PLP – Quarterly Client Update

PLP – Quarterly Client Update – 30 June 2022
14 July 2022
Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 30 June 2022.
For further information regarding the Private Land and Property Fund visit
www.booster.co.nz/booster-
investments/private-land-and-property-fund
For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300
About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $ 5 billion on behalf of more than 170,000 New
Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in
units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement and latest net asset value per
unit, please visit
www.booster.co.nz

Booster Investment Scheme 2
Private Land and Property Fund

Quarterly Update as at 30 June 2022


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Overview & Performance
The Private Land and Property Fund has delivered a solid return
for investors in the latest quarter, building further on results from
recent years. Returns for the quarter benefitted from 4.8% in
market revaluation gains, following receipt of updated external
valuations on the portfolio’s vineyard and winery properties in
Hawkes Bay and Hope (Nelson), as well as its kiwifruit orchard in
Northland.
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Inflation has been a key topic in the financial world this year –
with inflation rates around the world rising to levels not seen in
30 years. Amidst this environment, the portfolio’s investments in
productive land provide an income that is linked to real
horticultural produce. This provides a point of diversification and
a useful complement to other types of investment.
Sileni vineyard and winery building in Hawkes Bay.
Underlying sources of income and return
The portfolio earns cash income from a mix of rental received on
around 60% of its land holdings, and sale proceeds from selling
crops produced on the remainder. The lease income provides a
solid base to the portfolio’s cash inflows, while the crop supply
arrangements provide the opportunity to enhance the return
over and above this level - albeit with some more variability
expected from year to year. Regular returns also include a
gradual recognition of capital gains from parcels of the land
increasing in value as newer plantings mature towards full
productive capacity.
While the additional 4.8% of market revaluation gains over the
last quarter is pleasing to report, the Fund’s return objective is
more focused on these underlying sources of return, with the aim
of generating a 6.5% annualised return from these sources on
average over rolling 7-year periods. Recent returns have
continued to track in line with this objective.

1 The Private Land & Property Fund obtains its property exposure by investing into the wholesale Private Land and Property Portfolio (PLPP).
Growing portfolio diversification
The Fund’s investments currently include investment in Hops,
Kiwifruit and over 250 canopy hectares of vineyard land across
the country. As we have broadened its investments in recent
years, the initial allocation to vineyard properties has been
spread across wine producing areas nationwide including
Marlborough, Hawkes Bay, and Nelson. The result has been that
the portfolio holds a mix of properties with a greater spread and
less reliance on a single region than applies for New Zealand’s
grape production in general – of which a full 80% comes from
Marlborough.
We are actively pursuing opportunities to add further productive
land investments to the portfolio, to further broaden its income
sources and types of property exposure. Two such opportunities
are close to potential fruition, and we hope to be able to update
you on them shortly. If successfully concluded, these potential
investments would add further diversity in the land use and
geography that underpin the income for the portfolio.
To help facilitate this growth we have recently finalised new
borrowing arrangements for the portfolio, to a flexible loan
facility provided by BNZ. Together with the Fund remaining a
popular option for investors, this puts it in a strong position to
grow and diversify over the years ahead.
In pursuing new investment, applying discipline in our
management approach remains our first priority. Any
investments added to the portfolio need to meet our
requirements of offering a secure long-term income yield, an
appropriate return relative to the nature of the investment, and
a strong operating partner, in order to help provide income for
clients.
Kiwifruit orchard at Kerikeri, under long-term lease to Seeka.

Booster Investment Scheme 2
Private Land and Property Fund

Quarterly Update as at 30 June 2022



Disclaimer This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change. The content is of a general
nature and does not take into account your financial situation or goals and is not financial advice.
Neither Booster Financial Services Ltd nor any of its related companies (Booster) accepts any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the
information provided in this document. Booster Investment Management Ltd is the manager and issuer, and Public Trust is the supervisor, of the Booster Investment Scheme 2, Private Land
and Property Fund (Fund). None of Booster, Public Trust, or any director, board member or nominee of any of those entities, or any other person, guarantees the Fund’s performance, returns or
repayment of capital. The Fund’s Product Disclosure Statement is available at www.booster.co.nz or by contacting your financial adviser or by calling Booster on 0800 336 338.
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Private Land and Property Fund (PLPF)
The Private Land and Property Fund obtains its property exposure by investing into the
wholesale Private Land and Property Portfolio (PLPP) alongside some cash held within
the Fund.

PLPF has a minimum suggested investment timeframe of four years, and
its performance aims are measured over a seven-year horizon. The
return information below includes returns due to property market
movements which vary over time, so the range of returns may be
different over a longer period. However the fund aims to achieve a long-
run return of 6.5% pa (before tax, after fees) from a combination of
rental and crop income, and capital gain from improvements in property
productive capacity. Past performance is not an indicator of future
performance.
*All figures are after fees. Please see the Product Disclosure Statement for further details
on fees. Returns prior to the inception of PLPF in January 2019 are based on the
underlying wholesale PLPP return. Past performance is not an indicator of future
performance.
Fund Size
(net asset value)
$110.3 million
Inception Date 7/01/2019
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
Performance as at 30 June 2022
Before Tax
After Tax at
28% PIR
Last 3 months 6.7% 6.4%
Last 6 months 8.1% 7.8%
Last 12 months 15.2% 14.5%
Last 2 years (p.a.)*

13.7% 12.9%
Last 3 years (p.a.)* 11.6% 10.7%
Since Inception 13/06/2017 (p.a.)* 11.0% 10.0%
Private Land and Property Portfolio (PLPP)












Pictured above: The Portfolio’s investment in the Waimea West hop garden,
near Nelson. The garden is planted with a wide range of aroma hops, the key
varieties being the in-demand Nelson Sauvin and Motueka. The portfolio’s
investment enables a development of up to 62.5 further hectares, which is
expected to take until 2023 with plantings fully mature by 2026.

Fund Size
(net asset value)
$108.4 million
Inception Date 13/06/2017
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
PLPP Investment Holdings
$ %
Vineyard property in Awatere Valley,
Marlborough
$23.0m 21.2%
NZ Cash (BNZ Bank Trust Account) $22.8m 21.0%
Kiwifruit orchard property in Kerikeri,
Northland
$22.3m 20.6%
Vineyard property in Hope, Nelson $18.9m 17.5%
Vineyard property in Hawke's Bay $8.8m 8.1%
Waimea West Hops, Brightwater, Nelson $8.4m 7.8%
Vineyard property in Mahana, Nelson $4.1m 3.7%
Total $108.4m 100%