Interim Results HY21

IMMEDIATE – 17 November 2020
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For the six months ended 30 September 2020
Interim Report

Contents
2 Highlights
4 Chair and Manager’s Overview
6 COVID-19 Update
8 Active Portfolio Management
9 Optimisation of the Portfolio
11 Proactive Capital Management
12 Glossary
13 Interim Financial Statements
36 Corporate Directory
Investore Property Limited Interim Report for the six months ended 30 September 2020
1

For the six months ended
30 September 2020 (HY21)
Highlights
$980.3m
Portfolio value
3
as at
30 September 2020
representing a
net valuation
increase for the
six months to
30 September of
$83.7m or 9.4%
4
an improvement on what it would
otherwise be given the effluxion
of time, due to lease extensions
negotiated in connection with
COVID-19 rent arrangements and
other lease renewals
10.2 years
$105m
weighted average
lease term (WALT)
1

as at 30 September
2020, compared
with 10.4 years
as at 31 March
2020
5
,
gross proceeds,
with net proceeds
used to pay down
debt and provide
funding flexibility
to continue
Investore’s growth
strategy when
opportunities arise
$2.21
share price as at
30 September
2020 with total
shareholder returns
of 36.2% since
31 March 2020
(24.6% since
31 December 2019)
28.3%
Loan to Value
Ratio
as at
30 September
2020
6

of 7-year listed
bonds issued in
August 2020 at a
fixed interest rate
of 2.4%, aiding
diversification
of funding and
extending the
average weighted
tenor of debt
$125m
1. See glossary on page 12.
2. Assuming no further economic deterioration
due to COVID-19.
3. Portfolio value excludes: (1) $7.0 million of
seismic works to be completed by Stride
Property Limited (SPL) on the three large
format retail properties acquired from SPL
on 30 April 2020, and the balance of the rental
guarantee of $0.4 million from SPL; and (2)
lease liabilities. The valuation of the property at
35 MacLaggan Street, Dunedin, remains subject
to ‘material valuation uncertainty’ due to the
expiry of the tenant lease in July 2021; see
note 2.2 to the Interim Financial Statements.
4. Compared to Investore’s property portfolio as
at 31 March 2020, and including the three
properties acquired from SPL as if those
properties had been acquired as at that date,
based on the purchase price for those three
properties excluding (1) the $7.0 million of
seismic works to be completed by SPL on the
properties, and (2) the rental guarantee of
$0.5 million from SPL.
5. As at 31 March 2020, as if the acquisition of
the three properties from SPL had settled as
at that date.
6. LVR is calculated based on independent
valuations, which include seismic works and
rental underwrites to be funded by SPL in
relation to the three properties acquired from
SPL and settled in April 2020. The independent
valuations also exclude lease liabilities.
Capital raising
undertaken
in April and
May 2020 with
$1.93
net tangible
assets per share as
at 30 September
2020
from 31 March 2020
Up $0.20 or 11.6%
7.60cps
Cash dividend
guidance
2
for FY21
$91.0m
Profit after
income tax
from HY20
Up $80.1m
from HY20
Up $4.0m
$13.7m
Distributable profit
1

after current
income tax
Investore Property Limited Interim Report for the six months ended 30 September 2020
2
Investore Property Limited Interim Report for the six months ended 30 September 2020
3

opportunities, including acquisition
and other growth opportunities, with a
combined value of approximately
$100 million. Investore continues to
explore portfolio growth opportunities
in what is currently a very active and
competitive market, however at this time
these opportunities remain subject to
further investigation and due diligence.
Investore intends to continue exploring
growth opportunities over the remainder
of FY21. The Investore Board will seek
to ensure that any such acquisitions
support Investore’s objective of
maximising distributions and total
returns to shareholders over the medium
to long term.
As shareholders are aware, 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. The Board
reconfirms annual cash dividend guidance
of 7.60 cents per share to shareholders
for FY21, assuming no further
deterioration in economic conditions due
to COVID-19.
On behalf of the Board, we thank investors
for their continued support of Investore.
Mike Allen
Chair of the Board
Chair and
Manager’s Overview
Dear Investors,
The Board of Directors of
Investore Property Limited
(Investore) is pleased to
present Investore’s interim
report for the six months
ended 30 September 2020
(HY21), a period that has
been dominated by the
impacts of COVID-19.
Investore is well placed
to manage these impacts
given its focus on large
format retail property,
with nationally recognised
tenants focused on
“everyday needs”, and a
geographically diversified
portfolio.
Investore has had a very positive first
half of FY21, with profit after income tax
of $91.0 million, up $80.1 million from
the six months to 30 September 2019
(HY20), largely due to a strong revaluation
movement which is testament to
Investore’s singular focus on large format
retail property.
Investore has also seen a positive increase
in net rental income of $3.3 million to
$27.4 million, largely due to the addition
to Investore’s portfolio of the three
properties acquired from Stride Property
Limited (SPL) on 30 April 2020. This
positive movement was partially offset
by increased finance expense due to the
cost of breaking swaps following the
issue of the listed bonds in August 2020,
the net proceeds of which were used to
repay some of Investore’s bank debt. This
resulted in profit before income/(expense)
and income tax of $12.2 million, slightly
down from $12.9 million for HY20.
Investore is pleased to report higher
distributable profit
1
after current income
tax for HY21 of $13.7 million,
$4.0 million higher than HY20, largely
due to the increased rental income. This
is notwithstanding that distributable
profit for HY21 has been impacted
by COVID-19 rent abatements, which
resulted in distributable profit before
current income tax for this period being
approximately $1 million lower than it
would otherwise have been.
Due to the active management of rent
abatement arrangements with tenants,
Investore currently expects the impact of
COVID-19 to result in a reduction in gross
rent receivable for FY21 of approximately
$1 million, at the lower end of the
previously estimated range of between
$1 million and $2 million. This current
figure includes rent arrangements agreed
or forecast to be agreed with tenants in
relation to the most recent COVID-19
restrictions imposed by the Government in
August 2020, but assumes no significant
further restrictions on activity.
In many cases Investore has been able to
negotiate an extension to the lease term
or early renewal of a lease along with rent
abatement or deferral arrangements, with a
weighted average lease extension of
seven months being achieved across
COVID-19 rent arrangements. This,
together with lease renewals agreed
during the period in review, has resulted
in a largely stable WALT
1
for Investore’s
portfolio of 10.2 years (compared with
10.4 years as at 31 March 2020
2
).
This is an improvement from what
would otherwise have been the case at
30 September 2020, all other things being
equal, as WALT naturally declines over time
as remaining lease periods reduce.
Investore’s singular focus on large
format retail property and relative
resilience to the impacts of COVID-19
has been demonstrated in the very
positive revaluation gains seen in
Investore’s portfolio in the six months to
30 September 2020. Investore’s portfolio
of 43 properties is now valued at
$980.3 million
3
, a gross valuation increase
for the six months to 30 September
2020 of approximately $85.3 million or
9.5%
4
, and a net valuation increase of
$83.7 million or 9.4%
4
.
Investore’s average portfolio
capitalisation rate has compressed,
due to the attractiveness of large format
retail property in the investment market.
As at 30 September 2020 the average
portfolio capitalisation rate was 5.53%,
representing a decrease of 55 basis points
from 31 March 2020
5
. This reduction in
the capitalisation rate is the primary driver
of the revaluation movement in Investore’s
portfolio for HY21.
The benefits of Investore’s singular focus
on large format retail property, including
the predictable and stable cash flows
derived from Investore’s long term leases,
have also been reflected in its share price,
with Investore delivering total shareholder
returns of 36.2% over the six months to
30 September 2020 (or 24.6% in the
nine months since 31 December 2019),
outperforming the gross S&P/NZX 50
Index by 16.3% over the same period (or
22.3% since 31 December 2019) and the
gross S&P/NZX All Real Estate Index by
15.4% (28.3% since 31 December 2019).
The first six months of FY21 have been
very active for Investore, in addition to
managing the impacts of COVID-19 and
the varying needs of Investore’s tenants
during that period. Investore has taken
advantage of market opportunities
created by COVID-19 to undertake a
capital raise in April and May 2020, raising
$105 million in gross proceeds. The net
proceeds of the capital raise were used to
pay down debt, reducing Investore’s loan
to value ratio and providing significant
available debt facilities to pursue
Investore’s strategy of targeted growth.
In August 2020 Investore issued its
second tranche of listed bonds, issuing
$125 million of 7-year bonds with a fixed
interest rate of 2.4%. The net proceeds
of the bond issue were used to repay
bank debt, extending the weighted
average tenor of Investore’s debt
to 4.4 years (as at 30 September 2020),
and providing Investore with a balance
between bank debt and listed bonds.
Following the revaluation of Investore’s
portfolio as at 30 September 2020,
Investore’s loan to value ratio has reduced
to 28.3%
6
. The capital raise and listed
bond issue have ensured Investore has a
stable financial position, with a low loan to
value ratio, which, aligned with Investore’s
resilient portfolio, positions Investore well
for the future.
Investore has $166 million of undrawn
debt facilities as at 30 September 2020
to pursue opportunities to grow its
portfolio, as they arise. Investore has also
arranged an additional $30 million bank
facility following the interim balance date,
providing it with nearly $200 million of
undrawn debt facilities (on a pro forma
basis, as at 30 September 2020).
In addition to these capital management
initiatives, Investore actively seeks to
manage its portfolio, including securing
early renewals of leases where possible.
During HY21, Investore’s largest tenant,
Countdown, renewed its lease at
Mt Wellington Shopping Centre in
Auckland for a further six years, to
2026. The Warehouse recently vacated
Investore’s property in Johnsonville at
the end of the lease. Investore is actively
exploring options for this property, which
represents 0.6% of the portfolio’s net
lettable area, and is confident that a
successful outcome will be achieved,
as the property is well-located and
represents an attractive proposition for a
number of tenants.
Investore is pleased to have welcomed
Adrian Walker to the Investore Board
on 3 April 2020, with the majority of
the Board of Directors of Investore now
comprising directors that are independent
of the Manager, Stride Investment
Management Limited (SIML). In addition,
Investore has elected to participate in the
Institute of Directors’ “future directors”
programme, which seeks to encourage
directorship by giving aspiring directors
the opportunity to observe a company
board and receive mentoring from
experienced directors. Emma McDonald
joined Investore as a future director on
17 April 2020 for a period of two years.
In August 2020, at the time of the
listed bond offering, Investore stated
that it was then considering portfolio
1. See glossary on page 12.
2. See footnote 5 on page 2.
3. See footnote 3 on page 2.
4. See footnote 4 on page 2.
5. Compared to Investore’s property portfolio as at
31 March 2020, and including the three properties
acquired from SPL as if those properties had been
acquired as at that date, based on independent
valuations of those three properties obtained in
preparation for the acquisition in April 2020.
6. See footnote 6 on page 2.
Investore Property Limited Interim Report for the six months ended 30 September 2020
4
Investore Property Limited Interim Report for the six months ended 30 September 2020
5

