Interim Results HY23

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Consolidated Interim
Financial Statements
for the six months ended
30 September 2022
Investore
Property Limited

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
Gross rental income
35,740
33,008
Direct property operating expenses
(5,523)
(4,981)
Net rental income
2.1
30,217
28,027
Less corporate expenses
Asset management fee expense
4.0
(3,087)
(2,776)
Performance fee expense
-
(1,667)
Administration expenses
(1,525)
(1,280)
Total corporate expenses(4,612)
(5,723)
Profit before net finance expense, other (expense)/income and income tax25,605
22,304
Finance income
27
6
Finance expense
(7,936)
(6,945)
Net finance expense
5.3
(7,909)
(6,939)
Profit before other (expense)/income and income tax17,696
15,365
Other (expense)/income
Net change in fair value of investment properties
2.2
(42,667)
44,770
Gain on disposal of investment property
-
576
Net change in fair value of derivative financial instruments
(8)
9
(Loss)/profit before income tax(24,979)
60,720
Income tax expense
6.1
(2,704)
(3,776)
(Loss)/profit after income tax attributable to shareholders(27,683)
56,944
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cashflow hedges, net of tax
302
19
Total comprehensive (loss)/income after tax attributable to shareholders(27,381)
56,963
Basic and diluted earnings per share (cents)
3.1
(7.52)
15.47
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 20223
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 2022
Cents
per share
Number
of shares
Share
capital
Retained
earnings
Cash flow
hedge
reserveTotal
Notes
000$000$000$000$000
Balance 31 Mar 22 (Audited)368,135558,293296,383366855,042
Transactions with shareholders:
Q4 2022 final dividend
1.975--(7,272)-(7,272)
Q1 2023 interim dividend
1.975--(7,262)-(7,262)
Share buyback
5.4
(632)(1,074)--(1,074)
Total transactions with shareholders(632)(1,074)(14,534)-(15,608)
Other comprehensive income:
Movement in cash flow hedges, net of tax
---302302
Total other comprehensive income---302302
Loss after income tax
--(27,683)-(27,683)
Total comprehensive income--(27,683)302(27,381)
Balance 30 Sep 22 (Unaudited)367,503557,219254,166668812,053
Balance 31 Mar 21 (Audited)
368,135558,293207,024357765,674
Transactions with shareholders:
Q4 2021 final dividend1.900--(6,995)-(6,995)
Q1 2022 interim dividend1.975--(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
4Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Financial Position
As at 30 September 2022
Unaudited
30 Sep 22
Audited
31 Mar 22
Notes
$000$000
Current assets
Cash at bank
6,829
7,229
Trade and other receivables
1,923
872
Prepayments
1,727
629
Other current assets
903
1,562
11,382
10,292
Non-current assets
Investment properties
2.2
1,205,373
1,219,766
Prepayments, deposits and other payments on investment property
2.2
4,083
8,011
Derivative financial instruments
5.2
1,486
667
1,210,942
1,228,444
Total assets1,222,324
1,238,736
Current liabilities
Trade and other payables
5,446
5,564
Current tax liability
1,069
948
Lease liabilities
72
78
Derivative financial instruments
-
134
6,587
6,724
Non-current liabilities
Borrowings
5.1
387,576
351,530
Lease liabilities
1.5
8,276
18,356
Deferred tax liability
7,130
6,958
Derivative financial instruments
5.2
702
126
403,684
376,970
Total liabilities410,271
383,694
Net assets812,053
855,042
Share capital
557,219
558,293
Retained earnings
254,166
296,383
Reserves
5.5
668
366
Equity812,053
855,042
For and on behalf of the Board of Directors, dated 16 November 2022:

Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 20225
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 2022
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
Cash flows from operating activities
Gross rent received
34,724
33,069
Interest received
27
6
Operating expenses
(9,875)
(9,132)
Performance fee expenses
-
(1,482)
Interest paid
(7,457)
(6,640)
Refinancing of bank borrowings
(20)
(99)
Income tax paid
(2,524)
(2,790)
Net cash provided by operating activities14,875
12,932
Cash flows from investing activities
Capital expenditure on investment properties
(2,517)
(1,778)
Acquisition of investment properties
(32,707)
(73,387)
Acquisition of other assets
-
(278)
Proceeds from disposal of investment properties
-
10,190
Net cash applied to investing activities(35,224)
(65,253)
Cash flows from financing activities
Drawdown of bank borrowings
35,600
74,300
Repayment of bank borrowings
-
(10,100)
Dividends paid
(14,534)
(14,265)
Lease liabilities payments
(43)
(46)
Share buyback
5.4
(1,074)
-
Net cash provided by financing activities19,949
49,889
Net decrease in cash and cash equivalents held(400)
(2,432)
Opening cash and cash equivalents
7,229
6,800
Closing cash and cash equivalents6,829
4,368
6Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022
The attached notes form part of and are to be read in conjunction with these financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2022
Reconciliation of (loss)/profit after income tax attributable to shareholders to net cash flows from operating activities
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Notes
$000$000
(Loss)/profit after income tax attributable to shareholders(27,683)
56,944
Add/(less) non-cash items:
Movement in deferred tax
6.1
58
1,410
Net change in fair value of investment properties
42,667
(44,770)
Gain on disposal of investment property
-
(576)
Spreading of fixed rental increases
(12)
(20)
Capitalised lease incentives
(131)
(38)
Lease incentives amortisation
115
91
Movement in loss allowance
(25)
32
Borrowings establishment costs amortisation
466
350
Accrued interest movement in derivative financial instruments
30
(68)
Net change in fair value of derivative financial instruments
8
(9)
15,493
13,346
Add/(less) activities reclassified from/(to) operating activities:
Movement in working capital items relating to investing activities
889
999
Movement in borrowings/bond transaction costs classified as
operating activities
(20)
(99)
16,362
14,246
Movement in working capital:
Increase in trade and other receivables
(1,051)
(1,081)
Increase in prepayments and other current assets
(439)
(1,299)
Increase/(decrease) in current tax liability
121
(425)
(Decrease)/increase in trade and other payables
(118)
1,491
Net cash provided by operating activities14,875
12,932
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 20227
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 2022
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant accounting policies, estimates and judgements9
1.5Significant events and transactions10
1.6Non-GAAP measures10
2.0Property
11
2.1Net rental income11
2.2Investment properties12
2.3Capital expenditure commitments contracted for14
3.0Investor Returns
15
3.1Basic and diluted earnings per share (EPS)15
3.2Net tangible assets per share15
3.3Distributable profit16
4.0Related Party Disclosures
17
5.0Capital Structure and Funding
18
5.1Borrowings18
5.2Derivative financial instruments19
5.3Net finance expense20
5.4Share capital20
5.5Reserve20
6.0Other
21
6.1Income tax21
6.2Operating segments21
6.3Contingent liabilities21
6.4Subsequent events21
8Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

