2024 Climate-related Disclosures

2024 Climate-related
Disclosures
3 Te Kehu Way – New Zealand’s first 6 Green
Star Design & As-Built NZ v.1.0 Built rating

Kiwi Property Group Limited is a climate reporting
entity under the Financial Markets Conduct Act
2013. These climate statements include climate-
related disclosures for Kiwi Property Group
Limited and its controlled entities. References to
“Kiwi Property”, “we” and “our” in these climate
statements are to the group as a whole.
The climate-related disclosures in these climate
statements comply with the Aotearoa New Zealand
Climate Standards (“NZ CS”) issued by the External
Reporting Board (“XRB”).
In preparing these climate statements, Kiwi Property
has elected to use the following adoption provisions
contained in NZ CS 2:
i. Adoption provision 1, which exempts Kiwi
Property from disclosing in its first reporting
period the current financial impacts of its
physical and transition impacts;
ii. Adoption provision 2, which exempts Kiwi
Property from disclosing in its first reporting
period the anticipated financial impacts of
climate-related risks and opportunities it
reasonably expects;
iii. Adoption provision 3, which exempts Kiwi
Property from disclosing in its first reporting
period the transition plan aspects of its strategy
and the extent to which these are aligned with
its internal capital deployment and funding
decision-making processes;
Reporting entity
and statement
of compliance
iv. Adoption provision 4, which exempts Kiwi
Property from disclosing in its first reporting
period greenhouse gas (“GHG”) emissions in
metric tonnes of carbon dioxide equivalent
classified as scope 3. Kiwi Property has elected
to use this exemption in respect of the following
categories of scope 3 emissions, which it has
not disclosed:
• Category 3: Indirect emissions from
transportation – other than business travel.
• Category 4: Indirect emissions from products
used by organisation – other than transmission
& distribution losses for electricity and gas,
water supply and waste to landfill.
• Category 5: Indirect emissions associated with
the use of products from the organisation.
• Category 6: Indirect emissions from
other sources.
v. Adoption provision 6, which exempts Kiwi
Property from disclosing comparative
information for metrics from the immediately
preceding two reporting periods; and
vi. Adoption provision 7, which exempts Kiwi
Property from disclosing an analysis of the main
trends evident from a comparison of each metric
from previous reporting periods to the current
reporting period.
Period covered
This disclosure covers the period from 1 April 2023
to 31 March 2024.
Kiwi Property 2024 Climate-related Disclosures2

Important notice
These climate statements contain both current
and forward-looking information that is based on:
• incomplete and estimated data; and
• our judgements, opinions and assumptions about
matters relating to climate change and its impact
on Kiwi Property.
The information in this report is given in good faith
and has been obtained from sources believed to
be reliable and accurate at the date of preparation.
However, climate change and the frameworks that
govern it are subject to uncertainties and data
challenges, and this gives rise to uncertainties as
to the impact of these matters on Kiwi Property’s
business and the conditions in which it operates.
We caution reliance being placed on information
that is necessarily subject to significant risks,
uncertainties and/or assumptions.
These climate statements contain forward-looking
statements and opinions, including climate-
related ambitions, targets, assumptions, scenarios,
risks and opportunities, anticipated impacts and
strategies. These forward-looking statements
should not be taken as facts or guarantees of
future performance, but rather as estimates, goals,
forecasts and judgements based on Kiwi Property’s
understanding and estimates of the current and
anticipated impacts of climate change as at the
date of publication of these climate statements.
Forward-looking statements and opinions involve
known and unknown risks, uncertainties and
other factors that are, in many cases, beyond
Kiwi Property’s control and/or likely to change
over time. Kiwi Property’s performance against its
climate-related ambitions and targets, and the
strategies that it adopts, may differ materially from
what is described in this report. In addition, climate-
related risks and opportunities may be more or less
significant than described in this report and new
risks and opportunities may eventuate over time.
Assumptions and scenarios are subject to change
without notice, as are statements about climate
change and the global and domestic response to it.
Kiwi Property expects that some forward-looking
statements and/or opinions in this document may
be restated or amended in future disclosures as
methodologies, data and strategies continue to
improve. Kiwi Property does not represent that
those forward-looking statements and/or opinions
will not change following publication of these climate
statements, and gives no undertaking to update
the information in these climate statements over
time (subject to legal or regulatory requirements,
including requirements to produce climate
statements under the Financial Markets Conduct  
2013 in future years).
These climate statements are not an offer document
and do not constitute an offer or recommendation
to invest in, distribute or purchase financial
products. Nothing in this Report should be taken
as investment, capital growth, earnings or any other
legal, financial, tax or other advice or guidance.
Approved on behalf of the Board on 19th June 2024.
Chris Aiken Mary Jane Daly
Environmental, Social Audit and Risk
Governance Committee Committee
Chair Chair
Kiwi Property 2024 Climate-related Disclosures3

Kiwi Property 2024 Climate-related Disclosures4

Contents
Governance 6
Strategy 10
Risk management 19
Metrics and Targets 21
Appendix One: Our climate scenarios 27
Appendix Two: GHG emmissions
methodology and assumptions 30
Kiwi Property 2024 Climate-related Disclosures5

Governance
This section sets out how Kiwi Property’s
Board oversees climate-related risks and
climate-related opportunities, and the role our
management plays in assessing and managing
those climate-related risks and opportunities.
Kiwi Property’s Board of Directors
Kiwi Property’s Board of Directors (Board) has overall
responsibility for oversight of business risks and
opportunities, including in relation to climate change.
The Board establishes Kiwi Property’s strategic
direction and financial and non-financial objectives,
including by approving Kiwi Property’s Sustainability
Strategy. In addition, the Board is responsible for
understanding and ensuring the management of the
risks facing Kiwi Property in achieving its objectives,
including climate-related risks.
The Board is supported in its oversight of
climate-related risks and opportunities by
the following Board sub-committees:
• The Audit and Risk Committee (ARC) assists
the Board in its oversight of Kiwi Property’s risk
management framework and the monitoring of
compliance within that framework, including in
relation to climate-related risk.
• The Environmental, Social and Governance
Committee (ESGC) also assists the Board
in its oversight of climate-related risks and
opportunities, including by reviewing and
recommending to the Board for approval
Kiwi Property’s Sustainability Strategy.
A Due Diligence Committee (DDC) was established
to assist the Board by coordinating and overseeing
the due diligence process for the FY24 climate-
related disclosures.
Kiwi Property 2024 Climate-related Disclosures6

Governance
Kiwi Property Board
Oversees the business and affairs of Kiwi Property and establishes the strategic
direction and objectives, including approving the Sustainability Strategy.
Understands and ensures the management of business risks, including climate-related risks.
ARC
Purpose is to assist the Board with the proper
and efficient discharge of its responsibilities to
exercise due care, diligence and skill in relation to
the oversight of (amongst other things) the risk
management framework and the monitoring of
compliance within that framework.
Reviews Kiwi Property’s key enterprise risks,
including climate-related risk, on a quarterly basis.
Together with the ESGC, oversees compliance with
Kiwi Property’s sustainable debt framework.
Meets at least four times a year.
ESGC
Purpose is to identify and consider all relevant
Environmental, Social and Governance (ESG)
matters and to assist the Board in fully integrating
ESG principles into the governance of the business.
Reviews and recommends to the Board the
Sustainability Strategy, objectives and targets.
Monitors and reports to the Board in relation to
Kiwi Property’s material ESG matters
(including climate-related).
Oversees compliance with statutory responsibilities
relating to sustainability.
Together with the ARC, oversees compliance with
Kiwi Property’s sustainable debt framework.
Meets at least four times a year.
Due Diligence Committee
Comprising of Chair of ARC, Chair of ESGC, a Director (Chair of DDC), Chief Financial Officer,
GM Asset Management, General Counsel & Company Secretary.
Co-ordinates and oversees the due diligence process for the preparation of the FY24 climate-related disclosures.
Management
Executive Team
Comprising of Chief Executive Officer, GM Income and Leasing, GM Development,
GM People, GM Asset Management and Chief Financial Officer.
Participates in the climate risk assessment process. In FY24, this included reviewing Kiwi Property’s
climate-related risks and opportunities and the impact on Kiwi Property’s strategy.
GM Asset Management is responsible for day-to-day management of the Sustainability Strategy.
Risk and Compliance Committee
Comprising of Chief Executive Officer, GM
Development, GM People, GM Asset Management,
Chief Financial Officer, and General Counsel &
Company Secretary.
Reviews the register of key risks, which
includes climate change risk.
Reports quarterly to the ARC.
ESG Leadership Team
Comprised of GM Asset Management, GM
Development, General Counsel & Company
Secretary, Head of Sustainability, Finance Director,
Head of Communications & Investor Relations and
Head of Facilities & Tenancy Delivery.
Participates in the climate risk
assessment process.
Oversees the operational implementation of the
Sustainability Strategy across the business.
Meets at least four times a year.
Reports progress to the ESGC at each meeting.
Asset Management Teams
Comprised of Facilities and Asset Management Teams.
Implements sustainability plans (including where these relate to
climate-related risks) at asset and operational levels.
Table 1: Organisational structure relating to oversight and management of climate-related risks
and opportunities
Kiwi Property 2024 Climate-related Disclosures7

