Kiwi Property shows resilience in tough economic conditions

Interim Report
For the six months ended
30 September 2024

Resido apartments, Sylvia ParkCover image
Sylvia Park
ANZ Raranga

For further information visit our investor centre at:
kp.co.nz/investor-centre.
Kiwi Property Interim Report for the six
months ended 30 September 2024
Letter from the Chair and
Chief Executive Officer 2
Financials 7
Contents
Resido
Kiwi Property Interim Report FY251

Letter from the
Chair and Chief
Executive Officer
Clive Mackenzie
Chief Executive Officer
Simon Shakesheff
Chair
Kiwi Property Interim Report FY252

$56.4m
$43.2m
OPERATING PROFIT
BEFORE TAX
NET PROFIT AFTER TAX
The resilience of Kiwi
Property’s assets is
demonstrated through
solid net rental income
growth of 7.0% for the
half-year.
Resilience showing through
Our interim results for the six months ended 30 September
2024 (1H25) have reinforced conviction that our strategy,
focused on creating and curating retail-led mixed-use
properties, is building momentum as challenging recent
macroeconomic conditions start to ease.
The resilience of Kiwi Property’s assets is demonstrated
through solid net rental income growth of 7.0% for the half-
year. Operating profit before tax was $56.4 million (up 7.7%),
reflecting a tight focus on costs, efficiencies, and execution,
while net profit after tax was $43.2 million (up 218.4%),
including a modest fair value gain over the period. While
AFFO is marginally lower than the prior period (-0.4%),
this is encouraging given higher interest costs and lower
depreciation deductions as a result of the Government’s tax
legislation change.
Retail sales at Kiwi Property’s assets have also held up well
considering the current economic environment, with sales
down -1.8% across the portfolio compared to the -3.8%
1

reduction in sales nationally. Kiwi Property’s mixed-use
specialty gross occupancy cost ratio (a key measure of
tenancy affordability) increased from 12.2% to 14.3%, remaining
within a conservative range and leaving room for future rental
growth following the 4.2% total rent growth achieved over the
first half of the financial year. The attractiveness of our centres
as destinations also continues to be demonstrated through
foot traffic, which increased from 36.3 million to 37.3 million
over the preceding 12 months.
The results of the last six months have given us even greater
confidence in our strategy. Importantly, as the interest rate
cycle begins to unwind and lift downward pressure, we are
seeing a stabilisation of Kiwi Property asset valuations that
is also reflected in the 1H25 results. On 30 September 2024,
the Kiwi Property portfolio was valued at $3.3 billion, including
a fair value gain of 0.3% from 31 March 2024. Net tangible
assets were stable at $1.17 per share.
Our expectation is that in creating a high-quality asset base
with good transport connectivity, we will achieve stronger
valuation and rental uplift over time.
Actively managing the business
We have been actively managing and optimising our portfolio,
capital, and business during the first six months of the
financial year, including being disciplined about non-essential
expenditure. This has seen a 20% reduction in employment
and administration expenses for the half-year due to people-
related cost reduction initiatives and lower one-off costs.
Occupancy across our asset portfolio has remained strong,
thanks to our robust and creative leasing strategy that pre-
empts vacancy by leveraging existing relationships and making
use of vacant space with short-term Activate tenancies.
We have a clear capital allocation strategy, which includes the
potential for the selective and considered divestment of assets
over time that are no longer essential to our strategic focus
on retail-led, mixed-use properties. Valuations appear to have
stabilised and we have minimised incremental capital spend,
with Kiwi Property’s gearing 38.0% as at 30 September 2024.
We are confident that gearing will reduce as the property cycle
turns and will take the necessary time on asset sale initiatives
to ensure that value is maximised for shareholders.
In other capital initiatives, we were pleased with the
participation in our dividend reinvestment plan, with 47%
take-up an increase from 38% in September 2023. The DRP
will also operate for the next dividend, retaining further capital
in the business.
Build-to-rent comes to life
On 11 June 2024, Prime Minister Christopher Luxon and Housing
Minister Chris Bishop officially joined us in opening Resido, our
flagship 295 apartment build-to-rent (BTR) development at
Sylvia Park, the largest of its kind in the country.
This new asset class has the potential to play an important
role in helping to address the growing demand for rental
accommodation and alleviate New Zealand’s housing shortfall,
and we are proud to be a leader in this market.
The lease-up progress at Resido is in line with our
expectations, with 148 leases signed as at 21 November (50%
of the total apartments). We are on track to achieve our
ambition of Resido being fully leased up within 12-18 months
of launch.
The high quality of the development and its attraction for
residents has been demonstrated in the achieved rentals,
reflecting the additional amenities provided (including on-site
team, gym, rooftop BBQ, media room, residents’ lounge, dog
park and proximity to Sylvia Park shopping centre).
1. Stats NZ Electronic Card Transactions for the period Sep 24 vs. the preceding 12
months across the consumables, apparel and durables categories.
Kiwi Property Interim Report FY253

The next retail-led mixed-use community
Sylvia Park has proven to be the best proof-point to date of
the Kiwi Property retail-led mixed-use strategy, highlighting
the benefits of taking a long-term approach – starting with
strategic land holdings near transport and population growth
nodes, and adding quality retail, residential, office, and
amenities to the community.
Drury is expected to be another such exemplar, with transport
connections underway with the new Drury Central train
station due for completion in 2025, and advanced discussions
underway on large-format retail (LFR) and residential sale
opportunities. These will help catalyse the growth of the
community as part of stage one.
Progress on stage one continues with major earthworks
completed in June 2024. The strategy is to maximise the
returns from stage one super-lot sales, which will be used
to fund subsequent development stages. Stage two will focus
on ownership and development of the town centre, which
is where we expect to create significant long-term value.
It was encouraging to see our Drury Metropolitan Town Centre
project announced in October as a listed project on Schedule
2 of the Governments Fast-track Approvals Bill, as well as a
number of other Drury infrastructure projects. This is positive
news and aligns with our belief that Drury is a significant
housing and community infrastructure development, enabling
growth for Auckland.
Investment in Mackersy Property
In November 2024, Kiwi Property invested in Mackersy
Property (by way of a $6.5 million convertible loan) to support
Mackersy’s continued growth. On conversion, Kiwi Property’s
investment will result in a 50% shareholding.
Mackersy Property is one of New Zealand’s leading full-service
investment management firms with over $2 billion in real estate
assets under management. It is focused on sourcing, funding
and managing high-quality properties on behalf of wholesale
investors across New Zealand. Mackersy Property manages
assets across the office, retail, LFR, and industrial sectors.
Initially we anticipate the deal will be marginally accretive
to earnings, with the ability to grow over time as market
activity returns.
Exposure to this attractive business will also provide Kiwi
Property with diversification of capital sources with direct
access to a deep pool of ~2,800 wholesale investors. Key
executive shareholders (with strong investor relationships
and origination capability) have been retained. The business
is scalable and has a strong track record in the market.
Sylvia Park has proven
to be the best proof-
point to date of the
Kiwi Property retail-led
mixed-use strategy,
highlighting the benefits
of taking a long-term
approach.
2.70cps
$3.3b
TOTAL INTERIM CASH
DIVIDEND PAYMENT
PROPERTY PORTFOLIO VALUE
3 Te Kehu Way
Kiwi Property Interim Report FY254

Sustained ESG momentum
Kiwi Property has a proud environmental, social and
governance (ESG) track record.
Our sustainability approach is based on three key pillars;
People, Places and Partnerships. It is an approach founded
on a belief that leading sustainability performance supports
better communities, attracts more diverse capital, and creates
more value for shareholders over time.
We are deeply committed to ensuring our developments are
measured on their sustainability performance, with recent
developments Resido receiving an 8-Star Homestar Design
rating, and 3 Te Kehu Way achieving Aotearoa‘s first 6-Star
Design and As-Built v1.0 Green Star rating.
We also continue to be a proud supporter of the Mental Health
Foundation and the great work they do in our communities.
Dividend and guidance
Kiwi Property remains committed to maintaining and growing
dividends over time. As outlined in the FY24 annual results,
a legislative change earlier this year removed the ability of
companies to claim depreciation on commercial buildings.
This led to Kiwi Property reducing its forecast dividend for
the FY25 year. Kiwi Property has reiterated its dividend
guidance at 5.40 cents per share for FY25
1
.
Kiwi Property will pay a cash dividend of 1.35 cents per share
for the second quarter of FY25 on 20 December 2024, taking
the interim cash dividend payment to 2.70 cents per share.
The dividend reinvestment plan (DRP) will operate for the Q2
FY25 dividend and will be reassessed on a quarterly basis.
Pricing for the DRP will be determined by the volume weighted
average share price for the five trading days to 11 December,
subject to a 2% discount.
FY25 outlook
Kiwi Property remains firmly focused on creating long-term
value for shareholders. We will continue to optimise our
assets and business, invest or divest carefully in opportunities
according to our capital allocation framework, and position
ourselves for when the economy improves. Downward
momentum in the interest rate environment has also provided
Kiwi Property with greater confidence in its earnings and
dividend profile.
Heading into the rest of the financial year, we will continue
active management of our portfolio. Our operational focus
involves leasing up the rest of Resido, continuing to progress
the Drury development and finalising some of the early land
sales.
As always, we thank the wider Kiwi Property team for their
hard work on your behalf, and we thank you for your ongoing
support as our shareholders.
Resido
General Note: Net rental income, operating profit before tax, and adjusted funds
from operations (AFFO) are non-GAAP performance measures. Refer to the Kiwi
Property Interim Results Presentation for the six months ended 30 September 2024
for details.
1: Dividend guidance and payments are contingent on the company’s financial
performance through the financial year and barring material adverse events or
unforeseen circumstances.
Simon Shakesheff
Chair
Clive Mackenzie
Chief Executive Officer
Kiwi Property Interim Report FY255

Financials
ANZ Raranga
Kiwi Property Interim Report FY256

Consolidated financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY257
Consolidated statement of comprehensive incomePg 8
Consolidated statement of changes in equityPg 9
Consolidated statement of financial positionPg 10
Consolidated statement of cash flowsPg 11
Notes to the consolidated financial statementsPg 13
Independent auditor's review reportPg 26

