2025 Annual Meeting

FY25 Annual
Shareholders Meeting
22 July 2025

Argosy Property Limited
Hybrid ASM
ASKING QUESTIONS
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2
VOTING
•We will open the poll now, to give you plenty of
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Argosy Property Limited
The Board
3

Argosy Property Limited
The Executive Team
4
Peter Mence, CEODave Fraser, CFO

Argosy Property Limited
Agenda
Chairman’s Review6
CEO’s Review12
Questions22
Resolutions23
General Business26
Close of Meeting27
Due to rounding, numbers presented in this presentation may not add up exactly
to the totals provided and percentages may not reflect exactly absolute figures.
5

Argosy Property Limited
Chairman’s
Review
Presentation title goes here
6

Argosy Property Limited
Results Summary
Net property income up 0.4%Revaluation gain to 31 March
NTA per share, up 5.6%Net Distributable Income
Dividend for FY25
$116.9m$72.7m
$1.53
$55.8m
6.65cps
7
Argosy Property Limited
Gearing within the target 30-40% band
35.7%

Argosy Property Limited
Award winning green developments
8
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property
Stantec Building, 105 Carlton Gore Road was named a Gold Winner in the CARTERS Commercial Project category at the 2025 New Zealand Commercial Project
Awards. This recognition celebratesexcellence in workmanship, construction practices and innovation.

Argosy Property Limited
9
A diversified portfolio by sector and region
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Executing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners
Building a better future

Argosy Property Limited
Dividends
STEADY DIVIDEND
•Guidance for FY26 is 6.65 cents per share.
•We expect the dividend for FY26 will be
within the company’s payout ration of 85-
100% of Adjusted Funds from Operations
(AFFO).
6.65c
FY26 dividend guidance in
line with prior year
10
6.03
6.10
6.20
6.28
6.35
6.45
6.55
6.656.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
guidance
Dividend cps

Argosy Property Limited
Board & CEO Succession Planning
CEO Succession
•Peter Mence to step down as CEO in May 2027.
•Extended notice period will ensure smooth leadership transition.
Board Succession
•Jeff Morrison to step down as Chairman at end of the current three-year term
•Martin Stearne to become Chair after 2027 Annual Meeting.
•Chris Gudgeon and Mike Pohio are not seeking re-election.
•Alex Cutler appointed in October 2024 and standing for election.
11

Argosy Property Limited
CEO’s Review
Presentation title goes here
12

Argosy Property Limited
Portfolio Highlights
OccupancyWeighted Average Lease Term
Tenant retention rateGovernment sector rental incomeWeighting to Auckland Industrial
96.5%5.1yrs
86%33.2%46.7%
13
Argosy Property Limited
Annualised growth on rent reviews
3.5%

Argosy Property Limited
Portfolio at a glance
14
1.Large format retail.
2.Regional North Island and South Island. This weighting also includes up to 5%
allocation to the golden triangle area between Auckland, Tauranga and Hamilton.
Sector by value %Region by value %Asset mix by value %
53
37
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
71
26
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)
80
13
7
Core (75-90%)Value AddDivest
12
Targets:

Argosy Property Limited
224 Neilson Street
15
value on completion
$110m
of warehouse/office/canopy leased to
Bascik Transport
6,557m
2
Argosy Property Limited
Green Built Design rating achieved
on completed space (Warehouse B)
6 Star
hectare site area
10.6
hectare site area
4.6
Stage 1 leased to Viatris Limited on a
10-year lease, completion expected
April 2026
6,633m
2
forecast IRR on completion
9.4%
purchase price plus $4m in further
capex
$56m
initial holding return
5%
Mt Richmond
291 East Tamaki Road

Argosy Property Limited
Revaluations
MARKET RENTALS UP
•Independent valuations as at 31 March
were completed on all properties.
•$72.7m gain reported, or 3.6% revaluation
gain to book value.
•Growth in market rentals. Any impact of
firming cap rates yet to come.
•The portfolio is under rented by 11%
(Auckland Industrial under rented by 18%).
6.35%
Weighted average portfolio cap rate
16
1.Book Value excludes September 2024 revaluation gain/loss.
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.
31 Mar 25
Book Value
($m)
31 Mar 25
Valuation