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.
1.1 Reporting entity
The financial statements presented are those of Investore Property Limited (the Parent) and its subsidiary Investore Property (Carr Road) Limited
(the Subsidiary) (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 2022.
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, the NZX
Main Board Listing Rules, and Generally Accepted Accounting Practice in New Zealand (GAAP). The financial statements comply with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim
Financial Reporting (IAS 34). Investore is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The
financial statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in conjunction with the
audited 2022 annual consolidated financial statements.
1.3 New standards, amendments and interpretations
In October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 was passed. It amends the Financial
Markets Conduct Act 2013, the Financial Reporting Act 2013 and the Public Audit Act 2001, mandating certain entities to disclose climate-related
information. Entities are expected to publish climate-related statements for financial years beginning on or after 1 January 2023 based upon
climate standards issued by the External Reporting Board (XRB). Investore's first climate-related statement will be required for the year ending
31 March 2024.
The XRB intends to issue the following:
• Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1);
• Aotearoa New Zealand Climate Standard 2: Adoption of Climate-related Disclosures (NZ CS 2); and
• Aotearoa New Zealand Climate Standard 3: General Requirements for Climate Related Disclosures (NZ CS 3).
NZ CS 1 will be the primary disclosure standard and will be based on the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD). NZ CS 2 will be an adoption standard to enable entities to begin their climate-related disclosure journey. NZ CS 3 establishes
principles and general requirements for application in providing climate disclosures. The XRB is aiming to publish these new standards by
31 December 2022.
Investore has commenced the process of identifying the impact of climate change on its business and assets, but to date has not undertaken any
quantitative assessment. The independent valuers that valued Investore’s investment properties have made no explicit adjustments to investment
property valuations in respect of climate change matters. However, Investore acknowledges the potential impact climate change may have on
valuations in the future as the impacts of climate change are better assessed and understood and the markets place greater emphasis on
these matters.
At the date of approval of the financial statements, there were no relevant standards on 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
consolidated financial statements.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 20229

1.0 General Information (continued)
1.5 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 31 August 2022, Investore acquired the balance of the freehold land at 3 Averill Street, Auckland, for $18.0 million. Investore previously only
held the leasehold interest and paid ground rent on this land. As a consequence of the acquisition, the right-of-use asset and lease liability of
$10.0 million have been de-recognised.
On 9 September 2022, Investore acquired a 3.3 hectare parcel of land at Waimak Junction, Kaiapoi, for $10.1 million. Investore has reached
an agreement with Countdown to construct a new supermarket on a portion of this site, leaving the balance of the land for future development
(refer note 2.3).
Share buyback
On 15 July 2022, the Parent began an on-market share buyback programme to purchase up to 5% of its ordinary shares (being 18,406,751
ordinary shares). Under the programme, the Parent will only acquire shares on the NZX Main Board for a period of up to one year from
11 July 2022.
The acquired shares are cancelled upon acquisition. As at
30 September 2022, the Parent had acquired and cancelled 632,398 shares for a cost of
$1.1 million (including transaction costs).
Bank refinancing
In September 2022, Investore refinanced $75 million of bank debt facilities, extending these facilities for a further two years to November 2025. As
part of the refinancing process, Investore's banking covenants were revised, with the Loan to Value Ratio covenant reducing from 65% to 52.5%
and the weighted average lease term (WALT) covenant, previously 6.0 years, being removed.
Revaluation of investment properties
Investore undertook independent valuations of the portfolio as at 30 September 2022, which resulted in a net change in fair value of investment
properties of $(42.7) million (30 Sep 21: $44.8 million).
1.6 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures; Profit before net finance expense, other
(expense)/income and income tax; and Profit before other (expense)/income 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 calculates the net tangible assets per share, which is a non-GAAP measure and is a common investment metric.
Note 3.3 sets out Investore’s calculation of 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.
10
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

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
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Gross rental income
Rental income
31,818
30,376
Service charge income recovered from tenants
3,871
3,692
Spreading of fixed rental increases
12
20
Capitalised lease incentives
131
38
Lease incentives amortisation
(108)
(84)
Rental income abatement provision due to COVID-19
16
(1,034)
Total gross rental income35,740
33,008
Direct property operating expenses
Service charge expenses to tenants
(4,560)
(4,383)
Movement in loss allowance
25
(32)
Lease incentives amortisation
(7)
66
Other non-recoverable property operating expenses
(981)
(632)
Total direct property operating expenses(5,523)
(4,981)
Net rental income30,217
28,027
Other non-recoverable property operating expenses represent property maintenance and operating expenses not recoverable from tenants and
property leasing costs.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202211

2.0 Property (continued)
2.2 Investment properties
Total
$000
Balance at 31 Mar 22 (Audited)1,219,766
De-recognition of lease liabilities
(10,043)
Property acquisitions
32,778
Transfer from prepayments and other payments on investment property balance
4,289
Net change in fair value
(42,667)
Capital expenditure
1,222
Spreading of fixed rental increases
12
Capitalised lease incentives
110
Lease incentives amortisation
(25)
Capitalised lease incentives - COVID-19 abatements
21
Lease incentives amortisation - COVID-19 abatements
(90)
Balance at 30 Sep 22 (Unaudited)1,205,373
Comprising:
Investment property per independent valuations
1,200,039
Less prepayment on investment property
(3,014)
1,197,025
Lease liabilities
8,348
Balance at 30 Sep 22 (Unaudited)1,205,373
Deposits and other payments relating to portfolio improvement initiatives
1,069
Prepayment on investment property relating to seismic work
3,014
Prepayments, deposits and other payments on investment property as at 30 Sep 22 (Unaudited)4,083
On 30 April 2020, Investore purchased three large format retail properties, being 2 Carr Road, Auckland, Mt Wellington Shopping Centre, Auckland,
and Bay Central Shopping Centre, Tauranga, from Stride Property Limited (SPL). Under the sale and purchase agreements, SPL is to complete
seismic works. As at 30 September 2022, only the seismic works at 2 Carr Road remain. The valuation for this property was prepared on the
basis that the seismic works have been completed and consequently, $3.0 million has been recognised as a prepayment on investment property
(non-current asset), representing the remaining seismic works to be completed (31 Mar 22: $3.0 million).
In addition, amounts have been recognised for deposits and other payments, excluding prepayments, totaling $1.1 million (31 Mar 22: $5.0 million)
relating to Investore's expansion and portfolio improvement initiatives.
During the period, the seismic strength assessments for investment properties located in high or medium earthquake risk zones were updated by
external independent engineers. No material matters have been identified.
The $8.3 million (31 Mar 22: $18.4 million) lease liabilities are in respect to the ground leases at the corner of Anglesea and Liverpool Streets,
Hamilton (seven), 70 Studholme Street, Morrinsville (one), 51 Arthur Street, Blenheim (one), and the corner of Bridge and Anglesea Streets, Hamilton
(one). In the prior year, Investore also had one ground lease at 3 Averill Street, Auckland (refer note 1.5).
The investment properties, with the exception of 'Other properties', were valued either by CVAS (NZ) Limited, CVAS (WLG) Limited, Jones
Lang LaSalle Limited (JLL), Savills (NZ) Limited (Savills), Bayleys Valuations Limited (Bayleys) or CBRE Limited (CBRE) as indicated (each being
independent registered valuers who hold an annual practicing certificate with the Valuers Registration Board and are members of the New Zealand
Institute of Valuers). The net change in fair value of $(42.7) million (31 Mar 22: $91.0 million) includes $0.04 million (31 Mar 22: $0.07 million) in
relation to the change in the value of the lease liabilities. Other properties relate to Investore's expansion and portfolio initiatives, and are stated at
cost as a proxy for fair value.
12
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

