Interim Results HY24

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Investore Property Limited
Consolidated Interim Financial Statements
for the six months ended 30 September 2023

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2023
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Notes
$000$000
Gross rental income
36,269
35,740
Direct property operating expenses
(5,894)
(5,523)
Net rental income
2.1
30,375
30,217
Less corporate expenses
Asset management fee expense
4.0
(2,765)
(3,087)
Administration expenses
(1,383)
(1,525)
Total corporate expenses(4,148)
(4,612)
Profit before net finance expense, other expense and income tax26,227
25,605
Finance income
88
27
Finance expense
(8,706)
(7,936)
Net finance expense
5.3
(8,618)
(7,909)
Profit before other expense and income tax17,609
17,696
Other expense
Net change in fair value of investment properties
2.2
(82,712)
(42,667)
Net change in fair value of derivative financial instruments
(2)
(8)
Loss before income tax(65,105)
(24,979)
Income tax expense
6.1
(1,428)
(2,704)
Loss after income tax attributable to shareholders(66,533)
(27,683)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
275
302
Total comprehensive loss after tax attributable to shareholders(66,258)
(27,381)
Basic and diluted earnings per share (cents)
3.1
(18.10)
(7.52)
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 20233
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2023
Notes
Cents
per share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 23 (Audited)367,503557,219117,133668675,020
Transactions with shareholders:
Q4 2023 final dividend
1.975--(7,258)-(7,258)
Q1 2024 interim dividend
1.975--(7,258)-(7,258)
Q1 2024 dividend reinvestment
5.4
2,0602,465--2,465
Total transactions with shareholders2,0602,465(14,516)-(12,051)
Other comprehensive income:
Movement in cash flow hedges, net of tax
---275275
Total other comprehensive income---275275
Loss after income tax
--(66,533)-(66,533)
Total comprehensive (loss)/income--(66,533)275(66,258)
Balance 30 Sep 23 (Unaudited)369,563559,68436,084943596,711
Balance 31 Mar 22 (Audited)
368,135558,293296,383366855,042
Transactions with shareholders:
Q4 2022 final dividend1.975--(7,272)-(7,272)
Q1 2023 interim dividend1.975--(7,262)-(7,262)
Share buyback(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 (loss)/income
--(27,683)302(27,381)
Balance 30 Sep 22 (Unaudited)
367,503557,219254,166668812,053
4Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Financial Position
As at 30 September 2023
Unaudited
30 Sep 23
Audited
31 Mar 23
Notes
$000$000
Current assets
Cash at bank
5,093
4,802
Trade and other receivables
1,913
608
Prepayments
2,079
909
Other current assets
2,522
1,961
11,607
8,280
Investment properties classified as held for sale
2.4
27,081
-
38,688
8,280
Non-current assets
Investment properties
2.2
974,336
1,070,451
Deposits on investment properties
44
79
Derivative financial instruments
5.2
1,663
1,478
976,043
1,072,008
Total assets1,014,731
1,080,288
Current liabilities
Borrowings
5.1
99,833
-
Trade and other payables
6.2
9,259
8,355
Current tax liability
971
622
Lease liabilities
52
75
Derivative financial instruments
5.2
537
-
110,652
9,052
Lease liabilities associated with investment properties classified as held for sale
2.4
581
-
111,233
9,052
Non-current liabilities
Borrowings
5.1
298,208
385,037
Lease liabilities
7,644
8,242
Deferred tax liability
935
2,219
Derivative financial instruments
-
718
306,787
396,216
Total liabilities418,020
405,268
Net assets596,711
675,020
Share capital
559,684
557,219
Retained earnings
36,084
117,133
Reserve
943
668
Equity596,711
675,020
For and on behalf of the Board of Directors of Investore Property Limited, who authorised these consolidated interim financial statements for issue
on 16 November 2023:

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 20235
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2023
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Cash flows from operating activities
Gross rental received
34,106
34,724
Bank interest received
88
27
Direct property operating and corporate expenses
(11,012)
(9,875)
Interest paid
(8,511)
(7,457)
Borrowings establishment costs
(196)
(20)
Income tax paid
(2,468)
(2,524)
Net cash provided by operating activities12,007
14,875
Cash flows from investing activities
Capital expenditure on investment properties
(11,219)
(2,517)
Acquisition of investment properties
(1,106)
(32,707)
Net cash applied to investing activities(12,325)
(35,224)
Cash flows from financing activities
Drawdown of bank borrowings
12,700
35,600
Dividends paid net of dividends reinvestment
(12,051)
(14,534)
Lease liabilities payments
(40)
(43)
Share buyback
-
(1,074)
Net cash provided by financing activities609
19,949
Net increase/(decrease) in cash and cash equivalents held291
(400)
Opening cash and cash equivalents
4,802
7,229
Closing cash and cash equivalents5,093
6,829
Cash and cash equivalents comprises:
Cash at bank
4,770
6,829
Cash held for retentions
323
-
Cash and cash equivalents at balance date5,093
6,829
6Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2023
Reconciliation of loss after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Notes
$000$000
Loss after income tax attributable to shareholders(66,533)
(27,683)
(Less)/add non-cash items:
Movement in deferred tax
6.1
(1,389)
58
Net change in fair value of investment properties
82,712
42,667
Spreading of fixed rental increases
150
(12)
Capitalised lease incentives net of amortisation
39
(16)
Movement in loss allowance
1
(25)
Borrowings establishment costs amortisation
500
466
Accrued interest movement in derivative financial instruments
13
30
Net change in fair value of derivative financial instruments
2
8
15,495
15,493
(Less)/add activities reclassified (to)/from operating activities:
Movement in working capital items relating to investing activities
(1,509)
889
Movement in borrowings costs classified as operating activities
(196)
(20)
13,790
16,362
Movement in working capital:
Increase in trade and other receivables
(1,305)
(1,051)
Increase in prepayments and other current assets
(1,731)
(439)
Increase/(decrease) in trade and other payables
904
(118)
Increase in current tax liability
349
121
Net cash provided by operating activities12,007
14,875
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 20237
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Notes to the Financial Statements
For the six months ended 30 September 2023
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant judgements, estimates and assumptions9
1.5Significant events and transactions10
1.6Non-GAAP measures10
2.0Property
11
2.1Net rental income11
2.2Investment properties11
2.3Capital expenditure commitments contracted for13
2.4Investment properties classified as held for sale13
3.0Investor Returns
14
3.1Basic and diluted earnings per share (EPS)14
3.2Net tangible assets (NTA) per share14
3.3Distributable profit14
4.0Related Party Disclosures
15
5.0Capital Structure and Funding
16
5.1Borrowings16
5.2Derivative financial instruments17
5.3Net finance expense17
5.4Share capital17
6.0Other
18
6.1Income tax18
6.2Trade and other payables18
6.3Operating segments19
6.4Contingent liabilities19
6.5Subsequent events19
8Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

