Continued rent growth, cost discipline underpin FY25 result

Full Year Results25 May 2025KPGReal Estate

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Connected
communities
2025
Annual Report

Over FY25, Kiwi Property’s retail-led mixed-use
strategy has moved from concept to reality,
creating a more connected community at Sylvia
Park with the opening of Resido (the first large-
scale build-to-rent development of its kind in
New Zealand).
Kiwi Property’s long-term strategy is to create
and curate mixed-use assets where each
different use contributes to a halo effect,
making the community more attractive, more
sustainable, and ultimately stronger-performing.
It's a concept backed by population growth,
changing community preferences, and excellent
transport connectivity.
As population, residential, retail and office space
trends continue to evolve, we expect that the
benefits of a retail-led mixed-use strategy will
become ever more apparent.
From concept
to reality

Office and medical building
3 Te Kehu Way is now known as
Geneva House.
Contents
Portfolio overview 2
Business highlights4
Chair’s report6
Chief Executive Officer’s report10
Our value creation model14
Case studies16
The mixed-use effect16
Creating community connections20
Efficient capital and cost control 24
Measuring sustainability success26
Our Board28
Our Executive Team30
Financials33
Other information83
Corporate governance84
Remuneration report87
Other investor information96
Directory104
Kiwi Property 2025 Annual Report1

Portfolio overview
Total portfolio
Kiwi Property owns and manages a high-quality
real estate portfolio, including some of the
country’s leading commercial properties.
Our retail-led mixed-use assets feature large
landholdings and are strategically positioned
in areas marked for significant densification,
close to transport nodes.
Geographic diversification
BY PORTFOLIO VALUE
Auckland84%
Hamilton8%
Wellington4%
Palmerston North4%
Sector diversification
BY PORTFOLIO VALUE
Mixed-use66%
Office25%
Retail5%
Development land5%
Sylvia Park, LynnMall, The Base and Drury are located in
New Zealand’s ‘golden triangle’ which spans Auckland,
Hamilton and Tauranga. This region is the country’s
economic powerhouse and home to over 40% of the
population, putting our centres at the heart of major
catchment areas.
Over recent years we have divested non-strategic
assets, with the aim of creating a portfolio that is higher
performing, greener and we believe will deliver superior
returns over time. While we’re not done yet, we’re moving
ever closer to our ambition of becoming New Zealand's
leading creator and curator of mixed-use communities.
$2.77b
Auckland – 3 mixed-use assets, 2 office assets,
1 development landholding
$257m
Hamilton – 1 mixed-use asset, 1 retail asset
$126m
Palmerston North – 1 retail asset
$147m
Wellington – 1 office asset
AUCKLAND
WELLINGTON
PALMERSTON NORTH
HAMILTON
Kiwi Property 2025 Annual Report2

A future-focused property portfolio
The power of our retail-led mixed-use strategy
Kiwi Property's mixed-
use assets have
significant development
potential and the ability
to accommodate an
extensive range of uses
such as retail, office,
residential, medical,
entertainment and dining.
Our intention is to evolve
and enhance these
properties over time.
KEY
CurrentPlanned
Live
Work
Play
Shop
$2.1b37. 2m
ANNUAL SALES FY25¹CUSTOMER VISITS FY25
SYLVIA PARK
DRURY
THE BASE
LYNNMALL
1. All sales include GST.
Kiwi Property 2025 Annual Report3

$194.1m
5.0%
NET RENTAL INCOME
$116.2m
7.4%
OPERATING PROFIT BEFORE TAX
$3.3b
0.3% FAIR VALUE MOVEMENT
PORTFOLIO VALUE
1
$92.8m
7.0%
ADJUSTED FUNDS FROM OPERATIONS
Business highlights
Kiwi Property 2025 Annual Report4

$2.10b
1.6%
TENANT SALES
+4.3%
FY24 4.4%
TOTAL RENTAL GROWTH
1. Excluding the gross-up of lease liabilities required by NZ
IFRS 16 Leases. Property portfolio valuation includes Drury
Stage 1 land, carried at $89.2m, which was transferred to
inventories at 31 March 2024.
Note: Refer to the Annual Results Presentation FY25 for the
definition and determination of sales and the non-GAAP
performance measures net rental income, adjusted funds from
operations, portfolio value and operating profit before tax.
Comparative figures relate to the FY24 period.
85%
RESIDO APARTMENTS LEASED
AS AT 16 MAY 2025
96.9%
PORTFOLIO OCCUPANCY
$57.0 m
NET PROFIT AFTER TAX
FY24 -$2.1m
Kiwi Property 2025 Annual Report5

Chair’s report
Chair's report
Simon Shakesheff
Chair
Kiwi Property 2025 Annual Report6

"I am pleased with
Kiwi Property's
response to the
challenges faced
and the progress
we have made."
Operational resilience
Reflecting on the financial year to 31 March 2025,
Kiwi Property has weathered the country’s economic
downturn well, combining operational resilience with
fiscal discipline, while steadily advancing its long-term
retail-led mixed-use strategy.
Early optimism for a swift economic rebound last
year has since been tempered by a longer-term
view of a slower recovery, yet there are signals
New Zealand is cautiously emerging from a difficult
economic recession.
This recession has affected the wider property and
construction sectors, with downward pressures on
office tenancies, residential rentals, and consumer
propensity to spend on retail goods. Recent
geopolitical tensions and global trade uncertainty
have also impacted capital market activity.
As economic pressures on consumers and businesses
slowly ease, I believe Kiwi Property will be increasingly
well-positioned, with our positive exposure to
population, retail and rental trends continuing to
underpin our strategy.
Update on strategic initiatives
At the beginning of the 2025 financial year, we
highlighted four key strategic initiatives for the
business, which were to: lease up Resido, focus on
balance sheet management, execute the sell-down
of Drury large format retail sites, and drive sustained
operational excellence. Despite unfavourable
operating conditions, I am pleased with Kiwi Property’s
response to the challenges faced and the progress we
have made.
1. Lease up Resido
As part of our mixed-use development strategy,
Kiwi Property officially opened Resido at Sylvia Park
in mid-2024, New Zealand's largest build-to-rent
development with 295 apartments. Since opening, we
have faced a competitive Auckland rental market, with
rental supply outpacing demand over the period.
However, the pace of leasing at Resido has been at
the faster end of our expected 12 to 18 month range,
at 85% leased in under 12 months. We have also
achieved rentals around 26% higher than the median
Auckland apartment rent, proving that high-quality
residential living close to premium retail and good
transport connectivity is an attractive proposition
for tenants.
2. Balance sheet management
Recycling non-strategic assets is expected to provide
further balance sheet capacity and assist Kiwi
Property to deliver our retail-led mixed-use strategy.
The transaction environment, particularly for high
value assets, was unfavourable during the year and
we were disappointed the conditions to complete the
proposed Vero Centre sale were not met in August
2024. A tactical decision was then made to wait
for more transactional activity before proceeding
with divestment, in order to maximise value for our
shareholders. The sale of non-strategic assets to
manage gearing levels and fund growth is still a key
part of our strategy.
With reduced transaction activity and adverse capital
market conditions, we sought additional capital
sources as future avenues for growth. In November
2024, Kiwi Property invested in Mackersy Property, a
New Zealand funds management business with more
than $2 billion in assets under management. Mackersy
potentially provides Kiwi Property with an additional
capital source (either through direct investment or
partnership on existing assets) as well as potential
earnings growth as the property market recovers. This
partnership brings together two organisations with
similar values and complementary business practices
and operations.
To best manage Kiwi Property’s balance sheet, we
have also reduced capital spend and turned on the
dividend reinvestment plan (DRP). Participation in
the DRP has been strong, retaining approximately
$29 million in the business during the year. Although
gearing is higher than we’d like at 38.4%, valuations
now appear to be stabilising, and we will focus on
the sale of non-strategic assets in FY26 before any
further significant investment can occur.
Kiwi Property 2025 Annual Report7

Chair’s report continued
"Our conviction in
the Kiwi Property
strategy has
strengthened."
3. Execute sell-down of Drury large format
retail sites
We are pleased to announce the first unconditional
sale of large format retail land at Drury to New Zealand-
owned supermarket operator Foodstuffs in April 2025.
The economic environment both locally and globally
has meant transactions of this nature have taken
longer than expected, but it is pleasing to see activity
starting to return to the New Zealand property market.
We are already gaining momentum from this sale, and a
number of other parties are in advanced discussions to
acquire Drury land. We expect to achieve further large
format land sales over the coming year, and this will
be a continued focus for FY26. Capital spend at Drury
can be broadly matched to these land sales, allowing
us to progress further land development as sales
are achieved.
4. Drive sustained operational excellence
At the beginning of the 2025 financial year,
we committed to reducing employment and
administration expenses as a proportion of net
property income to 14.3%. I am pleased to confirm that
our focus on cost control and day-to-day operational
excellence has resulted in savings which exceed this
target, with the ratio at 12.7% for FY25.
Our focus on maximising the operational performance
of our assets has also resulted in strong growth in
contracted rental income of 4.3% across the portfolio.
Given the soft general economic environment, this
result is a testament to the quality of our assets.
Stable financial performance
With inflation easing and some economic green shoots
visible, the value of Kiwi Property assets stabilised
this year, down marginally from FY24 (-0.3%), with our
overall property portfolio valued at $3.3 billion as at
31 March 2025.
The stabilisation of Kiwi Property’s asset valuations,
aligned with ongoing tight cost management,
contributed to a net profit after tax of $57.0 million, up
from a net loss of -$2.1 million in the prior year.
Portfolio review
Steady progress has been made across the Kiwi
Property growth strategy. As of the end of the financial
year, our assets are performing well, with strong rental
demand and good occupancy rates.
Notably, Sylvia Park now attracts over 16 million visits a
year and drives over $840 million in retail sales a year.
Our ambition is to be an Australasian reference point
for quality retail-led mixed-use development, blending
everything one might possibly need into one location.
The much-anticipated arrival of Swedish retail giant
IKEA, which is scheduled to open in late 2025 adjacent
to our centre, will only add to the attraction. A direct
pedestrian link from IKEA to the Sylvia Park shopping
centre will encourage visitors to extend their stay and
explore more of the Sylvia Park precinct.
Kiwi Property 2025 Annual Report8

Combined with population growth and the rising
cost of building new shopping malls, existing
premium retail centres such as Sylvia Park are better
positioned than ever.
Office use continues to stabilise post-Covid as
businesses evolve their hybrid working models
and as more and more people are returning to the
workplace. Our office assets are well-leased, with
the equivalent of two and a half floors at the Vero
Centre the only material vacancy to note. Leasing
conditions in the Auckland office market are
currently tough, but we are confident in our ability
to lease up these remaining floors.
Elsewhere, The Base and LynnMall have been
performing well in core retail, and a new medical
tenant at The Base is demonstrating the benefits of
a refreshed mixed tenant strategy. We believe there
is scope for additional mixed-use opportunities to
be added in the future to both assets.
While some years away from development
completion, Drury will follow the same mixed-use
pathway as Sylvia Park, founded on the same core
elements of population growth, excellent transport
connections, sustainability principles, and carefully
considered and curated community development.
Governance renewal
The Board of Directors continues to renew itself in
line with best practice governance and in line with
the skillsets needed to govern towards long-term
value creation.
This year saw Jane Freeman stepping down at the
annual shareholder meeting, as signalled in last
year's annual shareholder report. Kevin Kenrick
joined the Board of Directors in May 2024, bringing
with him a wealth of experience in marketing,
retail and consumer focused businesses across
telecommunications, travel and media.
In January 2025, it was announced that Mary Jane
Daly will not stand for re-election and will step
down with effect from our 2025 annual shareholder
meeting. Mary Jane has been a director of Kiwi
Property since 2014 and has been chair of Kiwi
Property’s Audit and Risk Committee since 2017.
Mary Jane has made an exceptional contribution to
Kiwi Property and will leave with the best wishes and
respect of her fellow Directors.
As announced late last month, Michele Embling has
been appointed to the Kiwi Property Board, effective
from 27 May 2025. Michele brings extensive
leadership and governance experience across the
public and private sectors, having worked in the
insurance, energy, and financial industries in New
Zealand and Australia. We are delighted to welcome
Michele to the Board and she will be introduced to
shareholders at the Annual General Meeting later in
the year.
Simon Shakesheff
Chair
A positive future
As indicated earlier, our conviction in the Kiwi
Property strategy has strengthened, and the company
is well positioned for future growth as the economy
recovers and as key macro-trends move in our favour.
In terms of dividend guidance for the FY26 financial
year, we are pleased to be guiding shareholders for a
full-year FY26 dividend of 5.60 cps, which represents
growth of 3.7% on the FY25 dividend. This guidance
remains subject to any unexpected changes in
operating conditions, noting that there is ongoing
macroeconomic and geopolitical volatility to navigate.
On behalf of the Board, I would Iike to extend thanks
to our shareholders for their continued support, to the
partners we work with, to the communities we serve,
and to the management and the entire Kiwi Property
team for their hard work.
Michele Embling joins our
Board of Directors on 27 May.
Kiwi Property 2025 Annual Report9

Chief Executive Officer’s report
Chief Executive
Officer’s report
Clive Mackenzie
Chief Executive Officer
Kiwi Property 2025 Annual Report10

Disciplined progress
The 2025 financial year was a year of disciplined
progress. We have navigated the economic headwinds
of the last few years well by focusing on our existing
assets, tight cost and balance sheet control, and on
operational excellence.
It's also been a financial year in which the merits of
our retail-led mixed-use strategy have become even
more apparent. Our goal is to deliver a real community
experience that can create more value than the sum
of its parts.
NET RENTAL INCOME
$194.1m
Creating mixed-use communities
The mid-2024 opening of Resido marked the first
Kiwi Property move into residential as part of a mixed-
use community. The largest development of its kind in
New Zealand, Resido has demonstrated proof points of
many assumptions of our theory, including the ability
to attract residents with pets, with higher incomes, and
from outside the Mount Wellington catchment.
We’re also pleased to be achieving a high degree
of satisfaction from Resido tenants as per resident
surveys, and ahead of our initial target to be fully leased
within 12-18 months. In addition, Resido has been able
to achieve average rents significantly higher than the
wider Auckland rental market, again demonstrating
the attraction of well-located, quality rentals with
great amenities.
While still early, initial research shows that the average
Resido resident is spending three times more within the
wider Sylvia Park precinct than before they moved into
our build-to-rent (BTR) asset.
Later this year, New Zealand's very first IKEA is expected
to open adjacent to our centre at Sylvia Park, with
the long-awaited arrival of the global leader in home
furnishings onto New Zealand shores creating a huge
buzz amongst other retailers, shoppers, and residents
alike. With the economic downturn easing, premium
retail centres like Sylvia Park are poised to accelerate
their growth. Sylvia Park achieved rental growth for FY25
of 4.7% and other retail precincts within our portfolio
have also performed well, with total FY25 rental growth
of 5.9% at The Base and 2.5% at LynnMall. Foot traffic
at our mixed-use centres continued to increase with
nearly 600,000 more visits to these centres than in the
prior year.
"Our goal is to
deliver a real
community
experience that
can create more
value than the
sum of its parts."
Kiwi Property 2025 Annual Report11

Chief Executive Officer’s report continued
"We are pleased
to have signed
an unconditional
agreement
with Foodstuffs
for 1.2 hectares
(at Drury)."
Drury remains early in its development, with
foundational work continuing over the year. While
negotiations for super-lot land sales have taken
longer due to unfavourable market conditions,
we are pleased to have signed an unconditional
agreement with Foodstuffs for 1.2 hectares, and are
in advanced discussions with three others, for a
further 9.5 hectares. We will continue to progress the
development and sale of land at Drury in a considered
manner to maximise value for shareholders.
The success of Kiwi Property is also founded on the
success of our partners and our customers. This is
why we continually invest in upgrading amenities for
tenants, in sustainability improvements, and in the
built environment around our developments.
Operational discipline
Operational and fiscal discipline are critically
important to Kiwi Property. Given currently volatile
economic conditions, we have slowed our capital
expenditure and focused on operational discipline
and driving rental growth from our existing asset base.
This has been combined with careful and selected
investment in key assets such as Sylvia Park and
The Base.
This operational discipline has resulted in a significant
year-on-year reduction in employment and
administration expenses of $7.5 million (-23%).
Net rental income from our assets was up 5.0% at
$194.1 million, reflecting the rental growth during
the year. However, due to the removal of building
tax depreciation in FY25 and higher interest costs,
adjusted funds from operations (AFFO) was down
7.0% at $92.8 million.
In December 2024, Kiwi Property also completed
an offer of NZ$125 million (including NZ$25 million
of oversubscriptions) of 5.5-year fixed-rate senior
secured green bonds (Green Bonds) to institutional
and New Zealand retail investors. This successful
Green Bond bookbuild highlighted continued
investor confidence in Kiwi Property and its green
bond programme.
Getting future fit
A key pillar of our strategy is to become a future-fit
business. With a focus on long-term cost reduction
and efficiencies, we have driven operational
improvements via disciplined prioritisation across
the business. In particular, we seek to use technology
to our advantage – having successfully embedded
the multi-use Yardi system and exploring other
technology products and AI applications.
A new Sustainability Strategy has been developed
and launched this month that sees Kiwi Property
continue its focus on being a sustainability leader in
New Zealand’s property sector and which will help to
attract quality tenants.
Kiwi Property 2025 Annual Report12

Measurable success of sustainability credentials is
becoming increasingly important – not just because
of our own sustainability commitments but because
our tenants increasingly expect it – and we are
pleased to have raised the bar in NABERSNZ, Green
Star, and Homestar measures across our portfolio.
Our 9 Homestar Built rating for Resido is a particularly
satisfying achievement; a 9-star certification denotes
best practice and Resido is the first development of
this scale in NZ to be awarded this rating.
A future-fit business requires strong investment in its
people. I’m proud of the investment we have continued
to make in our people over the year with a focus on
both high-performance leadership development
and inclusivity training. Focused efforts to foster a
productive, supportive, and enjoyable culture at Kiwi
Property have resulted in a pleasing uplift in employee
engagement scores, which are at a five-year high
of 75%.
Looking ahead
We are encouraged by the future possibilities for
Kiwi Property.
In the near term, the coming year will see a focus
on targeted small-scale development to enable the
growth of mixed-use, including through a mixed
tenancy strategy on the first floor of The Base, as well
as further progress on key projects, including expected
large land lot sales in Drury and the full leasing up
of Resido.
We will continue to target strong rental growth through
active lease management and through investment
in quality amenities. The opening of IKEA next to our
centre, scheduled for later in the calendar year, is
expected to drive retail tourism and a significant boost
in foot traffic for Sylvia Park, attracting new customers
from across the country to visit.
Tight management of operational costs and capital
expenditure will continue, with future recycling of non-
strategic assets allowing for further investment, in line
with our capital allocation framework.
We expect to see continued evidence of the success
of our strategy as trends move in our favour and as the
economy improves – noting with some caution that
macroeconomic conditions are likely to remain volatile
for some time.
As always, thanks to our shareholders, our partners, our
customers, and the wider Kiwi Property team for your
support over the year.
Clive Mackenzie
Chief Executive Officer
"The opening of
IKEA, scheduled
for later in the
year, is expected
to drive retail
tourism and a
significant boost
in foot traffic for
Sylvia Park."
Kiwi Property employee
engagement scores are at a
five-year high of 75%.
Kiwi Property 2025 Annual Report13

How we add value
Our value
creation model
Grow with
diverse
sources of
capital
Build a
future fit
business
Enable
customer
and partner
success
Lead the
market on
retail-led
mixed-use
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand’s
leading creator and
curator of retail-led
mixed-use
communities
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
and capital
partners
Communities
Environment
Tenants
and partners
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Adjusted funds from
operations
• Total shareholder return
• Asset valuations
• Customer satisfaction
• Pedestrian counts
• Employee experience
• Health, safety and
wellbeing
• Diversity, equity and
inclusion
• Sales growth
• Occupancy levels
• Tenant satisfaction
• Resident satisfaction
• Community impact
• Emissions reduction
• Global Real Estate
Sustainability
Benchmark (GRESB)
•Building certifications
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Inputs
Business strategy
Kiwi Property 2025 Annual Report14

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

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Stakeholder groupsSuccess measures
Kiwi Property 2025 Annual Report15

Mixed-use
The mixed-use
effect
Case study
Kiwi Property 2025 Annual Report16

Mixed-use development
can be defined as integrated
developments that combine
multiple functions, such as
residential, commercial, and
recreational, within a single
area, fostering vibrant and
walkable communities.
The idea is that as each
different use or function is
introduced, greater demand is
created for other uses, leading
to enduring demand for our
assets and ultimately drawing
more customers into our
retail precincts.
Creating retail-led mixed-use
communities is fundamental
to Kiwi Property’s long-term
ambitions and ability to create
value for shareholders. It's an
ambition that is fast becoming
real, with a range of mixed-use
developments at different stages
of their maturity cycle. What each
of these developments has in
common is a strategic exposure
to key trends; better transport
connections, population growth,
premium retail, and increasing
residential demand.
Office, residential and dining
support our retail business at
Sylvia Park.
Sylvia Park
Sylvia Park is our most mature
mixed-use development and is
already seen as an Australasian
exemplar for retail-led mixed-
use. The retail precinct of Sylvia
Park is now supplemented
by high-quality residential
(Resido), office space, and
important life amenities
with a new medical precinct
providing GP, physiotherapy, and
radiology services.
Resido is already leasing strongly,
reflecting quality amenities and
a great location. Around 20% of
Resido tenants are employed
at Sylvia Park or nearby, further
proving BTR and residential as an
important aspect of mixed-use.
With retail a key attractor for
mixed-use communities, Sylvia
Park has retained its status as
New Zealand's premier retail
shopping complex, continuing to
refresh and innovate the common
areas. New food offerings have
arrived in Sylvia Lane including
Goode Brothers and Master
Kong. Foot traffic has defied
most of the retail trends and
challenging economic conditions
and has increased by nearly 400
thousand to 16.1 million people
visits over the year.
New Zealand’s first IKEA,
scheduled to open later this
year adjacent to our centre,
continues to attract attention
and excitement from shoppers
and other retailers. IKEA is yet
another example of Sylvia Park
being the shopping centre of
choice for global or international
brands looking to enter the New
Zealand market for the first time.
The benefit of our mixed-use
approach means that Sylvia Park
has low vacancy rates across its
different uses, proving desirable
for employers, retailers, residents,
and shoppers alike.
20%
of Resido tenants are
employed at Sylvia Park
or nearby
16.1m
annual visits to Sylvia Park have
lifted by nearly 400 thousand in
the last year
Kiwi Property 2025 Annual Report17

The Base and LynnMall
Two other strategic mixed-
use assets in our portfolio are
LynnMall and The Base, both
primed for further growth and
the addition of more functional
uses. Importantly, both of these
assets are strategically located
in the golden triangle between
Auckland, Hamilton, and Tauranga,
with higher-than-average
population growth and good
transport connectivity.
LynnMall was New Zealand’s very
first indoor shopping centre and
retail remains at its heart. The
Brickworks dining precinct has
gone from strength to strength
in the last 10 years, notably
introducing New Zealand’s
first Taco Bell in 2019, and
now containing a stable mix of
entertainment and hospitality
attractions. Located adjacent to
the Western line of Auckland’s
train network and the New
Lynn bus station, LynnMall is an
opportune location for mixed-
use growth, with optionality for
additional retail, residential, and
office uses in the future.
Mixed-use continued
The Base has a net leasable area
of 88,257 sqm and more than
4,000 sqm of potential retail
tenancy space on the upper level 1
floor. This space was constructed
at the building’s inception in
preparation for growth. It is ripe
for unlocking and expanding the
breadth of The Base’s tenant
mix, especially in specialty and
services. In 2024, two additional
major tenancies joined the top
floor, Timezone, adding to the
entertainment offering, and Habit
Health, adding medical facilities to
the site.
The Base also has 66,691 sqm of
vacant greenfield development
land, which is presently used
for community activations such
as The Base Basket Burn (in
association with Balloons Over
Waikato) and of course additional
parking for the busiest days of the
retail calendar.
The Brickworks at LynnMall
brings together hospitality,
entertainment, and retail.
The Base adds medical to its
level 1 tenant mix.
Kiwi Property 2025 Annual Report18

Drury
While mixed-use at Sylvia Park is
mature, our Drury development
is at the first stage of its
transformation into a mixed-
use community. Large-format
retailers will be one of the
first wave of arrivals, acting as
magnets for other retailers and
associated industries. Drury
and its neighbouring suburbs
are projected to be home to up
to 60,000 more residents in
the next 30 years who will live,
work, shop and play in this new
metropolitan town centre to the
south of Auckland.
Drury is a greenfields master
planned development, providing
a high degree of flexibility to
strategically optimise the master
plan and focus on those uses
that will attract the greatest
shareholder returns. The sheer
size of our landholding enables
us to fit many uses on this
site. Beyond retail, residential,
hospitality, and entertainment,
we’re working with Auckland
Council to ensure public
community amenities are fit for
purpose and support community
cohesion, safety, and liveability.
Drury, like our other assets,
also has excellent transport
connectivity. With excellent
motorway access, it also sits on
Auckland’s southern train line,
with the new Drury train station
set to open in early 2026. The
large park-and-ride facilities
planned will also attract people
from neighbouring areas.
Drury, like our other assets,
also has excellent transport
connectivity.
Kiwi Property 2025 Annual Report19

Community
Case study
Creating community
connections
Kiwi Property 2025 Annual Report20

Kiwi Property has developed
and owned many high-quality
property assets over the
last three decades. Today,
Kiwi Property’s purpose
is to create and curate
connected communities.
Community is at the heart of
everything we do – and while we
primarily deal in property, the
purpose of those properties is to
serve communities. Connection
is an essential part of this
purpose – yes, location and
transportation connections are
important, but we also take great
pride in creating moments of
connection to nature, important
causes, cultural events, and to
one another.
It's about investing carefully in
quality amenities and the built
environment so people can feel
safe and easily connected to
others. It's about creating thriving
and liveable neighbourhoods
that offer everything needed for
different lifestyles and needs.
Our mixed-use strategy is the
vehicle for creating connected
communities, listening to
the desires and needs of the
community and bringing all of
these elements to one location.
“It's about investing
carefully in quality
amenities and the
built environment so
people can feel safe
and easily connected
to others.”
Community is the heart of the
Kiwi Property strategy.
Kiwi Property 2025 Annual Report21

Mixed-use communities often
include residential living. Build-
to-rent (BTR) is an emerging
asset class that helps meet
the growing demand for rental
properties and has proven
successful in overseas rental
markets. Resido at Sylvia Park
is the first large-scale BTR
development of its kind in New
Zealand with 295 apartments
– 261 of those for long-term
rental accommodation and 34
of those currently managed by
Urban Rest, a leading short-
stay accommodation provider.
Resido enables Kiwi Property to
get even closer to the desires of
our community and what really
matters to them – not only the
services and shops they want
and need when they’re out and
about, but the amenities they
value at home too. Much of the
focus in developing Resido has
been on the ‘spaces in between’,
with the built environment
encouraging ease of access and
safe walkability between home,
Sylvia Park shops, and transport.
4.6/5
average survey score shows
that tenants rate the overall
experience of living at
Resido highly
85%
leased, Resido is nearly fully
tenanted within 12-18 months
Opened in mid-2024 Resido is
now 85% leased as at 16 May
2025, nearly fully tenanted within
12-18 months, demonstrating
strong demand for the
convenient location, quality
living space, and the high level of
included amenities. Importantly,
as evidence that quality build-
to-rent housing can command
a higher median rent due to the
quality of build, amenities, and
location, Resido is achieving
above the median rent for the
Auckland apartment market
by 26%.
Feedback is incredibly important
to us at this early stage of our
BTR journey. A resident survey
completed in December 2024
showed that tenants rate the
overall experience of living at
Resido highly, averaging 4.6
out of 5, with the sense of
community, the easy access
to Sylvia Park, the gym and the
other added-value amenities
the key drivers of their ratings.
Tenants are also in favour of the
on-site Resident Services Team,
with 98% of tenants rating the
professionalism of the Resido
team as either good or excellent.
Community continued
Kiwi Property 2025 Annual Report22

Drury will be a very different
community building experience
to Sylvia Park. With the Drury
civic infrastructure currently
being laid and the area almost
ready for construction, we have
a vision of a modern, sustainable,
and curated community created
from scratch, where everything is
carefully considered.
The community foundations for
Drury were established years
ago. We have, and continue
to, extensively engage with
mana whenua and the existing
community, and have a Drury
Community Engagement
Specialist working closely with
the existing Drury community and
the Kiwi Property development
team. Respect for the land and
environment is important to
the community, and work to
restore waterways in the Drury
development is included in plans
from the initial stages.
The Drury area and this
community development have
been identified as nationally
significant by the Government
and listed as a fast-track project
in the recent Fast-track Approval
Act 2024. Identified as Auckland's
11th and newest metropolitan
town centre, it will accommodate
essential population growth
for this area of Auckland and
connect current and future
residents with the amenities that
are important to all, including
excellent public transport and a
much sought-after supermarket.
We envision the creation of a
community that can cater to
a diverse range of lifestyles –
from rural roots to young urban
families. A community in harmony
with its environment and with iwi,
where the land and landscaping
are as important as the buildings.
Targeting a Green Star
Community rating, Drury will be
well-designed and sustainable,
working closely with the local
council to ensure amenities
meet future community needs,
including consideration of
libraries, civic spaces, pools
and community centres, plenty
of green space, and excellent
transport connectivity.
We anticipate that demand at
Drury will be high from residents
and retailers alike, attracted to
a thriving neighbourhood with a
sense of community, connection,
and wellbeing, further establishing
Kiwi Property's reputation as a
community builder.
Kiwi Property 2025 Annual Report23

Capital initiatives
Case study
Efficient capital
and cost control
Kiwi Property 2025 Annual Report24

With local and global
market conditions reducing
transactional activity and
making for a more difficult
operating environment, Kiwi
Property has focused on
optimising corporate costs,
readying the business for a
return to improved operating
and transaction conditions as
the economy recovers.
Following a period of investment
leading to the implementation
of the Yardi ERP platform, this
project wrapped up in March
2024. The departure of the
Yardi project team, increased
operational efficiencies from
this implementation, and
greater access to data have all
assisted with reducing corporate
expenditure in FY25.
To return the business to
a sustainable cost base,
the Management Expense
Ratio (MER) target was 14.3%
(calculated as employment and
administration expenses to net
property income). We exceeded
expectations over FY25, reducing
this below the target to 12.7%,
without compromising staff
engagement (which has improved
over the year).
Kiwi Property has also consciously
pulled back from committing to
capital-intensive new development
projects, other than the completion
of Resido, with a reduction in
gearing and more favourable
market conditions needed before
pressing play on future work in
our development pipeline.
Our capital strategy focuses on
these core principles; optimising
the performance and returns
of our retail-led, mixed-use
assets, actively considering
selective divestment of non-
strategic assets over time, and
recycling capital from any asset
sales and reinvesting it into
new opportunities to create a
more resilient, diversified, and
sustainable portfolio. Our capital
allocation framework assists us
in making smart decisions with
our capital.
Access to diverse sources of
capital is an important part
of our capital strategy. In line
with this, Kiwi Property remains
open to working with capital
partners to collaborate on
future developments and grow
assets under management, and
our nascent partnership with
Mackersy Property is expected to
provide an additional source of
capital over time.
Kiwi Property has a Dividend
Reinvestment Plan (DRP) that
allows shareholders to reinvest
their dividends into new
Kiwi Property shares without
transaction costs. The participation
in the DRP has been excellent,
with over 42% of available shares
participating for the most recent
dividend round. This has retained
around $10m per dividend in the
business each quarter, keeping
gearing to a more manageable level.
Our Sustainable Debt Framework
outlines our approach to financing
and/or refinancing energy efficient
buildings within our property
portfolio. Kiwi Property is an active
participant in the sustainable debt
capital markets and has four green
bonds listed on the NZX. The most
recent $125 million Green Bond,
KPG070, was issued in December
2024. Investor participation and
appetite in this issue were strong,
highlighting continued investor
support for Kiwi Property’s green
bond programme.
~$29m
retained through investor
participation in the DRP in FY25
23%
reduction in employment and
administration expenses
Cost control measures resulted
in a significant reduction in our
Management Expense Ratio.
Kiwi Property 2025 Annual Report25

Sustainability
During the year, we reduced our
operational emissions by a further
14%
1
, including a 16% reduction
in gas use at the Vero Centre
that contributed to the asset’s
NABERSNZ rating improving from
4-star to 4.5-star. ASB North
Wharf also achieved a half-star
increase in its NABERSNZ rating,
which pleasingly means we have
maintained or improved the
NABERSNZ ratings at all of our
wholly-owned office assets.
To add to our 8-star Homestar
Design rating, we are proud to
have been awarded a 9-star
Homestar Built rating for Resido.
The 9-star rating denotes best
practice, and Resido is the first
development of this scale in NZ to
be awarded this rating. The Built
rating measures the sustainability
of design and construction, with
notable highlights including
a 92% diversion by weight of
construction waste from landfill
during development and a focus
on energy and water efficiency in
every apartment.
We must build a future-fit
workforce as we continue to build
a future-fit business, with great
progress made in this area during
the year. Importantly, employee
engagement increased to 75%,
which is a five-year high. We’re
excited to progress towards our
new sustainability priorities and
targets, creating and protecting
value for our stakeholders.
For more details on the Kiwi
Property Sustainability strategy
and for our Climate-related
Disclosures, go to kiwiproperty.
com/investors/reporting-suite.

Case study Case study
Kiwi Property’s new 2025 to
2030 sustainability strategy
reflects our ambition to
remain a sustainability leader
in New Zealand’s property
sector. This refreshed strategy
guides our environmental,
social, and business activities,
helping us deliver on our
purpose of creating connected
communities, and identifying
and reducing business risks.
Sustainability leadership creates
value. Managing our assets for
sustainability performance
increases the appeal to tenants
and customers while optimising
their efficiency and reducing
their environmental impact.
Sustainable performance has
become increasingly important
in demonstrating the assets’
credentials and their value to our
future tenants and partners.
Measuring
sustainability
success
1. The Ministry for the Environment has released changes to the emissions factors used in calculating GHG emissions. The new factors have not
been applied to the GHG emissions information in the report due to timing and impracticality to update and review data prior to the release of
this report. See further detail on this on page 52 of Kiwi Property’s Sustainability Report and Climate-related Disclosures.
Kiwi Property 2025 Annual Report26

Our new
sustainability
strategy
For further detail on our
new strategy, see our FY25
Sustainability report.
Manage investments
for sustainability
performance
•Sustainable developments
•Energy efficiency
•Sustainable finance
Demonstrate
resilience
•Climate risk
•Adaptation and
mitigation
Live up to our role
in communities
•Partnerships
•Community wellbeing
Decarbonise and
reduce our footprint
•Emissions reduction
•Environmental impact
Build a
future fit
workforce
•People experience
•Health, safety and
wellbeing
•Diversity, equity and
inclusion
Kiwi Property is a climate-
reporting entity for the purposes
of the Financial Markets Conduct
Act 2013 (FMC Act). We will
publish our Climate-related
Disclosures on a group basis for
the year ended 31 March 2025
in compliance with the Aotearoa
New Zealand Climate Standards
issued by the External Reporting
Board (XRB), as required by
the FMC Act. Kiwi Property's
Climate-related Disclosures for
the year ended 31 March 2025
are accessible on our website at:
kp.co.nz/investors/reporting-suite
Kiwi Property 2025 Annual Report27

Our Board
Chris Aiken
Independent Director
Chris is an Auckland-based
professional director, with
a wealth of property and
technology experience. He is
a member of the Kāinga Ora
Construction Advisory Board
and director of Adare Ltd. He
was previously a director of
Metlifecare, Piritahi, Apperv Ltd
and Telecom Retail. Chris was
chief executive of several IT and
property companies including
HLC Ltd, the Crown entity
responsible for developing large
urban communities, such as
Hobsonville Point.
Board membership
Non-executive member
Other committees
Member of the ESG Committee
and the Remuneration and
Nominations Committee
Date appointed
June 2021
Date last re-elected
June 2024
Peter Alexander
Independent Director
Peter has extensive experience
in New Zealand’s property sector,
having held a range of executive
roles over more than 30 years.
He was previously CEO of Stride
Property Group where he led
the growth of its investment
management business and was
head of property at Auckland
International Airport. He has also
held senior executive roles at
Property for Industry, Goodman
and Sky City Entertainment.
Peter is a trustee of the Dilworth
Trust Board.
Board membership
Non-executive member
Other committees
Member of the
ESG Committee
Date appointed
May 2023
Date last re-elected
June 2023
Simon Shakesheff
Chair
Simon is an Australian-based
professional director, with
significant property and finance
experience covering strategy,
mergers and acquisitions, and
debt and equity finance. He is
a director of Cbus Property,
Assembly Funds Management,
SGCH (formerly St George
Community Housing), Ingenia
Communities and Chair of
the Daily Needs Real Estate
Investment Trust. Simon
previously held a number of
executive roles at Stockland, Bank
of America Merrill Lynch, UBS,
J.P. Morgan and Macquarie Bank.
Board membership
Non-executive member
Other committees
Member of the Audit and Risk
Committee and Remuneration
and Nominations Committee
Date appointed
November 2019
Date last re-elected
June 2023
Kiwi Property 2025 Annual Report28

Carlie Eve
Independent Director
Carlie has over 25 years’ finance
and governance experience,
including executive roles at
Goldman Sachs JBWere and Mint
Asset Management, where she
led the Australasian Property
Fund. Carlie is a former director
of the Hobsonville Land Company
and currently sits on the board
of the Fonterra Shareholders
Fund, as well as being the
Chair of the Diocesan School
Heritage Foundation.
Board membership
Non-executive member
Other committees
Chair of the ESG Committee
and Member of the Audit and
Risk Committee
Date appointed
May 2023
Date last re-elected
June 2023
Kevin Kenrick
Independent Director
Kevin is an Auckland-based
professional director with
significant experience in leading
the strategic transformation of
retail focused businesses across
the telecommunications, travel,
and media industry sectors. He
is currently a director of BNZ.
Kevin previously held the role of
CEO at TVNZ and House of Travel,
and executive leadership roles at
Telecom NZ and Lion.
Board membership
Non-executive member
Other committees
Chair of the Remuneration and
Nominations Committee
Date appointed
May 2024
Date last re-elected
June 2024
Mary Jane Daly
Independent Director
Mary Jane is an Auckland-
based professional director with
significant banking, finance and
risk experience. She is the Chair
of the Fonterra Shareholders
Fund, Partners Life and AIG
Insurance NZ, and a director of
Kiwibank. Mary Jane was also the
former Chair of the Earthquake
Commission, and a former
director of Auckland Transport,
Cigna Life Insurance New
Zealand, Onepath Life, Airways
Corporation and the NZ Green
Building Council.
Board membership
Non-executive member
Other committees
Chair of the Audit and
Risk Committee
Date appointed
September 2014
Date last re-elected
June 2022
Kiwi Property 2025 Annual Report29

Our Executive Team
Aubrey Cheng
GM Income and Leasing
Aubrey leads our income and
leasing team and is responsible
for all property-related income,
and new revenue initiatives at
both our existing assets and
development projects. He is
charged with developing and
maintaining our key client
relationships, and driving leasing
activity across our mixed-
use, office, retail, activate and
industrial portfolios. Aubrey has
20 years’ property experience
and prior to joining Kiwi Property
was a founding Director
of Match Realty.
Jo Harris
GM People
Jo oversees Kiwi Property’s
people and culture function, with
a focus on building an engaged
and high performing organisation.
She joined the company from
Waka Kotahi where she worked
as Portfolio Change Lead,
with responsibility for leading
organisational wide culture and
transformation initiatives. Prior to
this, Jo held a variety of senior HR
roles at organisations including
Air New Zealand, Vodafone
Australia and AAPT.
Clive Mackenzie
Chief Executive Officer
Clive is responsible for the
leadership, strategic direction and
management of the company. He
has been involved with property
and finance for over 20 years and
commenced as Kiwi Property’s
Chief Executive Officer in July
2018. Clive was previously Senior
Vice President – Development,
East Coast for Westfield USA,
where he was involved in the
creation and implementation
of transformational strategies
to evolve, strengthen and
develop the company’s real
estate portfolio.
Kiwi Property 2025 Annual Report30

Linda Trainer
GM Asset Management
Linda has overall responsibility
for the strategic and operational
performance of Kiwi Property's
mixed-use, retail and office
assets, and also oversees the
company's comprehensive
sustainability programme.
She has more than 20 years’
experience in property, retail,
management and marketing. Prior
to joining Kiwi Property in April
2018, Linda was most recently the
New Zealand Regional Manager at
Scentre Group.
Steve Penney
Chief Financial Officer
Steve leads the company’s
finance, legal and digital functions
and plays a key role in the
development and execution
of the company’s corporate
strategy. He has more than 20
years of investment and finance
experience and prior to joining
Kiwi Property was General
Manager, Investment, at Stride
Property Group as well as
Investment Director and Partner at
H.R.L Morrison & Co Limited, and
an Associate Director at PwC.
Kiwi Property 2025 Annual Report31

Kiwi Property 2025 Annual Report32

Financials
Contents
Five-year summary 34
Consolidated financial statements 38
Notes to the consolidated financial statements 44
Independent auditor's report 80
Kiwi Property 2025 Annual Report33

Five-year summary
Kiwi Property 2025 Annual Report34
Financial performance
FOR THE YEAR ENDED 31 MARCH
20222021
202520242023Restated
1
Restated
1
$m$m$m$m$m
Property revenue and property management revenue263.7244.7259.1255.9244.2
Direct property expenses(65.4)(55.6)(52.8)(75.4)(78.3)
Employment and administration expenses(25.2)(32.7)(32.7)(25.8)(23.1)
Total expenses(90.6)(88.4)(85.5)(101.2)(101.4)
Profit before net finance expenses, other (expenses)/
income and tax173.1156.3173.6154.7142.8
Interest income0.70.70.20.20.3
Interest and finance charges(57.6)(48.8)(44.2)(38.4)(36.0)
Net finance expenses(56.9)(48.1)(44.0)(38.2)(35.7)
Operating profit before tax116.2108.2129.6116.5107.1
Net fair value (loss)/gain on investment properties(11.6)(77.8)(352.6)128.8109.0
Net fair value (loss)/gain on interest rate derivatives(10.1)(4.1)5.718.56.3
Litigation settlement income--6.0--
Loss on disposal of investment properties-(1.7)(3.5)(3.1)-
Other (expenses)/income(21.7)(83.6)(344.4)144.2115.3
Profit/(loss) before income tax94.524.7(214.8)260.7222.4
Income tax expense(37.5)(26.8)(12.9)(36.4)(25.9)
Profit/(loss) after income tax
2
57.0(2.1)(227.7)224.3196.5
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2The reported profit/(loss) after income tax has been prepared in accordance with New Zealand Generally Accepted Accounting Practice (GAAP) and complies with New Zealand
Equivalents to IFRS Accounting Standards. The reported profit/(loss) information has been extracted from the relevant annual consolidated financial statements which have
been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property 2025 Annual Report35
Adjusted funds from operations
FOR THE YEAR ENDED 31 MARCH
20222021
202520242023Restated
1
Restated
1
$m$m$m$m$m
Profit/(loss) after income tax57.0(2.1)(227.7)224.3196.5
Adjusted for:
Net fair value loss/(gain) on investment properties11.677.8352.6(128.8)(109.0)
Net fair value loss/(gain) on interest rate derivatives10.14.1(5.7)(18.5)(6.3)
Loss on disposal of investment properties-1.73.53.1-
Litigation settlement income--(6.0)--
Reversal of lease liability movement in investment properties--(0.1)(0.1)(0.1)
Straight-lining of fixed rental increases(2.4)(1.5)(1.2)(3.0)-
Amortisation of tenant incentives and leasing fees6.66.57.78.37.1
Rent deferrals received/(rent deferrals) (COVID-19)--0.21.5(1.7)
Depreciation recovered on disposal of investment properties-2.80.53.6-
Share-based payment expense
2
1.01.91.41.2-
Depreciation of property, plant and equipment
2
0.70.81.11.3-
Deferred tax expense/(benefit)16.910.6(4.8)13.911.3
Funds from operations
3
101.5102.6121.5106.897.8
Maintenance capital expenditure(5.1)(5.3)(6.6)(3.0)(5.3)
Capitalised tenant incentives and leasing fees(4.1)(3.3)(2.2)(3.4)(3.1)
One-off costs
Software implementation projects-3.12.0--
Bondholder consent fee-1.8---
Other one-off costs0.50.91.8--
Adjusted funds from operations
4
92.899.8116.5100.489.4
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
2Represents non-cash expenses included in the determination of funds from operations with effect from 1 April 2021.
3Funds from operations (FFO) is an alternative non-GAAP performance measure used by Kiwi Property to assist investors in assessing the Company’s underlying operating
performance. FFO is a measure commonly used by real estate entities to describe their underlying and recurring earnings from operations. FFO does not have a standard
meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities. FFO is calculated by Kiwi Property in accordance with the
Voluntary Best Practice Guidelines issued by the Property Council of Australia (the Guidelines). The reported FFO information has been extracted from the Company’s annual
consolidated financial statements which have been the subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
4Adjusted funds from operations (AFFO) is an alternative non-GAAP performance measure used by Kiwi Property. AFFO is a measure commonly used by real estate entities
to describe their underlying and recurring cash flows from operations. Broadly, AFFO adjusts FFO by deducting the cost of lease incentives, leasing fees, annual maintenance
capital expenditure for sustaining and maintaining existing space and one-off costs. AFFO does not have a standard meaning prescribed by GAAP and therefore may not be
comparable to information presented by other entities. AFFO is calculated by Kiwi Property in accordance with the Voluntary Best Practice Guidelines issued by the Property
Council of Australia (the Guidelines). The reported AFFO information has been extracted from the relevant annual consolidated financial statements which have been the
subject of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.

Five-year summary (continued)
Kiwi Property 2025 Annual Report36
Dividends
FOR THE YEAR ENDED 31 MARCH
20222021
202520242023Restated
1
Restated
1
$m$m$m$m$m
Funds from operations101.5102.6121.5106.897.8
Adjusted funds from operations92.899.8116.5100.489.4
Less amount retained(5.9)(9.3)(27.0)(12.5)(8.6)
Dividend86.990.589.587.980.8
Payout ratio93%90%77%88%90%
cpscpscpscpscps
Dividend5.405.705.705.605.15
Imputation credits1.301.011.131.431.36
Gross dividend6.706.716.837.036.51
1Restated to comply with guidance issued by the International Financial Reporting Interpretations Committee (IFRIC) on rental abatements. Refer to Note 1.5 of the 2023
consolidated financial statements for further information.
Financial position
AS AT 31 MARCH
2025
$m
2024
$m
2023
$m
2022
$m
2021
$m
Assets
Investment properties
1
3,209.23,121.83,194.03,567.63,331.5
Inventories89.273.5---
Cash and cash equivalents14.418.217.911.616.0
Other assets26.521.626.515.318.8
Total assets3,339.33,235.13,238.43,594.53,366.3
Liabilities
Interest bearing liabilities1,284.61,195.21,131.11,135.91,049.9
Deferred tax liabilities132.9114.2103.6108.594.5
Other liabilities61.965.770.278.587.1
Total liabilities1,479.41,375.11,304.91,322.91,231.5
Equity
Share capital1,713.51,682.81,664.81,663.51,661.9
Share-based payments reserve2.62.92.12.01.9
Retained earnings143.8174.3266.6606.1471.0
Total equity1,859.91,860.01,933.52,271.62,134.8
Total equity and liabilities3,339.33,235.13,238.43,594.53,366.3
Gearing ratio (finance debt / total tangible assets)38.4%37.0%35.0%31.6%31.2%
Net tangible assets per share$1.14$1.17$1.23$1.45$1.36
1Includes investment properties classified as held for sale.

