Kiwi Property Annual Meeting 2024 presentation and address

Kiwi Property
Annual Meeting
2024
27 June 2024

2
•Business update
•FY24 performance overview
•Questions
•Formal business
Annual meeting agenda
Unless otherwise stated, all information provided in this presentation is for the year ended
and/or as at 31 March 2024. For further information, refer to our website kp.co.nz or NZX.com.

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3
How to ask a written question

Business update
4

5
Macro-economic challenges continued in FY24
High interest ratesWeak economyLow consumer confidence

6
1. Lead the market on retail-led mixed-use
Create flagship mixed-use assets at high-growth
metropolitan town centres.
2. Grow with diverse capital sources
Recycle capital and partner with investors to grow
assets under management.
3. Enable customer and partner success
Drive asset performance and develop strategic long-
term customer relationships.
4. Build a future-fit business
Harness the power of digital, deliver on sustainability
and build a winning team.
We have a clear strategy
for creatingvalue
Ambition:
To be New Zealand’s
leading creator and
curator of retail-led
mixed-use
communities
Lead the market
on retail-led
mixed-use
Grow with
diverse sources
of capital
Enable
customer and
partner success
Build a
future-fit
business

7
•Prime Minister Christopher Luxon
opened Resido on 11 June 2024.
•The 295-apartment complex is
the largest build-to-rent
development in New Zealand.

•Resido’s opening marks an
important milestone in Sylvia
Park’s mixed-use evolution.
•~17% of apartments have already
been leased or have applications
being processed, with full
occupancy targeted within 12-18
months.
Resido opens for business
Residential accommodation comes to Sylvia Park

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2. ANZ Raranga
11,620 sqm office
Completed 2018
3. 3 Te Kehu Way
7,269 sqm office
Completed 2023
1. Resido
295 units
Opened 11 June 2024
12
5
Residential
(Live)
Office
(Work)
Retail
(Shop and Play)
6. IKEA
34,000 sqm store
Under construction
5. Sylvia Lane
Dining precinct
Refurbished 2022
4. Sylvia Park
Shopping Centre
94,261 sqm retail centre
Expanded 2020
1
23
4
5
6
Sylvia Park Precinct
30-year masterplan
Realising our mixed-use strategy at Sylvia Park
Phase one of the precinct's transformation comes to fruition

9
•Drury Stage 1 earthworks are now
complete.
•Advanced negotiations with
international and large-format
retailers regarding potential site sales
are underway.
•Our objective is to maximise returns
from Stage 1 land sales and develop
the town centre over time.
•Target internal rate of return:
•Land development: 15-20%.
•Town centre development: 8-12%.
Drury development continues
Bringing retail-led mixed-use to life south of Auckland

10
•The Vero Centre was
conditionally sold to a Hong
Kong China-based institutional
investor on 16 May 2024.
•The $458 million sale price
represents a 1.9% discount to
the September 2023 valuation.
•The deal is subject to Overseas
Investment Office approval.
•Sale proceeds will be used to
repay bank debt, reducing pro
forma gearing to around 27%.
Recycling capital
Vero Centre sale unlocks new opportunities

FY24 performance overview
11

A solid operating result despite
economic headwinds
$184.6m
$107.7m
-$2.1m
Net rental income
(+5.8% like-for-like)
Operating profit before tax
(-4.4% like-for-like)
Net loss after tax
(-$227.7m)
12
General note: Comparative figures relate to the FY23 period, unless otherwise stated. Net rental income, operating profit before tax and adjusted
funds from operations have been reported on this page on a like-for-like basis, which excludes the impact of asset sales and theprior year
release of COVID-19 abatement accruals. Refer to Annual Results Presentation 2024 for the definition and determination of non-GAAP measures.
$99.3m
Adjusted funds from operations
(-1.5% like-for-like)
12

Sustained sales performance
Retail sales were resilient in FY24, however growth has moderated
$2.1b
37m
$904m
$531m
Portfolio sales
(+1.4%)
Customer visits
(+2.3m)
Sylvia Park Precinct sales
(+0.0%)
Te Awa, The Base sales
(+4.1%)
13

Delivering rental growth
~590
+4.4%
Total leasing transactionsTotal rental movement
+18.7%
Rental movement:
New office leases
14
General note: The figures on this page include Vero Centre, which was held for sale at 31-Mar-24.