($m)

$m

%
Mar 25
Cap rate
%
Mar 24
Cap rate
%
Auckland1,429.31,494.164.84.5%6.27%6.31%
Wellington550.7557.87.11.3%6.55%6.49%
North Island Regional & South Island56.457.20.81.4%6.86%6.86%
Total2,036.4 2,109.1 72.73.6%6.35%6.37%
31 Mar 25
Book Value
($m)
31 Mar 25
Valuation

($m)

$m

%
Mar 25
Cap rate
%
Mar 24
Cap rate
%
Industrial1,068.31,128.960.65.7%6.21%6.26%
Office771.4775.54.10.5%6.50%6.45%
Large Format Retail196.7204.78.04.0%6.59%6.67%
Total2,036.4 2,109.1 72.73.6%6.35%6.37%

Argosy Property Limited
Financial Performance
PERFORMANCE SLIGHTY UP ON PRIOR
COMPARABLE PERIOD
•Net property income and EBIT were slightly
up on the prior comparable period.
•Interest expense was lower, mainly due to
lower rates and higher capitalised interest.
$116.9m
NPI up 0.4% on the prior
comparable period
17
FY25
$m
FY24
(Restated)
$m
Net property income116.9116.5
Administration expenses(11.4)(11.6)
Profit before financial income/(expenses), other gains/(losses) and tax105.5104.9
Net interest expense(41.3)(43.7)
Gain/(loss) on derivatives1.4 0.6
Other gains/(losses)
Revaluation gains/(losses) on investment property72.7 (111.7)
Realised gains/(losses) on disposal of investment property(0.0)(1.0)
Profit/(loss) before income tax attributable to shareholders138.1 (50.8)
Taxation expense(12.3)(3.7)
Profit/(loss) and total comprehensive income/(loss) after tax125.9 (54.5)
Earnings per share (cents)14.83 (6.43)
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.

Argosy Property Limited
Distributable Income/ Adjusted Funds From Operations (AFFO)
SOUND RESULT
•Gross distributable income for the year was
$64.1m, up 4.7% on the prior comparable period.
•Net distributable income was flat on the prior
comparable period.
•Taxation expense was higher than the prior
comparable period, primarily due to incremental tax
expense of $2.8m following the Government’s
removal of the tax deduction for depreciation on
buildings.
•AFFO 6.43cps compared to 6.90 in prior
comparable period, mainly due to higher taxation,
lower amortisation and higher
net maintenance capex.
$55.8m
Net distributable income
18
FY25FY24
$m$m
Gross distributable income64.161.2
Depreciation recovered on disposals- 1.0
Current tax expense(8.3)(6.3)
Net distributable income55.855.8
AFFO adjustments(1.2)2.6
Adjusted funds from operations (AFFO)54.658.4
Net distributable income per share (cents)6.586.58
AFFO cents per share 6.436.90
Dividends paid/payable in relation to period6.656.65
Dividend payout ratio to AFFO103%96%
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.

Argosy Property Limited
Lease Expiry Profile
LEASE EXPIRY PROFILE IS WELL
MANAGED
•Largest single expiry remains MBIE in 2027.
•Average annual expiry over the next two
years (FY26 and FY27) is ~10.1%.
5.3%
Percentage of leases in FY26 expiring
19
5.3%
14.9%
18.0%
8.1%
11.2%
6.0%
10.5%
4.7%
0.6%
7.3%
9.9%
3.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
VacantMar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35Mar-36 +
Percentage of portfolio (by income)
Year ending
Largest single expiry
Largest expiries:
FY26 - New Zealand Post Limited at 7 Waterloo Quay
FY27 - Ministry of Business, Innovation and Employment at 15 Stout Street
FY28 - General Distributors Limited at 80-120 Favona Road