The Board (including Board sub-committees)
is informed about climate-related risks and
opportunities in the following ways:
• Since FY22, Kiwi Property has undertaken a climate
risk assessment each year. This is undertaken by
the ESG Leadership Team and Executive Team,
and the results are reported to the ESGC. The
climate risk assessment is then amended to
reflect feedback from the ESGC, before being
recommended by the ESGC for approval by the
Board. In FY24, the annual climate risk assessment
was approved by the Board on 27 February 2024.
• Climate change appears as a key risk in our
register of key risks. This register is considered
and reported to the ARC quarterly. All directors
can access ARC papers and attend ARC meetings
at any time.
• The ESGC approves the actions that Kiwi
Property is intending to take in relation to the
Sustainability Strategy annually and reviews our
performance against those identified actions at
each quarterly meeting. For FY24 these actions
included undertaking a climate risk assessment
and developing a decarbonisation plan for each
asset, as well as waste management initiatives,
to respond to climate-related risks. The ESGC
also receives an annual update on our progress on
emissions reductions and achieving sustainability
ratings for our property portfolio, as described
further in the Metrics and Targets section of
this report.
• In FY24, the ESGC met four times. The ESGC Chair
updates the Board on material ESG matters at
each quarterly Board meeting, and all directors
can access ESGC papers and attend ESGC
meetings at any time.
Competency and skillset of the Board
The Board aims to ensure that it has the appropriate
mix of skills and competencies to provide effective
governance of Kiwi Property, including in relation to
climate-related risks and opportunities.
Management regularly provides information notes to
the ESGC on climate-related topics such as carbon
offsetting and New Zealand’s carbon markets,
embodied carbon, and our carbon emissions profile.
The ESGC is also provided with regular updates on
Kiwi Property’s climate-related disclosures and on
progress towards deliverables directly related to
the Sustainability Strategy.
In FY24, the Board was provided with a detailed
climate-related risks and opportunities assessment
report, the Kiwi Property climate scenarios and
the output of an Executive Team workshop on
scenario analysis.
The ESGC accesses expertise in climate-related
issues from management and from external
consultants as required.
Kiwi Property uses a Board skills matrix to assess
the skills and competency of the Board. Refer to
the Director Skills Matrix on page 94 of our Annual
Report available here on our website. This does not
currently include climate change specifically but
does include governance of ESG / Sustainability.
Integrating climate issues into
our strategy
In 2023, we evolved our business strategy to
reflect the changing operating environment and
our ambitious vision for the company. One of the
key priorities of this strategy is to “build a future
fit business”, which includes delivering on Kiwi
Property’s Sustainability Strategy.
The business strategy and Sustainability Strategy
inform the sustainability deliverables that the
ESGC approves for implementation each year. For
example, a key objective in the business strategy
is to deliver on our climate resilience plans. The
associated deliverable for FY24 was for a climate risk
assessment to be undertaken for each Kiwi Property
asset. Management report on progress against these
sustainability deliverables at each ESGC meeting.
Another key priority of our business strategy is
to “grow with diverse sources of capital”. Sources
of capital include both debt and equity investors.
In response to increasing investor expectations
in relation to sustainability matters, such as the
sustainability credentials of our real estate assets,
an initiative under our business strategy is to
increase our green asset pool (being assets that
are able to achieve sustainability ratings as outlined
further on page 25).
Performance and incentivisation
Our Board approved Sustainability Strategy
incorporates a number of ambitions and plans
for managing climate risks and opportunities. This
includes Kiwi Property’s ambition to be in a position
whereby its Scope 1, Scope 2 and selected Scope 3
emissions are “net carbon negative” by 2030 as
described further in the Metrics and Targets section
Governance continued
Kiwi Property 2024 Climate-related Disclosures8

of this report on page 22. It also includes our targets
in relation to achievement of asset sustainability
ratings, also as outlined further in the Metrics and
Targets section.
The ESGC receives annual reporting on our progress
on emissions reduction and sustainability ratings.
A number of other metrics developed by Kiwi
Property in response to climate-related risks and
opportunities are outlined in the Metrics and Targets
section of this report, which has in turn been
approved by the Board.
Remuneration for selected members of the Asset
Management Leadership Team was linked to our
climate-related risks assessment and emissions
performance through our short-term incentive
framework. Those team members had sustainability
and climate-related goals, including the creation
of a detailed Decarbonisation Plan and asset
level climate risk assessments. These goals drove
greater integration of sustainability into business
operations. Performance against those goals was
taken into account in the short-term incentive
portion of remuneration for those team members.
The role of Management
Day-to-day management of Kiwi Property’s business
is undertaken by the Executive Team, which is led
by Kiwi Property’s Chief Executive and is made up
of 6 senior roles as described in the structure in
Table 1. In FY24, the Executive Team was involved
in Kiwi Property’s climate risk assessment process,
including testing the business against climate-
related scenarios as part of the scenario analysis
process described in the Strategy section of this
report on page 11.
Kiwi Property’s GM Asset Management is
responsible for the day-to-day execution of the
Sustainability Strategy, including management
of climate-related risks and opportunities to the
extent that these are relevant to the Sustainability
Strategy. These responsibilities include
implementation of the Sustainability Strategy and
reporting progress against the ESGC approved
sustainability deliverables (including any climate-
related initiatives) relating to that strategy to the
ESGC at each ESGC meeting.
Kiwi Property also has a management level Risk and
Compliance Committee which meets quarterly and
is responsible for:-
• A quarterly review of the company risk register,
which includes climate risk as an overarching key
risk. The review includes confirming the current
status of each key risk and providing commentary
on any change to risk ratings.
• Ensuring regular risk reports are provided to the
ARC on the status of key risks, including climate
change risk.
The ESG Leadership Team meets a minimum of
four times a year and:-
• Participates in the annual climate risk and
opportunity assessment process, including by
overseeing the scenario analysis process in FY24.
• Oversees and monitors the operational
implementation of the Sustainability Strategy.
This includes monitoring of agreed actions
relating to climate-related risks and opportunities.
• Implements external and internal stakeholder
feedback mechanisms.
• Monitors progress against the ESGC-approved
sustainability deliverables (including any climate-
related initiatives relating to the Sustainability
Strategy) and reports on progress in respect of
those deliverables to the ESGC (with this reporting
led by the GM Asset Management).
Where climate-related matters are reported to
Board sub-committees as described above, the
members of the relevant committees have the
opportunity to discuss matters and raise questions
with the relevant member(s) of management.
The primary method by which management
is informed about climate-related risks and
opportunities is the climate risk assessment that
has occurred each year since FY22. Some decisions
that relate to climate-related risks and opportunities
are made at the asset level with oversight from the
GM Asset Management (e.g. decisions relating to
specific asset upgrades). Business-level decisions as
to climate-related risks and opportunities are made
by management (with approval from the ESGC and/
or Board, where appropriate) including as part of the
annual process to agree actions that Kiwi Property
intends to implement under the Sustainability
Strategy as described above.
Further information on Management’s response to
climate-related risks can be found in the Strategy
section on pages 15 & 16 and further information
about how Kiwi Property identifies, assesses, and
manages climate-related risks are set out in the
Risk Management Section.
Governance continued
Kiwi Property 2024 Climate-related Disclosures9

Strategy
This section describes the scenario analysis we
have undertaken, the current impacts of climate
change on our business, the climate-related
risks and opportunities we have identified,
the anticipated impacts of these, and how we
are positioning ourselves for a low-emissions,
climate-resilient future.
Lead the market on retail-led mixed-use
Reposition the business by creating flagship mixed-
use assets at high-growth metropolitan town
centres, driving increased income, more resilient
valuations and greater shareholder returns.
Grow with diverse capital sources
Recycle capital and partner with investors to grow
assets under management, unlocking higher quality,
lower risk returns.
Grow with
diverse
sources of
capital
Enable
partner and
customer
success
Build a
future-fit
business
Lead the
market on
retail-led
mixed-use
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
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Enable customer and partner success
Drive asset performance through the creation of
market leading centres and developing strategic
long-term customer relationships.
Build a future fit business
Promote operational excellence by harnessing the
power of digital, delivering on sustainability and
building a winning team.
We develop, own and manage a diversified range of
mixed-use precincts, retail centres and premium
office buildings. We own a diverse mix of assets, with
a weighting towards CBD offices and large mixed-
use properties that we’ll continue to develop over
time. We have a strong bias towards Auckland and
New Zealand’s economic golden triangle.
Our business strategy
Kiwi Property’s ambition is to be New Zealand’s
leading creator and curator of retail-led mixed-
use communities. We have a four-pillar strategy
designed to drive business performance
and create value for our shareholders and
other stakeholders.
The four pillars of our strategy are explained
further below.
Kiwi Property 2024 Climate-related Disclosures10

The strategic pillar “build a future fit business”
includes delivering on our Sustainability Strategy.
The Sustainability Strategy includes our climate-
related ambitions and targets as described in the
Metrics and Targets section of this report. Under the
Sustainability Strategy, the ESGC agrees actions that
Kiwi Property intends to take each year. In FY24, this
included undertaking a climate risk assessment and
developing a decarbonisation for each asset in the
Kiwi Property portfolio.
Scenario analysis
In 2023, Kiwi Property conducted a standalone
scenario analysis process, the purpose of which
was two-fold: to help us identify our climate-related
risks and opportunities, and to test the resilience of
our business model and strategy.
Together with other industry participants,
we participated in the development of climate
scenarios for the construction and property sector
through a technical working group established in
2022 by the New Zealand Green Building Council
(NZBGC). BECA facilitated and provided technical
expertise to the working group. These climate
scenarios were published in May 2023 and we refer
to these in this report as the “Sector Scenarios”.
1

