Kiwi Property delivers solid FY24 results despite headwinds

2024 Annual Report
Evolution of
community
07:30
Morning
coffee
RESIDO

These vibrant spaces bring everything you need
within easy reach. Start your day with coffee on your
apartment balcony before strolling 500 metres to
the office or hopping on a nearby train. Meet up with
friends after work for dinner, drinks, or some evening
retail therapy.
Everything is within reach, delivering a new level of
convenience and the sort of aspirational lifestyle that
people are looking for.
Contents
Portfolio overview Pg 2
Business highlightsPg 4
Chair’s reportPg 6
Chief Executive Officer’s reportPg 10
Trends informing our strategyPg 14
Our value creation modelPg 16
Case studies – Resido, Drury, Sylvia Park, ESGPg 18
Our BoardPg 34
Our Executive TeamPg 36
FinancialsPg 38
Other informationPg 91
Corporate governancePg 92
Remuneration reportPg 95
Other investor informationPg 104
DirectoryPg 111
We're creating a new type of
community — connected, sustainable,
and built with Kiwis in mind.
08:30
Working
from home
RESIDO

A day in the life at Sylvia Park

As you explore this annual report,
you'll get a glimpse into the life of
two Resido residents, seeing how they
move seamlessly through their day -
living, working, shopping and playing -
all without leaving the neighbourhood.
Resido apartment
08:55
Daily commute
RESIDO
5 mins to work
Kiwi Property 2024 Annual Report1

Portfolio
overview
Total portfolio
AUCKLAND
WELLINGTON
PALMERSTON NORTH
HAMILTON
Kiwi Property owns and manages a high-quality
real estate portfolio, including some of the
country’s leading commercial properties.
Our retail-led mixed-use assets feature large
landholdings and are strategically positioned
in areas marked for significant densification,
close to transport nodes.
Geographic diversification
BY INVESTMENT PORTFOLIO VALUE
Auckland81%
Hamilton9%
Wellington6%
Palmerston North4%
Sector diversification
BY PORTFOLIO VALUE
Mixed-use76%
Office13%
Retail5%
Development land5%
Sylvia Park, LynnMall, The Base and Drury are located in
New Zealand’s ‘golden triangle’ which spans Auckland,
Hamilton and Tauranga. This region is the country’s
economic powerhouse and home to over 40% of the
population, putting our centres at the heart of major
catchment areas.
Over recent years we have divested non-core assets,
with the aim of creating a portfolio that is higher
performing, greener and we believe will deliver superior
returns over time. While we’re not done yet, we’re moving
ever closer to our ambition of becoming New Zealand's
leading creator and curator of mixed-use communities.
$2.2b
Auckland – 3 mixed-use assets, 1 office asset,
1 development landholding
$237m
Hamilton – 1 mixed-use asset, 1 retail asset
$112m
Palmerston North – 1 retail asset
$146m
Wellington – 1 office asset
General note: The figures on this page exclude Vero Centre, which was held for sale at 31 March 2024.
Kiwi Property 2024 Annual Report2

A future-focussed property portfolio
The power of our retail-led mixed-use strategy
Kiwi Property's mixed-use
assets have significant
development potential and
the ability to accommodate
an extensive range of
uses such as retail, office,
residential, medical,
entertainment and dining.
Our intention is to evolve
and enhance these
properties over time.
KEY
SYLVIA PARK
DRURY
THE BASE
LYNNMALL
CurrentPlanned
Live
Work
Play
Shop
$2.1b
¹
37.0 m
ANNUAL SALES FY24CUSTOMER VISITS FY24
1. All sales include GST.
Kiwi Property 2024 Annual Report3

Business
highlights
$184.6m
5.8%
NET RENTAL INCOME (LIKE-FOR-LIKE
2
)
$1 07.7m
4.4%
OPERATING PROFIT BEFORE TAX
(LIKE-FOR-LIKE
2
)
$3.2b
3
0.1% (2H FY24)
PORTFOLIO VALUE
$99.3m
1.5%
ADJUSTED FUNDS FROM
OPERATIONS (LIKE-FOR-LIKE
2
)
2. Like-for-like results exclude the impact of asset sales and
the prior year's release of COVID-19 abatement accruals.
3. Excluding the gross-up of lease liabilities required by
NZ IFRS 16 Leases. Property portfolio valuation includes
Drury Stage 1 land, valued at $73.5 million, which has
been transferred to inventories at 31 March 2024.
Kiwi Property 2024 Annual Report4

+4.4%
4
FY23 4.8%
TOTAL RENTAL MOVEMENT
$2.12b
1.4%
TENANT SALES
96%
3 TE KEHU WAY LEASED
$2.1m
NET LOSS AFTER TAX
99.3%
4
PORTFOLIO OCCUPANCY
RESIDO APARTMENTS
RENTED PRIOR TO OPENING
12%
4. Includes Vero Centre, which was held for sale at 31 March 2024.
Note: Refer to the Annual Results Presentation FY24 for the
definition and determination of sales and the non-GAAP
performance measures net rental income, adjusted funds from
operations, portfolio value and operating profit before tax.
Comparative figures relate to the FY23 period.
Kiwi Property 2024 Annual Report5

Chair’s report
Navigating a
challenging
economy
Simon Shakesheff
Chair
Kiwi Property 2024 Annual Report6

“We have continued
to deliver a
robust underlying
operational
performance
through FY24”
Introduction
Last year was challenging for many people and
businesses in New Zealand. High inflation and interest
rates weighed heavily on the cost of living, reducing
expenditure and negatively impacting consumer
and business confidence. Despite these headwinds,
Kiwi Property Group delivered a robust underlying
operational performance, in line with our guidance
for the 2024 financial year (FY24), enabling us to pay
a dividend to shareholders of 5.70 cents per share.
5.70cps
FY24 dividend
5. Excluding the gross-up of lease liabilities required by NZ IFRS 16 Leases.
Property portfolio valuation includes Drury Stage 1 land, valued at $73.5
million, which has been transferred to inventories at 31 March 2024.
6. Sylvia Park Precinct includes Sylvia Park Shopping Centre, ANZ Raranga,
Sylvia Park Lifestyle, 3 Te Kehu Way, adjoining properties and the residual
value of Resido.
Asset values stabilising
The fair value of Kiwi Property’s asset portfolio
increased by 0.1% or $3.3 million in the second half
of FY24, to finish the year 2.4% down overall. Our
portfolio was worth $3.2 billion on 31 March 2024
5
.
The Sylvia Park Precinct
6
posted a fair value uplift
of 1.5% in the second half of FY24, driven by rental
growth and a marginal firming of capitalisation rates.
The fair value of Kiwi Property’s CBD office portfolio
declined 2.0% or $16.4 million in the six months to
31 March 2024, underpinned by macroeconomic
headwinds facing the asset class. The decrease in
valuations contributed to a net loss after tax of $2.1
million, an improvement of 99.1% on the prior year.
The relative resilience of our mixed-use assets
highlights the strength of these flagship properties.
By continuing to drive sales, grow rents and diversify
our income streams, we will encourage valuation
uplift as capitalisation rates firm.
09:45
Morning
meeting
3 TE KEHU WAY
Kiwi Property 2024 Annual Report7

Chair’s report continued
“New Zealand is
currently experiencing
a range of social and
economic trends that
we believe will benefit
Kiwi Property over the
short to medium term.”
Delivering on strategy
Kiwi Property’s capital management strategy aims to
maximise the performance and returns of our core assets
while divesting non-core assets over time and reinvesting
the funds to create a more resilient, diversified and
sustainable portfolio.
We believe this approach is positioning the company
well for the future. We have large land holdings close to
transport and population growth nodes, such as Sylvia
Park – one of the country’s leading mixed-use properties.
The asset’s extensive retail space is complemented by
offices, residential accommodation, medical, dining and
entertainment, helping to promote a cycle of economic
and rental growth.
The anticipated completion of Resido will establish
Kiwi Property among the first movers in New Zealand's
emerging build-to-rent (BTR) sector, which is well-placed
to benefit from rental demand and the increase in net
migration post-COVID-19. More than half of Aucklanders
over 15 years old currently live in rented accommodation,
with this number expected to increase to 60% by 2043
7
.
3 Te Kehu Way is now 96% leased, with ASB recently
signing an agreement to rent over 1,700 square metres
of floor space in the building. The bank joins other
blue-chip corporates such as ANZ and IAG, which also
have a significant presence at Sylvia Park, reflecting
the quality of tenants seeking commercial space
in the precinct, attracted by its amenities, location,
and sustainability credentials.
We will leverage our learnings from Sylvia Park as we
develop the new town centre at Drury. We first acquired
our landholding in 2015, with the ambition of up-zoning
and transforming it into a master-planned community
over time. Our extensive Drury site enjoys close proximity
to public transport and a strategic location at the heart
of significant projected population growth in the area.
11:00
Connecting
with colleagues
TERRACE DINING
3 mins from work
7. JLL Research. Build-to-Rent-In New Zealand.
Kiwi Property 2024 Annual Report8

Board refreshment
Jane Freeman has signalled she will step down as
a director of Kiwi Property at the upcoming annual
shareholder meeting, bringing a close to her nine-year
governance career with the company. Jane has made an
important contribution over that time and leaves with our
thanks and best wishes. The search for a new director is in
its final stages and we hope to make an announcement on
that front shortly.
Continued focus on execution
New Zealand is currently experiencing a range of social and
economic trends that we believe will benefit Kiwi Property
over the short to medium term. A shortage of housing,
fuelled by record migration and declining building consents,
is driving demand for quality rental accommodation,
creating opportunities for BTR. In parallel, limited online
shopping penetration and a relatively small amount of
new retail space look set to benefit established retail
destinations such as LynnMall and The Base.
There are still challenges to overcome however, including
the recent legislative change removing our ability to claim
tax depreciation on commercial buildings. While we are not
alone in being affected by this policy revision, it will reduce
next year's adjusted funds from operations by around 5%.
We have unfortunately been unable to offset this impost,
leading the company to reduce the forecast dividend for
the 2025 financial year to 5.4 cents per share
8
.
We remain committed to delivering dividend growth
from FY26, fuelled by the additional earnings from Resido,
a fully leased 3 Te Kehu Way and Drury land sales, amongst
other things.
I want to thank our shareholders for your continued
support. We look forward to continuing to earn your
trust and investment in the coming financial year.
Simon Shakesheff
Chair
13:00
Home for lunch
RESIDO
8. Dividend guidance and payments are contingent on the company’s
financial performance through the financial year and barring material
adverse effects or unforeseen circumstances.
Kiwi Property 2024 Annual Report9

Chief Executive Officer’s report
A resilient
performance
Clive Mackenzie
Chief Executive Officer
Kiwi Property 2024 Annual Report10

“We advanced
the delivery of our
strategy over the
past year, continuing
our multi-year
evolution into an
owner, developer and
manager of mixed-
use communities.”
Robust rental growth
Kiwi Property’s active leasing programme drove a 4.4%
increase in total leasing spreads in FY24, with new leasing
up 5.3%, highlighting the sustained demand for tenancies
in our diversified property portfolio, which was 99.3%
occupied at 31 March 2024.
The Base Te Awa achieved a sales uplift of 13.1% in FY24,
followed by LynnMall, where sales rose 1.8%. After several
periods of significant growth, Sylvia Park’s sales were flat
for the year but remained well ahead of pre-COVID-19
levels. The company’s specialty gross occupancy cost
ratio was 13.0%, reflecting the high productivity and value
of our tenancies.
Despite the company’s strong underlying operational
performance, net rental income declined 9.2% to
$184.9 million, following the divestment of assets, including
Northlands and Westgate Lifestyle. Operating profit before
tax was similarly affected, declining 16.5% to $108.2 million,
while adjusted funds from operations (AFFO) decreased
14.3% to $99.8 million. When viewed on a like-for-like
9

basis to enable an accurate comparison of our underlying
performance, Kiwi Property’s net rental income rose 5.8% in
FY24, demonstrating our ability to grow revenue across our
remaining assets.
+5.3%
Rental uplift: new leases.
Introduction
The 2024 financial year (FY24) was significant for
Kiwi Property. While we have not escaped the impact
of the volatile economic environment, our assets
performed well throughout the year, achieving
consistent rental growth, stable sales and resilient
valuations. In addition, we delivered key development
initiatives, marking important steps on our strategic
transformation journey.
15:00
Staying healthy
HAMLIN PARK
5 mins walk
from Sylvia Park
General note: All figures include Vero Centre, which was held for sale at
31 March 2024.
9. Like-for-like results exclude the impact of asset sales and the prior
year's release of COVID-19 abatement accruals.
Kiwi Property 2024 Annual Report11

Chief Executive Officer’s report continued
“We're focused on
driving organisational
effectiveness and
being disciplined
about the use of
shareholder capital.”
Resido nears completion
We advanced the delivery of our strategy over the past
year, continuing our multi-year evolution from being
a shopping centre and office landlord to the owner,
developer and manager of mixed-use communities.
Two of the three apartment towers at our Resido build-
to-rent (BTR) development are now complete, with the
final due to be finished by 4 June 2024. Located adjacent
to Sylvia Park, the BTR project is currently the largest in
New Zealand, offering 295 apartments purpose-built for
long-term rental.
The launch of Resido will enable us to deliver a true
‘live, work and play’ experience at Sylvia Park by bringing
residential to the precinct for the first time. Leasing of
Resido is already underway, and we expect to move
towards full occupancy within the next 12-18 months.
Leading Australian flexible accommodation provider,
Urban Rest, has signed a deal to lease 12% or 34 of the
Resido apartments for the next three years. The agreement
delivers guaranteed income from day one, helping to de-
risk the project while simultaneously enabling us to test the
demand for short-stay accommodation at Sylvia Park.
In a further signal that BTR is gaining traction in New Zealand,
the Government recently announced changes to the
Overseas Investment Act, designed to support the growth
of the asset class. This policy amendment will make it
easier for international investors to deploy capital into
local residential projects, helping address one of the
sector's historic challenges.
Strict cost control
Strictly managing costs is a particular priority in the
current financial climate. We’re focused on driving
organisational effectiveness and being disciplined about
the use of shareholder capital. To this end, Kiwi Property
undertook several initiatives to reduce costs, streamline
the organisation and enhance business efficiency in FY24.
First among these was the implementation of the
company’s new Yardi enterprise IT system. The new
technology platform has already unlocked a range of
productivity gains, with more expected to be realised
over time. Yardi’s implementation has also assisted us
in reducing employee headcount across our digital and
finance teams, contributing to a 9% decrease in staff
numbers in FY24.
The full financial benefit of these and other cost-saving
initiatives is expected to be realised from FY25, including
an anticipated $2.9 million decrease in people-related
costs
10
. Our aim is to reduce management expenses as
a percentage of net rental income (including property
management revenue) to FY22 levels.
17:00
Retail therapy
SYLVIA PARK
SHOPPING
CENTRE
10. People-related cost savings include a reduction in employee headcount
and employee share scheme costs, and removal of life insurance costs.
Kiwi Property 2024 Annual Report12

