PLP – Client Quarterly Update

PLP - Updated Quarterly Client Update - 31 December 2022

9 February 2023

Booster Investment Management Limited as Manager of the Fund (the Manager), has provided an
updated copy of the Quarterly Client Update for the quarter ended 31 December 2022. This update
reflects a minor correction to fund performance during the 30 September 2022 quarter. The corrected 12
month returns (before tax) is 12.8% to 31 December 2022, rather than 13.0% as previously reported.

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 the 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 31 December 2022
Booster Investment Scheme 2
Investment Performance
The Fund has continued to deliver steady returns
for investors over the last quarter of 2022. This is
a combination of continued cash income on the
properties, and continued gradual recognition of capital
gains on those properties where plantings are maturing
towards full productive capability. The Fund aims to
generate a 6.5% annualised return from these sources
over a 7 year rolling period. Capital gains from general
property market movements are not a primary objective
but the Fund also benefited from several market
valuation gains during the year.
During the quarter, we received an updated
independent valuation of our investment in Waimea
West Hops Limited. This resulted in an 8.6% increase
of the value of the interest in Waimea West Hops and a
0.6% increase in the net asset value of PLPF which has
been an added benefit to returns for the quarter.
For 2022 as a whole, approximately 6% of the 12.8%
total return for the Fund is from market valuation uplifts
based on updated independent valuations, on top of
the ongoing activity of the Fund. Approximately 7%
results from the regular performance of the properties,
consistent with the long-run objective. This was split
relatively evenly between cash income and the gradual
recognition of gains on properties where crops are
maturing.
As parcels of land continue to approach full maturity
it is expected the split of returns will begin to shift
in favour of the income returns. In order to continue
to supplement the fund’s cash income, we will seek
opportunities to invest further in properties where
there is the opportunity to add value through enhancing
productive capability.
Modernising hops production
Waimea West Hops commissioned its new processing
facilities in November. These new harvesting facilities
consists of a large modern processing shed, kiln and a
modern hop processor ready for the 2023 harvest. This
replaces the significantly dated infrastructure which
was 60+ years old.
These new facilities will significantly increase the
processing capabilities and will also allow Waimea West
to process hops for third parties in addition to its own
adding the potential for additional revenue streams.
Over $50 million of capital was deployed across
two new investments (avocados and dairy farms)
in 2022. Both of these are leased properties with
the orchards also having some parcels of land
still to reach full maturity. Overall, this has been
the primary driver of the increase in gross assets
of the Wholesale Portfolio, from $102.1 million
at the end of 2021 to $141.2 million at the end of
2022. The Wholesale Portfolio entered into a new
borrowing facility with BNZ during the year to
fund further growth and provide additional capital
flexibility.
The new investments have added both geographic
and crop diversity to the fund. With the addition
of the dairy farms in Southland and the orchards
in the Far North and Bay of Plenty the fund now
has investments across the country. The increased
crop diversity can be seen below, with a notable
drop in exposure to vineyards for the fund. This
added diversity helps to reduce the impact on
the fund of significant fluctuations in any one
market. We will continue to explore options to add
further diversity to the fund as we look for new
investments.
Waimea West Hops new processing facility.
2022 Fund review
Vineyards
Kiwifruit Orchard
Hop Garden
Dairy
Avocado Orchard
Citrus Orchard
Cash & Other

Fund Size
(net asset value)
$123.3 million
Inception Date
13/06/2017
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Private Land and Property Portfolio
(Wholesale Portfolio)
Fund Size
(net asset value)
$125.2 million
Inception Date
07/01/2019
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Private Land and Property Fund (Fund)
The Fund obtains its property exposure by investing into the Wholesale Portfolio
alongside some cash held within the Fund.
Investment Holdings
Last 3 months2.5%2.3%
Last 6 months4.3%3.9%
Last 12 months12.8%12.0%
Last 2 years (p.a)
*
14.5%13.8%
Last 3 years (p.a)
*
11.5%10.7%
Last 5 years (p.a)
*
11.4%10.5%
Since inception 13/06/2017 (p.a)
*
10.8%9.8%
Fund Performance as at 31 December 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 Wholesale Portfolio return.
The Fund has a minimum suggested investment timeframe of four years,
and its performance aims are measured over a 7-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
$23.216.5
Hope, Nelson Region
Vineyard properties
$19.013.5
Hawke’s Bay
Winery building
$3.02.1
Hawke’s Bay
Vineyard property
$5.84.1
Mahana, Nelson region
Winery building & Vineyard property
$4.12.9
Kerikeri, Northland
Kiwifruit orchard property
$23.116.3
Waimea, Nelson region
Waimea West Hops Ltd
$9.86.9
Southland
Dairy farmland
$32.823.2
Bay of Plenty & the Far North
Avocado orchards
$18.313.0
Total property assets$139.1
Other Assets
Cash / Income$0.6
Accrued expenses$1.5
Total Assets$141.2
Total Liabilities (millions)
Liability
Borrowings with BNZ$16.5
Other liabilities
(incl Property Operating Costs)
$1.3
Total liabilities$17.8
Net asset value $123.3
Gearing Ratio11.7
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 Wholesale Portfolio to effect its
gearing strategy which results in BNZ holding a security interest over most of the
assets held by the Wholesale 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.
$%