Driving cost control
9%
$2.9m
Reduction in
employee headcount
Targeted decrease in
people-related costs
3
Improvement in ratio of
management expenses to net
property income targeted
15
percentage
point

16
3 Te Kehu Way awarded
New Zealand’s first
6-Green Star Design &
As Built NZ v1.0Built rating
Sylvia Park achieves
indicative 6-Star NABERS
Shopping Centre Energy
rating
Over 1,300,000 kWh of
solar power generated at
Sylvia Park in FY24
4-Star minimum NABERSNZ
rating achieved across
office portfolio
Delivering on our sustainabilitystrategy
Enhancing our assets’ ESG performance

FY25 priorities
Strategic initiatives will help drive returns and create value for shareholders
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Successfully lease up
Resido
Complete the
Vero Centre divestment
Drive sustained
operational excellence
Execute the sell-down of
Drury large format retail
sites
Grow and deliver returns for shareholders

Dividend and outlook
5.70cps
5.40cps
FY24 dividendFY25 dividend guidance
1
9.8%
Gross dividend yield
2
18
1: FY25 dividend guidance and payments are contingent on Kiwi Property’s financial performance through the financial year and barring material adverse effects or unforeseen
circumstances. 2: Based on FY25 dividend guidance, a marginal tax rate of 33% and a share price of $0.82 (representing the closing share price recorded on the NZX on 24 May 2024).

19
Questions
19

Formal business
20

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2.Enter your Shareholder Number
or Proxy Number and click
“Submit Details and Vote”.
3.Fill out your voting card for
each item of business.
4.Click “Submit Vote” or “Submit
Partial Vote”.
21
How to vote

Resolutions 1 and 2:
Re-election / election of directors
Explanatory information:
•In accordance with the Company’s constitution and the NZX Listing Rules,
Chris Aiken and Kevin Kenrick will retire at this meeting, however Chris offers himself for
re-election and Kevin offers himself for election.
•The Board has determined that Chris Aiken and Kevin Kenrick will be independent
directors for the purposes of the NZX Listing Rules, if re-elected or elected.
•The Notice of Meeting contains information on what it means to be an independent
director for the purposes of the NZX Listing Rules.
22

Resolution 1:
About Chris
Chris Aiken
•BA
Date appointed:
•June 2021
Board committees:
•Chair of the ESG Committee
•Member of the Remuneration and Nominations Committee
23

Resolution 2:
About Kevin
Kevin Kenrick
•BBus
Date appointed:
•May 2024
Background:
•Auckland-based professional director
•Current director of BNZ
•Former CEO of TVNZ and House of Travel
24

Resolutions 1 and 2:
Re-election / election of directors
The Board
1
recommends that you vote in favour of the re-election of
Chris Aiken and the election of Kevin Kenrick.
Rationale:
•The Board is committed to ensuring it possesses the appropriate mix of skills, knowledge,
experience and diversity to discharge its role and responsibilities.
•The Board supports the re-election of Chris Aiken and the election of Kevin Kenrick as it
considers they have the expertise to contribute to the overall skill set required by the
Board.
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1. The Board other than Chris Aiken and Kevin Kenrick in respect to their own positions.

That Chris Aiken be re-elected
as a director of the Company
Resolution 1
26

That Kevin Kenrick be elected
as a director of the Company
Resolution 2
27

Resolution 3:
Auditor’s remuneration
The Board recommends that you vote in favour of this resolution.
Rationale:
•The resolution sought is to authorise the directors to fix the remuneration of the auditor
pursuant to section 207(S)(a) of the Companies Act 1993.
28

That the directors of the Company be
authorised to fix the auditor’s
remuneration
Resolution 3
29

Proxy voting results
30
Resolution 1: That Chris Aiken be re-elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
984,097,803
814,241,65382.74%134,901,39913.71%34,954,7513.55%
Resolution 2: That Kevin Kenrick be elected as a director of the Company
Proxy votes lodgedForAgainstDiscretionary
984,429,953
948,802,17396.38%507,029
0.05%3
5,120,7513.57%
Resolution 3: That the directors of the Company be authorised to fix the auditor’s remuneration
Proxy votes lodgedForAgainstDiscretionary
984,672,614
948,471,17696.32%1,247,212
0.13%3
4,954,2263.55%