Five-year summary (continued)
Kiwi Property 2025 Annual Report37
Property metrics
AS AT 31 MARCH
20252024202320222021
Number of properties99101212
Net lettable area (sqm)411,045392,588410,183465,746459,661
Occupancy97.5%99.2%99.2%99.6%99.4%
Weighted average lease expiry (years)3.84.14.34.44.8
Weighted average capitalisation rate6.38%6.46%5.99%5.48%5.77%
The property metrics above exclude 43 Langdons Road in Christchurch (sold in 2023), adjoining properties located at Sylvia Park and
development land. Both lettable area and occupancy metrics above for 2025 include Resido.
The weighted average capitalisation rate excludes assets which were held for sale and subsequently sold in the following year. Vero
Centre did not have a capitalisation rate in 2024, as it was being held at contract price.
Interpretation
The following commentary is provided to assist with the
interpretation of the five-year summary:
2025
•
A $125 million bond issue (KPG070) was completed (2030
expiry) to replace the $125 million bond (KPG030) which
matured in December 2024.
•
The Dividend Reinvestment Plan (DRP) applied to the Q1 to
Q3 interim dividends. A total of $28.8 million of dividends
were reinvested.
•
Resido Lynton, Auckland, a build-to-rent development
commenced operations from June 2024.
•
Vero Centre, Auckland was reclassified from 'investment
properties held for sale' to 'office'.
•
In November 2024, the Group entered into a $6.5 million
convertible loan agreement with Mackersy Property Limited
(MPL). Subject to certain conditions being met, the loan
will convert into a 50% shareholding in MPL. The loan
is recognised as 'Loan Receivable' in the Consolidated
Statement of Financial Position.
2024
•
Acquired additional properties adjacent to Sylvia Park,
Auckland, for $26.6 million.
•
Westgate Lifestyle, Auckland, was sold.
•
Land adjacent to Sylvia Park, Auckland was sold.
•
Stage 1 of Drury, South Auckland, was transferred from
investment properties to inventories.
•
Increased the gearing ratio for the KPG030, KPG040, and
KPG050 fixed-rate bonds from 45% to 50% to align with
the gearing ratio of the KPG060 fixed-rate bond and bank
debt facilities.
•
Vero Centre, Auckland was reclassified from 'office' to
'investment properties held for sale'.
•
The Plaza, Palmerston North, and Centre Place North,
Hamilton, were reclassified from 'other properties' to 'retail'.
2023
•
Acquired additional properties adjacent to Sylvia Park,
Auckland for $13.8 million.
•
Northlands Shopping Centre, Christchurch, was sold.
•
44 The Terrace, Wellington, was sold.
•
A $125 million bond issue was completed (2029 expiry) to
replace the $125 million bond maturing in September 2023.
•
Concluded development of 3 Te Kehu Way at Sylvia
Park, Auckland.
•
Westgate Lifestyle, Auckland, was reclassified from 'other
properties' to 'investment properties held for sale'.
2022
•
Commenced development of build-to-rent scheme and 3 Te
Kehu Way at Sylvia Park, Auckland.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $38.8 million.
•
Entered into a 50:50 joint venture with Tainui Group Holdings
in respect of Centre Place North and adjoining properties.
•
Provided rental abatements of $17.4 million as a result of the
COVID-19 pandemic.
•
A $150 million bond issue was completed (2028 expiry)
following the maturity of the $125 million bond in August 2021.
•
The Plaza, Palmerston North, was reclassified from 'investment
properties held for sale' to 'other properties'.
2021
•
Concluded development of Sylvia Park Level 1.
•
Acquired additional properties adjacent to Sylvia Park,
Auckland and Drury, South Auckland, for $4.0 million.
•
Provided rental abatements of $19.5 million as a result of the
COVID-19 pandemic.
•
The Plaza, Palmerston North, Northlands, Christchurch and
50% of Centre Place North, Hamilton, were reclassified as
'investment properties held for sale'. Westgate Lifestyle,
Auckland and 50% of Centre Place North were reclassified as
'other properties'.

Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report38
Consolidated statement of comprehensive incomePg 39
Consolidated statement of changes in equityPg 40
Consolidated statement of financial positionPg 41
Consolidated statement of cash flowsPg 42
Notes to the consolidated financial statementsPg 44
Independent auditor's reportPg 80

Consolidated statement
of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report39
Note
2025
$000
2024
$000
Revenue
Property revenue2.1259,503240,541
Property management revenue4,2164,132
Total revenue263,719244,673
Expenses
Direct property expenses(65,364)(55,632)
Employment and administration expenses2.2(25,225)(32,737)
Total expenses(90,589)(88,369)
Profit before net finance expenses, other expenses and income tax173,130156,304
Interest income686710
Interest and finance charges2.2(57,557)(48,766)
Net finance expenses(56,871)(48,056)
Profit before other expenses and income tax116,259108,248
Net fair value loss on investment properties3.2(11,622)(77,800)
Net fair value loss on interest rate derivatives3.5.2(10,114)(4,102)
Loss on disposal of investment properties(16)(1,651)
Other expenses(21,752)(83,553)
Profit before income tax94,50724,695
Income tax expense2.3(37,515)(26,814)
Profit/(loss) and total comprehensive income/(loss) after income tax
attributable to shareholders56,992(2,119)
Basic profit/(loss) per share (cents)3.7.33.57(0.13)
Diluted profit/(loss) per share (cents)3.7.33.56(0.13)
The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated statement
of changes in equity
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report40
Note
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 after income tax--(2,119)(2,119)
Dividends paid3.7.2--(90,260)(90,260)
Dividends reinvested3.7.216,948--16,948
Long-term incentive plan3.7.41,073666841,823
Employee share ownership plan-85-85
Balance at 31 March 20241,682,7952,854174,3131,859,962
Balance at 1 April 20241,682,7952,854174,3131,859,962
Profit after income tax--56,99256,992
Dividends paid3.7.2--(87,649)(87,649)
Dividends reinvested3.7.228,845--28,845
Long-term incentive plan3.7.4994(173)128949
Employee share ownership plan96(51)-45
Disposal of treasury shares787--787
Balance at 31 March 20251,713,5172,630143,7841,859,931
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated statement
of financial position
AS AT 31 MARCH 2025
Kiwi Property 2025 Annual Report41
Note
2025
$000
2024
$000
Current assets
Cash and cash equivalents14,39118,203
Trade and other receivables3.116,25913,701
Interest rate derivatives3.5.2512,619
Inventories3.389,17173,500
Investment properties held for sale3.2-458,000
119,872566,023
Non-current assets
Investment properties3.23,209,1872,663,789
Property, plant and equipment1,3191,787
Loan receivable1.36,500-
Interest rate derivatives3.5.27063,503
Deferred tax assets3.41,734-
3,219,4462,669,079
Total assets3,339,3183,235,102
Current liabilities
Trade and other payables3.650,47560,501
Interest bearing liabilities3.5.1101,457126,387
Income tax payable4,0072,585
Lease liabilities5449
Interest rate derivatives3.5.232
155,996189,524
Non-current liabilities
Interest bearing liabilities3.5.11,183,1801,068,772
Interest rate derivatives3.5.26,9452,197
Deferred tax liabilities3.4132,905114,232
Lease liabilities361415
1,323,3911,185,616
Total liabilities1,479,3871,375,140
Equity
Share capital3.7.11,713,5171,682,795
Share-based payments reserve2,6302,854
Retained earnings143,784174,313
Total equity1,859,9311,859,962
Total equity and liabilities3,339,3183,235,102
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 23 May 2025.
Simon Shakesheff
Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

Consolidated statement
of cash flows
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report42
2025
$000
2024
$000
Cash flows from operating activities
Property revenue261,177247,866
Property management revenue4,1403,936
Interest and other income686710
Direct property expenses(65,634)(58,281)
Interest and finance charges(57,533)(44,959)
Interest costs paid on lease liabilities(24)(43)
Employment and administration expenses(27,492)(32,456)
Expenditure on inventories, including capitalised interest(15,671)-
Income tax paid(19,158)(17,443)
Net cash flows from operating activities80,49199,330
Cash flows from investing activities
Proceeds from disposal of investment properties-122,980
Acquisition of investment properties-(24,096)
Capital expenditure on investment properties(102,462)(172,046)
Interest and finance charges capitalised to investment properties(6,055)(13,656)
Acquisition of property, plant and equipment(221)(364)
Net cash flows used in investing activities(108,738)(87,182)
Cash flows from financing activities
Payment of lease liabilities(48)(46)
Proceeds from disposal of treasury shares787-
Proceeds from bank loans783,000694,000
Repayment of bank loans(694,000)(506,000)
Proceeds from fixed-rate green bonds125,000-
Repayment of fixed-rate green bonds(125,000)(125,000)
Payment of bondholder consent fee-(1,465)
Loan issued to third party(6,500)-
Dividends paid(58,804)(73,312)
Net cash flows from/(used in) financing activities24,435(11,823)
Net increase in cash and cash equivalents(3,812)325
Cash and cash equivalents at the beginning of the year18,20317,878
Cash and cash equivalents at the end of the year14,39118,203
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property 2025 Annual Report43
Reconciliation of profit/(loss) after income tax to net cash flows from operating activities
2025
$000
2024
$000
Profit/(loss) after income tax56,992(2,119)
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities7,5734,897
Non-cash items:
Net fair value loss on investment properties11,62277,800
Net fair value loss on interest rate derivatives10,1144,102
Increase in net deferred tax liabilities16,93910,618
Amortisation of lease incentives and fees6,5256,534
Straight-lining of fixed rental increases(2,441)(1,499)
Movements in working capital items:
(Increase)/decrease in trade and other receivables(2,558)961
Increase/(decrease) in income tax payable1,422(1,247)
Decrease in trade and other payables(10,026)(717)
Increase in inventories(15,671)-
Net cash flows from operating activities80,49199,330
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the consolidated
financial statements
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report44
1.General information
1.1Reporting entityPg 45
1.2Basis of preparationPg 45
1.3Significant changes during the yearPg 45
1.4Group structurePg 46
1.5New standards, amendments and interpretationsPg 46
1.6Key judgements and estimatesPg 46
1.7Material accounting policiesPg 47
2.Profit and loss information
2.1Property revenuePg 48
2.2ExpensesPg 49
2.3Tax expensePg 51
3.Financial position information
3.1Trade and other receivablesPg 53
3.2Investment propertiesPg 54
3.3InventoriesPg 63
3.4Deferred taxPg 63
3.5FundingPg 64
3.6Trade and other payablesPg 69
3.7EquityPg 69
4.Financial risk management
4.1Interest rate riskPg 73
4.2Credit rate riskPg 74
4.3Liquidity riskPg 75
5.Other information
5.1Segment informationPg 76
5.2Related party transactionsPg 78
5.3Key management personnelPg 79
5.4CommitmentsPg 79
5.5Subsequent eventsPg 79

1. General information
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report45
1.1 Reporting entity
The consolidated financial statements are for Kiwi Property Group Limited (Kiwi Property or the Company) and its controlled entities
(the Group). The Company is incorporated and domiciled in New Zealand, is registered under the Companies Act 1993 and is an FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed with NZX Limited with its ordinary
shares quoted on the NZX Main Board and fixed-rate green bonds quoted on the NZX Debt Market.
The principal activity of the Group is to invest in New Zealand real estate.
1.2 Basis of preparation
The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP)
and the Financial Markets Conduct Act 2013. They comply with New Zealand Equivalents to IFRS Accounting Standards (NZ IFRS)
as issued by the External Reporting Board, and with IFRS Accounting Standards (IFRS) as issued by the International Accounting
Standards Board.
The consolidated financial statements have been prepared on the basis the Group is a going concern.
The consolidated financial statements are prepared on the basis of historical cost, except where otherwise identified. The functional
and presentation currency used in the preparation of the consolidated financial statements is New Zealand dollars. All financial
information has been presented in thousands, unless otherwise stated.
The Group updated the presentation of proceeds from bank and repayment of bank loans within the consolidated statement of cash
flows in the 2025 financial year by netting drawdowns and repayments where turnover is quick. The 2024 comparative has been
updated on the same basis.
Within the consolidated statement of comprehensive income, net fair value loss on interest rate derivatives of $10.1 million (2024:
net fair value loss of $4.1 million) is now classified as other expenses, from net finance expenses. The re-classification improves the
consistency of financial statements line items grouping, where all fair value movements are presented within the same sub-header
of other expenses, and better reflects the impact of net finance expenses on the Group’s operating performance. Additionally, the
re-classification has no impact on key GAAP and non-GAAP performance measures and financial covenants of the Group. The 2024
comparative has been reclassified on the same basis.
1.3
Significant changes during the year
The financial position and performance of the Group was affected by the following events and transactions during the year:
Investment property
In August 2024, the Group terminated the conditional sale of Vero Centre after the potential purchaser failed to meet key terms of
the agreement. As a result, Vero Centre has been reclassified from 'held for sale' to 'investment properties'. The revenue and expenses
from Vero Centre are recognised within the Office segment (2024: Other segment) in note 5.1.
Interest bearing liabilities
In September 2024, the Group increased its overall bank debt facilities from $0.95 billion to $1.00 billion.
In December 2024, fixed-rate green bond KPG030 at $125 million matured and was repaid. On the same day, KPG070, a fixed-rate
green bond with a coupon rate of 5.35% for an amount of $125 million was issued.
Loan to Mackersy Property Limited (MPL)
In November 2024, the Group entered into a $6.5 million convertible loan agreement with MPL. Subject to certain conditions being
met, the loan will convert into a 50% shareholding in MPL. The convertible loan has a maturity date of 31 October 2026.
The loan is initially recognised as a non-current financial asset classified as fair value through profit or loss. Interest earned from the
loan is recognised as interest income.

Kiwi Property 2025 Annual Report46
1.4 Group structure
Controlled entities
The Company has the following wholly owned subsidiaries:
•
Kiwi Property Centre Place Limited
•
Kiwi Property Holdings Limited
•
Kiwi Property Holdings No. 2 Limited
•
Kiwi Property Holdings No. 3 Limited
•
Kiwi Property Holdings No. 4 Limited
•
Kiwi Property Holdings No. 5 Limited
•
Kiwi Property Holdings No. 6 Limited
•
Kiwi Property Holdings No. 7 Limited
•
Kiwi Property Holdings No. 8 Limited
•
Kiwi Property Te Awa Limited
•
Sylvia Park Business Centre Limited
Joint ventures
The Group holds a 50% interest in both The Base and The Centre Place unincorporated joint ventures. The Group has determined
that its interests constitute a joint arrangement as the relevant decisions about the properties require the unanimous consent of both
parties. The joint arrangements have been classified as joint operations on the basis that the parties have direct rights to the assets
and obligations for the liabilities relating to their share of the properties in the normal course of business. The Group recognises its
share of assets, liabilities, revenue and expenses of the joint ventures.
Principles of consolidation
The consolidated financial statements include the Company and the entities it controls up until the date control ceases. The balances
and effects of transactions between controlled entities and the Company are eliminated in full.
1.5
New standards, amendments and interpretations
There have been no new accounting standards or amendments that have had a material impact on the consolidated
financial statements.
Standards issued but not yet effective
In May 2024, the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure in Financial Statements that is effective for
the accounting period that begins on or after 1 January 2027. The impact of this standard is being assessed by the Group.
1.6
Key judgements and estimates
In the process of applying the Group's accounting policies, a number of judgements have been made and estimates of future events
applied. Judgements and estimates are found in the following notes:
Note 2.3Tax expensePage 51
Note 3.2Investment propertiesPage 54
Note 3.5.2Interest rate derivativesPage 66
Note 3.7.4Share-based paymentsPage 71

Kiwi Property 2025 Annual Report47
1.7 Material accounting policies
Material accounting policies that summarise the measurement bases used and are relevant to an understanding of the consolidated
financial statements are provided throughout the notes to the consolidated financial statements. Other relevant material policies are
provided as follows:
Measurement of fair values
The Group classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following levels:
•
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
•
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The carrying amount of all financial assets and liabilities is equivalent to their fair values apart from the fixed-rate green bonds (refer
to note 3.5.1 for further details on the fair value of the fixed-rate green bonds).
Goods and Services Tax
The consolidated financial statements have been prepared on a Goods and Services Tax exclusive basis, with the exception of
receivables and payables which are inclusive of Goods and Services Tax where relevant.
Property management revenue
Property management revenue is recognised over time as performance obligations are satisfied in accordance with the
management contracts.
Direct property expenses
Direct property expenses include council and water rates, insurance, utilities, repairs and maintenance and security costs. These
expenses are recognised in the Consolidated Statement of Comprehensive Income on an accrual basis. If these items are recovered
from a tenant by the Group, they are recorded as gross rental income from expense recoveries within property revenue.

2. Profit and loss information
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report48
2.1 Property revenue
2025
$000
2024
$000
Gross rental income
1
262,807244,917
Straight-lining of fixed rental increases2,4411,499
Amortisation of capitalised lease incentives(5,745)(5,875)
Property revenue259,503240,541
1Includes $44.3 million of property operating expenses recovered from tenants (2024: $40.2 million).
The contractual future minimum property operating lease income to be received on properties owned by the Group at balance date,
including assets held for sale, is as follows:
2025
$000
2024
$000
Within one year256,380244,004
Between one and two years202,267192,256
Between two and three years169,286167,419
Between three and four years133,750138,118
Between four and five years107,538105,194
Later than five years252,127315,662
Property operating lease income1,121,3481,162,653
Recognition and measurement
The Group enters into property leases with tenants on its investment properties. The Group has determined that it retains all
significant risks and rewards of ownership of these properties and has therefore classified the leases as operating leases.
Rental income from those leases, including fixed rental increases, is recognised on a straight-line basis over the term of the lease.
Lease incentives offered to tenants as an inducement to enter into leases are capitalised to investment properties and then
amortised over the term of the lease as a reduction of rental income.
The share of property operating expenses which are recoverable from tenants is recognised as gross rental income from
expense recoveries. This is associated with the provision of services relating to the operations of the Group's properties (for
example, council and water rates, insurance, utilities, repairs and maintenance, security costs). The Group recognises revenue
in the accounting period the underlying expenses are incurred in accordance with the contractual terms.

Kiwi Property 2025 Annual Report49
2.2 Expenses
2025
$000
2024
$000
Interest and finance charges on bank loans44,70535,830
Interest on fixed-rate green bonds22,61726,549
Interest on lease liabilities2443
Interest capitalised to investment properties and inventories being developed(9,789)(13,656)
Interest and finance charges57,55748,766
Auditor's remuneration:
Audit and review of financial statements
Statutory audit and review of the consolidated financial statements321260
Other services - Audit or review related services
Audit of joint venture financial statements4138
Audits of special purpose financial information in accordance with tenancy agreements5550
Other services - Other assurance services and other agreed-upon procedures
Limited assurance over selected Greenhouse Gases (GHG) information included in the climate-
related disclosures4340
Total other services139128
Total fees paid to auditor460388
Directors' fees774768
Employee entitlements26,55331,061
Less: recognised in direct property expenses(8,566)(8,551)
Less: capitalised to investment properties being developed(3,022)(3,219)
Information technology2,6375,386
Investor related expenses7551,039
Occupancy costs418466
Professional fees2,4892,886
Trustees' fees118128
Other2,6092,385
Employment and administration expenses25,22532,737

Kiwi Property 2025 Annual Report50
2.2 Expenses (continued)
Recognition and measurement
Interest and finance charges
The interest and finance charges on bank loans are expensed in the period in which they occur, other than associated
transaction costs which are capitalised and amortised over the term of the facility to which they relate.
The interest expense on fixed-rate green bonds is recognised using the effective interest rate method.
To determine the amount of borrowing costs capitalised to investment properties that are being constructed or developed for
future use, the Group uses the weighted average interest rate applicable to its outstanding borrowings during the year. For 2025
this was 5.49% (2024: 5.47%).
Employee entitlements
Employee benefits are expensed as the related service is provided. Details of the employee entitlements expense in relation to
share-based payments is outlined in note 3.7.4.

Kiwi Property 2025 Annual Report51
2.3 Tax expense
A reconciliation of profit before income tax to income tax expense follows:
2025
$000
2024
$000
Profit before income tax94,50724,695
Prima facie income tax expense at 28%(26,462)(6,915)
Adjusted for:
Net fair value loss on interest rate derivatives(2,832)(1,149)
Net fair value loss on investment properties(3,254)(21,784)
Loss on disposal of investment properties(4)(462)
Depreciation8,50613,710
Depreciation recovered on disposal of investment properties-(2,792)
Net deferred leasing costs(232)(339)
Deductible capitalised expenditure2,7413,825
Prior year adjustment66444
Other895(734)
Current tax expense(20,576)(16,196)
Depreciation recoverable(18,335)(12,605)
Net fair value loss on interest rate derivatives2,8321,149
Deferred leasing costs and other temporary differences(1,436)838
Deferred tax expense(16,939)(10,618)
Income tax expense(37,515)(26,814)
Imputation credits available for use in subsequent periods4,8043,155

Kiwi Property 2025 Annual Report52
2.3 Tax expense (continued)
Recognition and measurement
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at balance date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognised in respect of all taxable temporary differences between the carrying amounts of assets and liabilities
for
financial reporting purposes and the amounts used for taxation purposes. For deferred tax liabilities or assets arising on
investment property measured at fair value, it is assumed that the carrying amounts of investment property will be recovered
through sale (refer to note
3.4).
Imputation credits
The imputation credits available represent the balance of the imputation credit account at the end of the reporting period,
adjusted for imputation credits which will arise from the payment of the income tax liability.
Key estimates and assumptions: income tax
Deferred tax on depreciation
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment properties at fair value.
Investment properties are valued each year by independent valuers. These values include an allocation of the valuation between
the land and building components. The calculation of deferred tax on depreciation recovered relies on this allocation provided
by the valuers.
The calculation of deferred tax on depreciation recovered also requires an assessment to be made of market values attributable
to fixtures and fittings. The market values of fixtures and fittings for significant properties have been assessed utilising
independent valuation advice and the remaining properties have been assessed with reference to previous transactional
evidence and their age and quality.

3. Financial position information
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report53
3.1 Trade and other receivables
2025
$000
2024
$000
Trade debtors9,7567,940
Allowance for expected credit losses(2,363)(1,745)
Net trade receivables7,3936,195
Prepayments8,8667,506
Trade and other receivables16,25913,701
The movement in the allowance for credit losses is as follows:
2025
$000
2024
$000
Opening allowance for expected credit losses1,7452,006
Increase in allowance for expected credit losses recognised in profit or loss during the year1,113613
Receivables written off during the year as uncollectible(406)(356)
Unused amounts reversed(89)(518)
Closing allowance for expected credit losses2,3631,745
Recognition and measurement
Trade debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
rate method, less an allowance for impairment. Collectability of trade debtors is reviewed on an ongoing basis and an allowance
for credit losses is made when there is evidence that the Group will not be able to collect the receivable. In determining the
allowance, the Group applies the
simplified approach to measuring expected credit losses prescribed by NZ IFRS 9, which
permits the use of lifetime expected credit losses for all trade debtors. To measure the expected credit losses the Group uses
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors
and the economic environment. Debtors are written off when recovery is no longer anticipated. All overdue debtors considered
to be impaired have been provided for at balance date.

Kiwi Property 2025 Annual Report54
3.2 Investment properties
Recognition and measurement
Investment properties are properties held for long-term capital appreciation and to earn rental income.
Initial recognition - acquired properties
Investment properties are initially measured at cost, plus related costs of acquisition. Subsequent expenditure is capitalised to
the asset's carrying amount when it adds value to the asset and its cost can be measured.
Initial recognition - properties being developed
Investment properties also include properties that are being constructed or developed for future use as investment properties.
All costs directly associated with the purchase and construction of a property, and all subsequent capital expenditure for the
development qualifying as acquisition costs, are capitalised. Borrowing costs are capitalised if they are directly attributable to
the development.
Subsequent measurement
After initial recognition, investment properties are measured at fair value as determined by independent registered valuers.
Investment properties under construction are carried at cost until it is possible to reliably determine their fair value, from which
point they are carried at fair value. Investment properties are valued at least annually and may not be valued by the same valuer
for more than three consecutive years.
Any gains or losses arising from changes in fair value are recognised in profit or loss in the reporting period in which they arise.
Investment properties are classified as held for sale when they are actively marketed for sale and their carrying amount will be
recoverable principally through a sale transaction rather than continuing use. Investment properties held for sale are carried at
fair value. Where a contracted sale price is available, the investment property is carried at that value less associated costs for
seismic remediation or rental guarantees, this being the best indicator of fair value. Where no contracted price is available, the
fair value is determined by independent registered valuers.
Lease incentives
Lease incentives provided by the Group to lessees are included in the measurement of fair value of investment properties and
are treated as separate assets. Such assets are amortised on a straight-line basis over the respective periods to which the lease
incentives apply.
Ground leases
While the majority of the Group’s investment portfolio is freehold, the Group has entered into certain occupational ground
leases of properties or components of properties in its investment portfolio to which NZ IFRS 16 applies. Lease liabilities are
initially measured as the present value of the remaining cash flows discounted at the 'incremental borrowing rate', being the
property yield for the properties with the benefit of the occupational ground leases. Property yield is used given the long term
nature of the leases. The cash flows relating to the ground leases are also included in the fair value of the investment properties
and therefore a gross up for the lease liability is recognised in the investment property balance at the amount equal to the
lease liability.
The Group is exposed to potential future increases in variable lease payments which are not included in lease liabilities until
they take effect. When this occurs a corresponding adjustment is made to the gross up of the lease liability in the investment
property balance.
Lease payments are allocated between principal and finance costs. The finance cost is included in profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Disposals
Investment properties are derecognised when they have been disposed of. The net gain or loss on disposal is calculated as the
difference between the carrying amount of the investment property at the time of the disposal and the proceeds on disposal
and is included in profit or loss in the reporting period in which the disposal settled.

Kiwi Property 2025 Annual Report55
3.2 Investment properties (continued)
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
2025
%
Fair value
31 March 2024
$000
Capital
movements
2025
$000
Fair value
gain/(loss)
2025
$000
Fair value
31 March 2025
$000
Mixed-use
Sylvia Park Precinct
1
Various5.921,679,50047,1179,1311,735,748
LynnMallCBRE7.63202,0003,334(334)205,000
The Base
2
Colliers7.13205,1003,80715,393224,300
2,086,60054,25824,1902,165,048
Office
Vero CentreColliers5.88-477,348(20,848)456,500
ASB North WharfJLL6.43212,000475(475)212,000
The Aurora CentreColliers6.50146,000409591147,000
358,000478,232(20,732)815,500
Retail
The PlazaJLL8.88112,00016,377(2,377)126,000
Centre Place North
2
Colliers8.7032,225919(919)32,225
144,22517,296(3,296)158,225
Other
Development land74,5007,235(11,735)70,000
2,663,325557,021(11,573)3,208,773
Gross up of lease liabilities464(1)(49)414
Investment properties - non-current2,663,789557,020(11,622)3,209,187
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 properties3,121,78999,020(11,622)3,209,187
1Sylvia Park Precinct was valued “as if complete” at $1.737 billion based on a weighted capitalisation rate of 5.92% (including the as if complete capitalisation rate of Resido Lynton
build-to-rent). The deduction of $0.8 million outstanding development costs for the Resido Lynton build-to-rent development results in an “as is” value of $1.736 billion net of
seismic costs.
2Represents the Group's 50% ownership interest.
3During the current financial year, Vero Centre was reclassified from investment properties held for sale to the office portfolio.

Kiwi Property 2025 Annual Report56
3.2 Investment properties (continued)
Valuer
Capitalisation
rate
2024
%
Fair value
31 March 2023
$000
Capital
movements
2024
$000
Fair value
gain/(loss)
2024
$000
Fair value
31 March 2024
$000
Mixed-use
Sylvia Park Precinct
1
Various5.921,510,324172,267(3,091)1,679,500
LynnMallCBRE7.50206,0005,471(9,471)202,000
The Base
2
JLL7.13196,3251,7946,981205,100
1,912,649179,532(5,581)2,086,600
Office
Vero Centre484,100(484,100)--
ASB North WharfCBRE6.25230,000983(18,983)212,000
The Aurora CentreColliers6.50165,000548(19,548)146,000
879,100(482,569)(38,531)358,000
Retail
The PlazaJLL8.88107,5008,313(3,813)112,000
Centre Place North
2
JLL9.1631,07540574532,225
138,5758,718(3,068)144,225
Other
Development land
3
133,000(58,201)(299)74,500
3,063,324(352,520)(47,479)2,663,325
Gross up of lease liabilities5082(46)464
Investment properties - non-current3,063,832(352,518)(47,525)2,663,789
Investment properties held for sale
Properties held for sale
4
127,120361,155(30,275)458,000
Gross up of lease liabilities3,069(3,069)--
Investment properties held for sale - current130,189358,086(30,275)458,000
Total investment properties3,194,0215,568(77,800)3,121,789
1Sylvia Park Precinct was valued “as if complete” at $1.7 billion based on a weighted capitalisation rate of 5.9% (including the as if complete capitalisation rate of Resido Lynton
build-to-rent). The deduction of $20.5 million outstanding development costs for the Resido Lynton build-to-rent development results in an “as is” value of $1.680 billion net
of seismic costs.
2Represents the Group's 50% ownership interest.
3On 31 March 2024, the Group transferred the Stage 1 land at Drury from investment properties to inventories. Refer to note 3.3 for further information.
4The fair value at 31 March 2023 included Westgate Lifestyle and the IKEA land. In the financial year ending 31 March 2024, Westgate Lifestyle was sold for $85.7 million and the
IKEA land was sold for $41.4 million. The fair value at March 2024 included Vero Centre which was carried at the contract price.

Kiwi Property 2025 Annual Report57
3.2 Investment properties (continued)
The movement in the Group's investment properties during the year is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 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)54,95321,03016,5804,487-97,050
Capitalised interest and finance charges2,272-1,0352,748-6,055
Amortisation of lease incentives, fees and
fixed rental income(2,967)(798)(319)--(4,084)
54,258478,23217,2967,235(458,000)99,021
Net fair value loss on investment properties
excluding gross up of lease liabilities24,190(20,732)(3,296)(11,735)-(11,573)
Balance at 31 March 2025 excluding gross
up of lease liabilities2,165,048815,500158,22570,000-3,208,773
Gross up of lease liabilities:
Balance at 31 March 2024464----464
Capital movements(1)----(1)
Fair value movements(49)----(49)
Balance at 31 March 2025414----414
Balance at 31 March 2025 including gross
up of lease liabilities2,165,462815,500158,22570,000-3,209,187

Kiwi Property 2025 Annual Report58
3.2 Investment properties (continued)
The movement in the Group's investment properties during the prior year is as follows:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Held for sale
$000
Total
$000
Balance at 31 March 2023 excluding gross up
of lease liabilities1,912,649879,100138,575133,000127,1203,190,444
Capital movements:
Transfers between asset classes-(484,100)--484,100-
Transfer to inventories---(73,500)-(73,500)
Acquisitions26,596----26,596
Disposals----(131,189)(131,189)
Capitalised costs (including lease
incentives, fees and fixed rental income)147,6282,1478,71810,3149,300178,107
Capitalised interest and finance charges8,374-2974,985-13,656
Amortisation of lease incentives, fees and
fixed rental income(3,066)(616)(297)-(1,056)(5,035)
179,532(482,569)8,718(58,201)361,1558,635
Net fair value loss on investment properties
excluding gross up of lease liabilities(5,581)(38,531)(3,068)(299)(30,275)(77,754)
Balance at 31 March 2024 excluding gross
up of lease liabilities2,086,600358,000144,22574,500458,0003,121,325
Gross up of lease liabilities:
Balance at 31 March 2023508---3,0693,577
Capital movements2---(3,069)(3,067)
Fair value movements(46)----(46)
Balance at 31 March 2024464----464
Balance at 31 March 2024 including gross
up of lease liabilities2,087,064358,000144,22574,500458,0003,121,789

Kiwi Property 2025 Annual Report59
3.2 Investment properties (continued)
Key estimates and assumptions: valuation and fair value measurement of
investment properties
Introduction
The Group's investment properties are determined to be Level 3 (2024: Level 3) in the fair value hierarchy because all significant
inputs that determine fair value are not based on observable market data. Refer to note 1.7 for further information on the fair
value hierarchy.
Valuation process
Apart from a small number of non-core residential properties, investment properties are carried at external valuations or
contract price as applicable. External valuations are prepared by independent valuers who are members of the Group's valuation
panel and the New Zealand Institute of Valuers. Non-core residential properties, representing less than 1% of the total Group
investment properties value, were subject to kerbside assessment performed by an independent registered valuer.
Where a contracted sale price is available, the investment property held for sale is carried at that value less costs for seismic
remediation or rental guarantees, this being the best indicator of fair value. Where no contracted price is available, the fair value
is determined by independent registered valuers.
Investment property values are assessed within a range indicated by at least two valuation approaches; most commonly
the income capitalisation approach and discounted cash flow approach. Other valuation approaches, including the sales
comparison approach or deferred land value approach may be used depending on the nature of the property. In addition, the
adopted valuation of an investment property undergoing development or a significantly advanced planned development may
be assessed using the residual approach.
Estimates are used in the valuations of investment properties. Key estimates include capitalisation rates and discount rates.
Valuations 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.
Where applicable, seismic strengthening costs are considered. This is further detailed in the ‘seismic’ section below.
Seismic
The Group is committed to upgrading the seismic resilience of its buildings to appropriate standards and continues to carry
out Detailed Seismic Assessments (DSAs) of its buildings. A DSA verifies a building’s seismic rating relative to the specified New
Building Standard (NBS) and informs the design of remediation solutions where required.
The process and standards applied in seismic assessments evolve over time as the engineering profession’s understanding of
seismic risk and building performance develops and improves. Consequently, the outcomes of previous seismic assessments
may also change over time. Changes to seismic standards, interpretations, and/or applications of existing standards may result
in certain buildings no longer meeting the minimum seismic standards deemed appropriate by the Group, thereby necessitating
additional seismic remediation works.
Depending on the valuer, seismic risks and the associated cost of strengthening may be reflected as either a capital deduction
in the property valuation or within the capitalisation rate. Where required, the Group has provided the valuers with the
estimated cost for remediating each asset. In some instances, the valuer has assessed additional costs and/or made additional
adjustments to allow for aspects such as profit and risk.
The cost estimates for remediation works are typically based on external quantity surveyor assessments, with additional
allowances for professional fees and other associated costs. These cost estimates frequently contain uncertainty because the
exact scope of work required to increase the NBS rating of a building is often unclear. The uncertainty in these cost estimates
reduces as the remediation design process progresses, and as the understanding of the as-built condition of the building
improves through further intrusive investigations. Consequently, remediation cost estimates may fluctuate, as current cost
estimates for remediation works are more accurate than those from earlier in the design and investigation process.
In some cases, the Group has become aware of potential remediation requirements from recent preliminary investigations. In
these instances, the Group has provided additional provisions to the valuers for inclusion in the valuations, the present value of
which is $42.8 million (2024: $40.6 million). These provisions are determined based on judgement, taking into account factors
such as the nature of the remediation required, the type and use of the building, previous strengthening costs for similar building
etc. The provisions are therefore best estimates based on current information at the time of valuation and are subject to change
as more detailed information becomes available.

Kiwi Property 2025 Annual Report60
3.2 Investment properties (continued)
Climate change
The Group continues to identify potential impacts of climate change on its business and assets. The valuers made no explicit
adjustments for climate related risks. However, climate related risks are implicitly accounted for via investment metrics such as
capitalisation rates and discount rates, which are benchmarked against transaction evidence of similar profile assets that may
also be subject to climate related risks. The valuers have considered risks such as flooding, short-term sea level rise and fire by
checking national and local authority hazard registers for the properties valued and adjusting investment metrics for any risks
identified that are considered material. The Group and valuers anticipate that climate change could have a greater influence on
valuations in the future as investment markets place a greater emphasis on this risk and its impacts.
Valuation inputs
A valuation is determined based on a range of unobservable inputs. These are unobservable as they are not freely available or
explicit in the marketplace but rather analysed from transactional data that has taken place in similar market circumstances to
that prevailing at the date of valuation. Refer to note 1.7 for further information on the fair value hierarchy.
The Group’s investment property values contain unobservable inputs in determining fair value, some of which can be described
as ‘key unobservable inputs’ where significant judgement is applied in determining the input and a change to any one of these
inputs could significantly alter the fair value of an investment property. Key unobservable inputs are the capitalisation rate,
discount rate, terminal capitalisation rate, market rent and growth rates. The most significant key unobservable inputs are the
capitalisation rate and discount rate.
The following table sets out these key unobservable inputs and the ranges adopted by the valuers across the various properties
making up the Group’s mixed-use, office and retail portfolios.
Class of property
Inputs used to measure fair value
Range of significant
unobservable inputs
20252024
Mixed-use
1
Core capitalisation rate
2
5.9% - 7.6%5.9% - 7.5%
Other income capitalisation rate
2
5.9% - 8.3%5.9% - 8.1%
Discount rate
2
7.3% - 10.6%7.8% - 10.8%
Terminal capitalisation rate
2
5.3% - 7.4%6.1% - 7.4%
Gross market rent (per sqm)
3,4
$415 - $938$405 - $891
Rental growth rate (per annum)
4
1.1% - 5.5%0.6% - 5.0%
OfficeCore capitalisation rate5.9% - 6.5%6.3% - 6.5%
Discount rate7.5% - 7.9%7.5% - 7.8%
Terminal capitalisation rate6.0% - 6.7%6.4% - 7.0%
Gross market rent (per sqm)
3
$602 - $802$587 - $707
Rental growth rate (per annum)1.3% - 3.9%1.0% - 4.2%
RetailCore capitalisation rate8.8% - 8.9%8.9% - 9.2%
Other income capitalisation rate8.9% - 9.9%8.9% - 10.3%
Discount rate9.4% - 10.0%9.5% - 10.0%
Terminal capitalisation rate9.0% - 9.0%9.0% - 9.4%
Gross market rent (per sqm)
3
$554 - $662$485 - $656
Rental growth rate (per annum)1.0% - 2.5%1.0% - 3.0%
1Mixed-use excludes adjoining properties and Resido Lynton build-to-rent located at Sylvia Park.
2The higher the capitalisation rates and discount rate, the lower the fair value.
3Weighted average by property.
4The higher the market rent and growth rate, the higher the fair value.

Kiwi Property 2025 Annual Report61
3.2 Investment properties (continued)
Valuation sensitivity
A sensitivity analysis that shows how a change to capitalisation and discount rates affects the value of the Group’s portfolio is
provided below. The metrics chosen are those single-value inputs where movements are likely to have the most significant impact on
the fair value of investment properties.
The capitalisation rate relates to the income capitalisation approach and the discount rate relates to the discounted cash flow
approach. Generally, a change in the capitalisation rate is accompanied by a directionally similar change in the discount rate. The table
below assesses each of these inputs in isolation and assumes all other inputs are held constant.
31 March 2025Adopted value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)2,165,048
Impact of assumption change ($000)81,700(77,500)35,000(35,300)
Impact of assumption change (%)3.8(3.6)1.6(1.6)
Office
Actual valuation ($000)815,500
Impact of assumption change ($000)36,500(32,500)15,200(14,600)
Impact of assumption change (%)4.5(4.0)1.9(1.8)
Retail
Actual valuation ($000)158,225
Impact of assumption change ($000)6,300(5,800)3,400(3,100)
Impact of assumption change (%)4.0(3.7)2.1(2.0)
31 March 2024Adopted value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Mixed-use
Actual valuation ($000)2,086,600
Impact of assumption change ($000)74,800(69,500)33,000(33,200)
Impact of assumption change (%)3.6(3.3)1.6(1.6)
Office
Actual valuation ($000)358,000
Impact of assumption change ($000)15,500(12,500)10,200(10,200)
Impact of assumption change (%)4.3(3.5)2.8(2.8)
Retail
Actual valuation ($000)144,225
Impact of assumption change ($000)6,100(6,000)3,200(3,200)
Impact of assumption change (%)4.2(4.2)2.2(2.2)

Kiwi Property 2025 Annual Report62
3.2 Investment properties (continued)
The valuation of investment properties is complex with a number of interrelated key inputs and assumptions.
When calculating the income capitalisation value, the gross market rent has a strong interrelationship with the core capitalisation rate.
An increase in the gross market rent and an increase in the core capitalisation rate could potentially offset the impact to fair value.
The same can be said for a decrease in each input. A directionally opposite change in the two inputs could potentially magnify the
impact to the fair value.
When calculating the discounted cash flow value, the discount rate has a strong interrelationship with the terminal capitalisation rate.
An increase in the discount rate and a decrease in the terminal capitalisation rate could potentially offset the impact to fair value. The
same can be said for an opposite movement in each input. A directionally similar change in the two inputs could potentially magnify
the impact to the fair value.
The following table explains the key inputs used to measure fair value for investment properties.
Valuation techniques
Income capitalisation approachA valuation technique which determines fair value by capitalising a property's core net
income at an appropriate, market derived rate of return with subsequent capital adjustments
for near-term events, typically including letting up allowances, capital expenditure (including
seismic expenditure) and the difference between contract and market rentals.
Discounted cash flow approachA valuation technique which requires explicit assumptions to be made regarding the
prospective income, expenses and capital expenditure (including seismic expenditure)
of a property over an assumed holding period, typically 10 years. The assessed cash flows are
discounted to present value at an appropriate, market-derived discount rate to determine
fair value.
Residual approachA valuation technique used primarily for property which is undergoing, or is expected
to undergo, redevelopment. Fair value is determined through the estimation of a gross
realisation on completion of the redevelopment with deductions made for all costs
associated with converting the property to its end use including finance costs and a typical
profit margin for risks assumed by the developer.
Unobservable inputs within the income capitalisation approach
Gross market rentThe annual amount for which a tenancy within a property is expected to achieve under a new
arm's length leasing transaction, including a fair share of property operating expenses.
Core capitalisation rateThe rate of return, determined through analysis of comparable market-related sales
transactions, which is applied to a property's core net income to derive value.
Other income capitalisation rateThe rate of return which is applied to other, typically variable or uncontracted, sources of
property income to derive value and that is assessed with consideration to the risks in
achieving each income source.
Unobservable inputs within the discounted cash flow approach
Discount rateThe rate, determined through analysis of comparable market-related sales transactions,
that is applied to a property's future net cash flows to convert those cash flows into a
present value.
Terminal capitalisation rateThe rate which is applied to a property's core net income at the end of an assumed holding
period, typically 10 years, to derive an estimated future market value.
Rental growth rateThe annual growth rate applied to market rents over an assumed holding period, typically
10 years.

Kiwi Property 2025 Annual Report63
3.3 Inventories
2025
$000
2024
$000
Opening balance73,500-
Additional expenditure15,671-
Transfer from investment properties-73,500
Closing balance89,17173,500
The Group classifies inventories as current assets as it intends to sell the assets within its normal operating cycle even when they are
not expected to be realised within 12 months after the reporting period.
Recognition and measurement
Inventories are properties that are being redeveloped with a view to sell. When inventories arise from a change in use of
investment properties such as by the commencement of development with a view to sell, the properties are reclassified as
inventories at their deemed cost, which is the fair value at the date of reclassification.
They are subsequently carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in
the ordinary course of business less costs to complete redevelopment and selling expenses.
3.4 Deferred tax
2025
$000
2024
$000
Deferred tax assets
Interest rate derivatives1,734-
Deferred tax liabilities
Interest rate derivatives-1,098
Depreciation recoverable124,309105,974
Deferred leasing costs and other temporary differences8,5967,160
Deferred tax liabilities132,905114,232
Recognition and measurement
Deferred tax is provided for all taxable temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available to utilise them. For deferred tax assets or liabilities arising on investment
property, it is assumed that the carrying amounts of investment property will be recovered through sale. Deferred tax is
disclosed on a net basis, as the deferred tax assets and the deferred tax liabilities relate to the same taxation authority.
The carrying amount of deferred tax assets is reviewed at each balance date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) applicable at balance date.

Kiwi Property 2025 Annual Report64
3.5 Funding
3.5.1
Interest bearing liabilities
The Group's secured interest bearing liabilities are as follows:
2025
$000
2024
$000
Current interest bearing liabilities
Fixed-rate green bonds101,457126,387
Non-current interest bearing liabilities
Bank loans - total facilities1,000,000950,000
Bank loans - undrawn facilities(217,000)(256,000)
Bank loans - drawn facilities783,000694,000
Fixed-rate green bonds400,180374,772
1,183,1801,068,772
Interest bearing liabilities1,284,6371,195,159
2025
$000
2024
$000
Face value of fixed-rate green bonds - current100,000125,000
Face value of fixed-rate green bonds - non-current400,000375,000
Face values500,000500,000
20252024
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)5.30%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.

Kiwi Property 2025 Annual Report65
3.5.1
Interest bearing liabilities (continued)
Bank loans
The Group's bank loans are provided by:
•
ANZ Bank New Zealand Limited
•
Bank of New Zealand
•
China Construction Bank (New Zealand Branch)
•
Commonwealth Bank of Australia
•
The Hongkong and Shanghai Banking Corporation Limited (New Zealand Branch)
•
Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC)
•
MUFG Bank, Ltd (Auckland Branch)
•
Westpac New Zealand Limited.
In September 2024, the Group increased the overall bank facilities from $0.95 billion to $1.00 billion.
The Group is required to comply with certain financial covenants in respect of its interest bearing liabilities. During the 2025 financial
year, the Group was in compliance with all of its financial covenants.
Fixed-rate green bonds
The following table provides details of the Group's fixed-rate green bonds:
NZX code
Value of
issue
$000Date issued
Date of
maturity
Interest
rateInterest payable
Fair value
2025
$000
Fair value
2024
$000
KPG030125,00019-Dec-1719-Dec-244.33%June, December-122,829
KPG040100,00012-Nov-1812-Nov-254.06%May, November99,70896,324
KPG050150,00019-Jul-2119-Jul-282.85%January, July140,110131,114
KPG060125,00027-Mar-2327-Sep-296.24%March, September130,195125,228
KPG070125,00019-Dec-2419-Jun-305.35%June, December124,708-
Fixed-rate green bonds494,721475,495
The fair value of the fixed-rate green bonds is based on their listed market prices at balance date and is classified as Level 1 in the fair
value hierarchy (2024: Level 1). Refer to note 1.7 for further information on the fair value hierarchy.
Security
The bank loans and fixed-rate green bonds are secured by a Global Security Deed granted by the Charging Group over all of their
assets, together with first ranking registered mortgages over substantially all of the real property (being land and buildings and other
fixtures on that land) owned by the Charging Group. The Charging Group comprises Kiwi Property Group Limited and its subsidiaries
that are party to the Global Security Deed as guarantors. At the date of these financial statements, the guaranteeing subsidiaries
comprise Kiwi Property Holdings Limited, Kiwi Property Holdings No. 2 Limited, Kiwi Property Holdings No. 3 Limited, Kiwi Property
Holdings No. 4 Limited, Kiwi Property Holdings No. 5 Limited, Kiwi Property Holdings No. 7 Limited, Sylvia Park Business Centre Limited,
Kiwi Property Te Awa Limited and Kiwi Property Centre Place Limited. The guaranteeing subsidiaries may change from time to time.

