FY24 Sustainability Report and Climate-Related Disclosures

IMMEDIATE – 28 May 2024

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FY24 Sustainability Report and
Climate-Related Disclosures

2 Overview
3 Letter from the Board
4 About Investore
8 Investore’s Sustainability Strategy
9 Protect the Planet
14 Contribute to a Resilient Community
16 Develop Shared Prosperity
19 Climate-Related Disclosures
22 Governance
24 Strategy
44 Risk Management
46 Metrics and Targets
53 Appendix – Narrative Descriptions of Climate Scenarios
60 Greenhouse Gas Inventory Report
This document comprises the FY24 Sustainability Report
and Climate-Related Disclosures for Investore Property
Limited (Investore). Investore has been designated as a
“Non-Standard” (NS) issuer by NZX. For more information
see the FY24 Annual Report for Investore, which is
available at www.investoreproperty.co.nz
Contents
Investore Property LimitedSustainability Report 20241

Overview
Investore considers that it
has very low scope 1 and 2
emissions due to the nature of its
business, and is taking steps to
actively reduce those emissions
where possible
Investore seeks to develop
sustainable buildings, targeting
5 Green Star ratings for new
developments
Investore seeks to contribute to
its community in a meaningful
way, and aligns its activities
where appropriate with those
of its Manager, SIML
1
25 tCO2e scope 1 and 2
emissions for FY24
Refrigerant upgrade plan
established to transition to
low global warming potential
refrigerants, expected to reduce
emissions from refrigerants
New 5 Green Star Design rated
supermarket at Waimakariri
Junction completed during FY24
82% of waste by weight
diverted from landfill during
construction of Woolworths
Waimakariri Junction
During FY24 Investore
supported the Graeme Dingle
Foundation. Every dollar invested
in the Foundation yields a
$10.50 return to New Zealand’s
economy
2

1. Investore is managed by Stride Investment Management Limited (SIML), part of the NZX listed Stride Property Group.
2. According to a report prepared by Infometrics for the Graeme Dingle Foundation on “Updating the contribution of the Foundation’s work to the New Zealand economy” dated February 2024.
Sustainability Report 20242Investore Property Limited

Letter from the Board
Dear Investors,
Investore Property Limited (Investore) is pleased
to present its sustainability report for the year ended
31 March 2024 (FY24). This report includes
Investore’s first mandatory climate statement and
follows our first sustainability report and greenhouse
gas inventory report for the year ended 31 March
2023 (FY23).
Investore’s business model is focussed on owning a portfolio of
large format retail property for the long term, and outsourcing the
management of its portfolio and business operations to Stride
Investment Management Limited (SIML), Investore’s Manager.
During FY24 we have built on the work completed during
FY23, where we produced our first greenhouse gas
inventory report. That report enabled us to better understand
what drives our greenhouse gas emissions, so that we
can prepare a plan to minimise those emissions. Due to
the nature of Investore’s business, Investore considers
that it has very low scope 1 and 2 emissions, which are
primarily from carpark lighting for Investore’s properties
and fugitive emissions from air conditioning units.
We are beginning our transition to a lower carbon future with
our air conditioning emissions, which account for around half
of our scope 1 and 2 emissions. During FY24 we established
a plan to replace all air conditioning units which use R22
refrigerant, which has a high global warming potential. We
have commenced the process of replacing these units, and
plan to replace the majority over the next two financial years.
As a commercial property landlord, some of our largest
emissions are from tenant electricity and gas, which are scope
3 emissions for Investore. We understand that our greatest
impact in assisting the transition to a low carbon future is
through working with and influencing our tenants to reduce
their emissions. During FY24 we completed a feasibility
assessment related to the installation of solar panels on a
standalone supermarket. This work demonstrated that while
the installation is financially feasible, it will require collaboration
between Investore as building owner and the tenant, who
utilises the energy generated by the solar panels. As our next
step we plan to engage with our major tenants during FY25
to seek to implement arrangements that will support the
installation of solar panels on our properties where suitable.
Investore is also conscious of ensuring that when we construct
new buildings, they are sustainable and efficient. Investore has a
policy of targeting a 5 Green Star rating for new developments.
The newly constructed Woolworths Waimakariri Junction,
developed in collaboration with Woolworths New Zealand,
is an example of this. This building, which has achieved a
5 Green Star Design rating and is targeting a 5 Green Star
As Built rating, has a number of sustainability initiatives
incorporated into the design, including solar panels for on-
site renewable electricity generation, utilisation of low carbon
concrete and low embodied carbon materials, LED lighting,
energy efficient refrigeration systems, and recycling of heat
generated from store fridges to regulate the overall store
temperature. We are pleased to have partnered with Woolworths
New Zealand to deliver this sustainable new addition to the
Investore portfolio, a building that delivers for Investore and
Woolworths, and at the same time benefits the environment.
This report includes our first mandatory reporting on
the climate-related risks and opportunities faced by
Investore. The Board appreciates that we will need to keep
building on our climate-related work in the coming years,
particularly to ensure that our understanding of climate-
related risk remains appropriate and current, and that we
have fully integrated a consideration of climate scenarios
and climate-related risks into our strategic planning.
On behalf of the Board of Investore, thank you for your
support of our company, and we look forward to continuing
to progress our sustainability practices in the coming years.
Mike Allen
Chair of the Board
Independent Director
Sustainability Report 20243Investore Property Limited

About Investore
Investore owns a portfolio of
large format retail properties
located across New Zealand,
from standalone supermarkets to
large format retail centres, with a
high concentration of nationally
recognised brands and tenants
that provide ‘everyday needs’.
Key portfolio metrics
1
45 properties
144 tenants
7.4 years
weighted average lease term
99.1%
portfolio occupancy by area, rising
to 99.4% including leases agreed
post balance date
1. Metrics are as at 31 March 2024 and relate to Investore’s portfolio excluding
properties categorised as ‘Development and Other’ in note 2.2 to Investore’s FY24
consolidated financial statements.
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 lease as at the
relevant date, annualised for the 12-month period on the basis of the occupancy level
for the relevant property as at the relevant date, and assuming no default by the tenant.
78%
of leases by Contract Rental
2

expiring in FY30 and beyond
43%
of properties by portfolio value
have green ratings (Green Star
Performance or Green Star Design)
Sustainability Report 20244Investore Property Limited

Investore’s Strategy
1. See footnote 2 on page 4.
Portfolio Tenant Classification
by Contract Rental
1

as at 31 March 2024
Investore’s strategy is to invest in quality,
well-located large format retail properties
throughout New Zealand, and actively
manage shareholders’ capital, to maximise
distributions and total returns to shareholders
over the medium to long term. Investore
is listed on the NZX and is managed by
SIML, which is part of the NZX listed Stride
Property Group (Stride). Investore has no
employees of its own.
Investore’s portfolio ranges from standalone
supermarkets to large format retail centres,
with a high concentration of nationally
recognised brands and tenants that provide
“everyday needs”. This focus on everyday
needs means Investore’s tenants tend to
be resilient over the economic cycle, due to
their products comprising non-discretionary
categories of expenditure for consumers.
Investore’s tenants include nationally
recognised brands such as Woolworths,
New World, Pak’nSave, Bunnings, Mitre 10,
Rebel Sport, Briscoes, Hunting & Fishing,
Freedom Furniture, McDonald’s, Baby City,
Resene, and Animates.
Benefits of Large Format
Retail Property:
Lower total occupancy costs
for tenants compared with
other forms of retail in New
Zealand
A high concentration of
tenants focussed on ‘everyday
needs’ means demand for
tenants’ goods and services
tends to be resilient despite
challenging macroeconomic
factors
Anchor tenants draw
customers to sites on a regular
basis, driving visitation for
associated specialty tenants
Hardware
16%
Everyday Needs
71%
Food & Beverage
/ Other 4%
General
Merchandise
/ Retail 8%
Health &
Wellbeing 1%
Sustainability Report 20245Investore Property Limited

High Occupancy and
Long Lease Expiry Profile
1. Metrics are as at 31 March 2024 and relate to Investore’s
portfolio excluding properties categorised as ‘Development
and Other’ in note 2.2 to Investore’s FY24 consolidated
financial statements.
2. See footnote 2 on page 4.
3. 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 31 March 2024 as a percentage
of Contract Rental.
Investore’s portfolio
1
continues to
demonstrate strong metrics, with
high occupancy of 99.1%, and a long
weighted average lease term of
7.4 years, with 78% of Contract
Rental
2
expiring in FY30 and beyond.
This long weighted average lease
expiry profile provides Investore with
certainty of income over the medium
to long term.
Lease Expiry Profile
3
by Contract Rental
2

as at 31 March 2024
Note: Numbers in chart may not sum due to rounding.
Vacant
1.0%
4.4%
FY25
2.7%
FY26
4.4%
FY27
7.2%
FY28
2.4%
FY29
18.0%
FY30
5.9%
FY31
0.3%
FY32
5.9%
FY34
27.8%
FY35
1.9%
FY36
18.1%
FY33
WALT 7.4 years
78% of Contract Rental
2
expiring in FY30 and beyond
Post balance date lease
transactions reduce the
vacant space to 0.6%,
with 99.4% occupancy.
Sustainability Report 20246Investore Property Limited

Geographically Diverse Portfolio
Spread of New Zealand population vs Investore properties
as at 31 March 2024
NZ population by region (%)
IPL properties by net
lettable area (%)
Auckland
Canterbury
Wellington
Waikato
Bay of Plenty
Manawatu
Otago/
Southland
Northland
Hawkes Bay/

Gisborne
Taranaki
Other South
Island
35%
30%
25%
20%
15%
10%
5%
0%
Investore’s portfolio is geographically diversified across New Zealand, with the majority of the portfolio located
in urban areas such as Auckland, Wellington, Canterbury, Waikato and the Bay of Plenty.
Geographical Location of Investore Portfolio
by Contract Rental
1
Note: Numbers in charts may not sum due to rounding.
1. See footnote 2 on page 4.
Auckland
35%
Wellington
17%
Bay of Plenty
10%
Other North
Island 10%
Waikato

10%
Canterbury
& Otago
13%
Other
South
Island 5%
North Island
83%
South Island
17%
Sustainability Report 20247Investore Property Limited

Investore’s Sustainability Strategy
Goals
Focus
Areas
Protect
the planet
Create efficient, climate resilient
places that deliver long term value
and support a low carbon future
Contribute to a
resilient community
Provide healthy and safe places
and support a connected
and inclusive community
Develop shared
prosperity
Invest in outstanding places that
reward everyone connected with them
Reduce
environmental
impacts
Create
sustainable
products
and places
Drive a
prosperous
economy
Promote
inclusivity and
connectivity
Ensure
portfolio
remains
healthy and
safe
Take action
on climate
change
Investore aligns its sustainability strategy with that of its Manager, SIML.
Purpose
Create enduring shared value
FY24
Progress
• Development of a new
5 Green Star Design rated
supermarket completed
• Plan developed for removing
R22 refrigerant, with the
majority expected to be replaced
during FY25 and FY26
• Continued strong health
and safety performance
• Contribution to Graeme
Dingle Foundation, supporting
the development of young
New Zealanders
• Investore continues to optimise
its portfolio through active
tenant engagement projects
• Feasibility study completed
regarding installation of solar
panels on a standalone building;
next step is to engage with
major tenants on this strategy
Sustainability Report 20248Investore Property Limited