Thank you
31

Disclaimer:
Kiwi Property Group Limited has prepared this document. By accepting this document and to the maximum extent permitted by law, you acknowledge and agree to the following matters.
No liability
Kiwi Property Group Limited, its advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents (together ‘Kiwi Property’) expressly exclude and disclaim any and all liability which may arise from this document, any
information provided in connection with this document, any errors in or omissions from this document, from relying on or using this document or otherwise in connection with this document.
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Kiwi Property makes no representation or warranty, express or implied, as to the accuracy, completeness, reliability or sufficiency of the information in this document or the reasonableness of the assumptions in this document. All images (including any
dimensions) are for illustrative purposes only and are subject to change at any time and from time to time without notice.
Not advice
This document does not constitute advice of any kind whatsoever (including but without limitation investment, financial, tax, accounting or legal advice) and must not be relied upon as such. This document is intended to provide general information only
and does not take into account your objectives, situation or needs. You should assess whether the information in this document is appropriate for you and consider talking to a professional adviser or consultant.
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This document is for information purposes only and is not an invitation or offer of financial products for subscription, purchase or sale in any jurisdiction. This document is not a prospectus or product disclosure statement or other offering document
under New Zealand law or any other law. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States and will not be lodged with the U.S Securities Exchange Commission.
Past performance
Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) an indication or guarantee of future performance.
Future performance
This document contains certain "forward-looking statements" such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can generally be identified by the use of forward-looking words
such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast' , 'estimate', 'target', 'outlook', 'guidance' and other similar expressions. The forward-looking statements contained in this document are not guarantees
or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Kiwi Property, and may involve significant elements of subjective judgement and assumptions as to
future events which may or may not be correct. There is no assurance or guarantee that actual outcomes will not materially differ from these forward-looking statements. A number of important factors could cause actual results or performance to differ
materially from the forward-looking statements. Investors should consider the forward-looking statements contained in this document in light of this information. The forward-looking statements are based on information available to Kiwi Property as at
the date of this document.
Investment risk
An investment in the financial products of Kiwi Property Group Limited is subject to investment and other known and unknown risks, some of which are beyond the control of Kiwi Property Group Limited. Kiwi Property Group Limited does not guarantee its
performance or the performance of any of its financial products unless and to the extent explicitly stated in a prospectus or product disclosure statement or other offering document.
No duty to update
Statements made in this document are made only as the date of this document unless another date is specified. Except as required by law or regulation (including the NZX Listing Rules), Kiwi Property undertakes no obligation to provide any additional or
updated information or revise or reaffirm the information in this document whether as a result of new information, future events, results or otherwise. Kiwi Property Group Limited reserves the right to change any or all of the information in this document at
any time and from time to time without notice.
Caution regarding sales information
Any sales information included in this document has been obtained from third parties or, where such information has not been provided by third parties, estimated by Kiwi Property based on information available to it. The sales information has not been
independently verified. The sales information included in this document will not be complete where third parties have not provided complete sales information and Kiwi Property has not estimated sales information. You are cautioned that this document
should not be relied upon as a representation, warranty or undertaking in relation to the currency, accuracy, reliability or completeness of the sales information contained in this document.
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The copyright of this document and the information contained in it is vested in Kiwi Property Group Limited. This document should not be copied, reproduced or redistributed without the prior written consent of Kiwi Property Group Limited.
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Kiwi Property Group Limited is licensed under the Real Estate Agents Act 2008.
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Kiwi Property Annual Meeting 2024 Address


SLIDE 1: OPENING

Good afternoon, and thank you for joining us for the Kiwi Property annual
meeting of shareholders for 2024 – either in person here at Eden Park or online
via the Link virtual meeting platform.

My name is Simon Shakesheff. This is my first annual meeting as Chair of the Kiwi
Property Board, and it's my pleasure to be with you today. I am pleased to
advise there is a quorum present, and I declare this meeting open.

Before we start proceedings, I'd like to cover a few housekeeping matters.

Firstly, please put your mobile phone on silent. Toilet facilities are in the lobby
near the rear entrance to this room. If a fire alarm goes off, please follow staff in
an orderly fashion down the stairs and congregate in the car park at the front
of the building.

If you are participating in the meeting online and encounter any issues, please
refer to the virtual meeting online portal guide, or you can phone the Link
helpline on 0800 200 220.

And with that, let's get things underway. I want to start today's meeting by
introducing my colleagues on the Board.

Mary Jane Daly – Mary Jane was appointed to our Board in September 2014.
She is an Auckland-based professional director with a strong background in
banking and finance. Mary Jane is the Chair of our Audit and Risk Committee.

Carlie Eve – Carlie is an Auckland-based professional director. She joined our
Board in May 2023, following a successful finance and funds management
career. Carlie is a member of our Audit and Risk Committee.

Chris Aiken – Chris is an Auckland-based professional director who joined our
Board in June 2021 and stands for re-election today. He has significant property
experience spanning both the public and private sectors. Chris is the Chair of
our ESG Committee and a member of the Remuneration and Nominations
Committee.

Peter Alexander – is an Auckland-based professional director who joined our
Board last May. He has extensive property experience and has held executive
roles at several large listed New Zealand companies. Peter is a member of our
ESG Committee.

2

Kevin Kenrick – Kevin is an Auckland-based professional director who joined our
Board in May and stands for election today. He is currently a director of BNZ
and the former CEO of TVNZ and House of Travel. He has significant experience
leading the strategic transformation of prominent businesses across multiple
sectors, from travel to media.

