. Furthermore, with approximately 1,750
solar panels generating over 1.2GWh of energy annually, on
completion the facility will have one of the largest rooftop
photovoltaic installations in the country.
“The development is underway and the level of tenant leasing
enquiry is encouraging with strong market demand for modern,
well located and sustainable buildings. Sustainability driven
projects like 224 Neilson Street, coupled with strong market
fundamentals for Industrial property over the long term,
positions us very well for the future.” said Peter Mence.
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. The Mt
Richmond development remains an important part of our
long term strategy given our positive view of the Industrial
DEBT-TO-TOTAL ASSETS AT 31 MARCH
36.5%
Middle of target  30-40% band
WEIGHTED AVERAGE DEBT TENOR
2.3yrs
Includes bonds
Argosy Property LimitedAnnual Report 202420
Management report

sector over the long term. With the 224 Neilson Street
development now underway, potential commencement of the
Mt Richmond development has been deferred and the current
leases extended.
DIVESTMENT OF NON CORE ASSETS
The non Core asset at 10 Transport Place, East Tamaki, was
sold during the second half of the year for $38 million, at a
pleasing 7.3% premium to 31 March 2023 book value. Other
non Core properties at 302 & 308 Great South Road were
sold for $19.9 million. 8 Forge Way, Auckland, was also sold
for $35.2 million and is expected to settle 25 March 2025. All
proceeds will initially be used to reduce bank debt.
CAPITAL MANAGEMENT
As at 31 March, Argosy’s debt to total assets ratio, excluding
capitalised borrowing costs, was 36.5% compared to 35.1% at
31 March 2023. The ratio reflects the net impact of revaluation
losses, divestments and development activity during the period.
Argosy’s year end gearing sits towards the middle of its target
gearing band of 30-40%, and well below its bank covenant
of 50%.
During the period Argosy increased and extended its
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. The total amount of the
bank facilities are $525 million.
Argosy’s weighted average debt tenor, including bonds, was 2.3
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 5.59% (5.39% at 31 March 2023).
OUTLOOK
Despite a muted outlook for the next 12 months, we
remain confident in and committed to, the delivery of our
long term strategy, including the payment of sustainable
dividends to shareholders and building a better future for all
our stakeholders.
Peter Mence
Chief Executive Officer
Management Report
Diversification pays
dividends
“After another challenging year affected by lockdowns
and traffic light settings, its pleasing to have delivered
what we consider to be a very solid full year result to
shareholders.”
Peter Mence
CHIEF EXECUTIVE OFFICER
Dave Fraser
CHIEF FINANCIAL OFFICER
8
Annual Report 2022Argosy Property Limited
We delivered on all of our operational focus areas around
vacancies, key expiries and completing developments. We also
divested non-core buildings during the year at healthy premiums
to book value. Our core portfolio metrics have remained sound
despite the operational environment being so difficult for
everyone.
8-14 Willis Street has now been handed over to Statistics New
Zealand. At a total cost o
f $xm, the handover sees Argosy complete
its largest green development project in its history. If we achieve
our target 6 Green Stars the building will certainly be the jewel in
our crown. The Wellington office market continues to exhibit
strong fundamentals which we don’t see waning for some time.
Our ongoing exposure to Government rental streams provides a
high degree of certainty and stability during uncertain times.
Master planning at Argosy’s two key Auckland industrial estates
at Mt Richmond Road and Neilson Street are progressing and we
are fielding a lot of market inquiry for these sites which will be
repurposed into green industrial estates. We’re excited about the
potential these sustainably focused properties bring to the
portfolio and the cross section of new industrial tenants showing
interest. We think strong industrial fundamentals and the fact the
sector is forecast to be the best performer over the next five years
is underpinning occupier interest.
The balance of the portfolio is in excellent shape. Argosy’s capital
structure is sound and we have capacity to execute on
opportunities as they arise. However, with interest rates rising it
we are focusing more on our organic value add development
pipeline. Given the pipeline of work we see ahead, we’ve
resourced the business and development team up accordingly.
Highlights
Key highlights for the period include:
•
Continued focus on sustainability and green developments;
•
Record interim net profit after tax of $xx.0 million;
•
Net property income for the period up xx%;
•
High occupancy (~9x%) and WALT (5.x years);
•
Strong portfolio leasing and rent review outcomes, including
xx% annualised rental growth on rents reviewed;
•
7WQ in Wellington is now 100% leased;
•
$xx million annual revaluation gain, an increase of x% on book
value;
•
Increase in NTA per share to $1.xx from $1.53 at 31 March 2021,
a xx% increase; and
•
FY23 dividend guidance of 6.65 cents per share under the new
dividend policy which commenced from 1 April 2022.
Financial Results
Statement of Comprehensive Income
For the 12 months to 31 March, Argosy reported net property
income of $xx million for the period, up x% compared with the
prior comparable period.
Solid like for like rental growth was bolstered by a full year
contribution from Mt Richmond and lower Covid-19 rent rebates
over the period, partially offset by disposals.
For the year to 31 March, Argosy provided for $x million in rental
abatements to tenants and no deferrals.
Net interest expense of $xx million was up/down by $xx million
on the prior comparable period, primarily due to xxx [lower
overall debt levels and higher capitalised interest].
Annual valuations for the year to 31 March were performed by
CBRE, Colliers International New Zealand Limited, Bayleys and
Jones Lang Lasalle. The total unrealised revaluation gain for the
year to 31 March was $xx million or a xx% increase above book
value. The portfolio is x% under-rented, excluding market rent
on vacant space.
Current tax expense was higher / lower due to large deductions
recorded in the prior comparable period and the non-assessable
deposit for the Albany Lifestyle Centre.
Distributable Income
Net distributable income for the year was $xx million compared
to $.0 million in the prior comparable period.
Valuations
The work performed by the valuers resulted in an annual
revaluation uplift of $x million, or a x% increase above book value.
By location, Auckland was the largest contributor to the total year
end valuation results with an unrealised revaluation increase of
$x million or 84% of the total portfolio uplift. By sector, and at
~50% of Argosy’s portfolio by value Industrial was the key driver
of the overall gain at $x million, up x% on book value. The Office
portfolio increased $x million, and Large Format Retail increased
by $x million.
As a result of the FY22 revaluation gain, Argosy’s NTA increased
to $1.xx, or xx% from $1.64 at 31 March 2021. Following the
revaluation, Argosy’s portfolio shows a contract yield on values of
5.xx% and a yield on fully let market rentals of 5.xx%.
Outlook
With the economy facing a range of headwinds, the next 6-12
months will be challenging for the domestic economy, but we’re
ready for it. We’ll continue to work hard on the things we can
control. On the operational side this is leasing up vacancies and
renewing expiring leases. On the strategic side, we’ll keep
working closely with our tenants and supporting their growth
aspirations, completing our existing green projects and master
planning and development of our value add opportunities. All of
these support the delivery of our ten year strategic plan and
sustainable distributions to shareholders.
I look forward to updating all our stakeholders at our Annual
Meeting in June.
PETER MENCE
Chief Executive Officer
NEED TO UPDATE
SIGNATURE
DAVE FRASER
Chief Financial Officer
9
Annual Report 2022Argosy Property Limited
Dave Fraser
Chief Financial Officer
1-3 Unity Drive, Auckland.
Argosy Property LimitedAnnual Report 202421
Management report