Argosy Property Limited
Market Insights
•As economic conditions improve, the imbalance between supply
and net absorption (demand) will correct.
•Limited land supply in Auckland and Wellington continues
pressure on land values, with prime sites holding their value.
•Prime rent reviews continue to show growth in well specified
and well located assets.
•Vacancy remains low, and focused in secondary and sublease
space.
INDUSTRIAL
•Flexible working environments continue but working from home
and full-time remote work continue to decline.
•Central Government goal of returning staff to the office is a
positive development.
•Many firms are looking to increase unassigned seating (hot
desking) while also seeking more collaborative spaces.
•The building environment is increasingly in focus, as employers
try to get more staff back to the office.
•Projected demand for green buildings will exceed supply.
•End of trip facilities now a must have.
•Serviced office/meeting room facilities in increasing demand.
OFFICE
•National retail sales have decreased over the past year.
•Discretionary lines showing a significant drop in sales.
•Retail surveys indicate confidence is improving.
•Large Format Retail continues to receive solid demand in prime
locations.
•Retailers consolidating to a fewer number of locations.
•Growth in demand from offshore retailers continues.
LARGE FORMAT RETAIL
20

Argosy Property Limited
Outlook
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND EXECUTING
ON STRATEGIC GOALS
•The domestic economy is expected to gradually improve, although there is some volatility at present.
•Highly restrictive interest rates are easing.
•Lower supply and improving demand across the market, with tenants focused on prime locations and
sustainable initiatives, is positive for Argosy.
•The strong bottoms up fundamentals of the Industrial sector will continue to underpin growth.
•Argosy is well placed, with a sound capital position to continue transforming towards a green &
environmentally sustainable business.
•The key focus areas for 2025/26 are to:
1.Address existing vacancy and key expiries;
2.Progress existing green developments at Neilson Street and Mt Richmond;
3.Achieve Green Star & NABERSNZ certifications;
4.Divest non Core assets and reinvest proceeds;
5.Position the business for the future; and
6.Complete acquisition of 291 East Tamaki Road and commence master planning for future development.
21

Argosy Property Limited
Questions
22

Argosy Property Limited
Resolutions
23

Argosy Property Limited
Resolution 1
That Alex Cutler, who was appointed as a Director by the Board
during the year, be elected as a Director of the Company.
24

Argosy Property Limited
Resolution 2
That the Board be authorised to fix the auditor’s fees and expenses.
25

Argosy Property Limited
General Business
26

Argosy Property Limited
27
Closing of Meeting

Argosy Property Limited
Thank you
DISCLAIMER
This presentation has been prepared by Argosy
Property Limited. The details in this presentation provide
general information only. It is not intended as investment
or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior
to making any decision relating to your investment or
financial needs. Thispresentation is not an offer or
invitation for subscription or purchase of securities or
other financial products. Past performance is no
indication of future performance.
All values are expressed in New Zealand currency
unless otherwise stated.
22 July 2025
28

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1


22.07.2025
CHAIRMANS REVIEW – PART 1
ANNUAL MEETING - QUALITY ATTRACTS QUALITY [SLIDE 1]
Good afternoon everyone. My name is Jeff Morrison, and I am the Chairman of Argosy
Property Limited. On behalf of my fellow directors and members of the management team,
it is my pleasure to welcome you all to the 2025 annual meeting of shareholders of Argosy.
It is my pleasure to again chair this meeting at the Royal New Zealand Yacht Squadron.
As usual, before we get things underway there are the usual housekeeping matters. Firstly,
can I remind those shareholders or proxy holders attending in person to have your phones
on silent please. In the unlikely event of an emergency, please evacuate the building using
the blue doors at the eastern exit behind you and assemble in the carpark. The bathrooms
are located behind me, next to the main reception area.
As per previous years, today’s annual meeting is a hybrid annual meeting. Shareholders
who are not attending in person can attend virtually and still ask questions and vote,
through the Computershare online virtual meeting platform. Shareholders can also follow
proceedings via the live webcast.
Today’s meeting will focus on our recent annual results to 31 March 2025, our long-term
strategy for growth and progress around our sustainability goals. Before we get to that,
there are a few procedural differences we need to run through for our hybrid meeting to run
smoothly.
HYBRID AGM - INSTRUCTIONS FOR WEBCAST PARTICIPANTS [SLIDE 2]
For shareholders participating through the live webcast, polling on the two resolutions has
now opened. If you are eligible to vote at this meeting, you will be able to cast your vote
under the Vote tab. The resolutions will now allow votes to be submitted. Votes can be
amended up until the time I declare voting closed.
Now the meeting has started, questions can also be submitted through Computershare’s
online virtual meeting platform. If you would like to submit a question, the Q&A is always
open so please feel free to submit questions throughout the meeting, these will be
addressed at the relevant time.

