Disciplined FY26 execution strengthens balance sheet

2026 Annual Report
Creating places
where people
connect & thrive

Contents
Portfolio overview 2
Business highlights4
Chair’s report6
Chief Executive Officer’s report10
Spotlight on strategy14
Overview14
Assets16
Capital18
Customer20
Capability22
Our Board24
Our Executive Team26
Financials28
Other information83
Corporate governance84
Remuneration report86
Other investor information97
Directory104
The intersection of
places and people

Kiwi Property creates places where
people connect and thrive. Across our
portfolio, we focus on owning, developing
and managing high-quality retail-led
destinations that serve customers,
support tenants and deliver long-term
value for shareholders.
During the year, we have refined our
strategy to better express this. While our
direction remains consistent, we have
updated our language and framework to
be simpler, clearer and more grounded in
the physical assets we create and manage.
In a year of solid performance and
strategic progress, we continued to refine
the portfolio, recycle capital from mature
assets and invest in opportunities that
strengthen our position for the future.
This report highlights the strong FY26
business performance and outlines
the refreshed strategy to support long-
term growth.
Kiwi Property 2026 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
Auckland86%
Hamilton9%
Wellington5%
Sector diversification
BY PORTFOLIO VALUE
Retail-led mixed-use74%
Office20%
Development land5%
Other1%
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, more sustainable 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 of retail-led destinations,
delivering superior experiences and returns.
$2.60b
Auckland – 3 retail-led mixed-use assets,
1 office asset, 1 development landholding
$263m
Hamilton – 1 retail-led mixed-use asset, 1 other asset
$147m
Wellington – 1 office asset
AUCKLAND
WELLINGTON
HAMILTON
Note: ASB North Wharf excluded as held for sale.
Kiwi Property 2026 Annual Report2

A future-focused property portfolio
DRURY
THE BASE
LYNNMALL
SYLVIA PARK
Kiwi Property's retail-led
mixed-use assets have
significant development
potential and the ability
to accommodate a range
of uses such as retail,
office, residential, medical,
entertainment and dining.
Our intention is to evolve
and enhance these
properties over time.
KEY
CurrentPotential
Live
Work
Play
Shop
The power of our retail-led mixed-use strategy
36.7m
CUSTOMER VISITS FY26
2
1. All sales include GST.
2. Pedestrian count information is not collected for Sylvia Park Lifestyle. For The Base large format retail stores, pedestrian count information is
calculated using vehicle movement data and applying multipliers to estimate visitation.
$1.9b
ANNUAL SALES FY26¹
1.6%3.0%
Kiwi Property 2026 Annual Report3

$202.4m
4.3%
NET RENTAL INCOME
$126.2m
8.6%
OPERATING PROFIT BEFORE TAX
$3.0b
0.9% FAIR VALUE MOVEMENT
PORTFOLIO VALUE
1
$100.2m
8.0%
ADJUSTED FUNDS FROM OPERATIONS
Business highlights
1. Excluding the gross-up of lease liabilities required by NZ IFRS
16 Leases. Portfolio value excludes held for sale assets and
includes Drury Stage 1 land which is held in inventories.
Kiwi Property 2026 Annual Report4

3.6 years
WEIGHTED AVERAGE LEASE EXPIRY
+4.5%
FY25 4.3%
TOTAL RENTAL GROWTH
99.0%
PORTFOLIO OCCUPANCY
$50.4m
NET PROFIT AFTER TAX
FY25 $57.0m
Note: Refer to the Annual Results Presentation FY26 for the
definition and determination of sales, pedestrian count 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 FY25 period.
FY25 3.8 yearsFY25 96.9%
Kiwi Property 2026 Annual Report5

Introduction
Reflecting on the year to 31 March 2026, Kiwi Property
made strong progress in advancing its retail-led
strategy. The Board’s focus throughout the year was
on strengthening balance sheet flexibility, improving
portfolio quality and ensuring capital was directed to
opportunities best aligned to protect resilience and
position the business for long-term value creation.
As transaction conditions stabilised, we were able
to accelerate our capital recycling programme and
release capital from mature, non-strategic assets,
consistent with our strategy of focusing on the best
assets in the best locations.
Our core assets continued to perform well during the
year, supported by improved occupancy and resilient
customer demand. Together with a disciplined
approach to costs and capital allocation, this gives
the Board confidence that Kiwi Property remains well
placed despite economic uncertainty.
Progress against FY26 strategic priorities
At the beginning of the year, Kiwi Property identified
four strategic priorities for FY26: managing the
balance sheet and freeing up additional capacity,
driving rent growth, preserving cost discipline, and
progressing the sell-down of Drury’s large-format
retail sites. These priorities reflected the areas
the Board considered most important to protect
resilience and support future growth. I am pleased
with how the business responded and the progress
made across each of these areas.
Chair's
report
Simon Shakesheff
Chair
“Our core assets
continued to perform
well during the
year, supported by
improved occupancy
and resilient
customer demand.”
Kiwi Property 2026 Annual Report6

Balance sheet capacity
A strong and flexible balance sheet is fundamental to
our strategy. It gives us the capacity to invest through
the cycle, respond to market opportunities and support
long-term growth while maintaining appropriate
financial resilience.
During the year, we made significant progress with our
capital recycling programme. The Plaza in Palmerston
North sold for $118.9m, with settlement occurring on 12
December 2025. Following the successful nine-year
lease extension at ASB North Wharf in July last year, we
also progressed a conditional sale of that asset, which
was announced in January. Since year end, Overseas
Investment Office approval has been received for the
transaction, with settlement of the $205 million sale
expected in May 2026.
Reflecting the additional balance sheet capacity
generated by these sales, we also suspended the
dividend reinvestment plan during the year to avoid
unnecessary dilution for shareholders.
Capital allocation remains one of the Board’s most
important responsibilities. We will continue to apply
a disciplined approach – recycling capital where
appropriate, investing selectively in opportunities that
enhance returns and pursuing acquisitions only where
they strengthen our portfolio and meet our risk and
return criteria.
Rent growth
Driving sustainable rental growth remains an important
measure of portfolio quality and management
performance. During FY26, Kiwi Property delivered
positive leasing momentum across the portfolio,
with rent growth of 4.5% over the year and a total
leasing spread on new leases of 6.3%. Occupancy has
improved, with the portfolio up to 99.0%, from 96.9% at
the start of the financial year.
This reflects the quality of our core assets and the
benefits of targeted asset management initiatives. It
also reinforces our confidence in the long-term appeal
of well-located high-quality destinations.
Cost discipline
The Board is pleased with the disciplined approach
to cost management maintained throughout the year.
Underlying employment and administration expenses
reduced by $0.9 million (-3.6%) compared with the
prior year, after normalising for costs associated with
the ASB North Wharf lease extension and other one-off
transaction items.
We also took steps to reduce funding costs. During the
year, the bond that matured (KPG040) was refinanced
with attractively priced bank debt. Combined with an
easing in interest rates, this contributed to a reduction
in Kiwi Property’s weighted average interest rate from
5.30% at the start of FY26 to 4.81% at year end.
These actions support earnings resilience and reflect
the importance of prudent financial management in
delivering shareholder returns.
We continue to
transition the portfolio,
with two sales agreed during
the year of mature, non-
strategic assets, The Plaza and
ASB North Wharf.
WHAT YOU
NEED TO KNOW
Kiwi Property 2026 Annual Report7

Chair's report continued
Drury large format retail (LFR) site sales
Drury remains a significant long-term growth
opportunity for Kiwi Property, and the strategic
objectives related to this development advanced
significantly during FY26.
During the year, conditional agreements were
negotiated with Costco, Harvey Norman and Briscoe
Group, as well as an unconditional agreement with
Foodstuffs. These transactions take the proportion of
the Drury LFR precinct now under contract to around
77% of the land intended for sale. Proceeds from land
sales agreed to date total $115 million and are expected
to be received over FY27 to FY29.
With these sales now secured, the focus turns to
execution. Stage 1 civil works are underway, including
the construction of key roads, installation of drainage
and provision of utility services. Stage 2 Fast-track
consent was received in November. Together, these
milestones provide a clearer pathway for the long-
term development of the wider metropolitan centre,
while allowing Kiwi Property to maintain a staged and
disciplined approach to delivery.
Financial performance
Kiwi Property’s total portfolio was valued at $3.0
1
billion
as at 31 March 2026, reflecting a fair value decline
of 0.9% for the full year. Although the fair value of
our retail-led mixed-use assets increased, this was
more than offset by softer valuations in the office
sector, which factored in the impact of the ASB North
Wharf transaction, and by a reduction in the value of
our Drury land, due to construction costs outpacing
valuation gains.
Net tangible assets were $1.12 per share, down from
$1.14 as at 31 March 2025.
Despite the fair value decline, operating performance
remained sound. Cost discipline and resilient portfolio
earnings supported net profit after tax of $50.4 million
for the year, compared with $57.0 million in FY25.
Looking ahead, while macroeconomic and geopolitical
uncertainty remains, the Board believes the quality of
Kiwi Property’s portfolio, together with the progress
made on capital management and strategic execution,
positions the business well for the future.
Strategy refresh
During the year, the Board and management
refreshed Kiwi Property’s strategy to ensure it remains
clear, focused and aligned with the Company’s long-
term ambition.
Our conviction in retail-led mixed-use destinations
remains unchanged, with our focus on best-in-class
retail assets in prime locations. What the strategy
refresh does is sharpen how we prioritise effort and
capital and provides a clearer framework for assessing
progress against drivers of long-term value creation. It
reinforces our focus on high-quality retail-led places
Sarah Theodore has been
appointed Kiwi Property's
new Chief Financial Officer,
expected to begin in July
this year.
WHAT YOU
NEED TO KNOW
1. Total portfolio value excludes held for sale assets
and includes Drury land classified as inventories.
Kiwi Property 2026 Annual Report8

Well-positioned despite increased
uncertainty
At the start of the 2026 financial year, there
were encouraging signs that operating conditions
were becoming more supportive: inflationary
pressures were easing, interest rates were expected
to decline, and trading conditions across our
portfolio were improving.
More recently, geopolitical and macroeconomic
volatility, together with emerging cost pressures,
including those linked to fuel supply and logistics,
have introduced a greater degree of uncertainty for
the year ahead.
Even so, our strategy remains sound. The Board’s
focus remains on protecting balance sheet flexibility,
allocating capital with discipline and continuing to
strengthen the quality of the portfolio over time.
Importantly, the capacity created through recent
capital recycling activity places the Company in a
stronger position to pursue selective acquisitions
and partnerships which align with our strategy.
In relation to dividends, we are pleased to guide the
market to a full-year FY27 dividend of 5.75 cents
per share, representing 2.7% growth on the FY26
dividend and which is expected to be at the higher
end of our 90% to 100% target payout range. This
guidance is in line with our long-term 3% annual
dividend growth target (with average dividend
growth of 3.2% per annum over the last two years),
and remains subject to the absence of material
changes in operating conditions.
On behalf of the Board, I would like to thank our
shareholders for their ongoing support, our tenants
and partners for their collaboration, and the Kiwi
Property team for their commitment to delivering
for our customers and communities.
Simon Shakesheff
Chair
that deliver value for all stakeholders, whether they be
customers, tenants, communities, or shareholders.
The refreshed strategy is built around four connected
pillars: Assets, Capital, Customer and Capability.
Together, these pillars focus our attention on owning
and actively managing high-quality assets in the right
locations, allocating capital with discipline to support
growth and balance sheet strength, delivering
compelling experiences for customers and tenants,
and building the organisational capability required
to perform consistently over time.
The strategic pillars provide a clear framework for
operational and strategic decision making and help
to ensure that the organisation remains aligned on
the drivers of long-term value creation.
Governance and leadership
The Board remains committed to strong governance,
disciplined oversight and maintaining the depth of
capability required to oversee Kiwi Property’s next
phase of strategy execution.
During the year, particular emphasis was placed on
strengthening leadership capability in areas central
to capital management, transactions and long-
term portfolio strategy. Shaun Reed was appointed
to the executive team as General Manager Capital
Transactions, reflecting the importance of capital
management, transactions and partnerships in
supporting growth.
Following the resignation of Steve Penney, we look
forward to welcoming Sarah Theodore as Chief
Financial Officer in July. Sarah brings deep experience
in listed company finance, global capital markets and
investment advisory, as well as strong relationships
across the institutional investor, banking and
analyst communities. She is well placed to lead Kiwi
Property’s financial strategy and capital management
into the future.
“The Board’s focus
remains on protecting
balance sheet flexibility,
allocating capital with
discipline and continuing
to strengthen the quality
of the portfolio over time.”
Kiwi Property 2026 Annual Report9

Introduction
FY26 was a year of disciplined execution for Kiwi
Property. We advanced the repositioning of our
portfolio, maintained tight control over costs and
capital, and continued to improve performance across
our core assets. In doing so, we saw further evidence
of the strength of our retail-led strategy and the value
of focusing on integrated destinations with long-term
growth potential.
Portfolio performance
Performance across the portfolio reflected three
key themes during the year: continued strength in
our leading retail assets, disciplined investment in
asset quality, and steady progress on longer-term
development opportunities.
At our centres, retail sales increased by 1.6% over the
year to $1.9 billion, with foot traffic up by 3.0% to 36.7
million visits over the same period.
Reflecting the continued strength of our key retail
assets, Sylvia Park continues to lead the portfolio,
with a leasing spread of 7.0%. The precinct welcomes
more than 16 million visits each year and supports
close to $860 million in annual retail sales. Resido is
now effectively fully leased, adding a stable, recurring
residential income stream to the broader mixed-
use offer. The opening of IKEA in early December
has further strengthened the precinct’s position,
increasing customer traffic and reinforcing Sylvia Park
as a destination of regional significance.
Consistent with our focus on asset quality, we
continued to invest in key office assets, with the
office market remaining competitive and with tenant
requirements continuing to evolve. In response, we
commenced a comprehensive refresh of shared
spaces at Vero Centre. This programme is intended
to improve amenity, enhance tenant experience and
support the building’s long-term market position. We
have started to see the impact of this investment,
with Vero Centre’s occupancy lifting to 99.1%, up from
92.4% at the start of the financial year.
Chief Executive
Officer’s report
Clive Mackenzie
Chief Executive Officer
$858m
Sylvia Park annual retail sales
16m+
Visits to Sylvia Park over
the last year
Kiwi Property 2026 Annual Report10

