Argosy FY26 Annual Result

1
20.05.2026

FY26 Year end result – Resilient Buildings for a Better Future
Argosy will present the FY26 year end result via a teleconference and webcast at 10am today. Please
visit https://s1.c-conf.com/diamondpass/10053615-3v9wcf.html dial 0800 453 055 and quote the
conference ID#10053615. It is recommended that you dial in or log in a few minutes before the start
time. A copy of the webcast will be available on Argosy’s website later in the day.
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the year ended 31
March 2026.
KEY RESULTS FOR THE PERIOD:
• Net property income for the period of $120.8 million, which is up by 3.3% on the prior comparable
period.
• $58.5 million revaluation gain, including assets held for sale, for the 12 months to 31 March ($72.7
million revaluation gain in the prior comparable period), up 2.7% on book value, contributing to a full
year net profit after tax of $127.7 million ($125.9 million in the prior comparable period).
• Net distributable income of $60.9 million, up 9.1% on the prior comparable period.
• Occupancy steady at 94.6% and a Weighted Average Lease Term (WALT) of 5.0 years.
• NTA per share of $1.60, up from $1.53 at 31 March 2025.
• Portfolio gearing as at 31 March 2026 is 37.2%, comfortably within the target band of 30-40%.
Portfolio gearing has fallen to 36.1% following the settlement of held for sale properties.
• Strong rent review increases (3.5% annualised rental growth on rents reviewed).
• Progress on green developments, continuing our portfolio transformation and progress to a 50%
green portfolio by 2031 (39% at 31 March, including Warehouse 6 at Mt Richmond).
• FY26 full year dividend of 6.65 cents per share, in line with guidance.

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CHAIRMAN’S REVIEW
Chair Jeff Morrison said “The Management team have continued to execute in accordance with the
Company’s focus on operational discipline, delivering solid outcomes across occupancy, rental growth
and leasing activity.”
Leasing enquiry levels have improved recently, albeit recognising they may be impacted by broader
market uncertainty associated with ongoing geopolitical tensions. Current vacancy levels will present
opportunities as conditions stabilise, enabling the Company to progressively attract new tenants and
lift income levels.
During the year, the Company completed its 224 Neilson Street development, marking a key milestone
towards the company’s target of 50% green buildings by 2031. This property has achieved a 6 Green
Star Design and Built rating, reflecting Argosy’s commitment to delivering high-quality, resilient assets
that support tenant wellbeing and long-term portfolio value.
The Board remains comfortable with the company’s capital position and balance sheet strength. The
sale of 4 Henderson Place settled for $40 million in April, and 143 Lambton Quay settled for $6 million
in May. Proceeds from these transactions will initially be used to reduce debt. The business retains
funding capacity to support its ongoing development requirements.
Following recent divestments, the capital position of the business is such that the Board have decided
to suspend the Dividend Reinvestment Plan (DRP). As such, the DRP will not be available for
shareholders to participate in for the fourth quarter dividend. Please see the dividend announcement
today for more details.
The Company has reported a revaluation gain of $58.5 million this year, primarily driven by modest cap
rate firming and market rental growth. This compares to a revaluation gain of $72.7 million in the prior
financial year. Included in the revaluation gain this year is a $4.4 million gain on 4 Henderson Place
and 143 Lambton Quay as they were held for sale properties at 31 March.
In September 2025, the Government outlined proposed reforms to New Zealand’s earthquake-prone
building regime, including the replacement of the existing New Building Standard (NBS) framework
with a new earthquake-prone building system. The proposed changes are intended to better identify
buildings that pose a genuine seismic risk, with low-seismic regions such as Auckland to be excluded
from the new regime.
Jeff Morrison said “The reforms to New Zealand’s earthquake-prone building legislation are a very
positive step for the sector. Our Chief Executive Officer, Peter Mence, represented the Sector as a
member of the Seismic Review Steering Group, and the Board acknowledges Peter for his contribution
to the work in this area.”
The Company continues with its investment strategy of maintaining a diversified, high-quality portfolio
underpinned by its sustainability goals. The company’s key portfolio targets are unchanged and include
an Industrial weighting of 60–70% and an Auckland exposure of 70–80%.

3
Board and executive succession planning continues. Peter intends to step down as CEO by the 2027
Annual Shareholders Meeting, allowing for a well-planned leadership transition, and the Board have
commenced a search for his successor.
At governance level, The Board has agreed that Martin Stearne will succeed myself as Board Chair
following the 2027 Annual Meeting. Martin is now Chair of the Remuneration and Nominations
Committee and is leading the succession transition.
The Board has reviewed its dividend policy. It is clear that Adjusted Funds from Operations (AFFO) has
been significantly more volatile than a commonly used alternative basis, Funds from Operation (FFO).
The distinction between FFO and AFFO is that AFFO makes deductions for maintenance capital,
leasing and incentive costs and swap close out costs. These costs can be very significant from year to
year, resulting in larger movements in AFFO cents per share and dividend payout ratios. A change to
an FFO based policy removes some of this volatility.
Argosy’s new policy targets a payout range of 80% to 95% of FFO. Argosy remains committed to
ensuring that dividends are sustainable.
A fourth quarter dividend of 1.6625 cents per share has been declared with imputation credits of
0.274727 cents per share attached. This will bring the full year dividend to 6.65 cents per share in line
with previous guidance. Overseas investors will receive an additional supplementary dividend of
0.124666 cents per share to offset non-resident withholding tax.
As a result of increased market uncertainty, guidance for FY27 is retained at 6.65 cents per share,
consistent with the prior year and within the new policy target.
MANAGEMENT REVIEW
Despite a cautious property market in the first half of FY26 and increased market volatility toward year
end, the business has continued to demonstrate resilience.
Peter Mence said, “Leasing activity reflected longer decision-making timeframes; however enquiry
levels increased in the second half of the year.”
Argosy made further progress against its sustainability objectives during the year. The completion of
224 Neilson Street and progress at the first Mt Richmond development, underpin the company’s goal
of achieving a portfolio that is at least 50% green by market value by 2031. Both Warehouse A and
Warehouse B at 224 Neilson Street have achieved a 6 Green Star Design and Built rating. In addition,
the achievement of a 5 Star NABERSNZ rating for the Citibank Centre in Customs Street, Auckland,
reflects ongoing initiatives with existing assets in the portfolio.
Peter Mence said “Market enquiry around energy performance and on-site renewables reflects a
growing focus on operating costs, resilience and long-term efficiency. This reinforces the value of
investing in assets that can accommodate evolving energy and sustainability requirements. Assets that
support these outcomes are proving more attractive to tenants in a challenging operating
environment.”

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Financial Results
Statement of Comprehensive Income
Argosy reported net property income of $120.8 million for the period, up 3.3% on the prior comparable
period. Rent review outcomes and income from developments have contributed strongly.
The company continues to benefit from the establishment of its insurance captive subsidiary.
Chief Financial Officer, Dave Fraser said “The insurance fundamentals of 2025 appear set to continue
into 2026 and excess capacity remains in the market. This creates an opportunity for us to further
stabilise premiums and improve coverage terms and conditions.”
Interest expense of $39.1 million was down on the prior comparable period ($41.6 million). Lower rates
more than offset higher average debt levels in the period.
Annual valuations for the year to 31 March 2026 were performed by CBRE Limited, Colliers
International New Zealand Limited and Jones Lang LaSalle Limited. The total unrealised revaluation
gain was $58.5 million, or 2.7% on book value, which compares to an unrealised revaluation gain for
the year to 31 March 2025 of $72.7 million.
A modest firming of cap rates and an increase in market rents were the key drivers of the revaluation
increase. Of the annual increase of $58.5 million (including a gain on held for sale assets of $4.4
million), $31.3 million was recognised in the interim result at 30 September 2025.
By sector, Industrial increased by $27 million or 2.2%, Office increased by $16 million or 2.0%, and
Large Format Retail increased by $11 million or 5.5%. The portfolio is 9.3% under-rented, excluding
market rent on developments.
As a result of the FY26 revaluations, Argosy’s NTA increased to $1.60 per share from $1.53 at 31
March 2025. Following the revaluation, Argosy’s portfolio shows a contract yield on values of 5.72%
and a yield on fully let market rentals of 6.62%.
In May 2025, the Government announced the Investment Boost tax programme, encouraging
productivity and economic growth by providing a tax deduction for qualifying new investment. Under
the programme, businesses can deduct 20% of the cost of eligible new assets in the year of purchase
or development, in addition to standard depreciation.
Practical completion of Warehouse A at 224 Neilson Street in October 2025 has resulted in an
Investment Boost deduction being available in the second half of FY26.
Net profit after tax was $127.7 million (including a $58.5 million revaluation gain), compared to net
profit after tax of $125.9 million (including a $72.7 million revaluation gain) in the prior comparable
period.

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Distributable Income/AFFO
After adjustment for revaluation gains and the movement in derivatives, net distributable income (NDI)
for the year was $60.9 million, compared to $55.8 million in the prior comparable period, an increase of
9.1%.
AFFO was 6.85cps for the year, compared to 6.43cps in the prior comparable period, an increase of
6.5%.
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “Challenging economic conditions and geopolitical uncertainty influenced the year.
The team maintained a strong focus on operational discipline, delivering solid leasing outcomes.”
As at 31 March, Argosy’s WALT was 5.0 years and portfolio occupancy was 94.6%.
Over the financial year, Argosy completed 111 rent reviews, achieving annualised rental growth of
3.5%. These reviews were achieved on rents totalling $80.9 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 4.4% for Industrial
rent reviews, 2.4% for Office rent reviews and 2.6% for Large Format Retail rent reviews. Over the
financial year, 72% of rents reviewed were subject to fixed reviews, 25% were market reviews and 3%
were CPI based.
Argosy completed 32 leasing transactions across 45,335m² of NLA over the year. Lease transactions
were made up of new leases (13), renewals (13) and extensions (6).
During the period Argosy retained two key Wellington Office tenants:
• New Zealand Post Limited exercised their right of renewal for the Ground Floor and Level 1 of
7 Waterloo Quay (4,332m²). The renewal is for six years with a final expiry date of 31 December
2031. Rent reviews are CPI based with a market review at 1 January 2029.

• The Ministry of Business, Innovation and Employment (MBIE) have extended their lease at 15
Stout St (20,709m²) for a further 9 years from 23 July 2026. Reviews are fixed at 2.75% pa with
market reviews at 23 July 2026 and 23 July 2032. As part of the new lease Argosy and MBIE
will progress a decarbonisation project (including conversion of gas boilers to heat pumps, solar
panels, LED light conversion and EV chargers), and façade works (including installing additional
parapet flashings for enhanced protection and extending downpipes in various locations for
rainfall disbursement). The project has commenced and is expected to cost $13 million.
Peter Mence said “We are very pleased to have retained such valuable tenants on long leases. The two
leases addressed the biggest expiries for both FY26 and FY27, and lifted the weighted average lease
term to 5.0 years at 31 March.”
Other leasing highlights over the year include:
• Boffa Miskell, 82 Wyndham Street - 1,642m² on a 10 year renewal.
• Steel and Tube Holdings, 39 Randwick Road - 2,097m² on a 3 year renewal.

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• Kathmandu, Albany Mega Centre - 899m² on a 6 year renewal.
• The Joint Accreditation System of Australia and New Zealand, 147 Lambton Quay - 492m² on
a new 5 year lease.
• Cottee Parker, 39 Market Place - 488m² on a new 6 year lease.
• Intrepid Travel, 39 Market Place - 462m² on a new 6 year lease.
• Sangro Chambers, Citibank Centre, 23 Customs Street East - 447m² on a 10 year extension.
• Arthur J Gallagher, 320 Ti Rakau Drive - 514m² on a 3 year renewal.
• De’Longhi, 99-107 Khyber Pass Road - 368m² on a 3 year renewal.
Peter Mence said, “The team delivered a solid leasing outcome in FY26, retaining key tenants and
attracting new ones to the portfolio. Notably, we are currently in active negotiations with prospective
tenants for our buildings at 147 Lambton Quay and 39 Market Place.”
The industrial sector continued to demonstrate comparatively strong fundamentals. Lower vacancy
levels and stable rental outcomes contributed to the portfolio’s resilience in a more constrained market
environment. As at 31 March 2026, Industrial assets comprised 55% of the portfolio. Completion of the
current green value add industrial development pipeline in the medium term is expected to support a
further increase toward the target weighting of 60–70%.
Divestment of Non-Core Assets
The property at 4 Henderson Place, Auckland, was unconditionally sold in FY26 for $40 million and
settled in April 2026. The property at 143 Lambton Quay, Wellington was unconditionally sold in FY26
for $6 million and settled in May 2026.
A further six properties have been identified as non-Core, with a combined current book value of $139
million, and these properties are expected to be divested over the medium term.
Subsequent to year end, we have entered into a conditional contract for the sale of the non-Core
property on the corner Taniwha and Paora Hapi Streets, Taupo. Expected settlement is October 2026.
Developments
Mt Richmond
Construction of Stage 1 at Mt Richmond achieved practical completion in May 2026, delivering
Warehouse 6, a 5,833m² warehouse and office facility for Viatris Limited, a global pharmaceutical
distributor. Stage 1 also includes two platforms, both of which have been completed and leased to
existing tenants.
In FY26, Warehouse 6 achieved a 6 Green Star Design rating and we are now seeking a 6 Green Star
Design and Built rating. The project reflects Argosy’s ongoing focus on delivering sustainable,
future-ready industrial facilities that align with evolving occupier requirements.
Neilson Street
At 224 Neilson Street, practical completion of Warehouse A (11,477m² clear span with a 13-metre knee
height and 600m² of office) was achieved in October 2025, in line with budget.

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Warehouse B (4,901m² clear span with an 11-metre knee height and 510m² of office) is fully leased to
Basick Transport. Subsequent to year end, Management has agreed high level terms with a national
distributor on a 16-year lease for Warehouse A commencing 1 March 2027, incorporating 3.5% annual
escalation, five-yearly market reviews and two five-year rights of renewal.
The warehouses incorporate a range of sustainability features, including low-carbon concrete,
rainwater harvesting, intelligent lighting and air-conditioning systems, and a rooftop solar array
comprising approximately 1,880 panels. The solar installation is expected to generate more than
1.2GWh of electricity annually. Both warehouses have achieved a 6 Green Star Design and Built
rating.
Peter Mence said, “Market enquiry continues to reflect strong interest in modern, green-certified
facilities in well-located precincts, and assets such as this are well positioned to support long-term
income quality and value.”
Acquisitions
In October 2025, Argosy settled the acquisition of 291 East Tamaki Road and adjacent titles. This is a
strategic transaction that was unconditionally agreed in November 2024. The site comprises a 4.6
hectare level landholding located approximately 2 kilometres from State Highway 1, within a well
established industrial precinct.
The acquisition aligns with Argosy’s strategy of increasing exposure to high quality industrial assets
and creating long-term value through sustainable, future-ready redevelopment opportunities. The total
investment, including the initial purchase price and associated capital works, is $60 million, with a
fully-let holding return of 5%.
Peter Mence said “291 East Tamaki Road offers flexibility over time to consider redevelopment
opportunities that reflect changing occupier requirements and our focus on sustainability and asset
quality.”
Banking Facilities
In July 2025 and March 2026, Argosy successfully extended its syndicated bank facilities with ANZ
Bank New Zealand Limited, Bank of New Zealand, Commonwealth Bank of Australia, Westpac New
Zealand Limited and Industrial and Commercial Bank of China Limited, and introduced a new Tranche
E. The refinanced Tranches and expiries (which include a 7 Year Tranche) are:
Tranche A: $200 million, expiry 1 October 2028.
Tranche B: $225 million, expiry 1 October 2029.
Tranche E: $100 million, expiry 1 October 2029.
Tranche D: $100 million, expiry 1 October 2030.
Tranche C: $100 million, expiry 1 July 2032.

Argosy’s weighted average debt tenure, including bonds, was 3.1 years at 31 March 2026 (2.7 years at
31 March 2025). The weighted average interest rate was 4.6% (5.1% at 31 March 2025).

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Green Bonds
The company’s first green bond matured on 27 March 2026 and was refinanced with a new $100m
tranche of bank debt, Tranche E. The second green bond (ARG020) matures in October 2026 and will
be refinanced later in the year.
Outlook
Geopolitical developments since the interim release have increased market uncertainty. The outlook
remains uncertain, with the duration of the current disruption and the potential for further escalation
difficult to predict. While no direct impacts on the business have been observed to date, ongoing
uncertainty may influence offshore investment sentiment and inflation expectations, particularly
through energy markets. So far, leasing enquiry levels have remained encouraging.
Argosy is well positioned, supported by a strong balance sheet and a growing, high quality and
diversified portfolio with a clear focus on sustainability and green assets. The planned, progressive
increase in industrial weighting through the green development pipeline is expected to enhance the
certainty and stability of cashflows and earnings over time.
The Management team remains very focused on addressing vacancy and near-term lease expiries
and maintaining a high level of tenant retention across the portfolio.