2

If you experience any technical issues casting your vote or submitting questions, please
refer to the instructions provided in the Virtual Meeting Guide that accompanied the Notice
of Meeting, or type your query into the “Q&A” tab, or you can call Computershare on 09 488
8700.
THE BOARD [SLIDE 3]
With those procedural matters explained, let’s get things underway.
I’d like to record that the Notice of the Meeting was duly given on 23 June 2025 and as there
are at least five shareholders here today, there is a quorum present. Accordingly, I declare
the 2025 Annual Meeting of Argosy Property Limited - open.
There is detailed information about the Board in the 2025 Annual Report, however I will
briefly introduce them to you.
To my right is Stuart McLauchlan. Stuart was appointed to the Board in August 2018 and is
a prominent businessman and company director. He is Chairman of the NZ Sports Hall of
Fame and Scott Technology Limited. He is a director of Scenic Hotels Group Limited, EBOS
Group Limited, Dunedin Casinos Limited and several other companies. Stuart is also a
past President of the New Zealand Institute of Directors.
Next, to Stuart we have Rachel Winder. Rachel was first appointed to the Board in August
2019. Rachel has been involved in the property sector for over 20 years across a variety of
senior roles including strategy, portfolio management, financial management,
development and leadership.
Next, to Rachel we have Martin Stearne. Martin was first appointed to the Board in March
2020. Martin has over 25 years commercial and capital markets experience, primarily in
investment banking. Martin currently holds appointments to the NZX’s NZRegCo Advisory
panel, the Takeovers Panel and the Investment Committee of the Impact Enterprise Fund.
He is a member of INFINZ and ICE Angels.
Next, to Martin we have Alex Cutler. Alex was first appointed to the Board in October 2024.
Alex has extensive global experience, assisting multinational organisations in recognising
the strategic importance of sustainability. Alex is a prominent figure in the property
industry and a dedicated sustainability expert. She was previously the CEO and Chief
Sustainability Officer at RDT Pacific and the CEO of the New Zealand Green Building
Council. Alex’s position as director is up for election and we’ll hear from her later in the
meeting.

3

Next to Alex we have Chris Gudgeon and next to Chris we have Mike Pohio. Chris and Mike
have been on the board from 2018 and 2019 respectively. They both have extensive
commercial and governance experience, and both have made extremely valuable
contributions during their time on the Board. One of those commitments is to Board
succession and renewal. For this reason, Chris and Mike have both elected not to stand for
re-election and will retire from the board at the close of this meeting to provide capacity for
recruitment of new skills and perspectives. The Board thanks Chris and Mike for their
guidance and wisdom during their time as directors and wishes them both the very best for
the future. This process of renewal and refreshment is ongoing, and I will touch on it again
shortly.
Finally, I have been a director since July 2013 and have over 40 years of experience as a
property lawyer, 29 of them as a commercial property partner at Russell McVeagh. As well
as my role as Chairman of Argosy, I also chair the Remuneration & Nominations
Committee and sit on the Company’s Audit and Risk Committee.
THE EXECUTIVE TEAM [SLIDE 4]
Seated next to the Board of directors is the Chief Executive, Peter Mence and the Chief
Financial Officer, Dave Fraser. We also have several other members of the management
team here today.
I would also like to welcome our auditors, Deloitte, our solicitors, Harmos Horton Lusk, our
Registrar, Computershare and our tax advisors, KPMG, to the meeting.
AGENDA [SLIDE 5]
The agenda for this afternoon’s meeting will be as follows:
• As Chairman, I will deliver a brief review of Argosy’s 2025 results and strategy;
• This will be followed by a more detailed review of Argosy’s performance by our Chief
Executive, Peter Mence;
• Following Peter’s review, we will take questions from Shareholders;
• We will then move to the formal resolutions of the Meeting;
• And finally, we will then attend to any general business.
After the meeting has been formally closed, please stay for refreshments where the
Directors and Executives of Argosy will be available to discuss any queries you may have.