In parallel, we remain focussed on reducing gearing,
with asset recycling an important aspect of our capital
management agenda. On 16 May 2024, we announced
the conditional sale of the Vero Centre to a Hong Kong
China-based institutional investor for $458 million,
subject to Overseas Investment Office approval.
Presuming the transaction settles, the funds raised
will be used to repay bank debt, reducing gearing
to the lower end of our target range and providing
headroom to pursue new opportunities.
Building a future-fit business
One of Kiwi Property’s four strategic pillars is to build
a future-fit business, including a commitment to
environmental, social and governance (ESG). In FY24
the company increased Sylvia Park’s on-site renewable
energy capacity, with the addition of a new solar array that
contributed to the generation of over 1,300,000 kWh of
power across the precinct in FY24. 3 Te Kehu Way received
New Zealand’s first 6 Green Star Design & As Built
11
rating,
exceeding Kiwi Property’s target for new developments.
The company also led a successful pilot of the NABERS
shopping centre rating tool, with Sylvia Park obtaining
an indicative 6-Star NABERS Energy rating.
This year, we launched new company values, designed to
support our efforts to build a high-performance culture
at Kiwi Property and better reflect our commitment to
delivering for our shareholders. These new values - Win
Together, Make it Happen, Lead the Way and Exceed
Expectations - guide how we do business, underpinned
by our focus on innovation, achieving results, driving
efficiency and striving for success. In FY24, we also revised
the calculation of our short-term incentive pool and
employee incentive schemes to focus entirely on financial
performance. In addition we increased the proportion of
employee long term incentive schemes directly driven by
shareholder returns, creating closer alignment between
team members' remuneration and shareholder outcomes.
The year ahead
FY24 was a challenging and eventful, yet ultimately
productive year for Kiwi Property. Looking ahead to FY25,
we are focused on both strategic execution and operational
delivery. The successful lease-up of Resido, the completion
of the Vero Centre divestment, the sale of large format
retail lots at Drury and the effective operation of our assets
are our highest priorities. I look forward to working with
the Board and the rest of the Kiwi Property team to deliver
strong outcomes for our shareholders and the communities
where we operate.
Thank you for your support.
Clive Mackenzie
Chief Executive Officer
12%
5.5
of Resido rented by Urban Rest.
NABERSNZ rating for ANZ Raranga.
11. 6 Green Star Design & As Built NZ v1.0 Built rating.
18:50
Meeting friends
for drinks
SYLVIA LANE
6 mins from home
Kiwi Property 2024 Annual Report13

Population growth is forecast to
be concentrated in New Zealand’s
major cities, fuelling the need
for investment in housing and
infrastructure in Auckland and
the golden triangle. This growth is
expected to be greatest around major
transport hubs, contributing to the
intensification of these locations.
Demand for rental accommodation
is expected to increase significantly,
driven by migration, demographic
changes and a lack of new housing
supply. Around 50% of Aucklanders
live in rental accommodation today,
with this figure expected to rise to
around 60% by 2043
12
.
90% of our investment portfolio
(by value) is located in Auckland
and Hamilton, at or near transport
nodes, providing strong exposure
to population growth. Our mixed-
use properties are poised to benefit
from increased demand for housing
and commercial spaces, making
them prime sites for investment
and development.
We are well positioned to take
advantage of the growth of renting
in New Zealand with the launch of
the country’s largest build-to-rent
development. Resido has been
created specifically with renters
in mind, offering quality apartments,
secure accommodation, and
excellent amenities.
Trends informing
our strategy
Urbanisation
Description
Implications for
our business
Rental growth
Strategic clarity - our insights led approach
12. JLL Research. Build-to-rent in New Zealand.
Kiwi Property 2024 Annual Report14

The world around us is changing rapidly,
driven by a range of macro trends that
shape our operating environment,
generating risks and opportunities for
the business, and impacting how we
create value for our stakeholders.
01.
Changing work patterns Omni-channel retail
The shift towards hybrid work patterns,
enabled by digitisation and automation,
is reshaping the concept of the
workplace, requiring companies to
rethink their office needs. This means
more flexible and collaborative spaces,
more satellite locations close to
transport, and better IT infrastructure.
The rise of omni-channel retail reflects
a shift towards a seamless integration
of in-store and online shopping
experiences. This approach integrates
in-store and online experiences into
a cohesive and unified customer
journey, ensuring consistency and
convenience at every touchpoint.
Our leading mixed-use office
buildings such as ANZ Raranga and
3 Te Kehu Way offer easy accessibility,
quality end of trip facilities, strong
sustainability credentials and
competitive rents – an appealing
proposition for many leading
commercial tenants.
In an omni-channel environment,
leading retailers want fewer, better
stores at the best locations, such as
Sylvia Park and The Base. By blending
digital platforms with physical spaces,
we can create seamless shopping
experiences, tailored services, and
heightened consumer convenience.
The diagram below outlines macro trends that have
informed the development of our business strategy.
Our insight led approach, aims to position our assets
to benefit from the forces impacting the way people
in New Zealand will live, work and play in the years
ahead, supporting smarter capital investment and
encouraging new areas of earnings growth.
Kiwi Property 2024 Annual Report15

Strategic clarity – how we add value
Our value
creation model
InputsBusiness strategy
Grow with
diverse
sources of
capital
Enable
partner and
customer
success
Build a
future-fit
business
Lead the
market on
retail-led
mixed-use
TRENDS
UrbanisationOmni-channel
retail
Rental
growth
Changing
work patterns
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand's
leading creator and
curator of retail-led
mixed-use communities
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
Communities
Environment
Tenant
partners and
suppliers
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.  
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Adjusted funds from
operations
• Total shareholder return
• Co-investment
opportunities
• Customer satisfaction
• Accessibility
• Digital enablement
• Employee engagement
• Health, safety and
wellbeing
• Diversity and inclusion
• Sales growth
• Occupancy levels
• Best practice and
sustainable outcomes 
• Community
engagement
• Social value
• Emissions reduction
• NABERSNZ
• Green Star
• Homestar
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Kiwi Property 2024 Annual Report16

Kiwi Property uses a range of resources
and inputs to deliver our business
strategy and create value for our
stakeholders, guided by our ambition
to be New Zealand’s leading creator
and curator of retail-led mixed-use
communities.
Key inputs into our activities are financial capital,
properties, people and capabilities, partnerships
and nature. Through the execution of our business
strategy, we create value for our stakeholders: our
people, investors, tenant partners and suppliers,
customers, communities, and the environment.
This process of value creation is illustrated in the
diagram below.
Business strategy
Stakeholder
groups
Grow with
diverse
sources of
capital
Enable
partner and
customer
success
Build a
future-fit
business
Lead the
market on
retail-led
mixed-use
TRENDS
UrbanisationOmni-channel
retail
Rental
growth
Changing
work patterns
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand's
leading creator and
curator of retail-led
mixed-use communities
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
Communities
Environment
Tenant
partners and
suppliers
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.  
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Adjusted funds from
operations
• Total shareholder return
• Co-investment
opportunities
• Customer satisfaction
• Accessibility
• Digital enablement
• Employee engagement
• Health, safety and
wellbeing
• Diversity and inclusion
• Sales growth
• Occupancy levels
• Best practice and
sustainable outcomes 
• Community
engagement
• Social value
• Emissions reduction
• NABERSNZ
• Green Star
• Homestar
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Kiwi Property 2024 Annual Report17

Case study
01.
Resido
Creating a new type
of neighbourhood
“Resido is an exciting development
in New Zealand’s rental market,
bringing large-scale build-to-rent
to market for the first time.”
Kiwi Property 2024 Annual Report18

New Zealand’s largest build-to-rent
development (BTR) is opening at Sylvia Park
on 11 June 2024, marking a major milestone
for Kiwi Property and the delivery of its
mixed-use strategy. BTR is purpose-built
for long-term renting, offering tenants the
security of home ownership coupled with
an extensive range of on-site services
and amenities.
Featuring 295 spacious residential apartments
across three separate buildings, Resido's launch
brings one of the country's first large-scale BTR
projects to market and positions Kiwi Property
at the forefront of the sector. Residents can
choose from a studio, one, two or three-
bedroom apartment to suit their needs.
So, what makes Resido different to other
rental accommodation? Tenants can stay as
long as they like, bring pets, move within the
complex as their life circumstances change,
and live in a community rich in amenities.
Plus, there's on-site security, no body
corporate fees and whiteware is included.
Resido is expected to appeal to a broad range
of demographics, from new renters to young
professionals, families and retirees looking to
downsize. Located just a 2-minute walk from
the extensive shopping and entertainment
options at Sylvia Park, and just 500 metres
to the train station and bus interchange, it’s
close to everything residents might need.
Every apartment has a balcony, many with
expansive views. Some apartments are
Kiwi Property 2024 Annual Report19

Case study
Resido continued
01.
fully furnished, some not, giving people
the flexibility to choose the approach
that works for them. Resido boasts an
8 Homestar design rating, with features
including EV charging stations.
Resido features a mix of amenities
designed for work and play, ranging from
common working spaces and private
meeting pods, through to a media room
and expansive rooftop deck and BBQ area,
where residents can socialise with friends.
A Resido mobile app will also enable residents
to perform tasks like booking maintenance
and signing up to community events. Unlike
many traditional rental properties, Resido
has been built specifically with the tenant
in mind. This customer-first approach will
differentiate the product from other offerings
in the market and help drive demand among
potential residents wanting the opportunity
to rent their way.
Leading Australian flexible accommodation
provider, Urban Rest, recently signed
Apartments could potentially
be built at Sylvia Park.
1,200
500m
To train station and
bus interchange.
295
High quality residential
apartments in three
separate buildings.
Kiwi Property 2024 Annual Report20

an agreement to rent 12% of Resido – or
34 apartments - for the next three years.
These apartments will be offered to corporate
travellers, friends and family of existing
residents, and ’try before you buy’ tenants.
More than 1,200 apartments could potentially
be built at Sylvia Park over the next decade,
supporting the precinct's evolution into
a significant and connected residential
community. With the leasing of Resido
now underway, the next few months will be
critical to the success of the project. Early
signs are looking good however, suggesting
a bright future ahead for Resido and BTR
in New Zealand.
“A Resido mobile
app will also
enable residents
to perform tasks
like booking
maintenance
and signing up to
community events.”
Kiwi Property 2024 Annual Report21

Case study
02.
Drury
Drury: The future of
Kiwi town centres
“The company’s strategic thinking
and long-term outlook are beginning
to deliver results as development at
Drury steps up.”
Artist's impression
Kiwi Property 2024 Annual Report22

Kiwi Property began purchasing over 50
hectares of land at Drury almost 10 years
ago. At the time, the site was occupied by
dairy cows and grassy paddocks, but the
region’s classification as a future growth
node pointed to a significant opportunity
ahead. Today, the company’s strategic
thinking and long-term outlook are
beginning to deliver results as development
at Drury steps up and activation of Kiwi
Property’s landholding gets underway.
Stage 1 of the project is well progressed,
with earthworks largely completed and the
site upzoned, contributing to a valuation
gain of over $90 million since inception
13
.
Over 100,000 square metres of land and
13 residential super-lots have been cleared
and are at grade, enabling these sites to be
sold to the large format retailers and group
home builders keen to capitalise on Drury’s
anticipated growth.
Kiwi Property is already in advanced
negotiations with several of these
businesses, with the proceeds from
potential land sales earmarked for the
financing of ongoing development, in line
with Kiwi Property’s strategy of leveraging
diverse sources of capital to drive growth
and shareholder returns.
Fitzgerald Rd
Waihoehoe Rd
Flanagan Rd
Flanagan Rd
Great South Rd
Fielding Rd
Norrie Rd
Bremner Rd
22
22
3
3
1
1
1
Drury development site
13. Excludes capital expenditure incurred to date.
Kiwi Property 2024 Annual Report23

Case study
Drury continued
02.
Stage 2 of the Drury development is expected
to start in the medium-term and will include
the creation of a new mixed-use town
centre, featuring a blend of retail, office,
entertainment, medical and residential.
The transit-oriented development will
enable residents to leave their cars at home
and take advantage of the public transport
options on offer. A new Drury Central Train
Station is scheduled to open in 2025, with
90% of Kiwi Property’s site within an easy
one-kilometre walk.
The company has proactively consulted with
community stakeholders from the outset
of the project and has already announced
its ambition for Drury to become one of
New Zealand’s first Green Star communities,
built with an extensive range of sustainability
features in mind. Foremost among these
efforts is the regeneration of the Hingaia
Stream, including extensive planting of native
trees and the restoration of local wetlands.
2025
Drury Central Train Station
scheduled opening.
13
Residential super-lots
created.
Landholding.
53ha
Drury development site
Kiwi Property 2024 Annual Report24

Drury, like Sylvia Park before it, has the
potential to become a leading example
of a retail-led, mixed-use community.
The development is poised to deliver
significant opportunities for Kiwi Property
and its shareholders, through a combination
of valuation growth, land sales and the
rental income the site is expected to deliver.
While the project is still relatively early in
its lifecycle, Drury’s potential is becoming
increasingly clear.
Watch this space – we are confident the
best is yet to come!
Drury retail precinct. Artist’s impression
“Kiwi Property
has already
announced its
ambition for Drury
to become one
of New Zealand’s
first Green Star
communities.”
Kiwi Property 2024 Annual Report25

Case study
03.
Sylvia Park
Sylvia Park: leading
in mixed-use
“Sylvia Park is a true retail-led
development, with New Zealand’s
favourite shopping centre at its core.”
Kiwi Property 2024 Annual Report26

From its humble beginnings almost two
decades ago, Sylvia Park is now widely
regarded as one of the most successful
property assets in New Zealand, attracting
over 15 million visits and recording over
$900 million in sales in FY24.
When Kiwi Property began construction of
Sylvia Park, many commentators suggested
that embarking on such a large suburban
retail development was a risk. Today, it’s seen
as an industry reference point for retail-led
mixed-use community creation, blending
a range of property asset classes together
on a single site.
That success is not by chance. Sylvia Park
is an example of our long-term outlook
and focus on creating high-quality spaces
to live, work, shop and play. Integrating retail,
offices and apartments in one location
helps attract more people, stimulating sales,
growing rents and promoting a more vibrant
customer experience.
A true retail-led development with
New Zealand’s favourite shopping centre
14

at its core, Sylvia Park has delivered robust
returns over the last financial year, with
almost 100% occupancy, strong competition
for retail space, and a rental performance
that has withstood the economic downturn,
helping to support resilient valuations.
14. “The Heart of Kiwi Property 2022” Nielsen.
Kiwi Property 2024 Annual Report27

Case study
Sylvia Park continued
03.
The opening of New Zealand's first IKEA
store, scheduled for late 2025, will take
Sylvia Park's retail offering to an even higher
level. IKEA is expected to be a significant
drawcard for consumers from across the
country, attracting even more people to the
precinct and encouraging cross-shopping
with the centre's existing retailers. This is
a prime example of the mixed-use halo
benefit and gives brands even more reason
to establish a presence at Sylvia Park.
The launch of Resido, on 11 June 2024,
will bring residential apartments to the Sylvia
Park precinct for the first time. The project
is the first of several anticipated residential
developments at Sylvia Park, with the
potential for up to 1,200 apartments across
the site over the next decade. Kiwi Property
intends to prove-up build-to-rent (BTR) and
build market confidence in the asset class by
leasing up Resido over the next 12-18 months.
18,900sqm
Quality
office space.
15.8m
Customer
visits FY24.
Sylvia Park Precinct
sales FY24.
$904m
35ha
Available land zoned for
mixed-use development.
3 Te Kehu Way
Kiwi Property 2024 Annual Report28

Sylvia Park isn’t just a leader from a
commercial standpoint, it’s also at
the forefront of sustainability. The
precinct’s new 7,300 square metre
office building, 3 Te Kehu Way, was
recently awarded New Zealand’s first
6 Green Star Design & As Built NZ v1.0
Built rating. Also this year, ANZ Raranga
was awarded a 5.5-Star NABERSNZ
energy rating. The environmental
performance of these buildings is
an important magnet for blue chip
corporate clients such as ASB and
IAG, which are drawn to Sylvia Park’s
combination of amenities, location
and ESG credentials.
The outlook for Sylvia Park’s next two
decades appears just as promising as
its first. With over 35 hectares of land
zoned for mixed-use development
and close proximity to trains, buses,
and motorways, Kiwi Property has
numerous options to evolve and
progress the site over time, in line
with tenant and customer demand.
This could potentially see more office
buildings, more large format retail,
and more apartments. As connected
communities evolve, so will Sylvia Park.
“Resido has
been built with
sustainability in
mind, in line with
Kiwi Property’s
ambitious ESG
targets.”
Kiwi Property 2024 Annual Report29

