Argosy FY25 Annual Result

1
21.05.2025

FY25 Year end result – Quality attracts quality
Argosy will present the FY25 year end result via a teleconference and webcast at 10am today. Please
visit https://s1.c-conf.com/diamondpass/10045461-jh7y6t.html dial 0800 453 055 and quote the
conference ID#10045461. 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 2025.
KEY RESULTS FOR THE PERIOD INCLUDE:
• Net property income for the period of $116.9 million, up 0.4% on the prior comparable period;
• $72.7 million revaluation gain for the 12 months to 31 March ($111.7 million revaluation loss in the
prior comparable period), up 3.6% on book value, contributing to a full year net profit after tax of
$125.9 million (loss of $54.5 million in the prior comparable period);
• Net distributable income of $55.8 million, the same as the prior comparable period (note this year
Argosy incurred incremental tax expense of $2.8 million, following the Government’s removal of tax
deductions for depreciation on buildings);
• Sound portfolio metrics, with occupancy at 96.5% and WALT of 5.1 years;
• NTA per share of $1.53 up from $1.45 at 31 March 2024;
• Portfolio gearing steady at 35.7%, in the middle of the target band of 30-40%;
• Divested and settled the non Core asset at 8 Forge Way for $35.2 million, achieving above book
value;
• Successful portfolio leasing and rent review outcomes, including 3.5% annualised rental growth on
rents reviewed and 86% tenant retention rate;
• Progress on green developments, continuing our portfolio transformation and progress to a 50%
green portfolio by 2031 (37.2% at 31 March 2025);
• Argosy achieved notable success at the annual Property Council of New Zealand (PCNZ) Awards.
The company won the Supreme Award for its 6 Green Star Built property located at 8 Willis
Street/Stewart Dawsons Corner. This property was also Highly Commended at the World Green
Building Council’s Asia Pacific Leadership in Green Buildings Awards.

2
• Additionally, the 6 Star Green Built property at 105 Carlton Gore Road received an Excellence
Award at the PCNZ Awards. These accolades further underscore the quality of our portfolio and our
commitment to sustainable practices;
• Appointment of Alex Cutler to the Board, as part of the Board succession process; and
• FY26 dividend guidance of 6.65 cents per share, consistent with the prior year.

CHAIRMAN REVIEW
Chairman Jeff Morrison said, “The business has performed well in the second half of the year, despite
difficult market conditions. The Board is pleased by the progress made towards our sustainability goals
evidenced by the green buildings completed, certifications achieved and the commencement of new
developments. We believe greening our portfolio towards more sustainable buildings, with appropriate
certifications validating their quality, will drive long term shareholder value.”
The Company won the Supreme Award at the Property Council of New Zealand Awards for the 6
Green Star Built property at 8 Willis Street/Stewart Dawsons Corner. The Property Council Awards is a
prestigious awards program that recognises excellence in design and innovation in the built
environment. The Board congratulates staff and all the Company’s partners who worked on the project.
Additionally, the same building was Highly Commended at the World Green Building Council’s Asia
Pacific Leadership in Green Buildings Awards (one of only three buildings to be recognised in this
category).
8 Willis Street/Stewart Dawsons Corner continues the Company’s growing expertise in retrofitting
existing buildings to create modern, attractive working environments for our tenants and their people.
We will continue to target strategic growth opportunities with green potential – with Auckland Industrial
being the current focus.
The Board is comfortable with the company's capital position and balance sheet strength. The sale of 8
Forge Way, Auckland, was settled for $35.2 million in March and proceeds will be applied to our green
developments at 224 Neilson Street and Mt Richmond. The business has sufficient funding capacity to
accommodate medium term development requirements.
Inflation is now within the Reserve Bank’s target band, and interest rates have fallen to more
reasonable levels, albeit the cash rate is still higher than the Reserve Bank’s estimate of the neutral
rate. The Company has reported a revaluation gain of $72.7 million this year, primarily driven by
market rental growth. This compares to a revaluation loss of $111.7 million in the last financial year.
Argosy continues to follow an investment policy focused on a diversified high quality portfolio
underpinned by our sustainability strategy. Key policy targets include a weighting to Industrial of 60-
70% and a weighting to Auckland of 70-80%.
At the last Annual Shareholders Meeting, the Board noted it is focused on ensuring there is appropriate
succession planning in place at Board level. The first step in that process saw Alex Cutler join the
Board in October 2024. Alex has global experience working with multinational organisations to assist

3
their understanding of the strategic importance of sustainability. Alex will stand for election at the 2025
Annual Shareholders Meeting.
A fourth quarter dividend of 1.6625 cents per share has been declared for the March quarter with
imputation credits of 0.217951 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 0.098902 cents per share to offset non-resident withholding tax. Please see
the dividend announcement today for more details.
Dividend guidance for FY26 is 6.65 cents per share, consistent with the FY25 year. Our dividend policy
is to pay between 85-100% of AFFO earnings (note the Board is comfortable being outside policy for
limited periods to reduce dividend volatility). Based on current projections, we expect the dividend
payout for FY26 to be within, but at the top end, of the policy range.
Whilst the removal of tax depreciation on buildings from 1 April 2024 imposed a significant additional
tax impost on Argosy, previous highly restrictive interest rates appear to be behind us. This, along with
the prospect of slowly improving economic conditions, provides us with some optimism for the year
ahead.
MANAGEMENT REVIEW
Argosy’s Chief Executive Officer, Peter Mence said “Difficult economic conditions and restrictive
interest rate settings persisted for most of this financial year (although some welcome relief is in sight).
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.
Our portfolio occupancy at 96.5% is solid, however our core focus over the next twelve months will be
to address residual vacancy and near term expiries. We continue to receive good enquiry for green
properties with their vibrant and engaging environments, which reinforces our overall strategic
direction. Our green industrial development projects at 224 Neilson Street and Mt Richmond in
Auckland (along with future developments including the industrial property at 291 East Tamaki Road,
Auckland) underpin our strategic goal of increasing our Industrial weighting and greening half our
portfolio by 2031.
There is growing evidence around rental premiums between green and non-green buildings. A recent
CBRE sustainability report found that more than 50% of Prime and B-Grade office occupiers are willing
to pay a premium to be in space with high environmental performance (≥ 5 Green Star or NABERSNZ
ratings). Green ratings also have a high correlation with building quality and occupancy.”
Financial Results
Statement of Comprehensive Income
Argosy reported net property income of $116.9 million for the period, which was consistent with the
prior comparable period. Interest expense of $41.6 million was lower than the prior comparable period
($44.0 million). This was due to a combination of lower overall debt levels, lower rates and higher
capitalised interest.

4
Annual valuations for the year to 31 March 2025 were performed by CBRE Limited, Colliers
International New Zealand Limited and Jones Lang LaSalle Limited. The total unrealised revaluation
gain was $72.7 million, or 3.6% on book value, which compares to an unrealised revaluation loss for
the year to 31 March 2024 of $111.7 million. An increase in market rents was the key driver of the
revaluation increase. Of the annual increase, $8.7 million was recognised in the interim result at 30
September 2024.
By sector, Industrial increased by $60.6 million or 5.7%. The Office portfolio increased by $4.1 million
or 0.5%, and Large Format Retail increased by $8.0 million or 4.0%. The portfolio is 11.0% under-
rented, excluding market rent on developments.
As a result of the FY25 revaluations, Argosy’s NTA increased to $1.53 per share from $1.45 at 31
March 2024. Following the revaluation, Argosy’s portfolio shows a contract yield on values of 6.00%
and a yield on fully let market rentals of 6.85%.
The revaluation gain contributed to the net profit after tax of $125.9 million, compared to a net loss of
$54.5 million in the prior year.
Distributable Income
Net distributable income (NDI) for the year was $55.8 million, the same as the prior comparable period.
NDI has been negatively impacted in this period by incremental tax expense of $2.8 million, following
the Government’s removal of tax deductions for depreciation on buildings.
Portfolio Activity - Portfolio Metrics, Rent Reviews and Leasing
Peter Mence said “The financial year was influenced by tight economic conditions, high interest rates
and geopolitical uncertainty. The team has worked hard to deliver solid core operating metrics
including occupancy, rental growth and leasing outcomes.”
As at 31 March, Argosy’s WALT was 5.1 years and portfolio occupancy was 96.5%.
Over the financial year, Argosy completed 105 rent reviews, achieving annualised rental growth of
3.5%. These reviews were achieved on rents totalling $76.5 million.
On rents subject to review by sector, Argosy achieved annualised rental growth of 4.2% for Industrial
rent reviews, 2.5% for Office rent reviews and 3.3% for Large Format Retail rent reviews. Over the
financial year, 81% of rents reviewed were subject to fixed reviews, 10% were market reviews and 9%
were CPI based.
Argosy completed 54 leasing transactions across 57,100m² of NLA during the year. Lease transactions
were made up of new leases (22), renewals (24) and extensions (8).
Key leasing highlights over the year include;
• Cotton On Clothing Limited, Albany Mega Centre - 1,718m² on a 10 year renewal;
• Mitchell Vranjes Consulting Engineers Limited, 8 Nugent Street - 810m² on a 6 year renewal;
• Trust Investments Management Limited, 105 Carlton Gore Road - 529m² on a new 8 year lease;
• New Zealand Educational Institute, 101 Carlton Gore Road - 984m² on a new 7 year lease;

5
• Booths Logistics Limited, 32 Bell Avenue - 8,790m² on a new 3 year lease;
• Henkel New Zealand Limited, 12 Allens Road - 2,344m² on a new 10 year lease;
• Steel E.D. & Patton Limited, 39 Randwick Road - 2,304m² on a new 12 year lease;
• Lighthouse Financial Services, 23 Customs Street - 656m² on a new 5 year lease;
• Farmers, Albany Mega Centre - 3,336m² on a 6 year renewal;
• The Warehouse, Cavendish Drive - 9,427m² on a 6 year renewal; and
• Belton IT Nexus, 101 Carlton Gore Road - 500m² on a new 4 year lease.
Peter Mence said “We are pleased with the efforts of the team this year. We have managed to retain
many valued tenants and also attract new tenants to the portfolio.
The softer leasing environment was offset to some degree by the ongoing strong metrics for the
Industrial sector. This sector continues to show low forecast vacancy and positive rental growth and is
forecast to deliver solid returns over the next four years. Our portfolio was 53% weighted to Industrial
at 31 March 2025 and, following the completion of our pipeline of green Value Add development
Industrial sites, will continue to increase toward our target weighting of 60-70% over the medium term.”
Divestment of non Core Assets
The non Core property at 8 Forge Way, Auckland, was unconditionally sold in FY24 for $35.2 million
and settled in March 2025.
A further seven properties have been identified as non Core, with a combined current book value of
$147 million, and these properties are expected to be divested over the medium term.
Developments
224 Neilson Street
This project is the first of Argosy’s Value Add green industrial estates and the development is
progressing well. The 3.5ha site is strategically located, 8km from the Auckland CBD with excellent
access to State Highway 1, State Highway 20 and the wider transport network.
Argosy has successfully secured a 12-year lease agreement with national business, Bascik Transport,
for the first warehouse and this lease commenced in April 2025.
Additionally, the second warehouse at Neilson Street, comprising 15,300 sqm of NLA, is on track for
completion in September this year, with solid current leasing enquiry.
Both warehouses are targeting 6 Green Star Design and As Built ratings. The design team have
incorporated a wide range of green initiatives to help achieve the 6 Star rating, including low carbon
concrete, rainwater harvesting, solar electricity generation and intelligent lighting and air conditioning.
With approximately 1,880 solar panels, generating over 1.2GWh of energy annually, on completion the
facility will have one of the largest rooftop photovoltaic installations in the country.
Following completion, 224 Neilson Street is expected to have an end value of $110 million, with a yield
on development cost of 5.7%, and a development margin of 11.2%.