Consolidated statement
of comprehensive income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY258
6 months6 months
30 Sep 202430 Sep 2023
Note$000$000
Revenue
Property revenue126,405115,690
Property management revenue1,9552,041
Total revenue128,360117,731
Expenses
Direct property expenses(31,074)(26,558)
Employment and administration expenses(12,689)(15,759)
Total expenses(43,763)(42,317)
Profit before net finance expenses, other income/(expenses) and income
tax expense84,59775,414
Interest income250374
Interest and finance charges(28,432)(23,409)
Net fair value (loss)/gain on interest rate derivatives3.4.2(11,185)6,238
Net finance expenses(39,367)(16,797)
Profit before other income/(expenses) and income tax45,23058,617
Net fair value gain/(loss) on investment properties3.29,487(81,114)
Loss on disposal of investment properties-(2,438)
Other income/(expenses)9,487(83,552)
Profit/(loss) before income tax54,717(24,935)
Income tax expense2.1(11,497)(11,613)
Profit/(loss) and total comprehensive income after income tax attributable
to shareholders43,220(36,548)
Basic earnings/(loss) per share (cents)2.72(2.32)
Diluted earnings/(loss) per share (cents)2.72(2.32)
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY259
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20231,664,7742,103266,6081,933,485
Loss and total comprehensive income after income tax
attributable to shareholders--(36,548)(36,548)
Dividends paid--(44,916)(44,916)
Dividends reinvested16,948--16,948
Long-term incentive plan1,073(415)84742
Employee share ownership plan-46-46
Balance at 30 September 20231,682,7951,734185,2281,869,757
Balance at 1 April 20241,682,7952,854174,3131,859,962
Profit and total comprehensive income after income tax
attributable to shareholders--43,22043,220
Dividends paid--(44,195)(44,195)
Dividends reinvested10,148--10,148
Long-term incentive plan994(620)128502
Employee share ownership plan96(76)-20
Treasury shares disposed787--787
Balance at 30 September 20241,694,8202,158173,4661,870,444
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2510
Note
30 Sep 2024
$000
31 Mar 2024
$000
Current assets
Cash and cash equivalents13,76018,203
Trade and other receivables3.111,70013,701
Interest rate derivatives3.4.28072,619
Inventories3.380,94273,500
Investment properties held for sale3.2-458,000
107,209566,023
Non-current assets
Investment properties3.23,191,1822,663,789
Property, plant and equipment1,5061,787
Interest rate derivatives3.4.21383,503
3,192,8262,669,079
Total assets3,300,0353,235,102
Current liabilities
Trade and other payables45,58060,501
Interest bearing liabilities3.4.1126,482126,387
Interest rate derivatives3.4.22062
Income tax payable3,9172,585
Lease liabilities5149
176,236189,524
Non-current liabilities
Interest bearing liabilities3.4.11,129,0781,068,772
Interest rate derivatives3.4.28,0012,197
Deferred tax liabilities115,888114,232
Lease liabilities388415
1,253,3551,185,616
Total liabilities1,429,5911,375,140
Equity
Share capital1,694,8201,682,795
Share-based payments reserve2,1582,854
Retained earnings173,466174,313
Total equity1,870,4441,859,962
Total equity and liabilities3,300,0353,235,102
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
For and on behalf of the Board, who authorised these consolidated financial statements for issue on 22 November 2024.
Simon Shakesheff
 Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2511
6 months
30 Sep 2024
$000
6 months
30 Sep 2023
$000
Cash flows from operating activities
Property revenue127,828120,285
Property management revenue2,3562,215
Interest received and other income250374
Direct property expenses(30,634)(23,762)
Interest paid and finance charges(31,966)(22,458)
Interest costs paid on lease liabilities(12)(30)
Employment and administration expenses(14,841)(18,806)
Expenditure on inventories, including capitalised interest(7,442)-
Income tax expense(8,509)(9,981)
Net cash flows from operating activities37,03047,837
Cash flows from investing activities
Proceeds from disposal of investment properties-122,193
Acquisition of investment properties-(24,096)
Capital expenditure on investment properties(64,260)(87,794)
Interest and finance charges capitalised to investment properties(3,864)(5,743)
Acquisition of property, plant and equipment(65)(390)
Net cash flows (used in)/from investing activities(68,189)4,170
Cash flows from financing activities
Payment of lease liabilities(24)(22)
Proceeds from disposal of treasury shares787-
Proceeds from bank loans754,000491,000
Repayment of bank loans(694,000)(392,000)
Repayment of fixed-rate green bonds-(125,000)
Dividends paid(34,047)(27,968)
Net cash flows from/(used in) financing activities26,716(53,990)
Net decrease in cash and cash equivalents(4,443)(1,983)
Cash and cash equivalents at the beginning of the period18,20317,878
Cash and cash equivalents at the end of the period13,76015,895
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property Interim Report FY2512
6 months6 months
Reconciliation of profit/(loss) after income tax to net cash flows from operating activities
30 Sep 202430 Sep 2023
$000$000
Profit/(loss) and total comprehensive income after income tax attributable to shareholders43,220(36,548)
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities6,9632,270
Non-cash items:
Net fair value loss/(gain) on interest rate derivatives11,185(6,238)
Net fair value (gain)/loss on investment properties(9,487)81,114
Increase in deferred tax liabilities1,6561,696
Amortisation of lease incentives and fees3,2583,514
Straight-lining of fixed rental increases(735)(489)
Movements in working capital items:
Decrease in trade and other receivables2,0014,921
Increase/(decrease) in income tax payable1,332(63)
Decrease in trade and other payables(14,921)(2,340)
Increase in inventories(7,442)-
Net cash flows from operating activities37,03047,837
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2513
1.General information
1.1Reporting entityPg 14
1.2Basis of preparationPg 14
1.3Significant changes during the periodPg 14
1.4New standards, amendments and interpretationsPg 14
1.5Key judgements and estimatesPg 14
1.6Accounting policiesPg 14
2.Profit and loss information
2.1Tax expensePg 15
3.Financial position information
3.1Trade and other receivablesPg 16
3.2Investment propertiesPg 17
3.3InventoriesPg 20
3.4FundingPg 21
4.Other information
4.1Segment informationPg 23
4.2CommitmentsPg 25
4.3Subsequent eventsPg 25

1. General information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2514
1.1 Reporting entity
The interim consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled
entities (the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and
is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with
its ordinary shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP) and comply with New Zealand Equivalents to International Accounting Standards (NZ IAS) 34 Interim Financial
Reporting and International Accounting Standards (IAS) 34 Interim Financial Reporting. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements in the 2024 annual report.
The interim consolidated financial statements for the six months ended 30 September 2024 are unaudited. Comparative balances
for 30 September 2023 are unaudited, whilst the comparative balances for the year ended 31 March 2024 are audited.
The interim consolidated financial statements have been prepared on the basis the Group is a going concern.
The interim consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The
functional and presentation currency used in the preparation of the interim consolidated financial statements is New Zealand dollars.
1.3
 Significant changes during the period
The financial position and performance of the Group was affected by the following events and transactions during the period:
Investment property
In August 2024, the Group terminated the conditional sale of the Vero Centre after the potential purchaser failed to meet key terms of
the agreement. As a result, the Vero Centre is reclassified from held for sale to investment properties subsequent to the termination.
The revenue and expenses from the Vero Centre will continue to be recognised within the Office segment.
Interest bearing liabilities
In September 2024, the Group increased its overall bank debt facilities from $0.95 billion to $1.00 billion.
1.4
 New standards, amendments and interpretations
There have been no new accounting standards or amendments that have had a material impact on the interim consolidated
financial statements.
Standards issued but not yet effective
In April 2024, the International Accounting Standards Board issued IFRS 18 Presentation and Disclosure in Financial Statements that is
effective for the accounting period that begins on or after 1 January 2027. The impact of this standard is being assessed by the Group.
1.5
 Key judgements and estimates
Critical judgements, estimates and assumptions are outlined throughout these interim consolidated financial statements and in the
2024 annual consolidated
financial statements.
1.6
 Accounting policies
The accounting policies and methods of computation used in the preparation of these interim consolidated financial statements are
consistent with those used in the 2024 annual consolidated financial statements.

2. Profit and loss information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2515
2.1 Tax expense
A reconciliation of profit/(loss) before income tax to income tax expense follows:
6 months6 months
30 Sep 202430 Sep 2023
$000$000
Profit/(loss) before income tax54,717(24,935)
Prima facie income tax (expense)/benefit at 28%(15,321)6,982
Adjusted for:
Net fair value (loss)/gain on interest rate derivatives(3,132)1,747
Net fair value gain/(loss) on investment properties2,656(22,712)
Loss on disposal of investment properties-(683)
Depreciation3,7946,214
Depreciation recovered on disposal of investment properties-(2,792)
Net deferred leasing costs(97)(199)
Deductible capitalised expenditure1,9471,608
Other312(82)
Current tax expense(9,841)(9,917)
Depreciation recoverable(4,208)(23)
Net fair value loss/(gain) on interest rate derivatives3,132(1,747)
Deferred leasing costs and other temporary differences(580)74
Deferred tax expense(1,656)(1,696)
Income tax expense reported in consolidated statement of comprehensive income(11,497)(11,613)
Imputation credits available for use in subsequent periods5,3125,686
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair value.
Investment properties are valued each year by independent valuers. These values include an allocation of the valuation between
the land and building components. The calculation of deferred tax on depreciation recovered relies on this allocation provided
by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values attributable
to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed utilising
independent valuation advice and the remaining properties have been assessed with reference to previous transactional
evidence and their age and quality.

3. Financial position information
AS AT 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2516
3.1 Trade and other receivables
30 Sep 2024
$000
31 Mar 2024
$000
Trade debtors9,2877,940
Provision for doubtful debts(2,148)(1,745)
7,1396,195
Prepayments4,5617,506
Trade and other receivables11,70013,701
The movement in the provision for doubtful debts is as follows:
30 Sep 2024
$000
31 Mar 2024
$000
Opening provision for doubtful debts1,7452,006
Increase in doubtful debts allowance recognised in profit or loss during the period662613
Receivables written off during the period as uncollectible(10)(356)
Unused amounts reversed(249)(518)
Closing provision for doubtful debts2,1481,745

Kiwi Property Interim Report FY2517
3.2 Investment properties
Investment properties held by the Group are as follows:
Fair value
31 March 2024
$000
Capital
movements
30 Sep 2024
$000
Fair value
gain/(loss)
30 Sep 2024
$000
Fair value
30 Sep 2024
$000
Mixed-use
Sylvia Park Precinct
1
1,679,50031,87817,2121,728,590
LynnMall202,000989(2,989)200,000
The Base
2
205,1002,3645,486212,950
2,086,60035,23119,7092,141,540
Office
Vero Centre
3
-469,122(12,122)457,000
ASB North Wharf212,000107(1,107)211,000
The Aurora Centre146,00062(62)146,000
358,000469,291(13,291)814,000
Retail
The Plaza112,00010,0303,470125,500
Centre Place North
2
32,225368(393)32,200
144,22510,3983,077157,700
Other
Development land74,5002,9851577,500
2,663,325517,9059,5103,190,740
Gross up of lease liabilities4641(23)442
Investment properties - non-current2,663,789517,9069,4873,191,182
Investment properties held for sale
Properties held for sale
3
458,000(458,000)--
Investment properties held for sale - current458,000(458,000)--
Total investment properties3,121,78959,9069,4873,191,182
1Sylvia Park Precinct was valued “as if complete” at $1.730 billion A deduction of $1.2 million outstanding development costs for the Resido Lynton build-to-rent development
results in an “as is” value of $1.729 billion net of seismic costs.
2Represents the Group's 50% ownership interest.
3During the current financial period, Vero Centre was reclassified from investment properties held for sale to the investment properties office portfolio.

Kiwi Property Interim Report FY2518
3.2 Investment properties (continued)
The movement in the Group's investment properties during the six months to 30 September 2024 is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2024 excluding gross up
of lease liabilities2,086,600358,000144,22574,500458,0003,121,325
Capital movements:
Transfers between asset classes-458,000--(458,000)-
Capitalised costs (including lease
incentives, fees and fixed rental income)34,71712,11210,1071,628-58,564
Capitalised interest and finance charges2,070-4371,357-3,864
Amortisation of lease incentives, fees and
fixed rental income(1,556)(821)(146)--(2,523)
35,231469,29110,3982,985(458,000)59,905
Net fair value gain on investment properties
excluding gross up of lease liabilities19,709(13,291)3,07715-9,510
Balance at 30 September 2024 excluding
gross up of lease liabilities2,141,540814,000157,70077,500-3,190,740
Gross up of lease liabilities:
Balance at 31 March 2024464----464
Capital movements1----1
Fair value movements(23)----(23)
Balance at 30 September 2024 excluding
gross up of lease liabilities442----442
Balance at 30 September 2024 including
gross up of lease liabilities2,141,982814,000157,70077,500-3,191,182

Kiwi Property Interim Report FY2519
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of
investment properties
Introduction
All of the Group's investment properties have been determined to be Level 3 (31 March 2024: Level 3) in the fair value hierarchy
because all significant inputs that determine fair value are not based on observable market data.
Valuation process
In line with the Group’s valuation policy, as at
31 March 2024 all properties were carried at external valuation or contract price as
applicable, except for a small number of non-core residential properties owned by the Group which were subject to a kerbside
value assessment completed by an independent registered valuer.
For 30 September 2024 interim financial reporting purposes, the Board and Management have reviewed the portfolio using
available market data and considered other key property information. Where fair value movements were material in the context
of the Group's valuation policy, the Board and Management have engaged independent registered valuers to complete desktop
assessments. This resulted in desktop assessments being completed for all investment properties other than The Aurora
Centre, Drury landholdings (development land), Sylvia Park Lifestyle and the adjoining industrial and non-core residential
properties within the Sylvia Park Precinct. Whilst the desktop assessments were completed for internal purposes, they have
been reviewed by Management and adopted by the Board as Directors valuations. For the properties that were not assessed
by the valuers, the Board and Management determined the appropriate fair value as at 30 September 2024.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development may be assessed using a residual approach.
Estimates are used in these valuation approaches to determine fair value. For the two most common approaches, these include
the capitalisation rate in the income capitalisation approach and the discount rate in the discounted cash flow approach. Both
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances and the
cost of ongoing operating expenses, capital expenditure and other capital payments.
In relation to capital expenditure, the values for Sylvia Park, LynnMall, The Base, The Aurora Centre and The Plaza include
deductions for seismic strengthening works. The valuer of Centre Place North has assessed the seismic risk of the asset in the
capitalisation rate of the valuation and made deductions for seismic strengthening works. The Group has provided the valuers
with the estimated cost of works for each asset. In some instances the valuer has assessed additional costs and made additional
adjustment such as for cost escalation and profit and risk for potential works to buildings which have not been subject to a
Detailed Seismic Assessment (DSA).
Resido Lynton, within the Sylvia Park Precinct was valued using the residual approach as at 30 September 2024. The
development of this property is completed with some outstanding costs to be finalised. Under the residual approach, valuers
estimate the ‘as if complete’ value of an asset using the discounted cash flow approach described above. They then deduct
remaining project costs to determine the asset’s ‘as is’ or residual value.