Protect the planet
Investore’s objective is to create efficient,
climate resilient places that deliver long
term value and support a low carbon future.
Investore Property LimitedSustainability Report 20249

Transition Plan
Investore recognises the importance of transitioning to a low carbon future. The transition risks
identified by Investore, as described on pages 35 to 41 of this report reflect the risks associated
with transitioning to a low carbon future. An early transition will help to manage the risks associated
with the potential impact of regulations requiring improved energy efficiency of properties and the
introduction of mandatory disclosure of energy and carbon performance for all properties.
Investore has focussed its transition plan on improving the energy efficiency and sustainability
performance of its properties. Investore considers that it has very low scope 1 and 2 emissions
as a result of the nature of its portfolio, being focussed primarily on large format retail properties,
many of which have single tenants that are responsible for the entire operations within the
property. Investore’s scope 1 and 2 emissions are primarily derived from fugitive emissions from
air conditioning and carpark lighting, and its transition plan is focussed on these areas. Fugitive
emissions from air conditioning systems represent 50% of Investore’s total scope 1 and 2 emissions
for FY24 (FY23: 61%).
One of the largest contributors to Investore’s overall greenhouse gas emissions is tenant emissions,
which are scope 3 emissions for Investore. In order to ensure Investore maximises its influence in
the transition to a low carbon future, it will be important for Investore to work with its tenants and
support them to reduce their emissions. Investore can achieve this through ensuring its properties
are energy efficient and sustainable, particularly when constructing new properties. Investore can
also potentially support tenants to use more renewable energy through on-site generation.
Investore has considered whether to set science-aligned targets for its scope 1 and 2 emissions, but
given the small quantum of Investore’s emissions, the Board has determined that science-aligned
targets would not be meaningful or useful for primary users.
Investore’s specific strategy for dealing with each element of its emissions can be seen in the
table on the right, which forms Investore’s transition plan.
Investore is also aware that in preparing for a future where climate change has ongoing and
potentially more severe physical impacts, Investore will need to ensure that its properties are
resilient to the physical impacts of climate change. This will continue to be an ongoing focus for
Investore as part of its capital maintenance and development plan.
Emissions by ScopeFY24
Emissions
(tCO2e)
FY23
Emissions
(tCO2e)
Strategy
Scope 1 emissions
• Diesel from sprinkler
pumps (minor)
• Fugitive emissions from
air conditioning
13.132.2• Seek to reduce fugitive
emissions from air
conditioning through
transitioning away from
R22 refrigerant use
Scope 2 emissions
• Carpark lighting
12.019.1• Target LED lighting to be
installed in all areas
Scope 3 emissions
• Tenant emissions –
electricity, gas, waste
and water
• Purchased goods
and services
• Capital goods
• Other
19,576.210,860.8• Target 5 Green Star rating
for all new developments,
which will help to ensure
energy efficiency for
tenant operations
• Support tenants in
replacement of existing
lighting with LED lights
• Explore installing solar
panels on buildings to
assist with reducing
electricity consumption
and improving resilience
• Support major tenants in
their sustainability
objectives where
practicable
Sustainability Report 202410Investore Property Limited

What is R22 refrigerant?
R22 is a gas that was commonly used
as a refrigerant in air conditioning units.
R22 was originally used as an alternative
to chlorofluorocarbons or CFCs, which are
ozone depleting substances. However,
we now know that R22 also depletes
the ozone layer and has a high global
warming potential. R22 has a global
warming potential of 1760, which means
one kilogram of R22 contributes 1760
times as much to global warming as one
kilogram of CO2 within the first 100 years
after release. Investore is replacing the
units that use R22 refrigerant with units
that use R32 refrigerant where possible.
R32 refrigerant has a global warming
potential of 677, a 62% reduction in
the emissions factor compared to R22
refrigerant.
FY24 Progress
YearNumber of
units replaced
Total number
of units replaced
Cost incurred /
anticipated
FY24
614Total FY24 cost incurred
$258,000
FY25
2337
Anticipated cost of
approximately $500,000
FY26
1552
Anticipated cost of
approximately $300,000
FY27 and beyond23 units to be replaced at end of
useful economic life
75
Not yet costed
Replacement of R22 refrigerant
During FY24 Investore developed a plan to replace air conditioning units which use R22 refrigerant across its portfolio.
The plan will result in the majority of units that use R22 refrigerant being replaced with units that use a refrigerant with
a lower global warming potential by the end of FY26.
1
677
1760
CO2R32R22
Global warming potential
of refrigerants compared
to 1kg of CO2
1
(upgraded refrigerant)(current refrigerant)
1. 100 year global warming potential of each gas, as set out in the IPCC Fifth Assessment Report.
Sustainability Report 202411Investore Property Limited

FY24 Progress
Sustainable constructionOperational efficiencyBenefits to people
• Utilisation of low carbon concrete
and low embodied carbon
materials where appropriate
• 82% of waste by weight diverted
from landfill during construction
through demolition and construction
waste being reused, recycled or
aided by low waste fabrication
• Solar panels installed
• Energy efficient refrigeration
systems with low global warming
potential used to cool produce
• Heat generated from store fridges
is recycled to regulate the overall
store temperature
• Thermal insulation and double
glazing installed to reduce heat
loss and gain
• 100% low energy LED lighting
installed
• Reduction of typical water
consumption through low water use
plumbing fittings
• Durable, low toxicity materials used
throughout the development where
appropriate, including adhesives,
paints, sealants, carpets, ceiling
tiles, and composite timber board
products
• Electric vehicle chargers installed
for customer convenience
• 16% of parking spaces reserved for
fuel-efficient vehicles
• End of trip facilities installed,
including designated bicycle
parking for staff and customer
bicycle storage facilities to
encourage cycling to the store
Development of new 5 Green Star Design rated supermarket
Investore targets a 5 Green Star rating for all newly
developed buildings in its portfolio. Consistent with
this commitment, during FY24 Investore completed
the development of a new Woolworths supermarket at
Waimakariri Junction in partnership with Woolworths New
Zealand. This new supermarket has achieved a 5 Green Star
Design rating and is expected to achieve a 5 Green Star As
Built rating. This development was a collaboration between
Investore and Woolworths New Zealand, with a number of
sustainability initiatives implemented to achieve a 5 Green
Star Design rating, which equates to a standard of “New
Zealand excellence” (see page 13 for further information on
green ratings). The initiatives can be divided into three focus
areas – sustainable construction, operational efficiency, and
benefits to people.
Sustainability Report 202412Investore Property Limited

Green Ratings
Green ratings can help to demonstrate the energy
efficiency and sustainability features of a building.
While Investore is focussed on improving the sustainability
performance of its portfolio, it will not always seek to
obtain green ratings for its properties because in many
cases Investore has little or no control over the energy
consumption of a property which drives the green rating. In
addition, green ratings can be difficult to obtain for some
categories of existing property due to the information
required to support the green rating being held or controlled
by tenants.
1. Excludes properties categorised as ‘Development and Other’ in note 2.2 to Investore’s F24 consolidated financial statements.
Sustainable constructionOperational efficiency
Green Star Design and
Green Star As Built
Helps to guide the sustainable design and construction of new commercial buildings or major refurbishments. Areas assessed include management, indoor
environmental quality, energy, transport, water, materials, land use and ecology, emissions, and innovation. The criteria for assessment includes criteria that must
be met to achieve a rating and those that are optional, depending on the type of building being constructed. The As Built certification confirms that the building has
been constructed in accordance with the Green Star requirements. The level of rating that can be achieved is between 4 and 6 stars and is awarded by a trained,
independent assessor. 4 stars equates to best practice; 5 stars to New Zealand excellence; and 6 stars to world leadership.
Green Star Performance
Used to assess the operational performance of existing buildings and to assist building owners to measure and continually improve their buildings’ operational
performance. A Green Star Performance rating lasts for three years, with annual energy and water data required to be submitted to support the rating. Areas assessed
include emissions, energy, indoor environmental quality, innovation, land use and ecology, management, materials, transport and water. It is possible to obtain a rating
for energy and water only, but this limits the number of stars that can be awarded. Benchmarks have been created for some building types for Green Star Performance
Ratings, including hardware stores. Having a benchmark means that less historical data is required to be provided for the purposes of achieving a rating, making the
process easier and more efficient, particularly given that most consumption data is required to be obtained from tenants.
Guide to green ratings
43%

of Investore’s portfolio
1
by value has a green
rating as at 31 March 2024:
• 16 of Investore’s properties currently have Green Star
Performance ratings, with an overall portfolio rating of
1 star (the maximum rating is limited when an
assessment is undertaken based on energy and water
consumption only)
• The newly constructed Woolworths Waimakariri
Junction has a 5 Green Star Design rating
Sustainability Report 202413Investore Property Limited

Contribute
to a Resilient
Community
Investore seeks to provide healthy and
safe places and support a connected
and inclusive community.
Investore Property LimitedSustainability Report 202414

Contribute to a
Resilient Community
Support New Zealand’s young people
Investore is proud to have commenced supporting the Graeme Dingle
Foundation, with sponsorship of $35,000 during FY24. Established in
1995, the Graeme Dingle programmes are proven to reduce truancy,
bullying, antisocial behaviours and youth offending; and increase self-
belief, behaviours, and academic outcomes. For every dollar invested in
the Graeme Dingle Foundation, $10.50 is returned to the New Zealand
economy
1
.
Support a connected and inclusive community
Investore licenses a space at its Mt Wellington Shopping Centre to
Auckland Night Markets who hold a night market there on Tuesday
evenings. This is a very popular community gathering place, providing a
facility and location for people to come together and enjoy good food and
good company in their local environment.
A safe and healthy portfolio
The Investore Board works closely with its Manager, SIML, to ensure
that its properties remain safe and healthy for all people who are using
them, including tenants, SIML employees, customers and visitors. As
many sites are occupied by a sole tenant, the tenant remains responsible
for operational safety on site, and Investore supports the tenant through
communication and collaboration.
Investore and its Manager, SIML, take an active approach to ensuring
safety when undertaking capital improvement works, with focussed
and detailed contractor requirements in place and communicated to all
contractors, supported by regular assessments to ensure all contractors
are meeting our health and safety expectations.
Investore, through SIML, undertakes six monthly safety checks of all sites,
as well as commissioning regular external risk assessment reports.
Engagement with SIML
The Investore Board has a close working relationship with SIML
employees, as it is the SIML people who manage the Investore portfolio
and business and implement Investore’s strategic initiatives.
The Investore Board endorses SIML’s people initiatives. SIML offers a
number of benefits to its people, focussed on wellbeing, recognition and
reward, social benefits, and learning and development. SIML has recently
reviewed its parental leave benefits and determined to provide further
support to its people when they become parents. Additional benefits that
are now provided include:
• Full pay for primary carers for 14 weeks, as a top up to the
Government-provided parental leave financial contribution
• Employer KiwiSaver contributions for 14 weeks for primary carers
• Annual leave taken in the 12 months after returning from parental
leave paid at the higher of average weekly earnings or ordinary
weekly pay
1. According to a report prepared by Infometrics for the Graeme Dingle Foundation on “Updating the contribution of the Foundation’s work to the New Zealand economy” dated February 2024.
Sustainability Report 202415Investore Property Limited