In accordance with the NZX Listing Rules, the Board has determined that all
directors are independent. The Notice of Meeting also contains further
information on director independence.

Also joining us today are Clive Mackenzie, our Chief Executive Officer, and
Steve Penney, our Chief Financial Officer.

I warmly welcome the team from our registrar, Link Market Services. They will
help conduct the voting on the formal business later in the meeting and act as
scrutineer. Finally, I'd like to welcome Josh Burgess and Bryce Henderson from
Deloitte, our Group's auditor for the 2024 financial year.

SLIDE 2: AGENDA

I will start with a brief address and then invite Clive to provide an update on the
Company's financial performance for the year ended 31 March 2024 or FY24.

After these presentations, we will then take questions and conduct the formal
business for today, being resolutions to:
• Re-elect Chris to the Board
• Elect Kevin to the Board
• Fix the auditor’s remuneration

SLIDE 3: HOW TO ASK A QUESTION

Shareholders present at today's meeting can ask questions, as can those
participating through the virtual meeting website. If you are online, you may
submit a question at any time by clicking on the 'Ask a Question' box at the top
or bottom of the online portal, as shown here. We will answer general questions
after the business update and performance overview and then specific
questions relating to each resolution before voting on them.

I encourage shareholders who are attending online to send their questions
through as soon as possible. This will allow us to answer these questions at the
appropriate point in the meeting. As this is a shareholders' meeting, only
shareholders or appointed proxies can ask a question, so you will be prompted
to input your Shareholder or Proxy number before completing the online
process.

3

SLIDE 4: BUSINESS UPDATE

Moving now to my remarks.

SLIDE 5: MACRO-ECONOMIC CHALLENGES CONTINUED IN FY24

The last few years have been challenging - not just for our Company but for the
property sector as a whole. We have contended with the impact of COVID-19
and the disruption that has followed, including high interest rates and low
consumer confidence. Factors such as these have contributed to the weak
economy seen in New Zealand over recent years, including GDP growth of just
0.2% in the March 2024 quarter.

These factors have placed downward pressure on the share price of New
Zealand’s listed real estate companies. As a result, Kiwi Property stock is
currently trading at a significant discount to our net asset backing. This is
disappointing and I have no doubt you feel the same.

Unfortunately, we don’t determine how our stock trades. What we can do,
though, is manage the business as efficiently as possible and deliver on the
substantial opportunities inherent within our asset base.

While there is still work to be done, we made good progress on both these
fronts in FY24 – achieving a solid underlying operating performance while
simultaneously reshaping our portfolio and strengthening our balance sheet. In
addition, we made important headway on our strategic evolution from being a
retail and office landlord to the creator of connected communities at key
transport nodes, positioning the business for future growth.

SLIDE 6: WE HAVE A CLEAR STRATEGY FOR CREATING VALUE

Kiwi Property aims to drive superior returns for investors over time through the
ownership, development, and management of a quality real estate portfolio.
We are guided by our four-pillar business strategy, shown on this slide.

The first strategic pillar is to lead the market on retail-led mixed-use. We believe
that by aggregating a range of property types at Sylvia Park, LynnMall, The
Base and ultimately Drury, we will create a competitive point of difference,
drive more robust valuations, and generate superior returns.

Secondly, we will grow with diverse capital sources. By recycling capital and
partnering with a broad set of investors, we will help grow our assets under
management and reposition the business for higher quality, lower risk earnings.

4
Thirdly, we enable the success of our customers and partners by creating and
curating market-leading property assets and strategic long-term relationships.

And finally, the fourth pillar of our strategy is to build a future-fit business. We’ll
do this by driving operational excellence, harnessing the power of digital,
delivering on sustainability and building a high-performance culture.

Let me take you through some examples of our strategy in action.

SLIDE 7: RESIDO OPENS FOR BUSINESS

On 11 June, Prime Minister Christopher Luxon opened our Resido residential
development at Sylvia Park, taking the asset a step closer to becoming a world-
class retail-led mixed-use precinct.

The 295-apartment Resido complex is the largest build-to-rent development in
New Zealand. It offers tenants a compelling mix of secure tenures, superb
amenities, and a convenient location next to the shopping, dining, and
transport options at Sylvia Park.

We believe that New Zealand’s strong net migration and rising demand for
rental accommodation are conducive to a bright future for build-to-rent, and
we’re proud to be at the forefront of this new asset class.

Leasing of Resido is now underway, with good initial interest. Around 17% of
apartments have now been leased, either directly or as part of our deal with
Australian flexible accommodation provider Urban Rest. While it’s still early,
we’re satisfied with the progress thus far and aim to have Resido let within the
next 12-18 months.