1.0 General Information
This section sets out Investore Property Limited’s accounting policies that relate to the unaudited consolidated interim 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 2023.
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 2023 annual consolidated financial statements.
1.3 New standards, amendments and interpretations
On 14 December 2022, the External Reporting Board issued the following standards:
•Aotearoa New Zealand Climate Standard 1 Climate-related Disclosures (NZ CS 1);
•Aotearoa New Zealand Climate Standard 2 Adoption of Aotearoa New Zealand Climate Standards (NZ CS 2); and
•Aotearoa New Zealand Climate Standard 3 General Requirements for Climate-related Disclosures (NZ CS 3).
NZ CS 1 contains the climate-related disclosure requirements for each of the four thematic areas (Governance, Strategy, Risk Management and
Metrics and Targets) and the assurance requirements for greenhouse gas emissions disclosures. NZ CS 2 provides optional adoption provisions.
NZ CS 3 contains the principles, the underlying concepts such as materiality, and the general requirements. These standards have not been early
adopted by Investore, however Investore has undertaken significant work in readiness of providing its first climate-related statement for the year
ending 31 March 2024.
In May 2023, New Zealand Accounting Standards Board released an amendment to NZ IAS 1 Presentation of Financial Statements that is effective
for the accounting period that begins on or after
1 January 2024. The amendment applies to the reporting and classification of liabilities containing
covenants. This amendment has not been early adopted by Investore and the potential impact is still being assessed.
At the date of approval of the financial statements, there were no relevant standards on issue but not applied.
1.4
 Significant judgements, estimates and assumptions
The same accounting policies and methods of computation are followed in the financial statements as compared with the most recent annual
consolidated financial statements.
In applying Investore’s accounting policies, the Board regularly evaluates significant judgements, estimates and assumptions that may have an
impact on Investore. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same
as those applied to the consolidated financial statements as at and for the year ended 31 March 2023.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 20239

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:
Bank debt refinancing
In June 2023, Investore increased its bank debt facilities by $100.0 million. These additional facilities are due to mature on 31 May 2026.
Dividend reinvestment plan (DRP)
On 28 June 2023, the Parent approved the adoption of a DRP. On 30 August 2023, the Parent approved the implementation of the DRP for the
first quarter dividend for the period 1 April 2023 to 30 June 2023, with a 2% discount applied to the volume weighted average price on all of the
Parent's shares traded on the NZX during the five trading days commencing on the ex-dividend date.
Revaluation of investment properties
Investore undertook independent valuations for the majority of the portfolio as at 30 September 2023 which resulted in a net reduction in fair value
of investment properties of $(82.7) million (30 Sep 22: $(42.7) million net reduction) (refer note 2.2).
1.6 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other expense and
income tax; and Profit before other expense 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 sets out Investore's 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 provide 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 current income 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 2023

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 23
Unaudited
6 months
30 Sep 22
$000$000
Gross rental income
Rental income
32,688
31,834
Service charge income recovered from tenants
3,760
3,871
Spreading of fixed rental increases
(150)
12
Capitalised lease incentives
88
131
Lease incentives amortisation
(117)
(108)
Total gross rental income36,269
35,740
Direct property operating expenses
Service charge expenses relating to tenants
(4,729)
(4,560)
Movement in loss allowance
(1)
25
Lease incentives amortisation
(10)
(7)
Other non-recoverable property operating expenses
(1,154)
(981)
Total direct property operating expenses(5,894)
(5,523)
Net rental income30,375
30,217
Other non-recoverable property operating expenses represent property maintenance and operating expenses not recoverable from tenants and
property leasing expenses.
2.2
 Investment properties
The movement in Investore's investment properties during the six months to 30 September 2023 is as follows:
Total
$000
Balance at 31 Mar 23 (Audited)1,070,451
Property acquisitions
3,141
Capital expenditure
10,726
Transfer to investment properties classified as held for sale
(27,081)
Spreading of fixed rental increases
(150)
Capitalised lease incentives net of amortisation
(39)
Net change in fair value
(82,712)
Balance at 30 Sep 23 (Unaudited)974,336
Comprising:
Investment properties per valuations or at cost
966,640
Lease liabilities
7,696
Balance at 30 Sep 23 (Unaudited)974,336
The investment properties, with the exception of 'Other properties', which have been valued at the 31 March 2023 valuation or at cost, were valued
either by CVAS (NZ) Limited (CVAS (NZ)), CVAS (WLG) Limited (CVAS (WLG)), Jones Lang LaSalle Limited (JLL), Savills (NZ) Limited (Savills), Bayleys
Valuations Limited (Bayleys) or CBRE Limited (CBRE) as indicated. All properties, with the exception of 2 Carr Road, Auckland, were valued using the
same valuer for the 31 March 2023 independent valuations.
The development at 6 & 21 Hakarau Road, Kaiapoi, and the property at 507 Pakuranga Road, Auckland, have been valued utilising the
residual approach, which is a method that calculates what the property is expected to be worth on completion of the works on the property
and deducting all expected costs to complete the works.
In August 2023, Investore acquired title to land adjacent to Investore's property at 507 Pakuranga Road, Auckland, from General Distributors
Limited (GDL). Investore is committed to reimburse GDL for the costs of development of a new car park and other related works on this land up to an
amount of $7.5 million (refer note 2.3), and GDL will pay improvements rental on this contribution. As at 30 September 2023, the acquired land was
valued at $2.0 million.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202311

