PLP – Quarterly Client Update

PLP – Quarterly Client Update – 30 September 2022

10 October 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 September 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

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2022
Booster Investment Scheme 2
Portfolio Performance
The Private Land and Property Fund has delivered a
steady return for investors in the latest quarter. This
has reflected income on the properties held and some
ongoing, gradual recognition of capital gains from
some parcels of land increasing in value as newer
plantings mature towards full productive capacity.
The Fund aims to generate a 6.5% annualised return
from these sources on average over 7-year periods.
Recent performance has tracked in line with this
objective, while overall returns since the start of the
fund also include the benefit of market revaluation
gains on the Marlborough vineyard land and
Northland kiwifruit orchard in particular (albeit such
market valuation changes are not a primary objective
of the Fund).
As anticipated in last quarter’s report, it has been an
active few months for new investment. A combined
$50m has been invested across mainly avocado and
dairy farming land from the far north to Southland.
Held within the underlying wholesale Private Land
and Property Portfolio (in which the Fund invests),
these properties add diversification both across new
crop types and geographically around New Zealand.
As described more below, they also reflect our
approach built around strong partnerships, with the
properties leased to quality operators – in this case
known to us through the activities of Booster’s Tahi
Fund. While partnering with good stewards of the
land is important, the opportunity to lock in long-term
lease income is also valuable in smoothing changes
in production volumes and prices, as this supports
regular cashflow and helps the Fund deliver income to
investors.
In July four properties were added across Northland,
Bay of Plenty, and Gisborne. These are primarily
avocado orchards, but also include plantings of citrus
(lemons) and a small amount of green kiwifruit. The
properties are largely all planted, with some further
potential development on two of the sites which
could total up to 8 canopy Ha of avocados. Across
the three avocado orchards, the trees are of varying
states of maturity, which means we expect the Fund
to benefit from an increase in the value of those
properties as the trees reach full maturity.
The properties have been leased to Darling Group
Holdings Limited, a company majority owned by
the Darling family and with Booster’s Tahi Limited
Partnership (an investment fund also managed by a
Booster Group company) as a minority shareholder.
Investing in the backbone of New Zealand
Around two thirds of the new investment made during the quarter is adding an allocation to dairy land, through the
purchase of three farm properties for a combined purchase price of $32.7m.
The three dairy farms cover a total area of approximately 1,200 hectares in Southland, with two adjacent farms in
the Mossburn area and the third on the coast in Pahia. We consider Southland to be an attractive area for dairy
investment due to its relatively low entry price compared to other areas.
Income on the properties comes from a long-term (15 year) lease to established dairy operator Canterbury
Grasslands. Canterbury Grasslands has a strong track record as an efficient operator focused on long term
performance and partnerships, which we have been able to observe through a minority ownership stake purchased
by Booster’s Tahi Fund earlier this year.
Growing portfolio diversification
New automated packing system for Darling Group Avocados

Fund Size
(net asset value)
$118.3 million
Inception Date
13/06/2017
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Private Land and Property Portfolio (PLPP)
Fund Size
(net asset value)
$119.4 million
Inception Date
07/01/2019
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
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.
PLPP Investment Holdings
Last 3 months2.0%1.8%
Last 6 months8.8%8.4%
Last 12 months11.8%11.2%
Last 2 years (p.a)13.9%13.1%
Last 3 years (p.a)11.3%10.4%
Last 5 years (p.a)
*
11.2%10.2%
Since inception 13/06/2017 (p.a)
*
10.8%9.9%
PLPF Performance as at 30 September 2022
Before Tax
After Tax
at 28% PIR
The Private Land and Property Fund (Fund) is part of the Booster Investment
Scheme 2 which is issued and managed by Booster Investment Management
Limited. The Fund’s Product Disclosure Statement is available at
www.booster.co.nz, by contacting your financial adviser or by calling
Booster on 0800 336 338.
Disclaimer: This document is for informational 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. Booster Investment
Management Limited and its related companies do not accept 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. The fund’s performance, returns, or
repayment of capital, are not guaranteed.
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.
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.
Wholesale Portfolio
Total Assets (millions)
Property Assets (location / region)
Awatere Valley, Marlborough
Vineyard properties
23.116.6
Hope, Nelson Region
Vineyard properties
19.013.7
Hawke’s Bay
Winery building
3.02.2
Hawke’s Bay
Vineyard property
5.84.2
Mahana, Nelson region
Winery building & Vineyard property
4.12.9
Kerikeri, Northland
Kiwifruit orchard property
22.816.5
Waimea, Nelson region
Waimea West Hops Ltd
8.76.3
Southland
Dairy farmland
32.823.6
Bay of Plenty & the Far North
Avocado orchards
17.712.7
Total property assets137.0
Other Assets
Cash / Income0.7
Accrued income1.2
Total Assets138.9
Total Liabilities (millions)
Liability
Borrowings with BNZ19.5
Other liabilities
(incl accrued expenses)
1.0
Total liabilities20.5
Net asset value 118.3
Gearing Ratio14.0
The investment objective and strategy of the Wholesale Portfolio allows it to borrow
to invest in more land and properties or to develop land and properties it already
holds. Bank of New Zealand (BNZ) has provided a loan facility of up to 50% of the
value of the secured properties for use by the Private Land and Property Portfolio
to effect its gearing strategy which results in BNZ holding a security interest over
most of the assets held by the Private Land and Property Portfolio. For further
information on the Wholesale Portfolio, please refer to the Fund’s PDS and Other
Material Information document.
The gearing ratio shows the level of borrowing the Wholesale Portfolio has
undertaken as a percentage of total assets.
$%