Investore Property Limited Interim Results HY20

IMMEDIATE – 13 November 2019
Investore Property Limited
Interim Results HY20
Investore Property Limited (Investore) is pleased to announce its interim results for the six months ended
30 September 2019 (HY20).
During HY20 Investore has been focussing on its four key strategic principles, which are designed to
deliver shareholder returns, and this has resulted in a sound result for HY20. Investore’s efforts on
developing each of these strategic principles – active portfolio management, targeted growth, continued
optimisation of the portfolio and proactive capital management - supports the company’s commitment to
maximise and deliver attractive and stable returns to investors and this is reflected in the interim results.
Highlights for HY20 include:
Financial Performance (for six months ended 30 September 2019):
• $11.0 million profit after income tax, up $1.0 million on HY19, largely due to movement in net
change in fair value of investment properties over comparative periods of $1.8 million, partially
offset by performance fees of $1 million incurred in the current period to the manager, Stride
Investment Management Limited, as a result of shareholder returns of 53.6% over the two year
performance period to 30 September 2019
• $9.7 million distributable profit (note 1) after current income tax, down $1.1 million on HY19,
largely as a result of performance fees incurred
• Cash dividend guidance for FY20 of 7.60 cents per share. 1.90 cents per share cash dividend
for quarter ended 30 September 2019, to be paid on 27 November 2019
Portfolio (as at 30 September 2019):
• Property portfolio value (note 2) - $750.6 million, down $10.5 million from 31 March 2019 due
to divestment of Countdown Dunedin South ($19.0 million net sale price after disposal costs),
partially offset by acquisition of Countdown New Brighton ($5.75 million acquisition price) and
gross valuation gain of $2.3 million (or 0.3%)
• 11.9 years weighted average lease term (WALT)
• 99.7% occupancy
• 40.6% loan to value ratio, down from 41.8% as at 31 March 2019
• $1.70 net tangible assets per share, consistent with 31 March 2019
• Sale of Countdown Dunedin South settled on 1 April 2019, at 5.6% premium to book value as at
31 March 2018
• Countdown New Brighton, Christchurch, purchased for $5.75 million, at an initial yield of 7.2%
• All major lease expiries for FY20 renewed

2
Proactive Capital Management:
• $35 million bank refinancing completed, extending tenor to 2021
• No debt maturing until FY22
• Share buyback programme concluded, at an average cost of $1.53 per share, compared to share
price as at 30 September 2019 of $1.90 and net tangible assets per share as at 30 September
2019 of $1.70
Investore’s strategy continues to be to invest in quality, large format retail properties throughout New
Zealand and actively manage shareholders’ capital to maximise distributions and total returns over the
medium to long term. Investore confirms that the focus for the 2020 financial year is firmly on targeting
yield growth, executed in a disciplined manner, aimed at enhancing returns to shareholders.

Notes:
1. Distributable profit is a non-GAAP measure and consists of net profit/(loss) before income tax, adjusted for
determined non-recurring and/or non-cash items (including non-recurring adjustments for incentives
payable to anchor tenants for lease extensions) and current tax.
2. Excludes land lease liability of $7.6 million.

Ends
Attachments provided to NZX:
• Investore Property Limited - Interim Results Announcement 131119
• Investore Property Limited - Interim Report HY20 131119
• Investore Property Limited - Interim Update HY20 131119
• Investore Property Limited - NZX Results Announcement HY20 131119
• Investore Property Limited - NZX Distribution Notice FY20 Q2 131119

For further information please contact:
Mike Allen, Chairman, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz


Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz


Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz


Louise Hill, General Manager Corporate Services, Stride Investment Management Limited as manager of Investore
Mobile: 0275 580 033- Email: louise.hill@strideproperty.co.nz

---

For The Six Months Ended
30 September 2019
Interim Report

Investore has been designated as a “Non-Standard” (NS) issuer by NZX
Limited (NZX). A copy of the waivers granted by NZX from NZX Listing
Rules (October 2017) 3.3.5 to 3.3.15 and 3.4.3 in respect of Investore’s
“NS” designation can be found at nzx.com/companies/IPL/documents.
Until such time as these waivers are reissued by NZX (or 30 June 2020
if these waivers are not reissued by that date), Investore will continue
to rely on them under NZX Regulation Decision dated 19 November
2018 regarding the continuing application of waivers granted under
the previous NZX Main Board Listing Rules.
Contents
2 Highlights
4 Chair and Manager’s Overview
11 Interim Financial Statements
Countdown, Takanini

Highlights
for the six months ended 30 September 2019 (HY20)
$750.6m
Portfolio value
2
as
at 30 September
2 019
from 31 March 2019
Down $10.5m
7.60cps
Cash dividend
guidance for FY20
$11.0m
on HY19
Up $1.0m
Profit after
income tax
on HY19
Down $1.1m
$9.7m
Distributable
profit after current
income tax
1
due to divestment
of Countdown
Dunedin South
($19.0 million net
sale price after
disposal costs),
partially offset by
the acquisition of
Countdown New
Brighton ($5.75
million acquisition
price) and gross
valuation gain of
$2.3 million
(or 0.3%)
as at 30 September 2019
11.9yrs
weighted average
lease term (WALT)
($1.70 as at 31 March 2019)
$1.70
net tangible
assets per share
as at 30 September 2019
as at 30 September 2019
40.6%
loan to value ratio
duration extended to 2021
$35m
bank refinancing
1. Distributable profit is a non-GAAP measure and consists of net profit/(loss) before income tax, adjusted for determined non-recurring and/or
non-cash items (including non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax. Further
information, including the calculation of distributable profit and the adjustments to profit before income tax, is set out in note 3.3 to the
interim financial statements for the period ended 30 September 2019.
2. Excludes land lease liability of $7.6 million.
Sale of
Countdown
Dunedin South
settled on
1 April 2019, at
5.6% premium
to book value
as at 31 March
2018
Countdown
New Brighton,
Christchurch,
purchased for
$5.75 million,
and lease
extended, with
maturity in 2028
2
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
3

Chair and
Manager’s Overview
Financial Commentary
The Board and Stride Investment Management
Limited (SIML or the Manager) are pleased to
deliver the results for HY20, which reflect stable
growth across key metrics, the result of the
diligent execution of our strategy as articulated
in our annual report for the year ended
31 March 2019, and continued active portfolio
management. Our portfolio continues to deliver
reliable earnings for investors, with a focus on
large format retail assets and leading national
retail tenants providing everyday needs.
For HY20, distributable profit after current income
tax at $9.7 million (HY19: $10.8 million) was
lower than the comparable period. This is largely
due to $1 million in performance fees incurred to
the Manager for HY20, as a result of shareholder
returns of 53.6% over the two year measurement
period to 30 September 2019, which is in excess
of the threshold required for a performance fee to
be earned
1
.
Profit before income tax at $13.8 million and
profit after income tax at $11.0 million were both
higher than HY19 ($13.1 million and $10.0 million
respectively). These results are driven primarily by
two factors:
Dear Investors,
For the six months to 30 September 2019 (HY20), Investore Property
Limited (Investore) has delivered a sound performance, focussed on its four
key strategic principles and areas of focus designed to deliver shareholder
returns, as set out on the opposite page.
Our efforts on developing each of these strategic principles supports our
commitment to maximise and deliver attractive and stable returns to our
investors and this is reflected in the interim results.
1. The performance fee is calculated and payable on a quarterly basis as 10% of the actual increase in shareholder returns (being share price,
as adjusted for dividends, and other changes in capital structure) that exceeds 2.5% in any quarter and capped at 3.75%, adjusted for any
carried forward surplus/deficit returns over a rolling 24-month period. For further information on the current quarterly performance fee,
refer to note 4.0 to the interim financial statements for the period ending 30 September 2019, and for more information on the background
to the performance fee structure, refer to the Product Disclosure Statement dated 10 June 2016 at investoreproperty.co.nz/documents/
Product_Disclosure_Statement_100616.pdf.
2. Weighted Average Lease Term.
• Gross rental income remaining largely
consistent with that of HY19 ($27.3 million for
HY20; $27.4 million for HY19), notwithstanding
the sale of Countdown Dunedin South on
1 April 2019. Rental income has benefited from
increased improvement rental and an increase
in turnover rents compared to HY19, which
largely compensated for the lost rental from the
sale of Countdown Dunedin South.
• An increase in the fair value of investment
properties of $0.9 million for HY20, which
contrasts with a ($0.9m) reduction in fair value
of investment properties for HY19.
The strong underlying rental income and the
improvement in fair value of investment properties
were driven largely by the Manager’s active
management of the Investore portfolio, which is
described further in the following section. The
increase in improvement rents and turnover rents
is, in part at least, driven by the refurbishment
programme that Investore has been executing in
conjunction with its tenants.
The Board is pleased to continue to work with
SIML on delivering its strategic objectives, and
believes that this focus is delivering benefits to
shareholders.
Our StrategyDelivered Through
We focus on owning properties with
long lease terms and high occupancy,
with nationally recognised quality
tenants, and we maintain strong and
enduring relationships with our tenants
to support our portfolio
• 11.9 years WALT
2
• All major lease expiries for FY20 renewed
• Alignment of Investore’s capital expenditure
programme with that of its major tenants
1.Active portfolio management
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
• Purchase of a Countdown operated store
in the coastal suburb of New Brighton,
Christchurch, for $5.75 million, at an initial
yield of 7.2%
• Settlement of the divestment of the
Countdown operated Dunedin South
property, for $19.0 million (net of transaction
costs), delivering a 5.6% premium to the
property’s book value as at 31 March 2018
2.
Targeted growth
3.
Continued optimisation of the portfolio
We will look to 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
• Investore is working with Countdown to
develop new customer pickup bays across
its portfolio to support Countdown’s
expanding online operations
• Partnership with Tesla agreed for
the installation of supercharger
charging stations
We will proactively manage capital to
maintain a healthy and flexible balance
sheet for growth, while preserving
sustainable returns to investors
• $35 million bank debt refinanced,
extending the tenor to June 2021
• No debt maturing until FY22
• Share buyback programme concluded, at an
average cost of $1.53 per share, compared
to share price as at 30 September 2019 of
$1.90 and net tangible assets per share as
at 30 September 2019 of $1.70
4.Proactive capital management
4
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
5