Develop Shared
Prosperity
Investore invests in outstanding places that
reward everyone connected with them.
Investore Property LimitedSustainability Report 202416

Develop Shared Prosperity
1. www.stats.govt.nz/information-releases/subnational-population-projections-2018base2048-update/.
Drive a prosperous economy
Investore’s investment property portfolio continued to deliver
resilient operating earnings during FY24. The value of the
portfolio continues to be impacted by a higher interest rate
environment placing upwards pressure on property capitalisation
rates. Investore remains committed to taking a proactive
approach to capital management, which during FY24 included
the adoption of a dividend reinvestment plan, and the revision of
its dividend policy.
During FY24 Investore undertook a number of improvement
projects across the portfolio, often collaborating with key tenants
to undertake capital projects designed to enhance the overall
portfolio and improve customer experience. These capital
projects benefit Investore through additional income by way of
rental return on the investment or through increased turnover
rent, and in some cases the projects lead to an increase in lease
tenure, adding value to Investore’s portfolio. The projects also
benefit the tenant through ensuring the property meets their
operational needs, driving better financial outcomes for the
tenant from the property.
During FY24 Investore reached agreement with Woolworths to
enhance their e-commerce capability at Greenlane, Auckland,
including expanding the online fulfilment facility and creating
eight drive through pick up bays. Investore will provide a
$1.9 million capital contribution towards the works, which
attracts improvements rental at 7.5% per annum. The works are
expected to support online sales at the store. Works are also
underway at Woolworths Rangiora and Woolworths Highland
Park to add additional online pick up areas at those locations.
In both cases, Investore will make a capital contribution towards
the works and will receive improvements rental on the cost of the
works. In addition, the lease at Woolworths Highland Park will be
extended from the completion of the works, expected late 2024.
Investore has funded or agreed to fund online expansions at five
Woolworths stores between 2021 and 2024.
The Woolworths Waimakariri Junction development completed
by Investore during FY24 is expected to create 84 new jobs in
the region, supporting the economic development of this area,
which is rapidly growing
1
.
Further information can be found in Investore’s FY24 annual
report, available on its website: www.investoreproperty.
co.nz/investor-centre/#main.
Sustainability Report 202417Investore Property Limited

Develop Shared Prosperity
Create sustainable products and places
Investore seeks to ensure that any new buildings that it develops are
sustainable and support the transition to a low carbon economy. The
nature of Investore’s portfolio means that it has limited control over
operational activities and consequently the emissions that come from
operating the building. However, Investore is committed to working with
its tenants to seek to minimise the environmental impact of the buildings
that it owns.
During FY24, Investore, through its Manager, SIML, completed a study
into the feasibility of installing solar panels on the roof of an existing
standalone supermarket. This study has shown that the installation of
solar panels can be beneficial for both Investore and the tenant. As the
solar panels will generate electricity that is used by the tenant, Investore
needs the tenant to be engaged in this initiative and accordingly during
FY25 intends to hold discussions with major tenants to further progress
this initiative.
Solar panels were installed as part of the development of the new
Woolworths supermarket at Waimakariri Junction, as described on
page 12. This was the first property in the Investore portfolio to have solar
panels installed.
Sustainability Report 202418Investore Property Limited

Climate-Related
Disclosures
This section of the Sustainability Report
contains Investore’s climate-related disclosures
for the year ended 31 March 2024.
Investore Property LimitedSustainability Report 202419

Climate-related Disclosures
Statement of Compliance
Investore’s climate-related disclosures set out in this part of the Sustainability Report comply with
the New Zealand Climate Standards issued by the External Reporting Board. In preparing the
climate-related disclosures, Investore has elected to rely on the following adoption provisions:
• Adoption provisions 1 and 2, which exempt Investore from disclosing current and anticipated
financial impacts of climate-related risks and opportunities reasonably expected by Investore;
• Adoption provision 4 for one category of scope 3 emissions (being tenant refrigeration losses
and tenant gas from selected tenants) as set out on page 69;
• Adoption provision 5 which exempts Investore from reporting comparative information for two
prior periods for scope 3 GHG emissions, as Investore is reporting comparative information for
only one prior reporting period;
• Adoption provision 6 which exempts Investore from disclosing comparative information of each
reported metric for two prior periods. Investore is including comparative information for each
metric for one prior reporting period only;
• Adoption provision 7 which exempts Investore from reporting an analysis of trends for each
disclosed metric, as Investore is only reporting one comparative period for each metric.
Disclaimer
This report sets out Investore’s current understanding of and response to climate-related risks and opportunities as they impact
Investore, and the current and anticipated impacts of climate change, which may evolve over time. This report contains forward
looking statements, including climate scenarios, targets, assumptions, climate projections, forecasts, statements of future
intentions, estimates and judgements.
Forward looking statements involve assumptions, forecasts and projections which are inherently uncertain and subject to
limitations. While Investore has taken all reasonable care in making these forward-looking statements, these statements,
together with the risks and opportunities described in this report, and our strategies to achieve our targets, may not eventuate or
may be more or less significant than anticipated.
There are many factors that could cause actual results, performance or achievement of climate-related metrics and targets to
differ materially from that described, many of which are outside of Investore’s control. Nothing in this report should be interpreted
as legal, financial, tax or other advice or guidance.
Sustainability Report 202420Investore Property Limited

Climate-related Disclosures
Introduction
This section of Investore’s Sustainability Report contains its climate-
related disclosures for the year ended 31 March 2024, which are
reported in accordance with the Aotearoa New Zealand Climate
Standards. The climate-related disclosures relate to Investore Property
Limited, together with its wholly owned subsidiary, Investore Property
(Carr Road) Limited.
In preparing these disclosures, Investore considers its primary users to
be its current or prospective shareholders and bondholders, as well as
lenders and other creditors. Investore has also considered insurance
companies and tenants in preparing these disclosures, but does not
consider these stakeholders to be its primary users for the purposes
of these climate-related disclosures.
In accordance with the Aotearoa New Zealand Climate Standards, these
disclosures are divided into four sections – Governance, Strategy, Risk
Management, and Metrics and Targets. Also attached is Investore’s
greenhouse gas inventory report for the year ended 31 March 2024.
For and on behalf of the Board of Directors of Investore Property Limited,
dated 28 May 2024:
22 Governance
24 Strategy
44 Risk Management
46 Metrics and Targets
53 Appendix – Narrative Descriptions of Climate Scenarios
60 Greenhouse Gas Inventory Report
Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit
and Risk Committee
Sustainability Report 202421Investore Property Limited

Governance
The Investore Board is responsible for
the oversight of climate-related risks and
opportunities within the Investore business.
Due to the relatively small size of the Investore
Board, and the fact that sustainability
considerations impact on all areas of the
Investore business, the Board as a whole
takes overall responsibility for sustainability.
The Investore Board charter sets out the role
of the Board and Investore’s commitment
to ensuring that its business is operated in
a sustainable manner. The Charter can be
found in the Investor Centre section of the
Investore website: www.investoreproperty.
co.nz/investor-centre/#governance.
Investore has appointed SIML to manage the
business of Investore. Accordingly, while the
Investore Board has primary responsibility for
the governance of sustainability matters and
sets the strategy of the company in respect
of sustainability, Investore relies on SIML to
assist with execution of Investore’s strategic
sustainability initiatives.
The Boards of Stride Property Limited
(SPL) and SIML (SPL and SIML together
comprise Stride Property Group or Stride)
have established a Sustainability Committee
to oversee sustainability activities within
Stride, and this Committee provides support
and advice to the Investore Board. Day to
day responsibility for implementing strategic
initiatives related to climate-related risks and
sustainability sits with the SIML executive
team. The SIML sustainability team reports to
the General Manager Corporate Services, who
is a member of the SIML executive team and
reports directly to the SIML Chief Executive
Officer.
This section enables
users to understand both
the role the Investore
Board plays in overseeing
climate-related risks
and climate-related
opportunities, and the
role Management plays in
assessing and managing
those climate-related
risks and opportunities.
Investore Property
Limited
Stride Investment
Management
Limited
Management
Agreement
Provide support
and advice on
sustainability matters
and climate-related
risks
Implement strategic
sustainability and
climate-related risk
initiatives
Board of
Directors
Board of
Directors
General Manager
Corporate Services
Safety and
Sustainability
Manager
CEO
Sustainability
Committee
Sustainability Report 202422Investore Property Limited

Governance
Skills and competencies
The Investore Board is supported by the
Stride Sustainability Committee, which has
considerable experience in sustainability
and climate change. The Investore Board
includes Director Tim Storey, who is a member
of the Stride Sustainability Committee,
and accordingly is regularly involved
in considerations of matters related to
sustainability and climate-related risk.
The Investore Board appreciates and
understands the need for continuing education
in this area to ensure that it continues to have
the appropriate skills and competencies to
provide oversight of climate-related risks and
opportunities. Continuing education is provided
in a number of ways, including through
sustainability workshops, such as the one held
in December 2023. The Investore Directors are
committed to expanding their understanding
and skills in this area, and accordingly are
planning a learning programme, with facilitated
training, on the topics of sustainability and
climate-related risk.
Consideration of climate-related risks
and opportunities as part of strategy
Investore considers climate-related risks and
opportunities and sustainability objectives as
part of its overall strategy, including in setting
and implementing its sustainability strategic
objectives and actions. This can be seen in
the sustainability features incorporated in
the development of Woolworths Waimakariri
Junction, as described on page 12, and
Investore’s transition plan initiatives described
on page 10.
The Investore Board considers climate-related
risks and opportunities as part of setting its
annual business plan and in making major
capital investment decisions, including asset
planning, such as with the plan to remove R22
refrigerant from the portfolio (see page 11 for
more detail).
The Investore Board acknowledges that there
is further progress to be made in integrating
a consideration of climate-related risks and
opportunities into its overall business strategy,
and this will be a focus for the coming year.
Monitoring of progress against
metrics and targets
The Investore Board monitors progress
against and oversees achievement of metrics
and targets for managing climate-related
risks through consideration of reports
regarding progress against sustainability
objectives and the sustainability strategic
plan, including updates on metrics and
targets, which are received and discussed
at Board meetings at least twice per year. A
consideration of achievement against targets
and the sustainability strategic plan is then
built into decision-making on assets and
business planning.
The role of Management
As Investore has no employees,
remuneration factors related to climate-
related risk and sustainability are not relevant.
However, Investore has been advised that all
members of the SIML executive team have
sustainability objectives included as part of
the key performance indicators on which
their short term incentive is based. Further
information can be found in Stride’s FY24
sustainability report on the Stride website
(www.strideproperty.co.nz) when it
is released.
Process and frequency of meetings
The Board receives reports at least twice
per year on the sustainability progress of
Investore, including performance against
the sustainability strategic plan, from SIML
Management.
The Investore Board has considered climate-
related risks and opportunities on an annual
basis since the first development of Investore’s
climate risks in 2021. The Investore Board,
together with the Boards of Directors of Stride,
held a Sustainability Workshop in December
2023, where the Board:
• considered the climate scenarios that
are being utilised by Investore for the
purposes of considering the resilience
of its strategy, and discussed potential
risks and opportunities arising from those
scenarios;
• reviewed Investore’s climate-related
risks and considered the integration
of climate-related risks into Investore’s
overall enterprise risks; and
• considered progress against
sustainability targets.
Sustainability Report 202423Investore Property Limited