4

PROXIES
Proxies have been received in respect of 372,867,519 shares and these have been audited
by Deloitte. There are 860,975,391 shares on issue.
CHAIRMAN’S REVIEW [SLIDE 6]
I am pleased to now present to you a summary of the Company’s performance for the year
ended 31 March 2025. You will have received the 2025 Annual Report and financial
statements, either by post or electronically, depending on your preference.
RESULTS SUMMARY [SLIDE 7]
The Board was pleased with the way the business, management team and staff have
performed, in particular during the second half of the year despite continuing weak
operating conditions.
Net property income was consistent with the prior year, and this was assisted by an
annualised increase on rent reviews undertaken during the year of 3.5%. The annual
revaluation gain was $72.7 million, and this was a significant turnaround from last year’s
revaluation loss of $111.7 million. The revaluation gain resulted in an increase in net
tangible assets to $1.53, up from $1.45 last year. Net distributable income was also
consistent with last year at $55.8 million or 6.58 cents per share. Peter will elaborate on
financial performance in his presentation.
The Board is comfortable with the company's capital position and balance sheet strength,
with debt-to-total assets of 35.7% in the middle of our target 30-40% band. The sale of 8
Forge Way, Auckland, was settled for $35.2 million in March and proceeds will be applied
to our green developments at 224 Neilson Street and Mt Richmond. The business has
sufficient funding capacity to accommodate medium term development requirements.
AWARD WINNING GREEN DEVELOPMENTS [SLIDE 8]
The Board is pleased by the progress made towards our sustainability goals as reflected in
green buildings completed, certifications achieved and the commencement of new
developments. We believe greening our portfolio towards more sustainable buildings, with
appropriate certifications validating their quality, will drive long term shareholder value.
During the year, the Company won the Supreme Award at the Property Council of New
Zealand Awards for the 6 Green Star Built property at 8 Willis Street. The Property Council
Awards is a prestigious awards program that recognises excellence in design and
innovation in the built environment. The Board congratulates staff and all the Company’s

5

partners who worked on the project. Additionally, the same building was Highly
Commended at the World Green Building Council’s Asia Pacific Leadership in Green
Buildings Awards (one of only three buildings to be recognised in this category).
BUILDING A BETTER FUTURE [SLIDE 9]
Many of you here will be familiar with this slide. Our vision of building a better future
continues to be underpinned by our three core pillars of being a green, resilient and
diversified business.
Our focus on greening the portfolio is significant as we target 50% of our portfolio being
green assets by 2031. Our current green asset weighting of 37.2% sees us well placed to
deliver on this target.
Peter will touch on this in his review, but there is growing evidence around rental premiums
between green and non-green buildings. Furthermore, we expect to see growing valuation
differentials between green assets built with more climate resilience than those without.
As I have said previously - this all underpins the sustainability and stability of earnings and
dividends over the long term.
Argosy’s portfolio remains diversified by sector, tenant and location. We believe this
approach will continue to reduce volatility in returns and widen growth opportunities over
the longer term. Key policy targets include a weighting to Industrial of 60-70% and a
weighting to Auckland of 70-80%.
In summary, the future of our business is green. We will remain focused on being the
market leader in retro-fitting existing buildings to create modern, attractive working
environments for our tenants and their people. We’ll continue to target strategic growth
opportunities with green potential – with Auckland Industrial being the focus.
DIVIDENDS [SLIDE 10]
Shareholders will also be pleased we delivered a dividend in line with guidance of 6.65
cents per share for 2025. Dividend guidance for FY26 is consistent with this year at 6.65
cents per share. Our dividend policy is to pay between 85-100% of AFFO earnings (note the
Board is comfortable being outside policy for limited periods to reduce dividend volatility).
Based on current projections, we expect the dividend payout for FY26 to be within the
policy range.