To develop bespoke climate scenarios for our
business, we began with the Sector Scenarios.
These scenarios combine physical climate
parameters (changes to climate conditions and
consequently impacts such as weather events)
and socio-economic parameters (for example,
policy and technological changes that drive
changes to economies and behaviour).
Our external advisers (BWD Strategic) facilitated a
process to customise the Sector Scenarios for our
business. This took into account Kiwi Property’s
specific position within the sector and an analysis
of the ‘key drivers’ (or critical uncertainties) for our
business across a range of possible climate futures.
1. Beca Limited, Climate Scenarios for the Construction and Property Sector,
Ngā Horopaki Āhuarangi mō te Rāngai Hanganga me ngā Whare, New Zealand
Green Building Council (2023).
The customisation process focused the scenarios
on the key drivers which were insurance, extreme
weather events, scarcity of low carbon materials,
spatial strategies and land use change. The scenario
narratives we developed particularly focused on the
following aspects of Kiwi Property’s position within
the sector:
• retail and mixed-use asset base,
• the particular geographical locations (focused
on Auckland),
• NZX listed and operates only in New Zealand, and
• we are a user of imported construction materials.
Consistent with the Sector Scenarios, the scenarios
that we have used include an ‘Orderly transition’
scenario, a ‘Disorderly transition’ scenario, and a
‘Hot house world’ scenario. For more detail on Kiwi
Property’s scenarios see Appendix One on page 27.
Our scenario analysis process was overseen by the
ESG Leadership Team. As noted in the Governance
section, the Board approved the output of the
climate risks and opportunities process. No
modelling was undertaken as part of the scenario
analysis process.
The scope of operations covered in our scenario
analysis process was Kiwi Property’s full supply
chain, including tenants, suppliers, contractors
and investors.
Strategy continued
Kiwi Property 2024 Climate-related Disclosures11

The following graphic summarises the key elements of each scenario used, including key pathway data sources,
emissions reduction pathways and the assumptions underlying pathway development over time. More detail is
available in the descriptions of the scenario narratives on pages 27-29.
OrderlyDisorderlyHot House World
Policy
ambition
1.5°C~2.0°C>3°C
PolicyImmediate and smoothDelayedNone – current policies
Socio-
political
instability
Low – moderate
Social changes start to occur
due to changes in market
behaviour, working habits,
required knowledge/skills,
purchasing and investment
behaviours, and the changing
focus of government funding.
Moderate
Minimal social changes occur
prior to 2030, however the
pace of change around 2030
is unprecedented.
High
Extreme weather events cause
disruptions to global food
supplies in the medium-term
(2031- 2050). Social cohesion
starts to degrade and conflict
and unrest become common.
InsuranceIn response to continued
high intensity rainfall events,
properties in floodplains, or
subject to unstable ground
conditions (e.g. near cliffs/
softer coastal soils), experience
increasing insurance premiums
above inflation and experience
insurance retreat by 2050.
Properties in floodplains
experience increasing insurance
premiums above inflation and
experience insurance retreat
by 2040.
Properties in floodplains
experience increasing insurance
premiums and likely experience
insurance retreat by 2040.
Land useThe primary driver of changes
to land use and densification is
GHG emissions reduction, with
changes in transportation use
and community connections
being of primary importance
out to 2050.
After 2030, the primary driver
of changes to land use and
densification switches to GHG
emissions reduction, with
changes in transportation use
and community connections
being of primary importance.
The impacts of climate change
on floodplains and drought-
prone regions combined with
significant transition efforts
around 2030 cause a change
in population distribution as
residents and businesses
retreat to lower risk areas.
There are changes in population
distribution and land use
post-2050. Food insecurity
and growing populations drive
retreat from cities.
People begin to retreat from
areas at risk from physical
impacts and significant managed
retreat from coastal areas
moves populations inland to
areas that are less vulnerable
to climate hazards.
Energy
pathways
The pressure to achieve net-
zero emissions by 2050 means
the global energy grid shifts
uniformly and quickly away
from fossil fuel use to increased
use of renewables.
New builds are required to
meet stringent energy standards
in design and operation.
In the short-term, there is
limited-to-no change in fossil
fuel use or energy transition for
the sector.
Stringent decarbonisation
policies enacted in 2030
include the introduction
of energy efficiency
requirements for buildings.
New Zealand’s electricity grid
is gradually decarbonised but
does not achieve neutrality in the
long term. This means buildings
wishing to achieve net zero
carbon emissions must invest in
their own zero carbon generation.
Strategy continued
Kiwi Property 2024 Climate-related Disclosures12

OrderlyDisorderlyHot House World
Macro-
economic
A global shift towards a more
sustainable path stems from
well-signalled and broadly
supported regulatory changes.
Abrupt policy and market
changes for the property and
construction sector post-2030
No additional climate policy,
including for the building and
construction sector. Regulatory
changes are slow and focus
on adaptation and managing
climate-driven immigration/
refugees. National policy shifts
towards addressing national
and regional security and
resource scarcity.
Technology
Change
Fast change
Rapid scale-up of carbon removal
technologies
New technologies used in
production of low carbon
materials begin to make a
tangible difference to the sector.
Slow / fast change
Rapid, disordered change
post 2030 with a focus on
carbon sequestration, capture
and storage.
Slow change
Little investment in technology
and innovation that does not
serve urgent adaptation needs.
Behaviour
change
Fast changeSlow / fast changeSlow change
Physical
risk
severity
ModerateModerateExtreme
Tra nsition
risk
severity
ModerateHighLow
Pathways
2
NGFS ‘Net Zero 2050’
IPCC SSP 1-1.9
IEA ‘Net Zero Emissions’
CCC ‘Tailwinds’
IPCC RCP 2.6
NGFS ‘Delayed Transition’
IPCC SSP 1-2.6
IEA ‘Sustainable Development’
CCC ‘Headwinds
IPCC RCP 2.6
NGFS ‘Current Policies’
IPCC SSP 3-7.0
IEA ‘Stated Policies’
CCC ‘Current Policies’
IPCC RCP 8.5
2. These pathways refer to existing scenarios used as “building blocks” in development of the Sector Scenarios, which have also formed the basis for our scenarios. These
include global scenarios developed by the Intergovernmental Panel on Climate Change (SSP and RCP, with the RCP scenarios having been downscaled for New Zealand
by the National Institute of Water and Atmospheric Research), scenarios developed by the Network for Greening the Financial System (NFGS) and the International
Energy Agency (IEA), and New Zealand scenarios developed by the Climate Change Commission (CCC).
Strategy continued
Kiwi Property 2024 Climate-related Disclosures13

Scenario analysis – Methods and
assumptions
Why we chose these scenarios
As noted above, we developed three scenarios to
test the resilience of our business strategy and to
identify our climate risks and opportunities. Our
three scenarios fit within the architecture of the
Sector Scenarios, but the narratives have been
further developed to reflect the nature of our
business, strategy and our key drivers.
We believe that the scenarios that we have used,
which are based on the Sector Scenarios with
further development for our business, are relevant
and appropriate for assessing the resilience of Kiwi
Property’s business model and strategy to climate-
related risks and opportunities. The New Zealand
Climate Standards mandate that climate-reporting
entities analyse a 1.5°C and >3°C scenario, and
these are reflected in the Orderly and Hot-house
World scenarios. The Orderly scenario is weighted
towards transition risk, while the Hot-house World
scenario represents physical risk, and using these
two scenarios accordingly enables Kiwi Property to
explore the resilience of our business and strategy
to these different types of risk.
The CRD regime requires the selection of a third
scenario to couple with a 1.5ºC scenario and a >3ºC
or greater scenario. We developed a Disorderly
transition scenario to meet this requirement as we
believe it captures a strong combination of physical
and transition effects and is a plausible pathway.
By adopting scenarios consistent with the NZGBC
scenarios, our choice of scenarios also maximises
the use of existing resources and creates stronger
comparability with the results of our peers.
Time horizons
Each of our scenario narratives is bounded by
the end date of 2050, rather than 2100 as used
in the Sector Scenarios. We consider that 2050 is
sufficiently far away to allow for physical risks to
materialise and escalate, but still within a timeframe
relevant to our pipeline of work. For example, this
timeframe provides sufficient time to substantially
progress our Drury masterplan and Sylvia Park
precinct development programme. The following
table sets out the short, medium and long-term time
horizons we used for our scenario analysis:
0-3 years
Short-term
3-10 years
Medium-term
10-30 years
Long-term
Our short-term time horizon of
0-3 years is aligned with our Risk
Management Framework and focused
on cost reduction opportunities and
meeting organisational priorities,
such as installing solar arrays
where applicable at our assets.
Our medium-term time horizon of
3-10 years reflects the typical tenant
lease cycle (6-12 years). This is also
the timeframe over which substantial
upgrades to buildings are planned
and delivered.
Our long-term time horizon of
10-30 years reflects building
life expectancy (typically up
to 50 years).
Strategy continued
Further detail in relation to the three scenarios for FY24 can be found in Appendix One.
Our material climate-related risks and
opportunities
Through the climate scenario analysis process,
we identified the following material climate risks
set out in the table below. Kiwi Property has
chosen to utilise adoption provision 2: anticipated
financial impacts, which exempts us from disclosing
anticipated financial impacts of climate-related
risks and opportunities in FY24.
The risks outlined on page 15 are based on current
information and understanding. There may however
be risks that develop that Kiwi Property is not
aware of, and risks that have been considered may
have impacts that Kiwi Property does not currently
anticipate. We use short, medium and long term
for the purposes of our climate-related risks and
opportunities consistent with the time horizons
considered for the purposes of our scenario analysis
as described on page 11. The table above sets out
how those time horizons are linked to Kiwi Property’s
strategic planning and capital deployment plans.
Kiwi Property 2024 Climate-related Disclosures14

