Annual Shareholder Meeting 2022

Annual Meeting of Shareholders 202230 June 2022
Auckland
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Investore Property Limited
Annual Shareholder Meeting 2022 Address
Slide 1 – Annual Shareholder Meeting 2022
Slide 2 – Board of Directors
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Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 3 – The Manager
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Slide 4 – Agenda
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Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 5 – Chair’s Address – Mike Allen
Slide 6 – Financial Highlights
Slide 7 – Portfolio Highlights

Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 8 - Capital Management
Slide 9 – Manager’s Review

Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 10 – Targeted Growth – Acquisitions & Developments
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Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 11 – Portfolio Growth Since IPO
Slide 12 – Long Lease Expiry Profile
Slide 13 – Climate-Related Disclosures

Annual Meeting of Shareholders 202230 June 2022
Auckland
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Slide 14 – Looking Ahead

Annual Meeting of Shareholders 202230 June 2022
Auckland
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Investore Property Limited | Annual Shareholder Meeting 2022
Annual
Shareholder
Meeting
30 June 2022

Investore Property Limited | Annual Shareholder Meeting 2022
Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive Director
Gráinne Troute
Chair of Audit and Risk Committee
Independent, Non-Executive Director
Adrian Walker
Independent,
Non-Executive Director
Tim Storey
SIML Nominee and
Non-Executive Director
Ross Buckley
SIML Nominee and
Non-Executive Director
Emma McDonald
Future Director
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Investore Property Limited | Annual Shareholder Meeting 2022
The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Fabio Pagano
Fund Manager Investore
Louise Hill
Company Secretary
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Investore Property Limited | Annual Shareholder Meeting 2022
Agenda
Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
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Investore Property Limited | Annual Shareholder Meeting 2022
Chair’s Address –Mike Allen
Investore Property Limited Annual Shareholders Meeting 2022
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Investore Property Limited | Annual Shareholder Meeting 2022
Profit after income
tax
$118.2m
down $43.1m from FY21 due to
a lower revaluation movement
Financial Highlights
for the 12 months ended 31 March 2022 (FY22)
Investore Property Limited | Annual Shareholder Meeting 2022
Profit before other
income / (expense)
and income tax
$34.3m
up $4.3m from FY21
Distributable profit
1
after current income
tax
$29.9m
up $0.8m from FY21
7.90 cents
per share cash
dividend
up 0.30 cents from FY21
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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 Financial Statements

Investore Property Limited | Annual Shareholder Meeting 2022
Portfolio Highlights
$1.2bn
Portfolio value
1
Net valuation increase of 8.2%
for 12 months to 31 March 2022
$84.3m
Portfolio acquisitions
2
for 12 months to 31 March 2022
99.7%
Portfolio
occupancy by area
4.81%
Average property market
capitalisationrate
9.1 years
Weighted average
lease term (WALT)
2.9%
Increase in rentals from
rent reviews
across 40% of the portfolio
Investore Property Limited | Annual Shareholder Meeting 2022
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1.Portfolio value as at 31 March 2022 excludes (1) seismic works ($3.0m) to be completed by SPL in
relation to 2 CarrRoad, Auckland, acquired from SPL and settled on 30 April 2020; and (2) lease
liabilities.
2.Comprises the acquisitions of Countdown, Petone for $37.3m, 4 CarrRoad, Mt Roskill for $36.0m,
an adjoining unit to Countdown, Meadowbank for $0.6m and the acquisition of the property at
WaimakJunction, Kaiapoi for $10.5m, which remains conditional.

Investore Property Limited | Annual Shareholder Meeting 2022
Capital Management
$125m
5 year listed bonds issued
February 2022
3.77%
Weighted average interest
rate as at 31 March 2022
29.5%
Loan to Value Ratio
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as at 31 March 2022
$355m $355m $355m
$280m
$250m
$125m
1.96%
2.00%2.00%
1.76%
1.63%
0.40%
Mar-22Mar-23Mar-24Mar-25Mar-26Mar-27
Fixed rate interest profile as at 31 March 2022
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)
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1.Loan to Value Ratio (LVR) is calculated based on independent valuations,
which include seismic works to be funded by SPL in relation to 2 CarrRoad,
Auckland, acquired from SPL and settled in April 2020. The independent
valuations also exclude lease liabilities.
$75m
$50m
$100m
$125m
$125m
FY24FY25FY26FY27FY28
Debt maturity profile as at 31 March 2022
Bank Facilities (Mar-22)IPL010IPL020IPL030