COVID-19 Update
Due to its focus on owning large
format retail properties, Investore’s
portfolio has fared relatively well during
the lockdown situations implemented by
the New Zealand Government in response
to COVID-19.
A high proportion of Investore’s tenants
are classified as “essential businesses”
on the Government’s covid19.govt.nz
website, meaning that they are able to
remain open under all Alert Levels. This
includes supermarkets, pharmacies, and
hardware stores, which supply “everyday
needs” for New Zealand consumers and
tradespeople.
Investore’s portfolio is also well
diversified geographically, meaning
that regional restrictions, such as the
escalation to Alert Level 3 in Auckland in
August 2020, affect a limited proportion
of Investore’s portfolio, with a small
number of tenants unable to trade in
regions with restrictions, given the high
proportion of Investore’s portfolio that
are “essential businesses”.
Investore has previously stated that it
expects reduced gross rent receivables for
FY21 as a result of COVID-19 of between
$1 million and $2 million. This was prior
to the most recent restrictions imposed
in August 2020. Investore now expects
that figure to be approximately $1 million.
This assumes no further restrictions are
imposed as a result of COVID-19, although
the Board notes that, as stated above,
Investore remains well-placed to manage
the impacts from restrictions due to its
focus on large format retail property and
tenants that supply everyday needs, which
to date have proven to be resilient under
lockdown restrictions.
The reintroduction of building
depreciation deduction claims for
commercial properties at a level of
two percent a year on diminishing value,
starting in April 2020, is expected to
provide a reduction in current tax of
approximately $2.2 million for FY21,
more than offsetting the rent abatement
arrangements agreed with tenants.
In addition, supermarkets have seen
increased demand in the year to date as
a result of the COVID-19 restrictions,
and accordingly Investore expects
improved turnover rent for FY21 from its
Countdown-branded stores.
Investore has also experienced a benefit
to its WALT
1
from the rent arrangements
agreed in respect of COVID-19. In
many cases, Investore has received
an extension of the lease term or the
tenant has renewed its lease early, in
consideration for rent abatement and
deferral arrangements agreed between
Investore and the tenant, resulting in a
weighted average lease extension of
seven months being achieved across
COVID-19 arrangements.
1. See glossary on page 12.
Countdown, Meadowbank
Investore Property Limited Interim Report for the six months ended 30 September 2020
6
Investore Property Limited Interim Report for the six months ended 30 September 2020
7

Active Portfolio
Management
Investore’s strategy is to
invest in quality, large format
retail properties throughout
New Zealand, and actively
manage investors’ capital,
to maximise distributions
and total returns over the
medium to long term.
Investore focuses on owning
well-located properties with
long lease terms and high
occupancy, with nationally
recognised quality tenant
brands, and maintaining
strong and enduring tenant
relationships that support
the portfolio.
As at
30 September
2020
As at 31 March 2020
including three properties
acquired from SPL
As at
31 March
2020
Number of Properties
43
4340
Number of Tenants
130
13078
Net Lettable Area (sqm) (NLA)
246,191
246,176208,125
Net Contract Rental
1
($m)
57.1
56.247.5
WA LT
1
(years)
10.2
10.411.5
Market Capitalisation Rate (%)
5.53
6.086.06
Occupancy Rate by Area (%)
99.7
2

99.799.7
Portfolio Value ($m)
3
980.3
4
895.2
5
761.4
1. See glossary on page 12.
2. Post balance date, The Warehouse has vacated the premises at 91 Johnsonville Road, Johnsonville, upon expiry of
the lease, reducing the portfolio occupancy rate by area to 99.1%.
3. Excludes lease liabilities.
4. Excludes the $7.0m of seismic works to be completed by SPL on the three properties acquired from SPL on
30 April 2020, and the value of the rental guarantee provided by SPL in relation to certain tenancies that form
part of those properties.
5. Valuation assumes that the seismic works to be undertaken by SPL, at a value of $7.0m, have been completed.
1. Countdown is owned by Woolworths NZ.
Investore is the only NZX listed company with a singular focus on the large format retail
property asset class. Large format retail property delivers a number of positive benefits,
especially in the current environment impacted by COVID-19, compared to other forms of
retail in New Zealand.
Optimisation of
the Portfolio
Investore looks 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 collaborated with Countdown
1
to refurbish the supermarket in Fenton Street,
Rotorua, as part of the ongoing refurbishment programme conducted jointly by Investore
and Countdown. Countdown completed a full internal store refurbishment of this
supermarket, including new fresh food, bakery, and delicatessen areas, as well as installing
new checkouts. At the same time, Investore supported its tenant to achieve a refreshed
and vibrant customer experience through improving the parking amenity of the property,
installing a new energy efficient heating and ventilation system, improving the entry to
the store and undertaking other building improvements. As a result of this partnership,
the supermarket has been transformed into an easy to access, attractive and convenient
place to shop, which Investore and Countdown expect to drive improved sales. Investore
targets co-investment opportunities with its tenants to improve the portfolio and which
benefit Investore and the tenant through attracting higher sales, driving improved rental for
Investore over the long term.
As reported in Investore’s FY20 annual report, Investore acquired a small corner property
adjacent to its existing Countdown supermarket in Papakura, Auckland. This site had a
retail structure on it which was at the end of its useful life. Investore has now completed
the transformation of this site to provide an expanded car parking amenity, as well as
improved access and overall sight lines for the supermarket and Investore’s nearby
tenant. Investore receives improvement rent from Countdown on its investment in these
works. In addition, Investore and Countdown expect improved customer amenity to drive
an increase in customer visitations to the property, resulting in improved sales at the
Countdown supermarket, which again is expected to deliver improved rental for Investore
over the long term.
Countdown, Papakura
Countdown, Rotorua
Investore Property Limited Interim Report for the six months ended 30 September 2020
8
Investore Property Limited Interim Report for the six months ended 30 September 2020
9

Proactive Capital
Management
Investore’s strategy
is to proactively
manage its capital to
maintain a healthy
and flexible balance
sheet for growth, while
preserving sustainable
returns to investors.
Key transactions undertaken in the six months to 30 September 2020:
• Capital raising conducted in April and May 2020, raising $105 million in gross
proceeds, through a fully underwritten placement and a share purchase plan. In
order to ensure that the capital raising was as fair and equitable as possible to all
shareholders, Investore invited eligible shareholders to subscribe under the share
purchase plan for up to $50,000 worth of shares each, which would have enabled
almost all shareholders to maintain their proportionate holding in the company. In
addition, the price to be paid by shareholders under the share purchase plan was set
at the lower of the price paid by investors in the placement ($1.65 per share), and a
2.5% discount to the volume weighted average market price of Investore’s shares
over the five business day period prior to the closing date of the share purchase
plan. Ultimately, the price was set at $1.65 per share, which was lower than the
alternative.
• Listed bond issuance, with $125 million of 7-year listed bonds being issued in
August 2020, at a fixed interest rate of 2.4%.
• $80 million of new bank debt facilities secured (including $30 million post interim
balance date), and $101 million of bank facilities extended to June 2024.
The net proceeds of the capital raising and the bond issuance were used to repay bank
debt, positioning Investore to continue its strategy of growing its portfolio through
considered acquisitions to enhance Investore’s portfolio and support delivery of
Investore’s overall objective of maximising distributions and total returns to investors
over the medium to long term. The listed bond issue also enabled Investore to further
diversify its debt sources, and extended the weighted average maturity of Investore’s
debt facilities to 4.4 years (as at 30 September 2020), given the longer WALT of
Investore’s portfolio.
As at 30 September 2020, some of Investore’s key debt metrics are:
4.4 years weighted average
maturity of debt facilities
28.3% loan to value ratio
1
47% of debt facilities from
non-bank funding
2
Next bank facility maturing
FY23
2.6x interest cover ratio
$196 million of available
debt facilities
2
Bunnings, Mt Roskill
1. See footnote 6 on page 2.
2. As at 30 September 2020, as if the $30 million new bank facility arranged post interim balance date
had been in place on that date.
Investore Property Limited Interim Report for the six months ended 30 September 2020
11
Investore Property Limited Interim Report for the six months ended 30 September 2020
10