Investment Framework
Argosy has a Clearly Defined Investment Strategy
Argosy is, and will remain, invested in a portfolio that is
diversified by sector, location and tenant mix. The Investment
Strategy is unchanged and Argosy’s portfolio will continue to
consist primarily of Core and Value Add properties.
Core
Core properties are well constructed, well located assets which
are intended to be long-term investments of more than 10
years. The Core properties target is between 75% to 90% of the
portfolio by value. Core properties are well located with strong
long-term generic demand, a leasing profile that provides for
rental growth of at least CPI and good structural integrity with
minimal maintenance capital expenditure required.
Value Add
Value Add properties are assets which, through skilled asset
management, can increase future earnings and provide capital
growth. Value Add properties will already be well located
with the potential for strong long-term tenant demand. These
properties are available for near to medium-term repositioning
or development with the view to moving into the Core category.
Investment Policy
The Investment Policy clearly defines what properties Argosy
will seek to own by setting the boundaries within which it
will operate and invest. It delivers a clear acquisition checklist
and every potential acquisition (and portfolio asset) can be
measured against that checklist.
In some cases, a portfolio of assets may be considered for
acquisition. The strategy for a potential portfolio acquisition
must be consistent with the overall Argosy Portfolio Investment
Strategy (i.e. the majority by value of the properties are either
Core or offer potential to move to Core in the medium-term).
In certain circumstances, exceptions to the Investment Policy
may be considered where an acquisition is made to meet the
requirements of a valued tenant.
Investment Policy target bands also reflect development
opportunities over the medium-term and the effect on overall
portfolio composition. The Industrial target is 60-70%, Office is
20-30% and the Large Format Retail target is 5-15%. Argosy’s
diversified portfolio of quality properties has an average value of
$39.5 million. Liquid properties, which are properties that could
potentially be under contract within a short period, currently
represent 18% of the portfolio or $362 million.
Capital Management
The optimal capital structure for Argosy is one that enables it
to maximise its earnings yield through the property cycle within
the following parameters:
•properties can be acquired when they meet the approved
Investment Policy criteria, or sold when they are non Core;
•there are no forced sales of properties or a requirement to
issue equity at a price that is dilutive to shareholders;
•measured dividend growth is maintained.
Argosy’s debt-to-total assets ratio target band remains at
30-40%. This band allows Argosy flexibility to react to changing
financial and property market conditions. Any movement
beyond pre-set parameters requires an action plan and
timeframe to move debt levels to within the prescribed range.
Risk Management
Argosy strives to deliver reliable and attractive returns to
shareholders. It takes a considered approach to development,
acquisition, divestment, leasing and capital management
decisions, reflecting its proposition to shareholders as a yield-
based investment.
Argosy has a robust risk assessment process. Risk assessment
reviews are carried out by a representative cross-section
of Argosy’s management team at least twice a year in
accordance with Argosy’s Risk Management Framework. A
risk assessment review has three phases: identification of
material risks arising from Argosy’s operation; assessment of
the probability and consequences of the risk; and development
of controls to achieve a level of residual risk that is within
Argosy’s risk appetite.
Argosy generally operates within a medium, low to very low
overall risk range. Argosy has a low risk appetite for risks
associated with managing developments, Value Add projects
and compliance matters. Please also refer pages 73-74 of
this report.
PORTFOLIO MIX BY SECTOR
51%Industrial
39%Office
10%Large Format Retail
“Our Investment Policy is a key pillar of
our strategy of creating a green, resilient and
diversified portfolio.”
Peter Mence
CEO
Argosy Property LimitedAnnual Report 202422
Management report

Argosy Property LimitedAnnual Report 202423

INDUSTRIAL SECTOR WEIGHTING
51%
AUCKLAND PORTFOLIO VALUE
69%
Numbers at a glance
1-3 Unity Drive Auckland
Unit of
measureIndustrialOffice
Large Format
RetailTotal
Number of buildingsno. 33 13 4 50
Market value of assets$m 1,015 763 195 1,974
Net lettable aream² 446,637 127,973 50,204 624,814
Occupancy factor by rent%99.194.0100.09 6.7
Weighted average lease termyears 5.9 5.1 2.5 5.2
Average value$m 30.8 58.7 48.9 39.5
Passing yield
1
%5.546.516.866.05
1. Passing yield excludes 224 Neilson Street.
Argosy Property LimitedAnnual Report 202424

0
5
10
15
20
Mar-35+Mar-34Mar-33Mar-32Mar-31Mar-30Mar-29Mar-28Mar-27Mar-26Mar-25Vacant
15.0
0.6
3.8
8.5
3.8
8.8
7.5
16.8
14.9
8.58.5
3.3
Per
centage of portfolio by income
NEW LEASES COMPLETED IN FY24 by sector
Floor Area
(sqm)
Average
Lease Term
(years)
No. of
Leases
Office21,2696.526
Industrial122,0143.411
Large Format Retail8,3765.17
Total151,6605.144
RENT REVIEWS IN FY24 by sector
No. of
Reviews
Annualised
Rent
Increase
Increase
over
Contract ($)
Industrial403.4%2,096,753
Office533.5%3,175,404
Large Format Retail224.0%271,022
Total1153.5%5,543,179
TOTAL PORTFOLIO VALUE
by sector
LEASE EXPIRY PROFILE
by rent
TOTAL PORTFOLIO VALUE
by region
PORTFOLIO MIX
by type
69% Auckland
28% Wellington
3% North Island regional or
South Island
88% Core properties
11% Value-add properties
1% Properties & land to divest
ANNUALISED RENT GROWTH
3.5%
Across 115 rent reviews on $93m of rental income
CORE PROPERTIES
88%
of total portfolio
51% Industrial
39% Office
10% Large Format Retail
Argosy Property LimitedAnnual Report 202425

Our Leadership
& Governance
Argosy Property LimitedAnnual Report 202426
Our Leadership & Governance
Ethics & Values
ARGOSY'S APPROACH
Our values guide our internal conduct as well as our
relationships with external parties. In striving for outstanding
performance, we do not compromise our ethics or principles. We
place great importance on honesty, integrity, quality and trust.
Our values
•Ethics – Inspiring trust in our actions by doing the right thing.
•Culture – Creating a fun environment that encourages
inclusiveness and teamwork.
•Respect – Treating all stakeholders with courtesy
and understanding.
•Accountability – Taking ownership and responsibility.
•Communication – Promoting effective communication to
all stakeholders.
Governance
Argosy will maintain the highest standards of corporate
behaviour and accountability.
Argosy's approach
The Company is committed to fostering open and transparent
communications with investors, ensuring it delivers to the
highest standards and complies with the NZX listing rules.
Argosy is proactive in meeting all its continuous disclosure
obligations to ensure that all investors are fully informed
of all material information necessary to assess the
Company’s performance.
Argosy upholds the highest ethical standards, acting in good
faith and in the best interests of shareholders at all times.
The ethical and behavioural standards we expect of Directors,
officers and employees are set out in our Code of Conduct
and Ethics. Argosy’s website contains key governance policies
which support the delivery of the highest standards of corporate
behaviour. Policies include but are not limited to:
•Code of conduct and ethics;
•Conflicts of interests;
•Reporting against the NZX code;
•Diversity;
•Sustainability;
•Insider trading; and
•Shareholder communications.
Performance
Argosy regularly reviews the performance, skills and structure
of its Board and Committees to ensure independent and
effective governance.

Annual Meeting
Argosy’s Annual Shareholders Meeting (ASM) will be held as a
hybrid meeting on 18 June at 2pm at the Royal New Zealand
Yacht Squadron in Auckland. Argosy continues to utilise the
hybrid functionality of the ASM. It allows shareholders to attend
virtually and participate in all elements of the meeting including
questions and answers and completing all voting.
Jeff Morrison and Stuart McLauchlan will retire in accordance
with the Company’s constitution and the NZX Listing Rules
and will be eligible for re-election. As usual, all shareholders
are encouraged to attend the meeting where you will have
the opportunity to listen to and meet the Board of Directors
in person.
Retail Roadshow
The 2024 Retail Roadshow schedule has been finalised. Chief
Executive Officer Peter Mence, is planning a 13-city visit
of New Zealand from June to July. The Retail Roadshow
remains an important engagement tool for Management to meet
directly with shareholders and update them on the company's
performance, sustainability goals and 10-year strategic plan.
Argosy shareholders have always demonstrated a thorough
understanding of the firm and the listed property market
in general.
Key Dates
(indicative only and subject to change)
18 JUNE 2024
Annual Shareholders Meeting.
26 JUNE 2024
Final quarter FY24 dividend payment.
19 JUNE 2024
Annual Retail Roadshow commences and ends Friday
12 July.
SEPTEMBER 2024
1
st
Quarter FY25 dividend payment.
NOVEMBER 2024
FY25 Interim results release.
DECEMBER 2024
2
nd
Quarter FY25 dividend payment.
ANNUAL MEETING
18 June
Hybrid meeting to be held in Auckland
ANNUAL RETAIL ROADSHOW STARTS
19 June
13 city Retail Roadshow commences
Argosy Property LimitedAnnual Report 202427

