Argosy FY25 Interim Result

1
20.11.2024

FY25 Interim Result – Green, Diversified, Resilient
Argosy will present the FY25 interim result via a teleconference and webcast at 10am today. Please
visit https://s1.c-conf.com/diamondpass/10041307-k2ju3x.html dial 0800 453 055 and quote the
conference ID#10041307. It is recommended that you dial in or log in a few minutes before the start
time. A copy of the webcast will be available on Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the 6 months to 30
September 2024.
KEY RESULTS FOR THE PERIOD INCLUDE:
• Net property income for the period of $58.4 million, which is flat on the prior comparable period.
• $8.7 million interim revaluation gain for the six months to 30 September, up 0.4% on book value,
compared to a loss of $50.8 million in the prior comparable period.
• Net profit after tax of $33.0m (including the $8.7 million revaluation gain), compared to a net loss
after tax of $(19.3) million (including the $50.8 million revaluation loss) in the prior comparable
period.
• Net distributable income of $27.5 million, down 6.9% on the prior comparable period (note this
period has incurred incremental tax expense of $1.4 million, following the Government’s removal of
tax deductions for depreciation on buildings).
• Solid portfolio metrics, with occupancy at 95.8% and WALT of 5.0 years.
• NTA per share of $1.46, up from $1.45 at 31 March 2024.
• Portfolio gearing steady at 37.2%, comfortably within the target band of 30-40%.
• Successful portfolio leasing and rent review outcomes, including 2.6% annualised rental growth on
rents reviewed.
• Progress on green developments, continuing our portfolio transformation and progress to a 50%
green portfolio by 2031 (36.7% at 30 September).
• Argosy achieved notable success at the annual Property Council of New Zealand Awards. The
company won the Supreme Award for its 6 Green Star Built property located at 8-14 Willis
Street/Stewart Dawson Corner. Additionally, it received an Excellence Award for the 6 Star Green

2
Built property at 105 Carlton Gore Road. These accolades further underscore the quality of our
portfolio and our commitment to sustainable practices.
• Appointment of Alex Cutler to the Board, as part of the Board succession process.
• Reaffirmed FY25 full year dividend guidance of 6.65 cents per share, consistent with the prior year.
CHAIRMAN REVIEW
Chairman Jeff Morrison said, “The business has performed well during the period, despite a difficult
operating environment. Portfolio metrics, including weighted average lease terms and occupancy
ratios, have remained solid.
Argosy continues to make progress towards its portfolio sustainability goal of 50% green assets by
2031, as evidenced by green buildings completed, certifications achieved, and progress on
developments. Greening our portfolio towards more sustainable buildings, with appropriate
certifications validating their quality, will drive long term value. Argosy is focused on being the market
leader in retrofitting existing buildings to create modern, attractive working environments for our
tenants and their people. We will continue to target strategic growth opportunities with green potential
– with Auckland Industrial being the focus.
The Board was delighted the Company won the Supreme Award at the Property Council of New
Zealand Awards for the 6 Green Star Built property at 8-14 Willis Street/Stewart Dawson Corner. The
Property Council Awards is a prestigious awards program that recognises excellence in design and
innovation in the built environment. The Board congratulates staff and all the Company’s partners who
worked on the project.
At the last Annual Shareholders Meeting, the Board noted it is focused on ensuring there is appropriate
succession planning in place at Board level. The first step in that process has seen Alex Cutler join the
Board. Alex has global experience working with multinational organisations to assist their
understanding of the strategic importance of sustainability.
Argosy’s strategy is increasingly focused on achieving sustainability goals and to have someone with
Alex’s experience and qualification on the Board, reinforces the importance of this area to the business
and to the future of the Company. Alex will stand for election at the 2025 Annual Shareholders Meeting,
together with any current Directors seeking re-election.
The Board is comfortable with the company's capital position and balance sheet strength. 8 Forge
Way, Auckland, which was sold in the prior period for $35.2 million, is expected to settle in March 2025
and proceeds will be applied to our green development at 224 Neilson Street. The business has
sufficient funding capacity to accommodate medium term development requirements and strategic
acquisition opportunities, should they arise.
The Board previously announced an expected FY25 full-year cash dividend of 6.65 cents per share, in
line with the prior year. There is no change to that guidance.
Our policy is to pay between 85-100% of AFFO earnings. The Board is comfortable being outside
policy for limited periods to reduce dividend volatility.

3
MANAGEMENT REVIEW
Argosy’s Chief Executive Officer, Peter Mence said “Difficult economic conditions and restrictive
interest rate settings have persisted into the first half of FY25 (although some welcome relief is in
sight). The extended time to close leasing opportunities continues and we expect this to remain for the
balance of the FY25 financial year.
Our portfolio occupancy at 95.8% is solid, however our core focus over the next twelve months will be
to address vacancy and near term expiries. We continue to receive positive market enquiry for green
properties with their vibrant and engaging environments, which reinforces our overall strategic
direction. Our green development projects underpin our strategic goal of greening half our portfolio by
2031.
There is growing evidence around rental premiums between green and non-green buildings. A recent
Jones Lang Lasalle report estimates a 6.7% rental premium for certified buildings in New Zealand (with
combination 6 Green Star/5 Star NABERSNZ ratings). Buildings with both ratings also have the lowest
vacancy rates. The benefit to health and well-being as a result of a superior indoor environment quality
is gaining greater understanding in the market.
Furthermore, we expect to see growing valuation differentials between certified buildings in New
Zealand with combination 6 Green Star/5 Star NABERSNZ ratings and those without (circa 10%).
These effects are expected to underpin the sustainability and stability of earnings and dividends over
the long term.
Financial Results
Statement of Comprehensive Income
For the 6 months to 30 September, Argosy reported net property income of $58.4 million for the period,
which was consistent with the prior comparable period. Interest expense of $21.3 million was also
consistent with the prior comparable period. Lower overall debt levels and slightly lower rates were
offset by lower capitalised interest.
An independent assessment of the portfolio showed a minor lift in value as at 30 September, and this
has been adopted by the Company. The total unrealised revaluation gain for the 6 months to 30
September was $8.7 million or 0.4% on book value. Overall cap rates softened by 2 basis points to an
average of 6.23%, but this was offset by an increase in market rents. By sector, Industrial increased by
$2.7 million or 0.3%, Office increased by $2.2million or 0.3%, and Large Format Retail increased by
$3.8 million or 2.0%. The portfolio is 11.8% under-rented, excluding market rent on developments.
Following the adoption of the change in value, Argosy’s portfolio shows a contract yield on values of
5.96% and a yield on fully let market rentals of 6.84%.
Argosy’s NTA has increased to $1.46 from $1.45 as at 31 March 2024.
Net profit after tax was $33.0m (including an $8.7 million revaluation gain), compared to a net loss
after tax of $(19.3) million (including a $50.8 million revaluation loss) in the prior comparable period.

4
Distributable Income
Net distributable income (NDI) for the year was $27.5 million compared to $29.5 million in the prior
comparable period. NDI has been negatively impacted in this period by incremental tax expense of
$1.4 million, following the Government’s removal of tax deductions for depreciation on buildings.
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “The first half of the financial year was influenced by tight economic conditions and
geopolitical uncertainty. The team has worked hard delivering solid results around core operating
metrics including occupancy, rental growth and leasing outcomes.”
As at 30 September, Argosy’s WALT was 5.0 years and portfolio occupancy was 95.8%.
For the period to 30 September, Argosy completed 48 rent reviews, achieving annualised rental growth
of 2.6%. These reviews were achieved on rents totalling $27.3 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 2.6% for Industrial
rent reviews, 2.4% for Office rent reviews and 4.0% for Large Format Retail rent reviews.
For the period to 30 September, 91% of rents reviewed were subject to fixed reviews, 7% were market
reviews and 2% were CPI based.
Argosy completed 26 leasing transactions across 21,300m² of NLA over the period to 30 September.
Lease transactions were made up of new leases (13), renewals (8) and extensions (5).
Key leasing highlights over the six month period include;
• Cotton On Clothing Limited, Albany Mega Centre - 1,718m² on a 10 year renewal;
• Mitchell Vranjes Consulting Engineers Limited, 8 Nugent Street - 810m² on a 6 year renewal;
• Trust Investments Management Limited, 105 Carlton Gore Road - 529m² on a new 8 year lease;
• New Zealand Educational Institute, 101 Carlton Gore Road - 984m² on a new 7 year lease;
• Booths Logistics Limited, 32 Bell Avenue - 8,790m² on a new 3 year lease;
• Henkel New Zealand Limited, 12 Allens Road - 2,344m² on a new 10 year lease.
Peter Mence said “We are pleased with the efforts of the team over the first six months of the year.
We’ve managed to retain many important tenants and also attract new tenants to the portfolio.
The softer leasing environment was offset to some degree by the ongoing strong bottom-up
fundamentals for the Industrial sector. This sector continues to show low forecast vacancy and positive
rental growth and is forecast to deliver solid returns over the next three years. Our portfolio was 52%
weighted to Industrial at 30 September and, following the completion of our pipeline of green Value
Add development Industrial sites, will continue to increase toward our target weighting of 60-70% over
the medium term.”

