Investor update - August 2025

Key metrics
Portfolio value
1
$3.3 billion
Number of investment
properties
9
Occupancy rate97.6%
WALT
2
4.2 years
Net Tangible Assets (NTA)$1.14
Annualised centre sales
(moving annual turnover)
$2.1 billion (-1.8% vs. PY)
Annualised pedestrian count37.0 million (-0.8% vs. PY)
Payment date19 September 2025
Cash dividend (cps)1.40
Imputation credits (cps)0.34
Focused on fundamentals
We’re pleased with the progress made over the quarter,
particularly the continued focus on business fundamentals
and the achievement of some key leasing outcomes.
ASB Bank’s nine-year lease extension at North Wharf provides
long-term certainty of tenure at the asset, as well as
reinforcing North Wharf’s quality and sustainability
credentials.
At Sylvia Park, the Resido build-to-rent (BTR) development is
now 95% leased, with strong tenant satisfaction and positive
feedback. Our mixed-use strategy integrates residential,
office, and retail components into vibrant and resilient
precincts. Following a recent survey, we estimate that
residents, office workers, and retail staff at Sylvia Park
together contribute approximately $44 million in annual sales,
underscoring the benefits these uses bring to the retail core.
In people news, we recently welcomed Michele Embling to
the Board as Chair of the Audit, Risk and Sustainability
Committee, and Louise Hill as GM Corporate Services. Our
graduate and scholarship programmes also continue to bring
fresh energy and ideas to the team, reinforcing our
commitment to talent development and long-term capability
building.
As we continue to progress our strategic priorities we are
focused above all on driving value for shareholders. We thank
our investors for their continued support of Kiwi Property.
Clive Mackenzie
Chief Executive Officer
Investor update
August 2025
Q1 dividend
Includes Drury land classified as inventories.
1
Excludes Resido and includes ASB North Wharf lease extension.
2
All portfolio metrics are as at 30 June 2025
and reflect Kiwi Property’s direct asset
ownership, except for annualised centre sales
and pedestrian count data, which also reflects
the total performance of assets owned
through joint ventures.
Kiwi Property is pleased to re-confirm dividend
guidance of 5.60 cents per share for the FY26
full year.
The Dividend Reinvestment Plan will be in
operation for the FY26 Q1 dividend, with a 2%
discount to the 5-day VWAP following the ex
date.

Per
week
Annualised
# of
tenants/
workers
Potential
annual sales
impact
Retail
workers
$249$11,9662,200$26m
Office
workers
$268$12,863700$9m
Residential
tenants
$414$21,528400$9m
ASB extends lease at North Wharf
As announced in early July, ASB Bank has committed to a further nine
years at ASB North Wharf, continuing its long-standing presence in
this award-winning, seven-level building in Auckland’s Wynyard
Quarter which Kiwi Property developed for ASB in 2013.
The lease extension is a fantastic outcome in a competitive office
leasing market. It reflects the enduring quality of the North Wharf
building and highlights the value of Kiwi Property’s ongoing investment
in maintaining and enhancing the asset.
ASB North Wharf currently holds a 5-star NABERSNZ rating, and
looking ahead, Kiwi Property has committed to improving the
sustainability performance of this asset further as part of our broader
ambition to drive positive sustainability outcomes across the
portfolio. The lease extension is subject to approval by New Zealand's
Overseas Investment Office.
Benefits of mixed-use
Kiwi Property’s strategy integrates retail, office, residential, and other property uses into cohesive precincts that
deliver long-term value. Our approach is intended to enhance tenant demand, diversify income streams, and
support valuation growth. This strategy also supports placemaking and community engagement, creating vibrant
destinations that attract residents, shoppers, office workers and visitors alike.
2025 KPG residential, retail and commercial worker
survey
How much on average would you spend at Sylvia
Park?
Residential
Resido, our build-to-rent (BTR) development at Sylvia Park,
is 95% leased as at 25 August 2025. We're pleased to see
the asset nearing full occupancy with strong tenant
engagement and positive feedback confirming the product
is resonating well with residents.
Hear anecdotal feedback from Resido residents at this
short video link: → What I love about Resido
As well as a great product for tenants, Resido is also
providing benefits to the surrounding retail centre, as can
be seen in the recent survey results.
Do you consider Sylvia Park to be your
primary shopping destination (non-
grocery)?
Residents, retailers and office workers
driving sales
The combined potential sales impact at Sylvia Park from
Resido residents, as well as retail and office workers, is
estimated at approximately $44 million per year, based on
the annualised weekly spend from the survey and the number
of tenants and workers we believe are regularly on site.
Retail workers79% yes
Office workers78% yes
Residential tenants97% yes
2