Meet our
Board of Directors
Our Leadership & Governance
Board of Directors
Jeff Morrison
Chair
Director since July 2013
Mr Morrison has 40 years of experience as a property lawyer,
29 of them as a commercial property partner at Russell
McVeagh, and now practises on his own account. Mr Morrison
is a trustee of the Spirit of Adventure and other charitable trusts
and holds a number of private company directorships. Mr
Morrison is a qualified lawyer with a Bachelor of Laws degree
from The University of Auckland. He is also a member of the
Institute of Directors in New Zealand.
Jeff Morrison
Chair
Chris Gudgeon
Director
Director since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than
25 years. He was previously Chief Executive of Kiwi Property
Group and Capital Properties NZ Ltd. He is currently a director
of Crown Infrastructure Partners and Ngāti Whātua Ōrākei
Whai Rawa Limited. Mr Gudgeon holds an MBA from the
Wharton School, University of Pennsylvania and a Bachelor of
Engineering degree from The University of Canterbury. He is a
Fellow of the Royal Institute of Chartered Surveyors and is a
past President of Property Council New Zealand.
Chris Gudgeon
Director
Stuart McLauchlan
Director
Director since August 2018
Mr McLauchlan is a Senior Partner of GS McLauchlan & Co
Business Advisors and Accountants, a prominent businessman
and company director. He is a Director of Scenic Hotels Group
Limited, Dunedin Casinos Limited, EBOS Group Limited and
several other companies. Mr McLauchlan is also Chairman of
the NZ Sports Hall of Fame, AD Instruments Pty Limited and
Scott Technology Limited. He is also a past President of the New
Zealand Institute of Directors. Mr McLauchlan is a qualified
accountant with a Bachelor of Commerce degree from the
University of Otago, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Fellow of the New
Zealand Institute of Directors.
Stuart McLauchlan
Director
36
Annual Report 2022Argosy Property Limited
Mike Pohio
Director
Director since February 2019
Mr Pohio has 25 years of senior executive and governance
experience across a range of industries including property,
investment, port/logistics and dairy. He is the Chairman of Ngāi
Tahu Holdings Corporation (NTHC), Rotoiti 15 Investments LP
and Mana Ahuriri Holdings L P. He is also a director on the board
of Te Atiawa Iwi Holdings. Mr Pohio holds an MBA from IMD,
Lausanne, an FCA from Chartered Accountants Australia and
New Zealand and is a Chartered Member of the New Zealand
Institute of Directors.
Mike Pohio
Director
Martin Stearne
Director
Director since March 2020
Mr Stearne has over 20 years commercial and capital markets
experience, primarily gained during his time at Jarden and its
predecessors from 1995 until 2015. He currently holds
appointments to the NZX Listing Subcommittee, the Takeovers
Panel and the Investment Committee of the Impact Enterprise
Fund. He is a member of INFINZ and IceAngels. Mr Stearne
holds a B.Sc (Hons) in maths and a B.Com in finance from the
University of Otago. He is also a member of the New Zealand
Institute of Directors.
Martin Stearne
Director
Rachel Winder
Director
Director since August 2019
Mrs Winder has been involved in the property sector for over
20 years across a variety of senior roles including strategy,
portfolio management, financial management, development,
and leadership. Her experience spans small, medium and large
enterprise across construction, telecommunications and
financial services. Mrs Winder has a particular interest in how
property strategy can be an enabler for business performance.
Currently consulting across a range of entities including the
government sector, Rachel holds an MBA from the University
of Otago and a Bachelor of Property from Auckland University.
She is also a member of Property Council New Zealand and the
New Zealand Institute of Directors.
Rachel Winder
Director
37
Annual Report 2022Argosy Property Limited
3839Annual Report 2022Annual Report 2022Argosy Property LimitedArgosy Property Limited
Jeff Morrison
Chair
Director since July 2013
Mr Morrison has 40 years of experience as a property lawyer,
29 of them as a commercial property partner at Russell
McVeagh, and now practises on his own account. Mr Morrison
is a trustee of the Spirit of Adventure and other charitable
trusts and holds a number of private company directorships.
Mr Morrison is a qualified lawyer with a Bachelor of Laws degree
from The University of Auckland. He is also a member of the
Institute of Directors in New Zealand.
Chris Gudgeon
Director
Director since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than
25 years. He was previously Chief Executive of Kiwi Property
Group and Capital Properties NZ Ltd. He is currently a director
of Crown Infrastructure Partners and Ngāti Whātua Ōrākei
Whai Rawa Limited. Mr Gudgeon holds an MBA from the
Wharton School, University of Pennsylvania and a Bachelor of
Engineering degree from The University of Canterbury. He is
a Fellow of the Royal Institute of Chartered Surveyors and is a
past President of Property Council New Zealand.
Stuart
McLauchlan
Director
Director since August 2018
Director since August 2018, Mr McLauchlan is a Senior Partner
of GS McLauchlan & Co Business Advisors and Accountants,
a prominent businessman and company director. He is a
Director of Scenic Hotels Group Limited, Dunedin Casinos
Limited, EBOS Group Limited and several other companies. Mr
McLauchlan is also Chairman of the NZ Sports Hall of Fame, AD
Instruments Pty Limited, Scott Technology Limited and Skyline
Aviation Limited. He is also a past President of the New Zealand
Institute of Directors. Mr McLauchlan is a qualified accountant
with a Bachelor of Commerce degree from the University of
Otago, an FCA from Chartered Accountants Australia and New
Zealand and is a Chartered Fellow of the New Zealand Institute
of Directors.
Argosy Property LimitedAnnual Report 202428
Our Leadership & Governance