5

Divestment of non Core Assets
The non Core property at 8 Forge Way, Auckland, was unconditionally sold in FY24 for $35.2 million
and is expected to settle in March 2025.
A further six properties have been identified as non Core, with a combined current book value of $116
million, and these properties are expected to be divested over the medium term.
Developments
Neilson Street
This project is the first of Argosy’s Value Add green industrial estates and the development is
progressing well. The 3.5ha site is strategically located, 8km from the Auckland CBD with excellent
access to State Highway 1, State Highway 20 and the wider transport network. The first warehouse,
column-free with an 11m knee, spans 5,000m² and is on track for completion in February 2025. This
will be followed by a 11,500m² clear span warehouse featuring a 13m knee and a 3,500m² breezeway.
The second warehouse is expected to be completed by December 2025.
Both warehouses are targeting 6 Green Star Design and As Built ratings. The design team have
incorporated a wide range of green initiatives to help achieve the 6 Star rating, including low carbon
concrete, rainwater harvesting, solar electricity generation and intelligent lighting and air conditioning.
With approximately 1,880 solar panels, generating over 1.2GWh of energy annually, on completion the
facility will have one of the largest rooftop photovoltaic installations in the country.
Following completion, 224 Neilson Street is expected to have an end value of $109 million, with a yield
on development cost of 5.6% and an internal rate of return of 8.1%.
“This site is well located, and tenant enquiry has increased in the last two months. There is demand for
modern, well located and sustainable buildings. Green developments like Neilson Street, coupled with
a lack of new supply, means we are well placed to benefit from this demand.” said Peter Mence.
Mt Richmond
Mt Richmond is a 10.6 hectare Value Add green development site in the central industrial precinct of
Mt Wellington, only 15km from the Auckland CBD. The Mt Richmond development is an important part
of our long term strategy given our positive view of the Industrial sector over the long term.
Master planning for Mt Richmond continues, with some strong interest from prospective tenants.
Acquisitions
There were no acquisitions in the interim period. However, in November 2024, Argosy unconditionally
purchased 291 East Tamaki Road (and adjacent titles). This is a 4.6 hectare level site in a well-
established industrial precinct, just 2km’s from State Highway 1.
The initial purchase price and attendant capital works is $61 million, and the fully-let holding return is
4.8%. The site is currently 58% leased, with the balance expected to be leased up prior to settlement,
in August 2025.

6
“This location is a prime redevelopment opportunity and will be well-placed to capitalise on strong
prospective net absorption for Auckland Industrial in the coming years.” said Peter Mence.
Banking Facilities
In July, Argosy extended its syndicated bank facilities with ANZ Bank of New Zealand Limited, Bank of
New Zealand Limited, Commonwealth Bank of Australia, Westpac New Zealand Limited and Industrial
and Commercial Bank of China Limited. The new Tranches and expiries are:
Tranche A: $210 million, expiry 1 October 2027.
Tranche B: $215 million, expiry 1 October 2028.
Tranche D: $100 million, expiry 1 October 2029.
Argosy’s weighted average debt tenor, including bonds, was 3.2 years at 30 September (2.3 years at
31 March 2024). The weighted average interest rate was 5.5% (5.6% at 31 March 2024).
DIVIDENDS
A second quarter dividend of 1.6625 cents per share has been declared for the September quarter with
imputation credits of 0.246287 cents per share attached. This will bring the interim dividend for the six
months to 30 September to 3.325 cents per share. Overseas investors will receive an additional
supplementary dividend of 0.111761 cents per share to offset non-resident withholding tax.
The record date for the dividend is 4 December 2024 and the payment date is 18 December 2024.
Argosy has re-opened its Dividend Reinvestment Plan (‘DRP’) and it will be available for shareholders
to participate in for the second quarter dividend. There will be a 2% discount applied to the price at which
shares will be issued under the DRP for this dividend. Please see the second quarter dividend
announcement today for more details.

END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz

---

FY25 Interim Results:
Green, diversified,
resilient.
20 November 2024

Argosy Property Limited
Agenda
Vision & Strategy4
Sustainability5
Results Summary10
Portfolio Highlights11
Financials15
Leasing & Sector Commentary26
Focus and Outlook30
Appendices32
Peter Mence, CEODave Fraser, CFO
Note: This results presentation should be read in conjunction with the NZX
release dated 20 November 2024. Due to rounding, numbers presented in
this presentation may not add up exactly to the totals provided and
percentages may not reflect exactly absolute figures.
2

Argosy Property Limited
“Our green strategy underpins the
sustainability and stability of earnings and
dividends over the long term.”
Peter Mence, CEO
3
Argosy Property Limited

Argosy Property Limited
4
A diversified portfolio by sector and region
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Executing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners
Building a better future

Argosy Property Limited
Sustainability Commitment
COHESIVE APPROACH ACROSS THE BUSINESS
To reduce our impact on the environment, create vibrant spaces for
tenants, engage more with stakeholders and provide transparent
and effective governance.
•Targeting >50% of the portfolio to be green by 2031
•Targeting carbon emission reductions of 17.5% by 2031
•Initial XRB climate disclosures completed in FY24 and will be
enhanced further in FY25
•Health & safety focus (zero harm)
•Ongoing engagement with our community
•Committed to high standards of corporate behaviour
5
37%
Green assets to total portfolio

Argosy Property Limited
Our sustainability journey has been long
6

Argosy Property Limited
Value & risk advisory report (JLL August 24)
Rental premium for 6 Star Green /
5 Star NABERSNZ office
combination
Lower vacancy with a Green Star
rating and the lowest vacancy if
NABERSNZ rated as well
Green rental premium for Green
Star certified buildings in the
Auckland Office market
Green rental premium for Green
Star certified buildings in the
Wellington Office market
Sales premium for 6 Star Green /
5 Star NABERSNZ building
combination
+6.7%-1.5%
+10%+6%
+9.8%
7
Argosy Property Limited

Argosy Property Limited
224 Neilson Street Development
8
NABERSNZ energy rating
being targeted
5 Star
m
2
of warehouse to be available
16,500
Forecast IRR on completion
+8.1%
Green Built rating being targeted
6 Star
Argosy Property Limited

Argosy Property Limited
Value Add & Green Developments
GREEN ASSETS DRIVING DEVELOPMENT
PIPELINE
•Value Add properties are a key strategic pillar
and will transform the portfolio over the next
decade.
•224 Neilson Street development underway with
delivery of 5,000m
2
warehouse set for February
2025. Phase 2 to include a further 11,500m
2
of
warehouse for delivery in late 2025.
•Master Planning for Mt Richmond continues,
with some strong interest from potential
tenants.
~$219m
Value Add properties with potential to
deliver earnings and capital growth
PropertySectorLocation
Valuation @
30 Sep 24
32 Bell Avenue, Mt WellingtonfutureIndustrialAuckland18.7
90-104 Springs Road, East TamakifutureIndustrialAuckland8.7
224 Neilson Street, OnehungaunderwayIndustrialAuckland50.1
8-14 Mt Richmond Drive, Mt WellingtonfutureIndustrialAuckland89.7
133 Roscommon Road, WirifutureIndustrialAuckland13.7
15 Unity Drive, AlbanyfutureIndustrialAuckland8.5
101 Carlton Gore Road, NewmarketfutureOfficeAuckland29.1
TOTAL $m 218.5
% of portfolio
10.9%
9