2.0 Property (continued)
2.2 Investment properties (continued)
Unaudited
30 Sep 23
Audited
31 Mar 23
Property
Valuer$000$000
Auckland
24 Anzac RoadJLL
23,750
26,250
326 Great South RoadCVAS (NZ)
31,250
35,500
35A St Johns RoadJLL
21,750
22,500
507 Pakuranga RoadCBRE
17,500
18,300
3 Averill StreetCVAS (NZ)
32,500
36,000
Cnr Church & Selwyn StreetsBayleys
11,250
12,700
Cnr Te Irirangi Drive & Bishop Dunn PlaceBayleys
37,400
38,900
112 Stoddard RoadCVAS (NZ)
22,000
25,250
226 Great South RoadBayleys
36,300
40,300
20-26 Neville StreetBayleys
26,000
27,800
2 Carr RoadJLL
38,500
36,500
4 Carr RoadSavills
26,250
30,000
295 Penrose RoadCBRE
38,000
40,300
Waikato
66-76 Studholme Street, Morrinsville
1
-
7,000
Cnr Anglesea & Liverpool Streets, HamiltonBayleys
7,850
6,400
Cnr Bridge & Anglesea Streets, HamiltonBayleys
18,550
20,500
Cnr Hukanui & Thomas Roads, HamiltonBayleys
16,550
17,950
446 Te Rapa Road, HamiltonBayleys
33,300
36,800
Bay of Plenty
230-240 Fenton Street, RotoruaBayleys
20,750
22,750
26-48 Old Taupo Road, RotoruaBayleys
33,000
35,400
65 Chapel Street, TaurangaJLL
50,000
50,500
Wellington
45-49 Jackson StreetSavills
28,000
32,500
47 Bay RoadBayleys
13,500
14,000
91 Johnsonville RoadCVAS (WLG)
21,000
22,500
13-19 Queen Street, Upper HuttJLL
15,000
15,500
14 Russell Street, Upper HuttCVAS (NZ)
9,750
12,000
261 High Street, Lower HuttCVAS (NZ)
20,250
23,250
Cnr Hanson Street, John Street & Adelaide RoadSavills
26,000
24,500
3 Main RoadSavills
17,500
16,600
Other North Island
Cnr Butler & Kerikeri Roads, KerikeriCVAS (NZ)
18,000
21,250
53 Leach Street, New PlymouthBayleys
31,700
33,600
9 Gloucester Street, NapierCVAS (WLG)
17,500
18,750
Cnr Fernlea Avenue & Roberts Line, Palmerston NorthSavills
13,600
15,000
Cnr Tremaine Avenue & Railway Road, Palmerston NorthCBRE
29,000
30,500
Canterbury & Otago
87-97 Hilton Street, KaiapoiCVAS (NZ)
12,000
13,000
219 Colombo Street, ChristchurchBayleys
18,600
19,500
Cnr Victoria & Browne Streets, TimaruCVAS (NZ)
12,000
14,250
40-50 Ivory Street, RangioraCVAS (NZ)
15,500
18,250
Cnr Rolleston & Masefield Drives, RollestonCVAS (NZ)
19,500
23,250
24 Brighton Mall, ChristchurchSavills
7,300
7,900
309 Cumberland Street, DunedinCVAS (NZ)
22,000
24,000
Other South Island
Cnr Putaitai Street & Main Road, Nelson
1
-
11,800
51 Arthur Street, Blenheim
1
-
10,500
172-186 Tay Street, InvercargillCBRE
23,000
23,200
Development and Other
6 & 21 Hakarau Road, KaiapoiSavills
22,690
18,764
Other properties
10,800
10,170
Total966,6401,062,134
1Investment properties classified as held for sale as at 30 September 2023 (refer note 2.4).
12Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

2.0 Property (continued)
2.2 Investment properties (continued)
With regards to these investment properties (excluding properties classified as Development and Other), the valuers took into account the below
key metrics:
•occupancy (leased area as a proportion of the total net lettable area) average was 99.2% at balance date;
•average lease term (weighted average lease term) at balance date was 7.7 years;
•discount rates ranged from 5.8% to 11.5%; and
•capital expenditure works including commitments disclosed in note 2.3.
Capitalisation rates (cap rate) ranged from 5.4% to 10.5% for the investment properties valued.
Investore is conscious of the need to identify the impact of climate risk on its business and assets. The independent valuers that valued Investore’s
investment properties have considered climate risk and environmental factors and the associated impact on the value of a property. The valuers
are not climate risk experts but consider market transactional data as part of their valuation assessment and that market values may be impacted
by climate risk factors, for example, higher green rated properties or properties with sustainable features or which are less vulnerable to climate
risk potentially having higher market values than an equivalent property without such features. Accordingly, valuations can take these factors into
account as part of the overall assessment of a property's market value. Apart from the consideration of the factors above, the valuers have made no
explicit adjustment in respect of climate risks.
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the cap rate and discount rate, assuming the
cap rate or discount rate moved equally on all the properties (excluding properties classified as Development and Other and investment properties
classified as held for sale (refer note 2.4)) 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 2023 (Unaudited)
Change $000
38,936(35,934)32,035(29,962)
Change %
4(4)4(3)
As at 31 March 2023 (Audited)
Change $00047,378(43,398)38,571(35,858)
Change %5(4)4(4)
2.3 Capital expenditure commitments contracted for
As at 30 September 2023, Investore has committed to the below capital expenditure works:
•$5.3 million (31 Mar 23: $15.3 million) to complete stage 1 development at 6 & 21 Hakarau Road, Kaiapoi;
•$6.3 million (31 Mar 23: $8.0 million) towards the redevelopment and store refurbishment at 507 Pakuranga Road, Auckland, including a car
park, improved customer access and a dedicated online pick-up area. The total cost of the development is $8.3 million, including $7.5 million
that Investore has committed to reimburse GDL for the costs incurred by GDL in developing these works and Investore will receive an
associated improvements rental on the amount reimbursed to GDL. Of the total development costs, $2.0 million has been recognised as a
payable (refer note 6.2) in the consolidated statement of financial position;
•$3.0 million towards dedicated online pick-up areas at 326 Great South Road, Auckland ($1.9 million (31 Mar 23: $nil)), and
40-50 Ivory Street, Rangiora ($1.1 million (31 Mar 23: $1.1 million)); and
•$3.2 million (31 Mar 23: $3.6 million) for various other capital expenditure.
Investore has no other material capital commitments as at 30 September 2023.
2.4
 Investment properties classified as held for sale
During the current period, the Board approved disposing the three properties located at 51 Arthur Street, Blenheim; Corner Putaitai Street & Main
Road, Nelson; and 66-76 Studholme Street, Morrinsville. Upon the change in intention from holding the investment properties to disposing of them,
Investore reclassified the properties from investment properties to investment properties classified as held for sale at a value of $26.5 million. An
associated right-of-use asset of $0.6 million for the ground leases at 66-76 Studholme Street, Morrinsville ($0.1 million), and 51 Arthur Street,
Blenheim ($0.5 million), were also reclassified from investment properties to investment properties classified as held for sale.
Management has assessed the value of 66-76 Studholme Street, Morrinsville, to be $6.5 million as at 30 September 2023 after considering recent
comparable market evidence. The investment properties at 51 Arthur Street, Blenheim, and Corner Putaitai Street & Main Road, Nelson, were
independently valued as at 30 September 2023 using the same respective valuer used for the 31 March 2023 valuations.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202313