Kiwi Property Interim Report FY2520
3.2 Investment properties (continued)
Seismic
The Group's approach and process to seismic resilience of the portfolio is described in the annual financial statements.
Where the Group has become aware of potential remediation requirements from recent preliminary investigations, the Group
has provided additional provisions for inclusion in the valuations, the present value of which is $40.2 million (31 March 2024:
$40.6 million). These provisions are estimated allowances pending the outcome of further investigations and are based on the
best information available at the time of valuation but may be subject to change as circumstances and standards continue
to evolve.
Climate change
The Group continues to identify and assess the impact of climate change on the business and its assets. The desktop
assessments and director valuations made no explicit adjustment for climate related risks. However, climate related risks are
implicitly accounted for in the valuation process as investment metrics adopted by valuers and the Board and Management
such as capitalisation rates and discount rates were benchmarked against transaction evidence of similar
profile assets which
may also be subject to climate related risks. At 31 March 2024, the valuers considered climate related risks such as flooding,
short-term sea level rise and fire by checking national and local authority hazard registers for the properties valued and adjusting
investment metrics for any risks identified that are considered material. For the period ended 30 September 2024, the Group
is not aware of any significant changes to such risks on its assets. The Group and valuers anticipate that climate change could
have a greater influence on valuations in the future as investment markets place a greater emphasis on this risk and its impacts.
Impact on values at 30 September 2024
For the period ended 30 September 2024, the Group reported a fair value gain of $9.5 million. The gain reflects improvements
in capitalisation rates and discount rates consistent with the current economic environment.
3.3
 Inventories
30 Sep 2024
$000
31 Mar 2024
$000
Opening balance73,500-
Transfer from investment properties-73,500
Additional expenditure7,442-
Closing balance80,94273,500
On 31 March 2024, the Group transferred the Stage 1 land at Drury from investment properties to inventories on the basis that it will
be developed with the intention to sell.
The Group classifies inventories as current assets as it intends to sell the assets within its normal operating cycle even when they are
not expected to be realised within 12 months after the reporting period.

Kiwi Property Interim Report FY2521
3.4 Funding
3.4.1
 Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
30 Sep 2024
$000
31 Mar 2024
$000
Bank loans - total facilities1,000,000950,000
Bank loans - undrawn facilities(246,000)(256,000)
Bank loans - drawn facilities - non-current754,000694,000
Fixed-rate green bonds - current126,482126,387
Fixed-rate green bonds - non-current375,078374,772
Fixed-rate green bonds - amortised cost501,560501,159
Interest bearing liabilities1,255,5601,195,159
30 Sep 2024
$000
31 Mar 2024
$000
Face value of fixed-rate green bonds - current125,000125,000
Face value of fixed-rate green bonds - non-current375,000375,000
Face values500,000500,000
30 Sep 2024
$000
31 Mar 2024
$000
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)5.25%5.61%
Weighted average term to maturity for the combined facilities3.1 years3.6 years
Recognition and measurement
All interest bearing liabilities are initially recognised at the fair value of the consideration received, less directly attributable
transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate
method whereby the transaction costs are spread over the expected life of the instrument.
Bank loans
The bank loans are provided by ANZ Bank New Zealand, Bank of New Zealand, China Construction Bank Corporation (New Zealand
Branch), Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation (HSBC), Industrial and Commercial Bank
of China Limited, Auckland Branch (ICBC), MUFG Bank, Ltd (Auckland Branch) and Westpac New Zealand.
In September 2024, the Group increased the overall bank facilities from $0.95 billion to $1 billion.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the six months
ended 30 September 2024 and year ended 31 March 2024, the Group was in compliance with all of its financial covenants.

Kiwi Property Interim Report FY2522
3.4.1
 Interest bearing liabilities (continued)
Security
The bank loans and fixed-rate green bonds are secured by a Global Security Deed granted by the Charging Group over all of their
assets, together with first ranking registered mortgages over substantially all of the real property (being land and buildings and other
fixtures on that land) owned by the Charging Group. The Charging Group comprises Kiwi Property Group Limited and its subsidiaries
that are party to the Global Security Deed as guarantors. At the date of these financial statements, the guaranteeing subsidiaries
comprise Kiwi Property Holdings Limited, Kiwi Property Holdings No. 2 Limited, Kiwi Property Holdings No. 3 Limited, Kiwi Property
Holdings No. 4 Limited, Kiwi Property Holdings No. 5 Limited, Kiwi Property Holdings No. 7 Limited, Sylvia Park Business Centre Limited,
Kiwi Property Te Awa Limited and Kiwi Property Centre Place Limited. The guaranteeing subsidiaries may change from time to time.
3.4.2
 Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks.
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
30 Sep 2024
$000
31 Mar 2024
$000
Interest rate derivative assets - current8072,619
Interest rate derivative assets - non-current1383,503
Interest rate derivative liabilities - current(206)(2)
Interest rate derivative liabilities - non-current(8,001)(2,197)
Net fair values of interest rate derivatives(7,262)3,923
Notional value of interest rate derivatives - fixed-rate payer - active620,000560,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting350,000285,000
Notional values970,000845,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.8 years1.0 years
Weighted average term to maturity - forward starting4.9 years3.5 years
Weighted average term to maturity2.9 years1.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
2.84%4.32%
Weighted average interest rate - forward starting
1
4.02%4.08%
Weighted average interest rate3.27%4.24%
1Excluding fees and margins.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor using
valuation techniques classified as Level 2 in the fair value hierarchy (31 March 2024: Level 2). These are based on the present
value of estimated future cash flows based on the terms and maturities of each contract and the current market interest rates
at balance date. Fair values also
reflect the current creditworthiness of the derivative counterparties. These values are verified
against valuations prepared by the respective counterparties. The valuations were based on market rates at 30 September 2024
of between 4.87% for the 90-day BKBM and 3.88% for the 10-year swap rate (31 March 2024: 5.64% and 4.37%, respectively).

4. Other information
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Kiwi Property Interim Report FY2523
4.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker, who is the Chief Executive Officer (CEO). The CEO is responsible for allocating resources and assessing performance of the
operating segments.
Operating segments have been determined based on the reports reviewed by the CEO to assess performance, allocate resources and
make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2.
Investment properties held for sale are included in the other segment. The Group operates in New Zealand only.
The following table is an analysis of the Group's profit by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2024
Property revenue80,22132,36813,599217126,405
Less: straight-lining of fixed rental increases(379)(1,038)682-(735)
Less: direct property expenses(19,280)(7,961)(3,577)(256)(31,074)
Less: ground lease expenses(36)---(36)
Segment profit60,52623,36910,704(39)94,560
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
30 September 2023
Property revenue70,34231,54513,282521115,690
Less: amortisation of fixed rental increases(317)(271)(11)110(489)
Less: direct property expenses(15,715)(7,053)(3,721)(69)(26,558)
Less: ground lease expenses(35)--(17)(52)
Segment profit54,27524,2219,55054588,591
30 Sep 24
64%
Mixed-use
25%
Office
11%
Retail
0%
Other
Segment profit
30 Sep 23
61%
Mixed-use
27%
Office
11%
Retail
1%
Other
Segment profit

Kiwi Property Interim Report FY2524
4.1 Segment information (continued)
A reconciliation of the segment profit to the profit/(loss) before income tax reported in the Consolidated Statement of
Comprehensive Income is provided as follows:
6 months6 months
30 Sep 202430 Sep 2023
$000$000
Segment profit94,56088,591
Property management fees1,9552,041
Increase in rental income resulting from straight-lining of fixed rental increases735489
Interest income250374
Net fair value gain/(loss) on investment properties9,487(81,114)
Interest and finance charges(28,432)(23,409)
Employment and administration expenses(12,689)(15,759)
Net fair value (loss)/gain on interest rate derivatives(11,185)6,238
Loss on disposal of investment properties-(2,438)
Ground lease expenses classified as interest and fair value loss on investment properties3652
Profit/(loss) before income tax54,717(24,935)
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the period:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
30 September 2024
Segment assets2,150,353815,360162,355159,20412,7633,300,035
Segment liabilities22,0306,99212,7351,4291,386,4051,429,591
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
31 March 2024
Segment assets2,096,093359,729150,148607,16921,9633,235,102
Segment liabilities32,3013,18013,2545,4301,320,9751,375,140
All assets are allocated to reportable segments other than cash and cash equivalents, interest rate derivatives and property, plant and
equipment, which are included in 'all other segments'.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives, which are included in 'all other segments'.

Kiwi Property Interim Report FY2525
4.2 Commitments
The following costs have been committed to but not recognised in the consolidated financial statements as they will be incurred in
future reporting periods:
30 Sep 2024
$000
31 Mar 2024
$000
Sylvia Park Precinct4,56413,470
LynnMall-352
The Plaza2,02310,395
The Base579-
Drury - Development Land and Inventories1,5302,111
Capital commitments8,69626,328
4.3 Subsequent events
On 25 November 2024 the Board declared a dividend for the period of 1 July 2024 to 30 September 2024 of 1.35 cents per share (cps)
(equivalent to $21.7 million), together with imputation credits of 0.374 cps. The dividend record date is 6 December 2024 and payment
will occur on 20 December 2024.
On 1 November 2024, Kiwi Property Group Limited entered into a $6.5 million convertible loan agreement with Mackersy Property
Limited, a full-service investment management
firm focused on sourcing, funding and managing high-quality properties on behalf of
wholesale investors across New Zealand. Subject to certain conditions being met, the loan will convert into a 50% shareholding in
Mackersy Property Limited.

Independent auditor's
review report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property Interim Report FY2526
Conclusion
We have reviewed the consolidated interim financial statements (‘interim financial statements’) of Kiwi Property Group Limited (‘the
Company’) and its controlled entities (‘the Group’) on pages 8 to 25 which comprise the consolidated statement of financial position
as at 30 September 2024, and the consolidated statement of comprehensive income, statement of changes in equity and statement
of cash flows for the six months ended on that date, and notes to the 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 six months 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 other assurance-related services (audits of joint venture financial statements, audits of
special purpose financial information in accordance with tenancy agreements, and assurance services in relation to greenhouse gas
inventory), we have no relationship with or interests in the Company or any of its controlled entities. These services have not impaired
our independence as auditor of the Company and Group. 
Directors' responsibility for the interim consolidated 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 consolidated 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.
Andrew Boivin, Partner
for Deloitte Limited
 Auckland, New Zealand
22 November 2024

Directory
Kiwi Property Interim Report FY2527
Company
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
Shortland Street
Auckland 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz
Bond supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
W: publictrust.co.nz
E: cstenquiry@publictrust.co.nz
Security trustee
New Zealand Permanent Trustees Limited
Level 16, SAP Tower
151 Queen Street, Auckland
Private Bag 5902
Wellington 6140
T: 0800 371 471
E: cstenquiry@publictrust.co.nz
Registrar
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street West
PO Box 91976
Auckland 1142
T: +64 9 375 5998 or 0800 377 388
W: linkmarketservices.co.nz
E: enquiries@linkmarketservices.co.nz
Auditor
Deloitte Limited
Deloitte Centre
Levels 15-20
1 Queen Street
Auckland 1010
T: +64 9 303 0700
W: deloitte.co.nz
Bankers
•
ANZ Bank New Zealand
•
Bank of New Zealand
•
China Construction Bank (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation
•
Industrial and Commercial Bank of China Limited, Auckland
Branch (ICBC)
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand

kp.co.nz

---

HY25 Movement from HY24
Net rental income $95.3m +7.0%
Operating profit before tax $56.4m +7.7%
Net profit after tax $43.2m +218.4%
Adjusted funds from operations $48.4m -0.4%
Net tangible assets per share $1.17 -0.7% from FY24
Interim dividend 2.70 cents per share -5.3%

Resilience showing through

Kiwi Property released its interim results for the six months ended 30 September 2024
(1H25) today, with the results reinforcing conviction that its strategy, focused on
curating and creating retail-led mixed-use properties, is building momentum as
challenging recent macroeconomic conditions start to ease.

Kiwi Property Chair Simon Shakesheff said, “It’s a pleasing half-year result given the
current economic environment. The resilience of Kiwi Property’s assets is demonstrated
through solid net rental income growth of 7.0% for the half-year. Operating profit before
tax was $56.4 million (up 7.7%), reflecting a tight focus on costs, efficiencies, and
execution, while net profit after tax was $43.2 million (up 218. 4%), including a modest
fair value gain over the period. While AFFO is marginally lower than the prior period
(-0.4%), this is encouraging given higher interest costs and lower depreciation
deductions as a result of the Government’s tax legislation change.”