Strategy continued
Climate riskRisk impact
rating & time
horizon
Anticipated impacts if risks
materialise
Risk management response
Physical Risk
Extreme weather
events (rainfall,
high winds, storms,
flooding)
Increased severity
and frequency of storm
events could result
in physical damage
to and interruption
at our assets across
New Zealand. These
weather events may
also disrupt tenants and
customers’ ability to
travel to our assets and
onshore supply chains.
Disorderly
and Hot
house -
long term
Moderate
impact
Increased extreme weather
events could:
• Place stress on existing assets
and cause delays and disruption
to developments.
• Close or damage transportation
routes and infrastructure
necessary to access our assets.
• Increase capital expenditure for
repairs and mitigation initiatives,
that cannot be recovered
from tenants.
• Result in a decrease of revenue due
to inaccessibility of assets during
and following weather events.
• Lead to delays and increased
costs for new developments.
Operational teams carry out physical
risk assessments on assets to plan
mitigation initiatives such as increased
capacity of guttering for our existing
shopping centres. These initiatives are
built into capex budgets each year.
When undertaking new developments,
we consider resilience to weather
events. For example, when designing
3 Te Kehu Way we built above the
Council’s recommended minimum
freeboard to mitigate against
pluvial flooding.
Transition Risk
Sustainability ratings
for assets
Failure to meet investor,
shareholder and
tenant expectations
to maintain and/
or improve the
sustainability ratings
of our assets. This
risk is particularly
relevant to our office
portfolio where tenant
expectations for
sustainability ratings
are higher.
Orderly –
short and
medium
term
Disorderly
medium
term
Moderate
impact
Increased emphasis on sustainability
ratings could lead to:
• Change in attractiveness
to tenants.
• Equity investors may seek to exit
their investment in Kiwi Property
if there is a failure to meet their
expectations regarding asset
sustainability performance,
potentially resulting in a weaker
share price performance and
the ability to support further
investment and growth.
• Increase in the cost of debt
from banks and bond holders if
there is a failure to meet lenders’
expectations regarding asset
sustainability performance.
• Acceleration of decarbonisation
initiatives to meet market
expectations e.g. removal of gas.
• Increased cost of development
to keep pace with sustainability
ratings for new buildings i.e. from
shortage of expertise, materials
and alternative products.
Kiwi Property has implemented the
following targets:
• Existing office buildings to target
a minimum 4 star NABERSNZ rating.
• New office and retail buildings
to target a minimum 5 star Green
Star rating.
• New residential buildings to target
a minimum 7 star Homestar rating.
Decarbonisation and energy efficiency
initiatives that positively impact on
NABERSNZ ratings are a focus at our
assets and the capital expenditure
required to undertake those initiatives
is included in budget planning.
Kiwi Property 2024 Climate-related Disclosures15

Climate riskRisk impact
rating & time
horizon
Anticipated impacts if risks
materialise
Risk management response
Transition risk
Increased regulation
and market
expectation for low
carbon development
The introduction of
new climate-related
regulation or policy for
the built environment
and increased
expectations from
the market for low
carbon development.
Orderly –
short and
medium
term
Disorderly
medium
term
Moderate
impact
Increased regulation and/or
expectation for low-carbon
development could:
• Increase capital expenditure
due to higher procurement
costs for development,
refurbishment/retrofit and
upgrades.
• Result in feasibility of new
developments not meeting
return on capital hurdles due
to increased cost.
• Result in delays from supply
and expertise shortages.
• Constrain supply and increase
cost of low carbon building
materials and expertise.
We are preparing for an increased
requirement for low-carbon
development by:
• Monitoring regulatory and legislative
trends and developments. This
helps us to understand potential
regulatory change and any
associated risks, opportunities
and impacts.
• Working closely with industry
bodies and our partners to
understand incoming regulation
and changes to building
certification requirements.
• Building and expanding expertise
in our project teams to include
design of low carbon buildings
and use of low carbon materials
so that we meet market
expectations and any incoming
regulation or policy change.
• Updating our 10 year capital
expenditure forecast on an annual
basis to reflect changes in costs and
building regulation requirements,
as well as advancements in
building technology.
Transition risk
Insurance premiums
and retreat
Risk that insurance
premiums may increase
substantially as insurers
attempt to cover losses
from major events
Insurance retreat,
where insurers decline
to cover assets exposed
to certain hazards, such
as flooding and coastal
inundation is also a risk.
Orderly –
medium
term
Disorderly
– medium
term
Moderate
impact
Insurance premiums and
retreat could:
• See the cost of insuring assets
increase significantly, with
potential flow-on effects for
tenancy cost of occupancy.
• Potentially affect the value of
an asset(s) in the event of an
insurance retreat.
To mitigate the risks of rising insurance
premiums and insurance retreat, Kiwi
Property maintains relationships with
a diverse range of local and overseas
insurers and implements proactive
risk management practices (including
loss modelling) to help inform
insurance buying decisions.
On an operational level our teams
carry out physical risk assessments on
assets and plan mitigation initiatives
with the aim of reducing the risk of
having to make insurance claims.
Strategy continued
Kiwi Property 2024 Climate-related Disclosures16

Current climate impacts on our business
Climate change is already having an impact on
New Zealand. In early 2023, the North Island of
New Zealand was impacted by two significant
weather events, being the Auckland Anniversary
floods in January 2023 and Cyclone Gabrielle in
February 2023. Although a number of our assets are
located in the affected regions, they experienced
little to no damage during last year’s weather events.
Recent weather events are in any event impacting
the way that Kiwi Property operates, as described
further below.
Kiwi Property has identified that climate
change is currently impacting its business
in the following ways:
Extreme weather events – physical risk
Recent storm events have meant we are planning
for more frequent high intensity rainfall for example
by implementing increased capacity for guttering
on our existing shopping centres. When undertaking
new developments, we also consider resilience to
weather events.
Strategy continued
Our material climate-related opportunity
We identified the following climate-related opportunity as material to our business, from a longlist of eight
opportunities developed in the climate scenario analysis process described in the Risk Management section
on page 19.
OpportunityOpportunity
type & time
horizon
Anticipated impactsManagement response
Sustainability ratings
Kiwi Property has
assessed that achieving
Green Star and Homestar
ratings for new buildings
and maintaining and/
or improving NABERSNZ
ratings for existing assets
is an opportunity.
These sustainability ratings
may improve value by
attracting premium tenants
and help secure new
sources of capital.
We believe that
advancements in building
materials, processes
and technology present
an opportunity to
improve ratings or create
opportunity to obtain
ratings, that could not
otherwise be obtained.
Transition
Short term
Medium
term
Long term
Focus on achieving, maintaining and
improving sustainability ratings for
existing and new assets could:
• Provide access to a wider
pool of capital through our
Sustainable Debt Framework.
• Help us to secure finance to
support sustainability ambitions
and building certification targets.
• Reduce consumption of energy
and water, reducing expenditure.
• Have flow-on effects on asset
values and the attractiveness
of the portfolio to investors
and tenants.
Kiwi Property is focused on
maintaining and where possible
growing our pool of assets that
meet the requirements of relevant
sustainability certifications.
Kiwi Property is implementing
this through energy efficiency
initiatives and emissions
reductions for existing assets and
through targeting Green Star and
Homestar certifications for our
new developments.
Kiwi Property 2024 Climate-related Disclosures17

Insurance costs – transition risk
In recent years, the costs associated with Kiwi
Property’s insurance programme have increased.
While Kiwi Property understands that a range of
considerations are taken into account by its insurers
in determining pricing, our understanding is that
the increased frequency and severity of extreme
weather events is one factor placing upwards
pressure on insurance prices. This, in turn, has
impacted Kiwi Property’s operational expenditure,
where it can’t be fully recovered from tenants.
Tenant expectations – transition risk
There is already expectation from anchor tenants,
to continue improving the energy efficiency
performance of our existing assets and new
developments. We expect this to continue as
awareness of possible climate impacts grows. Our
continuing efforts to develop and upgrade to highly-
rated, high-performing and climate-resilient assets
are considered ‘no regrets’ actions that improve
both their current appeal and future performance.
As outlined in the statement of compliance on
page 2, Kiwi Property has chosen to use adoption
provision 1: current financial impacts, which exempts
us from disclosing current financial impacts of
climate-related risks and opportunities in FY24.
Impact of climate-related risks and
opportunities on capital deployment
and funding
Our climate-related risks and opportunities
have informed our internal capital deployment
and funding decision-making processes in the
following ways:
•Reflecting increased demand for buildings with
sustainability ratings, we have set targets in
relation to the achievement of sustainability
ratings for new and existing assets as set out
further in the Metrics and Targets section of
this report. These targets in turn influence
capital allocation decisions about new and
existing assets.
• We established a green bond programme in 2021,
with total outstanding issuance of $500 million
as at 31 March 2024. The most recent green
bond was $125 million issued in March 2023
for a 6.5-year term. This followed a successful
$150 million 7-year green bond issue in July 2021.
Green bonds are use of proceeds instruments
where borrowed funds are notionally used for
specific sustainability-related purposes. In the
case of our most recent green bond issue, this
purpose was to notionally finance or refinance low
carbon and energy efficient buildings. The green
bonds are underpinned by our Sustainable Debt
Framework, which sets out how we intend to use
sustainable debt and the external principles and
standards we use to govern their management,
reporting and assurance.
• Other sources of expenditure related to emissions
reductions and climate risk mitigation occur
primarily through capital expenditure budgets
for our assets.
Progress towards transition planning
As outlined in the statement of compliance on
page 2, Kiwi Property has elected to use adoption
provision 3, which exempts Kiwi Property from
disclosing in its first reporting period the transition
plan aspects of its strategy and the extent to which
these are aligned with its internal capital and funding
decision-making processes.
Kiwi Property’s Decarbonisation Plan guides our
initiatives to reduce our emissions. The plan
focuses on working with our partners to implement
efficiency programmes such as improved metering
to optimise building performance, replacing fossil
fuels with onsite renewable energy, and reducing
waste and water use. In FY24 our initiatives included
replacing gas water heaters with electric, refining
our building management systems and continued
our focus on our waste management practices.
The NZ CS define a transition plan as “an aspect
of an entity’s overall strategy that describes an
entity’s targets, including any interim targets, and
actions for its transition towards a low-emissions,
climate-resilient future.” While Kiwi Property has
not yet developed a full transition plan, we are
already enacting a number of strategic, operational,
and financial responses to our climate risks as
outlined throughout this report (see, in particular
the responses to our climate-related risks on pages
15 and 16). We anticipate communicating more
information about our transition plan in FY25.
Strategy continued
Kiwi Property 2024 Climate-related Disclosures18

