Interim Results HY22

IMMEDIATE – 16 November 2021
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For the six months ended 30 September 2021Interim Report

Contents
2 Highlights
4 Chair and Manager’s Overview
6 Targeted Growth
8 Active Portfolio Management
10 Proactive Capital Management
12 Glossary
15 Consolidated Interim Financial Statements
38 Corporate Directory
Investore Property Limited Interim Report for the six months ended 30 September 20211

For the six months ended 30 September 2021 (HY22)
Highlights
1. Includes the acquisition of the property at Waimak Junction, Kaiapoi, for $10.5m, which acquisition remains conditional.
2. Portfolio value excludes: (1) the seismic works to be completed by Stride Property Limited (SPL) and the rental guarantee provided by SPL (total $5.6 million) in relation
to the three large format retail properties acquired from SPL on 30 April 2020; (2) lease liabilities;
3. See glossary on page 12.
4. Assuming no further economic deterioration due to COVID-19 and subject to the actual financial impact of COVID-19 restrictions and Government mandated
rent abatements.
5. LVR is calculated based on independent valuations as at 30 September 2021, which include seismic works and rental guarantees 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.
$83.8m
Total acquisitions
1
for
the six months ended
30 September 2021
$1,149m
portfolio value
2
as at
30 September 2021,
representing a net
valuation increase
for the six months to
30 September 2021
of $44.8m or 4.1%
$15.4m
profit before other income/
(expense) and income tax
Up $3.2m from HY21
Down $34.1m from HY21 due to a lower
revaluation movement compared with the prior period
$2.20
net tangible assets
per share as at
30 September 2021
9.5 years
Weighted Average
Lease Term
(WALT)

as at
30 September 2021
$70m
debt facility
refinanced for a
further 12 months,
with no debt now
expiring until FY24
99.0%
portfolio occupancy
by area
29.8%
Loan to Value Ratio
5

as at 30 September
2021
7.90cps
cash dividend
guidance
4
for FY22
$56.9m
profit after income tax
Down $0.4m from HY21
$13.3m
distributable profit
3
after
current income tax
Up 5.8% from 31 March 2021
Up 3.9% from guidance
provided in May 2021
Investore Property Limited Interim Report for the six months ended 30 September 20212 Investore Property Limited Interim Report for the six months ended 30 September 20213

The Investore Board is also considering
a further listed bond issue during FY22,
consistent with Investore’s strategy of
proactively managing capital, to extend
the tenor of Investore’s debt, lower the
weighted average cost of debt and
increase the percentage of drawn
debt hedged.
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 the interim report
for the first six months of
FY22 to 30 September
2021 (HY22). Investore’s
focus during HY22 has
been on pursuing its
strategy of targeted
growth, with $83.8 million
of acquisitions
1
, growing
Investore’s portfolio value
2

to $1.15 billion as at
30 September 2021.
Investore’s portfolio of 44 properties
delivered a gross valuation increase for
the six months to 30 September 2021 of
approximately $46.9 million or 4.3% and
a net valuation increase of $44.8 million
or 4.1%.
Investore has completed the acquisition
of two high quality large format retail
properties during the six months in
review, putting into effect its strategy of
targeted growth. These two acquisitions,
being the Rebel Sport / Briscoes site at
4 Carr Road, Mt Roskill, and Countdown,
Petone, are strategically important for
Investore’s portfolio and contribute to
Investore’s attractive portfolio metrics.
The property at 4 Carr Road neighbours
the existing Investore-owned Bunnings
Carr Road property, and will provide
opportunities for better utilisation of the
two sites. Countdown, Petone, with
its relatively long WALT of 11 years,
contributes to the Investore portfolio
WALT of 9.5 years as at 30 September
2021.
These acquisitions enabled the Investore
Board to review its dividend guidance for
FY22, and as shareholders will be aware,
in early August Investore announced an
increase in the expected cash dividend
for FY22 to 7.90 cents per share.
Investore also has a conditional
agreement to acquire development
land at Waimak Junction, Kaiapoi, which
acquisition remains conditional on receipt
of the necessary resource consents to
complete the development. This land will
provide Investore with further growth
opportunities, including the development
of a Countdown supermarket, the
terms for which have been agreed with
Woolworths NZ.
Investore has performed well during
HY22, delivering positive results from
operations. Net rental income was
$0.6 million higher than HY21 at
$28.0 million, largely due to the
acquisition of the properties at Carr
Road, Auckland, and Countdown, Petone,
partially offset by a small reduction
in income due to the divestment of
MacLaggan Street, Dunedin. Higher
corporate expenses, primarily due to
higher management fees as a result
of the increased value of the Investore
portfolio, resulted in profit before
net finance expense, other income /
(expense) and income tax of
$22.3 million, compared with
$22.4 million for HY21. Financing
expenses were lower in HY22, as HY21
expenses were impacted by a swap
termination expense, resulting in profit
before other income / (expense) and
income tax of $15.4 million, up
$3.2 million from HY21.
As noted, Investore’s portfolio benefited
from a net valuation increase of
$44.8 million, contributing to profit after
income tax of $56.9 million. This is
$34.1 million lower than in HY21, due
to the lower net revaluation movement
(HY22: $44.8 million; HY21:
$83.7 million).
Investore delivered positive distributable
profit
3
, with distributable profit before
income tax of $15.7 million, $0.5 million
higher than HY21. Higher current tax
expenses resulted in distributable profit
after current income tax of $13.3 million,
$0.4 million lower than HY21.
As shareholders will be aware, COVID-19
has had a significant impact on the
New Zealand retail sector during the six
months to 30 September 2021, with
Alert Level 3 and 4 restrictions being
imposed from the middle of August.
Large format retail property continues to
perform well during periods impacted
by COVID-19 restrictions as many
tenants in these types of properties
are designated as providing “essential
services” and are permitted to remain
open and trading. Furthermore, Investore
has benefited from its geographically
diversified portfolio. The different trading
restrictions that have been placed on
different areas of the country has meant
the large majority of Investore’s tenants
have only been impacted by a relatively
short period of restrictions, as 63% of
tenants (by Contract Rental
3
) are located
outside of the Auckland region.
Although many tenants were able to
remain open and trading during all
COVID-19 Alert Levels, Investore still has
a number of tenants that were not able
to trade during either Alert Level 3 or
4. The Government enacted legislation
in November 2021 mandating that
commercial landlords provide rent
abatement to tenants that are unable to
access their premises due to COVID-19
restrictions, regardless of contractual
provisions agreed between landlord
and tenant in their signed lease. While
it is still too soon to determine the exact
financial impact of this legislation,
Investore has provided for $1.03 million
of rent abatements for the period to
30 September 2021, and expects
abatements may be required for up to
six weeks following that date for limited
tenants in Auckland and Waikato, given
the recent reopening of retail in Auckland
and Waikato. Investore will work with
its tenants to agree a fair abatement
arrangement for both Investore and
its tenants.
After the acquisitions of Carr Road,
Mt Roskill and Countdown, Petone,
Investore’s loan to value ratio is 29.8%
as at 30 September 2021. Investore
continues to have a significant amount of
undrawn debt facilities as at
30 September 2021, as a result of
the capital management initiatives
undertaken during FY21.
Investore’s undrawn debt facilities,
together with its relatively low loan to
value ratio, provide further opportunity
for Investore to continue to pursue its
targeted growth strategy. The Investore
Board will seek to ensure that any
acquisitions support Investore’s objective
of maximising distributions and total
returns to shareholders over the medium
to long term.
The improved cash dividend guidance
for Investore for FY22 of 7.90 cents
per share announced in early August
represented a 3.9% increase on
the guidance announced in May
2021 and evidences the value of
Investore’s targeted growth strategy
for shareholders. Investore expects to
maintain this dividend guidance for
FY22, subject to the actual financial
impact of COVID-19 restrictions and
Government-mandated rent abatements
and assuming no further economic
deterioration due to COVID-19
restrictions.
The Investore Board also announced in
August 2021 a revised dividend policy,
widening the payout ratio to between
90% and 100% of distributable profit
3

(previously between 95% and 100%
of distributable profit). This widening
of the distribution policy will enable
greater flexibility for dividend outcomes
in the future, while allowing Investore to
retain earnings if required to support its
strategic objectives.
Looking forward to the remainder
of FY22, the Investore Board expects
to continue with its strategy of targeted
growth as opportunities arise and will
ensure a disciplined focus is maintained
on managing and minimising the impacts
of COVID-19 on the Investore business.
1. Includes the acquisition of the property at Waimak
Junction, Kaiapoi, for $10.5m, which acquisition
remains conditional.
2. Portfolio value excludes: (1) $5.6 million of seismic
works to be completed by SPL and the rental
guarantee provided by SPL in relation to the three
large format retail properties acquired from SPL on
30 April 2020; (2) lease liabilities;
3. See glossary on page 12.
Investore Property Limited Interim Report for the six months ended 30 September 20214 Investore Property Limited Interim Report for the six months ended 30 September 20215