Kiwi Property CEO Clive Mackenzie said, “The results of the last six months have given us
even greater c onfidence in our strategy. Importantly, as the interest rate cycle begins
to unwind and lift downward pressure, we are also seeing a stabilisation of Kiwi Property
asset valuations that is reflected in the 1H25 results. Our expectation is that in creating a
high-quality asset base with good transport connectivity, we will get stronger valuation
and rental uplift over time.”

On 30 September 2024, the Kiwi Property portfolio was valued at $3.3 billion, including a
fair value gain of 0.3% from 31 March 2024. Net tangible assets were stable at $1.17 per
share.

“Retail sales at Kiwi Property’s assets have also held up well considering the current
economic environment, with sales down -1.8% across the portfolio compared to the
-3.8%
1
reduction in sales nationally. Kiwi Property’s mixed-use specialty gross occupancy
cost ratio (a key measure of tenancy affordability) increased from 12.2% to 14.3%,
remaining within a conservative range and leaving room for future rental growth
following the 4.2% total rent growth achieved over the first half of the financial year. The
NZX RELEASE

25 November 2024

Kiwi Property shows resilience in tough economic
conditions

2
attractiveness of our centres as destinations also continues to be demonstrated through
foot traffic, which increased from 36.3 million to 37.3 million over the preceding 12
months.”

Actively managing the business

Kiwi Property has been actively managing and optimising its portfolio, capital, and
business during the first six months of the financial year, including being disciplined
about non-essential expenditure. This has seen a 20% reduction in employment and
administration expenses for the half-year due to people-related cost reduction
initiatives and lower one-off costs.

Mackenzie said, “Occupancy across our asset portfolio has remained resilient during
this economic cycle, thanks to our robust and creative leasing strategy that pre-empts
vacancy by leveraging existing relationships and making use of vacant space with
short-term Activate tenancies.”

Kiwi Property has a clear capital allocation strategy, which includes the potential for
selective and considered divestment of assets over time that are no longer essential to
the strategic focus on retail-led, mixed-use properties.

“Valuations appear to have stabilised and we have minimised incremental capital
spend, with Kiwi Property’s gearing 38.0% as at 30 September 2024. We are confident
that gearing will reduce as the property cycle turns and will take the necessary time on
asset sale initiatives to ensure that value is maximised for shareholders.”

In other capital initiatives, Mackenzie also noted that “we were pleased with the
participation in our dividend reinvestment plan, with 47% take-up an increase from 38%
in September 2023. The DRP will also operate for the next dividend, retaining further
capital in the business.”

Build-to-rent comes to life

On 11 June 2024, Prime Minister Christopher Luxon and Housing Minister Chris Bishop
officially opened Resido, the Kiwi Property flagship 295 apartment build-to -rent
development at Sylvia Park, the largest of its kind in the country.

Mackenzie said, “This new asset class has the potential to play an important role in
helping to address the growing demand for rental accommodation and alleviate New
Zealand's housing shortfall, and we are proud to be a leader in this market.

The lease-up progress at Resido is in line with our expectations, with 148 leases signed as
at 21 November (50% of the total apartments). The high quality of the development,
and its attraction for residents, has been demonstrated in the achieved rentals,
reflecting the additional amenities provided (including on-site team, gym, rooftop BBQ,
media room, residents’ lounge, dog park and proximity to Sylvia Park shopping
centre).”

3
The next retail-led mixed-use community

Sylvia Park has proven to be the best proof-point to date of the Kiwi Property retail-led
mixed-use strategy, highlighting the benefits of taking a long-term approach – starting
with strategic land holdings near transport and population growth nodes, and adding
quality retail, residential, office, and amenities to the community.

Drury is expected to be another such exemplar, with transport connections underway
with the new Drury Central train station due in 2025, and residential and big-box retail
earmarked to help catalyse the growth of the community as part of stage one.

Progress on stage one continues with major earthworks completed in June 2024. The
large-lot sales will be used to fund subsequent development stages. Stage two will
focus on ownership and development of the town centre, which is where we expect to
create significant long-term value.

Investment in Mackersy Property

In November 2024, Kiwi Property invested in Mackersy Property (by way of a $6.5 million
convertible loan) to support Mackersy’s continued growth. On conversion, Kiwi
Property’s investment will result in a 50% shareholding.

Mackersy Property is one of New Zealand’s leading full-service investment
management firms with over $2 billion in real estate assets under management. It is
focused on sourcing, funding and managing high-quality properties on behalf of
wholesale investors across New Zealand. Mackersy Property manages assets across the
office, retail, LFR and industrial sectors.

Initially the deal will be marginally accretive to earnings, with the ability to grow over
time as market activity returns.

Mackenzie said, “ We are excited about the opportunity that this investment provides.
Exposure to this attractive business will diversify Kiwi Property’s capital sources, providing
direct access to a deep pool of wholesale investors. Key executive shareholders, with
strong investor relationships and origination capability, have been retained. The
business is also scalable and has a strong track record in the market.”

Sustained ESG momentum

Kiwi Property has a proud ESG track record. Its sustainability approach is based on three
pillars: People, Places and Partnerships. It i s founded on a belief that leading
sustainability performance supports better communities, attracts more diverse capital,
and creates more value for shareholders over time.

Mackenzie said, “We are deeply committed to creating sustainable communities,
ensuring our developments are measured on their sustainability performance, with
recent developments Resido receiving an 8-Star Homestar Design rating, and 3 Te Kehu
Way achieving Aotearoa‘s first 6-Star Design and As-Built v1.0 Green Star rating.”

4
We also continue to be a proud supporter of the Mental Health Foundation and the
great work they do in our communities.

Dividend and guidance

Kiwi Property will pay a cash dividend of 1.35 cents per share for the second quarter of
FY25 on 20 December 2024, taking the interim cash dividend payment to 2.70 cents per
share. The dividend reinvestment plan will operate for the Q2 FY25 dividend and will be
reassessed by the company on a quarterly basis. Pricing for the DRP will be determined
by the volume weighted average share price for the five trading days to 11 December,
subject to a 2% discount.

Kiwi Property today also reiterated its dividend guidance at 5.40 cents per share for
FY25.
2


FY25 outlook

Shakesheff said, “ Kiwi Property remains firmly focused on creating long-term value for
shareholders. We continue to optimise our assets and business, invest or divest carefully
in opportunities according to our capital allocation framework, and position ourselves
for when the economy improves. Downward momentum in the interest rate
environment has also provided Kiwi Property with greater confidence in its earnings and
dividend profile.

Heading into the rest of the financial year, we expect to continue active management
of our resilient portfolio. Our operational focus involves leasing up the rest of Resido,
continuing to progress Drury and finalising some of the early land sales.”

Additional information

Kiwi Property has today also released an Interim Results Presentation, which is available
for download on the company’s website, kp.co.nz or from nzx.com.


ENDS




Notes:

General: Net rental income, operating profit before tax, and adjusted funds from
operations are non-GAAP performance measures. Refer to the Kiwi Property Interim
Results Presentation for the six months ended 30 September 2024 for details.
1: Stats NZ Electronic Card Transactions for the period Sep 24 vs. the preceding 12
months across the consumables, apparel and durables categories.
2: Dividend guidance and payments are contingent on the company’s financial
performance through the financial year and barring material adverse events or
unforeseen circumstances.

5
For further information
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz
Fraser Gunn
Head of Corporate Finance and Investor Relations
fraser.gunn@kp.co.nz
+64 21 973 534
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 30 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

---

Annual Results
Presentation FY23
•22 May 2023
Interim Results
Presentation
25 November 2024
For the six months ended 30 September 2024

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.
No representation
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.
Not an offer
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.
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. You 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 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 at 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.
Copyright
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.
Real Estate Agents Act 2008
Kiwi Property Group Limited is licensed under the Real Estate Agents Act 2008.
2

Contents
Section
Page
Business highlights4
Growing with diverse sources of capital10
Interim financial results FY2513
Resido and development update17
Guidance & FY25 priorities23
Appendix 1: Financial update26
Appendix 2: Property update41
Glossary52
This interim results presentation for the six months ended 30 September 2024 should be read in conjunction with the NZX announcement and consolidated financial statements released on 25 November 2024. Refer to our
website kp.co.nz or nzx.com. Property statistics within this presentation represent owned assets only; property interests managed on behalf of third parties are excluded. Unless otherwise indicated, all of the numerical data
provided in this presentation is stated for thesix months ended and/or as at 30 September 2024. All amounts are in New Zealand dollars. Sylvia Park Precinct comprises Sylvia Park Shopping Centre, ANZ Raranga, 3 Te Kehu
Way, the residual value of Resido, Sylvia Park Lifestyle and the adjoining properties. Due to rounding, numbers within this presentation may not add up precisely to the totals provided and percentages may not precisely
reflect the absolute figures. The non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other
entities. The interim consolidated financial statements, which contain GAAP financialinformation, have been subject to review procedures by Deloitte. Refer to the Glossary and Appendix 1 for the definitions and
determination of non-GAAP measures.
3

Business highlights
4

Lead the
market on
retail-led
mixed-use
Grow with
diverse
sources of
capital
Enable
customer
and partner
success
Build a future
fit business
Kiwi Property’s first build-to -rent asset, Resido, officially opened on 11 June 2024 and is 50% leased as at 21
November, with 148 leases signed.
Drury Stage 1 earthworks now completed, with the Drury development selected in October 2024 asa listed
project for the new Fast-track legislation (due to come before Parliament).
Investment in Mackersy Property (an investment management business with more than $2b assets under
management) to unlock additional source of capital and earnings growth over time.
Dividend reinvestment plan participation of 47% for Sep-24 dividend, retaining $10.2m in the business.
Retail sales at our centres were resilient over the preceding 12 months, declining by -1.8% compared to the
national average of -3.8%
1
.
Foot traffic at the centres increased from 36.3 million to 37.3 million over the same period.
Resilience of Kiwi Property’s mixed-use assets evident through strong leasing spreads (+4.6%) and valuation
increases (+0.9%).
Employment and administration expenses down 20%, due to people-related cost reduction initiatives and lower
one-off costs.
Delivering on strategy
New Zealand’s leading creator and curator of retail-led mixed-use communities
5
1: Stats NZ Electronic Card Transactions for the period Sep 24. vs the preceding 12 months in the consumables, apparel and durables categories.

349
+4.2%
+5.6%
+11.1%
Total leasing transactionsRental growth: total
Rental growth: new leases (total)Rental growth: new office leases
General note: Figures exclude Resido.
6
Driving rental growth
Leasing spreads remain strong despite macro conditions

•Portfolio sales totaled $2.10 billion for the 12
months ending 30 September 2024,
representing a slight decline compared to the
previous period.
•Kiwi Property centres outperformed the
broader New Zealand retail sector
4
, with a
performance of -1.8% versus the sector's -3.8%.
•Pedestrian counts grew from 36.3 million to
37.3 million over the period.
Sales performance aligns with expectations
Resilient sales despite the challenging economy
Mixed-use
1
Total portfolio
2
12 months ended30-Sep-2430-Sep-2330-Sep-24
30-Sep-23
Total sales
$1.76b
$1.78b
$2.10b
$2.14b
Total sales
growth
-1.6%
17.2%
-1.8%
15.5%
Specialty sales
(per sqm)
3
$12,286
$12,944
$11,617
$11,966
Specialty GOC
3
14.3%
12.2%
13.9%
11.9%
General note: All sales include GST.Sales are for the 12 months to 30-Sep-24. Comparative figures may vary from what has been reported previously as sales figures are updated as annual audited sales are
received. Rounded to nearest 100. 1: Mixed-use sales include all reported sales provided by tenants at Sylvia Park, Sylvia Park Lifestyle, The Base Te Awa, The Base LFR and LynnMall. Calculated on a MAT basis
2: Total portfolio sales are made up of mixed-use sales plus Centre Place North and The Plaza. 3. Mixed-use specialty sales comprise Sylvia Park, LynnMall and The Base Te Awa. Total specialty sales comprise mixed-
use specialty sales plus The Plaza and Centre Place North. 4: Stats NZ Electronic Card Transactions for the period Sep 24 vs. the preceding 12 months across the consumables, apparel and durables categories.
7