END.
Peter Mence
Chief Executive Officer
09 304 3411
pmence@argosy.co.nz
Dave Fraser
Chief Financial Officer
09 304 3400
dfraser@argosy.co.nz

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Resilient buildings
for a better future
FY26 ANNUAL RESULTS
20 May 2026

Argosy Property Limited
Agenda
FY26 Annual Results
2
Vision & Strategy5
Results Summary6
Portfolio Highlights7
Financials13
Leasing Update23
Outlook29
Appendices32
Note: This results presentation should be read in conjunction with the NZX
release dated 20 May 2026. Due to rounding, numbers presented in this
presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.
Peter MenceDave Fraser
CHIEF EXECUTIVE OFFICERCHIEF FINANCIAL OFFICER

“Leasing activity reflected longer
decision making timeframes, however
enquiry levels have increased recently.
Portfolio occupancy remains solid at
94.6%, but our focus remains on
increasing occupancy and proactive
lease management.”
Peter Mence
CEO
FY26 Annual Results
3
Argosy Property Limited

Our purpose is to invest in green,
diversified and resilient buildings that
support stakeholder success, provide
secure income streams and deliver
enduring shareholder value.

Argosy Property Limited
Resilient buildings
for a better future
FY26 Annual Results
5
VISION
A diversified portfolio
by sector and region
A diversified asset allocation
across sectors to reduce volatility
and widen growth opportunities
Earnings protection across
fluctuating economic conditions
and structural changes
A diversified tenant mix
Positioning for a
lower carbon future
A business culture that is
environmentally focused
Progressing green Value Add portfolio
opportunities to drive earnings and
capital growth
Targeting strategic growth
opportunities with green potential
A business that is adaptable
and responsive to change
Maintaining strong and
valued relationships across
all stakeholders
A portfolio that is resilient to climate
change impacts and natural disasters
Promoting safe working environments
for Argosy staff and business partners

Argosy Property Limited
Results Summary
FY26 Annual Results
6
$120.8m$58.5m
$1.60$127.7m
Net Property Income
up 3.3%
Revaluation gain to
31 March
Full year net profit
after tax
NTA per share,
up from $1.53 at 31 March 2025
37.2%
Debt to total assets within
the target 30-40% band
6.65c
FY26 full year dividend

Argosy Property Limited
Portfolio Highlights
FY26 Annual Results
7
94.6%5.0 years
3.5%95.1%
Occupancy (by rent)Weighted Average Lease Term
Tenant retention rateAnnualised growth on rent reviews
31.0%
Government sector rental income
49.0%
Weighting to Auckland Industrial

Argosy Property Limited
FY26 Annual Results
8
Portfolio at a glance
TOTAL PORTFOLIO VALUE
by sector
TOTAL PORTFOLIO VALUE
by region
PORTFOLIO MIX
by type

Argosy Property Limited
Revaluations
FY26 Annual Results
9
FURTHER MODEST CAP RATE FIRMING
Independent valuations as at 31 March were
completed on all properties.
•$58.5m gain reported, or 2.7%
revaluation gain to book value.
•The portfolio is under rented by 9.3%.
•$4.4m gain on the two held for sale
properties at 31 March (4 Henderson
Place and 143 Lambton Quay).
6.26%
Weighted average
portfolio cap rate

Argosy Property Limited
Value Add & Green Developments
FY26 Annual Results
10
GOOD PROGRESS AT MT RICHMOND
•Warehouse 6 at Mt Richmond, completed
in May 2026, delivering 5,833m² of NLA.
•Fully leased to Viatris.
•6 Green Star Design achieved (Built in
progress), supporting delivery of
sustainable, future-ready industrial assets.
$288m
Value-add properties with the
potential to drive future
earnings and capital growth

Argosy Property Limited
224 Neilson Street - Development
FY26 Annual Results
11
$109.5m>10%
6 Green12,077m
2
value as at 31 Marchdevelopment margin
NLA for Warehouse A completedStar Design and Built rating
achieved
October
2025 Practical completion of
Warehouse A
High Level
terms agreed on a 16 year lease
for Warehouse A

Argosy Property Limited
8-14 Mt Richmond Drive - Development
FY26 Annual Results
12
$282m14.8%
6 Green5,833m
2
expected value on completionforecast development margin
NLA for Warehouse 6Star Design and Built rating
achieved for Warehouse 6
May
2026 Stage 1 practical
completion achieved
9.4%
forecast IRR on completion

Financials
FY26 Annual Results

Argosy Property Limited
ANNUALISED RENT REVIEWS
Gross Property Income Waterfall
FY26 Annual Results
14
3.5%
Solid increase from rent reviews

Argosy Property Limited
Financial Performance
FY26 Annual Results
15
NET PROFIT UP ON PRIOR
COMPARABLE PERIOD
•Strong contribution from rent review
outcomes and development income.
•Continued benefits from the Group’s
insurance captive subsidiary.
•Lower net interest expense with lower
rates more than offsetting higher average
debt levels.
$120.8m
Net property income up 3.3%
on the prior comparable period

Argosy Property Limited
Net Distributable Income (NDI)
FY26 Annual Results
16
STRONG GROWTH IN NDI
•NDI of $60.9 million, up 9.1% on the prior
comparable period.
•NDI of 7.05cps compared to 6.58cps
in the prior comparable period (up 7.1%).
•Tax expense benefited from Investment
Boost deductions on the completed
building at 224 Neilson Street.
$60.9m
Net distributable income up
9.1% on the prior comparable
period

Argosy Property Limited
Adjusted Funds From Operations (AFFO)
FY26 Annual Results
17
AFFO UP ON PRIOR YEAR BY 8.3%
•AFFO was 6.85cps for the year,
compared to 6.43cps in the prior
comparable period.
•The dividend payout ratio to AFFO
was 97%, compared to 103% in the
prior comparable period.
97%
AFFO dividend payout ratio

Argosy Property Limited
PORTFOLIO VALUE
Investment Property Waterfall
FY26 Annual Results
18
$2.2b
Portfolio value lift to $2.2 billion
Note: Due to rounding, numbers presented in this presentation may not
add up exactly to the totals provided and percentages may not reflect
exactly absolute figures.

Argosy Property Limited
Balance Sheet Management
FY26 Annual Results
19
DEBT TO TOTAL ASSETS IN THE
TARGET BAND
•Portfolio gearing at 37.2%, comfortably
within the target band of 30-40%.
•4 Henderson Place settled in April 2026
for $39.8m, and 143 Lambton Quay will
settle in May 2026 for $6.0m.
•Portfolio gearing has fallen to 36.1%
following the settlement of held for sale
properties.
37.2%
Debt to total assets ratio is
comfortably within the 30–40%
target range

Argosy Property Limited
Interest Rate Management
FY26 Annual Results
20
FIXED RATE COVER OF 74%
•At 31 March 74% of borrowings were at
fixed rates (63% in prior year).
•Weighted average interest rate has fallen
to 4.6% from 5.1%.
2.7x
Further improvement in the
Interest Cover Ratio
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages may not reflect exactly absolute figures.

Argosy Property Limited
Debt Profile
FY26 Annual Results
21
GREEN BOND DIVERSIFICATION 24%
•The company’s first green bond (ARG010)
matured on 27 March 2026 and was
refinanced with a new $100m tranche of
bank debt.
•The second green bond (ARG020)
matures on 29 October 2026 and will be
refinanced later in the year.
3.1years
Weighted average duration of
Argosy’s debt

Argosy Property Limited
Dividends
FY26 Annual Results
22
CHANGE IN POLICY TO FFO BASIS
•Fourth quarter dividend of 1.6625 cents
per share, payable 24 June 2026.
•DRP is suspended for this dividend.
•Change in dividend policy to 80-95% of
FFO (previously 85-100% of AFFO)
•Board is committed to sustainable
dividends.
•Forecast FY27 dividend of 6.65 cents per
share, in line with FY26 and within new
policy.
6.65c
FY27 guidance

Leasing & sector
commentary
FY26 Annual Results

Argosy Property Limited
Leasing Outcomes
FY26 Annual Results
24
45,335m
2
*
32
*
9yr111
of NLA leased to 31 Marchlease transactions including
13 new leases, 13 renewals
and 6 extensions
rent reviews over the period with
annualised rental growth of 3.5%
Ministry of Business Innovation
and Employment (MBIE) lease
extension at 15 Stout Street
6yr
NZ Post lease renewal at
7 Waterloo Quay
6yr
Cottee Parker new lease at
39 Market Place
(* standing investments)

Argosy Property Limited
Lease Expiry Profile
FY26 Annual Results
25
LEASE EXPIRY PROFILE IS BALANCED
•Largest expiry in FY27 is The Warehouse
at 17 Mayo Road.
•Largest expiry in FY28 is break clause
for General Distributors at Favona Road
(7.3%). The lease term is 10 years,
ending August 2034, and exercise of the
break clause is considered unlikely.
5.3%
of leases expiring in FY27

Argosy Property Limited
FY26 Annual Results
26
Market Insights
OfficeIndustrial
•Gross new stock at significant levels in recent years.
•As economic conditions improve, the imbalance
between supply and net absorption (demand) will
correct.
•Limited land supply in Auckland and Wellington
continues pressure on land values, with prime sites
holding their value.
•Vacancy remains low, and focused in secondary and
sublease space.
•Under-renting persists, particularly in Auckland.
Large Format Retail
•Many organisations have settled into hybrid models
but office attendance varies between cities, alongside
a general decline in remote working.
•Government sector actual attendance still lags the
average at three days per week.
•Supporting junior employees is the primary challenge
for organisations operating in hybrid environments,
with maintaining strong connections a close second.
•The building environment is increasingly in focus, with
end-of-trip facilities becoming more important.
•Projected demand for green buildings will exceed
supply.
•In Wellington, a high NBS rating is a must have.
•Annual retail trade turnover increased by 4.4% in the
year to December 2025.
•LFR continues to receive solid demand in prime
locations.
•Retailers consolidating to a fewer number of locations.
•LFR rental growth remains resilient.
•Limited new supply expected in Auckland over the
next four years.
•Argosy’s Albany Mega Centre continues to experience
strong leasing demand.

Argosy Property Limited
Sustainability
FY26 Annual Results
27
•Efficient use of resources is the top sustainability priority for occupiers.
Building features that monitor and reduce resource consumption are
highly sought after when selecting premises.
•The most targeted resource is energy, with 69% of occupiers seeking to
lower consumption.
•Green Building certification is expected by 46% of occupiers, a key
enabler in meeting internal and external sustainability obligations.
•Office occupiers with Net Zero policies currently occupy 325,000 sqm of
Prime Office space. Of this 325,000 sqm, 77% is in sustainable
premises.
•Industrial occupiers with Net Zero policies currently occupy 928,000
sqm of Prime Industrial space. Of this 928,000 sqm, only 16% is in
sustainable premises.
•Retail sector shows relatively low emphasis on green buildings.
New Zealand Office Occupier Sentiment Survey September 2025.

Argosy Property Limited
Sustainability
FY26 Annual Results
28
•23% of Auckland occupiers are prepared to pay a premium of up to 20%
to be in a 5 Green Star rated building, with 8% prepared to pay a 30%
premium for a 6 Green Star rated building.
•The high proportion who “don’t know,” especially in Christchurch,
indicates opportunities for better engagement with this segment of the
market regarding the rationale and benefits of more sustainable
buildings.
New Zealand Office Occupier Sentiment Survey September 2025.

Outlook
FY26 Annual Results

Argosy Property Limited
Outlook
FY26 Annual Results
30
OUTLOOK IS MORE UNCERTAIN SINCE INTERIM REPORTING
•Geopolitical developments have increased market uncertainty.
•The duration of the current disruption and the potential for further escalation are difficult to predict.
•Restrictive interest rates have eased, but may increase later this year to combat inflation.
•Leasing enquiry levels have remained encouraging, despite the uncertainty.
•Insurance premiums are falling as the global insurance market softens.
•Investment Boost is a positive initiative to encourage development.
•Tenant focus on sustainable initiatives and prime locations is positive for Argosy.
•Argosy is well placed, with a sound capital position.
•The team remains very focused on increasing occupancy and addressing near term expiries.

Questions
FY26 Annual Results

Appendices
FY26 Annual Results

Argosy Property Limited
Debt to total assets
Balance Sheet Management
FY26 Annual Results
33
30-40%
Target Range %

Argosy Property Limited
Hedges, Interest Rates & Debt Maturity
FY26 Annual Results
34
Hedging Profile (at 31 March year end) Debt Maturity Profile (Facility) &
Weighted Average Margin and Line Fee

Argosy Property Limited
Rent review summary – by type, sector and location
FY26 Annual Results
35

Argosy Property Limited
Portfolio metrics
FY26 Annual Results
36
RENT ROLL
by industry
TOP 10 TENANTS
by rent

Argosy Property Limited
Industrial
Office
Large Format Retail
FY26 Annual Results
37
Sector Summary
Number of buildings
33
Market value of assets $m
$1,234.2
Occupancy by income
93.8%
Weighted average lease term WALT
4.3yrs
Number of buildings
12
Market value of assets $m
$789.7
Occupancy by income
94.2%
Weighted average lease term WALT
6.0yrs
Number of buildings
4
Market value of assets $m
$219.2
Occupancy by income
100%
Weighted average lease term WALT
4.3yrs

Argosy Property Limited
Portfolio snapshot
FY26 Annual Results
38

Argosy Property Limited
Thank you
FY26 Annual Results
39
DISCLAIMER
This presentation has been prepared by Argosy
Property Limited. The details in this presentation provide
general information only. It is not intended as investment
or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior
to making any decision relating to your investment
or financial needs. Thispresentation is not an offer
or invitation for subscription or purchase of securities
or other financial products. Past performance is no
indication of future performance.
All values are expressed in New Zealand currency
unless otherwise stated.
20 May 2026

---

1
20.05.2026
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $120,774 3.3%
Total Revenue $120,774 3.3%
Net profit/(loss) from continuing operations $127,731 1.5%
Total net profit/(loss) $127,731 1.5%
Final Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00274727
Record Date 10 June 2026
Dividend Payment Date 24 June 2026
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $1.60 per share $1.53 per share
A brief explanation of any of the figures above necessary to enable
the figures to be understood
The financial information for this announcement has been
extracted from the audited financial statements of Argosy
Property Limited which have been released to NZX in
conjunction with this announcement.
Authority for this Announcement
Name of person authorised to make this announcement Dave Fraser
Contact person for this announcement Dave Fraser
Contact phone number (09) 304 3400
Contact email address dfraser@argosy.co.nz
Date of release through MAP 20/05/2026

Audited financial statements accompany this announcement.

---

Annual Report
2026
Resilient buildings
for a BETTER FUTURE

 
Our purpose is to invest in green,
diversified and resilient buildings
that support stakeholder success,
provide secure income streams and
deliver enduring shareholder value.
Green
Diversified
Resilient
Argosy Property LimitedAnnual Report 202602

 
Contents
Positioning for a lower carbon future04
2026 highlights10
Chairman's review14
Management report16
Numbers at a glance22
Our Leadership & Governance24
Consolidated Financial Statements30
Independent Auditor's Report58
Corporate Governance61
Investor Statistics80
Directory83
Argosy Property LimitedAnnual Report 202603

We are advancing a green portfolio that
is built for tomorrow. From brownfield
developments and adaptive reuse
to solar generation and rainwater
harvesting, sustainability is embedded
in every retrofit and new build.
With a target of 50% of our portfolio
certified green and a 17.5% emissions
reduction by FY31, we are delivering
practical, measurable outcomes that
secure income streams and deliver
long-term value.
Positioning
for a lower
carbon future
GREEN
Argosy Property LimitedAnnual Report 202604

224 Neilson Street
Onehunga
AUCKLAND
The development at Neilson Street
demonstrates how we are delivering low-
carbon, future-ready industrial assets
at scale. Completed in 2025, the project
transformed a contaminated brownfield site
into two high-performance warehouses,
both achieving 6 Green Star certification.
Designed for long-term efficiency, the two
warehouses incorporate net-positive solar
generation, producing up to three times
their operational energy needs, alongside
significant reductions in water use and
embodied carbon. A comprehensive climate
adaptation plan and ecological restoration of
the site further strengthen resilience.
By combining strong environmental
performance with functional, future-
focused design, Neilson Street supports
tenant operations while reducing costs
and emissions, helping secure sustainable
income and long-term asset value.
Mt Richmond Industrial Estate
Mt Wellington
AUCKLAND
Mt Richmond reflects our continued
investment in green industrial developments
that are designed to perform over the long
term. The project has achieved a 6 Green
Star Design rating and integrates a 275kW
solar PV system, rainwater harvesting and
advanced stormwater management.
These features reduce operational demand,
improve climate resilience and respond to
the specific environmental conditions of
the site, including flood mitigation through
integrated overland flow paths.
Mt Richmond is designed with both
sustainability and tenant performance in
mind, delivering efficient, adaptable spaces
that support evolving operational needs.
This approach helps protect occupancy,
reduce risk and reinforce the durability of
income and value across the portfolio.
CASE STUDY
DESIGNED FOR
LONG-TERM EFFICIENCY
RESPONDING TO
THE CONDITIONS
Argosy Property LimitedAnnual Report 202605

Strength
through
diversity
Our diversified portfolio reduces
volatility and provides earnings
resilience through economic cycles and
structural change. Diversification lowers
vacancy and funding risk, supports
sustainable dividends, growth, and
gives investors access to multiple
property sectors with one stock.
DIVERSIFIED
Argosy Property LimitedAnnual Report 202606