Case study
04.
Environmental, Social and Governance
Creating sustainable
communities
“In FY24, Kiwi Property continued
to make pleasing progress on its
sustainability agenda, achieving
a series of milestones.”
Kiwi Property 2024 Annual Report30

Sustainability is an important element
of Kiwi Property’s overarching strategy,
ensuring close alignment between the
company’s business and Environmental,
Social and Governance (ESG) ambitions.
The sustainability strategy is based on
three pillars: People, Places and Partnerships.
It reflects Kiwi Property's belief that its long-
term success is connected to the success
of the communities where it operates. Each
of the three pillars sets key actions, with
delivery against strategy governed by our
ESG Committee and ESG Leadership Team.
Kiwi Property continued to make significant
progress on its sustainability agenda in
FY24. The company's focus on continuous
improvement helped raise the company's
environmental performance, with operational
carbon emissions (scopes 1, 2 and selected 3),
operational waste and water consumption
down across the portfolio.
A pilot of the NABERS shopping centre rating
tool saw the Sylvia Park shopping centre
obtain the country’s first indicative 6-Star
NABERS Energy Rating - the highest possible
level. The project enabled the testing of the
tool in the New Zealand context, helping
provide a pathway for other shopping centres
and in the process, encouraging the industry’s
sustainability efforts.
Kiwi Property 2024 Annual Report31

Case study
Environmental, Social and Governance continued
04.
Also at Sylvia Park, Kiwi Property increased
its on-site renewable energy capacity,
with the addition of a new solar array at
3 Te Kehu Way that contributed to the
generation of over 1,300,000 kWh of power
in FY24 – enough to power over 50% of the
precinct's common areas.
We believe sustainability is a core component
of successful connected communities
and Resido is a testament to this view.
The development incorporates a range
of environmental initiatives designed to
contribute to the lifestyles of residents,
earning the building an 8 Homestar
Design rating. In time, we also aspire to
Drury becoming a model for sustainable
development and one of the country's
first Green Star Communities.
Wellbeing is a central concept across the
three pillars of the company’s sustainability
strategy. Throughout this year, Kiwi Property
has implemented various programmes
designed to bring people together, including
public art projects, cultural celebrations
and mental health advocacy programmes.
As part of its support for the Mental Health
Foundation, Kiwi Property also created an
inspiring children’s book, Where’s Holly’s
Hat?, to increase emotional literacy among
New Zealand's tamariki.
of solar power generated
at Sylvia Park.
1.3m kwh
25,000
Christmas books created in
collaboration with the
Mental Health Foundation.
40:40:20
FY24 gender balance for Board
and Executive Team.
3 Te Kehu Way
Kiwi Property 2024 Annual Report32

Kiwi Property's vision for sustainability at
the company is informed by an awareness
of its most material ESG issues, which were
identified as part of a ‘double materiality’
assessment. For more information on this
process and the priorities identified, see our
Sustainability Report at: kp.co.nz/annual-result
Kiwi Property is a climate-reporting entity
for the purposes of the Financial Markets
Conduct Act 2013 (FMC Act). We will publish
our Climate-related Disclosures on a group
basis for the year ended 31 March 2024 in
compliance with the Aotearoa New Zealand
Climate Standards issued by the External
Reporting Board (XRB), as required by the
FMC Act. Kiwi Property's Climate-related
Disclosures for the year ended 31 March 2024
will be accessible on our website by 31 July
2024 at: kp.co.nz/investors
“Sustainability
is embedded
into Kiwi
Property’s
mixed-use
strategy and
objective
to create
connected
communities.”
Kiwi Property 2024 Annual Report33

Our
Board
Chris Aiken
Independent Director
Chris is an Auckland-
based professional
director, with a wealth of
property and technology
experience. He is a
member of the Kāinga Ora
Construction Advisory
Board and director
of Adare Ltd. He was
previously a director
of Metlifecare, Piritahi,
Apperv Ltd and Telecom
Retail. Chris was chief
executive of several IT
and property companies
including HLC Ltd, the
Crown entity responsible
for developing large urban
communities, such as
Hobsonville Point.
Board membership
Non-executive member
Other committees
Chair of the ESG
Committee and Member
of the Remuneration and
Nominations Committee
Date appointed
June 2021
Date last re-elected
July 2021
Peter Alexander
Independent Director
Peter has extensive
experience in New
Zealand’s property
sector, having held a
range of executive roles
over more than 30
years. He was previously
CEO of Stride Property
Group where he led the
growth of its investment
management business
and was head of property
at Auckland International
Airport. He has also held
senior executive roles
at Property for Industry,
Goodman and Sky City
Entertainment. Peter is
a trustee of the Dilworth
Trust Board.
Board membership
Non-executive member
Other committees
Member of the
ESG Committee
Date appointed
May 2023
Date last re-elected
June 2023
Simon Shakesheff
Chair
Simon is an Australian-
based professional director,
with significant property
and finance experience
covering strategy, mergers
and acquisitions, and
debt and equity finance.
He is a director of Cbus
Property, Assembly Funds
Management, SGCH
(formerly St George
Community Housing) and
Chair of the Daily Needs
Real Estate Investment
Trust. Simon previously
held a number of executive
roles at Stockland, Bank
of America Merrill Lynch,
UBS, J.P. Morgan and
Macquarie Bank.
Board membership
Non-executive member
Other committees
Member of the ESG
Committee, Audit and
Risk Committee and
Remuneration and
Nominations Committee
Date appointed
November 2019
Date last re-elected
June 2023
Kiwi Property 2024 Annual Report34

Carlie Eve
Independent Director
Carlie has over 25
years’ finance and
governance experience,
including executive
roles at Goldman Sachs
JBWere and Mint Asset
Management, where
she led the Australasian
Property Fund. Carlie
is a former director
of the Hobsonville
Land Company and
currently sits on the
board of the Fonterra
Shareholders Fund, as
well as being the Chair
of the Diocesan School
Heritage Foundation.
Board membership
Non-executive member
Other committees
Member of the Audit
and Risk Committee
Date appointed
May 2023
Date last re-elected
June 2023
Jane Freeman
Independent Director
Jane is an Auckland-
based professional
director with extensive
retail experience and
expertise in customer-
driven technology.
She was previously a
director of Foodstuffs
North Island, ASB Bank,
Delegat Group and Air
New Zealand. Prior to her
governance career, Jane
held a number of senior
general management roles
in major New Zealand
businesses including
Telecom, ASB Bank and
Bank Direct. Jane will
step down from the
Board at the company’s
upcoming annual meeting
of shareholders on
27 June 2024.
Board membership
Non-executive member
Other committees
Chair of the Remuneration
and Nominations
Committee
Date appointed
August 2014
Date last re-elected
July 2021
Mary Jane Daly
Independent Director
Mary Jane is an Auckland-
based professional
director with significant
banking, finance and risk
experience. She is the
Chair of the Fonterra
Shareholders Fund and
AIG Insurance, and a
director of Kiwibank. Mary
Jane was also the former
Chair of the Earthquake
Commission, and a former
director of Auckland
Transport, Cigna Life
Insurance New Zealand,
Onepath Life, Airways
Corporation and the NZ
Green Building Council.
Board membership
Non-executive member
Other committees
Chair of the Audit and
Risk Committee
Date appointed
September 2014
Date last re-elected
June 2022
Kiwi Property 2024 Annual Report35

Our
Executive
Te a m
Aubrey Cheng
GM Income and Leasing
Aubrey leads our
income and leasing
team and is responsible
for all property-related
income, and new
revenue initiatives at
both our existing assets
and development
projects. He is charged
with developing and
maintaining our key client
relationships, and driving
leasing activity across our
mixed-use, office, retail,
activate and industrial
portfolios. Aubrey has
20 years’ property
experience and prior
to joining Kiwi Property
was a founding Director
of Match Realty.
Clive Mackenzie
Chief Executive Officer
Clive is responsible
for the leadership,
strategic direction and
management of the
company. He has been
involved with property
and finance for over 20
years and commenced
as Kiwi Property’s Chief
Executive Officer in
July 2018. Clive was
previously Senior Vice
President – Development,
East Coast for Westfield
USA, where he was
involved in the creation
and implementation
of transformational
strategies to evolve,
strengthen and develop
the company’s real
estate portfolio.
Jo Harris
GM People
Jo oversees Kiwi
Property’s people and
culture function, with
a focus on building
an engaged and high
performing organisation.
She joined the company
from Waka Kotahi
where she worked as
Portfolio Change Lead,
with responsibility for
leading organisational
wide culture and
transformation initiatives.
Prior to this, Jo held a
variety of senior HR roles
at organisations including
Air New Zealand, Vodafone
Australia and AAPT.
Kiwi Property 2024 Annual Report36

Ian Passau
GM Development
Ian leads our
development team and
is responsible for all
development activities
and major capital works
programmes. He has
30 years’ experience
in property design,
construction and
development across a
range of asset classes.
Prior to joining Kiwi
Property, Ian held senior
positions at Foodstuffs
North Island and Auckland
Airport. He is a past
president of the Property
Council of New Zealand's
Waikato Branch and past
member of the Auckland
Urban Design Panel.
Linda Trainer
GM Asset Management
Linda has overall
responsibility for the
strategic and operational
performance of Kiwi
Property's mixed-
use, retail and office
assets, and also
oversees the company's
comprehensive
sustainability programme.
She has more than
20 years’ experience
in property, retail,
management and
marketing. Prior to joining
Kiwi Property in April
2018, Linda was most
recently the New Zealand
Regional Manager at
Scentre Group.
Steve Penney
Chief Financial Officer
Steve leads the company’s
finance, legal and digital
functions and plays a key
role in the development
and execution of the
company’s corporate
strategy. He has more than
20 years of investment
and finance experience
and prior to joining Kiwi
Property was General
Manager, Investment,
at Stride Property Group
as well as Investment
Director and Partner
at H.R.L Morrison & Co
Limited, and an Associate
Director at PwC.
Kiwi Property 2024 Annual Report37

3 Te Kehu Way
Kiwi Property 2024 Annual Report38

Financials
Kiwi Property 2024 Annual Report39

Five-year summary
Kiwi Property 2024 Annual Report40
Financial performance
FOR THE YEAR ENDED 31 MARCH
20222021
20242023Restated
1
Restated
1
2020
$m$m$m$m$m
Property revenue and property management revenue244.7259.1255.9244.2243.6
Total revenue244.7259.1255.9244.2243.6
Direct property expenses(55.6)(52.8)(75.4)(78.3)(54.5)
Employment and administration expenses(32.7)(32.7)(25.8)(23.1)(22.6)
Total expenses(88.4)(85.5)(101.2)(101.4)(77.1)
Profit before net finance expenses, other income/
(expenses) and tax156.3173.6154.7142.8166.5
Interest income0.70.20.20.30.2
Interest and finance charges(48.8)(44.2)(38.4)(36.0)(37.0)
Net fair value (loss)/gain on interest rate derivatives(4.1)5.718.56.3(9.9)
Net finance expenses(52.2)(38.3)(19.7)(29.4)(46.7)
Profit before other income/(expenses) and income tax104.1135.3135.0113.4119.8
Net fair value (loss)/gain on investment properties(77.8)(352.6)128.8109.0(289.9)
Litigation settlement income-6.0---
Loss on disposal of investment properties(1.7)(3.5)(3.1)--
Other (expenses)/income(79.5)(350.1)125.7109.0(289.9)
Profit/(loss) before income tax24.7(214.8)260.7222.4(170.1)
Income tax expense(26.8)(12.9)(36.4)(25.9)(16.6)
(Loss)/profit after income tax
2
(2.1)(227.7)224.3196.5(186.7)
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2The reported (loss)/profit after income tax has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies with New Zealand
Equivalents to IFRS Accounting Standards. The reported (loss)/profit information has been extracted from the relevant annual consolidated financial statements which have
been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property 2024 Annual Report41
Reconciliation of profit/(loss) before income tax to operating profit before income tax
FOR THE YEAR ENDED 31 MARCH
20222021
20242023Restated
1
Restated
1
2020
$m$m$m$m$m
Profit/(loss) before income tax24.7(214.8)260.7222.4(170.1)
Adjusted for:
Net fair value loss/(gain) on investment properties77.8352.6(128.8)(109.0)289.9
Loss on disposal of investment properties1.73.53.1--
Litigation settlement income-(6.0)---
Net fair value loss/(gain) on interest rate derivatives4.1(5.7)(18.5)(6.3)9.9
Operating profit before income tax
2
108.2129.6116.5107.1129.7
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s performance for
the year by adjusting for a number of non-operating items. Operating profit before income tax does not have a standard meaning prescribed by GAAP and therefore may not
be comparable to information presented by other entities. The reported operating profit before income tax has been extracted from the relevant annual consolidated financial
statements which have been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property 2024 Annual Report42
Adjusted funds from operations
FOR THE YEAR ENDED 31 MARCH
20222021
20242023Restated
1
Restated
1
2020
$m$m$m$m$m
(Loss)/profit after income tax(2.1)(227.7)224.3196.5(186.7)
Adjusted for:
Net fair value loss/(gain) on investment properties77.8352.6(128.8)(109.0)289.9
Loss on disposal of investment properties1.73.53.1--
Net fair value loss/(gain) on interest rate derivatives4.1(5.7)(18.5)(6.3)9.9
Litigation settlement income-(6.0)---
Reversal of lease liability movement in investment properties-(0.1)(0.1)(0.1)(0.1)
Straight-lining of fixed rental increases(1.5)(1.2)(3.0)-(1.2)
Amortisation of tenant incentives and leasing fees6.57.78.37.17.1
Rent deferrals received/(rent deferrals) (COVID-19)-0.21.5(1.7)-
Depreciation recovered on disposal of investment properties2.80.53.6--
Share-based payment expense
2
1.91.41.2--
Depreciation of property, plant and equipment
2
0.81.11.3--
Deferred tax expense/(benefit)10.6(4.8)13.911.3(5.3)
Funds from operations
3
102.6121.5106.897.8113.6
Maintenance capital expenditure(5.3)(6.6)(3.0)(5.3)(7.5)
Capitalised tenant incentives and leasing fees(3.3)(2.2)(3.4)(3.1)(3.9)
One-off costs
Software implementation projects3.12.0---
Bondholder consent fee1.8----
Other one-off costs0.91.8---
Adjusted funds from operations
4
99.8116.5100.489.4102.2
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2Represents non-cash expenses included in the determination of funds from operations with effect from 1 April 2021. No adjustment has been made in respect of prior years.
3Funds from operations (FFO) is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does not have a standard
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance with the
Voluntary Best Practice Guidelines issued by the Property Council of Australia (the Guidelines). The reported FFO information has been extracted from the Company’s annual
consolidated financial statements which have been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
4Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure commonly used by real estate entities
to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO by deducting the cost of lease incentives, leasing fees, annual maintenance
capital expenditure for sustaining and maintaining existing space and one-off costs. AFFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property
Council of Australia (the Guidelines). The reported AFFO information has been extracted from the relevant annual consolidated financial statements which have been the
subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property 2024 Annual Report43
Dividends
FOR THE YEAR ENDED 31 MARCH
20222021
20242023Restated
1
Restated
1
2020
$m$m$m$m$m
Funds from operations102.6121.5106.897.8113.6
Adjusted funds from operations99.8116.5100.489.4N/A
Less amount retained(9.3)(27.0)(12.5)(8.6)(58.3)
Dividend90.589.587.980.855.3
Payout ratio
2
90%77%88%90%49%
cpscpscpscpscps
Dividend5.705.705.605.153.53
Imputation credits1.011.131.431.360.79
Gross dividend6.716.837.036.514.32
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2With effect from 1 April 2020, the Group revised its dividend policy to be based on adjusted funds from operations (previously funds from operations).
Financial position
AS AT 31 MARCH
2024
$m
2023
$m
2022
$m
2021
$m
2020
$m
Assets
Investment properties
1
3,121.83,194.03,567.63,331.53,114.7
Inventories73.5----
Cash and cash equivalents18.217.911.616.021.3
Other assets21.626.515.318.820.4
Total assets3,235.13,238.43,594.53,366.33,156.4
Liabilities
Interest bearing liabilities1,195.21,131.11,135.91,049.91,009.9
Deferred tax liabilities114.2103.6108.594.583.2
Other liabilities65.770.278.587.191.8
Total liabilities1,375.11,304.91,322.91,231.51,184.9
Equity
Share capital1,682.81,664.81,663.51,661.91,661.0
Share-based payments reserve2.92.12.01.91.6
Retained earnings174.3266.6606.1471.0308.9
Total equity1,860.01,933.52,271.62,134.81,971.5
Total equity and liabilities3,235.13,238.43,594.53,366.33,156.4
Gearing ratio (finance debt / total tangible assets)37.0%35.0%31.6%31.2%32.0%
Net tangible assets per share$1.17$1.23$1.45$1.36$1.26
1Includes investment properties classified as held for sale.