GlossaryInterim
Financial
Statements
Contract Rental
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 the relevant date, annualised for the 12-month
period on the basis of the occupancy level for the relevant property as at
the relevant date, and assuming no default by the tenant
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. Further
information, including the calculation of distributable profit and the
adjustments to profit before income tax, is set out in note 3.2 to the
Interim Financial Statements
FY20
The financial year ended 31 March 2020
FY21
The financial year ending 31 March 2021
HY20
The six months ended 30 September 2019
HY21
The six months ended 30 September 2020
Investore
Investore Property Limited
LV R
Loan to Value Ratio
SIML
Stride Investment Management Limited
SPL
Stride Property Limited
Stride
Stride Property Group, comprising the stapled entities of SPL and SIML
WA LT
Weighted Average Lease Term
Investore Property Limited Interim Report for the six months ended 30 September 2020
12
Investore Property Limited Interim Report for the six months ended 30 September 2020
13

Statement of Comprehensive Income
For the six months ended 30 September 2020
Notes
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Gross rental income
31,966
27,326
Direct property operating expenses
(4,556)
(3,229)
Net rental income2.127,410
24,097
Less corporate expenses
Management fees expense
4.0(2,383)
(2,045)
Performance fee expense
4.0(1,446)
(1,008)
Administration expenses
(1,194)
(983)
Total corporate expenses(5,023)
(4,036)
Profit before net finance expense, other income/(expense) and income tax22,387
20,061
Finance income
2
36
Finance expense
(6,661)
(7,196)
Finance expense - swap break expense
5.2(3,553)
(37)
Net finance expense5.3(10,212)
(7,197)
Profit before other income/(expense) and income tax12,175
12,864
Other income/(expense)
Net change in fair value of investment properties
2.283,744
886
Loss on rental guarantee
(87)
-
Net change in fair value of derivative financial instruments
41
8
Profit before income tax95,873
13,758
Income tax expense
6.1(4,835)
(2,787)
Profit after income tax attributable to shareholders91,038
10,971
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
2,874
(1,112)
Total comprehensive income after tax attributable to shareholders93,912
9,859
Basic and diluted earnings per share (cents)3.125.65
4.22
Contents
15 Statement of Comprehensive Income
16 Statement of Changes in Equity
17 Statement of Financial Position
18 Statement of Cash Flows
20 Notes to the Financial Statements
The attached notes form part of and are to be read in conjunction with these financial statements.
Investore Property Limited Interim Report for the six months ended 30 September 2020
15
Investore Property Limited Interim Report for the six months ended 30 September 2020
14

Statement of Changes in Equity
For the six months ended 30 September 2020
Notes
Cents
per
share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 20 (Audited)304,499455,64173,744(2,694)526,691
Transactions with shareholders:
Q4 2020 final dividend
1.900--(6,995)-(6,995)
Q1 2021 interim dividend
1.900--(6,995)-(6,995)
New shares issued
63,636102,667--102,667
Total transactions with shareholders63,636102,667(13,990)-88,677
Other comprehensive income:
Movement in cash flow hedges, net of tax
5.5---2,8742,874
Total other comprehensive income---2,8742,874
Profit after income tax
--91,038-91,038
Total comprehensive income--91,0382,87493,912
Balance 30 Sep 20 (Unaudited)368,135558,308150,792180709,280
Balance 31 Mar 19 (Audited)
260,076379,60965,830(2,230)443,209
Transactions with shareholders:
Q4 2019 final dividend1.935--(5,033)-(5,033)
Q1 2020 interim dividend1.900--(4,941)-(4,941)
Total transactions with shareholders
--(9,974)- (9,974)
Other comprehensive income:
Movement in cash flow hedges, net of tax
5.5
---(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
Statement of Financial Position
As at 30 September 2020
Notes
Unaudited
30 Sep 20
$000
Audited
31 Mar 20
$000
Current assets
Cash at bank
3,437
4,229
Trade and other receivables
821
543
Prepayments
777
53
Other current assets
1,449
1,227
Current tax asset
535
-
7,019
6,052
Non-current assets
Investment properties
2.2995,778
772,547
Deposit and other prepayments on investment property
7,364
5,385
Derivative financial instruments
5.22,581
2,323
Deferred tax asset
-
318
1,005,723
780,573
Total assets1,012,742
786,625
Current liabilities
Trade and other payables
4,309
5,914
Current tax liability
-
1,085
Lease liabilities
53
52
Derivative financial instruments
5.21,080
231
5,442
7,282
Non-current liabilities
Borrowings
5.1277,098
236,946
Lease liabilities
15,404
11,065
Derivative financial instruments
5.21,337
4,641
Deferred tax liability
4,181
-
298,020
252,652
Total liabilities303,462
259,934
Net assets709,280
526,691
Share capital
558,308
455,641
Retained earnings
150,792
73,744
Reserve
5.5180
(2,694)
Equity709,280
526,691
For and on behalf of the Board of Directors, dated 17 November 2020:
Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee
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.
Investore Property Limited Interim Report for the six months ended 30 September 2020
16
Investore Property Limited Interim Report for the six months ended 30 September 2020
17

Statement of Cash Flows
For the six months ended 30 September 2020
Statement of Cash Flows (continued)
For the six months ended 30 September 2020
Notes
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Cash flows from operating activities
Gross rent received
30,425
26,679
Operating expenses
(8,228)
(6,194)
Performance fee expenses
(1,290)
(1,016)
Rental guarantee
(558)
-
Interest received
2
36
Interest paid
(6,375)
(7,594)
Swap break expenses
(2,152)
-
Bond issuance expenses
(1,415)
-
Refinancing of bank borrowings
(389)
(18)
Income tax paid
(3,089)
(3,369)
Net cash provided by operating activities6,931
8,524
Cash flows from investing activities
Capital expenditure on investment properties
(2,667)
(1,233)
Acquisition of investment properties
(135,307)
(5,776)
Proceeds from disposal of investment properties
-
19,046
Net cash (applied to)/provided by investing activities(137,974)
12,037
Cash flows from financing activities
Proceeds from equity issue
5.4105,000
-
Capital raising expenses
(2,333)
-
Repayment of bank borrowings from capital raise
(102,000)
-
Proceeds from issuance of fixed rate bonds
5.1125,000
-
Repayment of bank borrowings from bond proceeds
(118,650)
-
Net drawdown/(repayment) of bank borrowings
137,250
(13,830)
Dividends paid
(13,990)
(9,974)
Lease liabilities payments
(26)
(138)
Net cash provided by/(applied to) financing activities130,251
(23,942)
Net decrease in cash and cash equivalents held(792)
(3,381)
Opening cash and cash equivalents
4,229
5,111
Closing cash and cash equivalents3,437
1,730
Reconciliation of profit after income tax attributable to shareholders to net cash flows from operating activities
Notes
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Profit after income tax attributable to shareholders91,038
10,971
Add/(less) non-cash items:
Movement in deferred tax
6.13,758
127
Current tax movement in cash flow reserve
(392)
-
Net change in fair value of investment properties
(83,744)
(886)
Loss on rental guarantee
87
-
Spreading of fixed rental increases
(123)
(608)
Capitalised lease incentives
(8)
(20)
Lease incentives amortisation
5
2
Capitalised lease incentives - COVID-19 abatements
(832)
-
Lease incentives amortisation - COVID-19 abatements
55
-
Rental income abatement provision due to COVID-19
141
-
Movement in loss allowance
25
18
Borrowings establishment cost amortisation
360
253
Accrued interest movement in derivative financial instruments
(66)
53
Amortisation of swap break expenses
1,401
-
Net change in fair value of derivative financial instruments
(41)
(8)
11,664
9,902
(Less)/add activities reclassified (to)/from operating activities:
Movement in borrowings/bond transaction costs classified as operating activities
(1,804)
(18)
Movement in working capital items relating to investing activities
1,686
158
11,546
10,042
Movement in working capital:
(Increase)/decrease in trade and other receivables
(444)
282
Increase in prepayments and other current assets
(946)
(467)
Increase in current tax asset
(1,620)
(709)
Decrease in trade and other payables
(1,605)
(624)
Net cash provided by operating activities6,931
8,524
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.
Investore Property Limited Interim Report for the six months ended 30 September 2020
18
Investore Property Limited Interim Report for the six months ended 30 September 2020
19

Notes to the Financial Statements
For the six months ended 30 September 2020
1.0 General information
1.1 Reporting entity
1.2 Basis of preparation
1.3 New standards, amendments and interpretations
1.4 Significant accounting policies, estimates and judgements
1.5 COVID-19 impacts
1.6 Significant events and transactions
1.7 Non-GAAP measures
2.0 Property
2.1 Net rental income
2.2 Investment properties
2.3 Capital expenditure commitments contracted for
3.0 Investor returns
3.1 Basic and diluted earnings per share (EPS)
3.2 Distributable profit
4.0 Related party disclosures
5.0 Capital structure and funding
5.1 Borrowings
5.2 Derivative financial instruments
5.3 Net finance expense
5.4 Share capital
5.5 Reserve
6.0 Other
6.1 Tax
6.2 Operating segments
6.3 Contingent liabilities
6.4 Subsequent events
21