Risk management
This section sets out how Kiwi Property
identifies, assesses and manages climate-
related risks and opportunities, and how
these processes are integrated into existing
risk management processes.
Kiwi Property risk management
framework
Kiwi Property has adopted a risk management
framework which aligns with the New Zealand
and Australian Risk Management Standard
(AS/NZS ISO 31000:2009).
Our Risk Management Policy includes our risk
management principles. The key objectives of this
policy are to ensure:
• we manage effectively the risks we face in
achieving our objectives, and
• our people are aware of and meet their
responsibilities to identify, evaluate and treat
the risks that may prevent or restrict us from
achieving our objectives.
As outlined in the Governance section of this report,
our Board is ultimately responsible for ensuring
we manage the risks we face and the Audit and
Risk Committee assists the Board in relation to
the oversight of our risk management framework
and policy.
Identifying and assessing
climate-related risks
Kiwi Property’s process for identifying and assessing
climate-related risks is led by the ESG Leadership
Team with input from the Executive Team. Since
FY22, Kiwi Property has undertaken an annual
assessment of its climate-related risks.
In FY24, Kiwi Property undertook a detailed climate
risk assessment using its Risk Management
Framework (RMF). A key aspect of this assessment
was the scenario analysis outlined in the Strategy
section of this report. External advisers facilitated
a multi-month process, involving two workshops
with our ESG Leadership Team, to identify and
assess climate-related risks and opportunities.
A final workshop was held with our Executive Team
to confirm results.
Our process considered both physical risks (being
risks relating to the physical impacts of climate
change) and transition risks (being risks related
to the transition to a low-emissions, climate-
resilient economy). No parts of our value chain
were excluded from this assessment however, many
suppliers in our value chain are still developing their
climate risk maturity and as such Kiwi Property’s
current understanding of climate-related risks
across the whole value chain, particularly the supply
chain, is limited by availability and quality of data
and information. The sources used to identify
potential climate risks as part of Kiwi Property’s
climate risk assessment in 2024 included:
• An internal ‘current climate impacts’ survey which
asked relevant individuals within Kiwi Property to
provide information about the impacts of climate
change on the parts of the business in which they
are involved.
• A facilitated exploration of the three scenario
narratives customised for our business.
• Asset level climate risks assessments undertaken
during FY24. These asset-level assessments were
undertaken by the operational team, with oversight
from the Head of Sustainability.
• The climate risk longlist provided in the NZGBC
sector-specific scenarios work (described in the
Strategy section of this report).
Kiwi Property 2024 Climate-related Disclosures19

Risks from these sources were screened for
relevance to our business. In a workshop setting, the
ESG Leadership Team then used a software platform
(Menti) to assess the likelihood and potential impact
of these risks, with reference to our RMF and our risk
timeframes (shown on page 14). The Executive Team
and Board each made minor modifications to the
results before the risks were approved by the Board.
Managing climate-related risks
Decisions as to how specific climate-related risks
will be managed are made by Kiwi Property in the
following ways:
• At the asset level, decisions about improvements
to assets are made by Kiwi Property’s operational
team, with oversight from the GM Asset
Management. For example, this includes decisions
to re-roof buildings which increases the resilience
of our assets to heavy rainfall.
• At the business level, decisions as to the
management of climate-related risks and
opportunities are made by management. For
example, this included the decision to implement
targets for the achievement of NABERSNZ and
Green Star ratings where buildings are eligible
for these (with these targets subsequently
being approved by the Board as part of the
Sustainability Strategy).
•The ESG Leadership Team is responsible for
overseeing the operational implementation
of the Sustainability Strategy. This includes
making decisions relevant to the management
of some climate-related risks and opportunities,
with approval from the ESGC. For example, this
included the agreed deliverables for FY24 to
undertake climate risk assessments and develop
decarbonisation plans for each Kiwi Property
asset. More information on this is set out in the
Governance section on page 8.
Specific actions that Kiwi Property is taking to
respond to Kiwi Property’s material climate-related
risks are set out in the Strategy section on pages
15 & 16. They include capital expenditure on roof
upgrades and energy efficiency initiatives.
Integrating climate risks into our risk
management process
Climate risk is integrated into our enterprise-
level risk processes and treated equivalently
to other enterprise-level risks with oversight
from the GM Asset Management, the Risk and
Compliance Committee and the ARC. The RMF
is also the primary tool that Kiwi Property uses
to prioritise climate-related risks relative to other
types of risk by enabling comparison between
all categories of risk.
Climate change risk appears as a key risk in
our register of key risks, which is maintained by
management and reviewed by the ARC quarterly.
This risk is included as an overarching risk, with
more detail of specific climate risks provided
underneath the overarching risk. New granular
climate risks identified in FY24 have not to date
been incorporated into the risk register, but these
have been recorded for future monitoring and action
as Kiwi Property determines to be appropriate.
Time horizons
Our time horizons used for our risk assessment are
detailed under the Strategy section on page 14 of
this report.
Risk management continued
Kiwi Property 2024 Climate-related Disclosures20

Metrics and
Ta r ge t s
This section outlines the metrics and targets
relating to the measurement and management
of Kiwi Property’s climate-related risks and
opportunities.
For all the metrics disclosed in this section, Kiwi
Property has chosen to utilise Adoption Provision
6: Comparatives for metrics, which exempts
us from disclosing comparative information
for the immediately preceding two reporting
periods in FY24.
Greenhouse gas emissions
The table below sets out Kiwi Property’s Scope 1,
Scope 2 and selected Scope 3 greenhouse gas
(GHG) emissions, expressed in metric tonnes of
carbon dioxide equivalent (TCO
2
e).
GHG emissions by scope for FY24
ScopeCategoryEmissions tCO
2
e
Scope 1Category 1: Direct emissions
• Natural gas
• Diesel used in back-up generators and sprinkler pump systems
and
• Fugitive refrigerant from Heating, Ventilation and Air Conditioning
327.72
Scope 2
Location based method
Category 2: Indirect emissions from imported energy
• Electricity used in common areas and Head Office
727.26
Scope 3Category 3: Indirect emissions from transportation
• Business travel
106.44
Category 4: Indirect emissions from products used by organisation
• Transmission of energy (transmission and distribution losses)
• Water supply
• Waste to landfill
689.77
Category 5: Indirect emissions associated with the use of products
from the organisation
• Not measured
–
Category 6: Indirect emissions from other sources
• Not measured
–
Total gross emissions1851.19
Category 1 direct removals0
Purchased emission reductions0
Total net emissions1851.19
The GHG emissions in this table have been
measured in accordance with ISO 14064-1 2018
Greenhouse gases – Part 1: Specification with
guidance at the organization level for quantification
and reporting of greenhouse gas emissions and
removals. Emissions are reported using a location-
based methodology.
Scope 1 and 2 emissions include the “base build”
emissions (refrigeration and natural gas associated
with heating and cooling, diesel usage for back
generators and sprinkler pumps, and electricity
used in common areas and Head Office).
Kiwi Property 2024 Climate-related Disclosures21