SLIDE 8: REALISING OUR MIXED-USE STRATEGY AT SYLVIA PARK

The opening of Resido brings residential accommodation to Sylvia Park for the
first time and marks the culmination of phase one of the asset’s transformation
from a shopping mall to a connected community.

The precinct began this journey several years ago with the opening of ANZ
Raranga. Since then, we’ve added 20,000 sqm of galleria retail, the Sylvia Lane
dining precinct, and a second office building at 3 Te Kehu Way.

That building is now 96% leased, with ASB recently signing an agreement to rent
over 1,700 square metres of floor space. The bank joins other blue-chip
corporates such as ANZ and IAG, which also have a significant presence at
Sylvia Park. This reflects the quality of tenants seeking commercial space in the
precinct, attracted by its amenities, location, and sustainability credentials.

5

We’ve achieved considerable progress at Sylvia Park over recent years, but as
this masterplan shows, there’s an exciting road ahead, including the scheduled
opening of New Zealand’s first IKEA store from late 2025.

As we continue to progress Sylvia Park, we’ll focus on achieving the highest and
best use for each square metre of our strategic landholding as we grow and
diversify the revenue from the site and drive further valuation uplift.

At Kiwi Property, we have never been afraid to invest in transformative
opportunities. In fact, we pride ourselves on planning for tomorrow – without
losing sight of where things are at and what's needed right now. Sylvia Park is
one of those opportunities. We believe it will continue going from strength to
strength, supporting improved business performance and shareholder returns.

SLIDE 9: DRURY DEVELOPMENT CONTINUES

Resido isn’t our only development highlight from FY24. We’ve also made good
progress at Drury, and stage one earthworks are now complete.

We’re currently in advanced negotiations with several local and international
large-format retailers regarding potential site sales, and we hope to be able to
provide more details on those transactions soon.

Our objective is to sell off the large-format retail and superlot sites and use the
proceeds to fund the infrastructure for Drury Stage 2. We’re already attracting
a high degree of interest from potential tenants who recognise Drury’s
significant potential. We’re looking forward to capitalising on that interest and,
in the process, unlocking returns for the business and our shareholders.

The development is forecast to deliver an IRR of between 15 and 20% on stage
one land development and 8-12% as we move into the creation of the town
centre at stage 2. We estimate that between FY26 and FY29, Drury will increase
adjusted funds from operations by between 0.5 and 0.6 cents per share, per
annum.

SLIDE 10: RECYCLING CAPITAL

On 16 May this year, we announced the conditional sale of the Vero Centre in
Auckland to a Hong Kong, China-based institutional investor for $458 million.
The transaction price represents a 1.9% discount to the building’s September
2023 valuation – a good outcome in the current office market.

6
The Vero Centre has been a cornerstone of our CBD office portfolio for around
20 years but given our focus on creating retail-led mixed-use centres, it is no
longer core to our strategy.

The transaction is subject to overseas investment office approval, but assuming
the deal settles, the proceeds will be used to repay bank debt, reducing our
pro-forma gearing by approximately ten percentage points to 27% -
comfortably within our self-imposed gearing range.

This additional headroom unlocks plenty of options for the company and will
enable us to consider strategic opportunities to grow earnings.

I'll now hand over to Clive to discuss our FY24 business performance and some
of our highlights from the past year.

SLIDE 11: FY24 PERFORMANCE OVERVIEW

Thanks, Simon and Kia Ora, everyone.

It's great to connect with our shareholders face-to-face once again. Thank you
for joining us. And to everyone viewing this event online, we appreciate you
logging on. As Simon mentioned, Kiwi Property delivered a robust operating
performance in FY24 while taking significant steps towards our ambition of
becoming New Zealand's leading creator and curator of retail-led mixed-use
communities.

Let's look at some of our key financial and operational highlights from FY24.

SLIDE 12: A SOLID OPERATING RESULT DESPITE ECONOMIC HEADWINDS

Over recent periods, we’ve continued to rebalance our portfolio towards assets
that we expect to be more resilient and perform better over time.

While the divestment of Northlands, Westgate Lifestyle, and 44 The Terrace saw
Kiwi Property’s total earnings decrease from the same time last year, when
viewed on a like-for-like basis to account for the impact of the asset sales and
the prior year's release of COVID-19 accruals, net rental income increased by
5.8% or $10.2m.

Operating profit before tax decreased by $5 million or 4.4% on a like-for-like
basis and adjusted funds from operations was down $1.5m or 1.5%. The relative
resilience of our valuations contributed to an improvement in our after-tax
performance, resulting in a net loss after tax of $2.1m in FY24, materially better
than the FY23 figure.

7
While our capital recycling programme has caused a decrease in income, by
selling our non-core assets and reinvesting the proceeds into new opportunities,
we will help create a higher-quality asset base and improve long-term returns
for our shareholders.