Targeted Growth
The execution of this growth strategy has
been demonstrated during HY22, with
three acquisitions announced to date, for
a total purchase price of $83.8 million:
• Countdown, Petone, acquired in late
May 2021 for $37.3 million
• 4 Carr Road, Mt Roskill, Auckland,
acquired in August 2021 for
$36 million
• Development land at Waimak
Junction, Kaiapoi, for $10.5 million.
This acquisition remains conditional
on receipt of resource consents
required for the development
While Investore is a long-term holder
of investment property, it will consider
strategic divestments where required to
maintain balance sheet capacity or for
reasons specific to individual properties.
As an example, during HY22 Investore
sold the property at 35 MacLaggan
Street, Dunedin, for $10.2 million, with
settlement occurring in early August
2021. Investore took the opportunity to
divest this property as the tenancy was
coming to an end, and Investore was
able to negotiate an attractive price,
representing an 8.5% premium to the
property’s most recent valuation.
One of Investore’s key
strategic pillars is to
undertake considered
acquisitions and
developments which
deliver growth, while
continuing to enhance
geographical and/or
tenant portfolio
diversification, and where
appropriate, consider
disposals to maintain
balance sheet capacity
and optionality.
4 Carr Road,
Mt Roskill,
Auckland
Portfolio Value
1
$1149m
HY22
$1038m
FY21
$761m
FY20
$761m
FY19
$738m
FY18
$660m
FY17
$641m
IPO
4 Carr Road, Mt Roskill
Investore is very pleased to have delivered the strategic acquisition of the property
at 4 Carr Road, Mt Roskill, Auckland. This property is a high quality, large format
retail asset, which was redeveloped extensively in 2018 and 2019. The property is
currently 100% occupied with a long WALT and supports the strong metrics of the
Investore portfolio.
This property also provides considerable opportunity to optimise the Investore
portfolio, being located beside an existing Investore property at 2 Carr Road,
Mt Roskill, tenanted by Bunnings. This acquisition will enable Investore to optimise
site utilisation across both properties, enhancing the customer experience, while
also providing significant future opportunities, as the two properties represent
together 3.85ha of prime land in a central Auckland location.
Key metrics
Purchase price$36m
Capitalisation Rate4.0%
WA LT
2
9.8 years
Net Lettable Area5,332 sqm
Land area11,432 sqm
Occupancy (by area)100%
Key tenantsBriscoes, Rebel Sport
1. Excludes lease liabilities. The FY21 and HY22 portfolio values exclude the seismic works to be completed by SPL
and rental guarantee provided by SPL in relation to the three properties acquired from SPL and settled on 30 April
2020 (HY22 total: $5.6m; FY21 total: $7.1m).
2. See glossary on page 12.
Investore Property Limited Interim Report for the six months ended 30 September 20216 Investore Property Limited Interim Report for the six months ended 30 September 20217

Active Portfolio
Management
1. See glossary on page 12.
2. Portfolio value excludes: (1) the seismic works to be completed by SPL and rental guarantee provided by SPL in relation
to the three properties acquired from SPL and settled on 30 April 2020 (30 September 2021: $5.6m; 31 March 2021:
$7.1m); (2) lease liabilities.
3. Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease,
for the entire portfolio as at 30 September 2021 as a percentage of Contract Rental.
Bunnings12%
Foodstuffs4%
Mitre 103%
Briscoes Group3%
NZ Post1%
Countdown64%
Anchor tenant classification by
Contract Rental
1
as at
30 September 2021
The Investore portfolio has a weighted
average lease expiry of 9.5 years as at
30 September 2021, with over 73% of
Contract Rental
1
expiring in FY30 and
beyond. This provides Investore with
certainty of income over the medium
to long term.
Lease expiry profile
3
by
Contract Rental
1
as at
30 September 2021
WA LT
1

9.5 years
28.4%
18.6%
6.0%
0.2%
5.3%
14.6%
1.2%
6.8%
4.0%
3.0%
4.5%
4.1%
2.0%
0.4%
0.9%
FY35FY34FY33FY32FY31FY30FY29FY28FY27FY26FY25FY24FY23FY22
Vacant
Investore’s strategy is to
invest in quality, large
format retail properties
throughout New Zealand,
and actively manage
shareholders’ capital to
maximise distributions
and total returns over the
medium to long term.
The Investore portfolio
demonstrates desirable
metrics due to its focus
on large format retail
properties, with a high
concentration of anchor
tenants, tenants that are
classified as “everyday
needs”, and a long weighted
average lease term.
As at
30 September 2021
As at
31 March 2021
Number of Properties4443
Number of Tenants140130
Net Lettable Area (sqm)249,784246,272
Net Contract Rental
1
($m)58.857.1
WA LT
1
(years)9.59.8
Average Portfolio
Capitalisation Rate (%)
4.935.23
Occupancy Rate by Area99.099.1
Portfolio Value
2
($m)1,148.6 1,037.9
Portfolio metrics
Investore Property Limited Interim Report for the six months ended 30 September 20218 Investore Property Limited Interim Report for the six months ended 30 September 20219

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.
Investore undertook a number of capital management initiatives in FY21, which
resulted in it having a relatively low loan to value ratio, with considerable debt
facility headroom, enabling it to pursue its strategy of targeted growth. Investore has
executed this strategy during HY22, undertaking $83.8 million of acquisitions
1
.
As at 30 September 2021, Investore has $132 million of debt facility headroom
(or $101 million after committed acquisitions and developments, including Waimak
Junction, Kaiapoi) to undertake further acquisitions during the remainder of FY22 and
into FY23. If Investore utilised all of this headroom, it would have an LVR
2
of 41.3%.
Investore recently refinanced $70 million of debt facilities to extend the term for a
further 12 months to August 2023. Investore now has no debt expiring until FY24.
Investore is considering issuing a third listed bond during FY22, to extend the tenor of
Investore’s debt, which will better align with its relatively long WALT
2
, and to lower its
average cost of debt and increase the percentage of drawn debt that is hedged.
Numbers may not sum due to rounding.
1. Includes the acquisition of the property at Waimak Junction, Kaiapoi, for $10.5m, which remains conditional.
2. See glossary on page 12.
3. Investore has a conditional agreement to acquire 3.5ha of development land at Waimak Junction, Kaiapoi, for $10.5m.
The commitment, including the cost of the land and the Stage 1 development, is expected to be $31m. The agreement
to acquire land at Waimak Junction remains conditional on receipt of resource consents.
4. LVR is calculated based on independent valuations as at 30 September 2021, which include seismic works and rental
guarantees to be funded by SPL in relation to the three properties acquired from SPL and settled in April 2020. The
independent valuations also exclude lease liabilities.
5. The unexpired lease term in a property or portfolio, assuming the property or portfolio is fully leased. This is weighted
by the income applicable to each lease and a current market rental with nil term for vacant space.
Loan to Value
Ratio
4
26.8%
0.1%
29.8%
31.7%
Countdown Petone
Acquisition
LVR as at Mar 2021
4 Carr Road
Acquisition
Warehouse Dunedin
Divestment
Interim Revaluations
Lifecycle Capex
LVR as at Sep 2021
Waimak
Development
3
Pro forma LVR
2.5%
(0.7%)
(1.2%)
2.3%
1.8%
Countdown, Stoke
As at 30 September 2021As at 31 March 2021
Facility Limit ($m)476476
Debt Facilities Drawn ($m)344280
Weighted Average Debt Maturity
(years)
3.53.8
LV R
4
(%) (Covenant: ≤65%)29.826.8
Interest Cover Ratio
(Covenant: ≥1.75x)
3.7x3.1x
WA LT
5
(years) (Covenant:
>6.0 years)
9.49.7
% of Drawn Debt Fixed67%100%
Weighted Average Fixed
Interest Rate Maturity (years)
4.23.9
Key Debt Metrics
Investore Property Limited Interim Report for the six months ended 30 September 202111 Investore Property Limited Interim Report for the six months ended 30 September 202110

Glossary
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 Consolidated
Interim Financial Statements
FY21
The financial year ended 31 March 2021
FY22
The financial year ending 31 March 2022
HY21
The six months ended 30 September 2020
HY22
The six months ended 30 September 2021
Investore
Investore Property Limited
LV R
Loan to Value Ratio
NLA
Net Lettable Area
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
Bay Central, Tauranga
Investore Property Limited Interim Report for the six months ended 30 September 2021
12 Investore Property Limited Interim Report for the six months ended 30 September 202113

Consolidated
Interim
Financial
Statements
16 Consolidated Statement of
Comprehensive Income
17 Consolidated Statement of

Changes in Equity
18 Consolidated Statement of

Financial Position
19 Consolidated Statement of Cash Flows
21 Notes to the Financial Statements
Investore Property Limited Interim Report for the six months ended 30 September 202114 Investore Property Limited Interim Report for the six months ended 30 September 202115