6

BOARD AND CEO SUCCESSION [SLIDE 11]
The Board remains strongly focused on the current and future success of the business,
with succession planning a central part of its long-term strategy. A structured plan is in
place to ensure smooth leadership transitions at both the Board and Executive levels. Our
CEO, Peter Mence, has advised of his intention to retire as CEO in May 2027, allowing
ample time for a well-managed transition, with the search for his successor expected to
begin in late 2026.
In terms of Board succession, I will step down as the Chairman at the conclusion of the
2027 Annual Meeting, at the end of my current three-year term. The Board has agreed that
Martin Stearne will succeed me as Chairman. Martin will also assume the role of Chair of
the Remuneration and Nominations Committee later this year.
As mentioned, Directors Chris Gudgeon and Mike Pohio will retire at the conclusion of this
meeting, and Alex Cutler, appointed in October 2024, will stand for re-election today with
the Board’s full endorsement. These planned changes reflect the Board’s commitment to
maintaining a balance of continuity and fresh perspectives to support Argosy’s long-term
performance.
I’ll now hand over to Peter who will take you through a brief review of the business.
CEO REVIEW [SLIDE 12]
Thanks Jeff. Hello everyone. It’s a great pleasure to be back here at the Squadron and to
present the CEO report.
PORTFOLIO HIGHLIGHTS [SLIDE 13]
Key portfolio highlights for the period include sound portfolio metrics with occupancy at
96.5% and a weighted average lease term of 5.1 years. While our portfolio occupancy is
solid, our core focus over the next twelve months will be to address residual vacancy and
near-term expiries.
We continue to receive good enquiry for green properties with their vibrant and engaging
environments. There is growing evidence around rental premiums between green and non-
green buildings. A recent CBRE sustainability report found that more than 50% of Prime
and B-Grade office occupiers are willing to pay a premium to be in space with high
environmental performance (≥ 5 Green Star or NABERSNZ ratings). Green ratings also have
a high correlation with building quality and occupancy.

7

As Jeff mentioned, over the financial year, Argosy completed 105 rent reviews, achieving
annualised rental growth of 3.5%. These reviews were achieved on rents totaling
$76.5 million. At 86%, our tenant retention rate is also very solid.
Government tenant rental income represents over 30% of rental income and the Auckland
Industrial portfolio contributes 47% of rental income.
PORTFOLIO AT A GLANCE [SLIDE 14]
These charts highlight our sector, location and core/value add weightings. Our portfolio
was 53% weighted to Industrial at 31 March 2025 and, following the completion of our
pipeline of green Value Add development Industrial sites, will continue to increase toward
our target weighting of 60-70% over the medium term.
Seven properties have been identified as non-Core, with a combined current book value of
$147 million, and these properties are expected to be divested over the medium term.
DEVELOPMENT PROJECTS [SLIDE 15]
224 Neilson Street is the first of Argosy’s Value Add green industrial estates and the
development is progressing well. The 3.5ha site is strategically located, 8km from
Auckland CBD with excellent access to State Highway 1, State Highway 20 and the wider
transport network.
Argosy has successfully secured a 12-year lease agreement with national business, Bascik
Transport, for the first warehouse and this lease commenced in April 2025.
Additionally, the second warehouse at Neilson Street, comprising 15,300 sqm of NLA and
canopy, is on track for completion in October this year, with solid current leasing enquiry.
Warehouse B has been awarded a 6 Green Star – Design & As Built NZ v1.0 certified rating.
Warehouse A is targeting a 6 Green Star Design and As Built rating.
Following completion, 224 Neilson Street is expected to have an end value of $110 million,
and a development margin of $11.1 million.
Mt Richmond is a 10.6 hectare Value Add green development site in the central industrial
precinct of Mt Wellington, only 15km from the Auckland CBD. The Mt Richmond
development is an important part of our long term strategy given our positive view of the
Industrial sector over the long term.
The first building at Mt Richmond has been committed with a new 10-year lease agreement
with the global healthcare company Viatris Ltd (with lease commencement in the first