SLIDE 13: SUSTAINED SALES PERFORMANCE

I’d now like to turn your attention to some of the additional drivers of our FY24
results, beginning with the sales performance of our assets.

Retail spending has cooled in New Zealand over recent months, with figures
released by Stats NZ showing that electronic card transactions were down 3% in
March 2024 compared to the same time the year before.

Despite this general contraction, tenant sales across our property portfolio
increased 1.4% in FY24, reaching $2.1b, with pedestrian counts up 2.3 million, in
a continued rebound post-COVID-19.

The opening of new stores, such as JB Hifi and Mecca at The Base, saw sales
increase 4.1% at that centre, while LynnMall sales rose 1.8%, fuelled by the
arrival of JD Sports and the centre’s 60th-anniversary marketing campaign.

Sales at the Sylvia Park Precinct were flat on the year before, following
significant growth over recent periods, but remain well ahead of pre-COVID
figures.

While customers’ wallets are under pressure in the current financial climate and
retail sales have moderated over recent months, we believe that our leading
portfolio of retail-led mixed-use assets is well-placed to bounce back strongly as
cost-of-living pressures subside.

SLIDE 14: DELIVERING RENTAL GROWTH

While we’re pleased to have made progress on several of our long-term
initiatives, such as the opening of Resido that Simon mentioned earlier, we’re
equally committed to maximising the day-to-day operational performance of
our assets, including driving rental growth.

As you can see on this slide, we completed almost 590 leasing transactions in
FY24, achieving a 4.4% increase in total leasing spreads. New leases were
particularly strong, delivering a 5.3% uplift overall, with office up an impressive
18.7%, driven by new deals at the Vero Centre, where the departure of Bell
Gully has enabled us to bring in new tenants on more favourable current
market rents.

8
These figures demonstrate the flight to quality in the office market and the rise
of hub and spoke office locations such as Sylvia Park. Tenants are demanding
premium buildings with great amenities and excellent locations. We’re well
placed to meet those requirements, putting us in an excellent position to drive
further rental growth over the coming years.

SLIDE 15: DRIVING COST CONTROL IN FY24

Reducing corporate costs was a priority for the business in FY24. Over the past
couple of years, we’ve faced increased overheads related to the rollout of our
new enterprise Yardi IT system; however, with the project complete, those costs
will begin to normalise.

The productivity benefits flowing from the Yardi rollout, coupled with a range of
other HR initiatives, enabled us to deliver a headcount reduction of 9% in FY24.
Through a combination of technology and continuous business improvement,
we believe there is scope for further efficiency gains, enabling us to achieve
even more with less.

The total financial benefit of our cost-saving measures is expected from FY25,
including a $2.9 million decrease in people-related costs through lower wage
expenses and the removal of life insurance and employee share benefits.

Our aim is to reduce management expenses as a percentage of net rental
income by at least three percentage points, taking us below FY22 levels, the
last year before we incurred Yardi costs.

SLIDE 16: DELIVERING ON OUR SUSTAINABILITY STRATEGY

Cost savings weren’t the only area where we made headway in FY24; we also
achieved several milestones on our sustainability strategy during the year and
earned important sustainability ratings.

Our 3 Te Kehu Way office building was awarded the country’s first 6 Green Star
Design and As Built rating, highlighting its outstanding environmental
credentials.

With this recognition, our entire office portfolio now has a minimum NABERSNZ
rating of 4-Stars, highlighting the sustainability performance of our commercial
assets. With tenants increasingly requiring high NABERSNZ scores of their office
premises, we’re well-positioned to take advantage of this demand.

In the retail space, Sylvia Park was awarded a 6-Star NABERS indicative pilot
energy rating in November. As NABERS ratings aren’t currently available for
shopping centres in this country, we’ve been working with partners in Australia

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to bring this to fruition and are proud to be leading the charge for retail
landlords in New Zealand.

And finally, we increased Sylvia Park’s on-site renewable energy capacity, with
the addition of a new solar array that enabled us to generate over 1,300,000
kWh of power across the precinct in FY24 – providing enough electricity to
power 50% of its common areas.

SLIDE 17: FY25 PRIORITIES

That concludes my review of FY24. As we look ahead to FY25, the management
team and I have four key priorities.

First, we will proceed with leasing up Resido, aiming to have the building
tenanted within 12-18 months and demonstrating the potential of build-to-rent
in the New Zealand market.

Secondly, we’ll strive to complete the Vero Centre transaction and, in the
process, deliver the funds to pay down debt, reduce our gearing and create
the headroom to pursue accretive new opportunities.