Investore’s strategy and transition plan
Investore’s strategy is to invest in quality, well-located large format retail
properties throughout New Zealand, and actively manage shareholders’
capital, to maximise distributions and total returns to shareholders over
the medium to long term. Investore is listed on the NZX and is managed
by SIML, which is part of the NZX listed Stride Property Group. Investore
has no employees of its own. Investore’s portfolio ranges from standalone
supermarkets to large format retail centres.
The essential elements of Investore’s business model which drive its low
scope 1 and 2 emissions are:
• A portfolio of large format retail properties – many of the properties are
standalone and have a single tenant which is responsible for building
operations
• Appointment of an external manager, with Investore having no
employees of its own
Strategy
Scope 1 emissions
• Diesel from sprinkler pumps (0.47 tCO2e out of total scope
1 emissions of 13.08 tCO2e)
• Fugitive emissions from air conditioning (12.61 tCO2e out of total
scope 1 emissions of 13.08 tCO2e)
• Seek to reduce fugitive emissions from air conditioning through
transitioning away from R22 refrigerant use
Scope 2 emissions
• Carpark lighting
• Target LED lighting installed in all areas
Scope 3 emissions
• Tenant emissions – electricity, gas, waste and water
• Purchased goods and services
• Capital goods
• Other
• Target 5 Green Star rating for all new developments, which will help to
ensure energy efficiency for tenant operations
• Support tenants in replacement of lighting with LED lights
• Explore installing solar panels on buildings
• Support major tenants in their sustainability objectives where
practicable
Investore recognises the need to seek to reduce its emissions where possible, and has established the following strategies.
This section is intended to
enable users to understand
how climate change
is currently impacting
Investore and how it may
do so in the future.
Sustainability Report 202424Investore Property Limited

Strategy
Current physical impacts
of climate change
Physical impacts of climate change can
cause financial loss as a result of damage to
properties. New Zealand has continued to
experience extreme weather events during
FY24, following the flooding experienced
in Auckland in January 2023 and Cyclone
Gabrielle in March 2023. None of Investore’s
assets have suffered damage as a result of
the physical impacts of climate change during
FY24, and none of Investore’s properties
suffered damage from the Auckland floods
or Cyclone Gabrielle, both of which occurred
during FY23.
The independent valuers that value the
investment properties owned by Investore
consider climate-related risk and environmental
factors and the associated impact on the
value of a property as part of their external,
independent valuation. Market transactional
data is also considered as part of their valuation
assessment, and 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-related risk potentially
have higher market values than an equivalent
property without such features. Valuations
can take these factors into account as part of
the overall assessment of a property’s market
value. For FY24, apart from the consideration
of the factors noted above, no specific valuation
impacts from climate change were made by the
valuers as part of their independent valuations of
the properties owned by Investore.
Physical risk assessment
During FY24 Investore, with the assistance of
its Manager, SIML, undertook an assessment
of the potential physical impacts of climate
change across its portfolio using the S&P Global
Climanomics software modelling tool, as well as
an assessment of the risk of sea level rise using
the NZSeaRise and NIWA Sea Level maps. The
S&P Global Climanomics tool assesses risk
associated with the physical effects of flooding
(fluvial and pluvial), temperature extremes,
tropical cyclones, drought and wildfire, and
reflects the climate-related change in the level
of hazard exposure of an asset over time, relative
to an historical baseline. The tool provides a
risk assessment (expressed as a percentage of
loss relative to total asset value) across different
climate outcomes, based on the Shared
Socioeconomic Pathways of SSP1-2.6, SSP2-
4.5, SSP3- 7.0 and SSP5-8.5.
As the S&P Global Climanomics software
models averages, it cannot accurately predict
impacts or costs for particular properties but
can provide a general understanding of the
expected impact of physical risks on properties,
which can then be further investigated with
specific engineering advice where this is
considered appropriate. The risk of sea level
rise in the S&P Global Climanomics system is
calculated in a different way to the accepted
practice in New Zealand, resulting in zero impact
from this risk in the S&P Global Climanomics
system. To ensure that the sea level rise risk
is appropriately assessed, Investore has
considered this risk based on the NZSeaRise
and NIWA Sea Level maps.
Based on the outputs of the S&P Global
Climanomics software, no Investore property
is materially impacted by physical risks of
climate change. Rising temperatures have some
impact under the hot house world scenario,
but the primary financial impact is the result of
degradation of air conditioning functionality due
to having to operate in higher than anticipated
temperatures. As we expect this to manifest over
time, it will be important to consider upgrading
air conditioning units as they reach the end of
their useful life, rather than having to undertake
a major upgrade that was not anticipated.
Based on the sea level rise analysis undertaken,
no Investore sites are impacted by sea level
rise before 2050, however the analysis did not
include Bay of Plenty as no data was available
for that region. Investore owns three properties
in the Bay of Plenty. The analysis indicates
there is some impact of sea level rise in the
Kaiapoi and New Brighton regions surrounding
Investore’s sites - from 2030 in Kaiapoi and
2050 in New Brighton.
While we have considered the overall potential
impact of physical risks to Investore’s portfolio
of investment properties, we have not at this
stage quantified those risks.
Sustainability Report 202425Investore Property Limited

Strategy
Current transition impacts of
climate change
Transition risks faced by Investore include the
expectation of tenants and investors regarding
improved energy efficiency of Investore’s
portfolio or the introduction of regulations
requiring improved energy efficiency of
properties. Improving Investore’s portfolio ahead
of any regulatory requirement to do so will assist
with managing the transition risks described
on pages 35 to 41, including risks related
to the introduction of regulations requiring
improved energy efficiency of properties and the
introduction of mandatory disclosure of energy
and carbon performance for all properties.
Investore has undertaken a number of projects
during FY24 which relate to the transition risks
identified by it as set out on this page. Investore
considers these projects to constitute its current
transition impacts of climate change. Investore
did not experience any other transition impacts
of climate change during FY24.
ProjectDescription
Financial Investment
(note all figures are exclusive of GST)
Development of plan to remove R22
refrigerant from Investore portfolio
6 units that utilise R22 refrigerant were
replaced during FY24, bringing the total to
14 units replaced to date. Investore plans to
replace a further 38 units by the end of FY26,
with the final 23 units to be replaced when
they reach the end of their economic life. R22
refrigerant has a high global warming potential,
and its replacement is intended to assist in
lowering Investore’s scope 1 emissions. See
page 11 for more information
$258,000 investment for FY24; approximately
$800,000 planned over FY25 and FY26
Construction of new supermarket at
Waimakariri Junction
Sustainability initiatives implemented in the
development of this new building will help to
ensure the building is energy efficient and
supports a low carbon future, thereby reducing
Investore’s scope 3 emissions – see page 12
for further information
Investore considers the implementation of
sustainability initiatives to be part of the cost
of the overall development, and does not
specifically separate these costs. However, an
estimate of the additional cost of implementing
the sustainability initiatives is approximately
$640,000
Completed feasibility assessment for the
installation of solar panels at a single tenanted
large format retail property
The installation of solar panels will reduce tenant
electricity consumption from the national grid
(with tenant electricity consumption contributing
to Investore’s scope 3 emissions). Our work
demonstrates that installation of solar panels is
feasible, and our next step is to work with our
major tenants to progress this initiative
A small amount has been invested in completing
the feasibility to date, with the primary resource
being internal SIML resource
Contributed to costs incurred by tenants in
replacing lighting with low energy LED lights
The replacement of lighting with low energy
LED lights will help to reduce tenant energy
consumption, which form part of Investore’s
scope 3 emissions
$414,000 contributed to tenant LED upgrades
during FY24
Sustainability Report 202426Investore Property Limited

Scenario analysis
Investore’s Manager, SIML, was an active
participant in the development of the sector
scenarios for the construction and property
sector, including being involved in both the
leadership group and the technical working
group. The sector scenario analysis for the
construction and property sector was led by
the New Zealand Green Building Council,

with involvement from entities across the value
chain within the sector. Beca facilitated the
development of the scenarios, which were
developed through workshops involving the
technical working group. The scenarios were
then approved by the leadership group,

on recommendation from the technical
working group.
There were 45 organisations involved in the
development of the sector scenarios, including
listed property companies, retirement village
and aged care operators, property developers
and materials suppliers. A number of workshops
were held over a period of approximately

9 months, with the draft scenarios being
reviewed by the working group as well as
interested
stakeholders such as major investors.
The three scenarios developed by the
construction and property sector are:
• An orderly 1.5°C scenario where
decarbonisation policies are enacted
immediately and smoothly
• A disorderly scenario where significant
decarbonisation is delayed until 2030, which
leads to global warming being limited to
<2°C by 2100
• A hot house scenario where global warming
reaches >3°C above pre-industrial levels
by 2100, due to no further decarbonisation
policies being enacted and emissions
continuing to rise
These scenarios were selected as they were
considered to provide the greatest test of the
strategy of the participants in the sector.
Strategy
Climate scenarios
Sustainability Report 202427Investore Property Limited

Applicability of scenarios to Investore
Investore has undertaken a review of the
scenarios to test the applicability of the
scenarios to Investore’s business and to
customise the scenarios as required to focus
on those aspects that are likely to challenge
the Investore business strategy. During FY24,
a working group comprising SIML people
considered the scenarios and any specific
changes required to reflect Investore’s business.
The Investore Board then considered the
development of the scenarios as part of a
sustainability workshop held in December
2023 in conjunction with the Stride Boards. The
process undertaken by Investore, which builds
on the process adopted for the development of
the sector scenarios, is described in the diagram
on the right.
As a result of the scenario development
process, the Investore Board considered
that the sector scenarios developed for the
property and construction sector were largely
applicable to Investore’s business, however
there needed to be some additional focus
on transportation methods, urbanisation and
commuting trends. This is because Investore’s
business is focussed on large format retail
properties which tend to be based in suburban
locations and rely on people driving to the
location. If and to the extent that commuting
patterns change and people rely more on
public transport, then there could be a shift
in demand for the current large format retail
property that Investore owns, which include
a significant number of carparks, to smaller
retail sites located near public transport
nodes. As can be seen in the climate-related
risks and opportunities described on pages
35 and following, this creates both risk and
opportunity for Investore.
Investore considers that the construction
and property sector scenarios, as customised
by Investore and described in this report,
are relevant and appropriate for assessing
the resilience of Investore’s business model
and strategy to climate-related risks and
opportunities, as the scenarios incorporate
the factors that are most relevant to
Investore’s business and have the most
impact on shaping Investore’s business
and strategy.
While Investore has considered the
implications of the scenarios for its business
strategy, scenario analysis is not yet fully
integrated within Investore’s strategic
processes, and this is an area for further
development.
Define the problem - set the focal
question that provides the purpose for the
scenario analysis,
and consider the value chain and system
boundaries
Identify driving forces and critical
uncertainties - to enable Investore to
understand which driving forces will
have the greatest influence in shaping
outcomes
Draft narratives so that they
are cohesive and contain
a consistent narrative
Define a time horizon
Select temperature outcomes
and emissions pathways
Strategy
Climate scenarios
Sustainability Report 202428Investore Property Limited

