Kiwi Property a BIGGER, Deliveringbetter, STRONGER KIWI PROPERTY

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Kiwi Property a BIGGER, Deliveringbetter, STRONGER KIWI PROPERTY INTERIM REPORT 30 SEPTEMBER 2016 Our strategy at work Kiwi Property A BIGGER, DeliveringBETTER, STRONGER KIWI PROPERTY Our vision is to be synonymous with New Zealand’s best retail and workplace experiences and our strategy is purpose- built to target superior, risk-adjusted returns over time for our investors. Contents 2 Highlights for the period 4 Letter from the Chair and Chief Executive 8 A quality performance 11 Maintaining a strong financial position 12 A better retail portfolio 16 A better office portfolio 19 Interim financial statements 35 Independent review report IBC Directory Calendar of key dates 20 DECEMBER 2016 Interim dividend payment 20 FEBRUARY 2017 KPG010 Bond interest payment 7 MARCH 2017 KPG020 Bond interest payment 31 MARCH 2017 Annual balance date MAY 2017 Annual result announcement JULY 2017 Annual meeting This interim report is dated 18 November 2016 and is signed on behalf of the board by: MARK FORD JOANNA PERRY Chair of the Board Chair of the Audit and Risk Committee HIGHLIGHTS FOR KIWI PROPERTY THE PERIOD INTERIM REPORT SEP-16 Highlights FOR THE PERIOD Over recent years, we have been keenly focused on building a core portfolio of high-quality retail and office properties that we expect to outperform by consistently attracting high levels of tenant demand. We have been investing in sought-after locations, both through acquisitions and the redevelopment of existing assets, to build a bigger, better, stronger property portfolio. Improved funds from operations ($m) Driven primarily by: increased rental income from a bigger portfolio of retail and office properties, % 13.2 and COMPOUND GROWTH lower cost of debt due to favourable PER ANNUM market conditions and proactive SINCE SEP-12 capital management. SEP SEP SEP SEP SEP 12 13 14 15 16 Consistent long-term returns to shareholders We’ve delivered a 10.1% total return per annum over our 23-year history. 10.1% PER ANNUM TOTAL RETURN SINCE INCEPTION SEP SEP SEP SEP SEP 12 13 14 15 16 2 — 3 Strategic acquisitions have included Sylvia Park Lifestyle, Westgate Lifestyle and a 50% interest in The Base (partially offset by the sale of non-core assets). Bigger property Value-adding initiatives have portfolio included opening New Zealand’s first H&M and Zara stores at Sylvia Park, creating ‘The Brickworks’ $ dining and entertainment precinct at LynnMall, and refurbishing and 2.9b re-tenanting The Aurora Centre PORTFOLIO and 44 The Terrace. VALUE These initiatives, coupled with strong market conditions, have resulted in a portfolio now valued SEP SEP SEP SEP SEP 12 13 14 15 16 at $2.9 billion. Increased shareholder value (net asset backing per share) Driven by continued improvement in the quality of our property portfolio against a backdrop of increasing 5.6% demand for investment grade property assets. COMPOUND GROWTH PER ANNUM SINCE SEP-12 SEP SEP SEP SEP SEP 12 13 14 15 16 LETTER FROM KIWI PROPERTY THE CHAIR AND INTERIM REPORT SEP-16 CHIEF EXECUTIVE BIGGER BetterSTRONGER CHRIS GUDGEON Chief Executive MARK FORD Chair 4 — 5 Dear investors, “We’ve had a very positive Kiwi Property has delivered another robust performance for the six months to six-month period, 30 September 2016. We have grown revenue and increased dividends, while resulting in a higher continuing to build a stronger underlying portfolio of property assets. We have also quality portfolio, continued to deliver on our long-term improved underlying investment return goal, with total returns to shareholders (since inception 23 years ago) performance metrics and running at 10.1% per annum. stronger returns for our Our investment strategy continues to focus on: investors. We’re the Auckland market given its superior positioned well for prospects for economic, population and employment growth the future.” Better retail assets that can be expected to MARK FORD deliver superior performance over time, Chair including dominant regional shopping centres and retail centres in locations favoured by the Auckland Unitary Plan, We’re executing well and Our interim financial results show that core government office accommodation by executing our strategy we are delivering in Wellington and Prime-grade office for our investors. assets in Auckland. Stronger portfolio We recorded positive growth in key operational performance measures for the The Kiwi Property team focuses constantly period. Our funds from operations (FFO1) on improving both the quality and increased by $2.4 million to $47.7 million, performance of our assets. During the underpinning our after tax profit2 result of period we: $45.6 million, up from $36.0 million in the settled the acquisition of a 50% interest prior period. in The Base, Hamilton, giving our The growth in our FFO was driven investors an ownership stake in predominantly by rental income from New Zealand’s largest single-site retail newly acquired assets and completed centre. We assumed management of the