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Mt Richmond
Mt Richmond is a 10.6 hectare Value Add green development site in the central industrial precinct of
Mt Wellington, only 15km from the Auckland CBD. The Mt Richmond development is an important part
of our long term strategy given our positive view of the Industrial sector over the long term.
The first building at Mt Richmond has been committed with a new 10-year lease agreement with the
global healthcare company Viatris Ltd (with lease commencement in the first quarter of 2026). This
building includes 6,633 sqm of NLA and is targeting a 6 Green Star Built rating.
The business park has very solid metrics, including an IRR of 9.4%, a yield on cost of 6.2% and a
development margin of 18.7%.
Peter Mence said, “The addition of Bascik Transport and Viatris underscores Argosy's strong market
position and the growing demand for high-quality, sustainable warehouse/office space.”
Acquisitions
There were no acquisitions during this financial year. However, in November 2024, Argosy
unconditionally contracted to purchase 291 East Tamaki Road (and adjacent titles). This is a 4.6
hectare, level site in a well-established industrial precinct, just 2km’s from State Highway 1.
The initial purchase price and attendant capital works is $60 million, and the fully-let holding return is
5.0%. The site is currently 58% leased, with the balance expected to be leased up soon after
settlement, in August 2025. This strategic acquisition, when developed to a high 6 Green Star Built
standard, will position the portfolio closer to the target Industrial weighting of 60-70%.
“This location is excellent and is already generating very strong leasing interest. We will be well-placed
to capitalise on strong prospective net absorption for Auckland Industrial in the coming years” said
Peter Mence.
Capital Management
As at 31 March, Argosy’s debt to total assets ratio, excluding capitalised borrowing costs, was 35.7%
1

compared to 36.5% at 31 March 2024, and 37.2% at the half-year.
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%.
Banking Facilities
In July, Argosy extended its syndicated bank facilities with ANZ Bank New Zealand Limited, Bank of
New Zealand Limited, Commonwealth Bank of Australia, Westpac New Zealand Limited and Industrial
and Commercial Bank of China Limited. The new Tranches and expiries are:
Tranche A: $210 million, expiry 1 October 2027.

1
The ratio excludes the right of use asset at 39 Market Place of $39.8 million, recorded in the period under NZ IFRS 16.

7
Tranche B: $215 million, expiry 1 October 2028.
Tranche D: $100 million, expiry 1 October 2029.
Argosy’s weighted average debt tenor, including bonds, was 2.7 years at 31 March 2025 (2.3 years at
31 March 2024). The weighted average interest rate was 5.1% (5.6% at 31 March 2024).
Argosy has $100 million of green bonds (ARG010) maturing in March 2026. These bonds will be
refinanced during this financial year.
Trends/Outlook
The strong outlook for the Industrial sector will continue to underpin growth. As economic conditions
improve, it’s expected the imbalance between new supply and net absorption (demand) will abate,
reducing vacancy and improving rents.
In the Office sector flexible working environments continue, but full-time remote work is declining and
the building environment is increasingly in focus by employers as a means to get staff back to the
office. The Government’s desire to get more employees back to the office will be positive for Argosy.
Although there are some cutbacks in Wellington, past trends indicate that core civil service numbers
are resilient. Many firms are looking to increase unassigned seating (hot desking), but are also looking
for more collaborative spaces, and Argosy is looking to position the portfolio accordingly.
Although national retail sales decreased over the year to September 2024, confidence is improving.
Argosy’s retail exposure is limited to Large Format Retail which is expected by CBRE to provide
relatively high returns over the next 4 years.
Argosy is very well placed. It has a strong balance sheet and a growing, high quality portfolio of
diversified properties with a clear focus on sustainability and green assets. Gradually increasing our
weighting to Industrial through our pipeline of green developments will deliver certainty and stability to
our cashflows and earnings.
The Management team, as always, will remain focused on addressing near term lease expiries within
the portfolio and ensuring that our tenant retention rate remains high.


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

---

FY25 Annual Results
21 May 2025

Argosy Property Limited
Agenda
Vision & Strategy4
Development Update6
Results Summary9
Portfolio10
Financials13
Leasing & Sector Commentary24
Focus and Outlook28
Appendices30
Peter Mence, CEODave Fraser, CFO
Note: This results presentation should be read in conjunction with the NZX
release dated 21 May 2025. 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.
2

Argosy Property Limited
“We continue to receive good enquiry for
green properties, with their vibrant and
engaging environments, which reinforces
our overall strategic direction.”
Peter Mence, CEO
3
Argosy Property Limited

Argosy Property Limited
4
A diversified portfolio by sector and region
A diversified asset allocation across sectors to
reduce volatility and widen growth opportunities
Targeting strategic growth opportunities with green
potential and a focus on Auckland Industrial
Maintaining a portfolio of high quality, well located
Core assets with growth potential
Proactive delivery of sustainable growth
A business culture that is environmentally focused
Executing green Value Add portfolio opportunities
to drive earnings and capital growth
A commitment to funding for green assets
A business that is adaptable and responsive
to change
Maintaining strong and valued relationships across
all stakeholders
A commitment to management excellence delivering
earnings and dividend growth
Ensuring safe working environments for Argosy and
its partners
Building a better future

Argosy Property Limited
Award winning green developments
5
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property
8 Willis Street & Steward Dawsons Corner, Wellington
Owner/developer: Argosy Property

Argosy Property Limited
224 Neilson Street Development
6
NABERSNZ energy rating
being targeted
5 Star
of warehouse/office/canopy
leased to Bascik Transport
6,557m
2
value on completion
$110m
Green Built Design rating
achieved on completed space
(Warehouse B)
6 Star
Argosy Property Limited
15,300m
2
on track for completion in
September 2025
$11.1m
development margin

Argosy Property Limited
8-14 Mt Richmond Drive Development (3 stages)
will be added across two buildings
in Stage 2
will be added across two buildings
in Stage 3
Stage 1 leased to Viatris Limited on
a 10-year lease
forecast IRR on completion
Stage two planned completion
9,500m
2
39,000m2
6,633m
2
9.4%
2027/28
7
Argosy Property Limited
2029
Stage three planned completion

Argosy Property Limited
Value Add & Green Developments
GREEN ASSETS FILL DEVELOPMENT
PIPELINE
•Value Add properties are a key strategic pillar and will
transform the portfolio over the next decade.
•224 Neilson Street development underway with first
stage completed and leased. The second stage is
underway with projected delivery of September 2025.
•Mt Richmond green industrial estate will be completed
in three stages. Stage one has commenced with a
target completion date of April 2026, while stage two
is planned for completion in 2027/28.
•291 East Tamaki Road, which will be acquired in
August 2025, will be developed to the same high 6
Green Star Built standard.
~$272m
Value Add properties with potential to
deliver earnings and capital growth
PropertySectorLocation
Valuation @
31 Mar 25
32 Bell Avenue, Mt WellingtonFutureIndustrialAuckland18.7
90-104 Springs Road, East TamakiFutureIndustrialAuckland10.2
224 Neilson Street, OnehungaUnderwayIndustrialAuckland89.2
8-14 Mt Richmond Drive, Mt WellingtonUnderwayIndustrialAuckland103.0
133 Roscommon Road, WiriFutureIndustrialAuckland14.0
15 Unity Drive, AlbanyFutureIndustrialAuckland8.1
101 Carlton Gore Road, NewmarketFutureOfficeAuckland29.0
TOTAL $m 272.2
% of portfolio
12.9%
8

Argosy Property Limited
Results Summary
Net property income up 0.4%Revaluation gain to 31 March
NTA per share, up 5.6%Net Distributable Income
Dividend for FY25
$116.9m$72.7m
$1.53
$55.8m
6.65cps
9
Argosy Property Limited
Gearing within the target 30-40% band
35.7%

Argosy Property Limited
Portfolio Highlights
OccupancyWeighted Average Lease Term
Tenant retention rateGovernment sector rental incomeWeighting to Auckland Industrial
96.5%5.1yrs
86%33.2%46.7%
10
Argosy Property Limited
Annualised growth on rent reviews
3.5%

Argosy Property Limited
Portfolio at a glance
11
1.Large format retail.
2.Regional North Island and South Island. This weighting also includes up to 5%
allocation to the golden triangle area between Auckland, Tauranga and Hamilton.
Sector by value %Region by value %Asset mix by value %
53
37
10
Industrial (60-70%)Office (20-30%)LFR (5-15%)
71
26
3
Auckland (70-80%)Wellington (15-25%)Regional (0-10%)
80
13
7
Core (75-90%)Value AddDivest
12
Targets:

Argosy Property Limited
Revaluations
MARKET RENTALS UP
•Independent valuations as at 31 March
were completed on all properties.
•$72.7m gain reported, or 3.6% revaluation
gain to book value.
•Growth in market rentals. Any impact of
firming cap rates yet to come.
•The portfolio is under rented by 11%
(Auckland Industrial under rented by 18%).
6.35%
Weighted average portfolio cap rate
12
1.Book Value excludes September 2024 revaluation gain/loss.
Note: Due to rounding, numbers presented in this presentation may not add up exactly to the totals provided and percentages
may not reflect exactly absolute figures.
31 Mar 25
Book Value
($m)
31 Mar 25
Valuation

($m)

$m

%
Mar 25
Cap rate
%
Mar 24
Cap rate
%
Auckland1,429.31,494.164.84.5%6.27%6.31%
Wellington550.7557.87.11.3%6.55%6.49%
North Island Regional & South Island56.457.20.81.4%6.86%6.86%
Total2,036.4 2,109.1 72.73.6%6.35%6.37%
31 Mar 25
Book Value
($m)
31 Mar 25
Valuation

($m)

$m

%
Mar 25
Cap rate
%
Mar 24
Cap rate
%
Industrial1,068.31,128.960.65.7%6.21%6.26%
Office771.4775.54.10.5%6.50%6.45%
Large Format Retail196.7204.78.04.0%6.59%6.67%
Total2,036.4 2,109.1 72.73.6%6.35%6.37%