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021
Unaudited
30 Sep 21
Unaudited
30 Sep 20
Notes
$000$000
Gross rental income
33,008
31,966
Direct property operating expenses
(4,981)
(4,556)
Net rental income
2.1
28,027
27,410
Less corporate expenses
Asset management fee expense
4.0
(2,776)
(2,383)
Performance fee expense
4.0
(1,667)
(1,446)
Administration expenses
(1,280)
(1,194)
Total corporate expenses(5,723)
(5,023)
Profit before net finance expense, other income/(expense) and income tax22,304
22,387
Finance income
6
2
Finance expense
(6,945)
(6,661)
Finance expense - swap termination expense
-
(3,553)
Net finance expense
5.3
(6,939)
(10,212)
Profit before other income/(expense) and income tax15,365
12,175
Other income/(expense)
Net change in fair value of investment properties
2.2
44,770
83,744
Gain on disposal of investment property
576
-
Loss on rental guarantee
-
(87)
Net change in fair value of derivative financial instruments
9
41
Profit before income tax60,720
95,873
Income tax expense
6.1
(3,776)
(4,835)
Profit after income tax attributable to shareholders56,944
91,038
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cashflow hedges, net of tax
19
2,874
Total comprehensive income after tax attributable to shareholders
56,963
93,912
Basic and diluted earnings per share (cents)
3.1
15.47
25.65
16Investore Property Limited Interim Report for the six months ended 30 September 2021
The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021
Cents
per share
Number
of shares
Share
capital
Retained
earnings
Cash flow
hedge reserveTotal
000$000$000$000$000
Balance 31 Mar 21 (Audited)368,135558,293207,024357765,674
Transactions with shareholders:
Q4 2021 final dividend
1.900--(6,995)-(6,995)
Q1 2022 interim dividend
1.975
--(7,271)-(7,271)
Total transactions with shareholders
--(14,266)-(14,266)
Other comprehensive income:
Movement in cash flow hedges, net of tax
---1919
Total other comprehensive income---1919
Profit after income tax
--56,944-56,944
Total comprehensive income
--56,9441956,963
Balance 30 Sep 21 (Unaudited)
368,135558,293249,702376808,371
Balance 31 Mar 20 (Audited)
304,499455,64173,744(2,694)526,691
Transactions with shareholders:
Q4 2020 final dividend1.900--(6,995)-(6,995)
Q1 2021 interim dividend1.900--(6,995)-(6,995)
New shares issued
63,636102,667--102,667
Total transactions with shareholders
63,636102,667(13,990)-88,677
Other comprehensive income:
Movement in cash flow hedges, net of tax
---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
Investore Property Limited Interim Report for the six months ended 30 September 202117
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 202116 Investore Property Limited Interim Report for the six months ended 30 September 202117

Consolidated Statement of Financial Position
As at 30 September 2021
Unaudited
30 Sep 21
Audited
31 Mar 21
Notes
$000$000
Current assets
Cash at bank
4,368
6,800
Trade and other receivables
1,532
451
Prepayments
1,360
286
Other current assets
1,397
1,172
8,657
8,709
Investment properties classified as held for sale
-
9,400
8,657
18,109
Non-current assets
Investment properties
2.2
1,167,110
1,043,872
Deposit and other prepayments on investment property
5,590
7,081
Derivative financial instruments
5.2
924
1,788
1,173,624
1,052,741
Total assets
1,182,281
1,070,850
Current liabilities
Trade and other payables
7,214
5,723
Current tax liability
309
734
Lease liabilities
87
55
Derivative financial instruments
5.2
426
498
8,036
7,010
Non-current liabilities
Borrowings
5.1
341,814
277,363
Lease liabilities
18,378
15,363
Deferred tax liability
5,682
4,540
Derivative financial instruments
5.2
-
900
365,874
298,166
Total liabilities
373,910
305,176
Net assets808,371
765,674
Share capital
558,293
558,293
Retained earnings
249,702
207,024
Reserves
5.5
376
357
Equity
808,371
765,674
For and on behalf of the Board of Directors, dated 16 November 2021:
Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee
18Investore Property Limited Interim Report for the six months ended 30 September 2021
The attached notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
For the six months ended 30 September 2021
Unaudited
30 Sep 21
Unaudited
30 Sep 20
Notes
$000$000
Cash flows from operating activities
Gross rent received
33,069
30,425
Interest received
6
2
Operating expenses
(9,132)
(8,228)
Performance fee expenses
(1,482)
(1,290)
Interest paid
(6,640)
(6,375)
Refinancing of bank borrowings
(99)
(389)
Income tax paid
(2,790)
(3,089)
Rental guarantee
-
(558)
Swap break expenses
-
(2,152)
Bond issuance expenses
-
(1,415)
Net cash provided by operating activities
12,932
6,931
Cash flows from investing activities
Capital expenditure on investment properties
(1,778)
(2,667)
Acquisition of investment properties
(73,387)
(135,307)
Acquisition of other assets
(278)
-
Proceeds from disposal of investment properties
10,190
-
Net cash applied to investing activities
(65,253)
(137,974)
Cash flows from financing activities
Drawdown of bank borrowings
74,300
137,250
Repayment of bank borrowings
(10,100)
-
Dividends paid
(14,265)
(13,990)
Lease liabilities payments
(46)
(26)
Proceeds from equity issue
-
105,000
Capital raising expenses
-
(2,333)
Repayment of bank borrowings from capital raise
-
(102,000)
Proceeds from issuance of fixed rate bonds
-
125,000
Repayment of bank borrowings from bond proceeds
-
(118,650)
Net cash provided by financing activities
49,889
130,251
Net decrease in cash and cash equivalents held(2,432)
(792)
Opening cash and cash equivalents
6,800
4,229
Closing cash and cash equivalents
4,368
3,437
Investore Property Limited Interim Report for the six months ended 30 September 202119
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 202118 Investore Property Limited Interim Report for the six months ended 30 September 202119

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2021
Reconciliation of profit after income tax attributable to shareholders to net cash flows from operating activities
Unaudited
30 Sep 21
Unaudited
30 Sep 20
Notes
$000$000
Profit after income tax attributable to shareholders56,944
91,038
Add/(less) non-cash items:
Movement in deferred tax
6.1
1,410
3,758
Current tax movement in cash flow reserve
-
(392)
Net change in fair value of investment properties
(44,770)
(83,744)
Gain on disposal of investment property
(576)
-
Spreading of fixed rental increases
(20)
(123)
Capitalised lease incentives
(28)
(8)
Lease incentives amortisation
18
5
Capitalised lease incentives - COVID-19 abatements
(10)
(832)
Lease incentives amortisation - COVID-19 abatements
73
55
Rental income abatement provision due to COVID-19
-
141
Movement in loss allowance
32
25
Borrowings establishment cost amortisation
350
360
Accrued interest movement in derivative financial instruments
(68)
(66)
Net change in fair value of derivative financial instruments
(9)
(41)
Loss on rental guarantee
-
87
Amortisation of swap break expenses
-
1,401
13,346
11,664
Add/(less) activities reclassified from/(to) operating activities:
Movement in working capital items relating to investing activities
999
1,686
Movement in borrowings/bond transaction costs classified as operating activities
(99)
(1,804)
14,246
11,546
Movement in working capital:
Increase in trade and other receivables
(1,081)
(444)
Increase in prepayments and other current assets
(1,299)
(946)
Decrease in current tax liability
(425)
(1,620)
Increase/(decrease) in trade and other payables
1,491
(1,605)
Net cash provided by operating activities
12,932
6,931
20Investore Property Limited Interim Report for the six months ended 30 September 2021
The attached notes form part of and are to be read in conjunction with these financial statements.
Notes to the Financial Statements
For the six months ended 30 September 2021
1.0General Information
22
1.1Reporting entity22
1.2Basis of preparation22
1.3New standards, amendments and interpretations22
1.4Significant accounting policies, estimates and judgements22
1.5COVID-19 impacts23
1.6Significant events and transactions23
1.7Non-GAAP measures23
2.0Property
24
2.1Net rental income24
2.2Investment properties25
2.3Capital expenditure commitments contracted for27
3.0Investor Returns
28
3.1Basic and diluted earnings per share (EPS)28
3.2Distributable profit29
4.0Related Party Disclosures
30
5.0Capital Structure and Funding
31
5.1Borrowings31
5.2Derivative financial instruments33
5.3Net finance expense34
5.4Share capital34
5.5Reserve34
6.0Other
35
6.1Income tax35
6.2Operating segments36
6.3Investment in subsidiaries36
6.4Contingent liabilities36
6.5Subsequent events36
Investore Property Limited Interim Report for the six months ended 30 September 202121
Investore Property Limited Interim Report for the six months ended 30 September 202120 Investore Property Limited Interim Report for the six months ended 30 September 202121