developments, providing an attractive property for our joint venture with Tainui return on capital invested. Group Holdings opened the remaining retail tenancies in 1. Funds from operations (‘FFO’) is an alternative the newly completed and successfully performance measure used to assist investors in assessing the Company’s underlying operating trading Westgate Lifestyle large format performance and to determine income available for retail centre, in Auckland distribution. FFO is calculated in accordance with guidelines issued by the Property Council of Australia. settled the sale of Centre Place – South, 2. The reported profit has been prepared in accordance Hamilton, a CBD retail asset we had with New Zealand Equivalents to International Financial Reporting Standards. The reported profit identified as being non-core to our information has been extracted from the interim longer-term investment strategy financial statements which have been the subject of a review by Independent Auditors pursuant to the External Reporting Board’s New Zealand Standard on Review Engagements 2410. LETTER FROM KIWI PROPERTY THE CHAIR AND INTERIM REPORT SEP-16 CHIEF EXECUTIVE completed our office projects at We have a stronger core portfolio and a The Aurora Centre and 44 The Terrace, significant investment in Auckland ($m) in Wellington, with long-term government leases now in place for 32,000 sqm in 359 this core crown office precinct, and commenced construction of a new 718 office building at Sylvia Park, anchored by IAG New Zealand, that has been 596 designed to seamlessly integrate with the existing centre. 375 Post the period, we were thrilled to open 1,802 the first ever New Zealand stores for 885 international fashion brands, H&M and Zara, at Sylvia Park. The introduction of these global retailers is an important first SEP10 SEP16 step in our expansion plans which envisage Core retail Core office Non-core/other1 the creation of a truly world-class retail offer in Auckland. Sylvia Park continues to evolve as a town centre, with the construction of a new 1,128 office building now underway. We are also pleased to announce our commitment to proceed with a $9.1 million expansion of the dining lane. This will provide a 946 contemporary alfresco dining experience including a new town square, landscaping, 1,751 a signature dining pavilion and new restaurants constructed on the ground 910 floor of the new office building. It will integrate seamlessly with an upgrade and SEP10 SEP16 refresh of the existing dining lane, setting a new standard for suburban dining in Auckland Non-Auckland Auckland, and will positively complement In recent years, we’ve focused on the the balance of the centre and offer superb establishment, growth and enhancement amenity to office building tenants. of a core property portfolio targeting The initial yield on project cost is projected property sectors expected to outperform. to be approximately 6.5% with a 10-year Since September 2010 this strategy has projected internal rate of return (IRR) of resulted in: approximately 8.5%. Works are scheduled our core retail portfolio value growing to commence in January and complete in from $885 million to $1.80 billion today December 2017. our core office portfolio growing from $375 million to $718 million, and our overall exposure to the Auckland market increasing from $910 million to 1. Non-core properties primarily represents Centre $1.75 billion. Place – North, North City and The Majestic Centre. 6 — 7 We have achieved this by: Stronger team investing over $500 million in strategic Growing our business requires investment property acquisitions in the right people and the right skills. disposing of over $200 million of During the period, we welcomed non-core properties Ian Passau, GM Development, and Michael Holloway, GM Commercial to the leadership investing over $350 million in key team. To ensure we have the right property improvements and capabilities in place for our expanded developments, and portfolio, our workforce increased from investing in high-demand investment 153 positions at 31 March 2016 to grade properties that have achieved 173 positions at 30 September 2016. At the strong value growth. same time, we maintained one of the Robust balance sheet lowest management expense ratios (MER) in the sector, at 41 basis points. We maintain a robust balance sheet to reduce financial risk, with conservative Outlook gearing and diversified sources of debt. Kiwi Property remains in great shape. During the period we: We have a strategy which favours property further diversified our sources of debt exposures expected to outperform, a funding by raising $125 million through healthy balance sheet, a pipeline of future a seven-year domestic bond issue with development opportunities, and a a 4.00% per annum coupon well-tenanted portfolio with a long increased our bank debt facilities by weighted average lease term – all aimed at $200 million and lengthened the term of securing superior, risk-adjusted returns for our facilities, and our shareholders.
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