Investor update - March 2026

Portfolio value
1
$3.0 billion
Number of investment properties7
Occupancy rate98.9%
WALT
2
3.6 years
Net Tangible Assets (NTA)$1.12
Gearing (Debt / Total Assets)36.9% (32.8% pro forma)
Annualised mixed-use sales
(moving annual turnover, or MAT)
$1.8 billion (+0.8% vs. PY)
Annualised mixed-use centre
pedestrian count
28.3 million (+1.3% vs. PY)
Payment date20 March 2026
Cash dividend (cps)1.40
Imputation credits (cps)0.36
Key metrics
Repositioning the portfolio
Kiwi Property has continued to make significant
progress against its strategic priorities, including
strengthening the balance sheet. Business
performance was supported by a steadily improving
sales environment.
Capital recycling remained a major focus. The sale of
The Plaza in Palmerston North settled in December,
while the sale of ASB North Wharf was announced
earlier this year following the successful lease
extension in mid-2025, and is expected to settle early
in the new financial year.
Our convertible loan to Mackersy Property converted
to equity in December, with Kiwi Property now a 50%
owner of the investment management business. At
Drury, civil works are underway following the recent
conditional land sales executed with Costco, Harvey
Norman, and Briscoe Group. Fast‑track resource
consent approvals have also supported the
development of the area and further reinforced retailer
confidence in the precinct.
Reflecting the improved balance sheet position as a
result of our significant transaction activity, in
December S&P removed the ‘Negative’ outlook from
KPG’s credit rating, with the revised issuer rating now
BBB/Stable (and green bonds rated as BBB+).
Operational momentum was reinforced by the opening
of IKEA at Sylvia Park in early December, which
materially lifted pedestrian counts, particularly on level
one at Sylvia Park where customers can use the
pedestrian walkway to access the two sites.
In people changes, Shaun Reed was promoted to the
executive team in December as GM Capital
Transactions, with his immediate focus on investment
in growth opportunities. We will also bid farewell to our
CFO Steve Penney in March, with recruitment for his
replacement currently underway.
Investor update
March 2026
Q3 dividend
Includes Drury land classified as inventories.
1
Excludes Resido.
2
All portfolio metrics are as at 31 December 2025 and reflect Kiwi Property’s
direct asset ownership, except for annualised sales and pedestrian count
data, which also reflects the total performance of assets owned through
joint ventures. Portfolio metrics and pro forma gearing exclude ASB North
Wharf (which has been conditionally sold).
Kiwi Property is pleased to reconfirm dividend
guidance of 5.60 cents per share for the FY26 full year.
This is expected to be within our target payout range of
90% to 100% of year-end AFFO.
As we continue to deliver on our strategic priorities,
we remain focused on driving value for shareholders.
Thank you to all our investors for your continued
support of Kiwi Property.
Clive Mackenzie
Chief Executive Officer

Sales of The Plaza and ASB North Wharf
We are actively repositioning the portfolio to focus on well-located, high-
quality assets, which we believe offer stronger long-term growth prospects and
more resilient income streams as well as development optionality.
In line with this strategy, the sale of The Plaza shopping centre in Palmerston
North was announced in November 2025 and settled in December. The sale of
ASB North Wharf was announced in January and is expected to settle in the
first half of 2026 (pending OIO approval). These transactions release capital
from mature assets that are no longer part of our long-term strategy, with
some of the proceeds to be redeployed at our key assets.
We continue our disciplined approach to capital allocation: recycling capital
from mature investments, optimising returns from existing exposures, and
continuing to invest in assets to maximise long-term value for shareholders,
alongside the evaluation of potential acquisition opportunities.
Development update
We are making targeted investments to improve the market positioning of our assets:
Vero Centre refresh
We are progressing a comprehensive refresh of Vero Centre’s shared spaces
to enhance amenity, functionality and tenant experience. Public areas and
shared tenant amenities within the building are being refreshed, including:
Upgrades to the Shortland Street entry, involving the decommissioning of
the existing wheel sculpture and the installation of a major digital art
display (which we understand will be the largest of its kind in NZ).
Enhancements to the Fort Street entry to create additional space and a
more prominent statement entrance.
A refresh of the Level 6 lobby and cafe, including refurbishment and
lighting optimisation.
The addition of new end-of-trip facilities on Level 1, comprising upgraded
bathrooms, lockers and a cooling room.
The $14 million Vero refresh project is currently underway, with works
expected to be completed early in the last quarter of 2026.
Sylvia Park’s southern enhancement project
Development works are now underway at the southern end of Sylvia
Park with the construction of a new customer-friendly pedestrian
plaza and expansion of existing retail space. More than 85% of the
project leasing income is now committed. Kmart is set to extend its
footprint, adding 1,430 sqm of space to its existing site. Additional
revenue will also be generated through new and extended food and
beverage tenancies and short-stay retailers (such as food trucks)
located adjacent to the new pedestrian plaza. This development also
provides future benefits to Sylvia Park as a whole, as the addition of
the pedestrian plaza combined with other initiatives increases the
allowable development area on the main Sylvia Park site from 148,000
sqm gross floor area to 250,000 sqm gross floor area.
2
Artist impression of the new Vero
Centre Shortland Street entry
Artist impression of the new
pedestrian plaza at Sylvia Park