2.0 Property (continued)
2.2 Investment properties (continued)
Unaudited
30 Sep 22
Audited
31 Mar 22
Property
Valuer$000$000
Auckland
24 Anzac RoadJLL
30,000
31,600
326 Great South RoadCVAS (NZ)
39,500
44,500
35A St Johns RoadJLL
25,500
27,500
507 Pakuranga RoadCBRE
23,300
24,700
3 Averill StreetCVAS (NZ)
41,000
17,750
Cnr Church & Selwyn StreetsBayleys
13,600
14,000
Cnr Te Irirangi Drive & Bishop Dunn PlaceBayleys
45,900
46,300
112 Stoddard RoadSavills
30,400
31,100
226 Great South RoadSavills
43,000
44,000
20-24 Neville StreetSavills
32,500
33,000
2 Carr RoadCBRE
51,400
55,800
4 Carr RoadSavills
34,600
36,250
295 Penrose RoadCBRE
45,300
44,500
Waikato
66-76 Studholme Street, MorrinsvilleJLL
8,000
8,000
Cnr Anglesea & Liverpool Streets, HamiltonSavills
8,800
9,500
Cnr Bridge & Anglesea Streets, HamiltonSavills
22,000
23,200
Cnr Hukanui & Thomas Roads, HamiltonSavills
19,300
20,100
446 Te Rapa Road, HamiltonBayleys
43,100
43,100
Bay of Plenty
230-240 Fenton Street, RotoruaSavills
23,900
25,000
26-48 Old Taupo Road, RotoruaBayleys
40,400
40,900
65 Chapel Street, TaurangaJLL
54,250
54,000
Wellington
47 Bay RoadBayleys
16,750
17,250
91 Johnsonville RoadCVAS (WLG)
26,000
26,000
13-19 Queen Street, Upper HuttJLL
16,500
15,750
14 Russell Street, Upper HuttCVAS (NZ)
12,750
11,000
261 High Street, Lower HuttCVAS (NZ)
28,500
30,000
Cnr Hanson Street, John Street & Adelaide RoadCVAS (WLG)
28,500
31,250
3 Main RoadJLL
22,500
25,000
45-49 Jackson StreetSavills
38,000
38,000
Other North Island
Cnr Butler & Kerikeri Roads, KerikeriSavills
23,300
24,300
53 Leach Street, New PlymouthBayleys
37,600
39,300
9 Gloucester Street, NapierCVAS (WLG)
20,650
22,750
Cnr Fernlea Avenue & Roberts Line, Palmerston NorthCVAS (WLG)
16,500
17,750
Cnr Tremaine Avenue & Railway Road, Palmerston NorthCBRE
34,000
36,700
Canterbury & Otago
87-97 Hilton Street, KaiapoiCVAS (NZ)
14,000
14,750
219 Colombo Street, ChristchurchBayleys
21,900
22,950
Cnr Victoria & Browne Streets, TimaruCVAS (NZ)
14,750
15,500
40-50 Ivory Street, RangioraSavills
20,300
20,800
Cnr Rolleston & Masefield Drives, RollestonSavills
27,500
28,000
24 Brighton Mall, ChristchurchCVAS (NZ)
6,200
6,600
309 Cumberland Street, DunedinCVAS (NZ)
26,000
28,000
Other South Island
Cnr Putaitai Street & Main Road, NelsonCBRE
14,000
15,600
51 Arthur Street, BlenheimJLL
12,000
13,100
172 Tay Street, InvercargillCBRE
26,500
29,200
Other
Waimak Junction, Kaiapoi - held as developmentSavills
10,860
-
Other properties
8,729
-
Total1,200,039
1,204,350
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 202213

2.0 Property (continued)
2.2 Investment properties (continued)
In determining the valuations (excluding 'Other' properties), the valuers took into account:
•occupancy (leased area as a proportion of the total net lettable area) on individual investment properties (average is 99.5% at balance date
(31 Mar 22: 99.7%));
•average lease term (WALT at balance date is 8.5 years (31 Mar 22: 9.1 years));
•discount rates (ranged from 4.38% to 8.50% (31 Mar 22: 3.00% to 8.50%)); and
•capital expenditure works of $2.2 million for roof replacements at 24 Anzac Road, Auckland, and 91 Johnsonville Road, Wellington, and the
roof replacement and ramp works at 295 Penrose Road, Auckland.
Capitalisation rates ranged from 4.18% to 10.00% (31 Mar 22: 4.00% to 10.00%).
The estimated sensitivity of the fair value of the total investment property portfolio (excluding 'Other' properties) 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
As at 30 Sep 2022 (Unaudited)
Change $000
63,191(56,998)53,009(48,567)
Change %
5(5)4(4)
As at 31 Mar 2022 (Audited)
Change $00068,662(59,997)34,496(29,574)
Change %6(5)3(3)
2.3 Capital expenditure commitments contracted for
As at 30 September 2022, Investore had committed to $31.0 million (31 Mar 22: $55.3 million) in total for capital expenditure works to be
undertaken over the next 18 months:
•Stage 1 development at Waimak Junction, Kaiapoi, which is expected to cost approximately $21.8 million;
•$8.0 million towards the redevelopment and store refurbishment at 507 Pakuranga Road, Auckland, including new parking areas, improved
customer access and a dedicated online pick-up area with an associated improvements rental; and
•$1.2 million towards other value-add capital expenditure.
Investore has no other material commitments as at 30 September 2022.
Subsequent to balance date, Investore has committed to a further $0.4 million for life-cycle capital expenditure.
14
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