Our longer-term development opportunity, Drury,
significantly progressed during the year. Recent
planning and consenting outcomes have helped to
strengthen the project’s longer-term pathway and
support a staged approach to development. This
approach remains important, allowing us to balance
value realisation with flexibility as market conditions
evolve and the wider metropolitan centre takes shape.
Sylvia Park continues to evolve
One of the most visible milestones during the year
was the opening in December of the new pedestrian
link between IKEA and Level One at Sylvia Park. The
walkway both physically and strategically strengthens
the integration of the wider precinct, broadening
customer flow between the two destinations and
encouraging increased foot traffic through the centre,
particularly to Sylvia Park’s upper-level retail on
Level One.
Early indicators have been encouraging, with
pedestrian counts at Sylvia Park increasing by nearly
8% in the four months following opening and sales
rising by 2.1% over the same period.
This momentum is complemented by the
commencement of Sylvia Park’s southern
enhancement project, which expands the existing
retail footprint for Kmart and will introduce additional
hospitality options. We expect it to enhance the
aesthetic appeal of a key entrance to the centre,
increasing customer dwell time with a new outdoor
rest area. At the northern end of Sylvia Park, Asian
grocer STACKS will begin trading mid year, further
diversifying the tenant mix and reflecting a growing
Asian catchment, broader food and beverage
preferences, and overseas best practice. These
investments reflect our continued focus on enhancing
the centre’s offer, deepening customer engagement
and supporting long-term resilience and growth.
Financial and balance sheet strength
Kiwi Property’s financial performance for the year
reflected the strength of the portfolio and the
benefits of active cost and capital management. Net
rental income increased to $202.4 million (+4.3%),
supported by rental growth across the portfolio and
the full lease-up of key assets. Operating profit before
tax rose to $126.2 million (+8.6%).
Adjusted funds from operations (AFFO) was
$100.2 million (+8.0%), reflecting improved
operating performance and a lower interest cost
environment, partly offset by lost income following
the sale of The Plaza during the year. Employment
and administration expenses, after allowing for
one-off costs, reduced by $0.9 million (-3.6%),
demonstrating the ongoing benefit of our focus on
efficiency and cost discipline.
The new walkway
between Sylvia Park and
IKEA has contributed to a
significant increase in foot
traffic at the centre - up by
nearly 8% over the first four
months since opening.
WHAT YOU
NEED TO KNOW
Kiwi Property 2026 Annual Report11

Chief Executive Officer’s report continued
Alongside these operating outcomes, we continued
to manage the balance sheet proactively. During the
year, maturing bond KPG040 was refinanced through
the expansion of bank facilities, improving funding
flexibility and contributing to a lower weighted
average cost of debt. Selective asset disposals also
strengthened balance sheet capacity, with pro forma
March gearing reducing to 33.3% following settlement
of ASB North Wharf.
Reflecting this progress, S&P removed the ‘Negative’
outlook from Kiwi Property’s credit rating at the end
of 2025, with the issuer rating now BBB/Stable.
Mackersy investment
During the year, Kiwi Property’s original $6.5 million
investment in Mackersy, made via a convertible loan,
was converted into equity as planned. This resulted in
Kiwi Property now holding a 50% ownership interest
in Mackersy Property. A recent independent valuation
supports the cost of the investment (including future
earn-out payments).
While the previously announced sale of Sylvia Park
Lifestyle into a Mackersy-managed large-format
retail fund did not proceed, we continue to see
strategic value in this investment through its
alignment with our focus on capital partnerships and
capital-efficient growth opportunities.
Sustainability and capability
Positioning the business for long-term success
remained an important focus during the year. We
continued to simplify and strengthen how the
organisation operates, investing in initiatives that
improve asset quality and resilience while supporting
future growth.
Sustainability is a core part of this work. During the
year, Geneva House at Sylvia Park achieved a 5.5-Star
NABERSNZ Energy rating, demonstrating the benefits
of targeted investment in building performance. At
Vero Centre, we progressed initiatives to reduce
reliance on gas, with actions now underway that
are tracking toward an estimated 29% reduction
in gas consumption. Across the wider portfolio,
performance continued to improve across our key
sustainability certification measures, reinforcing the
long-term resilience and competitiveness of our
assets as expectations from tenants and capital
providers continue to rise.
We also continued to invest in leadership capability,
talent development, and AI adoption, while
maintaining a strong focus on culture. Sustaining a
skilled, efficient, and engaged team remains critical
to execution, and a recent employee engagement
score of 80% is encouraging evidence that these
efforts are making a positive difference.
WHAT YOU
NEED TO KNOW
While geopolitical and
macroeconomic conditions
are likely to remain volatile, we
believe that Kiwi Property is well
placed for the future.
Kiwi Property 2026 Annual Report12

Looking ahead
For the year ahead, our focus remains on
disciplined execution.
In the near term, this means progressing selective
initiatives to further improve the quality of the
portfolio, including completion of Sylvia Park’s
southern enhancement project and the Vero Centre
upgrade, alongside ongoing progress at Drury as we
work through the staged completion of land sales.
We will continue to carefully manage operating costs
and capital expenditure, while continuing to recycle
capital from non-strategic assets where appropriate.
This will help to ensure Kiwi Property retains the
flexibility to invest in opportunities that align with our
strategy and capital allocation framework.
While geopolitical and macroeconomic conditions are
likely to remain volatile, we believe that Kiwi Property
is well placed for the future. In a period marked by
elevated interest rates, cautious capital markets
and shifting customer behaviour, our high-quality
and resilient portfolio, clear strategy, and disciplined
approach to execution provide a strong foundation for
long-term performance.
As always, thank you to our shareholders, our partners,
our customers, and the wider Kiwi Property team for
your continued support over the year.
Clive Mackenzie
Chief Executive Officer
“Our high-quality and
resilient portfolio, clear
strategy, and disciplined
approach to execution
provide a strong
foundation for long-term
performance.”
Kiwi Property 2026 Annual Report13

Spotlight
on strategy
Connection remains central
to what we do. We are place
makers, creating both physical
destinations and the experiences
that support them. We create
environments where people,
businesses, and communities can
succeed and thrive over time.
This purpose provides a clear lens
for how we make decisions.
Our ambition
To be New Zealand’s
leading creator of retail-led
destinations, delivering superior
experiences and returns.
Our ambition signals what we
strive for as a business and how
we measure success.
Retail remains at the heart
of what we do, with our retail
properties complemented
by other uses that enhance
performance and strengthen the
destination's appeal. Our centres
are economic and social anchors
in their locations, offering more
than retail alone. The shift from
communities to destinations
reflects the scale, quality, appeal,
and reach of our assets.
At the same time, our ambition
explicitly balances experiences
and returns. We believe that
compelling customer and tenant
experiences supported by
disciplined capital management
are what will drive long-term
value for shareholders.
Evolution of strategy
Over recent years, we have
delivered against our strategic
priorities, strengthened our
balance sheet, sharpened our
portfolio, and demonstrated the
resilience of our asset portfolio
through a challenging economic
environment. As the business has
matured, we saw an opportunity
to refine how we articulate our
strategy – bringing greater clarity,
consistency and focus to what
already drives our performance.
Kiwi Property’s strategy has not
changed direction; what has
changed is how it is expressed.
The refreshed strategy better
reflects how we operate today
and provides a clearer link
between strategy, execution
and outcomes.
Our purpose
We create places where people
connect and thrive.
Our purpose reflects the role
our company and our assets
play in people’s lives – whether
that is customers who find
what they need at our centres,
tenants who benefit from our
high-quality environments, the
wider community stakeholders
who benefit from well-planned
growth, our own team who are
proud to work for Kiwi Property,
or our shareholders who can have
confidence in their investment in
Kiwi Property.
From priorities to pillars
Our strategy was previously
expressed through a series of
shorter-term priorities, which
guided execution during a period
of significant activity, including
capital recycling, balance sheet
management and portfolio
repositioning.
As we complete this phase, having
delivered strongly against those
priorities, we have moved to a
structure of four strategic pillars.
These pillars are enduring and
describe the core drivers of value
for Kiwi Property, providing a clear
framework for decision-making.
This subtle but important
refinement sharpens the way
we articulate our strategy and
makes the link between strategy,
execution and outcomes clearer.
The four pillars of
Kiwi Property
Our evolved strategy is built on
four connected pillars – Assets,
Capital, Customer and Capability
– which together guide how we
operate, invest and grow. By
maintaining focus in these four
key areas, we believe we will drive
value over time.
Purpose
– We create places where people connect and thrive.
Kiwi Property 2026 Annual Report14

Assets
We own and operate a
portfolio of the best retail-
led mixed-use assets in the
best locations.
P. 16
Capital
We actively manage the
balance sheet and allocate
capital with discipline to
fund growth and deliver
superior returns.
P. 18
Customer
We deliver compelling
experiences that meet
the evolving needs of
customers and tenants.
P. 20
Capability
We operate a high-performing
organisation with the people
and systems to deliver
consistently and adapt with
confidence.
P. 22
Purpose
– We create places where people connect and thrive.
Ambition
– To be New Zealand’s leading creator of retail-led destinations, delivering superior experiences and returns.
Kiwi Property 2026 Annual Report15

Assets
We own and operate a
portfolio of the best retail-
led mixed-use assets in the
best locations.
What we mean by
“best assets”
The best assets are not defined
by size or value alone. They are
those that are easy to access
and well-connected, appealing
to customers and tenants,
adaptable to changing needs,
and resilient to economic and
environmental conditions.
Our assets are designed to be
relevant today and capable of
evolving over decades. This
includes thoughtful design,
strong amenity, investment in
maintenance and refurbishment,
and a focus on long-term
sustainability.
Sylvia Park demonstrates
how scale, quality and ongoing
investment combine to create
a high-performing destination,
attracting leading international
brands and supporting strong
customer activity.
Kiwi Property 2026 Annual Report16

High-quality assets in the right
locations are the foundation of Kiwi
Property’s performance and long-term
resilience. This pillar defines what we
own, where we invest, and how our
assets create enduring value.
Spotlight on strategy continued
Retail-led, by design
Retail sits at the heart of Kiwi
Property’s property portfolio,
complemented by uses such as
hospitality, entertainment, office,
accommodation, and services.
This integrated model draws
more people in and extends dwell
time, creating places that are
active across the day and week.
Our retail-led mixed-use
approach allows us to respond
to changing customer behaviour
and diversify our risk while
preserving the core retail strength
of our centres.
Why location matters
By concentrating on the best
locations, we improve resilience,
support tenant demand and
protect long-term value.
We focus on assets in key
metropolitan centres, with
good transport links and in
high-growth corridors, where
population growth, infrastructure
investment, and economic activity
support long-term demand.
These locations provide natural
advantages that cannot be
replicated elsewhere.
Drury, located within a major
growth corridor, has been
identified as Auckland’s next
metropolitan town centre,
supported by infrastructure
investment from central and
local government, with our
development granted Fast-
track Approval in November
2025. Connected via Auckland’s
roading network, as well as
public transport networks,
with the Drury train station set
to open adjacent to our town
centre development later this
year, Drury will draw visitors from
Auckland in the north as well as
Waikato to the south.
Sustainability makes sense
Our focus on asset quality
ensures the portfolio can continue
to perform through changing
conditions, supporting stable
income and growth for shareholders.
This includes consideration of
climate risk, seismic performance,
energy efficiency and long-term
adaptability as part of our ongoing
asset management.
Sustainability is ingrained in the
construction and operation of
our assets. Not only does our
sustainability strategy benefit
the people and environment,
but it is also directly tied to
tenant demands, operating cost
savings, financing advantages, and
risk mitigation.
36m+
Retail drives the foot traffic
at our shopping centres, with
consistently high visitation
(up 3.0% over the last financial
year, to more than 36 million
visits) showing the benefits of
retail-led design.
Resido’s 9-star Homestar Built
rating from the New Zealand
Green Building Council denotes
best practice. Not only does
Resido’s sustainable design mean
the property is healthy, energy-
efficient, and appealing to tenants,
but it also protects the enduring
value of an asset that Kiwi Property
intends to own long-term.
Kiwi Property 2026 Annual Report17

Capital
We actively manage the balance
sheet and allocate capital with
discipline to fund growth and
deliver superior returns.
Capital recycling to
sharpen the portfolio
Capital recycling is a deliberate
part of our strategy, where
we have sought to actively
divest mature or non-core
assets and reinvest that capital
into opportunities that will
enhance portfolio quality and
returns. This has enabled us to
progressively strengthen the
portfolio quality while maintaining
balance sheet resilience.
Recent examples include
the sell-down of non-core
assets The Plaza in Palmerston
North and Auckland CBD
office asset ASB North Wharf,
freeing up capital to reinvest
in core assets and growth
opportunities.
Kiwi Property 2026 Annual Report18

Spotlight on strategy continued
Active balance sheet
management
We manage our balance sheet
with a clear focus on resilience
and capacity.
We seek to maintain appropriate
gearing, access to diverse
funding sources, and strong
liquidity. This will allow us to
invest through economic cycles
and respond to opportunities
as they arise, while protecting
downside risk.
Development as a
value lever
Our development capability
allows us to unlock value within
our portfolio and create new
growth pathways.
We may expand and intensify
existing assets and develop
new destinations where the
fundamentals support long-term
demand. Development decisions
are assessed against clear return
thresholds and disciplined capital
and risk management.
Informed, long-term
decision making
Capital allocation decisions are
supported by data, analytics and
scenario modelling. This enables
us to assess trade-offs, test
assumptions and plan for a range
of outcomes.
Rather than responding to short-
term fluctuations, we take a long-
term view, allocating capital where
it can deliver sustainable returns
for shareholders.
Disciplined capital management
underpins Kiwi Property’s ability
to grow while protecting
shareholder value. This pillar
defines how we manage
risk, maintain flexibility,
and allocate capital to its
highest and best use.
3%
We have a long-term dividend
growth target of 3% per year.
Through data-led analysis and
scenario modelling, we take
a considered view of risk and
returns, and seek to allocate
capital where it can deliver
resilient earnings growth and
support a stable, growing
dividend over time.
33.3%
Following settlement of the
sale of ASB North Wharf, pro
forma March 2026 gearing is
33.3%, providing scope for
future growth.