1.0 General Information
This section sets out Investore’s accounting policies that relate to the unaudited interim consolidated 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 (the Parent) and its subsidiary Investore Property (Carr Road) Limited (refer note 1.6
and 6.3) (together referred to as “Investore”). The Parent is domiciled in New Zealand and is registered under the Companies Act 1993. The Parent 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 of the Parent (the Board) on 16 November 2021.
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. For the purposes
of complying with NZ GAAP Investore is a for-profit entity.
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
2021 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.
22Investore Property Limited Interim Report for the six months ended 30 September 2021
1.0 General Information (continued)
1.5 COVID-19 impacts
Investore has a high proportion of tenants that are classified as “essential businesses” and able to remain open and trading at all COVID-19 Alert Levels. The
introduction by the Government of legislation mandating rent abatement by landlords is expected to result in Investore incurring additional rent abatement costs
than previously anticipated. Investore has provided for $1.03 million of rental income abatements yet to be formally agreed with the tenants for the period to
30 September 2021, and expects abatements may be required for up to six weeks following that date for limited tenants in Auckland and Waikato.
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 investment properties
On 21 May 2021, Investore acquired a property at 45-49 Jackson Street, Petone, Wellington, anchored by a Countdown Supermarket for a purchase price of
$37.25 million.
On 13 August 2021, Investore acquired a company (refer note 6.3), Investore Property (Carr Road) Limited, which owns a large format retail property at 4 Carr
Road, Auckland, for $36.0 million. The property is anchored by Rebel Sport and Briscoes with two other retail tenancies. It is located immediately adjacent to
Investore’s existing property on Carr Road which is occupied by Bunnings Warehouse. The acquisition of the shares in Investore Property (Carr Road) Limited
does not constitute an acquisition of a business but rather an acquisition of an asset as substantially all of the fair value of the identifiable assets acquired were
concentrated in the investment property.
Divestment of 35 MacLaggan Street, Dunedin
On 2 August 2021, Investore divested the property at 35 MacLaggan Street, Dunedin, for $10.2 million gross before transaction costs.
Bank refinancing
In September 2021, Investore refinanced $70 million of bank debt facility, extending this facility for a further one year to 31 August 2023.
Revaluation of investment properties
Investore undertook independent valuations of the entire portfolio as at 30 September 2021, which resulted in a net change in fair value of investment properties
of $44.77 million (30 Sep 20: $83.74 million).
Change to distribution policy
In August 2021, the Board amended Investore’s Distribution Policy to a payout ratio of between 90% and 100% of distributable profit. The Distribution Policy
was previously to pay out between 95% and 100% of distributable profit.
1.7 Non-GAAP measures
The consolidated 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.
Investore Property Limited Interim Report for the six months ended 30 September 202123
Investore Property Limited Interim Report for the six months ended 30 September 202122 Investore Property Limited Interim Report for the six months ended 30 September 202123

2.0 Property
This section covers property assets, being large format retail properties, which generate Investore’s trading performance.
2.1 Net rental income
Unaudited
30 Sep 21
Unaudited
30 Sep 20
$000$000
Gross rental income
Rental income
34,068
31,204
Spreading of fixed rental increases
20
123
Capitalised lease incentives
28
8
Lease incentives amortisation
(11)
(5)
Capitalised lease incentives – COVID-19 abatements
10
832
Lease incentives amortisation – COVID-19 abatements
(73)
(55)
Rental income abatement provision due to COVID-19
(1,034)
(141)
Total gross rental income
33,008
31,966
Direct property operating expenses
Service charge expenses to tenants
(4,383)
(3,579)
Movement in loss allowance
(32)
(25)
Other non-recoverable property operating expenses
(566)
(952)
Total direct property operating expenses
(4,981)
(4,556)
Net rental income
28,027
27,410
The loss allowance balance of $114,000 as at 30 September 2021 (30 Sep 20: $75,000) 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.
24Investore Property Limited Interim Report for the six months ended 30 September 2021
2.0 Property (continued)
2.2 Investment properties
Unaudited
30 Sep 21
Audited
31 Mar 21
$000$000
Opening balance1,043,872
772,547
Re-assessment of lease liabilities
3,093
4,366
Property acquisitions
73,231
133,647
Transfer to investment properties classified as held for sale
-
(9,400)
Net change in fair value
44,770
139,287
Recognition of prepayment in investment properties
1,451
-
Subsequent capital expenditure
726
2,449
Spreading of fixed rental increases
20
179
Capitalised lease incentives
28
86
Lease incentives amortisation
(18)
(20)
Capitalised lease incentives - COVID-19 abatements
10
857
Lease incentives amortisation - COVID-19 abatements
(73)
(126)
Closing balance
1,167,110
1,043,872
Comprising:
Investment property per independent valuations
1,154,235
1,035,535
Less prepayment on investment property
(5,590)
(7,081)
1,148,645
1,028,454
Lease liabilities
18,465
15,418
Total
1,167,110
1,043,872
In the previous financial year, Investore purchased three large format retail properties, being Bunnings Mt Roskill, Auckland, Mt Wellington Shopping Centre,
Auckland and Bay Central Shopping Centre, Tauranga, from Stride Property Limited (SPL). Under the sale and purchase agreement, SPL is to complete seismic
works of $7.0 million and provided a rental guarantee of $0.5 million. As at 30 September 2021, $1.45 million of the seismic works have been completed and
$0.04 million of the rental guarantee had not been utilised. The valuations as at 30 September 2021 for these properties were prepared on the basis that the
seismic works had been completed. Consequently, $5.59 million has been recognised as a prepayment on investment property (non-current asset).
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 2021. The investment properties were
valued either by CVAS (NZ) Limited (Colliers), CVAS (WLG) Limited (Colliers Wellington), Jones Lang LaSalle Limited (JLL), Savills (NZ) Limited (Savills), Bayleys
Valuations Limited (Bayleys) or CBRE Limited (CBRE) as indicated. The valuations are dated effective 30 September 2021.
Investment property measurements are categorised as Level 3 in the fair value hierarchy. During the period, there were no transfers of investment properties
between levels of the fair value hierarchy (2020: nil transfers).
The $18.47 million (31 Mar 21: $15.42 million) 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).
As at 30 September 2021, the lease liabilities and right-of-use assets have been re-assessed by $3.09 million upwards in total, primarily to reflect a rent review
for the ground lease at 3 Averill Street, Auckland.
Investore Property Limited Interim Report for the six months ended 30 September 202125
Investore Property Limited Interim Report for the six months ended 30 September 202124 Investore Property Limited Interim Report for the six months ended 30 September 202125