3.0 Investor Returns
This section sets out Investore’s earnings per share, net tangible assets 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)
Basic and diluted EPS amounts are calculated by dividing (loss)/profit after income tax attributable to shareholders by the weighted average
number of shares on issue.
The movement in the weighted average number of shares in the current period reflects the 632,398 shares bought back and cancelled
(refer note 1.5).
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
(Loss)/profit after income tax attributable to shareholders(27,683)
56,944
Weighted average number of shares for purpose of basic and diluted EPS
367,942
368,135
Basic and diluted EPS - weighted (cents)(7.52)
15.47
3.2 Net tangible assets per share
Unaudited
30 Sep 22
Audited
31 Mar 22
Unaudited
30 Sep 21
Number of shares on issue (000)
367,503
368,135368,135
Total assets ($000)
1,222,324
1,238,7361,182,281
Less total liabilities ($000)
(410,271)
(383,694)(373,910)
Net tangible assets ($000)812,053
855,042808,371
Net tangible assets per share (cents)221
232220
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 202215

3.0 Investor Returns (continued)
3.3 Distributable profit
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
(Loss)/profit before income tax(24,979)
60,720
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
42,667
(44,770)
Gain on disposal of investment property
-
(576)
Reversal of lease liabilities movement in investment properties
(43)
(46)
Net change in fair value of derivative financial instruments
8
(9)
Spreading of fixed rental increases
(12)
(20)
Capitalised lease incentives net of amortisation
(16)
53
Borrowings establishment costs amortisation
466
350
Distributable profit before current income tax18,091
15,702
Current income tax(2,646)
(2,366)
Distributable profit after current income tax15,445
13,336
Adjustments to funds from operations
Maintenance capital expenditure
(835)
(472)
Adjusted Funds From Operations (AFFO)14,610
12,864
Weighted average number of shares for purpose of basic and diluted distributable profit per share (000)
367,942
368,135
Basic and diluted distributable profit after current income tax per share - weighted (cents)4.20
3.62
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.97
3.49
16Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

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
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(3,087)
(2,776)
Performance fee expense
-
(1,667)
Building management fee expense
(220)
(218)
Accounting fee expense
(125)
(125)
Disposal fee expense
-
(128)
Leasing fee expense
(19)
(61)
Maintenance fee expense
(27)
(12)
Project management fee expense
(111)
(3)
Sustainability fee expense
(62)
-
Total(3,651)
(4,990)
SPL
Dividends paid
(2,733)
(2,682)
Unaudited
30 Sep 22
Audited
31 Mar 22
The following balance was payable to a related party$000
$000
SIML
(65)
(31)
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 did not receive a performance fee for the six months ended 30 September 2022 (quarter ended 30 June 2021: $0.85 million, quarter ended
30 September 2021: $0.82 million). The carried forward return for the performance fee calculation for the quarter ended 31 December 2022 is a
44.0% deficit (31 Mar 22: carried forward return for the quarter ended 30 June 2022 was a 16.4% deficit) which has been calculated in accordance
with the management agreement.
As at 30 September 2022, SPL's shareholding in the Parent is 18.8%, being 69.2 million shares (31 Mar 22: 18.8%, being 69.2 million shares).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202217

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 Investore's funding exposure to interest rate risk and related
financing costs.
5.1 Borrowings
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Non-current
Bank facility drawn down
40,600
5,000
Fixed rate bonds
350,000
350,000
Unamortised borrowings establishment costs
(3,024)
(3,470)
Total net borrowings387,576
351,530
Weighted average cost of debt (inclusive of current interest rate derivatives, bonds, bank margins and line
fees) at balance date
3.93%
3.77%
Total
amount
Undrawn
facility
Drawn/
amount
Fair
Value
Unaudited 30 Sep 22Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A30 Nov 2025Floating
70,00070,000--
Bank Facility D16 Apr 2025Floating
50,0009,40040,60040,600
Bank Facility F30 Nov 2025Floating
5,0005,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%
100,000-100,00098,069
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000105,563
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000115,266
475,00084,400390,600359,498
Audited 31 Mar 22
Bank Facility A31 Aug 2023Floating70,00065,0005,0005,000
Bank Facility D16 Apr 2025Floating50,00050,000--
Bank Facility F3 Nov 2023Floating5,0005,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%100,000-100,000100,427
Bonds IPL02031 Aug 202031 Aug 20272.40%125,000-125,000111,905
Bonds IPL03025 Feb 202225 Feb 20274.00%125,000-125,000122,159
475,000120,000355,000339,491
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.
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. The fair value
disclosure above for bonds IPL020 and IPL030 as at 31 March 2022 has been restated to correct a misstatement. There was no impact to the
consolidated statement of comprehensive income or the consolidated statement of financial position.
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) and the 5 year fixed rate bonds issued in 2022 (IPL030) are 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 the Parent and the Subsidiary and a registered first ranking security interest under a General Security Deed over substantially
all the assets of the Parent and the Subsidiary.
18
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 22
Audited
31 Mar 22
$000$000
Notional value of interest rate swaps - fixed rate payer start dates commenced
30,000
30,000
Notional value of interest rate swaps - fixed rate payer forward starting
-
30,000
Notional value of interest rate swaps - fixed rate receiver
25,000
25,000
Total55,000
85,000
Interest rate derivative assets - non-current
1,486
667
Interest rate derivative liabilities - current
-
(134)
Interest rate derivative liabilities - non-current
(702)
(126)
Fair value of interest rate derivatives784
407
Fixed interest rates payer
2.84%
2.38%-2.84%
Fixed interest rate receiver
4.40%
4.40%
Percentage of drawn debt fixed
91%
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. 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 $0.1 million
(31 Mar 22: fair value loss of $0.1 million).
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 22: 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 2022 of between 3.87%, for the
90-day BKBM, and 4.43%, for the 10-year swap rate (31 Mar 22: 1.61% and 3.41%, respectively). There were no changes to these valuation
techniques during the reporting period.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202219