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 measure 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)
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
Loss after income tax attributable to shareholders ($000)(66,533)
(27,683)
Weighted average number of shares for purpose of basic and diluted EPS (000)
367,559
367,942
Basic and diluted EPS - weighted (cents)(18.10)
(7.52)
The movement in the weighted average number of shares in the current period reflects the 2.06 million shares issued under the DRP
(refer note 1.5).
3.2 Net tangible assets (NTA) per share
Unaudited
30 Sep 23
Audited
31 Mar 23
Unaudited
30 Sep 22
Number of shares on issue (000)
369,563
367,503367,503
Total assets ($000)
1,014,731
1,080,2881,222,324
Less total liabilities ($000)
(418,020)
(405,268)(410,271)
NTA ($000)596,711
675,020812,053
NTA per share (cents)161
184221
3.3 Distributable profit
Investore's dividend policy is to target a total cash dividend to shareholders that is between 80% to 100% of Investore's distributable profit.
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Loss before income tax(65,105)
(24,979)
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
82,712
42,667
Reversal of lease liabilities movement in net change in fair value of investment properties
(40)
(43)
Net change in fair value of derivative financial instruments
2
8
Spreading of fixed rental increases
150
(12)
Capitalised lease incentives net of amortisation
39
(16)
Borrowings establishment costs amortisation
500
466
Distributable profit before current income tax18,258
18,091
Current income tax(2,817)
(2,646)
Adjusted for:
Tax expense on capitalised interest
(93)
-
Distributable profit after current income tax15,348
15,445
Adjustments to funds from operations
Maintenance capital expenditure
(854)
(815)
Incentives and associated landlord works
(31)
(20)
Adjusted Funds From Operations (AFFO)14,463
14,610
Weighted average number of shares for purpose of basic and diluted distributable profit per share (000)
367,559
367,942
Basic and diluted distributable profit after current income tax per share - weighted (cents)4.18
4.20
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.93
3.97
14Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

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 23
Unaudited
6 months
30 Sep 22
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(2,765)
(3,087)
Building management fee expense
(220)
(220)
Accounting fee expense
(125)
(125)
Leasing fee expense
(64)
(19)
Project management fee expense
(410)
(111)
Other fee expenses
(139)
(89)
Total(3,723)
(3,651)
SPL
Dividends paid net of DRP
(2,258)
(2,733)
Unaudited
30 Sep 23
Audited
31 Mar 23
The following balance was payable to a related party$000
$000
SIML
(290)
(258)
Other fee expenses include maintenance, sustainability and share buyback fees related to the share buyback programme that ended in May 2023
(30 Sep 22: maintenance and sustainability fees).
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services. Investore does not have any
employees, and accordingly, there are no senior managers of Investore who have a relevant interest in the shares of Investore.
SIML did not receive a performance fee for the six months ended 30 September 2023 (30 Sep 22: $nil). The carried forward return for the
performance fee calculation for the quarter ending 31 December 2023 is a 47.9% deficit (31 Mar 23: carried forward return for the quarter ended
30 June 2023 44.6% deficit) which has been calculated in accordance with the management agreement.
As at 30 September 2023, 0.4 million ($0.5 million) shares were issued to SPL under the DRP. SPL's shareholding in the Parent is 18.8%, being
69.6 million shares (31 Mar 23: 18.8%, being 69.2 million shares).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202315

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 23
Audited
31 Mar 23
$000$000
Current
Fixed rate bonds
100,000-
Unamortised borrowings establishment costs
(167)-
Total current99,833-
Non-current
Bank facility drawn down
50,300
37,600
Fixed rate bonds
250,000
350,000
Unamortised borrowings establishment costs
(2,092)
(2,563)
Total non-current298,208
385,037
Total net borrowings398,041
385,037
Weighted average cost of debt (inclusive of interest rate derivatives, bonds, bank margins and line fees) at
balance date
4.34%
4.01%
Total
amount
Undrawn
facility
Drawn
amount
Fair
value
30 Sep 23 (Unaudited)Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A30 Nov 2025Floating
70,00059,70010,30010,300
Bank Facility D16 Apr 2025Floating
50,00050,000--
Bank Facility F31 May 2026Floating
40,000-40,00040,000
Bank Facility G31 May 2026Floating
65,00065,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%
100,000-100,00098,454
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000103,193
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000111,646
575,000174,700400,300363,593
31 Mar 23 (Audited)
Bank Facility A30 Nov 2025Floating70,00037,40032,60032,600
Bank Facility D16 Apr 2025Floating50,00045,0005,0005,000
Bank Facility F30 Nov 2025Floating5,0005,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%100,000-100,00097,709
Bonds IPL02031 Aug 202031 Aug 20272.40%125,000-125,000106,155
Bonds IPL03025 Feb 202225 Feb 20274.00%125,000-125,000114,731
475,00087,400387,600356,195
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.
During the current period, Investore's banks have provided an additional $100.0 million of bank facilities to provide liquidity for the IPL010 fixed rate
bonds which are due to mature in April 2024.
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. 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.
16
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Interest rate derivative contracts - fixed rate payer start dates commenced
30,000
30,000
Interest rate derivative contracts - fixed rate receiver
25,000
25,000
Total notional principal value of interest rate derivative contracts55,000
55,000
Interest rate derivative assets - non-current
1,663
1,478
Interest rate derivative liabilities - current
(537)
-
Interest rate derivative liabilities - non-current
-
(718)
Fair value of interest rate derivative contracts1,126
760
Fixed interest rates payer
2.84%
2.84%
Fixed interest rate receiver
4.40%
4.40%
Weighted average fixed interest rate (excluding margins)
2.00%
2.00%
Percentage of drawn debt fixed
89%
92%
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
a $25 million fixed rate receiver interest rate swap. On 21 March 2018, Investore entered into a $25 million 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 23: 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 23: Level 2). Judgement is involved in determining the fair value by the independent treasury
advisers. The fair values 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 2023 of between 5.74%, for the 90-day BKBM, and 5.17%, for the 10-year swap rate
(31 Mar 23: 5.23% and 4.30%, respectively). There were no changes to these valuation techniques during the reporting period.
5.3
 Net finance expense
Unaudited
6 months
30 Sep 23
Unaudited
6 months
30 Sep 22
$000$000
Finance income
Bank interest income
88
27
Total finance income88
27
Finance expense
Bank borrowings interest
(2,570)
(1,210)
Bank borrowings interest capitalised
331
-
Fixed rate bonds interest
(6,184)
(6,194)
Lease liabilities interest
(283)
(532)
Total finance expense(8,706)
(7,936)
Net finance expense(8,618)
(7,909)
During the current period, $0.3 million (30 Sep 22: $nil) of bank borrowings interest expense was capitalised using an average rate of 3.94%.
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 369,563,189 shares on issue as at 30 September 2023 (31 Mar 23: 367,502,635).
In September 2023, 2.06 million ordinary shares were issued in accordance with the DRP (refer note 1.5).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 202317