Five-year summary (continued)
Kiwi Property 2024 Annual Report44
Property metrics
AS AT 31 MARCH
20242023202220212020
Number of properties910121212
Net lettable area (sqm)392,588410,183465,746459,661438,402
Occupancy99.2%99.2%99.6%99.4%99.4%
Weighted average lease expiry (years)4.14.34.44.84.9
Weighted average capitalisation rate6.46%5.99%5.48%5.77%6.12%
The property metrics above exclude 43 Langdons Road in Christchurch, adjoining properties located at Sylvia Park and development
land. The weighted average capitalisation rate excludes assets which were held for sale and subsequently sold in the following year.
The property metrics for prior years have been updated on the same basis.
Interpretation
The following commentary is provided to assist with the
interpretation of the five-year summary:
2024
•
Acquired additional properties adjacent to Sylvia Park,
Auckland, for $26.6 million.
•
Westgate Lifestyle, Auckland, was sold.
•
Land adjacent to Sylvia Park, Auckland was sold.
•
Stage 1 of Drury, South Auckland, was transferred from
investment properties to inventories.
•
Increased the gearing ratio for the KPG030, KPG040, and
KPG050 fixed-rate bonds from 45% to 50% to align with
the gearing ratio of the KPG060 fixed-rate bond and bank
debt facilities.
•
Vero Centre, Auckland was reclassified from 'office' to
'investment properties held for sale'.
•
The Plaza, Palmerston North, and Centre Place North,
Hamilton, were reclassified from 'other properties' to 'retail'.
2023
•
Acquired additional properties adjacent to Sylvia Park,
Auckland for $13.8 million.
•
Northlands Shopping Centre, Christchurch, was sold.
•
44 The Terrace, Wellington, was sold.
•
A $125 million bond issue was completed (2029 expiry) to
replace the $125 million bond maturing in September 2023.
•
Concluded development of 3 Te Kehu Way at Sylvia
Park, Auckland.
•
Westgate Lifestyle, Auckland, was reclassified from 'other
properties' to 'investment properties held for sale'.
2022
•
Commenced development of build-to-rent scheme at Sylvia
Park, Auckland.
•
Commenced development of 3 Te Kehu Way at Sylvia
Park, Auckland.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $38.8 million.
•
Entered into a 50:50 joint venture with Tainui Group Holdings
in respect of Centre Place North and adjoining properties.
•
Provided rental abatements of $17.4 million as a result of the
COVID-19 pandemic.
•
A $150 million bond issue was completed (2028 expiry)
following the maturity of the $125 million bond in August 2021.
•
The Plaza, Palmerston North, was reclassified from 'investment
properties held for sale' to 'other properties'.
2021
•
Concluded development of Sylvia Park Level 1.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $4.0 million.
•
Provided rental abatements of $19.5 million as a result of the
COVID-19 pandemic.
•
The Plaza, Palmerston North, Northlands, Christchurch and
50% of Centre Place North, Hamilton, were reclassified as
'investment properties held for sale'. Westgate Lifestyle,
Auckland and 50% of Centre Place North were reclassified as
'other properties'.
2020
•
Raised $193.7 million (net of issue costs) of new equity
through a placement and retail entitlement offer.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland, for $25.5 million.
•
COVID-19 declared a global pandemic by the World Health
Organisation in March 2020, impacting investment property
valuations at balance date and causing the Board to cancel
the final dividend for the year ended 31 March 2020.

Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report45
Consolidated statement of comprehensive incomePg 46
Consolidated statement of changes in equityPg 47
Consolidated statement of financial positionPg 48
Consolidated statement of cash flowsPg 49
Notes to the consolidated financial statementsPg 51
Independent auditor's reportPg 88

Consolidated statement
of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report46
Note
2024
$000
2023
$000
Revenue
Property revenue2.1240,541256,539
Property management revenue4,1322,546
Total revenue244,673259,085
Expenses
Direct property expenses(55,632)(52,838)
Employment and administration expenses2.2(32,737)(32,688)
Total expenses(88,369)(85,526)
Profit before net finance expenses, other income/(expenses) and income tax156,304173,559
Interest income710268
Interest and finance charges2.2(48,766)(44,231)
Net fair value (loss)/gain on interest rate derivatives3.5.2(4,102)5,672
Net finance expenses(52,158)(38,291)
Profit before other income/(expenses) and income tax104,146135,268
Net fair value loss on investment properties3.2(77,800)(352,626)
Litigation settlement income-6,038
Loss on disposal of investment properties(1,651)(3,494)
Other (expenses)/income(79,451)(350,082)
Profit/(loss) before income tax24,695(214,814)
Income tax expense2.3(26,814)(12,888)
Loss and total comprehensive loss after income tax attributable
to shareholders(2,119)(227,702)
Basic loss per share (cents)3.7.3(0.13)(14.49)
Diluted loss per share (cents)3.7.3(0.13)(14.46)
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report47
Note
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20221,663,4991,987606,1272,271,613
Loss after income tax--(227,702)(227,702)
Dividends paid3.7.2--(111,876)(111,876)
Long-term incentive plan3.7.41,150168591,377
Employee share ownership plan125(52)-73
Balance at 31 March 20231,664,7742,103266,6081,933,485
Balance at 1 April 20231,664,7742,103266,6081,933,485
Loss after income tax--(2,119)(2,119)
Dividends paid3.7.2--(90,260)(90,260)
Dividends reinvested16,948--16,948
Long-term incentive plan3.7.41,073666841,823
Employee share ownership plan-85-85
Balance at 31 March 20241,682,7952,854174,3131,859,962
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 31 MARCH 2024
Kiwi Property 2024 Annual Report48
Note
2024
$000
2023
$000
Current assets
Cash and cash equivalents18,20317,878
Trade and other receivables3.113,70114,662
Interest rate derivatives3.5.22,6195
Inventories3.373,500-
Investment properties held for sale3.2458,000130,189
566,023162,734
Non-current assets
Investment properties3.22,663,7893,063,832
Property, plant and equipment1,7872,261
Interest rate derivatives3.5.23,5039,595
2,669,0793,075,688
Total assets3,235,1023,238,422
Current liabilities
Trade and other payables3.660,50161,218
Interest bearing liabilities3.5.1126,387125,205
Income tax payable2,5853,832
Lease liabilities493,113
Interest rate derivatives3.5.22-
189,524193,368
Non-current liabilities
Interest bearing liabilities3.5.11,068,7721,005,916
Interest rate derivatives3.5.22,1971,575
Deferred tax liabilities3.4114,232103,614
Lease liabilities415464
1,185,6161,111,569
Total liabilities1,375,1401,304,937
Equity
Share capital3.7.11,682,7951,664,774
Share-based payments reserve2,8542,103
Retained earnings174,313266,608
Total equity1,859,9621,933,485
Total equity and liabilities3,235,1023,238,422
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised these consolidated financial statements for issue on 24 May 2024.
Simon Shakesheff
 Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report49
2024
$000
2023
$000
Cash flows from operating activities
Property revenue247,866263,254
Property management revenue3,9362,495
Interest and other income710268
Direct property expenses(58,281)(61,346)
Interest and finance charges(44,959)(39,974)
Interest costs paid on lease liabilities(43)(290)
Employment and administration expenses(32,456)(28,235)
Income tax expense(17,443)(23,206)
Net cash flows from operating activities99,330112,966
Cash flows from investing activities
Proceeds from disposal of investment properties122,980193,540
Acquisition of investment properties(24,096)(13,811)
Capital expenditure on investment properties(172,046)(162,348)
Interest and finance charges capitalised to investment properties(13,656)(10,496)
Acquisition of property, plant and equipment(364)(88)
Litigation settlement income with respect to investment properties-6,038
Net cash flows (used in)/from investing activities(87,182)12,835
Cash flows from financing activities
Payment of lease liabilities(46)(53)
Proceeds from bank loans3,422,0001,577,000
Repayment of bank loans(3,234,000)(1,706,000)
Proceeds from fixed-rate green bonds-123,688
Repayment of fixed-rate green bonds(125,000)-
Payment of bondholder consent fee(1,465)-
Settlement of interest rate derivatives-(2,282)
Dividends paid(73,312)(111,876)
Net cash flows used in financing activities(11,823)(119,523)
Net increase in cash and cash equivalents3256,278
Cash and cash equivalents at the beginning of the year17,87811,600
Cash and cash equivalents at the end of the year18,20317,878
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property 2024 Annual Report50
Reconciliation of loss after income tax to net cash flows from operating activities
2024
$000
2023
$000
Loss after income tax(2,119)(227,702)
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities4,8976,266
Non-cash items:
Net fair value loss/(gain) on interest rate derivatives4,102(5,672)
Net fair value loss on investment properties77,800352,626
Increase/(decrease) in deferred tax liabilities10,618(4,848)
Amortisation of lease incentives and fees6,5347,648
Straight-lining of fixed rental increases(1,499)(1,214)
Movements in working capital items:
Decrease/(increase) in trade and other receivables961(6,932)
Decrease in income tax payable(1,247)(5,470)
Decrease in trade and other payables(717)(1,736)
Net cash flows from operating activities99,330112,966
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report51
1.General information
1.1Reporting entityPg 52
1.2Basis of preparationPg 52
1.3Significant changes during the yearPg 52
1.4Group structurePg 53
1.5New standards, amendments and interpretationsPg 53
1.6Key judgements and estimatesPg 53
1.7Material accounting policiesPg 54
2.Profit and loss information
2.1Property revenuePg 55
2.2ExpensesPg 56
2.3Tax expensePg 58
3.Financial position information
3.1Trade and other receivablesPg 60
3.2Investment propertiesPg 61
3.3InventoriesPg 71
3.4Deferred taxPg 71
3.5FundingPg 72
3.6Trade and other payablesPg 77
3.7EquityPg 77
4.Financial risk management
4.1Interest rate riskPg 81
4.2Credit rate riskPg 82
4.3Liquidity riskPg 83
5.Other information
5.1Segment informationPg 84
5.2Related party transactionsPg 86
5.3Key management personnelPg 87
5.4CommitmentsPg 87
5.5Subsequent eventsPg 87

1. General information
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report52
1.1 Reporting entity
The consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled entities
(the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and is an FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with its ordinary
shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP)
and the Financial Markets Conduct Act 2013. They comply with New Zealand Equivalents to IFRS Accounting Standards (NZ IFRS)
as issued by the External Reporting Board, and with IFRS Accounting Standards (IFRS) as issued by the International Accounting
Standards Board.
The consolidated financial statements have been prepared on the basis the Group is a going concern.
The consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The functional
and presentation currency used in the preparation of the consolidated financial statements is New Zealand dollars. All financial
information has been presented in thousands, unless otherwise stated.
Certain comparative figures have been reclassified to align with the current year presentation.
1.3
 Significant changes during the year
The financial position and performance of the Group was affected by the following events and transactions during the year:
Investment property
During the year ended 31 March 2024, the Group acquired two properties adjoining Sylvia Park for $26.6 million.
On 1 May 2023, the Group disposed of Westgate Lifestyle for $85.7 million (before disposal costs).
On 31 August 2023, the Group disposed of land adjoining Sylvia Park to IKEA for $41.4 million (before disposal costs).
On 31 March 2024, the Group transferred the Stage 1 land at Drury from investment properties to inventories. Refer to note 3.3 for
further information.
Interest bearing liabilities
In May 2023, the Group decreased its overall bank debt facilities from $1 billion to $950 million.
On October 20, 2023, the Group increased the gearing ratio for the KPG030, KPG040, and KPG050 fixed-rate bonds from 45% to 50%
to align with the gearing ratio of the KPG060 fixed-rate bond and bank debt facilities.

Kiwi Property 2024 Annual Report53
1.4 Group structure
Controlled entities
The Company has the following wholly owned subsidiaries:
•
Kiwi Property Centre Place Limited
•
Kiwi Property Holdings Limited
•
Kiwi Property Holdings No. 2 Limited
•
Kiwi Property Holdings No. 3 Limited
•
Kiwi Property Holdings No. 4 Limited
•
Kiwi Property Holdings No. 5 Limited
•
Kiwi Property Holdings No. 6 Limited
•
Kiwi Property Holdings No. 7 Limited
•
Kiwi Property Holdings No. 8 Limited
•
Kiwi Property Te Awa Limited
•
Sylvia Park Business Centre Limited
The Company has control over the trust fund operated by Pacific Custodians (New Zealand) Limited as trustee for the Company's
long-term incentive (LTI) plan (refer to note 3.7.4). The trust fund is consolidated as part of the Group.
Joint ventures
The Group holds a 50% interest in both The Base and The Centre Place unincorporated joint ventures. The Group has determined
that its interests constitute a joint arrangement as the relevant decisions about the properties require the unanimous consent of both
parties. The joint arrangements have been classified as joint operations on the basis that the parties have direct rights to the assets
and obligations for the liabilities relating to their share of the properties in the normal course of business. The Group recognises its
share of assets, liabilities, revenue and expenses of the joint ventures.
Principles of consolidation
The consolidated financial statements include the Company and the entities it controls up until the date control ceases. The balances
and effects of transactions between controlled entities and the Company are eliminated in full.
1.5
 New standards, amendments and interpretations
Climate-related Disclosures
On 14 December 2022, the External Reporting Board (XRB) published its Climate-related Disclosures standards. The Group is a Climate
Reporting Entity for the purpose of the Financial Markets Conduct Act 2013. The Group’s Climate-related Disclosures for the year
ended 31 March 2024 will be accessible on Kiwi Property’s website by 31 July 2024.
Standards issued but not yet effective
In April 2024, the International Accounting Standards Board issued IFRS 18 Presentation and Disclosure in Financial Statements that is
effective for the accounting period that begins on or after 1 January 2027. The impact of this standard is being assessed by the Group.
1.6
 Key judgements and estimates
In the process of applying the Group's accounting policies, a number of judgements have been made and estimates of future events
applied. Judgements and estimates are found in the following notes:
Note 2.3Tax expensePage 58
Note 3.2Investment propertiesPage 61
Note 3.5.2Interest rate derivativesPage 74
Note 3.7.4Share-based paymentsPage 79

Kiwi Property 2024 Annual Report54
1.7 Material accounting policies
Material accounting policies that summarise the measurement bases used and are relevant to an understanding of the consolidated
financial statements are provided throughout the notes to the consolidated financial statements. Other relevant material policies are
provided as follows:
Measurement of fair values
The Group classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following levels:
•
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
•
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The carrying amount of all financial assets and liabilities is equivalent to their fair values apart from the fixed-rate green bonds (refer
to note 3.5.1 for further details on the fair value of the fixed-rate green bonds).
Goods and Services Tax
The consolidated financial statements have been prepared on a Goods and Services Tax exclusive basis, with the exception of
receivables and payables which are inclusive of Goods and Services Tax where relevant.
Property management revenue
Property management revenue is recognised over time as performance obligations are satisfied in accordance with the
management contracts.
Direct property expenses
Direct property expenses include council and water rates, insurance, utilities, repairs and maintenance and security costs. These
expenses are recognised in the Consolidated Statement of Comprehensive Income on an accrual basis. If these items are recovered
from a tenant by the Group, they are recorded as gross rental income from expense recoveries within property revenue.
Litigation settlement income
Litigation settlement income received in connection with investment properties is classified as cash flows from investing activities
within the Consolidated Statement of Cash Flows as the proceeds are used to remediate the investment properties.