Argosy Property Limited
Financials
13

Argosy Property Limited
Gross Property Income Waterfall
RENT REVIEWS UP ANNUALISED 3.5%
14
131.0
3.4
(1.1)
2.3
(2.9)
132.7
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
Gross Property Income
31 March 2024
Rent ReviewsVacancy/
Leasing Up/
Others
DevelopmentsDisposalsGross Property Income
31 March 2025
Rental income $m
Like for like rental growth of 1.8%
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
Financial Performance
PERFORMANCE SLIGHTY UP ON PRIOR
COMPARABLE PERIOD
•Net property income and EBIT were slightly
up on the prior comparable period.
•Interest expense was lower, mainly due to
lower rates and higher capitalised interest.
$116.9m
NPI up 0.4% on the prior
comparable period
15
FY25
$m
FY24
(Restated)
$m
Net property income116.9116.5
Administration expenses(11.4)(11.6)
Profit before financial income/(expenses), other gains/(losses) and tax105.5104.9
Net interest expense(41.3)(43.7)
Gain/(loss) on derivatives1.4 0.6
Other gains/(losses)
Revaluation gains/(losses) on investment property72.7 (111.7)
Realised gains/(losses) on disposal of investment property(0.0)(1.0)
Profit/(loss) before income tax attributable to shareholders138.1 (50.8)
Taxation expense(12.3)(3.7)
Profit/(loss) and total comprehensive income/(loss) after tax125.9 (54.5)
Earnings per share (cents)14.83 (6.43)
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
Distributable Income
SOUND RESULT
•Gross distributable income for the year was
$64.1m, up 4.7% on the prior comparable
period.
•Net distributable income was flat on the
prior comparable period.
•Taxation expense was higher than the prior
comparable period, primarily due to
incremental tax expense of $2.8m following
the Government’s removal of the tax
deduction for depreciation on buildings.
$55.8m
Net distributable income
16
FY25FY24
$m$m
Profit before income tax138.1 (50.8)
Adjustments:
Revaluation (gains)/losses on investment property(72.7)111.7
Realised losses/(gains) on disposal0.0 1.0
Derivative fair value (gain)/loss(1.4)(0.6)
Gross distributable income64.161.2
Depreciation recovered on disposals- 1.0
Current tax expense(8.3)(6.3)
Net distributable income55.855.8
Weighted average number of ordinary shares (m)848.5847.1
Gross distributable income per share (cents)7.567.23
Net distributable income per share (cents)6.586.58
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
Adjusted Funds From Operations (AFFO)
HIGHER TAXATION AND MAINTENANCE
CAPEX IMPACTS AFFO
•AFFO 6.43cps, compared to 6.90cps in
prior comparable period.
•Mainly due to higher taxation, lower
amortisation and higher net maintenance
capex.
103%
AFFO dividend payout ratio
17
FY25FY24
$m$m
Net distributable income55.855.8
Amortisation of tenant incentives and leasing costs2.1 3.5
Share based payment expense0.1 0.3
Funds from operations (FFO)57.959.6
Capitalisation of tenant incentives and leasing costs(1.4)(1.3)
Maintenance capital expenditure(2.1)(2.1)
Maintenance capital expenditure recovered through sale0.2 2.3
Adjusted funds from operations (AFFO)54.658.4
Weighted average number of ordinary shares (m)848.5847.1
FFO cents per share 6.837.04
AFFO cents per share 6.436.90
Dividends paid/payable in relation to period6.656.65
Dividend payout ratio to FFO97%94%
Dividend payout ratio to AFFO103%96%
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
Investment Property Waterfall
POSITIVE REVALUATION GAIN
18
(1)
2,014
63
73 2,149
(40)
2,109
1,400
1,600
1,800
2,000
2,200
2,400
Balance at
1 April 2024
Capitalised costsChange in fair valueChange in capitalised
leasing costs &
incentives
Balance 31 March
2025
Right of use assetBalance 31 March
2025 (excluding right
of use asset)
Investment Properties ($m)
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
Net Tangible Assets
19
1.45
0.06
0.08
(0.06)
1.53
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
NTA at
31 March 2024
Profit for the yearRevaluations/
Others
Dividends paidNTA at
31 March 2025
NTA per share ($)
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
GEARING AT THE MID-RANGE OF
TARGET BAND
•The balance sheet is in good shape.
•8 Forge Way settled in March 2025
for $35m.
•At 31 March a further $147m (across
7 properties) regarded as non Core.
35.7%
Debt-to-total-assets ratio comfortably
within the target band of 30-40%
20
1.Excludes capitalised borrowing costs.
2.Excludes Right of Use Asset at 39 Market Place of $39.8 million.
FY25FY24
$m$m
Investment properties2,148.9 2,013.8
Asset held for sale- 35.2
Other assets13.3 20.0
Total assets2,162.2 2,069.0
Right of Use Asset(39.8)(40.0)
Total assets (net of Right of Use Asset)2,122.4 2,029.0
Fixed Rate Green Bonds325.0 325.0
Bank debt
1
433.3 415.6
Total Bank Debt & Bond Funding758.3 740.6
Debt-to-total-assets ratio
2
35.7%36.5%
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
Interest Rate Management
FIXED RATE COVER OF 63%
•Weighted average interest rate reduced
to 5.1% from 5.6% at 31 March 2024.
•Fixed rate cover at 63% of debt.
•$170m in forward swaps, effective from
varying dates post 31 March 2025.
2.5x
Interest cover ratio. Banking covenant
set at a minimum of 2.0x
FY25
$m
FY24
$m
Weighted average interest rate
1
5.1%5.6%
Interest Cover Ratio2.5x2.4x
% of fixed rate borrowings63%71%
Weighted average duration of active payer swaps2.4 years1.1 years
Average rate of active payer swaps3.47%3.43%
21
1.Including margin and line fees.

Argosy Property Limited
Debt Profile
GREEN BOND DIVERSIFICATION 38%
•The total amount of the bank facility is
$525m with the nearest tranche expiring in
October 2027 (FY28).
•Argosy’s $325m of green bonds continue to
provide important diversification.
•The first bond matures in March 2026, and
we will refinance at some point this year.
2.7 years
Weighted average duration of Argosy’s debt
22
210
215
100100100
125
0
50
100
150
200
250
300
350
400
FY26FY27FY28FY29FY30
Facilities ($m)
Bank facilitiesExisting green bonds

Argosy Property Limited
Dividends
STEADY DIVIDEND
•A 4
th
quarter dividend of 1.6625 cents per
share has been declared with 0.2180 cents
per share imputation credits attached.
•Overseas investors will receive an additional
supplementary dividend of 0.0989 cents per
share to offset non-resident withholding tax.
•Dividend Reinvestment Plan is still open.
6.65c
FY26 dividend guidance in
line with prior year
23
6.03
6.10
6.20
6.28
6.35
6.45
6.55
6.656.656.656.65
5.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
guidance
Dividend cps

Argosy Property Limited
Leasing & sector
commentary
24

Argosy Property Limited
Leasing Outcomes
of NLA leased to 31 MarchNew lease to Steel E.D. & Patton Limited
at 39 Randwick Road, Wellington
New lease to Booths Logistics for
3 years at 32 Bell Avenue
New lease to JD Sports Fashions NZ
Pty Limited at Albany Mega Centre
Rent reviews over the period,
annualised rental growth of 3.5%
57,100m
2
12yr
8,790m
2
7yr105
25
Argosy Property Limited
Leases executed, 22 new leases,
24 renewals and 8 extensions
54

Argosy Property Limited
Lease Expiry & Rent Review Profile
LEASE EXPIRY PROFILE IS WELL
MANAGED
•Largest single expiry remains MBIE in 2027.
•Average annual expiry over the next two
years (FY26 and FY27) is ~10.1%.
5.3%
Percentage of leases in FY26 expiring
26
5.3%
14.9%
18.0%
8.1%
11.2%
6.0%
10.5%
4.7%
0.6%
7.3%
9.9%
3.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
VacantMar-26Mar-27Mar-28Mar-29Mar-30Mar-31Mar-32Mar-33Mar-34Mar-35Mar-36 +
Percentage of portfolio (by income)
Year ending
Largest single expiry

Argosy Property Limited
Market Insights
•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.
•Prime rent reviews continue to show growth in well specified
and well located assets.
•Vacancy remains low, and focused in secondary and sublease
space.
INDUSTRIAL
•Flexible working environments continue but working from home
and full-time remote work continue to decline.
•Central Government goal of returning staff to the office is a
positive development.
•Many firms are looking to increase unassigned seating (hot
desking) while also seeking more collaborative spaces.
•The building environment is increasingly in focus, as employers
try to get more staff back to the office.
•Projected demand for green buildings will exceed supply.
•End of trip facilities now a must have.
•Serviced office/meeting room facilities in increasing demand.
OFFICE
•National retail sales have decreased over the past year.
•Discretionary lines showing a significant drop in sales.
•Retail surveys indicate confidence is improving.
•Large Format Retail continues to receive solid demand in prime
locations.
•Retailers consolidating to a fewer number of locations.
•Growth in demand from offshore retailers continues.
LARGE FORMAT RETAIL
27

Argosy Property Limited
Focus and outlook
28

Argosy Property Limited
Outlook
STAYING FOCUSED ON ACHIEVING STRONG OPERATIONAL RESULTS AND EXECUTING
ON STRATEGIC GOALS
•The domestic economy is expected to gradually improve, although there is some volatility at present.
•Highly restrictive interest rates are easing.
•Lower supply and improving demand across the market, with tenants focused on prime locations and
sustainable initiatives, is positive for Argosy.
•The strong bottoms up fundamentals of the Industrial sector will continue to underpin growth.
•Argosy is well placed, with a sound capital position to continue transforming towards a green &
environmentally sustainable business.
•The key focus areas for 2025/26 are to:
1.Address existing vacancy and key expiries;
2.Progress existing green developments at Neilson Street and Mt Richmond;
3.Achieve Green Star & NABERSNZ certifications;
4.Divest non Core assets and reinvest proceeds;
5.Position the business for the future; and
6.Complete acquisition of 291 East Tamaki Road and commence master planning for future development.
29

Argosy Property Limited
Appendices
30

Argosy Property Limited
Balance Sheet Management
GEARING REMAINS COMFORTABLY WITHIN THE MID-RANGE OF THE BAND
31
35.9
31.1
35.1
36.5
35.7
0
10
20
30
40
50
FY21FY22FY23FY24FY25
Debt to total assets (%)
Target Range 30-40%

Argosy Property Limited
Hedges, Interest Rates & Debt Maturity
HEDGES & WEIGHTED AVERAGE
INTEREST RATES (MARCH Y/E)
32
DEBT MATURITY PROFILE (FACILITY) &
WEIGHTED AVERAGE MARGIN AND LINE FEE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0
100
200
300
400
500
202520262027202820292030
Weighted Average Interest Rate (%)
Face Value of Hedges ($m)
Payer amountRate
210
215
100100100
125
1.79%
1.77%
1.47%
1.25%
1.30%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
0
50
100
150
200
250
300
350
400
FY26FY27FY28FY29FY30
Weighted Average Margin & Line Fee (%)
Debt profile ($m)
DebtBondMargin + Line Fee

Argosy Property Limited
Rent review summary – by type, sector and location
33
Type#
Previous Rent
($000's)
% of rent
reviewed
New Rent
($000's)
$ Increase
(000's)% Increase
Annualised $
Increase
(000's)
% of Total
Annualised
Increase
Annualised %
Increase
Total10576,452100%79,1672,7153.6%2,655100%3.5%
By review type
Fixed8362,12481%63,9141,7902.9%1,80168%2.9%
Market107,17110%7,8346639.2%59222%8.3%
CPI127,1589%7,4192623.7%26210%3.7%
By sector
Industrial3441,46554%43,2041,7394.2%1,73965%4.2%
Office5429,48339%30,2567722.6%73828%2.5%
LFR175,5047%5,7082043.7%1797%3.3%
By location
Auckland8151,91668%54,0212,1054.1%2,09079%4.0%
Wellington2120,89627%21,4175212.5%47518%2.3%
Other33,6405%3,729892.5%893%2.5%

Argosy Property Limited
Portfolio metrics
34
RENT ROLL BY INDUSTRYTOP 10 CUSTOMERS BY RENT
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.
33%
16%
15%
14%
9%
8%
3%
Government administration
Transport and storage
Manufacturing
Retail trade
Property and business services
Wholesale trade
Finance and insurance
Health and community services
All other
54%
9%
6%
6%
6%
5%
5%
3%
All other
MBIE
General Distributors Limited
Cardinal Logistics Limited
Statistics New Zealand
Kainga Ora
The Warehouse Limited
Carr & Haslam Limited
Ministry of Housing and Urban
Development
PBT Transport Limited
New Zealand Post Limited

Argosy Property Limited
Industrial
Office
Large format retail
Sector Summary
Number of buildings
33
Market value of assets ($m)
$1,128.9
Occupancy (by income)
100%
Weighted average lease term (WALT)
5.6 years
Number of buildings
13
Market value of assets ($m)
$775.5
Occupancy (by income)
88%
Weighted average lease term (WALT)
4.5 years
Number of buildings
4
Market value of assets ($m)
$204.7
Occupancy (by income)
100%
Weighted average lease term (WALT)
5.0 years
35

Argosy Property Limited
Portfolio snapshot
36
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.
35.9
31.1
35.1
36.5
35.7
0
10
20
30
40
FY21FY22FY23FY24FY25
Debt-to-total-assets (%)
99.0
98.7
99.3
96.7
96.5
0
20
40
60
80
100
FY21FY22FY23FY24FY25
Occupancy (%)
1.53
1.74
1.58
1.45
1.53
0.00
0.50
1.00
1.50
2.00
FY21FY22FY23FY24FY25
Net Tangible Assets ($ per share)
5.5
5.7
5.4
5.2
5.1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
FY21FY22FY23FY24FY25
WALT (years)

Argosy Property Limited
Thank you
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.
21 May 2025
37

---

1
21.05.2025
Results Announcement
Results for announcement to the market
Name of issuer Argosy Property Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $116,882 0.4%
Total Revenue $116,882 0.4%
Net profit/(loss) from continuing operations $125,856 331.0%
Total net profit/(loss) $125,856 331.0%
Final Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00217951
Record Date 11 June 2025
Dividend Payment Date 25 June 2025
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $1.53 per share $1.45 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 21/05/2025

Audited financial statements accompany this announcement.

