1. Business Update ANNUAL RESULTS FY25 27 August 2025 INVESTOR PRESENTATION Presenting Today Chris Meehan Chief Executive Officer Jean McMahon Chief Financial Officer Northlake, Wānaka 2 Jimmy's Point, Launch Bay Hobsonville Point 3 1. Business Update 2. Financial Overview 3. ESG Highlights 4. Market and Outlook Ayrburn, Arrowtown BUSINESS UPDATE Key Highlights For the 12 months ending 30 June 2025 (FY25): $155.4m Revenue $59.5m Gross profit $10.3m Net profit after tax $20.3m Cash 266 Units delivered and se ...

Financial Data and Key Metrics Changes - Comprehensive income after tax improved to $3.1 million from a loss of $30 million last year, primarily due to a lower fair value loss [12] - Funds from operations (FFO) increased by 6.7% to $161.4 million, with underlying FFO reflecting a rise of 3.3% to $0.54 per share [15][16] - The weighted average cost of debt at year-end was 5.2%, with interest coverage for the period at 2x [20] Business Line Data and Key Metrics Changes - The Auckland office portfolio delivered like-for-like rental growth of 2.5%, while Wellington generated strong growth of around 6% [13] - Commercial Bay Retail generated an additional $1.3 million in income, reflecting good sales and improved occupancy levels [14] - The investment portfolio's occupancy increased to 97%, with approximately 12,000 square meters leased in the second half [33] Market Data and Key Metrics Changes - The Auckland premium office market remains strong with a vacancy rate of 3.3%, while secondary markets are experiencing increased vacancy [36] - The retail center at Commercial Bay saw FFO up 8.3% and occupancy remaining at 97% [39] - The Wellington market remains subdued, primarily influenced by central government expenditure [38] Company Strategy and Development Direction - The company is focused on capital management and has launched a process to seek a capital partner for 50% of PwC Tower [6] - The development pipeline currently sits at $3.7 billion, with a focus on residential and student accommodation projects [44] - The company aims to grow its capital partnerships from $1.6 billion to $4-5 billion over the medium term [32] Management's Comments on Operating Environment and Future Outlook - The economic environment has been sluggish, particularly in Auckland and Wellington, but growth opportunities are beginning to emerge [6][7] - Management expects the broader economy to improve in the latter part of the year and into 2026 [8] - The company remains optimistic about capitalizing on opportunities in an improving economy [22] Other Important Information - The company has updated its dividend policy to a payout range of 80% to 95% of funds from operations, reflecting a more flexible approach [21] - The InterContinental Hotel sale resulted in a premium to book value, indicating strong pricing achieved [17] Q&A Session Summary Question: Update on the PwC Tower process and potential standalone partnership - The process is in early stages with encouraging engagement from multiple parties, reflecting a positive investment case for premium office [47][48] Question: Likelihood of starting enabling works in Downtown in 2026 - The company anticipates commencing enabling works next year [53] Question: Clarification on one-off items affecting FFO - The adjustments include closure costs related to a hospitality venue and swap closeouts due to capital structure changes [54] Question: Guidance for FY 2026 and tax benefit adjustments - A small tax expense is expected, with conservative estimates around 30-40 basis points [56][57] Question: Update on inquiries for larger vacancies in the office portfolio - Advanced negotiations are ongoing for significant vacancies, with positive demand trends noted [78][80]