21
21
21
21
22
22
22
23
23
24
26
27
27
28
29
30
30
31
32
32
32
33
33
34
34
34
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 17 November 2020.
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
2020 annual financial statements.
1.3 New standards, amendments and interpretations
At the date of approval of the financial statements, there were no relevant standards in issue but not applied.
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.
Investore Property Limited Interim Report for the six months ended 30 September 2020
20
Investore Property Limited Interim Report for the six months ended 30 September 2020
21

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 20
$000
Unaudited
6 months
30 Sep 19
$000
Gross rental income
Rental income and service charge income recovered from tenants
31,204
26,700
Spreading of fixed rental increases
123
608
Capitalised lease incentives
8
20
Lease incentives amortisation
(5)
(2)
Capitalised lease incentives - COVID-19 abatements
832
-
Lease incentives amortisation - COVID-19 abatements
(55)
-
Rental income abatement provision due to COVID-19
(141)
-
Total gross rental income31,966
27,326
Direct property operating expenses
Service charge expenses to tenants
(3,579)
(2,404)
Movement in loss allowance
(25)
(18)
Other non-recoverable property operating expenses
(952)
(807)
Total direct property operating expenses(4,556)
(3,229)
Net rental income27,410
24,097
The loss allowance balance of $75,000 as at 30 September 2020 relates to tenants adversely affected by COVID-19.
Other non-recoverable property operating expenses represent property maintenance and operating expenses not recoverable from tenants and property
leasing costs.
1.5 COVID-19 impacts
The global COVID-19 pandemic and resulting impacts on credit and property markets has increased the level of uncertainty around certain estimates in these
financial statements.
Investore has previously disclosed to the market that it has made allowances to provide its tenants with rental support as a result of COVID-19, with an
expected cost to Investore in aggregate of between $1 million and $2 million for the year ending 31 March 2021. As at 30 September 2020, Investore has
provided rent abatements of $0.8 million and rent deferrals of $0.1 million. Rental abatements have been accounted for as lease modifications. In addition,
Investore has provided for $141,000 rental income abatements yet to be formally agreed with the affected tenants.
As at 31 March 2020, the independent valuations of Investore’s portfolio were reported on the basis of ‘material valuation uncertainty’, meaning less certainty
and a higher degree of caution should be applied. As at 30 September 2020, Investore undertook independent valuations of the entire portfolio. The ‘material
valuation uncertainty’ clause has been removed on all but one of the independent valuations (refer note 2.2).
1.6 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:
Acquisition of three properties from Stride Property Limited (SPL)
On 30 April 2020, Investore settled on the acquisition of three large format retail properties from SPL for $140.75 million (refer note 2.2).
Capital raise
During April and May 2020, Investore undertook a capital raise which resulted in a gross amount of $105 million raised, with 63,636,364 shares issued at
$1.65 per share (refer note 5.4). The net proceeds were used to repay $102 million of Investore’s bank borrowings.
Issuance of fixed rate bonds
On 31 August 2020, Investore issued $125 million of fixed rate bonds with a 7-year term, paying an interest rate of 2.40% (refer note 5.1). The proceeds were
used to repay $119 million of Investore’s bank borrowings.
Bank refinancing
Effective from 16 April 2020, Investore refinanced $101 million of debt facility, extending this facility for a further three years to 9 June 2024. In addition,
Investore secured a new $50 million, 5-year facility with its banking group, which now includes China Construction Bank, New Zealand Branch (refer note 5.1).
Revaluation of investment properties
Investore undertook independent valuations of the entire portfolio as at 30 September 2020, which resulted in a net change in fair value of investment
properties of $83,744,000 (30 Sep 19: $886,000) which includes ($26,000) (30 Sep 19: ($138,000)) in relation to the change in the fair value of the lease
liabilities (refer note 2.2).
1.7 Non-GAAP measures
The statement of comprehensive income includes two non-GAAP measures; Profit before net finance expense, other income/(expense) and income tax; and
Profit before other income/(expense) and income tax. These non-GAAP measures have been presented to assist investors in understanding the different
aspects of Investore’s financial performance.
Note 3.2 sets out Investore’s calculation for distributable profit and Adjusted Funds From Operations (AFFO) which are both non-GAAP measures.
Distributable profit is presented to enable investors to see an earnings measure which more closely aligns to Investore’s underlying and recurring earnings
from its operations. AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of
maintaining a building’s grade/quality, but not expensed as part of distributable profit after tax, is adjusted to reflect cash earnings for the period.
These non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by other entities.
1.0 General information (continued)2.0 Property
Investore Property Limited Interim Report for the six months ended 30 September 2020
22
Investore Property Limited Interim Report for the six months ended 30 September 2020
23

2.0 Property (continued)
2.2 Investment properties
Unaudited
30 Sep 20
$000
Audited
31 Mar 20
$000
Opening balance772,547
742,125
Initial add back of lease liabilities
-
11,160
Reassessment of lease liabilities
4,366
-
Property acquisitions
133,634
6,984
Net change in fair value
83,744
7,716
Subsequent capital expenditure
584
3,425
Spreading of fixed rental increases
123
1,095
Capitalised lease incentives
8
50
Lease incentives amortisation
(5)
(8)
Capitalised lease incentives - COVID-19 abatements
832
-
Lease incentives amortisation - COVID-19 abatements
(55)
-
Closing balance 995,778
772,547
Comprising:
Investment property at valuation
980,321
761,430
Lease liabilities
15,457
11,117
Total995,778
772,547
As at 31 March 2020, a $5 million deposit had been paid in relation to the purchase of three large format retail properties, being Bunnings Mt Roskill, Auckland,
Mt Wellington Shopping Centre, Auckland and Bay Central Shopping Centre, Tauranga, from SPL for $140.75 million. Settlement of the acquisitions was
completed on 30 April 2020. Under the sale and purchase agreement, SPL is to complete seismic works of $7 million and has provided a rental guarantee of
$0.5 million. As at 30 September 2020, the seismic works had not commenced and $0.1 million of the rental guarantee had been utilised.
Valuations are performed by independent registered valuers who hold an annual practicing certificate with the Valuers Registration Board and are members of
the New Zealand Institute of Valuers.
All investment properties were valued by independent valuers as at 30 September 2020. The investment properties were valued either by CIVAS Limited
(Colliers), Colliers International (Wellington Valuation) Limited (Colliers Wellington), Jones Lang LaSalle Limited (JLL), Savills (NZ) Limited (Savills) or CBRE
Limited (CBRE) as indicated. The valuations are dated effective 30 September 2020.
The $15,457,000 (31 Mar 20: $11,117,000) lease liabilities are in respect to the ground leases at the corner of Anglesea and Liverpool Streets, Hamilton
(seven), 3 Averill Street, Auckland (one), 70 Studholme Street, Morrinsville (one), 51 Arthur Street, Blenheim (one), and the corner of Bridge and Anglesea
Streets, Hamilton (one).
In the current period, Investore executed the right of renewal for one of the seven ground leases at Anglesea and Liverpool Streets, Hamilton, for a further
21 years. As at 30 September 2020, the lease liabilities and right-of-use asset has been re-assessed by $4,366,000 to reflect the renewal and rent review.
The remaining six leases at this property have a right of renewal date of January 2024.
2.2 Investment properties (continued)
Valuer
Unaudited
30 Sep 20
$000
Audited
31 Mar 20
$000
Cnr Butler & Kerikeri Roads, KerikeriSavills
22,800
18,600
3 - 7 Mill Lane, WarkworthSavills
27,500
23,200
24 Anzac Road, AucklandCBRE
26,800
24,100
112 Stoddard Road, AucklandSavills
29,500
23,300
2 Carr Road, AucklandSavills
49,250
-
Cnr Church & Selwyn Streets, AucklandJLL
11,800
11,000
295 Penrose Road, AucklandSavills
37,806
-
326 Great South Road, AucklandCBRE
40,000
36,300
35a St Johns Road, AucklandColliers
23,700
21,400
507 Pakuranga Road, AucklandColliers
21,500
18,600
Cnr Te Irirangi Drive & Bishop Dunn Place, AucklandCBRE
37,700
35,000
226 Great South Road, AucklandSavills
40,500
37,500
3 Averill Street, AucklandJLL
17,500
17,000
66 - 76 Studholme Street, MorrinsvilleColliers
7,000
6,500
Cnr Anglesea & Liverpool Streets, HamiltonSavills
8,500
7,500
Cnr Hukanui & Thomas Roads, HamiltonSavills
19,300
16,300
Cnr Bridge & Anglesea Streets, HamiltonSavills
21,500
18,100
446 Te Rapa Road, HamiltonJLL
35,000
31,250
65 Chapel Street, TaurangaSavills
46,330
-
230 - 240 Fenton Street, RotoruaSavills
22,800
18,200
26 - 48 Old Taupo Road, RotoruaJLL
31,200
27,000
53 Leach Street, New PlymouthColliers
33,400
28,900
9 Gloucester Street, NapierColliers
19,600
16,800
Cnr Fernlea Avenue & Roberts Line, Palmerston NorthColliers Wellington
15,750
14,000
Cnr Tremaine Avenue & Railway Road, Palmerston NorthColliers Wellington
29,500
26,200
14 Russell Street, Upper HuttJLL
10,000
9,500
13 - 19 Queen Street, Upper HuttColliers Wellington
12,250
10,900
261 High Street, Lower HuttColliers Wellington
21,750
19,150
91 Johnsonville Road, WellingtonJLL
21,000
20,750
3 Main Road, WellingtonJLL
20,250
19,500
Cnr Hanson Street, John Street & Adelaide Road, WellingtonColliers Wellington
27,500
26,250
47 Bay Road, WellingtonColliers Wellington
14,250
12,850
Cnr Putaitai Street & Main Road, NelsonCBRE
14,000
12,800
51 Arthur Street, BlenheimCBRE
12,000
11,200
40 - 50 Ivory Street, RangioraSavills
18,600
17,200
87 - 97 Hilton Street, KaiapoiCBRE
13,800
13,200
219 Colombo Street, ChristchurchCBRE
20,800
19,400
24 Brighton Mall, ChristchurchColliers
6,400
6,100
Cnr Rolleston & Masefield Drives, RollestonSavills
22,800
19,600
Cnr Victoria & Browne Streets, TimaruJLL
12,285
11,930
309 Cumberland Street, DunedinJLL
22,400
21,500
35 MacLaggan Street, DunedinColliers
9,900
9,900
172 Tay Street, InvercargillJLL
24,100
22,950
980,321
761,430
2.0 Property (continued)
Investore Property Limited Interim Report for the six months ended 30 September 2020
24
Investore Property Limited Interim Report for the six months ended 30 September 2020
25

