PLP – Quarterly Client Update

PLP – Quarterly Client Update – 31 March 2023

14 April 2023

Booster Investment Management Limited as Manager of the Fund (the Manager) has provided a copy of
the Quarterly Client Update for the quarter ended 31 March 2023.

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 March 2023
Booster Investment Scheme 2
Investment Performance
The Fund had a strong quarter underpinned by the
revaluation of the Marlborough based vineyards, which
contributed a 5.1% increase in the net asset value of
PLPF. Capital gains from general property market
movements are not a primary objective the Fund, but a
welcome addition to the overall Fund performance.
The Fund aims to generate a 6.5% annualised return
on average from a combination of cash income on the
properties, and gradual recognition of capital gains on
those properties where plantings are maturing towards
full productive capability. This objective applies over
rolling 7-year periods. The Fund’s performance so far has
been consistent with its objective - returns from these
two sources have made up approximately half of the
Fund’s total returns over the past 3-5 years (and since
inception), with the remainder coming from a general
increase in the value of the portfolio.
The revaluation of the Marlborough properties also
revealed that the vines on the properties were now
effectively mature. This is around one year earlier than
originally anticipated.
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.
A successful 2023 Hop Harvest
As outlined previously, Waimea West Hops
commissioned its new processing facilities in
November. The performance of the new facility was
above expectations, and the quality of the hops
from the new machine were top notch. We would
like to thank the hard working harvest team for their
effort during a very busy period.
Overall, harvest quantities were down on forecast
due to variable growing conditions throughout the
year, with results largely in line with other growers
in the region.
Against the recent back drop of grim financial
headlines (such as higher interest rates and
inflation), it is worth adding some additional colour
to the increase in value of the Fund’s vineyards in
the Awatere Valley (Marlborough).
The value of horticultural land is naturally
influenced by the commercial success of its crops.
The independent valuer referred to sustained,
higher grape prices (reflecting strong overseas
demand for NZ wine) as a driver of higher sale
prices for vineyard land.
The revaluations also benefited from higher crop
production as new vines planted on the properties
in recent years have matured.
The different drivers that have helped contribute to
this (and the different risks associated with them)
are an example of the potential diversification
benefits that horticultural land can have alongside
other investments.
Photos from a recent harvest day at Waimea West Hops
Vineyard revaluations

Fund Size
(net asset value)
$133.5 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)
$135.1 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 months7.3%7.8%
Last 6 months10.0%10.2%
Last 12 months19.4%19.2%
Last 2 years (p.a)
*
17.0%16.6%
Last 3 years (p.a)
*
13.6%13.1%
Last 5 years (p.a)
*
12.7%11.8%
Since inception 13/06/2017 (p.a)
*
11.6%10.8%
Fund Performance as at 31 March 2023
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
$28.919.0
Hope, Nelson Region
Vineyard properties
$19.112.5
Hawke’s Bay
Winery building
$3.02.0
Hawke’s Bay
Vineyard property
$5.83.8
Mahana, Nelson region
Winery building & Vineyard property
$4.12.7
Kerikeri, Northland
Kiwifruit orchard property
$23.615.5
Waimea, Nelson region
Waimea West Hops Ltd
$10.06.6
Southland
Dairy farmland
$32.821.5
Bay of Plenty & the Far North
Avocado orchards
$18.512.1
Total property assets$145.8
Other Assets
Cash / Income$0.7
Accrued income$1.7
Total Assets$148.2
Total Liabilities (millions)
Liability
Borrowings with BNZ$14.8
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$14.8
Net asset value $133.5
Gearing Ratio10.0
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 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.
$%