2.0 Property (continued)
2.2 Investment properties (continued)
Unaudited
30 Sep 21
Audited
31 Mar 21
PropertyRegionValuer$000$000
24 Anzac RoadAucklandCBRE
30,700
28,900
326 Great South RoadAucklandCBRE
44,200
41,200
35A St Johns RoadAucklandColliers
25,300
25,200
507 Pakuranga RoadAucklandColliers
24,600
23,800
3 Averill StreetAucklandJLL
18,000
18,000
Cnr Church & Selwyn StreetsAucklandJLL
14,000
13,400
Cnr Te Irirangi Drive & Bishop Dunn PlaceAucklandBayleys
44,000
41,500
112 Stoddard RoadAucklandSavills
29,800
29,700
226 Great South RoadAucklandSavills
42,500
42,000
20-24 Neville StreetAucklandSavills
31,000
29,000
2 Carr RoadAucklandCBRE
54,400
53,400
4 Carr RoadAucklandSavills
36,000
-
295 Penrose RoadAucklandCBRE
43,500
40,300
66-76 Studholme Street, MorrinsvilleWaikatoColliers
7,700
7,400
Cnr Anglesea & Liverpool Streets, HamiltonWaikatoSavills
8,100
8,700
Cnr Bridge & Anglesea Streets, HamiltonWaikatoSavills
23,200
22,300
Cnr Hukanui & Thomas Roads, HamiltonWaikatoSavills
18,900
18,900
446 Te Rapa Road, HamiltonWaikatoBayleys
42,600
40,000
230-240 Fenton Street, RotoruaBay of PlentySavills
24,600
23,700
26-48 Old Taupo Road, RotoruaBay of PlentyBayleys
36,600
33,900
65 Chapel Street, TaurangaBay of PlentyJLL
54,500
52,500
47 Bay RoadWellingtonColliers Wellington
17,250
16,000
91 Johnsonville RoadWellingtonJLL
20,500
21,500
13-19 Queen Street, Upper HuttWellingtonColliers Wellington
14,000
13,000
14 Russell Street, Upper HuttWellingtonJLL
10,400
10,300
261 High Street, Lower HuttWellingtonColliers Wellington
25,500
23,750
Cnr Hanson Street, John Street & Adelaide RoadWellingtonColliers Wellington
30,000
28,500
3 Main RoadWellingtonJLL
23,500
22,000
45-49 Jackson StreetWellingtonSavills
37,500
-
Cnr Butler & Kerikeri Roads, KerikeriOther North IslandSavills
23,600
23,300
53 Leach Street, New PlymouthOther North IslandColliers
39,300
37,200
9 Gloucester Street, NapierOther North IslandColliers
22,600
21,400
Cnr Fernlea Avenue & Roberts Line, Palmerston NorthOther North IslandColliers Wellington
17,250
16,250
Cnr Tremaine Avenue & Railway Road, Palmerston NorthOther North IslandColliers Wellington
33,500
31,000
87-97 Hilton Street, KaiapoiCanterburyCBRE
14,300
14,700
219 Colombo Street, ChristchurchCanterburyCBRE
22,800
22,100
Cnr Victoria & Browne Streets, TimaruCanterburyJLL
12,785
12,435
40-50 Ivory Street, RangioraCanterburySavills
19,600
18,900
Cnr Rolleston & Masefield Drives, RollestonCanterburySavills
25,500
24,500
24 Brighton Mall, ChristchurchCanterburyColliers
6,600
6,300
Cnr Putaitai Street & Main Road, NelsonOther South IslandCBRE
15,700
15,000
51 Arthur Street, BlenheimOther South IslandCBRE
13,100
12,700
309 Cumberland Street, DunedinOther South IslandJLL
26,750
25,100
172 Tay Street, InvercargillOther South IslandJLL
28,000
25,800
Total
1,154,235
1,035,535
26Investore Property Limited Interim Report for the six months ended 30 September 2021
2.0 Property (continued)
2.2 Investment properties (continued)
In determining the valuations, the valuers took into account:
•occupancy (leased area as a proportion of the total net lettable area) on individual investment properties (average is 99.0% at balance date)
(31 Mar 21: 99.0%);
•average lease term (weighted average lease term (WALT) at balance date is 9.5 years (31 Mar 21: 9.9 years));
•discount rates (ranged from 3.13% to 7.75%) (31 Mar 21: 3.50% to 7.75%); and
•capital expenditure works of $0.49 million relating to tenancy works at 91 Johnsonville Road, Wellington, and roof replacement at
172 Tay Street, Invercargill.
Capitalisation rates ranged from 4.00% to 11.00% (31 Mar 21: 4.13% to 10.25%).
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 provided below. The metrics chosen are those where movements are likely to have the
most significant impact on fair value.
Cap rate %Discount rate %
-0.25+0.25-0.25+0.25
Unaudited 30 Sep 21
Change $000
64,842(56,380)22,173(21,270)
Change %
6(5)2(2)
Audited 31 Mar 21
Change $00052,073(50,333)18,510(20,194)
Change %5(5)2(2)
2.3 Capital expenditure commitments contracted for
As at 30 September 2021, Investore had committed to $0.526 million (31 Mar 21: $0.246 million) in total for capital expenditure works to be undertaken over the
next 12 months.
With regard 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 $14 million towards the expansion and improvement works with an
associated improvements rental and a new 12-year lease on completion.
On 18 May 2021, Investore announced that it had entered into a conditional agreement to acquire a 3.5 hectare parcel of land at Waimak Junction, Kaiapoi,
North Canterbury, for $10.47 million. Investore has reached agreement in principle with Countdown to construct a new supermarket on a portion of this
site, leaving the balance of the land for future development. The contract remains conditional upon receiving resource consent. Investore expects the total
commitment, including the cost of the land and the stage one development of the Waimak Junction land to be approximately $31 million which will be funded
from available debt facilities.
Subsequent to balance date, Investore has committed approximately $10 million towards capital projects with its key tenants, including $8 million towards
expansion plans for 570 Pakuranga Road, Auckland, and $2 million for upgrades to 26 - 48 Old Taupo Road, Rotorua. Both projects have a realised return and
associated lease tenure extensions.
Investore has no other material commitments as at balance date.
Investore Property Limited Interim Report for the six months ended 30 September 202127
Investore Property Limited Interim Report for the six months ended 30 September 202126 Investore Property Limited Interim Report for the six months ended 30 September 202127

3.0 Investor Returns
This section sets out Investore’s earnings per share and how distributable profit is calculated. Distributable profit is a non-GAAP
measurement and is used by Investore to calculate profit available for distribution to shareholders by way of dividends.
3.1 Basic and diluted earnings per share (EPS)
Unaudited
30 Sep 21
Unaudited
30 Sep 20
$000$000
Profit after income tax attributable to shareholders56,944
91,038
Weighted average number of shares for purpose of basic and diluted EPS
368,135
354,970
Basic and diluted EPS - weighted (cents)15.47
25.65
28Investore Property Limited Interim Report for the six months ended 30 September 2021
3.0 Investor Returns (continued)
3.2 Distributable profit
Dividend Policy
Investore’s dividend policy is to target a cash dividend to shareholders that is between 90% 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
30 Sep 21
Unaudited
30 Sep 20
$000$000
Profit before income tax60,720
95,873
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
(44,770)
(83,744)
Gain on disposal of investment property
(576)
-
Reversal of lease liabilities movement in investment properties
(46)
(26)
Net change in fair value of derivative financial instruments
(9)
(41)
Spreading of fixed rental increases
(20)
(123)
Capitalised lease incentives
(28)
(8)
Lease incentives amortisation
18
5
Capitalised lease incentives - COVID-19 abatements
(10)
(832)
Lease incentives amortisation - COVID-19 abatements
73
55
Borrowings establishment costs amortisation
350
360
Loss on rental guarantee
-
87
Amortisation of swap break expenses
-
1,401
Finance expense - swap termination expense
-
2,152
Distributable profit before current income tax15,702
15,159
Current tax expense
(2,366)
(1,077)
Adjusted for:
Income tax movement in cash flow hedges
-
(392)
Distributable profit after current income tax
13,336
13,690
Adjustments to funds from operations
Maintenance capital expenditure
(472)
-
Adjusted Funds From Operations (AFFO)
12,864
13,690
Weighted average number of shares for purpose of basic and diluted distributable profit per share (000)
368,135
354,970
Basic and diluted distributable profit after current income tax per share - weighted (cents)3.62
3.86
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.49
3.86
Investore Property Limited Interim Report for the six months ended 30 September 202129
Investore Property Limited Interim Report for the six months ended 30 September 202128 Investore Property Limited Interim Report for the six months ended 30 September 202129

4.0 Related Party Disclosures
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.
Unaudited
30 Sep 21
Unaudited
30 Sep 20
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(2,776)
(2,383)
Performance fee expense
(1,667)
(1,446)
Building management fee expense
(218)
(217)
Accounting fee expense
(125)
(125)
Disposal fee expense
(128)
-
Leasing fee expense
(61)
(408)
Maintenance fee expense
(12)
(19)
Project management fee expense
(3)
(22)
Capital raising fee expense
-
(89)
Total
(4,990)
(4,709)
SPL
Dividends paid
(2,682)
(2,630)
Consideration paid on the acquisition of investment properties
-
16,522
Consideration received for issue of shares in capital raise
-
(135,750)
Unaudited
30 Sep 21
Audited
31 Mar 21
The following balance was payable to a related party$000
$000
SIML
(760)
(707)
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services. Investore does not have any employees,
accordingly, there are no senior managers of Investore who have a relevant interest in the shares of Investore.
The performance fee expense is calculated and payable on a quarterly basis as 10% of the actual increase in shareholder returns (being share price, adjusted for
dividends, and other changes in capital structure), which is above 2.5% and under 3.75% in a quarter. Where shareholder returns exceed 3.75% in a quarter, no
payment is due for the actual amount of the increase above 3.75% but the amount of the increase above 3.75% is carried forward and added to the calculation of
shareholder returns in the next seven quarters. However, if shareholder returns are less than 2.5% in a quarter, the deficit is carried forward and subtracted from
the calculation of shareholder returns in the next seven quarters. Additionally, the performance fee for any twelve month period is capped at 0.2% of the value of
Investore’s portfolio value, and any excess performance fee is carried forward into the following quarter.
SIML received a performance fee of $0.85 million for the quarter ended 30 June 2021 (quarter ended 30 June 2020: $0.78 million) and is due to receive a
performance fee of $0.82 million for the quarter ended 30 September 2021 (quarter ended 30 September 2020: $0.67 million). The carried forward return for
the performance fee calculation for the quarter ended 31 December 2021 is a 0.37% deficit (31 Mar 21: carried forward return for the quarter ended 30 June
2021 was a positive 0.02%) which has been calculated in accordance with the management agreement.
As at 30 September 2021, SPL's shareholding in Investore is 18.8%, being 69.202 million shares (31 Mar 21: 18.8%, being 69.202 million shares).
30Investore Property Limited Interim Report for the six months ended 30 September 2021
5.0 Capital Structure and Funding
Investore's capital structure includes debt and equity, comprising shares and retained earnings as shown in the consolidated 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 21
Audited
31 Mar 21
$000$000
Non-current
Bank facility drawn down
119,200
55,000
Fixed rate bonds
225,000
225,000
Unamortised borrowings establishment costs
(2,386)
(2,637)
Total net borrowings
341,814
277,363
Weighted average interest rate for debt (inclusive of current interest rate derivatives, bonds, margins and line fees) at
balance date
3.37%
4.04%
Total amount
Undrawn
facility
Drawn/
amountFair value
Unaudited 30 Sep 21Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A31 Aug 2023Floating
70,0007,30062,70062,700
Bank Facility D16 Apr 2025Floating
50,00018,50031,50031,500
Bank Facility E9 Jun 2024Floating
101,16376,16325,00025,000
Bank Facility F4 Nov 2023Floating
30,00030,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%
100,000-100,000104,815
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000120,821
476,163131,963344,200344,836
Total amount
Undrawn
facility
Drawn/
amountFair value
Audited 31 Mar 21Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A31 Aug 2022Floating70,00040,00030,00030,000
Bank Facility D16 Apr 2025Floating50,00050,000--
Bank Facility E9 Jun 2024Floating101,16376,16325,00025,000
Bank Facility F4 Nov 2023Floating30,00030,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%100,000-100,000106,971
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000121,404
476,163196,163280,000283,375
Bank borrowings
Investore’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited, China Construction Bank Corporation, New Zealand
Branch, Industrial and Commercial Bank of China Limited, Auckland Branch, and Westpac New Zealand Limited.
In September 2021, Investore refinanced $70 million of debt facility, extending this facility for a further one year to 31 August 2023.
Fixed rate bonds
The fixed rate 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 the 6 year fixed rate bonds issued in 2018 (IPL010) is payable quarterly in April, July, October and January in equal instalments, whilst interest on the
7 year fixed rate bonds issued in 2020 (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 its subsidiary and a registered first ranking security interest under a General Security Deed over substantially all the assets of Investore and
its subsidiary.
Investore Property Limited Interim Report for the six months ended 30 September 202131
Investore Property Limited Interim Report for the six months ended 30 September 202130 Investore Property Limited Interim Report for the six months ended 30 September 202131