Argosy Property Limited
Results Summary
Net property income flatRevaluation gain, up 0.4% on 30
September book values
NTA per share, up 1 centInterim net profit after tax
Q2 dividend declared
$58.4m$8.7m
$1.46
$33.0m
1.6625c
10
Argosy Property Limited
Gearing within the target 30-40% band
37.2%

Argosy Property Limited
Portfolio Highlights
OccupancyWeighted Average Lease Term
Tenant retention rateGovernment sector rental incomeWeighting to Auckland Industrial
95.8%5.0yrs
82.1%34.1%47.2%
11
Argosy Property Limited
Annualised growth on rent reviews
2.6%

Argosy Property Limited
Industrial
Office
Large format retail
Sector Summary
Number of buildings
33
Market value of assets ($m)
$1,036.3
Occupancy (by income)
99.5%
Weighted average lease term (WALT)
5.6 years
Number of buildings
13
Market value of assets ($m)
$770.5
Occupancy (by income)
91.9%
Weighted average lease term (WALT)
4.8 years
Number of buildings
4
Market value of assets ($m)
$200.0
Occupancy (by income)
100%
Weighted average lease term (WALT)
3.5 years
12

Argosy Property Limited
Portfolio at a glance
13
1.Large format retail.
2.Regional North Island and South Island. This weighting also includes up to 5%
allocation to the golden triangle area between Auckland, Tauranga and Hamilton.
Sector by value %Region by value %Asset mix by value %
52
38
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
70
27
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)
83
11
6
Core (75-90%)Value AddDivest

Argosy Property Limited
Revaluations
CAP RATE SOFTENING ABATING,
PORTFOLIO UNDER RENTED
•An independent review as at 30 September
was performed on the portfolio.
•$8.7m gain adopted, or 0.4% above
book value.
•The portfolio is under rented by 11.8%.
6.23%
Weighted average portfolio cap rate
30 Sep 24
Book Value
1
($m)
30 Sep 24
Valuation
($m)

$m

%
Sep 24
Cap rate
%
Mar 24
Cap rate
%
Auckland1,392.31,397.45.10.4%6.10%6.07%
Wellington549.3554.24.90.9%6.47%6.49%
North Island Regional & South Island56.054.8(1.3)(2.2%)6.99%6.86%
Total1,997.62,006.38.70.4%6.23%6.21%
30 Sep 24
Book Value
1
($m)
30 Sep 24
Valuation
($m)

$m

%
Sep 24
Cap rate
%
Mar 24
Cap rate
%
Industrial1,033.71,036.32.70.3%5.98%5.94%
Office768.2770.52.20.3%6.46%6.45%
Large Format Retail195.7199.53.82.0%6.62%6.67%
Total
1,997.6 2,006.3
8.70.4%6.23%6.21%
14
1.Book Value excludes September 2024 revaluation gain/loss
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.

Argosy Property Limited
Financials
15

Argosy Property Limited
Gross Property Income Waterfall
RENT REVIEWS AND DEVELOPMENTS PROVIDED GOOD RENTAL GROWTH
16
65.8
1.5
-0.1
1.1
-1.7
66.6
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Gross Property Income
30 September 2023
Rent ReviewsVacancy/ Leasing up/ OtherDevelopmentsDisposalsGross Property Income
30 September 2024
Rental income $m

Argosy Property Limited
Financial Performance
PERFORMANCE IN LINE WITH PRIOR
COMPARABLE PERIOD
•Net property income was flat on the prior
comparable period.
•Interest expense was also flat. Lower
overall debt levels and lower rates were
offset by lower capitalised interest.
$58.4m
NPI flat on the prior comparable period
1H25
$m
1H24
(Restated)
$m
Net property income58.458.4
Administration expenses(5.6)(5.5)
Profit before financial income/(expenses), other gains/(losses) and tax52.852.9
Net interest expense(21.1)(21.2)
Gain/(loss) on derivatives(1.5)2.2
Other gains/(losses)
Revaluation gains/(losses) on investment property8.7 (50.8)
Realised gains/(losses) on disposal of investment property(0.0)0.1
Profit/(loss) before income tax attributable to shareholders38.9 (16.8)
Taxation expense(5.9)(2.6)
Profit/(loss) and total comprehensive income/(loss) after tax33.0 (19.3)
Earnings per share (cents)3.89 (2.28)
17

Argosy Property Limited
Distributable Income
SOUND RESULT
•Gross distributable income for the year was
$31.6m compared to $31.7m in the prior
comparable period.
•Taxation expense was higher than the prior
comparable period, primarily due to
incremental tax expense of $1.4m following
the Government’s removal of the tax
deduction for depreciation on buildings.
$27.5m
Net distributable income
1H25
$m
1H24
$m
Profit before income tax38.9 (16.8)
Adjustments:
Revaluation (gains)/losses on investment property(8.7)50.8
Realised losses/(gains) on disposal0.0 (0.1)
Derivative fair value (gain)/loss1.5 (2.2)
Gross distributable income31.631.7
Depreciation recovered on disposals- -
Current tax expense(4.1)(2.2)
Net distributable income27.529.5
Weighted average number of ordinary shares (m)847.2847.1
Gross distributable income per share (cents)3.743.74
Net distributable income per share (cents)3.253.49
18

Argosy Property Limited
Adjusted Funds From Operations (AFFO)
AFFO DOWN DUE TO HIGHER TAX
•AFFO adjustments consistent with prior
comparable period.
•AFFO 3.17cps compared to 3.48cps in
prior comparable period.
105%
AFFO dividend payout ratio
1H25
$m
1H24
$m
Net distributable income27.529.5
Amortisation of tenant incentives and leasing costs1.1 1.3
Share based payment expense0.1 0.1
Funds from operations (FFO)28.630.9
Capitalisation of tenant incentives and leasing costs(0.8)(0.6)
Maintenance capital expenditure(1.0)(0.9)
Maintenance capital expenditure recovered through sale- -
Adjusted funds from operations (AFFO)26.829.5
Weighted average number of ordinary shares (m)847.2847.1
FFO cents per share 3.383.65
AFFO cents per share 3.173.48
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO98%91%
Dividend payout ratio to AFFO105%96%
19

Argosy Property Limited
Investment Property Waterfall
POSITIVE REVALUATION GAIN IN THE INTERIM PERIOD
20
2,014
24
9
-1
2,046
-40
2,006
1,400
1,600
1,800
2,000
2,200
Balance 1 April 2024Capitalised costsChange in fair valueChange in capitalised
leasing costs & incentives
Balance
30 September 2024
Right of use assetBalance 30 September 2024
(excluding right of use asset)
Investment
Properties

($m)

Argosy Property Limited
Net Tangible Assets
21
1.45
0.03
0.01
(0.03)
1.46
1.00
1.10
1.20
1.30
1.40
1.50
1.60
NTA at 31 March 2024Profit for the periodRevaluationsDividends paidNTA at 30 September 2024
NTA per share ($)

Argosy Property Limited
Balance Sheet Management
GEARING AT THE MID-RANGE OF
TARGET BAND
•The balance sheet is in good shape.
•Argosy has sufficient facility headroom to
complete existing developments and act on
any near-term opportunities.
•8 Forge Way ($35m) due to settle in March
2025.
•At 30 September a further $116m (across 6
properties) regarded as non Core.
37.2%
Debt-to-total-assets ratio comfortably
within the target band of 30-40%
1H25
$m
FY24
$m
Investment properties2,046.2 2,013.8
Asset held for sale35.2 35.2
Other assets8.2 20.0
Total assets2,089.6 2,069.0
Right of Use Asset(39.9)(40.0)
Total assets (net of Right of Use Asset)2,049.7 2,029.0
Fixed Rate Green Bonds325.0 325.0
Bank debt
1

437.3 415.6
Total Bank Debt & Bond Funding762.3 740.6
Debt-to-total-assets ratio
2
37.2%36.5%
22
1.Excludes capitalised borrowing costs.
2.Excludes Right of Use Asset at 39 Market Place of $39.9 million.