Mike Pohio
Director
Director since February 2019
Director since February 2019, Mr Pohio has 30 years of
senior executive and governance experience across a range
of industries including property, investment, port/logistics and
dairy. He is the Chairman of Rotoiti 15 Investments LP and Mana
Ahuriri Holdings LP. He is also a director on the board of Kiwi
Group Capital and Whakapoungakau 24 LP. Mr Pohio holds an
MBA from IMD, Lausanne, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Fellow of the New
Zealand Institute of Directors.
Our Leadership & Governance
Board of Directors
Jeff Morrison
Chair
Director since July 2013
Mr Morrison has 40 years of experience as a property lawyer,
29 of them as a commercial property partner at Russell
McVeagh, and now practises on his own account. Mr Morrison
is a trustee of the Spirit of Adventure and other charitable trusts
and holds a number of private company directorships. Mr
Morrison is a qualified lawyer with a Bachelor of Laws degree
from The University of Auckland. He is also a member of the
Institute of Directors in New Zealand.
Jeff Morrison
Chair
Chris Gudgeon
Director
Director since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than
25 years. He was previously Chief Executive of Kiwi Property
Group and Capital Properties NZ Ltd. He is currently a director
of Crown Infrastructure Partners and Ngāti Whātua Ōrākei
Whai Rawa Limited. Mr Gudgeon holds an MBA from the
Wharton School, University of Pennsylvania and a Bachelor of
Engineering degree from The University of Canterbury. He is a
Fellow of the Royal Institute of Chartered Surveyors and is a
past President of Property Council New Zealand.
Chris Gudgeon
Director
Stuart McLauchlan
Director
Director since August 2018
Mr McLauchlan is a Senior Partner of GS McLauchlan & Co
Business Advisors and Accountants, a prominent businessman
and company director. He is a Director of Scenic Hotels Group
Limited, Dunedin Casinos Limited, EBOS Group Limited and
several other companies. Mr McLauchlan is also Chairman of
the NZ Sports Hall of Fame, AD Instruments Pty Limited and
Scott Technology Limited. He is also a past President of the New
Zealand Institute of Directors. Mr McLauchlan is a qualified
accountant with a Bachelor of Commerce degree from the
University of Otago, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Fellow of the New
Zealand Institute of Directors.
Stuart McLauchlan
Director
36
Annual Report 2022Argosy Property Limited
Mike Pohio
Director
Director since February 2019
Mr Pohio has 25 years of senior executive and governance
experience across a range of industries including property,
investment, port/logistics and dairy. He is the Chairman of Ngāi
Tahu Holdings Corporation (NTHC), Rotoiti 15 Investments LP
and Mana Ahuriri Holdings L P. He is also a director on the board
of Te Atiawa Iwi Holdings. Mr Pohio holds an MBA from IMD,
Lausanne, an FCA from Chartered Accountants Australia and
New Zealand and is a Chartered Member of the New Zealand
Institute of Directors.
Mike Pohio
Director
Martin Stearne
Director
Director since March 2020
Mr Stearne has over 20 years commercial and capital markets
experience, primarily gained during his time at Jarden and its
predecessors from 1995 until 2015. He currently holds
appointments to the NZX Listing Subcommittee, the Takeovers
Panel and the Investment Committee of the Impact Enterprise
Fund. He is a member of INFINZ and IceAngels. Mr Stearne
holds a B.Sc (Hons) in maths and a B.Com in finance from the
University of Otago. He is also a member of the New Zealand
Institute of Directors.
Martin Stearne
Director
Rachel Winder
Director
Director since August 2019
Mrs Winder has been involved in the property sector for over
20 years across a variety of senior roles including strategy,
portfolio management, financial management, development,
and leadership. Her experience spans small, medium and large
enterprise across construction, telecommunications and
financial services. Mrs Winder has a particular interest in how
property strategy can be an enabler for business performance.
Currently consulting across a range of entities including the
government sector, Rachel holds an MBA from the University
of Otago and a Bachelor of Property from Auckland University.
She is also a member of Property Council New Zealand and the
New Zealand Institute of Directors.
Rachel Winder
Director
37
Annual Report 2022Argosy Property Limited
3839Annual Report 2022Annual Report 2022Argosy Property LimitedArgosy Property Limited
Martin Stearne
Director
Director since March 2020
Mr Stearne has over 25 years of commercial and capital
markets experience.  He worked at First NZ Capital (now
Jarden) and its predecessor firms from 1995 until 2015. He
is now a senior advisor to Montarne Capital Partners.  He
holds appointments to the NZX’s NZRegCo Advisory Panel, the
Takeovers Panel and the Investment Committee of the Impact
Enterprise Fund. He is a member of INFINZ and IceAngels. Mr
Stearne holds a B.Sc (Hons) in maths and a B.Com in finance
from the University of Otago. He is also a member of the New
Zealand Institute of Directors.
Our Leadership & Governance
Board of Directors
Jeff Morrison
Chair
Director since July 2013
Mr Morrison has 40 years of experience as a property lawyer,
29 of them as a commercial property partner at Russell
McVeagh, and now practises on his own account. Mr Morrison
is a trustee of the Spirit of Adventure and other charitable trusts
and holds a number of private company directorships. Mr
Morrison is a qualified lawyer with a Bachelor of Laws degree
from The University of Auckland. He is also a member of the
Institute of Directors in New Zealand.
Jeff Morrison
Chair
Chris Gudgeon
Director
Director since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than
25 years. He was previously Chief Executive of Kiwi Property
Group and Capital Properties NZ Ltd. He is currently a director
of Crown Infrastructure Partners and Ngāti Whātua Ōrākei
Whai Rawa Limited. Mr Gudgeon holds an MBA from the
Wharton School, University of Pennsylvania and a Bachelor of
Engineering degree from The University of Canterbury. He is a
Fellow of the Royal Institute of Chartered Surveyors and is a
past President of Property Council New Zealand.
Chris Gudgeon
Director
Stuart McLauchlan
Director
Director since August 2018
Mr McLauchlan is a Senior Partner of GS McLauchlan & Co
Business Advisors and Accountants, a prominent businessman
and company director. He is a Director of Scenic Hotels Group
Limited, Dunedin Casinos Limited, EBOS Group Limited and
several other companies. Mr McLauchlan is also Chairman of
the NZ Sports Hall of Fame, AD Instruments Pty Limited and
Scott Technology Limited. He is also a past President of the New
Zealand Institute of Directors. Mr McLauchlan is a qualified
accountant with a Bachelor of Commerce degree from the
University of Otago, an FCA from Chartered Accountants
Australia and New Zealand and is a Chartered Fellow of the New
Zealand Institute of Directors.
Stuart McLauchlan
Director
36
Annual Report 2022Argosy Property Limited
Mike Pohio
Director
Director since February 2019
Mr Pohio has 25 years of senior executive and governance
experience across a range of industries including property,
investment, port/logistics and dairy. He is the Chairman of Ngāi
Tahu Holdings Corporation (NTHC), Rotoiti 15 Investments LP
and Mana Ahuriri Holdings L P. He is also a director on the board
of Te Atiawa Iwi Holdings. Mr Pohio holds an MBA from IMD,
Lausanne, an FCA from Chartered Accountants Australia and
New Zealand and is a Chartered Member of the New Zealand
Institute of Directors.
Mike Pohio
Director
Martin Stearne
Director
Director since March 2020
Mr Stearne has over 20 years commercial and capital markets
experience, primarily gained during his time at Jarden and its
predecessors from 1995 until 2015. He currently holds
appointments to the NZX Listing Subcommittee, the Takeovers
Panel and the Investment Committee of the Impact Enterprise
Fund. He is a member of INFINZ and IceAngels. Mr Stearne
holds a B.Sc (Hons) in maths and a B.Com in finance from the
University of Otago. He is also a member of the New Zealand
Institute of Directors.
Martin Stearne
Director
Rachel Winder
Director
Director since August 2019
Mrs Winder has been involved in the property sector for over
20 years across a variety of senior roles including strategy,
portfolio management, financial management, development,
and leadership. Her experience spans small, medium and large
enterprise across construction, telecommunications and
financial services. Mrs Winder has a particular interest in how
property strategy can be an enabler for business performance.
Currently consulting across a range of entities including the
government sector, Rachel holds an MBA from the University
of Otago and a Bachelor of Property from Auckland University.
She is also a member of Property Council New Zealand and the
New Zealand Institute of Directors.
Rachel Winder
Director
37
Annual Report 2022Argosy Property Limited
3839Annual Report 2022Annual Report 2022Argosy Property LimitedArgosy Property Limited
Rachel Winder
Director
Director since August 2019
Director since August 2019, Mrs Winder has been involved
in the property sector for over 20 years across a variety
of senior roles including strategy, portfolio management,
financial management, development and leadership. Her
experience spans small, medium and large enterprise across
construction, telecommunications and financial services.
Currently consulting across both the private and public sector,
Mrs Winder holds an MBA from the University of Otago and a
Bachelor of Property from Auckland University. She is also a
member of Property Council New Zealand and the New Zealand
Institute of Directors.
Argosy Property LimitedAnnual Report 202429

Meet our Senior
Management Team
Our Leadership & Governance
To read bios of our people please visit
our website: argosy.co.nz/about-us/
our-people
Peter Mence
Chief Executive
Officer
Dave Fraser
Chief Financial
Officer
Anna Hamil
Financial Controller
David Snelling
General Counsel
Steve Freundlich
Head of Corporate
Communications &
Investor Relations
Saatyesh Bhana
Head of
Sustainability
Management Team
38
Annual Report 2022Argosy Property Limited
40Annual Report 2022Argosy Property Limited
Peter Mence
Chief Executive
Officer
Peter is the Chief Executive of Argosy Property Limited. An
engineer by background, Peter has 40 years of experience
in the property industry working with Progressive Enterprises,
Challenge Properties, Richard Ellis and Green and McCahill.
Peter joined Armstrong Jones (NZ) in 1994 and was appointed
General Manager of Argosy (then known as ING Property Trust)
in 2007. Instrumental in the rebranding and internalisation
of the company’s management, Peter was appointed Chief
Executive of the business in 2009.
Peter is a past lecturer in Advanced Property Management
at The University of Auckland and is a past President of the
Property Council New Zealand. He is a current Trustee of Saint
Andrews Village, and the New Zealand Sailing Trust.
In 2013 Peter was honoured with the Stuart McIntosh award in
recognition of his contribution to the University of Auckland.
In 2021, Peter was honoured as the Property Council New
Zealand Members’ Laureate, a lifetime membership awarded
once a year to the industry’s most respected leaders.
In 2023, Peter received the Supreme Award from the
Property Institute.
Dave Fraser
Chief Financial
Officer
Dave joined the team in 2011 and was originally responsible for
the planning and execution of the management internalisation
and Argosy’s corporatisation. He now oversees the financial
and corporate activities of the Company.
Dave has spent over 30 years in senior financial and general
management roles both in New Zealand and overseas,
including six years in Japan as a senior vice president with the
Jupiter Group.
He has broad experience in strategic and operational planning,
business development, debt restructures, equity raisings and
merger and acquisitions. In addition to being a qualified
Chartered Accountant, Dave has Bachelor of Commerce and
Master of Business Administration degrees from The University
of Auckland.
To read bios of all our people please visit our website:
argosy.co.nz/about-us/our-people
Argosy Property LimitedAnnual Report 202430
Our Leadership & Governance