Kiwi Property 2025 Annual Report66
3.5.2
Interest rate derivatives
The Group is exposed to changes in interest rates and uses interest rate derivatives to mitigate these risks (commonly referred to as
interest rate swaps).
The following table provides details of the fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
2025
$000
2024
$000
Interest rate derivative assets - current512,619
Interest rate derivative assets - non-current7063,503
Interest rate derivative liabilities - current(3)(2)
Interest rate derivative liabilities - non-current(6,945)(2,197)
Net fair values of interest rate derivatives(6,191)3,923
Notional value of interest rate derivatives - fixed-rate payer - active625,000560,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting215,000285,000
Notional values840,000845,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.9 years1.0 years
Weighted average term to maturity - forward starting5.5 years3.5 years
Weighted average term to maturity2.8 years1.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
2.98%4.32%
Weighted average interest rate - forward starting
1
4.12%4.08%
Weighted average interest rate3.27%4.24%
1Excluding fees and margins.

Kiwi Property 2025 Annual Report67
3.5.2
Interest rate derivatives (continued)
Recognition and measurement
Interest rate derivative instruments are initially recognised at fair value on the date on which a derivative contract is entered
into and are subsequently re-measured to fair value each balance date exclusive of accrued interest. Fair values at balance date
are calculated to be the present value of the estimated future cash flows of these instruments. Transaction costs are expensed
on initial recognition and recognised in
profit or loss. Derivatives are carried as assets when their fair value is positive and as
liabilities when their fair value is negative.
The Group does not designate any derivatives into hedging relationships. Gains or losses arising from changes in fair value of
interest rate derivatives are recognised in profit or loss.
Key estimate: fair value of interest rate derivatives
The fair values of interest rate derivatives are determined from valuations prepared by an independent treasury advisor using
valuation techniques classified as Level 2 in the fair value hierarchy (2024: Level 2). Refer to note 1.7 for further information on
the fair value hierarchy. These are based on the present value of estimated future cash flows based on the terms and maturities
of each contract and the current market interest rates at balance date. Fair values also
reflect the current creditworthiness
of the derivative counterparties. These values are verified against valuations prepared by the respective counterparties. The
valuations were based on market rates at 31 March 2025 of between 3.61% for the 90-day BKBM and 4.11% for the 10-year swap
rate (2024: 5.64% and 4.37%, respectively).

Kiwi Property 2025 Annual Report68
3.5.3
Capital management
The Group is subject to the capital requirement imposed by the Group's Senior Facilities Agreement governing its interest bearing
liabilities which requires that total finance debt be maintained at no more than 50% of the total tangible assets of the Group. Gearing
for the Group’s fixed-rate bonds is maintained at no more than 50%, as governed by the Master Trust Deed between the Group and
the Supervisor (Public Trust). The Group has complied with its Senior Facilities Agreement capital requirement at all times throughout
the year.
The Group actively manages liquidity risk to ensure that it is able to access sufficient funds on a timely basis to meet operational
expenses, capital and debt expiry commitments as and when they fall due. To enhance its access to a range of funding sources, the
Group has secured credit ratings from S&P Global Ratings. To minimise liquidity risk, the Group ensures that it maintains sufficient
capacity in its overall debt facilities to cover projected debt (current debt plus Board approved capital commitments), has ready
access to sufficient cash reserves or available debt drawdowns, and reliably forecasts its expected cash requirements. Further detail
on liquidity risk is provided in note 4.3.
At balance date, the market capitalisation of the Group (being the 31 March 2025 closing share price, as quoted on the NZX Main Board,
multiplied by the number of shares on issue) was below the carrying amount of the Group’s net assets and shareholders’ funds. In
considering the difference, the Group notes that at 31 March 2025 96% of total assets (2024: 96%) are investment properties which
are carried at fair value as detailed in note 3.2.
Factors that may influence market capitalisation include, amongst other things:
•
Broader market and investor sentiment
•
Property market segment sentiment, particularly with regard to retail assets
•
Effect of leverage of debt funding and including corporate overheads
•
The impact of changes in interest rates, inflation, supply chain issues and other market factors
In the review of valuations and the considerations around fair value determined by the independent valuers (as disclosed in note 3.2),
and having considered the influencing factors above, the Group considers the carrying amount of net assets is appropriate.

Kiwi Property 2025 Annual Report69
3.6 Trade and other payables
2025
$000
2024
$000
Trade creditors28,37632,369
Interest and finance charges payable3,1443,621
Development costs payable8,48514,979
Employment liabilities4,4815,210
Rent received in advance4,7713,813
Goods and Services Tax payable1,218509
Trade and other payables50,47560,501
Recognition and measurement
Trade and other payables are carried at amortised cost and due to their short-term nature are not discounted. Provisions are
recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that a future outflow
of cash or other benefit will be required and a reliable estimate can be made of the amount of the obligation.
3.7 Equity
3.7.1 Share capital
The following table provides details of movements in the Group’s issued shares:
2025202520242024
Number
000
Amount
$000
Number
000
Amount
$000
Balance at the beginning of the year1,591,9721,682,7951,571,1711,664,774
Issue of shares:
Dividend reinvestment32,12128,84519,70116,948
Long-term incentive plan - shares issued1,043-1,100-
Long-term incentive plan - shares vested-994-1,073
Employee share ownership plan - shares issued80---
Employee share ownership plan - shares vested-96--
Disposal of treasury shares-787--
Balance at the end of the year1,625,2161,713,5171,591,9721,682,795
Recognition and measurement
Share capital is recognised at the fair value of the consideration received by the Company. Costs relating to the issue of new
shares have been deducted from proceeds received.
All shares carry equal weight in respect of voting rights, dividend rights and rights on winding up of the Company and have no
par value.

Kiwi Property 2025 Annual Report70
3.7.2
Dividends
Dividends paid during the year comprised:
Payment date
2025
cps
2025
$000Payment date
2024
cps
2024
$000
Dividends paid1.42522,6881.42522,392
Imputation credits0.1903,0200.2744,307
Q4 final dividend21-Jun-241.61525,70821-Jun-231.69926,699
Dividends paid1.35021,5071.42522,524
Imputation credits0.2934,6660.2674,226
Q1 interim dividend20-Sep-241.64326,17320-Sep-231.69226,750
Dividends paid1.35021,6551.42522,672
Imputation credits0.3745,9990.2273,610
Q2 interim dividend20-Dec-241.72427,65420-Dec-231.65226,282
Dividends paid1.35021,7991.42522,672
Imputation credits0.3335,3720.3275,198
Q3 interim dividend24-Mar-251.68327,17122-Mar-241.75227,870
Total dividends paid5.47587,6495.70090,260
Total imputation credits1.18919,0571.09517,341
Total dividends6.664106,7066.795107,601
Dividend payments are based on a range of factors, including with particular reference to the Group’s adjusted funds from operations
(AFFO), which is the primary basis on which dividend amounts are determined. AFFO is a non-GAAP performance measure used by
the Group to determine underlying and recurring cash flows from operations. AFFO is calculated with reference to the guidelines
established by the Property Council of Australia. In determining a dividend payment, the Group will have regard to, amongst other
things, the solvency requirements under the Companies Act 1993, its banking and green bond covenants and internal financing
targets, its future investment plans, current and forecast earnings, operating cash flows, and the economic climate and competitive
environment. Having regard to these matters, the Group will target a dividend payout ratio of approximately 90% to 100% of AFFO.
The Group operates a Dividend Reinvestment Plan (DRP) which allows eligible shareholders to elect to reinvest dividends in shares.
The Board, at its sole discretion, may suspend the DRP at any time and/or apply a discount to which shares are issued under the DRP.
The DRP applied to the dividend payments shown above, with the exception of the Q4 final dividend. In total, $28.8 million of dividends
were reinvested.

Kiwi Property 2025 Annual Report71
3.7.3
Earnings per share
20252024
Profit/(loss) and total comprehensive profit/(loss) after income tax attributable to
shareholders ($000)56,992(2,119)
Weighted average number of shares for the purpose of basic profit/(loss) per share (000)1,594,6131,584,750
Weighted average number of shares for the purpose of diluted profit/(loss) per share (000)1,600,1321,589,968
Basic profit/(loss) per share (cents)3.57(0.13)
Diluted profit/(loss) per share (cents)3.56(0.13)
3.7.4
Share-based payments
Long-term incentive (LTI) plans
Performance Share Rights LTI Plan
Participants of the LTI plan are issued Performance Share Rights (PSRs) for service periods of three years. The number of PSRs that can
be exercised and converted into shares in the Company depends on a mix of the Company's shareholder return relative to comparator
entities and a return on capital employed metric over a three year performance period. On vesting, the participant is entitled to receive
one share upon the valid exercise of each vested PSR they hold.
On 1 April 2022, the LTI plan was changed from an annual tranche vesting approach to a single-point, three-year vesting approach. The
previous plan was progressively phased out (referred to as 'grandfathering') over the
31 March 2023 and 31 March 2024 financial years.
Recognition and measurement
The fair value of the LTI plans at grant date is recognised over the vesting period of the plan as an employee entitlements
expense, with a corresponding increase in the share-based payments reserve. The fair value is independently measured using
an appropriate option pricing model.
Number of performance share rights
Start of
performance period
Measurement
date
Performance
share right
price at grant
date
Balance at
the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at the
end of the
year
2025
1 April 202431 March 2027$0.835-2,219,208-(270,330)1,948,878
1 April 202331 March 2026$0.8742,373,248--(413,014)1,960,234
1 April 202231 March 2025$1.0711,872,591--(297,485)1,575,106
Previous plansVariousVarious1,170,480-(1,043,072)(127,408)-
Total5,416,3192,219,208(1,043,072)(1,108,237)5,484,218

Kiwi Property 2025 Annual Report72
3.7.4
Share-based payments (continued)
Number of performance share rights
Start of
performance period
Measurement
date
Performance
share right
price at grant
date
Balance at
the
beginning of
the year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
the end of the
year
2024
1 April 202331 March 2026$0.874-2,373,248--2,373,248
1 April 2023
(grandfathered plan)
31 March 2024$0.874
-509,595--509,595
1 April 202231 March 2025$1.0711,872,591---1,872,591
1 April 2022
(grandfathered plan)
31 March 2023$1.071
886,849-(388,002)(110,853)387,994
1 April 202131 March 2022$1.238582,047-(309,156)-272,891
1 April 202031 March 2021$0.888402,357-(402,357)--
Total3,743,8442,882,843(1,099,515)(110,853)5,416,319
Key estimates and assumptions: fair value measurement of LTI plan
The fair value of the LTI plans have been determined using a Monte Carlo simulation to model a range of future share price
outcomes for the Company and comparator entities. The fair value at grant date and the measurement inputs used were
as follows:
Performance Share Rights LTI Plan
Measurement date31 March 202731 March 202631 March 2025
Weighted average performance share right price at grant date$0.835$0.874$1.071
Risk-free rate4.50%4.49%3.59%
Standard deviation of the comparator entities14.1% - 21.2%15.5% - 22.7%12.1% - 17.8%
Correlation between Company share price and comparator entities14.7% - 54.4%30.5% - 57.5%27.8% - 65.4%
Estimated fair value per share$0.558$0.612$0.830
The volatility and correlation measures were derived from measuring the standard deviation and correlation of returns for listed
entities in the S&P/NZX All Real Estate Index over a three-year period. The risk free rate was based on government bond yields
over the same period.
It has been assumed that participants will remain employed with the Company on the vesting date. Dividend assumptions are
based on projected dividend payments over the vesting period.
The employee entitlements expense relating to the LTI plan for the year ended 31 March 2025 is $1.32 million (2024: $1.82 million)
with a corresponding movement in the share-based payments reserve. The unamortised fair value of the remaining
performance share rights at 31 March 2025 is $1.00 million (2024: $1.37 million).

4. Financial risk management
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report73
In the normal course of business, the Group is exposed to a variety of financial risks. This section explains the Group's exposure to
financial risks, how these risks could affect the Group's financial performance and how they are managed.
The Group is exposed to the following financial risks through its use of financial instruments:
•
Interest rate risk
•
Credit risk
•
Liquidity risk
Financial instruments
The following items in the Consolidated Statement of Financial Position are classified as financial instruments: cash and cash
equivalents, trade and other receivables, trade and other payables, interest bearing liabilities and interest rate derivatives. All financial
instruments are recorded at amortised cost with the exception of interest rate derivatives, which are recorded at fair value through
profit or loss.
Risk management
The Board has overall responsibility for establishing and overseeing the Group's risk management framework. The Board has an Audit
and Risk Committee with responsibilities that include risk management, compliance and financial management and control.
The Group has developed a risk management framework which guides management and the Board in the identification, assessment
and monitoring of new and existing risks. Management report to the Audit and Risk Committee and the Board on relevant risks and
the controls and treatments of those risks.
4.1
Interest rate risk
Nature of the risk
Interest rate risk is the risk that fluctuations in interest rates impact the Group's financial performance or the fair value of its holdings
of financial instruments.
Risk management
The Group adopts a policy of reducing its exposure to changes in interest rates by utilising interest rate derivatives to limit future
interest cost volatility by exchanging floating rate interest obligations for fixed rate interest obligations or by exchanging fixed rate
interest obligations for floating rate interest obligations. The Group has established a treasury management group consisting of senior
management and external treasury advisors to review and set treasury strategy within the guidelines of its treasury policy.
Exposure
The Group's exposure to interest rate risk arises primarily from bank loans which are subject to floating interest rates. The weighted
average interest rate, term to maturity of interest bearing liabilities and details of the interest rate derivatives utilised are set out in
note 3.5. The fair value of interest rate derivatives is impacted by changes in market interest rates.

Kiwi Property 2025 Annual Report74
4.1 Interest rate risk (continued)
Sensitivity to interest rate movements
The following sensitivity analysis shows the effect on profit or loss and equity if market interest rates at balance date had been 100
basis points higher or lower with all other variables held constant.
An increase in market interest rates gives rise to a favourable impact on profit or loss and equity due to the fair value of the interest
rate derivatives increasing by more than the additional interest costs as at the balance date, and does not impact the operating
profitability of the business.
20252024
100 bps increase
($000)
100 bps decrease
($000)
100 bps increase
($000)
100 bps decrease
($000)
Impact on interest and finance charges(1,580)1,580(1,340)1,340
Impact on fair value of interest rate derivatives15,839(16,639)10,553(10,969)
Net impact on profit/(loss)14,259(15,059)9,213(9,629)
Net impact on equity10,266(10,842)6,633(6,933)
4.2 Credit rate risk
Nature of the risk
Credit rate risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group incurs credit risk in the normal course of business from trade receivables and transactions with financial institutions.
Risk management
The risk associated with trade receivables is managed with a credit policy which includes performing credit evaluations on tenants
and imposing standard payment terms and the monitoring of aged debtors. Collateral is obtained where possible. The risk from
financial institutions is managed by only placing cash and deposits with high credit quality financial institutions.
Exposure
The carrying amounts of financial assets recognised in the Consolidated Statement of Financial Position best represent the Group's
maximum exposure to credit risk and are recognised net of any provision for losses on these financial instruments.
The Group is not exposed to any concentrations of credit risk.

Kiwi Property 2025 Annual Report75
4.3 Liquidity risk
Nature of the risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Risk management
The Group evaluates its liquidity requirements on an ongoing basis by continuously forecasting cash flows. The Group generates
sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has bank facilities
available to cover potential shortfalls. The Group's approach to managing liquidity risk is to ensure it will always have sufficient liquidity
to meet its obligations when they fall due under both normal and stress conditions. The Group manages liquidity by maintaining
adequate committed credit facilities and spreading maturities in accordance with its treasury policy.
Exposure
The following table analyses the Group's financial liabilities into relevant maturity groupings based on the earliest contractual maturity
date at balance date. The amounts are contractual undiscounted cash flows, which includes interest through to maturity and assumes
all other variables remain constant.
Contractual cash flows (principal and interest)
Consolidated Statement
of Financial Position
$000
Total
$000
0-6
months
$000
6-12 months
$000
1-2 years
$000
2-5 years
$000
>5 years
$000
2025
Trade and other payables recognised
as financial liabilities
36,86136,86136,861----
Interest bearing liabilities1,284,6371,478,48632,306130,760275,082913,854126,484
Net interest rate derivatives6,1917,0271,0171,6923,0962,014(792)
Total financial liabilities1,327,6891,522,37470,184132,452278,178915,868125,692
Contractual cash flows (principal and interest)
Consolidated Statement
of Financial Position
$000
Total
$000
0-6
months
$000
6-12 months
$000
1-2 years
$000
2-5 years
$000
>5 years
$000
2024
Trade and other payables recognised
as financial liabilities
47,34847,34847,348----
Interest bearing liabilities1,195,1591,458,55036,446159,934165,934967,368128,868
Net interest rate derivatives(3,923)(4,455)(3,507)(2,455)(809)2,192124
Total financial liabilities1,238,5841,501,44380,287157,479165,125969,560128,992

5. Other information
FOR THE YEAR ENDED 31 MARCH 2025
Kiwi Property 2025 Annual Report76
5.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker, who is the Chief Executive Officer (CEO). The CEO is responsible for allocating resources and assessing performance of the
operating segments.
Operating segments have been determined based on the reports reviewed by the CEO to assess performance, allocate resources and
make strategic decisions.
The Group's primary assets are investment properties. Segment information for investment properties is provided in note 3.2.
Investment properties held for sale are included in the other segment. The Group operates in New Zealand only.
Vero Centre was recognised as investment properties held for sale in the 2024 financial year and was included in the ‘Other’ segment.
In the 2025 financial year, the property was no longer considered ‘held for sale’ and was reclassified to investment properties and
included within the ‘Office’ segment.
The following table is an analysis of the Group's profit by reportable segments used during the year:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
2025
Property revenue166,19364,93727,641732259,503
Less: straight-lining of fixed rental increases(898)(2,904)1,361-(2,441)
Less: direct property expenses(40,385)(16,183)(8,173)(623)(65,364)
Segment profit124,91045,85020,829109191,698
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
Total
$000
2024
Property revenue149,06331,05927,03133,388240,541
Less: straight-lining of fixed rental increases(808)(1,489)1,558(760)(1,499)
Less: direct property expenses(34,132)(7,862)(6,789)(6,849)(55,632)
Segment profit114,12321,70821,80025,779183,410
2025
65%
Mixed-use
24%
Office
11%
Retail
0%
Other
Segment profit
2024
62%
Mixed-use
12%
Office
12%
Retail
14%
Other
Segment profit

Kiwi Property 2025 Annual Report77
5.1 Segment information (continued)
A reconciliation of the segment profit to the profit before income tax reported in the Consolidated Statement of Comprehensive
Income is provided as follows:
2025
$000
2024
$000
Segment profit191,698183,410
Property management revenue4,2164,132
Employment and administration expenses(25,225)(32,737)
Interest income686710
Interest and finance charges(57,557)(48,766)
Net fair value loss on investment properties(11,622)(77,800)
Net fair value loss on interest rate derivatives(10,114)(4,102)
Loss on disposal of investment properties(16)(1,651)
Increase in rental income resulting from straight-lining of fixed rental increases2,4411,499
Profit before income tax94,50724,695
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the year:
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
2025
Segment assets2,178,032817,732163,168159,82220,5643,339,318
Segment liabilities30,7196,12513,1252,0381,427,3801,479,387
Mixed-use
$000
Office
$000
Retail
$000
Other
$000
All other
segments
$000
Total
$000
2024
Segment assets2,096,093359,729150,148607,16921,9633,235,102
Segment liabilities32,3013,18013,2545,4301,320,9751,375,140
All assets are allocated to reportable segments other than cash and cash equivalents, loan receivable, deferred tax assets, interest
rate derivatives and property, plant and equipment.
All liabilities are allocated to reportable segments other than interest bearing liabilities, deferred tax liabilities, income tax payable and
interest rate derivatives.

Kiwi Property 2025 Annual Report78
5.2 Related party transactions
The Group holds its 50% interests in The Base and Centre Place North through unincorporated joint ventures. The principal activity
of the joint ventures is to own and manage the joint venture properties. Kiwi Property manages the joint venture properties on behalf
of the joint ventures and receives management fees in accordance with the Property Management Agreements.
The transactions with the joint ventures and the balances outstanding at 31 March 2025, are outlined in the tables below.
During the year, the following income or expense reimbursements were received or receivable from the joint ventures:
2025
$000
2024
$000
Property management revenue2,2881,935
Expenditure reimbursement3,1732,619
Leasing fees540939
Development management fees11490
Legal fees110125
Retail design management fees3343
Total related party transactions6,2585,751
The following balances were (payable)/receivable from the joint ventures at balance date:
2025
$000
2024
$000
The Base(19)17
Centre Place North766
Total related party balances(12)83
The following distributions were received from the joint ventures during the year:
2025
$000
2024
$000
The Base14,49212,509
Centre Place North2,6662,405
Total related party distributions17,15814,914
The following contributions were made to the joint venture during the year:
2025
$000
2024
$000
The Base2,949-
Total related party contributions2,949-

Kiwi Property 2025 Annual Report79
5.3 Key management personnel
2025
$000
2024
$000
Directors' fees774768
Short-term employee benefits3,5144,704
Other long-term benefits(7)12
Share-based payments9841,299
Key management personnel costs5,2656,783
Additional disclosures relating to key management personnel are set out in the remuneration report. Further details regarding
share-based payments can be found in note 3.7.4.
5.4
Commitments
The following costs have been committed to but not recognised in the consolidated
financial statements as they will be incurred in
future reporting periods:
2025
$000
2024
$000
Development costs at Sylvia Park9,26613,470
Development costs at LynnMall-352
Development costs at The Plaza-10,395
Drury infrastructure1,5302,111
Capital commitments10,79626,328
Ground leases
Ground leases exist over ASB North Wharf, The Base, Centre Place North and certain adjoining properties. In addition, ground leases
also exist over parts of the land at Sylvia Park. The amount paid in respect of ground leases during the year was $0.1 million (2024:
$0.1 million). The leases terminate between June 2031 and May 2136.
The ground leases are accounted for in line with NZ IFRS 16 as outlined in note 3.2.
5.5
Subsequent events
In April 2025, a sale and purchase agreement under which the Group agreed to sell 1.2 hectares of large-format retail land at Drury,
Auckland to Foodstuffs North Island Limited, became unconditional.
On 23 May 2025 the Board declared a final dividend for the quarter ended 31 March 2025 of 1.350 cents per share (cps) (equivalent
to $21.9 million), together with imputation credits of 0.301 cps. The dividend record date is 6 June 2025 and payment will occur on
19 June 2025.

Independent auditor's report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property 2025 Annual Report80
OpinionWe have audited the consolidated financial statements of Kiwi Property Group Limited and its
controlled entities (the ‘Group’), which comprise the consolidated statement of financial position as
at 31 March 2025, and the consolidated statement of comprehensive income, statement of changes
in equity and statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 39 to 79, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2025,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting
Standards Board.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor and other assurance services (review of the consolidated
interim financial statements, audits of joint venture financial statements, audits of special purpose
financial information in accordance with tenancy agreements, and limited assurance over selected
greenhouse gas information included in the climate related disclosures), we have no relationship with
or interests in the Company or any of its controlled entities. These services have not impaired our
independence as auditor of the Company and Group.

Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’ materiality).
In addition, we also assess whether other matters that come to our attention during the audit would
in our judgement change or influence the decisions of such a person (the ‘qualitative’ materiality). We
use materiality both in planning the scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $5.5 million.
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Kiwi Property 2025 Annual Report81
Key audit matterHow our audit addressed the key audit matter
Valuation of Investment Properties
As disclosed in note 3.2 of the consolidated financial
statements, as at 31 March 2025 the Group holds $3.2 billion
of investment properties, across the mixed use, office, retail
and other sectors. These assets are held at fair value.
The valuation of investment properties requires estimates
and key assumptions to be made. Further the inputs used
to determine the fair value of the properties are not based
on observable market data. Small percentage changes in
any of the key inputs or assumptions used in the property
valuations could result in a material misstatement of the
overall valuation of investment properties.
Except for a small number of non-core residential properties
owned by the Group which were subject to a kerbside
valuation assessment, all investment properties were valued
as at 31 March 2025. All valuations are prepared by
independent registered valuers, and the Group has adopted
the assessed values as determined by the valuers.
Investment Properties are valued using the income
capitalisation approach or discounted cashflow approach,
or a combination of both. The calculation includes
assumptions in respect of capitalisation rates, discount
rates, contract rent, market rent, vacancy rates and
capex requirements, including allowances for seismic
strengthening works.
The valuation of investment properties is a key audit matter
due to the materiality of revaluation gains/losses and the
carrying amounts in the financial statements, as well as the
judgement involved in determining the fair values.
Our audit procedures focussed on the appropriateness of the
valuation methodologies and key inputs applied in the models.
We assessed the valuers’ experience and professional
accreditations. This included having each of the valuers confirm
their independence, qualifications and that the scope of work
undertaken was in line with professional valuation standards
and
financial reporting standards. In addition, we considered
the Group’s process for reviewing and challenging the valuation
reports to ensure that they accurately reflect the individual
characteristics of each property.
We have read the valuation reports for all properties that are
subject to valuation at year end. We checked for any limitations of
scope in the valuation reports that would impact the reliability of
the valuations. For all properties, we agreed the carrying amount
to the external valuation reports. Where considered appropriate,
discussions were held with the valuers to confirm the valuation
approach used. These discussions related to the general market,
as well as specific properties identified by us.
The major inputs to the valuation process were tested across
a sample of properties. For the sample selected, key changes
in rental assumptions, occupancy, discount rates, capitalisation
rates and terms were agreed to underlying lease agreements and
to market comparatives where relevant. Yields were compared to
property industry publications and other observable market data
where available. Where relevant, we obtained and tested support
for management’s estimate of costs on properties with
significant
development or seismic works.
Our internal valuation specialists were used in assessing the
appropriateness of the valuation methodology.

Other informationThe directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial
statements and the audit report, and the Sustainability Report and Climate-related Disclosures.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact. We have nothing to report
in this regard.

Kiwi Property 2025 Annual Report82
Directors’ responsibilities
for the consolidated
financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal
control as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for
the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.

Restriction on useThis report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company’s shareholders as a body, for our audit
work, for this report, or for the opinions we have formed.

Andrew Boivin, Partner
for Deloitte Limited
Auckland, New Zealand
23 May 2025

Other
information
Contents
Corporate governance 84
Remuneration report 87
Other investor information 96
Directory 104
Kiwi Property 2025 Annual Report83

Corporate governance
Kiwi Property 2025 Annual Report84
We are committed to the highest standards of
corporate governance.
Our corporate governance framework draws on guidelines,
principles, recommendations, and requirements from a variety
of sources including the NZX Listing Rules and NZX Corporate
Governance Code (the NZX Code). In addition, the Board has
approved policies and practices that aim to reflect best practice
corporate governance.
The overarching purpose of the NZX Code is to promote
good corporate governance. The NZX Code contains corporate
governance principles. For each principle, the NZX Code sets out
good practice recommendations.
NZX Code compliance
Kiwi Property has followed the recommendations set out
in the NZX Code for the year ended 31 March 2025, except
to the extent set out in the Kiwi Property FY25 Corporate
Governance Statement, which is available on our website
kp.co.nz/about-us/corporate-governance.
This statement is current as at 31 March 2025 and has been
approved by the Board.
The corporate governance policies, practices and
processes that Kiwi Property adopted or followed
for the year ended 31 March 2025 are summarised,
or referred to, in the Kiwi Property FY25 Corporate
Governance Statement.
The following disclosures are required to be made in this
Annual Report by the NZX Listing Rules, the Companies Act
1993 and other legislation, rules or disclosure regimes.
Director independence
Director independence is determined in accordance with the
requirements of the NZX Listing Rules. The Board has determined
that, as at 31 March 2025, all directors of the Company were
independent: Chris Aiken, Peter Alexander, Mary Jane Daly, Carlie
Eve, Kevin Kenrick and Simon Shakesheff. This assessment is
based on the fact that:
•
No director is currently, or was within the last three years,
employed in an executive role by the Company, or any of
its subsidiaries.
•
One director is currently deriving, or has within the last
12 months derived, a substantial portion of their annual
revenue from the Company. The Board is satisfied that the
director is financially secure and would be able to meet their
financial obligations in the absence of the revenue that they
derive from the Company, and the relevant director is an
independent director.
•
No director is currently, or was within the last 12 months, in
a senior role in a provider of material professional services
(other than an external auditor) to the Company or any of
its subsidiaries.
•
No director is currently, or was within the last three years,
employed by the external auditor to the Company or any of
its subsidiaries.
•
No director currently has, or did have within the last three
years, a material business relationship (e.g. as a supplier or
customer) with the Company or any of its subsidiaries.
•
No director is a substantial product holder of the Company or
a senior manager of, or person otherwise associated with, a
substantial product holder of the Company.
•
No director is currently, or was within the last three years, in a
material contractual relationship with the Company or any of
its subsidiaries, other than as a director.
•
No director has close family ties or personal relationships
(including close social or business connections) with anyone
in the categories listed above.
•
No director has been a director with the Company for a period
of 12 years or more.

Corporate governance (continued)
Kiwi Property 2025 Annual Report85
Board committees
The members of the Audit and Risk Committee are Mary Jane
Daly (Chair), Carlie Eve and Simon Shakesheff.
The members of the Remuneration and Nominations Committee
are Kevin Kenrick (Chair), Chris Aiken and Simon Shakesheff.
The members of the Environmental, Social and Governance
Committee are Carlie Eve (Chair), Peter Alexander, and
Chris Aiken.
Diversity, equity and inclusion policy
The Board has evaluated the performance of the Company
against its Diversity, Equity and Inclusion Policy and considers
that the Company has complied with the policy.
More information concerning the Company’s Diversity, Equity
and Inclusion Policy can be found in the Company’s FY25
Corporate Governance Statement, which is available on our
website kp.co.nz/about-us/corporate-governance.
Gender diversity
The following table provides a breakdown of the gender
composition of the directors and
officers of the Company,
together with all employees as at the current and prior
balance dates:
2025
NumberProportion %
FemaleMaleFemaleMale
Directors243367
Officers234060
All
employees106556634
2024
NumberProportion %
FemaleMaleFemaleMale
Directors335050
Officers344357
All
employees105526733
Age diversity
The following table provides a breakdown of the age composition
of the directors and officers of the Company, together with all
employees as at the current balance date:
2025
Number
Under 3030 - 50
50 and
over
Directors--6
Officers-23
All employees279143

Corporate governance (continued)
Kiwi Property 2025 Annual Report86
Board Skill Matrix and Experience
Each year, we review the Board's skills and capabilities with the help of a third-party governance advisory firm. Our Director succession
planning ensures alignment with the organisation's needs, demonstrating strong coverage in property, financial, and commercial areas,
as well as people, culture, and sustainability. The Board also invests in targeted learning throughout the year to minimise potential gaps.
CapabilityKey elementSimon
Shakesheff
Carlie
Eve
Chris
Aiken
Kevin
Kenrick
Mary
Jane
Daly
Peter
Alexander
IndustryProperty investment
Property development
Broad investment and funds management
Financial expertise – prior CFO and / or CA, ability to
Chair audit committees
GovernanceListed governance experience
Scale commercial governance experience –
regulatory and / or private
ESG, sustainability, social license to operate
CommercialSenior leadership (preferably as sector-
aligned CEO)
Experience leading commercial and
cultural innovation
M&A, growth transformation,
entrepreneurial leadership
Capital markets experience
Customer
connection
Experience implementing retail market strategies
Branding and marketing
StakeholderStakeholder and shareholder focus and networks
TechnologyOversight of technology infrastructure
and cybersecurity
‘Front end’ technology and digital engagement
People and
culture
Executive succession planning and remuneration
People and talent management, DEI
Demographic diversityGenderGender
Key:
This individual is an expert in these areas on the basis of extensive practical experience / senior oversight relevant to
Kiwi Property
Good general awareness and understanding of these areas as relevant to Kiwi Property

Remuneration report
Kiwi Property 2025 Annual Report87
Message from the Remuneration and Nominations Committee Chair
Dear Shareholders,
I am pleased to present this Remuneration Report for the year ended 31 March 2025 (FY25) as Chair of the Remuneration and
Nominations Committee (RNC). This Report sets out Kiwi Property’s remuneration strategy and framework, as well as the performance
and remuneration outcomes for the Chief Executive
Officer (CEO) for FY25.
Kiwi Property’s Board is supported by the RNC to ensure appropriate remuneration governance through policies and practices that
enable the Company to attract and retain top talent at all levels. Kiwi Property’s approach to remuneration is designed to reward
performance and delivery, ensuring strong alignment between performance, remuneration and the interests of shareholders. The
RNC’s role and responsibilities are detailed in the Remuneration and Nominations Committee Charter that can be found on the
Company's website at kp.co.nz/about-us/corporate-governance.
Year in review
Kiwi Property delivered a solid financial and operating performance in FY25, with results reflecting a focus on business fundamentals
and management of capital in a challenging economic environment, and progress on key programmes like build-to-rent (BTR) and the
foundations for future growth at Drury. Resilient sales, strong occupancy, stabilising valuations, and encouraging progress on leasing
the Company’s first BTR development at Sylvia Park were particular highlights.
Our FY25 operating earnings before interest and tax (Operating EBIT), a key internal measure used for determining short-term
incentive outcomes, exceeded the budget target. In addition, the Company exceeded the FY23-FY25 return on contributed equity
(ROCE) target that forms part of the measures that determine the vesting outcome for long-term incentives.
While our share price still trades at a discount to net tangible assets, relative to the peer group of New Zealand property companies,
Kiwi Property’s total shareholder return over the performance period exceeded the 75
th
percentile, which is reflected in the outcome
of the long-term incentive that was eligible for vesting in FY25. Both performance hurdle measures for the long-term incentive granted
in FY23 achieved or exceeded targets, resulting in 81 percent of the performance share rights granted being eligible to vest.
CEO remuneration outcomes
The CEO's remuneration outcomes for FY25 reflect Kiwi Property's performance against its strategic financial and operational
performance goals. The CEO's remuneration was reviewed in FY25 and the Board has approved an increase in the CEO’s short-term
incentive target remuneration from 1 April 2025 as outlined in this Report.
The Board assessed the CEO’s performance for FY25, considering both financial performance and the delivery of strategic priorities,
and determined a short-term incentive pay-out of $324,635 for the CEO for FY25. This outcome is 75% of the CEO’s total on-target
STI opportunity. The CEO’s long-term incentive granted in FY23 vested as noted above.
I would like to take this opportunity to thank all the employees at Kiwi Property for their commitment and contribution to business
performance throughout the year.
On behalf of the Board and RNC, I invite you to read the Remuneration report and welcome your feedback on our approach to and
disclosure of Kiwi Property’s remuneration arrangements.
1
Kevin Kenrick,
Chair of the Remuneration and Nominations Committee
1
The information provided in the Remuneration Report is for information purposes only and should not be relied on as (and is not) an indication (including guidance of any
kind whatsoever) or guarantee of the future performance of Kiwi Property. Except as required by law, Kiwi Property undertakes no obligation to provide additional or updated
information or revise or reaffirm the information in the Remuneration Report whether as a result of new information, future events, results or otherwise.

Remuneration report (continued)
Kiwi Property 2025 Annual Report88
Our remuneration approach
Our remuneration strategy is designed to ensure remuneration practices support Kiwi Property to attract, motivate, retain and reward
employees equitably to deliver sustainable, superior shareholder returns.
Our aspiration
To be New Zealand's leading creator and curator of connected communities.
Our remuneration principles
•
We reward performance through pay.
•
We align expectations to our strategic priorities and values.
•
We are committed to fair and equitable remuneration outcomes.
•
We pay relative to competitive market benchmarks.
•
We consider affordability and sustainable shareholder returns in remuneration outcomes.
Our remuneration structure
Fixed remunerationShort-term incentive (STI)Long-term incentive (LTI)
•
Consists of base salary and employer
contributions to KiwiSaver.
•
Reflects the scope of the role
and individual’s skills, experience
and performance.
•
Benchmarked against the median of the
market with flexibility to reference the
upper quartile where appropriate.
•
Annual, cash-based discretionary, at-
risk incentive for eligible employees
by invitation.
•
The Company’s financial performance
determines the funding available
for payments.
•
Individual performance against agreed
goals and our values determines
individual outcomes.
•
Discretionary, equity-based incentive
for executives and select senior
employees by invitation.
•
Operates over a 3-year time
horizon subject to financial and
shareholder measures.
•
Aligns the interests of participants with
those of shareholders.
•
Rewards the delivery of sustained
results over the long-term.
Remuneration mix and time horizons
Our executive remuneration packages are geared towards performance-based pay to align performance with the interests
of shareholders.
Fixed remunerationShort-term incentive (target)Long-term incentive (target)
% of Total% of Fixed% of Total% of Fixed% of Total
CEO41602582.534
Executives5940233018

Remuneration report (continued)
Kiwi Property 2025 Annual Report89
For FY25, potential total earnings relative to fixed remuneration range from 100% to 268% for the CEO and to 183% for other executives.
0
50
100
150
200
250
300
MaximumTargetThresholdBelow
Threshold
% of Fixed Remuneration
Fixed remuneration
CEO
100%100%100%
60%
83%
100%
29%
24%
96%
72%
STILT I
0
50
100
150
200
250
300
MaximumTargetThresholdBelow
Threshold
% of Fixed Remuneration
Fixed remuneration
Other officers
100%100%100%
40%
30%
100%
10%
16%
35%
48%
STILT I
Remuneration outcomes for executives are delivered over a time horizon of up to three years.
Year 1Year 2Year 3
Fixed
STI
LT I
All PSRs
vest
Remuneration timing
Base salary + benefits
Performance period
Performance period
Short term incentive (STI)
Our STI Scheme provides eligible employees with the opportunity to be rewarded for their performance and contribution to our
annual financial and operational performance. The STI Scheme is funded based on the Company’s financial performance, measured
by Operating EBIT, with a minimum level of performance required to be met for any payments to be made.
The target for the Operating EBIT measure is set each year based on the Board approved strategic and financial plan. The level of
Operating EBIT achieved relative to the target determines the level of funding available for payments under the Scheme, decreasing
or increasing in line with actual performance such that the Scheme is fully funded by financial performance.
Incentive targets for employees are set with the potential for participants to earn more for above target performance. For the CEO, the
target incentive is set at 60% of fixed remuneration, and for other executives at 40% of fixed remuneration. Other eligible employees
have targets in the range of 5% to 30% of fixed remuneration as is appropriate for their role.
Individual outcomes under the Scheme are determined with reference to each participant’s performance against specific individual
goals and their demonstration of our Values. For the CEO and executives, these goals are aligned to our strategic priorities, financial
plan, and key operational performance measures.

Remuneration report (continued)
Kiwi Property 2025 Annual Report90
Long term incentive (LTI) scheme
Our LTI Scheme provides executives and select senior employees, at the invitation of the Board, with the opportunity to receive shares
in the Company if long-term performance goals are met. The LTI is delivered in the form of Performance Share Rights (PSR) under the
Company’s PSR Scheme, with the intent of aligning the remuneration of executives and senior employees with the interests of and
value delivered to shareholders over the longer term.
Grants made under the PSR Scheme are subject to a three-year performance and vesting period, at the end of which eligible PSRs
will vest and become exercisable by participants, subject to the satisfaction of the performance measures set for the grant. Grants
are typically made annually to eligible employees at the approval of the Board, and participants are required to remain employed by
the Company through the performance and vesting period of the grant.
FY25 target incentive for the CEO is set at 82.5% of fixed annual remuneration, and for other executives at 30% of fixed annual
remuneration. Other participating senior employees have targets in the range of 20% to 25% of fixed annual remuneration.
The grants made under the PSR Scheme in FY25 were subject to the following performance measures:
MeasureWeightingDescription
Return on
contributed
equity (ROCE)
40%
•
The Company’s ROCE over the performance period must be within a target range set by the
Board as part of the budget approval process.
•
ROCE is calculated as Adjusted Funds from Operations divided by the weighted average
share capital over the performance period.
•
If the ROCE outcome meets a minimum of 95% of the target, 50% of this component is
eligible to vest. If 100% of the target is met, 100% of this component is eligible to vest. If the
ROCE outcome meets or exceeds 105% of the target, the maximum 140% of this component
is eligible to vest.
•
Vesting between the minimum and target, and between the target and maximum, will occur
on a straight-line progression basis.
Relative total
shareholder
return (rTSR)
30%
•
The Company’s total shareholder return (TSR) must achieve the 50th percentile of the TSRs
of a peer group of the entities that make up the S&P/NZX All Real Estate Index (excluding Kiwi
Property and CDL Investments New Zealand Limited).
•
If Kiwi Property’s TSR over the performance period is at the 50th percentile of the peer group,
50% of this component will be eligible to vest, increasing on a straight-line basis to 100% if
Kiwi Property’s TSR is at or exceeds the 75th percentile of the peer group.
Absolute total
shareholder
return (aTSR)
30%
•
The Company’s TSR must exceed the Company’s cost of equity (COE) over the
performance period.
•
COE is calculated and compounded annually.
•
If the Company’s TSR meets or exceeds the Company’s COE, 100% of this component is
eligible to vest.

Remuneration report (continued)
Kiwi Property 2025 Annual Report91
Remuneration outcomes
CEO remuneration outcomes
The CEO’s remuneration for the year ended 31 March 2025 comprised base salary, employer contributions to KiwiSaver, short-term
incentive payments relating to performance in FY25, and vesting of LTI grants made in prior reporting periods. The CEO’s remuneration
package is reviewed annually by the Board and was last increased on 1 April 2022.
The following table outlines the remuneration earned by the CEO in FY25:
RemunerationBase salarySTILTIKiwiSaverTotal
Amount$700,400$324,635
1
$502,947
2
$30,751$1,558,733
1STI for the performance period 1 April 2024 - 31 March 2025, which will be paid subsequent to the date of these financial statements.
2Represents value of rights eligible for vesting on 31 March 2025 (estimate based on the share price at 31 March 2025). The final value will be determined on the actual date the
rights are converted to shares, subsequent to the date of these financial statements.
The total CEO remuneration in the table above is based on remuneration earned during the financial year. The CEO’s remuneration
as included in the Employee remuneration table on page 93 is based on remuneration paid or received during the financial year.
The Board approved changes to the CEO’s remuneration package from 1 April 2025, with the CEO’s STI target increasing to 65% of fixed
remuneration and LTI target set on base salary. The CEO’s current and new remuneration packages are shown in the following table:
Base salaryKiwiSaver
Fixed
remuneration
STI targetLTI target
KiwiSaver on
STI
Total
FY26$700,400$21,012$721,412$468,918$577,830$14,068$1,782,228
FY25$700,400$21,012$721,412$432,847$595,165$12,985$1,762,409
Short-term incentive outcome
The CEO’s outcome under the Company’s STI Scheme for FY25 was $324,635 as summarised in the following table.
Short-term
incentive target
OutcomeOutcome as %
of target
$432,847$324,63575%
This outcome reflects the CEO’s performance in the delivery of the strategic goals set by the Board, in the context of the Company’s
Operating EBIT performance, which sets the funding available for STI payments, exceeding the target approved by the Board for FY25.
The following table summarises performance against the Company’s strategic priorities in FY25 as relevant to the CEO’s STI outcome:
Strategic priorityPerformance context
Build a future
fit business
•
Delivered initiatives to reduce costs and increase revenues that will drive future AFFO and EBIT growth and
shareholder returns, including implementing new or extended management and financing agreements.
•
Lifted employee engagement to sit within the upper quartile benchmark of relevant comparator companies
through continued people and leadership investment.
Grow with diverse
sources of capital
•
Significant capital growth was challenging to achieve due to the subdued market environment and
evidenced by the cancelled sale of the Vero Centre.
•
Additional capital was raised through activation of the dividend reinvestment plan for shareholders and the
investment in Mackersey creates potential options for future growth.
Lead the market on
mixed use
•
Successful opening and leasing of Resido. Forecast NOI was not achieved due to a softer rental market
however tenant satisfaction is high, and lease churn is low.

Remuneration report (continued)
Kiwi Property 2025 Annual Report92
Long-term incentive outcome
The long-term incentive granted to the CEO under the PSR Scheme in FY23 was eligible for vesting on 31 March 2025. As summarised
in the following table, 81% of the performance share rights vested.
Performance measureWeighting
Actual
outcomeCommentary
ROCE60.0%ROCE performance achieved target but was below the maximum.
TSR40.0%Relative TSR was above the 75
th
percentile of the peer group.
Total100.0%81.0%
Key:
AchievedPartially achievedNot achieved
Performance Share Rights that have been granted, vested or forfeited by the CEO for the year ended 31 March 2025 are detailed in
the following table:
Grant dateVesting dateGrant value
Number of
rights granted
Number of
rights forfeited
Number of
rights vested
Number due to
vest in FY26
1 April 202131 March 2022$514,666454,841(113,710)(341,131)-
1 April 202231 March 2023$350,355353,319(44,165)(309,154)-
1 April 202331 March 2024$175,035200,360(50,090)(150,270)-
1 April 202231 March 2025$768,028716,844-Not yet applicable(716,844)
1 April 202331 March 2026$721,745826,172-Not yet applicableNot yet applicable
1 April 202431 March 2027$690,391826,816-Not yet applicableNot yet applicable
Restricted Share Rights that have been granted, vested or forfeited by the CEO for the year ended 31 March 2025 are detailed in the
following table:
Grant dateVesting dateGrant value
Number of
rights granted
Number of
rights forfeited
Number of
rights vested
Number due to
vest in FY26
1 April 202131 March 2024$1,1641,076-(1,076)-
1 April 202231 March 2025$1,1641,086-Not yet applicable(1,086)
1 April 202331 March 2026$1,1641,332-Not yet applicableNot yet applicable
Historical remuneration outcomes
The following table shows the remuneration earned by the CEO over the past five years.
Financial yearBase salarySTILTIKiwiSaverOtherTotal
1
FY25$700,400$324,635$502,947$30,751-$1,558,733
FY24$700,400$409,977$356,492$33,311$39,027$1,539,207
FY23$700,400$425,354$368,756$33,773$32,762$1,561,045
FY22$680,000$378,739$395,345$31,762$29,348$1,515,194
FY21$680,000$393,720$293,734$32,212$26,277$1,425,943
1The remuneration presented in this table for prior reporting periods has been restated to include the value of KiwiSaver employer contributions paid on STI to be consistent
with the reporting approach adopted for FY25.