Strategic Principles
Strategic Principle 2 -
Targeted Growth
In November 2017, Investore commenced a
divestment programme of up to three properties,
the driver of which was a portfolio optimisation
strategy of selective transactions to deliver
diversification within the portfolio and provide
a platform for growth. During HY20, Investore
settled on the third transaction, which was the
sale of the Countdown operated property at
Dunedin South, for $19.3 million (gross of
transaction costs), delivering a 5.6% premium
to the property’s book value as at 31 March
2018, and being the third sale, completed the
divestment programme.
As part of Investore’s targeted growth strategy,
SIML restructured its internal resource to set up
a dedicated Investore team, concentrating solely
on the Investore portfolio and supporting the four
strategic principles. Over the past 10 months, the
SIML team have actively sought to identify future
quality development and investment prospects
through its opportunities pipeline, which fit the
strategic investment profile and mandate of
Investore, with the goal to preserve and grow
returns for investors.
During HY20, Investore acquired a Countdown
operated store in the coastal suburb of New
Brighton, Christchurch for $5.75 million, at an
initial yield of 7.2%, with an extension to the
lease being agreed, with maturity now in 2028.
The store services a catchment of approximately
30,000 people, with Christchurch City Council
planning to revitalise the New Brighton waterfront
through a regeneration project over the next few
years. This property and the surrounding area
is expected to benefit from the associated
upgrade works.
Strategic Principle 1 -
Active Portfolio Management
Underlying Investore’s HY20 performance
has been an emphasis on active portfolio
management, provided day-to-day by SIML as
Manager, with the Investore portfolio managed
so as to increase value and income growth
prospects. Some tangible examples of this are:
• Ensuring positive working relationships with
Investore’s tenants, which continues to support
a strong portfolio occupancy metric of 99.7%.
• SIML actively works to align Investore’s capital
expenditure programme with that of its major
tenants, which can promote renewed or
extended lease arrangements, with refurbished
assets generally outperforming the balance of
the portfolio.
This section outlines the performance of Investore over the six months in
review by reference to each of the four strategic principles outlined by the
Board in the Annual Report for the year ended 31 March 2019.
• For the half year period, refurbishments
and capital expenditure programmes have
been commenced on Countdown operated
properties at Rolleston, Kerikeri and Browns
Bay, with others planned for the second half
of the financial year.
• SIML works to proactively manage lease
expiries so as to reduce risk to Investore, and
improve the value of investment properties.
There are no major lease expiries for the
remainder of the financial year.
Bunnings, Hamilton
Mitre 10, Botany
6
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
7

Strategic Principle 3 -
Continued Optimisation
of the Portfolio
Investore seeks future quality development and
investment opportunities, aligned with a strategy
of considered and disciplined investment.
During the six months in review Investore has
been working with its major tenant, Countdown,
to develop new customer pickup bays to support
Countdown’s expanding online operations. This
will be an ongoing programme, as we progressively
roll out more convenient bays across the
Countdown stores within the Investore portfolio.
OverviewAs at 30 September 2019
Number of Properties40
Number of Tenants78
Net Lettable Area (sqm)208,116
Net Contract Rental
2
($m)46.8
WA LT
3
(years)11.9
Occupancy Rate (% by area)99.7
Portfolio Value
4
($m)750.6
Major RetailersCountdown, The Warehouse, Mitre 10, Bunnings, Animates
1. Distributable profit is a non-GAAP measure and consists of net profit/(loss) before income tax, adjusted for determined non-recurring and/
or non-cash items (including non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax.
Further information, including the calculation of distributable profit and the adjustments to profit before income tax, is set out in note 3.3 to
the interim financial statements for the period ended 30 September 2019.
2. Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the
relevant lease as at 30 September 2019, annualised for the 12 month period on the basis of occupancy level for the relevant property as at
30 September 2019, and assuming no default by the tenant.
3. Weighted Average Lease Term.
4. Excludes land lease liability of $7.6 million.
Strategic Principle 4 -
Proactive Capital
Management
Investore completed two key initiatives during
HY20 to ensure ongoing proactive capital
management, a key focus for the Investore Board:
• During HY20, Investore concluded the share
buyback programme, which was undertaken
over 25 active buying days, at an average cost
of $1.53 per share. The Board felt that acquiring
shares at a discount to net tangible assets was
an appropriate use of shareholder funds.
• Investore refinanced $35 million of its
$270 million of banking facilities with effect
from 30 September 2019. As a result, there is
no debt maturing until June 2021. Investore’s
total borrowings, comprising bank debt and the
listed bonds issued in April 2018, has a weighted
average interest rate at 30 September 2019 of
4.31%, which is slightly lower than as at
31 March 2019 (4.38%).
Dividend
Investore’s dividend policy, as declared by the
Board, is to target a cash dividend to shareholders
that is between 95% and 100% of distributable
profit
1
.
The Board reconfirms annual cash dividend
guidance of 7.60 cents per share to shareholders
for FY20. The second quarterly cash dividend of
1.90 cents per share is due to be paid on
27 November 2019.
Governance
The Board is progressing with its search for a
new independent Director, to replace Kate Healy,
who stood down effective from 22 May 2019.
The independent majority representation on
the Investore Board is an important governance
feature for Investore. As a Board, we believe
that a high standard of governance by a skilled,
qualified and diverse team of Directors is essential
for sustaining the long-term performance of the
company and ultimately providing value for
our investors.
Mike Allen
Chair of Investore
Property Limited
Philip Littlewood
Chief Executive of
Stride Investment
Management Limited
During the period in review, Investore also entered
into a Supercharger Partnership with American
automotive and energy company Tesla, for the
installation of three dedicated charging stations
for the new Tesla Model 3 in the Wellington area
by the end of the calendar year. Countdown
Johnsonville was an obvious choice, due to its
strategic location near a major arterial route.
The superchargers will ensure a 45-minute
charge time for each vehicle, providing the optimal
window within which users of this service can
visit Investore’s Countdown and The Warehouse
operated stores in Johnsonville.
Continuing to Deliver
Enduring Returns
Investore’s strategy continues to be to invest in
quality, large format retail properties throughout
New Zealand and actively manage shareholders’
capital to maximise distributions and total returns
over the medium to long term.
Investore confirms that the focus for the 2020
financial year is firmly on targeting yield growth,
executed in a disciplined manner, aimed at
enhancing returns to shareholders.
On behalf of the Board of Directors and the
Manager, Stride Investment Management
Limited, we would like to thank our investors, both
shareholders and bondholders, for their ongoing
support of Investore.
8
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
9