2.2 Investment properties (continued)
As at 31 March 2020, the valuations were provided on the basis of ‘material valuation uncertainty’ meaning less certainty and a higher degree of caution should
be applied to the valuations. As at 30 September 2020, the ‘material valuation uncertainty’ remains only in the valuation of the property at 35 MacLaggan Street,
Dunedin, due to the expiry of the tenant lease in July 2021 and the unlikelihood of renewal.
In determining the valuations as at 30 September 2020, the valuers took into account:
• occupancy (leased area as a proportion of the total net lettable area) on individual investment properties (average is 99.7% at balance date) (31 Mar 20:
99.7%);
• average lease term (weighted average lease term (WALT) at balance date is 10.2 years (31 Mar 20: 11.5 years));
• discount rates (ranged from 3.88% to 9.50%) (31 Mar 20: 4.75% to 9.50%); and
• capital expenditure works of $0.6 million at 3 Averill Street, Auckland, relating to the carpark works.
Capitalisation rates ranged from 4.25% to 10.25% (31 Mar 20: 4.88% to 11.25%).
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the market capitalisation rate and discount rate, assuming the
capitalisation rate or discount rate moved equally on all the properties, is as follows:
Capitalisation rateDiscount rate
-0.25%+0.25%-0.25%+0.25%
Unaudited 30 Sep 20
Change $000
48,019(43,577)18,036(17,801)
Change %
5(4)2(2)
Audited 31 Mar 20
Change $00033,516(30,411)18,304(17,138)
Change %4(4)2(2)
2.3 Capital expenditure commitments contracted for
As at 30 September 2020, Investore had committed to $0.337 million (31 Mar 20: $0.576 million) in total for various capital expenditure works to be
undertaken on investment properties over the next 12 months.
With regards to the property at 2 Carr Road, Auckland, Bunnings is planning to undertake an expansion of the trade zone and associated improvements along
with the planned seismic upgrades funded by SPL. Investore will contribute approximately $6 million towards the expansion and improvement works with an
associated improvements rental and a new 10-year lease on completion.
Investore has no other material commitments as at balance date.
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 (EPS)
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Profit after income tax attributable to shareholders91,038
10,971
Weighted average number of shares for purpose of basic and diluted EPS
354,970
260,076
Basic and diluted EPS - weighted (cents)25.65
4.22
2.0 Property (continued)3.0 Investor returns
Investore Property Limited Interim Report for the six months ended 30 September 2020
26
Investore Property Limited Interim Report for the six months ended 30 September 2020
27

3.2 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
presented to enable investors to see an earnings measure which more closely aligns to Investore’s underlying and recurring earnings from its operations.
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.
Adjusted Funds From Operations (AFFO) is also a non-GAAP measure and is intended as a supplementary measure of operating performance. Although
there is no standard meaning or measure per GAAP, AFFO has been determined based on guidelines established by the Property Council of Australia.
Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as part of distributable profit after
current income tax, is adjusted to enable the investors to see the cash generating ability of the business.
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Profit before income tax 95,873
13,758
Non-recurring and/or non-cash items, and other adjustments:
Net change in fair value of investment properties
(83,744)
(886)
Reversal of lease liabilities movement in investment properties
(26)
(138)
Net change in fair value of derivative financial instruments
(41)
(8)
Loss on rental guarantee
87
-
Spreading of fixed rental increases
(123)
(608)
Capitalised lease incentives - rent free
(8)
(20)
Lease incentives amortisation - rent free
5
2
Capitalised lease incentives - COVID-19 abatements
(832)
-
Lease incentives amortisation - COVID-19 abatements
55
-
Borrowings establishment cost amortisation
360
253
Amortisation of swap break expenses
1,401
37
Swap break expenses
2,152
-
Distributable profit before current income tax15,159
12,390
Current income tax
(1,077)
(2,660)
Adjusted for:
Income tax movement in cashflow hedges (note 6.1)
(392)
-
Distributable profit after current income tax13,690
9,730
Adjustments to funds from operations:
Maintenance capital expenditure
-
(879)
Adjusted Funds From Operations (AFFO)13,690
8,851
Weighted average number of shares for purpose of basic and diluted distributable profit per share (000)
354,970
260,076
Basic and diluted distributable profit after current income tax per share - weighted (cents)3.86
3.74
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.86
3.40
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 20
$000
Unaudited
6 months
30 Sep 19
$000
SIML
Asset management fee expense
(2,383)
(2,045)
Performance fee expense
(1,446)
(1,008)
Building management fee expense
(217)
(201)
Accounting fee expense
(125)
(125)
Leasing fee expense
(408)
(45)
Capital raising fee expense
(89)
-
Project management fee expense
(22)
(42)
Maintenance fee expense
(19)
(11)
Disposal fee expense
-
(97)
Total(4,709)
(3,574)
SPL
Dividends paid
(2,630)
(1,986)
Consideration received for issue of shares in capital raise
16,522
-
Consideration paid on the acquisition of investment properties (note 2.2)
(135,750)
-
The following balance was payable to a related party
Unaudited
30 Sep 20
$000
Audited
31 Mar 20
$000
SIML(737)
(617)
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 return above 3.75% but the amount of the return 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 $775,494 for the quarter ended 30 June 2020 (quarter ended 30 June 2019: $523,110) and is due to receive a
performance fee of $670,205 for the quarter ended 30 September 2020 (quarter ended 30 September 2019: $484,808). The carried forward return for the
performance fee calculation for the quarter ended 31 December 2020 is 28.38% (31 Mar 20: carried forward return for the quarter ended 30 June 2020 was
3.16% deficit) which has been calculated in accordance with the management agreement.
As part of Investore’s $105 million capital raise (refer note 5.4), SPL paid Investore $16,522,301 to acquire 10,013,516 shares on 5 May 2020. Following that
capital raising SPL’s shareholding in Investore became 18.8%, being 69,201,977 shares (31 Mar 20: 19.4%, being 59,188,461 shares).
3.0 Investor returns (continued)4.0 Related party disclosures
Investore Property Limited Interim Report for the six months ended 30 September 2020
28
Investore Property Limited Interim Report for the six months ended 30 September 2020
29

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 20
$000
Audited
31 Mar 20
$000
Non-current
Bank facility drawn down
55,000
138,400
Fixed rate bonds
225,000
100,000
Unamortised borrowings establishment costs
(2,902)
(1,454)
Total net borrowings277,098
236,946
Weighted average interest rate for debt (inclusive of current interest rate derivatives,
bonds, margins and line fees) at balance date
3.95%4.63%
Unaudited 30 Sep 20
Issue
date
Expiry
date
Interest
rate
Total
amount
$000
Undrawn
facility
$000
Drawn/
amount
$000
Fair value
$000
Bank Facility A-31 Aug 2022Floating
70,00040,00030,00030,000
Bank Facility D-16 Apr 2025Floating
50,00050,000--
Bank Facility E-9 Jun 2024Floating
101,16376,16325,00025,000
Bonds IPL01018 Apr 201818 Apr 20244.40%
100,000-100,000109,039
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000127,524
446,163166,163280,000291,563
Audited 31 Mar 20
Issue
date
Expiry
date
Interest
rate
Total
amount
$000
Undrawn
facility
$000
Drawn/
amount
$000
Fair value
$000
Bank Facility A-31 Aug 2022Floating70,000-70,00070,000
Bank Facility B-9 Jun 2021Floating165,000131,60033,40033,400
Bank Facility C-9 Jun 2021Floating35,000-35,00035,000
Bonds IPL01018 Apr 201818 Apr 20244.40%100,000-100,000102,494
370,000131,600238,400240,894
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, Westpac New Zealand Limited and China Construction Bank, New Zealand Branch.
In April 2020, Investore refinanced $101 million of debt facility extending this facility for a further three years to June 2024 and secured a new $50 million,
5-year facility. On 31 August 2020, following the receipt of $125 million from the retail bonds, Investore cancelled $99 million of bank facility that was due to expire
in June 2021.
Fixed rate bonds
On 31 August 2020, Investore issued $125 million of retail bonds with a 7-year term, expiring on 31 August 2027, paying an interest rate of 2.40%. The bonds
are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date.
Interest on IPL010 is payable quarterly in April, July, October and January in equal instalments, whilst interest on IPL020 is payable quarterly in August,
November, February and May also in equal instalments.
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 20
$000
Audited
31 Mar 20
$000
Notional value of interest rate swaps – fixed rate payer
80,000
150,000
Notional value of interest rate swaps – fixed rate receiver
25,000
25,000
105,000
175,000
Fixed interest rates payer ranges
2.27%-2.54%
2.27%-3.01%
Fixed interest rate receiver
4.40%
4.40%
Weighted average fixed interest rate (excluding margins)
2.14%
2.44%
Percentage of drawn debt fixed
100%
94%
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 hedged 100% of its floating rate borrowings as at 30 September 2020 (31 Mar 20: 94%). 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 IPL010 $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 $27,754 (31 Mar 20: fair value loss of
$68,346), resulting in a fair value gain movement of $40,592 (31 Mar 20: fair value loss movement of $18,026) being recognised in the current period in the
statement of comprehensive income.
On 25 November 2019, Investore broke interest rate derivative contracts with a notional value of $30 million for a cost of $1,562,453. Of the total swap
break expense incurred, $161,915 was recognised as finance expense in the period ended 31 March 2020 and $1,400,538 had been recognised in equity
as other reserves as at 31 March 2020. Following the repayment of bank debt on the receipt of the $125 million from the retail bonds and the cancellation
of the $99 million bank facility, the amount remaining in other reserve has been expensed in the current period to finance expense as the hedged future
cashflows are no longer expected to occur.
On 31 August 2020, Investore broke interest rate derivative contracts with a notional value of $40 million for a cost of $2,152,916. This cost has been expensed
to the statement of comprehensive income as the hedged future cashflows are no longer expected to occur.
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 20: 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 2020 of between 0.31%, for the 90-day BKBM, and 0.51%, for the 10-year swap rate
(31 Mar 20: 0.49% and 0.91%, respectively). There were no changes to these valuation techniques during the reporting period.
As at 30 September 2020, the fair value of the interest rate derivatives was a net asset of $163,726, including an accrued interest liability of $47,033
(31 Mar 20: liability of $2,549,350, including an accrued interest liability of $113,085).
Gains and losses recognised in the cash flow hedge reserve in equity on interest rate derivative contracts as at 30 September 2020 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 funding5.0 Capital structure and funding (continued)
Investore Property Limited Interim Report for the six months ended 30 September 2020
30
Investore Property Limited Interim Report for the six months ended 30 September 2020
31