Remuneration report (continued)
Kiwi Property 2025 Annual Report93
Employee remuneration
During FY25, 98 employees, including 13 former employees, received remuneration totalling $100,000 or more
1
.
Amount of remuneration (from $ to $)
Number of
employees
100,000 - 109,9995
110,000 - 119,9999
120,000 - 129,9997
130,000 - 139,99910
140,000 - 149,9994
150,000 - 159,9999
160,000 - 169,9994
170,000 - 179,9991
180,000 - 189,9992
190,000 - 199,9994
200,000 - 209,9992
210,000 - 219,9993
220,000 - 229,9996
230,000 - 239,9992
240,000 - 249,9992
250,000 - 259,9995
260,000 - 269,9992
270,000 - 279,9992
280,000 - 289,9992
290,000 - 299,9991
300,000 - 309,9991
310,000 - 319,9992
320,000 - 329,9991
340,000 - 349,9991
370,000 - 379,9991
390,000 - 399,9992
410,000 - 419,9991
450,000 - 459,9991
470,000 - 479,9991
670,000 - 679,9991
680,000 - 689,9991
690,000 - 699,9991
700,000 - 709,9991
1,480,000 - 1,489,9991
Total employees earning $100,000+98
1Includes salary payments, allowances and employer contributions to KiwiSaver, and the value of short-term incentives paid and long-term incentives vested during the
financial year.

Remuneration report (continued)
Kiwi Property 2025 Annual Report94
Long-term incentives - executives and other employees
Performance Share Rights that have been granted, vested or forfeited by participants (being the Executives and other invited
employees, but excluding the CEO) are detailed in the following table:
Grant dateVesting date
Total
participants
Grant
value
Number of
rights
granted
Number of
rights
forfeited
Number of
rights vested
Number due to
vest in FY26
1 April 202131 March 202214$1,077,033951,840(390,323)(561,517)-
1 April 202231 March 202312$637,559642,938(176,098)(466,840)-
1 April 202331 March 202411$270,153309,235(77,310)(231,925)-
1 April 202231 March 202513$1,458,4111,361,213(502,951)Not yet applicable(858,262)
1 April 202331 March 202614$1,351,5331,547,076(413,014)Not yet applicableNot yet applicable
1 April 202431 March 202713$1,162,6471,392,392(270,330)Not yet applicableNot yet applicable
Note 3.7.4 of the consolidated financial statements provides further details of the number of shares granted, forfeited and vested.
Performance and development
All our permanent employees participate in performance and development conversations on a quarterly basis. The outcomes of the
end-of-year conversations inform decisions regarding remuneration adjustments in accordance with the Company’s policy.
Annual remuneration review
The Board is responsible for the overall remuneration strategy and for reviewing and setting the remuneration of the CEO. The
Remuneration and Nominations Committee is responsible for reviewing and setting the remuneration of the direct reports of the CEO
and advising the Board on the remuneration of the CEO. The Board sets the total pool available for remuneration of our employees at
the time the annual budget is approved.
We benchmark remuneration using market data from external remuneration consultancies to underpin our remuneration decision
making and ensure our employees are paid appropriately.
Equal pay
We follow the principles outlined in our Diversity and Inclusion Policy in undertaking an annual equal pay review to assess the impact
of gender on the pay and participation of women in the workforce, and to ensure remuneration decisions are free from bias.

Remuneration report (continued)
Kiwi Property 2025 Annual Report95
Director remuneration
The directors’ remuneration is paid in the form of directors’ fees. At the Company’s 2022 annual meeting, shareholders approved a
total directors’ fee pool of $854,000 per annum.
As at 31 March 2025, the pool was allocated by the Board as follows:
Fee
Number of
persons
holding office
Total fee pool
Chair (including membership of all committees)$177,5001$177,500
Director (excluding the Chair)$97,0005$485,000
Chair of the Audit and Risk Committee (ARC)$20,0001$20,000
ARC member$11,5001$11,500
Chair of the Remuneration and Nominations Committee (RNC)$20,0001$20,000
RNC member$11,5001$11,500
Chair of Environmental, Social and Governance Committee (ESGC) member$20,0001$20,000
ESGC member$11,5001$11,500
Discretionary pool$97,000
Total$854,000
The fees paid to our directors during the year ended 31 March 2025 are outlined below.
DirectorDutiesBase fees
Committee
chair fees
Committee
member feesFees
Simon ShakesheffChair$177,500--$177,500
Member of the ARC
Christopher AikenDirector$97,000$4,835$20,220$122,055
Member of the ESGC
Member of the RNC
Peter AlexanderDirector$97,000-$11,500$108,500
Member of the ESGC
Mary Jane DalyDirector$97,000$20,000-$117,000
Chair of the ARC
Carlie EveDirector$97,000$15,165$11,500$123,665
Chair of the ESGC
Member of the ARC
Kevin Kenrick
1
Director$81,810$15,165-$96,975
Chair of the RNC
Jane Freeman
2
Director$23,451$4,835-$28,286
Chair of the RNC
Total$670,761$60,000$43,220$773,981
1Kevin Kenrick joined the Board on 28 May 2024.
2Jane Freeman retired from the Board on 27 June 2024.

Other investor information
Kiwi Property 2025 Annual Report96
Reporting entity
Kiwi Property Group Limited (the Company) was incorporated
under the Companies Act 1993 on 16 October 2014. In December
2014, investors approved a move from a unit trust to a company
structure. Prior to this approval, the entity (known as Kiwi Income
Property Trust) was a unit trust established under the Unit Trusts
Act 1960 by a Trust Deed dated 21 August 1992.
Stock exchange listing
The Company’s shares are quoted on the NZX under the ticker
code KPG and the Company’s green bonds are quoted on
the NZDX under the ticker codes KPG040, KPG050, KPG060
and KPG070.
Credit rating
S&P Global Ratings has assigned a corporate credit rating of BBB
(negative) to the Company and an issue credit rating of BBB+ to
each of the Company’s fixed-rate senior secured green bonds
(KPG040, KPG050, KPG060 and KPG070).
Further information about S&P Global Ratings’ credit rating
scale is available at www.spglobal.com. A rating is not a
recommendation by any rating organisation to buy, sell or hold
the Company’s securities. The credit ratings referred to in this
annual report are current as at the date of this annual report and
may be subject to suspension, revision or withdrawal at any time
by S&P Global Ratings.
Changes in the nature of the business
There were no changes to the nature of the Company’s business
or that of its subsidiaries during the year.
NZX waiver
During the year ended 31 March 2025, NZX did not grant and
publish any waivers following an application by the Company and
the Company did not rely on any NZX waivers.
NZX disciplinary action
There has been no public exercise by NZX of any of its powers set
out in Listing Rule 9.9.3 in relation to the Company.
Auditor
Deloitte Limited has undertaken the audit of the consolidated
financial statements for the 31 March 2025 financial year.
Donations
During the year to 31 March 2025 the Company donated
$5,000 to Mental Health Foundation (Coffee Campaign),
$3,010 to Leukaemia & Blood Cancer New Zealand (Firefighter
Sky Tower Challenge), $2,609 to the Auckland City Mission
(Auckland Angels Campaign), $1,000 to the Breast Cancer
Foundation (Pedal for A Purpose) and $159 to the Auckland City
Mission (Groceries).
Directors of the Company and its subsidiaries
As at 31 March 2025, the directors of the Company were Chris
Aiken, Peter Alexander, Mary Jane Daly, Carlie Eve, Kevin Kenrick,
and Simon Shakesheff.
As at 31 March 2025, the directors of the subsidiary companies
Kiwi Property Holdings Limited, Kiwi Property Holdings No. 2
Limited, Kiwi Property Holdings No. 3 Limited, Kiwi Property
Holdings No. 4 Limited, Kiwi Property Holdings No. 5 Limited,
Kiwi Property Holdings No. 6 Limited, Kiwi Property Holdings
No. 7 Limited, Kiwi Property Holdings No. 8 Limited, Kiwi
Property Centre Place Limited, Kiwi Property Te Awa Limited
and Sylvia Park Business Centre Limited, were Clive Mackenzie
and Steve Penney. Trevor Wairepo ceased to be a director of the
Company's subsidiaries from 20 December 2024. Directors of
the Company’s subsidiaries do not receive any remuneration or
other benefits in their capacity as a director of those companies,
except the indemnity and insurance referred to below.
Directors’ indemnity and insurance
In accordance with the constitution of the Company and section
162 of the Companies Act 1993, the directors of the Company
continue to receive an indemnity from the Company and
insurance to cover liabilities that may arise out of the normal
performance of their duties.
The directors of the subsidiary companies also continue to
receive an indemnity from each subsidiary company and
insurance to cover liabilities that may arise out of the normal
performance of their duties.
Annual meeting of shareholders
The Company’s annual meeting of shareholders will be held on
Tuesday, 1 July 2025.
Interest register entries
In accordance with section 211(1)(e) of the Companies Act 1993,
listed below are details of the entries made in the Interests
Register of the Company during the year, together with the
existing entries as at 31 March 2025.

Other investor information (continued)
Kiwi Property 2025 Annual Report97
NameName of company/entityNature of interest
Chris AikenAiken Equities Limited
1
Director and shareholder
Broad Construction NZ Limited
1
Director and shareholder
Broad Homes NZ LimitedDirector and shareholder
Broad Living NZ Limited
1
Director and shareholder
Catalina Advisory Limited
1
Director and shareholder
Kāinga Ora Construction Programme Assurance Panel
2
Chair
Jianji Distribution NZ Limited
1
Director and shareholder
The Adare Company LimitedDirector
Weston Lea Limited
1
Director
Peter AlexanderAREA LimitedPrincipal
Dilworth Trust BoardTrustee
Kāinga Ora Construction Programme Assurance PanelMember
Smith & Caughey LimitedDirector
Sargasso Holdings LimitedDirector
Mary Jane DalyAIG Insurance New Zealand LimitedChair
Partners Life
1
Chair
Fonterra Shareholders' FundChair
Kiwibank LimitedDirector
Ministry of Business, Innovation and Employment - Risk and
Advisory committee
Member
Carlie EveDiocesan Heritage FoundationChair
Fonterra Shareholders' FundDirector
Kevin KenrickBank of New Zealand
1
Director
Simon ShakesheffAssembly Funds ManagementDirector
CBUS PropertyDirector
HomeCo Daily Needs Real Estate Investment TrustChair
Unlisted Investment Review Forum of NSW TcorpMember
SGCHDirector
SS & AR Pty LimitedDirector
Ingenia Communities Group Limited
1
Director
1Entry added by notice given by the director during the year.
2Entry removed by notice given by the director during the year.
Directors’ holdings of quoted financial products
In accordance with NZX Listing Rule 3.7.1(d), listed below are the directors of the Company who had a relevant interest in quoted
financial products of the Company as at 31 March 2025.

Other investor information (continued)
Kiwi Property 2025 Annual Report98
DirectorNumber and type of quoted financial products
Chris Aiken110,000 ordinary shares in the Company
Peter Alexander29,715 ordinary shares in the Company
Mary Jane Daly9,412 ordinary shares in the Company
Kevin Kenrick28,758 ordinary shares in the Company
Simon Shakesheff26,000 ordinary shares in the Company

Shareholder statistics
AS AT 31 MARCH 2025
Kiwi Property 2025 Annual Report99
Twenty largest shareholders
Shareholder
Number of
shares
% of total
issued shares
HSBC Nominees (New Zealand) Limited <040-016842-230>226,233,23413.92%
Accident Compensation Corporation166,215,76210.23%
BNP Paribas Nominees NZ Limited <BPSS40>140,621,7958.65%
Citibank Nominees (NZ) Ltd82,758,5625.09%
HSBC Nominees (New Zealand) Limited <HKBN45>79,214,2384.87%
JPMorgan Chase Bank74,735,7694.60%
New Zealand Depository Nominee65,618,4044.04%
TEA Custodians Limited59,236,1953.64%
Premier Nominees Limited50,426,1483.10%
FNZ Custodians Limited42,584,1782.62%
New Zealand Permanent Trustees Limited39,434,0062.43%
Custodial Services Limited33,234,9062.04%
JBWere (NZ) Nominees Limited32,116,3341.98%
Forsyth Barr Custodians Limited28,989,8191.78%
New Zealand Superannuation Fund Nominees Limited27,026,7211.66%
Adminis Custodial Nominees Limited22,561,9541.39%
Public Trust18,559,2521.14%
PT Booster Investments Nominees Limited17,885,7661.10%
Fountain Trustee Limited16,750,0001.03%
NZX WT Nominees Limited16,127,0470.99%
Total1,240,330,09076.32%
Total shares on issue1,625,215,793
Spread of shareholders
Size of holding
Number of
holders
% of total
holders
Number of
shares
% of total
issued shares
1-1,0008549.08%393,3480.02%
1,001-5,0001,74018.50%5,189,6910.32%
5,001-10,0001,62817.31%12,356,2180.76%
10,001-50,0003,89741.43%90,643,5265.58%
50,001-100,0007257.71%50,952,8663.14%
100,001 and over5625.97%1,465,680,14490.18%
Total9,406100.00%1,625,215,793100.00%

Bondholder statistics
AS AT 31 MARCH 2025
Kiwi Property 2025 Annual Report100
Twenty largest bondholders
Bondholder
Number of
bonds
% of total
issued bonds
Custodial Services Limited <4>165,613,00033.12%
Forsyth Barr Custodians Limited <1 Custody>62,163,00012.43%
FNZ Custodians Limited48,341,0009.67%
BNP Paribas Nominees NZ Limited <BPSS40>36,074,0007.21%
HSBC Nominees (New Zealand) Limited <040-016842-230>25,780,0005.16%
TEA Custodians Limited18,624,0003.72%
Citibank Nominees (NZ) Limited <CNOM90>13,471,0002.69%
Forsyth Barr Custodians Limited <1 E>11,617,0002.32%
PT (Booster Investments) Nominees Limited11,430,0002.29%
HSBC Nominees (New Zealand) Limited <HKBN45>11,160,0002.23%
Investment Custodial Services Limited <C>5,803,0001.16%
JBWere (NZ) Nominees Limited5,201,0001.04%
New Zealand Permanent Trustees Limited5,193,0001.04%
FNZ Custodians Limited4,843,0000.97%
PT (Booster Investments) Nominees Limited - Retail4,590,0000.92%
Public Trust4,522,0000.90%
Forsyth Barr Custodians Limited <1 Nrl Ail>3,263,0000.65%
NZX WT Nominees Limited3,034,0000.61%
Commonwealth Bank of Australia3,008,0000.60%
Custodial Services Limited2,743,0000.55%
Total446,473,00089.29%
Total bonds on issue500,000,000

Bondholder statistics (continued)
Kiwi Property 2025 Annual Report101
Spread of KPG040 bondholders (November 2025 maturity)
Size of holding
Number of
holders
% of total
holders
Number of
bonds
% of total
issued bonds
1-1,000-0.00%-0.00%
1,001-5,000177.33%85,0000.09%
5,001-10,0004619.83%453,0000.45%
10,001-50,00012955.60%3,240,0003.24%
50,001-100,000187.76%1,444,0001.44%
100,001 and over229.48%94,778,00094.78%
Total232100.00%100,000,000100.00%
Spread of KPG050 bondholders (July 2028 maturity)
Size of holding
Number of
holders
% of total
holders
Number of
bonds
% of total
issued bonds
1-1,000-0.00%-0.00%
1,001-5,0005717.22%285,0000.19%
5,001-10,0009729.31%884,0000.59%
10,001-50,00013540.79%3,273,0002.18%
50,001-100,000164.83%1,263,0000.84%
100,001 and over267.85%144,295,00096.20%
Total331100.00%150,000,000100.00%
Spread of KPG060 bondholders (September 2029 maturity)
Size of holding
Number of
holders
% of total
holders
Number of
bonds
% of total
issued bonds
1-1,000-0.00%-0.00%
1,001-5,000296.95%143,0000.11%
5,001-10,0009422.54%902,0000.72%
10,001-50,00023556.35%6,482,0005.19%
50,001-100,000317.43%2,456,0001.96%
100,001 and over286.73%115,017,00092.02%
Total417100.00%125,000,000100.00%

Bondholder statistics (continued)
Kiwi Property 2025 Annual Report102
Spread of KPG070 bondholders (June 2030 maturity)
Size of holding
Number of
holders
% of total
holders
Number of
bonds
% of total
issued bonds
1-1,000-0.00%-0.00%
1,001-5,000288.38%140,0000.11%
5,001-10,0007522.46%716,0000.57%
10,001-50,00018856.29%4,860,0003.89%
50,001-100,000185.39%1,294,0001.04%
100,001 and over257.48%117,990,00094.39%
Total334100.00%125,000,000100.00%

Substantial product holders
Kiwi Property 2025 Annual Report103
In accordance with section 293 of the Financial Markets Conduct Act 2013, listed below are the names and details of all persons who,
according to the Company’s records and disclosures made, are substantial product holders of the Company as at 31 March 2025. The
total number of ordinary shares on issue at 31 March 2025 was 1,625,215,793.
Name
Number of shares held
at date of notice
Date of notice
Accident Compensation Corporation167,341,51424-Jan-24
Milford Asset Management Limited107,350,49011-Feb-25
ANZ New Zealand Investments Limited
1
84,992,57928-Feb-25
1ANZ New Zealand Investments Limited (ANZ Investments) acts as a manager or investment manager for certain managed investment schemes under investment management
contracts. ANZ Investments has a relevant interest in the financial products arising only from the powers of investment contained in the investment management contracts as
it has a qualified power to control the exercise of the rights to vote attached to the financial products and a qualified power to acquire or dispose of the financial products. ANZ
Investments also has a relevant interest in the holdings of ANZ Bank New Zealand Limited and ANZ Custodial Services New Zealand Limited, because all of these companies are
related bodies corporate. Including relevant interests held by ANZ Bank New Zealand Limited (ANZ Bank) and ANZ Custodial Services New Zealand Limited (ANZCS). ANZ Bank
acts as a discretionary investment management service (DIMS) provider in respect of investment portfolios under a DIMS client agreement. ANZ Bank has a relevant interest
in the financial products arising only from the powers of investment contained in the DIMS client agreements as it has a qualified power to control the exercise of the right to
vote attached to the financial products and a qualified power to acquire or dispose of the financial products. ANZ Bank also provides a trading and custody service in respect
of individual client investment portfolios under a trading service client agreement. ANZ Bank has a relevant interest in the
financial products arising only from the powers of
investment contained in the trading service client agreement as it has a qualified power to control the exercise of the right to vote attached to the financial products and a
conditional power to dispose of the financial products. ANZ Bank also has a relevant interest in the holdings of ANZ Investments and ANZCS, because all of these companies are
related bodies corporate. ANZCS is the custodian for ANZ Investments’ wholesale discretionary investment management service under a custody agreement and ANZ Bank’s
discretionary investment management service and trading and custody service under a custody agreement. ANZCS has a relevant interest in the financial product as it is the
registered holder of the financial products. ANZCS also has a relevant interest in the holdings of ANZ Investments and ANZ Bank, because all of these companies are related
bodies corporate.
This annual report is dated 23 May 2025 and is signed on behalf of the Board by:
Simon Shakesheff
Chair
Mary Jane Daly
Chair of the Audit and Risk Committee

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: mpms.mufg.com
E: enquiries.nz@cm.mpms.mufg.com
Auditor
Deloitte Limited
Deloitte Centre
Levels 15-20
1 Queen Street
Private Bag 115033
T: +64 9 303 0700
W: deloitte.co.nz
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
China Construction Bank
(New Zealand Branch)
Commonwealth Bank of Australia
The Hongkong and Shanghai
Banking Corporation Limited
(New Zealand Branch)
Industrial and Commercial Bank of China
Limited, Auckland Branch (ICBC)
MUFG Bank, Ltd (Auckland Branch)
Westpac New Zealand Limited
Company
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
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: cts.enquiry@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: cts.enquiry@publictrust.co.nz
Directory
Kiwi Property 2025 Annual Report104

kp.co.nz

---

FY25 Movement from FY24
Net rental income $194.1m +5.0%
Operating profit before tax $116.2m +7.4%
Net profit after tax $57.0m +2,814.3%
Adjusted funds from operations $92.8m -7.0%
Net tangible assets per share $1.14 -2.0%
Full year dividend 5.40 cents per share -5.3%

Operational resilience
Kiwi Property released its annual results for the twelve months ended 31 March 2025
(FY25) today, with the results demonstrating operational resilience, fiscal discipline and
the continued advancement of its long-term retail-led mixed-use strategy.

Kiwi Property Chair Simon Shakesheff noted that the “ recession has affected the wider
property and construction sectors, with downward pressures on office tenancies,
residential rentals, and consumer propensity to spend on retail goods. As economic
pressures on consumers and businesses slowly ease, I believe Kiwi Property will be
increasingly well-positioned, with our positive exposure to population, retail and rental
trends continuing to underpin our strategy.”

Rental growth
Maximising the operational performance of Kiwi Property’s assets has resulted in strong
growth in contracted rental income of 4.3% across the portfolio.

Net rental income was up 5.0% at $194.1 million, reflecting the rental growth during the
year. Operating profit before tax was also up 7.4% at $116.2 million. However, the
removal of building tax depreciation in FY25 and higher interest costs contributed to
adjusted funds from operations (AFFO) decreasing by 7.0% to $92.8 million.

Asset valuations stable
The value of Kiwi Property’s assets has stabilised this year, down marginally from FY24
(-0.3%), with the total property portfolio valued at $3.3 billion as at 31 March 2025.

The stabilisation of Kiwi Property’s asset valuations, aligned with ongoing tight cost
management, contributed to a net profit after tax of $57.0 million, up from a small net
loss of -$2.1 million in the prior year.

Management expense target exceeded
Clive Mackenzie, Kiwi Property CEO, commented that “ operational discipline has
resulted in a significant 23% year-on-year reduction in employment and administration
expenses of $7.5 million.”

NZX RELEASE
26 May 2025

Continued rent growth, cost discipline underpin
FY25 result

2
At the beginning of the 2025 financial year, Kiwi Property committed to reducing
employment and administration expenses as a proportion of net property income to
14.3%. The strong focus on cost control and day-to -day operational excellence has led
to this target being exceeded, with the ratio at 12.7% for FY25.

Managing the balance sheet
The sale of non-strategic assets to manage gearing levels and fund growth is a key part
of Kiwi Property’s strategy.

Shakesheff said, “With reduced transaction activity and adverse capital market
conditions, we sought additional capital sources as future avenues for growth. In
November 2024, Kiwi Property invested in Mackersy Property, with the intent to provide
Kiwi Property with an additional capital source and potential earnings growth as the
property market recovers.

To best manage Kiwi Property’s balance sheet, we have also reduced capital spend
and turned on the dividend reinvestment plan (DRP). Participation in the DRP has been
strong, retaining approximately $29 million in the business during the year. Although
gearing is higher than we’d like at 38.4%, valuations now appear to be stabilising, and
we will focus on the sale of non-strategic assets in FY26 before any further significant
investment can occur.” Net tangible assets were down slightly at $1.14 per share
(-2.0%).

Mixed-use: from concept to reality
As part of Kiwi Property’s mixed-use development strategy, Resido officially opened at
Sylvia Park in mid-2024, New Zealand's largest build-to -rent development with 295
apartments. Since opening, we have faced a competitive Auckland rental market, with
rental supply outpacing demand over the period.

Despite the more challenging rental market, the pace of leasing at Resido has been at
the faster end of the expected 12 to 18 month range, at 85% leased in under 12
months. Achieved rentals are around 26% higher than the median Auckland apartment
rent, proving that high-quality residential living close to premium retail and good
transport connectivity is an attractive proposition for tenants.

“While still early, initial data from ANZ Research shows that the average Resido resident
is spending three times more within the wider Sylvia Park precinct than before they
moved into our BTR asset,” Mackenzie notes.

Later this year, New Zealand's very first IKEA is expected to open adjacent to our centre
at Sylvia Park, with the long-awaited arrival of the global leader in home furnishings
onto New Zealand shores creating excitement amongst retailers, shoppers, and
residents alike. With the economic downturn easing, premium retail centres like Sylvia
Park are poised to accelerate their growth. Sylvia Park achieved rental growth for FY25
of 4.7% and other retail precincts within the Kiwi Property portfolio have also performed
well, with total FY25 rental growth of 5.9% at The Base and 2.5% at LynnMall.

Retail sales at Kiwi Property’s mixed-use assets were -1.3% down over the last 12 months,
reflecting the economic slowdown. Total occupancy costs (TOC) increased to 15.6%
from 14.0% across the mixed-use assets. Kiwi Property considers a target TOC range for

3
retail landlords to be between 17% and 18%, providing further scope for rental growth.
Positively, foot traffic continues to increase; nearly 600,000 more visits were made to the
mixed-use centres than the prior year ( a 2.2% increase).

First land sold at Drury
Drury remains early in its development, with foundational work continuing over the year.
Commenting on land sale progress, Shakesheff said, “We are pleased to announce the
first sale of large-format retail land at Drury to New Zealand-owned supermarket
operator Foodstuffs, entering into an unconditional agreement in April 2025.

The economic environment both locally and globally has meant transactions of this
nature have taken longer than expected, but it is pleasing to see activity starting to
return to the New Zealand property market. We are already gaining momentum from
this sale, and a number of other parties are in advanced discussions to acquire Drury
land.”

Mackenzie added, “ We will continue to progress the development and sale of land at
Drury in a considered manner to maximise value for shareholders.”

Changes to the Kiwi Property board
This year saw Jane Freeman stepping down at the annual shareholder meeting, as
signalled in last year's annual shareholder report. Kevin Kenrick joined the Board of
Directors in May 2024, bringing with him a wealth of experience in marketing, retail and
consumer-focused businesses across telecommunications, travel and media.

In January 2025, it was announced that Mary Jane Daly will not stand for re-election
and will step down with effect from our 2025 annual shareholder meeting. Mary Jane
has made an exceptional contribution to Kiwi Property and will leave with the best
wishes and respect of her fellow Directors.

As announced late last month, Michele Embling has been appointed to the Kiwi
Property Board, effective from 27 May 2025. Michele brings extensive leadership and
governance experience across the public and private sectors, and she will be
introduced to shareholders at the Annual General Meeting later in the year.

Sustainability progress
Improving the energy efficiency of its buildings is important to Kiwi Property. Pleasingly
the NABERSNZ energy efficiency ratings at ASB North Wharf and Vero Centre increased
during the period, and a 9 Homestar Built rating was achieved for Resido. The Resido
rating is a particularly satisfying achievement; a 9-star certification denotes best
practice and Resido is the first development of this scale in NZ to be awarded this
rating.

A future-fit business requires strong investment in its people. Focused efforts to foster a
productive, supportive and enjoyable culture at Kiwi Property have resulted in an uplift
in employee engagement scores, which are at a five-year high of 75%.

Dividend and guidance
Kiwi Property will pay a cash dividend of 1.35 cents per share for the fourth quarter of
FY25 on 19 June 2025, taking the full year cash dividend payment to 5.40 cents per

4
share (cps). This is in line with guidance and reflects an AFFO payout ratio of 93%. The
dividend reinvestment plan will operate for the Q4 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 June, subject to a
2% discount.

Shakesheff said, “I am pleased to announce d ividend guidance for the 2026 financial
year of 5.60 cps
1
, which represents growth of 3.7% on the FY25 dividend.” The forecast
dividend is expected to be between 90% and 100% of FY26 AFFO.

FY26 outlook
Mackenzie said, “We are encouraged by the future possibilities for Kiwi Property. We will
continue to target strong rental growth through active lease management and through
investment in quality amenities. The opening of IKEA next to our centre, scheduled for
later in the calendar year, is expected to drive retail tourism and a significant boost in
foot traffic for Sylvia Park, attracting new customers from across the country to visit.

Tight management of operational costs and capital expenditure will continue, with
future recycling of non-strategic assets allowing for further investment, in line with our
capital allocation framework.”

“As indicated earlier, our conviction in the Kiwi Property strategy has strengthened, and
the company is well positioned for future growth as the economy recovers and as key
macro-trends move in our favour,” Shakesheff concluded.

Additional information
Kiwi Property has today also released an Annual Report, Annual Results Presentation,
Property Compendium, and Sustainability Report, which are 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 Annual Results Presentation for the twelve
months ended 31 March 2025 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.

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

5
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
26 May 2025
For the year ended 31 March 2025

Contents
Section
Page
Business highlights3
Financial results FY2511
Resido and development update17
FY26 priorities & guidance21
Appendix 1: Financial update23
Appendix 2: Property update28
Glossary37
This annual results presentation for the year ended 31 March 2025 should be read in conjunction with the NZX announcement and annual report released on 26 May 2025. Refer to our website kp.co.nz or nzx.com. Property statistics
within this presentation represent partially or fully 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
theyear ended and/or as at 31 March 2025. All amounts are in New Zealand dollars. Sylvia Park precinct comprises Sylvia Park shopping centre, ANZ Raranga, Geneva House (3 Te Kehu Way), 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 consolidated financial statements, which contain GAAP financialinformation,
have been subject to audit procedures by Deloitte. Refer to the Glossary and Appendix 1 for the definitions and determination of non-GAAP measures.
2

3
Business highlights

FY25 overview
In a tough trading environment, Kiwi Property continued to progress key strategic priorities
4
•The resilience of Kiwi Property’s mixed-use assets is evident through
strong new leasing spreads (+8.3%) and stable valuations (+1.1%).
•The first sale of large-format retail land was achieved at Drury, with
the unconditional sale of 1.2ha to Foodstuffs in April 2025.
•Kiwi Property’s first build-to-rent asset, Resido, officially opened on 11
June 2024 and is 85% leased as at 16 May 2025.
•Investment in November 2024 in Mackersy Property (an investment
management business with more than $2b assets under
management) to unlock an additional source of capital and earnings
growth over time.
•Employment and administration expenses are down $7.5 million
(22.9%) due to people-related cost reduction initiatives and lower
one-off costs.
•Foot traffic at the mixed-use centres continues to increase, with a
2.2% increase in visits compared to the prior year.
•Employee engagement has increased to 75%, a five-year high.
Kiwi Property strategic priorities

Continued rent growth
Rental growth remains strong despite economic conditions
4.3%
Total rental growth
FY24:4.4%
96.9%
Occupancy
FY24:99.3%
3.8 years
Weighted average lease expiry (WALE)
FY24:4.0 years
General note: WALE excludes Resido.
Rental growth
•Overall rental growth from mixed-use, office and retail leasing activity was
+4.3%, with newleasing +6.1% and rent reviews +3.7%.
•+8.3% u plift in leasing spreads for new lease deals across the mixed-use
portfolio, led by The Base (+11.7%) and Sylvia Park precinct (+9.5%),
underscoring strong tenant demand at these high-performing centres.

•At year end, 75% of our total portfolio by income was subject to either a
fixed or CPI-based review, allowing for future rental growth.
Occupancy
•Overall portfolio occupancy has declined primarily due to the departure of
Bell Gully in the Vero Centre, the inclusion of Resido (82% leased at year
end) and the departure of an industrial tenant from one of Sylvia Park’s
adjoining properties.
•Excluding Resido from the calculation increases occupancy to 97.6%.
5

Optimising performance
Significant growth in Activate income
•Kiwi Property’s annual performance is underpinned by strong rental growth
across the portfolio and a significant 30% increase in Activate income from
the prior year.
•‘Activate’ is our approach to maximising the return on our assets through:
•Partnering with brands for experiential pop-up sites in high foot traffic
areas.
•Revenue from media/digital signage.
•Short-term/casual leasing of vacant stores.
•Signage revenue is generated from 180 advertising screens across the portfolio
(including the largest 3D digital screen in NZ at Sylvia Park).
•Our focus on operational excellence and driving income from each asset in the
portfolio has generated consistent growth in Activate income over time:
•Activate income makes up ~4% of our FY25 portfolio NOI (~$7m).
•Since FY20, Activate income has grown at an average annual growth rate
of 11%.
6

•Employment and administration expenses
have decreased by $7.5m (23%), as a result
of people-related cost-saving initiatives
($4.3m) and the Yardi enterprise IT system
implementation, which was completed in
March 2024 ($3.1m).
•A focus on internal growth and
development has supported the savings on
people-related costs. The number of
employees promoted, changing roles or
taking on expanded duties has increased
from 10 in FY24 to 21 in FY25.
•Workforce planning and people
management in FY25 saw our FTEs
2
reduce
by nine (6%).
•A five-year high engagement score of 75%
(top quartile for NZ companies)
3
represents
a conscious effort to invest in our people’s
experience and build leadership capability.
Employment and admin costs reduced by 23%
A continued focus on reducing overheads and elevating high performers
7
20252024Variance
$m$m$m%
Net property income
1
198.4189.1+9.3+4.9%
Employment and administration
expenses
25.232.7-7.5-22.9%
MER (Employment and
administration expenses / net
property income ratio)
12.7%17.3%-460bps
1: Net property income consists of net rental income and property management revenue. 2: FTE stands forFull-Time Equivalentand is a
measurement used to represent the total number of full-time hours worked by employees. 3: Compared against NZ companies with
100-200 employees on the Culture Amp platform.

•Mixed-use sales totalled $1.76 billion for the 12
months ending 31 March 2025, representing a
decline of -1.3% compared to the previous year.
Total sales were lower by -1.6%.
•Total occupancy costs (TOC) increased to 15.6%
from 14.0% across the mixed-use assets. We
consider a target range for retail landlords to be
between 17% and 18%, providing further scope
for rental growth.
•Foot traffic continues to increase at Kiwi
Property’s mixed-use assets. Nearly 600,000
more visits were made to the mixed-use centres
than the prior year (a 2.2% increase).
Mixed-use sales marginally lower
A slowdown in the wider NZ retail sector, leading to a marginal decrease in retail sales
Mixed-use
1
Total portfolio
2
12 months ended31-Mar-2531-Mar-2431-Mar-2531-Mar-24
Total sales$1.76b$1.78b$2.10b$2.13b
Total sales growth-1.3%2.0%-1.6%1.8%
Specialty sales
(per sqm)
3
$12,103$12,651$11,405$11,792
Specialty TOC
3,4
15.6%14.0%15.1%13.8%
Pedestrian count
(million)
27.927.337.237.1
General note: All sales include GST.Sales are for the 12 months to 31-Mar-25. Comparative figures may vary from what has been reported previously as sales figures are updated as annual audited sales are received. 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 Centre Place North and The Plaza. 4: Refer to
Glossary (page 37) for definitions.
8

•Kiwi Property’s total property fair value
movement was relatively flat, decreasing by
0.3% or $11.6 million in the 12 months to 31
March 2025.
•Values look to have stabilised as interest
rates continue to improve, with the
investment portfolio capitalisation rate
broadly flat versus the prior year.
•The fair value of the Sylvia Park shopping
centre increased 3.4% or $35.6 million while
The Base increased 7.4% or $15.4 million
3
,
reflecting their positions as leading mixed-
use assets underpinned by market rental
growth.
•The combined valuation of the Drury
landholding has decreased by $11.7 million
(–6.9%), with development spend
outpacing the underlying land value growth.
Asset values are stable
Capitalisation rates broadly flat across the portfolio
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, Resido which is valued
usingthediscounted cashflow methodology and certain adjoining properties which are valued using direct comparison methodology. 2:
Stage 1 of Drury’s development land is recognised in inventories and Stage 2 is recognised in investment properties. 3: KPG’s 50% ownership
interest.
9
31-Mar-25 valuation31-Mar-24 valuationMovement
Cap. rate
%
Val.
$m
Cap. rate
%
Val.
$m
Cap.
rate
bps
1
Val.
$m
Val.
%
Mixed-use portfolio6.262,165.06.252,086.6
+1.4
+24.2+1.1
Office portfolio6.13 815.56.35 816.0+11.0-20.7-2.5
Retail portfolio8.84158.28.94144.2-9.8-3.3-2.0
Development Land
2

Drury – Stage 1
N/A89.2N/A73.5N/AN/AN/A
Development Land
2
Drury – Stage 2
N/A70.0N/A74.5N/A-11.7-14.4
Total Portfolio6.373,297.96.443,194.8+3.0-11.6-0.3

Resido was awarded a 9
Homestar Built rating, the
first building of this scale in
NZ to receive the rating
Overall operational
emissions reduced by 14%
compared to FY24
1
Following targeted investment in key sustainability initiatives,
NABERSNZ ratings increased for:
ASB North Wharf (4.5-star to 5-star), and
Vero Centre (4-star to 4.5-s tar)
Sustainability in focus
Progressing the sustainability performance of our assets
10
1: The Ministry for the Environment has released changes to the emissions factors used in calculating GHG emissions. The new factors have not been applied to the GHG emissions information in the report due to timing and
impracticality to update and review data prior to the release of this presentation. See further detail on this on page 52 of Kiwi Property’s Sustainability Report and Climate-related Disclosures.

Financial results
FY25
11
Pictured:
Level 1
expansion
at The
Base

Sylvia Park precinct +$7.6m
•Highlights include: underlying rental growth
of Sylvia Park retail (+3.5% rental income)
and higher surrender fees ($1.9m).
•A full year of operations for Geneva House
(3 Te Kehu Way) +$1.6m.
LynnMall +$1.3m
•Underlying rental growth (+$0.6m) and
higher Activate income (+$0.6m).
The Base +$1.6m
•Strong rental growth (7.1%), including the
expansion at Te Awa Level 1, and higher
percentage rent (+$1.3m total).
Office portfolio -$0.9m
•Reflects a softer office market. Existing
leases occupying ~8,900 sqm were
extended during the year.
Retail portfolio -$0.7m
•Tougher trading conditions for secondary
retail assets.
20252024Variance
$m$m$m%
Sylvia Park precinct85.4 77.7
+7.6 +9.8
LynnMall22.7 21.3
+1.3 +6.3
The Base16.7 15.1
+1.6 +10.5
NOI - Mixed-use portfolio124.7 114.2
+10.6 +9.2
NOI - Office portfolio47.3 48.3
-0.9 -2.0
NOI - Retail portfolio19.4 20.1
-0.7 -3.3
NOI - Other properties- 0.4
-0.4 -100.0
Net operating income
1
191.5 183.0
+8.5 +4.6
Other movements
2
2.71.8+0.8 +42.7
Net rental income
1
194.1 184.9 +9.2+5.0
12
1: Refer to Glossary (page 37) for definitions. 2: Other movements include straight-lining of fixed rental increases, allowance for expected credit loss,
other net income and NZ IFRS 16 expense reclassifications.
Net rental income up by 5%
Strong performance across mixed-use offsets slower office and retail leasing markets

1:Includes straight-lining of fixed rental increases of -$2.4m (2024: -$1.5m). 2:Refer to Glossary (page 37) for definitions. 3:One-off costs are
adjusted for income tax where applicable. 4:FY26 dividend guidance and payments are contingent on Kiwi Property’s financial performance
through the financial year and barring material adverse events or unforeseen circumstances.
20252024Variance
$m$m$m%
Net rental income194.1 184.9 +9.2+5.0
Property management revenue4.2 4.1
+0.1+2.4
Employment and administration expenses-25.2 -32.7
+7.5+22.9
Net finance expenses-56.9 -48.1
-8.8-18.3
Operating profit before income tax116.2 108.2
+8.0+7.4
Current tax expense-20.6 -16.2 -4.4-27.2
Amortisation of capitalised tenant assets
1
4.25.0
-0.8-16.0
Depreciation recovered on disposal of investment properties-2.8 -2.8-100.0
Share-based payment expense1.01.9 -0.9-47.4
Depreciation of property, plant and equipment 0.70.8 -0.1-12.5
Funds from operations (FFO)
2
(non-GAAP) 101.5102.6 -1.1-1.1
Maintenance capital expenditure-5.1-5.3+0.2+3.8
Capitalised tenant incentives and leasing fees-4.1-3.3-0.8-24.2
One-off costs
3
0.55.8-5.3-91.4
Adjusted funds from operations (AFFO)
2
(non-GAAP)
92.8
99.8-7.0-7.0
AFFO (cents per share)
5.826.30
Dividend paid (cents per share)
5.405.70
Dividend payout ratio
93%90%
13
AFFO down by $7.0m
•Effective tax rate on FFO increased to 16.9%
(FY24: 13.6%).
•Net finance expenses increased, with lower
capitalised interest (-$3.9m) and higher
drawn debt (+$89m) than the prior year.
Current tax expense increased by $4.4m
•Lower tax depreciation available due to the
removal of depreciation on commercial
buildings.
Dividend payout ratio of 93%
•Within the target range of 90-100% of AFFO.
•The dividend reinvestment plan was
applicable from FY25’s first quarterly
dividend. A total of $28.8m was reinvested
in FY25.
FY26 dividend guidance of 5.60 cps
4
•3.7% increase on current year dividend.
•Expected to be within target range of 90-
100% of AFFO.
AFFO impacted by higher finance costs and tax expense
Dividend payout ratio of 93%

Investment properties and inventories
+$103.1m
•$118.8m in capital expenditure, offset by
-$11.6m of fair value movement and
amortisation of lease incentives, fees and
fixed rental income -$4.1m.
Gearing up 140bps to 38.4%
•Gearing levels well inside covenant.
•Focus on reducing and optimising capital
spend until non-strategic asset sales are
completed.
•Drury land sales will help to fund project
capital expenditure with minimal net
gearing impact on the KPG balance sheet
expected.

Balance sheet20252024
Investment properties and inventories$3,298m$3,195m
Net tangible assets per share$1.14$1.17
Covenants
Gearing (must be <50%, finance debt / total tangible assets)38.4%37.0%
Interest cover ratio (must be >2.25 times)2.91 3.00
Credit ratings – S&P Global Ratings
Corporate (Issuer rating)BBB (negative)BBB (negative)
Fixed-rate green bonds (Issue rating)BBB+BBB+
14
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.
Balance sheet management

Bank facilities
•Increased by $50m during the year.
Headroom of $217.0m.
Weighted average term to maturity of
3.1 years
•This reflects lower bank debt costs for
shorter tenor facilities, while maintaining a
healthy term to maturity.
KPG070: $125m, 5.5-year green bond,
5.35% coupon
•Issued in December 2024, replacing
KPG030.
•KPG040 $100m, 7.0-year bond, 4.06%
coupon issued in November 2018,
matures in November 2025.
Bonds and banking facilities
2025
$m
2024
$m
Total bonds outstanding 500.0500.0
Bank facility drawn783.0694.0
Total debt outstanding 1,283.01,194.0
Banking facility limit1,000.0950.0
Headroom217.0256.0
Weighted average term to maturity3.1 years 3.6 years
15
Capital management - debt facilities
Debt maturity profile as at 31 March 2025
%
FY26
6.7%
FY27
14.7%
FY28
25.7%
FY29
27.3%
FY30
17.3%
FY31
8.3%
220
385
260
135
100
150
125
125
BondBank

Bond and bank facilities20252024
Weighted average interest rate (inclusive of bonds, active interest rate
derivatives, margins and line fees)
5.30%5.61%
Fixed-rate profile (includes bonds on issue Mar-25: $500m (Mar-24: $500m))
Percentage of drawn finance debt at fixed rates88%89%
Weighted average interest rate of active fixed-rate debt (excl. fees and margins)3.67%3.63%
Weighted average term to maturity of active fixed-rate debt (years)
2.64 2.00
Fixed-rate debt maturity profile
Weighted average interest rate of 5.30%
•Reduced by 31 bps from FY24.
Fixed-rate profile
•During FY25, Kiwi Property entered into
$440m of fixed-rate interest rate
derivatives, providing greater certainty on
interest costs.
•In April 2025, Kiwi Property entered into
an additional $50m interest rate
derivative, taking advantage of lower
rates driven by market volatility.
•Kiwi Property continues to proactively
manage hedging levels, increasing or
decreasing levels in line with progress on
transactions and the changing shape of
the swap curve.
16
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
-
100
200
300
400
500
600
700
800
900
1,000
FY26FY27FY28FY29FY30FY31
Face value of active hedges (including bonds) ($m) (LHS)
Weighted average interest rate of fixed-rate debt (excl. fees and margins) (%) (RHS)
Capital management - cost of debt

17
Resido and
development update

Resido leases at 85%
Resido has been well-received by tenants
ConfigurationNo.No. leased
1
% leased
1
Avg. rent
1
Studio (1 bath)1212100%$580
1-bed (1 bath)17714481%$640
2-bed (2 bath)1019493%$790
3-bed (2 bath)5240%$1,180
Total29525285%$700
1: Updated as at 16 May 2025. 2: Based on Tenancy Services data as at March 2025.
18
•As at 16 May, 252 apartments were leased (85%
of the development), with the lease-up
performance at the faster end of our 12-18
month lease-up target.
•The rents being achieved reflect the additional
amenities provided, and are around 26% higher
than the median Auckland apartment rent.
2

•A resident survey completed in late 2024
showed that tenants rate the overall experience
of living at Resido highly, averaging 4.6 out of 5,
with the sense of community, easy access to
Sylvia Park, gym facilities and other added-
value amenities being key drivers of their
ratings.
•Strong lease-up performance has occurred in a
subdued residential rental market where
weaker net migration inflows and increased
rental supply have impacted demand.
0
50
100
150
200
250
300
MayJunJulAugSepOctNovDecJanFebMarAprMay
20242025
Units (no.)
Achieved vs target lease up
ActualTarget run rate (18-month)

An average Resido resident:
•36 years of age, a working professional (with 23% working in
the healthcare industry).
•Has an average weekly income 56% higher than the Auckland
average
1
.
•37% of residents are pet owners (with an almost even split of
cats and dogs).
•Saves money on transport-related costs after moving (-22%),
with closer proximity both to public transport and often to
work.
•Shops at a wider range of Sylvia Park retailers than they did
before moving in, with apparel, general merchandise and
speciality retail stores all seeing new customers from Resido.
•Has increased spend at Sylvia Park’s food outlets by 43% and
at supermarkets by 40%.
•Before moving to Resido, 4% of their monthly card spend was
at Sylvia Park. This has now increased to 13% post move in.
General note: The information is sourced through Resido residents’ lease applications as at 16 May 2025.
Applications require responses from the primary applicant only. Resident spend insights are prepared by ANZ
Bank New Zealand Limited based on ANZ customer and card transactions data to 30 April 2025. 1: The
Auckland Region average individual income is $63,700 per the Statistics New Zealand Household Labour Force
Survey (December 2024).
Resido resident insights
19

Land sale progress
Sale of 1.2ha of large-format retail land to major NZ supermarket
business, Foodstuffs, became unconditional in April 2025.
This represents ~5% of the total land intended for sale, with a further
~44% in advanced sale discussions.
Residential land sales (~37% of total land intended for sale) will
commence when residential market conditions improve.
Development update
Stage 1 earthworks were completed in June 2024. Civil works are
targeted to commence alongside further large-format retail land sales.
Drury selected as a Fast-track project
Kiwi Property’s Drury land was included in Schedule 2 of the Fast-
track Approvals Act 2024.
This will further increase our consented developable area at Drury,
allowing for a commercial retail centre (including approximately
33,000 sqm commercial, 96,000 sqm retail, and 10,000 sqm
community activity) and future residential activity.
20
Land sales at Drury underway

21
FY26 priorities
& guidance

FY26 priorities and dividend guidance
Delivering on priorities will help to drive sustainable growth and create value for shareholders
Maintain strong discipline
on costs
Continue to drive
rent growth
Progress sell-down of Drury
large format retail sites
Goal: deliver sustainable earnings and dividend growth for shareholders
FY26 dividend guidance of 5.60 cps
1
: +3.7% on prior year
22
Manage the balance sheet
and free up additional
investment capacity
1: FY26 dividend guidance and payments are contingent on Kiwi Property’s financial performance through the financial year and barring material adverse events or unforeseen circumstances.