Time horizons
In developing the scenarios, longer term
time horizons were used, out to 2100, as the
physical impacts of climate change are most
extreme at these longer timeframes. The time
horizons considered in development of the
scenarios are:
• Short term: present – 2030
• Medium term: 2031 – 2050
• Long term: 2050 -2100
While impacts beyond 2050 have been
included in the scenarios and underlying data
sources, the scenario narratives themselves
have predominantly focussed on short to
medium term timeframes (i.e. present-2050)
as these are the predominant focus for
business strategy planning for Investore and
the property sector as a whole.
Investore considered the scenarios in its
climate risk assessment process, but has
utilised time frames out to 2050 in that
process, as Investore considers this to be
its longest time frame for consideration of
strategy and decision-making.
Most
Most
Impact
on
business
Level of uncertainty
Least
Least
Population
growth/
urbanisation
Drought/
heat/wind
Investor/
tenant
expectations
Electricity
supply
Extreme
weather
events
Insurance
costs
Land use
changes
Managed
retreat
Availability/
cost of
building
materials
Property
value changes
Changing
transport
usage
Decarbonisation
policies
In considering driving forces, Investore sought to identify the factors having
the most impact on its business, which influence not only climate scenarios,
but also business strategy, and which are important elements for constructing
Investore’s transition plan.
Scenario narratives
Set out on the following pages is a brief
description of the scenarios adopted by
Investore. More detailed descriptions of each
scenario are set out in the Appendix to this
report.
Further information on each scenario, as well
as the sources of data used to construct
each scenario, are available on the New
Zealand Green Building Council’s website:
www.nzgbc.org.nz.
Strategy
Climate scenarios
Sustainability Report 202429Investore Property Limited

Strategy
Scenarios
Set out below is a high level summary of the scenarios and how each develops over time.
A more detailed narrative description of each scenario is set out in the Appendix to this report.
Orderly 1.5°C Disorderly Hot House World 3.0°C
Climate Change
/ Temperature
Outcome
The world succeeds in limiting warming to1.5°C
above pre-industrial levels by 2100
Global emissions continue to rise in the short term. The
increasing frequency of climate-related physical events
drives a sudden shift in global policy around 2030,
leading to limiting global warming to below 2°C above
pre-industrial levels by 2100
No further effective climate policy is enacted; global
emissions continue to grow, which leads to greater than
3°C of physical warming above pre-industrial levels by
2100
Emissions pathway
Policy
implementation
and socio-political
instability
Regulatory changes are well-signalled and
broadly supported, leading to low/moderate
socio-political instability
New Zealand follows the majority of the world in
implementing abrupt policy and market changes post-
2030. Whilst rapid policy, technology, and behaviour
change does occur, it is disordered and inconsistent
across sectors and sub-sectors. This leads to moderate
socio-political instability
New Zealand does not enact any additional climate policy.
Regulatory changes are slow and focus on adaptation and
managing climate-driven immigration/refugees. Extreme
physical impacts lead to high socio-political instability
50000
45000
35000
40000
30000
25000
20000
15000
10000
5000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
Global Emissions Pathway
50000
40000
30000
20000
10000
-10000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
Global Emissions Pathway
80000
70000
50000
60000
40000
30000
20000
10000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
Global Emissions Pathway
Sustainability Report 202430Investore Property Limited

Strategy
Scenarios (cont.)
Energy transition
The global energy grid shifts uniformly and
quickly away from fossil fuel use to increased
use of renewables, which make up near 100%
of electricity production in New Zealand by
2050
The relative affordability of low carbon generation in New
Zealand means the grid is already steadily decarbonising
through the short term. A slow increase in demand for
electricity doesn’t provide sufficient signals for the
necessary upgrades, leading to supply constraints, as well
as the risk of price shocks and blackouts
New Zealand follows global trends in not introducing
additional policies focussed on renewable energy, and
both technology and behaviour change remain slow across
all sectors. New Zealand’s electricity grid is gradually
decarbonised but does not achieve 100% renewable
generation in the long term. Increasing frequency and
severity of weather events such as storms result in more
frequent and severe damage to electricity assets and
more frequent and longer blackouts
Building regulations
Energy and carbon limits for new buildings
are phased in rapidly. The scale of retrofit
activities is significant, with most properties
built prior to 2020 needing upgrades (if not
already completed). This results in increased
operational expenses and the need for capital
expenditure
At 2030, significant regulatory changes demand an
immediate step change in building energy and carbon
requirements. New technologies haven’t been developed
in time, leading to disruption of the building and
materials market that impacts new buildings and retrofit
development, leading to significant price escalations and
construction delays
There is more demand for buildings that are resilient to
direct climate-related physical events and infrastructure
failures
Technology and
behaviour change
As the carbon price and waste levies increase,
a shift to a more circular economy occurs.
This, together with the need to decarbonise
buildings, results in significant demand for
low carbon building products, materials,
and technologies, which puts pressure on
supply chains for these products and leads to
increased costs in the short term
There is little change until 2030, at which point there
is rapid, but inconsistent change. The pace of change
after 2030 generates significant financial incentives for
innovation, especially for carbon sequestration, capture
and storage, which must play a large role in greenhouse
gas emissions reduction by 2050
Changes to building codes are focussed on the response
to physical impacts from climate change, increasing the
cost of development. Resilience requirements capture
existing buildings which need to be upgraded to be
considered safe
Orderly 1.5°CDisorderlyHot House World 3.0°C
Sustainability Report 202431Investore Property Limited

Strategy
Scenarios (cont.)
Social impacts
Social changes start to occur in the short term
as a result of market behaviour, working habits,
required knowledge/skills, purchasing and
investment behaviours. Globally aligned efforts
to reduce warming results in manageable levels
of climate-related refugees and modest net
migration to New Zealand
Minimal social changes occur prior to 2030, however the
pace of change around 2030 results in carbon intensive
industries being rapidly decarbonised, divested from,
or progressively regulated out of existence. The rapid
change results in parts of society being “left behind”,
leading to unrest, crime and an overall reduction in safety
and security for both individuals and organisations. Rapid
decarbonisation requires increasing urbanisation
Increasing severity and frequency of weather events
causes disruptions to global food supplies in the medium
term. Social cohesion starts to degrade and conflict
and unrest become increasingly common. Increases in
temperature around the world results in a large increase in
net migration to New Zealand
Demographic and
transport changes
Decarbonisation policy drives rapid
densification of urban areas to reduce urban
sprawl. Although levels of working from
home increase, public and active transport
infrastructure also grows to accommodate
those who still need to commute. Behaviour and
policy change drives greater usage for active
and public transport networks and creates
demand for rapid upgrades and expansions
Continuing sprawl and investment in road-based
transportation throughout the 2020s has created an
infrastructure network that is more entrenched and
difficult to transition to a low carbon alternative. Roading
and older infrastructure requires significant upgrade to
align with the decarbonisation policies enacted in 2030,
increasing the costs of transition, but providing the ability
to readily adapt our infrastructure strategies to technology
changes. After 2030, public and active transport
infrastructure grows as behaviour and policy change
drive greater usage and necessitate rapid upgrades and
expansions
There are strong measures implemented to address
resource scarcity, with access to energy and other
resources being restricted for non-critical functions,
including carless days, water restrictions, and limits on air
conditioning, etc
More extreme weather puts significant strain on power
infrastructure and the security of electricity supply is at
risk. This risk is moderate in the short term but becomes
increasingly extreme in the medium and longer terms
as increasing emissions drive more frequent and severe
extreme weather events
Orderly 1.5°CDisorderlyHot House World 3.0°C
Sustainability Report 202432Investore Property Limited

Strategy
Scenarios (cont.)
Physical risk level
Temperature change is limited to 1.5°C above
pre-industrial levels. By 2050, New Zealand is
still dealing with moderately severe climate-
related events, but the outlook for 2100 is more
positive. A combination of managed retreat and
infrastructure investment has mitigated long
term physical risks
New Zealand faces moderately severe physical impacts
of climate change with an increase in extreme wind
speeds (up to +5%), rainfall intensity (+6%), and
number of hot days (+40%) by 2050
New Zealand faces severe physical impacts of climate
change with increased extreme wind speeds (+5 to 10%),
increase in rainfall intensity (+8.6%), and a significant
increase in the number of hot days (+100%)
Transitional risk level
While change occurs to transition to a
low carbon economy, this change is well-
signalled and uniform, although there is
some disruption such as due to supply chain
shortages for low carbon products
There is no change until 2030, at which point rapid
policy, technology, and behaviour change occurs, but this
is disordered and inconsistent
Decarbonisation is not a priority and there is no significant
behaviour change. Policy shifts towards addressing
national and regional security and resource scarcity
Orderly 1.5°CDisorderlyHot House World 3.0°C
Sustainability Report 202433Investore Property Limited

Strategy
Climate-related risks and opportunities
Investore has considered physical and
transition risks to its business under each of
the three scenarios described on the previous
pages – orderly 1.5°C scenario, disorderly
scenario, and hot house world 3.0°C scenario,
and across three time horizons:
• Short – present to 2030
• Medium – 2030 to 2040
• Long – 2040 to 2050
These are identified in the risk chart on the
following pages as:
Investore has focussed on the timeframe to
2050, as this is the longest timeframe for
planning that is considered by the Investore
Board and is consistent with its strategic
planning horizons, with asset plans created
in 10 year cycles. While the life of a building
can last beyond 2050, Investore considers
this to be the long term horizon for its planning
purposes, and accordingly has set 2050 as the
longest timeframe considered for each of the
risks assessed.
In determining the risk rating for each risk
described in this report, the rating has been
assessed after application of controls or
mitigation measures. The rating of the risks has
been assessed against the Investore business
risks to ensure relativity.
Investore’s risk ratings cover five gradients:
The risks described in this report, and their
risk rating, represent Investore’s current
understanding of the impact of climate change
on Investore’s business. However, there may be
risks that eventuate that Investore is not aware
of, and risks that have been considered may
have impacts that Investore does not currently
anticipate. Investore has not yet quantified the
potential impact of the climate-related risks
identified and accordingly the quantification
exercise, when completed, may also inform the
risk rating.
S
M
L
Short (present - 2030)
Medium (2030 - 2040)
Long (2040 - 2050)
Minimal
Minor
Moderate
High
Extreme
Sustainability Report 202434Investore Property Limited