Thirdly, we will look to sell LFR sites at Drury, unlocking the proceeds to
accelerate the development of stage 2 and the returns that go with it.

And finally, we will drive operational excellence across our high-quality asset
portfolio, focusing on cost control, growing rents and driving sales.

By doing these things, we will encourage income growth, build further balance
sheet resilience and help encourage a lift in the Kiwi Property share price. Kiwi
Property has come a long way over recent years, and while our strategic
transformation has taken time, I’m confident the steps we have taken will
deliver results for the business and our shareholders in the years to come.

I'll now hand back to Simon.

SLIDE 18: DIVIDEND AND OUTLOOK

Thanks, Clive. Kiwi Property paid a quarterly dividend of 1.425 cents per share
for Q4 FY24, taking the full-year dividend to 5.7 cents per share.

Recent government changes removing our ability to claim tax depreciation on
commercial buildings will reduce adjusted funds from operations by around 5%.
Unfortunately, we have been unable to offset this impost, and as a result, have
reduced the forecast dividend for FY25 to 5.4 cents per share. We remain
committed to delivering dividend growth from FY26, however, fuelled by the

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additional earnings from Resido, a fully leased 3 Te Kehu Way, and Drury land
sales, amongst other things.

As always, dividend guidance and payments are contingent on the company’s
performance, barring material adverse events or unforeseen circumstances.

Looking ahead, we believe Kiwi Property has the potential to benefit from
several of the social and economic trends currently facing New Zealand. The
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 Sylvia Park, LynnMall and The Base.

Ladies and gentlemen, that concludes our overview of the Company’s
activities for FY24.

SLIDE 19: QUESTIONS

Before moving to the formal business of the day, we would happily answer
questions. We ask that you limit your questions to the Company's activities at
this time. You will be able to ask questions about the formal business shortly. As
this is a shareholders' meeting, only shareholders or appointed proxies can ask a
question or vote.

When I call for questions, can shareholders present in the room please wait until
a microphone is provided to you and then clearly state your name before
asking the question. I will take questions from those present in the meeting
before moving on to questions from shareholders online.

SLIDE 20: FORMAL BUSINESS

Thank you. We will now move to consider the formal resolutions of the meeting.
Voting on each resolution will be by poll. Each person voting at the annual
meeting and each shareholder who has cast a vote by proxy has one vote for
each share held. I will put each resolution to the meeting and provide an
opportunity for you to ask questions concerning that resolution. I ask that you
keep the questions strictly to the resolution.

In respect to proxies received, if as the Chair of the meeting, I have been
appointed to act as proxy and am not directed on how to vote in respect of a
resolution, I will vote in favour of all resolutions. For shareholders joining us here
today, you should have had a voting card given to you when you registered.
Please raise your hand if you do not have a voting card, and someone will assist

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you. Please mark your voting intention for each resolution, and the voting cards
will be collected after the meeting.

SLIDE 21: HOW TO VOTE

Shareholders joining online can vote using the electronic voting card received
once online registration is validated. To vote, you will need to click "Get Voting
Card" within the online meeting platform. You will be asked to enter your
Shareholder or Proxy Number to validate.

Please then mark your voting card in the way you wish to vote by clicking "FOR",
"AGAINST" or "ABSTAIN" on the voting card. Once you have made your
selection, please click "Submit Vote" on the bottom of the card to lodge your
vote.

Please refer to the virtual meeting online portal guide or use the helpline
specified if you require assistance. Note that voting will remain open until 5
minutes after the conclusion of the meeting. The results of the votes will be
declared and announced via the NZX.

SLIDE 22: RESOLUTIONS 1 AND 2 RE-ELECTION / ELECTION OF DIRECTORS
EXPLANATORY INFORMATION

Moving to resolutions 1, 2 and 3, which are ordinary resolutions. In accordance
with the Company's constitution and the NZX Listing Rules, Chris Aiken and Kevin
Kenrick will retire at this meeting, however, Chris offers himself for re-election
and Kevin offers himself for election.

The Board has determined that Chris Aiken and Kevin Kenrick will be
independent directors for the purposes of the NZX Listing Rules if re -elected or
elected. I will now ask Chris to provide a brief bio and comments supporting his
re -election.

SLIDE 23: RESOLUTION 1: ABOUT CHRIS

Thank you, Simon.

My name is Chris Aiken. I have been a Kiwi Property director since June 2021
and am currently the Chair of the ESG Committee and a Member of the
Remuneration and Nominations Committee.

I have extensive property experience spanning both the public and private
sectors and am currently a member of the Kāinga Ora Construction Advisory
Board, and a director of Waikato development firm, Adare Ltd.

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I was previously a director of Metlifecare, Piritahi Civils Alliance and Appserv
and am the former chief executive of HLC Ltd, the Crown entity responsible for
developing large urban communities, including Hobsonville Point.