•Kiwi Property’s total portfolio value increased 0.3%
or $9.5 million in the six months to 30 September
2024.
•Values appear to be stabilising as interest rates
pass their cyclical peak, with the investment
portfolio capitalisation rate broadly flat versus FY24.
•Fair value of the Sylvia Park Precinct increased 1.0%
or $17.2 million while The Base increased 2.7% or
$5.5 million
3
in the six months to 30 September 2024,
reflecting their standings as leading mixed-use
assets.
•Decrease in the office portfolio valuation was
largely driven by the Vero Centre with the asset
valuation reflecting sectoral headwinds.
Asset values stabilising
Resilient capitalisation rates and rental growth underpin valuations
Sep-24 valuation
Six-month fair value
movement
Cap. rate
%
Val.
$m
Cap. rate
%
1
Val.
$m
Val.
%
Mixed-use portfolio6.26%2,141.5+0.01 19.70.9%
Office portfolio6.01% 814.00.0-13.3-1.6%
Retail portfolio8.93%157.7-0.013.12.0%
Development land
2
N/A158.4N/A 0.00.0%
Total6.34%3,271.7+0.02 9.50.3%
General note: The values exclude the gross up of lease liabilities required by NZ IFRS 16 Leases. 1: The capitalisation rate movement is presented on a like-for-like basis and excludes Vero Centre which was held for sale at
the contract price and Resido which is valued usingthediscounted cashflow methodology. 2: The total value of Drury development land is $158.4 million, with $77.5 million (Stage 2 land) recognised in investment property
and $80.9 million (Stage 1 land) recognised in inventories. 3: KPG’s 50% ownership interest.
8

•Implementation of new Yardi
enterprise IT system is complete. The
technology rollout and other initiatives
have enabled a reduction in
employee headcount.
•Financial benefit of cost-saving
measures is beginning to be realised
during FY25, including a $1.6 million
decrease in people-related costs
2
.
•Kiwi Property is progressing well with
reducing management expenses as a
percentage of net property
income.The six-month Sep-24 ratio of
13.0% is a significant improvement
from the preceding three six-monthly
periods.
Driving cost control
Increasing efficiency and reducing overheads
9
1:
Total property revenue comprises property revenue plus property management revenue.
2:
People-related cost savings include a reduction in employee headcount, lower
life insurance costs and employee share scheme costs, and exclude costs recognised in direct property expenses or capitalised to investment properties being developed.
1H252H241H242H23
$m$m$m$m
Total property revenue
1
128.4126.9117.7126.4
Direct operating
expenses
-31.1-29.0-26.6-27.4
Net property income97.397.991.199.0
Employment and
administration expenses
-12.7-17.0-15.8-17.2
Employment and
administration expenses /
net property income ratio
13.0%17.4%17.3%17.4%

Growing with diverse
sources of capital
10

•Kiwi Property’s capital allocation framework classifies investments into three categories, with each category having a targeted return threshold
based on the underlying risk profile.
•We utilise this framework when reviewing our existing portfolio and evaluating new opportunities, providing discipline around the investment
process and supporting Kiwi Property’s strategy.
•The overall objective is to achieve total shareholder returns greater than 10% supported by sustainable earnings growth over time.
Focusing on capital allocation
We are focused on the optimal allocation of capital to drive superior shareholder returns
11
Core
Value Add
Opportunistic
60-70%
20-25%
10-15%
8%+
9% - 15%
15%+
•Stable, consistent income returns
•Enduring demand
•Returns generated primarily from income
•Target growth in capital value
•Potential to develop-to -core
•Targeting high capital returns
•Supports delivery of the strategy
•Sylvia Park Precinct –
Shopping Centre
•Sylvia Park Precinct –
Adjoining properties
1
•Drury
•Mackersy (refer to
following slide)
70-80%
15-20%
5-10%
Kiwi Property’s capital allocation framework
Investment
category
Description
Historic
allocation
10-year target
property IRR (%)
Example
investments
Target
allocation
1:
Sylvia Park Precinct – Adjoining properties includes Sylvia Park industrial sites.

Investment in funds management platform
Investment in Mackersy Property to provide additional capital source and earnings growth over time
12
•Mackersy Property is one of New Zealand’s leading full-service investment
management firms with over $2 billion in assets under management.
•It is focused on sourcing, funding and managing high-quality properties on
behalf of wholesale investors across New Zealand. Mackersy Property
manages assets across the office, retail, LFR, and industrial sectors.
•In November 2024, Kiwi Property invested in Mackersy Property (by way of
a $6.5 million convertible loan) to support Mackersy’s continued growth.
On conversion, Kiwi Property’s investment will result in a 50% shareholding.
•We anticipate that the deal will be marginally accretive to earnings
initially, with the ability to grow over time as market activity returns.
•Other key benefits of the investment include:
•Diversification of capital sources (i.e. direct access to a deep pool of
~2,800 wholesale investors).
•Retention of key executive shareholders with strong investor
relationships and origination capability.
•Growth potential in a scalable business with a strong track record.

Interim financial results
FY25
13

HY25 key financial results
Six months ended
30-Sep-24
$m
30-Sep-23
$m
Variance
$m%
Net rental income
1
95.3
89.1+6.2+7.0
Operating profit before tax
1
56.4
52.4+4.0+7.7
Adjusted funds from operations
1
48.4
48.6-0.2-0.4
•We continue to rebalance our
portfolio towards assets that we
expect will be more resilient and
higher performing over time.
•Increase in reported net rental
income mainly driven by rental growth
of $4.1m (+4.2%) and tenancy
termination fees of $3.0m at Sylvia
Park and the Vero Centre. This was
partly offset by operating expenditure
for Resido Lynton of -$0.9m.
•AFFO remained flat at $48.4m, despite
higher interest costs and the removal
of building tax depreciation.
1:
Refer to Glossary (page 52) for definitions.
14

Mixed-use, office and retail leasing activity
4.2%
Total rental growth
FY24:4.4%
98.4%
Occupancy
FY24:99.3%
3.8 years
Weighted average lease expiry (WALE)
FY24:4.0 years
General note: Figures exclude Resido.
Rental growth
•Overall rental growth from mixed-use, office and retail leasing
activity was +4.2%, with newleasing +5.6% and rent reviews
+3.8%.
•+6.0% uplift in leasing spreads for new lease deals across the
mixed-use portfolio, led by The Base and Sylvia Park Precinct, at
+12.2% and +5.3%, respectively.
•83.2% of our future rent reviews are fixed, allowing for future rental
growth despite softer economic conditions.
Occupancy and WALE
•Mixed-use portfolio occupancy remains strong (at 99%),
demonstrating the resilience of these assets and attractiveness to
tenants.
•Portfolio occupancy has declined primarily due to the departure
of Bell Gully in the Vero Centre.
•New and renewed leases have contributed to strong leasing
spreads at the Vero Centre of +11.4%.
15

Capital management and balance sheet
5.25% 3.1years
Weighted average
cost of debt
Weighted average
term to maturity of debt
FY24: 5.61%FY24: 3.6 years
$3.3b38.0%
Property assetsGearing
FY24: $3.2bFY24: 37.0%
•Refinance completed in September 2024:
•Bank facilities increased by $50m to $1b.
•$246m of undrawn headroom at September 2024.
•Gearing remains relatively stable at 38.0%.
•Kiwi Property maintains a S&P BBB+ issue rating (fixed-rate
green bonds) and a BBB (negative) issuer credit rating.
•Kiwi Property is considering an offer of 5.5-year fixed-rate
senior secured green bonds, with the net proceeds to be
applied towards refinancing KPG030 ($125m green bonds
maturing on 19 December 2024). KPG’s weighted average
term to maturity will increase to 3.6 years on a pro forma
basis, assuming a $125 million issue.
•Property assets include Drury Stage 1 land, which is
classified as inventory and carried at $80.9 million.
$1.17
Net tangible assets per share
FY24: $1.17
16
General note: Further information about S&P Global Ratings’ credit rating scale is available at
standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell
or hold Kiwi Property securities. The rating is current as at the date stated in this presentation.

Resido and
development update
17

Resido lease up progressing well
Resido has been well-received by the market
ConfigurationNo.No. leased
1
% leased
1
Avg. rent
1
Studio (1 bath)121083%$580
1 Bed (1 bath)1779755%$650
2 Bed (2 bath)1014040%$840
3 Bed (2 bath)5120%$1,240
Total29514850%$700
1: Updated as at 21 November 2024. 2: Based on Trade Me data at May 2024.
18
•Leasing commenced during a period of softness
in the Auckland residential rental market with
search activity down 29% and new listings up 29%
vs the same month last year.
2
•We have focused on achieving let up targets and
have responded to market conditions. Achieved
rentals reflect the additional amenities provided
(including on-site team, gym, rooftop BBQ, media
room, residents’ lounge, dog park and proximity
to Sylvia Park shopping centre).
•As at 21 November, 148 apartments were leased
(50% of the development) and we are well
positioned to meet our 12-18 month lease up
target.
•Resido’s unit mix is overweight 1-bed and 2-bed
units which has aligned with market demand.
0
20
40
60
80
100
120
140
160
MayJuneJulyAugustSeptemberOctober
Units (no)
Achieved vs target lease up
ActualTarget run rate (18-month)

19
68%
of residents previously lived
outside Sylvia Park’s primary &
secondary catchments.
48%
The average income of Resido
tenants is 48% above the
Auckland average.
1
66%
of Resido residents are
professionals or managers.
34 years
The average age of Resido
residents.
31%
of residents are pet owners –
allowing pets is a key attraction
of Resido.
69%
of leases have terms of 12
months or longer.
General note: The information is sourced from Resido resident’s lease applications as at 21 November 2024. Applications require responses from the primary applicant only.
1: The Auckland Region average individual income is $64,000 per the Statistics New Zealand Household Labour Force Survey (June 2024).
Resido: realising our mixed-use strategy
Our Resido lease up to date suggests we are attracting our target demographic

Updated project metrics
Completion date
4 June 2024
Target sustainability rating
8 Home Star
Total project cost
$240m
1
Net operating income
$11.2m
2,3
Ancillary income
$1.1m
2,3
Operating expense ratio
20% - 23%
2
Projected yield on cost
~4.60%
2
Projected property IRR (10 year)
~7.40%
20
•Management has reviewed operating requirements and
finalised costs for significant opex items including rates and
insurances. Resido’s forecast opex ratio has fallen to 20% -
23% (2% down on prior forecasts).
•Note the figures above do not include any financial ‘halo’
benefit to the surrounding Kiwi Property-owned sites.
1: Includes cost to complete of $1.2m. 2: Stabilised (year 3). 3: Includes parking, storage, utilities, furniture income.
Resido: development metrics update
Opex savings bolstering return metrics

21
1: Pre the deduction of $1.2 million of outstanding development costs that have not yet been paid.
•The Resido development was impacted by the
downstream effects of COVID-19 including construction
labour and material shortages which resulted in cost
escalation. The development cost was ~$19m (~9%)
above the initial project budget.
•The project was also impacted by deteriorating
investment market conditions with rising interest rates.
Since construction commenced in February 2022, the fair
value of our total investment portfolio has declined ~12%.
•This compares with a total unrealised development
shortfall of $32m or 13% for Resido.
•Value uplift is expected from an expedited lease up
period, with residential market rental growth and
capitalisation rate / discount rate compression as
investment markets improve.
Resido: valuation to recover as rental growth is delivered
Initial valuation is below cost, but clear path to higher value
208
221
19
240
~$25m value write down due
to economic conditions
0
50
100
150
200
250
300
Approved budget
(Sep 21)
Cost escalationTotal project cost
(Jun 24)
'As if complete' -
Sep 24¹
Total project costValuation scenarios
$m
Resido value and project cost

Continued momentum at Drury
Development update
Stage 1 Drury earthworks were completed in June
2024, with Stage 1 civil works ready to commence.
Drury selected as a Fast-track project
A new Fast-track Bill is due to come before Parliament
to advance projects thatboost employment and
economic recovery.
In October 2024, Kiwi Property’s Drury development
was selected asa listed project for the new legislation.
Land sale progress
Negotiations for the sale of LFR land at Drury are at an
advanced stage with further details to be provided
upon transaction approval.
22

Guidance &
FY25 priorities
23

•HY25 AFFO per share remained relatively flat (-1.0%)
despite higher interest costs and the removal of
building tax depreciation.
•Kiwi Property confirms dividend guidance of 5.40
cents per share for the FY25 full-year.
•The dividend reinvestment plan (DRP) will operate for
the Dec-24 dividend and will be reassessed on a
quarterly basis.
3

3.05cps89%
HY25 AFFOAFFO payout ratio
-0.03 cps (-1.0%)
1.35cps2.70cps
Quarterly dividend
1
YTD interim cash dividend
1: For the three-month period ended 30-Sep-24. 2: FY25 dividend guidance and payments are contingent
on Kiwi Property’s financial performance through the financial year and barring material adverse events or
unforeseen circumstances. 3: Pricing for the DRP will be determined by the volume weighted average
share price for the five trading days to 11 December, subject to a 2% discount.
5.40cps
FY25 dividend guidance
2
24
AFFO, dividend and guidance

FY25 priorities
Strategic initiatives will help to drive sustainable growth and create value for shareholders
Successfully lease up
Resido
Maintain strong discipline
on costs
Drive sustained
operational excellence
Execute sell-down of Drury
large format retail sites
Sustainably grow total shareholder returns
25