5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
$000$000
Finance income
Bank interest income
27
6
Total finance income27
6
Finance expense
Bank borrowings interest
(1,210)
(2,528)
Fixed rate bonds interest
(6,194)
(3,690)
Lease liabilities interest
(532)
(727)
Total finance expense(7,936)
(6,945)
Net finance expense(7,909)
(6,939)
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 367,502,635 shares on issue as at 30 September 2022 (31 Mar 22: 368,135,033).
During the period, through an on-market share buyback programme, the Parent acquired 632,398 ordinary shares at an average price of $1.66 for
a total consideration of $1.1 million. All shares acquired were subsequently cancelled. Incremental costs of $0.03 million incurred were deducted
from equity. The buyback programme was paused from the close of trading on
8 September 2022 pending the release of Investore's financial
statements for the six months ended 30 September 2022.
5.5
Reserve
Unaudited
30 Sep 22
Audited
31 Mar 22
Cash flow hedge reserve$000$000
Opening balance366
357
Movement in fair value of interest rate derivatives
408
(60)
Tax on fair value movement
(114)
17
Transferred to profit or loss
8
52
Closing balance668
366
Gains and losses recognised in the cash flow hedge reserve in equity on interest rate derivative contracts as at 30 September 2022 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.
20
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

6.0 Other
This section contains additional information to assist in understanding the financial performance and position of Investore.
6.1 Income tax
Unaudited
6 months
30 Sep 22
Unaudited
6 months
30 Sep 21
Income tax$000$000
Current tax
(2,646)
(2,366)
Deferred tax
(58)
(1,410)
Income tax expense per the consolidated statement of comprehensive income(2,704)
(3,776)
(Loss)/profit before income tax(24,979)
60,720
Prima facie income tax using the company tax rate of 28%6,994
(17,002)
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(11,947)
12,536
Gain on disposal of investment property
-
161
Reversal of lease liabilities movement in investment properties
12
13
Movement in fair value of derivative financial instruments
(2)
2
Non-taxable income
29
30
Other permanent differences
-
17
Depreciation
2,180
2,186
Non-deductible expenses
123
(83)
Temporary differences
(21)
(226)
Over-provision in prior year
(14)
-
Current tax expense(2,646)
(2,366)
Investment property depreciation
94
(1,634)
Other
(152)
224
Deferred tax charged to profit or loss(58)
(1,410)
Income tax expense per the consolidated statement of comprehensive income(2,704)
(3,776)
6.2 Operating segments
Investore is reported as a single operating segment, being large format retail properties. Investore’s revenue streams are earned from investment
properties owned in New Zealand, with no specific exposure to geographical risk. One tenant, General Distributors Limited (Countdown),
contributes 63% of Investore’s portfolio contract rental as at 30 September 2022 (30 Sep 21: 64%).
6.3
Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 22: $nil).
6.4
Subsequent events
On 16 November 2022, the Parent declared a cash dividend for the period 1 July 2022 to 30 September 2022 of 1.975 cents per share, to be paid
on 1 December 2022 to all shareholders on the Parent’s register at the close of business on 24 November 2022. This dividend will carry imputation
credits of 0.368861cents per share. This dividend has not been recognised in the financial statements.
On 16 November 2022, the Board has resolved not to recommence the share buyback programme but will continue to monitor market conditions
and may recommence the share buyback programme by notice to the market.
There have been no other material events subsequent to balance date.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202221

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 3 to 21 which comprise the consolidated statement of financial position as at 30 September 2022, 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 2022, and its financial
performance and cash flows for the six months then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).

Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s
responsibilities for the review of the 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 area of assurance over operating expense statements. The provision of this other service has
not impaired our independence.

Responsibilities of the Directors’ 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 the 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 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
16 November 2022
Auckland
22Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2022

Corporate Directory
Board of Directors
Mike Allen (Chair)
Gráinne Troute
Adrian Walker
Tim Storey (SIML Appointed Director)
Ross Buckley (SIML Appointed Director) - appointed 1 June 2022
John Harvey (SIML Appointed Director) - retired 31 May 2022

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
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
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202223

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
W investoreproperty.co.nz

---

Investore Property Limited | HY23 Interim Results Presentation
Interim Results
Presentation
For the six months ended
30 September 2022
16 November 2022

Investore Property Limited | HY23 Interim Results Presentation
Contents
1.Overview3
2.Portfolio5
3.Interim Financial Performance12
4.Capital Management 16
5.Sustainability20
6.Looking Ahead22
7.Appendices24
2
4 Carr Road, Mt Roskill, Auckland

Investore Property Limited | HY23 Interim Results Presentation
1. Overview
3
172 Tay Street, Invercargill

Investore Property Limited | HY23 Interim Results Presentation
Average property market
capitalisation rate
5.0%
increase of 20bp over the six months
ended 30 September 2022
Overview
1.Distributable profit is a non-GAAP measure and consists of (loss)/profit 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 (loss)/profit before income tax, is set out in note 3.3 to the consolidated interim financial statements.
2.As at30 September 2022. Portfolio value excludes (1) the seismic works ($3.0m) to be completed by Stride Property Limited (SPL) inrelation to 2 Carr Road, Auckland, acquired from SPL and settled on 30 April 2020; and (2) lease liabilities.
3.Property acquisitions in HY23 comprise (1) land at Waimak Junction, Kaiapoi, for $10.1m; and (2) the lessor’s interest in land at 3 Averill Street, Papakura, Auckland for $18.0m.
4.Loan to Value Ratio (LVR) is calculated based on independent valuations, which include seismic works to be funded by SPL in relation to 2 Carr Road, Auckland, acquired from SPL and settled in April 2020. The independent valuations also
exclude lease liabilities.
Investore Property Limited | HY23 Interim Results Presentation
4
Profit before other expense
and income tax
$17.7m
up 15% from HY22
Distributable profit
1
after
current income tax
$15.4m
up 16% from HY22
32.6%
Loan to Value Ratio
4
$75m
Bank facilities extended
91%
of drawn debt fixed
Investment properties
2
$1.2bn
net decline of 3.4% for the six months
ended 30 September 2022
Property acquisitions
3
of
$28.1m
$250m
or 70% of current fixed rate
debt not maturing until 2027
3.8 years
Weighted average fixed
interest rate maturity
3.93%
Weighted average cost of
debt
increase of 16bp compared to
31 March 2022, compared with increase of
~225bp in floating rates
Loss after income tax
attributable to shareholders
$(27.7)m
as a result of a net investment property
devaluation of $(42.7)m
For the six months ended
30 September 2022 (HY23)
As at 30 September 2022