Drury demonstrates how
staged development, capital
recycling, and long-term
planning combine and which
we expect to create value over
time. Recent conditional land
sales to Costco, Harvey Norman
and Briscoe Group, as well as an
unconditional sale to Foodstuffs,
are examples of how we are
recycling capital to further
progress the development, with
proceeds expected to transfer
upon settlement across FY27
to FY29.
Kiwi Property 2026 Annual Report19

Customer
We deliver compelling
experiences that meet the
evolving needs of customers
and tenants.
Understanding how
customers use our places
We invest in better understanding
how customers interact with
our centres today and how
those behaviours are evolving.
By planning for future needs,
we ensure our centres remain
relevant and appealing over time.
This includes analysing foot
traffic, dwell time, visit frequency,
and customer preferences – and
using these insights to inform
decisions about asset design,
tenant mix, layout, accessibility,
and amenities.
Insights from customer
research showing a desire for
an increased grocery offering
and demographic trends
showing an uptick in both Asian
customers and nearby Resido
residents led to investment in
the development of an Asian
grocer at Sylvia Park.
Kiwi Property 2026 Annual Report20

Spotlight on strategy continued
Creating destinations, not
just buildings
Our focus is on creating attractive
destinations that offer more than
a transactional experience.
At our centres, we curate a
compelling mix of retail, dining and
services, optimising easy access
and intuitive movement to create
spaces that feel welcoming, safe
and enjoyable. By enhancing the
overall experience, we encourage
longer visits, repeat visitation and
stronger tenant performance.
Partnering with strong
tenants
Attracting and retaining high-
quality tenants is central to
this pillar. We work closely with
tenants to create appealing
environments where they can
thrive. This includes providing
the right space, the right
mix, and the right customer
environment to support sales
and brand presence.
Tenant success drives portfolio
performance. By delivering
strong customer experiences,
maintaining high-quality assets
and actively managing tenant
relationships, we support
sustainable rental growth and
occupancy over time.
The opening of IKEA
adjacent to Sylvia Park is a
clear example. The addition of
a globally recognised brand,
combined with deliberate
investment in customer
access via a new pedestrian
link, materially increased foot
traffic and strengthened the
overall destination.
Offering flexible solutions
for tenants and brands
Our in-house Activate leasing
team provides tenants and
brands with greater flexibility
in how they engage with Kiwi
Property destinations.
Activate was established to
meet the growing demand for
adaptable leasing and activation
options – allowing partners to test
concepts, build brand presence,
and scale at a pace that suits
their business. From short-term
leases and pop-up stores to kiosks,
brand activations and integrated
advertising opportunities, Activate
enables established tenants,
new entrants and non-retail
brands to engage with our
destinations in ways that align
with their objectives.
YOUKNOW Clothing has
continued to build momentum
since opening its first physical
store at Sylvia Park in 2024. In
December, the brand partnered
with our Activate team to extend
its presence beyond the store,
delivering a fish and chip shop-
style activation in a high-foot-
traffic outdoor location to launch
its summer range. The activation
illustrates how established
tenants can use flexible activation
formats to increase visibility and
engage customers in new ways.
Customer experience is a key
differentiator in a highly competitive
market. This pillar reflects our focus
on creating destinations that people
choose to visit and tenants choose to
be part of.
At the Vero Centre, we’ve
invested in upgrades to the
common areas and amenities,
such as an expansive new digital
art display in the Shortland
Street lobby, upgrades to the
Fort Street entrance, a refresh
of the Shortland Street café, and
additional end-of-trip facilities
all underway to improve the
tenant experience in the places
they spend a significant amount
of time.
Kiwi Property 2026 Annual Report21

Capability
We operate a high-performing
organisation with the people
and systems to deliver
consistently and adapt
with confidence.
Our people and culture
We focus on attracting,
developing, and retaining a
talented team that is aligned with
our strategy and values.
Our workplace culture values
connection, collaboration,
high-performance, innovation,
growth, wellbeing, and fun. Strong
leadership, clear accountability,
and an engaged workforce enable
consistent execution.
Employee engagement
continues to rise, reaching a
six-year high of 80% in 2026,
with key feedback reflecting
pride in the assets we create,
the care we show for people,
and the clarity of our direction.
Kiwi Property 2026 Annual Report22

Spotlight on strategy continued
Systems, data and
enablement
We invest in systems and
digital platforms to support
decision-making, productivity,
and scalability. We continue
to explore how emerging
technologies, including AI, can
support better outcomes across
the business. These tools enable
better ways of managing assets,
allocating capital and responding
to changing conditions.
Tools such as Yardi, alongside
broader data and analytics
capability, allow us to manage
assets more effectively,
forecast performance and
allocate resources efficiently.
Power BI dashboards keep us
closer to the data on a day-to-
day basis.
We have launched Microsoft
Copilot across the business,
fully integrated with our
Microsoft 365 systems. We’re
laying the foundations for
an AI-emergent business,
including investment in
training, identifying use
cases to drive efficiency, and
fostering a culture that embeds
appropriate AI use in the
workplace to get better results.
Maintaining cost
discipline and improving
productivity
Driving productivity and
maintaining cost discipline are
ongoing priorities. This ensures
that we protect margins, reinvest
where it matters most and deliver
sustainable returns over time.
Building a resilient,
sustainable business
Our focus on risk management,
governance, systems and people
ensures Kiwi Property is well
positioned to manage change,
comply with evolving expectations
and operate sustainably over the
long term.
Capability
underpins the
execution of our
strategy. It is the
foundational pillar that
enables every other pillar
to succeed. This includes our
people and culture, systems
and processes and efficiency
of our operations. This is more
than capability in name; it reflects a
business that is skilled, efficient and
disciplined, with the systems and talent
required to perform consistently, adapt
as conditions change, and execute our
strategy with confidence.
3.6%
Through disciplined cost
management, underlying
employment and administration
expenses were down by 3.6%
when compared to the same
period last year and adjusted
for one-off costs.
Physical risk assessments
undertaken across our assets
have identified that extreme
weather events, such as
significant rainfall associated
with climate change, pose a risk
to some assets. As a result, we
are in the process of upgrading
our guttering systems at The
Base, an ongoing multi-year
project, designed to improve
the resilience of this asset to
extreme rainfall events.
Kiwi Property 2026 Annual Report23

Our Board
Chris Aiken
Independent Director
Chris is a professional director
with extensive experience
across the Australasian property
and technology sectors. He is
currently a director of Adair
Limited and an advisor to, as well
as a director and shareholder of,
a number of construction and
development entities.
Previous directorships include
Metlifecare, Piritahi and Telecom
Retail. He has also served as Chief
Executive of several large IT and
property organisations, including
the Crown entity that developed
Hobsonville Point and the
Auckland Housing Programme.
Board membership
Non-executive member
Other committees
Member of the People &
Culture Committee and
Investment 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 former trustee and Deputy
Chair of the Dilworth Trust Board
and is the Chair of Smith &
Caughey Holdings Limited.
Board membership
Non-executive member
Other committees
Member of the People &
Culture Committee and Chair
of the Investment 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, Risk &
Sustainability Committee
Date appointed
November 2019
Date last re-elected
June 2023
Kiwi Property 2026 Annual Report24

Carlie Eve
Independent Director
Carlie has over 30 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
Member of the Audit, Risk &
Sustainability Committee and
Investment 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 People &
Culture Committee
Date appointed
May 2024
Date last re-elected
June 2024
Michele Embling
Independent Director
Michele is an experienced
Auckland-based director with a
background in insurance, energy,
and financial industries. She is
Chair of Transpower, and Director
of IAG Insurance and AIA New
Zealand, and also sits on the
board of Toitū Tahua: Centre for
Sustainable Finance. Michele
is a former Chair of PwC
New Zealand, former Deputy
Chair of New Zealand Global
Women, and former Co-Chair
of Champions for Change.
Board membership
Non-executive member
Other committees
Chair of the Audit, Risk &
Sustainability Committee
Date appointed
May 2025
Kiwi Property 2026 Annual Report25

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 retail, office,
residential, and industrial
properties. Aubrey has over
25 years’ property experience
and prior to joining Kiwi Property
was a founding Director of
Match Realty.
Jo Harris
GM People
Jo leads Kiwi Property’s
people and culture function.
Since joining in 2022, she has
focused on building an engaged,
inclusive and high-performing
organisation and strengthening
leadership capability to support
Kiwi Property’s strategy and
long-term performance. She
brings broad people leadership
experience across New Zealand
and Australia, with experience
leading transformation and
organisation-wide change
initiatives across both the public
and private sectors.
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 2026 Annual Report26

Linda Trainer
GM Asset Management
Linda has overall responsibility
for the strategic and operational
performance of Kiwi Property's
retail-led mixed-use 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 the New
Zealand Regional Manager at
Scentre Group.
Shaun Reed
GM Capital Transactions
Shaun leads Kiwi Property’s
capital transactions function,
driving strategic capital initiatives,
including portfolio transactions,
joint ventures, and partnerships
that support our strategy. He has
more than 20 years of experience
in real estate investment and
funds management and, prior
to joining Kiwi Property, held
senior leadership roles at LaSalle
Investment Management, as
well as investment and valuation
positions at AMP Capital
and CBRE.
Louise Hill
GM Corporate Services
Louise leads the Corporate
Services team at Kiwi Property,
where she oversees legal, digital,
governance and other business
support functions. She also serves
as the company’s General Counsel
and Company Secretary. Louise
brings extensive experience
in senior leadership across
governance, legal, and health and
safety, having held key roles at
Stride Property Group, Fletcher
Building, and Bell Gully.
We look forward to welcoming
our new CFO Sarah, who will
be joining us in July 2026.
Sarah Theodore
Chief Financial Officer
Kiwi Property 2026 Annual Report27

Kiwi Property 2026 Annual Report28

Financials
Contents
Five-year summary30
Consolidated financial statements35
Notes to the consolidated financial statements41
Independent auditor's report80
Kiwi Property 2026 Annual Report29

Five-year summary
Kiwi Property 2026 Annual Report30
Financial performance
FOR THE YEAR ENDED 31 MARCH
2026202520242023
2022
Restated
1
Property revenue and property management revenue ($m)271.4263.7244.7259.1255.9
Operating profit before income tax ($m)
2
126.2116.2108.2129.6116.5
Adjusted funds from operations ($m)100.292.899.8116.5100.4
Dividend (cps)5.605.405.705.705.60
Gearing (%)37.4%38.4%37.0%35.0%31.6%
Occupancy (%)99.0%96.9%99.3%99.2%99.6%
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.
2Operating 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 of an audit pursuant to New Zealand Auditing Standards issued by the External Reporting Board.
The following information provides a summary of the Group’s financial performance, financial position and key operating metrics over
the past five years. This information is intended to assist users in understanding trends in the Group’s performance and is derived from
the audited consolidated financial statements.
2022
2026202520242023Restated
1
$m$m$m$m$m
Property revenue and property management revenue271.4263.7244.7259.1255.9
Direct property expenses(64.9)(65.4)(55.6)(52.8)(75.4)
Employment and administration expenses(26.3)(25.2)(32.7)(32.7)(25.8)
Total property and operating expenses(91.2)(90.6)(88.4)(85.5)(101.2)
Profit before net finance costs, valuation movements
and other items180.2173.1156.3173.6154.7
Interest income0.50.70.70.20.2
Interest and finance charges(54.5)(57.6)(48.8)(44.2)(38.4)
Net finance costs(54.0)(56.9)(48.1)(44.0)(38.2)
Profit before valuation movements and other items126.2116.2108.2129.6116.5
Fair value (loss)/gain on investment properties(37.8)(11.6)(77.8)(352.6)128.8
Impairment loss on inventories(13.1)----
Other income0.3--6.0-
Fair value gain/(loss) on interest rate derivatives4.0(10.1)(4.1)5.718.5
Loss on disposal of investment properties(1.2)-(1.7)(3.5)(3.1)
Valuation movements and other items(47.8)(21.7)(83.6)(344.4)144.2
Profit/(loss) before income tax78.494.524.7(214.8)260.7
Income tax expense(28.0)(37.5)(26.8)(12.9)(36.4)
Profit/(loss) after income tax
2
50.457.0(2.1)(227.7)224.3
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. Profit after income tax is impacted by non-cash fair value
movements on investment properties and other items, which can introduce volatility between periods. Operating profit before valuation movements and other items provides
a more consistent view of underlying operating performance.

Five-year summary (continued)
Kiwi Property 2026 Annual Report31
Adjusted funds from operations
FOR THE YEAR ENDED 31 MARCH
Adjusted funds from operations (AFFO) is a non-GAAP performance measure used by the Group to assist investors in assessing
underlying operating performance and recurring cash flows. AFFO is calculated in accordance with the Voluntary Best Practice
Guidelines issued by the Property Council of Australia. AFFO excludes non-cash valuation movements and adjusts for leasing costs,
maintenance capital expenditure and other items to reflect recurring cash earnings.
2022
2026202520242023Restated
1
$m$m$m$m$m
Profit/(loss) after income tax50.457.0(2.1)(227.7)224.3
Adjusted for:
Net fair value loss/(gain) on investment properties37.811.677.8352.6(128.8)
Net fair value (gain)/loss on interest rate derivatives(4.0)10.14.1(5.7)(18.5)
Impairment loss on inventories13.1----
Loss on disposal of investment properties1.2-1.73.53.1
Other income(0.3)--(6.0)-
Reversal of lease liability movement in investment properties---(0.1)(0.1)
Straight-lining of fixed rental increases(4.1)(2.4)(1.5)(1.2)(3.0)
Amortisation of tenant incentives and leasing fees6.16.66.57.78.3
Rent deferrals received (COVID-19)---0.21.5
Depreciation recovered on disposal of investment properties--2.80.53.6
Share-based payment expense0.51.01.91.41.2
Depreciation of property, plant and equipment0.60.70.81.11.3
Deferred tax expense/(benefit)6.016.910.6(4.8)13.9
Funds from operations
2
107.3101.5102.6121.5106.8
Maintenance capital expenditure(4.8)(5.1)(5.3)(6.6)(3.0)
Capitalised tenant incentives and leasing fees(4.8)(4.1)(3.3)(2.2)(3.4)
One-off costs
Software implementation projects--3.12.0-
Bondholder consent fee--1.8--
Other one-off costs2.50.50.91.8-
Adjusted funds from operations
3
100.292.899.8116.5100.4
AFFO (cents per share)6.115.826.307.426.39
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.
2Funds 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 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.
3Adjusted 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 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 2026 Annual Report32
Dividends
FOR THE YEAR ENDED 31 MARCH
Dividends are primarily determined with reference to Adjusted Funds from Operations, which represents the Group’s underlying cash
flows available for distribution.
Dividends below are presented based on the financial years to which they relate, rather than the date the cash was distributed.
2022
2026202520242023Restated
1
$m$m$m$m$m
Funds from operations107.3101.5102.6121.5106.8
Adjusted funds from operations100.292.899.8116.5100.4
Less amount retained(8.0)(5.9)(9.3)(27.0)(12.5)
Dividend92.286.990.589.587.9
Payout ratio92%93%90%77%88%
cpscpscpscpscps
Dividend5.605.405.705.705.60
Imputation credits1.341.301.011.131.43
Gross dividend6.946.706.716.837.03
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.

