PLP – Quarterly Client Update

PLP – Quarterly Client Update – 30 June 2023

13 July 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 30 June 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 190,000 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 30 June 2023
Booster Investment Scheme 2
Investment Performance
The Fund largely performed to expectations this quarter,
however faced some headwinds from a write down
in the value of the Kerikeri kiwifruit orchard. This was
prompted by an independent review of the property
which suggested a longer timeframe to fully mature
vines, as a result of the recent weather events affecting
yields and the ability of the manager to effectively tend
to the property during these disruptions.
In terms of the Kiwifruit carrying value, the vines are
now expected to be fully mature in 2026 as opposed to
the original timeframe of 2024.
Overall though, the Fund’s medium term (2-3 years)
performance of around 13% per annum is above
expectations, however partially driven by market
valuation movements (this equates to just under half
of the performance). Despite that, and although we
have seen some short term fluctuations, the Fund is
comfortably meeting its objective of a 6.5% annualised
return on average over rolling 7 year periods from
income and maturing properties.
Looking forward, we are looking to supplement the
current portfolio with additional crop development
properties and geographic diversity.
Southland Dairy farms focus
Earlier in the year Management undertook a site visit to
our Southland dairy farms that were acquired in mid 2022.
We were welcomed on farm with some great Southland
hospitality by the farm managers (including freshly baked
scones at 7.30am!).
It was encouraging to see the passion and dedication the
team had, which was reflected in the quality of operations.
This included a recent planting out of non productive land in
trees to improve the carbon footprint and ecology of the sites.
As expected, the recent Kiwifruit harvest was
well down on historic averages, largely due to
the extreme weather conditions experienced in
Northland. This included a warmer than average
winter (kiwifruit like cold winters), much higher
than average rainfall, and the recent cyclones
which affected much of the North Island.
The grape harvest across the country was also
mixed, with excellent results across Nelson and
Marlborough (particularly Nelson, with high
yields and good quality grapes) however Cyclone
Gabrielle materially affected the Hawke’s Bay
harvest, which was around 30% lower than
average.
Most of our properties are leased to operators
which means that crop variability doesn’t directly
affect the Fund performance. Our Kiwifruit assets,
Avocado orchards, Hawke’s Bay vineyards, and
Nelson vineyards are all under long term leases
(such as Seeka, Darling Group and Booster
Wine Group – the latter two being companies
held within Booster’s Tahi Fund). The Fund’s
Marlborough vineyards are under a Grape Supply
Agreement, which gives the Fund an overall level
of diversification across both geographic, crop
and return types.
Recent harvests

Fund Size
(net asset value)
$133.6 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)
$134.5 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 months0.0%0.0%
Last 6 months7.3%7.8%
Last 12 months12.0%12.1%
Last 2 years (p.a)
*
13.6%13.3%
Last 3 years (p.a)
*
13.1%12.6%
Last 5 years (p.a)
*
12.4%11.6%
Since inception 13/06/2017 (p.a)
*
11.1%10.3%
Fund Performance as at 30 June 2023
Before Tax
After Tax
at 28% PIR
Disclaimer: 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.
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.
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
$28.919.8
Hope, Nelson Region
Vineyard properties
$19.213.1
Hawke’s Bay
Winery building
$3.22.2
Hawke’s Bay
Vineyard property
$5.94.0
Mahana, Nelson region
Winery building & Vineyard property
$3.72.5
Kerikeri, Northland
Kiwifruit orchard property
$22.915.6
Waimea, Nelson region
Waimea West Hops Ltd
$10.27. 0
Southland
Dairy farmland
$32.822.4
Bay of Plenty & the Far North
Avocado orchards
$18.712.8
Total property assets$145.5
Other Assets
Cash / Income$0.0
Accrued expenses$1.0
Total Assets$146.5
Total Liabilities (millions)
Borrowings with BNZ$12.8
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$12.8
Net asset value $133.6
Gearing Ratio8.7
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.
$%