Argosy Property Limited
Interest Rate Management
FIXED RATE COVER OF 69%
•Weighted average interest rate reduced
slightly to 5.5% from 5.6% at 31 March
2024.
•Fixed rate cover at 69% of drawdown debt.
•$340m in forward rate swaps.
2.4x
Interest cover ratio banking covenant
set at a minimum of 2.0x
1H25
$m
FY24
$m
Weighted average interest rate
1
5.5%5.6%
Interest Cover Ratio2.4x2.4x
% of fixed rate borrowings69%71%
Weighted average duration of active payer swaps0.7 years1.1 years
Average rate of active payer swaps3.43%3.43%
23
1.Including margin and line fees.

Argosy Property Limited
Debt Profile
GREEN BOND DIVERSIFICATION 38%
•The total amount of the bank facility is
$525m with the nearest tranche expiring in
October 2027 (FY28).
•Argosy’s $325m of green bonds continue to
provide important diversification.
3.2 years
Weighted average duration of Argosy’s debt
24
210
215
100100100
125
0
50
100
150
200
250
300
350
400
FY25FY26FY27FY28FY29FY30
Facilities ($m)
Bank facilitiesExisting Green Bonds

Argosy Property Limited
Dividends
STEADY DIVIDEND
•A 2
nd
quarter dividend of 1.6625 cents per
share has been declared with 0.246287
cents per share imputation credits attached.
•Overseas investors will receive an additional
supplementary dividend of 0.111761 cents
per share to offset non-resident withholding
tax.
•No change in guidance for FY25.
•Dividend Reinvestment Plan reopened for
the 2
nd
quarter dividend
6.65c
FY25 dividend guidance in line
with prior year
25
6.03
6.10
6.20
6.28
6.35
6.45
6.55
6.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25 f'cast
Dividend cps

Argosy Property Limited
Leasing & sector
commentary
26

Argosy Property Limited
Leasing Outcomes
m
2
of NLA leased to 30 SeptemberNew lease to Trust Investments Management
Limited at 105 Carlton Gore Road
m
2
of NLA new lease to Booths
Logistics for 3 years
New lease to New Zealand Educational
Institute at 101 Carlton Gore Road
Rent reviews over the period,
annualised rental growth of 2.6%
21,3508yr
8,7907yr48
27
Argosy Property Limited
Leases executed, 13 new leases,
8 renewals and 5 extensions
26

Argosy Property Limited
Lease Expiry & Rent Review Profile
MEDIUM TERM LEASE EXPIRY PROFILE IS
WELL MANAGED
•Largest single expiry remains MBIE in 2027.
•Average annual expiry over the next two
years (FY26 and FY27) is ~11.5%.
8.4%
Percentage of leases in FY26 expiring
28
1.1
1.8
9.2
6.3
1.6
2.9
1.4
2.0
1.3
0.4
5.5
2.4
6.6
5.3
11.5
6.0
7.0
3.0
6.7
2.9
0.3
10.6
4.2
0
2
4
6
8
10
12
14
16
18
VacantMar-25Mar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35 +
Percentage of portfolio (by income)
As at 30 September 2024
Largest single expiry
Year ending
Total remaining
expiry

Argosy Property Limited
Market Insights
•Softer period of both supply and demand currently is projected
for first half of 2025.
•Post OCR easing increase in enquiry levels.
•Limited land supply in Auckland and Wellington continues
pressure on land values, with prime sites holding their value.
•Prime rent levels maintained while reviews continue to show
some growth in well specified and well located assets as
reviews fall due.
•Vacancy remains low, and focused in secondary and sublease
space.
INDUSTRIAL
•Flexible working environments continue but working from home
and full-time remote work continue to decline.
•Changes in the way space is used, focusing on the
environment, now a staff attraction matter.
•Continued focus from tenants on sustainability/green.
•Increase in desire for flexibility in lease terms from tenants.
•Wellington vacancy levels have increased, particularly in
secondary locations and for poorer quality stock with seismic
issues.
•Central Government goal of returning to the office is slow to
take effect, but change is expected in 2025.
OFFICE
•Retail turnover rates have declined significantly on a per capita
basis, and pressure is expected to continue.
•Discretionary lines showing a significant drop in sales.
•Online proportion of total sales continues to reduce.
•Large Format Retail continues to receive solid demand in prime
locations.
•"Moving of the deck chairs" as market share changes.
•Retailers consolidating to a fewer number of locations.
•Increased costs of operation are giving affordability issues.
LARGE FORMAT RETAIL
29

Argosy Property Limited
Focus and outlook
30

Argosy Property Limited
Outlook
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND
EXECUTING ON STRATEGIC GOALS
•New Zealand’s domestic economy continues to experience challenging headwinds
from increased costs and restrictive interest rates.
•Low supply and low demand across the market with tenants focused on prime
locations and sustainable initiatives
•Argosy is well placed, with a solid capital position to continue to transform towards a
green & environmentally sustainable business.
•Our key focus areas for 2024/25 are to:
1.Address vacancy and key expiries;
2.Progress existing green developments;
3.Achieve Green Star & NABERSNZ certifications;
4.Divest non Core assets and reinvest proceeds; and
5.Position the business for the future.
31

Argosy Property Limited
Appendices
32

Argosy Property Limited
Balance Sheet Management
GEARING REMAINS COMFORTABLY WITHIN THE MID-RANGE OF THE BAND
33
38.8
35.9
31.1
35.1
36.5
37.2
0
10
20
30
40
50
FY20FY21FY22FY23FY241H25
Debt to total assets (%)

Argosy Property Limited
Hedges, Interest Rates & Debt Maturity
HEDGES & WEIGHTED AVERAGE
INTEREST RATES (MARCH Y/E)
34
390
275275
225
85
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0
100
200
300
400
500
20252026202720282029
Weighted Average Interest Rate (%)
Face Value of Hedges ($m)
Payer amountRate
DEBT MATURITY PROFILE (DRAWN) &
WEIGHTED AVERAGE MARGIN AND LINE FEE

Argosy Property Limited
Rent review summary – by type, sector and location
35
Type#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase
(000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total4827,267100%28,0107442.7%709100%2.6%
By review type
Fixed4024,67591%25,2655902.4%60185%2.4%
Market41,9367%2,0661306.7%8412%4.4%
CPI46562%680243.6%243%3.6%
By sector
Industrial99,49035%9,7352452.6%24535%2.6%
Office3015,15756%15,5533952.6%36051%2.4%
LFR92,61910%2,7231044.0%10415%4.0%
By location
Auckland3615,74558%16,1914472.8%45765%2.9%
Wellington1211,52242%11,8192972.6%25235%2.2%
Other000%000.0%00%0.0%

Argosy Property Limited
Portfolio metrics
36
RENT ROLL BY INDUSTRY
TOP 10 CUSTOMERS BY RENT
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals
provided and percentages may not reflect exactly absolute figures.
34%
18%
15%
14%
8%
6%
Government Administration
Transport and Storage
Manufacturing
Retail Trade
Property and Business Services
Wholesale Trade
Finance and Insurance
Hospitality, Cafe & Restaurants
All other
10%
7%
6%
6%
5%
5%
4%
2%
2%
2%
51%
MBIE
General Distributors Limited
Statistics New Zealand
Cardinal Logistics Limited
Kainga Ora
The Warehouse Limited
Carr & Haslam Limited
Ministry of Housing and Urban
Development
PBT Transport Limited
New Zealand Post Limited
All other

