Argosy Property Limited · NZX:ARG
Argosy Property — Shareholder Meeting (July 2025)
28 slides from Argosy Property's shareholder meeting presentation, Jul 22, 2025
Slide 1: FY25 Annual Shareholders Meeting
FY25 Annual Shareholders Meeting 22 July 2025
Slide 2: Hybrid ASM
Hybrid ASM ASKING QUESTIONS VOTING • Any shareholder or appointed proxy / • We will open the poll now, to give you plenty of representative attending is eligible to ask time to vote. questions. • If you have logged in as a shareholder or proxy, • If you have a question to submit during the live the
Slide 3: The Board
The Board Argosy Property Limited 3
Slide 4: The Executive Team
The Executive Team Peter Mence, CEO Dave Fraser, CFO Argosy Property Limited 4
Slide 5: Agenda
Agenda Chairman’s Review 6 CEO’s Review 12 Questions 22 Resolutions 23 General Business 26 Close of Meeting 27 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 5
Slide 6: Chairman's Review
Chairman’s Review Argosy Property Limited Presentation title goes here 6
Slide 7: Results Summary
Results Summary $116.9m Net property income up 0.4% $72.7m Revaluation gain to 31 March 6.65cps Dividend for FY25 $1.53 $55.8m 35.7% NTA per share, up 5.6% Net Distributable Income Gearing within the target 30-40% band Argosy Property Limited 7
Slide 8: Award winning green developments
Award winning green developments 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 Stantec B
Slide 9: Building a better future
Building a better future Proactive delivery of sustainable growth A business culture that is environmentally focused Executing green Value Add portfolio opportunities A diversified portfolio by sector and region to drive earnings and capital growth A diversified asset allocation across sectors to A
Slide 10: Dividends
Dividends STEADY DIVIDEND • Guidance for FY26 is 6.65 cents per share. 6.80 • We expect the dividend for FY26 will be 6.60 6.65 6.65 6.65 6.65 within the company’s payout ration of 85- 6.40 6.55 6.45 100% of Adjusted Funds from Operations 6.35 6.20 6.28 (AFFO). 6.20 Dividend cps 6.00 6.10 6.03 5.80
Slide 11: Board & CEO Succession Planning
Board & CEO Succession Planning CEO Succession • Peter Mence to step down as CEO in May 2027. • Extended notice period will ensure smooth leadership transition. Board Succession • Jeff Morrison to step down as Chairman at end of the current three-year term • Martin Stearne to become Chair after 2027
Slide 12: CEO's Review
CEO’s Review Argosy Property Limited Presentation title goes here 12
Slide 13: Portfolio Highlights
Portfolio Highlights 96.5% 5.1yrs 3.5% Occupancy Weighted Average Lease Term Annualised growth on rent reviews 86% Tenant retention rate 33.2% Government sector rental income 46.7% Weighting to Auckland Industrial Argosy Property Limited 13
Slide 14: Portfolio at a glance
Portfolio at a glance Sector by value % Region by value % Asset mix by value % 10 3 7 13 26 53 37 71 80 1 2 Targets: Industrial (60-70%) Office (20-30%) LFR (5-15%) Auckland (70-80%) Wellington (15-25%) Regional (0-10%) Core (75-90%) Value Add Divest 1. Large format retail. 2. Regional North Island
Slide 15: Green developments: Neilson Street and Mt Richmond / East Tamaki Road
224 Neilson Street Mt Richmond 291 East Tamaki Road 6 Star 10.6 4.6 Green Built Design rating achieved hectare site area hectare site area on completed space (Warehouse B) 6,557m2 6,633m2 $56m Stage 1 leased to Viatris Limited on a of warehouse/office/canopy leased to purchase price plus $4m in furt
Slide 16: Revaluations
Revaluations MARKET RENTALS UP 31 Mar 25 31 Mar 25 Mar 25 Mar 24 • Independent valuations as at 31 March Book Value Valuation $m % Cap rate Cap rate ($m) ($m) % % were completed on all properties. Auckland 1,429.3 1,494.1 64.8 4.5% 6.27% 6.31% • $72.7m gain reported, or 3.6% revaluation Wellin
Slide 17: Financial Performance
Financial Performance PERFORMANCE SLIGHTY UP ON PRIOR FY25 FY24 COMPARABLE PERIOD (Restated) $m $m • Net property income and EBIT were slightly up on the prior comparable period. Net property income 116.9 116.5 Administration expenses (11.4) (11.6) • Interest expense was lower, mainly due to lower r
Slide 18: Distributable Income / Adjusted Funds From Operations (AFFO)
Distributable Income/ Adjusted Funds From Operations (AFFO) SOUND RESULT FY25 FY24 • Gross distributable income for the year was $m $m $64.1m, up 4.7% on the prior comparable period. Gross distributable income 64.1 61.2 • Net distributable income was flat on the prior comparable period. Depreciation
Slide 19: Lease Expiry Profile
Lease Expiry Profile LEASE EXPIRY PROFILE IS WELL MANAGED 20% • Largest single expiry remains MBIE in 2027. 18% 18.0% Percentage of portfolio (by income) • Average annual expiry over the next two 16% 14.9% years (FY26 and FY27) is ~10.1%. 14% 12% 11.2% 10.5% 9.9% 10% 8.1% 8% 7.3% 6.0% 6% 5.3% 4.7% 4
Slide 20: Market Insights
Market Insights INDUSTRIAL OFFICE LARGE FORMAT RETAIL • As economic conditions improve, the imbalance between supply • Flexible working environments continue but working from home • National retail sales have decreased over the past year. and net absorption (demand) will correct. and full-time remot
Slide 21: Outlook
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 marke
Slide 22: Questions
Questions Argosy Property Limited 22
Slide 23: Resolutions
Resolutions Argosy Property Limited 23
Slide 24: Resolution 1
Resolution 1 That Alex Cutler, who was appointed as a Director by the Board during the year, be elected as a Director of the Company. Argosy Property Limited 24
Slide 25: Resolution 2
Resolution 2 That the Board be authorised to fix the auditor’s fees and expenses. Argosy Property Limited 25
Slide 26: General Business
General Business Argosy Property Limited 26
Slide 27: Closing of Meeting
Closing of Meeting Argosy Property Limited 27
Slide 28: Thank you
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