23
Appendix 1:
Financial update

20252024Variance
$m$m$m%
Sylvia Park shopping centre
64.6 60.6
+4.0 +6.6
ANZ Raranga
4.9 5.1
-0.2 -3.9
Sylvia Park Lifestyle
6.4 5.4
+1.0 +18.0
Geneva House (3 Te Kehu Way)
2.8 1.2
+1.6 +138.3
Resido
1.3 -
+1.3 NA
Adjoining properties
5.4 5.4
--
Sylvia Park precinct85.4 77.7
+7.6 +9.8
LynnMall22.7 21.3
+1.3 +6.3
The Base16.7 15.1
+1.6 +10.5
Mixed-use portfolio124.7 114.2
+10.6 +9.2
Vero Centre24.4 25.2
-0.9 -3.4
ASB North Wharf14.6 14.3
+0.4 +2.5
The Aurora Centre8.3 8.8
-0.4 -5.0
Office portfolio47.3 48.3
-0.9 -2.0
Centre Place North3.5 3.3
+0.2 +7.3
The Plaza15.9 16.8
-0.9 -5.4
Retail portfolio19.4 20.1
-0.7 -3.3
Other properties (incl. properties disposed in FY24)- 0.4
-0.4 -100.0
Net operating income191.5 183.0
+8.5 +4.6
Straight-lining of fixed rental increases2.4 1.5 +0.9 +62.8
Allowance for expected credit loss-0.5-0.3-0.2 -90.0
Other net income0.6 0.5 +0.1 +13.4
NZ IFRS 16 expense reclassifications0.1 0.1 -0.0 -16.1
Net rental income194.1 184.9
+9.2 +5.0
24
Net rental income contribution by property

20252024Variance
$m$m$m%
Profit/(loss) after income tax
1
57.0-2.1 +59.1+2,814.3
Adjusted for:
Net fair value loss on investment properties11.677.8 -66.2-85.1
Net fair value loss on interest rate derivatives
10.14.1 +6.0+146.3
Loss on disposal of investment properties
-1.7 -1.7-100.0
Straight-lining of fixed rental increases-2.4-1.5 -0.9-60.0
Amortisation of tenant incentives and leasing fees
6.66.5 +0.1+1.5
Depreciation recovered on disposal of investment properties
-2.8 -2.8-100.0
Share-based payment expense1.01.9 -0.9-47.4
Depreciation of property, plant and equipment0.70.8 -0.1-12.5
Deferred tax expense
16.910.6 +6.3+59.4
Funds from operations (FFO)
1
(non-GAAP) 101.5102.6 -1.1-1.1
Adjusted for:
Maintenance capital expenditure
-5.1-5.3+0.2+3.8
Capitalised tenant incentives and leasing fees
-4.1-3.3-0.8-24.2
One-off costs
2
0.55.8-5.3-91.4
Adjusted funds from operations (AFFO)
1
(non-GAAP)
92.899.8-7.0-7.0
25
AFFO reconciliation to profit/(loss) after income tax
1: Refer to Glossary (page 37) for definitions. 2: One-off costs are adjusted for income tax where applicable.

Year ended 31 March
20252024202320222021
$m$m$m$m$m
Dividend ($m)
86.990.589.5
87.9
80.8
Payout ratio
93%90%77%88%90%
cpscpscpscpscps
Dividend
5.40 5.705.705.605.15
Imputation credits
1.30 1.011.131.431.36
Gross dividend
6.70 6.716.837.036.51
Financial year
20252021-2024
(average)
Movement
cps
Movement
%
Dividend (cps)
5.40 5.54
-0.14-2.5
Imputation (cps)
1.30
1.23
+0.07+5.5
Gross dividend (cps)
6.70 6.77
-0.07-1.0
2021 – 2025 compound annual growth rate %
1.2%
Assuming a 5.60 cps full-year 2026 dividend, the 2021-2026 dividend CAGR would be 1.7%.
26
Dividend five-year summary

As at31-Mar-2531-Mar-24Movement
$m$m$m%
Investment properties3,209.23,121.8+87.4+2.8
Inventories89.273.5+15.7+21.4
Total investment properties and inventories3,298.43,195.3+103.1+3.2
Cash14.418.2-3.8-20.9
Trade and other receivables16.313.7+2.6+19.0
Other assets10.27.9+2.3+29.1
Total assets3,339.33,235.1+104.2+3.2
Finance debt1,284.61,195.2+89.4+7.5
Deferred tax liabilities132.9114.2+18.7+16.4
Other liabilities61.965.7-3.8-5.8
Total liabilities 1,479.41,375.1+104.3+7.6
Total equity1,859.91,860.0-0.1-0.0
Total equity and liabilities3,339.33,235.1+104.2+3.2
27
Balance sheet

28
Appendix 2:
Property update

Mixed-useOfficeRetail
The Plaza
Centre Place North
29
Resido
(Sylvia Park precinct)
Sylvia Park shopping centre
(Sylvia Park precinct)
Sylvia Park Lifestyle
(Sylvia Park precinct)
Geneva House (3 Te Kehu Way)
(Sylvia Park precinct)
ANZ Raranga
(Sylvia Park precinct)
LynnMall
The Base
Vero Centre
ASB North Wharf
The Aurora Centre
Our investment portfolio

31-Mar-2531-Mar-24
Mixed-useOfficeRetailTotalMixed-useOfficeRetailTotal
Number of assets
43294329
Value ($m)
1
2,165.0815.5158.23,138.82,086.6816.0144.23,046.8
% of total portfolio by value66255956526595
Weighted average capitalisation rates
2
6.26%6.13%8.84%6.37%6.25%6.35%8.94%6.44%
Net lettable area (sqm)307,87185,84351,917445,630290,37585,82251,908428,105
Number of tenants7685916699357060173803
% investment portfolio by gross income652510100632710100
Occupancy (by area)
3
97.0%96.5%96.8%96.9%99.3%100.0%97.7%99.3%
Weighted average lease expiry (by income)
4
3.2 years5.9 years2.2 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 31-Mar-25, investment portfolio excludes development land with a value of
$159.2m (4.8% of total portfolio value). 2: The weighted average capitalisation rate excludes Resido which is valued usingthediscounted cashflow methodology and certain adjoining properties which are valued using direct
comparison methodology. The rate in 31-Mar-24 excludes Vero Centre which was held for sale at the contract price. 3: Occupancy statistics exclude vacant tenancies with current or pending development works. 4: WALE
excludes 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 have been restated to include Vero Centre which was previously held for sale. General
Note 4: Resido was recognised at cost as part of the value as at 31-Mar-24 and was completed on 4-Jun-24.
30
Investment portfolio summary

Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at31-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-24
Sylvia Park1,080.01,025.05.885.8894,24094,26199.699.42.93.2
ANZ Raranga89.490.06.006.0011,62011,62095.895.83.74.8
Geneva House
(3 TeKehu Way)
65.760.06.005.887,2777,26995.995.99.09.9
Sylvia Park Lifestyle90.086.06.386.5016,57816,578100.0100.0
4.1
4.4
Resido
1
207.0N/AN/AN/A18,594N/A81.8N/AN/AN/A
Adjoining properties
2
203.6418.5N/AN/A34,58535,51790.4100.02.81.4
Sylvia Park precinct1,735.71,679.55.925.92182,894165,24595.799.13.33.5
LynnMall205.0202.07.637.5036,72036,81199.898.92.62.7
The Base224.3205.17.137.1388,25788,319100.0100.03.13.4
Mixed-use portfolio2,165.02,086.66.266.25307,871290,37597.099.33.23.4
31
Portfolio statistics
1: Resido is recognised at its ‘as is’ value, post deduction of costs to complete of $0.8m. 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. Resido was completed on 4-Jun-24. A capitalisation rate is not provided as many of the adjoining properties are valued using direct comparison methodology. Occupancy and WALE metrics are provided for the
adjoining properties that are not currently recorded as held for development.

Adopted value $mCapitalisation rate %NLA sqmOccupancy %WALE years
As at31-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-24
Vero Centre
1
456.5458.05.88N/A39,71739,69792.4100.04.74.0
ASB North Wharf212.0212.06.436.2521,62121,621100.0100.06.16.9
The Aurora Centre147.0146.06.506.5024,50524,504100.0100.08.79.7
Office portfolio815.5816.06.136.3585,84385,82296.5100.05.96.0
Centre Place North32.232.28.709.1619,68019,66794.795.22.02.3
The Plaza126.0112.08.888.8832,23732,24197.498.52.32.6
Retailportfolio158.2144.28.848.9451,91751,90896.897.72.22.5
Investment portfolio3,138.83,046.86.376.44445,630428,10596.999.33.84.0
Development land
2
159.2148.0
Total portfolio
3
3,297.93,194.8
32
Portfolio statistics (continued)
1: Vero Centre was held for sale as at 31-Mar-24 at the contract price. 31-Mar-24 figures have been restated to include Vero Centre. 2: 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. 3: Excludes the gross-up of lease liabilities required by NZ IFRS 16 Leases.

Fixed
64%
Market
1%
Holdovers,
Activate,
etc.²
24%
CPI-based
11%
Future Rent Review Structure
at 31-Mar-25
76%
FY25 rent reviewsMixed-useOfficeRetailTotal
No.3763895509
% investment portfolio gross income
1
4313662
Rental movement (%)+3.7+3.3+5.0+3.7
Compound annual growth (%)+3.4+2.9+3.9+3.3
FY25 new leases and renewals
No.1171726160
% investment portfolio gross income
1
124116
Rental movement (%)+8.3+6.4-12.0+6.1
WALE (years)4.58.13.55.3
FY25 total (excl. development leasing)
No.49355121669
% investment portfolio gross income
1
5417778
Rental movement (%)+4.8+4.1+1.2+4.3
General note 1: Leasing statistics, except the Future Rent Review Structure as at 31-Mar-25, are not adjusted to reflect Kiwi Property’s
ownership interest. General note 2: The analysis excludes Resido. 1: The percentage is approximated using the newly achieved rent compared to
the portfolio’s forecast gross income as at 31 March 2025. 2: Includes tenants that are on holdover, Activate leases and leases that are no longer
subject to review.
33
Rent reviews and new leasing

9%
13%
13%
13%
10%
11%
30%
0%
10%
20%
30%
40%
Vacant or
holdover
FY26FY27FY28FY29FY30FY31+
Lease expiry profile
% of investment portfolio gross income
Key:Mixed-useOfficeRetail
General note: The analysis on this page excludes Resido.
34
Lease expiry profile

General note: All sales include GST. Sales are for the 12 months to 31-Mar-25. 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: Speciality sales and speciality
TOC includes Sylvia Park, LynnMall and The Base Te Awa. 4: Other shopping centres includes Centre Place North and The Plaza.5: Refer to Glossary (page 37) for definitions.
All centres
1
Mixed-use centres
2,3
Other centres
4
31-Mar-2531-Mar-2431-Mar-2531-Mar-2431-Mar-2531-Mar-24
Total sales
(billion)
$2.10$2.13$1.76$1.78$0.34$0.35
Total sales
growth
-1.6%1.8%-1.3%2.0%-2.9%0.8%
Like-for-like
sales growth
-3.2%-0.6%-3.4%-0.9%-2.4%1.4%
Specialty sales
(per sqm)
$12,103$12,651$9,607$9,531
Specialty TOC
5
15.6%14.0%13.6%13.0%
Pedestrian count
(million)
37.237.127.927.39.39.8
35
Retail sales

Sales by property
MAT $m
1
% var
12 months ended31-Mar-25vs 31-Mar-24
Sylvia Park843.3-3.4%
Sylvia Park Lifestyle
2
43.9-4.4%
Total Sylvia Park precinct887.2-3.4%
The Base Te Awa264.19.0%
The Base LFR
2
283.1-1.9%
Total The Base547.23.1%
LynnMall326.4-2.4%
The Plaza253.7-1.8%
Centre Place North87.3-6.0%
Portfolio total2,101.8-1.6%
36
Sales
3
by categoryMAT $m
1
% var. from 31-Mar-24
12 months ended31-Mar-25TotalLike-for-like
Supermarkets
199.38.1%8.1%
Department stores and DDS
162.3-1.8%-1.8%
Cinemas
21.1-8.6%-8.6%
Mini-majors
378.5-1.0%-5.0%
Fashion
186.1-6.3%-7.6%
Commercial services (including
travel)
196.8-4.9%-8.3%
Food
133.50.1%-3.4%
Pharmacy and wellbeing
67.8-3.4%-1.0%
General (incl. Activate
4
)
63.810.3%-7.1%
Home and living
24.7-9.7%-1.8%
Total1,433.9-1.1%-3.4%
1: All figures include GST. Sales are for the 12 months to 31-Mar-2025. 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: Includes Sylvia Park, LynnMall and The Base Te Awa. 4: Activate includes in-centre advertising and short-term leasing.
Retail sales by property and category

37
Glossary

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, 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 Prop
erty Council of
Australia (the Guidelines). The reported AFFO information has been extracted from the relevant annual consolidated financial statements
which have been the subject to an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
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 Guidelines. The reported FFO information
has been extracted from the Company’s annual consolidated financial statements which have been the subject to an audit pursuant to the
New Zealand Auditing Standards issued by the External Reporting Board.
Gearing ratioCalculated 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.
Like-for-like retail salesOnly includes sales from those tenants who have traded for the past 24 full months.
Management expense ratio
(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 an audit pursuant to New Zealand Auditing Standards issued by the External
Reporting Board.
38

Glossary
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, allowance for expected credit loss, other income and expense reclassifications required under NZ IFRS
16 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 annual consolidated financial statements which have been the
subject to an audit pursuant to the New Zealand Auditing Standards issued by the External Reporting Board.
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
annual consolidated financial statements which have been the subject to an audit pursuant to the New Zealand Auditing Standards issued by
the External Reporting Board.Engagements 2410 (Revised).
Total Occupancy Cost (TOC)
Total occupancy cost includes rent, operating costs and marketing levies (excluding GST) and is expressed as a percentage of moving annual
turnover (including GST).
39

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 (direct or
indirect)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. No contract or other legal obligations shall arise between Kiwi Property and any recipient of this document.
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.
40
Disclaimer

Thank you
41

---

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 X Quarterly
Half Year Special
DRP applies X
Record date 6 June 2025
Ex-Date 5 June 2025
Payment date (and allotment date for
DRP)
19 June 2025
Total monies associated with the
distribution
$21,799,305
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.01650573
Total cash distribution $0.01350000
Excluded amount (applicable to listed
PIEs)
$0.00577099
Supplementary distribution amount $0.00136394
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
$0.00300573
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 June 2025 11 June 2025
Date strike price to be announced (if not
available at this time)
12 June 2025

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 June 2025
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
26 May 2025

---

2025
Property Compendium
Live, work,
shop and play

Contents
OverviewPg 2
Mixed-use overviewPg 8
Sylvia Park precinctPg 12
Sylvia Park shopping centrePg 13
ANZ RarangaPg 14
Geneva HousePg 15
Sylvia Park LifestylePg 16
ResidoPg 17
LynnMallPg 18
The BasePg 19
Retail overviewPg 20
Centre Place NorthPg 24
The PlazaPg 25
Office overviewPg 26
Vero CentrePg 30
ASB North WharfPg 31
The Aurora CentrePg 32
Kiwi Property 2025 Property Compendium1

Overview
About Kiwi Property
Kiwi Property (NZX: KPG) is one of the
largest listed property companies on the
New Zealand Stock Exchange and a member
of the S&P/NZX 20 Index.
We’ve been creating the spaces that
Kiwis love for 30 years, with expertise
in property investment, development and
asset management. We proudly own and
manage $3.3 billion in direct property
investments, as well as manage properties
valued at over $450 million for third
party clients.
We are passionate about creating thriving
and connected retail-led mixed-use
communities, where Kiwis can shop, work,
stay and play.
Our strategy is built on four pillars:
1.Lead the market on retail-led mixed-
use by optimising assets and aggregating
a range of uses on one site, such as retail,
office and residential.
2.Grow with diverse sources of
capital - leveraging funds management,
co-investment platforms and joint
ventures to help fund our
development programme.
3.Empower customer and partner
success - working with our stakeholders
to help them achieve their own business
and sustainability objectives.
4.Build a future fit business –
by driving operational excellence,
harnessing digital and delivering on our
sustainability ambitions.
Portfolio overview
We own a diverse mix of assets, predominantly
comprising direct investment in large
mixed-use properties that we will continue to
develop over time. These properties have the
potential to support a range of complementary
use types, including retail,
office, residential,
entertainment, personal services, hotels, civic
buildings and more.
We have a strong bias toward Auckland but
also invest in other key New Zealand cities.
•We favour locations with superior
prospects for economic, population and
employment growth.
We have a diversified portfolio of high-quality
property assets.
•We target properties that:
–Have potential for future intensification
–Enjoy excellent car, bus and
train connectivity
–Are in locations favoured by the Auckland
Unitary Plan; or
–Located in regions outside of Auckland
with growth prospects.
We manage properties on behalf of
third parties.
•We manage properties for third parties and
joint owners to diversify our revenue streams
and leverage our management platform.
General note 1: 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 2: Due to rounding, numbers within this document may not add up precisely to the totals provided and percentages
may not precisely reflect the absolute figures.
General note 3: All sales include GST. Sales are for the 12 months to 31-Mar-25.
Kiwi Property 2025 Property Compendium
2

$2.77b
Auckland
3 mixed-use assets
2 office assets
1 development landholding
$257m
Hamilton
1 mixed-use asset
1 retail asset
$147m
Wellington
1 office asset
$126m
Palmerston North
1 retail asset
Geographic
diversification
BY PORTFOLIO VALUE
84%
Auckland
8%Hamilton
4%Wellington
4%Palmerston North
Sector diversification
BY PORTFOLIO VALUE
66%
Mixed-use
25%Office
5%Retail
5%Development land
Kiwi Property 2025 Property Compendium3

Portfolio overview
Our tenant base is strong and diverse
Our portfolio is well diversified by tenant type and
industry. Our 20 largest tenants include banks, government
departments and successful retail chains. Collectively they
occupy 44% of our investment portfolio by area and contribute
37% of our investment portfolio gross income, with a weighted
average lease expiry of 5.2 years.
Top 20 tenants
BY INVESTMENT PORTFOLIO GROSS INCOME
1ASB7.8%11HOYTS Cinemas1.2%
2Ministry of Social Development5.1%12Craigs Investment Partners1.0%
3Farmers3.7%13Cotton On Group1.0%
4ANZ2.1%14Myer1.0%
5Suncorp1.9%15Foodstuffs0.9%
6The Warehouse1.8%16Whitcoulls0.9%
7Russell McVeagh1.7%17JB Hi-Fi0.8%
8Woolworths1.6%18Spark0.7%
9Kmart1.4%19BNZ0.7%
10Hallensteins/Glassons1.3%20nib0.7%
Portfolio tenant mix
BY INVESTMENT PORTFOLIO GROSS INCOME
Mixed-useOfficeRetail
Investment
portfolio
Specialty shops45%3%68%37%
Mini-majors21%-4%14%
Banking7%27%5%12%
Department stores
1
7%-14%6%
Government<1%20%2%5%
Legal-16%<1%4%
Finance<1%14%-4%
Residential6%--4%
Insurance<1%11%-3%
Other office2%6%<1%3%
Supermarket3%-4%2%
Other industrial4%--2%
Cinemas3%-1%2%
Other retail<1%<1%1%<1%
Consultancy<1%2%-<1%
1The department stores category includes discount department stores.
Kiwi Property 2025 Property Compendium4

Portfolio WALE
Our weighted average lease expiry (WALE) indicates how long,
on average, our portfolio income is ‘locked-in’. Our investment
portfolio WALE is 3.8 years, underpinned by our office portfolio,
which has a strong WALE of 5.9 years with long-term leases
across most of these assets. Our mixed-use portfolio has a
WALE of 3.2 years. Shorter WALEs on retail properties are
expected as this provides us the opportunity to keep our
mix fresh by constantly introducing new, on-trend retailers
or concepts.

Lease expiry profile
BY INVESTMENT PORTFOLIO GROSS INCOME
1
9%
13%
13%
13%
10%
11%
30%
Mixed-useOfficeRetail
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
0%4%8%12%16%20%24%28%32%36%
Future rent review structure
BY INVESTMENT PORTFOLIO GROSS INCOME
1
64%
Fixed
11%CPI-based
1%Market
24%Holdovers, Activate, etc.²
1Excludes Resido.
2Includes tenants that are on holdover, Activate leases and leases that are no longer subject to review.
Kiwi Property 2025 Property Compendium5

Portfolio summary
Property detailsProperty metricsFinancial and operating metricsMarch 2025 valuation
Property/portfolioLocation
Ownership
(%)
NLATenantsCarparks
FY25 NOI
($000s)
1
Occupancy
(%)
WALE
(years)
Valuer
Value
($000s)
Cap. Rate
(%)
Key tenants
Mixed-use
Sylvia ParkAuckland10094,2402294,13564,63099.62.9JLL1,080,0005.88
Farmers, H&M, HOYTS Cinemas, Kmart, Mecca,
PAK'nSAVE,The Warehouse, Zara
ANZ RarangaAuckland10011,6204954,94495.83.7JLL89,4006.00ANZ, IAG
Geneva House (3 Te Kehu Way)Auckland1007,277121812,82295.99.0JLL65,7006.00ASB, Geneva Finance, IWG, Local Doctors
Sylvia Park LifestyleAuckland10016,578164176,353100.04.1Bayleys90,0006.38Freedom Furniture, Spotlight, Torpedo7
ResidoAuckland10018,5942091461,25981.8N/ACBRE207,000N/AUrban Rest
Adjoining properties
2
Auckland10034,585132145,37590.42.8Various203,648N/AN/A
Sylvia Park precinctAuckland100182,8944835,18885,38295.73.3Various1,735,7485.92Various
LynnMallAuckland10036,7201281,32622,65299.82.6CBRE205,0007.63
Farmers, JB Hi-Fi, Noel Leeming, Reading
Cinemas, Woolworths
The BaseHamilton5088,2571573,32916,681100.03.1Colliers224,3007.13
Farmers, HOYTS Cinemas, Mitre 10 Mega,
The Warehouse
Total mixed-use307,8717689,843124,71597.03.22,165,0486.26
Retail
Centre Place NorthHamilton5019,680746123,50194.72.0Colliers32,2258.70HOYTS Cinemas, LINZ, Rebel Sport
The PlazaPalmerston North10032,237921,24915,93297.42.3JLL126,0008.88Farmers, Kmart, Woolworths
Total retail51,9171661,86119,43396.82.3158,2258.84
Office
Vero CentreAuckland10039,7174541924,36892.44.7Colliers456,5005.88
Craigs Investment Partners, nib, Russell McVeagh,
Suncorp, Wynn Williams
ASB North WharfAuckland10021,621119714,648100.06.1JLL212,0006.43ASB
The Aurora CentreWellington10024,50533108,325100.08.7Colliers147,0006.50Ministry of Social Development
Total office85,8435982647,34196.55.9815,5006.13
Total investment portfolio445,63099312,530191,48996.93.83,138,7736.37
Other properties
Development land
3
Auckland100-JLL159,171
Total other properties-159,171
Total portfolio191,4893,297,944
1Net operating income (NOI) is a non-GAAP performance measure used by Kiwi Property.
2Adjoining properties include industrial properties which are generally held for future development. The carpark figure only refers to the tenancies at 270 and 385 Mount
Wellington Highway.
3The value of Development land includes the $70.0m Stage 2 land value retained within the property portfolio plus $89.2m of the Stage 1 land which is recognised within
inventories as at 31-Mar-25.
Kiwi Property 2025 Property Compendium6

Property detailsProperty metricsFinancial and operating metricsMarch 2025 valuation
Property/portfolioLocation
Ownership
(%)
NLATenantsCarparks
FY25 NOI
($000s)
1
Occupancy
(%)
WALE
(years)
Valuer
Value
($000s)
Cap. Rate
(%)
Key tenants
Mixed-use
Sylvia ParkAuckland10094,2402294,13564,63099.62.9JLL1,080,0005.88
Farmers, H&M, HOYTS Cinemas, Kmart, Mecca,
PAK'nSAVE,The Warehouse, Zara
ANZ RarangaAuckland10011,6204954,94495.83.7JLL89,4006.00ANZ, IAG
Geneva House (3 Te Kehu Way)Auckland1007,277121812,82295.99.0JLL65,7006.00ASB, Geneva Finance, IWG, Local Doctors
Sylvia Park LifestyleAuckland10016,578164176,353100.04.1Bayleys90,0006.38Freedom Furniture, Spotlight, Torpedo7
ResidoAuckland10018,5942091461,25981.8N/ACBRE207,000N/AUrban Rest
Adjoining properties
2
Auckland10034,585132145,37590.42.8Various203,648N/AN/A
Sylvia Park precinctAuckland100182,8944835,18885,38295.73.3Various1,735,7485.92Various
LynnMallAuckland10036,7201281,32622,65299.82.6CBRE205,0007.63
Farmers, JB Hi-Fi, Noel Leeming, Reading
Cinemas, Woolworths
The BaseHamilton5088,2571573,32916,681100.03.1Colliers224,3007.13
Farmers, HOYTS Cinemas, Mitre 10 Mega,
The Warehouse
Total mixed-use307,8717689,843124,71597.03.22,165,0486.26
Retail
Centre Place NorthHamilton5019,680746123,50194.72.0Colliers32,2258.70HOYTS Cinemas, LINZ, Rebel Sport
The PlazaPalmerston North10032,237921,24915,93297.42.3JLL126,0008.88Farmers, Kmart, Woolworths
Total retail51,9171661,86119,43396.82.3158,2258.84
Office
Vero CentreAuckland10039,7174541924,36892.44.7Colliers456,5005.88
Craigs Investment Partners, nib, Russell McVeagh,
Suncorp, Wynn Williams
ASB North WharfAuckland10021,621119714,648100.06.1JLL212,0006.43ASB
The Aurora CentreWellington10024,50533108,325100.08.7Colliers147,0006.50Ministry of Social Development
Total office85,8435982647,34196.55.9815,5006.13
Total investment portfolio445,63099312,530191,48996.93.83,138,7736.37
Other properties
Development land
3
Auckland100-JLL159,171
Total other properties-159,171
Total portfolio191,4893,297,944
1Net operating income (NOI) is a non-GAAP performance measure used by Kiwi Property.
2Adjoining properties include industrial properties which are generally held for future development. The carpark figure only refers to the tenancies at 270 and 385 Mount
Wellington Highway.
3The value of Development land includes the $70.0m Stage 2 land value retained within the property portfolio plus $89.2m of the Stage 1 land which is recognised within
inventories as at 31-Mar-25.
Kiwi Property 2025 Property Compendium7

Kiwi Property 2025 Property Compendium8

Mixed-use
overview
Kiwi Property 2025 Property Compendium9

$124.7m
NET OPERATING INCOME (FY25)
3.2 yrs
WEIGHTED AV. LEASE EXPIRY
1
$2.17b
PORTFOLIO VALUE
97.0%
OCCUPANCY
Kiwi Property 2025 Property Compendium10

4
NUMBER OF ASSETS
307,871
NET LETTABLE AREA (SQM)
6.26%
WEIGHTED AV. CAPITALISATION RATE
1
768
TENANTS
9,843
CARPARKS
$1.76b
ANNUAL SALES (FY25)
Property type
BY MIXED-USE PORTFOLIO VALUE
70%
Regional centres
10%Residential
7%Office
4%Large format retail
9%Other

Geographic
diversification
BY MIXED-USE PORTFOLIO VALUE
90%
Auckland
10%Hamilton

Tenant
diversification
BY MIXED-USE GROSS INCOME
45%
Specialty shops
21%Mini-majors
7%Banking
7%Department stores
6%Residential
4%Other industrial
3%Supermarket
3%Cinemas
3%Others
2%Other office
1Excludes Resido.
Kiwi Property 2025 Property Compendium11

Sylvia Park precinct
Sylvia Park, developed by Kiwi Property, is a leading example of
mixed-use community creation in Australasia. The asset offers an
outstanding blend of retail, dining, entertainment, commercial, and
residential following the opening of Resido in 2024. Sylvia Park is also
home to two office buildings; ANZ Raranga and Geneva House.
Property overview
Ownership interest (%)100%
Asset typeMixed-use
Date completedJun-07
Last refurbished/redeveloped2024
Net lettable area (sqm)182,894
Tenants (no.)483
Carparks (no.)5,188
Property metrics
Net operating income ($m)85.4
Occupancy (%)95.7%
Weighted average lease expiry (years)3.3
Valuation metrics
Valuation ($m)1,735.7
Capitalisation rate (%)5.92%
Sales performance
Annual sales ($m)887
Tenant diversification
BY GROSS INCOME
43%
Specialty
20%Mini-majors
8%Banking
8%Residential
6%Department stores
5%Other industrial
2%Other office
2%Supermarkets
2%Cinemas
1%Insurance
Lease expiry profile
BY GROSS INCOME
8%
19%
15%
16%
12%
10%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30+
Kiwi Property 2025 Property Compendium12
sylviapark.com
Address
286 Mount
Wellington Highway,
Mount Wellington, Auckland
Key Tenants
ANZ
ASB
Farmers
H&M
HOYTS Cinemas
Kmart
PAK’nSAVE
The Warehouse

Sylvia Park shopping centre
Sylvia Park features an extensive range of local and international
retailers, coupled with an impressive line-up of dining and
entertainment options. In 2020, a retail expansion and addition of The
Terrace dining precinct on Level 1 added 20,000 square metres to
the centre. Sylvia Park’s exposure and accessibility, including excellent
public transport linkages, contribute to its success.
Property overview
Ownership interest (%)100%
Asset typeMajor Regional Centre
Date completedJun-07
Last refurbished/redeveloped2022
Net lettable area (sqm)94,240
Tenants (no.)229
Carparks (no.)4,135
Property metrics
Net operating income ($m)64.6
Occupancy (%)99.6%
Weighted average lease expiry (years)2.9
Valuation metrics
Valuation ($m)1,080.0
Capitalisation rate (%)5.88%
Sales performance
Annual sales ($m)843
Tenant diversification
BY GROSS INCOME
59%
Specialty
21%Mini-majors
9%Department stores
5%Banking
3%Supermarkets
2%Cinemas
<1%Other retail
Lease expiry profile
BY GROSS INCOME
8%
19%
18%
17%
10%
11%
17%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium13
sylviapark.com
Address
286 Mount
Wellington Highway,
Mount Wellington, Auckland
Key Tenants
Farmers
H&M
HOYTS Cinemas
Kmart
Mecca
PAK’nSAVE
The Warehouse
Zara

ANZ Raranga
ANZ Raranga was completed in December 2018, becoming the first
office tower at Sylvia Park and marking an important step in the
site’s transition into a mixed-use asset. The building is located near
the heart of the Sylvia Park shopping centre, offering incredible
convenience and accessibility for workers. ANZ Raranga was certified
with a 5-Green Star Office Design rating from New Zealand Green
Building Council.
Property overview
Ownership interest (%)100%
Asset typeA-grade Office
Date completedDec-18
Last refurbished/redevelopedN/A
Net lettable area (sqm)11,620
Tenants (no.)4
Carparks (no.)95
NABERSNZ energy rating5.5-star
Property metrics
Net operating income ($m)4.9
Occupancy (%)95.8%
Weighted average lease expiry (years)3.7
Valuation metrics
Valuation ($m)89.4
Capitalisation rate (%)6.00%
Tenant diversification
BY GROSS INCOME
66%
Banking
24%Insurance
10%Other office
<1%Specialty
Lease expiry profile
BY GROSS INCOME
4%
0%
0%
9%
63%
0%
23%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium14
sylviapark.com
Address
286 Mount
Wellington Highway,
Mount Wellington, Auckland
Key Tenants
ANZ
IAG

Geneva House
Geneva House is a multi-use building with a mix of office and
medical tenants at Sylvia Park, which opened in 2023. Formerly
known as 3 Te Kehu Way, naming rights were granted to anchor
tenant Geneva Finance in 2024. This mixed-use asset enjoys a prime
location adjacent to Mt Wellington Highway and Sylvia Park entry two,
diagonally opposite ANZ Raranga. The building has already established
impressive sustainability credentials, earning New Zealand's first 6-
Green Star Design & As Built NZ v1.0 Built rating.
Property overview
Ownership interest (%)100%
Asset typeA-grade Office
Date completedMar-23
Last refurbished/redevelopedN/A
Net lettable area (sqm)7,277
Tenants (no.)12
Carparks (no.)181
Property metrics
Net operating income ($m)2.8
Occupancy (%)95.9%
Weighted average lease expiry (years)9.0
Valuation metrics
Valuation ($m)65.7
Capitalisation rate (%)6.00%
Tenant diversification
BY GROSS INCOME
40%
Other office
30%Banking
14%Financial services
8%Government
7%Consultancy
<1%Specialty
Lease expiry profile
BY GROSS INCOME
5%
0%
0%
0%
0%
9%
86%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium15
sylviapark.com
Address
3 Te Kehu Way,
Mount Wellington, Auckland
Key Tenants
ASB
Geneva Finance
IWG
Local Doctors

Sylvia Park Lifestyle
Sylvia Park Lifestyle is a high-performing large format retail centre
constructed in 2011 and located on a prominent site adjacent to
Auckland’s southern motorway. It forms part of the broader Sylvia Park
mixed-use community and provides customers with a compelling and
complementary large format retail offering.
Property overview
Ownership interest (%)100%
Asset typeLarge Format Retail
Date completedNov-11
Last refurbished/redevelopedN/A
Net lettable area (sqm)16,578
Tenants (no.)16
Carparks (no.)417
Property metrics
Net operating income ($m)6.4
Occupancy (%)100.0%
Weighted average lease expiry (years)4.1
Valuation metrics
Valuation ($m)90.0
Capitalisation rate (%)6.38%
Sales performance
Annual sales ($m)44
Tenant diversification
BY GROSS INCOME
92%
Mini-majors
7%Specialty
1%Other retail
Lease expiry profile
BY GROSS INCOME
4%
10%
8%
16%
11%
22%
30%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium16
sylviapark.com
Address
393 Mount
Wellington Highway,
Mount Wellington, Auckland
Key Tenants
Freedom Furniture
Spotlight
Torpedo7

Resido
Kiwi Property's new build-to-rent residential offering, Resido, opened
in June 2024, and is currently in its initial lease-up phase. Resido
features 295 sustainably built residential apartments across three
buildings, an additional amenities block, and basement car parks.
Resido has already established impressive sustainability credentials
and was recently awarded a 9-star Homestar v4.1 Built rating from the
New Zealand Green Building Council.
Property overview
Ownership interest (%)100%
Asset typeBuild-to-rent
Date completedJun-24
Apartments (no.)295
Net lettable area (sqm)18,594
Tenants (no.)209
Carparks (no.)146
Property and valuation metrics
Occupancy (%)81.8%
Valuation ($m)207.0
Typology
BY NUMBER OF UNITS
12
Studio
1771-bedroom
1012-bedrooms
53-bedrooms
Kiwi Property 2025 Property Compendium17
resido.co.nz
Address
27 Lynton Road,
Mount Wellington, Auckland
Key Tenants
Urban Rest

LynnMall
LynnMall opened in 1963, becoming New Zealand’s first indoor
shopping centre. Since then, it has been delivering quality shopping,
entertainment and dining to Auckland’s western suburbs. LynnMall is a
compelling mixed-use destination in the rapidly developing suburb of
New Lynn and provides excellent connectivity to the adjacent public
transport interchange.
Property overview
Ownership interest (%)100%
Asset typeRegional Centre
Date acquired (constructed 1963)Dec-10
Last refurbished/redeveloped2015
Net lettable area (sqm)36,720
Tenants (no.)128
Carparks (no.)1,326
Property metrics
Net operating income ($m)22.7
Occupancy (%)99.8%
Weighted average lease expiry (years)2.6
Valuation metrics
Valuation ($m)205.0
Capitalisation rate (%)7.63%
Sales performance
Annual sales ($m)326
Tenant diversification
BY GROSS INCOME
58%
Specialty
14%Mini-majors
9%Supermarkets
7%Department stores
6%Banking
5%Cinemas
2%Other retail
Lease expiry profile
BY GROSS INCOME
13%
19%
8%
15%
18%
11%
16%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium18
lynnmall.co.nz
Address
3058 Great North Road,
New Lynn, Auckland
Key Tenants
Farmers
JB Hi-Fi
Noel Leeming
Reading Cinemas
Woolworths

The Base
The Base is New Zealand’s largest mixed-use property outside
of Auckland. Located in Hamilton’s growing northern suburbs, this
significant asset comprises both an enclosed regional shopping
centre, Te Awa, as well as a large format centre. The Base’s large
landholding provides a range of future development opportunities,
enabling it to evolve into a major mixed-use community over time.
Kiwi Property has proudly partnered with Tainui Group Holdings in a
50:50 joint venture at The Base.
Property overview
Ownership interest (%)50%
Asset typeMajor Regional Centre
Date acquired
(constructed 2004-2014)
May-16
Last refurbished/redeveloped2018
Net lettable area (sqm)88,257
Tenants (no.)157
Carparks (no.)3,329
Property metrics
Net operating income ($m)
1
16.7
Occupancy (%)100.0%
Weighted average lease expiry (years)3.1
Valuation metrics
Valuation ($m)
1
224.3
Capitalisation rate (%)7.13%
Sales performance
Annual sales ($m)
2
547
Tenant diversification
BY GROSS INCOME
42%
Specialty
33%Mini-majors
11%Department stores
5%Home and living
majors
4%Cinemas
4%Banking
<1%Other retail
<1%Legal
Lease expiry profile
BY GROSS INCOME
7%
11%
20%
20%
5%
11%
24%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
1Kiwi Property’s 50% ownership interest.
2Annual sales are unadjusted for ownership interest.
Kiwi Property 2025 Property Compendium19
the-base.co.nz
Address
Corner Te Rapa Road and
Wairere Drive, Hamilton
Key Tenants
Farmers
HOYTS Cinemas
Mitre 10 MEGA
The Warehouse

Kiwi Property 2025 Property Compendium20

Retail
overview
Kiwi Property 2025 Property Compendium21

$19.4m
NET OPERATING INCOME (FY25)
2.3 yrs
WEIGHTED AV. LEASE EXPIRY
$158m
PORTFOLIO VALUE
96.8%
OCCUPANCY
Kiwi Property 2025 Property Compendium22

2
NUMBER OF ASSETS
51,917
NET LETTABLE AREA (SQM)
8.84%
WEIGHTED AV. CAPITALISATION RATE
166
TENANTS
1,861
CARPARKS
$341m
ANNUAL SALES (FY25)
Property type
BY RETAIL PORTFOLIO VALUE
80%
Regional centres
20%Sub-regional centres

Geographic
diversification
BY RETAIL PORTFOLIO VALUE
80%
Palmerston North
20%Hamilton

Tenant
diversification
BY RETAIL GROSS INCOME
68%
Specialty shops
14%Department stores
5%Banking
4%Supermarket
4%Mini-majors
2%Government
1%Cinemas
1%Other retail
<1%Legal
Kiwi Property 2025 Property Compendium23

Centre Place North
Jointly owned by Kiwi Property and Tainui Group Holdings, Centre
Place North is the go-to destination for fashion, food and
entertainment in Hamilton’s central business district. It's one of
Waikato's leading shopping precincts and a popular location for
customers and retailers in the growing city centre.
Property overview
Ownership interest (%)50%
Asset typeSub Regional Centre
Date acquired (constructed 1985)Dec-94
Start date of joint ventureApr-21
Last refurbished/redeveloped2011
Net lettable area (sqm)19,680
Tenants (no.)74
Carparks (no.)612
Property metrics
Net operating income ($m)
1
3.5
Occupancy (%)94.7%
Weighted average lease expiry (years)2.0
Valuation metrics
Valuation ($m)
1
32.2
Capitalisation rate (%)8.70%
Sales performance
Annual sales ($m)
2
87
Tenant diversification
BY GROSS INCOME
69%
Specialty
11%Mini-majors
9%Government
7%Cinemas
3%Other retail
<1%Legal
<1%Other office
Lease expiry profile
BY GROSS INCOME
22%
18%
25%
3%
14%
9%
9%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
1Kiwi Property’s 50% ownership interest.
2Annual sales are unadjusted for ownership interest.
Kiwi Property 2025 Property Compendium24
centreplace.co.nz
Address
501 Victoria Street,
Hamilton
Key Tenants
HOYTS Cinemas
LINZ
Rebel Sport

The Plaza
The Plaza is Manawatū’s premier shopping destination. Situated in the
heart of Palmerston North, this busy centre spans over 32,000 square
metres and offers a quality retail experience to customers drawn from
across the region.
Property overview
Ownership interest (%)100%
Asset typeRegional Centre
Date acquired (constructed 1986)Aug-93
Last refurbished/redeveloped2010
Net lettable area (sqm)32,237
Tenants (no.)92
Carparks (no.)1,249
Property metrics
Net operating income ($m)15.9
Occupancy (%)97.4%
Weighted average lease expiry (years)2.3
Valuation metrics
Valuation ($m)126.0
Capitalisation rate (%)8.88%
Sales performance
Annual sales ($m)254
Tenant diversification
BY GROSS INCOME
67%
Specialty
18%Department stores
6%Banking
5%Supermarkets
2%Mini-majors
1%Other retail
<1%Government
Lease expiry profile
BY GROSS INCOME
25%
26%
13%
6%
13%
15%
3%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium25
theplaza.co.nz
Address
84 The Square,
Palmerston North
Key Tenants
Farmers
Kmart
Woolworths

Kiwi Property 2025 Property Compendium26

Office
overview
Kiwi Property 2025 Property Compendium27

$47.3m
NET OPERATING INCOME (FY25)
5.9 yrs
WEIGHTED AV. LEASE EXPIRY
$816m
PORTFOLIO VALUE
96.5%
OCCUPANCY
Kiwi Property 2025 Property Compendium28

3
NUMBER OF ASSETS
85,843
NET LETTABLE AREA (SQM)
6.13%
WEIGHTED AV. CAPITALISATION RATE
59
TENANTS
826
CARPARKS
Property type
BY OFFICE PORTFOLIO VALUE
56%
Premium
26%A-Grade Campus
18%A-Grade

Geographic
diversification
BY OFFICE PORTFOLIO VALUE
82%
Auckland
18%Wellington

Tenant
diversification
BY OFFICE GROSS INCOME
27%
Banking
20%Government
16%Legal
14%Finance
11%Insurance
6%Other office
3%Specialty shops
2%Consultancy
<1%Other retail
Kiwi Property 2025 Property Compendium29

Vero Centre
Vero Centre, completed in 2000, is Kiwi Property's flagship office
asset and remains one of Auckland’s most prestigious office buildings,
attracting and retaining some of the country’s most respected
companies as tenants. The property has won numerous awards for
excellence in design, construction and efficiency.
Property overview
Ownership interest (%)100%
Building gradePremium
Date acquired (constructed 2000)Apr-01
Last refurbished/redeveloped2016
Net lettable area (sqm)39,717
Typical floorplate (sqm)1,200
Carparks (no.)419
NABERSNZ energy rating4.5-star
Property metrics
Net operating income ($m)24.4
Occupancy (%)92.4%
Weighted average lease expiry (years)4.7
Valuation metrics
Valuation ($m)456.5
Capitalisation rate (%)5.88%
Tenant diversification
BY GROSS INCOME
32%
Legal
28%Financial services
22%Insurance
9%Other office
4%Consultancy
4%Banking
1%Specialty
<1%Other retail
Lease expiry profile
BY GROSS INCOME
8%
5%
8%
15%
4%
23%
38%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium30
Address
48 Shortland Street,
Auckland
Key Tenants
Craigs Investment Partners
nib
Russell McVeagh
Suncorp
Wynn WIlliams

ASB North Wharf
ASB North Wharf is a showcase of environmental design and
innovative office space solutions. It is an award-winning seven-level
office building, developed by Kiwi Property for ASB Bank, which has
a lease for the full office space until 2031. The building’s waterfront
location, striking architecture and range of popular restaurants have
made it a landmark on the Auckland cityscape. ASB North Wharf was
awarded a 5 Green Star Office Design certification by New Zealand
Green Building Council.
Property overview
Ownership interest (%)100%
Building gradeA-grade campus
Date completedMay-13
Last refurbished/redevelopedN/A
Net lettable area (sqm)21,621
Typical floorplate (sqm)4,000
Carparks (no.)97
NABERSNZ energy rating5-star
Property metrics
Net operating income ($m)14.6
Occupancy (%)100.0%
Weighted average lease expiry (years)6.1
Valuation metrics
Valuation ($m)212.0
Capitalisation rate (%)6.43%
Tenant diversification
BY GROSS INCOME
91%
Banking
9%Specialty
Lease expiry profile
BY GROSS INCOME
0%
1%
2%
1%
0%
1%
95%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium31
Address
12 Jellicoe Street,
Auckland
Key Tenants
ASB

The Aurora Centre
The Aurora Centre is a mainstay office option for the New Zealand
Government with all the office space leased to the Ministry of Social
Development until 2034. A comprehensive refurbishment and seismic
strengthening project was completed in 2016, helping to future proof
the building’s long-term leasing and income generation potential.
Property overview
Ownership interest (%)100%
Building gradeA-grade
Date acquired (constructed 1968)Apr-04
Last refurbished/redeveloped2014-2016
Net lettable area (sqm)24,505
Typical floorplate (sqm)
1,100 (upper),
1,800 (lower)
Carparks (no.)310
NABERSNZ energy rating5-star
Property metrics
Net operating income ($m)8.3
Occupancy (%)100.0%
Weighted average lease expiry (years)8.7
Valuation metrics
Valuation ($m)147.0
Capitalisation rate (%)6.50%
Tenant diversification
BY GROSS INCOME
91%
Government
7%Other office
<1%Specialty
<1%Other retail
Lease expiry profile
BY GROSS INCOME
0%
0%
8%
0%
0%
0%
92%
Vacant or holdover
FY26
FY27
FY28
FY29
FY30
FY31+
Kiwi Property 2025 Property Compendium32
Address
56 The Terrace,
Wellington
Key Tenants
Ministry of
Social Development

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 (direct or indirect) 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. No
contract or other legal obligations shall arise between Kiwi
Property and any recipient of this document.
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.
Kiwi Property 2025 Property Compendium
33

kp.co.nz

---

Results announcement

Results for announcement to the market
Name of issuer Kiwi Property Group Limited
Reporting Period Twelve months to 31 March 2025
Previous Reporting Period Twelve months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$263,719 +7.8%
Total revenue $263,719 +7.8%
Net profit from continuing
operations
$56,992 +2,814.3%
Total net profit $56,992 +2,814.3%
Final Dividend
Amount per Quoted Equity
Security
$0.01350000
Imputed amount per Quoted
Equity Security
$0.00300573
Record Date 6 June 2025
Dividend Payment Date 19 June 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.14 $1.17
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached results 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 26 May 2025

Audited financial statements accompany this announcement.