Climate-related metrics, ambitions and targets for managing climate risks
Kiwi Property’s climate-related metrics, ambitions and targets, along with our performance against them as at
31 March 2024 are detailed in the tables below.
Metric / AmbitionAssessmentComment
GHG emissions intensity
Scope 1 + 2 GHG emissions
(tCO2e) / square metre
lettable area =
0.00283 tCO
2
eGHG emissions per net lettable area (NLA) is an
emissions intensity measure used in the property
sector to allow like-for-like comparisons between
different sized assets. NLA is the amount of space
(sqm) in a property available for leasing.
Emissions reductions
By 2030, Kiwi Property
has set an ambition to
be in a position whereby
its net Scope 1, Scope
2 and selected Scope 3
emissions are “net carbon
negative” in the sense that
they are more than fully
offset by the purchase
of voluntary carbon
credits in that year.
In terms of performance against
this ambition, as at 31 March
2024 Kiwi Property has achieved
a 73% reduction in the relevant
emissions (being Scope 1, Scope
2 and selected Scope 3) on a
gross basis compared to 2012,
our first year of recording these
emissions. When compared
against FY23, this reduction is
24%. We have previously used
2012 (calendar year) as the base
year for measuring progress
against our 2030 ambition,
however in FY24 Kiwi Property
has reset its base year to
be the financial year ending
31 March 2024.
We are describing this as an “ambition” rather than
a target, given that its achievement relies on the
purchase of offsets in 2030 rather than a reduction
in our gross greenhouse gas emissions by a specified
amount over time. Kiwi Property has, however,
put in place a Decarbonisation Plan as part of this
overarching ambition which includes intended actions
to reduce Scope 1, Scope 2 and selected Scope 3
emissions, on an absolute basis.
In FY25, we are intending to expand the scope of
our emissions measurement and reporting and
review our emissions reduction ambitions. It is
possible our approach to offsetting will change as a
result of our intended review of our 2030 ambition.
Metrics and Targets continued
is challenging, including because “embodied
carbon” in construction materials is a significant
source of emissions (which Kiwi Property does not
presently quantify).
Kiwi Property’s Decarbonisation Plan is focused on
reducing operational emissions with the offsetting of
any residual balance with carbon credits purchased
on the voluntary carbon market currently planned
for 2030. The final quantity of offsets is not
yet known, nor have particular offset schemes
been chosen.
While Kiwi Property has prepared a Decarbonisation
Plan and has been implementing emission
reductions initiatives as outlined in this report, it
has not to date set an all-scopes target that aligns
with scientific pathways to limiting global warming
to 1.5 degrees Celsius. In FY25, as we measure and
report additional scope 3 emissions categories,
we are aiming to revisit our aspirations for future
emissions reductions. However, Kiwi Property
recognises that decarbonising the construction
sector in line with scientific pathways to 1.5 degrees
Scope 3 emissions are indirect emissions and
Kiwi Property is measuring and disclosing in FY24
emissions from the following sources: business
travel (flights, mileage, taxis and rental vehicles),
transmission and distribution losses for natural
gas and electricity, and water and waste that is
controlled through Kiwi Property loading docks.
Kiwi Property has utilised Adoption provision
4, which exempts us from disclosing Scope 3
emissions. Kiwi Property has chosen to disclose
a subset of its scope 3 emissions.
For further information on the methods and
assumptions used to calculate or (where applicable)
estimate Kiwi Property’s GHG emissions, the
limitations of those methods, and uncertainties
relevant to the quantification of Kiwi Property’s
GHG emissions, please refer to Appendix Two
of this report.
Kiwi Property 2024 Climate-related Disclosures22

Ta rge tTime frameBase yearStatusFY24 Performance
Existing office buildings
to target a minimum
4 star NABERSNZ rating.
Short
Medium
Long
2021Achieved for current
portfolio.
Ongoing for future
developments.
All eligible
3
buildings have
achieved a minimum 4 star
NABERSNZ rating.
• ANZ Raranga 5.5 stars
• ASB North Wharf 5 stars
• Aurora Centre 5.5 stars
• Vero Centre 4 stars
• 65 Bryce Street 4.5 stars
• Sylvia Park Shopping Centre
indicative 6 stars
New office and retail
buildings to target
a minimum 5 Green
Star rating.
Short
Medium
Long
2021Achieved for new
developments since target
was set.
Ongoing for future
developments.
3 Te Kehu Way office
development awarded
a 6 Green Star Design &
As Built NZ v1.0 rating.
New residential buildings
to target a minimum
7 Homestar rating.
Short
Medium
Long
2021On track for Resido Lynton.
Ongoing for future
developments.
Resido, our BTR development at
Sylvia Park has been awarded
an 8 star Homestar Design rating
and is on track for an 8 star Built
rating on completion.
3. Office buildings are eligible for a NABERSNZ rating once they have been operational for a minimum of 12 months.
Metrics and Targets continued
Remuneration
A description of the overall management
remuneration linked to climate-related risks and
opportunities is set out in the governance section
of this report on page 9.
Other key performance indicators
Kiwi Property does not currently use any key
performance indicators other than the metrics
outlined in this report to measure and manage
climate-related risks and opportunities.
Carbon pricing and offsetting
We currently do not use an internal emissions price
and are not offsetting. As described on page 22,
our 2030 ambition includes the purchase of offsets,
but it is possible this will be reviewed in future.
Kiwi Property 2024 Climate-related Disclosures23

Capital deployment toward climate-related risks and opportunities
The table below shows the capital expenditure on climate related initiatives for FY24.
Risks/opportunity and
items
FY24 gross
capital
expenditure
(exc. GST)
Method/assumptions
Sustainability ratings
for buildings
• Operational emissions
reductions.
$163,028Taken from actual spend in FY24. Kiwi Property spent $163,028 in capital
expenditure to reduce operational emissions. Initiatives included chiller
and Building Management System (BMS) upgrades. A BMS is used to
monitor to monitor energy use and temperatures, in a building and
modern BMS can be used to switch off equipment when it’s not needed
to help with energy efficiency.
• Heating, Ventilation
and Air Conditioning
(HVAC) system.
$7 7, 322Taken from actual spend in FY24. Kiwi Property spent $77,322
remediating HVAC units to progress our programme of preventing
leakage of refrigerants.
• Homestar Development
(Resido).
$126,674,142Taken from actual spend in FY24. During FY24, Kiwi Property deployed
a gross amount of $126,674,142 in capital expenditure towards our Build
To Rent Homestar development - Resido. This gross expenditure figure
does not separate between those costs that are climate-related and
those which are general costs associated with the Resido development,
and accordingly includes costs that are not linked to climate-related
risks and/or opportunities.
Extreme weather
mitigations
• Roofing projects
$340,984Taken from actual spend in FY24. Kiwi Property spent $340,984 in
FY24 on reroofing projects to better accommodate for increasing rain
volumes during storm events.
Metrics and Targets continued
Kiwi Property 2024 Climate-related Disclosures24

Exposure to climate-related risks and opportunities
Kiwi Property undertook a high-level, qualitative process to assess the potential exposure of its portfolio to
physical and transition risks and to climate-related opportunities. Our approach and understanding of how
climate-related risks and opportunities could impact our portfolio and business will develop over time, and this
may allow for more detailed reporting on these metrics in the future.
MetricAssessmentComment
Percentage of portfolio
by value that has a
sustainability rating i.e.
NABERSNZ, Green Star
and Homestar.
This is an industry-
based metric.
37% of our portfolio by value
4

has a sustainability rating.
Our sustainability performance and ratings allow us
to access ESG-focused capital markets. Green bonds
are use of proceeds instruments where borrowed
funds are notionally used for specific sustainability-
related purposes. In the case of our most recent
green bond issue, this includes notionally financing or
refinancing low carbon and energy efficient buildings.
Our Sustainable Debt Framework, which sets out how
we intend to use sustainable debt and the external
principles and standards we use to govern their
management, reporting and assurance, is underpinned
by our pool of “Green Assets”.
Sustainability ratings also help attract quality tenants
into our office portfolio.
Amount of portfolio
vulnerable to
transition risks.
All owned assets are
vulnerable to transition
risks to some extent.
In FY24 Kiwi Property experienced an increase in
insurance premiums which has increased operating
expenses. Kiwi Property understands that this increase
is attributable to a number of factors, including matters
relating to climate change.
Flooding and extreme weather events have contributed
to a challenging insurance market. We expect that, over
the medium to long term, particularly under Scenario
3, properties with proximity to the waterfront and in
known flood zones will be continually reviewed by our
insurers and may be subject to changes to availability
of insurance.
We have identified that only one of our commercial
assets has natural gas in the base build so it has
some vulnerability to the risk of not maintaining a
NABERSNZ rating that meets the expectations of our
premium office tenants. Kiwi Property has put in place
a decarbonisation plan and NABERSNZ improvement
plan for the asset with a view to mitigating this risk.
Under the new Green Star Buildings tool, all new
developments will be required to achieve a minimum
reduction in embodied carbon. In order to achieve a
Green Star Rating, Kiwi Property will need to meet this
requirement through design and use of low-carbon
building materials.
Metrics and Targets continued
4. Excluding properties categorised as “Sylvia Park adjoining properties” in the FY24 consolidated financial statements.
Kiwi Property 2024 Climate-related Disclosures25

MetricAssessmentComment
Amount of portfolio
vulnerable to physical risks.
All owned assets are vulnerable
to physical risks to some extent.
Kiwi Property undertook a high-level, qualitative
assessment of potential risk to our assets from
extreme weather events. We reviewed the following
data and information to inform our view:-
• Sea level rise using NIWA’s extreme sea level
flood maps
5
.
• Council flood maps
• Historical experience of the storm events
• Our assessment found that:-
• Assessing our assets using Scenario 3 and a 2050
end point, these assessments suggest that our
portfolio is not at significant risk from sea-level rise.
• Kiwi Property’s assets were at risk of moderate
levels of impact from flooding during extreme
weather events under Scenario 3 over the long-
term time horizon.
Due to the nature of the assessment undertaken there
are inherent limitations and uncertainties involved
with this metric.
New developments are being designed to mitigate
risk from surface flooding and mitigation plans are in
place at all existing assets. These include guttering
and roofing upgrades as well as pumps for basement
carparks where required.
Metrics and Targets continued
5. These maps provide a modelled representation of New Zealand’s 1% annual exceedance probability (AEP) extreme sea level flooding under current climatic sea
conditions, plus relative sea level rise up to 2m above present-day mean sea level. 1% AEP means conditions that have a 1% change of occurring once every 100 years).
Kiwi Property 2024 Climate-related Disclosures26

