Annual Shareholder Meeting 2019

Investore Property Limited
Annual Shareholder Meeting 2019
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Annual Meeting of Shareholders 201928 June 2019


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Slide 1 – Annual Shareholder Meeting 2019

Slide 2 – Your Board of Directors
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Annual Meeting of Shareholders 201928 June 2019


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Slide 3 – The Manager
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Annual Meeting of Shareholders 201928 June 2019


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Slide 4 - Agenda


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Slide 5 - Chair’s Address – Mike Allen

Slide 6 – A Unique & Resilient Portfolio

Annual Meeting of Shareholders 201928 June 2019


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Slide 7 – Four Strategic Principles
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Slide 8 – FY19 Financial Highlights
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Slide 9 – Creating Shareholder Value

Annual Meeting of Shareholders 201928 June 2019


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Slide 10 – Proactive Capital Management


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Slide 11 – Relationship with the Manager

Annual Meeting of Shareholders 201928 June 2019


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Slide 12 – Manager’s Address – Philip Littlewood


Slide 13 – Active Portfolio Management & Optimisation

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Slide 14 – Targeted Growth

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Slide 15 – A Portfolio of Opportunities – Fabio Pagano

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Slide 16 – A Formula for Success

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Slide 17 – Focus for the Year Ahead – Mike Allen

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AnnualShareholder Meeting 2019
28 June 2019

Your Board of Directors
2
Investore Property Limited | Annual Shareholder Meeting 2019
Mike Allen
Independent
GráinneTroute
Independent
Tim Storey
SIML Nominee
John Harvey
SIML Nominee

The Manager
Investore Property Limited | Annual Shareholder Meeting 2019
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Fabio Pagano
InvestoreFund Manager
Louise Hill
Company Secretary
3

Agenda
Investore Property Limited | Annual Shareholder Meeting 2019
4
Welcome
Chair’s Address –Mike Allen
Manager’s Review –Philip Littlewood & Fabio Pagano
Formal Business
General Business & Shareholder Questions

Chair’s Address –Mike Allen
Investore Property Limited | Annual Shareholder Meeting 2019
Countdown & specialty tenants
Cnr Fernlea Avenue & Roberts Line
Kelvin Grove, Palmerston North
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A Unique & Resilient Portfolio
Investore Property Limited | Annual Shareholder meeting 2019
Investore’s strategy is to
invest in quality, large
format retail properties
throughout New Zealand,
and actively manage
shareholders’ capital, to
maximisedistributions
and total returns over the
medium to long term.
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Four Strategic Principles
Investore Property Limited | Annual Shareholder Meeting 2019
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1.
Active Portfolio Management
2.
Targeted Growth
3.
Continued Optimisationof thePortfolio
4.
Proactive Capital Management

FY19 Financial Highlights
Net rental income
$47.4m
up $3.3m on FY18
Profit before other income/(expense) and income tax
$27.0m
up $0.2m on FY18
Profit after income tax
$38.6m
down $7.6m on FY18
Property portfolio value
$761.2m
net gain of $17.2m
Net Tangible Assets (NTA)
$1.70
up 6cps
Investore Property Limited | Annual Shareholder Meeting 2019
1.Down on FY18, due largely to a lower net valuation movement of $5.9 million in the comparative period.
2.Includes the property at 323 Andersons Bay Road, Dunedin South, that was held for sale and subsequently settled on 1 April 2019..
3. Compared to FY18, as at 31 March 2018.
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2
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Creating Shareholder Value
Investore Property Limited | Annual Shareholder Meeting 2019
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NTA Per Share
1.Initial Public Offering of shares in InvestoreProperty Limited, with its shares quoted on the main board equity security market of NZX on 12 July 2016.

Proactive Capital Management
Six year inaugural
bond issue
$100m
Bank debt
refinancing
$70m
Share buyback
programme
1.7m
shares purchased
and cancelled
Investore Property Limited | Annual Shareholder Meeting 2019
10
Countdown
Corner Hukanui& Thomas Roads
Rototuna, Hamilton

Board of Directors
(2 x SIML Nominee Appointed and
3 x IndependentDirectors )
Relationship with the Manager
Appointment of Directors
Shareholders
Management Agreement
Stride Property Limited 19.9%
•Management fees, $5.6m for
FY19, including an inaugural
performance fee of $493,000
•Aligned with the two-year
anniversary of Investore’s
listing –a review of the
Manager and management
fee structure was undertaken
Investore Property Limited | Annual Shareholder Meeting 2019
11
Stride Investment Management
Limited (SIML & the Manager)
.
1.Kate Healy ceased being a Director of Investore from 22 May 2019 and currently there are two independent Directors on the Investore Board. The Board has commenced a process to appoint a third
independent Director.
1

Manager’s Address -Philip Littlewood
Investore Property Limited | Annual Shareholder Meeting 2019
PAK‘nSAVE
53 Leach Street
New Plymouth
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Active Portfolio Management & Optimisation
Investore Property Limited | Annual Shareholder Meeting 2019
Active Portfolio
Management
We focus on owning properties with
long lease terms and high
occupancy, with nationally
recognisedquality tenants, and we
maintain strong and enduring
relationships with our tenants to
support our portfolio
Continued Optimisation
of the Portfolio
This is a key strategy, as we
develop existing properties to meet
the needs of tenants and the
surrounding catchment, which may
include acquiring sites adjacent to
existing assets, to provide
development options for the future
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1.3.

Targeted Growth
Investore Property Limited | Annual Shareholder Meeting 2019
Targeted Growth
We will consider acquisitions and
developments which deliver growth,
while continuing to enhance
geographical and/or tenant portfolio
diversification, and where
appropriate, we may consider
disposals to maintain balance sheet
capacity and optionality
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2.