Five-year summary (continued)
Kiwi Property 2026 Annual Report33
Financial position
AS AT 31 MARCH
2026
$m
2025
$m
2024
$m
2023
$m
2022
$m
Assets
Investment properties
1,2
3,116.03,209.23,121.83,194.03,567.6
Inventories98.589.273.5--
Cash and cash equivalents10.414.418.217.911.6
Other assets24.926.521.626.515.3
Total assets3,249.83,339.33,235.13,238.43,594.5
Liabilities
Interest bearing liabilities1,216.71,284.61,195.21,131.11,135.9
Deferred tax liabilities137.8132.9114.2103.6108.5
Other liabilities54.461.965.770.278.5
Total liabilities1,408.91,479.41,375.11,304.91,322.9
Equity
Share capital1,735.71,713.51,682.81,664.81,663.5
Share-based payments reserve2.12.62.92.12.0
Retained earnings103.2143.8174.3266.6606.1
Total equity1,840.91,859.91,860.01,933.52,271.6
Total equity and liabilities3,249.83,339.33,235.13,238.43,594.5
Gearing ratio (finance debt / total tangible assets)37.4%38.4%37.0%35.0%31.6%
Net tangible assets per share$1.12$1.14$1.17$1.23$1.45
1Includes investment properties classified as held for sale.
2Changes in investment property values reflect capital expenditure, asset sales and movements in valuation assumptions over time.
Property metrics
AS AT 31 MARCH
The following metrics provide an overview of the scale, utilisation and stability of the Group’s property portfolio. Occupancy and
weighted average lease expiry are key indicators of the resilience and predictability of rental income, while capitalisation rates reflect
prevailing market conditions and valuation settings applied to the portfolio.
20262025202420232022
Number of properties799910
Net lettable area (sqm)392,820445,630427,261414,277453,981
Occupancy (%)99.0%96.9%99.3%99.2%99.6%
Weighted average lease expiry (years)3.63.84.04.24.6
Weighted average capitalisation rate6.3%6.4%6.4%6.0%5.4%
The property metrics above exclude assets held for sale and development land. Both lettable area and occupancy metrics above from
2025 include Resido. Vero Centre did not have a capitalisation rate in 2024, as it was being held at contract price. Prior year figures
have been restated to exclude assets held for sale that were subsequently sold.

Five-year summary (continued)
Kiwi Property 2026 Annual Report34
Interpretation
The following commentary is provided to assist with the
interpretation of the five-year summary and highlights key
transactions and developments affecting the Group’s financial
performance and position in each year.
2026
During the year, the Group continued to focus on capital
recycling, balance sheet discipline and optimisation of
the portfolio.
•
In November 2025, the Group refinanced the KPG040 green
bond maturity through its bank debt facilities. During the year,
committed bank debt facilities were increased to support
this refinancing and, following completion of the process, total
committed facilities were reduced to $1.1 billion.
•
The Dividend Reinvestment Plan applied to the 2025 Q4
final dividend and the 2026 Q1 interim dividend. A total of
$21.1 million of dividends were reinvested during the year.
•
In December 2025, The Plaza was sold and, in January 2026,
ASB North Wharf was reclassified from the office portfolio
to investment properties held for sale following entry into a
conditional sale agreement.
•
During the year, the Group transferred an additional two
hectares of land at Drury from investment properties to
inventories following a change in intended recovery from
rental income and capital appreciation to development with
a view to sell. An impairment loss was also recognised
against inventories, primarily reflecting updated development
cost assumptions.
•
In December 2025, following satisfaction of the relevant
conversion conditions, the Group’s $6.5 million convertible
loan to Mackersy Property Limited was converted into a
50% equity interest and is now accounted for as an equity-
accounted investment.  
2025
During the year, the Group continued to execute its capital
management and portfolio optimisation strategy.
•
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, Auckland, a build-to-rent development commenced
operations from June 2024.
•
Vero Centre, Auckland was reclassified from investment
properties held for sale to the office portfolio.
•
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 the office
portfolio to investment properties held for sale.
•
The Plaza, Palmerston North, and Centre Place North,
Hamilton, were reclassified from other properties to the
retail portfolio.
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'.

Consolidated financial statements
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report35
Consolidated statement of comprehensive incomePg 36
Consolidated statement of changes in equityPg 37
Consolidated statement of financial positionPg 38
Consolidated statement of cash flowsPg 39
Notes to the consolidated financial statementsPg 41
Independent auditor's reportPg 80

Consolidated statement
of comprehensive income
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report36
Note
2026
$000
2025
$000
Revenue
Property revenue3.1267,347259,503
Property management revenue4,0694,216
Total revenue271,416263,719
Expenses
Direct property expenses(64,928)(65,364)
Employment and administration expenses3.2(26,251)(25,225)
Total property and operating expenses(91,179)(90,589)
Profit before net finance costs, valuation movements and other items180,237173,130
Interest income526686
Interest and finance charges3.2(54,540)(57,557)
Net finance costs(54,014)(56,871)
Profit before valuation movements and other items126,223116,259
Fair value loss on investment properties4.2(37,778)(11,622)
Impairment loss on inventories4.3(13,143)-
Other income349-
Share of loss in equity-accounted investee4.4(40)-
Fair value gain/(loss) on interest rate derivatives4.6.24,004(10,114)
Loss on disposal of investment properties(1,176)(16)
Valuation movements and other items(47,784)(21,752)
Profit before income tax78,43994,507
Income tax expense3.3(27,991)(37,515)
Profit and total comprehensive income after income tax attributable
to shareholders50,44856,992
Basic profit per share (cents)4.8.33.073.57
Diluted profit per share (cents)4.8.33.063.56
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 2026
Kiwi Property 2026 Annual Report37
Note
Share
capital
$000
Share-based
payments
reserve
$000
Retained
earnings
$000
Total
equity
$000
Balance at 1 April 20241,682,7952,854174,3131,859,962
Profit and total comprehensive income after
income tax--56,99256,992
Dividends paid4.8.2--(87,649)(87,649)
Dividends reinvested4.8.128,845--28,845
Long-term incentive plan4.8.4994(173)128949
Employee share ownership plan96(51)-45
Disposal of treasury shares787--787
Balance at 31 March 20251,713,5172,630143,7841,859,931
Balance at 1 April 20251,713,5172,630143,7841,859,931
Profit and total comprehensive income after
income tax--50,44850,448
Dividends paid4.8.2--(91,048)(91,048)
Dividends reinvested4.8.121,053--21,053
Long-term incentive plan4.8.41,000(573)-427
Employee share ownership plan804-84
Balance at 31 March 20261,735,6502,061103,1841,840,895
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 2026
Kiwi Property 2026 Annual Report38
Note
2026
$000
2025
$000
Current assets
Cash and cash equivalents10,40214,391
Trade and other receivables4.112,79716,259
Interest rate derivatives4.6.2-51
Inventories4.398,50089,171
Investment properties held for sale4.2205,000-
326,699119,872
Non-current assets
Investment properties4.22,911,0483,209,187
Equity-accounted investment / Loan receivable4.47,8416,500
Property, plant and equipment1,1131,319
Interest rate derivatives4.6.22,475706
Deferred tax assets4.56131,734
2,923,0903,219,446
Total assets3,249,7893,339,318
Current liabilities
Trade and other payables4.745,41450,475
Interest bearing liabilities4.6.1-101,457
Income tax payable3,9914,007
Lease liabilities6154
Interest rate derivatives4.6.26753
50,141155,996
Non-current liabilities
Interest bearing liabilities4.6.11,216,7361,183,180
Interest rate derivatives4.6.23,9876,945
Deferred tax liabilities4.5137,756132,905
Lease liabilities274361
1,358,7531,323,391
Total liabilities1,408,8941,479,387
Equity
Share capital4.8.11,735,6501,713,517
Share-based payments reserve2,0612,630
Retained earnings103,184143,784
Total equity1,840,8951,859,931
Total equity and liabilities3,249,7893,339,318
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 18 May 2026.
Simon Shakesheff
 Chair
Michele Embling
Chair of the Audit, Risk and Sustainability Committee

Consolidated statement
of cash flows
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report39
2026
$000
2025
$000
Cash flows from operating activities
Property revenue268,709261,177
Property management revenue4,4064,140
Interest income526686
Other income349-
Direct property expenses(73,053)(65,634)
Interest and finance charges(55,159)(57,533)
Interest costs paid on lease liabilities(21)(24)
Employment and administration expenses(25,255)(27,492)
Expenditure on inventories, including capitalised interest(16,642)(15,671)
Income tax paid(22,034)(19,158)
Net cash flows from operating activities81,82680,491
Cash flows from investing activities
Net proceeds from disposal of investment properties117,744-
Acquisition of investment properties(5,640)-
Capital expenditure on investment properties(56,363)(102,462)
Interest and finance charges capitalised to investment properties(3,738)(6,055)
Acquisition cost of equity-accounted investment(334)-
Acquisition of property, plant and equipment(436)(221)
Net cash flows from/(used in) investing activities51,233(108,738)
Cash flows from financing activities
Payment of lease liabilities(54)(48)
Proceeds from disposal of treasury shares-787
Proceeds from bank loans816,000783,000
Repayment of bank loans(783,000)(694,000)
Proceeds from fixed-rate green bonds-125,000
Repayment of fixed-rate green bonds(100,000)(125,000)
Loan issued to third party-(6,500)
Dividends paid(69,994)(58,804)
Net cash flows (used in)/from financing activities(137,048)24,435
Net decrease in cash and cash equivalents(3,989)(3,812)
Cash and cash equivalents at the beginning of the year14,39118,203
Cash and cash equivalents at the end of the year10,40214,391
The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Consolidated statement
of cash flows (continued)
Kiwi Property 2026 Annual Report40
Reconciliation of profit after income tax to net cash flows from operating activities
2026
$000
2025
$000
Profit after income tax50,44856,992
Items classified as investing or financing activities:
Movement in working capital items relating to investing and financing activities(12,719)7,573
Non-cash items:
Fair value loss on investment properties37,77811,622
Impairment loss on inventories13,143-
Fair value (gain)/loss on interest rate derivatives(4,004)10,114
Share of loss in equity-accounted investment40-
Increase in net deferred tax liabilities5,97216,939
Amortisation of lease incentives and fees6,2116,525
Straight-lining of fixed rental increases(4,099)(2,441)
Movements in working capital items:
Decrease/(increase) in trade and other receivables3,462(2,558)
(Decrease)/increase in income tax payable(16)1,422
Decrease in trade and other payables(5,061)(10,026)
Increase in inventories(9,329)(15,671)
Net cash flows from operating activities81,82680,491
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 2026
Kiwi Property 2026 Annual Report41
1.General information
1.1Reporting entityPg 42
1.2Basis of preparationPg 42
1.3Significant changes during the yearPg 42
1.4Group structurePg 43
1.5New standards, amendments and interpretationsPg 43
1.6Key estimates and judgementsPg 44
1.7Material accounting policiesPg 45
2.Segment information
2.1Segment informationPg 46
3.Profit and loss information
3.1Property revenuePg 48
3.2ExpensesPg 49
3.3Tax expensePg 51
4.Financial position
4.1Trade and other receivablesPg 53
4.2Investment propertiesPg 54
4.3InventoriesPg 63
4.4Equity-accounted investmentsPg 64
4.5Deferred taxPg 66
4.6FundingPg 67
4.7Trade and other payablesPg 71
4.8EquityPg 71
5.Financial risk management
5.1Interest rate riskPg 75
5.2Credit riskPg 76
5.3Liquidity riskPg 77
6.Other disclosures
6.1Related party transactionsPg 78
6.2Key management personnelPg 79
6.3CommitmentsPg 79
6.4Subsequent eventsPg 79

1. General information
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report42
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 that the Group is a going concern.
The consolidated financial statements have been prepared on a historical cost basis, except for investment properties and
interest rate derivatives, which are measured at fair value. 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.
1.3
 Significant changes during the year
The Group’s financial performance and financial position for the year ended 31 March 2026 were materially affected by the following
transactions and events:
Investment properties
In July 2025, the Group transferred an additional two hectares of land at the Drury development from investment properties to
inventories following a change in intended recovery from rental and capital appreciation to development with a view to sell. The
transfer value was calculated on a per square metre basis using the March 2025 valuation.
The Group completed the following key transactions this year:
In December 2025, the Group disposed of The Plaza for $118.9 million. Transaction costs of $1.2 million were incurred as part of the
disposal. In the same month, the Group acquired a property adjoining Sylvia Park for $5.6 million.
In January 2026, the Group entered into a conditional agreement to sell ASB North Wharf for $205.0 million. As at 31 March 2026,
completion of the transaction remained conditional on Overseas Investment Office (OIO) approval. Management assessed the
requirements of NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and concluded that, at 31 March 2026,
the asset met the criteria to be classified as held for sale. The asset is therefore presented separately in the statement of financial
position as an investment property held for sale. OIO approval was received and the sale became unconditional on 30 April 2026, with
settlement expected on 29 May 2026. The revenue and expenses from ASB North Wharf are recognised within the Other segment
(2025: Office segment) in note 2.1.
Funding
In September 2025, the Group increased its committed bank debt facilities from $1,000 million to $1,035 million. A further $100 million
of conditional facilities were established to support the refinancing of the KPG040 green bond that matured on 12 November 2025.
Following completion of the refinancing process, total committed facilities were reduced to $1,100 million.
Mackersy Property Limited (MPL)
In November 2024, the Group entered into a $6.5 million convertible loan agreement with MPL. In December 2025, following
satisfaction of the relevant conversion conditions, the loan was converted into a 50% equity interest in MPL. Transaction costs of
$1.4 million were incurred in relation to the investment, including $1.0 million incurred in the prior financial year, and have been included
in the carrying amount of the investment.
Management assessed the rights and obligations arising from the investment and concluded that MPL is a joint venture. Accordingly,
the investment is accounted for using the equity method from the date of conversion.

Kiwi Property 2026 Annual Report43
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
Interests in joint arrangements
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.
Interests in joint venture
The Group holds a 50% equity interest in Mackersy Property Limited (MPL). The Group has determined that its interests constitute a
joint venture as the investment does not provide the investing parties with direct rights to the assets and obligations for the liabilities
relating to their share of the business in the normal course of business. The Group equity-accounts for its investment in MPL by
recognising its share of net assets in MPL.
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. NZ IFRS 18 will introduce changes to the structure and presentation of the
statement of profit or loss. The Group is currently assessing the impact, including the presentation of operating profit and subtotals.