JD Sports
Albany Mega Centre
AUCKLAND
In 2025, we welcomed JD Sports to Albany
Mega Centre, further strengthening the
diversity of our retail portfolio. As their first
campus-format store in New Zealand, the
1,300sqm flagship combines premium retail
(560sqm of retail space, including a 23m-wide
shopfront) with an integrated training hub
and experiential merchandising zones.
This addition reflects our focus on attracting
leading international brands while supporting
evolving retail formats. By accommodating
both customer-facing retail and operational
capability, the space enhances the overall
centre offering and drives foot traffic.
JD Sports’ expansion within our portfolio
highlights how a diversified tenant mix supports
resilient income - combining global brands,
modern formats and strong covenant strength
to deliver sustainable, long-term returns.
FOOTPRINT
Co-Working Spaces
AUCKLAND
Footprint represents a different approach to
office leasing, responding to the growing
demand for flexible, service-led workspaces.
Operating across two CBD locations (39
Market Place and 23 Customs Street) it offers
a range of options - from day passes and
shared desks to private offices.
This flexible model attracts a diverse mix of
freelancers, entrepreneurs and growing
businesses, creating a dynamic and
adaptable tenant base. Members benefit from
shared amenities, central locations and a
strong professional community.
Footprint demonstrates how diversification
extends beyond sectors into business
models, enabling us to respond to changing
occupier needs while maintaining occupancy
and supporting stable income across the
office portfolio.
DIVERSIFIED TENANTS
NEW BUSINESS MODELS
CASE STUDY
Argosy Property LimitedAnnual Report 202607

Resilience underpins every investment
decision we make. Our portfolio is
designed to withstand climate impacts
and meet changing tenant needs.
Through strong relationships, climate
adaptation planning and disciplined
asset management, we protect earnings
and support operational continuity. Just
as importantly, we promote safe working
environments and back great people
who strengthen our business for the
long term.
Built to endure
and adapt
RESILIENT
Argosy Property LimitedAnnual Report 202608

CASE STUDY
105 Carlton Gore Road
AUCKLAND
The Stantec Building at 105 Carlton Gore Road
exemplifies how we enhance resilience through
targeted investment. Originally a 25 year
old asset, it has been transformed through a
full retrofit and seismic upgrade into a high-
performing, future-ready workplace.
Now a 6 Green Star and 5.5 Star NABERSNZ
rated building, it incorporates solar generation,
EV charging, end-of-trip facilities and a
highly efficient, all-electric HVAC system. A
99% airtight façade further improves energy
performance and occupant comfort.
Recognised as a Gold Winner at the 2025 New
Zealand Commercial Project Awards, the building
demonstrates how upgrading existing assets
protects value, supports tenant performance and
delivers resilient, future-proof income streams.
Marilyn Storey and Saatyesh Bhana
Resilience is not just built into our assets, it
is driven by our people. In 2025, both Marilyn
Storey and Saatyesh Bhana were recognised
for their leadership and contribution to the
property sector.
Marilyn, Head of Development, made the
Property Council’s Women of Impact list and
received a Long Service Award, reflecting
her role in delivering complex, sustainable
developments and strengthening long-term
portfolio performance.
Saatyesh, Head of Sustainability, was
recognised as a Green Star Champion by
the NZGBC for his influence on sustainable
building practices.
Together, their leadership reinforces our
ability to deliver resilient buildings, support
industry progress and create enduring value
for stakeholders.
FUTURE PROOFING
RESILIENCE
THROUGH PEOPLE
Argosy Property LimitedAnnual Report 202609

$120.8m
Net
Property
Income
3.3%
2026 highlights
6.65cps
FY26
dividend
$58.5m
Revaluation
gain for the
ye a r, 2.7% on
book value
94.6%
Occupancy
5.0yrs
$1.60
Weighted
average
lease term
(WALT)
Net Tangible
Assets
(per share)
Argosy Property LimitedAnnual Report 202610

55%
3 7. 2 %
72%
31%
Industrial weighting
Gearing
Auckland weighting
Government sector
rental income
$126,100
of community sponsorship in FY2026
Social
Sustainability
6 Green
Star
NZ Design and Built rating at 224A and
224B Neilson Street
39%
Green assets percentage
of portfolio
To i t ū
Participated in a Toitū Net Carbon Zero
certification programme since 2020
Argosy Property LimitedAnnual Report 202611

G
r
e
e
n
R
e
s
i
l
i
e
n
t
D
i
v
e
r
s
i
f
i
e
d
Positioning for a
lower carbon future
A business culture that is
environmentally focused
Progressing green Value Add
portfolio opportunities to drive
earnings and capital growth
Targeting strategic growth
opportunities with green potential
A business that is adaptable
and responsive to change
Maintaining strong and
valued relationships across
all stakeholders
A portfolio that is resilient to
climate change impacts and
natural disasters
Promoting safe working
environments for Argosy staff
and business partners
A diversified portfolio
by sector and region
A diversified asset allocation
across sectors to reduce volatility
and widen growth opportunities
Earnings protection across
fluctuating economic conditions
and structural changes
A diversified tenant mix
Resilient buildings
for a BETTER FUTURE
Argosy Property LimitedAnnual Report 202612

Argosy Property LimitedAnnual Report 202613

A Resilient
Portfolio, Built for
Long-Term Value
“Argosy is well positioned, supported by a
strong balance sheet and a growing, high‑quality
and diversified portfolio with a clear focus on
sustainability and green assets.”
Argosy Property LimitedAnnual Report 202614
Chairman's review

On behalf of the Board of Directors, it's my pleasure
to present Argosy’s 2026 Annual Report.
The Management team have continued to execute in
accordance with the Company’s focus on operational discipline,
delivering solid outcomes across occupancy, rental growth and
leasing activity.
Leasing enquiry levels have improved recently, albeit
recognising they may be impacted by broader market
uncertainty associated with ongoing geopolitical tensions.
Current vacancy levels will present opportunities as conditions
stabilise, enabling the Company to progressively attract new
tenants and lift income levels.
During the year, the Company completed its 224 Neilson Street
development, marking a key milestone towards the company’s
target of 50% green buildings by 2031. This property has
achieved a 6 Green Star Design and Built rating, reflecting
Argosy’s commitment to delivering high‑quality, resilient assets
that support tenant wellbeing and long‑term portfolio value.
The Board remains comfortable with the company’s capital
position and balance sheet strength. The sale of 4 Henderson
Place settled for $40 million in April 2026, and 143 Lambton
Quay settled for $6 million in May 2026. Proceeds from these
transactions will initially be used to reduce debt. The business
retains sufficient funding capacity to support its ongoing
development requirements.
The Company has reported a revaluation gain of $58.5 million
this year, primarily driven by modest cap rate firming and
market rental growth. This compares to a revaluation gain
of $72.7 million in the prior financial year. Included in the
revaluation gain this year is a $4.4 million gain on 4 Henderson
Place and 143 Lambton Quay as they were held for sale
properties at 31 March.
The Company continues with its investment strategy of
maintaining a diversified, high‑quality portfolio underpinned by
its sustainability goals. The company’s key portfolio targets are
unchanged and include an Industrial weighting of 60–70% and
an Auckland exposure of 70–80%.
In September 2025, the Government outlined proposed reforms
to New Zealand’s earthquake‑prone building regime, including
the replacement of the existing New Building Standard (NBS)
framework with a new earthquake‑prone building system. The
proposed changes are intended to better identify buildings that
pose a genuine seismic risk, with low‑seismic regions such as
Auckland to be excluded from the new regime.
The reforms to New Zealand’s earthquake-prone building
legislation are a very positive step for the sector. Our Chief
Executive Officer, Peter Mence, represented the Sector as a
member of the Seismic Review Steering Group, and the Board
acknowledges Peter for his contribution to the work in this area.
Governance and succession planning
Argosy's Annual Shareholders Meeting (ASM) will be held
as a hybrid meeting on 23 June at 2pm at the Royal New
Zealand Yacht Squadron in Auckland. Argosy continues to
support hybrid functionality, which allows shareholders to
attend virtually and participate in all elements of the meeting,
including questions and answers and completing all voting.
Board and executive succession planning continues. As
previously announced, Peter intends to step down as CEO
by the 2027 Annual Shareholders Meeting (ASM), allowing
for a well‑planned leadership transition, and the Board have
commenced a search for his successor.
At governance level, The Board has agreed that Martin Stearne
will succeed myself as Board Chair following the 2027 ASM.
Martin is now Chair of the Remuneration and Nominations
Committee and is leading the succession transition.
Dividends
The Board has reviewed its dividend policy. It is clear that
Adjusted Funds from Operations (AFFO) has been significantly
more volatile than a commonly used alternative basis, Funds
from Operation (FFO). The distinction between FFO and AFFO
is that AFFO makes deductions for maintenance capital, leasing
and incentive costs and swap close out costs. These costs
can be very significant from year to year, resulting in larger
movements in AFFO cents per share and dividend payout ratios.
A change to an FFO based policy removes some of this volatility.
Argosy’s new policy targets a payout range of 80% to 95%
of FFO. Argosy remains committed to ensuring that dividends
are sustainable.
A fourth quarter dividend of 1.6625 cents per share has been
declared with imputation credits of 0.274727 cents per share
attached. This will bring the full year dividend to 6.65 cents
per share in line with previous guidance. Overseas investors will
receive an additional supplementary dividend of 0.124666 cents
per share to offset non-resident withholding tax.
Following recent divestments, the capital position of the
business is such that the Board have decided to suspend the
Dividend Reinvestment Plan (DRP). As such, the DRP will not
be available for shareholders to participate in for the fourth
quarter dividend. Please see the dividend announcement today
for more details.
As a result of increased market uncertainty, guidance for FY27 is
retained at 6.65 cents per share, consistent with the prior year
and within the new policy target.
Outlook
Argosy is well positioned, supported by a strong balance sheet
and a growing, high‑quality and diversified portfolio with a
clear focus on sustainability and green assets. The planned,
progressive increase in industrial weighting through the green
development pipeline is expected to enhance the certainty and
stability of cashflows and earnings over time.
The Management team remains very focused on addressing
vacancy and near‑term lease expiries, and maintaining a high
level of tenant retention across the portfolio.
Jeff Morrison
Chairman
Argosy Property LimitedAnnual Report 202615

Peter Mence
CHIEF EXECUTIVE OFFICER
Dave Fraser
CHIEF FINANCIAL OFFICER
A clear focus
on sustainability
“The extended time to close leasing opportunities was
evident in the first half of the year, but we have been
buoyed by a recent improvement in leasing enquiry.”
Argosy Property LimitedAnnual Report 202616
Management report

Key results for the period include:
•
Net property income for the period of $120.8 million, up 3.3%
on the prior comparable period;
•$58.5 million revaluation gain, including assets held for sale,
for the 12 months to 31 March ($72.7 million revaluation gain
in the prior comparable period), up 2.7% on book value,
contributing to a full year net profit after tax of $127.7 million
($125.9 million in the prior comparable period); 
•Net distributable income of $60.9 million, up 9.1% on the
prior comparable period;
•Occupancy steady at 94.6% and a Weighted Average Lease
Term (WALT) of 5.0 years;
•NTA per share of $1.60, up from $1.53 at 31 March 2025;
•Portfolio gearing at 37.2% comfortably within the target band
of 30-40%. Portfolio gearing has fallen to 36.1% following the
settlement of held for sale properties;
•Strong rent review increases (3.5% annualised rental growth
on rents reviewed);
•Progress on green developments, continuing our portfolio
transformation and progress to a 50% green portfolio by
2031 (39% at 31 March, including Warehouse 6 at Mt
Richmond); and
•FY26 full year dividend of 6.65 cents per share, in line
with guidance.
Despite a cautious property market in the first half of FY26 and
increased market volatility toward year end, the business has
continued to demonstrate resilience.
Leasing activity reflected longer decision‑making timeframes;
however enquiry levels increased in the second half of the year.
Argosy made further progress against its sustainability
objectives during the year. The completion of 224 Neilson
Street and progress at the first Mt Richmond development,
underpin the company’s goal of achieving a portfolio that is at
least 50% green by market value by 2031. Both Warehouse A
and Warehouse B at 224 Neilson Street have achieved a 6 Green
Star Design and Built rating. In addition, the achievement of a
5 Star NABERSNZ rating for the Citibank Centre in Customs
Street, Auckland, reflects ongoing initiatives with existing
assets in the portfolio.
Market enquiry around energy performance and on‑site
renewables reflects a growing focus on operating costs,
resilience and long‑term efficiency. This reinforces the value
of investing in assets that can accommodate evolving energy
and sustainability requirements. Assets that support these
outcomes are proving more attractive to tenants in a
challenging operating environment.
Financial Results
STATEMENT OF COMPREHENSIVE INCOME
Argosy reported net property income of $120.8 million
for the period, up 3.3% on the prior comparable period.
Rent review outcomes and income from developments have
contributed strongly.
The Company continues to benefit from the establishment of
its insurance captive subsidiary. The insurance fundamentals
of 2025 appear set to continue into 2026 and excess capacity
remains in the market. This creates an opportunity for us
to further stabilise premiums and improve coverage terms
and conditions.
Interest expense of $39.1 million was down on the prior
comparable period ($41.6 million). Lower rates more than offset
higher average debt levels in the period.
Annual valuations for the year to 31 March 2026 were
performed by CBRE Limited, Colliers International New Zealand
Limited and Jones Lang LaSalle Limited. The total unrealised
revaluation gain was $58.5 million, or 2.7% on book value,
which compares to an unrealised revaluation gain for the year
to 31 March 2025 of $72.7 million.
A modest firming of cap rates and an increase in market rents
were the key drivers of the revaluation increase. Of the annual
increase of $58.5 million (including a gain on held for sale
assets of $4.4 million), $31.3 million was recognised in the
interim result at 30 September 2025.
By sector, Industrial increased by $27 million or 2.2%, Office
increased by $16 million or 2.0%, and Large Format Retail
increased by $11 million or 5.5%. The portfolio is 9.3% under-
rented, excluding market rent on developments.
As a result of the FY26 revaluations, Argosy’s NTA increased
to $1.60 per share from $1.53 at 31 March 2025. Following the
revaluation, Argosy’s portfolio shows a contract yield on values
of 5.72% and a yield on fully let market rentals of 6.62%.
In May 2025, the Government announced the Investment Boost
tax programme, encouraging productivity and economic growth
by providing a tax deduction for qualifying new investment.
Under the programme, businesses can deduct 20% of the cost
of eligible new assets in the year of purchase or development, in
addition to standard depreciation.
Practical completion of Warehouse A at 224 Neilson Street in
October 2025 has resulted in an Investment Boost deduction
being available in the second half of FY26.
Net profit after tax was $127.7 million (including a $58.5 million
revaluation gain), compared to net profit after tax of
NET PROPERTY INCOME
$120.8m
Up 3.3% on prior period
ANNUALISED RENTAL GROWTH OF
3.5%
On rents reviewed
Argosy Property LimitedAnnual Report 202617