Interim
Financial
Statements
Countdown, Palmerston North

12
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
13
Statement of Comprehensive Income
For the six months ended 30 September 2019
Notes
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Gross rental income
27,326
27,420
Direct property operating expenses
(3,229)
(3,378)
Net rental income2.124,097
24,042
Less corporate expenses
Management fees expense
4.0(2,045)
(2,030)
Performance fee expense
(1,008)
-
Administration expenses
(983)
(782)
Total corporate expenses(4,036)
(2,812)
Profit before net finance expense, other income /(expense)
and income tax20,06121,230
Finance income
36
59
Finance expense
(7,233)
(7,307)
Net finance expense5.3(7,197)
(7,248)
Profit before other income/(expense) and income tax12,864
13,982
Other income/(expense)
Net change in fair value of investment properties
2.2886
(923)
Net change in fair value of derivative financial instruments
8
24
Profit before income tax13,758
13,083
Income tax expense
6.1(2,787)
(3,115)
Profit after income tax attributable to shareholders10,971
9,968
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
(1,112)
(938)
Total comprehensive income after tax attributable to
shareholders9,8599,030
Basic and diluted earnings per share (cents)3.14.22
3.81
The attached notes form part of and are to be read in conjunction with these financial statements.
13 Statement of Comprehensive Income
14 Statement of Changes in Equity
15 Statement of Financial Position
16 Statement of Cash Flows
18 Notes to the Financial Statements
32 Independent Review Report
Contents

14
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
15
Statement of Changes in Equity
For the six months ended 30 September 2019
Notes
Cents
per
share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 19 (Audited)260,076379,60965,830(2,230)443,209
Transactions with shareholders:
Q4 2019 final dividend
1.935––(5,033)–(5,033)
Q1 2020 interim dividend
1.900––(4,941)–(4,941)
Total transactions with shareholders––(9,974)– (9,974)
Other comprehensive income:
Movement in cash flow hedges,
net of tax5.5–––(1,112)(1,112)
Total other comprehensive income–––(1,112)(1,112)
Profit after income tax
––10,971–10,971
Total comprehensive income––10,971(1,112)9,859
Balance 30 Sep 19 (Unaudited)260,076379,60966,827(3,342)443,094
Balance 31 Mar 18 (Audited)
261,772382,24746,944(133)429,058
Transactions with shareholders:
Q4 2018 final dividend1.880––(4,921)–(4,921)
Q1 2019 interim dividend1.865––(4,871)–(4,871)
Share buyback

(1,471)(2,293)––(2,293)
Total transactions with shareholders
(1,471)(2,293)(9,792)–(12,085)
Other comprehensive income:
Movement in cash flow hedges,
net of tax5.5– – – (938)(938)
Total other comprehensive income
– – – (938)(938)
Profit after income tax––9,968–9,968
Total comprehensive income
––9,968(938)9,030
Balance 30 Sep 18 (Unaudited)
260,301379,95447,120(1,071)426,003
The attached notes form part of and are to be read in conjunction with these financial statements.
Statement of Financial Position
As at 30 September 2019
Notes
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Current assets
Cash and cash equivalents
1,730
5,111
Trade and other receivables
115
415
Prepayments
444
53
Other current assets
1,087
1,011
3,376
6,590
Investment property classified as held for sale
–
19,046
3,376
25,636
Non-current assets
Investment properties
2.2758,259
742,125
Derivative financial instruments
5.22,162
1,320
Deferred tax asset
1,098
796
761,519
744,241
Total assets764,895
769,877
Current liabilities
Trade and other payables
3,569
4,193
Current tax liability
597
1,306
Lease liability
208
–
Derivative financial instruments
5.2388
90
4,762
5,589
Non-current liabilities
Borrowings
5.1303,036
316,631
Lease liability
7,426
–
Derivative financial instruments
5.26,577
4,448
317,039
321,079
Total liabilities321,801
326,668
Net assets443,094
443,209
Share capital
379,609
379,609
Retained earnings
66,827
65,830
Reserve
5.5(3,342)
(2,230)
Equity443,094
443,209
The attached notes form part of and are to be read in conjunction with these financial statements.
For and on behalf of the Board of Directors, dated 13 November 2019:
Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee

16
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
17
Statement of Cash Flows
For the six months ended 30 September 2019
Statement of Cash Flows (continued)
For the six months ended 30 September 2019
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Cash flows from operating activities
Gross rent received
26,679
26,502
Interest received
36
59
Interest paid
(7,594)
(6,272)
Operating expenses
(7,210)
(6,494)
Income tax paid
(3,369)
(1,329)
Net cash provided by operating activities8,542
12,466
Cash flows from investing activities
Capital expenditure on investment properties
(1,233)
(3,857)
Acquisition of investment properties
(5,776)
–
Proceeds from disposal of investment properties
19,046
–
Net cash provided by/(applied to) investing activities12,037
(3,857)
Cash flows from financing activities
Dividends paid
(9,974)
(9,792)
Refinancing of bank borrowings
(18)
(105)
Lease liability payment
(138)
–
Drawdown of bank borrowings
5,200
5,600
Repayment of bank borrowings
(19,030)
–
Repayment of bank borrowings from bonds proceeds
–
(100,000)
Net proceeds from issuance of fixed rate bonds
–
98,568
Share buyback costs
–
(2,293)
Net cash applied to financing activities(23,960)
(8,022)
Net (decrease)/increase in cash and cash equivalents held(3,381)
587
Opening cash and cash equivalents
5,111
2,199
Closing cash and cash equivalents1,730
2,786
Reconciliation of profit after income tax attributable to shareholders to net cash flows from
operating activities
Notes
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Profit after income tax attributable to shareholders10,971
9,968
Add/(less) non-cash items:
Movement in deferred tax
6.1127
298
Net change in fair value of investment properties
(886)
923
Spreading of fixed rental increases
(608)
(694)
Capitalised lease incentives
(20)
(8)
Lease incentives amortisation
2
1
Movement in loss allowance
18
(24)
Borrowings establishment cost amortisation
253
334
Accrued interest movement in derivative financial instruments
53
(44)
Net change in fair value of derivative financial instruments
(8)
(24)
9,902
10,730
Add activity classified as investing activity:
Movement in working capital items relating to investing activities
158
1,747
10,060
12,477
Movement in working capital:
Decrease/(increase) in trade and other receivables
282
(59)
Increase in prepayments and other current assets
(467)
(584)
Decrease in trade and other payables
(624)
(867)
(Decrease)/increase in tax payable
(709)
1,499
Net cash provided by operating activities8,542
12,466
The attached notes form part of and are to be read in conjunction with these financial statements.The attached notes form part of and are to be read in conjunction with these financial statements.