Kiwi Property 2026 Annual Report44
1.6 Key estimates and judgements
In preparing the consolidated financial statements, management has made judgements in applying the Group’s accounting policies
and has used estimates and assumptions about the future.
Estimates involve assumptions used in measuring assets and liabilities where there is uncertainty in the outcome. Judgements
involve decisions about the application of accounting policies that can significantly affect the classification of assets and liabilities.
Both estimates and judgements may result in material adjustments to the carrying amounts of assets and liabilities within the next
financial year.
Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at balance date, that
have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
AreaDescriptionNote
Investment
properties
Investment properties are carried at fair value based on independent valuations.
These valuations are determined using a range of assumptions, including capitalisation rates, discount
rates and market rental growth rates. The valuation of the Stage 2 development land at Drury also
involves development-related assumptions, including future development and infrastructure costs.
Changes in these assumptions may have a significant impact on the carrying value of investment
properties and the fair value movements recognised in profit or loss.
4.2
InventoriesInventories relate to Stage 1 development land at Drury and are measured at the lower of cost and net
realisable value. Determining net realisable value requires estimation of expected selling prices, selling
costs and future development costs. The most significant estimate relates to future development
costs, including infrastructure, construction and other development expenditure required to bring
the land to a saleable condition. Changes in these assumptions may impact the carrying value
of inventories.
4.3
Significant judgements in applying accounting policies
The following are the key judgements that involve decisions about the application of accounting policies. They can significantly affect
the classification of assets and liabilities and have a significant risk of resulting in a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
AreaDescriptionNote
InventoriesThe Group holds certain properties for development and sale, which are classified as inventories.
Judgement is required in determining whether a property should be classified as inventories or
investment property. This is based on the intended use of the asset, including whether it is held for
sale in the ordinary course of business.
4.3
Equity-accounted
investment
The Group holds an interest in a joint venture that is accounted for using the equity method.
Judgement is required in determining whether the Group has joint control or significant influence,
based on the contractual arrangements and decision-making rights.
Judgement has also been applied in determining the accounting treatment for contingent
consideration arising in connection with the acquisition of the investment. The Group has
determined that the earn-out arrangement forms part of the cost of the investment and has
elected to apply a cost accumulation approach. Under this approach, the contingent consideration
is recognised as a liability, with corresponding changes recognised as adjustments to the carrying
amount of the equity-accounted investment.
4.4
Income taxThe deferred tax liability relating to depreciation expected to be recovered on sale of investment
properties is sensitive to the estimated allocation of fair value between land, building and fixtures and
fittings. Changes in these allocations may materially affect the deferred tax balance.
4.5

Kiwi Property 2026 Annual Report45
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 4.6.1 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.

2. Segment information
Kiwi Property 2026 Annual Report46
2.1 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 assessing the performance of the operating segments and
allocating resources across the Group.
The Group’s operating segments are based on the nature and use of its property portfolio and reflect how performance is assessed
internally. The Group operates in New Zealand only. The Group’s reportable segments are described below:
•
Retail-led mixed-use assets comprise large-scale properties anchored by retail tenancies, which may have complementary uses
such as office, residential, or other non-retail components that support the asset’s overall performance. These assets typically
have significant development potential and the flexibility to accommodate a range of uses.
•
Office comprises properties primarily leased to commercial office tenants, generating rental income from office accommodation.
•
Other comprises non-core assets and activities, including standalone retail assets, properties held for sale, and other investments
that do not form part of the Group’s core retail-led mixed-use or office portfolios.
•
Development land comprises land holdings where value is primarily realised through development activity. The land may be
developed and sold, or held for future capital appreciation and rental income.
During the year, The Plaza was disposed of and ASB North Wharf was reclassified from the Office segment to investment properties
held for sale. Accordingly, the current year performance of these properties is included in the Other segment.
Following a review of the Group’s strategy, the terminology used to describe operating segments was refined during the 2026
financial year to better reflect the nature of the portfolio. Comparative information has been restated to present the segments on a
consistent basis.
The following table analyses the Group’s profit by reportable segment for the year. Segment profit represents property revenue less
straight-lining of fixed rental increases and direct property expenses, and is the primary measure reviewed by the CEO.
Retail-led mixed-use
$000
Development land
$000
Office
$000
Other
$000
Total
$000
2026
Property revenue176,757-48,42242,168267,347
Less: straight-lining of fixed rental increases(552)-(1,764)(1,783)(4,099)
Less: direct property expenses(42,363)-(12,779)(9,786)(64,928)
Segment profit133,842-33,87930,599198,320
2025
Property revenue166,193-64,93728,373259,503
Less: straight-lining of fixed rental increases(898)-(2,904)1,361(2,441)
Less: direct property expenses(40,385)-(16,183)(8,796)(65,364)
Segment profit124,910-45,85020,938191,698
2026
67%
Retail-led
mixed-use
17%
Office
16%
Other
Segment profit
2025
65%
Retail-led
mixed-use
24%
Office
11%
Other
Segment profit

Kiwi Property 2026 Annual Report47
2.1 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:
2026
$000
2025
$000
Segment profit198,320191,698
Property management fees4,0694,216
Increase in rental income resulting from straight-lining of fixed rental increases4,0992,441
Employment and administration expenses(26,251)(25,225)
Interest income526686
Interest and finance charges(54,540)(57,557)
Fair value loss on investment properties(37,778)(11,622)
Impairment loss on inventories(13,143)-
Other income349-
Share of loss in equity-accounted investee(40)-
Fair value gain/(loss) on interest rate derivatives4,004(10,114)
Loss on disposal of investment properties(1,176)(16)
Profit before income tax78,43994,507
The following table is an analysis of the Group's assets and liabilities by reportable segments used during the year:
Retail-led
mixed-use
$000
Development
land
$000
Office
$000
Other
$000
All other
segments
$000
Total
$000
2026
Segment assets2,249,404146,510598,312237,81617,7473,249,789
Segment liabilities28,1902,8426,05611,2051,360,6011,408,894
Retail-led
mixed-use
$000
Development
land
$000
Office
$000
Other
$000
All other
segments
$000
Total
$000
2025
Segment assets2,178,032159,181817,732163,80920,5643,339,318
Segment liabilities30,7191,3056,12513,8581,427,3801,479,387
All assets are allocated to reportable segments other than cash and cash equivalents, equity-accounted investment, 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.

3. Profit and loss information
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report48
3.1 Property revenue
2026
$000
2025
$000
Gross rental income
1
268,485262,807
Straight-lining of fixed rental increases4,0992,441
Amortisation of capitalised lease incentives(5,237)(5,745)
Property revenue267,347259,503
1Includes $42.9 million of property operating expenses recovered from tenants (2025: $44.3 million).
The following table sets out the contracted future minimum lease payments receivable under non-cancellable operating leases at
31 March 2026. These amounts are based on lease terms in force at balance date and exclude turnover rent, recoveries and future
rent reviews.
2026
$000
2025
$000
Within one year250,763256,380
Between one and two years199,372202,267
Between two and three years159,971169,286
Between three and four years131,940133,750
Between four and five years103,025107,538
Later than five years376,376252,127
Property operating lease income1,221,4471,121,348
Recognition and measurement
Revenue is primarily derived from long-term operating leases with tenants across retail and office properties and is diversified
across a broad tenant base.
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 2026 Annual Report49
3.2 Expenses
Finance costs
2026
$000
2025
$000
Interest and finance charges on bank loans40,20644,705
Interest on fixed-rate green bonds21,92122,617
Interest on lease liabilities2124
Interest capitalised to investment properties and inventories being developed(7,608)(9,789)
Interest and finance charges54,54057,557
Employee-related expenses and directors' fees
Employee entitlements26,42026,553
Less: recognised in direct property expenses(8,754)(8,566)
Less: capitalised to investment properties being developed(3,289)(3,022)
Other personnel costs8801,077
Directors' fees771774
Total employee-related expenses and directors' fees16,02816,816
Operating and corporate expenses
Information technology2,7402,637
Investor related expenses776755
Occupancy costs375418
Professional fees4,5012,489
Trustees' fees106118
Corporate insurance fees489667
Other751866
Total operating and corporate expenses9,7387,949
Auditor's remuneration:
Audit and review of financial statements
Statutory audit and review of the consolidated financial statements300321
Other services - Audit or review related services
Audit of joint venture financial statements4241
Audits of special purpose financial information in accordance with tenancy agreements5755
Other services - Other assurance services and other agreed-upon procedures
Limited assurance over selected Greenhouse Gases (GHG) information included in the climate-
related disclosures5643
Agreed upon procedures in respect of a specified remuneration metric8-
Other services - Non-assurance related services
Attendance to finance business partner training programme4-
Assurance readiness over scope 3 GHG emissions18-
Total other services185139
Total fees paid to auditor485460
Employment and administration expenses26,25125,225

Kiwi Property 2026 Annual Report50
3.2 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 and inventories that are being constructed
or developed, the Group uses the weighted average interest rate applicable to its outstanding borrowings during the year. For
2026 this was 4.95% (2025: 5.49%).
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 4.8.4.

Kiwi Property 2026 Annual Report51
3.3 Tax expense
A reconciliation of profit before income tax to income tax expense follows:
2026
$000
2025
$000
Profit before income tax78,43994,507
Prima facie income tax expense at 28%(21,963)(26,462)
Adjusted for:
Fair value gain/(loss) on interest rate derivatives1,121(2,832)
Fair value loss on investment properties(10,578)(3,254)
Impairment loss on inventories(3,680)-
Loss on disposal of investment properties(329)(4)
Share of loss in equity-accounted investee(11)-
Depreciation9,1058,506
Net deferred leasing costs(1)(232)
Straight-lining of fixed rental increases1,148684
Deductible capitalised expenditure2,4892,741
Prior year adjustment(122)66
Other802211
Current tax expense(22,019)(20,576)
Depreciation recoverable(3,677)(18,335)
Fair value (gain)/loss on interest rate derivatives(1,121)2,832
Deferred leasing costs and other temporary differences(1,174)(1,436)
Deferred tax expense(5,972)(16,939)
Income tax expense(27,991)(37,515)
Imputation credits available for use in subsequent periods4,4534,804

Kiwi Property 2026 Annual Report52
3.3 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
4.5).
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.

4. Financial position
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report53
4.1 Trade and other receivables
2026
$000
2025
$000
Trade debtors8,2429,756
Allowance for expected credit losses(2,439)(2,363)
Net trade receivables5,8037,393
Prepayments6,9948,866
Trade and other receivables12,79716,259
The movement in the allowance for credit losses is as follows:
2026
$000
2025
$000
Opening allowance for expected credit losses2,3631,745
Increase in allowance for expected credit losses recognised in profit or loss during the year1,1391,113
Receivables written off during the year as uncollectible(418)(406)
Unused amounts reversed(645)(89)
Closing allowance for expected credit losses2,4392,363
The Group’s trade receivables arise principally from rental income, expense recoveries and other amounts due from tenants. Credit
risk is managed through ongoing monitoring of tenant balances, tenant credit quality and arrears positions across the portfolio.
The allowance for expected credit losses primarily reflects balances that are aged, subject to financial stress, under dispute, or
otherwise assessed as having a heightened risk of non-recovery. In determining the allowance, the Group considers historical loss
experience together with forward-looking factors and tenant-specific circumstances at balance date. The closing allowance is
concentrated in a limited number of tenant balances with elevated recovery risk. The allowance represents 30% (2025: 24%) of
gross receivables.
Recognition and measurement
Trade receivables are recognised initially at the amount of consideration that is unconditional and are subsequently measured
at amortised cost less an allowance for expected credit losses. The Group applies the simplified expected credit loss
model under IFRS 9 Financial Instruments and recognises lifetime expected credit losses for all trade receivables. The
allowance is determined using a provision matrix informed by historical loss experience, current receivables ageing,
tenant-
specific circumstances and forward-looking information relevant to the property sector and broader economic environment.
Receivables are written off when there is no reasonable expectation of recovery.

Kiwi Property 2026 Annual Report54
4.2 Investment properties
Overview
Investment properties comprise land and buildings held to earn rental income and/or for capital appreciation. At 31 March 2026, the
Group’s investment property portfolio had a carrying value of $3,116.0 million (2025: $3,209.2 million).
During the year, the Group recognised a net fair value loss on investment properties of $37.8 million (2025: $11.6 million loss). This
movement primarily reflects changes in development cost assumptions and market conditions, including movements in capitalisation
rates, discount rates and market rental growth rates.
Recognition and measurement
Investment properties are initially recognised at cost, including directly attributable transaction costs, and are subsequently
measured at fair value.
Fair values are determined at least annually by independent registered valuers. Gains or losses arising from changes in fair value
are recognised in profit or loss in the period in which they arise.
Investment properties under development are initially measured at cost. Cost includes directly attributable development
expenditure, including construction costs, professional fees and borrowing costs incurred in respect of qualifying assets during
the development period. Investment properties under development are carried at cost until their fair value can be reliably
determined, at which point they are measured at fair value, with any difference recognised in profit or loss.
Lease incentives
Lease incentives provided to tenants are capitalised as part of the carrying value of investment properties and are amortised
on a straight-line basis over the term of the lease as a reduction of rental income.
Ground leases
Where the Group holds investment properties under ground lease arrangements, a lease liability is recognised in accordance
with NZ IFRS 16 Leases. The corresponding right-of-use asset is included within the carrying value of investment properties.
Lease liabilities are measured at the present value of future lease payments.
Investment properties held for sale
Investment properties are classified as held for sale where their carrying amount is expected to be recovered principally
through a sale transaction and the criteria of NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are met.
Investment properties held for sale continue to be measured at fair value.
Disposals
Investment properties are derecognised on disposal. The gain or loss on disposal is calculated as the difference between the
net proceeds and the carrying amount of the asset at the date of disposal and is recognised in profit or loss in the period in
which the disposal occurs.
Portfolio composition and movements
The Group’s investment property portfolio comprises assets across retail-led mixed-use, office, other and development
land categories.
The movement in investment properties during the year is summarised in the table below.
Key movements during the year include the reclassification of ASB North Wharf from the office portfolio to investment
properties held for sale, the disposal of The Plaza, capital expenditure and development activity across the portfolio, and fair
value movements reflecting updated valuation assumptions.