5.0 Capital Structure and Funding (continued)
5.1 Borrowings (continued)
Net debt reconciliation
Below sets out an analysis of net debt and the movements in net debt.
Unaudited
30 Sep 21
Audited
31 Mar 21
$000$000
Cash and cash equivalents
4,368
6,800
Borrowings
(341,814)
(277,363)
Lease liabilities
(18,465)
(15,418)
Net debt
(355,911)
(285,981)
Liabilities from financing activities
BorrowingsLeasesSub-totalCashTotal
$000$000$000$000$000
As at 31 Mar 20 (Audited)
(236,946)(11,117)(248,063)4,229(243,834)
Cash flows(41,597)847(40,750)2,571(38,179)
Re-assessment-(4,366)(4,366)-(4,366)
Other changes
1,180(782)398-398
As at 31 Mar 21 (Audited)(277,363)(15,418)(292,781)6,800(285,981)
Cash flows
(64,200)773(63,427)(2,432)(65,859)
Re-assessment
-(3,093)(3,093)-(3,093)
Other changes
(251)(727)(978)-(978)
As at 30 Sep 21 (Unaudited)
(341,814)(18,465)(360,279)4,368(355,911)
32Investore Property Limited Interim Report for the six months ended 30 September 2021
5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 21
Audited
31 Mar 21
$000$000
Notional value of interest rate swaps - fixed rate payer
30,000
80,000
Notional value of interest rate swaps - fixed rate receiver
25,000
25,000
Total
55,000
105,000
Interest rate derivative assets - non-current
924
1,788
Interest rate derivative liabilities -current
(426)
(498)
Interest rate derivative liabilities - non-current
-
(900)
Fair value of interest rate derivatives
498
390
Fixed interest rates payer
2.38%
2.27%-2.54%
Fixed interest rate receiver
4.40%
4.40%
Percentage of drawn debt fixed
67%
100%
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 67% of its floating rate borrowings as at 30 September 2021 (31 Mar 21: 100%). 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 $35,259 (31 Mar 21: fair value loss of $44,128), resulting in
a fair value gain movement of $8,869 (31 Mar 21: fair value gain movement of $24,218) being recognised in the current period in the consolidated statement of
comprehensive income.
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 21: 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 2021 of between 0.65%, for the 90-day BKBM, and 2.24%, for the 10-year swap rate (31 Mar 21:
0.35% and 1.95%, respectively). There were no changes to these valuation techniques during the reporting period.
As at 30 September 2021, the fair value of the interest rate derivatives includes an accrued interest asset of $23,976 (31 Mar 21: accrued interest
liability $44,075).
Investore Property Limited Interim Report for the six months ended 30 September 202133
Investore Property Limited Interim Report for the six months ended 30 September 202132 Investore Property Limited Interim Report for the six months ended 30 September 202133

5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Unaudited
30 Sep 21
Unaudited
30 Sep 20
$000$000
Finance income
Bank interest income
6
2
Total finance income
6
2
Finance expense
Bank borrowings interest
(2,528)
(3,886)
Fixed rate bonds interest
(3,690)
(2,448)
Lease liabilities interest
(727)
(327)
Total finance expense(6,945)
(6,661)
Finance expense - swap termination expense
-
(3,553)
Total finance expense
(6,945)
(10,214)
Net finance expense
(6,939)
(10,212)
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 2021 (31 Mar 21: 368,135,033).
5.5 Reserve
Unaudited
30 Sep 21
Audited
31 Mar 21
Cash flow hedge reserve$000$000
Opening balance357
(2,694)
Movement in fair value of interest rate derivatives
39
718
Tax on fair value movement
(11)
(201)
Transferred to profit or loss
(9)
(24)
Swap termination
-
3,553
Swap termination taxation benefit
-
(995)
Closing balance
376
357
Gains and losses recognised in the cash flow hedge reserve in equity on interest rate derivative contracts as at 30 September 2021 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.
34Investore Property Limited Interim Report for the six months ended 30 September 2021
6.0 Other
This section contains additional information to assist in understanding the financial performance and position of Investore.
6.1 Income tax
Unaudited
30 Sep 21
Unaudited
30 Sep 20
Income tax$000$000
Current tax
(2,366)
(1,077)
Deferred tax
(1,410)
(3,758)
Income tax expense per the consolidated statement of comprehensive income
(3,776)
(4,835)
Profit before income tax60,720
95,873
Prima facie income tax using the company tax rate of 28%(17,002)
(26,845)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties
12,536
23,448
Gain on disposal of investment property
161
-
Reversal of lease liabilities movement in investment properties
13
7
Movement in fair value of derivative financial instruments
2
11
Non-taxable income
30
194
Other permanent differences
17
30
Depreciation
2,186
2,154
Non-deductible expenses
(83)
(444)
Temporary differences
(226)
(24)
Swap termination expense released from reserve
-
392
Current tax expense
(2,366)
(1,077)
Investment property depreciation
(1,634)
(3,755)
Other
224
(3)
Deferred tax charged to profit or loss
(1,410)
(3,758)
Income tax expense per the consolidated statement of comprehensive income
(3,776)
(4,835)
Investore Property Limited Interim Report for the six months ended 30 September 202135
Investore Property Limited Interim Report for the six months ended 30 September 202134 Investore Property Limited Interim Report for the six months ended 30 September 202135

6.0 Other (continued)
6.2 Operating segments
Investore is reported as a single operating segment, being large format retail properties. Investore’s revenue streams are earned from investment properties
owned in New Zealand, with no specific exposure to geographical risk. One tenant, General Distributors Limited (Countdown), contributes 64% of Investore’s
portfolio contract rental as at 30 September 2021 (30 Sep 20: 63%).
6.3 Investment in subsidiaries
Accounting Policy
A subsidiary is an entity controlled by the Parent whereby the Parent has power over the investee, is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of the subsidiary are included in the financial statements of Investore from the date that control commences until the date that control
ceases. The subsidiary applies the same accounting policies as Investore.
The acquisition method of accounting has been used to consolidate the subsidiary of the Parent. All inter-group transactions and balances between group
companies have been eliminated on consolidation.
Investore has the following subsidiary. It is 100% owned, has a 31 March balance date, and is principally involved in the ownership of an investment property.
•Investore Property (Carr Road) Limited - acquired on 13 August 2021
Investore Property (Carr Road) Limited is a company which owns a large format retail property at 4 Carr Road, Mt Roskill, Auckland. The property owned by
Investore Property (Carr Road) Limited is presented as part of Investore's investment property.
6.4 Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 21: $nil).
6.5 Subsequent events
On 16 November 2021, Investore declared a cash dividend for the period 1 July 2021 to 30 September 2021 of 1.975 cents per share, to be paid on
1 December 2021 to all shareholders on Investore’s register at the close of business on 24 November 2021. This dividend will carry imputation credits of
0.307375 cents per share. This dividend has not been recognised in the financial statements.
36Investore Property Limited Interim Report for the six months ended 30 September 2021
Corporate Directory
Board of Directors
Tim Storey (Chair)
John Harvey
Michelle Tierney
Philip Ling
Nick Jacobson
Jacqueline Cheyne
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West, Auckland 1142
New Zealand
T +64 9 912 2690
W strideproperty.co.nz
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
Commonwealth Bank of Australia
Westpac New Zealand Limited
Stride Property GroupInterim Report for the six months ended 30 September 202053
Independent auditor’s review report
To the shareholders of Investore Property Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Investore Property Limited (the Company) and its subsidiary (the Group) on pages 16 to
36 which comprise the consolidated statement of financial position as at 30 September 2021, and the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated 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 consolidated interim financial statements of the Group
do not present fairly, in all material respects, the financial position of the Group as at 30 September 2021, 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 responsibility is further described in the Auditor’s responsibility for the review of the
consolidated interim financial statements section of our report.
We are independent of the Group 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 Group in the areas of other assurance over operating expense statements. The provision of these other services has not impaired
our independence.
Directors’ responsibility for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these consolidated 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 consolidated interim financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated 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 consolidated 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 consolidated 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 consolidated 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 Philip Taylor.
For and on behalf of:
Chartered Accountants Auckland
16 November 2021
Investore Property Limited Interim Report for the six months ended 30 September 202137
Investore Property Limited Interim Report for the six months ended 30 September 202136 Investore Property Limited Interim Report for the six months ended 30 September 202137