Financial Summmary
NET PROPERTY INCOME
$m
99.799.7
106.5106.5
105.1
105.1
112.8112.8
116.5116.5
FY20FY21FY22FY23FY24
0
40
80
120
160
NET DISTRIBUTABLE INCOME
cents per share
7.207.20
8.14
8.14
7.687.68
7.587.58
6.586.58
FY20FY21FY22FY23FY24
0.00
2.00
4.00
6.00
8.00
10.00
DEBT-TO-TOTAL-ASSETS
percentage
38.838.8
35.935.9
31.131.1
35.135.1
36.536.5
FY20FY21FY22FY23FY24
0
10
20
30
40
50
FINANCIAL SUMMARY
Unit of
measure
FY2020FY2021FY2022FY2023FY2024
Net property income$m99.7106.5105.1112.8116.5
Profit before financial income/(expenses) and other
gains/(losses) and tax$m88.295.693.3102.0104.9
Revaluation gains on investment property$m59.9157.7163.7(146.6)(111.7)
Profit for the year (before taxation)$m123.9248.4241.2(70.9)(50.8)
Profit for the year (after taxation)$m119.1241.7236.2(80.8)(55.3)
Earnings per sharecents14.4029.0428.01(9.55)(6.53)
Gross distributable income per sharecents7.918.618.038.117.23
Net distributable income per sharecents7.208.147.687.586.58
Total assets$m1,929.62,156.82,291.52,212.62,069.0
Debt-to-total-assets%38.835.931.135.136.5
Net assets backing per sharecents130153174158145
Cash dividend per sharecents6.356.456.556.656.65
Shares on issue at year endm827.2839.5846.6846.7847.2
Total equity$m1,075.81,280.61,472.11,335.71,224.4
PROPERTY METRICS
Unit of
measure
FY2020FY2021FY2022FY2023FY2024
Number of tenantsno.177157157158155
Number of properties
1
no.5955535450
Average property value$m31.636.641.739.739.5
Net lettable areasqm584,932632,872629,449643,693624,814
Total book value$m1,866.92,010.82,207.52,144.81,973.8
Weighted average lease termyears6.095.515.675.395.17
Occupancy factor by rental%98.899.098.799.396.7
Occupancy factor by area%98.399.399.499.597.9
1.Certain titles have been consolidated and treated as one. The total number of buildings excludes properties held for sale.
Argosy Property LimitedAnnual Report 202431
Our Leadership & Governance

211 Albany Highway Auckland
Consolidated
Financial Statements
Argosy Property LimitedAnnual Report 202432

Consolidated Financial Statements
Consolidated Statement of Financial Position34
Consolidated Statement of
Comprehensive Income
35
Consolidated Statement of Changes in Equity36
Consolidated Statement of Cash Flows37
Notes to the Consolidated Financial Statements38
Independent Auditor's Report59
Argosy Property LimitedAnnual Report 202433

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
Note
Group
2024
$000s
Group
2023
$000s
Non-current assets
Investment properties
5
2,013,7532,184,899
Derivative financial instruments
6
4,78414,818
Other non-current assets
7
283183
Total non-current assets2,018,8202,199,900
Current assets
Cash and cash equivalents
6
1,8292,057
Trade and other receivables
6,8
2,0705,166
Derivative financial instruments
6
5,072122
Other current assets
9
5,9965,190
Taxation receivable–202
14,96712,737
Investment property classified as held for sale
5, 10
35,200–
Total current assets50,16712,737
Total assets
4
2,068,9872,212,637
Shareholders' funds
Share capital
11
820,557820,069
Share based payments reserve
12
475673
Retained earnings
13
403,342514,953
Total shareholders' funds1,224,3741,335,695
Non-current liabilities
Interest bearing liabilities
14
738,057759,991
Derivative financial instruments
6
30,53236,252
Non-current lease liabilities
25
39,82639,953
Deferred tax
20
16,19218,059
Total non-current liabilities824,607854,255
Current liabilities
Trade and other payables
15
14,44718,796
Taxation payable1,377–
Current lease liabilities
25
127121
Other current liabilities
16
4,0553,770
Total current liabilities20,00622,687
Total liabilities844,613876,942
Total shareholders' funds and liabilities2,068,9872,212,637
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 21 May 2024
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202434
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
Note
Group
2024
$000s
Group
2023
$000s
Gross property income from rentals131,015124,323
Gross property income from expense recoveries22,13620,212
Property expenses(36,690)(31,760)
Net property income
4
116,461112,775
Administration expenses
17
11,57110,792
Profit before financial income/(expenses), other gains/(losses) and tax104,890101,983
Financial income/(expenses)
Interest expense
18
(43,966)(36,414)
Gain/(loss) on derivative financial instruments held for trading6377,295
Interest income315126
(43,014)(28,993)
Other gains/(losses)
Revaluation gains/(losses) on investment property
5
(111,691)(146,557)
Realised gains/(losses) on disposal of investment property
5
(988)(369)
Settlement for failed sale of investment property–3,000
(112,679)(143,926)
Profit/(loss) before income tax attributable to shareholders(50,803)(70,936)
Taxation expense
19
4,4729,897
Profit/(loss) and total comprehensive income/(loss) after tax(55,275)(80,833)
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)
22
(6.53)(9.55)
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202435

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Note
Group
2024
$000s
Group
2023
$000s
Shareholders' funds at the beginning of the year1,335,6951,472,122
Profit/(loss) and total comprehensive income/(loss) for the year(55,275)(80,833)
Contributions by shareholders
Dividends to shareholders
13
(56,336)(56,094)
Equity settled share based payments
12
290500
Shareholders' funds at the end of the year1,224,3741,335,695
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202436
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Group
2024
$000s
Group
2023
$000s
Cash flows from operating activities
Property income155,527145,804
Interest received315126
Settlement for failed sale of investment property–3,000
Cash was applied to:
Property expenses(36,809)(32,907)
Interest paid(41,104)(31,853)
Interest paid for ground lease(2,004)(2,009)
Employee benefits(6,485)(6,245)
Taxation paid(4,427)(4,581)
Other expenses(4,828)(4,308)
Net cash from/(used in) operating activities
21
60,18567,027
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals57,16719,919
Cash was applied to:
Capital additions on investment properties(35,843)(54,267)
Capitalised interest on investment properties(1,985)(3,509)
Purchase of properties, deposits and deferrals(12)(33,177)
Net cash from/(used in) investing activities19,327(71,034)
Cash flows from financing activities
Cash was provided from:
Debt drawdown
14
49,384101,616
Cash was applied to:
Repayment of debt
14
(71,949)(38,577)
Dividends paid to shareholders net of reinvestments(56,670)(56,573)
Issue cost of shares–(10)
Repayment of lease liabilities(121)(116)
Bond costs(70)(63)
Facility refinancing fee(314)(378)
Swap contract termination payment–(1,498)
Net cash from/(used in) financing activities(79,740)4,401
Net increase/(decrease) in cash and cash equivalents(228)394
Cash and cash equivalents at the beginning of the period2,0571,663
Cash and cash equivalents at the end of the period1,8292,057
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202437