I’d like to acknowledge the support of shareholders for my initial term. If re-
elected, I will continue to focus on development and investment capital
allocation decisions and opportunities, which will be critical to Kiwi Property as
we work to lift our total shareholder returns.

Opportunities will present themselves in this part of the cycle and I believe my
investment insight will be helpful in unlocking further value for the business. I also
look forward to continuing to serve on the important ESG and Remuneration
and Nominations Committees.”

SLIDE 24: RESOLUTION 2: ABOUT KEVIN

Good afternoon,

My name is Kevin Kenrick. I’m an Auckland-based professional director with
significant governance and managerial experience, working with companies
across the finance, telecommunications, travel, and media industry sectors. I
am currently a director of BNZ and was previously the CEO of TVNZ and House
of Travel.

My skills and experience, including my proven track record leading successful
strategic transformations, will benefit Kiwi Property and the board as we aim to
continue improving the company’s performance and delivering growth in
shareholder returns.

I will now pass you back to Simon.

SLIDE 25: RESOLUTIONS 1 AND 2 RE-ELECTION / ELECTION OF DIRECTORS

The Board is committed to ensuring it possesses the appropriate mix of skills,
knowledge, experience and diversity to discharge its role and responsibilities.
The Board supports the re-election of Chris and the election of Kevin as it
considers they have the expertise to contribute to the overall skill set required
by the Board. The Board, other than Chris and Kevin, in respect to their own
positions, recommends you vote in favour of the resolutions.

SLIDE 26: RESOLUTION 1

I will now read Resolution 1: That Chris Aiken be re-elected as a director of the
Company. Are there any questions from shareholders on this resolution? Are
there any questions from shareholders online?

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Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
"FOR", "AGAINST", or "ABSTAIN" for Resolution 1 on the voting card.

SLIDE 27: RESOLUTION 2

I will now read Resolution 2: That Kevin Kenrick be elected as a director of the
Company. Are there any questions from shareholders on this resolution? Are
there any questions from shareholders online?

Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
"FOR", "AGAINST", or "ABSTAIN" for Resolution 1 on the voting card.

SLIDE 28: RESOLUTION 3 – AUDITOR’S REMUNERATION

This resolution is sought to authorise the directors to fix the remuneration of
Deloitte Limited as the Group’s auditor under Section 207(S)(a) of the
Companies Act 1993.

During FY24, Deloitte was paid $388,000 for audit and assurance-related
services. The Board recommends that you vote in favour of this ordinary
resolution.

SLIDE 29: RESOLUTION 3: AUDITOR’S REMUNERATION

I will now read Resolution 3: That the directors be authorised to fix the auditor’s
remuneration. Are there any questions from shareholders on this resolution? Are
there any questions from shareholders online?

Thank you. For this resolution to be passed, it must be approved by a simple
majority of votes of those shareholders or appointed proxies entitled to vote
and voting on the resolution. I will now put the motion. Please now select either
“FOR”, “AGAINST” or "ABSTAIN" for Resolution 3 on the voting card.

SLIDES 30: PROXY VOTING RESULTS

That completes voting on the resolutions. At this time, I'd like to advise the
outcome of the proxy votes that were lodged for each resolution. I will not read
the proxy results for each resolution, but they are shown on the screen now.

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The Registrar, Link Market Services, will now move through the room to collect
your voting cards. For those shareholders online, you can now submit your vote
– voting will be open until 5 minutes after the conclusion of the meeting. Link will
count all votes and complete their duties as scrutineer for the poll. We will
announce the voting results to the NZX once this process has been completed.

SLIDE 31: THANK YOU

That concludes today’s formal proceedings.

As you’ve heard, Kiwi Property delivered a solid underlying operational result in
FY24 and made good progress on several of our major strategic initiatives. While
we’re operating in a challenging market, as always we remain committed to
driving the performance of the business and delivering returns for our
shareholders. Thank you for your attendance, your participation today, and
your support of Kiwi Property.

I now draw this meeting to a close. A copy of this presentation and our
speeches are available on our website and the NZX.

Thank you.

---

NZX RELEASE
27 June 2024

KPG Annual Meeting 2024 presentation and
address

Kiwi Property has provided the NZX with a copy of the presentation and addresses to be
made by the Chair of the Board and Chief Executive Officer at the Company's Annual
Shareholder Meeting 2024, being held today.

ENDS

Contact us for further information:
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz

Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 27 563 4985

About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We have been
around for over 25 years and proudly own and manage a significant real estate portfolio
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our
objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
Kiwi Property is licensed under the Real Estate Agents Act 2008.
To find out more, visit our website, kp.co.nz