$125.9 million (including a $72.7 million revaluation gain) in the
prior comparable period.
DISTRIBUTABLE INCOME
After adjustment for revaluation gains and the movement
in derivatives, net distributable income (NDI) for the year
was $60.9 million, compared to $55.8 million in the prior
comparable period, an increase of 9.1%.
AFFO was 6.85cps for the year, compared to 6.43cps in the
prior comparable period, an increase of 6.5%.
Portfolio Metrics, Rent Reviews and Leasing
Challenging economic conditions and geopolitical uncertainty
influenced the year. The team maintained a strong focus on
operational discipline, delivering solid leasing outcomes.
As at 31 March, Argosy’s WALT was 5.0 years and portfolio
occupancy was 94.6%.
Over the financial year, Argosy completed 111 rent reviews,
achieving annualised rental growth of 3.5%. These reviews were
achieved on rents totalling $80.9 million.
On rents subject to review by sector, Argosy achieved
annualised rental growth of 4.4% for Industrial rent reviews,
2.4% for Office rent reviews and 2.6% for Large Format Retail
rent reviews. Over the financial year, 72% of rents reviewed were
subject to fixed reviews, 25% were market reviews and 3% were
CPI based.
Argosy completed 32 leasing transactions across 45,335m
2
of
NLA over the year. Lease transactions were made up of new
leases (13), renewals (13) and extensions (6).
During the period Argosy retained two key Wellington
Office tenants:
•New Zealand Post Limited exercised their right of renewal
for the Ground Floor and Level 1 of 7WQ (4,332m
2
). The
renewal is for six years with a final expiry date of 31 December
2031. Rent reviews are CPI based with a market review at
1 January 2029.
•The Ministry of Business, Innovation and Employment
(MBIE) have extended their lease at 15 Stout St (20,709m
2
)
for a further 9 years from 23 July 2026. Reviews are fixed
at 2.75% pa with market reviews at 23 July 2026 and
23 July 2032. As part of the new lease Argosy and MBIE will
progress a decarbonisation project (including conversion of
gas boilers to heat pumps, solar panels, LED light conversion
and EV chargers), and façade works (including installing
additional parapet flashings for enhanced protection and
extending downpipes in various locations for rainfall
disbursement). The project has commenced and is expected
to cost $13 million.
The two leases addressed the biggest expiries for both FY26
and FY27, and lifted the weighted average lease term to 5.0
years at 31 March.
Other leasing highlights over the year include:
•Boffa Miskell, 82 Wyndham Street - 1,642m
2
on a 10
year renewal;
•Steel and Tube Holdings, 39 Randwick Road - 2,097m
2
on a
3 year renewal;
•
Kathmandu, Albany Mega Centre - 899m
2
on a 6
year renewal;
•The Joint Accreditation System of Australia and New
Zealand, 147 Lambton Quay - 492m
2
on a new 5 year lease;
•Cottee Parker, 39 Market Place - 488m
2
on a new 6
year lease;
•Intrepid Travel, 39 Market Place - 462m
2
on a new 6
year lease;
•Sangro Chambers, Citibank Centre, 23 Customs Street East -
447m
2
on a 10 year extension;
•Arthur J Gallagher, 320 Ti Rakau Drive - 514m
2
on a 3 year
renewal; and
•De’Longhi, 99-107 Khyber Pass Road - 368m
2
on a 3
year renewal.
The team delivered a solid leasing outcome in FY26, retaining
key tenants and attracting new occupiers to the portfolio.
Notably, we are currently in active negotiations with prospective
tenants for our buildings at 147 Lambton Quay and 39
Market Place.
The industrial sector continued to demonstrate comparatively
strong fundamentals. Lower vacancy levels and stable rental
outcomes contributed to the portfolio’s resilience in a more
constrained market environment. As at
31 March 2026,
Industrial assets comprised 55% of the portfolio. Completion
of the current green value add industrial development pipeline
in the medium term is expected to support a further increase
toward the target weighting of 60–70%.
Divestment of Non-Core Assets
The property at 4 Henderson Place, Auckland, was
unconditionally sold in FY26 for $40 million and settled in
April 2026. The property at 143 Lambton Quay, Wellington
was unconditionally sold in FY26 for $6 million and settled in
May 2026.
A further six properties have been identified as non-Core, with
a combined current book value of $139 million, and these
properties are expected to be divested over the medium term.
Developments
224 NEILSON STREET
At 224 Neilson Street, practical completion of Warehouse A
(11,475m
2
clear span with a 13‑metre knee height and 600m
2
of office) was achieved in October 2025, in line with budget .
Warehouse B (4,901m
2
clear span with an 11‑metre knee height
and 510m
2
of office) is fully leased to Basick Transport. Both
Warehouse A and Warehouse B have achieved a 6 Green Star
Design and Built rating.
The warehouses incorporate a range of sustainability features,
including low‑carbon concrete, rainwater harvesting, intelligent
lighting and air‑conditioning systems, and a rooftop solar array
comprising approximately 1,880 panels. The solar installation is
expected to generate more than 1.2GWh of electricity annually.
MT RICHMOND
Construction of Stage 1 at Mt Richmond achieved practical
completion in May 2026, delivering Warehouse 6, a
5,833m
2
warehouse and office facility for Viatris Limited, a
global pharmaceutical distributor. Stage 1 also includes two
Argosy Property LimitedAnnual Report 202618
Management report

platforms, both of which have been completed and leased to
existing tenants.
In FY26, Warehouse 6 achieved a 6 Green Star Design rating
and we are now seeking a 6 Green Star Design and Built
rating. The project reflects Argosy’s ongoing focus on delivering
sustainable, future‑ready industrial facilities that align with
evolving occupier requirements.
Acquisitions
In October 2025, Argosy settled the acquisition of 291 East
Tamaki Road and adjacent titles, a strategic transaction
that was unconditionally agreed in November 2024. The
site comprises a 4.6 hectare level landholding located
approximately 2 kilometres from State Highway 1, within a well
established industrial precinct.
The acquisition aligns with Argosy’s strategy of
increasing exposure to high quality industrial assets and
creating long‑term value through sustainable, future‑ready
redevelopment opportunities. The total investment, including
the initial purchase price and associated capital works, is
$60 million, with a fully‑let holding return of 5%.
291 East Tamaki Road offers flexibility over time to consider
redevelopment opportunities that reflect changing occupier
requirements and our focus on sustainability and asset quality.
Capital Management
As at 31 March, Argosy’s debt to total assets ratio, excluding
capitalised borrowing costs, was 37.2%
[1]
compared to 35.7% at
31 March 2025, and 35.9% at the half-year. Gearing has since
fallen to 36.1% following the settlement of two properties in April
and May 2026.
The ratio reflects the net impact of revaluation gains,
divestments and development activity during the period.
Argosy’s year end gearing sits comfortably in the middle of
its target gearing band of 30-40%, and well below its bank
covenant of 50%.
[1]
The ratio excludes the right of use asset at 39 Market Place of
$39.7 million, recorded in the period under NZ IFRS 16.
Banking Facilities
In July 2025 and March 2026, Argosy successfully extended its
syndicated bank facilities with ANZ Bank New Zealand Limited,
Bank of New Zealand, Commonwealth Bank of Australia,
Westpac New Zealand Limited and Industrial and Commercial
Bank of China Limited, and introduced a new Tranche E.
The refinanced Tranches and expiries (which include a 7 Year
Tranche) are:
Tranche A: $200 million, expiry 1 October 2028.
Tranche B: $225 million, expiry 1 October 2029.
Tranche E: $100 million, expiry 1 October 2029.
Tranche D: $100 million, expiry 1 October 2030.
Tranche C: $100 million, expiry 1 July 2032.
Argosy’s weighted average debt tenure, including bonds,
was 3.1 years at 31 March 2026 (2.7 years at 31 March
2025). The weighted average interest rate was 4.6% (5.1% at
31 March 2025).
Green Bonds
The company’s first green bond matured on 27 March 2026
and was refinanced with a new $100m tranche of bank debt,
Tranche E. The second green bond (ARG020) matures in
October 2026 and will be refinanced later in the year.
Trends/Outlook
Geopolitical developments since the interim release have
increased market uncertainty. The outlook remains highly
uncertain, with the duration of the current disruption and
the potential for further escalation difficult to predict. While
no direct impacts on the business have been observed to
date, ongoing uncertainty may influence offshore investment
sentiment and inflation expectations, particularly through
energy markets. Leasing enquiry levels have remained
encouraging, with limited change in overall market conditions
since the interim period.
Argosy is well positioned, supported by a strong balance sheet
and a growing, high quality and diversified portfolio with a
clear focus on sustainability and green assets. The planned,
progressive increase in industrial weighting through the green
development pipeline is expected to enhance the certainty and
stability of cashflows and earnings over time.
The Management team remains very focused on addressing
vacancy and near‑term lease expiries and maintaining a high
level of tenant retention across the portfolio.
Peter Mence
Chief Executive Officer
Management Report
Diversification pays
dividends
“After another challenging year affected by lockdowns
and traffic light settings, its pleasing to have delivered
what we consider to be a very solid full year result to
shareholders.”
Peter Mence
CHIEF EXECUTIVE OFFICER
Dave Fraser
CHIEF FINANCIAL OFFICER
8
Annual Report 2022Argosy Property Limited
We delivered on all of our operational focus areas around
vacancies, key expiries and completing developments. We also
divested non-core buildings during the year at healthy premiums
to book value. Our core portfolio metrics have remained sound
despite the operational environment being so difficult for
everyone.
8-14 Willis Street has now been handed over to Statistics New
Zealand. At a total cost o
f $xm, the handover sees Argosy complete
its largest green development project in its history. If we achieve
our target 6 Green Stars the building will certainly be the jewel in
our crown. The Wellington office market continues to exhibit
strong fundamentals which we don’t see waning for some time.
Our ongoing exposure to Government rental streams provides a
high degree of certainty and stability during uncertain times.
Master planning at Argosy’s two key Auckland industrial estates
at Mt Richmond Road and Neilson Street are progressing and we
are fielding a lot of market inquiry for these sites which will be
repurposed into green industrial estates. We’re excited about the
potential these sustainably focused properties bring to the
portfolio and the cross section of new industrial tenants showing
interest. We think strong industrial fundamentals and the fact the
sector is forecast to be the best performer over the next five years
is underpinning occupier interest.
The balance of the portfolio is in excellent shape. Argosy’s capital
structure is sound and we have capacity to execute on
opportunities as they arise. However, with interest rates rising it
we are focusing more on our organic value add development
pipeline. Given the pipeline of work we see ahead, we’ve
resourced the business and development team up accordingly.
Highlights
Key highlights for the period include:
•
Continued focus on sustainability and green developments;
•
Record interim net profit after tax of $xx.0 million;
•
Net property income for the period up xx%;
•
High occupancy (~9x%) and WALT (5.x years);
•
Strong portfolio leasing and rent review outcomes, including
xx% annualised rental growth on rents reviewed;
•
7WQ in Wellington is now 100% leased;
•
$xx million annual revaluation gain, an increase of x% on book
value;
•
Increase in NTA per share to $1.xx from $1.53 at 31 March 2021,
a xx% increase; and
•
FY23 dividend guidance of 6.65 cents per share under the new
dividend policy which commenced from 1 April 2022.
Financial Results
Statement of Comprehensive Income
For the 12 months to 31 March, Argosy reported net property
income of $xx million for the period, up x% compared with the
prior comparable period.
Solid like for like rental growth was bolstered by a full year
contribution from Mt Richmond and lower Covid-19 rent rebates
over the period, partially offset by disposals.
For the year to 31 March, Argosy provided for $x million in rental
abatements to tenants and no deferrals.
Net interest expense of $xx million was up/down by $xx million
on the prior comparable period, primarily due to xxx [lower
overall debt levels and higher capitalised interest].
Annual valuations for the year to 31 March were performed by
CBRE, Colliers International New Zealand Limited, Bayleys and
Jones Lang Lasalle. The total unrealised revaluation gain for the
year to 31 March was $xx million or a xx% increase above book
value. The portfolio is x% under-rented, excluding market rent
on vacant space.
Current tax expense was higher / lower due to large deductions
recorded in the prior comparable period and the non-assessable
deposit for the Albany Lifestyle Centre.
Distributable Income
Net distributable income for the year was $xx million compared
to $.0 million in the prior comparable period.
Valuations
The work performed by the valuers resulted in an annual
revaluation uplift of $x million, or a x% increase above book value.
By location, Auckland was the largest contributor to the total year
end valuation results with an unrealised revaluation increase of
$x million or 84% of the total portfolio uplift. By sector, and at
~50% of Argosy’s portfolio by value Industrial was the key driver
of the overall gain at $x million, up x% on book value. The Office
portfolio increased $x million, and Large Format Retail increased
by $x million.
As a result of the FY22 revaluation gain, Argosy’s NTA increased
to $1.xx, or xx% from $1.64 at 31 March 2021. Following the
revaluation, Argosy’s portfolio shows a contract yield on values of
5.xx% and a yield on fully let market rentals of 5.xx%.
Outlook
With the economy facing a range of headwinds, the next 6-12
months will be challenging for the domestic economy, but we’re
ready for it. We’ll continue to work hard on the things we can
control. On the operational side this is leasing up vacancies and
renewing expiring leases. On the strategic side, we’ll keep
working closely with our tenants and supporting their growth
aspirations, completing our existing green projects and master
planning and development of our value add opportunities. All of
these support the delivery of our ten year strategic plan and
sustainable distributions to shareholders.
I look forward to updating all our stakeholders at our Annual
Meeting in June.
PETER MENCE
Chief Executive Officer
NEED TO UPDATE
SIGNATURE
DAVE FRASER
Chief Financial Officer
9
Annual Report 2022Argosy Property Limited
Dave Fraser
Chief Financial Officer
Argosy Property LimitedAnnual Report 202619

Investment Framework
Argosy has a Clearly Defined Investment Strategy
Argosy is invested in a portfolio that is diversified by sector,
location and tenant mix. The Investment Strategy is unchanged
and Argosy’s portfolio will continue to consist primarily of Core
and Value Add properties.
Core
Core properties are well constructed, well-located assets which
are intended to be long-term investments of more than 10
years. The Core properties target is between 75% to 90% of the
portfolio by value. Core properties are well located with strong
long-term generic demand, a leasing profile that provides for
rental growth of at least CPI and good structural integrity with
minimal maintenance capital expenditure required.
Value Add
Value Add properties are assets which, through skilled asset
management, can increase future earnings and provide capital
growth. Value Add properties will already be well located
with the potential for strong long-term tenant demand. These
properties are available for near to medium-term repositioning
or development with the view to moving into the Core category.
Investment Policy
The Investment Policy clearly defines what properties Argosy
will seek to own by setting the boundaries within which it
will operate and invest. It delivers a clear acquisition checklist
and every potential acquisition (and portfolio asset) can be
measured against that checklist. In some cases, a portfolio
of assets may be considered for acquisition. The strategy for
a potential portfolio acquisition must be consistent with the
overall Argosy Portfolio Investment Strategy (i.e. the majority
by value of the properties are either Core or offer potential
to move to Core in the medium-term). Investment Policy
target bands also reflect development opportunities over the
medium-term and the effect on overall portfolio composition.
The Industrial target is 60-70%, Office is 20-30% and the Large
Format Retail target is 5-15%. Argosy’s diversified portfolio of
quality properties has an average value of $45.8 million. Liquid
properties, which are properties that could potentially be under
contract within a short period, currently represent 15% of the
portfolio or $346.1 million.
Capital Management
The optimal capital structure for Argosy is one that enables it
to maximise its earnings yield through the property cycle within
the following parameters:
•properties can be acquired when they meet the approved
Investment Policy criteria, or sold when they are non-
Core; and
•there are no forced sales of properties or a requirement to
issue equity at a price that is dilutive to shareholders.
Argosy’s debt-to-total assets ratio target band remains at
30-40%. This band allows Argosy flexibility to react to changing
financial and property market conditions. Any movement
beyond pre-set parameters requires an action plan and
timeframe to move debt levels to within the prescribed range.
Risk Management
Argosy has a robust risk assessment process. Risk assessment
reviews are carried out by a representative cross-section
of Argosy’s management team at least twice a year in
accordance with Argosy’s Risk Management Framework. A
risk assessment review has three phases: identification of
material risks arising from Argosy’s operation; assessment of
the probability and consequences of the risk; and development
of controls to achieve a level of residual risk that is within
Argosy’s risk appetite.
Argosy generally operates within a medium, low to very low
overall risk range. Argosy has a low risk appetite for risks
associated with managing developments, Value Add projects
and compliance matters. Please also refer pages 78-79 of this
report for more detail on key risks and mitigations.
Portfolio Mix by Sector
51%Industrial
39%Office
10%Large Format Retail
Argosy Property LimitedAnnual Report 202422
IMAGE PLACEHOLDER TO HELP WITH PAGINATION
Argosy Property LimitedAnnual Report 202423
55% Industrial
35%Office
10% Large Format Retail
“Our Investment Policy remains a cornerstone of
our strategy, supporting the development of a
resilient, sustainable and diversified portfolio.”
Peter Mence
CEO
Argosy Property LimitedAnnual Report 202620
Management report

Investment Policy
Argosy has a Clearly Defined Investment Policy
Argosy is, and will remain, invested in a portfolio that is
diversified by sector, location and tenant mix. The Investment
Strategy is unchanged and Argosy’s portfolio will continue to
consist primarily of Core and Value Add properties.
Core
Core properties are well constructed, well located assets which
are intended to be long-term investments of more than 10
years. The Core properties target is between 75% to 90% of the
portfolio by value. Core properties are well located with strong
long-term generic demand, a leasing profile that provides for
rental growth of at least CPI and good structural integrity with
minimal maintenance capital expenditure required.
Value Add
Value Add properties are assets which, through skilled asset
management, can increase future earnings and provide capital
growth. Value Add properties will already be well located
with the potential for strong long-term tenant demand. These
properties are available for near to medium-term repositioning
or development with the view to moving into the Core category.
Investment Policy
The Investment Policy clearly defines what properties Argosy
will seek to own by setting the boundaries within which it
will operate and invest. It delivers a clear acquisition checklist
and every potential acquisition (and portfolio asset) can be
measured against that checklist.
In some cases, a portfolio of assets may be considered for
acquisition. The strategy for a potential portfolio acquisition
must be consistent with the overall Argosy Portfolio Investment
Strategy (i.e. the majority by value of the properties are either
Core or offer potential to move to Core in the medium-term).
In certain circumstances, exceptions to the Investment Policy
may be considered where an acquisition is made to meet the
requirements of a valued tenant.
Investment Policy target bands also reflect development
opportunities over the medium-term and the effect on overall
portfolio composition. The Industrial target is 60-70%, Office is
20-30% and the Large Format Retail target is 5-15%. Argosy’s
diversified portfolio of quality properties has an average value of
$39.5 million. Liquid properties, which are properties that could
potentially be under contract within a short period, currently
represent 18% of the portfolio or $362 million.
Capital Management
The optimal capital structure for Argosy is one that enables it
to maximise its earnings yield through the property cycle within
the following parameters:
•properties can be acquired when they meet the approved
Investment Policy criteria, or sold when they are non Core;
•there are no forced sales of properties or a requirement to
issue equity at a price that is dilutive to shareholders;
•measured dividend growth is maintained.
Argosy’s debt-to-total assets ratio target band remains at
30-40%. This band allows Argosy flexibility to react to changing
financial and property market conditions. Any movement
beyond pre-set parameters requires an action plan and
timeframe to move debt levels to within the prescribed range.
Risk Management
Argosy strives to deliver reliable and attractive returns to
shareholders. It takes a considered approach to development,
acquisition, divestment, leasing and capital management
decisions, reflecting its proposition to shareholders as a yield-
based investment.
Argosy has a robust risk assessment process. Risk assessment
reviews are carried out by a representative cross-section
of Argosy’s management team at least twice a year in
accordance with Argosy’s Risk Management Framework. A
risk assessment review has three phases: identification of
material risks arising from Argosy’s operation; assessment of
the probability and consequences of the risk; and development
of controls to achieve a level of residual risk that is within
Argosy’s risk appetite.
Argosy generally operates within a medium/low overall risk
range. Argosy has a low risk appetite for risks associated with
managing developments, Value Add projects and compliance
matters. Please also refer pages [xx-xx] of this report.
PORTFOLIO MIX BY SECTOR
51%Industrial
39%Office
10%Large Format Retail
“Our Investment Policy is a key pillar of
our strategy of creating a green, resilient and
diversified portfolio.”
Peter Mence
CEO
Argosy Property LimitedAnnual Report 202422
Management report
IMAGE PLACEHOLDER TO HELP WITH PAGINATION
Argosy Property LimitedAnnual Report 202423
23 Customs St East AUCKLAND
Argosy Property LimitedAnnual Report 202621