1. Reporting entity
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 financial statements are the consolidation of APL and its
subsidiaries (the Group).
2. Basis of preparation
STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP). The accounting policies applied in these financial
statements comply with New Zealand equivalents to IFRS
Accounting Standards (NZ IFRS) and other applicable Financial
Reporting Standards issued and effective at the time of
preparing these statements as applicable to the Company as
a profit-oriented entity. These Group financial statements also
comply with IFRS Accounting Standards.
These financial statements were approved by the Board of
Directors on 21 May 2024.
BASIS OF MEASUREMENT
The 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 JUDGEMENTS
The preparation of financial statements in conformity with NZ
IFRS requires the use of certain critical accounting estimates
that affect the application of policies and reported amount 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 5
- valuation of investment property.
FUNCTIONAL AND PRESENTATION CURRENCY
These 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).
BASIS OF CONSOLIDATION
The Group’s financial statements incorporate the financial
statements of APL and its controlled subsidiaries as set out
in note 24. Control is achieved when the Company has power
over the investee; is exposed, or has rights, to variable returns
from its involvement with the investee, and has the ability
to use its power to affect its returns. The results of the
subsidiaries are included in the consolidated statement of
comprehensive income from the date of acquisition which is
the date the Company became entitled to income from the
subsidiaries acquired. All significant intercompany transactions
are eliminated on consolidation.
STATEMENT OF CASH FLOWS
The statement of cash flows is prepared on a GST exclusive
basis, which is consistent with the statement of comprehensive
income. The following terms are used in the statement of
cash flows:
Operating activities are the principal revenue producing
activities of the Group and other activities that are not investing
or financing activities.
Investing activities are the acquisition and disposal of
long term assets and other investments not included in
cash equivalents.
Financing activities are activities that result in changes
in the size and composition of the contributed equity and
borrowings of the entity. Termination payments for swap
contracts, establishment fees, extension fees and arranger fees
are considered financing activities as they effect a change in the
company’s borrowing arrangements.
Cash and cash equivalents comprise cash balances and
demand deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Group’s cash
management are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
3.
 Material accounting policies
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 and revised NZ IFRS
standards and amendments that have been issued but are not
yet effective.
In April 2024, the International Accounting Standards Board
introduced IFRS 18 Presentation and Disclosure in Financial
Statements (effective for reporting periods beginning on or after
1 January 2027). This standard replaces IAS 1 Presentation of
Financial Statements.  An equivalent NZ IFRS has not yet been
issued. The Group has not yet assessed the impact of IFRS 18.
The Financial Sector (Climate-related Disclosures and Other
Matters) Amendment Act 2021 (FSCD) has introduced a
climate-related disclosure framework in New Zealand. It
mandates climate-related disclosures for climate reporting
entities. APL is classified as a climate reporting entity under
this framework. On 31 December 2022, the External Reporting
Board released climate standards and guidance documents.
The Group is required to make climate-related disclosures at
the end of the accounting period starting from 1 April 2023.
CAPTIVE INSURER
On 31 July 2023, Argosy Cover Limited (ACL), a wholly owned
subsidiary of APL was incorporated in the Cook Islands. ACL
acts as a captive insurer for the Group.
Argosy Property LimitedAnnual Report 202438
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4. 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
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
Segment profit/(loss)
Net property income
1
54,85352,74948,79747,04612,81112,980116,461112,775
Realised gains/(losses) on disposal
of investment properties(818)(1)(297)(333)127(35)(988)(369)
Settlement for failed sale of
investment property–––––3,000–3,000
54,03552,74848,50046,71312,93815,945115,473115,406
Interest on ground lease––(2,004)(2,009)––(2,004)(2,009)
Revaluation gains/(losses) on
investment properties
(51,235)(49,108)(49,899)(78,998)(10,557)(18,451)(111,691)(146,557)
Total segment profit/(loss)
2
2,8003,640(3,403)(34,294)2,381(2,506)1,778(33,160)
Unallocated:
Administration expenses(11,571)(10,792)
Net interest expense(41,647)(34,279)
Gain/(loss) on derivative financial instruments held for trading6377,295
Profit/(loss) before income tax(50,803)(70,936)
Taxation expense(4,472)(9,897)
Profit/(loss) for the year(55,275)(80,833)
1.Net property income consists of revenue generated from external tenants less property operating expenditure.
2.There were no inter-segment sales during the year (31 March 2023: Nil).
Argosy Property LimitedAnnual Report 202439

4. Segment information (continued)
IndustrialOfficeLarge Format RetailTotal
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
Segment assets
Current assets3,1132,5843,4566,1154168696,9859,568
Investment properties1,014,9001,127,775803,403851,174195,450205,9502,013,7532,184,899
Non-current assets
classified as held for sale35,200–––––35,200–
Total segment assets1,053,2131,130,359806,859857,289195,866206,8192,055,9382,194,467
Unallocated assets13,04918,170
Total assets2,068,9872,212,637
IndustrialOfficeLarge Format RetailTotal
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
Segment liabilities
Current liabilities4,0793,9944,6598,8487321,7389,47014,580
Non-current liabilities––39,82639,953––39,82639,953
Total segment liabilities4,0793,99444,48548,8017321,73849,29654,533
Unallocated liabilities795,317822,409
Total liabilities844,613876,942
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. All liabilities are allocated to reportable segments other than borrowings,
derivatives, tax liabilities and other minor current liabilities that cannot be allocated to particular segments.
5.
 Investment properties
ACCOUNTING POLICY – INVESTMENT PROPERTIES
Investment property is property held to earn rental income.
Investment property is initially measured at cost and subsequently measured at fair value with any change therein recognised
in profit or loss.
Initial direct costs incurred in negotiating and arranging operating leases and lease incentives granted are added to the
carrying amount of the leased asset.
In accordance with the valuation policy of the Group, complete property valuations are carried out at least annually by
independent registered valuers. The valuation policy stipulates that the same valuer may not value a building for more than
two consecutive years. The fair values are based on market values being the estimated amount for which a property could be
exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
The valuations are prepared using a combination of the Capitalisation of Contract Income, Capitalisation of Market Income
and Discounted Cash Flow methodologies. Discounted Cash Flow methodology is based on the estimated rental cash flows
expected to be received from the property adjusted by a discount rate that appropriately reflects the risks inherent in the
expected cash flows.
Following the adoption of NZ IFRS 16 on 1 April 2019, a right-of-use asset and investment were recognised on the ground
lease that exists over 39 Market Place, Viaduct Harbour, Auckland.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are
recognised in profit or loss in the year of derecognition.
Borrowing costs directly attributable to property under development are capitalised as part of the cost of those assets.
Argosy Property LimitedAnnual Report 202440
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Investment properties (continued)
Industrial
2024
$000s
Office
2024
$000s
Large
Format Retail
2024
$000s
Group
2024
$000s
Movement in investment properties
Balance at 1 April1,127,775851,174205,9502,184,899
Capitalised costs12,16323,05120435,418
Transfer to property held for sale(35,200)––(35,200)
Disposals(37,850)(19,857)–(57,707)
Change in fair value(51,235)(49,899)(10,557)(111,691)
Change in capitalised leasing costs(206)(106)(40)(352)
Change in lease incentives(547)(960)(107)(1,614)
Investment properties at 31 March1,014,900803,403195,4502,013,753
Less lease liability (39 Market Place)–(39,953)–(39,953)
Investment properties at 31 March excluding NZ IFRS 16
lease adjustments
1,014,900763,450195,4501,973,800
Industrial
2023
$000s
Office
2023
$000s
Large
Format Retail
2023
$000s
Group
2023
$000s
Movement in investment properties
Balance at 1 April1,126,975897,540223,2002,247,715
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.
Group
2024
$000s
Group
2023
$000s
Acquisition of properties
100 Maui Street, Pukete, Hamilton–33,220
–33,220
Disposal of properties
10 Transport Place, East Tamaki, Auckland37,850–
302 Great South Road, Greenlane, Auckland10,978–
308 Great South Road, Greenlane, Auckland8,879–
25 Nugent Street, Grafton, Auckland–22,024
57,70722,024
Sale proceeds of properties disposed of57,90022,000
Net gain/(loss) on disposal193(24)
Selling costs(1,181)(345)
Total gain/(loss) on disposal(988)(369)
Argosy Property LimitedAnnual Report 202441