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Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
19
Notes to the Financial Statements
For the six months ended 30 September 2019
1.0 General Information
This section sets out Investore’s accounting policies that relate to the unaudited interim financial
statements (financial statements) as a whole. Where an accounting policy is specific to a note, the
policy is described within the note to which it relates.
1.1 Reporting entity
The financial statements presented are those of Investore Property Limited (Investore). Investore is domiciled in
New Zealand and is registered under the Companies Act 1993. Investore is also an FMC reporting entity under
Part 7 of the Financial Markets Conduct Act 2013.
Investore’s principal activity is property investment in New Zealand. Investore is managed by Stride Investment
Management Limited (SIML).
The financial statements were approved for issue by the Board of Directors (the Board) on 13 November 2019.
1.2 Basis of preparation
The financial statements have been prepared in accordance with the requirements of Part 7 of the Financial
Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP), New Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting
and International Accounting Standard 34 (IAS 34) Interim Financial Reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities
stated at fair value as disclosed.
The financial statements have been presented in New Zealand dollars and have been rounded to the nearest
thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report, and
should be read in conjunction with the audited 2019 annual financial statements.
1.3 Adoption of new standard – NZ IFRS 16 Leases
Investore has adopted NZ IFRS 16 Leases from 1 April 2019 which has replaced the previous guidance in
NZ IAS 17 Leases and requires a lessee to recognise a lease liability reflecting future lease payments and a right-
of-use asset applying the fair value model given the ground lease is held solely for the purpose of holding the
related investment property building.
As a lessor, there are no changes to Investore’s current accounting treatment and disclosure of leases. However,
Investore is committed under eleven (31 Mar 19: eleven) operating leases where Investore is the lessee. There
are seven leases at the corner of Anglesea and Liverpool Streets, Hamilton, one at 3 Averill Street, Auckland,
one at 70 Studholme Street, Morrinsville, one at 51 Arthur Street, Blenheim, and one at the corner of Bridge and
Anglesea Streets, Hamilton.
As a lessee, Investore has applied NZ IFRS 16 using the simplified retrospective approach. Under this approach,
Investore has recognised a lease liability of $7,772,000 as at 1 April 2019, representing the present value of the
remaining lease cash flows with the right-of-use asset embedded in the fair value of the underlying investment
property. The prior period comparatives have not been restated, as permitted under the specific transitional
provisions in the standard.
New accounting policy from 1 April 2019
Investore leases various property under non-cancellable operating lease agreements. At the inception of a contract,
Investore assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Right-of-use assets are measured on initial recognition as the initial lease liability, plus any initial indirect
costs incurred, less any lease incentives received. Right-of-use assets that meet the definition of investment
property are presented within investment property. Investore applies the fair value model to investment property,
including right-of-use assets that meet the definition of investment property.
Investment property is adjusted for cash flows relating to lease liabilities already recognised separately on the
statement of financial position and also reflected in the investment property valuations.
Lease liabilities are measured based on the present value of the fixed and variable lease payments, less any
cash lease incentives receivable. Each lease payment is allocated between the liability and finance cost. The
finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the
remaining balance of the liability for each period.
1.0 General information 19
1.1 Reporting entity 19
1.2 Basis of preparation 19
1.3 Adoption of new standard – NZ IFRS 16 Leases 19
1.4 Significant accounting policies, estimates and judgements 20
1.5 Significant events and transactions 20
2.0 Property 21
2.1 Net rental income 21
2.2 Investment properties 22
2.3 Capital expenditure commitments contracted for 23
3.0 Investor returns 24
3.1 Basic and diluted earnings per share 24
3.2 Net tangible assets per share 24
3.3 Distributable profit 25
4.0 Related party disclosures 26
5.0 Capital structure and funding 27
5.1 Borrowings 27
5.2 Derivative financial instruments 28
5.3 Net finance expense 29
5.4 Share capital 29
5.5 Reserve 30
6.0 Other 30
6.1 Income Tax 30
6.2 Operating segments 31
6.3 Contingent liabilities 31
6.4 Subsequent events 31

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Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
21
1.3 Adoption of new standard – NZ IFRS 16 Leases (continued)
Adjustments recognised on adoption of NZ IFRS 16
On adoption of NZ IFRS 16, Investore has recognised a right-of-use asset within the fair value of investment
property and a corresponding lease liability within interest bearing liabilities in relation to leases which had
previously been classified as operating leases under the principles of NZ IAS 17 Leases. The liabilities were
measured at the present value of the remaining lease payments, discounted at a rate of 5.88%, being the
estimated incremental borrowing rate applied to the lease liability as at 1 April 2019.
A reconciliation between the operating lease commitments disclosed as at 31 March 2019 and the lease
liabilities recognised on adoption of NZ IFRS 16 on 1 April 2019 is provided below.
Unaudited
$000
Operating lease commitments disclosed as at 31 March 2019
1,793
Operating lease commitments from next review to final lease expiry
26,652
Discounted using the lessee’s incremental borrowing rate at the date of initial application
(20,673)
Lease liability recognised as at 1 April 20197,772
Of which were:
Current lease liabilities
277
Non-current lease liabilities
7,495
7,772
In applying NZ IFRS 16 for the first time, Investore has used the practical expedient permitted by the standard of
the use of a single discount rate to a portfolio of leases with reasonably similar characteristics.
The commitments shown as at 31 March 2019 reflected amounts payable under current signed lease contracts
up until the next rent review, at which time the terms of the leases may be renegotiated.
1.4 Significant accounting policies, estimates and judgements
The same accounting policies and methods of computation are followed in the financial statements as
compared with the most recent annual financial statements, other than the adoption of NZ IFRS 16 as described
in note 1.3.
1.5 Significant events and transactions
The financial position and performance of Investore was affected by the following events and transactions that
occurred during the reporting period:
Sale of 323 Andersons Bay Road, Dunedin
On 1 April 2019, Investore disposed of the property at 323 Andersons Bay Road, Dunedin, for $19.328 million
gross of transaction costs.
Acquisition of 24 Brighton Mall, Christchurch
On 23 August 2019, Investore acquired the property at 24 Brighton Mall, Christchurch, for $5.75 million
excluding transaction costs.
1.0 General Information (continued)2.0 Property
This section covers property assets, being large format retail properties, which generate Investore’s
trading performance.
2.1 Net Rental Income
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Gross rental income
Rental income and service charge income recovered from tenants
26,700
26,719
Spreading of fixed rental increases
608
694
Capitalised lease incentives
20
8
Lease incentives amortisation
(2)
(1)
Total gross rental income27,326
27,420
Direct property operating expenses
Service charge expenses to tenants
(2,191)
(1,965)
Movement in loss allowance
(18)
24
Other non-recoverable property operating expenses
(1,020)
(1,437)
Total direct property operating expenses(3,229)
(3,378)
Net rental income24,097
24,042
Other non-recoverable property operating expenses represents property maintenance and operating expenses
not recoverable from tenants and property leasing costs.

22
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
23
2.2 Investment Properties (continued)
All investment properties were valued by independent valuers as at 31 March 2019. The Board has reviewed
the fair value of the investment properties as at 30 September 2019 on an asset by asset basis after considering
recent comparable transactional evidence of market sales and leasing activity and is satisfied that there has
been no significant change to the overall carrying value, other than the following investment properties, which
were subject to an independent valuation due to capital expenditure works or leasing activity undertaken during
the period.
Valuer
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Cnr Butler & Kerikeri Roads, KerikeriColliers
19,000
18,900
Cnr Te Irirangi Drive & Bishop Dunn Place, AucklandCBRE
35,000
34,100
Cnr Tremaine Avenue & Railway Road, Palmerston NorthColliers Wellington
27,350
26,050
The above investment properties were valued by CIVAS Limited (Colliers), CBRE Limited (CBRE) or Colliers
Wellington Limited (Colliers Wellington) as indicated. The valuations are dated effective 30 September 2019.
With regard to these investment properties, the valuers took into account:
• occupancy (leased area as a proportion of the total net lettable area) (100% at balance date);
• average lease term (weighted average lease term (WALT) at balance date is 11.35 years);
• discount rates (ranged from 5.00% to 8.00%); and
• capital expenditure works of $160,000 at corner Butler & Kerikeri Roads, Kerikeri, in relation to the retaining
wall, $441,000 at corner Te Irirangi Drive & Bishop Dunn Place, Auckland, relating to the Mitre 10 development
and $358,000 at corner Tremaine Avenue & Railway Road, Palmerston North, relating to the lighting and
air conditioning upgrades.
Capitalisation rates ranged from 5.00% to 5.88% for the investment properties valued.
In addition to the above, 24 Brighton Mall, Christchurch, was valued as at 20 August 2019 by Colliers at
$6,200,000 in support of the acquisition of the property on 23 August 2019 for $5,750,000.
2.3 Capital expenditure commitments contracted for
As at 30 September 2019, Investore had committed to $2,399,705 (31 Mar 19: $2,440,930) in total
for various capital expenditure works to be undertaken on investment properties in this financial year.
Subsequent to balance date, Investore has not committed to any further capital expenditure works
(31 Mar 19: $62,275).
2.2 Investment Properties
Unaudited
30 Sep 19
$000
Unaudited
31 Mar 19
$000
Opening balance742,125
738,330
Initial add back of land lease liability
7,772
–
Property acquisitions
5,776
–
Net change in fair value
886
17,206
Subsequent capital expenditure
1,074
4,145
Spreading of fixed rental increases
608
1,318
Capitalised lease incentives
20
11
Lease incentives amortisation
(2)
(1)
Transfer to investment property classified as held for sale
–
(19,046)
Transfer from work in progress
–
162
Closing balance 758,259
742,125
Comprising:
Investment property at valuation
750,625
742,125
Add back land lease liability
7,634
–
Total758,259
742,125
The net change in fair value of $886,000 (31 Mar 19: $17,206,000) includes ($138,000) (31 Mar 19: N/A)
in relation to the change in value of the lease liability.
2.0 Property (continued)2.0 Property (continued)