Investore Property Limited | HY23 Interim Results Presentation
5
2. Portfolio
45 –49 Jackson Street, Petone, Wellington

Investore Property Limited | HY23 Interim Results Presentation
National portfolio
6
North
Island
84%
South
Island
16%
Auckland
(36% of Contract Rental
1
)
13 properties
53 tenants
78,005 sqm NLA
$456m asset value
Waikato & Bay of Plenty
(21% of Contract Rental)
8 properties
42 tenants
42,930 sqm NLA
$220m asset value
Wellington
(17% of Contract Rental)
8 properties
23 tenants
39,691 sqm NLA
$190m asset value
Other North Island
(11% of Contract Rental)
5 properties
10 tenants
29,948 sqm NLA
$132m asset value
Canterbury & Otago
(11% of Contract Rental)
7 properties
7 tenants
49,603 sqm NLA
$131m asset value
Other South Island
(5% of Contract Rental)
3 properties
7 tenants
9,648 sqm NLA
$53m asset value
Values above are calculated based on the numbers
in the consolidated interim financial statements and
may not sum due to rounding. Excludes properties
classified as ‘Other’ in the consolidated interim
financial statements.
Investore’s portfolio is
geographically diversified across
the country, with a focus on urban
centres and growth corridors
1.Contract Rental is the amount of rent payable by each tenant, plus other
amounts payable to Investore by that tenant under the terms of the relevant
lease, annualised for the 12-month period on the basis of the occupancy level
of the relevant property, and assuming no default by the tenant.

Investore Property Limited | HY23 Interim Results Presentation
Targeted growth -acquisitions
7
Auckland freehold land
•Investore acquired the balance of the freehold land
(12,263 sqm) at its existing property located at
3 Averill St, Papakura, for $18m in August 2022
•The acquisition provides Investore with control of the
landholding, broadening future development options
•Consolidation of the entire freehold for the property
delivered a +$5.25m (+15%) net valuation uplift on
the 31 March 2022 valuation
Waimak Junction development land
•In September, Investore settled on the previously
announced acquisition of 3.3ha of development land
at Waimak Junction, Kaiapoi, at a price of $10.1m
(reduced from the previously announced price of
$10.5m)
•Stage 1 of the development will include a new
Countdown supermarket, targeting a 5 starGreen
Star rating, with the balance of the land held for
future retaildevelopment. Stage 1 is due to be
completed by late 2023, and is targeting a yield on
cost of 5.5%
3 Averill Street, Papakura, Auckland
Key
Green shaded area = Investore’s existing landholding
Red outline area = Freehold interest acquired

Investore Property Limited | HY23 Interim Results Presentation
$0.4m$0.3m$0.6m$1.0m$1.0m$1.1m
12%
15%
18%
21%
23%
26%
0%
5%
10%
15%
20%
25%
30%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
FY18FY19FY20FY21FY22HY23
Annual turnover income ($m)% of stores in turnover
Turnover rent
8
Turnover income and percentage of stores above
turnover threshold
2
1.See footnote 1 on page 6.
2.Turnoverincome and turnover thresholds are as at and for the 12 months to 30 September 2022 and are based on
unaudited sales figures.
The proportion of Countdown stores with sales over
turnover thresholds has doubled since March 2018,
with 26% of the Countdown portfolio now paying
turnover rent
•Countdown leases (which comprise 63% of portfolio Contract
Rental
1
) generally contain a five yearly review of base rent
and MAT relative to thresholds. When MAT is higher than the
turnover threshold at the review date, the base rent is
increased by the three-year average turnover rental paid
•All the Countdown-anchored portfolio is subject to a ‘review
event’ over the next three financial years:
•78% of stores have a turnover rent review event, which
will result in an uplift in base rental if store turnover is
above the MAT threshold
•11%of stores (which are currently below the turnover
threshold) have a fixed uplift of between 3 –5% over the
next 18 months
•11%of stores have an expiry event
•For example, in FY25, 48% of the Countdown portfolio has a
rent review event: 17% of the Countdown portfolio is over
turnover threshold and generating turnover income; 20% of
the Countdown portfolio is between 80 –100% of turnover
threshold; and 11% is less than 80% of turnover threshold
3%
6%
17%
6%
3%
20%
23%
11%
11%
FY23FY24FY25
>100%80-100%<80%
Countdown rent review by financial year
As at30 September 2022
1
Percentage of stores relative to turnover threshold

Investore Property Limited | HY23 Interim Results Presentation
Active portfolio management
9
Portfolio metrics
1
As at
30 Sep 22
As at
31 Mar 22
Number of properties4444
Number of tenants142143
Net lettable area (NLA) (sqm)249,829249,829
Net ContractRental
2
($m)60.560.2
WALT(years)8.59.1
Market capitalisation rate (%)5.04.8
Occupancy rate by area (%)99.599.7
Portfolio value
3
($m)1,180.51,201.3
Total site area (sqm)611,077611,077
Average site coverage (%)4141
Car parking ratio (bays per 100sqm of
NLA)
4.24.2
Key portfolio activities
•41 rent reviews completed over 41,752 sqm (17% of the
portfolio), resulting in a 4.4% increase on previous rentals
•54% of the rent reviews completed were structured
reviews –CPI or fixed
•Average property market capitalisation rate softened by
20bp to 5.0%, leading to a net valuation loss of $(42.7)m
or (3.4)% over the six months to 30 September 2022
•Market rentals for the portfolio were up 3% for the six
months to September
•Investore’s portfolio comprises 61.1 hectares of
commercial property with an average site coverage of
41%, providing future development opportunities
1.Excludes “Other” properties as described in note 2.2 to the consolidated interim financial statements.
2.See footnote 1 on page 6.
3.Portfolio value excludes (1) the seismic works to be completed by SPL (Sep 22: $3.0m; Mar 22: $3.0m) in relation to 2 Carr Road acquired from SPL and settled on 30 April 2020; and (2) lease liabilities.