---

attracts
QUALITY
Annual Report
2025
QUALITY

When your goal is to build
a better future for all your
stakeholders,
QUALITY in
everything you do is essential.
By investing in achieving

the highest standards of property
development and management
we attract and retain top
QUALITY
tenants to our portfolio.
And that leads to the highest
QUALITY outcomes for investors.
Argosy Property LimitedAnnual Report 202502

Contents
Building a better future04
2025 highlights10
Chairman's review14
Management report16
Numbers at a glance22
Our Leadership & Governance24
Consolidated Financial Statements30
Independent Auditor's Report58
Corporate Governance61
Investor Statistics77
Directory81
Argosy Property LimitedAnnual Report 202503

We look to drive quality and value
in every property in our portfolio.
We actively seek opportunities to
maintain and advance a property’s
features in order to enhance our
tenants’ efficiency, productivity
and wellbeing and to add value to
a property’s fundamentals.
Developing and managing
QUALITY properties
Argosy Property LimitedAnnual Report 202504

Mt Richmond Drive, Mt Wellington
The Mt Richmond development will happen
in three stages. The first, due for completion
in April 2026, includes a 10-year lease to
Viatris Limited (6,633 sqm). Additional
warehouse platforms are available for lease
or development. The second stage will add
9,500 sqm across two buildings.
The buildings will feature state-of-the-
art sustainability innovations including
low-carbon design, advanced stormwater
management, flood protection, EV truck
charging, energy-efficient lighting, solar
panels and rainwater harvesting to reduce
environmental impact.
Marilyn Storey, Argosy's Head of
Development, said, “Mt Richmond Drive is
an excellent example of a well considered
development designed to drive productivity
and employee wellbeing while making a
significant and positive impact on the planet.
It represents the standard of quality that
high-calibre tenants now require.”
This development is targeting a
6 Green Star As Built rating.
CASE STUDY
TARGETING A
6 GREEN STAR
AS BUILT RATING
STRATEGIC
MT WELLINGTON
LOCATION

Argosy Property LimitedAnnual Report 202505

We believe in doing things right and
doing them well. This comes through in
our thinking, in our people, and in our
balanced approach. We always take a
long-term view to benefit communities
and the environment.
QUALITY in
everything we do
HIGHLY
COMMENDED
8 Willis Street/Stewart
Dawsons Corner
At the World’s Green Building
Council’s Asia Pacific Leadership
Awards in sustainable design
and performance.
The development at 8 Willis
Street/Stewart Dawsons Corner,
Wellington has been awarded a
Highly Commended at the World
Green Building Council’s Asia Pacific
Leadership Awards. This international
recognition places it among the best
Asia Pacific sustainable buildings,
making it a benchmark for green
building excellence.
Already the recipient of New Zealand’s
2024 Supreme Property Award and
numerous international structural
engineering accolades, this office
development stands as a world-class
example of healthy work environments,
sustainable design and high
performance workspaces.
Along with showcasing our ability to
retain the heritage aspects of an iconic
Wellington building, this development
showcases our unique retrofit
approach to sustainable development.
Argosy Property LimitedAnnual Report 202506

+
Saatyesh Bhana
Argosy’s Head of Sustainability
Our Head of Sustainability, Saatyesh
Bhana, has been recognised with
the C3 Construction Excellence in
Sustainability Award at the 2024
Auckland Property People Awards.
Judges praised his passion and
leadership, highlighting his nearly
20-year impact on New Zealand’s
sustainability journey. Saatyesh
has led numerous major green
retrofit projects that have set new
benchmarks in energy efficiency and
environmental innovation. He has
also led the Green Bonds and Green
Reporting initiatives that have
shaped our sustainability strategy.
Community support programme
We are committed to driving better
long-term outcomes for the many
communities we are part of. Our
community support programmes
help our partners thrive.
Over the last year we have fostered
long-term community partnerships
with quality organisations such as
Variety, The Spirit of Adventure
Trust, numerous Surf Lifesaving
clubs, Keystone Trust and
many more.
These are all organisations whose
values align with ours and who, like
us, work hard to ensure a better
future for more New Zealanders.
EXCELLENCE IN
SUSTAINABILITY
GOOD CORPORATE
CITIZENS
Argosy Property LimitedAnnual Report 202507

The recent CBRE Sustainability report
highlights that tenants value quality
developments that enhance their
operations, make them more resilient
and support them in advancing their
sustainability commitments.
And that’s been our experience, with our
quality spaces attracting the highest
quality tenants.
Attracting the highest
QUALITY tenants
224B Neilson Street, Onehunga
Argosy has successfully secured a 12-
year lease with national business Bascik
Transport for 6,500 sqm, starting mid-
April 2025. The building is a premium-
grade industrial facility certified by the
New Zealand Green Building Council
with a 6 Green Star – NZ Design &
As Built NZv1.0 rating, representing
“World Leadership”.
Bascik Transport is a transportation,
logistics, supply chain and storage
provider that has been operating for
over 50 years, emphasising operational
efficiency, people and sustainability.
Tony Bascik, Managing Director, stated:
“Both parties have worked efficiently
together to establish a premium
distribution site within a short timeline.
Racking, warehouse setup and moving
in 9,000 pallets were all completed
within 12 weeks. It’s clear that Argosy
shares similar values and vision, enabling
timely execution.”
Additionally, the large warehouse at
224A Neilson Street, comprising 15,300
sqm is on track for completion in August
2025, with strong current leasing
enquiry coming from potential tenants
with a desire for a more sustainable
work environment.
Saatyesh Bhana, Argosy’s Head of
Sustainability said, “With over two
decades of management experience and
a decade of implementing sustainability
practices, we have honed our strategies to
offer cost-effective, sustainable solutions
to our tenants.”
The Neilson Street development focuses
on delivering a building adaptable to the
occupant’s current and future needs. The
occupied areas are column-free, allowing
flexible space usage configurations.
The project specification benefits the
occupant with energy efficiency and
comfort. It features a hydronic air-
conditioning system using air-to-air heat
recovery, smart LED lighting, PV solar
arrays to run the whole site and additional
electricity and water meters to target
BASCIK
TRANSPORT
224B NEILSON STREET
ONEHUNGA
CASE STUDY
Argosy Property LimitedAnnual Report 202508

2. Future proofed
– EV charging and
truck charging capacity.
3. Energy efficient lighting,
solar panels and
rainwater harvesting
ensures the development
makes the most of the
site and reduces the
environmental impact.
4. Certified 6 Green Star
Built rating, joining our
growing portfolio of
quality green buildings.
1. A number of features of the property
are well suited to the logistics, supply
chain, transport operations of Basick.
further reductions. Rainwater harvesting
is used for flushing toilets, irrigation and
cleaning the building and solar panels.
The Building Management System
provides a graphical illustration of the
building functions, allowing tenants to
view real-time data.
In addition, low carbon concrete is used,
with cement substitutes of up to 20%,
significantly reducing carbon emissions.
Stormwater management is addressed
through advanced overland flowpaths
designed to handle high rainfall events,
ensuring effective water management.
The buildings are designed with a high
freeboard that is double the building
code requirement, to provide additional
protection against flooding.
With the completion of 224 Neilson
Street, Argosy’s industrial portfolio
weighting will increase to 54%, moving
closer to our target band of 60-70%. We
look forward to sharing more updates on
this development.
6
Desig
n
Argosy Property LimitedAnnual Report 202509

$116.9m
Net
Property
Income
0.4%
2025 highlights
6.65cps
FY26
dividend
guidance
$72.7m
Revaluation
gain for the
ye a r, 3.6%
on book value
96.5%
Occupancy
5.1yrs
$1.53
Weighted
average
lease term
(WALT)
Net Tangible
Assets
(per share)
Argosy Property LimitedAnnual Report 202510

53%
3 5.7 %
71%
33%
Industrial weighting
Gearing
Auckland weighting
Government sector
rental income
$70,800
of community sponsorship in 2025
Social
Sustainability
6 Green
Star
6 Green Star Design and Build
certification in progress for the industrial
property located at 224B Neilson Street
33%
Completed green assets
percentage of portfolio
To i t ū
Maintained a Toitū Certified Net
Carbon Zero certification since 2020
Argosy Property LimitedAnnual Report 202511

Building a
better future
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
Proactive delivery of
sustainable growth
A business culture that is
environmentally focused
Executing green Value Add
portfolio opportunities to drive
earnings and capital growth
A commitment to funding for
green assets
A business that is adaptable
and responsive to change
Maintaining strong and
valued relationships across
all stakeholders
A commitment to management
excellence delivering earnings
and dividend growth
Ensuring safe working
environments for Argosy
and its partners
A diversified portfolio by sector
and region
A diversified asset allocation
across sectors to reduce volatility
and widen growth opportunities
Targeting strategic growth
opportunities with green potential
and a focus on the Auckland
Industrial market
Maintaining a portfolio of
high quality, well located
Core assets with growth potential
Argosy Property LimitedAnnual Report 202512

Argosy Property LimitedAnnual Report 202513

Sustainable
dividend growth
over the long term
“Greening our portfolio towards more sustainable
buildings, with appropriate certifications validating
their quality, will drive long term shareholder value.”
Argosy Property LimitedAnnual Report 202514
Chairman's review