2. Profit and loss information
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report55
2.1 Property revenue
2024
$000
2023
$000
Gross rental income
1
244,917262,006
Straight-lining of fixed rental increases1,4991,214
Amortisation of capitalised lease incentives(5,875)(6,681)
Property revenue240,541256,539
1Includes $40.2 million of property operating expenses recovered from tenants (2023: $42.8 million).
The contractual future minimum property operating lease income to be received on properties owned by the Group at balance date,
including assets held for sale, is as follows:
2024
$000
2023
$000
Within one year244,004234,849
Between one and two years192,256197,134
Between two and three years167,419163,349
Between three and four years138,118139,028
Between four and five years105,194112,283
Later than five years315,662364,604
Property operating lease income1,162,6531,211,247
Recognition and measurement
The Group enters into property leases with tenants on its investment properties. The Group has determined that it retains all
significant risks and rewards of ownership of these properties and has therefore classified the leases as operating leases.
Rental income from those leases, including fixed rental increases, is recognised on a straight-line basis over the term of the lease.
Lease incentives offered to tenants as an inducement to enter into leases are capitalised to investment properties and then
amortised over the term of the lease as a reduction of rental income.
The share of property operating expenses which are recoverable from tenants is recognised as gross rental income from
expense recoveries. This is associated with the provision of services relating to the operations of the Group's properties (for
example, council and water rates, insurance, utilities, repairs and maintenance, security costs). The Group recognises revenue
in the accounting period the underlying expenses are incurred in accordance with the contractual terms.

Kiwi Property 2024 Annual Report56
2.2 Expenses
2024
$000
2023
$000
Interest and finance charges on bank loans35,83034,759
Interest on fixed-rate green bonds26,54919,678
Interest on lease liabilities43290
Interest capitalised to investment properties being developed(13,656)(10,496)
Interest and finance charges48,76644,231
Auditor's remuneration:
Statutory audit and review of the consolidated financial statements260267
Audit of joint venture financial statements3840
Assurance related services
1
9047
Agreed upon procedures in respect of a specified remuneration metric-6
Agreed upon procedures in respect of asset disposals-19
Directors' fees768752
Employee entitlements31,06129,583
Less: recognised in direct property expenses(8,551)(8,325)
Less: capitalised to investment properties being developed(3,219)(3,191)
Information technology5,3865,332
Investor related expenses1,0391,153
Occupancy costs466471
Professional fees2,8863,732
Trustees' fees128141
Other2,3852,661
Employment and administration expenses32,73732,688
1Assurance related services for 2024 includes the audits of special purpose financial information in accordance with tenancy agreements ($50,000) and greenhouse gas
inventory assurance services ($40,000).

Kiwi Property 2024 Annual Report57
2.2 Expenses (continued)
Recognition and measurement
Interest and finance charges
The interest and finance charges on bank loans are expensed in the period in which they occur, other than associated
transaction costs which are capitalised and amortised over the term of the facility to which they relate.
The interest expense on fixed-rate green bonds is recognised using the effective interest rate method.
To determine the amount of borrowing costs capitalised to investment properties that are being constructed or developed for
future use, the Group uses the weighted average interest rate applicable to its outstanding borrowings during the year. For 2024
this was 5.47% (2023: 4.69%).
Finance charges also include interest on lease liabilities as outlined in note 3.2.
Employee entitlements
Employee benefits are expensed as the related service is provided. Details of the employee entitlements expense in relation to
share-based payments is outlined in note 3.7.4.

Kiwi Property 2024 Annual Report58
2.3 Tax expense
A reconciliation of profit/(loss) before income tax to income tax expense follows:
2024
$000
2023
$000
Profit/(loss) before income tax24,695(214,814)
Prima facie income tax (expense)/benefit at 28%(6,915)60,148
Adjusted for:
Net fair value (loss)/gain on interest rate derivatives(1,149)1,588
Net fair value loss on investment properties(21,784)(98,735)
Loss on disposal of investment properties(462)(978)
Litigation settlement income-1,691
Depreciation13,71013,539
Depreciation recovered on disposal of investment properties(2,792)(473)
Net deferred leasing costs(339)109
Deferred rent received-(52)
Deductible capitalised expenditure3,8252,985
Prior year adjustment444(212)
Other(734)2,654
Current tax expense(16,196)(17,736)
Depreciation recoverable(12,605)2,654
Net fair value loss/(gain) on interest rate derivatives1,149(1,588)
Deferred leasing costs and other temporary differences8383,782
Deferred tax (expense)/benefit(10,618)4,848
Income tax expense(26,814)(12,888)
Imputation credits available for use in subsequent periods3,1554,301

Kiwi Property 2024 Annual Report59
2.3 Tax expense (continued)
Recognition and measurement
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at balance date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognised in respect of all taxable temporary differences between the carrying amounts of assets and liabilities
for
financial reporting purposes and the amounts used for taxation purposes. For deferred tax liabilities or assets arising on
investment property measured at fair value, it is assumed that the carrying amounts of investment property will be recovered
through sale (refer to note
3.4).
Imputation credits
The imputation credits available represent the balance of the imputation credit account at the end of the reporting period,
adjusted for imputation credits which will arise from the payment of the income tax liability.
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair value.
Investment properties are valued each year by independent valuers. These values include an allocation of the valuation between
the land and building components. The calculation of deferred tax on depreciation recovered relies on this allocation provided
by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values attributable
to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed utilising
independent valuation advice and the remaining properties have been assessed with reference to previous transactional
evidence and their age and quality.
In March 2024, the remedial tax legislation was enacted that included the removal of depreciation deductions for building
structures with effect from 1 April 2024. This does not have an impact on the current year due to deferred tax being recognised
on a held for sale basis.

3. Financial position information
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report60
3.1 Trade and other receivables
2024
$000
2023
$000
Trade debtors7,9409,420
Provision for doubtful debts(1,745)(2,006)
6,1957,414
Prepayments7,5067,248
Trade and other receivables13,70114,662
The movement in the provision for doubtful debts is as follows:
2024
$000
2023
$000
Opening provision for doubtful debts2,0063,374
Increase in doubtful debts allowance recognised in profit or loss during the year613439
Receivables written off during the year as uncollectible(356)(135)
Unused amounts reversed(518)(1,672)
Closing provision for doubtful debts1,7452,006
Recognition and measurement
Trade debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
rate method, less an allowance for impairment. Collectability of trade debtors is reviewed on an ongoing basis and a provision
for doubtful debts is made when there is evidence that the Group will not be able to collect the receivable. In determining
the provision, the Group applies the
simplified approach to measuring expected credit losses prescribed by NZ IFRS 9, which
permits the use of lifetime expected credit losses for all trade debtors. To measure the expected credit losses the Group uses
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors
and the economic environment. Debtors are written off when recovery is no longer anticipated. All overdue debtors considered
to be impaired have been provided for at balance date.

Kiwi Property 2024 Annual Report61
3.2 Investment properties
Recognition and measurement
Investment properties are properties held for long-term capital appreciation and to earn rental income.
Initial recognition - acquired properties
Investment properties are initially measured at cost, plus related costs of acquisition. Subsequent expenditure is capitalised to
the asset's carrying amount when it adds value to the asset and its cost can be measured.
Initial recognition - properties being developed
Investment properties also include properties that are being constructed or developed for future use as investment properties.
All costs directly associated with the purchase and construction of a property, and all subsequent capital expenditures for the
development qualifying as acquisition costs, are capitalised. Borrowing costs are capitalised if they are directly attributable to
the development.
Subsequent measurement
After initial recognition, investment properties are measured at fair value as determined by independent registered valuers.
Investment properties under construction are carried at cost until it is possible to reliably determine their fair value, from which
point they are carried at fair value. Investment properties are valued at least annually and may not be valued by the same valuer
for more than three consecutive years.
Any gains or losses arising from changes in fair value are recognised in profit or loss in the reporting period in which they arise.
Investment properties are classified as held for sale when they are actively marketed for sale and their carrying amount will be
recoverable principally through a sale transaction rather than continuing use. Investment properties held for sale are carried at
fair value. Where a contracted sale price is available, the investment property is carried at that value less associated costs for
seismic remediation or rental guarantees, this being the best indicator of fair value. Where no contracted price is available, the
fair value is determined by independent registered valuers.
Lease incentives
Lease incentives provided by the Group to lessees are included in the measurement of fair value of investment properties and
are treated as separate assets. Such assets are amortised on a straight-line basis over the respective periods to which the lease
incentives apply.
Ground leases
While the majority of the Group’s investment portfolio is freehold, the Group has entered into several occupational ground
leases of properties or components of properties in its investment portfolio to which NZ IFRS 16 applies. Lease liabilities are
initially measured as the present value of the remaining cash flows discounted at the 'incremental borrowing rate', being the
property yield for the properties with the benefit of the occupational ground leases. Property yield is used given the long term
nature of the leases. The cash flows relating to the ground leases are also included in the fair value of the investment properties
and therefore a gross up for the lease liability is recognised in the investment property balance at the amount equal to the
lease liability.
The Group is exposed to potential future increases in variable lease payments which are not included in lease liabilities until
they take effect. When this occurs a corresponding adjustment is made to the gross up of the lease liability in the investment
property balance.
Lease payments are allocated between principal and finance costs. The finance cost is included in profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Disposals
Investment properties are derecognised when they have been disposed of. The net gain or loss on disposal is calculated as the
difference between the carrying amount of the investment property at the time of the disposal and the proceeds on disposal
and is included in profit or loss in the reporting period in which the disposal settled.

Kiwi Property 2024 Annual Report62
3.2 Investment properties (continued)
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
2024
%
Fair value
31 March 2023
$000
Capital
movements
2024
$000
Fair value
gain/(loss)
2024
$000
Fair value
31 March 2024
$000
Mixed-use
Sylvia Park Precinct
1
Various5.921,510,324172,267(3,091)1,679,500
LynnMallCBRE7.50206,0005,471(9,471)202,000
The Base
2
JLL7.13196,3251,7946,981205,100
1,912,649179,532(5,581)2,086,600
Office
Vero Centre484,100(484,100)--
ASB North WharfCBRE6.25230,000983(18,983)212,000
The Aurora CentreColliers6.50165,000548(19,548)146,000
879,100(482,569)(38,531)358,000
Retail
The PlazaJLL8.88107,5008,313(3,813)112,000
Centre Place North
2
JLL9.1631,07540574532,225
138,5758,718(3,068)144,225
Other
Development land
3
133,000(58,201)(299)74,500
3,063,324(352,520)(47,479)2,663,325
Gross up of lease liabilities5082(46)464
Investment properties - non-current3,063,832(352,518)(47,525)2,663,789
Investment properties held for sale
Properties held for sale
4
127,120361,155(30,275)458,000
Gross up of lease liabilities
5
3,069(3,069)--
Investment properties held for sale - current130,189358,086(30,275)458,000
Total investment properties3,194,0215,568(77,800)3,121,789
1Sylvia Park Precinct was valued “as if complete” at $1.7 billion based on a weighted capitalisation rate of 5.9% (including the as if complete capitalisation rate of Resido Lynton
build-to-rent). The deduction of $20.5 million outstanding development costs for the Resido Lynton build-to-rent development results in an “as is” value of $1.680 billion net
of seismic costs.
2Represents the Group's 50% ownership interest.
3On 31 March 2024, the Group transferred the Stage 1 land at Drury from investment properties to inventories. Refer to note 3.3 for further information.
4The fair value at 31 March 2023 includes Westgate Lifestyle and the IKEA land. During the current year, Westgate Lifestyle was sold for $85.7 million and the IKEA land was sold
for $41.4 million. Refer to note 1.3 for further information. The fair value at March 2024 includes Vero Centre which is carried at the contract price.
5The value at 31 March 2023 includes the gross up of lease liabilities associated with Westgate Lifestyle. Westage Lifestyle was sold during the current year.

Kiwi Property 2024 Annual Report63
3.2 Investment properties (continued)
Valuer
Capitalisation
rate
2023
%
Fair value
31 March 2022
$000
Capital
movements
2023
$000
Fair value
gain/(loss)
2023
$000
Fair value
31 March 2023
$000
Mixed-use
Sylvia Park Precinct
1
Various5.751,462,577139,381(91,634)1,510,324
LynnMallCBRE7.25251,00015,130(60,130)206,000
The Base
2
JLL7.00198,000953(2,628)196,325
1,911,577155,464(154,392)1,912,649
Office
Vero CentreJLL5.13545,000(132)(60,768)484,100
ASB North WharfCBRE5.63258,000102(28,102)230,000
The Aurora CentreColliers5.75183,900(384)(18,516)165,000
44 The Terrace
3
55,400(46,107)(9,293)-
1,042,300(46,521)(116,679)879,100
Retail
The PlazaJLL8.50150,0003,840(46,340)107,500
Centre Place North
2
JLL9.0036,075352(5,352)31,075
Westgate Lifestyle
4
94,600(94,600)--
280,675(90,408)(51,692)138,575
Other
Development land114,20013,7955,005133,000
Other properties
5
6,500(6,500)--
120,7007,2955,005133,000
3,355,25225,830(317,758)3,063,324
Gross up of lease liabilities3,620(3,072)(40)508
Investment properties - non-current3,358,87222,758(317,798)3,063,832
Investment properties held for sale
Properties held for sale
6
207,421(45,487)(34,814)127,120
Gross up of lease liabilities
7
1,3431,740(14)3,069
Investment properties held for sale - current208,764(43,747)(34,828)130,189
Total investment properties3,567,636(20,989)(352,626)3,194,021
1Sylvia Park Precinct was valued “as if complete” at $1.664 billion based on a weighted capitalisation rate of 5.7% (including the as if complete capitalisation rate of Resido Lynton
build-to-rent). The deduction of $153.3 million outstanding development costs for the Resido Lynton build-to-rent development results in an “as is” value of $1.510 billion net
of seismic costs.
2Represents the Group's 50% ownership interest.
344 The Terrace was sold during the year ended 31 March 2023 for $46.0 million (net of seismic costs).
4Westgate Lifestyle was reclassified to properties held for sale during the year ended 31 March 2023.
5The fair value at 31 March 2022 includes 43 Langdons Road located in Christchurch which was sold during the year ended 31 March 2023.
6The fair value at 31 March 2022 includes Northlands and certain adjoining properties located at Sylvia Park in relation to the sale of land to IKEA. The fair value at 31 March
2023 includes Westgate Lifestyle and the IKEA land, which are carried at contract price. Northlands and 43 Langdons Road were sold during the year ended 31 March 2023 for
$151 million (net of seismic costs).
7The value at 31 March 2023 includes the gross up of lease liabilities associated with Westgate Lifestyle.