5.3 Net finance expense
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Finance income
Bank interest income
2
33
Other finance income
-
3
Total finance income2
36
Finance expense
Bank borrowings interest
(3,886)
(4,743)
Fixed rate bonds interest
(2,448)
(2,239)
Lease liabilities interest
(327)
(214)
(6,661)
(7,196)
Finance expense - swap break expense (note 5.2)
(3,553)
(37)
Total finance income(10,214)
(7,233)
Net finance expense(10,212)
(7,197)
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 had 368,135,033 shares on issue as at 30 September 2020 (31 Mar 20: 304,498,669).
Investore undertook a capital raise during April and May 2020 which resulted in a gross amount of $105 million raised, $85 million from an institutional
placement which settled on 5 May 2020, and $20 million from its share purchase plan which settled on 20 May 2020, resulting in 63,636,364 shares being
issued at $1.65 per share.
5.5 Reserve
Cash flow hedge reserve
Unaudited
30 Sep 20
$000
Audited
31 Mar 20
$000
Opening balance(2,694)
(2,230)
Movement in fair value of interest rate derivatives
494
(669)
Tax on fair value movement
(138)
187
Transferred to profit or loss
2,518
18
Closing balance180
(2,694)
This section contains additional information to assist in understanding the financial performance and position of Investore.
6.1 Tax
Unaudited
6 months
30 Sep 20
$000
Unaudited
6 months
30 Sep 19
$000
Profit before income tax95,873
13,758
Prima facie income tax using the company tax rate of 28%(26,845)
(3,852)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties
23,448
248
Reversal of lease liabilities movement in investment properties
7
-
Movement in fair value of derivative financial instruments
11
2
Non-taxable income
194
274
Taxable income
30
-
Depreciation
2,154
852
Non-deductible expenses
(444)
(97)
Temporary differences
(24)
(34)
Swap break expenses released from reserve
392
-
Depreciation recovered on disposal of investment properties
-
(53)
Current tax expense(1,077)
(2,660)
Investment property depreciation
(3,755)
(160)
Other
(3)
33
Deferred tax charged to profit or loss(3,758)
(127)
Income tax expense per the statement of comprehensive income(4,835)
(2,787)
In the current period, the income tax benefit of $392,280 arising from the swap break expenses in the cash flow hedges in the prior year has been recognised in the
statement of comprehensive income.
As part of its COVID-19 support package the New Zealand Government has reintroduced a 2% diminishing value depreciation deduction for commercial
properties, starting in April 2020 for Investore. This is estimated to provide a reduction in current tax to Investore of approximately $2.2 million for the year ending
31 March 2021.
5.0 Capital structure and funding (continued)6.0 Other
Investore Property Limited Interim Report for the six months ended 30 September 2020
32
Investore Property Limited Interim Report for the six months ended 30 September 2020
33

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 63% of Investore’s
portfolio contract rental as at 30 September 2020 (30 Sep 19: 73%).
6.3 Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 20: $nil).
6.4 Subsequent events
Effective from 4 November 2020, Investore has secured a new $30 million 3-year facility with Industrial and Commercial Bank of China Limited,
Auckland Branch.
On 17 November 2020, Investore declared a cash dividend for the period 1 July 2020 to 30 September 2020 of 1.90 cents per share, to be paid on
2 December 2020 to all shareholders on Investore’s register at the close of business on 25 November 2020. This dividend will carry imputation credits of
0.294478 cents per share. This dividend has not been recognised in the financial statements.
There have been no other material events subsequent to balance date.
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Investore Property Limited (the Company), on pages 15 to 34 which comprise the statement of financial
position as at 30 September 2020, and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the
six months ended on that date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying interim financial statements of the Company do not
present fairly, in all material respects, the financial position of the Company as at 30 September 2020, and its financial performance and cash flows for the
six months then ended, 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).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed
by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of
the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements,
and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our firm carries out other
services for the Company in the areas of other assurance services over operating expense audits. The provision of these other services has not impaired our
independence.
Directors’ responsibility for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these interim financial statements in
accordance with IAS 34 and 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.
Auditor’s responsibility for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) 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. A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform 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 and consequently does not enable us to obtain assurance that we might identify in an audit.
Accordingly, we do not express an audit opinion on these interim financial statements.
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 shareholders, as a body, for our review procedures, for this report, or for the conclusion we
have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel Shuttleworth.
For and on behalf of:
Chartered Accountants, Auckland
17 November 2020
6.0 Other (continued)Independent auditor’s review report
To the shareholders of Investore Property Limited
Investore Property Limited Interim Report for the six months ended 30 September 2020
34
Investore Property Limited Interim Report for the six months ended 30 September 2020
35

Board of Directors
Mike Allen (Chair)
Gráinne Troute
Adrian Walker
Tim Storey (SIML Appointed Director)
John Harvey (SIML Appointed Director)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West, Auckland 1142
New Zealand
W investoreproperty.co.nz
Manager
Stride Investment Management Limited
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West, Auckland 1142
New Zealand
T +64 9 912 2690
Auditor
PricewaterhouseCoopers
PricewaterhouseCoopers Tower
15 Customs Street West, Auckland 1010
Private Bag 92162, Auckland 1142
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
China Construction Bank, New Zealand Branch
Commonwealth Bank of Australia
Industrial and Commercial Bank of China Limited, Auckland Branch
Westpac New Zealand Limited
Bond Supervisor
Public Trust
Level 9, 34 Shortland Street, Auckland 1010
PO Box 1598, Auckland 1140
Corporate Directory
Investore Property Limited Interim Report for the six months ended 30 September 2020
36

Investore Property Limited
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320
Victoria Street West,
Auckland 1142, New Zealand
T +64 9 912 2690
F +64 9 912 2693
W investoreproperty.co.nz

---

Interim Results
Update
For the six months ended
30 September 2020
17 November 2020

Contents
Highlights
03
Delivering on our strategy
04
Update on COVID-19
05
Portfolio highlights
06
Financial performance
11
Capital management
15
Looking forward
19
Countdown, Rototuna
2
Investore Property Limited | HY21 Interim Results Update

Highlights
Financial
highlights
Capital
management
Portfolio
performance
$125m
listed bond issuance
in August 2020
7.60cps
Cash dividend
guidance
2
for FY21
Profit after income tax
$91.0m
up $80.1m from
HY20
10.2years
WALT
Distributable profit
1
after
current tax
$13.7m
up $4.0m on
HY20
$980.3m
portfolio value
3
,
representing a net
valuation gain
of 9.4%
4
$105m
equity raise
in April-May 2020
$1.93
NTA per share,
up $0.20 or 11.6%
from 31 March 2020
28.3%
Loan to Value Ratio
5
as at 30 September 2020
1.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. Further information, including the calculation of distributable profit and the adjustments to profit before income tax, is set out in note 3.2 to the Interim Financial Statements.
2.Assuming no further deterioration in economic conditions due to COVID-19.
3.Portfolio value excludes: (1) $7.0 million of seismic works to be completed by Stride Property Limited (SPL) on the three large format retail properties acquired from SPL on 30 April 2020, and the balance of the rental guarantee of
$0.4 million from SPL; and (2) lease liabilities. The valuation of the property at 35 MacLagganStreet, Dunedin, remains subject to ‘material valuation uncertainty’ due to the expiry of the tenant lease in July 2021; see note 2.2 to the Interim Financial
Statements.
4.Compared to Investore’sproperty portfolio as at 31 March 2020, and including the three properties acquired from SPL as if those properties had been acquired as at that date, based on the purchase price for those three properties excluding (1) the
$7.0 million of seismic works to be completed by SPL on the properties, and (2) the rental guarantee of $0.5 million from SPL.
5.LVR is calculated based on independent valuations, which include seismic works and rental underwrites to be funded by SPL in relation to the three properties acquired from SPL and settled in April 2020. The independent valuations also exclude lease
liabilities.
3
Investore Property Limited | HY21 Interim Results Update