Financial Data and Key Metrics Changes - Comprehensive income after tax improved to $31 million from a loss of $30 million last year, primarily due to a lower fair value loss [10] - Funds from operations (FFO) increased by 6.7% to $161.4 million, with underlying FFO reflecting a 3.3% increase to $0.54 per share [14][19] - The weighted average cost of debt at year-end was 5.2%, with interest coverage for the period at 2x [17] Business Line Data and Key Metrics Changes - The Auckland office portfolio delivered like-for-like rental growth of 2.5%, while Wellington generated strong growth of around 6% [11] - Commercial Bay Retail saw FFO increase by 8.3%, with occupancy remaining at 97% and specialty sales over $12,000 per square meter [36] - The investment portfolio's occupancy increased to 97%, with approximately 19,000 square meters leased over the financial year [30] Market Data and Key Metrics Changes - The Auckland premium office market remains strong with a vacancy rate of 3.3%, while secondary markets are experiencing increased vacancy [32] - The Wellington market remains subdued, primarily influenced by central government expenditure [35] - The retail sector is showing signs of recovery with improved trading conditions and anticipated visitor growth [36] Company Strategy and Development Direction - The company is focused on capital management and has launched a process to seek a capital partner for 50% of PwC Tower [5] - The development pipeline is valued at $3.7 billion, with a commitment to student accommodation and residential projects [40] - The company aims to grow its capital partnerships from $1.6 billion to $4-5 billion over the medium term [29] Management's Comments on Operating Environment and Future Outlook - The economic environment is sluggish, particularly in Auckland and Wellington, but growth opportunities are emerging [5][6] - Management expects the broader economy to improve in the latter part of the year and into 2026, supported by monetary policy easing [6] - The company remains optimistic about capitalizing on opportunities in an improving economy [41] Other Important Information - The company has updated its dividend policy to a payout range of 80% to 95% of funds from operations, reflecting a more flexible approach [18] - The InterContinental Hotel sale achieved a premium to book value, indicating strong market interest [14] Q&A Session Summary Question: Update on PwC Tower process and potential new partnership - The process is in early stages with encouraging engagement from multiple parties, reflecting strong demand for premium office space [44][45] Question: Likelihood of starting enabling works in 2026 - The company anticipates commencing enabling works next year [50] Question: Clarification on one-off items affecting FFO - One-off items include closure costs related to a hospitality venue and swap closeouts due to capital structure changes [51] Question: Guidance on FY 2026 tax benefit adjustment - A small tax expense is expected, with estimates around 30-40 basis points [54] Question: Capital partnering for 256 Queen student accommodation - Strong interest from both domestic and offshore investors, with options for university or independent operator involvement [80]

Group 1: Housing Affordability Crisis - U.S. wages have increased by 25% over the last four years, while average mortgage payments have more than doubled, resulting in a 112% increase and the greatest housing affordability collapse in modern history [1] - Public officials have not provided a scalable plan or urgency to address the housing crisis, which is becoming a significant economic disaster for the country [1] Group 2: Mission 10K's Approach - Mission 10K is implementing a strategy similar to Tesla's by building standardized, high-quality townhome communities designed for rapid national scaling [2] - The company aims to control the entire development process, utilizing an AI-driven platform for site selection, entitlement acceleration, and modular designs, allowing them to complete projects in under three years [2][3] - Traditional developers typically take 5-7 years to go from concept to occupancy, while Mission 10K has optimized their processes to reduce this timeline by more than half [3] Group 3: Community Creation Engine - Mission 10K's Community Creation Engine synchronizes land acquisition, zoning, site planning, and construction, enabling the development of over 3,000 townhomes across 19 secured sites [4] - The company has acquired many sites at deep discounts, allowing them to create housing at a pace that traditional developers cannot match [4] Group 4: Urgency and Innovation - The housing crisis is treated as a national urgency by Mission 10K, which is actively building rather than theorizing or lobbying [5] - The company is focused on delivering 10,000 high-quality townhome units quickly, leveraging a proprietary system that integrates various operational efficiencies [6]

On 25 August 2025 OÜ Merko Kodud, a member of the AS Merko Ehitus group, and OÜ Giga Investeeringud established a 50:50 joint venture, Turu 18 Kodud OÜ. The goal of the joint venture is to build three residential and commercial buildings, and a modern and versatile urban space surrounding them, on the Turu 18 property in the centre of Tartu. The Turu 18 landplot, which is attractively located by the river Emajõgi, has a planned above-ground construction volume of approximately 16,800 square meters. The thre ...