Kiwi Property 2024 Annual Report64
3.2 Investment properties (continued)
The movement in the Group's investment properties during the year is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2023 excluding gross up
of lease liabilities1,912,649879,100138,575133,000127,1203,190,444
Capital movements:
Transfers between asset classes-(484,100)--484,100-
Transfer to inventories---(73,500)-(73,500)
Acquisitions26,596----26,596
Disposals----(131,189)(131,189)
Capitalised costs (including lease
incentives, fees and fixed rental income)147,6282,1478,71810,3149,300178,107
Capitalised interest and finance charges8,374-2974,985-13,656
Amortisation of lease incentives, fees and
fixed rental income(3,066)(616)(297)-(1,056)(5,035)
179,532(482,569)8,718(58,201)361,1558,635
Net fair value loss on investment properties
excluding gross up of lease liabilities(5,581)(38,531)(3,068)(299)(30,275)(77,754)
Balance at 31 March 2024 excluding gross
up of lease liabilities2,086,600358,000144,22574,500458,0003,121,325
Gross up of lease liabilities:
Balance at 31 March 2023508---3,0693,577
Capital movements2---(3,069)(3,067)
Fair value movements(46)----(46)
Balance at 31 March 2024464----464
Balance at 31 March 2024 including gross
up of lease liabilities2,087,064358,000144,22574,500458,0003,121,789

Kiwi Property 2024 Annual Report65
3.2 Investment properties (continued)
The movement in the Group's investment properties during the prior year is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2022 excluding gross up
of lease liabilities1,911,5771,042,300280,675120,700207,4213,562,673
Capital movements:
Transfers between asset classes--(94,600)(6,500)101,100-
Acquisitions13,811----13,811
Disposals-(46,399)--(151,299)(197,698)
Capitalised costs (including lease
incentives, fees and fixed rental income)138,4842,1044,7439,7555,082160,168
Capitalised interest and finance charges6,456--4,040-10,496
Amortisation of lease incentives, fees and
fixed rental income(3,287)(2,226)(551)-(370)(6,434)
155,464(46,521)(90,408)7,295(45,487)(19,657)
Net fair value loss on investment properties
excluding gross up of lease liabilities(154,392)(116,679)(51,692)5,005(34,814)(352,572)
Balance at 31 March 2023 excluding gross
up of lease liabilities1,912,649879,100138,575133,000127,1203,190,444
Gross up of lease liabilities:
Balance at 31 March 2022548-3,072-1,3434,963
Capital movements--(3,072)-1,740(1,332)
Fair value movements(40)---(14)(54)
Balance at 31 March 2023508---3,0693,577
Balance at 31 March 2023 including gross
up of lease liabilities1,913,157879,100138,575133,000130,1893,194,021

Kiwi Property 2024 Annual Report66
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of
investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (2023: Level 3) in the fair value hierarchy because
all significant inputs that determine fair value are not based on observable market data. Refer to note 1.7 for further information
on the fair value hierarchy.
Valuation process
As at March 2024, all properties were carried at external valuation or contract price as applicable. Except for a small number of
non-core residential properties owned by the Group, which are addressed below, all investment properties were valued as at
31 March 2024 (and as at 31 March 2023). All valuations are prepared by independent valuers who are members of the Group's
valuation panel and the New Zealand Institute of Valuers.
The non-core residential properties were subject to a kerbside assessment performed by an independent registered valuer
that is a member of the New Zealand Institute of Valuers. The properties represent less than 1% of the value of the Group’s
investment properties. 
Where a contracted sale price is available, the investment property held for sale is carried at that value less associated costs
for seismic remediation or rental guarantees, this being the best indicator of fair value. Where no contracted price is available,
the fair value is determined by independent registered valuers.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and the
cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, the valuers for Sylvia Park, LynnMall, The Base, The Aurora Centre and The Plaza have made
deductions for seismic strengthening works. The valuer of Centre Place North has assessed the seismic risk of the asset in
the capitalisation rate of the valuation and made deductions for seismic strengthening works. The Group has provided the
valuers with the estimated cost of works for each asset. In some instances the valuer has assessed additional costs and/or made
additional adjustments such as for escalation and profit and risk for potential works to buildings which have not been subject
to an up to date Detailed Seismic Assessment (DSA), or have only been subject to Initial Evaluation Procedure (IEP).
The timing of the cash outflow for these costs has typically been spread over the next two to three years and the overall value
deduction reflects the present value of costs over the adopted time horizon. Refer also to the section titled ‘seismic’ below for
further information.
One asset within the Sylvia Park Precinct was valued using the residual approach as at 31 March 2024, being the Resido Lynton
build-to-rent (Resido Lynton) property, as the development of this property has commenced with construction underway.
Under the residual approach, valuers estimate the ‘as if complete’ value of an asset using the discounted cash flow approach
described above. They then deduct remaining project costs to determine the asset’s ‘as is’ or residual value.
The valuations are reviewed by the Group and adopted as the carrying value in the financial statements. As part of this process,
the Group’s management verifies all major inputs to the valuations, assesses valuation movements since the previous period
and holds discussions with the independent valuers to assess the reasonableness of the valuations.

Kiwi Property 2024 Annual Report67
3.2 Investment properties (continued)
Seismic
The Group is committed to upgrading the seismic resilience of its buildings to appropriate New Building Standards (NBS).
Detailed Seismic Assessments (DSA) continue to be undertaken for the Group’s buildings. A DSA verifies a building’s NBS rating
and assists in the design of remediation solutions, where required.
The cost assessments for seismic works required to increase NBS ratings contain uncertainty. The level of accuracy of design
solutions and cost estimates can vary as the design and remediation process progresses. Initially, estimates may be based on
the structural plans of a building, and can sometimes change significantly once more intrusive building investigations are carried
out. Therefore, costs for remediation works may fluctuate, and the costs associated with current or imminent remediation works
will be more accurate than those for a project in the early phases of investigation or planning.
The process undertaken and standards which are applied in seismic assessments evolve over time as the engineering
profession’s understanding of seismic events develops. This means that the outcome of seismic assessments may be subject
to change over time. Changes to seismic standards (or the interpretation and application of existing seismic standards) could
result in buildings no longer meeting the minimum seismic standards deemed appropriate by the Group, and may require the
Group to undertake further seismic remediation works.
Valuations for some of the Group’s buildings contain deductions for costs associated with identified seismic remediation works.
The cost deductions are typically based on external quantity surveyor assessments with additional allowances for professional
fees and other associated costs. In some instances the valuer has assessed additional costs for potential works to buildings
which have not been subject to a DSA and/or made additional adjustments such as for escalation and profit and risk.
In some cases the Group has become aware of potential remediation requirements from recent preliminary investigations. In
these instances the Group has provided additional provisions to the valuers for inclusion in the valuations, the present value
of which is $40.6 million (31 March 2023: $48.2 million). These provisions are estimated allowances pending the outcome of
further investigations.
When estimating such allowances, the Group considers several factors and applies judgement on how those factors may impact
future costs. Factors requiring judgement include the function of the impacted area, impact on existing tenants and complexity
of remediation works. Costing is assessed based on internal and external evidence of seismic remediation, with consideration
given to the nature and relevance of similar properties. Management applies a probability and risk weighting assessment across
these inputs to derive a value for estimated allowances. While a change in risk weighting on one factor may not on its own result
in a material change in the seismic estimate, it is possible that the risk weighting could change in a combination of factors which
could potentially result in a material change in the seismic estimate.
These allowances are based on the best information available at the time of valuation but may be subject to change as
circumstances and standards continue to evolve.
Climate change
The Group continues to identify the impact of climate change on the business and its assets. The valuers made no explicit
adjustment for climate related risks. However, climate related risks are implicitly accounted for in the valuation process as
investment metrics adopted by valuers such as capitalisation rates and discount rates are benchmarked against transaction
evidence of similar profile assets which may also be subject to climate related risks. The valuers have considered climate
related risks such as flooding, short-term sea level rise and fire by checking national and local authority hazard registers for the
properties valued and adjusting investment metrics for any risks identified that are considered material. The Group and valuers
anticipate that climate change could have a greater influence on valuations in the future as investment markets place a greater
emphasis on this risk and its impacts.
Impact on values at 31 March 2024
For the year ended 31 March 2024, the Group reported a fair value loss of $77.8 million (2023: loss of $352.6 million). The loss
reflects expanding capitalisation rates and discount rates consistent with higher risk-free-rates and heightened investment
uncertainty relative to the prior year.

Kiwi Property 2024 Annual Report68
3.2 Investment properties (continued)
Valuation inputs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely available or
explicit in the marketplace but rather analysed from transactional data that has taken place in similar market circumstances to
that prevailing at the date of valuation. Refer to note 1.7 for further information on the fair value hierarchy.
The Group’s investment property values contain unobservable inputs in determining fair value, some of which can be described
as ‘key unobservable inputs’ where significant judgement is applied in determining the input and a change to any one of these
inputs could significantly alter the fair value of an investment property.
Key unobservable inputs are the capitalisation rate, discount rate, terminal capitalisation rate, market rent and growth rates. The
most significant key unobservable inputs are the capitalisation rate and discount rate.
The table below sets out these key unobservable inputs and the ranges adopted by the valuers across the various properties
making up the Group’s mixed-use, office and retail portfolios.
Class of propertyInputs used to measure fair value
Range of significant
unobservable inputs
Sensitivity20242023
Mixed-use
1
Core capitalisation rate5.9% - 7.5%5.5% - 7.3%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate5.9% - 8.1%5.8% - 8.0%
Discount rate7.8% - 10.8%7.3% - 9.3%
Terminal capitalisation rate6.1% - 7.4%5.8% - 7.3%
Gross market rent (per sqm)
2
$405 - $891$385 - $852The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)0.6% - 5.0%-0.9% - 3.0%
OfficeCore capitalisation rate6.3% - 6.5%5.1% - 5.8%
The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate7.5% - 7.8%6.5% - 7.5%
Terminal capitalisation rate6.4% - 7.0%5.4% - 6.3%
Gross market rent (per sqm)
2
$587 - $707$572 - $761The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)1.0% - 4.2%1.5% - 4.2%
RetailCore capitalisation rate8.9% - 9.2%8.5% - 9.0%The higher the capitalisation rates and
discount rate, the lower the fair value.
Other income capitalisation rate8.9% - 10.3%8.5% - 10.0%
Discount rate9.5% - 10.0%9.0% - 9.5%
Terminal capitalisation rate9.0% - 9.4%8.8% - 9.3%
Gross market rent (per sqm)
2
$485 - $656$466 - $637
The higher the market rent and growth
rate, the higher the fair value.
Rental growth rate (per annum)1.0% - 3.0%0.5% - 2.3%
1Mixed-use excludes adjoining properties and Resido Lynton build-to-rent located at Sylvia Park.
2Weighted average by property.

Kiwi Property 2024 Annual Report69
3.2 Investment properties (continued)
Valuation sensitivity
A sensitivity analysis that shows how a change to capitalisation and discount rates affects the value of the Group’s portfolio is
provided below. The metrics chosen are those single-value inputs where movements are likely to have the most significant impact on
the fair value of investment properties.
The capitalisation rate relates to the income capitalisation approach and the discount rate relates to the discounted cash flow
approach. Generally, a change in the capitalisation rate is accompanied by a directionally similar change in the discount rate. The table
below assesses each of these inputs in isolation and assumes all other inputs are held constant.
31 March 2024Adopted value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)2,086,600
Impact of assumption change ($000)74,800(69,500)33,000(33,200)
Impact of assumption change (%)3.6(3.3)1.6(1.6)
Office
Actual valuation ($000)358,000
Impact of assumption change ($000)15,500(12,500)10,200(10,200)
Impact of assumption change (%)4.3(3.5)2.8(2.8)
Retail
Actual valuation ($000)144,225
Impact of assumption change ($000)6,100(6,000)3,200(3,200)
Impact of assumption change (%)4.2(4.2)2.2(2.2)
31 March 2023Adopted value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)1,912,649
Impact of assumption change ($000)76,000(69,300)31,400(33,000)
Impact of assumption change (%)4.0(3.6)1.6(1.7)
Office
Actual valuation ($000)879,100
Impact of assumption change ($000)44,700(41,700)16,400(16,900)
Impact of assumption change (%)5.1(4.7)1.9(1.9)
Retail
Actual valuation ($000)138,575
Impact of assumption change ($000)6,100(6,500)2,400(2,300)
Impact of assumption change (%)4.4(4.7)1.7(1.7)

Kiwi Property 2024 Annual Report70
3.2 Investment properties (continued)
The valuation of investment properties is complex with a number of interrelated key inputs and assumptions.
When calculating the income capitalisation value, the gross market rent has a strong interrelationship with the core capitalisation rate.
An increase in the gross market rent and an increase in the core capitalisation rate could potentially offset the impact to fair value.
The same can be said for a decrease in each input. A directionally opposite change in the two inputs could potentially magnify the
impact to the fair value.
When calculating the discounted cash flow value, the discount rate has a strong interrelationship with the terminal capitalisation rate.
An increase in the discount rate and a decrease in the terminal capitalisation rate could potentially offset the impact to fair value. The
same can be said for an opposite movement in each input. A directionally similar change in the two inputs could potentially magnify
the impact to the fair value.
The following table explains the key inputs used to measure fair value for investment properties.
Valuation techniques
Income capitalisation approachA valuation technique which determines fair value by capitalising a property's core net
income at an appropriate, market derived rate of return with subsequent capital adjustments
for near-term events, typically including letting up allowances, capital expenditure (including
seismic expenditure) and the difference between contract and market rentals.
Discounted cash flow approachA valuation technique which requires explicit assumptions to be made regarding the
prospective income, expenses and capital expenditure (including seismic expenditure)
of a property over an assumed holding period, typically 10 years. The assessed cash flows are
discounted to present value at an appropriate, market-derived discount rate to determine
fair value.
Residual approachA valuation technique used primarily for property which is undergoing, or is expected
to undergo, redevelopment. Fair value is determined through the estimation of a gross
realisation on completion of the redevelopment with deductions made for all costs
associated with converting the property to its end use including finance costs and a typical
profit margin for risks assumed by the developer.
Unobservable inputs within the income capitalisation approach
Gross market rentThe annual amount for which a tenancy within a property is expected to achieve under a new
arm's length leasing transaction, including a fair share of property operating expenses.
Core capitalisation rateThe rate of return, determined through analysis of comparable market-related sales
transactions, which is applied to a property's core net income to derive value.
Other income capitalisation rateThe rate of return which is applied to other, typically variable or uncontracted, sources of
property income to derive value and that is assessed with consideration to the risks in
achieving each income source.
Unobservable inputs within the discounted cash flow approach
Discount rateThe rate, determined through analysis of comparable market-related sales transactions,
that is applied to a property's future net cash flows to convert those cash flows into a
present value.
Terminal capitalisation rateThe rate which is applied to a property's core net income at the end of an assumed holding
period to derive an estimated future market value.
Rental growth rateThe annual growth rate applied to market rents over an assumed holding period.