---

Sustainability
in action
2025
Sustainability Report and
Climate-related Disclosures

About this report
This document comprises the FY25 Sustainability
Report and Climate-Related Disclosures for
Kiwi Property Group.
This Report should be read in conjunction
with the 2025 Kiwi Property Annual Report,
which is available on our website, kp.co.nz/
investors/reporting-suite. See also the GRI Index
at kp.co.nz/investors/reporting-suite.
All data in this Report is for the year ended and/or
as at 31 March 2025, unless otherwise stated. Due
to rounding, numbers within this report may not add
up precisely to the totals provided and percentages
may not precisely reflect the absolute figures.
Message from the ESG
Committee Chair and Chief
Executive Officer
Striving for leadership in sustainability focuses
our efforts on how we can best create and protect
value for our stakeholders.
Sustainability’s role in creating stakeholder value
is embedded into our culture, strategy and
decisions each day. We can see how sustainability
contributes to customer experience first-hand
at our Resido build-to-rent community, which
was completed in June 2024. We have welcomed
residents into sustainable homes and a flourishing
community, while showcasing the build-to-rent model
as a housing option in the New Zealand market.
To realise our sustainability leadership ambition,
we must keep challenging ourselves while navigating
the property cycle and external environment. To this
end, we set a new Sustainability Strategy during
financial year 2025 (FY25). The strategy focuses on
five sustainability priorities, underpinned by insights
from our comprehensive materiality assessment.
New targets and focus areas accompany those
priorities, with oversight from the Board to drive
accountability and performance.
Managing our investments for sustainability
performance increases the appeal of our assets
to tenants and customers while optimising their
efficiency and reducing their environmental impact.
We met or exceeded our sustainability rating targets
in FY25, with Resido awarded a 9 Homestar Built rating
– the first at this scale in New Zealand to do so.
During the year, we also progressed our
decarbonisation efforts, reducing our operational
(Scope 1, 2 and selected Scope 3) emissions
by a further 14%. We invested in reducing gas
use at Vero Centre, resulting in a 16% reduction
in consumption that contributed to the asset’s
improved NABERSNZ rating.
We are investing in the resilience of our assets in
the face of climate change, with risk assessments
completed at both the portfolio and asset levels,
and local mitigation action plans in place. We provide
further detail in the Climate-related Disclosure on
page 31.
Building a future-fit business goes hand in hand with
building a future-fit workforce, with great strides
made in this area during the year. Pleasingly, employee
engagement increased to 75%.
Our assets are important community spaces, and
we work hard to make a positive impact in our local
communities. Our continued partnership with the
Mental Health Foundation is helping to encourage
more New Zealanders to seek support for mental
health and wellbeing. Our support for local grassroots
initiatives and community groups promotes social
engagement and inclusion.
It’s been a year of great progress across all five
sustainability priorities, thanks to the contribution
of our people and the collaborative efforts of our
partners. Thank you for your commitment and input
into advancing sustainable development with us.
We’re excited to be building on our success as
we work towards our new sustainability priorities
and targets, creating and protecting value for
our stakeholders.
Ngā mihi,
Carlie Eve
Environmental, Social and Governance Committee Chair
Clive Mackenzie
Chief Executive Officer
23 May 2025
Message from the ESG Committee Chair
and Chief Executive Officer1
Sustainability report3
How we create value4
Materiality6
Sustainability strategy8
Climate-related disclosures31
Governance34
Strategy38
Risk management50
Metrics and targets52
Appendices59
Appendix one: Our climate scenarios60
Appendix two: Greenhouse gas
emissions inventory report65
Appendix three: Independent Limited
Assurance Report72
Appendix four: Detailed index
of climate disclosures76
Contents
Kiwi Property 2025 Sustainability Report and Climate-related Disclosures1

Sustainability
report
Kiwi Property 2025 Sustainability Report and Climate-related Disclosures3Kiwi Property 2025 Sustainability Report and Climate-related Disclosures2
Sustainability reportClimate-related disclosuresAppendicesContents

Grow with
diverse
sources of
capital
Lead the
market on
retail-led
mixed-use
Build a
future fit
business
Enable
customer
and partner
success
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand’s
leading creator and
curator of retail-led
mixed-use
communities
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
and capital
partners
Communities
Environment
Tenants
and partners
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Adjusted funds from
operations
• Total shareholder return
• Asset valuations
• Customer satisfaction
• Pedestrian counts
• Employee experience
• Health, safety and
wellbeing
• Diversity, equity and
inclusion
• Sales growth
• Occupancy levels
• Tenant satisfaction
• Resident satisfaction
• Community impact
• Emissions reduction
• Global Real Estate
Sustainability
Benchmark (GRESB)
•Building certifications
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
How we
create value
Kiwi Property uses resources and inputs to
deliver our business strategy and create value
for our stakeholders, guided by our ambition to
be Aotearoa New Zealand’s leading creator and
curator of retail-led, mixed-use communities.
The inputs into our business activities are financial
capital, properties, people and capabilities,
partnerships, and nature. Through the execution
of our business strategy, we create value for our
stakeholders: our people, investors and capital
partners, tenants and partners, customers,
communities, and the environment. This value
creation process is illustrated in the diagram below.
InputsBusiness strategyStakeholder groupsSuccess measures
Kiwi Property 2025 Sustainability Report and Climate-related DisclosuresKiwi Property 2025 Sustainability Report and Climate-related Disclosures45
Sustainability reportClimate-related disclosuresAppendicesContents

Materiality
Each year we undertake an
exercise to understand our
material sustainability priorities
and ensure that our Sustainability
Strategy is focused on the risks
and opportunities most relevant
to our business.
We conduct a comprehensive materiality
assessment every three years, with input from
internal and external stakeholders. In the intervening
years, we complete a management review in
consultation with internal stakeholders to ensure our
sustainability priorities remain relevant and aligned
with stakeholder needs.
We undertook a comprehensive materiality
assessment in FY24, which identified six material
sustainability priorities. During FY25, we reviewed
our sustainability priorities while developing our
Sustainability Strategy with members of our ESG
Leadership Team and ESG Committee (ESGC). We
reviewed feedback from our customers, tenants
and investors, which led to several adjustments to
better align our priorities with our refreshed strategy.
Specifically, we made the following changes that were
approved by the Board in March 2025:
•Integrated ‘Keeping pace with evolving ESG policy
and regulatory frameworks’ across all priorities to
strengthen governance and compliance efforts,
rather than having it as a stand-alone priority.
•Rephrased and refined the remaining five
sustainability priorities, shown on the right,
to ensure they provide clear direction for our
sustainability initiatives.
Our next comprehensive double materiality
assessment is planned for FY27.
Material sustainability priorities
Sustainability priorities material to stakeholders
• Build a future fit workforce
• Live up to our role in communities
Priorities that are material from both a financial
and stakeholder perspective
• Decarbonise and reduce our footprint
• Demonstrate resilience
Financially material sustainability priorities
• Manage investments for sustainability performance
Kiwi Property 2025 Sustainability Report and Climate-related DisclosuresKiwi Property 2025 Sustainability Report and Climate-related Disclosures67
Sustainability reportClimate-related disclosuresAppendicesContents

Manage investments
for sustainability
performance (pg 10)
•Sustainable developments
•Energy efficiency
•Sustainable finance
Demonstrate
resilience (pg 18)
•Climate risk
•Adaptation and mitigation
Live up to our role
in communities (pg 26)
•Partnerships
•Community wellbeing
Decarbonise
and reduce
our footprint (pg 14)
•Emissions reduction
•Environmental impact
Build a
future fit
workforce (pg 22)
•People experience
•Health, safety and wellbeing
•Diversity, equity and inclusion
Governance
The Board oversees our
Sustainability Strategy and
its implementation across
the business, as part of its
responsibilities.
Our governance framework is
described in our Climate-related
Disclosure on page 34.
Sustainability
strategy
Kiwi Property’s 2025 – 2030
sustainability strategy reflects
our ambition to be recognised
as a sustainability leader in
New Zealand’s property sector.
The strategy guides our environmental, social and
business activities, helping us deliver on our purpose
of creating connected communities, and identify and
reduce business risks.
Building on our 2021 – 2025 sustainability strategy,
we have refreshed our strategy to reflect our
leadership ambitions, capture changing stakeholder
needs, and meet evolving sustainability-related legal
and regulatory requirements.
Our refreshed strategy addresses the five
sustainability priorities identified through our
materiality assessment.
By aligning our sustainability metrics, targets and
initiatives with these priorities, we aim to drive
meaningful progress across these key areas.
This includes embedding sustainability into the
heart of our operations and fostering a culture of
resilience that supports our long-term success.
Our Sustainability Strategy was approved by the
Board in November 2024. To develop this strategy,
we undertook a comprehensive process in 2024.
This involved conducting structured research
to understand emerging trends, stakeholder
expectations, and engaging with key stakeholders.
We also engaged external consultants to facilitate
two strategic workshops with our Executive Team
and Board, respectively, focused on refreshing our
strategic positioning, metrics and targets to ensure
alignment with our enhanced leadership ambitions.
9Kiwi Property 2025 Sustainability ReportKiwi Property 2025 Sustainability Report8
Sustainability reportClimate-related disclosuresAppendicesContents

Manage
investments for
sustainability
performance
Managing our investments for
sustainability performance means
considering their environmental
and community impacts
throughout their lifecycle
– from initial design and construction through to their
ongoing operation, maintenance and enhancement in
future years.
The sustainability performance of our new and
existing assets contributes to their long-term
value, increasing their appeal to tenants while
optimising operational efficiency and reducing
their environmental impact to support long-term
investor returns.
Focus areas
E
n
e
r
g
y

e
f
fi
c
i
e
n
c
y
S
u
s
t
a
i
n
a
b
l
e

d
e
v
e
l
o
p
m
e
n
t
s
Our progress against targets
Ta rge t sStatusFY25 Progress
Wholly owned office buildings to target
a minimum 4.5-star NABERSNZ rating.
AchievedAll wholly owned office buildings have achieved a minimum
4.5-star NABERSNZ rating. Vero Centre increased its rating
to a 4.5 star due to reduced gas consumption and building
system improvements.
Geneva House (3 Te Kehu Way) has not yet been rated and
will become eligible for a rating in FY26.
New office and retail buildings to target
a minimum 5 Green Star rating.
Not applicable
for FY25
No new office or retail developments were commenced or
completed during FY25.
New residential buildings target a
minimum 7 Homestar rating.
AchievedResido achieved a 9 Homestar Built rating in FY25, the first
of this scale to achieve 9-stars in New Zealand.
Contributing to the Global Goals
Our targets are designed to help achieve the following
United Nations Sustainable Development Goals (UNSDGs):
S
u
s
t
a
i
n
a
b
l
e

f
i
n
a
n
c
e
Kiwi Property 2025 Sustainability Report and Climate-related DisclosuresKiwi Property 2025 Sustainability Report and Climate-related Disclosures1011
Sustainability reportClimate-related disclosuresAppendicesContents

S
u
s
t
a
i
n
a
b
l
e

d
e
v
e
l
o
p
m
e
n
t
s
We design and create environmentally sustainable
assets that appeal to tenants and their customers
over the long term. We apply smart design, materials
selection, and construction initiatives to reduce the
environmental impact of our buildings.
Industry rating tools provide an independent
assessment of the sustainability of our buildings and
developments, including Green Star, NABERSNZ, and
Homestar. These tools consider a variety of factors
to assess building performance, including energy
efficiency, indoor environment and tenant wellbeing.
Our Resido build-to-rent residential development
was awarded a 9 Homestar Built rating, exceeding
our target of a minimum 7 Homestar rating and
surpassing the 8 Homestar Design rating awarded
in FY24. Resido apartments feature energy-efficient
appliances and lighting, double glazing and water-
wise fixtures, complemented by communal rainwater
collection and waste management systems that
reduce environmental impacts. Find out more in
the case study on page 13.
Managing our investments for sustainability
performance allows us to access a greater pool of
investors in the capital markets and in particular those
with an ESG focus. We continued our strong track
record of green bond issuance in the New Zealand
market, issuing a $125 million green bond in December
2024 for a 5.5 year term. This is our seventh
green bond, with four successful issues currently
outstanding from 2018, 2021, 2023 and 2024.
Green bonds are use of proceeds instruments
where borrowed funds are used for specific
sustainability-related purposes. During FY25, green
bond proceeds continued to finance or refinance
energy efficient buildings in our office portfolio and
our Resido build-to-rent development.
The green bonds are underpinned by our Sustainable
Debt Framework, which sets out how we intend to
use sustainable debt and the external principles and
standards we apply to govern their management,
reporting and assurance.
E
n
e
r
g
y

e
f
fi
c
i
e
n
c
y
We benchmark the energy efficiency and performance
of our office assets using the independent NABERSNZ
rating tool. We have set a new target to achieve a
minimum 4.5-star NABERSNZ rating for existing office
buildings, a 0.5-star increase from our previous goal.
All wholly owned office buildings in our portfolio met
or exceeded this rating in FY25. Geneva House will
become eligible for a rating in FY26.
The Vero Centre increased its rating from 4 to 4.5-star
NABERSNZ during the year, following the electrification
of various heating and hot water systems, efficiency
improvements, and reducing gas consumption
through the optimisation of the remaining gas boilers.
See page 16 for more information.
ASB North Wharf also increased its rating from
4.5 to 5-star NABERSNZ after implementing energy
efficiency improvements. Find out more about our
collaboration with our tenant, ASB Bank, on page 28.
Building Ratings as at 31 March 2025
Resido9 Homestar v 4.1 Built
Geneva House
(3 Te Kehu Way)
6 Green Star Design
& As Built NZv1.0 Built
ANZ Raranga5.5-star Star NABERSNZ
5 Green Star Office Design
ASB North Wharf5-star NABERSNZ
5 Green Star Office Design
The Aurora Centre5-star NABERSNZ
Vero Centre4.5-star NABERSNZ
Welcoming residents
to Resido
Our 295 build-to-rent apartment building,
Resido, shows how investing for sustainability
performance can create a great experience
for our residents. Located adjacent to
our Sylvia Park shopping centre, Resido
is now home to a community of over 400
residents with 85% of apartments leased
at 16 May 2025.
Resido is appealing to our target market, with
48% of residents in professional occupations
and 80% of leases being for 12 months or
more. Pet owners are particularly attracted
to the community’s pet friendly policy, with
36% of our residents having pets.
Resido has been awarded a 9 Homestar Built
rating, surpassing the 8 Homestar Design
rating received in FY24. Both ratings recognise
the development’s strong sustainability
credentials, including energy-efficient
appliances and lighting in apartments and
a comprehensive waste management and
recycling centre to support tenant recycling.
Tenants are enjoying the Resido lifestyle,
rating the overall experience 4.6 out of 5 in
the resident satisfaction survey conducted
in December 2024. Tenants appreciate the
sense of community, along with the gym and
communal facilities such as the rooftop BBQ,
gardens and parcel lockers. The location
close to both public transport and Sylvia
Park shopping centre were also top-rated
amenities amongst residents.
Case study
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Decarbonise
and reduce our
footprint
We create places with reduced
environmental impacts and
support stakeholders on their
low-carbon journey.
By integrating sustainable design and operations,
we reduce greenhouse gas (GHG) emissions,
conserve resources, and promote healthier spaces.
This enhances our assets’ sustainability credentials,
creating opportunities for collaborative partnerships
with suppliers and tenants.
These partnerships enable us to work with tenants to
reduce operational emissions and our environmental
impact. By supporting our tenants and fostering
a culture of sustainability, we support stakeholder
wellbeing and enhance our business’ long-term value.
Focus areas
Our progress against targets
Ta rge t sStatusFY25 Progress
20% reduction of operational (Scope 1, 2
and selected Scope 3)
1
GHG emissions
by 2030.
Scope 1 and 2 emissions are fully offset
by the purchase of voluntary carbon
credits by 2030.
On track14% reduction in operational emissions compared to FY24
base year.
2
Divert 85% construction waste
(by weight) from landfill for new asset
developments.
Achieved92% construction waste (by weight) diverted from landfill
during our Resido development.
Contributing to the Global Goals
Our targets are designed to help achieve the following
United Nations Sustainable Development Goals (UNSDGs):
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1. Operational emissions are the emissions attributed to the day-to-day activities of our buildings and operations. Kiwi Property includes in our selected scope 3
emissions waste from our operations, water, business travel, taxis, mileage, accommodation and transmission and distribution losses from energy (electricity and gas).
2. The Ministry for the Environment has released changes to the emissions factors used in calculating GHG emissions. The new factors have not been applied to the
GHG emissions information in this report due to timing and impracticality to update and review data prior to the release of this report. These factors are not entity
specific and the timing of release of these factors is not in Kiwi Property’s control. Based on current estimates the new factors would potentially materially impact
Scope 2 emissions (electricity emissions factor has increased by 38%) and Scope 3 (waste emissions factor has reduced by 12%).
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Sylvia Park’s award winning green planting
Sylvia Park’s planting and compost programme,
recognised by the Interior Plantscape Association
in 2024, showcases Kiwi Property’s commitment
to minimise our environmental footprint. The
initiative, developed in partnership with Outside
In, transformed the 210,000m2 precinct into a
vibrant green hub, integrating waste management,
community engagement, and environmental
stewardship.
The project features a fully circular composting
system that processes food waste, coffee grounds,
and green waste from the shopping centre. Since
July 2024, over 13,600 kilograms of waste have
been composted onsite, producing 12m³ of premium
compost to enrich soil and reduce fertiliser use.
Rainwater harvesting also captures runoff from the
carpark building in a 25,000-litre tank for irrigation.
The project also includes a community garden that
was established in conjunction with Sylvia Park School.
Approximately 40 students known as Eco Warriors,
participated in hands-on gardening sessions led by
horticulturists, learning about nature while sharing
harvested produce with their families. This has helped
with school attendance, improving attendance on days
when students participated in the gardening session.
Kiwi Property recognises that reducing environmental
impact is a collaborative effort. The project enhances
biodiversity with over 350 trees and 5,000 shrubs
across the precinct while promoting organic care
practices.
Sylvia Park’s green corridor demonstrates how
landlords can drive sustainability by fostering
community connections and inspiring future
generations to value nature.
Energy
We reduced our consumption of grid electricity by
5% across our operations, driven by our commitment
to energy efficiency. At Vero Centre, we have
commenced the process to remove gas use in the
common areas (base building), following similar
efforts at Sylvia Park last year. This has led to a 13%
reduction in GHG emissions at Vero, which supported
the effort to increase its NABERSNZ rating to 4.5 Stars.
We are now working to phase out gas from common
areas across our portfolio where practicable, with
51% of our assets (by NLA) currently gas-free in their
base building. These initiatives reflect our ongoing
commitment to decarbonisation and sustainable
energy practices.
Waste
Our waste management programmes encourage
tenants and customers to reduce waste sent
to landfill and increase recycling. In FY25, our
operations sent 171 tonnes less waste to landfill
compared to FY24, representing a 8% reduction
across our portfolio.
We implemented targeted asset-level initiatives
to improve our waste performance. At Sylvia Park,
we continued working with retailers to enhance
recycling and sorting processes at waste dock areas
in partnership with Professional Property & Cleaning
Services (PPCS) and Rubbish Direct. Recycling Week
at the centre also featured activities promoting
waste reduction and recycling. In collaboration with
ImpacTex, a New Zealand-based textile recovery and
recycling company, we encouraged customers to
recycle unwanted clothing items. Through these waste
management and recycling efforts, waste to landfill
at Sylvia Park has been reduced by 17% and recycling
increased by 49% over the same period.
We are also exploring innovative ways to upcycle
materials and model sustainable practices. Where
we can repurpose materials and we have also used
saveBOARD panels, made from recycled plastic
and tetra packs, for hoardings. These panels can
be returned for recycling when no longer needed.
Case study
We are committed to reducing our emissions to
minimise our environmental footprint. Compared
to our FY24 baseline, we have reduced annual
operational emissions (Scope 1, 2 and selected Scope
3 GHG emissions) by 14%. In FY25, our total Scope
1 and 2 emissions were 933 tCO
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from FY24.
We implemented several initiatives from our
Decarbonisation Plan during the year. We invested
in reducing our energy consumption, waste, and
removing gas from the base build of our assets.
We continue to focus on diverting waste from landfill
with comprehensive waste management programmes
in our assets and during development activity.
For further emissions information, please see
our Climate-Related Disclosure on page 31 and
Greenhouse Gas Inventory Report on page 65.
At Vero Centre, we held a clothing drive to support
Dress for Success for Recycling Week. Employees
donated pre-loved clothing, shoes, and handbags
to empower women through the charity’s mission.
These initiatives reflect our commitment to fostering
sustainability across our operations and communities.
Water
We have been working on improving our water
management processes with a reduction in FY24 however,
this year we used more water compared to FY24 due to
water-intensive construction activities at The Plaza. In
FY25, we increased our buildings’ consumption of potable
water by 7% compared to FY24.
For further information on GHG emissions, please see
our Climate-Related Disclosure (CRD) on page 31.
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Demonstrate
resilience
We demonstrate resilience
by proactively addressing
the increasingly complex and
interconnected challenges posed
by climate change.
This is particularly important as climate-related
weather events become more frequent, severe
and unpredictable.
By integrating climate resilience into our core
operations and decision-making processes, we
protect our asset value, reduce the risks of additional
costs associated with climate-related disruptions,
ensure the safety of our tenants and customers,
and minimise financial risks.
Focus areas
Our progress against targets
Ta rge t sStatusFY25 Progress
100% of assets
1
have climate risk
mitigation and/or adaptation plans
by 2027.
AchievedAll assets have climate risk mitigation or adaptation plans
in place.
100% of new asset developments to be
designed for climate resilience.
AchievedClimate resilience was considered and incorporated into
the design of Resido which opened in FY25.
Contributing to the Global Goals
Our targets are designed to help achieve the following
United Nations Sustainable Development Goals (UNSDGs):
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1. Development land and sundry properties are excluded from this target.
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Our vision for Drury Town Centre
Kiwi Property’s Drury Town Centre development
reinforces our commitment to mitigating the
potential physical impacts of climate through
design and forward planning. Projected increases
in increased rainfall intensity and storm events have
been considered in stormwater design, and the
site’s general elevation above the Hingaia stream
and Fitzgerald flood plains provides some natural
protection.
Elevated flood levels have been factored into planning,
helping to prepare the site for higher-than-current
flood risks in the future.
Provisioning for rainwater harvesting and on-site
solar energy will help the buildings adapt to impacts
of changing environmental conditions in the decades
ahead. These measures both support the functionality
of the future Drury Town Centre and support its long-
term sustainability.
Our approach demonstrates Kiwi Property’s
commitment to designing climate risk mitigations
into our developments.
We are committed to proactively identifying and
managing climate risk. This enables us to develop
informed strategies to plan for and mitigate risks in
the short, medium and long term, helping to protect
the long-term value of our assets.
Collaboration is central to our approach. We work
closely with tenants, suppliers and stakeholders to
reduce emissions, strengthen resilience, and transition
toward a low-carbon future.
We provide detailed information about our approach
to managing and addressing climate risks and
opportunities in the Climate-Related Disclosure
(CRD). It describes our robust approach to assessing
physical and transitional climate risks across our
portfolio. This includes undertaking climate risk
assessments, developing decarbonisation plans for
each asset, and integrating these considerations into
our refreshed sustainability strategy this year. For
more details on climate risk, see our CRD on page 42.
We are dedicated to strengthening the resilience of
our assets through climate mitigation and adaptation
strategies, supporting the safety and wellbeing of our
people, tenants and local communities.
Recognising the physical risks, such as extreme
weather events, and transition risks associated
with the shift to a low-carbon economy,
Kiwi Property engaged an engineering consultancy,
Beca New Zealand, to undertake a high level climate
risk assessment for our portfolio in FY25. Asset level
assessments are reviewed annually by the asset
teams to maintain awareness of significant risks
and opportunities, supporting proactive mitigation
initiatives.
Climate adaptation is designed into our new asset
developments and embedded into our asset
management practices such as upgrading existing
guttering to provide more capacity and stormwater
design to include water gardens. We prioritise the
safety of our tenants and customers by proactively
preparing for extreme weather events, conducting
regular emergency drills at our centres. Facility
managers, customer service teams and security
guards participate in desktop exercises addressing
extreme weather-related risks such as flooding, to
strengthen our preparedness and resilience. We
integrate climate considerations into our decision-
making processes and ten year capital expenditure
budgets, Kiwi Property is focused on asset resilience
in a changing environment.
Case study
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Build a future fit
workforce
We invest in our people,
recognising that a strong and
diverse workforce is essential for
our success.
We go beyond traditional health and safety
measures by taking a holistic approach that
prioritises employee inclusion, belonging, and mental
health. We understand that a strong organisational
culture thrives when every individual feels valued,
respected and empowered to contribute their unique
perspectives and experiences.
By prioritising these aspects, we enhance employee
engagement, retention and satisfaction, which in
turn drive innovation, productivity and long-term
business performance.
Focus areas
Our progress against targets
Ta rge t sStatusFY25 Progress
40:40:20 gender split in Board,
Executive and Senior Leadership Team.
Achieved
This target was met in FY25 for the Executive and Senior
Leadership teams but was not achieved at Board level.
Executive Team: 40% female; 60% male.
AchievedSenior Leadership Team: 48% female; 52% male.
Not achievedBoard: 33% female; 67% male.
Achieve employee engagement better
than the New Zealand companies median
benchmark.
1
AchievedAt 75% our engagement score is 7% above the New Zealand
company median benchmark, placing us in the top quartile.
Aspiration that the workforce more
closely reflects the ethnic make-up of
New Zealand
On trackKiwi Property reset expectations with recruitment partners
to ensure diverse talent pools are presented for all roles.
Contributing to the Global Goals
Our targets are designed to help achieve the following
United Nations Sustainable Development Goals (UNSDGs):
1. Culture Amp New Zealand Companies (100-200) benchmark.
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People experience is a key pillar of our People
Strategy. Our focus is to create meaningful impact
for our people throughout their employment
while ensuring we remain relevant and attractive
to future employees.
We survey our employees annually to measure their
engagement and understand their sentiments on
important workplace matters such as leadership,
wellbeing, flexibility, recognition, and health and safety.
Our FY25 employee engagement score was 75%, an
8% increase from the year prior. The survey revealed
that our focus on flexibility, wellbeing and building an
inclusive culture resonated deeply with our people.
This year, we invested in building the leadership
capability of our senior leaders and launched our
high-performance leadership programme.
We have focused on the growth and development of
our people, proactively working with leaders to create
career opportunities. In FY25 we doubled the number
of roles that were filled internally and employee
sentiment on career opportunities at Kiwi Property
increased by 6%. We are also creating opportunities
for future talent with 5 graduates or students
currently working in the business.
Keystone Trust scholarship
Kiwi Property is proud to maintain a long-
standing partnership with New Zealand’s
charitable Keystone Trust, supporting students
as they pursue tertiary studies in property-
related fields. Since 2019, we have seen our
Keystone Scholarship recipients excel in
their university journeys and transition into
meaningful roles within Kiwi Property.
This year, Skylah Hewett is completing her
final year of a conjoint Bachelor of Law and
Bachelor of Property degree at the University
of Auckland and is currently working part-time
in our busy Legal team.
In July 2024, Bhavik Paragji, a third-year
Bachelor of Property and Commerce student
at the University of Auckland, joined us at
Vero as a Leasing Assistant, Bhavik has been
working part-time during the academic term
supporting the Income and Leasing team.
We are delighted to see Skylah and Bhavik
thrive in their roles, actively contributing to
our vision of a future-fit, diverse, and inclusive
workplace through their practical experience
and impactful contributions.
Ensuring the safety of our people is a key priority at
Kiwi Property. In October 2024, St John Ambulance
provided CPR and defibrillator training at Vero Centre.
For further information on employee health and safety,
see Community Wellbeing on page 28.
This year, we undertook a targeted survey which
gathered vital information on the wellbeing of our
people, and we introduced initiatives such as birthday
leave while continuing to offer flexible working
arrangements and health-focused programmes like flu
vaccinations, mole maps and mental health support.
We also launched our partnership with ‘My Everyday
Wellbeing’, a wellbeing platform that provides our
people with the tools and resources to take the reins
for their own health and wellbeing.
Health & safetyFY24FY25
Employee notifiable injury/incidentsZeroZero
Employee Health and Safety Board
reportable incidents
ZeroOne
Lost Time Injury Frequency rate for
development activities (per 200,000
hours worked) versus BLHSDF
benchmark of 1.95
ZeroZero
At Kiwi Property, fostering diversity, equity and inclusion
is integral to building a future-fit workplace. This year,
we reset expectations with our recruitment partners
to align with our diversity goals, ensuring diverse talent
pools are presented for all roles, and equipping hiring
managers with a guide to attracting diverse talent,
and removing bias in the process.
We also enhanced our parental leave benefits by
introducing employer KiwiSaver contributions while
our employees are on unpaid parental leave – above
and beyond legal requirements. By contributing a
percentage of salary for up to six months, we help
mitigate the retirement savings gap often experienced
by primary carers.
Case study
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Live up to
our role in
communities
Our assets are community spaces,
home to services, amenities and
experiences that our tenants,
customers and local communities
use and enjoy.
As the owner and operator of these spaces, we strive
to live up to our role in communities by partnering
with others to advance our sustainability goals,
and providing spaces that are safe, welcoming and
supportive of community wellbeing.
Focus areas
Our progress against targets
Ta rge t sStatusFY25 Progress
Work with key suppliers to integrate
sustainability criteria into all new
agreements.
On trackSustainability criteria were included in a major multi-asset
security procurement in FY25.
Zero fatalities at our assets due to our
property management and health and
safety practices.
AchievedThere were zero fatalities within our assets in FY25 associated
with our property management and health and safety
practices.
Contributing to the Global Goals
Our targets are designed to help achieve the following
United Nations Sustainable Development Goals (UNSDGs):
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Case study
We partner with our suppliers and tenants to advance
our common sustainability goals.
Sustainable supply chain
We use our purchasing power to partner with
suppliers to achieve better environmental and social
outcomes for our projects and operations. Our
ESG Procurement Guidelines embed sustainability
considerations into our purchasing practices to build
our understanding of the sustainability of our key
operational suppliers.
We applied our sustainable procurement process
to a major multi-asset security contract during
FY25 – one of our highest value asset management
commercial agreements. Tendering providers
completed our sustainability questionnaire as part
of their submission, outlining their approach to topics
such as emissions and waste management, labour
rights, workforce diversity, career development and
employee wellbeing. The sustainability questionnaire
contributed to the scoring and assessment of
tenderers, and the selected provider’s contract
commenced in April 2025.
We continued to develop our Supplier Code of
Conduct, incorporating insights from our sustainable
procurement process.
Collaborating with tenants
Our sustainability ambitions are interlinked with those
of our tenants, and we rely on each other to achieve
them. Our tenant engagement programme continues
to gather feedback about how we can collaborate
to reduce our assets’ environmental impact and
contribute to our local communities.
At ASB North Wharf, we worked closely with our
tenant, ASB Bank, to progress our shared sustainability
goals. We undertook energy efficiency improvements
such as recommissioning of the HVAC system and
reducing gas usage through management of the
boilers, which increased the building’s NABERSNZ
rating to 5-star. Together we are exploring further
building management system upgrades to continue
improving the building’s performance.
Contributing to communities
during Mental Health
Awareness Week
We joined with our tenants, customers and
local communities to celebrate Mental Health
Awareness Week in September 2024, in
partnership with the Mental Health Foundation of
New Zealand. The 2024 theme of ‘Community is
what we create together’ was particularly relevant
to Kiwi Property, and built on the Foundation’s
research into the important role that community
plays in how people get through tough times.
Our team at The Plaza joined with customers,
tenants and contractors to donate 181 food
items to City Mission Palmerston North to help
address food insecurity in the local community.
The Centre Place asset team and cleaning and
security contractors provided similar support for
the St Vincent de Paul foodbank and Salvation
Army in Hamilton.
At the Sylvia Park Community Garden, team
members volunteered to plant the garden’s new
orchard with the Sylvia Park Primary Eco Warriors,
under the guidance of landscapers, Outside In.
Together we planted peaches, nectarines, apples
and citrus, which the Eco Warriors hope to harvest
in 2025. Find out more about the Eco Warriors
programme on page 17.
At our Drury development, we are helping to
connect community members by participating in
the Papakura Community Resilience Network with
Auckland Council and other local stakeholders
to support disaster readiness. The Mental Health
Foundation’s research found that community
played a crucial role in wellbeing following the
Anniversary Day floods and Cyclone Gabriel in
2023. The Network encourages local community
education on disaster readiness, as well as
getting to know your neighbours. Drury will
become a Community Emergency Hub, where
people can seek assistance in times of need, and
we are supporting local get-togethers and street
based support groups as a Network member.
Giving back to our communities
We connect our people with local community
organisations through our volunteering programme.
Employees can use one day of paid leave to
volunteer with non-profit organisations in our local
communities, offering much-needed assistance
alongside their fellow team members.
During FY25 our teams also raised money for various
charities through Christmas gift wrapping in our
shopping centres, as well as supporting Mental Health
Awareness Week and coordinating donations to the
Salvation Army, City Mission Palmerston North, and
Auckland City Mission.
Fostering wellbeing in our local communities
Our assets are places where community members
come together to spend time with colleagues,
neighbours, friends and family – with 37.2 million
customers visiting our mixed-use assets this year.
Throughout the year, we encourage our customers,
tenants and our own Kiwi Property team to participate
in events and initiatives that encourage greater
wellbeing and inclusion.
Our partnership with the Mental Health Foundation
(MHF) is focused on raising awareness of the
importance of mental health and wellbeing. We
supported several of the Foundation’s campaigns
and celebrations in FY25, including Pink Shirt Day
and Mental Health Awareness Week.
Together with the Foundation, we created our
second Christmas book with 20,000 copies
produced to gift to the children who visited Santa
at a Kiwi Property shopping centre. Following the
success of ‘Where’s Holly’s Hat?’ in 2023, this year’s
book saw Holly the curious kākāpō and her friends
discover that friendship and togetherness are the
best gifts of all. These books are designed to teach
children the different aspects of the “5 ways of
wellbeing” framework.
Our Sylvia Park shopping centre Christmas gift
wrapping booths also supported the Foundation,
raising over $40,000 to support positive mental health.
We are looking at new ways to develop our MHF
partnership in FY26 and beyond and will explore
how we can incorporate education and wellbeing
into our activities to benefit both our communities
and the Foundation.
We celebrated the days of significance relevant to
our local communities throughout the year, including
Matariki, Lunar New Year and Diwali.
At Northlands, we marked Daffodil Day together with
The Canterbury Cancer Centre to fundraise for the
Cancer Society with tenants and customers.
The Base introduced The Big Tautoko, a community
initiative to support local Waikato charities.
Community members nominated deserving
organisations, with four selected at random to win
a share of $6,500 in products and resources from
retailers at The Base. The nominees – Community Link
Trust, Kids In Need Waikato, Mates Matter and Paws 4
Life – each received a share of the prize pool based on
the customer votes, as well as exposure and increased
awareness of their work in the local community.
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To live up to our role in communities, our assets
must be safe, inclusive and welcoming to support
community wellbeing.
Ensuring the safety of tenants and customers
We take our responsibilities for the safety and
wellbeing of our tenants and customers very seriously.
We work closely with industry experts to continually
review, refine and improve safety systems across our
assets and workplaces. All assets are covered by our
Health and Safety Policy and procedures, with safety
integrated into our governance and management
practices and reported to the Executive Team and
the Board.
We are focused on having robust health and safety
systems in place, including investing in our assets’
security. We work closely with our service contractors
to make personal safety equipment such as body
cameras and vests available to guards working at
our assets.
We completed a comprehensive safety and security
audit of selected retail assets during FY25, rigorously
testing our approach to drive further improvement.
The audit confirmed the aspects of asset security we
handle well, and identified enhancement opportunities.
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Sustainability reportClimate-related disclosuresAppendicesContents

Sustainability reportClimate-related disclosuresAppendicesContents
Climate-related
disclosures
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 (direct or indirect) 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.
No contract or other legal obligations shall arise between
Kiwi Property and any recipient of this document.
Past and future 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.
This sustainability report contains both current and forward-
looking information that is based on:
• Incomplete and estimated data; and
• Our judgements, opinion and assumptions about matters
relating to sustainability (including, but not limited to,
climate change) and its impact on Kiwi Property.
The information in this report is given in good faith and has
been obtained from sources believed to be reliable and
accurate at the date of preparation. However, matters relating
to sustainability (including, but not limited to, climate change)
and related governing frameworks are subject to uncertainties
and data challenges, and this gives rise to uncertainties as
to the impact of these matters on Kiwi Property’s business
and the conditions in which it operates. We caution reliance
on information that is necessarily subject to significant risks,
uncertainties and/or assumptions.
Disclaimer
This document contains certain “forward-looking
statements” such as indications of, and guidance on, future
earnings and financial position and performance, including
performance against sustainability metrics, targets and
initiatives. 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
are based on estimates, goals, forecasts and judgements.
The forward-looking statements are given in good faith and
have been based on estimates, judgements, assumptions
and data that Kiwi Property considers to be reliable, accurate
and appropriate as at the date of this document. Forward-
looking statements 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. Kiwi Property expects that some forward-
looking statements in this document may be restated or
amended in future disclosures. Kiwi Property does not
represent that those forward-looking statements will not
change following publication. You should consider the
forward-looking statements contained in this document in
light of this information.
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.
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.
Kiwi Property 2025 Sustainability Report and Climate-related Disclosures31Kiwi Property 2025 Sustainability Report and Climate-related Disclosures