Kiwi Property 2026 Annual Report55
4.2 Investment properties (continued)
Investment properties held by the Group are as follows:
Valuer
Capitalisation
rate
2026
%
Fair value
31 March 2025
$000
Capital
movements
2026
$000
Fair value
gain/(loss)
2026
$000
Fair value
31 March 2026
$000
Retail-led mixed-use
Sylvia Park PrecinctVarious5.941,735,74834,55914,1831,784,490
LynnMallJLL7.50205,0001,90811,592218,500
The Base
1
Bayleys6.88224,3001,0639,537234,900
2,165,04837,53035,3122,237,890
Office
Vero CentreColliers6.13456,50015,273(21,773)450,000
ASB North Wharf212,000(199,705)(12,295)-
The Aurora CentreCBRE6.88147,000665(665)147,000
815,500(183,767)(34,733)597,000
Other
The Plaza
2
126,000(116,160)(9,840)-
Centre Place North
1
Bayleys9.0232,2251,029(5,454)27,800
158,225(115,131)(15,294)27,800
Development land
Drury development (Stage 2)70,0001,009(23,009)48,000
3,208,773(260,359)(37,724)2,910,690
Gross up of lease liabilities414(2)(54)358
Investment properties - non-current3,209,187(260,361)(37,778)2,911,048
Investment properties held for sale
Properties held for sale
3
-205,000-205,000
Gross up of lease liabilities----
Investment properties held for sale - current-205,000-205,000
Total investment properties3,209,187(55,361)(37,778)3,116,048
1Represents the Group's 50% ownership interest.
2The Plaza was disposed of in December 2025.
3During the current financial year, ASB North Wharf was reclassified from the office portfolio to investment properties held for sale.

Kiwi Property 2026 Annual Report56
4.2 Investment properties (continued)
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
Retail-led 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
Other
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
Development land
Drury development (Stage 2)74,5007,235(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 previous financial year, Vero Centre was reclassified from investment properties held for sale to the office portfolio.

Kiwi Property 2026 Annual Report57
4.2 Investment properties (continued)
The movement in the Group's investment properties during the year is as follows:
Retail-led
mixed-use
$000
Office
$000
Other
$000
Development
land
$000
Held for sale
$000
Total
$000
Balance at 31 March 2025 excluding gross up
of lease liabilities2,165,048815,500158,22570,000-3,208,773
Capital movements:
Transfers between asset classes-(205,000)--205,000-
Transfer to inventories---(5,830)-(5,830)
Acquisitions5,640----5,640
Disposals--(118,920)--(118,920)
Capitalised costs (including lease
incentives, fees and fixed rental income)34,61219,8253,8803,808-62,125
Capitalised interest and finance charges446362253,031-3,738
Amortisation of lease incentives, fees and
fixed rental income(3,168)1,372(316)--(2,112)
37,530(183,767)(115,131)1,009205,000(55,359)
Fair value gain/(loss) on investment
properties excluding gross up of
lease liabilities35,312(34,733)(15,294)(23,009)-(37,724)
Balance at 31 March 2026 excluding gross
up of lease liabilities2,237,890597,00027,80048,000205,0003,115,690
Gross up of lease liabilities:
Balance at 31 March 2025414----414
Capital movements(2)----(2)
Fair value movements(54)----(54)
Balance at 31 March 2026 excluding gross
up of lease liabilities358----358
Balance at 31 March 2026 including gross
up of lease liabilities2,238,248597,00027,80048,000205,0003,116,048

Kiwi Property 2026 Annual Report58
4.2 Investment properties (continued)
The movement in the Group's investment properties during the prior year is as follows:
Retail-led
mixed-use
$000
Office
$000
Other
$000
Development
land
$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
Fair value gain/(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 2026 Annual Report59
4.2 Investment properties (continued)
Key estimate: Valuation assumptions
Estimation uncertainty
All investment properties are classified as Level 3 in the fair value hierarchy because their valuation depends on significant
unobservable inputs. The determination of fair value involves the use of unobservable inputs and requires the application of
significant estimations. The most significant assumptions are capitalisation rates, discount rates and market rental growth rates.
Small changes in key assumptions may result in material changes to the carrying value of investment properties.
The valuation of investment properties represents a key source of estimation uncertainty.
The valuations and underlying assumptions are reviewed for reasonableness at each reporting date, with reference to external
market evidence and the specific characteristics of each property.
The valuation of Stage 2 development land at Drury involves significant estimation uncertainty, including development-
related assumptions. A key estimate relates to future development costs required to complete the development, including
infrastructure, construction and other development expenditure. The estimation uncertainty disclosed in note 4.3 in relation to
Stage 1 development land at Drury is also relevant to Stage 2 development land at Drury, as both stages are exposed to common
development-related assumptions, although they are measured under different accounting bases.
Valuation process
The fair value of investment properties is determined using valuations performed by independent registered valuers. These
valuers are members of the New Zealand Institute of Valuers and have appropriate experience in valuing property of a similar
nature and location.
Valuations are performed at least annually. The valuation reports and underlying assumptions are reviewed for reasonableness,
having regard to market evidence and the specific characteristics of each property.
The valuations are prepared using recognised valuation methodologies, including the income capitalisation approach and the
discounted cash flow approach. The approach adopted for each property reflects its nature, tenancy profile and stage of
development. Other valuation approaches, including the direct comparison approach, may also be used where appropriate
depending on the nature of the asset.
Key valuation assumptions
The valuation of investment properties requires the use of significant assumptions. The most significant assumptions applied
by the independent valuers are capitalisation rates, discount rates and market rental growth rates.
Other assumptions, including market rents, vacancy allowances, incentives and capital expenditure requirements, are also
applied in determining fair value.
These assumptions are determined with reference to market evidence, including recent comparable transactions, prevailing
market conditions and the specific characteristics of each property.
Given the nature of property valuations, these inputs are inherently subjective and changes in these assumptions may have
a material impact on the carrying value of investment properties and the resulting fair value movements recognised in profit
or loss.
Other valuation considerations
Seismic considerations are reflected in property valuations where relevant, based on the best available information regarding
potential remediation requirements and associated costs at the reporting date. These considerations are incorporated into
valuations either through adjustments to cash flows or through valuation inputs such as capitalisation rates.
On 28 September 2025, the New Zealand Government announced proposed changes to the earthquake-prone building regime.
The proposals include a more targeted, risk-based approach to remediation and changes to how seismic risk is assessed. While
legislation is expected to be enacted in a future period, the impact of these proposed changes remains subject to further
development. The Group will continue to monitor these developments and reflect them in valuations as appropriate.
Climate-related risks are also considered as part of the valuation process and are reflected in valuation inputs where
appropriate, including discount rates and capitalisation rates.

Kiwi Property 2026 Annual Report60
4.2 Investment properties (continued)
Valuation inputs
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 retail-led mixed-use, office and other portfolios.
Class of propertyInputs used to measure fair value
Range of significant
unobservable inputs
20262025
Retail-led mixed-use
1
Core capitalisation rate
2
5.9% - 7.5%5.9% - 7.6%
Other income capitalisation rate
2
5.9% - 9.0%5.9% - 8.3%
Discount rate
2
7.8% - 8.8%7.3% - 10.6%
Terminal capitalisation rate
2
5.3% - 7.8%5.3% - 7.4%
Gross market rent (per sqm)
3,4
$408 - $951$415 - $938
Rental growth rate (per annum)
4
1.5% - 5.5%1.1% - 5.5%
OfficeCore capitalisation rate
2
6.1% - 6.9%5.9% - 6.5%
Discount rate
2
7.9% - 8.0%7.5% - 7.9%
Terminal capitalisation rate
2
6.3% - 7.1%6.0% - 6.7%
Gross market rent (per sqm)
3,4
$603 - $822$602 - $802
Rental growth rate (per annum)
4
1.0% - 3.2%1.3% - 3.9%
OtherCore capitalisation rate
2
9.0% - 9.0%8.8% - 8.9%
Other income capitalisation rate
2
9.3% - 10.0%8.9% - 9.9%
Discount rate
2
9.1% - 9.1%9.4% - 10.0%
Terminal capitalisation rate
2
9.0% - 9.0%9.0% - 9.0%
Gross market rent (per sqm)
3,4
$500 - $500$554 - $662
Rental growth rate (per annum)
4
0.0% - 3.0%1.0% - 2.5%
1Retail-led mixed-use excludes adjoining properties and Resido 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.
Sensitivity to valuation inputs
A sensitivity analysis showing the impact of changes in key valuation assumptions on the fair value of investment properties is
provided below.
The analysis focuses on the key unobservable inputs that have the most significant impact on valuations, being capitalisation
rates, discount rates and market rental growth rates. An increase in capitalisation rates or discount rates would generally result
in a decrease in fair value, while an increase in market rental growth rates would generally result in an increase in fair value.
The sensitivity analysis illustrates the directional impact of changes in these assumptions, with all other variables held constant.
In practice, these assumptions may be interrelated, and changes may not occur in isolation.
The analysis should not be regarded as a prediction of future valuation outcomes.

Kiwi Property 2026 Annual Report61
4.2 Investment properties (continued)
Capitalisation rateDiscount rateMarket rental growth rate
31 March 2026
Adopted
value- 25bp+ 25bp- 25bp+ 25bp- 25bp+ 25bp
Retail-led mixed-use
Actual valuation ($000)2,237,890
Impact of assumption change ($000)89,600(82,700)36,900(42,600)(42,900)40,300
Impact of assumption change (%)4.0(3.7)1.6(1.9)(1.9)1.8
Office
Actual valuation ($000)597,000
Impact of assumption change ($000)25,500(23,600)11,100(11,100)(3,800)3,300
Impact of assumption change (%)4.3(4.0)1.9(1.9)(0.6)0.6
Other
Actual valuation ($000)27,800
Impact of assumption change ($000)800(600)400(600)(500)1,100
Impact of assumption change (%)2.9(2.2)1.4(2.2)(1.8)4.0
31 March 2025Adopted value
Capitalisation
rate
- 25bp
Capitalisation
rate
+ 25bp
Discount rate
- 25bp
Discount rate
+ 25bp
Retail-led 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)
Other
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)

Kiwi Property 2026 Annual Report62
4.2 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.
Direct comparison approachA valuation technique which determines fair value by comparing the subject property to
sales of comparable properties in surrounding locations. Adjustments are made to reflect the
individual characteristics of the subject property.
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 2026 Annual Report63
4.3 Inventories
2026
$000
2025
$000
Opening balance89,17173,500
Transfer from investment properties5,830-
Additional expenditure16,64215,671
Impairment loss(13,143)-
Closing balance98,50089,171
The Group classifies inventories as current assets where they are expected to be realised in the normal operating cycle, even when
that cycle exceeds 12 months.
The Group’s inventories relate to Stage 1 land held for development at Drury. During the year, the Group transferred a further two
hectares of land from investment properties to inventories following a change in use, evidenced by the negotiation to develop and sell
that parcel of land. The land was reclassified at its fair value at the date of transfer, with reference to the March 2025 independent
external valuation determined on a per square metre basis.
Inventories are measured at the lower of cost and net realisable value (NRV). The Group uses external valuation reports to estimate
NRV. During the year, an impairment loss of $13.1 million was recognised to write inventories down to their estimated NRV. The
impairment loss reflects revised assumptions regarding development costs and expected selling prices.
Recognition and measurement
Inventories comprise properties that are being developed or redeveloped for sale in the ordinary course of business. 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 NRV. NRV is the estimated selling price in the ordinary course of business
less costs to complete redevelopment and selling expenses.
Key judgement and estimate: inventories
Judgement is required in determining when the intended use of a property changes from long-term investment to development
for sale. A change in intention alone does not result in reclassification; the Group considers all relevant facts and circumstances,
including the stage of development, level of development works required and progress of sale negotiations.
The determination of NRV involves significant estimation. The most significant estimate relates to the future development costs
required to complete the inventory. These costs include infrastructure, construction and other development expenditures
necessary to bring the land to a saleable condition.
Future development cost estimates are based on current project budgets, contracted rates where available, and management’s
assessment of forecast costs to complete. These estimates are inherently uncertain and may change as projects progress,
particularly in response to:
•
changes in construction cost inflation
•
revisions to development scope
•
updated infrastructure requirements
•
changes in procurement strategies or contractor pricing
Changes in these assumptions have a direct and proportionate impact on valuation outcomes.

Kiwi Property 2026 Annual Report64
4.4 Equity-accounted investments
Ownership interestCarrying amount
EntityOwnership
Nature of
relationship
2026
%
2025
%
2026
$000
2025
$000
Mackersy Property LimitedSharesJoint Venture50%-7,841-
The movement in the Group's equity-accounted investments is as follows:
Reconciliation to carrying amounts
2026
$000
Opening net assets-
Additions: Conversion from loan to equity6,500
Transaction costs1,381
Estimated performance-based earn-out2,700
Liability for contingent consideration(2,700)
Loss and total comprehensive loss(40)
Closing net assets7,841
The below table summarises the Group's share of MPL's performance for the period 1 December 2025 to 31 March 2026 and net assets
as at 31 March 2026.
Summarised statement of comprehensive income
1 Dec 2025 to
31 March 2026
$000
Property management revenue3,014
Loss and total comprehensive loss after tax(81)
Kiwi Property's share of loss (50%)(40)
Summarised statement of financial position
2026
$000
Total assets11,230
Total liabilities(2,174)
The Group’s equity-accounted investment comprises a 50% interest in MPL, an incorporated investment vehicle which pursues
property investment and management opportunities. The investment provides exposure to property investment opportunities
through a jointly controlled structure.
In November 2024, the Group entered into a $6.5 million convertible loan agreement with MPL. In December 2025, subject to certain
conditions being met, the loan converted into a 50% shareholding in MPL. Any loan repayments previously made by MPL to the Group
were returned to the original shareholders of MPL, which allowed the conversion value in December 2025 to be $6.5 million. The
convertible loan to MPL was originally classified as loan receivable in the Group's consolidated statement of financial position in the
previous financial year.