Kiwi Property 2024 Annual Report71
3.3 Inventories
2024
$000
2023
$000
Opening balance--
Transfer from investment properties73,500-
Closing balance73,500-
On
31 March 2024, the Group transferred the Stage 1 land at Drury from investment properties to inventories on the basis that it will
be developed with the intention to sell.
The Group classifies inventories as current assets as it intends to sell the assets within its normal operating cycle even when they are
not expected to be realised within 12 months after the reporting period.
Recognition and measurement
Inventories are properties that are being redeveloped with a view to sell. When inventories arise from a change in use of
investment properties such as by the commencement of development with a view to sell, the properties are reclassified as
inventories at their deemed cost, which is the fair value at the date of reclassification.
They are subsequently carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in
the ordinary course of business less costs to complete redevelopment and selling expenses.
3.4
 Deferred tax
2024
$000
2023
$000
Interest rate derivatives1,0982,247
Depreciation recoverable105,97493,369
Deferred leasing costs and other temporary differences7,1607,998
Deferred tax liabilities114,232103,614
Recognition and measurement
Deferred tax is provided for all taxable temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available to utilise them. For deferred tax assets or liabilities arising on investment
property, it is assumed that the carrying amounts of investment property will be recovered through sale. Deferred tax is
disclosed on a net basis, as the deferred tax assets and the deferred tax liabilities relate to the same taxation authority.
The carrying amount of deferred tax assets is reviewed at each balance date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) applicable at balance date.

Kiwi Property 2024 Annual Report72
3.5 Funding
3.5.1
 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
2024
$000
2023
$000
Current interest bearing liabilities
Fixed-rate green bonds126,387125,205
Non-current interest bearing liabilities
Bank loans - total facilities950,0001,000,000
Bank loans - undrawn facilities(256,000)(494,000)
Bank loans - drawn facilities694,000506,000
Fixed-rate green bonds374,772499,916
1,068,7721,005,916
Interest bearing liabilities1,195,1591,131,121
2024
$000
2023
$000
Face value of fixed-rate green bonds - current125,000125,000
Face value of fixed-rate green bonds - non-current375,000500,000
Face values500,000625,000
20242023
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)5.61%5.18%
Weighted average term to maturity for the combined facilities3.6 years3.8 years
Recognition and measurement
All interest bearing liabilities are initially recognised at the fair value of the consideration received, less directly attributable
transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate
method whereby the transaction costs are spread over the expected life of the instrument.

Kiwi Property 2024 Annual Report73
3.5.1
 Interest bearing liabilities (continued)
Bank loans
The bank loans are provided by: 
•
ANZ Bank New Zealand
•
Bank of New Zealand
•
China Construction Bank Corporation (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation (HSBC)
•
Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC)
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand.
In May 2023, the Group decreased the overall bank facilities from $1 billion to $950 million.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the 2024 and 2023
financial years, the Group was in compliance with all of its financial covenants.
Fixed-rate green bonds
The following table provides details of the Group's fixed-rate green bonds:
NZX code
Value of
issue
$000Date issued
Date of
maturity
Interest
rateInterest payable
Fair value
2024
$000
Fair value
2023
$000
KPG020125,0007-Sep-167-Sep-234.00%March, September-123,754
KPG030125,00019-Dec-1719-Dec-244.33%June, December122,829120,936
KPG040100,00012-Nov-1812-Nov-254.06%May, November96,32494,738
KPG050150,00019-Jul-2119-Jul-282.85%January, July131,114127,571
KPG060125,00027-Mar-2327-Sep-296.24%March, September125,228125,593
Fixed-rate green bonds475,495592,592
The fair value of the fixed-rate green bonds is based on their listed market prices at balance date and is classified as Level 1 in the fair
value hierarchy (2023: Level 1). Refer to note 1.7 for further information on the fair value hierarchy.
Security
The bank loans and fixed-rate green bonds are secured by a Global Security Deed granted by the Charging Group over all of their
assets, together with first ranking registered mortgages over substantially all of the real property (being land and buildings and other
fixtures on that land) owned by the Charging Group. The Charging Group comprises Kiwi Property Group Limited and its subsidiaries
that are party to the Global Security Deed as guarantors. At the date of these financial statements, the guaranteeing subsidiaries
comprise Kiwi Property Holdings Limited, Kiwi Property Holdings No. 2 Limited, Kiwi Property Holdings No. 3 Limited, Kiwi Property
Holdings No. 4 Limited, Kiwi Property Holdings No. 5 Limited, Kiwi Property Holdings No. 7 Limited, Sylvia Park Business Centre Limited,
Kiwi Property Te Awa Limited and Kiwi Property Centre Place Limited. The guaranteeing subsidiaries may change from time to time.

Kiwi Property 2024 Annual Report74
3.5.2
 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred to as
interest rate swaps).
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
2024
$000
2023
$000
Interest rate derivative assets - current2,6195
Interest rate derivative assets - non-current3,5039,595
Interest rate derivative liabilities - current(2)-
Interest rate derivative liabilities - non-current(2,197)(1,575)
Net fair values of interest rate derivatives3,9238,025
Notional value of interest rate derivatives - fixed-rate payer - active560,000320,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting285,000225,000
Notional values845,000545,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.0 years1.5 years
Weighted average term to maturity - forward starting3.5 years4.7 years
Weighted average term to maturity1.8 years2.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
4.32%3.25%
Weighted average interest rate - forward starting
1
4.08%4.07%
Weighted average interest rate4.24%3.59%
1Excluding fees and margins.

Kiwi Property 2024 Annual Report75
3.5.2
 Interest rate derivatives (continued)
Recognition and measurement
Interest rate derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered
into and are subsequently re-measured to fair value each balance date exclusive of accrued interest. Fair values at balance date
are calculated to be the present value of the estimated future cash flows of these instruments. Transaction costs are expensed
on initial recognition and recognised in
profit or loss. Derivatives are carried as assets when their fair value is positive and as
liabilities when their fair value is negative.
The Group does not designate any derivatives into hedging relationships. Gains or losses arising from changes in fair value of
interest rate derivatives are recognised in profit or loss.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor using
valuation techniques classified as Level 2 in the fair value hierarchy (2023: Level 2). Refer to note 1.7 for further information on
the fair value hierarchy. These are based on the present value of estimated future cash flows based on the terms and maturities
of each contract and the current market interest rates at balance date. Fair values also
reflect the current creditworthiness
of the derivative counterparties. These values are verified against valuations prepared by the respective counterparties. The
valuations were based on market rates at 31 March 2024 of between 5.64% for the 90-day BKBM and 4.37% for the 10-year swap
rate (2023: 5.23% and 4.30%, respectively).

Kiwi Property 2024 Annual Report76
3.5.3
 Capital management
The Group's capital includes equity and interest bearing liabilities. The Group maintains a strong capital base to ensure investor,
creditor and market confidence and to sustain the Group's ongoing activities. The impact of the level of capital on shareholder returns
and 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 is managed by the Group. The Group is subject to the capital requirement imposed by
the Group's Senior Facilities Agreement governing its interest bearing liabilities which requires that total finance debt be maintained
at no more than 50% of the total tangible assets of the Group. Gearing for the Group’s fixed-rate bonds is maintained at no more than
50% (amended from 45% in October 2023), as governed by the Master Trust Deed between the Group and the Supervisor (Public
Trust). However, the Group actively manages its debt to its internal treasury policy which sets a target gearing range of 25% to 35%.
In certain market conditions, the Group may temporarily operate outside the internal target gearing range. The Group has complied
with its Senior Facilities Agreement capital requirement at all times throughout the year.
The Group actively manages liquidity risk to ensure that it is able to access sufficient funds on a timely basis to meet operational
expenses, capital and debt expiry commitments as and when they fall due. To enhance its access to a range of funding sources, the
Group has secured credit ratings from S&P Global Ratings. To minimise liquidity risk, the Group ensures that it maintains sufficient
capacity in its overall debt facilities to cover projected debt (current debt plus Board approved capital commitments), has ready
access to sufficient cash reserves or available debt drawdowns, and reliably forecasts its expected cash requirements. Further detail
on liquidity risk is provided in note 4.3.
Dividend payments are based on a range of factors, including with particular reference to the Group’s adjusted funds from operations
(AFFO), which is the primary basis on which dividend amounts are determined. AFFO is a non-GAAP performance measure used by
the Group to determine underlying and recurring cash flows from operations. AFFO is calculated with reference to the guidelines
established by the Property Council of Australia. In determining a dividend payment, the Group will have regard to, amongst other
things, the solvency requirements under the Companies Act 1993, its banking and green bond covenants and internal financing
targets, its future investment plans, current and forecast earnings, operating cash flows, and the economic climate and competitive
environment. Having regard to these matters, the Group will target a dividend payout ratio of approximately 90% to 100% of AFFO.
At balance date, the market capitalisation of the Group (being the 31 March 2024 closing share price, as quoted on the NZX Main Board,
multiplied by the number of shares on issue) was below the carrying amount of the Group’s net assets and shareholders’ funds. In
considering the difference, the Group notes that 96% of total assets at 31 March 2024 are investment properties which are carried at
fair value as detailed in note 3.2.
Factors that may influence market capitalisation include, amongst other things:
•
Broader market and investor sentiment
•
Property market segment sentiment, particularly with regard to retail assets
•
Effect of leverage of debt funding and including corporate overheads
•
The impact of rising interest rates, inflation, supply chain issues and other market factors
In the review of valuations and the considerations around fair value determined by the independent valuers (as disclosed in note 3.2),
and having considered the influencing factors above, the Group considers the carrying amount of net assets is appropriate.

Kiwi Property 2024 Annual Report77
3.6 Trade and other payables
2024
$000
2023
$000
Trade creditors32,36933,018
Interest and finance charges payable3,6212,362
Development costs payable14,97914,916
Employment liabilities5,2105,129
Rent received in advance3,8133,442
Goods and Services Tax payable5092,351
Trade and other payables60,50161,218
Recognition and measurement
Trade and other payables are carried at amortised cost and due to their short-term nature are not discounted. Provisions are
recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that a future outflow
of cash or other benefit will be required and a reliable estimate can be made of the amount of the obligation.
3.7 Equity
3.7.1 Share capital
The following table provides details of movements in the Group’s issued shares:
2024202420232023
Number
000
Amount
$000
Number
000
Amount
$000
Balance at the beginning of the year1,571,1711,664,7741,570,0941,663,499
Issue of shares:
Dividend reinvestment19,70116,948--
Long-term incentive plan - shares issued1,100-997-
Long-term incentive plan - shares vested-1,073-1,150
Employee share ownership plan - shares issued--80-
Employee share ownership plan - shares vested---125
Balance at the end of the year1,591,9721,682,7951,571,1711,664,774
Recognition and measurement
Share capital is recognised at the fair value of the consideration received by the Company. Costs relating to the issue of new
shares have been deducted from proceeds received.
All shares carry equal weight in respect of voting rights, dividend rights and rights on winding up of the Company and have no
par value.

Kiwi Property 2024 Annual Report78
3.7.2
 Dividends
Dividends paid during the year comprised:
Payment date
2024
cps
2024
$000Payment date
2023
cps
2023
$000
Dividends paid1.42522,3922.85044,748
Imputation credits0.2744,3070.67710,632
Q4 final dividend21-Jun-231.69926,69922-Jun-223.52755,380
Dividends paid1.42522,5241.42522,376
Imputation credits0.2674,2260.2714,256
Q1 interim dividend20-Sep-231.69226,75021-Sep-221.69626,632
Dividends paid1.42522,6721.42522,376
Imputation credits0.2273,6100.2944,613
Q2 interim dividend20-Dec-231.65226,28221-Dec-221.71926,989
Dividends paid1.42522,6721.42522,376
Imputation credits0.3275,1980.2914,566
Q3 interim dividend22-Mar-241.75227,87023-Mar-231.71626,942
Total dividends paid5.70090,2607.125111,876
Total imputation credits1.09517,3411.53324,067
Total dividends6.795107,6018.658135,943
During the year ended 31 March 2023, the Group amended its dividend policy to pay dividends on a quarterly basis (previously
semi-annual basis).
The Group operates a Dividend Reinvestment Plan (DRP) which allows eligible shareholders to elect to reinvest dividends in shares.
The Board, at its sole discretion, may suspend the DRP at any time and/or apply a discount to which shares are issued under the DRP.
With the exception of the Q4 final dividend and Q1 interim dividend paid in the current year, the DRP did not apply to the dividend
payments shown above. During the current year, $16.9 million of dividends were reinvested in the Group as part of the DRP.
3.7.3 Earnings per share
20242023
Loss and total comprehensive loss after income tax attributable to shareholders ($000)(2,119)(227,702)
Weighted average number of shares for the purpose of basic loss per share (000)1,584,7501,570,985
Basic loss per share (cents)(0.13)(14.49)
20242023
Loss and total comprehensive loss after income tax attributable to shareholders ($000)(2,119)(227,702)
Weighted average number of shares for the purpose of diluted loss per share (000)1,589,9681,574,480
Diluted loss per share (cents)(0.13)(14.46)

Kiwi Property 2024 Annual Report79
3.7.4
 Share-based payments
Long-term incentive (LTI) plans
Performance Share Rights LTI Plan
Participants of the LTI plan are issued Performance Share Rights (PSRs) for service periods of one, two and three years. The number of
PSRs that can be exercised and converted into shares in the Company depends on a mix of the Company's shareholder return relative
to comparator entities and a return on capital employed metric over a one year performance period. On vesting, the participant is
entitled to receive one share upon the valid exercise of each vested PSR they hold.
On 1 April 2022, the LTI plan was changed from an annual tranche vesting approach to a single-point, three-year vesting approach.
The previous plan is being progressively phased out (referred to as 'grandfathering') over the 31 March 2023 and 31 March 2024
financial years.
Recognition and measurement
The fair value of the LTI plans at grant date is recognised over the vesting period of the plan as an employee entitlements
expense, with a corresponding increase in the share-based payments reserve. The fair value is independently measured using
an appropriate option pricing model.
Number of performance share rights
Start of
performance period
Measurement
date
Performance
share right
price at grant
date
Balance at
the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
the end of
the year
2024
1 April 202331 March 2026$0.874-2,373,248--2,373,248
1 April 2023
(grandfathered plan)31 March 2024$0.874-509,595--509,595
1 April 202231 March 2025$1.0711,872,591---1,872,591
1 April 2022
(grandfathered plan)31 March 2023$1.071886,849-(388,002)(110,853)387,994
1 April 202131 March 2022$1.238582,047-(309,156)-272,891
1 April 202031 March 2021$0.888402,357-(402,357)--
Total3,743,8442,882,843(1,099,515)(110,853)5,416,319

Kiwi Property 2024 Annual Report80
3.7.4
 Share-based payments (continued)
Number of performance share rights
Start of
performance period
Measurement
date
Performance
share right
price at grant
date
Balance at
the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
the end of
the year
2023
1 April 202231 March 2025$1.071-2,078,057-(205,466)1,872,591
1 April 2022
(grandfathered plan)
31 March 2023$1.071
-996,257-(109,408)886,849
1 April 202131 March 2022$1.2381,282,409-(320,601)(379,761)582,047
1 April 202031 March 2021$0.888842,181-(421,092)(18,732)402,357
1 April 201931 March 2020$1.455255,265-(255,265)--
Total2,379,8553,074,314(996,958)(713,367)3,743,844
Key estimates and assumptions: fair value measurement of LTI plan
The fair value of the LTI plans have been determined using a Monte Carlo simulation to model a range of future share price
outcomes for the Company and comparator entities. The fair value at grant date and the measurement inputs used were
as follows:
Performance Share Rights LTI Plan
Measurement date31 March 202631 March 202431 March 202531 March 202331 March 2022
New planGrandfathered
plan
New planGrandfathered
plan
Weighted average performance share right
price at grant date
$0.874$0.874$1.071$1.071$1.238
Risk-free rate4.49%5.37%3.59%3.32%0.22%
Standard deviation of the
comparator entities
15.5% - 22.7%15.5% - 22.7%12.1% - 17.8%12.1% - 17.8%14.0% - 22.3%
Correlation between Company share price
and comparator entities
30.5% - 57.5%30.5% - 57.5%27.8% - 65.4%27.8% - 65.4%36.4% - 67.8%
Estimated fair value per share$0.612$0.774$0.830$0.852$1.032
The volatility and correlation measures were derived from measuring the standard deviation and correlation of returns for listed
entities in the S&P/NZX All Real Estate Index over a three-year period. The risk free rate was based on government bond yields
over the same period.
It has been assumed that participants will remain employed with the Company on the vesting date. Dividend assumptions are
based on projected dividend payments over the vesting period.
The employee entitlements expense relating to the LTI plan for the year ended 31 March 2024 is $1,822,067 (2023: $1,376,986)
with a corresponding increase in the share-based payments reserve. The unamortised fair value of the remaining performance
share rights at 31 March 2024 is $1,365,697 (2023: $1,098,731).