A description of each scenario is outlined in the table below, with a detailed description, methods, assumptions,
and sources of data used to construct the Sector Scenarios, on which Kiwi Property’s scenarios are based on
NZGBC’s website: www.nzgbc.org.nz/research-and-reports
ScenarioBrief description
1 - Orderly
transition
By 2025, world leaders have committed to a clear timeline to phase out fossil fuels and pursue
a steady transition towards a low-carbon global economy. The financial sector quickly makes
large amounts of capital available for the transition.
The global momentum takes little time to permeate to New Zealand, as in consecutive summers in
2024 and 2025 a sequence of bushfires, floods and ex-tropical cyclones create revamped support
for a stronger domestic response. This support overwhelms the Government’s claim that the
country is ‘too small to make a difference’, and in 2026 leads to the election of a new Government
with a mandate to lead New Zealand towards a decarbonised, adapted version of its economy
and society.
The new Government invests heavily in public transport and continues transport resilience efforts.
Combined with congestion charging and ever-rising petrol prices, people rely far more heavily
on public transport for commuting, shopping and entertainment. This in turn affects the value of
housing and other assets according to their reach within transport modes.
The new Government also tightens building standards, requiring gas to be phased out from both
existing non-residential and residential buildings as well as preventing the installation of fossil
gas infrastructure and connections in buildings except where there are no technically viable low
emissions alternatives. New builds are required to meet stringent energy standards in design and
operation as well as report on its whole-of-life embodied carbon, which spurs the construction
of several remarkable buildings in prominent city locations. More commonly, however, the effect
of the new standards is to increase costs across the sector, and to make it more attractive to
refurbish and repurpose existing buildings. As this cannot be achieved for all buildings, the new
standards create asset impairment for – and a rush to dump – non-viable older buildings.
By 2028, the ongoing, cumulative impacts of major weather events mean that local and central
governments reduce financial support for damages, including buy outs, with commercial buildings
only covered for 50 percent of rateable value. Home and business owners become acutely aware
of their financial exposure as more granular hazard maps, with distinct property IDs, are leaked
from a major commercial entity.
By 2030, insurance cover has moved entirely towards risk-based pricing, which in almost all
situations has meant an increase in premiums. Insurance retreat is now a clear pattern for
residential property and has begun to be applied to storm surge- and floodplain-prone assets with
the non-residential property sector. Where insurance cover remains, more stringent physical risk
assessments and building modifications are becoming an annual headache for asset owners.
Appendix One
Our climate scenarios
Kiwi Property 2024 Climate-related Disclosures27

ScenarioBrief description
2 – Disorderly
transition
From 2024 onwards, the international political community produces a string of failures at
COPs, leading to a global stall on emissions reduction efforts and momentum. New Zealand
mirrors this domestically, entering what will become known retrospectively as ‘the lost
decade’ on climate. Through the mid-late 2020s, consecutive New Zealand governments
concoct legal and diplomatic manoeuvres to skirt the activation of the ‘climate clause’
within the 2023 EU-NZ free trade agreement.
In the heavy storms of the summer of 2025-26, however, excessive rainfall leads to failure of
stormwater systems around several prominent retail assets. Financial actors – including insurers
and banks – act from a commercial imperative to tighten requirements around the location,
resilience and carbon-intensity of property assets they support. Asset owners bear the costs of
demonstrating – through costly modelling, ongoing renovations and changes to designs – that their
assets can absorb the extreme weather that the country is becoming more familiar with. Investors
begin to question the merits of the property sector relative to other places to invest their wealth.
In the northern hemisphere, an unrelenting season of fires in mid-2029 sparks a reckoning about
business practices for major companies in Europe and the US, whose commercial backers start
to question the viability – in carbon terms – of transporting their goods long distances to remote
markets. A shift in corporate reporting away from maximising shareholder profits means that even
viable commercial opportunities are subject to extra regulatory and investor screens.
Against this backdrop, the global political community reawakens to the climate crisis between
2030-32, where governments worldwide are elected with a wave of support for strong intervention
to safeguard their societies’ future.
In NZ, assets built to standards prior to 2030 face a suddenly increased risk of stranding, while
assets in design are delayed while costly redesign processes are undertaken. The sector finds it is
ill-equipped to accelerate its performance, as other countries begin using their market power to
sign preferential trade agreements with producers of key building materials (including low-carbon
cement and strengthened timber). A similar rush ensues for the talent and expertise required to
deploy these materials. As a small player, NZ is at the back of the queue, restricting the sector’s
ability to deliver on its targets. This subjects it to a high carbon credit burden under the ETS, and
the temptation of accepting less-than-savoury carbon credits in voluntary markets.
The situation stabilises for the property sector over the remainder of the decade to 2050, though
transport and electricity systems never regain the degree of reliability that the population – and
asset owners – crave. Climate migration allows NZ to reach a population of 6 million; however,
keeping it as a somewhat attractive destination for foreign companies with the capital to rely
on wind-assisted container ships to deliver a modest range of product to this isolated market.
Appendix One continued
Kiwi Property 2024 Climate-related Disclosures28

ScenarioBrief description
3 – Hot house
world
In New Zealand, two years after the 2023 Auckland Anniversary floods and Cyclone Gabrielle,
an initially constructive response from local and central governments is soon swallowed up
by mounting popular opposition to rates rises and the daunting engineering challenges of
repairing so much vulnerable infrastructure simultaneously. An air of climate ambivalence
takes root, which matches the prevailing sentiment abroad, where far-right governments
abandon emission reductions and cultivate a sense of ‘what’s in it for me?’.
Amid this environment small areas of climate action persist in the New Zealand property and
construction sector. Between 2025 and 2027, each of the major banks announces new restrictions
on lending to new builds for assets that aren’t deemed sufficiently climate resilient. Two major
insurers go even further in 2028 when they lay out near-term plans for insurance retreat for non-
residential property assets on floodplains and vulnerable to storm surges or landslips. This has the
effect of gutting many mid-market asset owners, while leaving larger companies with much higher
compliance burdens and costs.
International companies still interested in a presence in New Zealand demand much higher
asset standards on resilience and embodied carbon, which are needed not only for their own
sustainability credentials but also the safety of their employees and customers. A lack of
investment in renewables on the grid means this needs to be met through costly on-site renewable
installations at assets.
In 2029, the cumulative effect of high emissions causes a chain of climate catastrophes,
precipitating a bursting of the ‘carbon bubble’ and leading to a financial meltdown greater than the
2007-2008 financial crisis. This quickly carries through to New Zealand property and construction,
stalling many multi-year builds. Consumption spikes briefly as people begin setting themselves
up for simpler, more self-sufficient lifestyles, then drops off a cliff as people permanently rein in
discretionary spending.
Within two years, the financial crisis has stabilised but the property sector is now focused on
improving physical resilience at existing assets, in the face of climate impacts and a generally
uncertain economic future. In 2032, a new New Zealand Government promotes a radical shift –
though minimal financial support – for a pivot towards resilience and adaptation against future
climate impacts. This ‘least-worst’ option means an increase in rates to cover infrastructure costs,
further denting consumer spending, and soon also brings restrictions on the use of resources (cars,
heating, cooling) for non-critical purposes.
Appendix One continued
Kiwi Property 2024 Climate-related Disclosures29

A p p e n d i x Two
GHG Emissions methodology and assumptions
Reporting period and base year
The reporting period covered by this report,
including in relation to the disclosure of GHG
emissions, is FY24 (1 April 2023 to 31 March 2024).
For the purposes of tracking its progress on
emissions reduction, Kiwi Property has previously
used different time periods, and in FY24 it updated
its base year. Between 2012 and 2019, Kiwi Property
measured its emissions by reference to the calendar
year i.e. 1
st
January to 31
st
December. The base
year that Kiwi Property used for GHG emissions
measurement and associated reporting was 1
st

January 2012 to 31
st
December 2012.
For benchmarking purposes and comparability to
other REINZ (Real Estate Institute New Zealand)
companies, the decision was made in 2020 to
align the reporting period to Kiwi Property Group’s
financial reporting, which is 1st April to 31
st
March.
To ensure accuracy, reporting from all previous years
were independently verified by Ekos, this resulted
in no significant changes and therefore we did not
recalculate the previous years.
In describing our progress on emissions reduction
in this report, calendar year emissions are indicated
by the year (e.g. 2012 represents 1
st
January 2012 –
31
st
December 2012) and financial year emissions
indicated by ‘FY’ preceding the year (e.g. FY24
represents 1
st
April 2023 – 31
st
March 2024).
In FY24 Kiwi Property has reset its base year from
2012 to FY24 to account for significant changes to
the portfolio. Kiwi Property’s base year measurement
period is now 1
st
April 2023 to 31
st
March 2024. This
has resulted in a decrease to the base year inventory
of 4,710.81 tCO
2
e. Accordingly, when describing our
emissions reduction progress on page 22, we have
explained this by reference to both the calendar
year of 2012 and the financial year of FY23.
Organisational boundary and
consolidation approach
Kiwi Property applies an operational control
approach to identify and determine the boundary
of our GHG inventory.
A company has operational control over an asset/
operation if it has the authority to introduce and
implement operating policies at the operation. This
consolidation approach allows us to focus on those
emission sources over which we have operational
control and can therefore implement management
actions consistent with Kiwi Property’s sustainability
strategy. It does not, at this stage, cover new building
construction or major renovations of buildings which
are undertaken by Kiwi Property suppliers.
Organisational boundaries were set with reference
to the methodology described in the GHG Protocol
and ISO 14064-1:2018 standards.
Methodologies and uncertainties
Emissions have been quantified using the
calculation-based method based on activity
multiplied by greenhouse gas emission factors.
Emission factors and Global Warming Potential rates
have been sourced from Toitū emanage who source
them from the Ministry for the Environment. To
minimise uncertainties in accuracy of this inventory,
data has been sourced wherever possible from a
verifiable source, as detailed on page 32.
Estimates have been used when reliable data has
not been available. Estimates were used for the
following:-
•Westgate Lifestyle Diesel usage for April 2023
• Sylvia Park Electricity usage for October 2023
•The Plaza water usage for 3 days in March 2024
• The Base water usage from 6 to 31 March 2024
• Sylvia Park water usage for January, February
and March 2024
• Aurora Centre water usage from 20 February to
31 March 2024
•The Base LFR electricity for March 2024
Kiwi Property 2024 Climate-related Disclosures30