INDUSTRIAL SECTOR WEIGHTING
55%
AUCKLAND PORTFOLIO VALUE
72%
Numbers at a glance
1–3 Unity Drive AUCKLAND
Unit of
measureIndustrialOffice
Large Format
RetailTotal
Number of buildingsno. 33 12 4 49
Market value of assets$m1,234.177 8 9.70219.152,243.02
Net lettable aream² 388,541 121,966 49,896 560,403
Occupancy factor by rent%93.8%94.2%100.0%94.6%
Weighted average lease termyears4.36.04.35.0
Average value$m3 7.465.854.845.8
Contract yield
1
%5.31%6.06%6.52%5.7 2 %
1. Contract yield excludes 8-14 Mt Richmond Drive.
Argosy Property LimitedAnnual Report 202622

0
5
10
15
20
Mar-37 +Mar-36Mar-35Mar-34Mar-33Mar-32Mar-31Mar-30Mar-29Mar-28Mar-27Vacant
8.4
10.6
0.6
7.7
4.6
11.0
6.1
11.4
9.2
19.7
5.3
5.4
29
26
34
26
16
21
12
7
2
5
5
Per
centage of portfolio by income
Year ending
Total expiry
VacantLargest single expiry
NEW LEASES COMPLETED IN FY26 by sector
Floor Area
(sqm)
Average
Lease Term
(years)
No. of
Leases
Industrial 12,062 0.95
Office 31,866 8.125
Large Format Retail 1,407 6.02
Total 45,335 7. 332
RENT REVIEWS IN FY26 by sector
No. of
Reviews
Annualised
Rent
Increase
Increase
over
Contract ($)
Industrial364.4% 3,216,127
Office532.4% 896,003
Large Format Retail222.6% 241,654
Total1113.5% 4,353,784
TOTAL PORTFOLIO VALUE
by sector
LEASE EXPIRY PROFILE
by rent
TOTAL PORTFOLIO VALUE
by region
PORTFOLIO MIX
by type
72% Auckland
25% Wellington
3% North Island regional or
South Island
81% Core properties
13% Value Add properties
6% Properties & land to divest
ANNUALISED RENTAL GROWTH OF
3.5%
on rents reviewed
CORE PROPERTIES
81%
of total portfolio
55% Industrial
35% Office
10% Large Format Retail
The number above each bar denotes the total tenant expires per year
(excluding monthly carparks and tenants with multiple leases within one property).
Argosy Property LimitedAnnual Report 202623

Our Leadership
& Governance
Ethics & Values
ARGOSY'S APPROACH
Our values guide our internal conduct as well as our
relationships with external parties. In striving for outstanding
performance, we do not compromise our ethics or principles. We
place great importance on honesty, integrity, quality and trust.
Our values
•Ethics – Inspiring trust in our actions by doing the right thing.
•Culture – Creating a fun environment that encourages
inclusiveness and teamwork.
•Respect – Treating all stakeholders with courtesy
and understanding.
•Accountability – Taking ownership and responsibility.
•Communication – Promoting effective communication to
all stakeholders.
Governance
Argosy will maintain the highest standards of corporate
behaviour and accountability.
Argosy's approach
The Company is committed to fostering open and transparent
communications with investors, ensuring it delivers to the
highest standards and complies with the NZX listing rules.
Argosy is proactive in meeting all its continuous disclosure
obligations to ensure that all investors are fully informed
of all material information necessary to assess the
Company’s performance.
Argosy upholds the highest ethical standards, acting in good
faith and in the best interests of shareholders at all times.
The ethical and behavioural standards we expect of Directors,
officers and employees are set out in our Code of Conduct
and Ethics. Argosy’s website contains key governance policies
which support the delivery of the highest standards of corporate
behaviour. Policies include but are not limited to:
•Code of conduct and ethics;
•Conflicts of interest;
•Reporting against the NZX code;
•Diversity;
•Sustainability;
•Insider trading; and
•Shareholder communications.
Performance
Argosy regularly reviews the performance, skills and structure
of its Board and Committees to ensure independent and
effective governance.
More information about Argosy's governance practices is set out
at pages 61-79 of this report.
Argosy Property LimitedAnnual Report 202624
Our Leadership & Governance

Annual Meeting
Argosy’s Annual Shareholders Meeting (ASM) will be held as a
hybrid meeting on 23 June at 2pm at the Royal New Zealand
Yacht Squadron in Auckland. Argosy continues to utilise the
hybrid functionality of the ASM. It allows shareholders to attend
virtually and participate in all elements of the meeting including
questions and answers and completing all voting.
As usual, all shareholders are encouraged to attend the meeting
where you will have the opportunity to listen to and meet the
Board of Directors in person.
Retail Roadshow
The 2026 Retail Roadshow schedule has been finalised. Chief
Executive Officer Peter Mence is planning a 13 city visit
of New Zealand from May to June. The Retail Roadshow
remains an important engagement tool for Management to meet
directly with shareholders and update them on the company's
performance, sustainability goals and strategy.
We encourage our shareholders to attend the roadshow as we
believe this will contribute to their understanding of Argosy's
business and the listed property market in general.
Key Dates
(indicative only and subject to change)
22 MAY 2026
Annual Retail Roadshow commences and ends Monday
15 June.
23 JUNE 2026
Annual Shareholders Meeting.
24 JUNE 2026
Final quarter FY26 dividend payment.
SEPTEMBER 2026
1
st
Quarter FY27 dividend payment.
NOVEMBER 2026
FY27 Interim results release.
DECEMBER 2026
2
nd
Quarter FY27 dividend payment.
ANNUAL MEETING
23 June
Hybrid meeting to be held in Auckland
ANNUAL RETAIL ROADSHOW STARTS
22 May
13 city retail roadshow commences
Argosy Property LimitedAnnual Report 202625

Meet our
Board of Directors
Jeff Morrison
Chair
Director since July 2013
Mr Morrison has 45 years of experience as a property lawyer, 29
of them as a commercial property partner at Russell McVeagh,
and now practises on his own account. Mr Morrison is a trustee
of the Spirit of Adventure and other charitable trusts and holds
a number of private company directorships. Mr Morrison is
a qualified lawyer with a Bachelor of Laws degree from The
University of Auckland. He is also a member of the New Zealand
Institute of Directors.
Alex Cutler
Director
Director since October 2024
Alex is a prominent figure in the property industry and a
dedicated sustainability expert. Alex previously served as Chief
Executive of the New Zealand Green Building Council for six
years and most recently was the Chief Executive and Chief
Sustainability Officer at RDT Pacific. She brings extensive
global experience, assisting multinational organisations in
recognising the strategic importance of sustainability. Alex
holds a MSc in Environmental Management from the University
of Surrey, a BSc in Environmental Sciences from the University
of Southampton and is a Member of the New Zealand Institute
of Directors.
Stuart
McLauchlan
Director
Director since August 2018
Mr McLauchlan is a Senior Partner of GS McLauchlan & Co
Business Advisors and Accountants, a prominent businessman
and company director. He is a Director of Scenic Hotels Group
Limited, Dunedin Casinos Limited, EBOS Group Limited and
several other companies. Mr McLauchlan is also Chairman of
the NZ Sports Hall of Fame and Scott Technology Limited.
He is also a past President of the New Zealand Institute of
Directors. Mr McLauchlan is a qualified accountant with a
Bachelor of Commerce degree from the University of Otago, an
FCA from Chartered Accountants Australia and New Zealand
and is a Chartered Fellow of the New Zealand Institute
of Directors.
Argosy Property LimitedAnnual Report 202626
Our Leadership & Governance

Martin Stearne
Director
Director since March 2020
Mr Stearne has over 25 years commercial and capital markets
experience, primarily in investment banking. He is a Senior
Advisor at Montarne Limited and currently holds appointments
to the NZ RegCo Advisory Panel, the Takeovers Panel and the
Investment Committee of the Impact Enterprise Fund. He is
a member of INFINZ and IceAngels. Mr Stearne holds a BSc
(Hons) in maths and a BCom in finance from the University
of Otago. He is also a member of the New Zealand Institute
of Directors.
Rachel Winder
Director
Director since August 2019
Rachel Winder is an executive leader with over 20 years
experience across property and infrastructure, spanning
property development, portfolio and investment strategy,
financial management and organisational transformation.
Her career includes private, corporate and government
environments across the construction, telecommunications,
and financial services sectors. Rachel has led large scale
initiatives that align teams, evolve ways of working and
improve operational performance across multi site operations.
She brings a strategic perspective on how property and
infrastructure can enable business outcomes and long-term
value creation. Rachel holds an MBA from the University
of Otago and a Bachelor of Property from the University
of Auckland.
Argosy Property LimitedAnnual Report 202627

Meet our Senior
Management Team
Peter Mence
Chief Executive
Officer
Peter is the Chief Executive of Argosy Property Limited. An
engineer by background, Peter has 40 years of experience
in the property industry working with Progressive Enterprises,
Challenge Properties, Richard Ellis and Green & McCahill.
Peter joined Armstrong Jones (NZ) in 1994 and was appointed
General Manager of Argosy (then known as ING Property Trust)
in 2007. Instrumental in the rebranding and internalisation
of the company’s management, Peter was appointed Chief
Executive of the business in 2009.
Peter is a past lecturer in Advanced Property Management
at The University of Auckland and is a past President of the
Property Council New Zealand. He is a current Trustee of St
Andrews Village and the New Zealand Sailing Trust.
In 2013, Peter was honoured with the Stuart McIntosh award in
recognition of his contribution to the University of Auckland.
In 2021, Peter was honoured as the Property Council New
Zealand Members’ Laureate, a lifetime membership awarded
once a year to the industry’s most respected leaders.
In 2023, Peter received the Supreme Award from the
Property Institute.
Dave Fraser
Chief Financial
Officer
Dave joined the team in 2011 and was originally responsible for
the planning and execution of the management internalisation
and Argosy’s corporatisation. He now oversees the financial
and corporate activities of the Company.
Dave has spent over 30 years in senior financial and general
management roles both in New Zealand and overseas,
including six years in Japan as a senior vice president with
Liberty Media.
He has broad experience in strategic and operational planning,
business development, debt restructures, equity raisings and
merger and acquisitions. In addition to being a qualified
Chartered Accountant, Dave has Bachelor of Commerce and
Master of Business Administration degrees from The University
of Auckland.
To read bios of all our people please visit our website:
argosy.co.nz/about-us/our-people
Argosy Property LimitedAnnual Report 202628
Our Leadership & Governance

Financial Summary
NET PROPERTY INCOME
$m
105.1105.1
112.8112.8
116.5
116.5
116.9116.9
120.8120.8
FY22FY23FY24FY25FY26
0
40
80
120
160
NET DISTRIBUTABLE INCOME
cents per share
7.687.68
7.587.58
6.58
6.58
6.58
6.58
7.05
7.05
FY22FY23FY24FY25FY26
0.00
2.00
4.00
6.00
8.00
10.00
DEBT-TO-TOTAL-ASSETS
percentage
31.131.1
35.135.1
36.5
36.5
35.735.7
37.237.2
FY22FY23FY24FY25FY26
0
10
20
30
40
50
FINANCIAL SUMMARY
Unit of
measure
FY2022FY2023FY2024FY2025FY2026
Net property income$m105.1112.8116.5116.9        120.8
Profit before financial income/(expenses) and other
gains/(losses) and tax$m93.3102.0104.9105.5
        109.4
Revaluation gains on investment property$m163.7(146.6)(111.7)72.7          58.5
Profit for the year (before taxation)$m241.2(70.9)(50.8)138.1        140.4
Profit for the year (after taxation)$m236.2(80.8)(54.5)125.9        127.7
Earnings per sharecents28.01(9.55)(6.43)14.83        14.80
Gross distributable income per sharecents8.038.117.237.56          8.15
Net distributable income per sharecents7.687.586.586.58          7.05
Total assets$m2,291.52,212.62,069.02,162.2     2,343.5
Debt-to-total-assets%31.135.136.535.7          37.2
Net assets backing per sharecents174158145153           160
Cash dividend per sharecents6.556.656.656.65          6.65
Shares on issue at year endm846.6846.7847.2856.5        873.5
Total equity$m1,472.11,335.71,228.91,307.8     1,397.6
PROPERTY METRICS
Unit of
measure
FY2022FY2023FY2024FY2025FY2026
Number of tenantsno.157158155164183
Number of properties
1
no.5354505049
Average property value$m41.739.739.542.245.78
Net lettable areasqm629,449643,693624,814549,235560,403
Total book value$m2,207.52,144.81,973.82,109.12,243.0
Weighted average lease termyears5.75.45.25.15.0
Occupancy factor by rental%98.799.396.796.594.6
Occupancy factor by area%99.499.597.997.394.8
1.Certain titles have been consolidated and treated as one. The total number of buildings excludes properties held for sale.
Argosy Property LimitedAnnual Report 202629
Our Leadership & Governance

224 Neilson Street AUCKLAND
Consolidated
Financial Statements
Argosy Property LimitedAnnual Report 202630

Consolidated Financial Statements
Consolidated Statement of Financial Position32
Consolidated Statement of
Comprehensive Income
33
Consolidated Statement of Changes in Equity34
Consolidated Statement of Cash Flows35
Notes to the Consolidated Financial Statements36
Independent Auditor's Report58
Argosy Property LimitedAnnual Report 202631

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
Note
Group
2026
$000s
Group
2025
$000s
Non-current assets
Investment properties
5
2,282,7122,148,896
Derivative financial instruments
6
2,76958
Other non-current assets
7
2813,173
Total non-current assets
2,285,7622,152,127
Current assets
Cash and cash equivalents
6
3,3891,438
Trade and other receivables
6,8
3,1422,116
Derivative financial instruments
6
116816
Other current assets
9
5,3625,727
12,00910,097
Investment property classified as held for sale
5, 10
45,750–
Total current assets
57,75910,097
Total assets
4
2,343,5212,162,224
Shareholders' funds
Share capital
11
849,061829,900
Share based payments reserve
12
831532
Retained earnings
13
547,693477,343
Total shareholders' funds
1,397,5851,307,775
Non-current liabilities
Interest bearing liabilities
14
755,515655,982
Derivative financial instruments
6
9,21919,591
Non-current lease liabilities
25
39,55239,692
Deferred tax
20
18,77815,608
Total non-current liabilities
823,064730,873
Current liabilities
Interest bearing liabilities
14
100,000100,000
Trade and other payables
15
13,30218,207
Taxation payable2,3051,788
Current lease liabilities
25
140134
Derivative financial instruments
6
1,651571
Other current liabilities
16
2,8862,876
Deposit received for investment property classified as held for sale2,588–
Total current liabilities
122,872123,576
Total liabilities
945,936854,449
Total shareholders' funds and liabilities
2,343,5212,162,224
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 19 May 2026
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202632
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Note
Group
2026
$000s
Group
2025
$000s
Gross property income from rentals137,492132,732
Gross property income from expense recoveries22,31522,995
Property expenses(39,033)(38,845)
Net property income
4
120,774116,882
Administration expenses
17
11,40011,412
Profit before financial income/(expenses), other gains/(losses) and tax
109,374105,470
Financial income/(expenses)
Interest expense
18
(39,121)(41,599)
Gain/(loss) on derivative financial instruments held for trading11,3031,387
Interest income135257
(27,683)(39,955)
Other gains/(losses)
Revaluation gains/(losses) on investment property
5
58,47372,666
Realised gains/(losses) on disposal of investment property
5
232(41)
58,70572,625
Profit/(loss) before income tax attributable to shareholders
140,396138,140
Taxation expense
19
12,66512,284
Profit/(loss) and total comprehensive income/(loss) after tax
127,731125,856
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)
22
14.8014.83
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202633