Walkway between Galleria (Level One) of Sylvia Park and IKEA
Asian supermarket
Development of an Asian grocer at Sylvia Park is progressing, with minor enabling works nearly complete and
trading expected to commence during Q1 of FY27.
3
Retail operating update
IKEA’s initial impact at Sylvia Park
The opening of IKEA at Sylvia Park has provided a clear uplift in pedestrian traffic at the shopping centre,
demonstrating IKEA’s impact as a magnet for the wider precinct. Pedestrian counts increased by 8% in December
2025 and 13% in January 2026 versus the same months in the prior year. Entries into Sylvia Park’s Galleria (Level
One) via the new IKEA link totalled more than 117,000 in December and 75,000 in January. Galleria pedestrian
counts were up 28% in December and 38% in January compared with the same months a year prior, positively
impacting the whole of Level One. Sales at Sylvia Park were up 2.9% for December and January compared to the
same months in the prior year.
Portfolio sales and foot traffic trending up
Annual mixed-use sales were up +0.8% and pedestrian counts at the centres up 1.3% as of December. Positively,
mixed-use sales continued to improve with the last six months’ sales to December up 2.3% compared to the
prior six months, which were down 0.9%.
With Christmas sales shifting to earlier in the November/December period, Kiwi Property centres experienced a
strong November sales month due to an extended ‘Black Friday’ period. Mixed-use sales for the October to
December quarter across our portfolio were up by 2.0% compared to the same three months in the prior year.
Christmas charity fundraising
Kiwi Property helped to raise over $100,000 for our partner charities over the
Christmas period last year.
All money donated via customer gift wrapping booths at Sylvia Park, LynnMall,
The Base, Centre Place, and Northlands will provide much-needed support to
our partner charities: Mental Health Foundation NZ, Heart Kids NZ, Volunteering
Waikato, Canterbury Cancer Centre, and Papanui High School PTA.

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)
Q3: 20 March 2026
Q4: 19 June 2026
Annual results announcement date
(provisional)
18 May 2026
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.
Executive changes
Shaun Reed
As announced in December, Shaun Reed has been promoted to General
Manager Capital Transactions in the executive team. Shaun has been with
Kiwi Property since 2022, most recently serving as Head of Capital
Transactions, and previously as Investment Director. During this time, he has
led major initiatives, including the recent sales of The Plaza and ASB North
Wharf, as well as Kiwi Property’s investment in Mackersy Property.
With more than 20 years’ experience in real estate investment and funds
management, Shaun has previously worked at LaSalle Investment
Management in the UK, AMP Capital and CBRE, specialising in deal
execution and portfolio strategy.
In the GM Capital Transactions role, Shaun will be focused on driving
strategic capital initiatives, including portfolio transactions, joint ventures,
and partnerships that support Kiwi Property’s strategy. Elevating this role to
the executive team reflects its critical importance to the company’s growth
ambitions and signals opportunities for increased transactional activity.
Steve Penney
In December, we announced that Kiwi Property’s CFO, Steve Penney, will be
leaving the business. Steve has been the CFO since December 2022 and
has been instrumental in the business’s strategic and operational
transformation. Steve’s commitment to fostering a high-performance
culture has driven improvements across our business, and we wish him the
very best in his new role.
We are currently midway through the recruitment process and will
announce our new Kiwi Property CFO in due course.
→ Click here to watch a short video
where Shaun discusses Kiwi
Property’s key strengths.