On behalf of the Board of Directors, it's my pleasure
to present Argosy’s 2025 Annual Report.
The business has performed well in the second half of the year,
despite difficult market conditions. The Board is pleased by
the progress made towards our sustainability goals evidenced
by the green buildings completed, certifications achieved
and the commencement of new developments. We believe
greening our portfolio towards more sustainable buildings, with
appropriate certifications validating their quality, will drive long
term shareholder value.
The Company won the Supreme Award at the Property Council
of New Zealand Awards for the 6 Green Star Built property
at 8 Willis Street/Stewart Dawsons Corner. The Property
Council Awards is a prestigious awards program that recognises
excellence in design and innovation in the built environment.
The Board congratulates staff and all the Company’s partners
who worked on the project. Additionally, the same building was
Highly Commended at the World Green Building Council’s Asia
Pacific Leadership in Green Buildings Awards (one of only three
buildings to be recognised in this category).
8 Willis Street/Stewart Dawsons Corner continues the
Company’s growing expertise in retrofitting existing buildings to
create modern, attractive working environments for our tenants
and their people. We will continue to target strategic growth
opportunities with green potential – with Auckland Industrial
being the current focus.
The Board is comfortable with the company's capital position
and balance sheet strength. The sale of 8 Forge Way, Auckland,
was settled for $35.2 million in March and proceeds will be
applied to our green developments at 224 Neilson Street and
Mt Richmond. The business has sufficient funding capacity to
accommodate medium term development requirements.
Inflation is now within the Reserve Bank’s target band, and
interest rates have fallen to more reasonable levels, albeit the
cash rate is still higher than the Reserve Bank’s estimate of the
neutral rate. The Company has reported a revaluation gain of
$72.7 million this year, primarily driven by market rental growth.
This compares to a revaluation loss of $111.7 million in the last
financial year.
Argosy continues to follow an investment policy focused
on a diversified high quality portfolio underpinned by our
sustainability strategy. Key policy targets include a weighting
to Industrial of 60-70% and a weighting to Auckland of 70-80%.
Governance and succession planning
Argosy’s Annual Shareholders Meeting (ASM) will be held
as a hybrid meeting on 22 July 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.
At the last ASM, the Board noted it is focused on ensuring
there is appropriate succession planning in place at Board
level. The first step in that process saw Alex Cutler join the
Board in October 2024. Alex has global experience working
with multinational organisations to assist their understanding
of the strategic importance of sustainability. Alex will stand for
election at the 2025 Annual Shareholders Meeting.
Dividends
A fourth quarter dividend of 1.6625 cents per share has been
declared for the March quarter with imputation credits of
0.217951 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 0.098902 cents per share to offset non-resident
withholding tax.
Dividend guidance for FY26 is 6.65 cents per share, consistent
with the FY25 year. Our dividend policy is to pay between
85-100% of AFFO earnings (note the Board is comfortable being
outside policy for limited periods to reduce dividend volatility).
Based on current projections, we expect the dividend payout for
FY26 to be within, but at the top end, of the policy range.
Outlook
Whilst the removal of tax depreciation on buildings from 1 April
2024 imposed a significant additional tax impost on Argosy,
previous highly restrictive interest rates appear to be behind
us. This, along with the prospect of slowly improving economic
conditions, provides us with some optimism for the year ahead.
The key strategic goal around greening the portfolio, in
particular making progress with our green industrial projects
at Neilson Street and Mt Richmond, will support resilient and
sustainable dividend growth to shareholders over the long term.
The Management team will also remain focused on addressing
near term lease expiries within the portfolio and ensuring that
our tenant retention rate remains high.
Jeff Morrison
Chairman
FY25 FULL YEAR DIVIDEND
6.65cps
Consistent with the prior year
FY26 DIVIDEND GUIDANCE
6.65cps
Consistent with the FY25 dividend
Argosy Property LimitedAnnual Report 202515

A clear focus
on sustainability
“Our green developments will deliver certainty and
stability to our cashflows and earnings.”
Argosy Property LimitedAnnual Report 202516
Management report

Key results for the period include:
•
Net property income for the period of $116.9 million, up 0.4%
on the prior comparable period;
•$72.7 million revaluation gain for the 12 months to 31 March
($111.7 million revaluation loss in the prior comparable
period), up 3.6% on book value, contributing to a full year
net profit after tax of $125.9 million (loss of $54.5 million in
the prior comparable period);
•Net distributable income of $55.8 million, the same as the
prior comparable period (note this year Argosy incurred
incremental tax expense of $2.8 million, following the
Government’s removal of tax deductions for depreciation
on buildings);
•Sound portfolio metrics, with occupancy at 96.5% and WALT
of 5.1 years;
•NTA per share of $1.53 up from $1.45 at 31 March 2024;
•Portfolio gearing steady at 35.7%, in the middle of the target
band of 30-40%;
•Divested and settled the non Core asset at 8 Forge Way for
$35.2 million, achieving above book value;
•Successful portfolio leasing and rent review outcomes,
including 3.5% annualised rental growth on rents reviewed
and 86% tenant retention rate;
•Progress on green developments, continuing our portfolio
transformation and progress to a 50% green portfolio by
2031 (37.2% at 31 March 2025);
•Argosy achieved notable success at the annual Property
Council of New Zealand (PCNZ) Awards. The company
won the Supreme Award for its 6 Green Star Built
property located at 8 Willis Street/Stewart Dawsons Corner.
This property was also Highly Commended at the World
Green Building Council’s Asia Pacific Leadership in Green
Buildings Awards.
•Additionally, the 6 Star Green Built property at 105 Carlton
Gore Road received an Excellence Award at the PCNZ
Awards. These accolades further underscore the quality of
our portfolio and our commitment to sustainable practices;
•Appointment of Alex Cutler to the Board, as part of the Board
succession process; and
•FY26 dividend guidance of 6.65 cents per share, consistent
with the prior year.
Difficult economic conditions and restrictive interest rate
settings persisted for most of this financial year (although some
welcome relief is in sight). 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.
Our portfolio occupancy at 96.5% is solid, however our core
focus over the next twelve months will be to address residual
vacancy and near term expiries. We continue to receive good
enquiry for green properties with their vibrant and engaging
environments, which reinforces our overall strategic direction.
Our green industrial development projects at 224 Neilson Street
and Mt Richmond in Auckland (along with future developments
including the industrial property at 291 East Tamaki Road,
Auckland) underpin our strategic goal of increasing our
Industrial weighting and greening half our portfolio by 2031.
There is growing evidence around rental premiums between
green and non-green buildings. A recent CBRE sustainability
report found that more than 50% of Prime and B-Grade office
occupiers are willing to pay a premium to be in space with
high environmental performance (≥ 5 Green Star or NABERSNZ
ratings). Green ratings also have a high correlation with building
quality and occupancy.
Financial Results
STATEMENT OF COMPREHENSIVE INCOME
Argosy reported net property income of $116.9 million for
the period, which was consistent with the prior comparable
period. Interest expense of $41.6 million was lower than the
prior comparable period ($44.0 million). This was due to a
combination of lower overall debt levels, lower rates and higher
capitalised interest.
Annual valuations for the year to 31 March 2025 were
performed by CBRE Limited, Colliers International New Zealand
Limited and Jones Lang LaSalle Limited. The total unrealised
revaluation gain was $72.7 million, or 3.6% on book value,
which compares to an unrealised revaluation loss for the year
to 31 March 2024 of $111.7 million. An increase in net market
rentals was the key driver of the revaluation increase. Of the
annual increase, $8.7 million was recognised in the interim
result at 30 September 2024.
By sector, Industrial increased by $60.6 million or 5.7%. The
Office portfolio increased by $4.1 million or 0.5%, and Large
Format Retail increased by $8.0 million or 4.0%. The portfolio is
11.0% under-rented, excluding market rent on developments.
As a result of the FY25 revaluations, Argosy’s NTA increased
to $1.53 per share from $1.45 at 31 March 2024. Following the
revaluation, Argosy’s portfolio shows a contract yield on values
of 6.00% and a yield on fully let market rentals of 6.85%.
The revaluation gain contributed to the net profit after tax of
$125.9 million, compared to a net loss of $54.5 million in the
prior year.
NET PROPERTY INCOME
$116.9m
Up 0.4% on prior period
ANNUALISED RENTAL GROWTH OF
3.5%
On rents reviewed
Argosy Property LimitedAnnual Report 202517

DISTRIBUTABLE INCOME
Net distributable income (NDI) for the year was $55.8 million,
the same as the prior comparable period. NDI has been
negatively impacted in this period by incremental tax expense
of $2.8 million, following the Government’s removal of tax
deductions for depreciation on buildings.
Portfolio Metrics, Rent Reviews and Leasing
The financial year was influenced by tight economic conditions,
high interest rates and geopolitical uncertainty. The team has
worked hard to deliver solid core operating metrics including
occupancy, rental growth and leasing outcomes.
As at 31 March, Argosy’s WALT was 5.1 years and portfolio
occupancy was 96.5%.
Over the financial year, Argosy completed 105 rent reviews,
achieving annualised rental growth of 3.5%. These reviews were
achieved on rents totalling $76.5 million.
On rents subject to review by sector, Argosy achieved
annualised rental growth of 4.2% for Industrial rent reviews,
2.5% for Office rent reviews and 3.3% for Large Format Retail
rent reviews. Over the financial year, 81% of rents reviewed were
subject to fixed reviews, 10% were market reviews and 9% were
CPI based.
Argosy completed 54 leasing transactions across 57,100m
2
of
NLA during the year. Lease transactions were made up of new
leases (22), renewals (24) and extensions (8).
Key leasing highlights over the year include:
•Cotton On Clothing Limited, Albany Mega Centre - 1,718m
2
on a 10 year renewal;
•Mitchell Vranjes Consulting Engineers Limited, 8 Nugent
Street - 810m
2
on a 6 year renewal;
•Trust Investments Management Limited, 105 Carlton Gore
Road - 529m
2
on a new 8 year lease;
•New Zealand Educational Institute, 101 Carlton Gore Road -
984m
2
on a new 7 year lease;
•Booths Logistics Limited, 32 Bell Avenue - 8,790m
2
on a new
3 year lease;
•Henkel New Zealand Limited, 12 Allens Road - 2,344m
2
on a
new 10 year lease;
•Steel E.D. & Patton Limited, 39 Randwick Road - 2,304m
2
on
a new 12 year lease;
•Lighthouse Financial Services, 23 Customs Street - 656m
2
on a new 5 year lease;
•Farmers, Albany Mega Centre - 3,336m
2
  on a 6
year renewal;
•The Warehouse, Cavendish Drive - 9,427m
2
  on a 6 year
renewal; and
•Belton IT Nexus, 101 Carlton Gore Road - 500m
2
on a new 4
year lease.
We are pleased with the efforts of the team this year. We have
managed to retain many valued tenants and also attract new
tenants to the portfolio.
The softer leasing environment was offset to some degree by
the ongoing strong bottom-up fundamentals for the Industrial
sector. This sector continues to show low forecast vacancy and
positive rental growth and is forecast to deliver solid returns
over the next four years. Our portfolio was 53% weighted to
Industrial at 31 March 2025 and, following the completion of
our pipeline of green Value Add development Industrial sites,
will continue to increase toward our target weighting of 60-70%
over the medium term.
Divestment of non Core Assets
The non Core property at 8 Forge Way, Auckland, was
unconditionally sold in FY24 for $35.2 million and settled in
March 2025.
A further seven properties have been identified as non Core,
with a combined current book value of $147 million, and these
properties are expected to be divested over the medium term.
Developments
224 NEILSON STREET
This project is the first of Argosy’s Value Add green industrial
estates and the development is progressing well. The 3.5ha
site is strategically located, 8km from the Auckland CBD with
excellent access to State Highway 1, State Highway 20 and the
wider transport network.
Argosy has successfully secured a 12-year lease agreement with
national business, Bascik Transport, for the first warehouse and
this lease commenced in April 2025.
Additionally, the second warehouse at  Neilson Street,
comprising 15,300 sqm of NLA, is on track for completion in
September this year, with solid current leasing enquiry.
Both warehouses are targeting 6 Green Star Design and As
Built ratings. The design team have incorporated a wide range
of green initiatives to help achieve the 6 Star rating, including
low carbon concrete, rainwater harvesting, solar electricity
generation and intelligent lighting and air conditioning. With
approximately 1,880 solar panels, generating over 1.2GWh of
energy annually, on completion the facility will have one of the
largest rooftop photovoltaic installations in the country.
Following completion, 224 Neilson Street is expected to have an
end value of $110 million, with a yield on development cost of
5.7%, and a development margin of 11.2%.
MT RICHMOND
Mt Richmond is a 10.6 hectare Value Add green development
site in the central industrial precinct of Mt Wellington, only 15km
from the Auckland CBD. The Mt Richmond development is an
important part of our long term strategy given our positive view
of the Industrial sector over the long term.
The first building at Mt Richmond has been committed with
a new 10-year lease agreement with the global healthcare
company Viatris Ltd (with lease commencement in the first
quarter of 2026). This building includes 6,633 sqm of NLA and
is targeting a 6 Green Star Built rating.
The business park has very solid metrics, including an IRR
of 9.4%, a yield on cost of 6.2% and a development margin
of 18.7%.
The addition of Bascik Transport and Viatris underscores
Argosy's strong market position and the growing demand for
high-quality, sustainable warehouse/office space.
Argosy Property LimitedAnnual Report 202518
Management report