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 23
Unaudited
6 months
30 Sep 22
Income tax$000$000
Current tax expense
(2,817)
(2,646)
Deferred tax benefit/(expense)
1,389
(58)
Income tax expense per the consolidated statement of comprehensive income(1,428)
(2,704)
Loss before income tax(65,105)
(24,979)
Prima facie income tax using the company tax rate of 28%18,229
6,994
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(23,159)
(11,947)
Reversal of lease liabilities movement in investment properties
11
12
Movement in fair value of derivative financial instruments
(1)
(2)
Non-taxable income
(50)
29
Other permanent differences
44
-
Depreciation
2,038
2,180
Non-deductible expenses
(17)
123
Expenditure deductible for tax
93
-
Temporary differences
(5)
(21)
Prior year adjustment
-
(14)
Current tax expense(2,817)
(2,646)
Investment properties depreciation
1,386
94
Other
3
(152)
Deferred tax credited/(charged) to profit or loss1,389
(58)
Income tax expense per the consolidated statement of comprehensive income(1,428)
(2,704)
6.2 Trade and other payables
Unaudited
30 Sep 23
Audited
31 Mar 23
$000$000
Unsecured liabilities
Trade payables
372
491
Related party payables (refer note 4.0)
290
258
Development and capital expenditure payables and accruals
4,281
3,121
Retention accruals
323
160
Interest expense accruals
1,628
1,709
Other accruals and payables
2,365
2,616
9,259
8,355
Development and capital expenditure payables and accruals include $2.0 million commitment to GDL (refer note 2.3).
Other accruals and payables include Goods and Services Tax, tenant deposits, direct property operating expense accruals and other corporate
expense accruals.
18
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

6.0 Other (continued)
6.3 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, GDL, contributes 64% of Investore’s portfolio
contract rental as at 30 September 2023 (30 Sep 22: 63%).
6.4 Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 23: $nil).
6.5 Subsequent events
On 16 November 2023, the Parent declared a cash dividend for the period 1 July 2023 to 30 September 2023 of 1.975 cents per share, to be
paid on 12 December 2023 to all shareholders on the Parent’s register at the close of business on 24 November 2023. This dividend will carry
imputation credits of 0.370516 cents per share. This dividend has not been recognised in the financial statements.
On 16 November 2023, the Parent resolved that the DRP will operate for the second quarter dividend for the period 1 July 2023 to
30 September 2023, with a 2% discount being applied when determining the issue price. The last date for receipt of an application for participation
in the DRP in respect of this dividend is 5pm on 27 November 2023.
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 202319

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 controlled entities (the Group),
which comprise the consolidated statement of financial position as at 30 September 2023, 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 the 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 2023, 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 assurance services for the Group over operating expense statements. The provision of these other services has not
impaired our independence.
Responsibilities of 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 responsibilities 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 and International Standards on Auditing (New Zealand) 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
Auckland
16 November 2023
20Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2023

Corporate Directory
Corporate Directory
Board of Directors
Mike Allen (Chair)
Gráinne Troute
Adrian Walker
Tim Storey (SIML-appointed Director)
Ross Buckley (SIML-appointed Director)
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
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, Auckland 1010
Private Bag 92162, Auckland 1142
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 202321

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

---

Interim Results
Presentation
For the six months ended 30 September 2023
16 November 2023

Financial overview
04
Key metrics
05
Portfolio
06
Sustainability
13
Financial performance
14
Capital management
18
Looking ahead
21
Appendices
23
2
Contents
Investore Property Limited | HY24 Interim Results Presentation
Bay Central Shopping Centre, Tauranga

3Investore Property Limited | HY24 Interim Results Presentation
Resilience
in operating
earnings
Proactive
leasing to
support
portfolio value
Effective
capital
management

Financial overview
Investore Property Limited | HY24 Interim Results Presentation
4
Profit before other expense
and income tax
$17.6m
consistentwith HY23 at $17.7m
Distributable profit
1
after
current income tax
$15.3m
consistentwith HY23 at $15.4m
Loss after income tax
$(66.5)m
due to a net reduction in fair value of
investment properties of $(82.7)m, down
from HY23 $(27.7)mloss after income tax
Distributable profit per share
4.18 cents
consistentwith HY23 at 4.20cps
1.Distributable profit is a non-GAAP measure and consists of loss 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 before income tax, is set out in note 3.3 to the consolidated interim financial statements.
4

1.As at 30 September 2023. Portfolio value excludes lease liabilities.
2.Metrics refer to the stabilised portfolio, which excludes properties classified as “Development and Other” in note 2.2 and properties classified as assets held for sale in note 2.4 to the consolidated interim financial statements.
3.Loan to Value Ratio (LVR) is calculated based on independent valuations. The independent valuationsexclude lease liabilities.
4.Weighted by Moving Annual Turnover (MAT). MAT is determined by calculating the net sales over the 12-month period ending on the relevant reporting date.
5.Investore’sdividend reinvestment plan, announced on 28 June 2023.
Portfolio metrics
5
Capital management
4.3%
Weighted average
cost of debt
as at 30 Sep 23
$100m
Additional bank facilities
to cover bond maturity
in Apr 24
Investore Property Limited | HY24 Interim Results Presentation
40.3%
3
Loan to Value Ratio
as at 30 Sep 23
$2.5m
FY24 Q1 dividends
reinvested through
DRP
5
$1.0bn
Portfolio valuation
1
down (7.8)% or $(82.7)m for the
6 months ended 30 Sep 23
99.2%
Portfolio occupancy
(by area)
2
as at 30 Sep 23
6.24%
Average portfolio
capitalisationrate
2
up 56bp for the 6 months ended 30 Sep 23
7.7 years
Weighted average lease
term (WALT)
2
as at 30 Sep 23
34%
Countdown stores over
turnover threshold
2,4
as at 30 Sep 23
6.35%
Initial yield
2
as at 30 Sep 23