8

quarter of 2026). This building includes 6,633 sqm of NLA and canopy and is targeting a 6
Green Star Built rating.
The business park has very solid metrics, including an IRR of 9.4%, and an expected total
capital gain of $44 million.
In 2024, Argosy unconditionally contracted to purchase 291 East Tamaki Road (and
adjacent titles). This is a 4.6 hectare, level site in a well-established industrial precinct, just
2km from State Highway 1.
The initial purchase price and attendant capital works is $60 million, and the fully-let
holding return is 5.0%. The site is currently 58% leased, with the balance expected to be
leased up soon after settlement, which will be in September or October 2025.
This strategic acquisition, when developed to a high 6 Green Star Built standard, will
position the portfolio closer to the target Industrial weighting of 60-70%.
REVALUATIONS [SLIDE 16]
Annual valuations for the year to 31 March 2025 were performed by CBRE Limited, Colliers
International New Zealand Limited and Jones Lang LaSalle Limited. The total unrealised
revaluation gain was $72.7 million, or 3.6% on book value, which compares to an
unrealised revaluation loss for the year to 31 March 2024 of $111.7 million.
An increase in net market rentals was the key driver of the revaluation increase. Of the
annual increase, $8.7 million was recognised in the interim result at 30 September 2024.
FINANCIAL PERFORMANCE [SLIDE 17]
Argosy reported net property income of $116.9 million for the period, which was consistent
with last year. Pleasingly, interest expense of $41.6 million was lower than last year, which
was due to a combination of lower overall debt levels, lower rates and higher capitalised
interest.
After the revaluation gain mentioned earlier, there was a full-year net profit after tax of
$125.9 million, compared to a loss of $54.5 million last year.
DISTRIBUTABLE INCOME/ADJUSTED FUNDS FROM OPERATIONS [SLIDE 18]
Net distributable income, which adjusts for non-cash items such as property valuations,
was $55.8 million, the same as last year. This year Argosy incurred incremental tax
expense of $2.8 million, following the Government’s removal of tax deductions for
depreciation on buildings.

9

Many of you will be aware of The Investment Boost policy, announced in this year’s budget.
This provides for a one-off 20% tax deduction for new building structures (that were
available for use after 22 May 2025). It also provides for accelerated deductions for other
newly acquired depreciable assets, such as fit-out.
Given the green development program we have underway it’s clear this will be positive for
Argosy.
Adjusted funds from operations (or AFFO), adjusts net distributable income for additional
items such as incentives and leasing costs and maintenance capex. Maintenance capex
are capital items that don’t add to the value of the building. This includes items such as
new roofs or cladding works.
Our dividend policy is to pay between 85-100% of AFFO, although the Board is comfortable
being outside policy for limited periods to reduce dividend volatility. This year the payout
ratio was 103% of AFFO, compared to 96% last year. As Jeff noted in his address, we
expect to be within policy again in FY26.
LEASE EXPIRY PROFILE [SLIDE 19]
The team has worked hard to deliver solid leasing outcomes. The extended time to close
leasing opportunities was evident during most of the year.
We completed 54 leasing transactions across 57,100m2 during the year. Lease
transactions were made up of new leases (22), renewals (24) and extensions (8). We have
managed to retain many valued tenants and also attract new tenants to the portfolio.
With the benefit of current information, we expect to extend the biggest expiries coming up
over each of the next three years.
MARKET INSIGHTS [SLIDE 20]
The strong bottom up fundamentals of the Industrial sector will continue to underpin
growth. As economic conditions improve, it’s expected the imbalance between new supply
and net absorption (demand) will abate, reducing vacancy and improving rents.
In the Office sector flexible working environments continue, but full-time remote work is
declining, and the building environment is increasingly in focus by employers as a means
to get staff back to the office. The Government’s desire to get more employees back to the
office will be positive for Argosy. Although there are some cutbacks in Wellington, past
trends indicate that core civil service numbers are resilient.