Argosy Property Limited
Portfolio snapshot
37
Note: Due to rounding, numbers presented in this
presentation may not add up exactly to the totals
provided and percentages may not reflect exactly
absolute figures.
5.5
5.7
5.4
5.2
5.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
FY21
FY22
FY23
FY24
1H25
WALT (years)
35.9
31.1
35.1
36.5
37.2
0
10
20
30
40
FY21
FY22
FY23
FY24
1H25
Debt
-
to
-
total
-
assets (% )
99.0
98.7
99.3
96.7
95.8
0
20
40
60
80
100
FY21
FY22
FY23
FY24
1H25
Occupancy (% )
1.53
1.74
1.58
1.45
1.46
0.00
0.50
1.00
1.50
2.00
FY21
FY22
FY23
FY24
1H25
Net Tangible Assets ($ per share)

Argosy Property Limited
Portfolio summary - Industrial
38
Type
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
space (m
2
)
Contract
Yield
Auckland
19 Nesdale Avenue, Wiri$69,90010.1 20,677 - 5.75%
240 Puhinui Road, Manukau $44,30010.1 17,715 - 5.53%
244 Puhinui Road, Manukau $15,50010.1 5,504 - 5.19%
Highgate Parkway, Silverdale$36,6003.3 10,581 - 5.11%
32 Bell Avenue, Mt Wellington$18,7003.0 8,139 - 6.42%
12-16 Bell Avenue, Mt Wellington$36,7008.2 14,809 - 5.10%
18-20 Bell Avenue, Mt Wellington$21,6508.3 8,941 - 5.06%
2 Allens Road, East Tamaki$10,55010.0 2,920 - 5.11%
12 Allens Road, East Tamaki$6,5009.1 2,286 - 6.38%
106 Springs Road, East Tamaki$11,7508.0 3,846 - 5.56%
5 Allens Road, East Tamaki
$7,2004.1 2,572 - 4.84%
1 Rothwell Avenue, Albany
$35,6005.8 12,683 - 5.29%
4 Henderson Place, Onehunga
$34,4006.8 10,841 - 5.31%
211 Albany Highway, Albany
$36,6003.3 15,191 - 5.77%
9 Ride Way, Albany
$31,1008.0 9,178 - 5.76%
90-104 Springs Road, East Tamaki
$8,7002.4 3,885 - 4.80%
1-3 Unity Drive, Albany
$17,5006.7 6,116 - 5.10%
5 Unity Drive, Albany
$8,9006.7 3,196 - 5.16%
Cnr William Pickering Drive & Rothwell Avenue, Albany
$22,0005.6 7,074 - 4.61%
17 Mayo Road, Wiri
$37,1002.3 13,351 - 5.10%
320 Ti Rakau Drive, East Tamaki
$76,3003.9 28,242 - 6.04%
80-120 Favona Road, Mangere
$146,7503.5 59,386 - 5.79%
224 Neilson Street, Onehunga
$50,100- - - -
8-14 Mt Richmond Drive, Mt Wellington
$89,7002.2 94,219 - 5.50%
15 Unity Drive, Albany
$8,5003.6 7,002 - 3.22%
133 Roscommon Road, Wiri
$13,6509.0 15,862 - 3.65%
Note: Yield excludes development property – 224 Neilson Street.

Argosy Property Limited
Portfolio summary – Industrial (cont.)
39
Type
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
space (m
2
)
Contract
Yield
Wellington
54-56 Jamaica Drive, Wellington$11,40011.0 1,825 - 6.01%
147 Gracefield Road, Seaview$20,0003.5 8,018 - 5.62%
19 Barnes Street, Seaview$17,3006.9 6,857 - 6.97%
39 Randwick Road, Seaview$25,0003.4 16,249 2,304 6.15%
68 Jamaica Drive, Grenada North$22,0003.8 9,417 - 5.91%
Other
100 Maui Street, Hamilton$28,00012.0 12,341 - 5.74%
8 Foundry Drive, Woolston, Christchurch$16,3755.3 7,668 - 7.78%
TOTAL – INDUSTRIAL$1,036,3255.6 446,590 2,304 5.59%

Argosy Property Limited
Portfolio summary - Office
40
Type
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
space (m
2
)
Contract
Yield
Auckland
99-107 Khyber Pass Road, Grafton$16,2002.7 2,509 - 6.96%
8 Nugent Street, Grafton$47,9003.4 8,125 - 7.37%
39 Market Place, Viaduct Harbour$5,9004.0 10,365 7,395 11.10%
82 Wyndham Street$50,0007.3 6,012 - 6.13%
101 Carlton Gore Road, Newmarket$29,1003.9 4,486 1,502 4.83%
105 Carlton Gore Road, Newmarket$49,5007.5 5,191 573 6.03%
107 Carlton Gore Road, Newmarket$42,4007.4 6,093 - 6.52%
Citibank Centre, 23 Customs Street East$71,0003.5 9,629 843 6.81%
Wellington
7-27 Waterloo Quay$127,2504.4 23,080 - 6.55%
15-21 Stout Street$135,0001.8 20,709 - 6.53%
143 Lambton Quay$8,2000.7 6,216 - 26.14%
147 Lambton Quay$41,0002.4 8,949 5,213 4.34%
8-14 Willis Street/ 360 Lambton Quay$147,00010.4 16,776 - 4.37%
TOTAL – OFFICE$770,4504.8 128,142 15,526 6.21%

Argosy Property Limited
Portfolio summary – Large Format Retail
41
Type
Valuation
$000s
WALT
(years)
Net lettable
area (m
2
)
Vacant
space (m
2
)
Contract
Yield
Auckland
Albany Mega Centre and 11 Coliseum Drive, Albany$149,0004.0 33,792 - 6.85%
50 & 54-62 Cavendish Drive, Manukau$30,0001.1 9,939 - 6.72%
252 Dairy Flat Highway, Albany$10,1005.3 2,262 - 5.51%
Other
Cnr Taniwha & Paora Hapi Streets, Taupo$10,4001.5 4,212 - 7.67%
TOTAL – LARGE FORMAT RETAIL$199,5003.5 50.204 - 6.80%

Argosy Property Limited
Thank you
DISCLAIMER
This presentation has been prepared by Argosy
Property Limited. The details in this presentation provide
general information only. It is not intended as investment
or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior
to making any decision relating to your investment or
financial needs. Thispresentation is not an offer or
invitation for subscription or purchase of securities or
other financial products. Past performance is no
indication of future performance.
All values are expressed in New Zealand currency
unless otherwise stated.
20 November 2024
42

---

Interim Financial Statements
30 September 2024

2. Stephen Poulopoulos (Architecture +) describing the
innerworkings of designing and integrating the façades
of 8-14 Willis Street and Stewart Dawson’s Corner, that
respected the heritage and local community context.
1. Matthew Plummer (BECA) explaining the
local and internationally award-winning structural
design innovation that enabled the reuse of the structure
of 8-14 Willis Street (saving 1,904 tonnes of CO
2
).
3. Contemplating the old and new in Stewart
Dawson’s Corner’s new office entrance lobby
that is enhanced with a signage artefact that
was uncovered during the works.
1.
2.
3.
Argosy Property LimitedInterim Financial Statements 30 September 202402

Consolidated Financial Statements
Condensed Consolidated Interim Statement of
Financial Position
04
Condensed Consolidated Interim Statement of
Comprehensive Income
05
Condensed Consolidated Interim Statement of
Changes in Equity
06
Condensed Consolidated Interim Statement of
Cash Flows
07
Notes to the Condensed Consolidated Interim
Financial Statements
08
Independent Auditor's Review Report17
Argosy Property LimitedInterim Financial Statements 30 September 202403