Acquisitions
There were no acquisitions during this financial year. However,
in November 2024, Argosy unconditionally contracted to
purchase 291 East Tamaki Road (and adjacent titles). This is
a 4.6 hectare, level site in a well-established industrial precinct,
just 2km’s from State Highway 1.
The initial purchase price and attendant capital works is
$60 million, and the fully-let holding return is 5.0%. The site
is currently 58% leased, with the balance expected to be
leased up soon after settlement, in August 2025. This strategic
acquisition, when developed to a high 6 Green Star Built
standard, will position the portfolio closer to the target Industrial
weighting of 60-70%.
This location is excellent and is already generating strong
leasing interest. We will be well-placed to capitalise on strong
prospective net absorption for Auckland Industrial in the
coming years.
Capital Management
As at 31 March, Argosy’s debt to total assets ratio, excluding
capitalised borrowing costs, was 35.7% compared to 36.5% at
31 March 2024, and 37.2% at the half-year.
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%.
Banking Facilities
In July, Argosy extended its syndicated bank facilities with
ANZ Bank New Zealand Limited, Bank of New Zealand Limited,
Commonwealth Bank of Australia, Westpac New Zealand
Limited and Industrial and Commercial Bank of China Limited.
The new Tranches and expiries are:
Tranche A: $210 million, expiry 1 October 2027.
Tranche B: $215 million, expiry 1 October 2028.
Tranche D: $100 million, expiry 1 October 2029.
Argosy’s weighted average debt tenor, including bonds,
was 2.7 years at 31 March 2025 (2.3 years at 31 March
2024). The weighted average interest rate was 5.1% (5.6% at
31 March 2024).
Argosy has $100 million of green bonds (ARG010) maturing
in March 2026. These bonds will be refinanced during this
financial year.
Trends/Outlook
The strong bottom up fundamentals of the Industrial sector
will continue to underpin growth. As economic conditions
improve, it’s expected the imbalance between new supply and
net absorption (demand) will abate, reducing vacancy and
improving rents.
In the Office sector flexible working environments continue,
but full-time remote work is declining and the building
environment is increasingly in focus by employers as a means
to get staff back to the office. The Government’s desire to
get more employees back to the office will be positive for
Argosy. Although there are some cutbacks in Wellington, past
trends indicate that core civil service numbers are resilient.
Many firms are looking to increase unassigned seating (hot
desking), but are also looking for more collaborative spaces
(two discrepant trends) and Argosy is looking to position the
portfolio accordingly.
Although national retail sales decreased over the year to
September 2024, confidence is improving. Argosy’s retail
exposure is limited to Large Format Retail which is expected
by CBRE to provide relatively high returns over the next 4 years.
Argosy is very well placed. It has a strong balance sheet and
a growing, high quality portfolio of diversified properties with
a clear focus on sustainability and green assets. Gradually
increasing our weighting to Industrial through our pipeline of
green developments will deliver certainty and stability to our
cashflows and earnings.
The Management team, as always, will remain focused on
addressing near term lease expiries within the portfolio and
ensuring that our tenant retention rate remains high.
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 202519

Investment Framework
Argosy has a Clearly Defined Investment Strategy
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). 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 $42.2 million. Liquid
properties, which are properties that could potentially be under
contract within a short period, currently represent 18% of the
portfolio or $380.4 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 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 75-76 of this
report for more detail on key risks and mitigations.
PORTFOLIO MIX BY SECTOR
53%Industrial
37%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 202520
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
24–28 Highgate Parkway Auckland
Argosy Property LimitedAnnual Report 202521

INDUSTRIAL SECTOR WEIGHTING
53%
AUCKLAND PORTFOLIO VALUE
71%
Numbers at a glance
107 Carlton Gore Road Auckland
Unit of
measureIndustrialOffice
Large Format
RetailTotal
Number of buildingsno. 33 13 4 50
Market value of assets$m 1,129 776 205 2,109
Net lettable aream² 371,172 127,859 50,204 549,235
Occupancy factor by rent%100.0%92.8%100.0%96.5%
Weighted average lease termyears 5.6 4.5 5.0 5.1
Average value$m 34.2 59.7 51.2 42.2
Passing yield
1
%5.54%6.32%6.89%6.00%
1. Passing yield excludes 224 Neilson Street & 8-14 Mt Richmond Drive.
Argosy Property LimitedAnnual Report 202522

0
5
10
15
20
Mar-36+Mar-35Mar-34Mar-33Mar-32Mar-31Mar-30Mar-29Mar-28Mar-27Mar-26Vacant
10.5
7.3
0.6
4.7
10.5
5.5
11.2
8.1
17.9
14.9
5.3
3.5
Per
centage of portfolio by income
NEW LEASES COMPLETED IN FY25 by sector
Floor Area
(sqm)
Average
Lease Term
(years)
No. of
Leases
Industrial24,7767.012
Office9,8374.731
Large Format Retail22,4926.611
Total57,1056.254
RENT REVIEWS IN FY25 by sector
No. of
Reviews
Annualised
Rent
Increase
Increase
over
Contract ($)
Industrial344.2%1,738,531
Office542.5%772,324
Large Format Retail173.3%204,281
Total1053.5%2,715,136
TOTAL PORTFOLIO VALUE
by sector
LEASE EXPIRY PROFILE
by rent
TOTAL PORTFOLIO VALUE
by region
PORTFOLIO MIX
by type
71% Auckland
26% Wellington
3% North Island regional or
South Island
80% Core properties
13% Value Add properties
7% Properties & land to divest
ANNUALISED RENT GROWTH
3.5%
On rents reviewed
CORE PROPERTIES
80%
Of total portfolio
53% Industrial
37% Office
10% Large Format Retail
Argosy Property LimitedAnnual Report 202523

Our Leadership
& Governance
Argosy Property LimitedAnnual Report 202524
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 interests;
•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 61-68 of this report.

Annual Meeting
Argosy’s Annual Shareholders Meeting (ASM) will be held as
a hybrid meeting on 22 July 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 2025 Retail Roadshow schedule has been finalised. Chief
Executive Officer Peter Mence, is planning a 12 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)
23 MAY 2025
Annual Retail Roadshow commences and ends Monday
16 June.
25 JUNE 2025
Final quarter FY25 dividend payment.
22 JULY 2025
Annual Shareholders Meeting.
SEPTEMBER 2025
1
st
Quarter FY26 dividend payment.
NOVEMBER 2025
FY26 Interim results release.
DECEMBER 2025
2
nd
Quarter FY26 dividend payment.
ANNUAL MEETING
22 July
Hybrid meeting to be held in Auckland
ANNUAL RETAIL ROADSHOW STARTS
23 May
12 city retail roadshow commences
Argosy Property LimitedAnnual Report 202525

Director since July 2013
Mr Morrison has 40 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 Institute of
Directors in New Zealand.
Jeff Morrison
Chair
Director since October 2024
Ms Cutler, until recently the CEO and Chief Sustainability
Officer at RDT Pacific, is a prominent figure in the property
industry and a dedicated sustainability expert. Prior to her
current role, Alex served as CEO of the New Zealand Green
Building Council for six years. 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.
Alex Cutler
Director
Director since November 2018
Mr Gudgeon has been involved in property investment,
development and construction in New Zealand for more than 25
years. He was previously Chief Executive of Kiwi Property Group
and Capital Properties NZ Ltd. He is currently a director of National
Infrastructure Funding and Financing Limited  and Ngāti Whātua
Ōrākei Whai Rawa Limited. Mr Gudgeon holds an MBA from the
Wharton School, University of Pennsylvania and a Bachelor of
Engineering degree from The University of Canterbury. He is a
Fellow of the Royal Institute of Chartered Surveyors and is a past
President of Property Council New Zealand.
Chris Gudgeon
Director
Meet our
Board of Directors
Argosy Property LimitedAnnual Report 202526
Our Leadership & Governance

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.
Martin Stearne
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.
Stuart McLauchlan
Director
Director since February 2019
Mr Pohio has 25 years of senior executive and governance
experience across a range of industries including property,
investment, port/logistics and dairy. He is Chairman of several Iwi
investment companies and a director on the board of Kiwi Group
Capital. Mr Pohio holds an MBA from IMD, Lausanne, an FCA
from Chartered Accountants Australia and New Zealand and is a
Chartered Fellow of the New Zealand Institute of Directors.
Mike Pohio
Director
Director since August 2019
Ms Winder has over 20 years commercial property experience
including development, strategy, portfolio management, financial
management and leading teams. Her experience spans both
private, corporate and government, particularly construction,
telecommunications and financial services. Ms Winder has a
particular interest in how property strategy can be an enabler
for business performance. Currently consulting and on multiple
boards, Rachel holds an MBA from the University of Otago and
a Bachelor of Property from Auckland University. She is also a
member of Property Council New Zealand and the New Zealand
Institute of Directors.
Rachel Winder
Director
Argosy Property LimitedAnnual Report 202527

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 and 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 Saint
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 the
Jupiter Group.
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 202528
Our Leadership & Governance

Financial Summmary
NET PROPERTY INCOME
$m
106.5106.5
105.1105.1
112.8112.8
116.5
116.5
116.9116.9
FY21FY22FY23FY24FY25
0
40
80
120
160
NET DISTRIBUTABLE INCOME
cents per share
8.148.14
7.687.68
7.58
7.58
6.58
6.586.586.58
FY21FY22FY23FY24FY25
0.00
2.00
4.00
6.00
8.00
10.00
DEBT-TO-TOTAL-ASSETS
percentage
35.935.9
31.131.1
35.135.1
36.5
36.5
35.7
35.7
FY21FY22FY23FY24FY25
0
10
20
30
40
50
FINANCIAL SUMMARY
Unit of
measure
FY2021FY2022FY2023FY2024FY2025
Net property income$m106.5105.1112.8116.5116.9
Profit before financial income/(expenses) and other
gains/(losses) and tax$m95.693.3102.0104.9105.5
Revaluation gains on investment property$m157.7163.7(146.6)(111.7)72.7
Profit for the year (before taxation)$m248.4241.2(70.9)(50.8)138.1
Profit for the year (after taxation)$m241.7236.2(80.8)(54.5)125.9
Earnings per sharecents29.0428.01(9.55)(6.43)14.83
Gross distributable income per sharecents8.618.038.117.237.56
Net distributable income per sharecents8.147.687.586.586.58
Total assets$m2,156.82,291.52,212.62,069.02,162.2
Debt-to-total-assets%35.931.135.136.535.7
Net assets backing per sharecents153174158145153
Cash dividend per sharecents6.456.556.656.656.65
Shares on issue at year endm839.5846.6846.7847.2856.5
Total equity$m1,280.61,472.11,335.71,228.91,307.8
PROPERTY METRICS
Unit of
measure
FY2021FY2022FY2023FY2024FY2025
Number of tenantsno.157157158155164
Number of properties
1
no.5553545050
Average property value$m36.641.739.739.542.2
Net lettable areasqm632,872629,449643,693624,814549,235
Total book value$m2,010.82,207.52,144.81,973.82,109.1
Weighted average lease termyears5.515.675.395.175.07
Occupancy factor by rental%99.098.799.396.796.5
Occupancy factor by area%99.399.499.597.997.3
1.Certain titles have been consolidated and treated as one. The total number of buildings excludes properties held for sale.
Argosy Property LimitedAnnual Report 202529
Our Leadership & Governance