Strategy
Climate-related risks
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Physical risk: Increased
frequency and severity
of weather events results
in higher costs through
repairs to buildings, higher
insurance costs and local
council rates.
This risk arises primarily under the disorderly
and hot house scenarios, where weather
impacts are greatest.
• An increase in frequency and severity
of extreme weather events may lead to
increased capital expenditure to retrofit
buildings to improve their resilience to
weather events, as well as increased
operational costs from repairing damage.
• There may also be increased costs of
insurance and potentially the inability to
obtain insurance coverage in certain areas
or for specific risks.
• Extreme events may also cause disruption
to supply chains and tenant businesses,
potentially resulting in inability to pay rent.
• No Investore properties were impacted by
severe weather events during FY24.
• We have seen significant increases in
insurance premiums over the last two
financial years, due at least in part to costs
incurred by insurers from extreme weather
events around New Zealand and overseas.
• Investore seeks to ensure that its
properties are resilient to the impacts of
extreme weather events, particularly when
considering upgrade or maintenance
works, and considers physical resilience
and level of physical risk for a particular
location as part of its due diligence
investigations for new acquisitions.
• Investore, through its Manager, SIML,
maintains a close working relationship
with insurance brokers and insurers, and
develops strategies to ensure that its
insurances are resilient in the long term.
Transition risk: Regulations
requiring improved energy
efficiency of properties.
This risk is most likely to arise under the
orderly and disorderly scenarios. Under the
orderly scenario, it is expected to occur over
the short term, while under the disorderly
scenario, the impact is expected to occur
over the medium time frame, and will be
more sudden and severe, and require more
immediate property upgrades, thus potentially
having a greater impact.
• Increased capital expenditure will be
incurred to retrofit existing buildings which
may not be recoverable from tenants,
impacting profitability, and potentially
also impacting the value of properties.
The costs of developing new buildings
may also increase due to increased
performance specifications, which
would require either more rent to achieve
an acceptable yield, or reduce profitability.
There is potential for stranded assets
if the cost of upgrading assets is not
financially viable.
• There may also be challenges with
obtaining low carbon materials to meet
requirements and shortages of expert
or consultant resource with the required
knowledge if regulations are introduced
suddenly.
• There are currently no regulations
requiring disclosure of the energy
efficiency performance of properties, or
specific levels of energy efficiency.
• Monitor the introduction of legislation.
• Continue to improve the performance
of existing properties, where this is
within Investore’s control, including
consideration of the installation of solar
panels (see page 18 for work completed
to date by Investore in this area)
• Investore targets 5 Green Star ratings
for new developments, which will assist
with meeting any future energy efficiency
requirements.
MODERATE/HIGH
DISORDERLY
ML
HIGH
HOT HOUSE
ML
ORDERLY
S
HIGH
DISORDERLY
M
MODERATE/HIGH
Sustainability Report 202435Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Transition risk: Failure to
keep up with technological
advances and expectations
of tenants for energy
efficiency, renewables and
low carbon technology.
This risk is expected to have the most impact
under the orderly and disorderly scenarios
and across the short / medium timeframes.
The risk is expected to be more severe under
the disorderly scenario due to the likely
sudden and rapid change in expectations.
• Increased capital or operating expenditure
due to upgrading buildings to be more
energy efficient and meet changing
market requirements, such as installation
of electric vehicle infrastructure; potential
reduced rental from property that fails to
meet tenant expectations and therefore
is less desirable to tenants; risk of
stranded assets if they do not meet tenant
expectations.
• Investore manages this risk through
targeting a 5 Green Star rating for all
newly developed buildings. Investore is
also exploring the feasibility of installing
solar panels on existing buildings. See
page 18 for further information.
• Continue to pursue sustainability strategy
and transition plan.
• Monitor market trends, including
expectations of tenants.
Transition risk: Increased
urbanisation results in
lower demand for regional
supermarkets and hardware
stores.
This risk is expected to have the most impact
under the orderly and disorderly scenarios
and across the short / medium timeframes.
• Increased demand and value for urban
assets will potentially result in suburban
or rural assets having reduced value.
Investore has assets spread across
a number of regions, with a focus on
higher growth areas. However, if there
is a move away from regions, then
Investore’s regional assets may reduce in
value.
• We have not seen any evidence of this
change eventuating at this stage.
• Continue to ensure geographical
diversification of assets, and monitor
demographic changes through Statistics
NZ.
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MODERATE
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MODERATE
Sustainability Report 202436Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Transition risk: Transitioning
to a low carbon world results
in supermarkets focussing
more on delivery, with fewer
traditional supermarkets.
This risk arises under the orderly and
disorderly scenarios, over the short and
medium timeframes. The risk is expected to
have a moderate impact under the orderly
scenario and a moderate/high impact under
the disorderly scenario.
• This could result in less demand for large
format retail space, which is Investore’s
strategy.
• Recently we have seen Woolworths,
Investore’s major tenant, focus on fulfilling
online demand through its existing
network of stores, creating demand for
online fulfilment facilities as described in
Investore’s FY24 annual report. We have
not seen many “dark stores” which serve
online only orders. In 2017 Woolworths
indicated they expected to open up to five
dark stores in New Zealand, but to date
they have only opened three dark stores,
indicating that they may have moved to
fulfilling online demand through existing
stores and infrastructure.
• Maintain a close relationship with
Woolworths, as a major tenant, and seek
to meet their demand for dark stores,
should that continue.
• Continue to work with Woolworths to
upgrade online fulfilment capability at
existing stores.
• Seek to ensure that properties are
positioned so as to be in demand under
a range of futures – whether a dark
store or a store open to the public.
Transition risk: Introduction
of mandatory disclosure
of energy and carbon
performance for all
properties.
Under the orderly scenario, this risk is likely
to occur over the short timeframe. Under
the disorderly scenario, this risk will occur
over the medium timeframe and may have a
greater impact due to the rapid introduction
of energy disclosure obligations.
• If legislation is introduced which requires
transition over a short term, then there
will be greater demand for experts and
materials to transition buildings and this
could result in higher costs, or tenants
leaving properties which are not energy
efficient.
• There will also be additional costs to obtain
energy performance ratings across the
portfolio.
• Legislation has not yet been introduced,
but has been discussed and promoted by
the New Zealand Green Building Council.
• To date we have not seen demand from
tenants for green rated large format retail
properties.
• Monitor introduction of legislation.
• Continue to target green ratings for new
developments.
ORDERLY
S
DISORDERLY
SM
MODERATE/HIGH
MODERATE
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MODERATE
Sustainability Report 202437Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Transition risk: Investors
seek to exit as a result of
not meeting expectations or
mandates; high debt costs
due to lender requirements.
This risk arises under the orderly and
disorderly scenarios, over the short and
medium timeframes. The risk is expected to
have a moderate impact under the orderly
scenario and a moderate/high impact under
the disorderly scenario.
• If Investore does not meet investor
expectations regarding transitioning to a
low carbon future, investors could seek
to exit their investment, thus impacting
Investore’s share price and making growth
difficult.
• Banks may also impose higher debt
funding costs if there is a failure to
meet lender expectations regarding
transitioning to a low carbon future.
• Investors, particularly institutional
investors, are becoming more focussed
on ensuring that companies they invest in
are meeting their expectations regarding
the transition to a low carbon future. We
have not seen this result in any negative
impacts on Investore to date.
• Monitor market trends and expectations
of investors.
• Continue to pursue sustainability strategy
and transition plan.
Transition risk: Carbon
price increases impact cost
of materials and building
operations.
We expect this risk to arise primarily under the
orderly and disorderly scenarios. Under the
orderly scenario we would expect a steady
increase in the carbon price, which is likely
to have a minor/moderate impact. However,
under the disorderly scenario, the increase in
carbon pricing would be expected to be more
sudden and extreme, having a potentially
greater impact.
• Increasing carbon price impacts cost
of materials and increases costs of
upgrading existing buildings to meet
energy efficiency targets and maintain
buildings. If tenants do not agree to
increased rent, this can impact profitability
and the value of properties over time.
• The increased costs of construction may
also result in projects not being feasible
and therefore impact Investore’s ability to
grow through development.
• This risk could be magnified under
the disorderly scenario if there is
also a requirement to improve energy
performance introduced around the
same time.
• To date we have not seen any significant
increase in carbon costs.
• Investore, through its Manager, SIML,
monitors the carbon price, and will
look to use low carbon materials where
practicable and financially feasible.
ORDERLY
S
DISORDERLY
SM
MODERATE/HIGH
MODERATE
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MINOR/MODERATE
Sustainability Report 202438Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Transition risk: Policy
change requiring low carbon
construction products and
processes progresses faster
than supply chains can adapt.
We expect this risk to arise primarily under
the orderly and disorderly scenarios. Under
the orderly scenario we would expect a well
signalled introduction of legislation, which is
likely to have a moderate impact. However,
under the disorderly scenario, the introduction
of legislation could be more sudden, having a
potentially greater impact.
• Project delays due to low carbon materials
not being readily available and in high
demand. This delays rent being received
from developments, thus impacting
income.
• Increased cost as demand for low carbon
materials outstrips supply. This may
impact profitability if not matched by
increased rents from tenants.
• Inability to upgrade properties to meet
efficiency and emissions demands from
tenants may result in lower rents, thus
impacting the value of properties.
• There has been no suggestion of
regulations mandating the use of low
carbon products. Many low carbon
products are still in development, and
so we consider that there is insufficient
scope of low carbon products to support
any such legislation.
• Investore, through its Manager, SIML,
monitors regulatory change. Investore
also seeks to use low carbon materials
on new developments where practicable,
helping to create demand for low carbon
materials.
Transition risk: Move to
more renewable energy,
coupled with increasing
demands for electricity,
results in increased cost
and uncertainty of supply of
electricity.
This risk is expected to arise over the short
term under the orderly scenario. Under the
disorderly scenario the move to renewable
energy is likely to be more sudden and have
a greater impact, although over the medium
term.
• This risk is expected to be borne primarily
by tenants, although this may result in
tenants requesting Investore to install
more on-site generation.
• More uncertainty for tenant operations
impacts profitability of tenant businesses,
resulting in tenants seeking to reduce
rent.
• To date we have seen little to no negative
impacts from the increasing demands for
electricity.
• Seek to ensure new buildings are energy-
efficient.
• Explore potential for on-site generation,
such as solar (see also page 18 for
Investore’s progress in this strategy).
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MODERATE
ORDERLY
S
DISORDERLY
M
MODERATE/HIGH
MINOR/MODERATE
Sustainability Report 202439Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Physical risk: High
temperatures result in
increased demand for
cooling, increasing operating
costs and greater load on
plant.
This risk is expected to arise under the hot
house scenario, over the long term. There
could also be some impacts under the
disorderly scenario over the long term, but
these are expected to be more minor.
• Increased operating costs due to greater
load on plant and equipment, which also
increases repair and maintenance costs.
• Greater load on air conditioning plant may
result in a lack of performance, leading to
poor tenant experience.
• We have not yet experienced sufficiently
hot temperatures to impact air
conditioning systems.
• Monitor changing temperatures and
ensure that any newly installed air
conditioning equipment is fit for purpose
over the longer term given the relatively
long life of air conditioning equipment.
Physical risk: Risk to assets
due to sea level rise and sea
surge events.
This risk is expected to have some impact
under the disorderly scenario over the longer
term, although it will be most severe under the
hot house scenario, where it is expected to
have a minor/moderate impact.
• There could be damage to properties in
exposed areas due to sea level rise and
the likelihood of larger sea surges and
coastal inundation, leading to increased
costs of maintenance and repair. In
addition, there could be increased capital
costs due to the need to make properties
more robust.
• Insurance costs are expected to increase
due to higher risk, and in some cases
there may be insurance retreat.
• Property rates may increase as local
councils incur higher costs to maintain and
repair infrastructure that may be impacted
by sea level rise or sea surge events, as
well as costs associated with making
infrastructure more resilient.
• We have seen material increases in
insurance costs over the last two financial
years due to increasing costs to insurers
from extreme weather events. To date no
Investore property has been impacted by
sea level rise or sea surge events.
• Investore, through its Manager, SIML, has
undertaken an analysis of the impacts of
sea level rise across the portfolio using the
NZSeaRise and NIWA Sea Level maps,
which has informed the risk rating (see
also page 25 for more information).
• Investore considers climate-related risks
as part of its due diligence assessment
for any acquisitions.
DISORDERLY
L
MODERATE
HOT HOUSE
L
MINOR/MODERATE
HOT HOUSE
L
MINOR/MODERATE
Sustainability Report 202440Investore Property Limited

