Investor update - August 2026

Portfolio value
1
$3.0 billion
Number of investment properties7
Occupancy rate97.5%
WALT
2
3.6 years
Net Tangible Assets (NTA) per share$1.12
Gearing (Debt / Total Assets)33.8%
Annualised portfolio sales
(moving annual turnover, or MAT)
$1.9 billion (+2.1% vs. PY)
Annualised portfolio pedestrian
count
37.0 million (+4.1% vs. PY)
Payment date18 September 2026
Cash dividend (cps)1.4375
Imputation credits (cps)0.4286
At Drury, Stage 1 civil infrastructure is largely complete
for the large-format retail precinct and agreed land
sales are getting closer to completion. The new Drury
train station opened in early August, a short stroll from
our site and an important step in connecting the wider
community.
We celebrated Matariki across our assets, including the
rare Te Paki o Matariki installation at The Base and a
new digital artwork commissioned for the Vero Centre
lobby.
In people updates, we welcomed Sarah Theodore as
our new Chief Financial Officer and congratulate Helen
Ronald on her appointment as General Manager Asset
Management.
As we continue to deliver on our strategic priorities, we
remain focused on driving value for shareholders.
Thank you to all our investors for your continued
support of Kiwi Property.
Clive Mackenzie
Chief Executive Officer
Key metrics
Momentum across the portfolio
Investor update
August 2026
Q1 dividend
Includes Drury land classified as inventories.
1
Excludes Resido.
2
All portfolio metrics are as at 30 June 2026 and reflect Kiwi Property’s direct
asset ownership, except for annualised sales and pedestrian count data, which
also reflects the total performance of assets owned through joint ventures.
Kiwi Property is pleased to reconfirm dividend
guidance of 5.75 cents per share for the FY27 full year.
This is expected to be at the higher end of our target
payout range of 90% to 100% of year-end AFFO.
Kiwi Property has carried positive momentum into the
new financial year, with improved sales, foot traffic and
leasing activity.
More than six months on from opening, IKEA has
continued to contribute to a boost in foot traffic at
Sylvia Park, including a strong uplift in visitation on
Level 1. Across the road at Sylvia Park Lifestyle, furniture
sales are up strongly, suggesting a furniture precinct is
forming across the two sites.
The latest additions to the Sylvia Park retail mix include
the opening of STACKS Asian supermarket in the
northern precinct, Adidas' largest New Zealand store, a
new LEGO store, and Mecca's extended ground-floor
tenancy.

Pictured: STACKS supermarket and BBQ stores.
Pictured: Drury train station entrance.
Retail operating update
Sales and foot traffic continue to improve
Portfolio sales for the 12 months to 30 June 2026 were $1.9 billion, up 2.1% on the prior year. Annualised pedestrian
counts lifted 4.1% to 37 million.
With IKEA's first New Zealand store opening adjacent to Sylvia Park in December, the pedestrian walkway
connecting the two sites has made Level 1 at Sylvia Park the clearest beneficiary with a 25% increase in visitation
to the upper level since IKEA opened.
Furniture precinct building at Sylvia Park Lifestyle
Across the road at Sylvia Park Lifestyle, furniture has been the standout category, up more than 30% in June
compared with the same month last year, and up more than 15% across December to June compared to the prior
period. Rather than drawing customers away, IKEA appears to be creating a furniture precinct across the two sites,
with shoppers comparing and buying at both.
Development and leasing update
Asian supermarket STACKS now open at
Sylvia Park
Sylvia Park welcomed STACKS supermarket and BBQ to its
northern precinct in July, with queues out the door and
checkouts at full capacity throughout opening day.
The full-service Asian supermarket and dining destination
followed a landlord-led redevelopment amalgamating existing
tenancies, and sits alongside a growing cluster of Asian-inspired
retailers. The opening responds to strong customer demand
identified through our research, with STACKS becoming the first
integrated Asian supermarket in our portfolio and reinforcing
Sylvia Park's position as New Zealand's leading retail-led
destination.
Drury progressing and train station now open
Stage 1 civil infrastructure works are progressing well, with concrete
footpaths taking shape across the development and road paving due to
commence shortly. The new public roads will be vested in Auckland
Council on completion, creating the platform for the large-format retail
precinct to move into its next phase of development, with completion
milestones progressing for land sales to major retailers including
Costco, Briscoes/Rebel Sport, Harvey Norman and New World.
The new Drury train station opened in early August, just a short stroll
from our Drury development site. As Drury and the wider area continue
to grow over the coming decades, infrastructure like this will play a vital
role in supporting thriving communities and linking people into one of
our key retail-led mixed-use properties.
2