5. Investment properties (continued)
All investment properties were independently valued as at 31 March 2024 in accordance with the Group's valuation policy. The
valuations were prepared by independent registered valuers Colliers International New Zealand Limited and CBRE Limited. The total
value per valuer was as follows:
Group
2024
$000s
Group
2023
$000s
Colliers International New Zealand Limited708,7501,180,225
CBRE Limited1,265,050964,600
1,973,8002,144,825
Investment properties are stated at fair value by independent valuers supported by market evidence of property sale transactions
and leasing activity. These valuations are reviewed by the Asset Management team within Argosy. The major inputs and
assumptions that are used in the valuation that require judgement include forecasts of the current and expected future market
rentals and growth, maintenance and capital expenditure requirements, an assessment of yields, discount rates, occupancy, leasing
costs and weighted average lease terms.
In deriving a market value under each approach, all assumptions are based, where possible, on market based evidence and
transactions for properties with similar locations, conditions and quality of construction and fitout.
Generally as occupancy and weighted average lease terms increase, yields firm, resulting in increased fair values for investment
properties. A movement in any of these assumptions could result in a significant change in fair value.
Investment property metrics for the year ended 31 March 2024 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.54%6.51%6.86%6.05%
Market yield
1
- Average6.43%7.13%6.66%6.73%
Occupancy (rent)99.1%94.0%100.0%96.7%
Occupancy (net lettable area)99.1%92.8%100.0%97.9%
Weighted average lease term (years)5.95.12.55.2
No. of buildings
2
3313450
Fair value total ($000s)1,014,900763,450195,4501,973,800
1.224 Neilson Street has been excluded from the yield metrics as it has been valued on the basis of completion of the development currently underway.
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 LimitedAnnual Report 202442
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6. Financial instruments
ACCOUNTING POLICY - NON-DERIVATIVE FINANCIAL INSTRUMENTS
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, borrowings
(comprising of interest bearing liabilities and lease liabilities) and trade and other payables.
Non-derivative financial instruments are initially measured at fair value plus directly attributable costs. Subsequently these
instruments are measured at amortised cost using the effective interest method. The carrying values of these financial
instruments are a reasonable approximation of their fair values.
The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of
allocating interest income over the relevant period (including all fees and points paid or received between the parties to
the contract that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount of the
financial instrument.
ACCOUNTING POLICY - DERIVATIVE FINANCIAL INSTRUMENTS
Interest rate swaps are entered into to manage interest rate exposure. For interest rate swaps, the net differential paid or
received is recognised as a component of interest expense in the profit or loss.
Interest rate swaps are initially recognised at zero at the date a derivative contract is entered into and are remeasured to their
fair value at subsequent reporting dates. The resulting gain or loss is recognised in profit or loss immediately.
Interest rate swaps are presented as a non-current asset or a non-current liability if the remaining maturity of the instrument
is more than 12 months and it is not expected to be realised or settled within 12 months. Other interest rate swaps are
presented as current assets or current liabilities.
The Group has the following financial instruments:
Group 2024
Derivatives at
fair value
through profit/
(loss)
$000s
Financial assets
measured
at amortised cost
$000s
Financial
liabilities measured
at amortised cost
$000s
Total
$000s
Financial assets
Cash and cash equivalents–1,829–1,829
Derivative financial instruments (current and term)9,856––9,856
Trade and other receivables–2,070–2,070
9,8563,899–13,755
Financial liabilities
Interest bearing liabilities––(738,057)(738,057)
Trade and other payables––(14,447)(14,447)
Derivative financial instruments (current and term)(30,532)––(30,532)
Lease liabilities (current and term)––(39,953)(39,953)
Other current liabilities––(4,055)(4,055)
(30,532)–(796,512)(827,044)
Argosy Property LimitedAnnual Report 202443

6. Financial instruments (continued)
Group 2023
Derivatives at
fair value
through profit/
(loss)
$000s
Financial assets
measured
at amortised cost
$000s
Financial
liabilities measured
at amortised cost
$000s
Total
$000s
Financial assets
Cash and cash equivalents–2,057–2,057
Derivative financial instruments (current and term)14,940––14,940
Trade and other receivables–5,166–5,166
14,9407,223–22,163
Financial liabilities
Interest bearing liabilities––(759,991)(759,991)
Trade and other payables––(18,796)(18,796)
Derivative financial instruments (current and term)(36,252)––(36,252)
Lease liabilities (current and term)––(40,074)(40,074)
Other current liabilities––(3,770)(3,770)
(36,252)–(822,631)(858,883)
RISK MANAGEMENT
The use of financial instruments exposes the Group to credit, interest rate and liquidity risks. The Group’s overall risk management
programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s
financial performance.
Credit risk
Credit risk relates to the risk that the counterparty to a financial instrument may default on its obligations to the Group, resulting in
financial loss.
The Group's main exposure to credit risk arises from trade receivables and transactions with financial institutions, and is
summarised in the preceding table. There are no significant concentrations of credit risk in specific receivables due to receivables
mainly comprising a large number of tenants in the Group’s property portfolio and the Group policy to limit the amount of credit
exposure to any financial institution.
The Group manages its exposure to credit risk from trade receivables through its credit policy which includes performing credit
evaluations on customers requiring credit. The Group does not hold any collateral in respect of balances past due. Details of
impairment losses relating to trade receivables together with the ageing of receivables is provided in note 8.
The risk from financial institutions is managed by placing cash and deposits with high credit quality financial institutions only. Cash
deposits are placed with ANZ Bank New Zealand Limited.
Argosy Property LimitedAnnual Report 202444
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6. Financial instruments (continued)
Interest rate risk
Interest rate risk arises from long term borrowings (refer note 14). Variable rate borrowings expose the Group to cash flow interest
rate risk while fixed rate borrowings expose the Group to fair value interest rate risk.
The Group manages its exposure to interest rate risk through derivatives in the form of both floating-to-fixed and fixed-to-floating
interest rate swaps. These derivatives provide an economic hedge against variability in cash flows as a result of changes in variable
interest rates on borrowings.
The Group’s policy is to maintain a range of approximately 40-100% of its borrowings in fixed interest rate instruments unless
otherwise instructed by the Board of Directors. At year end, 70.9% of borrowings, after the effect of associated swaps, were at fixed
rates (2023: 71.4%).
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting its obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. Liquidity risk mainly arises from the Group’s obligations in respect of long
term borrowings, derivatives and trade and other payables. The Group aims to maintain flexibility in funding by keeping committed
credit lines available (refer note 14).
The expected undiscounted cash flows of the Group’s financial liabilities by remaining contractual maturity at the balance sheet date
is as follows:
Group 2024
Carrying
Amount
$000s
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3-4 years
$000s
4-5 years
$000s
5+ years
$000s
Financial liabilities
Interest bearing liabilities
1
(738,057)(38,997)(345,926)(195,988)(245,596)––
Trade and other payables(14,447)(14,447)–––––
Derivative financial instruments(30,532)(6,964)(6,040)(4,491)(2,177)(514)–
Lease liabilities(39,953)(2,125)(2,125)(2,125)(2,125)(2,125)(112,014)
Other current liabilities(4,055)(4,055)–––––
(827,044)(66,588)(354,091)(202,604)(249,898)(2,639)(112,014)
1.The undiscounted cashflows on interest bearing liabilities includes interest, margin and line fees.
Group 2023
Carrying
Amount
$000s
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3-4 years
$000s
4-5 years
$000s
5+ years
$000s
Financial liabilities
Interest bearing liabilities
1
(759,991)(37,944)(197,944)(248,682)(261,659)(126,604)–
Trade and other payables(18,796)(18,796)–––––
Derivative financial instruments(36,252)(6,942)(6,100)(5,366)(3,941)(1,701)(93)
Lease liabilities(40,074)(2,125)(2,125)(2,125)(2,125)(2,125)(114,139)
Other current liabilities(3,770)(3,770)–––––
(858,883)(69,577)(206,169)(256,173)(267,725)(130,430)(114,232)
1.The undiscounted cashflows on interest bearing liabilities includes interest, margin and line fees.
To manage the Group’s exposure to interest rate risk on variable rate instruments, the Group has implemented a hedging strategy
that uses interest rate swaps that have a range of maturities. At 31 March 2024, the Group had active interest rate derivatives (both
payer and receiver swaps) with a notional contract amount of $750 million (2023: $770 million). The active derivatives mature over
the next 4 years (2023: 5 years). Payer swaps have fixed interest rates ranging from 1.37% to 4.90% (2023: 1.37% to 4.90%). Swaps
with a notional amount of $255 million have been entered into but are not yet effective at 31 March 2024 (2023: $150 million).
Interest rate swaps are measured at the 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 balance 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 balance
date use observable inputs.
The net liability for derivative financial instruments as at 31 March 2024 is $20.7 million (2023: $21.3 million). The mark-to-market
decrease in the liability for derivative financial instruments is a result of the movement in the interest rate curve during the
financial year.
Argosy Property LimitedAnnual Report 202445