Portfolio
6
Investore Property Limited| HY24 Interim Results Presentation
226 Great South Road, Takanini, Auckland

Active portfolio management
Investment portfolio metrics
1
As at
30 Sep 23
As at
31 Mar 23
Investment portfolio value

($m)9331,033
Number of properties4144
Number of tenants140143
Net lettable area (NLA) (sqm)242,387249,906
Net Contract Rental
2
($m)59.361.8
WALT (years)7.78.1
Market capitalisation rate (%)6.245.70
Initial yield (%)6.355.98
Occupancy rate by area (%)99.299.5
3
Total site area (sqm)602,242611,077
Average site coverage (%)4041
Net rent ($/sqm)247247
•29 rent reviews completed over 27,000sqm resulting in a
3.2% increase on prior rentals
•23 of the rent reviews completed were structured reviews
i.e. CPI or fixed. The CPI rent reviews completed resulted in
a 7.1% uplift on prior rentals
•Average property market capitalisation rate
1
softened by
56bps to 6.24%, contributing to a net reduction in fair value
of $(82.7)m or (7.8)% over the six months ended 30 Sep 23
•Including Countdown Hamilton (Anglesea) lease extension
agreed post balance date, renewals completed represent
77% of all FY24 expiries by Contract Rental
2
•A renewal of one of the two ground leases at Countdown
Hamilton (Anglesea) has been agreed in principle for a
21 year term. The next ground lease expiry at this property is
2041
1.See footnote 2 on page 5.
2.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 leases, annualisedfor the 12-month period on the basis of the occupancy level of the
relevant property, and assuming no default by the tenant. Contract Rental excludes properties classified as “Development and Other” in note 2.2 and properties classified as assets held for sale in note 2.4 to the consolidated interim financial
statements.
3.Vacant tenancies with current or pending development works are excluded from occupancy statistics. At 31 March 2023, figures excluded 2,947sqm at Bay Central Shopping Centre, Tauranga.
7
Investore Property Limited | HY24 Interim Results Presentation

Portfolio optimisation
8
Investore benefits from owning 35 Countdown supermarkets, resulting in a
strong relationship which fosters collaboration across the portfolio
Investore Property Limited | HY24 Interim Results Presentation
Investore has agreed to fund online expansion works at
Countdown Greenlane, including a new online extension
and eight drive-through pick up bays
•Investorewill provide a $1.9m capital
contribution towards the works at a 7.5% per
annum yield on cost which will go to base rent
•In connection with this contribution, an
agreement has also been reached to extend the
lease at Countdown Hamilton (Anglesea) for
6 years, with a further 6 year right of renewal
•Valuation of Countdown Hamilton (Anglesea)
increased by +$1.45m / +23% following this
renewal
This transaction illustrates how Investore can work with
its tenants to deliver mutually beneficial outcomes across
its portfolio
Countdown Greenlane, Auckland

Woolworths Hakarau Road, Kaiapoi
9Investore Property Limited | HY24 Interim Results Presentation
Investoreis developing a new Woolworths
supermarket on this site, due to open in Dec 23
Upon completion the supermarket will have a
12 year lease and will generate a yield on cost of
5.5%, with the total cost of the project being circa
$27.2m (incl. land)
Key sustainability features include:
•Targeting a 5 Green Star rating
•Building designed to reduce water
consumption and minimiseenergy use, with
energy-efficientrefrigeration and lighting
systems
•Low carbon concrete and low embodied
carbon materials used where appropriate
•Solar panels and EV chargers being installed
Woolworths HakarauRoad, Kaiapoi

0.7%
3.3%
4.6%
2.9%
4.4%
7.2%
1.5%
15.6%
6.1%
0.2%
18.7%
6.0%
28.7%
VacantFY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Long dated lease expiry profile
Lease Expiry Profile
2
by Contract Rental
1
As at 30 Sep 23
Long portfolio WALT of 7.7 years, with
75% of Contract Rental
1
expiring in
FY30 or beyond
FY24
3.3% Contract Rental expiring:
•Countdown Hamilton (Anglesea) (2.3%) lease
agreed to be extended by 6 years with expiry
now in FY30
•Other expiries total 1.0% across 10 tenancies
FY25
4.6% Contract Rental expiring:
•Countdown leased properties in Upper Hutt
(1.2%) and Onehunga (1.0%)
•Other expiries total 2.3% across 15 tenancies
FY26
2.9% Contract Rental expiring across 19 tenancies
Vacant
0.7% Contract Rental vacant:
•Mt Wellington Shopping Centre (0.5%) under
advanced discussions
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 leases, annualised for the 12-month period on the basis of the occupancy level of the relevant
property, and assuming no default by the tenant. Metrics include properties classified as “Development and Other” in note 2.2 and properties classified as assets held for sale in note 2.4 to the consolidated interim financial statements.
2.Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for the entire portfolio as at 30 September 2023 as a percentage of Contract Rental.
10
Investore Property Limited | HY24 Interim Results Presentation
WALT
7.7 years
Post Countdown
Hamilton
extension:
17.9%
Post Countdown
Hamilton
extension:
1.0%
Note: Numbers may not sum due to rounding.