Appendix 1:
Financial update
26

AppendixSlidePage
1.1Profit/(loss) after income tax
28
1.2Operating profit before income tax
29
1.3Interest and finance charges
30
1.4Management expense ratios (MER)
31
1.5Adjusted funds from operations (AFFO)
32
1.6Dividends
33
1.7Balance sheet
34
1.8Trade debtors
35
1.9Investment properties movement
36
1.10Net finance debt movement
37
1.11Capital management metrics
38
1.12Fixed-rate debt profile
39
1.13Finance debt facilities
40
27
Contents

•Increase in property revenue of$10.7m arising
mainly from rental growth of $4.1m, tenancy
termination fees of $3.0m and growth in recovery
income of $2.8m.
•Increase in direct property expenses of $4.5m.
Adjusting for the increase in doubtful debts of
$0.7m and operating expenditure for Resido
Lynton of $0.9m, direct property expenses were
up $2.9m or 10.9%. This increase is mainly related
to rates, utilities and insurance, which are largely
recoverable.
•Employment and admin expenses lower by $3.1m
or 19.6% due to the realisation of people-related
cost saving initiatives in 1H25 ($1.6m).
•Fair value loss on interest rate derivatives reflect
the decrease in interest rates.
•Fair value gain on investment properties reflects
net rental growth.
1
: The reported profit has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complie s with New Zealand Equivalents to IFRS Accounting Standards. The
reported profit information has been extracted from the relevant interim consolidated financial statements which have been the subject to a review pursuant to the External Reporting Board’s New Zealand
Standard on Review Engagement 2410 (Revised).
2:
GAAP is a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. Kiwi Property’s financial statements comply with New
Zealand Equivalents to International Financial Reporting Standards and other guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial Reporting
Standards.
Six months ended
30-Sep-2430-Sep-23Variance
$m$m$m%
Property revenue126.4 115.7 +10.7+9.2
Property management revenue2.0 2.0 +0.0+0.0
Total revenue128.4 117.7 +10.7+9.1
Direct property expenses-31.1-26.6-4.5-16.9
Employment and administration expenses-12.7-15.8+3.1+19.6
Total expenses-43.8-42.4-1.4-3.3
Profit before net finance expenses, other
income/(expenses) and income tax
84.6 75.3 +9.3+12.4
Interest income0.2 0.4 -0.2-50.0
Interest and finance charges
(Appendix 1.3)
-28.4-23.4-5.0-21.4
Net fair value (loss)/gain on interest rate derivatives-11.26.2 -17.4-280.6
Net finance expenses-39.4-16.8-22.6-134.5
Profit before other income/(expenses) and income tax45.2 58.5 -13.3-22.7
Net fair value gain/(loss) on investment properties9.5 -81.1+90.6+111.7
Loss on disposal of investment properties- -2.4+2.4+100.0
Other income/(expenses)9.5 -83.5+93.0+111.4
Profit/(loss) before income tax54.7 -24.9+79.6+319.7
Current tax-9.8-9.9+0.1+1.0
Deferred tax-1.7-1.7+0.0+0.0
Profit/(loss) after income tax
1
(GAAP
2
measure)43.2 -36.5+79.7+218.4
1.1 Profit/(loss) after income tax
28

Six months ended
30-Sep-24
30-Sep-23Variance
$m
$m$m%
Profit/(loss) before income tax
(Appendix 1.1)
54.7 -24.9+79.6+319.7
Adjusted for:
Net fair value (gain)/loss on investment properties
(Appendix 1.1)
-9.581.1 -90.6-111.7
Loss on disposal of investment properties
(Appendix 1.1)
- 2.4 -2.4-100.0
Net fair value loss/(gain) on interest rate derivatives
(Appendix 1.1)
11.2 -6.2+17.4+280.6
Operating profit before income tax
1
(non-GAAP)
56.4 52.4 +4.0+7.7
1:
Refer to Glossary (page 52) for definition.
1.2 Operating profit before income tax
29
•Increase in operating profit before
income tax reflects the growth in net
rental income, tenancy termination
fees and cost savings initiatives being
realised, offset partially by higher
direct property expenses.

•Interest costs reflected the high interest
rate environment until the easing cycle
began in August 2024.
•Weighted average interest rate at
September was 36 bps lower than
March 2024, at 5.25%.
•Lower interest on bonds at September
2024 is due to the higher amount of
bonds on issue in the September 2023
six -month period (following the issue of
KPG060 in March 2023).
•Reduction in capitalised interest at
Sylvia Park reflects the completion of
Resido, offset by continued spend at
Drury.
Six months ended
30-Sep-24
30-Sep-23Variance
$m
$m$m%
Interest on bank debt -23.0-15.6-7.4-47.4
Interest on bonds-11.1-13.5+2.4+17.8
Interest expense incurred
-34.1-29.1-5.0-17.2
Interest capitalised to:
Sylvia Park Precinct2.1 3.1 -1.0-32.3
Drury land3.2 2.2 +1.0+45.5
Other properties under development0.4 0.4 +0.0+0.0
Total capitalised interest
5.7 5.7 +0.0+0.0
Interest and finance charges
(Appendix 1.1)
-28.4-23.4-5.0-21.4
1.3 Interest and finance charges
30

•Kiwi Property continues to focus on reducing the
ratio of employment and administration expenses
to net property income back to FY22 levels.
Through initiatives including headcount
optimisation and leveraging our resources to
manage third-party assets, the ratio has improved
by 2.2% to 15.2%.
•Employment and administration expenses
decreased by $3.3m due to the realisation of
people-related cost saving initiatives.
•Digital project costs relating to software
implementation costs incurred to March 2024 are
adjusted from total underlying expenses. The
project was completed in March 2024.
12-month period ended
30-Sep-24
30-Sep-23
$m
$m
Total property revenue (including property management
revenue)
255.3244.1
Direct operating expenses-60.1-54.0
Net property income195.2190.1
Employment and administration expenses-29.7-33.0
Total expenses, including direct operating expenses-89.8-86.9
Adjust for one-off costs
Digital project costs1.53.1
Other one-off transaction costs1.50.8
One-off costs3.03.9
Total underlying expenses-86.8-83.0
Management expense ratio (non-GAAP measures)
1
Employment and administration expenses/total property
revenue ratio
11.6%13.5%
Employment and administration expenses/net property
income ratio
15.2%17.4%
Total underlying expenses / total property revenue ratio34.0%34.0%
Weighted average assets under management3,580.8 3,642.7
Total underlying expenses / assets ratio242 bps228 bps
1.4 Management expense ratios (MER)
31
1:MER (management expense ratios) are alternative non-GAAP measures used by Kiwi Property to assist investors in assessing the company’s underlying operatingcosts. MER is a measure commonly used by real
estate entities. MER does not have a standard meaning prescribed by GAAP andtherefore may not be comparable to information presented by other entities. Kiwi Property determines MER through several
annualisedcalculations, where employment and administration plus direct property expenses are divided by property revenue, net property income or the weighted average value of propertyassets under
management. The information has been extracted from the company’s consolidated financial statements which have been the subject to a review pursuant to the External Reporting Board’s New Zealand Standard
on Review Engagement 2410 (Revised).

•Higher operating profit before
income tax has contributed to a slight
increase in FFO.
•AFFO remained flat at $48.4m,
despite higher interest costs and the
impact of the removal of tax
depreciation on commercial
buildings.
Six months ended
30-Sep-24
30-Sep-23Variance
$m
$m$m%
Profit/(loss) after tax
(Appendix 1.1)
43.2 -36.5 +79.7+218.4
Adjusted for:
Net fair value (gain)/loss on investment properties
(Appendix 1.1)
-9.5 81.1 -90.6-111.7
Loss on disposal of investment properties
(Appendix 1.1)
- 2.4 -2.4-100.0
Net fair value loss/(gain) on interest rate derivatives
(Appendix 1.1)
11.2 -6.2 +17.4+280.6
Straight-lining of fixed rental increases-0.7 -0.5 -0.2-40.0
Amortisation of tenant incentives and leasing fees3.3 3.5 -0.2-5.7
Depreciation recovered on disposal of investment properties- 2.8 -2.8-100.0
Share-based payment expense0.5 0.8 -0.3-37.5
Depreciation of property, plant and equipment0.3 0.4 -0.1-25.0
Deferred tax expense
(Appendix 1.1)
1.7 1.7 +0.0+0.0
Funds from operations (FFO)
1
(non-GAAP)
50.0 49.5 +0.5+1.0
Adjusted for
Maintenance capital expenditure
-1.0-1.0+0.0+0.0
Capitalised tenant incentives and leasing fees
-1.6-2.1+0.5+23.8
One-off costs
2
1.02.2-1.2-54.5
Adjusted funds from operations (AFFO)
1

(non-GAAP)
48.448.6-0.2-0.4
AFFO (cents per share)
3.053.08
Dividend payout ratio to AFFO
89%92%
1:
Refer to Glossary (page 52) for definition.
2:
One-off costs are adjusted for income tax where applicable.
1.5 Adjusted funds from operations (AFFO)
32

•Dividend payout ratio is 89%, close to
the target payout range of 90-100% of
AFFO.
•Higher imputation credits at
September 2024 is mainly due to higher
expected tax payments as a result of
the removal of tax depreciation of
structures for commercial buildings.
Six months ended
30-Sep-24
30-Sep-23
30-Sep-24
30-Sep-23
$m
$m
cps
1
cps
1
Dividend
43.2
45.2
2.70
2.85
Imputation credits
10.77.80.670.49
Gross dividend
53.9
53.0
3.37
3.34
Dividend payout ratio to AFFO
89%92%
1: Calculated using the number of shares for the period entitled to the dividend.
Interim period ended 30 September
20242023202220212020
$m$m$m$m$m
Dividend ($m)
43.2
45.244.843.234.5
AFFO/FFO Payout ratio
2
89%92%69%90%95%
Cpscpscpscpscps
Dividend
2.702.852.852.752.20
Imputation credits
0.670.490.560.750.86
Gross dividend
3.373.343.413.503.06
Financial year
HY25HY21-24
(average)
Variance
cps
Variance
%
Dividend (cps)
2.702.66+0.04+1.4
Imputation (cps)
0.670.67+0.00+0.0
Gross dividend (cps)
3.373.33+0.04+1.2
2: Prior to FY21, dividend payout policy was based on funds from operations (FFO).
1.6 Dividends
33

•Investment properties value increase
of $69.4m driven by an additional
$62.5m in capital expenditure and a
$9.5m fair value gain, partly offset by
amortisation of lease incentives, fees
and fixed rental income -$2.5m.
•Gearing was 38.0% at 30 September
2024, well below the 50% gearing ratio
covenant.
As at
30-Sep-24
31-Mar-24Movement
$m
$m$m%
Investment properties
(Appendix 1.9)
3,191.23,121.8+69.4+2.2
Inventories80.973.5+7.4+10.1
Total investment properties and inventories3,272.13,195.3+76.8+2.4
Cash
(Appendix 1.10)
13.818.2-4.4-24.2
Trade and other receivables11.713.7-2.0-14.6
Other assets2.47.9-5.5-69.6
Total assets3,300.03,235.1+64.9+2.0
Finance debt
(Appendix 1.10)
1,255.61,195.2+60.4+5.1
Deferred tax liabilities115.9114.2+1.7+1.5
Other liabilities58.165.7-7.6-11.6
Total liabilities 1,429.61,375.1+54.5+4.0
Total equity1,870.41,860.0+10.4+0.6
Total equity and liabilities3,300.03,235.1+64.9+2.0
Gearing ratio (requirement <50
%
)
(Appendix 1.11)
38.0%37.0%
Net asset backing per share (NTA)$1.17$1.17
1.7 Balance sheet
34

As at
30-Sep-24
31-Mar-2430-Sep-2331-Mar-23
$m
$m$m$m
Trade debtors9.37.97.89.4
Provision for doubtful debts-2.1-1.7-1.6-2.0
7.16.26.27.4
Provision for doubtful debts / Trade debtors (%)
23.1%22.0%21.0%21.3%
Specific provisions-0.6-0.5-0.6-1.0
Expected credit loss-1.5-1.3-1.0-1.0
Total provision for doubtful debts-2.1-1.7-1.6-2.0
1.8 Trade debtors
35
•Trade debtors as a percentage of net
rental income for the six months ended
30 September 2024 has increased from
8.8% to 9.7% (in comparison to the six
months ended 30 September 2023),
reflecting the tougher trading
environment.
•We continue to manage the bad debt
risk of our trade debtors with the
provision for doubtful debts as a
percentage of trade debtors
increasing marginally to 23.1%.
•We actively work with our tenants to
resolve outstanding balances, with
bad debts written-off remaining stable
at $10k in the six months ended 30
September 2024, compared to the
same period last year of $126k.
For the six-months ended
30-Sep-24
30-Sep-23
$m
$m
Trade debtors9.37.8
Net rental income95.389.1
Trade debtors / Net rental income (%)
9.7%8.8%
Bad debts written off0.010.13