泰国研究 公寓 2025年第二季度 knightfrank.co.th/research 由 Knight Frank 泰国对 2025 年第二季度曼谷公寓市场的综述 公寓市场持续面临购买力疲软和更广泛的经济压力带来的挑战。开 发商必须通过强调价值创造和解决真实需求来适应这种情况，从而 在高度竞争的环境中维持销量。与此同时，我们预计在本年度末市 场将逐步复苏，特别是如果政府支持措施和更宽松的利率方向发挥 作用，这将有助于恢复信心并鼓励购买决策。 市场概述 2025年第二季度，公寓市场持续处于放缓状态，仅推出两个新项目。这反映了开发商在市场仍 受多重因素压力的情况下对新增投资保持谨慎态度。此外，近期的地震对公寓市场产生了心理 影响，特别是对已建成但未售出单元的项目。与新冠疫情期间相比，所有权转移明显下降，新 项目推出数量也相应减少。因此，许多开发商不得不延长清库存时间，这可能导致管理成本上 升。此外，本季度部分开发商面临的债务偿还问题可能影响房地产整体财务状况，导致降价或 采取特殊促销策略以加速销售和收入，从而有效管理现金流和债务偿还。尽管面临多重挑战， 开发商仍不断适应并实施积极策略，以应对2025年持续的不 ...

An Evergrande commercial complex in Beijing on Jan. 29, 2024.Greg Baker | Afp | Getty ImagesChina Evergrande Group was delisted from the Hong Kong Stock Exchange on Monday — an ignominious exit for the former high-flying developer that once epitomized Beijing's economic rise and later came to symbolize the country's property bust.Following its listing in 2009, Evergrande had become one of China's hottest stocks, with the company's market cap peaked at $51 billion in 2017. Trading in the company's shares had ...

地块现状图。 地块计算指标用地面积约5.76万平方米，容积率2.2，最高计容建面约12.68万平方米（其中商业建筑面 积的比例≤5%，配套设施建筑面积＞1840平方米），土地用途为城镇住宅用地。起始价为6.22亿元，折 合起拍楼面价约4906元/平方米。 挂牌信息还显示，该地权利清晰，安置补偿落实到位，没有法律经济纠纷，具备动工开发所必须的基本 条件。在落实前期审图、规划报建等相关手续的前提下，支持本地块"拿地即开工"。另外，该地块须落 实"交房即发证"有关要求，开发投资总额不少于11亿元。 8月25日，央企中海旗下惠州市海盛房地产开发有限公司以6.22亿元底价，摘牌金山湖湖山片区5.76万平 方米地块，折合楼面地价约4906元/平方米。 挂牌文件显示，惠州市惠城区金山新城湖山片区JSH-B04-30-01地块，位于金山新城湖山片区，北靠翠 竹一路，南接规划修竹一路，西邻规划环湖二路，东临规划竹园路。地块紧邻龙湖天宸原著花园、中海 龙湖臻如府项目，片区成熟，认可度较高。 根据挂牌信息，该地块在住宅设计要求临水一侧沿规划建筑控制线布置的建筑不宜超过54米，如在规划 建筑控制线的基础上加退10米，建筑高度可在单体 ...

25 August 2025 | 8:06AM CST China Vanke (000002.SZ, 2202.HK) 1H25 below expectation: Early signs of liquidity improvement but not yet sustainable; retain Sell China Vanke (A/H) reported 1H25 net losses of Rmb11.9bn (lower range of Rmb10bn-12bn net loss estimated by profit warning), as above-expectation revenue and gross margin (+9pp qoq to 10% in 2Q25, the highest level since 4Q23) were offset by further impairment charges (total Rmb5.4bn on inventory and AR) alongside higher SG&A, taxation and MI payout. T ...

Distressed Chinese developers Logan and KWG have been sounding out investor interest in a potential plan to refinance a $1.05 billion private loan secured by a luxury residential project in Hong Kong, according to sources https://t.co/wSRGvh8tSX ...