Strategy
Climate-related risks (cont.)
Risk descriptionTime horizon and risk ratingFuture / potential impactsCurrent impactsStrategy to monitor and manage risk
Physical risk: Increase in
rainfall intensity changing
ground conditions and
undermining stability of
assets and connected
infrastructure.
This risk is expected to arise primarily
under the hot house scenario, and also the
disorderly scenario, over the longer time
frame. The risk is expected to be moderate.
• Assets may become stranded if ground
instability occurs.
• Damaged infrastructure may mean assets
are unable to be utilised by tenants.
• To date we have not seen any impacts
from this risk.
• Investore, through its Manager, SIML,
has undertaken modelling using the S&P
Global Climanomics software which has
indicated that the risk of pluvial and fluvial
flooding is not material to the Investore
portfolio over the timeframe to 2050.
• Seek to ensure that any new acquisitions
are located in areas where they are least
at risk of pluvial and fluvial impacts.
• Seek to upgrade drainage at existing
properties when practicable.
DISORDERLY
L
MODERATE
HOT HOUSE
L
MODERATE
Sustainability Report 202441Investore Property Limited

Strategy
Climate-related opportunities
OpportunityTime horizonFuture / potential impactsCurrent impactsStrategy
Transition opportunity:
Acquire properties that may be
“stranded” and improve them to
realise value
Medium
term
Investore may be able to acquire buildings that need
sustainability upgrades where the owners are not willing to
invest to improve the property or do not have the skills or
financial resources to do so, and transition these buildings to a
sustainable, efficient, low carbon building, thus driving higher
demand for the building and increasing its value.
The current value of less sustainable
buildings does not yet represent value for
money for upgrading. However, as demands
for sustainable buildings increase, or as
regulations are introduced, this could
impact the value of existing older buildings
that have not had a sustainability upgrade.
Continue to monitor the market and
seek opportunities where they arise.
Transition opportunity:
Reduction in car use means
fewer carparks needed,
freeing up space for alternative
utilisation of properties
Medium to
long term
Investore’s properties have low site coverage, meaning
buildings cover less than half of the property size, with carparks
a large part of the site. This is because people tend to drive
to Investore’s properties to complete their shopping. Over
time there could be reduced private vehicle usage, due to the
need to transition to lower carbon forms of transport, meaning
less need for carparks, and freeing up space for alternative
utilisation of the site. This could result in greater value to
Investore from its existing properties.
To date we have not yet seen any reduced
demand for carparks from tenants.
Investore maintains close contact with
its tenants to understand their needs
for the site and work with tenants to
optimise site usage as opportunities
arise.
Transition opportunity:
Benefits from being a “first
mover” to a low carbon world
Short termInvestore could benefit from increasing tenant demand for
sustainable properties, which may enable it to charge higher
rents, increasing the value of the building (all other things
being equal).
While Investore is not seeing increased
demand from tenants to upgrade existing
properties, major tenants are valuing
green rated new developments, such as
Woolworths Waimakariri Junction.
Investore targets a 5 Green Star
rating for newly developed properties.
Investore will also monitor tenant
demands for sustainability upgrades for
existing buildings.
Physical opportunity:
More physical damage to
properties results in higher
demand for hardware,
encouraging hardware tenants
to renew existing leases or
expand their store network
Medium to
long term
As more severe weather events are experienced across New
Zealand, there will be more demand for temporary clean up
materials and long term repairs, driving demand for hardware
stores. Hardware stores currently represent 16% of Investore’s
portfolio by Contract Rental
1
and its investment mandate would
permit it to invest in owning further hardware stores, if existing
or new tenants sought to expand their network to respond to
increased demand.
To date we have not seen increased
demand for hardware store locations.
Investore seeks to maintain good
relationships with its tenants, and
to demonstrate its expertise in
developing large format retail property,
so as to be a landlord of choice
should hardware store operators seek
additional locations.
1. See footnote 2 on page 4.
Sustainability Report 202442Investore Property Limited

Strategy
Consideration of risks and opportunities as part of capital decision-making
Refrigerants
Seek to reduce scope 1 emissions from air
conditioning through transitioning away
from R22 refrigerant use, resulting in lower
emissions from Investore’s properties – see
page 11 for more information
Carpark lighting
Target LED lighting to be installed in
all areas, which is expected to assist in
reducing Investore’s scope 2 emissions,
improving energy efficiency
Scope 3 emissions
Target 5 Green Star ratings for all new
developments, helping to ensure energy
efficiency of buildings
Support tenants in replacement of
lighting with LED lights
Explore installing solar panels on
buildings to assist with reducing
electricity consumption and improving
resilience of operations
Support major tenants in their
sustainability objectives where
practicable
Investore seeks to ensure that its assets
are resilient against potential future risks
arising from climate change, as outlined
on the previous pages. In particular,
Investore has been focussed on the need
to prepare for transition risks arising from
the potential for regulations requiring
improved energy efficiency of properties,
meeting the expectations of tenants and
investors regarding energy efficiency, and the
introduction of mandatory disclosure of energy
and carbon performance for all properties.
These risks are considered as part of
Investore’s decision-making regarding
upgrading properties, and form the basis of
our transition plan. This plan includes a focus
on Investore’s primary areas of emissions, and
to date has focussed primarily on existing and
newly developed buildings. When Investore
acquires properties, it will consider climate-
related risks as part of its due diligence
investigations.
Sustainability Report 202443Investore Property Limited

Risk Management
Investore works closely with its Manager,
SIML, on the identification, assessment and
management of risks, including climate-related
risks. SIML has implemented a Climate Risk
Management Framework which describes
the process for identifying, assessing and
managing climate-related risks, as well as
the process that will be followed to ensure
an ongoing review of climate-related risks.
This process is utilised by SIML in its climate-
related risk assessment process undertaken
for Investore.
Climate-related risks, as well as our
understanding of their impact, are continuing
to evolve and develop, and become
more apparent. Climate-related risks
have environmental impacts, along with
operational, regulatory, and financial risks.
To date, Investore has considered climate-
related risks on an annual basis. The initial
identification of climate-related risks (both
physical and transition risks) that may impact
Investore was identified through a series
of workshops held by SIML, as Manager
of Investore, in 2021. These workshops
involved a number of SIML people across
varying teams and with varying perspectives,
including those responsible for managing the
Investore portfolio. This provided a very broad
assessment of climate-related risks, which
were initially identified without considering
the potential magnitude of the impact of the
risk, in order to ensure all potential risks were
identified. The identified climate risks were
further reviewed and refined during FY23 and
FY24.
During FY24, further work was undertaken to
assess the impact of the identified climate-
related physical and transition risks. The
potential impact of each identified risk was
considered against the rating framework
used to assess the impact of enterprise risks
for Investore, and climate-related risks were
given a risk rating based on that framework.
This framework considers impacts on people,
environment, financial metrics, operations and
governance. In assessing the likely impact of
physical risks, the outputs of the physical risk
modelling and assessment work completed
during FY24 (as described on page 25) was
also taken into account.
In assessing the likely impact and scope of
climate-related risks, Investore mapped its
value chain and excluded items that were
considered to be immaterial from a climate risk
perspective, such as professional consultants
(upstream). However, all other aspects of
Investore’s value chain have been considered
when defining and assessing climate risks.
This section is intended to
enable users to understand
how Investore’s climate-related
risks are identified, assessed,
and managed, and how those
processes are integrated into
existing risk management
processes.
The same tools and methods used to assess
the impact of enterprise risks were utilised
when assessing the impact of climate-related
risks, which is to consider the potential impact
of climate-related risks under each of the
categories used to assess enterprise risks –
people, environmental, financial, operational
and governance.
In considering the potential impact of
climate-related risks, Investore has used the
same timeframes as used by its Manager,
SIML - short (present to 2030), medium
(2030 - 2040) and long (2040 - 2050). These
were felt to be the most appropriate, given the
lifecyle of buildings, and Investore’s strategic
planning horizons. While the life of a building
can last beyond 2050, Investore considers
this to be the long term horizon for its planning
purposes, and accordingly has set 2050 as the
long timeframe considered for each of the risks
assessed.
Following SIML Management’s assessment of
the likely impact of each climate-related risk,
climate-related risks were given a rating of
minimal, minor, moderate, high or extreme. The
overall assessment of the impact of climate-
related risks was reported to the Board,
together with a description of the process
followed. To ensure that the overall assessment
was appropriate, the Board undertook a
Sustainability Report 202444Investore Property Limited

Risk Management
calibration exercise where climate-related
risks were considered and prioritised against
enterprise risks at different risk rating levels. In
this way, Investore has commenced integrating
climate risk into its overall enterprise risk
framework, although the Board expects that
this process will continue to develop and evolve
over time, including as our understanding
of climate-related risks and their actual and
potential impact is further developed, and as
we quantify the impact of climate-related risks.
Specific strategies have been established to
monitor and manage each climate-related
risk, as described on pages 35 to 41 of this
report. Risk management, including climate
risk management, is the responsibility of the
Investore Board. The Board has established
an Audit and Risk Committee which has
responsibility for the identification and
assessment of enterprise risks. However, given
the emerging understanding of climate-related
risks and the potential impact on Investore’s
business, the Investore Board has to date been
responsible for the identification, assessment
and management of climate-related risks as
reported by SIML Management. The Board
anticipates that over time, as climate-related
risks become more integrated with business
risks, responsibility for climate-related risks will
become part of the role of the Investore Audit
and Risk Committee.
SIML, as Manager of Investore, and the
SIML executive team, are accountable for
implementing the strategies to monitor and
manage all risks (including climate-related
risks) for and on behalf of Investore, while the
SIML General Manager Corporate Services
is responsible for risk management across
Stride and Investore, and is also responsible for
sustainability initiatives and actions, making the
integration of climate-related risk management
and enterprise risk management a more
streamlined process.
Sustainability Report 202445Investore Property Limited