$31.9
$10.0
$11.1
$3.0
$2.3
$1.6
$9.5
$3,121.8
$3,191.2
3,000
3,020
3,040
3,060
3,080
3,100
3,120
3,140
3,160
3,180
3,200
Capital Expenditure
$m
Property portfolio fair
value as at Mar
-24
Sylvia Park Precinct
The Plaza
Vero Centre
Other
Fair value change
Property portfolio fair
value as at Sep
-24
Drury
1.9 Investment properties movement
36
The Base

30-Sep-2431-Mar-24
Movement
As at
$m$m
$m%
Bank debt
(Appendix 1.7)
754.0694.0+60.0+8.6
Bonds
(Appendix 1.7)
501.5501.2+0.4+0.1
Cash on deposit
(Appendix 1.7)
-13.7-18.2+4.4+24.2
Net finance debt
1,241.81,177.0+64.8+5.5
$m
1.10 Net finance debt movement
37
$31.7
$14.8
$75.6
$8.2
$1,177.0
-$99.5
$34.0
$1,241.8
As at Mar-24 Net Rental Income
Interest and
finance charges
Employment/
admin expenses
Investment/
development
expenditure
Dividends Tax and other As at Sep-24
800
850
900
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300

Finance debt metrics as at30-Sep-24
31-Mar-24
Weighted average term to maturity3.1 years 3.6 years
Weighted average interest rate (Incl. of bonds, active interest rate derivatives,
margins and line fees)
5.25%5.61%
Covenants – gearing as at30-Sep-24
31-Mar-24
Gearing38.0%37.0%
Note:
Must be <50%. Calculated as finance debt / total tangible assets.
Covenants – interest cover ratio for the year ended30-Sep-24
31-Mar-24
Interest cover ratio2.86 3.00
Note: Must be >2.25 times. Calculated as net rental income / net interest
expense.
Credit ratings – S&P Global Ratings30-Sep-24
31-Mar-24
Corporate (Issuer rating)BBB (negative)BBB (negative)
Fixed-rate green bonds (Issue rating)BBB+BBB+
1.11 Capital management metrics
38
General note: Further information about S&P Global Ratings’ credit rating scale is available at standardandpoors.com. A rating is not a recommendation by any rating organisation to buy, sell or hold Kiwi
Property securities. The rating is current as at the date stated in this presentation and may be subject to suspension, revision or withdrawal at any time by S&P Global Ratings.
•The recent refinance of bank facilities
saw the term to maturity reduce from
3.6 years to 3.1 years, with Kiwi
Property taking advantage of lower
margins and line fees available on
shorter tenor facilities.
•The green bond issue currently being
considered would increase KPG’s
weighted average term to maturity to
3.6 years on a pro forma basis,
assuming a $125 million issue.
•The weighted average interest rate
has reduced from 5.61% to 5.25%.
•Gearing remains relatively consistent
with the prior period at 38.0% (+1.0%),
with valuations having now stabilised
and the operation of the DRP
retaining capital in the business.

Fixed-rate profile
(inclusive of bonds on issue Sep-24: $500m (Mar-24: $500m))
30-Sep-24
31-Mar-24
Percentage of drawn finance debt at fixed rates
89%
89%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)
3.61%
3.63%
Weighted average term to maturity of active fixed-rate debt2.17 years 2.00 years
Fixed-rate debt maturity profile
•Kiwi Property continues to proactively
manage hedging levels, increasing or
decreasing levels in line with progress
on transactions and the changing
shape of the yield curve.
•Over the six-month period to 30
September 2024, Kiwi Property put
$440 million of swap cover in place.
1.12 Fixed-rate debt profile
39
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
-
200
400
600
800
1,000
1,200
HY25HY26HY27HY28HY29HY30HY31
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)

$125
$100
$150
$125
$0
$75
$75
$50
$50
$0
$30
$30
$30
$30
$0
$75
$50
$50
$25
$0
$100
$0
$40
$60
$0
$90
$40
$30
$70
Debt maturity profile as at:
30-Sep-24
$m%
FY25
125.08.3%
FY26
100.06.7%
FY27
220.014.7%
FY28
385.025.7%
FY29
410.027.3%
FY30
260.017.3%
Total facilities
1,500.0100.0%
Facilities drawn
1,254.083.6%
Undrawn facilities
246.016.4%
$50
1.13 Finance debt facilities
40
16.7%
8.0%
13.3%
6.7%
6.7%
6.0%
4.7%
4.7%
33.3%
Debt sources

Appendix 2:
Property update
41

AppendixSlidePage
2.1Our investment portfolio
43
2.2Investment portfolio summary
44
2.3Net rental income
45
2.4Portfolio statistics
46
2.5Rent reviews and new leasing
47
2.6Lease expiry profile
48
2.7Retail sales
49
2.8Retail sales by property
50
2.9Retail sales by category
51
42
Contents

Mixed-useOfficeRetail
The Plaza
Centre Place North
43
2.1 Our investment portfolio
Resido
(Sylvia Park Precinct)
Sylvia Park Shopping Centre
(Sylvia Park Precinct)
Sylvia Park Lifestyle
(Sylvia Park Precinct)
3 Te Kehu Way
(Sylvia Park Precinct)
ANZ Raranga
(Sylvia Park Precinct)
LynnMall
The Base
Vero Centre
ASB North Wharf
Aurora Centre

30-Sep-2431-Mar-24
Mixed-useOfficeRetailTotalMixed-useOfficeRetailTotal
Number of assets
(Appendix 2.4)
43294329
Value ($m)
1 (Appendix 2.4)
2,141.5814.0157.73,113.22,086.6816.0144.23,046.8
% of total portfolio by value
(Appendix 2.7)
65255956526595
Weighted average capitalisation rates
1 (Appendix 2.4)
6.26%6.01%8.93%6.34%6.25%6.35%8.94%6.44%
Net lettable area (sqm)
(Appendix 2.4)
308,02885,84351,917445,788290,37585,82251,908428,105
Number of tenants6405916986857060173803
% investment portfolio by gross income642610100632710100
Occupancy (by area)
2 (Appendix 2.4)
99.0%97.3%97.1%98.4%99.3%100.0%97.7%99.3%
Weighted average lease expiry (by income)
3

(Appendix 2.4)
3.1 years5.9 years2.5 years3.8 years3.4 years6.0 years2.5 years4.0 years
The following notes apply to all of Appendix 2(where applicable): 1: The value excludes the gross up of lease liabilities required by NZ IFRS 16 Leases. At 30-Sep-24, investment portfolio excludes development land with
a value of $158m (4.8% of total portfolio value). 2: Occupancy statistics exclude vacant tenancies with current or pending development works and Resido which is early in the lease-up phase. 3: WALE statistics
exclude Resido. General note 1: Kiwi Property owns 100% of all assets except The Base and Centre Place North, which are 50% owned. General note 2: Mixed-use assets comprise Sylvia Park Precinct (where Sylvia Park
Lifestyle, and the balance of the Sylvia Park Precinct, are counted as two assets), LynnMall and The Base.General note 3: 31-Mar-24 figures are restated to include the Vero Centre which was previously held for sale.
44
2.2 Investment portfolio summary

•Total net rental income (NRI), increased by
$6.2m (+7.0%) on the prior comparative
period. This is primarily a result of
underlying rental income growth of $4.1m.
•The mixed-use portfolio is up by $6.2m or
11.4%, including tenant termination fees of
$1.9m at Sylvia Park.
Six months ended30-Sep-24
30-Sep-23Variance
$m
$m$m%
Sylvia Park
31.8 28.7 3.1+10.8
ANZ Raranga2.5 2.5 0.0+0.0
3 Te Kehu Way1.0 0.3 0.7+233.3
Sylvia Park Lifestyle3.3 2.6 0.7+26.9
Resido Lynton-0.2 - -0.2N/A
Adjoining properties2.9 2.3 0.6+26.1
Sylvia Park Precinct41.3 36.4 4.9+13.5
LynnMall11.4 10.4 1.0+9.6
The Base7.8 7.4 0.4+5.4
Mixed-use portfolio60.5 54.3 6.2+11.4
Vero Centre12.7 12.7 0.0+0.0
ASB North Wharf7.3 7.2 0.1+1.4
The Aurora Centre4.1 4.5 -0.4-8.9
Office portfolio24.1 24.3 -0.2-0.8
Centre Place North1.8 1.5 0.3+20.0
The Plaza8.2 8.0 0.2+2.5
Retail portfolio10.0 9.4 0.6+6.4
Other properties- 0.4 -0.4-100.0
Net operating income94.6 88.5 6.1 +6.9
Straight-lining of fixed rental increases0.7 0.5 0.2+40.0
General provision for expected credit loss-0.2 - -0.2N/A
Other net income0.2 0.1 0.1+100.0
NZ IFRS 16 expense reclassifications- 0.1 -0.1-100.0
Net rental income95.3 89.1 6.2+7.0
2.3 Net rental income
45

2.4 Portfolio statistics
Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at30-Sep-2431-Mar-2430-Sep-2431-Mar-2430-Sep-2431-Mar-2430-Sep-2431-Mar-2430-Sep-2431-Mar-24
Sylvia Park1,051.51,025.05.885.8894,24494,26199.299.43.03.2
ANZ Raranga89.190.06.006.0011,62011,62095.895.84.34.8
3 TeKehu Way66.560.05.755.887,2697,26995.995.910.19.9
Sylvia Park Lifestyle86.586.06.506.5016,57816,578100.0100.03.94.4
Resido
1
207.0N/AN/AN/A18,594N/AN/AN/AN/AN/A
Adjoining properties
2
228.0418.5N/AN/A34,58535,517100.0100.01.01.4
Sylvia Park Precinct1,728.61,679.55.925.92182,889165,24599.199.13.23.5
LynnMall200.0202.07.637.5036,75436,81198.098.92.62.7
The Base213.0205.17.137.1388,38588,31999.7100.03.33.4
Mixed-use portfolio2,141.52,086.66.266.25308,028290,37599.099.33.13.4
Vero Centre
3
457.0458.05.75N/A39,71839,69794.2100.04.34.0
ASB North Wharf211.0212.06.256.2521,62121,621100.0100.06.56.9
The Aurora Centre146.0146.06.506.5024,50424,504100.0100.09.29.7
Office portfolio814.0816.06.016.3585,84385,82297.3100.05.96.0
Centre Place North32.232.29.169.1619,68019,66793.795.22.12.3
The Plaza125.5112.08.888.8832,23732,24198.198.52.52.6
Retailportfolio157.7144.28.938.9451,91751,90897.197.72.52.5
Investment portfolio3,113.23,046.86.346.44445,788428,10598.499.33.84.0
Development land
4
158.4148.0
Total portfolio
5
3,271.73,194.8
1: Resido is recognised at its ‘as is’ value, post deduction of costs to complete of $1.2m. Resido is valued using the discounted cash flow methodology. 2:Resido was under construction at 31-Mar-24 and its value was included
in adjoining properties. A capitalisation rate is not provided as many of the adjoining properties are valued on a land value basis. Occupancy and WALE metrics are provided for the adjoining properties that are not currently
recorded as held for development. 3: Vero Centre was held for sale as at 31-Mar-24 at the contract price. 31-Mar-24 figures are restated to include Vero Centre. 4: The value of Development land includes the Stage 2 land
value retained within the property portfolio plus the value of the Stage 1 land which is carried in inventories. 5: Excludes the gross-up of lease liabilities required by NZ IFRS 16 Leases.
46