4. Financial risk management
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report81
In the normal course of business, the Group is exposed to a variety of financial risks. This section explains the Group's exposure to
financial risks, how these risks could affect the Group's financial performance and how they are managed.
The Group is exposed to the following financial risks through its use of financial instruments:
•
Interest rate risk
•
Credit risk
•
Liquidity risk
Financial instruments
The following items in the Consolidated Statement of Financial Position are classified as financial instruments: cash and cash
equivalents, trade and other receivables, trade and other payables, interest bearing liabilities and interest rate derivatives. All financial
instruments are recorded at amortised cost with the exception of interest rate derivatives, which are recorded at fair value through
profit or loss.
Risk management
The Board has overall responsibility for establishing and overseeing the Group's risk management framework. The Board has an Audit
and Risk Committee with responsibilities that include risk management, compliance and financial management and control.
The Group has developed a risk management framework which guides management and the Board in the identification, assessment
and monitoring of new and existing risks. Management report to the Audit and Risk Committee and the Board on relevant risks and
the controls and treatments of those risks.
4.1
 Interest rate risk
Nature of the risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance or the fair value of its holdings
of financial instruments.
Risk management
The Group adopts a policy of reducing its exposure to changes in interest rates by utilising interest rate derivatives to limit future
interest cost volatility by exchanging floating rate interest obligations for fixed rate interest obligations or by exchanging fixed rate
interest obligations for floating rate interest obligations. The Group has established a treasury management group consisting of senior
management and external treasury advisors to review and set treasury strategy within the guidelines of its treasury policy.
Exposure
The Group's exposure to interest rate risk arises primarily from bank loans which are subject to floating interest rates. The weighted
average interest rate, term to maturity of interest bearing liabilities and details of the interest rate derivatives utilised are set out in
note 3.5. The fair value of interest rate derivatives is impacted by changes in market interest rates.

Kiwi Property 2024 Annual Report82
4.1 Interest rate risk (continued)
Sensitivity to interest rate movements
The following sensitivity analysis shows the effect on profit or loss and equity if market interest rates at balance date had been 100
basis points higher or lower with all other variables held constant.
An increase in market interest rates gives rise to a favourable impact on profit or loss and equity due to the fair value of the interest
rate derivatives increasing by more than the additional interest costs as at the balance date, and does not impact the operating
profitability of the business.
20242023
100 bps increase
($000)
100 bps decrease
($000)
100 bps increase
($000)
100 bps decrease
($000)
Impact on interest and finance charges(1,340)1,340(1,860)1,860
Impact on fair value of interest rate derivatives10,553(10,969)10,916(11,406)
Net impact on profit/(loss)9,213(9,629)9,056(9,546)
Net impact on equity6,633(6,933)6,520(6,873)
4.2 Credit rate risk
Nature of the risk
Credit rate risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group incurs credit risk in the normal course of business from trade receivables and transactions with financial institutions.
Risk management
The risk associated with trade receivables is managed with a credit policy which includes performing credit evaluations on tenants
and imposing standard payment terms and the monitoring of aged debtors. Collateral is obtained where possible. The risk from
financial institutions is managed by only placing cash and deposits with high credit quality financial institutions.
Exposure
The carrying amounts of financial assets recognised in the Consolidated Statement of Financial Position best represent the Group's
maximum exposure to credit risk and are recognised net of any provision for losses on these financial instruments.
The Group is not exposed to any concentrations of credit risk.

Kiwi Property 2024 Annual Report83
4.3 Liquidity risk
Nature of the risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Risk management
The Group evaluates its liquidity requirements on an ongoing basis by continuously forecasting cash flows. The Group generates
sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has bank facilities
available to cover potential shortfalls. The Group's approach to managing liquidity risk is to ensure it will always have sufficient liquidity
to meet its obligations when they fall due under both normal and stress conditions. The Group manages liquidity by maintaining
adequate committed credit facilities and spreading maturities in accordance with its treasury policy.
Exposure
The following table analyses the Group's financial liabilities into relevant maturity groupings based on the earliest contractual maturity
date at balance date. The amounts are contractual undiscounted cash flows, which includes interest through to maturity and assumes
all other variables remain constant.
Contractual cash flows (principal and interest)
Consolidated Statement
of Financial Position
$000
Total
$000
0-6
months
$000
6-12 months
$000
1-2 years
$000
2-5 years
$000
>5 years
$000
2024
Trade and other payables recognised
as financial liabilities
47,34847,34847,348----
Interest bearing liabilities1,195,1591,458,55036,446159,934165,934967,368128,868
Net interest rate derivatives(3,923)(4,455)(3,507)(2,455)(809)2,192124
Total financial liabilities1,238,5841,501,44380,287157,479165,125969,560128,992
2023
Trade and other payables recognised
as financial liabilities
47,93447,93447,934----
Interest bearing liabilities1,131,1211,369,261155,80428,613180,728716,115288,001
Net interest rate derivatives(8,025)(8,696)(2,889)(3,095)(3,659)711236
Total financial liabilities1,171,0301,408,499200,84925,518177,069716,826288,237

5. Other information
FOR THE YEAR ENDED 31 MARCH 2024
Kiwi Property 2024 Annual Report84
5.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker, who is the Chief Executive Officer (CEO). The CEO is responsible for allocating resources and assessing performance of the
operating segments.
Operating segments have been determined based on the reports reviewed by the CEO to assess performance, allocate resources and
make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2. During
the year ended 31 March 2024, the retail segment has been added in alignment with the Group's strategy. The comparative figures
have been reclassified on the same basis. Investment properties held for sale are included in the other segment. The Group operates
in New Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the year:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
2024
Property revenue149,06331,05927,03133,388240,541
Less: straight-lining of fixed rental increases(808)(1,489)1,558(760)(1,499)
Less: direct property expenses(34,132)(7,862)(6,789)(6,849)(55,632)
Less: ground lease expenses(71)--(18)(89)
Segment profit114,05221,70821,80025,761183,321
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
1
Total
$000
2023
Property revenue138,28064,12126,53327,605256,539
Less: straight-lining of fixed rental increases(1,009)(191)29(43)(1,214)
Less: direct property expenses(28,523)(12,610)(6,499)(5,206)(52,838)
Less: ground lease expenses(68)--(275)(343)
Segment profit108,68051,32020,06322,081202,144
1The segment profit for the 'other' segment has reduced by $20.1 million from the 2023 consolidated financial statements as The Plaza and Centre Place North assets are now
classified in the 'retail' segment.
2024
62%
Mixed-use
12%
Office
12%
Retail
14%
Other
Segment profit
2023
54%
Mixed-use
25%
Office
10%
Retail
11%
Other
Segment profit

Kiwi Property 2024 Annual Report85
5.1 Segment information (continued)
A reconciliation of the segment profit to the profit/(loss) before income tax reported in the Consolidated Statement of
Comprehensive Income is provided as follows:
2024
$000
2023
$000
Segment profit183,321202,144
Property management revenue4,1322,546
Increase in rental income resulting from straight-lining of fixed rental increases1,4991,214
Interest income710268
Net fair value loss on investment properties(77,800)(352,626)
Interest and finance charges(48,766)(44,231)
Employment and administration expenses(32,737)(32,688)
Net fair value (loss)/gain on interest rate derivatives(4,102)5,672
Litigation settlement income-6,038
Loss on disposal of investment properties(1,651)(3,494)
Ground lease expenses classified as interest and fair value loss on investment properties89343
Profit/(loss) before income tax24,695(214,814)
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the year:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
2024
Segment assets2,096,093359,729150,148607,16921,9633,235,102
Segment liabilities32,3013,18013,2545,4301,320,9751,375,140
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
1
All other
segments
$000
Total
$000
2023
Segment assets1,907,673881,935140,201276,24232,3713,238,422
Segment liabilities32,9134,8968,0794,3941,254,6551,304,937
1The segment assets and liabilities have reduced by $140.2 million and $8.1 million respectively from the 2023 consolidated financial statements as The Plaza and Centre Place
North assets are now classified in the 'retail' segment.
All assets are allocated to reportable segments other than cash and cash equivalents, interest rate derivatives and property, plant
and equipment.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives.

Kiwi Property 2024 Annual Report86
5.2 Related party transactions
The Group holds its 50% interests in The Base and Centre Place North through unincorporated joint ventures. The principal activity
of the joint ventures is to own and manage the joint venture properties. Kiwi Property manages the joint venture properties on behalf
of the joint ventures and receives management fees in accordance with the Property Management Agreements.
The transactions with the joint ventures and the balances outstanding at 31 March 2024, are outlined in the tables below.
During the year the following income or expense reimbursements were received or receivable from the joint ventures:
2024
$000
2023
$000
Property management revenue1,9351,904
Expenditure reimbursement2,6191,793
Leasing fees939959
Development management fees903
Legal fees12599
Retail design management fees4342
Total related party transactions5,7514,800
The following balances were receivable from the joint ventures at balance date:
2024
$000
2023
$000
The Base17-
Centre Place North66-
Total related party balances83-
The following distributions were received from the joint ventures during the year:
2024
$000
2023
$000
The Base12,50919,160
Centre Place North2,4052,973
Total related party distributions14,91422,133
There were no contributions made to the joint ventures during the year (2023: no contributions).

Kiwi Property 2024 Annual Report87
5.3 Key management personnel
2024
$000
2023
$000
Directors' fees768752
Short-term employee benefits4,7044,892
Other long-term benefits1229
Share-based payments1,2991,080
Key management personnel costs6,7836,753
Additional disclosures relating to key management personnel are set out in the remuneration report. Further details regarding
share-based payments can be found in note 3.7.4.
5.4
 Commitments
The following costs have been committed to but not recognised in the consolidated
financial statements as they will be incurred in
future reporting periods:
2024
$000
2023
$000
Development costs at Sylvia Park13,470113,951
Development costs at LynnMall3522,937
Development costs at The Plaza10,395-
Drury infrastructure2,1116,071
Capital commitments26,328122,959
Ground leases
Ground leases exist over ASB North Wharf, The Base, Centre Place North and certain adjoining properties. In addition, ground leases
also exist over parts of the land at Sylvia Park. The amount paid in respect of ground leases during the year was $0.1 million (2023:
$0.3 million). The leases terminate between June 2031 and May 2136.
The ground leases are accounted for in line with NZ IFRS 16 as outlined in note 3.2.
5.5
 Subsequent events
On 10 May 2024, the Group entered into an interest rate derivative with a notional value of $150 million, an effective date of 1 July 2024
and termination date of 1 April 2025.
On 16 May 2024, the Group agreed terms for a conditional sale of the Vero Centre in Auckland to a Hong Kong China-based
conglomerate for $458 million.
On 24 May 2024 the Board declared a final dividend for the quarter ended 31 March 2024 of 1.425 cents per share (cps) (equivalent
to $22.7 million), together with imputation credits of 0.190 cps. The dividend record date is 7 June 2024 and payment will occur on
21 June 2024.

Independent auditor's report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property 2024 Annual Report88
OpinionWe have audited the consolidated financial statements of Kiwi Property Group Limited and its
controlled entities (the ‘Group’), which comprise the consolidated statement of financial position as
at 31 March 2024, and the consolidated statement of comprehensive income, statement of changes
in equity and statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 46 to 87, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting
Standards Board.
 
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board
and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards), and we have fulfilled our
other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor and other assurance-related services (review of the
consolidated interim financial statements, audits of joint venture financial statements, audits of
special purpose financial information in accordance with tenancy agreements, and assurance
services in relation to greenhouse gas inventory), we have no relationship with or interests in the
Company or any of its controlled entities. These services have not impaired our independence as
auditor of the Company and Group.
 
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’ materiality).
In addition, we also assess whether other matters that come to our attention during the audit would
in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We
use materiality both in planning the scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $5.0 million.
 
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
 

Kiwi Property 2024 Annual Report89
Key audit matterHow our audit addressed the key audit matter
Valuation of Investment Properties
As disclosed in note 3.2 of the consolidated financial
statements, as at 31 March 2024 the Group holds $3.1 billion
of investment properties, including investment properties
classified as held for sale, across the mixed-use, office, retail
and other sectors. These assets are held at fair value.
The valuation of investment properties requires estimates
and key assumptions to be made. Further the inputs used
to determine the fair value of the properties are not based
on observable market data. Small percentage changes in
any of the key inputs or assumptions used in the property
valuations could result in a material misstatement of the
overall valuation of investment properties.
Except for a small number of non-core residential properties
owned by the Group, which were subject to a kerbside
valuation assessment, all investment properties were valued
as at 31 March 2024. All valuations are prepared by
independent registered valuers, and the Group has adopted
the assessed values as determined by the valuers.
Investment Properties are valued using the income
capitalisation approach or discounted cashflow approach,
or a combination of both. The calculation includes
assumptions in respect of contract rent, market rent,
vacancy rates and capex requirements, including allowances
for seismic strengthening works.
The valuation of investment properties is a key audit matter
due to the materiality of revaluation gains/losses and the
carrying amounts in the financial statements, and the
judgement involved in determining the fair values.
Our audit procedures focussed on the appropriateness of the
valuation methodologies and key inputs applied in the models.
We assessed the valuers’ experience and professional
accreditations. This included having each of the valuers confirm
their independence, qualifications and that the scope of work
undertaken was in line with professional valuation standards
and
financial reporting standards. In addition, we considered
the Group’s process for reviewing and challenging the valuation
reports to ensure that they accurately reflect the individual
characteristics of each property.
We have read the valuation reports for all properties that are
subject to valuation at year end. We checked for any limitations of
scope in the valuation reports that would impact the reliability of
the valuations. For all properties, we agreed the carrying amount
to the external valuation reports. Where considered appropriate,
discussions were held with the valuers to confirm the valuation
approach used. These discussions related to the general market,
as well as specific properties identified by us.
The major inputs to the valuation process were tested across a
sample of properties. For the sample selected, key changes in
rental assumptions, occupancy, capitalisation rates and terms
were agreed to underlying lease agreements and to market
comparatives where relevant. Yields were compared to property
industry publications and other observable market data where
available. Where relevant, we obtained and tested support for
management’s estimate of costs on properties with
significant
development or seismic works.
For assets held for sale that are under contractual offers,
we agreed the carrying amount to the signed sale and
purchase agreement.
Our internal valuation specialists were used in assessing the
appropriateness of the valuation methodology.
 
Other informationThe directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial
statements and the audit report, and the Climate Related Disclosures, which is expected to be
made available to us after the date of the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact. We have nothing to report
in this regard.
When we read the Climate Related Disclosures, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to the directors and consider further
appropriate actions.
 

Kiwi Property 2024 Annual Report90
Directors’ responsibilities
for the consolidated
financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
 
Auditor’s responsibilities for
the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
 
Restriction on useThis report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company’s shareholders as a body, for our audit
work, for this report, or for the opinions we have formed.
 
Andrew Boivin, Partner
for Deloitte Limited
Auckland, New Zealand
24 May 2024