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Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
25
3.0 Investor Returns
This section sets out Investore’s earnings per share and how distributable profit is calculated.
Distributable profit is a non-GAAP measurement and is used by Investore to calculate profit available
for distribution to shareholders by way of dividends.
3.1 Basic and diluted earnings per share
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Profit after income tax attributable to shareholders10,971
9,968
Weighted average number of shares for purpose of basic and
diluted earnings per share260,076261,571
Basic and diluted earnings per share – weighted (cents)4.22
3.81
3.2 Net tangible assets per share
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Unaudited
30 Sep 18
$000
Net tangible assets443,094
443,209426,003
Closing shares on issue
260,076
260,076260,301
Net tangible assets per share$1.70
$1.70$1.64
3.3 Distributable profit
Accounting Policy
Investore’s dividend policy is to target a cash dividend to shareholders that is between 95% and 100% of its
distributable profit. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income
tax, adjusted for determined non-recurring and/or non-cash items (including non-recurring adjustments for
incentives payable to anchor tenants for lease extensions) and current tax.
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Profit before income tax
13,758
13,083
Non-recurring and/or non-cash adjustments:
Net change in fair value of investment properties
(886)
923
Reversal of the land lease liability movement in investment properties
(138)
–
Net change in fair value of derivative financial instruments
(8)
(24)
Loss on breaking swaps (note 5.2)
37
–
Spreading of fixed rental increases
(608)
(694)
Capitalised lease incentives
(20)
(8)
Lease incentives amortisation
2
1
Borrowings establishment cost amortisation
253
334
Distributable profit before current income tax12,390
13,615
Current tax expense
(2,660)
(2,817)
Distributable profit after current income tax9,730
10,798
Adjustments to funds from operations:
Maintenance capital expenditure
(879)
(360)
Adjusted Funds From Operations (AFFO)8,851
10,438
Weighted average number of shares for purpose of basic and diluted
distributable profit per share (000)260,076261,571
Basic and diluted distributable profit after current income tax per
share - weighted (cents)3.744.13
AFFO basic and diluted distributable profit after current income
tax per share - weighted (cents)3.403.99
3.0 Investor Returns (continued)

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27
4.0 Related Party Disclosures5.0 Capital Structure and Funding
This section sets out the transactions that have occurred during the relevant periods between
Investore and SIML, as manager of Investore, and Stride Property Limited (SPL), which owns a
cornerstone shareholding in Investore. The shares in each of SIML and SPL are Stapled Securities
and together they comprise the Stride Property Group.
The following transactions with a related party took place
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
SIML
Asset management fee expense
(2,045)
(2,030)
Performance fee expense
(1,008)
–
Building management fee expense
(201)
(205)
Accounting fee expense
(125)
(125)
Disposal fee expense
(97)
–
Leasing fee expense
(45)
(11)
Project management fee expense
(42)
(78)
Maintenance fee expense
(11)
(13)
SPL
Dividends paid
(1,986)
(1,945)
The following balance was payable to a related party
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
SIML(502)
(541)
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services.
Investore does not have any employees, accordingly, there are no senior managers of Investore who have a
relevant interest in the shares of Investore.
The performance fee expense is calculated and payable on a quarterly basis as 10% of the actual increase in
shareholder returns (being share price, adjusted for dividends, and other changes in capital structure), which is
above 2.5% and under 3.75% in a quarter. Where shareholder returns exceed 3.75% in a quarter, no payment is
due for the actual amount of the increase above 3.75% but the amount of the increase above 3.75% is carried
forward and added to the calculation of shareholder returns in the next seven quarters. However, if shareholder
returns are less than 2.5% in a quarter, the deficit is carried forward and subtracted from the calculation of
shareholder returns in the next seven quarters. SIML received a performance fee of $523,110 for the quarter
ended 30 June 2019 and is due to receive a performance fee of $484,808 for the quarter ended 30 September
2019. The carried forward return for the performance fee calculation for the quarter ended 31 December
2019 is 16.73% (31 Mar 19: carried forward return 7.98%) which has been calculated in accordance with the
management agreement.
As at 30 September 2019, SPL has a cornerstone shareholding in Investore of 19.9%, being 51,791,786 shares
(31 Mar 19: 19.9% and 51,791,786 shares). SPL is not subject to any escrow arrangements that prevent it from
selling or otherwise disposing of any shares that it holds.
Investore’s capital structure includes debt and equity, comprising shares and retained earnings as
shown in the statement of financial position. This section sets out how Investore manages its capital
structure, funding exposure to interest rate risk and related financing costs.
5.1 Borrowings
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Non-current
Bank facility drawn down
204,700
218,530
Fixed rate bonds
100,000
100,000
Unamortised borrowings establishment costs
(1,664)
(1,899)
Total net borrowings 303,036
316,631
Total bank facility available270,000
270,000
Bank facility drawn down
204,700
218,530
Undrawn bank facility available
65,300
51,470
Facility A
70,000
70,000
Facility B
165,000
165,000
Facility C
35,000
35,000
Total bank facility available270,000
270,000
Bank facility expiry dates
Facility A
31 Aug 2022
31 Aug 2022
Facility B
9 Jun 2021
9 Jun 2021
Facility C
9 Jun 2021
9 Jun 2020
Weighted average interest rate for debt (inclusive of current interest rate
derivatives, bonds, margins and line fees) at balance date4.31%4.38%
Interest rate on the bank facility (excluding margin) at balance date
2.44%
2.54%
Bank borrowings
Investore’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited,
Bank of New Zealand, Commonwealth Bank of Australia and Westpac New Zealand Limited.
Effective from 30 September 2019, Investore refinanced Facility C for $35 million by extending the tenor to
9 June 2021.
Fixed rate bonds
On 18 April 2018, Investore issued $100 million of fixed rate bonds with a six-year term, expiring on 18 April
2024, paying an interest rate of 4.40%.
The bonds are quoted on the NZX Debt Market and their fair value was $107,285,575 (31 Mar 19: $103,266,143)
based on their listed market price as at balance date. Interest is payable quarterly in April, July, October and January
in equal instalments.