Corporate Directory
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
PwC
PwC 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
China Construction Bank Corporation, New Zealand Branch
Industrial and Commercial Bank of China Limited, Auckland Branch
Westpac New Zealand Limited
Bond Supervisor
Public Trust
Private Bag 5902
Wellington 6140
38Investore Property Limited Interim Report for the six months ended 30 September 2021
Investore Property Limited Interim Report for the six months ended 30 September 202138 Investore Property Limited Interim Report for the six months ended 30 September 202139

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
Presentation
For the 6 months ended 30 September 2021
November 2021

Contents
Highlights
03
Portfolio metrics
04
Portfolio
05
Financial performance
11
Capital management
15
Looking ahead
20
2

Highlights
3
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 consolidated interimfinancial statements.
2.Net Tangible Assets (NTA) as at 30 September 2021.
Investore Property Limited | HY22 Interims Results Presentation
Financial highlights
$2.20
NTA
2
per share,
up $0.12 or 5.8% from
31 March 2021
Profit before other
income / (expense) and
income tax
$15.4m
up $3.2m or 26% from HY21
Distributable profit
1
after
current income tax
$13.3m
down $0.4m on HY21
$37.3m
acquisition of
Countdown Petone
$36.0m
acquisition of
4 CarrRoad
Profit after income tax
$56.9m
down $34.1m or 37% from HY21,
due to a lower revaluation
movement
Keyhighlights

4
4.93%
Average portfolio
capitalisationrate
$1,148.6m
Portfolio value
1
,
net valuation gain of 4.1% over
6 months from 31 March 2021
99.0%
Portfolio occupancy
(by area)
9.5 years
WALT
2
Portfolio metrics
(as at30 September 2021)
1.Portfolio value excludes (1) the seismic works to be completed by SPL and rental guarantee provided by SPL (total
$5.6m) in relation to the three properties acquired from SPL and settled on 30 April 2020; and (2) lease liabilities.
2.Weighted average lease term.
Investore Property Limited | HY22 Interim Results Presentation

Portfolio
Countdown, Papakura
5
Investore Property Limited | HY22 Interim Results Presentation

Targeted growth
6
Investore Property Limited | HY22 Interim Results Presentation
All figures are $m.
1.Portfolio value excludes the seismic works to be completed by SPL and rental guarantee provided by SPL in relation to the three properties acquired from SPL and settled on 30 April 2020 (HY22 total: $5.6m; FY21 total: $7.1m).
2.Portfolio value excludes lease liabilities.
Investore has delivered on its strategy of targeted growth during
HY22 with $73.3m of acquisitions completed during HY22
719.3
742.1
2
752.0
1,2
1,148.6
1,2
19.1
9.4
(9.4 )
7.0
133.6
37.3
36.0
22.8
12.3
142.8
46.9
Mar-19Mar-20Mar-21Divestment of 35
MacLaggan Street
Countdown Petone4 Carr RoadFair Value Movement &
Other Adjustments
Sep-21
Property Held for SaleAcqusitionsFair Value Movement & Other Adjustments

4 CarrRoad, Auckland
Key Metrics
Key TenantsBriscoes, Rebel Sport, Shine On, Kreem
Occupancy100%
NLA5,332 sqm
Land area11,432 sqm
WALT9.8 years
Purchase price$36.0m
Capitalisation Rate4.0%
Settled13 August 2021
7
Investore is pleased to have delivered the strategic acquisition
of the property at 4 CarrRoad, Mt Roskill, Auckland
Investore Property Limited | HY22 Interim Results Presentation
4 CarrRoad is a high quality, large format retail asset,
redeveloped extensively in 2018 and 2019. This property enables
Investore to optimise its portfolio, being located beside an existing
Investore property at 2 CarrRoad, tenanted by Bunnings.

Active portfolio management
Portfolio metrics
As at
30 Sep 21
As at
31 Mar 21
As at
30 Sep 20
Number of properties444343
Number of tenants140130130
Net lettable area (NLA) (sqm)249,784246,272246,191
Net ContractRental
2
($m)58.857.157.1
WALT
3
(years)9.59.810.2
Average portfolio capitalisation rate (%)4.935.235.53
Occupancy rate by area99.099.199.7
Portfolio value
4
($m)1,148.6
5
1,037.9
5
980.3
Total site area (sqm)611,077594,660594,660
Average site coverage (%)40.841.441.4
Car parking ratio (bays per 100sqm of
NLA)
4.24.34.3
Key portfolio activity
✓Portfolio value
1
increased to $1,148.6m,
representing a net valuation gain of $44.8m
or 4.1%
✓49 rent reviews completed over 21,496 sqm,
resulting in a 1.4% increase to previous
rentals
✓89% of rent reviews completed were
structured reviews –CPI or fixed
✓Turnover rent remains strong at $0.45m for
six-month period
✓Investore’sportfolio comprises 61 hectares
of commercial property with an average site
coverage of 40.8%, providing future
development opportunities
1.See footnote 1 on page 4.
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, annualisedfor the 12-month period on the basis ofthe occupancy level of the relevant
property as at the relevant date, and assuming no default by the tenant.
3.Weighted Average Lease Term.
4.Excludes lease liabilities.
5.Excludes the seismic works to be completed by SPL and rental guarantee provided by SPL in relation to the three properties acquired from SPL and settled on 30 April 2020 (HY22 total: $5.6m; FY21 total: $7.1m).
8
Investore Property Limited | HY22 Interim Results Presentation

WALT
9.5 years
Long dated lease expiry profile
Lease Expiry Profile
1
by Contract Rental
2
As at30 September 2021
Investore’sportfolio benefits from a long
WALT of 9.5 years, with 73% of leases by
Contract Rental
2
expiring in 2030 or beyond
Vacant
Investore is in advanced negotiations to lease the vacant
space in FY22
FY22
0.4% Contract Rental expiring across 5 tenants with no
major expiries
FY23
2.0% Contract Rental expiring:
•New Zealand Post, Bay Central Shopping Centre
(0.8%)
•Other expiries total 1.2% across 9 tenants
FY24
4.1% Contract Rental expiring:
•Countdown, CnrAnglesea & Liverpool Streets,
Hamilton (2.2%)
•Other expiries total 1.8% across 14 tenants
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 2021 as a percentage of Contract Rental.
2.See footnote 2on page 8.
9
Investore Property Limited | HY22 Interim Results Presentation
0.9%
0.4%
2.0%
4.1%
4.5%
3.0%
4.0%
6.8%
1.2%
14.6%
5.3%
0.2%
18.6%
6.0%
28.4%
VacantFY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35

10
Anchor tenants continue to represent a high proportion (88%) of
Investore’stotal Contract Rental
1.See footnote 2 on page 8.
Anchor tenants underpin income
37%
16%
21%
10%
11%
5%
84%
16%
AucklandWellington
Other North IslandWaikato
Cantebury & Central OtagoOther South Island
North Island
South Island
Geographic diversification by Contract Rental
1
Anchor tenant classification by Contract Rental
1
64%
12%
4%
3%
3%
1%
Countdown
Bunnings
Foodstuffs
Mitre 10
Briscoes Group
NZ Post
Investore Property Limited | HY22 Interim Results Presentation
Numbers in charts may not sum due to rounding

Financial performance
Countdown, Stoke
11
Investore Property Limited | HY22 Interim Results Presentation

Financial performance
30 Sep 21
$m
30 Sep 20
$m
Change
$m%
Net rental income28.027.4+0.6+2.3
Corporate expenses(5.7)(5.0)(0.7)(13.9)
Profit before net finance expense, other income and income tax22.322.4(0.1)(0.4)
Net finance expense(6.9)(10.2)+3.3+32.1
Profit before other income/(expense) and income tax15.412.2+3.2+26.2
Other income/(expense)
1
45.483.7(38.3)(45.8)
Profit before income tax60.795.9(35.2)(36.7)
Income tax expense(3.8)(4.8)+1.1+21.9
Profit after income tax attributable to shareholders56.991.0(34.1)(37.5)
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 | HY22 Interim Results Presentation

30 Sep 21
$m
30 Sep 20
$m
Change
$m%
Profit before income tax60.795.9(35.2)(36.7)
Non-recurring, and/or non-cash items, and other adjustments:
-Net change in fair value of investment properties(44.8)(83.7)+39.0+46.5
-Gain on disposal of investment property(0.6)-(0.6)(100.0)
-Spreading of fixed rental increases-(0.1)+0.1+83.7
-Capitalised lease incentives net of amortisation0.1(0.8)+0.8+106.8
-Borrowings establishment cost amortisation0.40.4-(2.8)
-Other(0.1)3.6(3.6)(101.5)
Distributable profit before current income tax15.715.2+0.5+3.6
Current income tax(2.4)(1.5)(0.9)(61.1)
Distributable profit after current income tax13.313.7(0.4)(2.6)
Adjustments to funds from operations:
-Maintenance capital expenditure(0.5)-(0.5)(100.0)
Adjusted Funds From Operations (AFFO)
2
12.913.7(0.8)(6.0)
Weighted average number of shares (millions)368.1355.0
Basic and diluted distributable profit after current income tax per share -
weighted (cents)3.623.86
AFFO basic and diluted distributable profit after current income tax per share -
weighted (cents)3.493.86
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 | HY22 Interim Results Presentation