Investore Property Limited | HY23 Interim Results Presentation
0.3%
1.9%
4.2%
4.8%
2.8%
4.1%
7.0%
1.0%
15.7%
5.7%
0.2%
18.3%
6.0%
28.0%
VacantFY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Long lease expiry profile
10
Lease Expiry Profile
2
by Contract Rental
As at 30 September 2022
Long portfolio WALT of 8.5 years, with
74% of Contract Rental
1
expiring in FY30
and beyond
Occupancy is 99.7% by Contract Rental as at
30 September 2022
FY23
1.9% Contract Rental expiring:
•Bay Central Shopping Centre, Tauranga (1.7%)
•Other expiries total 0.2% across seven tenants
Post balance date, 0.3% of Contract Rental has been renewed at a
+2.9% spread to previous rentals, leaving 1.6% expiring in FY23
For the remaining FY23 expiries, the Contract Rental is 6% under
rented compared to market rentals as at 30 September 2022
FY24
4.2% Contract Rental expiring:
•Countdown, Cnr Anglesea & Liverpool Streets, Hamilton (2.3%)
•Other expiries total 1.9% across 15 tenants
FY25
4.8% Contract Rental expiring:
•Countdown leased properties in Upper Hutt (1.3%), Onehunga
(1.0%) and Morrinsville (0.8%)
•Other expiries total 1.7% across 15 tenants
1.See footnote 1 on page 6.
2.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for theentire portfolio as at 30 September 2022 as a percentage of Contract Rental.
Values in the chart may not sum due to rounding.
WALT
8.5 years

Investore Property Limited | HY23 Interim Results Presentation
1.See footnote 1 on page 6.
Anchor tenant classification by Contract Rental
Resilient tenants underpin income
11
Investore has a high concentration of anchor tenants (86% of Contract Rental
1
) and tenants
that operate in the “Everyday Needs” category (73% of Contract Rental), resulting in a
resilient income stream in varying market conditions
3%
3%
5%
12%
63%
Briscoes Group
Mitre 10
Foodstuffs
Bunnings
Countdown
Everyday Needs, 73%
Hardware, 16%
General
Merchandise /
Retail, 8%
Food /
Beverage, 3%

Investore Property Limited | HY23 Interim Results Presentation
12
3. Interim Financial Performance
446 Te Rapa Rd, Hamilton

Investore Property Limited | HY23 Interim Results Presentation
Interim financial performance
13
30 Sep 22
$m
30 Sep 21
$m
Change
$m%
Net rental income30.228.0+2.2+7.8
Total corporate expenses(4.6)(5.7)+1.1+19.4
Profit before net finance expense, other (expense)/income and income tax25.622.3+3.3+14.8
Net finance expense(7.9)(6.9)(1.0)(14.0)
Profit before other (expense)/income and income tax17.715.4+2.3+15.2
Other(expense)/income
1
(42.7)45.4(88.0)(194.1)
(Loss)/profit before income tax(25.0)60.7(85.7)(141.1)
Income tax expense(2.7)(3.8)+1.1+28.4
(Loss)/profit after income tax attributable to shareholders(27.7)56.9(84.6)(148.6)
1.Other (expense)/income includes net change in fair value of investment properties.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.

Investore Property Limited | HY23 Interim Results Presentation
30 Sep 22
$m
30 Sep 21
$m
Change
$m%
(Loss)/profit before income tax(25.0)60.7(85.7)(141.1)
Non-recurring, non-cash items and other adjustments:
-Net change in fair value of investment properties42.7(44.8)+87.4+195.3
-Gain on disposal of investment property-(0.6)+0.6+100.0
-Borrowings establishment costs amortisation0.50.4+0.1+33.1
Distributable profit before current income tax18.115.7+2.4+15.2
Current tax expense(2.6)(2.4)(0.3)(11.8)
Distributable profit after current income tax15.413.3+2.1+15.8
Adjustments to funds from operations:
-Maintenance capital expenditure(0.8)(0.5)(0.4)(76.9)
Adjusted Funds From Operations (AFFO)
2
14.612.9+1.7+13.6
Weighted average number of shares (millions)367.9368.1
Basic and diluted distributable profit after current income tax per share -
weighted (cents)4.203.62
AFFO basic and diluted distributable profit after current income tax per share -
weighted (cents)3.973.49
Distributable profit
14
1
1.Distributable Profit –refer footnote 1 on page 4 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 consolidated interim financial statements for each respective financial period and may not sum due to rounding.

Investore Property Limited | HY23 Interim Results Presentation
Financial summary
15
1.Portfolio value excludes (1) the seismic works to be completed by SPL (Sep 22: $3.0m; Mar 22: $3.0m) in relation to 2 Carr Road,Auckland, acquired from SPL and settled on 30 April 2020; and (2) lease liabilities.
2.LVR is calculated based on independent valuations, which include seismic works to be funded by SPL in relation to 2 Carr Road, Auckland.
3.Excludes the after-tax fair value of interest rate derivatives.
As at
30 Sep 22
As at
31 Mar 22Change
Investment property value
1
($m)1,197.01,201.3(4.3)
Total borrowings ($m)(390.6)(355.0)+35.6
Loan to Value Ratio (LVR)32.6%
2
29.5%
2
(3.1)
Equity ($m)812.1855.0(43.0)
Shares on issue (millions)367.5368.1(632)
Net TangibleAssets (NTA) per share$2.21$2.32(0.11)
Adjusted NTA
3
per share$2.21$2.32(0.11)
Share buyback
Investore acquired and cancelled 632,398 shares on market for
a cost of $1.1m during HY23

Investore Property Limited | HY23 Interim Results Presentation
16
4. Capital Management
24 Anzac Road, Browns Bay, Auckland

Investore Property Limited | HY23 Interim Results Presentation
Proactive capital management
17
1.China Construction Bank Corporation, New Zealand Branch (CCB).
2.Industrial and Commercial Bank of China Limited, Auckland Branch (ICBC).
3.See footnote 4 on page 4.
Highlights
•$75m bank facilities extended to November
2025. No debt maturing until FY25
•WALT bank covenant removed and LVR
covenant reduced from 65% to 52.5%
Debt facilities
As at
30 Sep 22
As at
31 Mar 22
Debt facilities limit
(ANZ, CCB
1
, Westpac, ICBC
2
),
including $350m bonds
$475m$475m
Debt facilities drawn$391m$355m
Weighted average maturity of debt facilities3.5 years3.7 years
Debt covenants
LVR
3
(Drawn Debt / Property Values)
Covenant: ≤ 52.5%;
Long term Board policy target: 30% -40%
32.6%29.5%
Interest Cover Ratio
(EBIT/Interest and Financing Costs)
Covenant: ≥ 1.75x
3.6x3.7x
$125m
$100m
$125m$125m
FY23FY24FY25FY26FY27FY28
Debt maturity profile as at
30 September 2022
Bank FacilitiesIPL010IPL020IPL030