28
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
29
5.1 Borrowings (continued)
Security
The bank borrowings and fixed rate bonds are managed through a security agent who holds a first registered
mortgage on all the investment properties owned by Investore and a registered first ranking security interest
under a General Security Deed over substantially all the assets of Investore.
5.2 Derivative financial instruments
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Notional value of interest rate swaps – fixed rate payer
180,000
230,000
Notional value of interest rate swaps – fixed rate receiver
25,000
25,000
205,000
255,000
Fixed interest rates payer ranges
2.27% – 3.01%
2.19% – 3.01%
Fixed interest rate receiver
4.40%
4.40%
Weighted average fixed interest rate (excluding margins)
2.65%
2.58%
Percentage of drawn debt fixed
84%
96%
Investore enters into interest rate swaps that have similar critical terms as the hedged item, such as reference
rate, reset dates, payment dates, maturities and notional amount. Investore has not hedged 100% of its floating
rate borrowings, therefore the hedged item is identified as a proportion of the outstanding loans up to the
notional amount of the swaps. As all critical terms matched during the period, the economic relationship was
100% effective, with the exception of the $25 million fixed rate receiver interest rate swap.
On 21 March 2018, Investore entered into a $25 million forward start fixed rate receiver swap for the duration
of the fixed rate bonds with the effect of converting a portion of the $100 million fixed rate bonds to floating
interest rate. The life to date ineffective portion on the receiver swap, due to the misalignment to the fixed rate
bonds as a result of the bonds commencing on 18 April 2018, is a fair value loss of $41,858 (31 Mar 19: fair
value loss of $50,320), resulting in a fair value gain movement of $8,462 (31 Mar 19: fair value loss of $88,134)
being recognised in the current period in the statement of comprehensive income.
On 2 April 2019, Investore closed out interest rate swaps with a notional value of $20 million for a cost of $37,100.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury
advisors using valuation techniques classified as Level 2 in the fair value hierarchy (31 Mar 19: Level 2).
These are based on the present value of estimated future cash flows based on the terms and maturities of
each contract and the current market interest rates as at balance date. Fair values also reflect the current
creditworthiness of the derivative counterparties. The valuations were based on market rates at 30 September
2019 of between 1.19%, for the 90-day BKBM, and 1.24%, for the 10-year swap rate (31 Mar 19: 1.85% and
2.16%, respectively). There were no changes to these valuation techniques during the reporting period.
As at 30 September 2019, the fair value of the interest rate derivatives was a liability of $4,803,174, including an
accrued interest liability of $102,632 (31 Mar 19: liability of $3,217,393, including an accrued interest liability
of $49,696).
Gains and losses recognised in the cash flow hedge reserve in equity on interest rate derivative contracts as at
30 September 2019 will be reclassified in the same period in which the hedged forecast cash flows affect profit
or loss, until the repayment of the underlying borrowings.
5.0 Capital Structure and Funding (continued)5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Finance income
Bank interest income
33
28
Other finance income
3
31
Total finance income36
59
Finance expense
Bank borrowings interest
(4,780)
(5,140)
Fixed rate bonds interest
(2,239)
(2,167)
Lease liability interest
(214)
–
Total finance expense(7,233)
(7,307)
Net finance expense(7,197)
(7,248)
5.4 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares
are fully paid and have no par value. Investore has 260,075,613 shares on issue as at 30 September 2019
(31 Mar 19: 260,075,613).
On 1 August 2018, Investore announced an on-market share buyback programme to purchase up to 5% of
its ordinary shares over a 12-month period. During the prior financial year, Investore acquired and cancelled
1,696,220 ordinary shares on market at an average price of $1.53 for a total consideration of $2,599,984. On
21 May 2019, Investore announced the buyback programme had been concluded.
Ordinarily, all directors of a company that has its shares quoted on the NZX Main Board would be elected by
shareholders by way of ordinary resolution, but NZX has issued a waiver to Investore which permits SIML to have
the right to appoint two directors to the Investore Board. Tim Storey and John Harvey have been appointed to the
Board by SIML under this right. NZX has also issued a waiver to allow the directors appointed by SIML to vote on
resolutions of the Board to the extent that those directors are restricted from voting on the grounds that they are
“interested” (as defined in the Companies Act 1993) in the matter solely due to being directors of SIML but for
no other reason. An issuer which does not comply with all of the requirements of the NZX Listing Rules may be
granted listing with the designation ‘Non-Standard’ or ‘NS’. A term of the waiver granted to Investore to permit
SIML to have the right to appoint two directors was that Investore would be given a Non-Standard Designation
upon its listing and the quotation of its shares.
Under Investore’s Constitution, if SIML has (or is deemed to have) appointed two directors to the Board, the chair
of the Board must be a director elected by shareholders not associated with SIML and otherwise be independent
of SIML and, provided the chair is independent of SIML, holds a casting vote in respect of the resolutions of the
Board where there is an equality of votes.
On 22 May 2019, independent Director Kate Healy, resigned from the Investore Board. The Board is
progressing a formal process to identify a new independent Director for the Board, as the independent majority
representation on the Board is an important governance feature for the company.

30
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
31
5.0 Capital Structure and Funding (continued)
6.0 Other
5.5 Reserve
Cash flow hedge reserve
Unaudited
30 Sep 19
$000
Audited
31 Mar 19
$000
Opening balance(2,230)
(133)
Movement in fair value of interest rate derivatives
(1,533)
(3,035)
Tax on fair value movement
429
850
Transferred to profit or loss
(8)
88
Closing balance(3,342)
(2,230)
6.0 Other (continued)
6.2 Operating segments
Investore is reported as a single operating segment, being large format retail properties. Investore’s
revenue streams are earned from investment properties owned in New Zealand, with no specific exposure
to geographical risk. One tenant, General Distributors Limited (Countdown), contributes 73% of Investore’s
portfolio contract rental as at 30 September 2019 (30 Sep 18: 73%).
6.3 Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 19: $nil).
6.4 Subsequent events
On 13 November 2019, Investore declared a cash dividend for the period 1 July 2019 to 30 September 2019 of
1.90 cents per share, to be paid on 27 November 2019 to all shareholders on Investore’s register at the close of
business on 20 November 2019. This dividend will carry imputation credits of 0.518761 cents per share. This
dividend has not been recognised in the financial statements.
There have been no other material events subsequent to balance date.
This section contains additional information to assist in understanding the financial performance and
position of Investore.
6.1 Income tax
Unaudited
6 months
30 Sep 19
$000
Unaudited
6 months
30 Sep 18
$000
Profit before income tax13,758
13,083
Prima facie income tax using the company tax rate of 28%
(3,852)
(3,663)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties
248
(258)
Non-taxable income
274
196
Depreciation
852
924
Depreciation recovered on disposal of investment properties
(53)
–
Movement in fair value of derivative financial instruments
2
6
Non-deductible expenses
(97)
(1)
Temporary differences
(34)
(21)
Current tax expense(2,660)
(2,817)
Investment property depreciation
(160)
(308)
Other
33
10
Deferred tax charged to profit or loss(127)
(298)
Income tax expense per the statement of comprehensive income(2,787)
(3,115)

32
Investore Property Limited Interim Report for the six months ended 30 September 2019 Investore Property Limited Interim Report for the six months ended 30 September 2019
33
Corporate Directory
Board of Directors
Mike Allen (Chair)
Gráinne Troute
Tim Storey (SIML appointed Director)
John Harvey (SIML appointed Director)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141
New Zealand
W investoreproperty.co.nz
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119
Victoria Street West
Auckland 1142
T +64 9 488 8777
F +64 9 488 8787
E enquiry@computershare.co.nz
Legal Adviser
Bell Gully
Level 21, Vero Centre
48 Shortland Street, Auckland 1010
PO Box 4199, Auckland 1140
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
Westpac New Zealand Limited
Auditor
PricewaterhouseCoopers
PricewaterhouseCoopers Tower
Level 22, 188 Quay Street
Private Bag 92162, Auckland 1142
Bond Supervisor
Public Trust
Level 9, 34 Shortland Street
Auckland 1010
PO Box 1598, Auckland 1140
Manager
Stride Investment Management Limited
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141
New Zealand
T +64 9 912 2690
W strideproperty.co.nz
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of Investore Property Limited (“the Company”) on
pages 13 to 31, which comprise the statement of financial position as at 30 September 2019, and the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six month period
ended on that date, and a summary of significant accounting policies and selected explanatory notes.
Directors’ responsibility for the interim financial statements
The Directors of Investore Property Limited are responsible on behalf of the Company for the preparation and
fair presentation of these interim financial statements in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine is necessary
to enable the preparation and fair presentation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditor of the Company, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and International Standards on Auditing. Accordingly, we
do not express an audit opinion on these interim financial statements.
We are independent of the Company. Our firm carries out other services for the Company in the areas of
operating expense audits and performing agreed procedures in respect of proxy vote at the 2019 Annual
Shareholder Meeting. The provision of these other services has not impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim financial
statements of the Company do not present fairly, in all material respects, the financial position of the Company
as at 30 September 2019, and its financial performance and cash flows for the six month period then ended,
in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken
so that we might state to the Company’s shareholders those matters which we are required to state to them in
our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our review
procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants, Auckland
13 November 2019
Independent Review Report
To the shareholders of Investore Property Limited

Investore Property Limited
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320, Wellesley Street
Auckland 1141
New Zealand
T + 64 9 912 2690
W investoreproperty.co.nz

---

Interim Update
For The Six Months Ended
30 September 2019

2
03Highlights
06Portfolio Overview
11Interim Results
16CapitalManagement
19Conclusion
Investore has been designated as a "Non-Standard" (NS) issuer by NZX Limited (NZX). A copy of the waivers granted by NZX from the NZX Main
Board Listing Rules dated 1 October 2017 (specifically, Listing Rules 3.3.5 to 3.3.15 and 3.4.3) in respect of Investore's "NS" designation can be
found at www.nzx.com/companies/IPL/documents. Until such time as these waivers are reissued by NZX (or 30 June 2020 if these waivers are
not reissued by that date), Investore will continue to rely on them under the NZX Regulation Decision dated 19 November 2018 regarding the
continuing application of waivers granted under the previous NZX Main Board Listing Rules.
Investore Property Limited Interim Update for the six months ended 30 September 2019
Contents

Highlights
3Investore Property Limited Interim Update for the six months ended 30 September 2019