Delivering on our strategy
Active
portfolio
management
•Weighted average lease term (WALT) 10.2years
•99.7% occupancy by area
1
•57 lease extensions and renewals completed, including COVID-19 related deals,with a weighted average lease
extension of seven months across all COVID-19 deals
•72% of leases by Contract Rental
2
expiring in 2030 or beyond
Targeted
growth
•Portfolio valuation
3
of $980.3m, representing a9.4% net revaluation gain
4
from 31 March 2020
•Portfolio market capitalisation rate of 5.53%, a 55 basis point compression from 31 March 2020
5
•6-month shareholder return to 30 September 2020 of 36.2% (or 24.6% in the nine months since 31 December
2019), outperforming gross S&P/NZX 50 and gross All Real Estate index by 16.3% and 15.4% respectively (or
22.3% and 28.3% respectively in the nine months since 31 December 2019)
Continued
portfolio
optimisation
•Acquired property adjacent to existing Investore-owned Countdown Papakura in March 2020 for $1.2m, with
works now completed on expansion of carpark and improved customer access to the property
•Investore collaborated with Countdown on redevelopment of the Rotorua supermarket, including full internal
store refurbishment, parking amenity, and new energy efficient heating and ventilation systems, resulting in an
overall improved asset
Proactive
capital
management
•$105m newequity raised in April and May 2020, with net proceeds used to repay bank debt
•$125m 7-year listed bonds issued in August 2020 at a 2.4% interest rate
•New $50m, 5-year facility secured and $101m existing facility extended for three additional years, with
additional 3-year $30m facility agreed post-balance date,introducing ICBC
6
to the banking group
•Loan to Value Ratio (LVR) 28.3%
6
, compared to 31.3% as at31 March 2020
1.Post balance date The Warehouse has vacated the premises at 91 Johnsonville Road, Johnsonville, upon expiry of the lease, reducing the portfolio occupancy rate by area to 99.1%.
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, annualised for the 12-month period on the basis ofthe occupancy level for the
relevant property as at30 September 2020, and assuming no default by the tenant.
3.See footnote 3 on page 3.
4.See footnote 4 on page 3.
5.Compared to Investore’sproperty portfolio as at31 March 2020, and including the three properties acquired from SPL as if those properties had been acquired as at that date,based on independent valuations of those three properties
obtained in preparation for the acquisition in April 2020.
6.Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC).
7.See footnote 5 on page 3.
4
Investore Property Limited | HY21 Interim Results Update

v
Update on COVID-19
Investore’sportfolio continues to
demonstrate resilience given the high
proportion of tenants that are
essential businesses
•Investore has worked with its tenants to support them through
the impact of COVID-19 throughout the year
•Investore’sapproach in assisting tenants has been focussed
on providing rental support through a combination of
abatements and deferrals, often in return for granting
extensions to lease terms, resulting in a weighted average
lease extension of seven months being achieved across
COVID-19 arrangements
•Investore expects
1
reduced gross rent receivable for FY21 to
be approximately $1m, compared with the previous forecast
of $1m-$2m
•Balanced against the reduced gross rent receivable for FY21,
Investore will benefit from the reintroduced building
depreciation deduction claims for property owners with
commercial properties at a level of 2% of diminishing value a
year, starting in April 2020. This is estimated to provide a
reduction in current tax of approximately $2.2m for FY21
1.Assuming no further deterioration in economic conditions due to COVID-19 and no significant further restrictions on activity.
Countdown, Rotorua
5
Investore Property Limited | HY21 Interim Results Update

Portfolio highlights
Pak’nSave, New Plymouth
6
Investore Property Limited | HY21 Interim Results Update

Active portfolio management
Portfolio metrics
As at
30 Sep 20
Adjusted
3
31 Mar 20
As at
31 Mar 20
Number of properties434340
Number of tenants13013078
Net lettable area (NLA) (sqm)246,191246,176208,125
Net ContractRental
4
($m)57.156.247.5
WALT(years)10.210.411.5
Market capitalisation rate (%)5.536.086.06
Occupancy rate by area99.799.799.7
Portfolio value
5
($m)980.3
6
895.2
7
761.4
Total site area (sqm)594,660593,456507,411
Average site coverage (%)41.441.541.0
Car parking ratio (bays per
100sqm of NLA)
4.34.33.9
Key portfolio activities
✓28 rent reviews completed over 19,000 sqm resulting in a
2.2% increase to previous rentals
✓92% of the rent reviews completed were structured reviews
–CPI or fixed
✓Increase in turnover rent, up$0.3m to $0.7m during the
year to 30 September 2020, based on unaudited sales
✓Countdown exercised 6-year right of renewal at
Mt Wellington Shopping Centre, improving the overall
property’s WALT from 2.7 yearsto 5.1 years
✓4 new lettingscompleted during the period, achieving an
average of 4.9 years tenure
✓Portfolio value
1
increased to $980.3m, representing a net
valuation gain of $83.7m or 9.4%
2
✓Investore’sportfolio comprises 59 hectares of commercial
property with an average site coverage of 41.4%, providing
future development opportunities
1.See footnote 3 on page 3.
2.See footnote 4 on page 3.
3.As at31 March 2020, as if the acquisition of the three properties from SPL on 30 April 2020 had settled as at that date.
4.See footnote 2 on page 4.
5.Excludes lease liabilities.
6.Excludes the $7.0m of seismic works to be completed by SPL on the three properties acquired from SPL on 30 April 2020, and the value of the rental guarantee provided by SPL in relation to certain tenancies that form part of those properties.
7.Valuation assumes that the seismic works to be undertaken by SPL, at a value of $7.0m, have been completed.
7
Investore Property Limited | HY21 Interim Results Update

1.7%
2.8%
1.1%
3.4%
4.6%
2.6%
3.6%
7.1%
1.2%
15.2%
5.3%
0.0%
18.4%
3.6%
29.3%
Long dated lease expiry profile
Lease Expiry Profile
1
by Contract Rental
2
As at 30 Sep 20
WALT 10.2
years
Long portfolio WALT of 10.2 years and 72% of
Contract Rental
2
expiring in 2030 or beyond
FY21
•1.7% of Contract Rental expiring with major expiry, The
Warehouse, 91 Johnsonville Road, Wellington (1.0%)
vacant post balance date
•Other expiries total 0.7% across 5 tenants
FY22
•2.8% of Contract Rental expiring, with major expiries:
•The Warehouse, 35 MacLagganStreet, Dunedin (1.5%)
•NZ Post, Bay Central Shopping Centre, Tauranga
(0.8%)
FY23
•1.1% of Contract Rental expiring across 10 tenants with no
major expiries
1.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theentire portfolio as at30 September 2020 as a percentage of Contract Rental.
2.See footnote 2 on page 4.
8
Investore Property Limited | HY21 Interim Results Update

Optimisationof the portfolio
Countdown Rotorua
230-240 Fenton Street, Rotorua
TenantCountdown
Occupancy100%
NLA5,172 sqm
Land area16,442 sqm
Car parking ratio
(bays per 100sqm of NLA)
5.8
WALT9.9 years
Valuation$22.8m
Val./NLA (per sqm)$4,408
Market cap rate5.0%
Case Study
-Investore worked with its largest tenant, Countdown, to
upgrade its Rotorua property
-Countdown redeveloped the store with a new bakery, fresh
food area, checkouts, LED lighting and service offering to
meet customer demand
-Investore funded a broad range of further upgrades, including
seismic strengthening, major internal works, new entry portal,
car parking amenity and energy efficient HVAC system
-The property’s capitalisation rate has compressed 125bps
since 31 March 2020, a favourable movement compared to
the average portfolio compression of 55bps from 31 March
2020
Investore Property Limited | HY21 Interim Results Update
Countdown, Rotorua
9

Optimisationof the portfolio
Countdown Papakura,
3 Averill Street, Auckland
Tenants
Countdown,
Stampede Tavern
Occupancy100%
NLA5,435 sqm
Land area14,688 sqm
Car parking ratio
(bays per 100sqm of NLA)
4.5
WALT13.7 years
Valuation$17.5m
Val./NLA (per sqm)$3,220
Market cap rate7.6%
Total project cost$1.8m
Case Study
-Investoreacquired land adjoining this site in March 2020 for $1.2 million
to enable the improvement of customer amenity for the property
-Completed works included the demolition of existing poor quality
buildings, the expansion of the car park, and improved access points
and overall amenity of the property
-Investore undertook the works for $0.6 million with an associated return
on cost from the tenant at 6.5%
Countdown, Papakura
10
Investore Property Limited | HY21 Interim Results Update

Financial performance
Bunnings, Mt Roskill
11
Investore Property Limited | HY21 Interim Results Update