Kiwi Property 2026 Annual Report65
4.4 Equity-accounted investments (continued)
The investment includes performance-based earn-out and origination adjustment mechanisms between shareholders. These are
calculated by reference to MPL’s future financial performance and may result in additional payments to, or receipts from, other
shareholders, thereby adjusting the effective consideration for the investment. The earn-out has been recognised as part of the
cost of the investment. The Group has not recognised any assets or liabilities relating to the origination adjustment as they cannot
be reliably estimated. At 31 March 2026, the estimated fair value of the earn-out was $2.7 million. This amount has been presented
net within the carrying amount of the equity-accounted investment as it is not material to the Group’s financial position. The gross
investment balance before the earn-out is $10.5 million.
Recognition and measurement
The Group accounts for interests in joint ventures using the equity method. Under this method, the investment is recognised
initially at cost and subsequently adjusted for the Group’s share of the joint venture’s post-acquisition profit or loss and other
movements in net assets. The Group’s share of the joint venture’s profit or loss after tax is included in the Group’s profit or loss
before income tax, and the carrying amount is adjusted for the Group’s share of movements in other comprehensive income.
Transactions recorded directly in equity, outside
profit or loss and other comprehensive income, are not reflected in the Group’s
carrying amount.
Gains or losses arising from the transfer of investment properties to a joint venture are recognised only to the extent of the other
investors’ interest, except where cash is received, in which case the cash‑related portion is recognised in full.
At each reporting date, the Group assesses whether any indicators of impairment exist for its equity‑accounted investments. If
indicators are present, the recoverable amount is estimated and compared with the carrying amount. The recoverable amount
is the higher of value in use (VIU) and fair value less costs of disposal (FVLCD). VIU is based on discounted expected future cash
flows, while FVLCD reflects the price obtainable in an orderly market transaction.
Where the carrying amount exceeds the recoverable amount, an impairment loss is recognised in profit or loss. Impairments
are not allocated to underlying assets and are reversed only if the recoverable amount subsequently increases.
Where contingent consideration arises in connection with the acquisition of an interest in a joint venture, the Group assesses
whether the arrangement forms part of the cost of the investment.
Contingent consideration is initially recognised at fair value. The Group has elected to apply a cost accumulation approach,
subsequently changes in the fair value of contingent consideration are recognised as adjustments to the carrying amount of the
equity-accounted investment rather than in
profit or loss. The contingent consideration is reassessed at each reporting date.
Key judgement: Equity-accounted investment
The Group has determined that its interest in MPL is a joint venture. This assessment is based on the terms of the shareholder
and governance arrangements, under which decisions about the relevant activities of MPL require the unanimous consent of
the investing parties. The Group therefore has joint control of the arrangement.
Management has also assessed that the arrangement gives the investing parties rights to the net assets of MPL, rather than
direct rights to the underlying assets and obligations for the liabilities of MPL. Accordingly, the investment is accounted for as
a joint venture using the equity method.

Kiwi Property 2026 Annual Report66
4.5 Deferred tax
2026
$000
2025
$000
Deferred tax assets
Interest rate derivatives6131,734
Deferred tax liabilities
Depreciation recoverable127,986124,309
Deferred leasing costs and other temporary differences9,7708,596
Deferred tax liabilities137,756132,905
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.
Key judgement: 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. In determining this liability, management is required to estimate the portion of each property’s fair value attributable to
depreciable building components and, where relevant, fixtures and fittings.
This allocation is based on information obtained from independent valuers and other specialist valuation inputs.
This is inherently judgemental because market evidence does not ordinarily identify, on a directly observable basis, the amount
a market participant would attribute to land, building and fixtures and fittings separately. As a result, changes in the allocation
of fair value between these components could materially affect the deferred tax liability recognised at balance date.
The allocation is most sensitive for assets with higher relative building or fit-out value and for properties where the allocation
between land and depreciable components is less directly observable. Management reviews the reasonableness of these
allocations annually having regard to external valuation evidence, recent transaction data where available, and the specific
characteristics of each property.

Kiwi Property 2026 Annual Report67
4.6 Funding
4.6.1
 Interest bearing liabilities
Recognition and measurement
Interest-bearing liabilities are initially recognised at the fair value of the consideration received, less directly attributable
transaction costs. After initial recognition, they are measured at amortised cost using the effective interest rate method. Under
this method, transaction costs and any premium or discount on issue are amortised over the expected life of the instrument
and included in interest and
finance charges in profit or loss.
The carrying amount of interest-bearing liabilities approximates their fair value, except for fixed-rate green bonds, the fair value
of which is disclosed separately based on quoted market prices.
The Group's secured interest bearing liabilities are as follows:
2026
$000
2025
$000
Current interest bearing liabilities
Fixed-rate green bonds-101,457
Non-current interest bearing liabilities
Bank loans - total facilities1,100,0001,000,000
Bank loans - undrawn facilities(284,000)(217,000)
Bank loans - drawn facilities816,000783,000
Fixed-rate green bonds400,736400,180
1,216,7361,183,180
Interest bearing liabilities1,216,7361,284,637
2026
$000
2025
$000
Face value of fixed-rate green bonds - current-100,000
Face value of fixed-rate green bonds - non-current400,000400,000
Face values400,000500,000
20262025
Weighted average interest rate for drawn debt
(inclusive of bonds, active interest rate derivatives, margins and line fees)4.81%5.30%
Weighted average term to maturity for the combined facilities2.9 years3.1 years
The Group has total committed bank facilities of $1,100 million (2025: $1,000 million), of which $284 million (2025: $217 million)
remained undrawn at balance date. The weighted average interest rate on drawn debt at balance date was 4.81% (2025: 5.30%), and
the weighted average term to maturity was 2.9 years (2025: 3.1 years).
The Group maintains a diversified debt maturity profile with no significant concentrations in the short term. Debt maturities are
structured to comply with Treasury Policy limits, with less than 30% of facilities maturing within 12 months and no more than 35% in
any subsequent 12-month period.
All interest-bearing liabilities have contractual maturities beyond 12 months from the reporting date.

Kiwi Property 2026 Annual Report68
4.6.1
 Interest bearing liabilities (continued)
Bank loans
The Group’s bank loans are provided by a group of domestic and international banks, comprising 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), MUFG Bank,
Ltd (Auckland Branch), and Westpac New Zealand Limited.
During the year, total committed bank facilities increased from $1,000 million to $1,035 million in September 2025. Additional
conditional facilities of $100 million were established to support refinancing of the KPG040 green bond. Following completion of the
refinancing, total committed facilities were reduced to $1,100 million.
Certain interest-bearing liabilities are subject to financial covenants. The Group complied with all covenant requirements during the
year (2025: compliant).
Fixed-rate green bonds
The Group has issued fixed-rate green bonds, which are listed on the NZX Debt Market. The bonds are secured and rank equally with
other secured obligations under the Group’s funding arrangements.
Details of the bonds are set out below:
NZX code
Value of
issue
$000Date issued
Date of
maturity
Interest
rateInterest payable
Fair value
2026
$000
Fair value
2025
$000
KPG040100,00012-Nov-1812-Nov-254.06%May, November-99,708
KPG050150,00019-Jul-2119-Jul-282.85%January, July143,843140,110
KPG060125,00027-Mar-2327-Sep-296.24%March, September129,380130,195
KPG070125,00019-Dec-2419-Jun-305.35%June, December125,129124,708
Fixed-rate green bonds398,352494,721
The fair value of the bonds is based on quoted market prices and is classified as Level 1 in the fair value hierarchy.
Security
The Group’s interest-bearing liabilities are secured by a Global Security Deed granted by Kiwi Property Group Limited and certain of
its subsidiaries (the Charging Group) in favour of the lenders and bondholders.
At 31 March 2026, the Charging Group comprised Kiwi Property Group 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. 7 Limited, Sylvia Park Business Centre Limited, Kiwi Property Te Awa Limited and Kiwi Property Centre
Place Limited.
Under the Global Security Deed, the Charging Group grants security over all of its present and after-acquired property. This includes
first-ranking registered mortgages over substantially all of the Group’s investment properties, together with security over other assets
of the Charging Group.
The interest-bearing liabilities are also supported by guarantees from the Charging Group entities. The composition of the Charging
Group may change from time to time in accordance with the terms of the funding arrangements.
The security arrangements apply to both bank interest-bearing liabilities and fixed-rate green bonds, which rank equally with each
other under the Group’s secured funding structure.

Kiwi Property 2026 Annual Report69
4.6.2
 Interest rate derivatives
The Group uses interest rate derivatives to manage exposure to interest rate movements. The following table provides details of the
fair values, notional values, terms and interest rates of the Group's interest rate derivatives.
2026
$000
2025
$000
Interest rate derivative assets - current-51
Interest rate derivative assets - non-current2,475706
Interest rate derivative liabilities - current(675)(3)
Interest rate derivative liabilities - non-current(3,987)(6,945)
Total fair values of interest rate derivatives(2,187)(6,191)
Notional value of interest rate derivatives - fixed-rate payer - active500,000625,000
Notional value of interest rate derivatives - fixed-rate payer - forward starting235,000215,000
Notional values735,000840,000
Fixed-rate payer swaps:
Weighted average term to maturity - active1.6 years1.9 years
Weighted average term to maturity - forward starting5.1 years5.5 years
Weighted average term to maturity2.7 years2.8 years
Fixed-rate payer swaps:
Weighted average interest rate - active
1
3.94%2.98%
Weighted average interest rate - forward starting
1
4.02%4.12%
Weighted average interest rate3.97%3.27%
1Excluding fees and margins.
The fair value of interest rate derivatives is determined using valuation techniques based on observable market data and is classified
as Level 2 in the fair value hierarchy.
The Group does not designate interest rate derivatives in hedge accounting relationships. Accordingly, changes in fair value are
recognised in profit or loss.
Recognition and measurement
Interest rate derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently
remeasured to fair value at each reporting date.
The fair value of interest rate derivatives is determined using valuation techniques that incorporate observable market data,
including forward interest rate curves and discount rates. These valuations are typically prepared by an independent treasury
advisor and are corroborated against valuations provided by counterparties.
Transaction costs are recognised in profit or loss as incurred.
The Group does not apply hedge accounting. Accordingly, changes in the fair value of interest rate derivatives are recognised
in profit or loss in the period in which they arise.

Kiwi Property 2026 Annual Report70
4.6.3
 Capital management
The Group’s objective in managing capital is to maintain a strong and flexible balance sheet that supports its strategic objectives,
preserves financial flexibility, and safeguards the Group’s ability to continue as a going concern while delivering sustainable returns
to shareholders.
The Group manages its capital through a mix of debt and equity funding, while ensuring that it:
•
Maintains appropriate credit metrics to support access to diversified funding sources, including bank and capital markets funding,
•
Complies with externally imposed capital requirements (see below),
•
Operates within its target gearing range of 25 – 35%, and
•
Continues to operate as a going concern.
The principal externally imposed capital requirement is contained in the Group’s Senior Facilities Agreement, which requires total
finance debt to be no more than 50% of total tangible assets. A consistent 50% gearing limit also applies to the Group’s fixed-rate
green bonds under the Master Trust Deed with the Supervisor (Public Trust). The Group complied with these requirements throughout
the year.
The Group’s gearing ratio at 31 March 2026 was 37.4%, which is outside of its target gearing range. Gearing levels continue to be
monitored in the context of market conditions, portfolio optimisation and capital allocation.
The Group assesses the adequacy of its capital structure, cost of capital and gearing as part of its broader strategic planning
processes.  Maintaining a disciplined approach to balance sheet management and capital allocation is a key strategic priority.
The Group continuously reviews its capital structure to:
•
Ensure sufficient liquidity (refer note 5.3) and committed funding facilities are available on a cost-effective basis to support its
operating activities and development pipeline,
•
Maintain financial capacity to respond to market opportunities and unforeseen contingencies, and
•
Optimise returns to shareholders over the long term.
The Group may adjust its capital structure through a range of initiatives, including:
•
Allowing for shareholder participation in the dividend reinvestment plan (DRP) to retain capital within the business,
•
Recycling capital through the divestment of non-core or mature assets,
•
Adjusting the timing and scale of capital expenditure and development activity, and/or
•
Accessing equity or debt capital markets as appropriate.
At 31 March 2026, the Group’s market capitalisation was below the carrying amount of its net assets. Market capitalisation is affected
by a range of factors, including broader market conditions, investor sentiment, sector outlook, leverage and interest rate expectations,
and may therefore differ from the carrying value of net assets at a point in time. Having regard to the independent external valuations
of the Group’s investment properties and the related disclosures in note 4.2, the Group considers the carrying values recognised at
balance date to be appropriate.

Kiwi Property 2026 Annual Report71
4.7 Trade and other payables
2026
$000
2025
$000
Trade creditors20,85528,376
Interest and finance charges payable3,4063,144
Development costs payable11,2948,485
Employment liabilities4,4544,481
Rent received in advance4,2524,771
Goods and Services Tax payable1,1531,218
Trade and other payables45,41450,475
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.
4.8 Equity
4.8.1 Share capital
The following table provides details of movements in the Group’s issued shares:
2026202620252025
Number
000
Amount
$000
Number
000
Amount
$000
Balance at the beginning of the year1,625,2161,713,5171,591,9721,682,795
Issue of shares:
Dividend reinvestment22,22021,05332,12128,845
Long-term incentive plan - shares issued1,270-1,043-
Long-term incentive plan - shares vested-1,000-994
Employee share ownership plan - shares issued80-80-
Employee share ownership plan - shares vested-80-96
Disposal of treasury shares---787
Balance at the end of the year1,648,7861,735,6501,625,2161,713,517
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 2026 Annual Report72
4.8.2
 Dividends
Dividends paid during the year comprised:
Payment date
2026
cps
2026
$000Payment date
2025
cps
2025
$000
Dividends paid1.35021,9591.42522,688
Imputation credits0.3014,8890.1903,020
Q4 final dividend19-Jun-251.65126,84821-Jun-241.61525,708
Dividends paid1.40022,9231.35021,507
Imputation credits0.3385,5350.2934,666
Q1 interim dividend19-Sep-251.73828,45820-Sep-241.64326,173
Dividends paid1.40023,0831.35021,655
Imputation credits0.3666,0390.3745,999
Q2 interim dividend19-Dec-251.76629,12220-Dec-241.72427,654
Dividends paid1.40023,0831.35021,799
Imputation credits0.3555,8610.3335,372
Q3 interim dividend20-Mar-261.75528,94424-Mar-251.68327,171
Total dividends paid5.55091,0485.47587,649
Total imputation credits1.36122,3241.18919,057
Total dividends6.911113,3726.664106,706
Dividend payments are determined by the Board having regard to a range of factors, including with particular reference to the Group’s
adjusted funds from operations (AFFO), which is the primary measure used by the Group to assess underlying and recurring cash flows
available for distribution. AFFO is a non-GAAP performance measure and is calculated with reference to the guidelines established
by the Property Council of Australia.
In determining the amount of a dividend, the Board also has regard to, amongst other things, the solvency requirements under the
Companies Act 1993, the Group’s banking and green bond covenants, internal financing targets, future investment plans, current and
forecast earnings, operating cash flows, and the prevailing economic and competitive environment. Having regard to these matters,
the Group targets a dividend payout ratio of approximately 90% to 100% of AFFO.
The Group operates a Dividend Reinvestment Plan (DRP), under which eligible shareholders may elect to reinvest cash dividends in
additional ordinary shares. The Board may, at its discretion, suspend the DRP at any time and may determine whether shares issued
under the DRP are issued at a discount. The DRP applied to the 2025 Q4 final dividend and the 2026 Q1 interim dividend. During the
year, $21.1 million of dividends were reinvested under the DRP (2025: $28.8 million).