$11.0m
profit after
income tax up
$1.0m on HY19
$1.70 NTA
2
per
share –compared
to share price at
30 September
2019 of $1.90
7.60 cps FY20
cash dividend
guidance
$750.6m
property portfolio
value
1
99.7%
occupancy
Loan to value
ratio 40.6%
11.9 years
WALT
3
Acquisition of
Countdown New
Brighton for
$5.75m
1.Excludes land lease liability of $7.6 million.
2.Net Tangible Assets (NTA)
3.Weighted average lease term.
Investore Property Limited Interim Update for the six months ended 30 September 2019
HY20 Highlights
(as at 30 September 2019, unless otherwise stated)
4

Loan to value
ratio 42%
1
Weighted average lease term.
Investore Property Limited Interim Update for the six months ended 30 September 2019
Strategic Principles –Delivery of Strategy
5
Investore’s strategy is to invest
in quality, large format retail
properties throughout New
Zealand, and actively manage
shareholders’ capital, to
maximise distributions and total
returns over the long term
Investorefocusses on tenants
which meet New Zealand
consumers’ everyday needs,
making it well positioned to
provide a secure income stream
for investors
1.Active Portfolio Management
•11.9 years WALT
4
•All major lease expiries for FY20 renewed
•Alignment of Investore’s capital expenditure
programme with that of its major tenants
4. Proactive Capital Management
•$35 million debt refinanced, extending tenor
to June 2021
•No debt maturing until FY22
•Share buyback programme concluded, at an
average cost of $1.53 per share, compared
to share price as at 30 September 2019 of
$1.90 and net tangible assets per share as
at 30 September 2019 of $1.70
2. Targeted Growth
•Purchase of a Countdown operated store in
the coastal suburb of New Brighton,
Christchurch, for $5.75 million, at an initial
yield of 7.2%
•Pipeline of acquisitions under consideration
•Settlement of the divestment of Countdown
Dunedin South, delivering 5.6% premium to
the book value as at 31 March 2018
3. Continued Portfolio Optimisation
•Investore is working with Countdown to
develop new customer pickup bays across
its portfolio to support Countdown’s
expanding online operations
•Partnership with Tesla for the installation of
supercharger charging stations
4. Refer footnote 3 on page 4.

Portfolio
Overview
6Investore Property Limited Interim Update for the six months ended 30 September 2019

Loan to value
ratio 42%
1
Weighted average lease term.
Investore Property Limited Interim Update for the six months ended 30 September 2019
Portfolio Overview
7
Key activities
across portfolio
• Portfolio value down $10.5 million due
to divestment of Countdown Dunedin
South ($19.0 million net sale price after
disposal costs), partially offset by the
acquisition of Countdown New Brighton
($5.75 million acquisition price) and
gross valuation gain of $2.3 million
(or 0.3%)
• Countdown New Brighton, Christchurch,
purchased for $5.75 million, and lease
extended, with maturity in 2028
• The strong underlying rental income
and the improvement in fair value of
investment properties were driven
largely by the Manager’s active
management of the Investoreportfolio
30 Sept1931 Mar 19
4040
7878
46.847.6
750.6761.2
208,116209,980
507,411512,705
99.799.9
11.912.4
6.046.05
3.93.9
Total property portfolio
Number of properties
Number of tenants
Net Contract Rental
5
($m )
Portfolio value
6
($m )
Net Lettable Area (NLA) (sqm)
Total land area (sqm)
Occupancy rate (% by area)
WALT
7
(years)
Market capitalisation rate (%)
Car parking ratio (bays per 100sqm of NLA)
$761.2m
$750.6m
($19.0m)
$1.0m
$1.1m
$5.8m
$0.6m
31-Mar-19DisposalNet change in
fair value
Capital
expenditure
AcquisitionSpreading of
fixed rental
increases
30-Sep-19
Property portfolio valuation movement
6
5.Contract Rental is the amount of rent payable by each
tenant, plus other amounts payable to Investore by that
tenant under the terms of the relevant lease as at
30 September 2019, annualised for the 12 month period on
the basis of occupancy level for the relevant property as at
30 September 2019, and assuming no default by the tenant.
6. Refer footnote 1 on page 4.
7. Refer footnote 3 on page 4.
8. Excludes land lease liability movement in investment
properties of $138,000.
Numbers in the charts may not add due to rounding.
8

0.0%
2.1%2.1%
0.5%
2.7%
4.6%
1.2%
0.6%
3.2%
1.0%
15.5%
6.0%
0.0%
22.3%
4.4%
33.8%
FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Loan to value
ratio 42%
Investore Property Limited Interim Update for the six months ended 30 September 2019
Portfolio Profile
8
SIML has been actively managing the
Investore portfolio, with no major expiries
remaining in FY20
Total of four specialty tenant leases and
one mini-major lease were renewed in
the six months to 30 September 2019,
providing 0.9% increase in net contract
rental over average 5.6 year term
82% of portfolio Contract Rental
9
has
an expiry of 10 years or greater
99.7% occupancy across the portfolio with
only one vacancy of less than 1% (670 sqm
or 0.3%) of total net lettable area
The Warehouse lease at Dunedin is due to
expire in July 2021 with early indication that
this lease will not be renewed.
9. Refer footnote 5 on page 7.
10. Represents the scheduled expiry for each lease,
excluding any rights of renewal that may be granted under
each lease, for the entire portfolio as at 30 September
2019, as a percentage of Contract Rental.
Lease Expiry Profile
10
by Contract Rental
9
Tenant Profile by Contract Rental
9
73%
10%
5%
4%
4%
3%
1%
General Distributors Limited
Bunnings
Foodstuffs
Other
Mitre 10
The Warehouse
Animates
WALT 11.9
years
No major expiries
remaining in FY20
Numbers in the charts may not sum due to rounding.

Food / Beverage (2%)
McDonald’s
St Pierre’s Sushi
Domino’s
Columbus Coffee
Pita Pit
Everyday Needs,
80%
Hardware, 14%
General Merchandise /
Retail, 4%
Food & Beverage, 2%
Investore Property Limited Interim Update for the six months ended 30 September 20199
Portfolio Diversification
Diversificationby Contract Rental
11
as at 30 September 2019
Everyday Needs (80%)
Countdown
New World
Pak’nSave
Animates
Pet Essentials
Anytime Fitness
Snap Fitness
Not all tenants are reflected in the above.
11. Refer footnote 5 on page 7.
Hardware (14%)
Bunnings
Resene
Mitre 10
General Merchandise / Retail (4%)
The Warehouse

Acquisition –
New Brighton,
Christchurch
Investore Property Limited Interim Update for the six months ended 30 September 201910
Countdown New Brighton
24 Brighton Mall, New Brighton
TenantCountdown
Occupancy100%
NLA2,206sqm
Land area5,004 sqm
Car parking ratio
(bays per 100sqm of NLA)
4.0
WALT9years
Valuation$6.2m
Val./ NLA
(
Per Sqm)
$2,810
Market cap rate6.6%
Investore continues to partner with its
key tenants on a variety of projects.
This successful formula of working
alongside our tenants has been a
particular feature of Investore’s
approach which has continued to
deliver growth for our investors.
During the six months in review,
Investore acquired the Countdown
occupied property in New Brighton,
one of Christchurch's eastern beachside
suburbs. The site is located adjacent
to the main street and the beachside
amenity with easily accessible car
parking.
The site has potential for future
development with Investorereviewing
number of options for the site with its
tenant.

Interim
Results
11Investore Property Limited Interim Update for the six months ended 30 September 2019

Loan to value
ratio 42%
1
Weighted average lease term.
Investore Property Limited Interim Update for the six months ended 30 September 2019
Financial Performance
12
12. Other income/(expense) includes net change in fair value of investment properties.
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum due to rounding.
Unaudited
30 Sep 19
$m
Unaudited
30 Sep 18
$m
Change
$m%
Net rental income24.124.00.1+0.2
Corporate expenses(4.0)(2.8)(1.2)(43.5)
Profit before net finance expense, other income/(expense) and income tax20.121.2(1.2)(5.5)
Net finance expense(7.2)(7.2)0.1+0.7
Profit before other income/(expense) and income tax12.914.0(1.1)(8.0)
Other income/(expense)
12
0.9(0.9)1.8+199.4
Profit before income tax13.813.10.7+5. 2
Income tax expense(2.8)(3.1)0.3+10.5
Profit after income tax attributable to shareholders11.010.01.0+10.1

Investore Property Limited Interim Update for the six months ended 30 September 2019
Financial Performance
13
$14.0m
$12.9m
($0.6m)
$0.4m
$0.3m
($1.0m)
($0.2m)
30 Sep 18Net rental reduction
from disposals
Net rental increase
from existing portfolio
NZ IFRS adjustmentsHigher performance
fee expense
Higher administration
expense
30 Sep 19
Profit before other income and income tax
Numbers in the chart may not sum due to rounding.