People updates
Michele Embling
During the quarter, Kiwi Property welcomed Michele as a
new Board member. She 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.
Michele’s professional background includes roles such as
the current Chair of Transpower, Director of IAG
Insurance and AIA New Zealand, and she is a former Chair
of PWC New Zealand. Michele has been appointed as
Kiwi Property’s new Chair of the Audit, Risk and
Sustainability Committee.
Louise Hill
Louise joined the Kiwi Property executive team earlier
this month as GM Corporate Services, a newly created
role which oversees the existing Legal, Digital and
governance functions across the company, including
serving as General Counsel and Company Secretary.
Louise has a background as a corporate lawyer and joins
us from Stride Property. Louise previously worked at
Fletcher Building, Fletcher Construction, and Bell Gully.
→ Click here to hear from Louise about what she thinks
makes Kiwi Property unique.
Investing in future talent
Currently, five emerging professionals are gaining valuable experience across various areas of the business.
Gemma Seymour is midway through an 18-month graduate rotation across Sustainability, Funds Management, and
Asset Management, while Sean Kearns has just joined our Leasing team, having spent 12 months working part-time
with the Resido team.
We also support two part-time students: Bhavik Paragji, studying Property and Commerce, working in Leasing, and
Skylah Hewett, in her fifth year studying Property and Law while supporting our Legal team.
Additionally, Ethan Hanlon, our 2025 Keystone Trust Scholar, is actively exposed to the business through
shadowing opportunities and being part of the emerging professionals’ cohort. Our approach includes mentoring,
investment in development, exposure to senior leaders, and hands-on involvement in business initiatives -
ensuring we nurture talent aligned with our long-term strategic goals. These five talented professionals are
included in a group photo on the next page.
For further information about Kiwi Property’s graduate programme, please contact peopleteam@kp.co.nz.
3
→ Click here to hear Michele discuss Kiwi Property’s key opportunities.

Left to right: Ethan Hanlon,
Bhavik Paragji, Skylah
Hewett, Sean Kearns, and
Gemma Seymour
Contacts
Investment details
For questions relating to your shareholding, dividend payments,
or other investment details, please contact MUFG Corporate
Markets (a division of MUFG Pension & Market Services):
T: 0800 377 388
E: enquiries.nz@cm.mpms.mufg.com
Other investor queries
If you have any other questions, feel free to email us at
investors@kp.co.nz.
Key dates
FY26 dividend payment dates
(provisional)
Q1: 19 September 2025
Q2: 19 December 2025
Q3: 20 March 2025
Interim results announcement date
(provisional)
24 November 2025
4
Disclaimer: The information and opinions in this report were prepared by Kiwi Property Group Limited (KPG). KPG makes no representation or warranty
as to the accuracy or completeness of the information in this report. Opinions, including estimates and projections, in this report constitute the current
judgement of KPG as at the date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance. Figures included in this report have not been subject to audit or review procedures and represent the best information available to KPG at
the time this report was prepared but may be subject to change. This report is provided for information purposes only and does not constitute
investment advice. Neither KPG, nor any of its directors, officers, employees, advisers or other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with this report.