Financial performance
Unaudited
30 Sep 20
$m
Unaudited
30 Sep 19
$m
Change
$m%
Net rental income27.424.1+3.3+13.7
Corporate expenses(5.0)(4.0)(1.0)(24.5)
Profit before net finance expense, other income and income tax22.420.1+2.3+11.6
Net finance expense(10.2)(7.2)(3.0)(41.9)
Profit before other income/(expense) and income tax12.212.9(0.7)(5.4)
Other income/(expense)
1
83.70.9+82.8+9262.2
Profit before income tax95.913.8+82.1+596.9
Income tax expense(4.8)(2.8)(2.0)(73.5)
Profit after income tax attributable to shareholders91.011.0+80.1+729.8
1.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.
12
Investore Property Limited | HY21 Interim Results Update

Unaudited
30 Sep 20
$m
Unaudited
30 Sep 19
$m
Change
$m%
Profit before income tax95.913.8+82.1+596.9
Non-recurring, and/or non-cash items, and other adjustments:
-Net change in fair value of investment properties(83.7)(0.9)(82.9)(9351.9)
-Loss on rental guarantee0.1-+0.1+100.0
-Reversal of lease liabilities movement in investment properties-(0.1)+0.1+81.2
-Spreading of fixed rental increases(0.1)(0.6)+0.5+79.8
-Capitalised lease incentives(0.8)-(0.8)(4100.0)
-Lease incentives amortisation0.1-+0.1+2900.0
-Borrowings establishment cost amortisation0.40.3+0.1+42.3
-Swap break expenses3.6-+3.5+9502.7
Distributable profit before current income tax15.212.4+2.8+22.3
Current income tax(1.5)(2.7)+1.2+44.8
Distributable profit after current income tax13.79.7+4.0+40.7
Adjustments to funds from operations:
-Maintenance capital expenditure-(0.9)+0.9+100.0
Adjusted Funds From Operations (AFFO)
2
13.78.9+4.8+54.7
Weighted average number of shares (millions)355.0260.1
Basic and diluted distributable profit after current income tax per share -
weighted (cents)3.863.74
AFFO basic and diluted distributable profit after current income tax per share -
weighted (cents)3.863.40
Distributable profit
1
1.Distributable Profit –refer footnote 1 on page 3 for definition.
2.AFFO is a non-GAAP measure and is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as part of
distributable profit after current income tax, is adjusted to enable the investors to see the cash generating ability of the business.
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.
13
Investore Property Limited | HY21 Interim Results Update

Financial summary
1.LVR is calculated based on independent valuations, which include seismic works and rental underwrites to be funded by SPL in relation to the three properties acquired from SPL and settled in April 2020. The independent valuations
also exclude lease liabilities.
2.Excludes the after taxfair value of interest rate derivatives.
Unaudited
As at
30 Sep 20
Audited
As at
31 Mar 20Change
Investment property value ($m)980.3761.4+218.9
Drawn debt ($m)(280.0)(238.4)(41.6)
Loan to Value Ratio (LVR)28.3%
1
31.3%(3.0%)
Equity ($m)709.3526.7+182.6
Shares on issue (millions)368.1304.5+63.6
Net TangibleAssets (NTA) per share$1.93$1.73+$0.20
Adjusted NTA
2
per share$1.93$1.74+$0.19
14
Investore Property Limited | HY21 Interim Results Update

Capital management
Mitre10 Mega Botany, Auckland
15
Investore Property Limited | HY21 Interim Results Update

Proactive capital management
1.See footnote 6 on page 4.
2.See footnote 5 on page 3.
3.The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted by theincome applicable to each lease and a current market rental with nil term for vacant space.
Key debt transactions
•$50m new 5-year bank facility secured June 2020
•$101m of bank facilities extended to June 2024
•$125m 7-year listed bonds issued August 2020 with
fixed 2.40% interest rate
•$99m bank facility cancelled following the bond issue
•$30m new 3-year bank facility secured post-balance
date with the introduction of ICBC
1
into the syndicate
Equity transaction
•$105m equity capital raised in April and May 2020
Debt facilities
As at
30 Sep 20
As at
31 Mar 20
Banking facility limit
(ANZ, BNZ, CBA, CCB, Westpac),
plus $225m bonds
$446m$370m
Debt facilities drawn$280m$238m
Weighted average maturity of debt facilities4.4 years2.2 years
Debt covenants
LVR
(Drawn Debt / Property Values)
Covenant: ≤ 65%; internal policy max: 48%
28.3%
2
31.3%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
2.6x2.7x
WALT
3
Covenant: > 6.0 years
10.2
years
11.4
years
16
Investore Property Limited | HY21 Interim Results Update

$70m
$101m
$50m
$30m
$100m
$125m
FY21FY22FY23FY24FY25FY26FY27FY28
Debt maturity profile
Bank facilities
(Sep-20)
New facility
(post Sep-20)
IPL010 bondsIPL020 bonds
Improved debt profile
Following new $30m facility with ICBC (post-balance date), total debt facilities are $476m with
$280m drawn, leaving $196m undrawn
1
and available to fund future growth
Weighted average maturity of debt facilities
4.4 years as at 30 September 2020, increased
from 2.2 years as at 31 March 2020
1.As at30 September 2020, as if the new facility from ICBC had been in place as at that date.
17
Investore Property Limited | HY21 Interim Results Update

$280m
$230m
$200m $200m
$125m $125m $125m
1.64%
1.47%
1.34%1.34%
0.40%0.40%0.40%
0.00%
0.50%
1.00%
1.50%
2.00%
-
$50m
$100m
$150m
$200m
$250m
$300m
Sep-20Sep-21Sep-22Sep-23Sep-24Sep-25Sep-26
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)
Hedging and cost of debt
Hedging Update
•100% of drawn debt hedged, including fixed bonds
•Weighted average cost of debt at 3.95%, expected to fall as
interest rate swaps mature -a tailwind to earnings
•$125m 7-year bonds issued August 2020 (fixed 2.4% interest rate
including margin)
•$30m swaps expired and $40m swaps cancelled following the bond
issuance
•No new hedging entered into given “lower for longer” interest rate
environment
Cost of debt
As at
30 Sep
2020
As at
31 Mar
2020
Weighted average cost of
debt (incl. current interest
rate derivatives, bonds and
bank margins, and line fees)
3.95%4.63%
Weighted average fixed
interest rate (excl. margins)
1.64%2.64%
Weighted average fixed
interest rate maturity (incl.
bonds, active and forward
starting swaps)
4.4 years2.4 years
% of drawn debt fixed100%94%
18
Investore Property Limited | HY21 Interim Results Update

Looking forward
Bay Central Shopping Centre, Tauranga
19
Investore Property Limited | HY21 Interim Results Update

Looking forward
•Focus is on targeted growth to
enhance the portfolio and
maximise returns to investors
over the medium to long term
•Growth includes potential
acquisitions,as well as
development of the existing
portfolio, including
refurbishment of stores
•Investore will continue to seek
to minimise the impact of
COVID-19 on Investore’s
business
•Dividend guidance for FY21 at
7.60cps, assuming no further
deterioration in economic
conditions due to COVID-19
Countdown, Rotorua
20
Investore Property Limited | HY21 Interim Results Update

Appendix A
$1.73
$1.93
($0.02)
$0.27
($0.01)
($0.04)
As at
31-Mar-20
Capital raiseProfit before taxIncome tax
expense
Dividends paidAs at
30-Sep-20
Net Tangible Assets
$12.9m
$12.2m
$3.6m
($0.2m)
$0.3m
($0.6m)
($2.9m)
($0.4m)
($0.3m)
($0.2m)
30 Sep 19Net rental
increase from
acquisitions
Net rental
reduction from
COVID-19
abatements
Net rental
increase from
existing portfolio
NZ IFRS
adjustments
Higher net finance
expense
Higher
performance fee
expense
Higher
management fees
expense
Higher
administration
expense
30 Sep 20
Profit before other income/(expense) and income tax
21
Investore Property Limited | HY21 Interim Results Update

Appendix B
$47.5m
$8.7m
$0.1m
$0.3m
$0.5m
$57.1m
As at
31-Mar-20
AcquisitionsRent reviewsTurnover rentalNet OpexAs at
30-Sep-20
Net Contract Rental
$761.4m
$980.3m
$133.6m
$83.7m
$0.6m
$0.1m
$0.8m
As at
31-Mar-20
AcquisitionsNet change in fair
value
Capital expenditureSpreading of fixed
rental increases
Capitalised lease
incentives from
COVID-19
As at
30-Sep-20
Investment Properties (excl. lease liabilities)
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.
22
Investore Property Limited | HY21 Interim Results Update

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 2020. Please refer to Investore’s Annual Report 2020 for further information in
relation to the year ended 31 March 2020. 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, Victoria Street
West, Auckland 1142,
New Zealand
P+64 9 912 2690
Winvestoreproperty.co.nz
23

---

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 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$27,410 13.75%
Total Revenue $27,410 13.75%
Net profit/(loss) from
continuing operations
$91,038 729.81%
Total net profit/(loss) $91,038 729.81%
Interim Dividend
Amount per Quoted Equity
Security
$0.01900000
Imputed amount per Quoted
Equity Security
$0.00294478
Record Date 25 November 2020
Dividend Payment Date 2 December 2020
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.93 $1.70
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 2020.
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

17 November 2020

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



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 25/11/2020
Ex-Date (one business day before the
Record Date)
24/11/2020
Payment date (and allotment date for
DRP)
02/12/2020
Total monies associated with the
distribution
1

$6,994,566
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02194478
Gross taxable amount
3
$0.01051706
Total cash distribution
4
$0.01900000
Excluded amount (applicable to listed
PIEs)
$0.01142772
Supplementary distribution amount $0.00133628
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%

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
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“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.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$0.00294478
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
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

17/11/2020