Pictured: entrances to the new stores for Adidas, LEGO and Mecca at Sylvia Park.
Pictured: inside the Shortland Street entrance of Vero
Centre, where the new digital art display is located.
Pictured: the Matariki installation at The Base.
3
International brands strengthen Sylvia Park's retail mix
Sylvia Park's retail lineup continued to grow in July with the opening of:
Adidas' largest New Zealand store, a 955 sqm flagship celebrated with an in-store appearance from All Blacks
players.
LEGO's new Level 1 store, now the largest in New Zealand, in the space vacated through Mecca’s relocation and
also contributing to the increased visitation to Level 1 as a drawcard specialty store.
Mecca, repositioning into an expanded ground-floor tenancy combining two adjacent stores, with a refreshed
format including a dedicated Skin Studio.
Celebrating Matariki across the portfolio
This Matariki, Kiwi Property's centres came together to celebrate Māori New Year in ways that reflect the
communities they serve.
At The Base, the rare Te Paki o Matariki
installation — the coat of arms of the
Kiingitanga — was on display in Te Awa,
delivered in partnership with Waikato-
Tainui and drawing more than 42,000
visitors through the centre's main doors.
At Vero Centre, we commissioned a
new digital artwork for the Shortland
Street lobby's audiovisual display,
depicting the nine stars of Matariki over
a calm lake, framed by mountains and
rising steam representing hautapu.
→
→

Contacts
Share register request
In mid-July Kiwi Property received a request from Worthington Clark Pty Limited,
an Australian asset recovery business, for access to information from Kiwi
Property’s shareholder register. After seeking guidance from the Financial Markets
Authority, we complied with our statutory obligations and in mid-August provided
the requested register information. Please take care and satisfy yourself before
agreeing to any service if you are contacted by Worthington Clark Pty Limited.
Investment details
For questions relating to your shareholding, dividend payments, or other
investment details, please contact MUFG Corporate Markets (a division of MUFG
Pension & Market Services):
T: 0800 377 388
E: enquiries.nz@cm.mpms.mufg.com
Other investor queries
If you have any other questions, feel free to email us at investors@kp.co.nz.
Key dates
FY27 dividend payment dates
(provisional)
Q1: 18 September 2026
Q2: 18 December 2026
Q3: 19 March 2027
Q4: 18 June 2027
Interim results
announcement date
(provisional)
23 November 2026
4
Disclaimer: The information and opinions in this report were prepared by Kiwi Property Group Limited (KPG). KPG makes no representation or warranty
as to the accuracy or completeness of the information in this report. Opinions, including estimates and projections, in this report constitute the current
judgement of KPG as at the date of this report and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance. Figures included in this report have not been subject to audit or review procedures and represent the best information available to KPG at
the time this report was prepared but may be subject to change. This report is provided for information purposes only and does not constitute
investment advice. Neither KPG, nor any of its directors, officers, employees, advisers or other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with this report.
Executive changes
Sarah Theodore
We're delighted to welcome Sarah to Kiwi Property as our new Chief Financial
Officer. Sarah brings more than 20 years' experience across banking,
infrastructure, property and retirement living in New Zealand and Australia,
most recently as Deputy CFO at Summerset Group Holdings, with earlier
senior roles at Transpower New Zealand and Macquarie Group.
Sarah's deep experience in listed company finance and global capital markets,
together with her established relationships with investors, banks and analysts,
means she's well placed to help lead our financial strategy and capital
management as we continue delivering for our investors.
Helen Ronald
Helen has been appointed General Manager Asset Management, taking up the role
on 17 August following Linda Trainer’s decision to step down after eight years with
Kiwi Property. Helen was previously our National Retail Assets Manager and led the
Sylvia Park management team for five years before that.
With extensive experience in shopping centre and asset management on both
sides of the Tasman, and deep knowledge of our portfolio, tenants and customers,
Helen is well placed to lead the strategic and operational performance of our
assets. Her appointment reflects our ongoing commitment to developing and
promoting our people, and provides for a smooth and orderly transition.
→ Click here to watch a short video where Sarah discusses what makes Kiwi Property stand out compared
with other companies.
→ Click here to watch a short video where Helen discusses Kiwi Property’s biggest strengths and what
excites her about the company’s future.