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024 (UNAUDITED)
Note
Group (unaudited)
30 September 2024
$000s
Restated
Group (audited)
31 March 2024
$000s
Non-current assets
Investment properties
5
2,046,1652,013,753
Derivative financial instruments
7
9414,784
Other non-current assets285283
Total non-current assets2,047,3912,018,820
Current assets
Cash and cash equivalents1,4631,829
Trade and other receivables1,4292,070
Derivative financial instruments
7
2,6385,072
Other current assets1,4735,996
7,00314,967
Investment property classified as held for sale
6
35,20035,200
Total current assets42,20350,167
Total assets
4
2,089,5942,068,987
Shareholders' funds
Share capital
8
820,557820,557
Share based payments reserve532475
Retained earnings
3
412,697407,896
Total shareholders' funds1,233,7861,228,928
Non-current liabilities
Interest bearing liabilities
9
759,476738,057
Derivative financial instruments
7
25,72330,532
Non-current lease liabilities39,75639,826
Deferred tax
3
13,39711,638
Total non-current liabilities838,352820,053
Current liabilities
Trade and other payables12,12514,447
Taxation payable2,5371,377
Current lease liabilities134127
Other current liabilities2,6604,055
Total current liabilities17,45620,006
Total liabilities855,808840,059
Total shareholders' funds and liabilities2,089,5942,068,987
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 19 November 2024
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202404
CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024 (UNAUDITED)
Note
Group (unaudited)
Six months to
30 September 2024
$000s
Restated
Group (unaudited)
Six months to
30 September 2023
$000s
Gross property income from rentals66,62065,826
Gross property income from expense recoveries11,52710,451
Property expenses(19,780)(17,843)
Net property income
4
58,36758,434
Administration expenses5,5775,500
Profit before financial income/(expenses), other gains/(losses) and tax52,79052,934
Financial income/(expenses)
Interest expense
10
(21,305)(21,351)
Gain/(loss) on derivative financial instruments held for trading(1,468)2,231
Interest income158129
(22,615)(18,991)
Other gains/(losses)
Revaluation gains/(losses) on investment property
5
8,686(50,816)
Realised gains/(losses) on disposal of investment property(2)106
8,684(50,710)
Profit/(loss) before income tax attributable to shareholders38,859(16,767)
Taxation expense
11, 3
5,8892,580
Profit/(loss) and total comprehensive income/(loss) after tax32,970(19,347)
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)
3
3.89(2.28)
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202405

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024 (UNAUDITED)
Note
Shares
on issue
$000s
Share based
payments
reserve
$000s
Retained
earnings
$000s
Total
$000s
For the six months ended
30 September 2024 (unaudited)
Restated shareholders' funds at the beginning of the period
3
820,557475407,8961,228,928
Total comprehensive income/(loss) for the period––32,97032,970
Contributions by shareholders
Dividends to shareholders––(28,169)(28,169)
Equity settled share based payments–57–57
Shareholders' funds at the end of the period820,557532412,6971,233,786
For the six months ended
30 September 2023 (unaudited)
Restated shareholders' funds at the beginning of the period
3
820,069673518,7251,339,467
Restated total comprehensive income/(loss) for the period––(19,347)(19,347)
Contributions by shareholders
Dividends to shareholders––(28,167)(28,167)
Equity settled share based payments488(436)–52
Restated shareholders' funds at the end of the period
3
820,557237471,2111,292,005
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202406
CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024 (UNAUDITED)
Group (unaudited)
Six months to
30 September 2024
$000s
Group (unaudited)
Six months to
30 September 2023
$000s
Cash flows from operating activities
Cash was provided from:
Property income77,40078,821
Interest received158129
Cash was applied to:
Property expenses(15,089)(14,057)
Interest paid(19,868)(19,943)
Interest paid for ground lease(999)(1,002)
Employee benefits(4,390)(3,897)
Taxation paid(2,692)(1,725)
Other expenses(2,416)(2,427)
Net cash from/(used in) operating activities32,10435,899
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals(101)608
Cash was applied to:
Capital additions on investment properties(23,730)(19,250)
Capitalised interest on investment properties(991)(1,384)
Purchase of properties, deposits and deferrals(27)(21)
Net cash from/(used in) investing activities(24,849)(20,047)
Cash flows from financing activities
Cash was provided from:
Debt drawdown31,26927,196
Cash was applied to:
Repayment of debt(9,600)(14,500)
Dividends paid to shareholders net of reinvestments(28,448)(28,292)
Repayment of lease liabilities(64)(61)
Bond costs(35)(22)
Facility refinancing fee(743)(215)
Net cash from/(used in) financing activities(7,621)(15,894)
Net increase/(decrease) in cash and cash equivalents(366)(42)
Cash and cash equivalents at the beginning of the period1,8292,057
Cash and cash equivalents at the end of the period1,4632,015
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedInterim Financial Statements 30 September 202407

1. General information
Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. APL is incorporated under the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties which include Industrial, Office and Large Format Retail properties,
predominantly in Auckland and Wellington.
These condensed consolidated interim financial statements (interim financial statements) are presented in New Zealand dollars
which is the Company's functional currency and have been rounded to the nearest thousand dollars ($000) and include those of APL
and its subsidiaries (the Group).
These interim financial statements were approved by the Board of Directors on 19 November 2024.
2. Basis of preparation
STATEMENT OF COMPLIANCE
These interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) and comply with NZ IAS 34 and IAS 34 Interim Financial Reporting as applicable to the Company as a profit-oriented
entity. These interim financial statements do not include all of the information required for full annual financial statements.
The interim financial statements have been prepared on the historical cost basis except for derivative financial instruments and
investment properties which are measured at fair value.
USE OF ESTIMATES AND JUDGEMENT
The preparation of financial statements in conformity with NZ GAAP requires the use of certain critical accounting estimates that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The area involving a higher
degree of complexity, and where assumptions and estimates are significant to the financial statements, is Note 5 - valuation of
investment property.
3.
 Material accounting policies
CHANGE IN ACCOUNTING POLICIES
Accounting policies and methods of computation have been applied consistently to all periods and by all Group entities.
RESTATEMENT
Historically, Argosy has recognised a deferred tax liability for certain costs capitalised to investment property that were under
development. Whilst a temporary difference does arise in relation to these costs the deferred tax consequences were calculated on
the basis that the economic benefits embodied in these costs would be consumed over time.  Paragraph 51(C) of NZ IAS 12 includes
a rebuttable presumption that the carrying amount of investment property, measured using the fair value model in NZ IAS 40, will be
recovered through sale.  Accordingly, unless the presumption is rebutted, the measurement of the deferred tax liability or deferred
tax asset should reflect the tax consequences of recovering the carrying amount of the investment property entirely through sale.  
The Group has not rebutted this presumption, and because there are no tax consequences on disposal of the property related to
these costs, no deferred tax liability is recognised.
The effect of this matter has been recognised retrospectively in the comparative figures with a reduction in the deferred tax
liability of $4.6 million, a decrease in tax expense of $0.5 million and an increase in retained earnings of $4.6 million. As a result,
comparative earnings per share and diluted earnings per share increased by 0.06 cents for the period ending 30 September
2023. There is no effect on the statement of cash flow, investment property assets or the non-GAAP AFFO / distributable
income disclosures.
NEW ACCOUNTING STANDARDS ADOPTED
At the date of authorisation of these financial statements, the Group has not applied any new or revised NZ IFRS standards and
amendments that have been issued but are not yet effective.
NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) will replace NZ IAS 1 Presentation of Financial
Statements. NZ IFRS 18 has been issued and will be effective from the period commencing 1 April 2027.  The Group has not yet
assessed the impact of NZ IFRS 18.
Argosy Property LimitedInterim Financial Statements 30 September 202408
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