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Note
Group
2026
$000s
Group
2025
$000s
Shareholders' funds at the beginning of the year
1,307,7751,228,928
Profit/(loss) and total comprehensive income/(loss) for the year
127,731125,856
Contributions by shareholders
Issue of shares from Dividend Reinvestment Plan
11
19,2189,371
Issue costs of shares
11
(57)(28)
Dividends to shareholders
13
(57,381)(56,409)
Equity settled share based payments
12
29957
Shareholders' funds at the end of the year
1,397,5851,307,775
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202634
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Note
Group
2026
$000s
Group
2025
$000s
Cash flows from operating activities
Cash was provided from:
Property income161,830155,687
Interest received135257
Cash was applied to:
Property expenses(37,120)(37,402)
Interest paid(35,979)(38,749)
Interest paid for ground lease(1,991)(1,998)
Employee benefits(6,505)(7,272)
Taxation paid(8,456)(7,383)
Other expenses(4,551)(4,177)
Net cash from/(used in) operating activities
21
67,36358,963
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals2,07035,069
Cash was applied to:
Capital additions on investment properties(70,261)(57,418)
Capitalised interest on investment properties(3,435)(3,234)
Purchase of properties, deposits and deferrals(53,318)(2,928)
Net cash from/(used in) investing activities
(124,944)(28,511)
Cash flows from financing activities
Cash was provided from:
Debt drawdown
14
219,25971,969
Cash was applied to:
Repayment of debt
14
(19,900)(54,300)
Repayment of maturing bond
14
(100,000)–
Dividends paid to shareholders net of reinvestments(38,686)(47,558)
Issue costs of shares(54)(14)
Repayment of lease liabilities(134)(127)
Bond costs(75)(70)
Facility refinancing fee(878)(743)
Net cash from/(used in) financing activities
59,532(30,843)
Net increase/(decrease) in cash and cash equivalents
1,951(391)
Cash and cash equivalents at the beginning of the period1,4381,829
Cash and cash equivalents at the end of the period
3,3891,438
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202635

1. Reporting entity
Argosy Property Limited (APL or the Company) is an FMC
Reporting Entity under the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013. APL is incorporated under
the Companies Act 1993 and domiciled in New Zealand.
The Company's principal activity is investment in properties
which include Industrial, Office and Large Format Retail
properties, predominantly in Auckland and Wellington.
These financial statements are the consolidation of APL and its
subsidiaries (the Group).
2. Basis of preparation
STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP). The accounting policies applied in these financial
statements comply with New Zealand equivalents to IFRS
Accounting Standards (NZ IFRS) and other applicable Financial
Reporting Standards issued and effective at the time of
preparing these statements as applicable to the Company as
a profit-oriented entity. These Group financial statements also
comply with IFRS Accounting Standards.
These financial statements were approved by the Board of
Directors on 19 May 2026.
BASIS OF MEASUREMENT
The financial statements have been prepared on the historical
cost basis except for derivative financial instruments and
investment properties which are measured at fair value.
USE OF ESTIMATES AND JUDGEMENTS
The preparation of financial statements in conformity with NZ
IFRS requires the use of certain critical accounting estimates
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. The area involving
a higher degree of complexity and where assumptions and
estimates are significant to the financial statements is note 5
- valuation of investment property.
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in New Zealand
dollars which is the Company’s functional currency and have
been rounded to the nearest thousand dollars ($000).
BASIS OF CONSOLIDATION
The Group’s financial statements incorporate the financial
statements of APL and its controlled subsidiaries as set out
in note 24. Control is achieved when the Company has power
over the investee; is exposed, or has rights, to variable returns
from its involvement with the investee, and has the ability
to use its power to affect its returns. The results of the
subsidiaries are included in the consolidated statement of
comprehensive income from the date of acquisition which is
the date the Company became entitled to income from the
subsidiaries acquired. All significant intercompany transactions
are eliminated on consolidation.
STATEMENT OF CASH FLOWS
The statement of cash flows is prepared on a GST exclusive
basis, which is consistent with the statement of comprehensive
income. The following terms are used in the statement of
cash flows:
Operating activities are the principal revenue producing
activities of the Group and other activities that are not investing
or financing activities.
Investing activities are the acquisition and disposal of
long term assets and other investments not included in
cash equivalents.
Financing activities are activities that result in changes
in the size and composition of the contributed equity and
borrowings of the entity. Termination payments for swap
contracts, establishment fees, extension fees and arranger fees
are considered financing activities as they effect a change in the
company’s borrowing arrangements.
Cash and cash equivalents comprise cash balances and
demand deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Group’s cash
management are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
3.
 Material accounting policies
CHANGE IN ACCOUNTING POLICIES
Accounting policies and methods of computation have been
applied consistently to all periods and by all Group entities.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
At the date of authorisation of these financial statements,
the Group has not applied any new and revised NZ IFRS
standards and amendments that have been issued but are not
yet effective.
NZ IFRS 18 Presentation and Disclosure in Financial Statements
(NZ IFRS 18) will replace NZ IAS 1 Presentation of Financial
Statements. NZ IFRS 18 has been issued and will be effective
from the period commencing 1 April 2027. It is not expected that
the adoption of this standard will have a material impact on the
financial statements of the Group other than the presentation of
the Consolidated Statement of Comprehensive Income.
Argosy Property LimitedAnnual Report 202636
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4. Segment information
The principal business activity of the Group is to invest in, and actively manage, properties in New Zealand. NZ IFRS 8 Operating
Segments requires operating segments to be identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker, being the Chief Executive Officer, in order to allocate resources to
segments and assess their performance.
The information reported to the Group’s Chief Executive Officer includes investment property information aggregated into three
business sectors, Industrial, Office and Large Format Retail, based on what the occupants actual or intended use is. Segment profit
represents profit earned by each segment including allocation of identifiable revaluation gains/(losses) on investment properties
and gains/(losses) on disposal of investment properties.
The following is an analysis of the Group’s results by reportable segments.
IndustrialOfficeLarge Format RetailTotal
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
Segment profit
Net property income
1
60,891
54,97746,23848,955
13,64512,950
120,774116,882
Realised gains/(losses) on disposal
of investment properties232(39)–(2)––232(41)
61,12354,93846,23848,95313,64512,950121,006116,841
Interest on ground lease––(1,991)(1,998)––(1,991)(1,998)
Revaluation gains on
investment properties32,906
60,56614,1704,109
11,3977,991
58,47372,666
Total segment profit
2
94,029
115,50458,41751,064
25,04220,941
177,488187,509
Unallocated:
Administration expenses(11,400)(11,412)
Net interest expense(36,995)(39,344)
Gain on derivative financial instruments held for trading11,3031,387
Profit before income tax
140,396138,140
Taxation expense(12,665)(12,284)
Profit for the year
127,731125,856
1.Net property income consists of revenue generated from external tenants less property operating expenditure.
2.There were no inter-segment sales during the year (31 March 2025: Nil).
IndustrialOfficeLarge Format RetailTotal
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
Segment assets
Current assets4,4016,4942,9123,0853632507,6769,829
Investment properties1,234,1701,128,870829,392815,326219,150204,7002,282,7122,148,896
Non-current assets
classified as held for sale39,750–6,000–––45,750–
Total segment assets
1,278,3211,135,364838,304818,411219,513204,9502,336,1382,158,725
Unallocated assets7,3833,499
Total assets
2,343,5212,162,224
Argosy Property LimitedAnnual Report 202637

4. Segment information (continued)
IndustrialOfficeLarge Format RetailTotal
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
2026
$000s
2025
$000s
Segment liabilities
Current liabilities6,2369,3593,1812,7577691,05010,18613,166
Non-current liabilities––39,55239,692––39,55239,692
Total segment liabilities
6,2369,35942,73342,4497691,05049,73852,858
Unallocated liabilities896,198801,591
Total liabilities
945,936854,449
For the purposes of monitoring segment performance and allocating resources between segments, all assets are allocated
to reportable segments other than cash and cash equivalents, derivatives, other non-current assets and other minor current
assets that cannot be allocated to particular segments. All liabilities are allocated to reportable segments other than borrowings,
derivatives, tax liabilities and other minor current liabilities that cannot be allocated to particular segments.
5.
 Investment properties
ACCOUNTING POLICY – INVESTMENT PROPERTIES
Investment property is property held to earn rental income.
Investment property is initially measured at cost and subsequently measured at fair value with any change therein recognised
in profit or loss.
Initial direct costs incurred in negotiating and arranging operating leases and lease incentives granted are added to the
carrying amount of the leased asset.
In accordance with the valuation policy of the Group, complete property valuations are carried out at least annually by
independent registered valuers. The fair values are based on market values being the estimated amount for which a property
could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
The valuations are prepared using a combination of the Capitalisation of Contract Income, Capitalisation of Market Income
and Discounted Cash Flow methodologies. Discounted Cash Flow methodology is based on the estimated rental cash flows
expected to be received from the property adjusted by a discount rate that appropriately reflects the risks inherent in the
expected cash flows.
Following the adoption of NZ IFRS 16 on 1 April 2019, a right-of-use asset and investment were recognised on the ground
lease that exists over 39 Market Place, Viaduct Harbour, Auckland.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are
recognised in profit or loss in the year of derecognition.
Borrowing costs directly attributable to property under development are capitalised as part of the cost of those assets.
Argosy Property LimitedAnnual Report 202638
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Investment properties (continued)
Industrial
2026
$000s
Office
2026
$000s
Large
Format Retail
2026
$000s
Group
2026
$000s
Movement in investment properties
Balance at 1 April1,128,870815,326204,7002,148,896
Acquisition of property56,067192–56,259
Capitalised costs57,3805,6433,03866,061
Transfer to property held for sale(39,750)(6,000)–(45,750)
Change in fair value32,90614,17011,39758,473
Change in capitalised leasing costs(419)17034(215)
Change in lease incentives(884)(109)(19)(1,012)
Investment properties at 31 March
1,234,170829,392219,1502,282,712
Less lease liability (39 Market Place)–(39,692)–(39,692)
Investment properties at 31 March excluding NZ IFRS 16
lease adjustments
1,234,170789,700219,1502,243,020
Industrial
2025
$000s
Office
2025
$000s
Large
Format Retail
2025
$000s
Group
2025
$000s
Movement in investment properties
Balance at 1 April1,014,900803,403195,4502,013,753
Capitalised costs53,7038,2171,23563,155
Change in fair value60,5664,1097,99172,666
Change in capitalised leasing costs278(356)(18)(96)
Change in lease incentives(577)(47)42(582)
Investment properties at 31 March
1,128,870815,326204,7002,148,896
Less lease liability (39 Market Place)–(39,826)–(39,826)
Investment properties at 31 March excluding NZ IFRS 16
lease adjustments
1,128,870775,500204,7002,109,070
Investment properties are classified as Level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
The Group holds the freehold to all investment properties other than 39 Market Place, Viaduct Harbour, Auckland.
Group
2026
$000s
Group
2025
$000s
Acquisition of properties
291 East Tamaki Road, East Tamaki, Auckland56,067–
Carpark at 23 Customs Street East192–
56,259–
Disposal of properties
8 Forge Way, Mount Wellington, Auckland–35,200
Sale proceeds of properties disposed of24535,200
Net gain/(loss) on disposal
245–
Selling costs(13)(41)
Total gain/(loss) on disposal
232(41)
Argosy Property LimitedAnnual Report 202639

5. Investment properties (continued)
All investment properties were independently valued as at 31 March 2026 in accordance with the Group's valuation policy. The
valuations were prepared by independent registered valuers Colliers International New Zealand Limited, CBRE Limited and Jones
Lang LaSalle Limited. The total value per valuer was as follows:
Group
2026
$000s
Group
2025
$000s
Colliers International New Zealand Limited1,550,7001,699,300
CBRE Limited121,170226,570
Jones Lang LaSalle Limited571,150183,200
2,243,0202,109,070
Investment properties are stated at fair value by independent valuers supported by market evidence of property sale transactions
and leasing activity. These valuations are reviewed by the Asset Management team within Argosy. The major inputs and
assumptions that are used in the valuation that require judgement include forecasts of the current and expected future market
rentals and growth, maintenance and capital expenditure requirements, an assessment of yields, discount rates, occupancy, leasing
costs and weighted average lease terms.
In deriving a market value under each approach, all assumptions are based, where possible, on market based evidence and
transactions for properties with similar locations, conditions and quality of construction and fitout.
Generally as occupancy and weighted average lease terms increase, yields firm, resulting in increased fair values for investment
properties. A movement in any of these assumptions could result in a significant change in fair value.
Investment property metrics for the year ended 31 March 2026 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.31%6.06%6.52%5.72%
Market yield
1
- Average6.25%7.05%6.94%6.62%
Occupancy (rent)93.8%94.2%100.0%94.6%
Occupancy (net lettable area)96.2%88.1%100.0%94.8%
Weighted average lease term (years)4.36.04.35.0
No. of buildings
2
3312449
Fair value total ($000s)
1,234,170789,700219,1502,243,020
1.8-14 Mt Richmond Drive has been excluded from the yield metrics as it has been valued on the basis of completion of the development currently underway.
2.Certain titles have been consolidated and treated as one.
Investment property metrics for the year ended 31 March 2025 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.54%6.32%6.89%6.00%
Market yield
1
- Average6.41%7.44%6.64%6.85%
Occupancy (rent)100.0%92.8%100.0%96.5%
Occupancy (net lettable area)100.0%88.3%100.0%97.3%
Weighted average lease term (years)5.64.55.05.1
No. of buildings
2
3313450
Fair value total ($000s)
1,128,870775,500204,7002,109,070
1.224 Neilson Street and 8-14 Mt Richmond Drive have been excluded from the yield metrics as these have been valued on the basis of completion of the
developments currently underway.
2.Certain titles have been consolidated and treated as one.
Argosy Property LimitedAnnual Report 202640
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6. Financial instruments
ACCOUNTING POLICY - NON-DERIVATIVE FINANCIAL INSTRUMENTS
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, borrowings
(comprising of interest bearing liabilities and lease liabilities) and trade and other payables.
Non-derivative financial instruments are initially measured at fair value plus directly attributable costs. Subsequently these
instruments are measured at amortised cost using the effective interest method. The carrying values of these financial
instruments are a reasonable approximation of their fair values.
The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of
allocating interest income over the relevant period (including all fees and points paid or received between the parties to
the contract that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount of the
financial instrument.
ACCOUNTING POLICY - DERIVATIVE FINANCIAL INSTRUMENTS
Interest rate swaps are entered into to manage interest rate exposure. For interest rate swaps, the net differential paid or
received is recognised as a component of interest expense in the profit or loss.
Interest rate swaps are initially recognised at zero at the date a derivative contract is entered into and are remeasured to their
fair value at subsequent reporting dates. The resulting gain or loss is recognised in profit or loss immediately.
Interest rate swaps are presented as a non-current asset or a non-current liability if the remaining maturity of the instrument
is more than 12 months and it is not expected to be realised or settled within 12 months. Other interest rate swaps are
presented as current assets or current liabilities.
The Group has the following financial instruments:
Group 2026
Derivatives at
fair value
through profit/
(loss)
$000s
Financial assets
measured
at amortised cost
$000s
Financial
liabilities measured
at amortised cost
$000s
Total
$000s
Financial assets
Cash and cash equivalents–3,389–3,389
Derivative financial instruments (current and term)2,885––2,885
Trade and other receivables–3,142–3,142
2,8856,531–9,416
Financial liabilities
Interest bearing liabilities (current and term)––(855,515)(855,515)
Trade and other payables––(13,302)(13,302)
Derivative financial instruments (current and term)(10,870)––(10,870)
Lease liabilities (current and term)––(39,692)(39,692)
Other current liabilities––(2,886)(2,886)
(10,870)–(911,395)(922,265)
Argosy Property LimitedAnnual Report 202641