Financial summary
1.LVR is calculated based on independent valuations, which include seismic works and rental guarantee 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-tax fair value of interest rate derivatives.
As at
30 Sep 21
As at
31 Mar 21Change
Investment property value ($m)1,148.61,037.9+110.8
Drawn debt ($m)(344.2)(280.0)+64.2
Loan to Value Ratio (LVR)29.8%27.0%(2.8%)
Equity ($m)808.4765.7+42.7
Shares on issue (millions)368.1368.1-
Net TangibleAssets (NTA) per share$2.20$2.08+$0.12
Adjusted NTA
2
per share$2.19$2.08+$0.11
14
Investore Property Limited | HY22 Interim Results Presentation

Capital management
Bay Central Shopping Centre, Tauranga
15
Investore Property Limited | HY22 Interim Results Presentation

Proactive capital management
1.Committed acquisitions and developments comprise the acquisition of the land at WaimakJunction (which acquisition remains conditional) and the completion of Stage 1 of the development with an estimated total cost (including land) of $31m.
2.China Construction Bank, New Zealand Branch (CCB).
3.Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC).
4.LVR is calculated based on independent valuations, which include the value of seismic works and rental guarantee to be fundedbySPL in relation to the three properties acquired from SPL and settled in April 2020.
5.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.
•$70m of bank facilities refinanced and term extended
for a further 12 months to August 2023. No debt now
expiring until FY24
•Investore has significant undrawn bank facilities
($132m or $101m after committed acquisitions and
developments
1
)
•Investore is considering the issue of a third bond
during FY22
Debt facilities
As at
30 Sep 21
As at
31 Mar 21
Debt facilities limit
(ANZ, CCB
2
, Westpac, ICBC
3
),
including $225m bonds
$476m$476m
Debt facilities drawn$344m$280m
Weighted average maturity of debt facilities3.5 years3.8 years
Debt covenants
LVR
(Drawn Debt / Property Values)
Covenant: ≤ 65%
29.8%
4
26.8%
4
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
3.7x3.1x
WALT
5
Covenant: > 6.0 years
9.4
years
9.7
years
16
Investore Property Limited | HY22 Interim Results Presentation
$100m
$101m
$50m
$100m
$125m
FY24FY25FY26FY27FY28
Debt Maturity Profile
As at 30 September 2021
Bank FacilitiesIPL010IPL020

Loan to value ratio
1
17
29.8%
31.7%
(0.7%)
(1.2%)
26.8%
2.5%
2.3%
0.1%
1.8%
LVR as at Mar
2021
Countdown Petone
Acquisiton
4 Carr Road
Acquisition
Warehouse
Dunedin
Divestment
Interim
Revaluations
Lifecycle CapexLVR as at Sep-21Waimak
Development
Pro-forma LVR
2
Investore Property Limited | HY22 Interim Results Presentation
Numbers may not sum due to rounding.
1.See footnote 4 on page 16.
2.Investore has a conditional agreement to acquire 3.5ha of development land at WaimakJunction, Kaiapoi, North Canterbury, for $10.5m. The total commitment, including the cost of the land and the Stage 1 development, is expected to be
$31m. The agreement to acquire land at WaimakJunction remains conditional on receipt of resource consents.
Investore has continued to actively manage its debt, maintaining a
relatively low loan to value ratio (given the stability of its portfolio)

Hedging and cost of debt
Hedging Update
•67% drawn debt hedged, including fixed bonds
•Weighted average cost of debt at 3.37%, with $50m of swaps
maturing over the six monthperiod
•The Board will continue to monitor the level of hedging
•Investore is considering the issue of a third bond during FY22
which is expected to lower the weighted average cost of debt and
increase the percentage of drawn debt hedged
Cost of debt
As at
30 Sep 21
As at
31 Mar 21
Weighted average cost of debt
(incl. current interest rate
derivatives, bonds and bank
margins, and line fees)
3.37%4.04%
Weighted average fixed
interest rate (excl. margins)
1.47%1.64%
Weighted average fixed
interest rate maturity (incl.
bonds and active swaps)
4.2 years3.9 years
% of drawn debt fixed67%100%
18
$230m
$200m $200m
$125m $125m $125m
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
Sep-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)
Investore Property Limited | HY22 Interim Results Presentation

•Investore has a high proportion of
tenants that are classified as
“essential businesses” and able to
remain open and trading at all
COVID-19 Alert Levels
•The recent introduction by the
Government of legislation
mandating that landlords abate a
fair proportion of rent is expected
to result in Investore incurring
additional rent abatement costs
•Investore has provided for $1m of
rental abatements for the period to
30 September 2021 and expects
abatements may be required for up
to six weeks following that date for
limited tenants in Auckland and
Waikato, given the recent
reopening of retail of retail in
Auckland and Waikato
COVID-19

FY22 cash
dividend guidance
7.90cps
Looking ahead
•Investore continues to work with its tenants to negotiate abatement
arrangements that ensure both the tenant and Investore maintain profitable,
sustainablebusinesses, whilst seeking to minimise rental abatement costs
to Investore
•The Board is considering the issuance of a third listed bond during FY22
•Investore will continue to focus on its growth strategy, which the Board
considers benefits shareholders, as seen through the increased dividend
guidance announced in August 2021
•Cash dividend guidance for FY22 of 7.90 cents per share, subject to the
actual financial impact of COVID-19 restrictions and Government-mandated
rent abatements and assuming no further economic deterioration due to
COVID-19 restrictions
20Investore Property Limited | HY22 Interim Results Presentation

Appendix A
21
Values in the tables above are calculated based on the numbers in the financial statements for each respective financial period and may not sum due to rounding.
Investore Property Limited | HY22 Interim Results Presentation
$2.08
$2.20
$0.16
($0.01)
($0.04)
As at
31-Mar-21
Profit before taxIncome tax
expense
Dividends paidAs at
30-Sep-21
Net Tangible Assets
$12.2m
$15.4m
$2.0m
($0.1 m)
($0.4 m)
($1.2 m)
$3.7m
($0.6 m)
($0.1 m)
30-Sep-20Net rental
increase from
acquisitions
Net rental
decrease from
disposals
Net rental
decrease from
existing portfolio
Net rental
reduction from
Covid abatements
and other IFRS
adjustments
Lower net finance
expense
Higher
performance and
management fee
expenses
Higher
administration
expense
30-Sep-21
Profit before other income/(expense) and income tax

Appendix B
Values in the tables above are calculated based on the numbers in the financial statements for each respective financial period and may not sum due to rounding.
22
$57.1m
$58.8m
$3.0m
($0.8m)
($0.5m)
$0.1m
As at
31-Mar-21
AcquisitionsDisposalTurnoverRent reviewsAs at
30-Sep-21
Net Contract Rent
Investore Property Limited | HY22 Interim Results Presentation
$1,037.9m
$1,148.6m
($9.4 m)
$73.2m
$2.2m
($0.1 m)
$44.8m
As at
31-Mar-21
Divestment of 35
MacLaggan Street
AcquisitionsCapital expenditureLease incentivesNet change in fair
value
As at
30-Sep-21
Investment Properties (excl. lease liabilities)

Thank you
23
Important Notice: The information in this presentation is an overview and does not contain all information
necessary to make an investment decision.It is intended to constitute a summary of certain information
relating to the performance of Investorefor the six months ended 30 September 2021. Please refer to
Investore’s HY22 Interim Report for further information in relation to the six month period ended
30 September 2021. 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
PO Box 6320
Victoria Street West,
Auckland 1142, New Zealand
T+64 9 912 2690
Winvestoreproperty.co.nz

---

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 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$28,027 2.25%
Total Revenue $28,027 2.25%
Net profit/(loss) from
continuing operations
$56,944 (37.45%)
Total net profit/(loss) $56,944 (37.45%)
Interim Dividend
Amount per Quoted Equity
Security
$0.01975000
Imputed amount per Quoted
Equity Security
$0.00307375
Record Date 24 November 2021
Dividend Payment Date 1 December 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.20 $1.93
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 2021.
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 16 November 2021

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 24/11/2021
Ex-Date (one business day before the
Record Date)
23/11/2021
Payment date (and allotment date for
DRP)
1/12/2021
Total monies associated with the
distribution
1

$7,270,667
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02282375
Gross taxable amount
3
$0.01097768
Total cash distribution
4
$0.01975000
Excluded amount (applicable to listed
PIEs)
$0.01184607
Supplementary distribution amount $0.00139481
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
$0.00307375
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 16/11/2021