Operational boundary
The FY24 GHG emissions inventory covers scope 1
and 2 emissions and scope 3 emissions where the
group has sufficiently reliable measurements for
scope 3 categories.
Improving the accuracy and extent of our scope 3
measurement is an ongoing area of focus, working
towards reliable measurement of all material scope 3
emissions categories in FY25.
Scope 1 and 2 emissions include the “base build”
emissions (refrigeration and natural gas associated
with heating and cooling, and stationary diesel
and electricity).
Scope 3 emissions are indirect emissions and
currently includes business travel (flights, employee
mileage, taxis and rental vehicles), transmission
and distribution losses from electricity and natural
gas, water and waste. Waste in this report is waste
to landfill that is controlled through Kiwi Property
loading docks.
The table below shows the assets that have been
included in Kiwi Property’s inventory.
Appendix Two continued
Kiwi Property Group Limited
Head office – Level 7 Vero Centre
Mixed-useRetailOffice
Sylvia Park PrecinctThe PlazaThe Aurora Centre
LynnMallCentre Place NorthVero Centre
The Base Westgate Lifestyle65 Bryce Street
Excluded assets
Assets under Management
Centre Place South - Kiwi Property does not own
Centre Place South and has a limited operational
management contract for this building, which does
not include decision making on capital investments,
energy contracts or building operation hours. Centre
Place South’s electricity, gas and HFC’s are excluded.
Kiwi Property manages and sets waste disposal
processes which the tenants are encouraged
to follow. Waste data for Centre Place South is
captured in Centre Place North’s reporting.
Northlands - Kiwi Property does not own Northlands
and has a limited operational management contract
for this building, which does not include decision
making on capital investments, energy contracts
or building operation hours.
ASB North Wharf - A single tenant occupies most
of this office asset and Kiwi Property has limited
operational control.
Development Land and sundry properties
Sundry properties are either residential or
industrial and emissions are controlled by tenants.
Where there is common area that is controlled
by Kiwi Property such as at 77 & 89 Carbine Road
those emissions are included in this report.
Drury and other bare development land has
been excluded.
Kiwi Property 2024 Climate-related Disclosures31

GHG emissions sources included
GHG emissions
category
GHG emissions
source or
sink subcategory
Data
source
Explanation of uncertainties or assumptions
around data and evidence
Scope 1 Indirect emissions
Category 1
Natural gas -
stationary
Natural gas is
used for heating
buildings
common areas.
Supplier
invoices.
Check
meters.
The gas usage is metered when it comes into the building and
the gas providers then invoice Kiwi Property. Check meters in the
building provide readings for tenant usage.
Data is read on internal check meters and allocated to tenants or
common areas accordingly. If tenant check meters are used then
the remainder is allocated to landlord consumption.
These meters have a +/-2% accuracy by law and so the usage is
considered to have low uncertainty.
Stationary
diesel
Diesel is used
in pumps for
sprinkler systems
and in back-up
generators.
Supplier
records.
The sprinkler systems are regularly tested by external contractors,
who invoice Kiwi Property and report on diesel used. The Facilities
Managers report this usage.
There is low uncertainty as the Facilities Managers can check usage
against levels of stored diesel.
Fugitive
emissions from
air conditioning
units
Leakage of
refrigerants from
HVAC systems in
common areas.
Records
from
suppliers.
Refrigeration data is collected annually.
The HVAC systems are regularly maintained by external contractors,
who report the refrigerant top ups. There is low uncertainty as the
kilograms of refrigerant added is measured.
Refrigerants used include: HCFC-22 (R-22, Genetron 22 or Freon 22),
HFC-134a, R-404A, R-407C, R-410A.
Overall
assessment
of uncertainty
for Category 1
Low
Scope 2 Indirect emissions
Electricity Electricity
consumption
from common
areas.
Records
from
embedded
network
operator
and
invoices
from
electricity
suppliers.
Electricity is imported by Kiwi Property Group for common areas and
administration areas of buildings, and head office. This electricity is
primarily used for lighting, heating and cooling.
The electricity usage is metered when it comes into the building and
providers then invoice Kiwi Property.
Where there is an embedded network Kiwi Property receives a report
from the embedded network operator which states the residual
which is used for common areas.
These meters have a +/-2% accuracy by law and so the kwh usage is
considered to have low uncertainty.
Overall
assessment
of uncertainty
for Category 2
emissions and
removals
Low
Appendix Two continued
Kiwi Property 2024 Climate-related Disclosures32

GHG emissions
category
GHG emissions
source or
sink subcategory
Data
source
Explanation of uncertainties or assumptions
around data and evidence
Scope 3 Indirect emissions
Category 3
Business travel
- Transport
(non-company
owned
vehicles)
Flights, mileage,
taxis and rental
vehicles.
Supplier
report.
Internal
finance
system.
Kiwi Property Group uses Flight Centre to book all travel. A report
is provided by Flight Centre that includes flight information
that is used to calculate the emissions. The sources of data are
considered reliable.
Taxis and mileage are recorded in our internal financial tracking
system. There is a higher level of uncertainty as kms are reported
by the employee and type of vehicle is not currently collected.
This represents a smaller portion of the emissions.
Category 4
Water
Water supply.Supplier
invoices.
Check
meters.
The water usage is metered when it comes into the building and
the water providers then invoice Kiwi Property. Check meters in the
building provide readings for tenant usage.
Data is read on internal check meters and allocated to tenants
or common areas accordingly. If tenant check meters are used
then the remainder is allocated to landlord consumption.
These meters have a +/-2% accuracy by law and so the usage is
considered to have low uncertainty.
WasteWaste generated
from building
operations.
Supplier
reports.
Waste generated within the buildings is recorded. This waste is
primarily produced by tenants and shoppers in the retail centres.
The data is reported monthly by waste collection providers who
weigh the bins as they are collected and then provide monthly
reports with the weight of collections stated in kilograms or tonnes.
Waste data collected is waste to landfill that is controlled through
Kiwi Property loading docks. Waste that is controlled by tenants
with their own loading docks, where Kiwi Property has no operational
control, is excluded. For example all supermarkets and most major
retailers have their own loading docks. The tenants at Bryce Street
and Aurora Centre also manage their own waste.
Construction waste is currently excluded from this inventory.
All landfill waste is sent to landfills with gas recovery. There is low
uncertainty regarding the waste calculations.
Transmission
of energy (T&D
losses)
Electricity
distributed T&D
losses, Natural
Gas distributed
T&D losses.
Supplier
invoices.
Data for electricity and gas were sourced from invoices and meter
readings taken monthly. By law, meters used for billing should
operate within a 2% error tolerance. The kWh data is reviewed by
Facilities Managers on a monthly basis and reported to senior
management, creating a low level of uncertainty.
Overall
assessment
of uncertainty
for Category 4
emissions and
removals
Low
Appendix Two continued
Kiwi Property 2024 Climate-related Disclosures33

GHG emissions sources excluded
ScopeGHG emissions
category
GHG emissions sourceReason for exclusion
Upstream (purchased goods & services)
3Purchased goods
& services.
Expenses related to operational
activity i.e. office supplies, legal,
insurance, consultants and
construction sites.
Reliable calculation of emissions not available.
Work underway in 2024 to determine
these emissions.  
3Capital goods
(e.g. plant,
property &
equipment).
Upstream emissions from goods
used to build/repair a building.
Embodied carbon in
development properties.
Reliable calculation of emissions not available.

Work underway in 2024 to determine
these emissions.
3Transportation &
distribution.
Emissions from transportation
of products purchased by
company.
Emissions from couriers used by Kiwi Property
fall below the 1% threshold and are excluded.
3Employee
commuting.
Travel between work and home.Reliable calculation of emissions not available.
Work underway in 2024 to determine
these emissions.
Downstream (sold goods and services)
3Downstream
leased assets
(properties.
Reliable calculation of emissions not available.

Work underway in 2024 to determine
these emissions.
3End of Life
Treatment of sold
product/ Use of
sold product.
Not applicable
3Investments.Not applicable
3Franchises.Not applicable
3Processing of
sold products.
Not applicable
3Transportation &
distribution.
Not applicable
Biogenic carbon
Kiwi Property does not use any biofuel, burn biomass or have any agriculture or forestry activities so has no
biogenic emissions or carbon removals.
Appendix Two continued
Kiwi Property 2024 Climate-related Disclosures34

Kiwi Property 2024 Climate-related Disclosures35

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