6. Financial instruments (continued)
Sensitivity analysis
The sensitivity analysis below details the potential future impact of reasonably possible changes in the observable inputs over the
next financial period. It has been determined based on the exposure to interest rates for both derivative and non-derivative financial
instruments at the reporting date.
Group
2024
Impact on
Profit & Loss
$000s
Group
2023
Impact on
Profit & Loss
$000s
Increase of 100 basis points359132
Decrease of 100 basis points(498)(158)
7. Other non-current assets
ACCOUNTING POLICY - PROPERTY, PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment
losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is
any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment (if any). Where it is not possible to estimate the
recoverable mount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
An impairment is recognised immediately in profit or loss.
Group
2024
$000s
Group
2023
$000s
Property, plant and equipment and software283183
Total other non-current assets283183
There was no impairment in the current year (2023: Nil).
Argosy Property LimitedAnnual Report 202446
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8. Trade and other receivables
ACCOUNTING POLICY - TRADE AND OTHER RECEIVABLES
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment. A provision for impairment of trade receivables is established
to reflect an estimate of amounts that the Group will not be able to collect in accordance with the original terms of the
receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of
estimated future cash flows, discounted at the original effective interest rate.
Group
2024
$000s
Group
2023
$000s
Trade receivables1,7171,725
Loss allowance(14)(50)
1,7031,675
Amount receivable from insurance proceeds31212
Other receivables3363,279
Total trade and other receivables2,0705,166
The average credit period on receivables is 3.1 days (2023: 3.2 days). The Group is entitled to charge interest on trade receivables as
determined in each individual lease agreement. Interest is charged on receivables over 90 days on a case by case basis. The Group
has provided for 50% of all receivables over 90 days unless there is information suggesting that particular amounts are recoverable.
This amount increases to 100% of any receivable that is determined as not being recoverable. Trade receivables less than 90
days are provided for based on estimated non-recoverable amounts, determined by reference to relevant factors, conditions, and
information at reporting date including past default experience.
Aged past due but not impaired trade receivables
Group
2024
$000s
Group
2023
$000s
0-30 days past due6454
31-60 days past due1150
Beyond 60 days past due514
80118
Included in the Group's trade receivable balance are debtors with a carrying amount of $79,629 (2023: $118,036), which are past
due at the reporting date, for which the Group has not provided as there has not been a significant change in credit quality and the
amounts are still considered recoverable.
Movement in the loss allowance
Group
2024
$000s
Group
2023
$000s
Balance at the beginning of the year5086
(Decrease)/increase in allowance recognised in profit or loss(36)(36)
Balance at the end of the year1450
9. Other current assets
Group
2024
$000s
Group
2023
$000s
Prepayments5,3484,809
Other648381
Total other current assets5,9965,190
Argosy Property LimitedAnnual Report 202447

10. Property held for sale
8 Forge Way, Panmure, Auckland ($35.2 million) was subject to an unconditional sale and purchase agreement at balance date
(31 March 2023: Nil )
11. Share capital
Group
2024
$000s
Group
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 31 March 2024 was 847,168,744 (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
2024
Group
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
Capital risk management
The Group's capital includes shares, reserves and retained earnings with total shareholders' funds equal to $1,224.4 million (2023:
$1,335.7 million).
The Group maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain the Group's
future on-going activities and development of the business. The impact of the level of capital on equity holder returns is also
recognised along with the need to maintain a balance between the higher returns that might be possible with greater gearing and the
advantages and security afforded by a sound capital position.
The Board's intention is to maintain the debt-to-total-assets ratio between 30-40% in the medium term. The Group's banking
covenants require that the aggregate principal amount of the loan outstanding does not exceed 50% of the fair value of property at
all times. All banking covenants have been met during the year.
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising
the return to stakeholders through optimisation of debt and equity. The Group's policies in respect of capital management and
allocation are reviewed regularly by the Board of Directors. There have been no material changes in the Group's overall strategy
during the year.
Argosy Property LimitedAnnual Report 202448
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

12. Share based payments reserve
ACCOUNTING POLICY - SHARE BASED PAYMENTS
The fair value of performance share rights (PSRs) are recognised as an expense in the statement of financial performance
over the vesting period of the rights with a corresponding entry to the share based payments reserve.
PSRs were offered to senior executives, commencing 1 April 2015. Under the scheme, PSRs are issued to participants which give
them the right to receive ordinary shares in the Company after a three year period, subject to certain vesting and other conditions
being met. The vesting of the PSRs is subject to the Company achieving a positive total shareholder return (measured against the
Company's share price on the date of the issue of the PSRs, and including dividends) over a three year measurement period. The
total number which actually vest will be dependent on the relative ranking of the Company's total shareholder returns against a
comparator group of listed entities determined by the Board from the S&P/NZX All Real Estate Gross Index.
The total expense recognised in the year to 31 March 2024 in relation to equity settled share based payments was $290,405 (2023:
$500,000). A total of 444,849 (2023: 173,293) PSRs vested during the year and each PSR was converted to one ordinary share at
an issue price of $1.10.
Grant dateVesting date
Granted
during the
year
1
Weighted
average
issue price
Balance at
the beginning
of the period
1
Vested
during the
period
1
Forfeited
during the
period
1
Balance at
the end of
the period
1
2024
1 April 20231 April 2026495,473$1.101,026,314(444,849)–
2
1,076,938
2023
1 April 20221 April 2025299,844$1.381,026,806(173,293)(127,043)
3
1,026,314
2022
1 April 20211 April 2024281,621$1.441,117,874(318,573)(54,116)
4
1,026,806
2021
1 April 20201 April 2023444,849$0.90994,309–(321,284)
5
1,117,874
1.This is the number of PSRs.
2.The rights forfeited relate to those issued on 1 April 2020.
3.The rights forfeited relate to those issued on 1 April 2019.
4.The rights forfeited relate to those issued on 1 April 2018.
5.The rights forfeited relate to those issued on 1 April 2017.
Argosy Property LimitedAnnual Report 202449

13. Retained earnings
Group
2024
$000s
Group
2023
$000s
Balance at the beginning of the year514,953651,880
Profit/(loss) for the year(55,275)(80,833)
Dividends to shareholders(56,336)(56,094)
Total retained earnings403,342514,953
The annual dividend paid to shareholders was 6.6500 cents per share, paid in four quarterly payments of 1.6625 cents per share
(2023: annual dividend paid was 6.6250 cents per share).
After 31 March 2024, the final dividend was declared. The dividend has not been provided for. Refer to note 27.
14.
 Interest bearing liabilities
ACCOUNTING POLICY - INTEREST BEARING LIABILITIES
All interest bearing liabilities are initially measured at fair value net of transaction costs. Subsequent to initial recognition,
using the effective interest method.
Borrowing costs are the costs incurred in establishing the bank facility and fixed rate bonds. These costs are amortised over
the life of the instrument at the effective interest rate.
Group
2024
$000s
Group
2023
$000s
Syndicated bank loans415,601438,167
Fixed rate green bonds325,000325,000
Borrowing costs(2,544)(3,176)
Total interest bearing liabilities738,057759,991
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)
5.59%5.39%
Group
2024
$000s
Group
2023
$000s
Total interest bearing liabilities at the beginning of the year759,991696,475
Drawdowns from syndicated bank loans49,384101,616
Repayments to syndicated bank loans(71,949)(38,577)
Additional refinancing fee on interest bearing liabilities(383)(441)
Refinancing fee on interest bearing liabilities amortised during the year1,014918
Total interest bearing liabilities at the end of the year738,057759,991
Syndicated bank loans
Group
2024
$000s
Group
2023
$000s
ANZ Bank New Zealand Limited65,982121,583
Bank of New Zealand–10,792
Commonwealth Bank of Australia34,40050,000
Industrial and Commercial Bank of China90,00060,000
The Hongkong and Shanghai Banking Corporation Limited54,40070,000
Westpac New Zealand Limited170,819125,792
Total syndicated bank loans415,601438,167
Argosy Property LimitedAnnual Report 202450
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14. Interest bearing liabilities (continued)
As at 31 March 2024, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
Commonwealth Bank of Australia, Industrial and Commercial Bank of China, The Hongkong and Shanghai Banking Corporation
Limited and Westpac New Zealand Limited 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%95,135
ARG020100,00029 October 201929 October 20262.90%91,536
ARG030125,00027 October 202027 October 20272.20%107,518
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.
15.
 Trade and other payables
ACCOUNTING POLICY - TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method.
Group
2024
$000s
Group
2023
$000s
GST payable1,3541,070
Other creditors and accruals13,09317,726
Total trade and other payables14,44718,796
Argosy Property LimitedAnnual Report 202451