6. Financial instruments (continued)
Group 2025
Derivatives at
fair value
through profit/
(loss)
$000s
Financial assets
measured
at amortised cost
$000s
Financial
liabilities measured
at amortised cost
$000s
Total
$000s
Financial assets
Cash and cash equivalents–1,438–1,438
Derivative financial instruments (current and term)874––874
Trade and other receivables–2,116–2,116
8743,554–4,428
Financial liabilities
Interest bearing liabilities––(755,982)(755,982)
Trade and other payables––(18,207)(18,207)
Derivative financial instruments (current and term)(20,162)––(20,162)
Lease liabilities (current and term)––(39,826)(39,826)
Other current liabilities––(2,876)(2,876)
(20,162)–(816,891)(837,053)
RISK MANAGEMENT
The use of financial instruments exposes the Group to credit, interest rate and liquidity risks. The Group’s overall risk management
programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s
financial performance.
Credit risk
Credit risk relates to the risk that the counterparty to a financial instrument may default on its obligations to the Group, resulting in
financial loss.
The Group's main exposure to credit risk arises from trade receivables and transactions with financial institutions, and is
summarised in the preceding table. There are no significant concentrations of credit risk in specific receivables due to receivables
mainly comprising a large number of tenants in the Group’s property portfolio and the Group policy to limit the amount of credit
exposure to any financial institution.
The Group manages its exposure to credit risk from trade receivables through its credit policy which includes performing credit
evaluations on customers requiring credit. The Group does not hold any collateral in respect of balances past due. Details of
impairment losses relating to trade receivables together with the ageing of receivables is provided in note 8.
The risk from financial institutions is managed by placing cash and deposits with high credit quality financial institutions only. Cash
deposits are placed with ANZ Bank New Zealand Limited.
Argosy Property LimitedAnnual Report 202642
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6. Financial instruments (continued)
Interest rate risk
Interest rate risk arises from long term borrowings (refer note 14). Variable rate borrowings expose the Group to cash flow interest
rate risk while fixed rate borrowings expose the Group to fair value interest rate risk.
The Group manages its exposure to interest rate risk through derivatives in the form of both floating-to-fixed and fixed-to-floating
interest rate swaps. These derivatives provide an economic hedge against variability in cash flows as a result of changes in variable
interest rates on borrowings.
The Group’s policy is to maintain a range of approximately 40-100% of its borrowings in fixed interest rate instruments unless
otherwise instructed by the Board of Directors. At year end, 74.0% of borrowings, after the effect of associated swaps, were at fixed
rates (2025: 62.6%).
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting its obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. Liquidity risk mainly arises from the Group’s obligations in respect of long
term borrowings, derivatives and trade and other payables. The Group aims to maintain flexibility in funding by keeping committed
credit lines available (refer note 14).
The expected undiscounted cash flows of the Group’s financial liabilities by remaining contractual maturity at the balance date is
as follows:
Group 2026
Carrying
Amount
$000s
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3-4 years
$000s
4-5 years
$000s
5+ years
$000s
Financial liabilities
Interest bearing liabilities
1
(855,515)(127,497)(149,659)(219,456)(334,949)(102,174)(8,015)
Trade and other payables(13,302)(13,302)–––––
Derivative financial instruments(10,870)(4,871)(2,165)(741)24422742
Lease liabilities(39,692)(2,125)(2,125)(2,125)(2,125)(2,125)(107,764)
Other current liabilities(2,886)(2,886)–––––
(922,265)(150,681)(153,949)(222,322)(336,830)(104,072)(115,737)
1.The undiscounted cash flows on interest bearing liabilities includes interest, margin and line fees.
Group 2025
Carrying
Amount
$000s
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3-4 years
$000s
4-5 years
$000s
5+ years
$000s
Financial liabilities
Interest bearing liabilities
1
(755,982)(135,239)(130,031)(357,033)(224,883)(102,249)–
Trade and other payables(18,207)(18,207)–––––
Derivative financial instruments(20,162)(3,145)(4,077)(2,582)(1,135)(91)17
Lease liabilities(39,826)(2,125)(2,125)(2,125)(2,125)(2,125)(109,889)
Other current liabilities(2,876)(2,876)–––––
(837,053)(161,592)(136,233)(361,740)(228,143)(104,465)(109,872)
1.The undiscounted cash flows on interest bearing liabilities includes interest, margin and line fees.
To manage the Group’s exposure to interest rate risk on variable rate instruments, the Group has implemented a hedging strategy
that uses interest rate swaps that have a range of maturities. At 31 March 2026, the Group had active interest rate derivatives (both
payer and receiver swaps) with a notional contract amount of $860 million (2025: $700 million). The active derivatives mature over
the next 6 years (2025: 6 years). Payer swaps have fixed interest rates ranging from 2.5% to 5.0% (2025: 1.4% to 5.0%). Swaps with
a notional amount of $90 million have been entered into but are not yet effective at 31 March 2026 (2025: $170 million).
Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on applicable yield
curves derived from observable market interest rates. Accepted market best practice valuation methodology using mid-market
interest rates at balance date is used, provided from sources perceived to be reliable and accurate. Interest rate swaps have been
classified into Level 2 of the fair value hierarchy on the basis that the valuation techniques used to determine the values at balance
date use observable inputs.
The net liability for derivative financial instruments as at 31 March 2026 is $8.0 million (2025: $19.3 million). The mark-to-market
decrease in the liability for derivative financial instruments is a result of the movement in the interest rate curve during the
financial year.
Argosy Property LimitedAnnual Report 202643

6. Financial instruments (continued)
Sensitivity analysis
The sensitivity analysis below details the potential future impact of reasonably possible changes in the observable inputs over the
next financial period. It has been determined based on the exposure to interest rates for both derivative and non-derivative financial
instruments at the reporting date.
Group
2026
Impact on
Profit & Loss
$000s
Group
2025
Impact on
Profit & Loss
$000s
Increase of 100 basis points9,4194,522
Decrease of 100 basis points(9,953)(4,961)
7. Other non-current assets
ACCOUNTING POLICY - PROPERTY, PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment
losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there is
any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which
the asset belongs.
An impairment is recognised immediately in profit or loss.
Group
2026
$000s
Group
2025
$000s
Property, plant and equipment and software281232
Deposit paid on acquisition of investment property–2,941
Total other non-current assets
2813,173
There was no impairment in the current year (2025: Nil).
Argosy Property LimitedAnnual Report 202644
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

8. Trade and other receivables
ACCOUNTING POLICY - TRADE AND OTHER RECEIVABLES
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment. A provision for impairment of trade receivables is established
to reflect an estimate of amounts that the Group will not be able to collect in accordance with the original terms of the
receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of
estimated future cash flows, discounted at the original effective interest rate.
Group
2026
$000s
Group
2025
$000s
Trade receivables3,1892,130
Loss allowance(198)(135)
2,9911,995
Other receivables151121
Total trade and other receivables
3,1422,116
The average credit period on receivables is 4.1 days (2025: 3.3 days). The Group is entitled to charge interest on trade receivables as
determined in each individual lease agreement. Interest is charged on receivables over 90 days on a case by case basis. The Group
has provided for 50% of all receivables over 90 days unless there is information suggesting that particular amounts are recoverable.
This amount increases to 100% of any receivable that is determined as not being recoverable. Trade receivables less than 90
days are provided for based on estimated non-recoverable amounts, determined by reference to relevant factors, conditions, and
information at reporting date including past default experience.
Aged past due but not impaired trade receivables
Group
2026
$000s
Group
2025
$000s
0-30 days past due182186
31-60 days past due7244
Beyond 60 days past due257175
511405
Included in the Group's trade receivable balance are debtors with a carrying amount of $511,444 (2025: $405,437), which are past
due at the reporting date, for which the Group has not provided for as there has not been a significant change in credit quality and
the amounts are still considered recoverable.
Movement in the loss allowance
Group
2026
$000s
Group
2025
$000s
Balance at the beginning of the year13514
(Decrease)/increase in allowance recognised in profit or loss63121
Balance at the end of the year
198135
9. Other current assets
Group
2026
$000s
Group
2025
$000s
Prepayments3,8014,327
Other1,5611,400
Total other current assets
5,3625,727
Argosy Property LimitedAnnual Report 202645

10. Property held for sale
4 Henderson Place, Onehunga, Auckland ($39.8 million) and 143 Lambton Quay, Wellington ($6.0 million) were subject to
unconditional sale and purchase agreements at balance date (31 March 2025: Nil).
11. Share capital
Group
2026
$000s
Group
2025
$000s
Balance at the beginning of the period829,900820,557
Issue of shares from Dividend Reinvestment Plan19,2189,371
Issue costs of shares(57)(28)
Total share capital
849,061829,900
The number of shares on issue at 31 March 2026 was 873,474,922 (2025: 856,546,809).
All shares are fully paid and rank equally with one vote attached and carry the right to dividends.
Reconciliation of number of shares
(in 000s of shares)
Group
2026
Group
2025
Balance at the beginning of the period856,547847,169
Issue of shares from Dividend Reinvestment Plan16,9289,378
Total number of shares on issue
873,475856,547
Capital risk management
The Group's capital includes shares, reserves and retained earnings with total shareholders' funds equal to $1,397.6 million (2025:
$1,307.8 million).
The Group maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain the Group's
future on-going activities and development of the business. The impact of the level of capital on equity holder returns is also
recognised along with the need to maintain a balance between the higher returns that might be possible with greater gearing and the
advantages and security afforded by a sound capital position.
The Board's intention is to maintain the debt-to-total-assets ratio between 30-40% in the medium term. The Group's banking
covenants require that the aggregate principal amount of the loan outstanding does not exceed 50% of the fair value of property at
all times. All banking covenants have been met during the year.
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising
the return to stakeholders through optimisation of debt and equity. The Group's policies in respect of capital management and
allocation are reviewed regularly by the Board of Directors. There have been no material changes in the Group's overall strategy
during the year.
Argosy Property LimitedAnnual Report 202646
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

12. Share based payments reserve
ACCOUNTING POLICY - SHARE BASED PAYMENTS
The fair value of performance share rights (PSRs) are recognised as an expense in the statement of financial performance
over the vesting period of the rights with a corresponding entry to the share based payments reserve.
PSRs were offered to senior executives, commencing 1 April 2015. Under the scheme, PSRs are issued to participants which give
them the right to receive ordinary shares in the Company after a three year period, subject to certain vesting and other conditions
being met. The vesting of the PSRs is subject to the Company achieving a positive total shareholder return (measured against the
Company's share price on the date of the issue of the PSRs, and including dividends) over a three year measurement period. The
total number which actually vest will be dependent on the relative ranking of the Company's total shareholder returns against a
comparator group of listed entities determined by the Board from the S&P/NZX All Real Estate Gross Index.
The total expense recognised in the year to 31 March 2026, in relation to equity settled share based payments was $298,600 (2025:
$57,300). No PSRs (2025: Nil) vested during the year.
Grant dateVesting date
Granted
during the
year
1
Weighted
average
issue price
Balance at
the beginning
of the period
1
Vested
during the
period
1
Forfeited
during the
period
1
Balance at
the end of
the period
1
2026
1 April 20251 April 2028574,641$0.991,296,466–(299,844)
2
1,571,263
2025
1 April 20241 April 2027501,149$1.131,076,938–(281,621)
3
1,296,466
2024
1 April 20231 April 2026495,473$1.101,026,314(444,849)
4
–1,076,938
2023
1 April 20221 April 2025299,844$1.381,026,806(173,293)
5
(127,043)
5
1,026,314
1.This is the number of PSRs.
2.Relates to PSR's issued on 1 April 2022.
3.Relates to PSR's issued on 1 April 2021.
4.Relates to PSR's issued on 1 April 2020.
5.Relates to PSR's issued on 1 April 2019.
Fair value measurement of PSRs
The fair value of the PSRs have been measured by PWC using a simulation model. Argosy's performance, and the performance of
the comparison group constituents, has been modelled over the time horizon for each Tranche of PSR's to calculate the value of
each PSR.
The inputs used in the measurement of the fair values at the grant date were as follows:
2025 Grant2024 Grant
Grant date1 April 20251 April 2024
PSR period3 years3 years
Expiry date31 March 202831 March 2027
Share price at grant date$1.000$1.125
Volatility of share price20.5%25.8%
Risk free rate3.7%4.6%
Forecast annual dividend per share$0.07$0.07
Volatility estimates are based on historical data for Argosy and for the comparison group.
The risk-free rate at the start of the PSR period was derived from government bond yields maturing between two and five years and
using interpolation.
Argosy Property LimitedAnnual Report 202647

13. Retained earnings
Group
2026
$000s
Group
2025
$000s
Balance at the beginning of the year477,343407,896
Profit/(loss) for the year127,731125,856
Dividends to shareholders(57,381)(56,409)
Total retained earnings
547,693477,343
The annual dividend paid to shareholders was 6.65 cents per share, paid in four quarterly payments of 1.6625 cents per share (2025:
annual dividend paid was 6.65 cents per share).
After 31 March 2026, the final dividend was declared. The dividend has not been provided for. Refer to note 27.
14.
 Interest bearing liabilities
ACCOUNTING POLICY - INTEREST BEARING LIABILITIES
All interest bearing liabilities are initially measured at fair value net of transaction costs. Subsequent to initial recognition,
using the effective interest method.
Borrowing costs are the costs incurred in establishing the bank facility and fixed rate bonds. These costs are amortised over
the life of the instrument at the effective interest rate.
Group
2026
$000s
Group
2025
$000s
Non-current liabilities
Syndicated bank loans632,630433,271
Fixed rate green bonds125,000225,000
Borrowing costs(2,115)(2,289)
755,515655,982
Current liabilities
Fixed rate green bonds
1
100,000100,000
100,000100,000
Total interest bearing liabilities
855,515755,982
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)
4.65%5.11%
1.ARG020 fixed rate green bonds are due to mature on 29 October 2026. Given the maturity date is within 12 months the ARG020 bonds have been classified as a
current liability.These interest bearing liabilities will be refinanced later in the financial year ending 31 March 2027.
Group
2026
$000s
Group
2025
$000s
Total interest bearing liabilities at the beginning of the year755,982738,057
Drawdowns from syndicated bank loans219,25971,969
Repayments to syndicated bank loans(19,900)(54,300)
Additional refinancing fee on interest bearing liabilities(985)(813)
Repayment of maturing bond
1
(100,000)–
Refinancing fee on interest bearing liabilities amortised during the year1,1591,069
Total interest bearing liabilities at the end of the year
855,515755,982
1.The ARG010 fixed rate green bonds matured and were repaid on 27 March 2026.
Argosy Property LimitedAnnual Report 202648
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14. Interest bearing liabilities (continued)
Syndicated bank loans
Group
2026
$000s
Group
2025
$000s
ANZ Bank New Zealand Limited199,31558,271
Bank of New Zealand30,00060,000
Commonwealth Bank of Australia109,00075,000
Industrial and Commercial Bank of China95,00090,000
Westpac New Zealand Limited199,315150,000
Total syndicated bank loans
632,630433,271
As at 31 March 2026, the Group had a syndicated revolving facility with ANZ Bank New Zealand Limited, Bank of New Zealand,
Commonwealth Bank of Australia, Industrial and Commercial Bank of China and Westpac New Zealand Limited for $725.0 million
(31 March 2025: $525.0 million) secured by way of mortgage over the investment properties of the Group.
Group
2026
$000s
Group
2025
$000s
LimitMaturity DateLimitMaturity Date
Tranche A200,0001 October 2028210,0001 October 2027
Tranche B225,0001 October 2029215,0001 October 2028
Tranche C100,0001 July 2032--
Tranche D100,0001 October 2030100,0001 October 2029
Tranche E100,0001 October 2029--
725,000525,000
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG020100,00029 October 201929 October 20262.90%100,033
ARG030125,00027 October 202027 October 20272.20%121,114
The fair value of the fixed rate green bonds is based on the listed market price at balance date and is therefore classified as Level 1 in
the fair value hierarchy. Interest on the bonds is payable in equal instalments on a quarterly basis in April, July, October and January.
The green bonds are secured by way of mortgage over the investment properties of the Group.
15.
 Trade and other payables
ACCOUNTING POLICY - TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method.
Group
2026
$000s
Group
2025
$000s
GST payable1,281682
Other creditors and accruals12,02117,525
Total trade and other payables
13,30218,207
Argosy Property LimitedAnnual Report 202649

16. Other current liabilities
ACCOUNTING POLICY - EMPLOYEE BENEFITS
A provision is recognised for benefits accruing to employees in respect of annual leave and long service leave when it is
probable that settlement will be required and they are capable of being measured reliably.
Provisions made in respect of employee benefits expected to be settled within 12 months are measured at their nominal
values using the remuneration rate expected to apply at the time of settlement. Provisions made in respect of employee
benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future
outflows to be made by the Group in respect of services provided by employees up to the reporting date.
Group
2026
$000s
Group
2025
$000s
Employee entitlements404397
Other liabilities2,4822,479
Total other current liabilities
2,8862,876
17. Administration expenses
Group
2026
$000s
Group
2025
$000s
Auditor's remuneration:
Audit and review of financial statements269269
Vote scrutineering at annual shareholders' meeting55
Greenhouse Gas briefing–3
Total other services58
Total fees paid to auditor274277
Employee benefits6,8567,019
Other expenses4,2073,986
Doubtful debts expense/(recovery)63121
Bad debts–9
Total administration expenses
11,40011,412
18. Interest expense
ACCOUNTING POLICY - INTEREST EXPENSE
Interest expense on borrowings is recognised using the effective interest method.
Group
2026
$000s
Group
2025
$000s
Interest expense(40,565)(42,835)
Interest on ground lease (39 Market Place)(1,991)(1,998)
Less amount capitalised to investment properties3,4353,234
Total interest expense
(39,121)(41,599)
Capitalised interest relates to the developments at 224 Neilson Street, Onehunga, Auckland and 8-14 Mt Richmond Drive, Mt
Wellington, Auckland (2025: Capitalised interest relates to the developments at 101 Carlton Gore Road, Newmarket, Auckland, 224
Neilson Street, Onehunga, Auckland and 8-14 Mt Richmond Drive, Mt Wellington, Auckland).
Argosy Property LimitedAnnual Report 202650
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

19. Taxation
ACCOUNTING POLICY - TAXATION
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the
extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years.
Group
2026
$000s
Group
2025
$000s
The taxation charge is made up as follows:
Current tax expense9,7168,552
Deferred tax expense3,1703,970
Adjustment recognised in the current year in relation to the current tax of prior years(221)(238)
Total taxation expense recognised in profit
12,66512,284
Reconciliation of accounting profit tax expense
Profit before tax140,396138,140
Current tax expense at 28%39,31138,679
Adjusted for:
Capitalised interest(962)(906)
Fair value movement in investment properties(16,372)(20,346)
Fair value movement in derivative financial instruments(3,165)(388)
Depreciation(8,174)(6,435)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(806)(903)
Tax on accounting gain on disposal of investment properties(65)11
Other(51)(1,160)
Current taxation expense
9,7168,552
Movements in deferred tax assets and liabilities attributable to:
Investment properties3583,465
Fair value movement in derivative financial instruments3,01264
Other(200)441
Deferred tax expense
3,1703,970
Prior year adjustment(221)(238)
Total tax expense recognised in profit or loss
12,66512,284
There were no imputation credits at 31 March 2026 (2025: Nil).
Argosy Property LimitedAnnual Report 202651