4. Segment information
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to
segments and assess their performance.
The information reported to the Group’s Chief Executive Officer includes investment property information aggregated into three
business sectors, Industrial, Office and Large Format Retail, based on what the occupants actual or intended use is. Segment profit
represents profit earned by each segment including allocation of identifiable revaluation gains/(losses) on investment properties
and gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailRestated Total (unaudited)
Six months to
30 September
Six months to
30 September
Six months to
30 September
Six months to
30 September
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
2024
$000s
2023
$000s
Segment profit
Net property income
1
26,74427,58825,25124,5276,3726,31958,36758,434
Realised gains/(losses)
on disposal of
investment properties
(1)(21)(1)––127(2)106
26,74327,56725,25024,5276,3726,44658,36558,540
Interest on ground lease––(999)(1,002)––(999)(1,002)
Revaluation gains/(losses) on
investment properties
2,662(14,966)2,208(26,296)
3,816
(9,554)8,686(50,816)
Total segment profit/(loss)
2
29,40512,60126,459(2,771)10,188(3,108)66,0526,722
Unallocated:
Administration expenses(5,577)(5,500)
Net interest expense(20,148)(20,220)
Gain/(loss) on derivative financial instruments held for trading(1,468)2,231
Profit before income tax38,859(16,767)
Taxation expense(5,889)(2,580)
Profit for the period32,970(19,347)
1.Net property income consists of revenue generated from external tenants less property operating expenditure.
2.There were no inter-segment sales during the period (30 September 2023: Nil).
Industrial
$000s
Office
$000s
Large Format Retail
$000s
Total
$000s
Segment assets as at 30 September 2024 (unaudited)
Current assets1,058881561,995
Investment properties1,036,325810,340199,5002,046,165
Non-current assets classified as held for sale35,200––35,200
Total segment assets1,072,583811,221199,5562,083,360
Unallocated assets6,234
Total assets2,089,594
Segment assets as at 31 March 2024 (audited)
Current assets3,1133,4564166,985
Investment properties1,014,900803,403195,4502,013,753
Non-current assets classified as held for sale35,200––35,200
Total segment assets1,053,213806,859195,8662,055,938
Unallocated assets13,049
Total assets2,068,987
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated to
reportable segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current assets
that cannot be allocated to particular segments.
Argosy Property LimitedInterim Financial Statements 30 September 202409

5. Investment properties
Industrial
Six months to
30 September
2024
$000s
Office
Six months to
30 September
2024
$000s
Large Format Retail
Six months to
30 September
2024
$000s
Group (unaudited)
Six months to
30 September
2024
$000s
Movement in investment properties
Balance at 1 April 20241,014,900803,403195,4502,013,753
Capitalised costs18,8024,90425923,965
Change in fair value2,6622,2083,8168,686
Change in capitalised leasing costs239(194)(5)40
Change in lease incentives(278)19(20)(279)
Investment properties at 30 September 20241,036,325810,340199,5002,046,165
Less lease liability (39 Market Place)–(39,890)–(39,890)
Investment properties at 30 September 2024
excluding NZ IFRS 16 lease adjustments
1,036,325770,450199,5002,006,275
Industrial
12 months to
31 March 2024
$000s
Office
12 months to
31 March 2024
$000s
Large Format Retail
12 months to
31 March 2024
$000s
Group (audited)
12 months to
31 March 2024
$000s
Movement in investment properties
Balance at 1 April 20231,127,775851,174205,9502,184,899
Capitalised costs12,16323,05120435,418
Transfer to property held for sale(35,200)––(35,200)
Disposals(37,850)(19,857)–(57,707)
Change in fair value(51,235)(49,899)(10,557)(111,691)
Change in capitalised leasing costs(206)(106)(40)(352)
Change in lease incentives(547)(960)(107)(1,614)
Investment properties at 31 March 20241,014,900803,403195,4502,013,753
Less lease liability (39 Market Place)–(39,953)–(39,953)
Investment properties at 31 March 2024
excluding NZ IFRS 16 lease adjustments1,014,900763,450195,4501,973,800
Investment properties are classified as Level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Valuation of investment properties
In accordance with the valuation policy of the Group, property valuations are carried out at least annually by independent registered
valuers. Given the current challenging investment market and the high interest rate environment, the Board and Management
engaged Colliers International New Zealand Limited (Colliers) to review key valuation metrics in order to undertake a review of the
property portfolio as at 30 September 2024.
Colliers did not re-inspect the properties and did not undertake a full market valuation as at 30 September 2024. They undertook
relevant investigations, including considering any tenant changes, assessing market rentals and reviewing capitalisation rates in
order to determine the value of Argosy’s properties.
Whilst the valuations were provided for Argosy internal purposes, they have been reviewed and assessed by Management and
subsequently adopted by the Board. Overall, there was a revaluation gain of $8.7 million (2023: $50.8 million loss) which has been
recognised as a revaluation gain on investment property as at 30 September 2024.
Following the adoption of NZ IFRS 16 on 1 April 2019, the right-of-use asset and investment were recognised on the ground lease that
exists over 39 Market Place, Viaduct Harbour, Auckland.
Argosy Property LimitedInterim Financial Statements 30 September 202410
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

5. Investment properties (continued)
Investment property metrics for the period ended 30 September 2024 are as follows:
IndustrialOfficeLarge Format
Retail
Total
Contract yield
1
- Average5.59%6.21%6.80%5.96%
Market yield
1
- Average6.48%7.37%6.64%6.84%
Occupancy (rent)99.5%91.9%100.0%95.8%
Occupancy (net lettable area)99.5%87.9%100.0%97.1%
Weighted average lease term (years)5.64.83.55.0
No. of buildings
2
3313450
Fair value total ($000s)1,036,325770,450199,5002,006,275
1.224 Neilson Street has been excluded from the yield metrics as it has been valued on the basis of completion of the development currently underway.
2.Certain titles have been consolidated and treated as one.
Investment property metrics for the year ended 31 March 2024 are as follows:
IndustrialOffice
Large Format
RetailTotal
Contract yield
1
- Average5.54%6.51%6.86%6.05%
Market yield
1
- Average6.43%7.13%6.66%6.73%
Occupancy (rent)99.1%94.0%100.0%96.7%
Occupancy (net lettable area)99.1%92.8%100.0%97.9%
Weighted average lease term (years)5.95.12.55.2
No. of buildings
2
3313450
Fair value total ($000s)1,014,900763,450195,4501,973,800
1.224 Neilson Street has been excluded from the yield metrics as it has been valued on the basis of completion of the development currently underway.
2.Certain titles have been consolidated and treated as one.
6. Property held for sale
8 Forge Way, Panmure, Auckland ($35.2 million) was subject to an unconditional sale and purchase agreement at the period end
date (31 March 2024: 8 Forge Way, Panmure, Auckland ($35.2 million)).
Argosy Property LimitedInterim Financial Statements 30 September 202411

7. Derivative financial instruments
Group (unaudited)
30 September 2024
$000s
Group (audited)
31 March 2024
$000s
Nominal value of interest rate swaps - fixed rate payer475,000475,000
Nominal value of interest rate swaps - fixed rate receiver275,000275,000
Average fixed interest rate - fixed rate payer3.43%3.43%
Interest rate swaps are measured at present value of future cash flows estimated and discounted based on applicable yield curves
derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market interest
rates at the period end date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been
classified into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at period end
date use observable inputs.
The net liability for derivative financial instruments as at 30 September 2024 is $22.1 million (31 March 2024: $20.7 million). The
mark-to-market increase in the liability for derivative financial instruments is a result of movements in the interest rate curve during
the interim period.
8.
 Share capital
Group (unaudited)
30 September 2024
$000s
Group (audited)
31 March 2024
$000s
Balance at the beginning of the period820,557820,069
Issue of shares from equity settled share based payments–488
Total share capital820,557820,557
The number of shares on issue at 30 September 2024 was 847,168,744 (31 March 2024: 847,168,744).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends.
Reconciliation of number of shares
(in 000s of shares)
Group (unaudited)
30 September 2024
Group (audited)
31 March 2024
Balance at the beginning of the period847,169846,724
Issue of shares from share based payments–445
Total number of shares on issue847,169847,169
Argosy Property LimitedInterim Financial Statements 30 September 202412
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