Sustainability reportClimate-related disclosuresAppendicesContents
Kiwi Property Group Limited is a climate reporting
entity under the Financial Markets Conduct Act
2013 (FMCA). These Climate-related disclosures
are the Group Climate Statements of Kiwi Property
Group Limited that are required to be prepared under
sections 461Z to 461ZB of the FMCA. These climate
statements include climate-related disclosures
for Kiwi Property Group Limited and its controlled
entities. References to “Kiwi Property”, “we” and “our”
in these climate statements are to the group as
a whole. The climate-related disclosures in these
climate statements comply with the Aotearoa
New Zealand Climate Standards (“NZ CS”) issued by
the External Reporting Board (“XRB”). In preparing
these climate statements, Kiwi Property has elected
to use the following adoption provisions contained
in NZ CS 2:
Important notice
These climate statements contain both current and
forward-looking information that is based on:
•incomplete and estimated data; and
•our judgements, opinions and assumptions about
matters relating to climate change and its impact
on Kiwi Property.
The information in this report is given in good faith
and has been obtained from sources believed to
be reliable and accurate at the date of preparation.
However, climate change and the frameworks that
govern it are subject to uncertainties and data
challenges, and this gives rise to uncertainties as
to the impact of these matters on Kiwi Property’s
business and the conditions in which it operates.
We caution reliance being placed on information
that is necessarily subject to significant risks,
uncertainties and/or assumptions.
These climate statements contain forward-looking
statements and opinions, including climate-related
ambitions, targets, assumptions, scenarios, risks and
opportunities, anticipated impacts and strategies.
These forward-looking statements should not be
taken as facts or guarantees of future performance,
but rather as estimates, goals, forecasts and
judgements based on Kiwi Property’s understanding
and estimates of the current and anticipated impacts
of climate change as at the date of publication
of these climate statements. Forward-looking
statements and opinions involve known and unknown
risks, uncertainties and other factors that are, in many
cases, beyond Kiwi Property’s control and/or likely
to change over time. Kiwi Property’s performance
against its climate-related ambitions and targets,
and the strategies that it adopts, may differ materially
from what is described in this report. In addition,
climate-related risks and opportunities may be more
or less significant than described in this report and
new risks and opportunities may eventuate over time.
Assumptions and scenarios are subject to change
without notice, as are statements about climate
change and the global and domestic response to it.
Kiwi Property expects that some forward-looking
statements and/or opinions in this document may
be restated or amended in future disclosures as
methodologies, data and strategies continue to
improve. Kiwi Property does not represent that those
forward-looking statements and/or opinions will
not change following publication of these climate
statements, and gives no undertaking to update the
information in these climate statements over time
(subject to legal or regulatory requirements, including
requirements to produce climate statements under
the FMCA in future years).
These climate statements are not an offer document
and do not constitute an offer or recommendation
to invest in, distribute or purchase financial products.
Nothing in this Report should be taken as investment,
capital growth, earnings or any other legal, financial,
tax or other advice or guidance.
Approved on behalf of the Board on 23rd May 2025.
Reporting entity and
statement of compliance
Carlie Eve
Environmental,
Social Governance
Committee Chair
Mary Jane Daly
Audit and Risk
Committee Chair
i. Adoption provision 2, which exempts Kiwi
Property from disclosing in its first and second
reporting period the anticipated financial impacts
of climate-related risks and opportunities it
reasonably expects;
ii. Adoption provision 4, which exempts Kiwi Property
from disclosing in its first and second reporting
period greenhouse gas (“GHG”) emissions in
metric tonnes of carbon dioxide equivalent
classified as scope 3. Kiwi Property has elected to
use this exemption in respect of certain categories
of scope 3 emissions, which it has not disclosed.
A table setting out the scope 3 emissions sources
excluded from these disclosures is set out at
page 70 of these climate statements. The GHG
emissions excluded from these climate statements
are the same as for the climate statements for
the financial year ending 31 March 2024 (“FY24”)
and accordingly Kiwi Property does not rely on
adoption provision 5;
iii. Adoption provision 6, which permits Kiwi Property
in its second reporting period to provide only one
year of comparative information for each metric
disclosed;
iv. Adoption provision 7, which exempts Kiwi Property
in its first and second reporting periods from
disclosing an analysis of the main trends evident
from a comparison of each metric from previous
reporting periods to the current reporting period;
and
v. Adoption provision 8, which permits Kiwi Property
to exclude its scope 3 emissions disclosures
from the scope of the assurance engagement for
accounting periods ending before 31 December
2025. While Kiwi Property is disclosing some
scope 3 GHG emissions, these have not been
mandatorily assured. Kiwi Property is also relying
on the Financial Markets Conduct (Climate-related
Disclosures – Assurance Engagement) Exemption
Notice 2025, which exempts Kiwi Property from
section 461ZH(1) of the FMCA to the extent that
the group climate statements are required to
disclose scope 3 greenhouse gas emissions.
Period covered
This disclosure covers the period from 1 April 2024
to 31 March 2025 (FY25).
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Governance
This section sets out how Kiwi Property’s Board
oversees climate-related risks and climate-related
opportunities, and the role our management plays
in assessing and managing those climate-related
risks and opportunities.
Kiwi Property’s Board of Directors
Kiwi Property’s Board of Directors (Board) has overall
responsibility for oversight of business risks and
opportunities, including in relation to climate change.
The Board establishes Kiwi Property’s strategic
direction and financial and non-financial objectives,
including by approving Kiwi Property’s Sustainability
Strategy. In addition, the Board is responsible for
understanding and ensuring the management of the
risks facing Kiwi Property in achieving its objectives,
including climate-related risks.
The Board is supported in its oversight of climate-
related risks and opportunities by the following
Board sub-committees:
•The Audit and Risk Committee (ARC) assists
the Board in its oversight of Kiwi Property’s risk
management framework and the monitoring of
compliance within that framework, including in
relation to climate-related risk.
•The Environmental, Social and Governance
Committee (ESGC) also assists the Board in its
oversight of climate-related risks and opportunities,
including by reviewing and recommending to the
Board for approval Kiwi Property’s Sustainability
Strategy.
A Due Diligence Committee (DDC) was established to
assist the Board by coordinating and overseeing the
due diligence process for the FY24 climate-related
disclosures, however Kiwi Property no longer has a
separate Due Diligence Committee for this purpose.
The Board (including Board sub-committees)
is informed about climate-related risks and
opportunities in the following ways:
•In FY25, the Board attended a workshop with a
view to identifying potential mitigations for two of
Kiwi Property’s most material climate-related risks
(relating to insurance and sustainability ratings –
see further on page 42). This workshop was held in
March 2025 and involved the Board considering a
“failure” scenario in relation to the two key risks.
Governance
Kiwi Property Board
Oversees the business and affairs of Kiwi Property and establishes the strategic
direction and objectives, including approving the Sustainability Strategy.
Understands and ensures the management of business risks, including climate-related risks.
ARC
Purpose is to assist the Board with the proper and
efficient discharge of its responsibilities to exercise due
care, diligence and skill in relation to the oversight of
(amongst other things) the risk management framework
and the monitoring of compliance within that framework.
Reviews Kiwi Property’s key enterprise risks, including
in relation to climate change.
Together with the ESGC, oversees compliance with
Kiwi Property’s sustainable debt framework.
Meets at least four times a year.
ESGC
1
Purpose is to identify and consider all relevant and
material Environmental, Social and Governance (ESG)
matters and to assist the Board in fully integrating ESG
principles into the governance of the business.
Reviews and recommends to the Board the Sustainability
Strategy, frameworks and initiatives.
Monitors and reports to the Board in relation
to Kiwi Property’s material ESG matters
(including climate-related).
Oversees compliance with statutory responsibilities
relating to sustainability.
Together with the ARC, oversees compliance with
Kiwi Property’s sustainable debt framework.
Meets at least four times a year.
Management
Executive Team
Comprised of Chief Executive Officer, GM Income and Leasing, GM People, GM Asset Management and Chief Financial Officer.
Participates in the climate risk assessment process. In FY25, this included reviewing Kiwi Property’s climate-related
risks and opportunities and the impact on Kiwi Property’s strategy.
GM Asset Management is responsible for overseeing the delivery of the Sustainability Strategy.
Risk and Compliance Committee
Comprised of Chief Executive Officer, GM People,
GM Asset Management, Chief Financial Officer,
Head of Legal and Heads of Development.
Reviews the register of key risks, including where these
key risks relate to climate change.
Reports quarterly to the ARC.
ESG Leadership Team
Comprised of Head of Legal, Head of Sustainability,
Head of Development, Finance Director, Head of
Corporate Finance & Investor Relations, National Retail
Assets Manager and Head of Facilities & Tenancy Delivery.
Participates in the climate risk assessment process.
Implementation of the Sustainability Strategy across
the business.
Meets at least four times a year.
Asset Management Teams
Comprised of Facilities Managers and Marketing Managers.
Implement sustainability plans (including where these relate to climate-related risks) at asset and operational levels.
Table 1: Organisational structure relating to oversight and management of climate-related risks
and opportunities
•The Board is involved in the climate risk assessment
process, which is undertaken by the ESG Leadership
Team. In FY25, Kiwi Property undertook a review
of the climate-related risks it had previously
identified as described on page 42 of these climate
statements, with the Board approving the risks
identified.
•Risks identified as key risks (including any in relation
to climate change) are included in Kiwi Property’s
risk register and monitored by the ARC. The risks are
typically considered by the Risk and Compliance
Committee and reported to the ARC quarterly.
•Kiwi Property’s climate-related disclosures are
overseen by the ARC and recommended to the
Board for approval.
•The ESGC approves the workstreams that
Kiwi Property is intending annually to undertake
in relation to the Sustainability Strategy and
reviews our performance against those identified
workstreams. For FY25 these workstreams included
strengthening resilience against climate-related
physical risks. The ESGC also receives an annual
update on our progress on emissions reductions
and achieving sustainability ratings for our property
portfolio, as described further in the Metrics and
Targets section of this report.
•In FY25, the ESGC met five times. The ESGC Chair
updates the Board on material ESG matters at
each quarterly Board meeting, and all directors can
access ESGC papers and attend ESGC meetings at
any time.
1. Following FY25, Kiwi Property has decided to consolidate the three current Board subcommittees into two, which will result in the
ESGC being dissolved and the responsibilities of the ESGC being reallocated into the work of the two remaining subcommittees.
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Competency and skillset of the Board
The Board aims to ensure that it has the appropriate
mix of skills and competencies to provide effective
governance of Kiwi Property, including in relation
to climate-related risks and opportunities.
Management regularly provides information to the
ESGC on climate-related topics such as climate
governance, reducing emissions for construction and
transition planning. The ESGC is also provided with
regular updates on Kiwi Property’s climate-related
disclosures and on progress towards deliverables
directly related to the Sustainability Strategy. The
ESGC accesses expertise in climate-related issues
from management and from external consultants as
required. Kiwi Property uses a Board skills matrix to
assess the skills and competency of the Board. This
does not currently include climate change specifically
but does include governance of ESG / Sustainability.
The Board skills matrix provides insights on possible
future skills aligned to the strategic needs of the
organisation, and enables the Board to identify
potential gaps to focus on for future succession
and targeted learning. In FY25, the Board skills matrix
identifies that four of Kiwi Property’s directors are an
expert in the area of “ESG, sustainability and social
license to operate”, while the remaining two directors
have a good general awareness and understanding
of these areas as relevant to Kiwi Property.
The role of Management
Day-to-day management of Kiwi Property’s business
is undertaken by the Executive Team, which is led
by Kiwi Property’s Chief Executive and is made up
of 5 senior roles as described in the structure in
Table 1. In FY25, the Executive Team was involved in
Kiwi Property’s climate risk review process, including
attending a workshop with a view to identifying
potential mitigations for two of Kiwi Property’s most
material climate-related risks (relating to insurance
and sustainability ratings). Kiwi Property’s GM Asset
Management is responsible for the execution of the
Sustainability Strategy, including management of
climate-related risks and opportunities to the extent
that these are relevant to the Sustainability Strategy.
These responsibilities include implementation of
the Sustainability Strategy and reporting progress
against the ESGC approved sustainability deliverables
(including any climate-related initiatives) relating to
that strategy to the ESGC. Kiwi Property also has a
management level Risk and Compliance Committee
which meets quarterly and is responsible for:-
•A quarterly review of the company risk register,
which has included climate-related risk as
described on page 34. The review includes
confirming the current status of each key risk and
providing commentary on any change to risk ratings.
•Ensures regular risk reports are provided to the
ARC on the status of key risks, including in relation
to climate change.
The ESG Leadership Team meets a minimum of four
times a year and:-
•Participates in the annual climate risk and
opportunity assessment process and climate risk
review process, including by participating in the
refreshed scenario analysis process in FY25.
•Oversees the operational implementation of the
Sustainability Strategy including agreed actions
relating to climate-related risks and opportunities.
•The ESG Leadership Team was also previously
responsible for implementing external and internal
feedback mechanisms, and monitoring progress
against the ESGC-approved sustainability
deliverables and reporting these to the ESGC.
However, in FY25 Kiwi Property amended its
processes so that these responsibilities sit
directly with the GM Asset Management and
Head of Sustainability.
•Where climate-related matters are reported to
Board sub-committees as described above, the
members of the relevant committees have the
opportunity to discuss matters and raise questions
with the relevant member(s) of management.
The primary method by which management
is informed about climate-related risks and
opportunities is the climate risk assessment and/
or review that has occurred each year since FY22.
In FY25, the Executive Team also attended a climate
risk workshop whereby they considered two climate-
related risks (relating to insurance and sustainability
ratings) for the purposes of identifying potential
mitigations for these key risks. Some decisions that
relate to climate-related risks and opportunities
are made at the asset level with oversight from the
GM Asset Management (e.g. decisions relating to
specific asset upgrades). Business-level decisions as
to climate-related risks and opportunities are made
by management (with approval from the ESGC and/
or Board, where appropriate) including as part of the
annual process to agree actions that Kiwi Property
intends to implement under the Sustainability
Strategy as described above.
Further information on Management’s response to
climate-related risks can be found in the Strategy
section on pages 42 & 43 and further information
about how Kiwi Property identifies, assesses, and
manages climate-related risks are set out in the
Risk Management Section.
Integrating climate issues into our strategy
In 2023, we evolved our business strategy to
reflect the changing operating environment and
our ambitious vision for the company. One of the
key priorities of this strategy is to “build a future fit
business”, which includes delivering on Kiwi Property’s
Sustainability Strategy.
The business strategy and Sustainability Strategy
inform the sustainability deliverables and workstreams
that the ESGC approves for implementation each year.
For example, a key objective in the business strategy
is to deliver on our climate resilience priority. The
associated workstream for FY25 was to strengthen
resilience against climate-related physical risks.
Management report on progress against these
sustainability deliverables at ESGC meetings, with
this occurring on two occasions during the FY25
reporting period.
Another key priority of our business strategy is
to “grow with diverse sources of capital”. Sources
of capital include both debt and equity investors.
In response to increasing investor expectations
in relation to sustainability matters, such as the
sustainability credentials of our real estate assets,
an initiative under our business strategy is to increase
our green asset pool (being assets that are able to
achieve sustainability ratings).
Performance and incentivisation
Our Board approved Sustainability Strategy
incorporates a number of targets and plans for
managing climate risks and opportunities. This
includes Kiwi Property’s emissions reduction ambition
and target approved in FY25, as described further
in the Metrics and Targets section of this report on
page 52. It also includes our targets in relation to
achievement of asset sustainability ratings, also as
outlined further in the Metrics and Targets section.
The ESGC receives annual reporting on our progress
on emissions reduction and sustainability ratings. A
number of other metrics developed by Kiwi Property
in response to climate-related risks and opportunities
are outlined in the Metrics and Targets section of this
report, which has in turn been approved by the Board.
Remuneration for selected members of the Asset
Management Leadership Team was linked to our
climate-related risks assessment and emissions
performance through our short-term incentive
framework. Those team members had sustainability
and climate-related goals, including the reduction
of grid electricity consumption by our assets and
a reduction of waste to landfill. These goals drove
greater integration of sustainability into business
operations. Performance against those goals was
taken into account in the short-term incentive
portion of remuneration for those team members.
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Strategy
This section describes the scenario analysis we
have undertaken, the current impacts of climate
change on our business, the climate-related
risks and opportunities we have identified,
the anticipated impacts of these, and how we
are positioning ourselves for a low-emissions,
climate-resilient future.
Scenario analysis
In FY24, Kiwi Property conducted a standalone
scenario analysis process, the purpose of which
was two-fold: to help us review our climate-related
risks and opportunities, and to test the resilience
of our business model and strategy. Together with
other industry participants, we participated in the
development of climate scenarios for the construction
and property sector through a technical working
group established in 2022 by the New Zealand
Green Building Council (NZGBC). Beca facilitated and
provided technical expertise to the working group.
These scenarios we used in the analysis are based
on the Climate Scenarios for the Construction and
Property Sector were published in May 2023, and we
refer to these in this report as the “Sector Scenarios”.
In our FY24 climate statements, we described the
process that we undertook with our external advisers
(BWD Strategic) to customise the Sector Scenarios
for our business, including through analysing Kiwi
Property’s ‘key drivers’ (or critical uncertainties) for our
business across a range of possible climate futures.
In FY25, external advisors, Te Whakahaere, facilitated
a review of the key drivers that had been identified
as potentially impacting our business. By examining
these driving forces – such as technological
advancements, policy changes, economic trends, and
environmental shifts – the ESG Leadership Team were
able to better understand and discuss anticipated
future impacts and uncertainties. This review led to a
change in the narratives used in our scenario analysis
to more closely align them to the language of the
sector scenarios, while emphasising the drivers most
critical to Kiwi Property.
Scenario 1Scenario 2Scenario 3
Policy ambition1.5°C~2.0°C>3°C
PolicyImmediate and smoothDelayedNone – current policies
Socio-political
instability
Low – moderate
Social changes start to occur due to changes in market
behaviour, working habits, required knowledge/skills,
purchasing and investment behaviours, and the changing
focus of government funding.
Moderate
Minimal social changes occur prior to 2030, however the
pace of change around 2030 is unprecedented.
High
Extreme weather events cause disruptions to global food
supplies in the medium-term (2031- 2050). Social cohesion
starts to degrade and conflict and unrest become
common.
InsuranceIn response to continued high intensity rainfall events,
properties in floodplains, or subject to unstable ground
conditions (e.g. near cliffs/softer coastal soils), experience
increasing insurance premiums above inflation and
experience insurance retreat by 2050.
Properties in floodplains experience increasing insurance
premiums above inflation and experience insurance retreat
by 2040.
Properties in floodplains experience increasing insurance
premiums and likely experience insurance retreat by 2040.
Land useThe primary driver of changes to land use and densification
is GHG emissions reduction, with changes in transportation
use and community connections being of primary
importance out to 2050.
After 2030, the primary driver of changes to land use and
densification switches to GHG emissions reduction, with
changes in transportation use and community connections
being of primary importance.
The impacts of climate change on floodplains and drought-
prone regions combined with significant transition efforts
around 2030 cause a change in population distribution as
residents and businesses retreat to lower risk areas.
There are changes in population distribution and land use
post-2050. Food insecurity and growing populations drive
retreat from cities.
People begin to retreat from areas at risk from physical
impacts and significant managed retreat from coastal
areas moves populations inland to areas that are less
vulnerable to climate hazards.
Energy pathwaysThe pressure to achieve net-zero emissions by 2050
means the global energy grid shifts uniformly and quickly
away from fossil fuel use to increased use of renewables.
New builds are required to meet stringent energy
standards in design and operation.
In the short-term, there is limited-to-no change in fossil
fuel use or energy transition for the sector.
Stringent decarbonisation policies enacted in 2030 include
the introduction of energy efficiency requirements for
buildings.
New Zealand’s electricity grid is gradually decarbonised
but does not achieve neutrality in the long term. This
means buildings wishing to achieve net zero carbon
emissions must invest in their own zero carbon generation.
Macro-economicA global shift towards a more sustainable path stems from
well-signalled and broadly supported regulatory changes.
Abrupt policy and market changes for the property and
construction sector post-2030.
No additional climate policy, including for the building and
construction sector. Regulatory changes are slow and focus
on adaptation and managing climate-driven immigration/
refugees. National policy shifts towards addressing national
and regional security and resource scarcity.
Technology changeFast change
Rapid scale-up of carbon removal technologies.
New technologies used in production of low carbon
materials begin to make a tangible difference to the sector.
Slow / fast change
Rapid, disordered change post 2030 with a focus on
carbon sequestration, capture and storage.
Slow change
Little investment in technology and innovation that does
not serve urgent adaptation needs.
Behaviour changeFast changeSlow / fast changeSlow change
Physical risk severityModerateModerateExtreme
Transition risk severityModerateHighLow
Pathways
1
NGFS ‘Net Zero 2050’
IPCC SSP 1-1.9
IEA ‘Net Zero Emissions’
CCC ‘Tailwinds’
IPCC RCP 2.6
NGFS ‘Delayed Transition’
IPCC SSP 1-2.6
IEA ‘Sustainable Development’
CCC ‘Headwinds
IPCC RCP 2.6
NGFS ‘Current Policies’
IPCC SSP 3-7.0
IEA ‘Stated Policies’
CCC ‘Current Policies’
IPCC RCP 8.5
The following graphic summarises the key elements of each scenario used, including key pathway data sources, emissions reduction pathways and the assumptions
underlying pathway development over time. More detail is available in the descriptions of the scenario narratives on pages 60-64.
1. These pathways refer to existing scenarios used as “building blocks” in
development of the Sector Scenarios, which have also formed the basis for our
scenarios. These include global scenarios developed by the Intergovernmental
Panel on Climate Change (SSP and RCP, with the RCP scenarios having
been downscaled for New Zealand by the National Institute of Water and
Atmospheric Research), scenarios developed by the Network for Greening
the Financial System (NFGS) and the International Energy Agency (IEA), and
New Zealand scenarios developed by the Climate Change Commission (CCC).
More information about each of these building block scenarios and how they
were used to develop the Sector Scenarios is available in the sector scenarios
document published by the NZGBC and available here. This link is included for
additional context and is not intended to incorporate the full scenarios into
these climate statements by cross-reference.
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Our material climate-related risks
and opportunities
Through the climate scenario analysis process, we
identified the following material climate risks set out
in the table below. Kiwi Property has chosen to utilise
adoption provision 2: anticipated financial impacts,
which exempts us from disclosing anticipated
financial impacts of climate-related risks and
opportunities in FY25.
The risks outlined on page 42 are based on current
information and understanding. There may however
be risks that develop that Kiwi Property is not
aware of, and risks that have been considered may
have impacts that Kiwi Property does not currently
anticipate. We use short, medium and long term
for the purposes of our climate-related risks and
opportunities consistent with the time horizons
considered for the purposes of our scenario
analysis as described on page 38. The table on
page 40 sets out how those time horizons are linked
to Kiwi Property’s strategic planning and capital
deployment plans.
0-3 years
Short-term
3-10 years
Medium-term
10-30 years
Long-term
Our short-term time horizon of
0-3 years is aligned with our Risk
Management Framework and focused
on cost reduction opportunities and
meeting organisational priorities,
such as installing solar arrays where
applicable at our assets.
Our medium-term time horizon of
3-10 years reflects the typical tenant
lease cycle (6-12 years). This is also
the timeframe over which substantial
upgrades to buildings are planned and
delivered.
Our long-term time horizon of 10-30
years reflects building life expectancy
(typically up to 50 years).
While the scenarios used in FY24 were labelled
“Orderly”, “Disorderly” and “Hot House” in line with
the Sector Scenarios, in FY25 we updated these labels
to “Scenario 1”, “Scenario 2” and “Scenario 3”.
Following the development of our new scenario
narratives, Kiwi Property’s ESG Leadership Team
attended two workshops to review the risks that had
been identified in FY24 to consider whether they
remained appropriate. As part of those workshops,
the ESG Leadership Team also considered the
impacts and strategic implications of the climate-
related risks that had been identified.
For more detail on Kiwi Property’s scenario narratives
see Appendix One on page 60. Our scenario analysis
process was overseen by the ESG Leadership Team. As
noted in the Governance section, the Board approved
the output of the climate risks and opportunities
process and was also involved in a workshop to
consider mitigations for two of Kiwi Property’s most
significant climate-related risks. No modelling was
undertaken as part of the scenario analysis process.
The scope of operations covered in our scenario
analysis process was Kiwi Property’s full supply chain,
including tenants, suppliers, contractors and investors.
Scenario analysis – Methods and
assumptions
Why we chose these scenarios
As noted above, we used three scenarios to test the
resilience of our business strategy and to identify our
climate risks and opportunities. We believe that the
scenarios that we have used, which are based on the
Sector Scenarios with further development for our
business, are relevant and appropriate for assessing
the resilience of Kiwi Property’s business model and
strategy to climate-related risks and opportunities.
As mandated in The New Zealand Climate Standards
we have used a 1.5°C and >3°C scenario and chosen
a third scenario at ~2.0°C degrees. The 1.5°C degree
scenario is weighted towards transition risk, while
the >3°C degree scenario represents predominantly
physical risk, and using these two scenarios
accordingly enables Kiwi Property to explore the
resilience of our business and strategy to these
different types of risk.
The other scenario at ~2.0°C captures a strong
combination of physical and transition effects and is
a plausible pathway. By adopting scenarios consistent
with the Sector Scenarios, our choice of scenarios
also maximises the use of existing resources and
creates stronger comparability with the results of
our peers.
Time horizons
Each of our scenario narratives is bounded by
the end date of 2050, rather than 2100 as used
in the Sector Scenarios. We consider that 2050 is
sufficiently far away to allow for physical risks to
materialise and escalate, but still within a timeframe
relevant to our pipeline of work. For example, this
timeframe provides sufficient time to substantially
progress our Drury masterplan and Sylvia Park
precinct development programme. The following
table sets out the short, medium and long-term time
horizons we used for our scenario analysis:
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Climate risk
1.5°C~2°C>3°C
Anticipated impacts if risks materialiseRisk management response
SMLSMLSML
Physical Risk
Extreme weather events (rainfall, high winds,
storms, flooding. Sea level rise)
Increased severity and frequency of storm events
could result in physical damage to and interruption at
our assets across New Zealand. These weather events
may also disrupt tenants and customers’ ability to
travel to our assets and onshore supply chains.
Increased extreme weather events could:
• Place stress on existing assets and cause delays and disruption to
developments.
• Close or damage transportation routes and infrastructure necessary to
access our assets.
• Increase capital expenditure for repairs and mitigation initiatives, that
cannot be recovered from tenants.
• Result in a decrease of revenue due to inaccessibility of assets during and
following weather events.
Operational teams carry out physical risk assessments on assets to plan
mitigation initiatives such as increased capacity of guttering for our existing
shopping centres. These initiatives are built into capex budgets each year.
When undertaking new developments, we consider resilience to weather
events. For example, when designing Geneva House (3 Te Kehu Way) we built
above the Council’s recommended minimum freeboard to mitigate against
pluvial flooding.
Transition Risk
Sustainability ratings for assets
Failure to meet investor, shareholder and tenant
expectations to maintain and/ or improve the
sustainability ratings of our assets. This risk is
particularly relevant to our office portfolio where
tenant expectations for sustainability ratings
are higher.
Increased emphasis on sustainability ratings could lead to:
• Change in attractiveness to tenants.
• Equity investors may seek to exit their investment in Kiwi Property if
there is a failure to meet their expectations regarding asset sustainability
performance, potentially resulting in a weaker share price performance and
the ability to support further investment and growth.
• Increase in the cost of debt from banks and bond holders if there is a failure
to meet lenders’ expectations regarding asset sustainability performance.
• Acceleration of decarbonisation initiatives to meet market expectations
e.g. removal of gas.
• Increased cost of development to keep pace with sustainability ratings
for new buildings i.e. from shortage of expertise, materials and alternative
products.
Kiwi Property has implemented targets to respond to this risk. These targets
can be found in the Targets & Metrics section on page 52.
• Decarbonisation and energy efficiency initiatives that positively impact
on NABERSNZ ratings are a focus at our assets and the capital expenditure
required to undertake those initiatives is included in budget planning.
Transition Risk
Increased regulation and market expectation for
low carbon and climate resilient development
The introduction of new climate-related regulation
or policy for the built environment and increased
expectations from the market for low carbon and
climate-resilient development.
Increased regulation and/or expectation for low-carbon and climate resilient
development could:
• Increase capital expenditure due to higher procurement costs for
development, refurbishment/retrofit and upgrades.
• Result in feasibility of new developments not meeting return on capital
hurdles due to increased cost.
• Result in delays from supply and expertise shortages.
• Constrain supply and increase cost of low carbon building materials and
expertise.
We are preparing for an increased requirement for low-carbon and climate-
resilient development by:
• Monitoring regulatory and legislative trends and developments. This helps
us to understand potential regulatory change and any associated risks,
opportunities and impacts.
• Working closely with industry bodies and our partners to understand
incoming regulation.
• Building and expanding expertise in our project teams to include design of
low carbon buildings and use of low carbon materials so that we meet market
expectations and any incoming regulation or policy change.
• Updating our 10 year capital expenditure forecast on an annual basis to
reflect changes in costs and building regulation requirements, as well as
advancements in building technology.
Transition Risk
Insurance premiums and retreat
Risk that insurance premiums may increase
substantially as insurers attempt to cover losses from
major events Insurance retreat, where insurers decline
to cover assets exposed to certain hazards, such as
flooding and coastal inundation is also a risk.
Insurance premiums and retreat could:
• See the cost of insuring assets increase significantly, with potential
flow-on effects for tenancy cost of occupancy.
• Potentially affect the value of an asset(s) in the event of an insurance
retreat.
To mitigate the risks of rising insurance premiums and insurance retreat,
Kiwi Property maintains relationships with a diverse range of local and
overseas insurers and implements proactive risk management practices
(including loss modelling) to help inform insurance buying decisions. On an
operational level our teams carry out physical risk assessments on assets and
plan mitigation initiatives with the aim of reducing the risk of having to make
insurance claims.

High Risk

Medium Risk

Low Risk
S: 0-3 years Short-termM: 3-10 years Medium-termL: 10-30 years Long-term
KEY
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Our material climate-related opportunity
Through the climate scenario analysis process we identified the following climate-related opportunity as material
to our business.
OpportunityTime horizonAnticipated impactsManagement response
Transition opportunity
Sustainability ratings Kiwi
Property has assessed that
achieving Green Star and
Homestar ratings for new
buildings and maintaining
and/ or improving NABERSNZ
ratings for existing assets
is an opportunity. These
sustainability ratings may
improve value by attracting
premium tenants and help
secure new sources of capital.
We believe that advancements
in building materials, processes
and technology present an
opportunity to improve ratings
or create opportunity to
obtain ratings, that could not
otherwise be obtained.
All time horizonsFocus on achieving,
maintaining and improving
sustainability ratings for
existing and new assets
could:
• Provide access to a
wider pool of capital
through our Sustainable
Debt Framework.
• Help us to secure finance
to support sustainability
ambitions and building
certification targets.
• Reduce consumption
of energy and water,
reducing expenditure.
• Have flow-on effects
on asset values and the
attractiveness of the
portfolio to investors
and tenants.
Kiwi Property is focused
on maintaining and
where possible growing
our pool of assets that
meet the requirements
of relevant sustainability
certifications. Kiwi Property
is implementing this
through energy efficiency
initiatives and emissions
reductions for existing
assets and through
targeting Green Star and
Homestar certifications for
our new developments.
Current climate impacts on our business
Kiwi Property has identified that climate change is
currently impacting its business in the following ways:
Extreme weather events – physical impact
An increase in the intensity of storm events has
meant we are planning for more frequent high
intensity rainfall for example by implementing
increased capacity for guttering on our existing
shopping centres. When undertaking new
developments, we also consider resilience to weather
events through risk assessments and modelling.
Kiwi Property did not experience any material damage
to its assets as a result of climate change in FY25.
However, Kiwi Property has experienced current
financial impacts associated with its risk mitigation
programme. The financial impact of Kiwi Property’s
extreme weather mitigations is increased expenditure,
as outlined in the table on page 45.
Insurance costs – transition impact
In recent years, the costs associated with Kiwi Property’s
insurance programme have increased. While Kiwi
Property understands that a range of considerations are
taken into account by its insurers in determining pricing,
our understanding is that the increased frequency and
severity of extreme weather events is one factor placing
upwards pressure on insurance prices. This, in turn, has
impacted Kiwi Property’s operational expenditure, where
it can’t be fully recovered from tenants.
The financial impact of this impact is increasing
insurance costs. However, Kiwi Property is not able
to quantify this impact, because it is not possible
to isolate the extent to which increasing insurance
premiums is attributable to climate-related factors.
Tenant expectations – transition impact
There is already expectation from anchor tenants, to
continue improving the energy efficiency performance
of our existing assets and new developments. We
expect this to continue as awareness of possible
climate impacts grows. Our continuing efforts to
develop and upgrade to highly rated, high-performing
and climate-resilient assets are considered ‘no regrets’
actions that improve both their current appeal and
future performance.
Initiative
FY24 gross capital
expenditure
(exc. GST)
FY25 gross capital
expenditure
(exc. GST)Method/assumptions
Operational emissions
reductions.
$163,028$813,326Taken from actual spend. Kiwi Property spent
$813,326 in capital expenditure in FY25 to
reduce operational emissions. In FY24, this
expenditure included chiller and Building
Management System (BMS upgrades). In
FY25, it included the removal of gas from
base build, lighting upgrades and recycling
centre upgrades.
Heating, Ventilation
and Air Conditioning
(HVAC) system.
$7 7, 322$1,034,884Taken from actual spend. Kiwi Property spent
$1,034,884 in FY25 replacing HVAC units
to progress our programme of preventing
leakage of refrigerants. The spend in FY24
was for remediating HVAC units to progress
our programme of preventing leakage of
refrigerants.
Homestar
Development (Resido)
$126,674,142$20,804,998Taken from actual spend. During FY25,
Kiwi Property deployed a gross amount of
$20,804,998 in capital expenditure towards
our Build To Rent Homestar development -
Resido. This gross expenditure figure does
not separate between those costs that
are climate-related and those which are
general costs associated with the Resido
development, and accordingly includes costs
that are not linked to climate-related risks
and/or opportunities. This development is
now complete.
Extreme weather
mitigations
• Roofing projects
$340,984$789,467Taken from actual spend. Kiwi Property
spent $789,467 in FY25 on extreme weather
mitigations, primarily roofing projects
to better accommodate for increasing
rainfall intensity during storm events. The
expenditure in FY24 also related to roofing.
Quantified current financial impacts
The financial impact of this impact is increased costs associated with our asset upgrades and developments.
Our expenditure in relation to operational emissions reduction, preventing refrigerant leakage, our Resido development
and extreme weather mitigations are outlined in the table below.
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Grow with
diverse
sources of
capital
Lead the
market on
retail-led
mixed-use
Build a
future fit
business
Enable
customer
and partner
success
The capital streams we
cultivate and access
Our teams and
their skillsets
Our institutional
relationships within
society
The resources and places
we draw on
AMBITION:
To be New Zealand’s
leading creator and
curator of retail-led
mixed-use
communities
• Health and wellbeing
• Skills and capabilities
• Training and
development
• Cash
• Debt finance
• Shareholders’ equity
• Capital partners
• Land
• Energy
• Water
• Materials
• Community connections
• Suppliers
• Government and regulators
• Tenants
People
Investors
and capital
partners
Communities
Environment
Tenants
and partners
Customers
Financial
Properties
People and
capabilities
Partnerships
Nature
We are committed to
building a high-performing
team that reflects our
communities and enables
our people to thrive.
We strive to deliver
superior, long-term risk
adjusted returns by
developing, managing and
investing in high-quality
New Zealand real estate.
We work collaboratively
with our tenant partners
and suppliers to create
shared value, enduring
relationships and
collective success.
We support and
enhance the wellbeing
of people in and around
our communities.
We offer exceptional
experiences and create
the places where
customers want to live,
work, play and stay.
We are committed to
sustainability, with a focus
on reducing our
environmental footprint and
creating enduring spaces for
future generations.
The assets we develop,
buy and improve
• Properties
• Plant
• Equipment
• Adjusted funds from
operations
• Total shareholder return
• Asset valuations
• Customer satisfaction
• Pedestrian counts
• Employee experience
• Health, safety and
wellbeing
• Diversity, equity and
inclusion
• Sales growth
• Occupancy levels
• Tenant satisfaction
• Resident satisfaction
• Community impact
• Emissions reduction
• Global Real Estate
Sustainability
Benchmark (GRESB)
•Building certifications
P
U
R
P
O
S
E
:
T
o

c
r
e
a
t
e

c
o
n
n
e
c
t
e
d

c
o
m
m
u
n
i
t
i
e
s
.
Kiwi Property’s ambition is
to be New Zealand’s leading
creator and curator of retail-
led mixed-use communities.
Our strategy is to deliver
superior risk-adjusted returns
for investors by owning,
managing and developing
a portfolio of high-quality
real estate assets. We have
four strategic pillars that are
designed to drive business
performance and create value
for our shareholders and other
stakeholders.
The four pillars of our strategy are explained
further below.
Lead the market on retail-led
mixed-use
Reposition the business by creating
flagship mixed-use assets at high-growth
metropolitan town centres, driving increased
income, more resilient valuations and greater
shareholder returns.
Grow with diverse capital sources
Recycle capital and partner with investors to
grow assets under management, unlocking
higher quality, lower risk returns.
Enable customer and partner success
Drive asset performance through the creation
of market leading centres and developing
strategic long-term customer relationships.
Build a future fit business
Promote operational excellence by harnessing
the power of digital, delivering on sustainability
and building a winning team.
Our business model is that we develop, own
and manage a range of mixed-use precincts,
retail centres and premium office buildings.
We own a diverse mix of assets, with a
weighting towards large mixed-use properties
that we’ll continue to develop over time.
We have a strong bias towards Auckland and
New Zealand’s economic golden triangle.
Transition planning
Our transition plan serves an important role in
aligning our business plans with our climate goals
and provides transparency and accountability,
internally and externally.
Our transition plan focuses on protecting the
long-term value of our assets and delivering superior
risk-adjusted returns for investors.
It does this by focusing on:
•decarbonisation of our assets with a particular
focus on energy efficiency and waste reduction.
Having energy efficient buildings enables us
to attract a high-quality of tenant, reduce
operational costs and access diverse sources of
capital through our sustainable debt framework.
•Mitigating the impact of climate risk in existing
assets and adapting them where needed and
designing climate resilience into new asset
developments.
These priority areas are embedded into our
Sustainability Strategy and it is anticipated that they
will help us to mitigate our identified insurance risk.
Due to the long-term nature of property asset
ownership and our focus on mixed use assets
based around transport hubs, we are not currently
anticipating that we will need to fundamentally
change our current business model to address
our climate-related risks and opportunities. We do
recognise though the need for ongoing adaptation
of our planning and also that mitigations are
required in relation to our climate-related risks
and opportunities within our business model
and strategy.
An overview of the transition plan aspects of
our strategy is set out in the table on page 48.
Our business model and strategy
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Our ambition
Delivering superior risk-adjusted returns for investors by protecting the long-term value
of our assets, minimising our impact on the environment and playing a meaningful role in
addressing climate change.
Our key
priorities
In response to our identified risks we have created priority areas, with associated targets
and actions.
These priorities align with, and support delivery of our business and sustainability strategies.
Our key priorities are:
Demonstrate resilience against
climate-related risks
Decarbonise and reduce our footprint
Our targets
(base year
of F Y24)
We are measuring and monitoring our performance on these key priorities with targets
and ambition.
• 100% of our assets to have climate
risk mitigation and/or adaptation
plans by 2027
• 100% of new asset developments to
be designed for climate resilience (i.e.
flooding, extreme heat, storm surges)
• 20% reduction in absolute Scope 1, 2 and
selected Scope 3
1
GHG emissions by 2030.
Scope 1 and 2 emissions are fully offset by
the purchase of voluntary carbon credits
by 2030
• Divert 85% of waste by weight from landfill
for all new developments
Our key short
– medium term
(to FY30) actions
We are implementing and planning future actions to address the specific climate-related risks
and opportunities identified through our climate scenario analysis with the following initiatives
in the short and medium term:
• Climate risk assessments undertaken
for all key assets
• Risk mitigation plans have been
created and implemented for all key
assets
• Resilience is being designed into all
new asset developments
• Implementing our decarbonisation plan -
focused on reducing operational emissions
through:
– A strong focus on waste management
– Energy efficiency initiatives
– Asset planning / replacement
programmes
– Removing fossil fuels from the base
build of our assets
• Measuring and looking for ways to
reduce embodied carbon in new asset
developments
• Measuring and reporting on Scope 3
emissions in FY26
Capital deployment and investment
Kiwi Property takes a long-term strategic approach
to asset management and undertakes detailed
financial forecasting and planning - allowing for
climate-related risk to be factored into planning.
Development feasibility and operational asset
planning is where we can best incorporate
climate-related risks and opportunities into our
decision-making and capital deployment. Our
climate-related risks and opportunities have
informed our internal capital deployment and funding
decision-making processes in the following ways:
•Reflecting increased demand for buildings with
sustainability ratings, we have set targets in relation
to the achievement of sustainability ratings for
new and existing assets. These targets in turn
influence capital allocation decisions about new
and existing assets.
•We established a green bond programme in 2021,
with total outstanding issuance of $500 million as
at 31 March 2025. The most recent green bond was
$125 million issued in December 2024 for a 5.5-year
term. Green bonds are use of proceeds instruments
where borrowed funds are notionally used for specific
sustainability-related purposes. In the case of our
most recent green bond issue, this purpose was to
notionally finance or refinance low carbon and energy
efficient buildings. The green bonds are underpinned
by our Sustainable Debt Framework, which sets
out how we intend to use sustainable debt and the
external principles and standards we use to govern
their management, reporting and assurance.
Other sources of expenditure related to emissions
reductions and climate risk mitigation occur primarily
through capital expenditure budgets for our assets,
with particular capital expenditure in FY25 outlined in
the table on page 45.
Overview of transition plan aspects of our strategy
Our transition planning priorities are underpinned
by the principles of collaboration and partnership.
We understand that it will take a collective effort
to transition to a low-emissions, climate resilient
economy. We will continue to particularly focus on
collaboration in the following areas:
•Tenants and suppliers on emissions reduction
•Local councils in relation to extreme weather risk
mitigations and waste management
•Property Council NZ and New Zealand Green
Building Council in relation to industry regulation
and certifications
•Local and national government on industry
regulation and legislation
While we acknowledge the challenges ahead and
the many variables involved, Kiwi Property aims to
continue to drive change through the collaborations
above with partners across our value chain.
Kiwi Property has further climate-related targets that are outlined in the Metrics and Targets
section on page 54. More detail of the specific actions that we are taking in response to our
climate-related risks and opportunities are set out in the tables on pages 42 to 44 of these
climate statements.
1. Operational emissions are the emissions attributed to the day-to-day activities of our buildings and operations. Kiwi Property includes in our selected scope 3 emissions
waste from our operations, water, business travel, taxis, mileage, accommodation and transmission and distribution losses from energy (electricity and gas).
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Risk management
This section sets out how Kiwi Property
identifies, assesses and manages climate-
related risks and opportunities, and how these
processes are integrated into existing risk
management processes.
Kiwi Property risk management framework
Kiwi Property has adopted a risk management
framework which aligns with the New Zealand and
Australian Risk Management Standard (AS/NZS ISO
31000:2009). Our Risk Management Policy includes
our risk management principles. The key objectives
of this policy are to ensure:
•we manage effectively the risks we face in achieving
our objectives, and
•our people are aware of and meet their
responsibilities to identify, evaluate and treat the
risks that may prevent or restrict us from achieving
our objectives.
As outlined in the Governance section of this report,
our Board is ultimately responsible for ensuring
we manage the risks we face and the Audit and
Risk Committee assists the Board in relation to
the oversight of our risk management framework
and policy.
Identifying and assessing
climate-related risks
Kiwi Property’s process for identifying and assessing
climate-related risks is led by the ESG Leadership
Team with input from the Executive Team. Since FY22,
Kiwi Property has undertaken an annual assessment
of its climate-related risks.
In FY24, Kiwi Property undertook a detailed climate
risk assessment using its Risk Management
Framework (RMF). In FY25 the ESG Leadership Team
undertook a review of the risks and opportunities
identified in the previous year.
A key aspect of this review was the updated scenario
development work we undertook in FY25 as outlined
in the Strategy section of this report. The results of
that review were confirmed by the Executive Team
before being approved by the Board.
Our process considered both physical risks
(being risks relating to the physical impacts of climate
change) and transition risks (being risks related to
the transition to a low-emissions, climate resilient
economy). No parts of our value chain were excluded
from this assessment however, many suppliers in
our value chain are still developing their climate
risk maturity and as such Kiwi Property’s current
understanding of climate-related risks across the
whole value chain, particularly the supply chain,
is limited by availability and quality of data and
information.
The climate risk review process that Kiwi Property
undertook in FY25 built on the process that it
undertook in FY24, which involved consideration
of the following sources and methods to identify
potential climate risks:
•An internal ‘current climate impacts’ survey which
asked relevant individuals within Kiwi Property to
provide information about the impacts of climate
change on the parts of the business in which they
are involved.
•A facilitated exploration of the three scenario
narratives customised for our business.
•Asset level climate risk assessments undertaken
during FY24. These asset-level assessments were
undertaken by the operational team, with oversight
from the Head of Sustainability.
•The climate risk longlist provided in the NZGBC
sector-specific scenarios work (described in the
Strategy section of this report).
•Risks from these sources were screened for
relevance to our business. In a workshop setting,
the ESG Leadership Team then used a software
platform (Menti) to assess the likelihood and
potential impact of these risks, with reference to our
RMF and our risk timeframes (shown on page 40).
The sources and methods used to review potential
climate risks and opportunities in 2025 included:
•Two workshops with the ESG Leadership team
to consider the three scenario narratives, review
the climate-related risks previously identified and
consider the potential impact on Kiwi Property.
•A workshop with each of the Executive Team
and the Board to identify potential mitigations
associated with two of Kiwi Property’s most
significant climate-related risks.
•A review of asset level climate risks assessments,
mitigation plans and climate-related impacts
for FY25. These asset-level assessments were
undertaken in FY24 by the operational team,
with oversight from the Head of Sustainability.
•High-level physical climate risk assessment
undertaken by Beca New Zealand as described
further on page 56.
Managing climate-related risks
Decisions as to how specific climate-related risks
will be managed are made by Kiwi Property in the
following ways:
•At the asset level, decisions about
improvements to assets or processes are
made by Kiwi Property’s operational teams,
with oversight from the GM Asset Management.
For example, this includes decisions to undertake
roofing projects which increase the resilience of
our assets to heavy rainfall.
•At the business level, decisions as to the
management of climate-related risks and
opportunities are made by management. For
example, this included the decision to implement
targets for the achievement of NABERSNZ and
Green Star ratings where buildings are eligible
for these (with these targets subsequently
being approved by the Board as part of the
Sustainability Strategy).
•The ESG Leadership Team is responsible for
overseeing the operational implementation of
the Sustainability Strategy. This includes making
decisions relevant to the management of some
climate-related risks and opportunities, with
approval from the Board.
More information on this is set out in the
Governance section on page 34. Specific actions
that Kiwi Property is taking to respond to Kiwi
Property’s material climate-related risks are set
out in the Strategy section on page 42. They include
capital expenditure on roof upgrades and energy
efficiency initiatives.
Integrating climate risks into our risk
management process
Climate risk is integrated into our enterprise level
risk processes and treated equivalently to other
enterprise-level risks with oversight from the
GM Asset Management, the Risk and Compliance
Committee and the ARC, as described in the
Governance section starting on page 34 of this
statement. The RMF is the primary tool that Kiwi
Property uses to prioritise climate-related risks
relative to other types of risk by enabling comparison
between all categories of risk.
Time horizons
Our time horizons used for our risk assessment are
detailed under the Strategy section on page 40 of
this report.
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Metrics and targets
This section outlines the metrics and targets relating
to the measurement and management of Kiwi
Property’s climate-related risks and opportunities.
For all the metrics disclosed in this section, Kiwi Property
has chosen to utilise Adoption Provision 6: Comparatives
for metrics, which permits Kiwi Property to provide only
one year of comparative information in FY25.
Greenhouse gas emissions
The table below sets out Kiwi Property’s Scope 1,
Scope 2 and selected Scope 3 greenhouse gas (GHG)
emissions, expressed in metric tonnes of carbon
dioxide equivalent (TCO
2
e).
Table 1: KP Greenhouse Gas Emissions Inventory
Scope
FY24
(base year)FY25
Scope 1
emissions tonnes
of CO
2
e
Stationary diesel5.648.34
Natural gas174 .7 7153.74
Fugitive emissions from air conditioning systems147. 30115.25
Total Scope 1327.7 127 7. 33
Scope 2
emissions tonnes
of CO
2
e
Electricity consumption (location based)727.26655.49
Total Scope 2727.26655.49
Total Scope 1 & 21,054.97932.82
Scope 3
emissions tonnes
of CO
2
e
Waste generated in operations593.50515.57
Purchased goods and services: Water7.197. 39
Business travel: Flights, taxis, mileage, rental vehicles,
accommodation
106.4490.56
Fuel and energy related activities: transmission and
distribution losses from electricity and natural gas
89.0754.51
Total Scope 3796.20668.02
Total Scope 1, 2 and 31,851.191,600.84
The GHG emissions in this table have been measured
in accordance with the Greenhouse Gas Protocol.
Emissions are reported using a location-based
methodology.
Kiwi Property has utilised Adoption provision 4,
which exempts us from disclosing Scope 3 emissions.
Kiwi Property has chosen to disclose a subset of its
scope 3 emissions.
For further information on the methods and
assumptions used to calculate or (where applicable)
estimate Kiwi Property’s GHG emissions, the
limitations of those methods, and uncertainties
relevant to the quantification of Kiwi Property’s GHG
emissions, please refer to Appendix Two of this report.
Climate-related metrics, ambitions and targets for managing climate risks
Kiwi Property’s climate-related metrics and targets, along with our performance against them as at 31 March 2025
are detailed in the tables below.
Prior to FY25, Kiwi Property’s emissions reduction ambition was to be in a position whereby its net Scope 1, Scope
2 and selected Scope 3 emissions are “net carbon negative” in the sense that they are more than fully offset by the
purchase of voluntary carbon credits in that year.
In FY25, Kiwi Property re-assessed its approach to climate-related ambitions and targets. Specifically, we
determined that there was scope to better communicate the approach that Kiwi Property takes to emissions
reductions by developing a new target based on gross emissions reductions. In addition, we have modified our
“net carbon negative” ambition as described in the table below.
Ta rge tProgress in FY25Comment
20% Scope 1, 2 and
selected
1
Scope
3 GHG emissions
reduction by 2030.
Scope 1 and 2
emissions are
fully offset by the
purchase of voluntary
carbon credits by
2030.
This is an absolute
target.
There are no interim
targets.
Base year: FY24
14% reduction in the
relevant emissions
(being Scope 1, Scope
2 and selected Scope
3) on a gross basis
compared to FY24.
No emissions have
been offset to date.
While Kiwi Property has prepared a Decarbonisation Plan and has
been implementing emission reductions initiatives as outlined
in this report, it has not to date set an all-scopes target that
aligns with scientific pathways to limiting global warming to 1.5
degrees Celsius. However, Kiwi Property developed this target
in FY25 as a “next step” in maturing its approach to climate-
related targets. Kiwi Property recognises that decarbonising
the construction sector in line with scientific pathways to 1.5
degrees is challenging, including because “embodied carbon”
in construction materials is a significant source of emissions.
Accordingly, at this stage, our target is limited to Kiwi Property’s
Scope 1, Scope 2 and selected Scope 3 emissions and the level of
ambition is a 20% reduction as against a FY24 base year.
Kiwi Property is also aiming to be in a position whereby its net
Scope 1 and Scope 2 emissions are fully offset by the purchase
of voluntary carbon credits in the target year, and this target
relies on offsets in that regard. The purchase of voluntary carbon
credits corresponding to Kiwi Property’s 2030 Scope 1 and
Scope 2 emissions is currently planned for 2030.
The final quantity of offsets is not yet known, nor have particular
offset schemes been chosen. It is possible that Kiwi Property
will review its approach to offsetting in future.
1. Operational emissions are the emissions attributed to the day-to-day activities of our buildings and operations. Kiwi Property includes in our selected scope 3 emissions
waste from our operations, water, business travel, taxis, mileage, accommodation and transmission and distribution losses from energy (electricity and gas).
Emissions factors published after the
end of the reporting period
The Ministry for the Environment has released changes
to the emissions factors used in calculating GHG
emissions on the 16th May 2025. The new factors have
not been applied to the GHG emissions information in
the report due to timing and impracticality to update
and review data prior to the release of this report.
These factors are not entity specific and the timing of
release of these factors is not in Kiwi Property’s control.
Based on current estimates the new factors would
potentially materially impact Scope 2 emissions
(electricity emissions factor has increased by 38%)
and Scope 3 emissions (waste emissions factor has
reduced by 12%).
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Remuneration
A description of the overall management
remuneration linked to climate-related risks and
opportunities is set out in the governance section of
this report on page 37.
Other key performance indicators
Kiwi Property does not currently use any key
performance indicators other than the metrics
outlined in this report to measure and manage
climate-related risks and opportunities.
Carbon pricing and offsetting
We currently do not use an internal emissions price
and are not offsetting, although the purchase of
offsets is currently planned for 2030 as described
on page 53.
MetricFY24 performanceFY25 performanceComment
GHG emissions
intensity Scope
1 + 2 GHG emissions
(tCO
2
e) / square
metre lettable area =
0.00283 tCO
2
e0.00209 tCO
2
eGHG emissions per net lettable area (NLA)
is an emissions intensity measure used in
the property sector to allow like-for-like
comparisons between different sized assets.
NLA is the amount of space (sqm) in a
property available for leasing.
Ta rge tTimeframeBase yearFY25 performanceComment
All wholly owned office
buildings to target
a minimum 4.5-star
NABERSNZ rating.
Short
Medium
Long
2021Achieved for current
portfolio.
Ongoing for future
developments.
In FY25, Kiwi Property increased its
ambition by modifying this target
to refer to a minimum 4.5-star
NABERSNZ rating.
All wholly owned buildings have
achieved a minimum 4.5-star
NABERSNZ rating.
• ANZ Raranga 5.5-stars.
• ASB North Wharf 5-stars.
• Aurora Centre 5-stars.
• Vero Centre 4.5-stars.
Office buildings are eligible for a
NABERSNZ rating once they have
been operational for a minimum
of 12 months. Geneva House will
become eligible in FY26.
New office and retail
buildings to target a
minimum 5 Green Star
rating.
Short
Medium
Long
2021Achieved for new
developments since
target was set.
Ongoing for future
developments.
Geneva House (3 Te Kehu Way) office
development awarded a 6 Green
Star Design & As Built NZ v1.0 rating
in FY24.
New residential buildings
to target a minimum
7 Homestar rating.
Short
Medium
Long
2021Achieved for Resido
Lynton .
Ongoing for future
developments.
Resido, our BTR development at
Sylvia Park has been awarded an
8 star Homestar design rating and
has achieved a 9 star Built rating on
completion.
100% of our assets
1

to have climate risk
mitigation and/or
adaptation plans by 2027.
Short
Medium
Long
2024Achieved for current
portfolio.
Ongoing for future
developments.
All assets, excluding development
land and sundry properties,
have climate risk mitigation and
adaptation plans in place.
100% of new asset
developments to be
designed for climate
resilience (i.e. flooding,
extreme heat, storm surges).
Short
Medium
Long
2024Achieved for Resido
which was completed
in FY25.
Ongoing for future
developments.
Climate resilience was considered
and incorporated into the design of
Resido which opened in FY25.
Kiwi Property also has the following climate-related targets in place:
Climate related metric: GHG emissions intensity
1. Development land and sundry properties are excluded from this target.
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Exposure to climate-related risks and opportunities
Kiwi Property undertook a high-level, qualitative process to assess the potential exposure of its portfolio to physical
and transition risks and to climate-related opportunities. Our approach and understanding of how climate-related
risks and opportunities could impact our portfolio and business will develop over time, and this may allow for more
detailed reporting on these metrics in the future.
MetricFY24 AssessmentFY25 AssessmentComment
Percentage of portfolio by value
that has a sustainability rating
i.e. NABERSNZ, Green Star and
Homestar. This is an industry
based metric.
37% of our portfolio by value had
a sustainability rating.
39% of our portfolio by value
1
has
a sustainability rating.
Our sustainability performance and ratings allow us to access ESG-focused capital markets. Green bonds are use of proceeds instruments where borrowed funds are
notionally used for specific sustainability-related purposes. In the case of our most recent green bond issue, this includes notionally financing or refinancing low carbon
and energy efficient buildings. Our Sustainable Debt Framework, which sets out how we intend to use sustainable debt and the external principles and standards we use
to govern their management, reporting and assurance, is underpinned by our pool of “Green Assets”.
Sustainability ratings also help attract quality tenants into our office portfolio.
Amount of portfolio vulnerable to
transition risks.
All owned assets were vulnerable
to transition risks to some extent.
All owned assets are vulnerable
to transition risks to some extent.
In recent years Kiwi Property has experienced an increase in insurance premiums which has increased operating expenses. Kiwi Property understands that this increase
is attributable to a number of factors, including matters relating to climate change.
Flooding and extreme weather events have contributed to a challenging insurance market. We expect that, over the medium to long term, particularly under a >3C
scenario, properties with proximity to the waterfront and in known flood zones will be continually reviewed by our insurers and may be subject to changes to availability
of insurance.
Kiwi Property has put in place a decarbonisation plan and NABERSNZ improvement plan for each office asset with a view to mitigating the risk of not meeting
expectations in relation to sustainability ratings, i.e. NABERSNZ ratings.
Under the new Green Star Buildings tool, all new developments will be required to achieve a minimum reduction in embodied carbon. In order to achieve a Green Star
Rating, Kiwi Property will need to meet this requirement through design and use of low-carbon building materials.
Amount of portfolio vulnerable to
physical risks
All owned assets were vulnerable
to physical risks to some extent.
All owned assets are vulnerable
to physical risks to some extent
In FY24, Kiwi Property undertook a high-level, qualitative assessment of potential risk to our assets from extreme weather events.
In FY25, Beca New Zealand undertook a further high-level assessment of potential physical risk to our assets from extreme weather events. They reviewed the following
data and information to inform their view:-
SSP climate change projections have been compiled using the MfE Climate Projections Map.
• RCP climate change projections have been compiled using Niwa’s Climate Change Adaptation Toolbox.
• Rainfall intensity projections (RCP) have been sourced from Niwa’s High Intensity Rainfall System (HIRDs).
They reviewed the available flooding and sea level rise mapped data from the following sources:
• Auckland City Council Geomaps,
• Hamilton City Council Floodviewer,
• Horizons Regional Council GIS,
• Wellington City Council GIS, and
• the Greater Wellington Regional Council Sea Level Rise & Storm Surge Model.
Our assessment found that our portfolio has Low to Medium risk from the physical impact of extreme weather events out to 2040.
Due to the nature of our assessment undertaken there are inherent limitations and uncertainties involved with this metric. New developments are being designed to
mitigate risk from surface flooding and mitigation plans are in place at all existing assets. These include guttering and roofing upgrades as well as pumps for basement
carparks where required.
1. Excluding properties categorised as “Sylvia Park adjoining properties” in the FY25 consolidated financial statements..
Capital deployment towards climate-related risks and opportunities
In the FY24 climate statements, we included a table showing the capital expenditure on climate related initiatives
for FY24. However, in FY25 we are also required to disclose the current financial impacts of our physical and
transition impacts, and the information previously included in our capital deployment table is also relevant
to current impacts. Accordingly, for information on our capital deployment toward climate-related risks and
opportunities (together with comparatives for FY24), please refer to page 45 of these climate statements.
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Appendices
59Kiwi Property 2025 Sustainability Report and Climate-related Disclosures58Kiwi Property 2025 Sustainability Report and Climate-related Disclosures