20. Deferred tax
ACCOUNTING POLICY - DEFERRED TAX
Deferred tax is recognised on temporary differences between the carrying amount of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affect
neither the taxable profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset realised.
Under NZ IAS 12, the measurement of deferred tax liabilities and deferred tax assets depends on whether an entity expects
to recover an asset by using it or by selling it and includes a presumption that an investment property is recovered entirely
through sale unless it will be consumed over its useful life.
The following are the major deferred tax liabilities and (assets) recognised by the Group, and the movements thereon during the
current and prior reporting years:
Interest rate
swaps
$000s
Investment
property
$000s
Other
$000s
Total
$000s
At 1 April 2025(4,842)18,5681,88215,608
Charge/(credit) to deferred taxation expense for the year3,012358(200)3,170
At 31 March 2026(1,830)18,9261,68218,778
At 1 April 2024(4,906)15,1031,44111,638
Charge/(credit) to deferred taxation expense for the year643,4654413,970
At 31 March 2025(4,842)18,5681,88215,608
Deferred tax is provided in respect of depreciation expected to be recovered on the sale of property at fair value. Depreciation is
claimed at Inland Revenue Department approved rates.
Investment properties are valued each year by independent valuers (as outlined in note 5). These values include an allocation of the
valuation between the land and building components. The calculation of deferred tax on depreciation recovered and changes in fair
value relies on the split provided by the valuers.
It is assumed that all fixtures and fittings will be sold at their tax book value.
Argosy Property LimitedAnnual Report 202652
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

21. Reconciliation of profit/(loss) after taxation with cash flows from operating activities
Group
2026
$000s
Group
2025
$000s
Profit after tax
127,731125,856
Movements in working capital items relating to investing and financing activities11,277(25)
Non cash items
Movement in deferred tax liability3,1703,970
Movement in interest rate swaps(11,303)(1,387)
Fair value change in investment properties(58,473)(72,666)
Movements in working capital items
Trade and other receivables(1,026)(46)
Taxation payable517411
Trade and other payables(4,905)3,760
Other current assets365269
Other current liabilities10(1,179)
Net cash from operating activities
67,36358,963
22. Earnings per share
Basic and diluted earnings per share is calculated by dividing the profit attributable to shareholders of the Company by the weighted
average number of ordinary shares on issue during the year.
Group
2026
Group
2025
Profit attributable to shareholders of the Company ($000s)127,731125,856
Weighted average number of shares on issue (000s)863,247848,491
Basic and diluted earnings per share (cents)
14.8014.83
Weighted average number of ordinary shares
Issued shares at beginning of period (000s)856,547847,169
Issued shares at end of period (000s)873,475856,547
Weighted average number of ordinary shares (000s)
863,247848,491
On 19 May 2026, a final dividend of 1.6625 cents per share was approved by the Board.
Argosy Property LimitedAnnual Report 202653

23. Distributable income and adjusted funds from operations
Group
2026
$000s
Group
2025
$000s
Profit before income tax140,396138,140
Adjustments:
Revaluation (gains)/losses on investment property(58,473)(72,666)
Realised (gains)/losses on disposal of investment properties(232)41
(Gain)/loss on derivative financial instruments held for trading(11,303)(1,387)
Gross distributable income
70,38864,128
Current tax expense(9,495)(8,314)
Net distributable income
60,89355,814
Weighted average number of ordinary shares (000s)863,247848,491
Gross distributable income cents per share
8.157.56
Net distributable income cents per share
7.056.58
Net distributable income
60,89355,814
Amortisation of tenant incentives and leasing costs2,7052,068
Share based payment expense29957
Funds from operations (FFO)
63,89757,939
Capitalisation of tenant incentives and leasing costs(1,447)(1,390)
Maintenance capital expenditure(3,333)(2,116)
Maintenance capital expenditure recovered through sale–157
Adjusted funds from operations (AFFO)
59,11754,590
FFO cents per share
7.406.83
AFFO cents per share
6.856.43
Dividends paid/payable in relation to period6.656.65
Dividend payout ratio to FFO90%97%
Dividend payout ratio to AFFO97%103%
The Company's dividend policy is based on AFFO from the Property Council of Australia Voluntary Best Practice Guidelines for
disclosing FFO and AFFO as interpreted by the Company and amended to include maintenance capital expenditure recovered
through sale.
FFO and AFFO are non-GAAP measures and may not be directly comparable with other entities.
Argosy Property LimitedAnnual Report 202654
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

24. Investment in subsidiaries
The Company has control over the following subsidiaries:
Name of subsidiaryPrincipal activity
Place of
incorporation
Place of
operationHolding 2026Holding 2025
Argosy Property No.1 LimitedProperty investmentNZNZ100%100%
Argosy Property Management LimitedManagement companyNZNZ100%100%
Argosy Cover LimitedCaptive insurerCook IslandsNZ100%100%
The subsidiaries have the same reporting date as the Company.
25. Leases
ACCOUNTING POLICY - LEASES
The Group as a lessee
The Group does not recognise right of use assets or lease liabilities for short term leases or low value leases. Lease payments
for these leases are recognised as an expense on a straight line basis over the lease term.
Where Argosy identifies a lease, the following treatment is applied: 
Right of use assets are measured at cost comprising the amount of the initial lease liability, any payments made before the
commencement of the lease, direct costs and any restoration costs. Right of use assets are disclosed within the same line
item as that within which the corresponding underlying assets would be presented if they were owned. Some right of use
assets meet the definition of investment properties. Refer note 5 for policies and disclosure on investment properties.
Lease liabilities are measured at the net present value of the lease payments. These payments include fixed lease payments,
amounts expected to be payable under residual value guarantees, variable lease payments that are based on an index or rate,
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties
for terminating the lease, if the lease term reflects the lessee exercising that option.
These lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Subsequent to initial measurement, each lease payment is allocated between the principal and finance cost. The finance cost
is charged to the statement of comprehensive income over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
The maturity analysis of lease liabilities is presented in note 6.
The Group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership to the lessee. All other leases are classified as operating leases.
The Group has entered into commercial property leases on its investment properties. The Group has determined that
it retains all significant risks and rewards of ownership of these properties and has thus classified these leases as
operating leases.
Rental income from operating leases is recognised in the period to which it relates. Initial direct costs incurred in negotiating
and arranging an operating lease are added to the carrying amount of the leased asset and amortised to property expenses
on a straight-line basis over the lease term.
In the event that lease incentives are paid to enter into the operating leases, such incentives are recognised as an asset. The
aggregate cost of incentives is recognised as a reduction of rental revenue on a straight-line basis.
When a contract includes both lease and non-lease components, consideration is allocated to each component under
the contract.
Argosy Property LimitedAnnual Report 202655

25. Leases (continued)
Lease liabilities
Lease liabilities relate to the ground lease at 39 Market Place, Viaduct Harbour, Auckland.
Group
2026
$000s
Group
2025
$000s
Opening balance39,82639,953
Lease liability interest expense1,9911,998
Ground rent paid(2,125)(2,125)
Total lease liabilities
39,69239,826
Non-cancellable operating lease receivable
Operating leases relate to the investment properties owned by the Group with the leases expiring between 2027 and 2038. The
lessee does not have an option to purchase the property at the expiry of the lease.
Group
2026
$000s
Group
2025
$000s
Within one year134,692129,570
One year or later and not later than five years365,558355,084
Later than five years204,370191,770
Total operating lease receivable
704,620676,424
There were no contingent rents recognised as income during the year.
26.
 Commitments
Building upgrades and developments
Estimated capital commitments contracted for building projects not yet completed at 31 March 2026 and not provided for were
$17.7 million (2025: $48.8 million).
There were no other commitments as at 31 March 2026 (2025: Nil).
The Company has the following guarantees, which are not expected to be called upon:
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX Main Board/Debt Market Listing Rule 2.6.2. The bank bond required from APL for listing on the NZX Main Board is $75,000.
A bank guarantee of $30,000 was provided by Argosy Property No.1 Limited to Auckland Council to allow building consents and LIM
reports to be obtained on account.
27.
 Subsequent events
On 8 April 2026, the sale of 4 Henderson Place, Onehunga, Auckland settled for $39.8 million.
On 18 May 2026, the sale of 143 Lambton Quay, Wellington settled for $6.0 million.
On 19 May 2026, a final dividend of 1.6625 cents per share was approved by the Board. The record date for the final dividend is
10 June 2026 and a payment is scheduled to shareholders on 24 June 2026. Imputation credits of 0.2747 cents per share are
attached to the dividend.
Argosy Property LimitedAnnual Report 202656
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

28. Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties
are disclosed below.
Group
2026
$000s
Group
2025
$000s
Key management and directors compensation
Salaries and other short term employee benefits2,0351,975
Share based payments
1
29957
Directors' fees722796
Total
3,0562,828
1.This is the accounting expense recognised for share based payment arrangements during the year and does not reflect the fair value of shares vested to key
management personnel during the year.
Argosy Property LimitedAnnual Report 202657

I
To the Shareholders of Argosy Property Limited
OpinionWe have audited the consolidated financial statementsof Argosy Property Limited
, which comprise the consolidated statement of
financial position as at 31 March 2026, and the consolidated statement of
comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flowsfor the year then ended, and notes to the
consolidated financial statements, includingmaterial accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 32 to
57, present fairly, in all material respects, the consolidated financial position of the
Group as at 31 March 2026, and itsconsolidated financial performance and cash
flows for the year then ended in accordance with New Zealand Equivalents to IFRS
AccountingStandards Sas issued by the External Reporting Board and IFRS
Accounting as issued by the International Accounting Standards
Board.
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing
responsibilities under those standards are further described in the
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 Groupin accordance with Professional and Ethical
Standard 1 International Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New Zealand)issued by the New
Zealand Auditing and Assurance Standards Board and the International Ethics
International Code of Ethics for Professional
Accountants (including International Independence Standards)
applicable to audits of financial statements of public interest entities. Wehave also
fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA
Code.
Other than in our capacity as auditor and the vote scrutineering at the annual
, we have no relationship with or interests in the Company or
any of its subsidiaries. These services have not impaired our independence as auditor
of the Company and Group.
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the
financial statements of the Groupthat in our judgement would make it probable that
the economic decisions of a reasonably knowledgeable person would be changed or
matters that come to our attention during the audit would in our judgement change or
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 $3.44
million.
Argosy Property LimitedAnnual Report 202658

Key audit matters
Key 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.
Key audit matterHow our audit addressed the key audit matter
Investment Property Valuations
As disclosed in note 5 of the consolidated financial
statements, investment properties were valued at $2,283
million as at 31 March 2026. The investment properties
are classified into three segments being, Industrial,
Office and Large Format Retail.
The methods used for assessing fair values include the
capitalisation of contract income, capitalisation of
market income and discounted cash flow
methodologies. Fair values are calculated using actual
and forecasted inputs and assumptions including market
rentals and growth, maintenance and capital expenditure
requirements, an assessment of yields, discount rates,
occupancy, leasing costs and weighted average lease
terms. Adjustments are made to observable market data
of similar properties to reflect the specific nature and
location of the individual properties.
valuers to perform valuations for each of the properties
on at least an annual basis.
The valuation of investment properties is a key audit
matter due to the subjective judgements and
assumptions in the valuation process.
We read the valuation reports for all properties that were
subject to revaluation at year end. We checked for any
limitations of scope in the valuation reports that would
impact the reliability of the valuations. When 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.
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 r
eporting standards. In
reviewing and challenging the valuation reports to ensure
that they accurately reflected the individual
characteristics of each property.
The major inputs to the valuation process were tested
across a sample of properties, with a focus on the
capitalisation of market rent methodology. For the
sample selected, key changes in rental assumptions,
capitalisation rates and other adjustments and terms
were agreed to underlying supporting information.
For a sample of properties, ownership was confirmed
through property title searches.
Our internal valuation specialists assisted in assessing
the appropriateness of the valuation methodology.
Other informationThe directors are responsible on behalf of the Group for the other information. The
other information comprises the information in the Climate Related Financial
Disclosures and in the Annual Report that accompanies the consolidated financial
statements and the audit report.
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.
Argosy Property LimitedAnnual Report 202659

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
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.
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
assurance is a high level of assurance butis 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
https://www.xrb.govt.nz/standards/assurance-standards/auditors-
responsibilities/audit-report-1-1/
Restriction on use
purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report, or for the opinions we have formed.
Peter Gulliver
Partner
forDeloitte Limited
Auckland, New Zealand
19May 2026
Argosy Property LimitedAnnual Report 202660

The Company
Argosy is a limited liability company incorporated under the
Companies Act 1993. Argosy shares are listed on the NZX Main
Board (NZX code: ARG). Argosy’s constitution is available on its
website (www.argosy.co.nz) and the New Zealand Companies
Office website (www.companiesoffice.govt.nz).
Corporate Governance Philosophy
Ultimate responsibility for corporate governance of the
Company resides with the Board of Directors. The Board sees
strong corporate governance and stewardship as fundamental
to the strong performance of the Company and, accordingly,
the Board’s commitment is to the highest standards of
business behaviour and accountability. Outlined below are
the main corporate governance practices in place throughout
the year. In the Board’s opinion, as at 31 March 2026,
the Company complied with the recommendations set by
the NZX Corporate Governance Code (31 March 2026),
except as set out in the Company’s Statement on Reporting
Against the NZX Code, which is available on the Company’s
website (www.argosy.co.nz).
Ethical Standards
Argosy’s Code of Conduct and Ethics sets out the ethical and
behavioural standards expected of Argosy’s Directors, Officers
and employees. The purpose of the Code of Conduct and Ethics
is to uphold the highest ethical standards and ensure Argosy’s
Directors, Officers and employees are acting in good faith and
in the best interests of shareholders at all times. The Code of
Conduct and Ethics outlines the Company’s policies in respect
of conflicts of interest, fair dealing, compliance with applicable
laws and regulations, maintaining confidentiality of information,
dealing with company assets and use of company information.
Argosy’s Code of Conduct and Ethics forms part of each
employee’s conditions of employment. Failure to comply with
the standards or the spirit of the Code of Conduct and Ethics
will be considered a serious breach of Argosy policy and will
be investigated. Disciplinary action for breaches of the Code
of Conduct and Ethics may range from a warning through to
termination of employment. Argosy’s Code of Conduct and
Ethics is available on its website (www.argosy.co.nz).
Climate-Related Financial Disclosures
In October 2025 there was a change in Government policy
to limit the application of New Zealand’s mandatory climate-
related disclosures regime to companies with a market
capitalisation exceeding $1 billion as at each of their two
preceding balance dates. In response, the Financial Markets
Authority issued a ‘no action’ statement and NZX issued a
class waiver in respect of such reporting. Argosy is therefore
not required to prepare climate-related disclosures under
New Zealand Climate Standards for the year ended 31 March
2026. However, Argosy has voluntarily prepared climate-
related disclosures which have been prepared having regard
to the New Zealand Climate Standards and with reference
to the Task Force on Climate-related Financial Disclosures
(TCFD) recommendations.
Composition of the Board
Argosy is committed to having a Board whose members have
the capacity to act independently and have the composite
skills to optimise the financial performance of the Company and
returns to shareholders. The Constitution provides for there to
be not fewer than three Directors. All the members of the Board
are independent non-executive Directors. The Board does not
impose a restriction on the tenure of any Director as it considers
that such a restriction may lead to the loss of experience and
expertise from the Board.
Attendance of Directors
BOARD MEETINGS ATTENDED
DirectorAttendance
Jeff Morrison (Chair)7 of 7
Stuart McLauchlan7 of 7
Chris Gudgeon (retired)3 of 3
Mike Pohio (retired)2 of 3
Rachel Winder7 of 7
Martin Stearne7 of 7
Alex Cutler7 of 7
Jeff Morrison, Stuart McLauchlan, Rachel Winder, Martin
Stearne and Alex Cutler were Directors as at 31 March 2026.
Chris Gudgeon and Mike Pohio resigned from their positions as
directors of Argosy with effect from 22 July 2025.
Brief resumés of Argosy's current Directors are included in the
section headed “Our Leadership & Governance” on pages 26-
27 of this report.
Independent Directors
The Company recognises that independent directors are
important in assuring shareholders that the Board is properly
fulfilling its role and is diligent in holding Management
accountable for its performance.
In determining whether a Director is independent, the Board
considers whether the Director is independent of Management
and free of any business or other relationship that could
materially interfere with, or could reasonably be perceived to
materially interfere with, the exercise of his or her unfettered
and independent judgement. In accordance with Rule 2.6.1 of
the NZX Listing Rules, the Board has determined that all of
the Directors were, in its view, independent directors as at
balance date as none of them had a disqualifying relationship
with the Company. In making this determination the Board
has determined that, for the purposes of NZX Listing Rule
3.8.1(f), factor 9 in Table 2.4 of the NZX Corporate Governance
Code applies to Jeff Morrison as he has been a director of the
Company for a period of more than 12 years. However, the
Board has determined that this does not result in Jeff having
a "Disqualifying Relationship" (as defined in the NZX Listing
Rules). The Company values Jeff's significant experience and
understanding of its business, and recognises the robust and
critical approach he brings to the Board, including his ability
to challenge and hold Management to account. On this basis,
the Board considers that his independence is not affected by
his tenure. None of the other factors in Table 2.4 of the NZX
Corporate Governance Code apply to Jeff.
Argosy Property LimitedAnnual Report 202661
Corporate Governance