9. Interest bearing liabilities
Group (unaudited)
30 September 2024
$000s
Group (audited)
31 March 2024
$000s
Syndicated bank loans437,271415,601
Fixed rate green bonds325,000325,000
Borrowing costs(2,795)(2,544)
Total interest bearing liabilities759,476738,057
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)5.48%5.59%
Syndicated bank loans
Group (unaudited)
30 September 2024
$000s
Group (audited)
31 March 2024
$000s
ANZ Bank New Zealand Limited62,65565,982
Bank of New Zealand59,953–
Commonwealth Bank of Australia75,00034,400
Industrial and Commercial Bank of China89,93090,000
The Hongkong and Shanghai Banking Corporation Limited–54,400
Westpac New Zealand Limited149,733170,819
Total syndicated bank loans437,271415,601
As at 30 September 2024, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
Commonwealth Bank of Australia, Industrial and Commercial Bank of China and Westpac New Zealand Limited for $525.0 million
(31 March 2024 $525.0 million) secured by way of mortgage over the investment properties of the Group.
Group (unaudited)
30 September 2024
Group (audited)
31 March 2024
LimitMaturity DateLimitMaturity Date
Tranche A210,0001 October 2027160,0001 April 2025
Tranche B215,0001 October 202860,0001 October 2025
Tranche C--115,0001 October 2027
Tranche D100,0001 October 2029110,0001 October 2026
Tranche I--80,00019 May 2026
525,000525,000
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%98,194
ARG020100,00029 October 201929 October 20262.90%95,516
ARG030125,00027 October 202027 October 20272.20%113,065
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1
in the fair value hierarchy. Interest on ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September
and December. Interest on ARG020 and ARG030 bonds is payable in equal instalments on a quarterly basis in April, July, October
and January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
Argosy Property LimitedInterim Financial Statements 30 September 202413

10. Interest expense
Group (unaudited)
Six months to
30 September 2024
$000s
Group (unaudited)
Six months to
30 September 2023
$000s
Interest expense(21,297)(21,733)
Interest on ground lease (39 Market Place)(999)(1,002)
Less amount capitalised to investment properties9911,384
Total interest expense(21,305)(21,351)
Capitalised interest relates to the developments at 101 Carlton Gore Road, Newmarket, Auckland and 224 Neilson Street, Onehunga,
Auckland (30 September 2023: Capitalised interest relates to the development at 105 Carlton Gore Road, Newmarket, Auckland).
11.
 Taxation
Group (unaudited)
Six months to
30 September 2024
$000s
Restated
Group (unaudited)
Six months to
30 September 2023
$000s
The taxation charge is made up as follows:
Current tax expense4,3692,276
Deferred tax expense1,758409
Adjustment recognised in the current year in relation to the current tax of prior years(238)(105)
Total taxation expense recognised in profit5,8892,580
Reconciliation of accounting profit/(loss) to tax expense
Profit/(loss) before tax38,859(16,767)
Current tax expense/(credit) at 28%10,881(4,695)
Adjusted for:
Capitalised interest(277)(387)
Fair value movement in investment properties(2,432)14,229
Fair value movement in derivative financial instruments411(625)
Depreciation(3,145)(4,862)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(444)(879)
Depreciation recovered/(loss) on disposal of investment properties––
Tax on accounting gain on disposal of investment properties–(30)
Other(625)(475)
Current taxation expense4,3692,276
Movements in deferred tax assets and liabilities attributable to:
Investment properties1,759(190)
Fair value movement in derivative financial instruments(411)625
Other410(26)
Deferred tax expense1,758409
Prior year adjustment(238)(105)
Total tax expense recognised in profit or loss5,8892,580
Argosy Property LimitedInterim Financial Statements 30 September 202414
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

12. Distributable income and adjusted funds from operations
Group (unaudited)
Six months to
30 September 2024
$000s
Group (unaudited)
Six months to
30 September 2023
$000s
Profit/(loss) before income tax38,859(16,767)
Adjustments:
Revaluation (gains)/losses on investment property(8,686)50,816
Realised (gains)/losses on disposal of investment property2(106)
(Gains)/losses on derivative financial instruments held for trading1,468(2,231)
Gross distributable income31,64331,712
Tax impact of depreciation recovered on disposal of investment property––
Current tax expense(4,131)(2,171)
Net distributable income27,51229,541
Weighted average number of ordinary shares (000s)847,169847,052
Gross distributable income cents per share3.743.74
Net distributable income cents per share3.253.49
Net distributable income27,51229,541
Amortisation of tenant incentives and leasing costs1,0741,343
Share based payment expense5753
Funds from operations (FFO)28,64330,937
Capitalisation of tenant incentives and leasing costs(835)(617)
Maintenance capital expenditure(983)(865)
Maintenance capital expenditure recovered through sale––
Adjusted funds from operations (AFFO)26,82529,455
FFO cents per share3.383.65
AFFO cents per share3.173.48
Dividends paid/payable in relation to period3.333.33
Dividend payout ratio to FFO98%91%
Dividend payout ratio to AFFO105%96%
The Company's dividend policy is based on AFFO from the Property Council of Australia Voluntary Best Practice Guidelines for
disclosing FFO and AFFO as interpreted by the Company and amended to include maintenance capital expenditure recovered
through sale.
FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
Argosy Property LimitedInterim Financial Statements 30 September 202415

13. Commitments
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 30 September 2024 and not provided for were
$38.7 million (31 March 2024: $24.0 million).
There were no other commitments as at 30 September 2024 (31 March 2024: Nil).
The Company has the following guarantees, which are not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
A bank guarantee of $30,000 was provided by Argosy Property No.1 Limited to Auckland Council to allow building consents and LIM
reports to be obtained on account.
14.
 Contingencies
There were no contingencies as at 30 September 2024 (31 March 2024: Nil).
15.
 Subsequent events
On
8 November 2024, an unconditional sale and purchase contract was finalised to acquire 291 East Tamaki Road, East Tamaki (and
adjacent property titles) for $56.0 million.  Settlement is expected to take place in August 2025.
On 19 November 2024 a dividend of 1.6625 cents per share was approved by the Board. The record date for the dividend is
4 December 2024 and a payment is scheduled to shareholders on 18 December 2024. Imputation credits of 0.2463 cents per share
are attached to the dividend.
16.
 Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
There were no other significant changes in relationships or transactions with related parties during the period ended
30 September 2024.
Argosy Property LimitedInterim Financial Statements 30 September 202416
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED)

Independent Auditor’s Review Report
To The Shareholders of Argosy Property Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Argosy Property
Limited and its subsidiaries (‘the Group’) on pages 4 to 16 which comprise the condensed consolidated interim statement of
financial position as at 30 September 2024, and the condensed consolidated interim statement of comprehensive income,
condensed consolidated interim statement of changes in equity and condensed consolidated interim statement of cash flows for
the period ended on that date, and notes to the condensed consolidated interim financial statements, including material
accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Group
do not present fairly, in all material respects, the financial position of the Group as at 30 September 2024 and its financial
performance and cash flows for the period ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the
Review of the Interim
Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the
annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor and scrutineering at the Annual Shareholders’ Meeting, we have no relationship with or
interests in Argosy Property Limited or any of its subsidiaries. These services have not impaired our independence as auditor of the
Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 Interim Financial Reporting
and IAS 34 Interim Financial Reporting and for such internal
control as the directors determine is necessary to enable the preparation and fair presentation of the interim financial statements
that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements,
taken as a whole, are not
prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34
Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not
enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the interim
financial statements.
Restriction on use
This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we might state to the
company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company’s shareholders as a body,
for our engagement, for this report, or for the conclusions we have formed.
Peter Gulliver, Partner
for Deloitte Limited
Auckland, New Zealand
19 November 2024
Argosy Property LimitedInterim Financial Statements 30 September 202417

39 Market Place
PO Box 90214
Victoria Street West
Auckland 1142
P / 09 304 3400
argosy.co.nz

---

1
20.11.2024
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period Six months to 30 September 2024
Previous Reporting Period Six months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $58,367 -0.1%
Total Revenue $58,367 -0.1%
Net profit/(loss) from continuing operations $32,970 270.4%
Total net profit/(loss) $32,970 270.4%
Interim Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00111761
Record Date 4 December 2024
Dividend Payment Date 18 December 2024
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $1.46 per share $1.45 per share
A brief explanation of any of the figures above necessary to enable
the figures to be understood
The financial information for this announcement has been
extracted from the unaudited financial statements of Argosy
Property Limited which have been released to NZX in
conjunction with this announcement.
Authority for this Announcement
Name of person authorised to make this announcement Dave Fraser
Contact person for this announcement Dave Fraser
Contact phone number (09) 304 3400
Contact email address dfraser@argosy.co.nz
Date of release through MAP 20/11/2024

Unaudited financial statements accompany this announcement.