Loan to value
ratio 42%
1
Weighted average lease term.
Investore Property Limited Interim Update for the six months ended 30 September 2019
Distributable Profit
13
14
13. Distributable profit is a non-GAAP financial measure adopted by Investore to assist Investore and its investors in assessingInvestore’s profit available for distribution. It is defined as profit/(loss) before income tax adjusted for determined
non-recurring and/or non-cash items (including non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax. Further information, including the calculation of distributable profit and the adjustments
to profit before income tax, is set out in note 3.3 to the Interim Report for the six months ended 30 September 2019.
Values in the table above are calculated based on the numbers in the financial statements for each respective financial period and may not sum due to rounding.
Unaudited
30 Sep 19
$m
Unaudited
30 Sep 18
$m
Change
$m%
Profit before income tax13.813.10.7+5.2
Non-recurring and/or non-cash adjustments:
-Net change in fair value of investment properties(0.9)0.9(1.8)(196.0)
-Reversal of the land lease liability movement in investment properties(0.1)-(0.1)(100.0)
-Spreading of fixed rental increases(0.6)(0.7)0.1+12.4
-Borrowings establishment costs amortisation0.30.3(0.1)(24.3)
Distributable profit before current income tax12.413.6(1.2)(9.0)
Current tax expense(2.7)(2.8)0.2+5.6
Distributable profit after current income tax9.710.8(1.1)(9.9)
Adjustments to funds from operations:
-Maintenance capital expenditure(0.9)(0.4)(0.5)(144.2)
Adjusted Funds From Operations (AFFO)8.910.4(1.6)(15.2)
Weighted average number of shares (millions)260.1261.6
Basic and diluted distributable profit after current income tax per share –
weighted (cents)
3.744.13
AFFO basic and diluted distributable profit after current income tax per share –
weighted (cents)
3.403.99

Unaudited
30 Sep 19
$m
Audited
31 Mar 19
$m
Investment property value
14
750.6761.2
Drawn debt304.7318.5
Loan to value ratio (LVR)40.6%41.8%
Equity443.1443.2
Shares on issue (millions)260.1260.1
Net TangibleAssets (NTA) per share1.701.70
Adjusted NTA
15
per share1.721.71
Loan to value
ratio 42%
Investore Property Limited Interim Update for the six months ended 30 September 2019
Financial Summary
15
14. Refer footnote 1 on page 4.
15. Excludes the after tax fair value of interest rate derivatives.
$1.70 $1.70
$0.05
($0.01)
($0.04)
31-Mar-19Profit before
tax
Income tax
expense
Dividends
paid
30-Sep-19
NTA per share

Capital
Management
16Investore Property Limited Interim Update for the six months ended 30 September 2019

Loan to value
ratio 42%
Investore Property Limited Interim Update for the six months ended 30 September 2019
Capital Management –Debt Profile
17
Debt facilities
As at
30 Sep 19
As at
31 Mar 19
Banking facility limit
(ANZ, BNZ, CBA, Westpac),
plus $100m bond
$370m$370m
Debt facilities drawn$305m$319m
Weighted maturity of debt facilities (years)2.73.1
Debt covenants
LVR
(Drawn Debt / Property Values)
Covenant: ≤ 65%
40.6%41.8%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
2.8x2.9x
WALT
Covenant: > 6.0 years
11.9 years 12.4 years
Key transactions
•$20m swaps cancelled 2 April 2019
•$35m bank facility refinanced September 2019
•Weighted maturity of debt facilities 2.7 years, with
no debt facilities expiring until June 2021
•Board policy is 48% maximum LVR
$200m
$70m
$100m
FY20FY21FY22FY23FY24FY25
Debt maturity profile
Bank facilitiesBonds

Loan to value
ratio 42%
Investore Property Limited Interim Update for the six months ended 30 September 2019
Capital Management –Cost of Debt
(continued)
18
Cost of debt
As at
30 Sep 19
As at
31 Mar 19
Weighted average interest rate for debt
(incl. current interest rate derivatives, bond
and bank margins, and line fees)
4.31%4.38%
Weighted average fixed interest rate
(excl. margins)
2.65%2.58%
Weighted average fixed interest rate
maturity (incl. bond, active and forward
starting swaps)
3.0 years3.0 years
% of drawn debt fixed84%96%
$255m
$225m
$165m
$120m
$75m
2.65%
2.68%
2.79%
2.91%
2.90%
2.00%
2.20%
2.40%
2.60%
2.80%
3.00%
-
$50m
$100m
$150m
$200m
$250m
$300m
30-Sep-1930-Sep-2030-Sep-2130-Sep-2230-Sep-23
Fixed rate interest profile
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)

Conclusion
19Investore Property Limited Interim Update for the six months ended 30 September 201919

Proactive debt
refinancing
$35m
Strong portfolio
metrics
99.7%
occupancy
11.9 years
WALT
Annual cash
dividend guidance
for FY20
7.60cps
Conclusion
Capital initiatives reduce risk and enhance returns
•Proactive bank refinancing to manage refinancing risk,
with no debt maturing until June 2021
•Share buyback programme was an efficient use of
balance sheet capacity
Active portfolio management
•Investore’sstrategy is to continue to grow, and the acquisition of
Countdown New Brighton demonstrates this. Investorewill continue
to assess other acquisition opportunities as they arise
•Net rental income steady from solid portfolio activity
•Active leasing renewals across key properties and securing long term
tenants
•Strong portfolio metrics, including 99.7% occupancy and 11.9 years
WALT
•FY20 annual cash dividend guidance 7.60 cps
Investore Property Limited Interim Update for the six months ended 30 September 201920

Thank you
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 Investore for the
six months ended 30 September 2019. Please refer to Investore’s Interim Report
for the six months ended 30 September 2019 for further information. 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.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Wellesley Street
Auckland 1141, New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Investore Property Limited Interim Update for the six months ended 30 September 201921

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019


Results for announcement to the market
Name of issuer Investore Property Limited (NS)
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$24,097 0.23%
Total Revenue $24,097 0.23%
Net profit/(loss) from
continuing operations
$10,971 10.06%
Total net profit/(loss) $10,971 10.06%
Interim Dividend
Amount per Quoted Equity
Security
$0.01900000
Imputed amount per Quoted
Equity Security
$0.00518761
Record Date 20 November 2019
Dividend Payment Date 27 November 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.70 $1.64
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Interim Report and Interim Update
presentation for the six months ended 30 September 2019.
Authority for this announcement
Name of person

authorised
to make this announcement
Louise Hill
Contact person for this
announcement
Louise Hill
Contact phone number +64 275 580033
Contact email address louise.hill@strideproperty.co.nz
Date of release through MAP

13 November 2019

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer INVESTORE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Investore Property Limited
NZX ticker code IPL
ISIN (If unknown, check on NZX website) NZIPLE0001S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 20/11/2019
Ex-Date (one business day before the
Record Date)
19/11/2019
Payment date (and allotment date for DRP) 27/11/2019
Total monies associated with the
distribution
1

$4,941,437
Source of distribution Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02418761
Total cash distribution
3
$0.01900000
Excluded amount $0.00566043
Supplementary distribution amount $0.00235404
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Partially imputed
If fully or partially imputed, please state
imputation rate as % applied
21% (being imputation tax credits per financial
product divided by gross distribution per
financial product)
Imputation tax credits per financial product $0.00518761
Resident Withholding Tax per financial
product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Start date and end date for determining
market price for DRP

Date strike price to be announced (if not
available at this time)

Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation notice
for this distribution in accordance with DRP
participation terms

Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Louise Hill
Contact person for this announcement Louise Hill
Contact phone number +64 275 580033
Contact email address
louise.hill@strideproperty.co.nz
Date of release through MAP

13/11/2019