10

Current research by CBRE and JLL research has highlighted an expected shortage of
sustainably rated buildings in both the commercial office and the industrial sectors over
the next 5 years and Argosy is well positioned to benefit from such an occurrence.
Argosy’s retail exposure is limited to Large Format Retail, predominantly at the Albany
Mega Centre, where we have continued to enjoy high occupancy and solid rental growth.
OUTLOOK [SLIDE 21]
Argosy is very well placed. It has a strong balance sheet and a growing, high-quality
portfolio of diversified properties with a clear focus on sustainability and green assets. Our
large and increasing weighting to the Industrial sector will deliver security and stability to
our cashflows and earnings.
Focus areas are to address existing vacancies and key expiries, progress existing green
developments at Neilson Street and Mt Richmond and continue to position the business
for the future.
And now I’ll hand you back to the Chair for questions.
QUESTIONS [SLIDE 22]
Thank you Peter.
I will now open the meeting for questions about the Company’s performance generally.
Other issues can be addressed as General Business later in the meeting.
I would like to remind you that only Shareholders, proxy holders or Shareholder company
representatives have a right to speak.
In addressing the Chair with questions would you please clearly state your name and
advise whether you are a Shareholder, a proxy holder or a Shareholder company
representative.
If you have a question, there are people here with cordless microphones in the aisles,
please use these so we can all hear your question.
Do I have any questions from the floor or online?
QUESTIONS
As there are no further questions at this time, we will now consider the formal resolutions
for the Meeting.

11

RESOLUTIONS [SLIDE 23]
The resolutions for consideration today may only be voted on by Shareholders, either in
person or virtually or by proxy, and proxy holders and Shareholder company
representatives present.
As noted earlier I have been provided with a record of the valid proxies received. Proxies
have been received in respect of 372,867,519 shares and these have been audited by
Deloitte. There are 860,975,391 shares on issue.
RESOLUTION 1 [SLIDE 24]
Resolution 1 proposes that Alex Cutler be elected as a Director.
Alex Cutler was appointed by the Board during the year and, being eligible, offers herself
for election. The Board has determined that Alex Cutler, if elected, will be an Independent
Director. I will now ask Alex to say a few words.
Are there any questions on this resolution from the room or online? [pause for any
questions]
I now put to vote the resolution that Alex Cutler is elected as a director of the Company.
Please mark your voting papers or select your voting option on screen.
Note: Pause for people to complete voting papers.
Thank you, we will now move to the next resolution.
RESOLUTION 2 [SLIDE 25]
Resolution 2 seeks to authorise the Board to fix the auditor’s fees and expenses.
Is there any discussion on this resolution from the room or online? [pause for any
questions]
Please mark your voting papers or select your voting option on screen.
Note: Pause for people to complete voting papers.
As this is the final resolution, in a minute I will close voting. Please ensure that you have
cast a vote on all resolutions. The votes will then be counted by Computershare who will
now begin collecting the voting papers from within the room.
Note: Pause for people to complete voting papers.

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That completes voting on all resolutions, online voting will now be closed and
Computershare will complete collection of votes in the boxes being circulated.
Note: Pause for voting papers to be collected.
The votes collected from the room and online will be added to the proxies already received
and the results will be compiled by Computershare, our registrar and scrutinised by the
auditor. The results, once available, will be published on the Argosy website and provided
to the NZX.
GENERAL BUSINESS [SLIDE 26]
I now move on to the general business of the meeting and open the floor for questions or
comments.
Again, I ask that in addressing the Chair with questions would you please clearly state your
name and advise whether you are a Shareholder, a proxy holder or a Shareholder company
representative.
For those shareholders online, if you wish to ask a question, select the question icon
button on your computer, tablet or mobile phone, and then type and submit your question.
The question will then be sent to the Board to answer.
As I noted at the beginning of this meeting, we will try to get to as many of the questions as
possible, but not all questions may be able to be answered during the meeting.
In this case, questions will be followed up via email after the meeting.
I would like to remind you that only Shareholders, proxy holders or Shareholder company
representatives have a right to speak or ask questions.
Note: General business discussion - if any.
CHAIRMAN’S CLOSING / THANK YOU [SLIDES 27/28]
That completes the formal business of the meeting.

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





Thank you everyone for your attendance and participation this afternoon.
I formally declare this meeting closed.
Please join us for some refreshments.


END.