Kiwi Property 2026 Annual Report73
4.8.3
 Earnings per share
20262025
Profit and total comprehensive profit after income tax attributable to shareholders ($000)50,44856,992
Weighted average number of shares for the purpose of basic profit/(loss) per share (000)1,640,7961,594,613
Weighted average number of shares for the purpose of diluted profit/(loss) per share (000)1,646,3431,600,132
Basic profit/(loss) per share (cents)3.073.57
Diluted profit/(loss) per share (cents)3.063.56
4.8.4
 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 contributed equity 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.
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
2026
1 April 202531 March 2028$0.877-1,718,165-(294,575)1,423,590
1 April 202431 March 2027$0.8351,948,878--(360,036)1,588,842
1 April 202331 March 2026$0.8741,960,234--(261,765)1,698,469
1 April 202231 March 2025$1.0711,575,106-(1,270,247)(304,859)-
Total5,484,2181,718,165(1,270,247)(1,221,235)4,710,901

Kiwi Property 2026 Annual Report74
4.8.4
 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
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
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 202831 March 202731 March 2026
Weighted average performance share right price at grant date$0.877$0.835$0.874
Risk-free rate3.50%4.50%4.49%
Standard deviation of the comparator entities14.7% - 30.9%14.1% - 21.2%15.5% - 22.7%
Correlation between Company share price and comparator entities12.1% - 49.7%14.7% - 54.4%30.5% - 57.5%
Estimated fair value per share$0.560$0.558$0.612
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 2026 is $1.0 million (2025: $1.3 million) with
a corresponding movement in the share-based payments reserve. The unamortised fair value of the remaining performance share
rights at 31 March 2026 is $0.7 million (2025: $1.0 million).

5. Financial risk management
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report75
In the normal course of business, the Group is exposed to financial risks associated with its financial instruments. These risks include
interest rate risk, credit risk and liquidity risk.
The Group’s financial instruments include cash and cash equivalents, trade and other receivables, trade and other payables,
interest-bearing liabilities and interest rate derivatives.
The Board has overall responsibility for establishing and overseeing the Group’s risk management framework. The Audit, Risk and
Sustainability Committee assists the Board in monitoring risk management, compliance and financial controls.
The Group’s risk management framework is designed to identify, assess and manage financial risks in a manner that supports the
Group’s operations and funding requirements.
5.1 Interest rate risk
Nature of the risk
Interest rate risk is the risk that changes in market interest rates will impact the Group’s financial performance or the fair value
of its financial instruments. The Group’s exposure arises primarily from floating rate bank interest-bearing liabilities and interest
rate derivatives.
Risk management
The Group manages interest rate risk by maintaining an appropriate mix of fixed and floating rate debt and by using interest
rate derivatives, primarily interest rate swaps, to provide greater certainty over future interest costs. Other approved derivative
instruments may be used in accordance with Treasury Policy.
Interest rate risk is managed within Board-approved hedging bands, which specify minimum and maximum levels of fixed rate cover
over a rolling horizon. The Group remained within these limits at balance date.
The Group also seeks to maintain a spread of debt maturities in order to reduce refinancing risk.
Exposure
Details of the Group’s interest-bearing liabilities and interest rate derivatives are provided in note 4.6.
Exposure to interest rate derivative counterparties is managed in accordance with Treasury Policy, including limits on concentration
with any single counterparty and minimum diversification requirements.
The Group actively manages refinancing risk, with Treasury Policy requiring refinancing arrangements to be in place at least six months
prior to facility maturity.

Kiwi Property 2026 Annual Report76
5.1 Interest rate risk (continued)
Sensitivity to interest rate movements
The sensitivity analysis below shows the impact on profit or loss and equity of reasonably possible changes in interest rates at balance
date, with all other variables held constant.
An increase in interest rates would generally result in higher interest costs but may also increase the fair value of interest
rate derivatives. Conversely, a decrease in interest rates would generally reduce interest costs but may decrease the fair value
of derivatives.
20262025
1
25 bps increase
($000)
25 bps decrease
($000)
25 bps increase
($000)
25 bps decrease
($000)
Impact on interest and finance charges(790)790(395)395
Impact on fair value of interest rate derivatives3,341(3,379)4,033(4,083)
Net impact on profit/(loss)2,551(2,589)3,638(3,688)
Net impact on equity1,837(1,864)2,619(2,655)
1The interest rate sensitivity has been recalculated to present a reasonably possible range as at 31 March 2025.
5.2 Credit risk
Nature of the risk
Credit risk is the risk that a counterparty will fail to meet its contractual obligations, resulting in financial loss to the Group. The Group’s
primary exposure to credit risk arises from trade receivables and cash and interest rate derivative counterparties.
Risk management
The Group manages tenant credit risk through established leasing and credit assessment processes, ongoing monitoring of receivable
balances and tenant-specific risk factors. Where appropriate, security arrangements are obtained.
Credit risk associated with cash deposits and interest rate derivatives is managed by transacting with financial institutions of
acceptable credit quality and by diversifying exposures across counterparties.
Exposure
The carrying amounts of financial assets recognised in the consolidated statement of financial position represent the Group’s
maximum exposure to credit risk. These amounts are presented net of any allowance for expected credit losses.
The Group is not exposed to significant concentrations of credit risk.

Kiwi Property 2026 Annual Report77
5.3 Liquidity risk
Nature of the risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due.
Risk management
The Group manages liquidity risk by maintaining sufficient committed borrowing facilities, monitoring forecast cash flows and
ensuring access to funding sources.
The Group seeks to maintain committed funding facilities sufficient to cover its forecast debt requirements and approved
capital commitments.
Exposure
The Group’s Treasury Policy requires committed funding facilities to cover at least 100% of projected debt, including approved capital
commitments. This requirement was met at balance date.
At 31 March 2026, the Group had committed bank facilities of $1,100 million, of which $284 million remained undrawn.
The table below analyses the Group’s financial liabilities by contractual maturity, based on undiscounted cash flows.
The Group monitors its liquidity position on an ongoing basis to ensure that sufficient funding is available to meet its obligations as
they fall due.
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
2026
Trade and other payables recognised
as financial liabilities
32,14932,14932,149----
Interest bearing liabilities1,216,7361,559,3409,7119,711327,4511,212,467-
Net interest rate derivatives2,1872,7503,3181,936543(2,513)(534)
Total financial liabilities1,251,0721,594,23945,17811,647327,9941,209,954(534)
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

6. Other disclosures
FOR THE YEAR ENDED 31 MARCH 2026
Kiwi Property 2026 Annual Report78
6.1 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 2026 are outlined in the tables below.
These transactions are conducted on normal commercial terms and are not considered individually material to the Group’s
financial performance.
During the year, the following income or expense reimbursements were received or receivable from the joint ventures:
2026
$000
2025
$000
Property management revenue2,3962,288
Expenditure reimbursement3,1103,173
Leasing fees1,105540
Development management fees242114
Legal fees172110
Retail design management fees3033
Total related party transactions7,0556,258
The following balances were receivable from/(payable to) the joint ventures at balance date:
2026
$000
2025
$000
The Base625(19)
Centre Place North3597
Total related party balances984(12)
The following distributions were received from the joint ventures during the year:
2026
$000
2025
$000
The Base15,41714,492
Centre Place North1,6252,666
Total related party distributions17,04217,158
The following contributions were made to the joint venture during the year:
2026
$000
2025
$000
The Base-2,949
Total related party contributions-2,949
At 31 March 2026, a contingent consideration liability of $3.4 million (present value: $2.7 million) has been recognised relating to the
Group's investment in MPL (2025: nil). No amounts have been settled during the year. Refer to note 4.4 for more information.

Kiwi Property 2026 Annual Report79
6.2 Key management personnel
2026
$000
2025
$000
Directors' fees771774
Short-term employee benefits3,9173,514
Other long-term benefits5(7)
Share-based payments822984
Key management personnel costs5,5155,265
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 4.8.4.
6.3
 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.
2026
$000
2025
$000
Capital expenditure at Sylvia Park16,2469,266
Capital expenditure at Vero Centre12,929-
Capital expenditure at ASB North Wharf18,988-
Capital expenditure at Drury development26,0481,530
Capital commitments74,21110,796
The capital expenditure commitments at ASB North Wharf will transfer to the purchaser upon the property being settled.
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 (2025:
$0.1 million). The leases terminate between June 2031 and May 2136.
The ground leases are accounted for in line with NZ IFRS 16 Leases as outlined in note 4.2.
6.4
 Subsequent events
On 30 April 2026, the sale of ASB North Wharf for $205.0 million became unconditional. The sale includes the transfer of capital
expenditure commitments disclosed in note 6.3, and settlement is expected to occur on 29 May 2026.
On 18 May 2026, the Board declared a final dividend for the quarter ended 31 March 2026 of 1.400 cents per share (cps) (equivalent
to $23.0m), together with imputation credits of 0.277 cps. The dividend record date is 11 June 2026 and payment will occur on
19 June 2026.

Independent auditor's report
TO THE SHAREHOLDERS OF KIWI PROPERTY GROUP LIMITED
Kiwi Property 2026 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 2026, 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 36 to 79, present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2026, 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) (‘PES 1’) 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) (‘IESBA Code’) as applicable to
audits of financial statements of public interest entities. We have also fulfilled our other ethical
responsibilities in accordance with PES 1 and the IESBA Code.
Our firm carries out other assignments for the Group in relation to other assurance-related
services (such as review of the consolidated interim financial statements, audits of joint venture
financial statements, audits of special purpose financial information in accordance with tenancy
agreements, agreed upon procedures in respect of a specified remuneration metric and limited
assurance over selected greenhouse gas information included in the climate related disclosures)
and non-assurance-related services (such as the finance business partner training programme and
assurance readiness over scope 3 greenhouse gas emissions). These services have not impaired
our independence as auditor of the Company and Group. The firm has no other relationship with, or
interest in, the Company or any of its subsidiaries.
 
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 $6.25 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 2026 Annual Report81
Key audit matterHow our audit addressed the key audit matter
Valuation of Investment Properties
As disclosed in note 4.2 of the consolidated financial
statements, as at 31 March 2026 the Group holds $3.1 billion
of investment properties, including investment properties
classified as held for sale, across the retail-led mixed-use,
office, development land and other sectors. These assets
are held at fair value. Further, as disclosed in note 4.3 of
the consolidated financial statements, as at 31 March 2026
the Group holds $98.5 million of inventories relating to
development land. The Group obtains a valuation for this
development land to estimate the net realisable value of
the inventories.
The investment property and development land valuations
require estimates and key assumptions to be made. Further
the inputs used to determine these fair values are not based
on observable market data. Small percentage changes in any
of the key inputs or assumptions used in the valuations could
result in a material change in the overall valuation of the
investment properties and development land.
All investment properties and development land were valued
as at 31 March 2026 by independent registered valuers, and
the Group has adopted the assessed values as determined
by the valuers.
Investment Properties are valued using recognised
valuation methodologies, including the income capitalisation
approach and the discounted cashflow approach, or a
combination of both. The calculation includes assumptions
in respect of capitalisation rates, discount rates, market
rental growth rates, market rents, vacancy rates, incentives
and capital expenditure requirements, including allowances
for seismic strengthening works. Development land is
valued using either a direct sales comparison or residual
value approach.
The valuation of investment properties and development
land (recognised as inventory) is a key audit matter due to
the significance of revaluation gains/losses or impairments,
and the related carrying amounts in the financial statements.
Additionally, significant judgement is required in determining
the fair values.
Our audit procedures focused 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 and
development land 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 investment property valuation process
were tested across a sample of properties. For the sample
selected, key changes in rental assumptions, market rental
growth rates, occupancy, discount rates, capitalisation rates
and terms were agreed to underlying lease agreements and
to market comparatives where relevant. Capitalisation rates,
discount rates and yields were compared to property industry
publications and other observable market data where available.
For development land valuations we tested the key inputs
by agreeing information to underlying records on a sample
basis and compared assumptions against 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 for a sample
of properties.
For assets held for sale that are under contractual offers,
we agreed the carrying amount to the signed sale and
purchase agreement.
 

Kiwi Property 2026 Annual Report82
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, 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.
 
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/assurance-standards/auditors-
responsibilities/audit-report-1-1/
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
18 May 2026

Other
information
Contents
Corporate governance84
Remuneration report86
Other investor information97
Directory104
Kiwi Property 2026 Annual Report83

Corporate governance
Kiwi Property 2026 Annual Report84
We are committed to the highest standards of
corporate governance.
The Board has approved policies and practices that aim to reflect
best practice 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).
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 2026, except
to the extent set out in the Kiwi Property FY26 Corporate
Governance Statement, which is available on our website
kp.co.nz/about-us/corporate-governance.
This statement is current as at 31 March 2026 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 2026 are summarised,
or referred to, in the Kiwi Property FY26 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 2026, taking into consideration
all relevant factors including the director’s interests, position
and relationships and the non-exhaustive factors in Table 2.4
of the NZX Corporate Governance Code, that all directors
of the Company were independent: Simon Shakesheff,
Michele Embling, Chris Aiken, Peter Alexander, Carlie Eve, and
Kevin Kenrick.
Board committees
The Board has established two standing committees, being
the Audit, Risk and Sustainability Committee and the People
and Culture Committee (formerly called the Remuneration and
Nominations Committee). In addition, during FY26 the Board
established an Investment Committee as an ad hoc committee
of the Board 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 material capital allocation
decisions, among other things.
The
members of the Audit, Risk and Sustainability Committee are
Michele Embling (Chair), Carlie Eve and Simon Shakesheff.
The members of the People and Culture Committee are Kevin
Kenrick (Chair), Chris Aiken and Peter Alexander.
The members of the ad hoc Investment Committee are Peter
Alexander (Chair), Chris Aiken and Carlie Eve.
More information on the responsibilities and operations of the
committees can be found in the Company’s FY26 Corporate
Governance Statement, which is available on our website
kp.co.nz/about-us/corporate-governance.
Inclusion, diversity and equity
The Board has evaluated the performance of the Company
against its Inclusion, Diversity and Equity Policy and considers
that the Company has complied with the policy.
More information concerning the Company’s Inclusion, Diversity
and Equity Policy and the Company’s performance against its
measurable objectives can be found in the Company’s FY26
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:
2026
FemaleMale
Gender
diverse
Directors2 (33%)4 (67%)-
Officers
1
3 (50%)3 (50%)-
All employees
2
99 (67%)48 (33%)-
2025
3
FemaleMale
Gender
diverse
Directors2 (33%)4 (67%)-
Officers
1
2 (40%)3 (60%)-
All employees
2
104 (67%)51 (33%)-
1Officers comprise the Chief Executive Officer, Chief Financial Officer and all General
Managers of the Company.
2Employees include permanent (full time and part time) and fixed term employees
and excludes casual employees.
3The FY25 “All employees” gender figures have been restated to exclude Directors
which were included in the figures reported for “All employees” in FY25, to align with
standard reporting practices. This has resulted in the total employee population
documented for FY25 being reduced by 2 females and 4 males.