Investore Property Limited | HY23 Interim Results Presentation
Loan to value ratio
1
18
Numbers may not sum due to rounding.
1.See footnote 4 on page 4.
Investore has continued to actively manage its debt,
maintaining a relatively low loan to value ratio
29.5%
32.6%
34.4%
+1.0%
+0.6%
+0.1%
+0.3%
+1.1%
+1.1%
+0.8%
LVR as at
31 Mar 22
Papakura
land
acquisition
Waimak
Junction
acquisition
Share
buyback
Capital
expenditure
and other
adjustments
RevaluationsLVR as at
30 Sep 22
Waimak
Junction
Stage 1
Other capital
commitments
Pro forma
LVR as at
30 Sep 22

Investore Property Limited | HY23 Interim Results Presentation
Hedging and cost of debt
19
$355m $355m
$280m
$250m $250m
2.00%2.00%
1.76%
1.63%1.63%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
-
$50m
$100m
$150m
$200m
$250m
$300m
$350m
$400m
Sep-22Sep-23Sep-24Sep-25Sep-26
Fixed rate interest profile as at 30 September 2022
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)
Cost of debt
As at
30 Sep 22
As at
31 Mar 22
Weighted average cost of
debt (incl. current interest
rate derivatives, bonds and
bank margins, and line fees)
3.93%3.77%
Weighted average fixed
interest rate
(excl. margins and line fees)
2.00%1.96%
Weighted average fixed
interest rate maturity
(incl. bonds and interest rate
swaps)
3.8 years4.0 years
% of drawn debt fixed91%100%
Highlights
•91% of drawn debt is fixed. Investore considers it is well
protected against changes in interest rates over the short to
medium term
•Cost of debt increased only 16bps from 31 March 2022,
while floating rates increased by ~225bps over same period

Investore Property Limited | HY23 Interim Results Presentation
20
5. Sustainability
Cnr Te Irirangi Drive & Bishop Dunn Place, Botany, Auckland

Investore Property Limited | HY23 Interim Results Presentation
Sustainability
Investore continues to focus on ensuring its portfolio remains sustainable for the future
21
Focus CategoryWork completed to dateFY23 work in progress
Greenhouse gas
emissions
•Scope 1 and 2 emissions collected and
subject to limited assurance
•Collection of Scope 3 emissions
commenced
•Undertake lifecycle carbon assessment for Waimak Junction Countdown
development
•Commence property by property decarbonisation assessment
Green ratings•Commenced process of obtaining Green
Star Performance rating for two groups
of properties
•Complete Green Star Performance Ratings for standalone supermarkets
and hardware stores
•Targeting 5 star Green Star rating for Waimak Junction Countdown
development
•Challenge remains obtaining green ratings for Investore properties where
no benchmark rating exists, particularly property such as supermarkets
with other retail outlets attached
Climate risks and
opportunities
•Preliminary climate risk assessment
completed
•Begin process of quantifying climate risks and opportunities
•Undertake physical risk assessments for selection of properties
•Set internal price of carbon
Sustainability
benchmarking
•Investore completed its first Global Real
Estate Sustainability Benchmark
(GRESB) assessment in 2022
•Targeting 70 GRESB points for FY23, with the aim of being in the top
quartile of comparator companies over time

Investore Property Limited | HY23 Interim Results Presentation
6. Looking ahead
22
20-24 Neville Street, Warkworth, Auckland

Investore Property Limited | HY23 Interim Results Presentation
•High portfolio concentration of “Everyday
Needs” tenants underpins a resilient income
stream in varying market conditions
•Proactive capital management remains a key
focus in volatile market conditions
•Explore opportunities to recycle selected
assets into higher growth investment and
value add initiatives
•Share buyback programme remains on pause
•Cash dividend guidance for FY23 of
7.90 cents per share, with the Board
continuing to monitor market conditions for the
remainder of FY23
FY23 cash
dividend guidance
7.90 cps
Looking ahead
23

Investore Property Limited | HY23 Interim Results Presentation
7. Appendices
24
4 Carr Road, Mt Roskill, Auckland

Investore Property Limited | HY23 Interim Results Presentation
Appendix A
Values in the tables above are calculated based on the numbers in the consolidated financial statements for each respective financial period and may not sum due to rounding.
25
$15.4m
$17.7m
$0.9m
($0.3m)
$0.7m
$1.1m
($1.2m)
$1.4m
($0.2m)
30 Sep 21Net rental
increase from
acquisitions
Net rental
decrease from
disposals
Net rental
increase from
existing portfolio
Net rental
increase from
lower Covid
abatements and
other IFRS
adjustments
Higher net
finance expense
Lower
performance and
management fee
expenses
Higher
administration
expenses
30 Sep 22
Profit before other expense and income tax
$2.32
$2.21
$0.05
($0.12)
($0.01)
($0.04)
As at
31 Mar 22
Profit before other
expense and income tax
Net change in fair value of
investment property
Income tax expenseDividends paidAs at
30 Sep 22
Net Tangible Assets

Investore Property Limited | HY23 Interim Results Presentation
Appendix B
26
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.
$1,201.3m
$1,197.0m
($42.7m)
$1.2m
$32.8m
$4.3m
As at
31 Mar 22
Net change in fair valueCapital expenditureAcquisitionsRecognition of
prepayment
As at
30 Sep 22
Investment Properties (excl. lease liabilities)
$60.2m
$60.5m
$0.1m
$0.2m
As at 31 Mar 22TurnoverRent reviewsAs at 30 Sep 22
Net Contract Rent

Investore Property Limited | HY23 Interim Results Presentation
Thank you
27
Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision.It is intended to
constitute a summary of certain information relating to the performance of Investore for
the six months ended 30 September 2022. Please refer to Investore’s Consolidated
Interim Financial Statements for the six months ended 30 September 2022 for further
information. 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

---

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 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$30,217 7.81%
Total Revenue $30,217 7.81%
Net profit/(loss) from
continuing operations
$(27,683) (148.61%)
Total net profit/(loss) $(27,683) (148.61%)
Interim Dividend
Amount per Quoted Equity
Security
$0.01975000
Imputed amount per Quoted
Equity Security
$0.00368861
Record Date 24 November 2022
Dividend Payment Date 1 December 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.21 $2.20
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Interim Consolidated Financial
Statements and Interim Results Presentation for the six months
ended 30 September 2022.
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 2022

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 24/11/2022
Ex-Date (one business day before the
Record Date)
23/11/2022
Payment date (and allotment date for
DRP)
1/12/2022
Total monies associated with the
distribution
1

$7,258,177
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02343861
Gross taxable amount
3
$0.01317360
Total cash distribution
4
$0.01975000
Excluded amount (applicable to listed
PIEs)
$0.01026501
Supplementary distribution amount $0.00167382
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
$0.00368861
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

16/11/2022