Rent reviewsMixed-useOfficeRetailTotal
No.1772652255
NLA (sqm)86,97534,3388,455129,767
% investment portfolio NLA208230
Rental movement (%)+4.1+3.2+3.9+3.8
Compound annual growth (%)+3.6+2.7+3.9+3.3
Structured increases (% of future rent reviews)
1
969910098
Structured increases (% of total portfolio)
1
73885575
New leases and renewals
No.6981794
NLA (sqm)37,8545,6881,63745,179
% investment portfolio NLA91010
Rental movement (%)+6.0+11.1-9.4+5.6
WALE (years)3.68.93.54.8
Total (excl. development leasing)
No.2463469349
NLA (sqm)124,82940,02510,091174,946
% investment portfolio NLA299240
Rental movement (%)
1
+4.6+4.6+0.4+4.2
Rent reviews
•High percentage of future rent reviews are
structured (98%) of which ~65% are fixed at
3% or greater, CPI or CPI plus, providing
certainty of future rent increases despite
the challenging economic environment.
•Rent reviews drove 3.3% compound annual
growth across the investment portfolio.
New leasing
•New mixed-use leasing was up +6.0% led by
Sylvia Park Precinct +5.3% and The Base
+12.2%, underscoring the strong occupier
demand at high performing centres.
•New office leasing +11.1% with tenants
committing to long terms (8.9 year WALE).
Total
•~42% of the portfolio's gross income was
subject to review or renewal.
•Mixed-use and office rental spreads were
both +4.6% at half year respectively.
General note 1: Leasing statistics, except for structured increases, are not adjusted to reflect Kiwi Property’s ownership interest.
General note 2: The analysis excludes Resido. 1: Structured increase statistics are presented on a look-forward basis. Future rent reviews
exclude tenancies that are expiring in the next 12 months or holding over.
2.5 Rent reviews and new leasing
47

Mixed-use
•Mixed-use expiries remain relatively steady
over the next five years.
Office
•The longer-dated WALE of the office
portfolio means 70% of gross office income
expires in FY30 and beyond.
Investment Portfolio
•Only 10% of the investment portfolio is
currentlyvacant (~2.5%) or on holdover
(~7.5%), providing flexibility to re-mix and
drive rental uplift across our mixed-use and
retail assets as renewals take place.
10%
6%
11%
13%
12%
10%
37%
0%
10%
20%
30%
40%
50%
60%
Vacant or
holdover
FY25FY26FY27FY28FY29FY30+
Lease expiry profile
% of investment portfolio gross income
Key:Mixed-useOfficeRetail
General note: The analysis on this page excludes Resido.
2.6 Lease expiry profile
48

•Reflecting the wider economic conditions,
portfolio sales were -1.8% on the previous
year.
•The challenging retail market was felt right
across the portfolio.
•Pedestrian counts across our mixed-use
centers continue to show growth, despite
challenging economic conditions.
•Sylvia Park has achieved a significant
milestone, now reaching over 16 million
customer visits annually.
General note: All sales include GST. Sales are for the 12 months to 30-Sep-24. Comparative figures may vary from what has been
reported previously as sales figures are updated as annual audited sales are received 1: Includes Sylvia Park, Sylvia Park Lifestyle,
LynnMall, The Base Te Awa, The Base LFR, Centre Place North and The Plaza.2: IncludesSylvia Park, Sylvia Park Lifestyle, LynnMall, The
Base Te Awa, The Base LFR. 3: Includes Sylvia Park, LynnMall and The Base Te Awa. 4: Other shopping centres includes Centre Place
North and The Plaza.Numbers are rounded to nearest 100.
12 months ended
30 September 2024
All centres
1
(incl. large format
centres)
Mixed-use
centres
2
(incl. large format
centres)
Mixed-use
centres
3
(excl. large
format centres)
Other
centres
4
Actual salesActual salesActual salesActual sales
Total sales (billion)
$2.10
Sep 23: $2.14
$1.76
Sep 23: $1.78
$1.43
Sep 23: $1.44
$0.35
Sep 23: $0.36
Total sales growth
-1.8%
Sep 23: 15.5%
-1.6%
Sep 23: 17.2%
-0.9%
Sep 23: 19.1%
-2.8%
Sep 23: 7.9%
Like-for-like sales
growth
-4.5%
Sep 23: 12.6%
-4.9%
Sep 23: 13.6%
-4.3%
Sep 23: 16.7%
-2.6%
Sep 23: 8.3%
Specialty sales (per
sqm)
$12,286
Sep 23: $12,944
$9,785
Sep 23: $9,479
Specialty GOC14.3%
Sep 23: 12.2%
12.8%
Sep 23: 10.9%
Pedestrian count
(million)
37.3
Sep 23: 36.3
27.8
Sep 23: 26.3
9.5
Sep 23: 9.9
2.7 Retail sales
49

•Assets have performed in line with or
exceeded the performance of the Stats NZ
electronic card transactions data
3
, which
reported a 3.8% decline over the past 12
months.
•The cost-of-living crisis has had a greater
effect on the apparel and durables
categories and given its tenancy mix this
affected Sylvia Park more than other centres
(-3.6%), although this was still in line with the
sales decline nationally.
•JD Sport, Mecca, and JB Hi-Fi remain key
drivers of total sales at The Base.
1: All figures include GST. Sales are for the 12 months to 30-Sep-24. 2: Sales data is being requested from tenants who are not obliged to
provide it under their current leases. Total sales reported are shown, but due to the changing composition of those who do report,
comparable statistics are variable.3. Stats NZ Electronic Card Transactions for the period Sep 24. vs the preceding 12 months in the
consumables, apparel and durables categories.
MAT $m
1
% var
12 months ended30-Sep-24vs 30-Sep-23
Sylvia Park847.7-3.9%
Sylvia Park Lifestyle
2
43.81.2%
Total Sylvia Park Precinct891.5-3.6%
The Base Te Awa253.511.1%
The Base LFR
2
280.3-5.4%
Total The Base533.81.8%
LynnMall329.9-1.1%
The Plaza255.8-2.5%
Centre Place North90.2-3.7%
Portfolio total2,101.2-1.8%
2.8 Retail sales by property
50

12 months ended
MAT $m% var. from 30-Sep-23
30-Sep-24TotalLike-for-like
Supermarkets192.16.0%6.0%
Department stores and DDS164.1-2.9%-2.9%
Cinemas20.1-19.4%-19.4%
Mini-majors379.21.9%-5.8%
Fashion191.8-6.3%-6.9%
Commercial services (including travel)194.2-1.8%-7.5%
Food133.5-0.2%-3.9%
Pharmacy and wellbeing69.5-2.6%-3.8%
General (incl. Activate
1
)61.20.5%-6.7%
Home and living25.4-9.1%-9.0%
Total1,431.1-0.9%-4.3%
•Cinemas continue to experience the residual
effects of the Hollywood writers' strike, which
has led to delays and a reduced release
schedule for major films.
•The ongoing cost-of-living crisis has
significantly impacted several sectors, with
fashion and commercial services, particularly
travel, being among the most affected.
•The decline in commercial services was
primarily driven by the travel sector, which is
now receding from its post-COVID highs.
•Food courts reflected the positive increase in
customer traffic, resulting in both total and
like-for-like growth. However, the overall
performance of the broader food category
was dampened by weaker results in other
subcategories.
General note: All figures include GST and are for mixed-use shoppingcentres only. Sales are for the 12 months to 30-Sep-24.
1: Activate includes short-term leasing and in-centre advertising.
2.9 Retail sales by category
51

Glossary
52

Glossary
Adjusted funds from operations
(AFFO)
Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure
commonly used by real estate entities to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO
by deducting the cost of lease incentives, leasing fees, annual maintenance capital expenditure for sustaining and maintaining existing
space and one-off costs. AFFO does not have a standard meaning prescribed by GAAP and therefore may not be comparable to
information presented by other entities. AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines
issued by the Property Council of Australia (the Guidelines). The reported AFFO information has been extracted from the relevant interim
consolidated financial statements which have been the subject to a review pursuant to the External Reporting Board’s New Zealand
Standard on Review Engagement 2410 (Revised).
Discount department store
(DDS)
Includes Kmart and The Warehouse.
Funds from operations
(FFO)
Funds from operations (FFO) is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the
Company’s underlying operating performance. FFO is a measure commonly used by real estate entities to describe their underlying and
recurring earnings from operations. FFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance with the Voluntary Best
Practice Guidelines issued by the Property Council of Australia (the Guidelines). The reported FFO information has been extracted from
the Company’s interim consolidated financial statements which have been the subject to a review pursuant to the External Reporting
Board’s New Zealand Standard on Review Engagement 2410 (Revised).
Gearing ratio
Calculated as finance debt (which includes secured bank debt and the face value of bonds) over total tangible assets (which excludes
interest rate derivatives).
Generally accepted accounting
practice (GAAP)
A common set of accounting principles,standards and procedures that companies must follow when they compile their financial
statements. Kiwi Property’s financial statements comply with New Zealand Equivalents to International Financial Reporting Standards
and other guidance as issued by the External Reporting Board, as appropriate for profit-oriented entities, and with International Financial
Reporting Standards.
Gross occupancy cost
(GOC)
Total gross occupancy costs (excluding GST) expressed as a percentage of moving annual turnover (including GST).
Like-for-like retail salesOnly includes sales from those tenants who have traded for the past 24 months.
53

Glossary
Profit/(loss) after income taxThe reported profit/(loss) after income tax has been prepared in accordance with GAAP and complies with New Zealand Equivalents to
International Financial Reporting Standards. The reported profit/(loss) after income tax information has been extracted from the
Company’s interim consolidated financial statements which have been the subject to a review pursuant to the External Reporting
Board’s New Zealand Standard on Review Engagement 2410 (Revised).Engagements 2410 (Revised).
Management expense ratio
(MER)
MER (management expense ratios) are alternative non-GAAP measures used by Kiwi Property to assist investors in assessing the
company’s underlying operatingcosts. MER is a measure commonly used by real estate entities. MER does not have a standard
meaning prescribed by GAAP andtherefore may not be comparable to information presented by other entities. Kiwi Property
determines MER through several annualisedcalculations, where employment and administration plus direct property expenses are
divided by property revenue, net property income or the weighted average value of propertyassets under management. The
information has been extracted from the company’s consolidated financial statements which have been the subject to a review
pursuant to the External Reporting Board’s New Zealand Standard on Review Engagement 2410 (Revised).
Moving annual turnover
(MAT)
Annual sales on a rolling 12-month basis (including GST).
Net operating income
(NOI)
NOI is an alternative non-GAAP performance measure used by Kiwi Property. NOI is a measure commonly used by real estate entities to
describe their operating earnings from investment properties. NOI is calculated by Kiwi Property as rental revenue from investment
properties, minus expenses directly attributable to those operations. NOI excludes income resulting from straight-lining of fixed rental
increases and includes the amortisation of lease incentives.
Net rental income
(NRI)
NRI is an alternative non-GAAP performance measure used by Kiwi Property. NRI is calculated as NOI, including rental income resulting
from straight-lining of fixed rental increases, general provision for expected credit loss, other income and expense reclassifications
required under NZ IFRS16 Leases.
Net tangible assets
(NTA)
Represents net asset backing per share and calculated as net assets divided by shares on issue.
Operating profit before
income tax
Operating profit before income tax is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in
assessing the Company’s performance for the year by adjusting for a number of non-operating items. Operating profit before income
tax does not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other
entities. The reported operating profit before income tax has been extracted from the relevant interim consolidated financial
statements which have been the subject to a review pursuant to the External Reporting Board’s New Zealand Standard on Review
Engagement 2410 (Revised).
54

Thank you
55

---

Distribution notice


Section 1: Issuer information
Name of issuer Kiwi Property Group Limited
Financial product name/description Ordinary Shares
NZX ticker code KPG
ISIN NZKPGE0001S9
Type of distribution Full Year Quarterly x
Half Year Special
DRP applies X
Record date 6 December 2024
Ex-Date 5 December 2024
Payment date (and allotment date for
DRP)
20 December 2024
Total monies associated with the
distribution
$21,654,654
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01723969
Total cash distribution $0.01350000
Excluded amount (applicable to listed
PIEs)
$0.00388366
Supplementary distribution amount $0.00169700
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed component
Imputation tax credits per financial
product
$0.00373969
Resident Withholding Tax per financial
product
N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) 2%
Start date and end date for determining
market price for DRP
5 December 2024 11 December 2024
Date strike price to be announced (if not
available at this time)
12 December 2024

2
Specify source of financial products to
be issued under DRP programme
New Issue
DRP strike price per financial product
TBC
Last date to submit a participation
notice for this distribution in accordance
with DRP participation terms
9 December 2024
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Steve Penney
Contact person for this announcement Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 25 November 2024

---

Results announcement


Results for announcement to the market
Name of issuer Kiwi Property Group 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
$128,360 +9.03%
Total Revenue $128,360 +9.03%
Net profit/(loss) from continuing
operations
$43,220 +218.4%
Total net profit/(loss) $43,220 +218.4%
Interim Dividend
Amount per Quoted Equity
Security
$0.01350000
Imputed amount per Quoted
Equity Security
$0.00373969
Record Date 6 December 2024
Dividend Payment Date 20 December 2024
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.17 $1.17
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary
on the result.
Authority for this announcement
Name of person authorised to
make this announcement
Steve Penney
Contact person for this
announcement
Steve Penney
Contact phone number +64 9 359 4025
Contact email address steve.penney@kp.co.nz
Date of release through MAP 25 November 2024

Unaudited interim financial statements accompany this announcement.