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A narrative used for each scenario is outlined in the table below, with a detailed description, methods, assumptions,
and sources of data used to construct the Sector Scenarios, on which Kiwi Property’s scenarios are based on
NZGBC’s website: www.nzgbc.org.nz/research-and-reports. This link is included for additional context and is not
intended to incorporate the full scenarios into these climate statements by cross-reference.
Scenario One - 1.5°C
Emissions trajectoryThe world succeeds in limiting global temperature increase to 1.5 C above pre-industrial
temperatures. Global emissions decline steadily to achieve net zero CO
2
emissions globally
by 2050. New Zealand climate policies are ambitious and in line with the rest of the world’s,
with the building and construction sector adopting and prioritising decarbonisation policies.
By 2050 New Zealand is dealing with severe climate-related weather events although the
outlook is looking more positive. Although the full impact of baked-in sea level rise is yet to
be experienced it is being factored into decision-making for land use, infrastructure and
insurance.
Energy transitionThe energy grid shifts away from fossil fuel use, with the New Zealand grid reaching 100%
renewable by 2050. The grid capacity rapidly expands in response to demand but it cannot
keep pace in the short to medium term. Shortfalls in generation capacity become more
frequent increasing risk of blackouts.
In the short to medium term New Zealand’s highly renewable grid becomes more attractive
internationally, with energy intensive industries such as cloud-based data
Services, seeking the lowest absolute grid emissions, relocating here.
Social changeRates of people working from home increase for office-based jobs, as transport modes shift,
and employers encourage their employees to reduce emissions by commuting less. The shift
to working from home for some sectors means increased demand for residential dwellings
and local shared working spaces with suitable facilities and a greater ownership of remote-
working health and wellbeing outcomes from employers.
Globally aligned efforts to reduce warming results in manageable levels of climate-related
refugees and modest net migration to New Zealand, which is home to 6.13 million people by
2050. An ageing population (23.3% of the population is over 65 by 2050) increases pressure
on aged care funding and facilities.
Land use and
infrastructure
Decarbonisation policy at the central and local government level drives rapid densification of
urban areas to reduce new community development in urban areas.
The Government invests heavily in public transport and continues transport resilience efforts.
Combined with congestion charging and ever-rising petrol prices, people rely far more heavily
on public transport for commuting, shopping and entertainment. This in turn affects the value
of housing and other assets according to their reach within transport modes.
The construction sector grows significantly as carbon supporting infrastructure is replaced
with greener infrastructure. Due to higher margins and greater certainty of forward workload,
this becomes a preferred market and reduces capacity and contractor appetite for other
types of construction work leading to increased costs and reduced margins for developers.
Scenario One - 1.5°C
RegulationThe Government tightens building standards, requiring gas to be phased out from both
existing non-residential and residential buildings as well as preventing the installation of fossil
gas infrastructure and connections in buildings except where there are no technically viable
low emissions alternatives. New builds are required to meet stringent energy standards in
design and operation as well as report on its whole-of-life embodied carbon. The effect of
the new standards is to increase costs across the sector, and to make it more attractive to
refurbish and repurpose existing buildings.
InsuranceIn response to continued high intensity rainfall events, properties in floodplains, or subject
to unstable ground conditions, experience increasing insurance premiums above inflation
and experience insurance retreat by 2050. The threat of late century sea-level rise is being
priced into property valuations in the short term and premiums on some coastal properties
increase to the point of permanent unprofitability, leading to them being stranded. Properties
in denser areas experience negligible increases in insurance premiums, as they benefit from
surrounding publicly funded adaptation defences.
MarketDue to increasing market awareness of climate change risks and the need to decarbonise,
entities that fail to set and meet ambitious science-based emission reduction targets also
face reputational risks, loss of market share, and scrutiny from customers, shareholders, and
competitors. These reputational and market risks affect the sector significantly in the short to
medium term.
Building occupiers and purchasers also begin demanding more energy efficient, low carbon
buildings as consumer awareness (and prices of higher carbon materials) increase. Demand is
refocused towards existing building re-use and adaptive reuse over new construction.
Appendix one:
Our climate scenarios
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Scenario Three - >3°C
Emissions trajectoryGlobal emissions continue to grow until 2080, which leads to greater than 3°C of physical
warming above pre-industrial levels by 2100. Exploitation of fossil fuel resources and the
adoption of resource and energy intensive lifestyles continues to increase around the
world. The world sees increasingly severe physical risks. Historical social, economic, and
technological trends continue until the physical impacts of climate change disrupt our ability
to maintain the status quo.
As with the rest of the world, New Zealand does not enact any additional climate policy,
including for the building and construction sector. Regulatory changes are slow and focus on
adaptation and managing climate-driven immigration/refugees. The shadow price of carbon
remains at $35/tCO
2
e to 2050.
As the risk of asset loss and stranding increases, the focus of the property and construction
sector becomes climate adaptation and supporting the resilience of communities as they are
forced to either adapt or retreat.
New Zealand faces severe physical impacts of climate change with increased extreme wind
speeds (5-10%), increase in rainfall intensity (8.6%), and an increase in the number of hot
days (100%).
Energy transitionAotearoa follows global trends in not introducing additional policies and both technology and
behaviour change remain slow across all sectors. New Zealand’s electricity grid is gradually
decarbonised but does not achieve neutrality in the long term. This means buildings wishing
to achieve net zero carbon emissions must invest in their own zero carbon generation.
Increasing frequency and severity of acute weather events (e.g. storms) result in more
frequent and severe damage to electricity assets and more frequent and longer blackouts.
Building energy efficiency improves in the medium term as passive design solutions, which
are more resilient to electrical network failures, become more popular.
Social change Increasing severity and frequency of weather events causes disruptions to global food
supplies in the medium-term (2031-2050). Social cohesion starts to degrade and conflict
and unrest become increasingly common. A large increase in net migration to New Zealand
(6.93 million people by 2050) means that the growth rate of people aged over 65 slows
considerably from 2040, with minimal change over the following decade (to 2050). There are
changes in population distribution and land use over the medium-term as people begin to
retreat from areas at risk from physical impacts (e.g. coastal areas at risk from sea level rise
and storm surges, floodplains, regions vulnerable to drought). Food insecurity due to physical
impacts, that affect growing areas as well as the ability to transport food, leads to large scale
retreat out of cities and toward self-resilient lifestyles with less consumption.
Land use and
infrastructure
The sector must actively manage the risk of increasingly disrupted supply chains as extreme
climate events occur across the world. This risk is moderate in the short term but becomes
increasingly extreme in the medium and longer terms. Populations that live in floodplains
and regions vulnerable to drought also experience significant relocation. Spikes in demand
for housing occur due to climate-driven immigration from other parts of the world and
increasing numbers of climate refugees. Populations concentrate around regions that are
more climate resilient.
Scenario Two - ~2.0°C
Emissions trajectoryThe world fails to implement the changes required to limit warming to 1.5°C above pre-
industrial levels by 2100. Global emissions continue to rise during the 2020s as historical
social, economic, and technological trends continue. However, the increasing frequency of
climate related physical events, and concerns about meeting Paris Agreement Goals drives
a sudden shift in global policy around 2030, when abrupt and stringent decarbonisation
policies are enacted.
New Zealand follows suit with the majority of the world, leading to abrupt policy and market
changes for the property and construction sector post-2030.
New Zealand still faces moderately severe physical impacts of climate change with an
increase in extreme wind speeds (up to 5%), rainfall intensity (6%), and number of hot
days (40%) by 2050. Adaptation has not been well implemented, retreat has not been well
managed, and the pace of insurance retreat is accelerating.
Energy transitionIn New Zealand, the relative affordability of low carbon generation means the grid is already
steadily decarbonising throughout the 2020s.
In the short-term, there is limited-to-no change in fossil fuel use or energy transition for
the sector. Stringent decarbonisation policies enacted in 2030 include the introduction of
energy efficiency requirements for buildings. In 2030 all new buildings are 40% more efficient
than current code requirements for operational energy efficiency. Whilst still legal, few new
buildings utilise fossil fuels for heating, hot water or cooking. Many existing buildings still rely
on fossil fuels but are transitioning over the medium-term (2030-2050) and become fully
decarbonised by 2050. The pace of change and costs associated with upgrades leads some
buildings to be abandoned.
Social change Minimal social changes occur prior to 2030, however the pace of change around 2030 is
unprecedented. Communities impacted by this rapid change are not well supported to adapt.
This results in increasing wealth inequality, feelings of injustice and political polarisation.
Mental health issues become more widespread and are most severe in communities
where opportunities to adapt to a low carbon future are limited. Some parts of society
feel increasingly left behind or marginalised and this leads to unrest, crime and an overall
reduction in safety and security for both individuals and organisations.
This occurs over the backdrop of modest net migration to New Zealand and an ageing
population (>20% of pop. over 65 in the medium-term).
Land use and
infrastructure
Continuing new community development and investment in road-based transportation
throughout the 2020s has created an infrastructure network that is more entrenched and
difficult to transition to a low carbon alternative.
The impacts of climate change on coastal areas, floodplains and drought-prone regions
combined with significant transition efforts around 2030 cause a change in population
distribution as residents and businesses retreat to lower risk areas.
RegulationAt 2030, the significant regulatory changes demand an immediate step change in building
energy and carbon requirements. New technologies haven’t been developed in time for
the spike in demand in 2030, leading to disruption of building and materials markets and
competition for materials and products. This impacts new buildings and retrofit development.
It leads to significant price escalations and construction delays, with financially marginal
market segments becoming unviable.
Assets developed prior to 2030 are at increased risk of stranding once new regulations are
introduced in 2030.
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Scenario Three - >3°C
RegulationNational policy shifts towards addressing national and regional security and resource
scarcity. Increasing frequency and severity of acute weather events drive an increasing need
for climate adaptation. For example, the need to retrofit buildings and infrastructure to be
more heat and flood resilient.
There are strong measures to address resource scarcity, with access to energy and other
resources being restricted for non-critical functions. For example, carless days, water
restrictions, limits on air conditioning or heating use, etc. There is more demand for buildings
that are resilient to direct climate-related physical events, infrastructure failures, and any
resulting resource scarcity.
Local councils also increase rates to invest in protection and restoration of certain assets in
locations where retreat is not an option. This increase in adaptation spending reduces the
level of discretionary spending, which impacts on non-essential infrastructure and building
activity related to retail premises.
InsuranceProperties in floodplains experience increasing insurance premiums and likely experience
insurance retreat by 2040. Properties lose value and become stranded assets. Premiums on
coastal commercial properties may increase to the point of permanent unprofitability, leading
to them being stranded by 2030. Construction in hazardous areas becomes increasingly
dangerous and some commercial property owners experience liability risk as heatwaves
cause fatalities to occur onsite.
MarketChanges to building codes are focused on the response to physical impacts and tragic
events. This increases the cost of development with limited whole of life cost benefits.
Resilience requirements also capture existing buildings which need to be upgraded to be
considered safe. The need to improve building resilience causes many assets (especially in
smaller/remote/less resilient settlements) to be stranded/ abandoned.
This document is the annual greenhouse gas (GHG) report for Kiwi Property Group Limited. It covers the
period 1 April 2024 to 31 March 2025.
This report has been written in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and
Reporting Standard, (2015) (‘the GHG Protocol’).
Table 1: KP Greenhouse Gas Emissions Inventory
Scope
FY24
(base year)FY25
Scope 1
emissions tonnes
of CO
2
e
Stationary diesel5.648.34
Natural gas174 .7 7153.74
Fugitive emissions from air conditioning systems147. 30115.25
Total Scope 1327.7 127 7. 33
Scope 2
emissions tonnes
of CO
2
e
Electricity consumption (location based)727.26655.49
Total Scope 2727.26655.49
Total Scope 1 & 21,054.97932.82
Scope 3
emissions tonnes
of CO
2
e
Waste generated in operations593.50515.57
Purchased goods and services: Water7.197. 39
Business travel: Flights, taxis, mileage, rental vehicles,
accommodation
106.4490.56
Fuel and energy related activities: transmission and
distribution losses from electricity and natural gas
89.0754.51
Total Scope 3796.20668.02
Total Scope 1, 2 and 31,851.191,600.84
3
1. See Appendix 2b for information on excluded sources.
2. See Appendix 2a for information on methodologies and uncertainties.
3. The Ministry for the Environment has released changes to the emissions factors used in calculating GHG emissions on the 16th May 2025. The new factors have not been
applied to the GHG emissions information in the report due to timing and impracticality to update and review data prior to the release of this report. These factors are not
entity specific and the timing of release of these factors is not in Kiwi Property’s control. Based on current estimates the new factors would potentially materially impact
Scope 2 emissions (electricity emissions factor has increased by 38%) and Scope 3 (waste emissions factor has reduced by 12%).
Appendix two:
Greenhouse Gas Emissions Inventory Report
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Organisational boundary
Kiwi Property applies an operational control approach
to identify and determine the boundary of our GHG
inventory.
A company has operational control over an asset/
operation if it has the authority to introduce and
implement operating policies at the operation. This
consolidation approach allows us to focus on those
emission sources over which we have operational
control and can therefore implement management
actions consistent with Kiwi Property’s sustainability
strategy. It does not, at this stage, cover new building
construction or major renovations of buildings which
are undertaken by Kiwi Property suppliers.
Organisational boundaries were set with reference to
the methodology described in the GHG Protocol.
Table 2 below shows what has been included in the
context of the overall structure.
Table 2: Kiwi Property Structure
Kiwi Property Group Limited
Head office – Level 7 Vero Centre
Mixed-use assetsRetail assetsOffice assetsAssets under
management
1
Other assets
Sylvia Park PrecinctThe PlazaASB North WharfNorthlands
Shopping Centre
Development Land -
Sundry properties
LynnMall Centre Place NorthThe Aurora CentreCentre Place South
The Base Vero Centre
65 Bryce Street
50:50 JV partnership ownership with Tainui Group Holdings. Kiwi Property accounts for 100% of
operational emissions for these assets.
Where a single tenant occupies most or all of an asset Kiwi Property may have limited or no operational
control over some or all aspects e.g. ASB North Wharf and the Sundry properties on development land.
Sylvia Park Precinct comprises Sylvia Park Shopping Centre, ANZ Raranga, Geneva House (3 Te Kehu Way),
Sylvia Park Lifestyle and Resido.
Operational boundary
The FY25 GHG emissions inventory report covers
scope 1 and 2 emissions and scope 3 emissions where
the group has sufficiently reliable measurements for
scope 3 categories.
Improving the accuracy and extent of our scope 3
measurement is an ongoing area of focus, working
towards reliable measurement of all material scope 3
emissions categories in FY26.
Scope 1 and 2 emissions include the “base build”
emissions (refrigeration and natural gas associated
with heating and cooling, and stationary diesel and
electricity).
Scope 3 emissions are indirect emissions and
currently includes business travel (flights,
employee mileage, taxis and rental vehicles and
accommodation), transmission and distribution
losses from electricity and natural gas, water and
waste. Waste in this report is waste to landfill that
is controlled through Kiwi Property loading docks.
Excluded assets
Assets under Management
Centre Place South - Kiwi Property does not own
Centre Place South and has a limited operational
management contract for this building, which does
not include decision making on capital investments,
energy contracts or building operation hours.
Centre Place South’s electricity, gas and HFC’s are
excluded. Kiwi Property manages and sets waste
disposal processes which the tenants are encouraged
to follow. Waste data for Centre Place South is
captured in Centre Place Norths reporting.
Northlands - Kiwi Property does not own Northlands
and has a limited operational management contract
for this building, which does not include decision
making on capital investments, energy contracts or
building operation hours.
ASB North Wharf - A single tenant occupies most
of this office asset and Kiwi Property has limited
operational control.
Development land and sundry properties
These properties are either residential or industrial
and emissions are controlled by tenants. Where there
is common area that is controlled by Kiwi Property
such as at 77 Carbine Road those emissions are
included in this report.
Drury and other bare development land has
been excluded.
Base year
For this report the reporting period covers the period
1st April 2024 to 31st March 2025 and is referred to
as FY25. In FY24 Kiwi Property reset its base year
from 2012 to FY24 to account for significant changes
to the portfolio, i.e. our Drury site and our Resido
development. Kiwi Property’s base year measurement
period is 1 April 2023 to 31 March 2024.
Our Baseline Recalculation policy states that if Kiwi
Property’s net lettable area changes by more than 10%
due to development, acquisitions or divestments then
a recalculation of the scope 1 and scope 2 baseline
emissions is required.
Methodologies and emission factors
Emissions have been quantified using the calculation-
based method based on activity multiplied by
greenhouse gas emission factors. Toitū Envirocare’s
emanage software is utilised to calculate our
emissions. The emissions factors are provided within
the system and are sourced from the New Zealand
Ministry for the Environment MfE Guidance for
Voluntary Greenhouse Gas Reporting.
The Global Warming Potential (GWP) rates are sourced
from the Toitū emanage system, with Quantities
of each greenhouse gas are converted to tonnes
CO
2
e using the global warming potential from the
Intergovernmental Panel on Climate Change (IPCC)
Fifth Assessment Report.
Estimates have been used when reliable data has not
been available. Estimates were used for the following:-
•Solar at Sylvia Park for Kiwi Property owned arrays
from April to November 2024 inclusive.
•The Base water consumption from 5 March 2025
to 31 March 2025.
•The Aurora Centre water consumption from
13 February 2025 to 31 March 2025.
Further information on exclusions is available in the
Appendices.
Information on offsets
Kiwi Property has not purchased nor retired carbon
offsets during this reporting period.
Assurance of GHG Inventory
A limited level of assurance has been undertaken by
Deloitte Limited over selected Scope 1 and 2 GHG
Emissions disclosures included in the Group Climate
Statements and the GHG Inventory Report included as
Appendix two within the Group Climate Statements,
for the year ended 31 March 2025. Refer to the
Independent Limited Assurance Report on page 72 for
further details.
Person responsible: Gillian Wordsworth, Head of
Sustainability, Kiwi Property Group
Prepared for: Kiwi Property Group
For the period: 1st April 2024 to 31st March 2025
Dated: 23 May 2025
Prepared by: Gillian Wordsworth
Head of Sustainability
Kiwi Property Group Limited
Date: 23 May 2025
Approved for release by: Clive Mackenzie
Chief Executive
Kiwi Property Group Limited
Date: 23 May 2025
Approved for release by: Mary Jane Daly
Director
Kiwi Property Group Limited
Date: 23 May 2025
1. Assets under management are assets that are not owned by Kiwi Property but
where we hold an operational management contract with the property owner.
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Sustainability reportClimate-related disclosuresAppendicesContents
Appendix 2a: Emissions sources inclusions
Kiwi Property includes scope 1, 2 and selected scope 3 emissions from all relevant Kyoto Protocol gases in our
inventory, expressed as carbon dioxide equivalent (CO
2
e). The emissions sources in Table 3 have been included in
the GHG emissions inventory.
Table 3: Emissions sources included
GHG emissions
category
GHG emissions
source
Data
Source
Methodology, data quality,
uncertainty
Scope 1
Direct
emissions
Natural gas -
stationary
Natural gas used
for heating within
common areas.
Supplier
invoices
Check
meters
Gas suppliers invoice Kiwi Property for
consumption across the building. Check
meters in the building provide readings
for tenant usage. Common area usage is
calculated as the residual amount after tenant
usage is subtracted from whole building
consumption.
Stationary dieselDiesel is used in
pumps for sprinkler
systems and in back-
up generators.
Supplier
records
Annual report from suppliers.
There is low uncertainty as the amount of
diesel used is measured.
Fugitive
emissions from
air conditioning
units
Leakage of refrigerants
from HVAC systems in
common areas.
Supplier
records
Annual report from suppliers.
There is low uncertainty as the kilograms of
refrigerant added is measured.
Overall assessment of uncertainty for Scope 1 emissions is low
GHG emissions
category
GHG emissions
source
Data
Source
Methodology, data quality,
uncertainty
Scope 2
Direct
emissions
ElectricityElectricity
consumption from
common areas.
Records from
embedded
network
operator and
invoices from
electricity
suppliers.
Where there is an embedded network, reliable
records of electricity consumed sourced from
an independent third party.
If there is no embedded network, suppliers
provide an invoice with consumption.
These meters have a +/-2% accuracy by law
and so the kwh usage is considered to have
low uncertainty.
Overall assessment of uncertainty for Scope 2 emissions is low
GHG emissions
category
GHG emissions
source
Data
Source
Methodology, data quality,
uncertainty
Scope 3
Indirect
emissions
1

Category 1:
Purchased goods
and services
WaterSupplier
invoices
Check
meters
Water suppliers invoice Kiwi Property for
consumption across the building. Check
meters in the building provide readings
for tenant usage. Common area usage is
calculated as the residual amount after tenant
usage is subtracted from whole building
consumption. These meters have a +/-2%
accuracy by law and so the kWh usage is
considered to have low uncertainty.
Category 3:
Fuel and energy
related activities
Electricity distributed
T&D losses, Natural
Gas distributed T&D
losses
Supplier
invoices
Methodology for collecting data for electricity
and gas described on page 68.
Category 5:
Waste generated
in operations
Waste generated from
building operations
Supplier
reports
Monthly reports from suppliers.
Waste data collected is waste to landfill that
is controlled through Kiwi Property loading
docks. Waste that is controlled by tenants with
their own loading docks, where Kiwi Property
has no operational control, is excluded.
The tenants at Bryce Street and Aurora Centre
manage their own waste.
Construction waste is currently excluded from
this inventory, as the information is not yet
available.
All landfill waste is sent to landfills with gas
recovery.
Category 6:
Business travel
Flights, mileage, taxis,
accommodation and
rental vehicles
Supplier
report
Internal
finance
system
Annual report from supplier.
Kiwi Property uses Flight Centre to book all
travel. A report is provided by Flight Centre
that includes flight and accommodation
information that is used to calculate the
emissions. The sources of data are considered
reliable.
Taxis and mileage are recorded in our internal
financial tracking system. There is a higher
level of uncertainty as kms are reported by
the employee and information on the type of
vehicle used is not collected. This represents a
smaller portion of the emissions.
Overall assessment of uncertainty for Scope 3 emissions is low
1. Scope 3 exclusions are provided in Appendix 2b
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Sustainability reportClimate-related disclosuresAppendicesContents
Appendix 2b: Scope 3 GHG emissions sources excluded
Emissions sources in Table 4 have been identified and excluded from this inventory.
Appendix 2c
Table 4: GHG emissions sources excluded from the inventory
GHG emissions categoryGHG emissions source Reason for exclusion
Upstream
(purchased goods
& ser vices)
1. Purchased goods &
services
Expenses related
to operational and
development activity
i.e. office supplies, legal,
insurance, consultants and
construction sites.
Reliable data not available. Work
underway in FY26 to determine these
emissions.
2. Capital goods Upstream emissions from
goods used to build/repair
a building.
Embodied carbon in
development properties.
Reliable data not available. Work
underway in FY26 to determine these
emissions.
4. Upstream transportation
& distribution
Emissions from
transportation of products
purchased by company.
Emissions from couriers used by Kiwi
Property fall below the 1% threshold
and are excluded.
7. Employee commutingTravel between work and
home.
Emissions from employee commuting
fall below the 1% threshold and are
treated as de minimis.
8. Upstream leased assetsOperation of assets leased
by the reporting company.
Not applicable
Downstream
(sold goods and
ser vices)
9. Downstream
transportation and
distribution
Transportation and
distribution of products
sold.
Not applicable
10. Processing of sold
products
Processing of intermediate
products sold.
Not applicable
11. Use of sold productsEnd use of goods and
services sold.
Not applicable
12. End-of-life treatment of
sold products
Waste disposal and
treatment of products sold.
Not applicable
13. Downstream leased
assets (properties)
Operation of owned assets.Reliable data not available. Work
underway in FY26 to determine these
emissions.
14. FranchisesOperation of franchises.Not applicable
15. InvestmentsOperation of investments
(including equity and debt
investments and project
finance).
Not applicable
Biogenic carbonKiwi Property does not use any biofuel, burn biomass or have any agriculture or forestry activities so
has no biogenic emissions or carbon removals.
Table 5: Direct GHG emissions and removals, quantified separately for each applicable gas
CategoryCO
2
CH
4
N
2
ONF
3
SF
6
HFCsOther
Emissions
tota l (tCO
2
e)
Stationary combustion161.600.390.090.000.000.000.00162.08
Leakage of refrigerants0.000.000.000.000.00115.250.00115.25
Fugitive emissions0.000.000.000.000.000.000.000.00
Electricity generated and
consumed onsite
0.000.000.000.000.000.000.000.00
Exported electricity0.000.000.000.000.000.000.000.00
Total net emissions161.600.390.090.000.00115.250.0027 7. 33
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Appendix three:
Independent Limited Assurance Report on Selected Greenhouse
Gas (‘GHG’) Disclosures and the GHG Inventory Report included
within the Group Climate Statements (also referred to as
‘Climate-related disclosures’) for Scope 1 and 2 GHG emissions
To the Shareholders of Kiwi Property Group Limited
Limited assurance conclusion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that:
•the gross GHG emissions, additional required
disclosures of gross GHG emissions, and gross GHG
emissions methods, assumptions and estimation
uncertainty, within the scope of our engagement
(as outlined below), included in the Group Climate
Statements of Kiwi Property Group Limited (the
‘Company’) and its subsidiaries (the ‘Group’) for
the year ended 31 March 2025 (the ‘Selected GHG
Disclosures’), are not fairly presented and not
prepared, in all material respects, in accordance with
Aotearoa New Zealand Climate Standards (‘NZ CSs’)
issued by the External Reporting Board (‘XRB’); and
Subject matter: Selected GHG DisclosuresReference
GHG emissions: gross emission in metric tonnes of Carbon dioxide equivalent (‘CO
2
e’) classified as:
• Scope 1
• Scope 2 (calculated using the location-based method)
Page 52
Additional requirements for the disclosure of gross GHG emissions per paragraph 24 (a) to (d)
of Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (‘NZ CS 1’), being:
• The statement describing the GHG emissions have been measured in accordance with the
requirements of the Applicable Criteria;
• The statement that the GHG emissions consolidation approach used is operational control;
• Sources of emission factors and the global warming potential (‘GWP’) rates used or a reference
to the GWP source; and
• The summary of specific exclusions of sources, including facilities, operations or assets with
a justification for their exclusion.
Page 52 and
65 to 71
Disclosures relating to GHG emissions methods, assumptions and estimation uncertainty per
paragraphs 52 to 54 of Aotearoa New Zealand Climate Standard 3: General Requirements for
Climate-related Disclosures (‘NZ CS 3’):
• Description of the methods and assumptions used to calculate or estimate GHG emissions,
and the limitations of those methods.
• Description of uncertainties relevant to the Group’s quantification of its GHG emissions,
including the effects of these uncertainties on the GHG emissions disclosures.
Pages 65 to 71
In addition, we have undertaken a limited assurance
engagement in relation to the GHG Inventory Report
of the Group, comprising the emissions inventory and
the explanatory notes set out on pages 65 to 71 of
Appendix 2 to the Group Climate Statements for the
year ended 31 March 2025. The GHG Inventory Report
is based on historical information and provides further
disclosures about the Scope 1 and 2 GHG emissions
of the Group for the year ended 31 March 2025 to
meet the requirements of the Applicable Criteria, in
addition to the minimum disclosure requirements of
NZ CSs.
Our engagement has not covered Scope 3 emissions
of the Group disclosed within the Climate Statements
or the GHG Inventory report. The Group has used
adoption provision 8 of Aotearoa New Zealand Climate
Standard 2: Adoption of Aotearoa New Zealand
Climate Standards (‘NZ CS 2’), which allows for the
exclusion of these disclosures from the scope of this
assurance engagement.
Our limited assurance engagement does not extend
to any other information included, or referred to, in the
Group Climate Statements on pages 31 to 51, pages
53 to 64 and pages 74 to 75, and the Sustainability
Report on page 1 to 30 of the Sustainability and
Climate-related Disclosures Report for the year ended
31 March 2025 and the Annual Report for the year
ended 31 March 2025. We have not performed any
procedures with respect to the excluded information
and, therefore, no conclusion is expressed on it.
Emphasis of matter – emission factors
published after year end
We draw attention to the disclosures on page 52
of the Group Climate Statements which outline
that the Ministry for the Environment released new
emission factors on 16 May 2025, which have not been
applied to the GHG emission information. The new
factors may have a potential material impact on GHG
emissions reported but have not been updated due to
the timing of their recent release as noted on page 52.
Our assurance conclusion is not modified in respect
of this matter.
Other matter – comparative information
The comparative GHG disclosures (that is GHG
disclosures for the period ended 31 March 2024) have
not been the subject of an assurance engagement
undertaken in accordance with New Zealand
Standard on Assurance Engagements 1: Assurance
Engagements over Greenhouse Gas Emissions
Disclosures (‘NZ SAE 1’). These disclosures are not
covered by our assurance conclusion.
Director’s responsibilities
Directors are responsible for the preparation and
fair presentation of the Selected GHG Disclosures
in accordance with NZ CSs, which includes
determining and disclosing the appropriate standard
or standards used to measure its GHG emissions.
In addition, the Directors are responsible for the
preparation of the GHG Inventory Report included
as Appendix 2 to the Group Climate Statements in
accordance with the requirements of the Applicable
Criteria. This responsibility includes the design,
implementation and maintenance of internal controls
relevant to the preparation of the Selected GHG
Disclosures and GHG Inventory Report that are free
from material misstatement whether due to fraud
or error.
Inherent uncertainty
Non-financial information, such as that included
in the Group Climate Statements, is subject to
more inherent limitations than financial information,
given both its nature and the methods used and
assumptions applied in determining, calculating
and sampling or estimating such information.
Specifically, as discussed on page 68 to 69 of the
Group Climate Statements, GHG quantification
is subject to inherent uncertainty because of
incomplete scientific knowledge used to determine
emissions factors and the values needed to combine
emissions of different gases.
As the procedures performed for this engagement
are not performed continuously throughout the
relevant period and the procedures performed in
respect of the Group’s compliance with NZ CSs and/
or the requirements of the Applicable Criteria are
undertaken on a test basis, our limited assurance
engagement cannot be relied on to detect all
instances where the Group may not have complied
with the NZ CSs or the requirements of the Applicable
Criteria. Because of these inherent limitations, it is
possible that fraud, error or non-compliance may
occur and not be detected.
In addition, we note that a limited assurance
engagement is not designed to detect all
instances of non-compliance with the NZ CSs or
the requirements of the Applicable Criteria, as it
generally comprises making enquires, primarily of the
responsible party, and applying analytical and other
review procedures.
•the Greenhouse Gas Emissions Inventory Report
included as Appendix 2 to the Group Climate
Statements for the year ended 31 March 2025 (the
‘GHG Emissions Inventory Report’), is not prepared
in all material respects, in accordance with the
requirements of the International Standard the
Greenhouse Gas Protocol: A Corporate Accounting
and Reporting Standard (Revised Edition)
(the ‘Applicable Criteria’).
Our report does not cover any forward-looking
statements made by the Group, any external
references or hyperlinked documents.
Scope of assurance engagement
We have undertaken a limited assurance
engagement over the following Selected GHG
Disclosures prepared in accordance with NZ CSs,
that is required to be the subject of an assurance
engagement per section 461ZH of the Financial
Markets Conduct Act 2013 (‘FMCA’).
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Sustainability reportClimate-related disclosuresAppendicesContents
Our responsibilities
Our responsibility is to express an independent
limited assurance conclusion on the Selected GHG
Disclosures and GHG Inventory Report, based on the
procedures we have performed and the evidence we
have obtained.
We conducted our limited assurance engagement
in accordance with NZ SAE 1 and the International
Standard on Assurance Engagements (New Zealand)
3410: Assurance Engagements on Greenhouse Gas
Statements issued by the XRB (‘ISAE (NZ) 3410’).
These standards require that we plan and perform
this engagement to obtain limited assurance about
whether the Selected GHG Disclosures and GHG
Inventory Report are free from material misstatement.
Our independence and quality
management
We have complied with the independence and other
ethical requirements of NZ SAE 1, which is founded
on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality
and professional behaviour.
We have also complied with the following professional
and ethical standards:
•Professional and Ethical Standard 1: International
Code of Ethics for Assurance Practitioners
(including International Independence Standards)
(New Zealand);
•Professional and Ethical Standard 3: Quality
Management for Firms that Perform Audits
or Reviews of Financial Statements, or Other
Assurance or Related Services Engagements which
requires us to design, implement and operate a
system of quality management including policies
and procedures regarding compliance with ethical
requirements, professional standards and applicable
legal and regulatory requirements; and
•Professional and Ethical Standard 4: Engagement
Quality Reviews.
Our firm is the statutory auditor of the financial
statements and also carries out other assurance
services (review of the consolidated interim
financial statements, audits of joint venture financial
statements, audits of special purpose financial
information in accordance with tenancy agreements)
for the Group. These services have not impaired our
independence as assurance practitioner of the Group.
In addition to this, partners and employees of our
firm deal with the Group on normal terms within the
ordinary course of trading activities of the business of
the Group. Our firm has no other relationship with, or
interest in the Group.
As we are engaged to form an independent
conclusion on the Selected GHG Disclosures and GHG
Inventory Report prepared by the Group, we are not
permitted to be involved in the preparation of the
GHG information as doing so may compromise our
independence.
Summary of work performed
Our limited assurance engagement was performed
in accordance with NZ SAE 1 and ISAE (NZ) 3410. This
involves assessing the suitability in the circumstances
of Group’s use of NZ CSs and the Applicable
Criteria as the basis for the preparation of the
Selected GHG Disclosures and the GHG Inventory
Report respectively, assessing the risks of material
misstatement of the Selected GHG Disclosures and
GHG Inventory Report whether due to fraud or error,
responding to the assessed risks as necessary in the
circumstances, and evaluating the overall presentation
of the Selected GHG Disclosures and the GHG
Inventory Report.
A limited assurance engagement is substantially less
in scope than a reasonable assurance engagement
in relation to both the risk assessment procedures,
including an understanding of internal control,
and the procedures performed in response to the
assessed risks.
The procedures we performed were based on our
professional judgement and included enquiries,
observation of processes performed, inspection
of documents, analytical procedures, evaluating
the appropriateness of quantification methods
and reporting policies, and agreeing or reconciling
with underlying records. In undertaking our limited
assurance engagement on the Selected GHG
Disclosures and the GHG Inventory Report, we:
•Obtained, through inquiries, an understanding of
the Group’s control environment, processes and
information systems relevant to the preparation of
the Selected GHG disclosures and GHG Inventory
Report. We did not evaluate the design of particular
control activities, or obtain evidence about their
implementation.
•Evaluated whether the Group’s methods for
developing estimates are appropriate and had
been consistently applied. Our procedures did not
include testing the data on which the estimates are
based or separately developing our own estimates
against which to evaluate the Group’s estimates.
•Undertook site visits of the Group’s sites to assess
the completeness of the emissions sources, data
collection methods, source data and relevant
assumptions applicable to the sites.
•Tested, at each site visited, a limited number
of items to, or from, supporting records, as
appropriate.
•Performed analytical procedures on particular
emission categories by comparing the expected
GHGs emitted to actual GHGs emitted and made
inquiries of management to obtain explanations for
any significant differences we identified.
•Considered the presentation and disclosure of the
Selected GHG disclosures and the GHG Inventory
Report.
The procedures performed in a limited assurance
engagement vary in nature and timing from, and
are less in extent than for, a reasonable assurance
engagement. Consequently, the level of assurance
obtained in a limited assurance engagement is
substantially lower than the assurance that would
have been obtained had we performed a reasonable
assurance engagement. Accordingly, we do not
express a reasonable assurance opinion about
whether Selected GHG Disclosures and the GHG
Inventory Report are fairly presented and prepared, in
all material respects, in accordance with NZ CSs or the
requirements of the Applicable Criteria respectively.
Use of our Report
Our limited assurance report (‘our Report’) is
intended for users who have a reasonable knowledge
of GHG related activities, and who have studied
the GHG related information in the Group Climate
Statements with reasonable diligence and understand
that the Selected GHG Disclosures and the GHG
Inventory Report are prepared and assured to
appropriate levels of materiality.
Our Report is made solely to the Group’s shareholders,
as a body. Our limited assurance engagement has
been undertaken so that we might state to the
Group’s shareholders those matters we are required
to state to them in an assurance 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 Group’s shareholders as a body, for
our work, for our Report, or for the conclusions we
have formed.
Andrew Boivin, Partner
for Deloitte Limited
Auckland, New Zealand
23 May 2025
This limited assurance report relates to the Selected GHG Disclosures and the GHG Inventory Report included within the Group Climate Statements for the year ended
31 March 2025 included on the Group’s website. The Directors are responsible for the maintenance and integrity of the Group’s website. We have not been engaged
to report on the integrity of the Group’s website. We accept no responsibility for any changes that may have occurred to the Selected GHG Disclosures and the GHG
Inventory Report included within the Group Climate Statements since they were initially presented on the website.
The limited assurance report refers only to the Selected GHG Disclosures and the GHG Inventory Report included within the Group Climate Statements named above.
It does not provide an opinion on any other information which may have been hyperlinked to/from these disclosures. If readers of this report are concerned with the
inherent risks arising from electronic data communication, they should refer to the published hard copy of the Group Climate Statements that include the Selected GHG
Disclosures and the GHG Inventory Report and related limited assurance report dated 23 May 2025 to confirm the information presented on this website.
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Appendix four:
Detailed index of climate disclosures
Index to climate statements
The table below identifies the location of disclosures required by Aotearoa New Zealand Climate Standards.
This includes the specific disclosure requirements in NZ CS 1 (as amended by relevant paragraphs of NZ CS 2) and
paragraphs 51 to 55 of NZ CS 3.
NZ CS ReferenceDetailPage numberRelated discussion in
Sustainability Report
1

(page number)
Governance
7(a)-(b)
and 8(a)-(d)
Governance body oversight of climate-related
risks and opportunities
34-37
7(c) and
9(a)-(c)
Management’s role in assessing climate-related
risks and opportunities
35-36
Strategy
11(a) and 12(a)-(c) Current climate-related impacts44-45
11(b), 13, and NZ
CS 3, 51(a)-(b)
Scenario analysis process, including process,
methods and assumptions
38-40
11(c) and 14(a)-(c)Climate-related risks and opportunities,
time horizons, and input into internal capital
deployment and funding
40-44 and
49 (capital
deployment and
funding)
20
11(d)-15(a)-(d)Anticipated impacts of climate-related risks and
opportunities reasonably expected
42-44; adoption
relief in respect
of anticipated
financial impacts
11(e) and 16(a)-(c)Business model and strategy, and transition
planning (including alignment with capital
deployment and funding)
46-49 and 54
(targets)
5, 7, 8-9, 16 and 20-21
Risk management
18(a)-(b) and
19(a)-(e)
Processes for identifying, assessing and managing
climate-related risks and integration into risk
management process
50-51 and 40
(time horizons)
1
NZ CS ReferenceDetailPage numberRelated discussion in
Sustainability Report
1

(page number)
Metrics and targets
21(a)-(c), 22(a)-
(h) and NZ CS
3, 40
Climate-related metrics (cross-industry and
industry-based) and key performance indicators,
including comparatives for metrics and relevant
methods, assumptions and uncertainties
52 and 55-5716
21(d) and
23(a)-(e)(iv)
The targets used to manage climate-related risks
and opportunities, and performance against those
targets
53-541, 11, 14-15 and 19
24(a)-(d)GHG reporting standard, consolidation approach,
source of emissions factors and global warming
(GWP) rates used, summary of specific exclusions
of sources
52 and 65-71
NZ CS 3, 42Analysis of trendsAdoption relief
NZ CS 3, 52-53GHG emissions methods, assumptions, limitations
and uncertainties
6 5 -7 1
NZ CS 3, 54Explanation for any base year GHG emissions
restatements
N/A
Adoption provisions
NZ CS 2, 23Adoption provisions relied on32
Statement of compliance
NZ CS 3, 55Statement of compliance with Aotearoa
New Zealand Climate Standards
32
1. This column is included to identify instances where climate-related information is included in this Sustainability Report outside of the climate statements on pages 30-39.
This information is not included by cross-reference into the climate statements.
Kiwi Property 2025 Sustainability Report and Climate-related DisclosuresKiwi Property 2025 Sustainability Report and Climate-related Disclosures7677

kp.co.nz

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Kiwi Property Group Limited
Use of Proceeds Report
As at 31 March 2025

1.0 Introduction
Kiwi Property Group Limited (Kiwi Property) allocates an amount equal to the proceeds of Green Bonds or Loans to finance or refinance Eligible Projects as
defined in the Kiwi Property Sustainable Debt Framework (as updated from time to time, the Framework). Eligible Projects include energy efficient buildings
that meet one or more of the following criteria:
• Certified as obtaining, or targeting, a minimum 5-star NZGBC Green Star Design and/or Built rating;
• Certified as obtaining, or targeting, a minimum 4-star NABERSNZ Energy Base Building rating or Energy Whole Building rating;
• Certified as obtaining, or targeting, a minimum 7-star Homestar rating; or
• Any other Green Building rating that is an equivalent standard to one of those above.
This report must be read together with the Framework, which can be found here: https://www.kiwiproperty.com/investors/sustainable-debt-framework/
2.0 Green Bond issuance
As at 31 March 2025, Kiwi Property’s Green Bonds on issue are as follows:
NZX ticker KPG040 KPG050 KPG060 KPG070 Total
ISIN
NZKPGD0040L4 NZKPGD0050L3 NZKPGD0060L2 NZKPGD0070L1 n/a
Amount (NZ $m) 100 150 125 125 500
Issue date 12 November 2018 19 July 2021 27 March 2023 19 December 2024 n/a
Maturity date 12 November 2025 19 July 2028 27 September 2029 19 June 2030 n/a

2
3.0 Eligible Projects
An amount equal to the aggregate amount of all outstanding Green Bonds has been allocated to the following Eligible Projects:
Property
Location Use

Ownership
interest/type
[A]

Rating
Basis of
determination
[B]

Total value of
eligible projects
[A] x [B]

31 March 2025
valuation
Geneva House
3 Te Kehu Way, Mount
Wellington, Auckland
Office
100% direct
6 Star Green Star Design & As
Built NZv1.0 Built rating
$65,700,000 $65,700,000
ANZ Raranga
286 Mount Wellington
Highway, Auckland
Office
100% direct
5.5 Star NABERSNZ
5 Star Green Star Office Design
$89,400,000 $89,400,000
ASB North Wharf 12 Jellicoe Street, Auckland Office
100% direct
5 Star NABERSNZ
5 Star Green Star Office Design
$212,000,000 $212,000,000
The Aurora Centre 56 The Terrace, Wellington Office
100% direct
5 Star NABERSNZ $147,000,000 $147,000,000
Resido 27 Lynton Road, Auckland Residential
100% direct
9 Star Homestar rating $207,000,000 $207,000,000
Vero Centre
48 Shortland Street,
Auckland
Office
100% direct
4.5 Star NABERSNZ $456,500,000 $456,500,000
Total Eligible
Projects

$1,177,600,000 $1,177,600,000
Kiwi Property confirms that there are currently no unallocated proceeds.
Eligible Projects are consistent with the ICMA Green Bond Principles eligible project categories and are consistent with UN Sustainable Development
Goals 9 and 11. The criteria for Eligible Projects in the Framework will be regularly reviewed against the recommendations in the NZGBC Green Finance
Guidelines.
4.0 Ongoing reporting
In accordance with the Framework, Kiwi Property commits to undertaking annual ‘use of proceeds’ reporting and will include impact information as
applicable over time.

3

5.0 Assurance
The information in this report has been independently reviewed by an approved limited assurance provider.
6.0 Contacts
For further information or feedback, please contact Kiwi Property at:
Kiwi Property Group Limited
Level 7, Vero Centre
48 Shortland Street
PO Box 2071
AUCKLAND 1140
T: +64 9 359 4000
W: kp.co.nz
E: info@kp.co.nz

Kiwi Property announces GM Corporate Services Kiwi Property Notice of Meeting

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.