Everyday Needs,
69%
Hardware,
17%
General
Merchandise /
Retail, 9%
Food &
Beverage /
Other, 4%
Health &
Wellbeing, 1%
Everyday
Needs
Countdown, New World, PAK’nSAVE, Animates
Hardware
Bunnings, Mitre10 MEGA, Resene
General Merchandise /
Retail
Briscoes, Rebel Sport, Kitchen Things,
Hunting and Fishing, Lighting Direct, Freedom Furniture
Food &
Beverage / Other
McDonald’s, Burger Fuel, Columbus Coffee,
Pizza Hut, Domino’s Pizza, Super Liquor, Noodle Canteen
Health & Wellbeing
UnichemPharmacy, Snap Fitness, Mercy Radiology
11
Key tenants meeting daily needs
Investore'sportfolio consists of quality, well-located large format retail properties with tenants that attract regular visitation,
including supermarkets, hardware stores, general merchandise and health & wellbeing, enhancing the portfolio's resilience
Investore Property Limited | HY24 Interim Results Presentation
1.See footnote 2 on page 7.
Animates Invercargill
Portfolio Tenant
Classification by
Contract Rental
1

12
81% of Investore’sContract Rental
1
is earned from properties located in New Zealand’s main centres
2
.
Anchor tenants represent 87% of Investore’s Contract Rental
Geographic diversification by Contract Rental
1
Anchor tenant classification by Contract Rental
1
Properties in main centresunderpin income
Investore Property Limited | HY24 Interim Results Presentation
Note: Numbers may not sum due to rounding.
1.See footnote 2 on page 7.
2.Main centresconsist of Auckland, Hamilton, Tauranga, Wellington, Christchurch and Dunedin.
North Island
South Island
37%
18%
11%
11%
9%
11%
2%
86%
14%
AucklandWellingtonBay of PlentyOther North Island
WaikatoCanterbury & OtagoOther South Island
3%
3%
5%
13%
62%
Briscoes Group
Mitre 10
Foodstuffs
Bunnings
Countdown

Sustainability
13
Sustainability remains a focus for Investore, with a commitment to ensure new developments are green
rated, while also looking to reduce the environmental impact of its existing portfolio
Investore Property Limited | HY24 Interim Results Presentation
Investore has very low scope 1 and 2 emissions (for
FY23, 51.3 tCO2-e), primarily from air conditioning
systems and electricity for lighting. Refrigerants from air
conditioning have been assessed and planning is
underway to replace harmful refrigerants
Investore completes an annual Global Real Estate
Sustainability Benchmark (GRESB) assessment; FY23
score increased from 51% to 63%,a positive outcome
given Investore’sportfolio with many single-tenanted,
existing properties
16 properties owned by Investore achieved a Green Star
Performance rating in FY23; we continue to monitor the
performance of these properties and explore options for
more green ratings across the portfolio
New Woolworths supermarket under development at
HakarauRoad, Kaiapoi, targeting a 5 Green Star rating,
and incorporating a number of sustainability initiatives

Financial performance
14
Investore Property Limited| HY24 Interim Results Presentation
Mt Wellington Shopping Centre, Auckland

Financial performance
30 Sep 23
$m
30 Sep 22
$m
Change
$m%
Net rental income30.430.2+0.2+0.5
Corporate expenses(4.1)(4.6)+0.5+10.1
Profit before net finance expense, other expense and income tax26.225.6+0.6+2.4
Net finance expense(8.6)(7.9)(0.7)(9.0)
Profit before other expense and income tax17.617.7(0.1)(0.5)
Other expense
1
(82.7)(42.7)(40.0)(93.8)
Loss before income tax(65.1)(25.0)(40.1)(160.6)
Income tax expense(1.4)(2.7)+1.3+47.2
Loss after income tax attributable to shareholders(66.5)(27.7)(38.9)(140.3)
1.Other expense includes net reduction 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.
15
Investore Property Limited| HY24 Interim Results Presentation

30 Sep 23
$m
30 Sep 22
$m
Change
$m%
Loss before income tax(65.1)(25.0)(40.1)(160.6)
Non-recurring, and/or non-cash items, and other adjustments:
- Net change in fair value of investment properties82.742.7+40.0+93.9
- Borrowings establishment cost amortisation0.50.5+0.0+7.3
- Other0.2(0.1)+0.2+339.7
Distributable profit before current income tax18.318.1+0.2+0.9
Current income tax(2.9)(2.6)(0.3)(10.0)
Distributable profit after current income tax15.315.4(0.1)(0.6)
Adjustments to funds from operations:
- Maintenance capital expenditure(0.9)(0.8)(0.1)(6.0)
Adjusted Funds From Operations (AFFO)
2
14.514.6(0.1)(1.0)
Weighted average number of shares (millions)367.6367.9
Basic and diluted distributable profit after current income tax per share -
weighted (cents)
4.18cps4.20cps
AFFO basic and diluted distributable profit after current income tax per share -
weighted (cents)
3.93cps3.97cps
Distributable profit
1
1.Distributable profit – see 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.
16
Investore Property Limited| HY24 Interim Results Presentation

Financial summary
1.See footnote 3 on page 5.
2.Excludes the after tax fair value of interest rate derivatives.
As at
30 Sep 23
As at
31 Mar 23Change
Investment property value ($m)993.11,062.1(69.0)
Drawn debt ($m)(400.3)(387.6)+12.7
Loan to Value Ratio (LVR)
1
40.3%36.5%+3.8%
Equity ($m)596.7675.0(78.3)
Shares on issue (millions)369.6367.52.1
Net Tangible Assets (NTA) per share$1.61$1.84($0.23)
Adjusted NTA
2
per share$1.61$1.84($0.23)
17
Investore Property Limited| HY24 Interim Results Presentation

Capital management
18
Investore Property Limited | HY24 Interim Results Presentation
PAK’nSAVENew Plymouth

$100m
$120m
$125m
$105m
$125m
FY24FY25FY26FY27FY28
Debt maturity profile as at 30 Sep 23
Bank FacilitiesRetail Bonds
Proactive capital management
1.See footnote 3 on page 5.
2.Commitments include: (1) the development of Woolworths HakarauRoad, Kaiapoi; (2) other capital
expenditure commitments; (3) reduced borrowing due to Investore’s revised FY24 dividend guidance (refer
page 22); and (4) reduced borrowing due to the retained income from Investore’s dividend reinvestment
plan which is assumed to continue for the balance of the distributions related to FY24 with participation at
the same rate as the FY24 Q1 dividend.
•$100m bank facilities added to provide liquidity for upcoming maturity
of IPL010 bond in Apr 24; no bank debt maturing until FY26
•Dividend reinvestment plan commenced; 35% participation in FY24
Q1 dividend, resulting in $2.5m reinvested to manage leverage
•40.3% LVR
1
as at 30 Sep23, or 40.6% on a committed basis
2
Debt facilities
As at
30 Sep 23
As at
31 Mar 23
Debt facilities limit
(ANZ, CCB, ICBC, Westpac),
including $350m bonds
$575m$475m
Debt facilities drawn$400m$388m
Weighted average maturity of debt
facilities
2.6 years3.0 years
Debt covenants
LVR
1
(Drawn Debt / Property Values)
Covenant: ≤ 52.5%
40.3%36.5%
Interest Cover Ratio
(EBIT / Interest and Financing Costs)
Covenant: ≥ 1.75x
3.0x3.2x
19
Investore Property Limited | HY24 Interim Results Presentation
$100m bank facilities added,
providing liquidity for IPL010
bond maturity in FY25