A Portfolio of Opportunities –Fabio Pagano
Investore Property Limited | Annual Shareholder Meeting 2019
Countdown
326 Great South Road
Greenlane, Auckland
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Countdown Takanini
226 Great South Road, Auckland
A Formula for Success
Investore’sretail
properties provide
consumers with access
to a diverse range of
tenants that are
anchored by strong
national retailers with
long leases
Investore’s Countdown
Takanini, Auckland,
property is the largest in
the portfolio by value and
by number of tenants
Investore Property Limited | Annual Shareholder Meeting 2019
Tenancies12
Anchor tenantCountdown
Occupancy
100%
NLA
7,384sqm
Land Area
21,827sqm
Car parking ratio
(bays per 100sqm of NLA)
4.8
WALT
9.2 years
Valuation
$39.7m
Market cap rate
6.00%
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Outlook
7.60cps annual cash
dividend guidance for FY20
Focus for the Year Ahead
Investore Property Limited | Annual Shareholder Meeting 2019
1.
Disciplined and considered investments
to target growth opportunities
2.
Continued proactive capital management
3.
Partneringwith tenants in the execution of
the FY20 store refurbishment programme
4.
Evolve Investore’s sustainability strategy
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Formal Business
Investore Property Limited | Annual Shareholder Meeting 2019
Mitre 10 Mega
Corner Te Irirangi Drive & Bishop Dunn Place
Botany, Auckland
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Investore Property Limited | Annual Shareholder Meeting 2019
Resolution 1
Auditor’s Remuneration
That the Directors be authorisedto fix the remuneration of
PricewaterhouseCoopers as auditor, for the ensuing year.
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Investore Property Limited | Annual Shareholder Meeting 2019

Investore Property Limited | Annual Shareholder Meeting 2019
Resolution 2
Re-election of Director
That Mike Allen be
re-elected as a Director.
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Investore Property Limited | Annual Shareholder Meeting 2019
Resolution 3
Directors’ Remuneration
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Table1 –Proposed Remuneration Structure
Current
Director Fees
per annum
Proposed
Director Fees
(per annum)*
Amount of
Proposed
Increase
Chair$70,000$85,000$15,000
Non –Executive Directors (x4)$40,000$45,000$5,000
Chair of the Audit and Risk Committee$5,000$6,500$1,500
Audit and Risk Committee Members$0$0N/A
*Proposed that the increase will take effect from 1 July 2019.

Investore Property Limited | Annual Shareholder Meeting 2019
Resolution 3
Directors’ Remuneration
That, in accordance with Listing Rule 3.5.1(b), the amount
payable to any person who from time to time, holds office as
a Director of InvestoreProperty Limited, be increased as set
out in Table 1 contained in the Explanatory Notes to the
Notice of Meeting dated 30 May 2019, with effect from 1 July
2019.
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Investore Property Limited | Annual Shareholder Meeting 2019
1
1.Unless specified, all references to the NZX Listing Rules are the NZX Limited Main Board/Debt Market Listing Rules dated 1 October 2017. Investore will transition to the new NZX Listing Rules dated
1 January 2019 on 1 July 2019.

Investore Property Limited | Annual Shareholder Meeting 2019
Resolution 4
Adoption of a New Constitution
That the existing Constitution of InvestoreProperty Limited
be revoked, and a new Constitution, in the form described in
the Explanatory Notes to the Notice of Meeting dated 30
May 2019, and tabled at the Annual Shareholder Meeting on
28 June 2019 (as signed by the Chair of the Board for the
purpose of identification), be adopted with effect on and
from 1 July 2019.
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Investore Property Limited | Annual Shareholder Meeting 2019

Investore Property Limited | Annual Shareholder Meeting 2019
Resolutions
Proxy Votes Received as at 26 June 2019
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Resolution 1. Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
106,304,31198.77%0.04%1.19%
Resolution 2. Re-election of Director
Proxy votes lodgedForAgainstDiscretionary
106,225,69198.81%0.01%1.18%
Resolution 3. Directors’ Remuneration
Proxy votes lodgedForAgainstDiscretionary
105,950,76698.11%0.64%1.25%
Resolution 4. Adoption of a New Constitution
Proxy votes lodgedForAgainstDiscretionary
106,080,17498.67%0.03%1.29%
1
1. Representing in total 40.87% of securities able to be voted.

General Business & Shareholder Questions
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Investore Property Limited | Annual Shareholder Meeting 2019
Bunnings
446 Te Rapa Road
Hamilton

Important Notice: The information in this presentation is an overview and does not contain all information
necessary to make an investment decision.It is intended to constitute a summary of certain information relating
to the performance of Investorefor the year ended 31 March 2019. Please refer to Investore’sAnnual Report
2019 for further information in relation to the year ended 31 March 2019. The information in this presentation
does not purport to be a complete description of Investore. In making an investment decision, investors must
rely on their own examination of Investore, including the merits and risks involved. Investors should consult with
their own legal, tax, business and/or financial advisors in connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any
statements, estimates or opinions or other information contained in this presentation, any of which may change
without notice. To the maximum extent permitted by law, Investore, Stride Investment Management Limited and
their respective directors, officers, employees, agents and advisers disclaim all liability and responsibility
(including without limitation any liability arising from fault or negligence on the part of Investore, Stride
Investment Management Limited and their respective directors, officers, employees, agents and advisers) for
any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on
anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
Thank you
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Auckland 1010, New Zealand
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Auckland 1141, New Zealand
P+64 9 912 2690
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