105 Carlton Gore Road, Auckland
Consolidated
Financial Statements
Argosy Property LimitedAnnual Report 202530

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 202531

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
Restated
1
Note
Group
2025
$000s
Group
2024
$000s
Non-current assets
Investment properties
5
2,148,8962,013,753
Derivative financial instruments
6
584,784
Other non-current assets
7
3,173283
Total non-current assets2,152,1272,018,820
Current assets
Cash and cash equivalents
6
1,4381,829
Trade and other receivables
6,8
2,1162,070
Derivative financial instruments
6
8165,072
Other current assets
9
5,7275,996
10,09714,967
Investment property classified as held for sale
5, 10
–35,200
Total current assets10,09750,167
Total assets
4
2,162,2242,068,987
Shareholders' funds
Share capital
11
829,900820,557
Share based payments reserve
12
532475
Retained earnings
13
477,343407,896
Total shareholders' funds1,307,7751,228,928
Non-current liabilities
Interest bearing liabilities
14
655,982738,057
Derivative financial instruments
6
19,59130,532
Non-current lease liabilities
25
39,69239,826
Deferred tax
20
15,60811,638
Total non-current liabilities730,873820,053
Current liabilities
Interest bearing liabilities
14
100,000–
Trade and other payables
15
18,20714,447
Taxation payable1,7881,377
Current lease liabilities
25
134127
Derivative financial instruments
6
571–
Other current liabilities
16
2,8764,055
Total current liabilities123,57620,006
Total liabilities854,449840,059
Total shareholders' funds and liabilities2,162,2242,068,987
For and on behalf of the Board
Jeff Morrison
Director
Stuart McLauchlan
Director
Date: 20 May 2025
1. Refer to note 3.
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202532
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Restated
1
Note
Group
2025
$000s
Group
2024
$000s
Gross property income from rentals132,732131,015
Gross property income from expense recoveries22,99522,136
Property expenses(38,845)(36,690)
Net property income
4
116,882116,461
Administration expenses
17
11,41211,571
Profit before financial income/(expenses), other gains/(losses) and tax105,470104,890
Financial income/(expenses)
Interest expense
18
(41,599)(43,966)
Gain/(loss) on derivative financial instruments held for trading1,387637
Interest income257315
(39,955)(43,014)
Other gains/(losses)
Revaluation gains/(losses) on investment property
5
72,666(111,691)
Realised gains/(losses) on disposal of investment property
5
(41)(988)
72,625(112,679)
Profit/(loss) before income tax attributable to shareholders138,140(50,803)
Taxation expense
19
12,2843,691
Profit/(loss) and total comprehensive income/(loss) after tax125,856(54,494)
All amounts are from continuing operations.
Earnings/(loss) per share
Basic and diluted earnings/(loss) per share (cents)
22
14.83(6.43)
1. Refer to note 3.
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202533

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Restated
1
Note
Group
2025
$000s
Group
2024
$000s
Shareholders' funds at the beginning of the year1,228,9281,335,695
Restatement
3
–3,773
Restated shareholders' funds at the beginning of the year1,228,9281,339,468
Profit/(loss) and total comprehensive income/(loss) for the year125,856(54,494)
Contributions by shareholders
Issue of shares from Dividend Reinvestment Plan
11
9,371–
Issue costs of shares
11
(28)–
Dividends to shareholders
13
(56,409)(56,336)
Equity settled share based payments
12
57290
Shareholders' funds at the end of the year1,307,7751,228,928
1. Refer to note 3.
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202534
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Note
Group
2025
$000s
Group
2024
$000s
Cash flows from operating activities
Cash was provided from:
Property income155,687155,527
Interest received257315
Cash was applied to:
Property expenses(37,402)(36,809)
Interest paid(38,749)(41,104)
Interest paid for ground lease(1,998)(2,004)
Employee benefits(7,272)(6,485)
Taxation paid(7,383)(4,427)
Other expenses(4,177)(4,828)
Net cash from/(used in) operating activities
21
58,96360,185
Cash flows from investing activities
Cash was provided from:
Sale of properties, deposits and deferrals35,06957,167
Cash was applied to:
Capital additions on investment properties(57,418)(35,843)
Capitalised interest on investment properties(3,234)(1,985)
Purchase of properties, deposits and deferrals(2,928)(12)
Net cash from/(used in) investing activities(28,511)19,327
Cash flows from financing activities
Cash was provided from:
Debt drawdown
14
71,96949,384
Cash was applied to:
Repayment of debt
14
(54,300)(71,949)
Dividends paid to shareholders net of reinvestments(47,558)(56,670)
Issue costs of shares(14)–
Repayment of lease liabilities(127)(121)
Bond costs(70)(70)
Facility refinancing fee(743)(314)
Net cash from/(used in) financing activities(30,843)(79,740)
Net increase/(decrease) in cash and cash equivalents(391)(228)
Cash and cash equivalents at the beginning of the period1,8292,057
Cash and cash equivalents at the end of the period1,4381,829
The notes to the accounts form part of and are to be read in conjunction with these consolidated financial statements.
Argosy Property LimitedAnnual Report 202535

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 20 May 2025.
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 amount 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.
RESTATEMENT
Historically, Argosy has recognised a deferred tax liability for
certain costs capitalised to investment property that were
under development. Whilst a temporary difference does arise
in relation to these costs the deferred tax consequences were
calculated on the basis that the economic benefits embodied
in these costs would be consumed over time. Paragraph
51(C) of NZ IAS 12 includes a rebuttable presumption that
the carrying amount of investment property, measured using
the fair value model in NZ IAS 40, will be recovered through
sale. Accordingly, unless the presumption is rebutted, the
measurement of the deferred tax liability or deferred tax asset
should reflect the tax consequences of recovering the carrying
amount of the investment property entirely through sale. The
Group has not rebutted this presumption, and because there
are no tax consequences on disposal of the property related to
these costs, no deferred tax liability is recognised.
The effect of this matter has been recognised retrospectively
in the comparative figures with a reduction in the deferred tax
liability of $4.6 million, a decrease in tax expense of $0.8 million
and an increase in retained earnings as at 1 April 2024 of
$4.6 million. As a result, comparative loss per share and diluted
loss per share decreased by 0.10 cents for the financial year
ending 31 March 2024. There is no effect on the statement of
cash flow, investment property assets or the non-GAAP AFFO /
distributable income disclosures.
Argosy Property LimitedAnnual Report 202536
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. Material accounting policies (continued)
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. The Group has not yet
assessed the impact of NZ IFRS 18.
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
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
Restated
2024
$000s
Segment profit/(loss)
Net property income
1
54,97754,85348,95548,79712,95012,811116,882116,461
Realised gains/(losses) on disposal
of investment properties
(39)(818)(2)(297)
–
127(41)(988)
54,93854,03548,95348,50012,95012,938116,841115,473
Interest on ground lease––(1,998)(2,004)––(1,998)(2,004)
Revaluation gains/(losses) on
investment properties
60,566(51,235)4,109(49,899)
7,991
(10,557)72,666(111,691)
Total segment profit/(loss)
2
115,5042,80051,064(3,403)20,9412,381187,5091,778
Unallocated:
Administration expenses(11,412)(11,571)
Net interest expense(39,344)(41,647)
Gain/(loss) on derivative financial instruments held for trading1,387637
Profit/(loss) before income tax138,140(50,803)
Taxation expense(12,284)(3,691)
Profit/(loss) for the year125,856(54,494)
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 2024: Nil).
Argosy Property LimitedAnnual Report 202537

4. Segment information (continued)
IndustrialOfficeLarge Format RetailTotal
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
Segment assets
Current assets6,4943,1133,0853,4562504169,8296,985
Investment properties1,128,8701,014,900815,326803,403204,700195,4502,148,8962,013,753
Non-current assets
classified as held for sale–35,200–––––35,200
Total segment assets1,135,3641,053,213818,411806,859204,950195,8662,158,7252,055,938
Unallocated assets3,49913,049
Total assets2,162,2242,068,987
IndustrialOfficeLarge Format RetailRestated Total
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
2025
$000s
2024
$000s
Segment liabilities
Current liabilities9,3594,0792,7574,6591,05073213,1669,470
Non-current liabilities––39,69239,826––39,69239,826
Total segment liabilities9,3594,07942,44944,4851,05073252,85849,296
Unallocated liabilities801,591790,763
Total liabilities854,449840,059
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 202538
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Investment properties (continued)
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 March1,128,870815,326204,7002,148,896
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
Industrial
2024
$000s
Office
2024
$000s
Large
Format Retail
2024
$000s
Group
2024
$000s
Movement in investment properties
Balance at 1 April1,127,775851,174205,9502,184,899
Capitalised costs12,16323,05120435,418
Transfer to property held for sale(35,200)––(35,200)
Disposals(37,850)(19,857)–(57,707)
Change in fair value(51,235)(49,899)(10,557)(111,691)
Change in capitalised leasing costs(206)(106)(40)(352)
Change in lease incentives(547)(960)(107)(1,614)
Investment properties at 31 March1,014,900803,403195,4502,013,753
Less lease liability (39 Market Place)–(39,953)–(39,953)
Investment properties at 31 March excluding NZ IFRS 16
lease adjustments
1,014,900763,450195,4501,973,800
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
2025
$000s
Group
2024
$000s
Disposal of properties
8 Forge Way, Mount Wellington, Auckland35,200–
10 Transport Place, East Tamaki, Auckland–37,850
302 Great South Road, Greenlane, Auckland–10,978
308 Great South Road, Greenlane, Auckland–8,879
35,20057,707
Sale proceeds of properties disposed of35,20057,900
Net gain/(loss) on disposal–193
Selling costs(41)(1,181)
Total gain/(loss) on disposal(41)(988)
Argosy Property LimitedAnnual Report 202539

5. Investment properties (continued)
All investment properties were independently valued as at 31 March 2025 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. The total value per valuer was as follows:
Group
2025
$000s
Group
2024
$000s
Colliers International New Zealand Limited1,699,300708,750
CBRE Limited226,5701,265,050
Jones Lang LaSalle183,200–
2,109,0701,973,800
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 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.
Investment property metrics for the year ended 31 March 2024 are as follows:
IndustrialOfficeLarge Format RetailTotal
Contract yield
1
- Average5.54%6.51%6.86%6.05%
Market yield
1
- Average6.43%7.13%6.66%6.73%
Occupancy (rent)99.1%94.0%100.0%96.7%
Occupancy (net lettable area)99.1%92.8%100.0%97.9%
Weighted average lease term (years)5.95.12.55.2
No. of buildings
2
3313450
Fair value total ($000s)1,014,900763,450195,4501,973,800
1.224 Neilson Street 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.
Argosy Property LimitedAnnual Report 202540
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 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 (current and term)––(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)
Argosy Property LimitedAnnual Report 202541