Investore Property Limited | Annual Shareholder Meeting 2022
Manager’s Review
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Investore Property Limited | Annual Shareholder Meeting 2022
Targeted Growth –Acquisitions & Developments
Acquisitions
•Countdown, Petone, Wellington -$37.3m
•4 Carr Road, Mt Roskill, Auckland -$36.0m
•Investore also has a conditional agreement to
acquire development land at WaimakJunction,
Kaiapoi, for $10.5m, on which it will develop a
Countdown supermarket as part of Stage 1
Developments
•Investore has completed a number of
refurbishmentprojects, often in conjunction with
tenants
•Investore has agreed with Countdown to expand
the customer amenity at Countdown, Highland
Park, at a rental return of 5.5%
Recent acquisitions:
✓Are earnings accretive
✓Provide secure income for shareholders
✓Increase exposure to high quality, resilient tenants
✓Are located in major urban centers
CarrRoad, Auckland
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Investore Property Limited | Annual Shareholder Meeting 2022
Portfolio Growth Since IPO
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•Since listing, Investore has grown its portfolio
value through strategic acquisitions and
developments, delivering compound annual
growth of 12% p.a. to March 2022
•Investore has delivered like-for-like portfolio
rental compound annual growth rate (CAGR) of
1.7%
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p.a. to March 2022
•Transaction activity has been growth-oriented,
with a 2.7% rental growth CAGR across assets
acquired and held for a complete financial
period for FY22, compared with 0.6% CAGR
for assets divested
Rolling 12-month portfolio rent
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(like-for-like) ($m)
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$1201m
$1038m
$761m
$761m
$738m
$660m
$641m
FY22FY21FY20FY19FY18FY17IPO
Portfolio value (12% Compound Annual Growth Rate)
1. Portfolio rent is calculated as the rolling 12 month portfolio rent based on the IPO portfolio of 39 properties (includingthe SCA portfolio acquired after the date of the IPO) and excluding divestments since
the IPO.
41.4
41.8
42.5
43.2
44.4
44.3
IPOFY18FY19FY20FY21FY22

Investore Property Limited | Annual Shareholder Meeting 2022
Long Lease Expiry Profile
Lease Expiry Profile
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by Contract Rental
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As at 31 March 2022
0.1%
2.3%
4.2%
4.7%
2.7%
4.1%
6.8%
1.2%
14.6%
6.2%
0.2%
18.4%
5.9%
28.6%
VacantFY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
WALT
9.1 years
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1.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theentire portfolio as at 31 March 2022 as a percentage of Contract Rental.
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 of the
occupancy level of the relevant property as at 31 March 2022, and assuming no default by the tenant.

Investore Property Limited | Annual Shareholder Meeting 2022
Climate-RelatedDisclosures
Investore is focused on adapting its portfolio for a sustainable future and meeting the challenges
of climate change
Key activities to understand climate risk:
•First climate risk assessment completed
•Scope 1 and 2 greenhouse gas emissions calculated and subject to a
limited assurance review by Deloitte. Collection of scope 3 emissions
is a focus
Investore is proactively working to address the risks of climate
change:
•Undertaking a Green Star Performance rating for two portfolios of
properties in collaboration with the tenants
•Minimum 4 star Green Star Design & As Built rating targeted for the
new Countdown supermarket planned for WaimakJunction, with
options for a 5 star rating being explored
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Investore Property Limited | Annual Shareholder Meeting 2022
•Continued focus on targeted growth to
enhance the portfolio and maximise returns
•Improving and developing the existing
portfolio through developments and capital
upgrade works
•Prudent management of capital
•Share buyback programme of up to 5% of
shares on issue over the next 12 months
•Cash dividend guidance for FY23 of 7.90
cents per share
FY23 cash
dividend guidance
7.90 cps
Looking Ahead
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Investore Property Limited | Annual Shareholder Meeting 2022
Shareholder Questions
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Investore Property Limited | Annual Shareholder Meeting 2022
Formal Business
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Investore Property Limited | Annual Shareholder Meeting 2022
Resolution 1 –Auditor’s Remuneration
That the Directors be authorised to fix the remuneration of PwC as
auditor of Investore Property Limited for the ensuing year
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Investore Property Limited | Annual Shareholder Meeting 2022
Resolution 2 –Re-Election of Director
Mike Allen
That Mike Allen be re-elected as a
Director of Investore Property Limited
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Investore Property Limited | Annual Shareholder Meeting 2022
Proxy Votes Received
Resolution 1: Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
144,110,83497.63%0.04%2.33%
Resolution 2: Re-Election of Director Mike Allen
Proxy votes lodgedForAgainstDiscretionary
144,115,57696.00%1.60%2.40%
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Investore Property Limited | Annual Shareholder Meeting 2022
General Business
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Investore Property Limited | Annual Shareholder Meeting 2022
Investore Property Limited | Annual Shareholder Meeting 2022
Ngāmihi | Thank you
Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision.It is intended to
constitute a summary of certain information relating to the performance of Investore for
the year ended 31 March 2022. Please refer to Investore’s Annual Report 2022 for
further information in relation to the year ended 31 March 2022. The information in this
presentation does not purport to be a complete description of Investore. In making an
investment decision, investors must rely on their own examination of Investore, including
the merits and risks involved. Investors should consult with their own legal, tax, business
and/or financial advisors in connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy, adequacy
or reliability of any statements, estimates or opinions or other information contained in
this presentation, any of which may change without notice. To the maximum extent
permitted by law, Investore, Stride Investment Management Limited and their respective
directors, officers, employees, agents and advisers disclaim all liability and responsibility
(including without limitation any liability arising from fault or negligence on the part of
Investore, Stride Investment Management Limited and their respective directors, officers,
employees, agents and advisers) for any direct or indirect loss or damage which may be
suffered by any recipient through use of or reliance on anything contained in, or omitted
from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street
West, Auckland 1142,
New Zealand
P+64 9 912 2690
Winvestoreproperty.co.nz
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