Hedging and cost of debt
•As at 30 Sep 23, 89% of drawn debt is hedged or subject to a
fixed interest rate
•Investorecontinues to benefit from high levels of fixed rate
debt at below prevailing market rates
•While the OCR increased by 75bps over HY24, Investore’s
weighted average cost of debt increased by just 33bps over
the same period, as a result of fixed rate exposure
Cost of debt
As at
30 Sep 23
As at
31 Mar 23
Weighted average cost of debt
(incl. current interest rate
derivatives, bonds and bank
margins, and line fees)
4.34%4.01%
Weighted average fixed
interest rate (excl. margins)
2.00%2.00%
Weighted average fixed
interest rate maturity (incl.
bonds, active and forward
starting swaps)
2.8 years3.3 years
% of drawn debt fixed89%92%
20
Investore Property Limited | HY24 Interim Results Presentation
$355m
$280m
$250m $250m
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 23Sep 24Sep 25Sep 26
Fixed rate interest profile as at 30 Sep 23
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)

Looking ahead
21
Investore Property Limited | HY24 Interim Results Presentation
Mitre10 MEGA Botany, Auckland

•Underlying portfolio metrics remain resilient, with a defensive
rental income stream from non-discretionary, everyday needs
retail tenants
•However, elevated inflation levels and higher interest rates
continue to impact investment conditions and investor activity
levels, leading to higher property capitalisationrates and lower
valuations
•Proposed change to tax deductibility of depreciation on
commercial buildings poses further headwinds to after tax
earnings in future years
•Investore is continuing to monitor and manage its leverage over
the near term through prudent and proactive capital
management initiatives, including:
oAn asset sales programme of $25m-$50m of non-core
assets, provided appropriate value can be realised
oContinued operation of the dividend reinvestment plan
oRevised dividend policy and dividend guidance
Looking ahead
Investore Property Limited | HY24 Interim Results Presentation
Revised dividend policy and dividend guidance
•The Board has determined to revise its dividend
policy to pay out between 80%-100% of
distributable profit (previously 90%-100%),
balancing income returns for investors while retaining
additional capital to improve balance sheet resilience
•Investore today declares a cash dividendfor Q2 of
FY24 of 1.975cps, consistent with its first quarter
cash dividend. The dividend will be payable on
12 Dec 23, and the dividend reinvestment plan will
apply to this dividend
•Based on the new dividend policy, the Board revises
FY24 full year cash dividend guidance from 7.90cps
to 7.20cps. Distributable profit per share for FY24 is
expected to be at least 7.90cps
•The revised FY24 dividend guidance will be reflected
in the Q3 and Q4 dividends which will transition to a
cash dividend of 1.625cps per quarter, representing
6.50cpson an annualisedbasis
•The 6.50cps annualised cash dividend level is
expected to be sustainable into FY25 and reflect a
payout near the midpoint of the revised dividend
policy range
1
1.Assuming proposed changes to tax depreciation come into effect for FY25.
22

Appendices
23
Investore Property Limited | HY24 Annual Results Presentation
Bunnings TeRapa, Hamilton

Appendix A
24
Investore Property Limited | HY24 Interim Results Presentation
Values in the tables 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.
$1.84
$1.61
$0.05
($0.23)
($0.01)
($0.04)
$0.01
As at
31 Mar 23
Profit before other
expense and income
tax
Net change in fair
value of investment
property
Income tax expenseDividends paidDividend reinvestment
plan
As at
30 Sep 23
Net Tangible Assets per share
$17.7m
$17.6m
$0.6m
($0.4m)
($0.7m)
$0.3m
$0.1m
30 Sep 22Net rental
increase from
existing portfolio
Net rental
decrease from IFRS
adjustments
Higher net finance
expense
Lower management
fee expense
Lower administration
expense
30 Sep 23
Profit before other expense and income tax

25
Investore Property Limited | HY24 Interim Results Presentation
Appendix B
$61.9m
$61.7m
($0.4m)
$0.1m
$0.3m
As at
31 Mar 23
Additional turnover rentRent reviewsOtherAs at
30 Sep 23
Net Contract Rental
1
$1,062.1m
$993.1m
($82.7m)
$10.7m
$3.1m
($0.2m)
As at
31 Mar 23
Net change in fair valueCapital expenditureAcquisitionsSpreading of fixed rental
increases
As at
30 Sep 23
Investment Properties (excl. lease liabilities)
2
1.See footnote 1 page 10.
2.Metrics include properties classified as “Development and Other” in note 2.2 and properties classified as assets held for sale in note 2.4 to the consolidated interim financial statements.
Values in the tables 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.

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 2023.
Please refer to Investore’s consolidated interim financial statements for the six months ended
30 September 2023 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
W investoreproperty.co.nz
Thank you

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 13 November 2023


Results for announcement to the market
Name of issuer Investore Property Limited (NS)
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$30,375 0.52%
Total Revenue $30,375 0.52%
Net profit/(loss) from
continuing operations
$(66,533) (140.34%)
Total net profit/(loss) $(66,533) (140.34%)
Interim Dividend
Amount per Quoted Equity
Security
$0.01975000
Imputed amount per Quoted
Equity Security
$0.00370516
Record Date 24 November 2023
Dividend Payment Date 12 December 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.61 $2.21
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Consolidated Interim Financial
Statements and Interim Results Presentation for the six months
ended 30 September 2023.
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 2023

Unaudited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at June 2023



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

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 X
Record date 24/11/2023
Ex-Date (one business day before the
Record Date)
23/11/2023
Payment date (and allotment date for
DRP)
12/12/2023
Total monies associated with the
distribution
1

$7,298,873
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.02345516
Gross taxable amount
3
$ 0.01323271
Total cash distribution
4
$ 0.01975000
Excluded amount (applicable to listed
PIEs)
$ 0.01022245
Supplementary distribution amount $ 0.00168133


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.

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%
Imputation tax credits per financial
product
$ 0.00370516
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
23/11/2023 29/11/2023
Date strike price to be announced (if
not available at this time)
30/11/2023
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
To be determined and announced on 30/11/2023
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
27/11/2023
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

16/11/2023






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.