6. Financial instruments (continued)
Group 2024
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–1,829–1,829
Derivative financial instruments (current and term)9,856––9,856
Trade and other receivables–2,070–2,070
9,8563,899–13,755
Financial liabilities
Interest bearing liabilities––(738,057)(738,057)
Trade and other payables––(14,447)(14,447)
Derivative financial instruments (current and term)(30,532)––(30,532)
Lease liabilities (current and term)––(39,953)(39,953)
Other current liabilities––(4,055)(4,055)
(30,532)–(796,512)(827,044)
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 202542
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, 62.6% of borrowings, after the effect of associated swaps, were at fixed
rates (2024: 70.9%).
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 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.
Group 2024
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
(738,057)(38,997)(345,926)(195,988)(245,596)––
Trade and other payables(14,447)(14,447)–––––
Derivative financial instruments(30,532)(6,964)(6,040)(4,491)(2,177)(514)–
Lease liabilities(39,953)(2,125)(2,125)(2,125)(2,125)(2,125)(112,014)
Other current liabilities(4,055)(4,055)–––––
(827,044)(66,588)(354,091)(202,604)(249,898)(2,639)(112,014)
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 2025, the Group had active interest rate derivatives (both
payer and receiver swaps) with a notional contract amount of $700 million (2024: $750 million). The active derivatives mature over
the next 6 years (2024: 4 years). Payer swaps have fixed interest rates ranging from 1.37% to 5.04% (2024: 1.37% to 4.90%). Swaps
with a notional amount of $170 million have been entered into but are not yet effective at 31 March 2025 (2024: $255 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 the 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 2025 is $19.3 million (2024: $20.7 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 202543

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
2025
Impact on
Profit & Loss
$000s
Group
2024
Impact on
Profit & Loss
$000s
Increase of 100 basis points4,522359
Decrease of 100 basis points(4,961)(498)
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
2025
$000s
Group
2024
$000s
Property, plant and equipment and software232283
Deposit paid on acquisition of investment property
1
2,941–
Total other non-current assets3,173283
1.This relates to the deposit paid and other costs associated with the acquisition of 291 East Tamaki Road, East Tamaki, Auckland. This property is subject to an
unconditional sale and purchase agreement for $56.0 million. Settlement is expected to take place in August 2025.
There was no impairment in the current year (2024: Nil).
Argosy Property LimitedAnnual Report 202544
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
2025
$000s
Group
2024
$000s
Trade receivables2,1301,717
Loss allowance(135)(14)
1,9951,703
Amount receivable from insurance proceeds–31
Other receivables121336
Total trade and other receivables2,1162,070
The average credit period on receivables is 3.3 days (2024: 3.1 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
2025
$000s
Group
2024
$000s
0-30 days past due18664
31-60 days past due4411
Beyond 60 days past due1755
40580
Included in the Group's trade receivable balance are debtors with a carrying amount of $405,737 (2024: $79,629), which are past
due at the reporting date, for which the Group has not provided as there has not been a significant change in credit quality and the
amounts are still considered recoverable.
Movement in the loss allowance
Group
2025
$000s
Group
2024
$000s
Balance at the beginning of the year1450
(Decrease)/increase in allowance recognised in profit or loss121(36)
Balance at the end of the year13514
9. Other current assets
Group
2025
$000s
Group
2024
$000s
Prepayments4,3275,348
Other1,400648
Total other current assets5,7275,996
Argosy Property LimitedAnnual Report 202545

10. Property held for sale
No property was subject to an unconditional sale and purchase agreement at balance date (31 March 2024: 8 Forge Way, Panmure,
Auckland ($35.2 million)).
11. Share capital
Group
2025
$000s
Group
2024
$000s
Balance at the beginning of the period820,557820,069
Issue of shares from Dividend Reinvestment Plan9,371–
Issue costs of shares(28)–
Issue of shares from equity settled share based payments–488
Total share capital829,900820,557
The number of shares on issue at 31 March 2025 was 856,546,809 (2024: 847,168,744).
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
2025
Group
2024
Balance at the beginning of the period847,169846,724
Issue of shares from Dividend Reinvestment Plan9,378–
Issue of shares from share based payments–445
Total number of shares on issue856,547847,169
Capital risk management
The Group's capital includes shares, reserves and retained earnings with total shareholders' funds equal to $1,307.8 million (2024:
$1,228.9 million restated).
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 202546
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 2025, in relation to equity settled share based payments was $57,300 (2024:
$290,405). No PSRs (2024: 444,849) 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
2025
1 April 20241 April 2027501,149$1.131,076,938–(281,621)
2
1,296,466
2024
1 April 20231 April 2026495,473$1.101,026,314(444,849)–
3
1,076,938
2023
1 April 20221 April 2025299,844$1.381,026,806(173,293)(127,043)
4
1,026,314
2022
1 April 20211 April 2024281,621$1.441,117,874(318,573)(54,116)
5
1,026,806
1.This is the number of PSRs.
2.The rights forfeited relate to those issued on 1 April 2021.
3.The rights forfeited relate to those issued on 1 April 2020.
4.The rights forfeited relate to those issued on 1 April 2019.
5.The rights forfeited relate to those issued on 1 April 2018.
13. Retained earnings
Group
2025
$000s
Restated
Group
2024
$000s
Balance at the beginning of the year407,896518,726
Profit/(loss) for the year125,856(54,494)
Dividends to shareholders(56,409)(56,336)
Total retained earnings477,343407,896
The annual dividend paid to shareholders was 6.6500 cents per share, paid in four quarterly payments of 1.6625 cents per share
(2024: annual dividend paid was 6.6500 cents per share).
After 31 March 2025, the final dividend was declared. The dividend has not been provided for. Refer to note 27.
Argosy Property LimitedAnnual Report 202547

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
2025
$000s
Group
2024
$000s
Non-current liabilities
Syndicated bank loans433,271415,601
Fixed rate green bonds225,000325,000
Borrowing costs(2,289)(2,544)
655,982738,057
Current liabilities
Fixed rate green bonds
1
100,000–
100,000–
Total interest bearing liabilities755,982738,057
Weighted average interest rate on interest bearing liabilities
(inclusive of bonds, interest rate swaps, margins and line fees)
5.11%5.59%
1.ARG010 fixed rate green bonds are due to mature on 27 March 2026. Given the maturity date is within 12 months the ARG010 bonds have been classified as a
current liability.These interest bearing liabilities will be refinanced later in the financial year ending 31 March 2026.
Group
2025
$000s
Group
2024
$000s
Total interest bearing liabilities at the beginning of the year738,057759,991
Drawdowns from syndicated bank loans71,96949,384
Repayments to syndicated bank loans(54,300)(71,949)
Additional refinancing fee on interest bearing liabilities(813)(383)
Refinancing fee on interest bearing liabilities amortised during the year1,0691,014
Total interest bearing liabilities at the end of the year755,982738,057
Syndicated bank loans
Group
2025
$000s
Group
2024
$000s
ANZ Bank New Zealand Limited58,27165,982
Bank of New Zealand60,000–
Commonwealth Bank of Australia75,00034,400
Industrial and Commercial Bank of China90,00090,000
The Hongkong and Shanghai Banking Corporation Limited–54,400
Westpac New Zealand Limited150,000170,819
Total syndicated bank loans433,271415,601
Argosy Property LimitedAnnual Report 202548
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

14. Interest bearing liabilities (continued)
As at 31 March 2025, 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 $525.0 million
(31 March 2024: $525.0 million) secured by way of mortgage over the investment properties of the Group.
Group
2025
$000s
Group
2024
$000s
LimitMaturity DateLimitMaturity Date
Tranche A210,0001 October 2027160,0001 April 2025
Tranche B215,0001 October 202860,0001 October 2025
Tranche C--115,0001 October 2027
Tranche D100,0001 October 2029110,0001 October 2026
Tranche I--80,00019 May 2026
525,000525,000
Fixed rate green bonds
NZX code
Value of Issue
$000sIssue DateMaturity DateInterest Rate
Fair Value
$000s
ARG010100,00027 March 201927 March 20264.00%99,179
ARG020100,00029 October 201929 October 20262.90%97,214
ARG030125,00027 October 202027 October 20272.20%115,924
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 ARG010 bonds is payable in equal instalments on a quarterly basis in March, June, September
and December. Interest on ARG020 and ARG030 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
2025
$000s
Group
2024
$000s
GST payable6821,354
Other creditors and accruals17,52513,093
Total trade and other payables18,20714,447
Argosy Property LimitedAnnual Report 202549

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
2025
$000s
Group
2024
$000s
Employee entitlements397557
Other liabilities2,4793,498
Total other current liabilities2,8764,055
17. Administration expenses
Group
2025
$000s
Group
2024
$000s
Auditor's remuneration:
Audit and review of financial statements269260
Vote scrutineering at annual shareholders' meeting56
Greenhouse Gas briefing3–
Total other services86
Total fees paid to auditor277266
Employee benefits7,0196,800
Other expenses3,9864,528
Doubtful debts expense/(recovery)121(36)
Bad debts913
Total administration expenses11,41211,571
18. Interest expense
ACCOUNTING POLICY - INTEREST EXPENSE
Interest expense on borrowings is recognised using the effective interest method.
Group
2025
$000s
Group
2024
$000s
Interest expense(42,835)(43,947)
Interest on ground lease (39 Market Place)(1,998)(2,004)
Less amount capitalised to investment properties3,2341,985
Total interest expense(41,599)(43,966)
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 (2024: Capitalised interest relates to the developments
at 101 Carlton Gore Road, Newmarket, Auckland, 105 Carlton Gore Road, Newmarket, Auckland and 224 Neilson Street,
Onehunga, Auckland).
Argosy Property LimitedAnnual Report 202550
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
2025
$000s
Restated
Group
2024
$000s
The taxation charge is made up as follows:
Current tax expense8,5526,444
Deferred tax expense3,970(2,648)
Adjustment recognised in the current year in relation to the current tax of prior years(238)(105)
Total taxation expense recognised in profit or loss12,2843,691
Reconciliation of accounting profit/(loss) tax expense
Profit/(loss) before tax138,140(50,803)
Current tax expense/(credit) at 28%38,679(14,225)
Adjusted for:
Capitalised interest(906)(556)
Fair value movement in investment properties(20,346)31,274
Fair value movement in derivative financial instruments(388)(178)
Depreciation(6,435)(9,358)
Deductible repairs and maintenance expenditure capitalised for accounting purposes(903)(1,368)
Depreciation recovered on disposal of investment properties–876
Tax on accounting gain on disposal of investment properties11277
Other(1,160)(298)
Current taxation expense8,5526,444
Movements in deferred tax assets and liabilities attributable to:
Investment properties3,465(2,303)
Fair value movement in derivative financial instruments64(79)
Other441(266)
Deferred tax expense3,970(2,648)
Prior year adjustment(238)(105)
Total tax expense recognised in profit or loss12,2843,691
There were no imputation credits at 31 March 2025 (2024: Nil).
Argosy Property LimitedAnnual Report 202551

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 2024 (Restated)(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
At 1 April 2023 (Restated)(4,827)17,4061,70714,286
Charge/(credit) to deferred taxation expense for the year(79)(2,303)(266)(2,648)
At 31 March 2024 (Restated)(4,906)15,1031,44111,638
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 202552
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)