Metrics and Targets
Greenhouse gas reporting
Investore’s FY24 greenhouse gas inventory
is attached to this report. Deloitte is engaged
to provide a limited assurance conclusion
in respect of Investore’s greenhouse gas
inventory, and their report can be found
beginning on page 70. The greenhouse
gas emissions from Investore’s activities
are captured and also included in the
consolidated greenhouse gas emissions
separately reported by SIML, as Investore’s
Manager, in accordance with the operational
control approach used to report on
greenhouse gas emissions by both Investore
and SIML. As Investore is also reporting on its
own greenhouse gas inventory, there is some
duplication in emissions reporting between
SIML and Investore. However, Investore
considers it important to report on its own
greenhouse gas emissions, to enable users
to understand Investore’s greenhouse gas
profile.
This section is intended to
enable users to understand
how Investore measures and
manages its climate-related
risks and opportunities.
Investore’s indirect emissions
Purchased goods and services
Capital goods
Scope 1
Fugitive emissions from air conditioning
systems
Diesel for sprinkler pumps
Scope 2
Electricity consumption
Embedded network lines losses
Tenant electricity
Tenant gas
Waste from tenant activities
Tenant water
19,576.2 tCO2e
25.1 tCO2e
Greenhouse gas emissions profile
Upstream
Scope 3 emissions
Scope 1 and 2
emissions
Downstream
Scope 3 emissions
Sustainability Report 202446Investore Property Limited

Metrics and Targets
Greenhouse gas inventory -
commentary
Due to Investore’s portfolio of large format
retail properties, and the nature of its
business operations, Investore considers that
it has very low scope 1 and 2 emissions.
Investore’s scope 1 emissions comprise diesel
from sprinkler pumps and fugitive emissions
from air conditioning systems. For FY24
scope 1 emissions have decreased by 59%
from FY23, primarily due to a reduction in
the refrigerant leakage from air conditioning
systems managed by Investore. As described
on page 11, Investore has identified the
sites where R22 refrigerant gas is being
used and has commenced the removal of air
conditioning units that use R22 refrigerant
and the replacement of these systems with
a refrigerant with a lower global warming
potential. Investore plans to replace the
majority of R22 air conditioning units by the
end of FY26.
Scope 2 emissions for Investore comprise
electricity consumption (for common areas,
which is primarily car park lighting) and
embedded network lines losses. Scope 2
emissions for FY24 have decreased by 37%,
with scope 1 and 2 emissions reducing by
51% from FY23, and by 72% from the FY20
baseline year. While Investore’s scope 2
emissions have reduced from FY23, Investore
will seek to further reduce these emissions
to the extent practicable, and has a plan to
ensure that all carpark lighting consists of
LED lighting.
Scope 3 emissions have increased
substantially from FY23, but this is primarily
due to the additional categories of scope 3
emissions reported in FY24 compared to
FY23, including purchased goods and services
and capital goods (being the emissions
associated with building products and capital
expenditure). Investore has undertaken
significant work in identifying and reporting
its scope 3 emissions during FY24, although
these remain subject to some exclusions and
limitations as set out in the greenhouse gas
inventory report. The largest scope 3 emissions
remain tenant electricity and gas consumption.
Investore’s transition plan identifies actions to
assist in reducing these emissions – see
page 10 for further details.
Further detail regarding Investore’s greenhouse
gas inventory, including the standard that the
greenhouse gas emissions have been measured
in accordance with, are set out in Investore’s
greenhouse gas inventory on pages 60 to 69.
Investore Greenhouse Gas Emissions Inventory Summary FY24
Scope 1 Emissions tCO2e
Category202420232020
Stationary diesel
0.470.890.00
Fugitive emissions from air conditioning
systems
12.6131.3178.58
Total Scope 1
13.0832.2078.58
Scope 2 Emissions tCO2e
Electricity consumption (location based)
11.2918.2710.68
Embedded network line losses
0.700.820
Total Scope 2 (location based)
11.9919.0910.68
Total Scope 1 & 2 emissions (tCO2-e)
25.0751.2989.26
Scope 3 Emissions tCO2e
Purchased goods and services
4,387.00Not collected
Capital goods
5,220.00Not collected
Waste
3,182.202,949.43
Downstream leased assets – tenant
consumption
6,766.397,905.70
Other
20.635.64
Total Scope 3
19,576.2210,860.77
Total Scope 1, 2 & 3 emissions (tCO2e)
19,601.2910,912.06
Sustainability Report 202447Investore Property Limited

Metrics and Targets
Exposure to climate-related
risks and opportunities
Investore has undertaken preliminary work
to assess the extent to which its assets
could be vulnerable to physical or transition
risks, and that assessment is set out on this
page. Investore expects that over time our
understanding of how climate-related risks
and opportunities may impact Investore will
develop, and this may allow more detailed
reporting on the exposure of Investore to
climate-related risks and opportunities.
MetricAssessmentCommentaryAction
Amount of assets
vulnerable to
transition risks
All of Investore’s large
format retail portfolio is
vulnerable to one or more
transition risks identified
by Investore in its risk
assessment
While Investore considers that it has
relatively low scope 1 and 2 emissions, most
of Investore’s properties have been subject
to long term leases for a considerable
period of time, and therefore may not be
as energy efficient as new properties.
Accordingly, over time tenants could seek
to require energy efficiency upgrades to
existing buildings to meet expectations
Investore has limited ability to manage or
influence operational emissions at buildings
that are subject to long term tenancies.
However, it is part of Investore’s transition plan
(see page 10) to work with tenants to improve
the sustainability of buildings and tenant
operations, including exploring the installation
of solar panels on buildings to assist with
reducing electricity consumption and improving
resilience of operations. Investore also targets
a 5 Green Star rating for new developments,
ensuring new buildings are energy efficient for
tenant operations
Amount of assets
vulnerable to
physical risks
As Investore owns and
manages commercial
property, all assets are
vulnerable to physical risks
to a degree
As described on page 25, during FY24
Investore undertook an analysis of the extent
of its exposure to physical risks utilising the
S&P Global Climanomics system and also
undertook an assessment of the risk of sea
level rise using the NZSeaRise and NIWA
Sea Level maps. Based on that analysis, no
Investore property is materially impacted
by physical risks of climate change. Rising
temperatures have some impact under
the hot house world scenario, expected to
primarily impact air conditioning functionality
Investore will continue to consider the need
to ensure its assets are resilient to physical
risks as part of its capital planning processes,
including in the development and acquisition
of assets. Investore will also consider whether
further specific analysis is required for any
particular properties based on the physical risk
assessment completed to date
Sustainability Report 202448Investore Property Limited

Metrics and Targets
Climate-related opportunities
Investore considers that it is useful to assess
each of the climate-related opportunities
identified by it in order to determine the
amount of its assets and capital expenditure
related to or aligned with each climate-related
opportunity.
OpportunityAmount of assets or business aligned with opportunityAmount of capital expenditure deployed
Acquire properties that may be
“stranded” and improve them to
realise value
Investore has not pursued this strategy to dateNil
Reduction in car use means fewer
carparks needed, freeing up space
for better utilisation of properties
Investore’s portfolio comprises 62.8 hectares of
commercial land holdings with an average site coverage
of approximately 40%, providing scope for future site
development over the long term
To date we have not seen any reduced demand
from tenants for carparking. As many leases
include obligations on Investore to make
carparks available, this strategy will require
discussions and agreement with tenants, which
Investore expects will occur over the medium to
longer term
Benefits from being a “first mover” to
a low carbon world
During FY24 Investore developed Woolworths
Waimakariri Junction, which has achieved a 5 Green Star
Design rating and is targeting a 5 Green Star As Built
rating. This asset is aligned with this opportunity and
demonstrates the ability of Investore to develop energy
efficient, sustainable large format retail properties
Investore considers the implementation of
sustainability initiatives to be part of the cost
of the overall development, and does not
specifically separate these costs. However, an
estimate of the additional cost of implementing
sustainability initiatives as part of this
development is approximately $640,000
More physical damage to properties
results in higher demand for hardware,
leading to more hardware stores
While there was strong demand for hardware supplies
following the Auckland floods and Cyclone Gabrielle which
occurred in FY23, Investore has not seen any additional
demand from hardware tenants for more sites. 16%
of Investore’s portfolio by Contract Rental
1
comprises
hardware tenants
Nil
1. See footnote 2 on page 4.
Sustainability Report 202449Investore Property Limited

Metrics and Targets
Capital expenditure associated with
climate-related risks
The transition risks that Investore has been
focussed on to date are:
• Regulations requiring improved energy
efficiency of properties
• Introduction of mandatory disclosure of
energy and carbon performance
• Failure to keep up with technology advances
and expectations of tenants and investors
for energy efficiency, renewables and low
carbon technology
Investore has a strategic objective of creating
efficient, climate resilient places that deliver
long term value and support a low carbon future,
which has been established in order to address
the potential impact of these transition risks.
Investore’s climate-related expenditure has to
date been focussed on this objective. Investore
has identified the expenditure listed in the table
to the right as being incurred during FY24 in
relation to climate-related transition risks. We
note that no costs were incurred during FY24 in
relation to physical risks.
Item of expenditureAmountAssumptions and comment
Removal of R22 refrigerant from
Investore portfolio
$258,000 The cost of replacing 6 units that utilise R22 refrigerant during
FY24
Construction of new supermarket at
Waimakariri Junction
$640,000 (estimated)Investore considers the implementation of sustainability
initiatives to be part of the cost of the overall development,
and does not specifically separate these costs. However, an
estimate of the additional cost of implementing the sustainability
initiatives is approximately $640,000
Completed feasibility assessment for the
installation of solar panels at a single tenanted
large format retail property
NilA small amount has been invested in completing the feasibility to
date, with the primary resource being internal SIML resource, for
which a separate charge was not made by SIML to Investore
Contribution to costs incurred by tenants in
replacing lighting with low energy LED lights
$414,000 This amount comprises the contribution by Investore to the
replacement of lighting by tenants with LED lighting, which is
low energy lighting compared to traditional forms of lighting
Sustainability Report 202450Investore Property Limited

Metrics and Targets
Remuneration
Due to its business model which includes
outsourcing management of its properties
and business to SIML, Investore has no
employees, and accordingly remuneration is
not relevant to Investore.
Internal carbon price
During FY23 Investore aligned its approach
to an internal carbon price with that of its
Manager, SIML. SIML had set an internal
carbon price by reference to the spot price
of carbon under the Aotearoa New Zealand
Emissions Trading Scheme, and the price
adopted was $60 per tCO2e. This price has
not been adopted during FY24, as initial usage
indicated that the internal carbon price was
too low to have a material impact on decision-
making related to climate-related expenditure.
The use of an internal price of carbon has not,
to date, been seen by Investore as necessary to
influence decisions related to climate-related
expenditure.
Targets
Investore has not set specific climate-related
targets (whether science-aligned or otherwise),
as a result of Investore having, in its opinion,
very low scope 1 and 2 greenhouse gas
emissions, such that setting science-aligned
targets would not be practicable or useful
for primary users. Investore has set a number
of strategies and actions to reduce its more
material scope 1 and 2 emissions and these
are set out in more detail on page 10, with
actions to date described on page 26 of this
report.
Sustainability Report 202451Investore Property Limited

Metrics and Targets
Key metrics
The key metrics that Investore considers
most relevant for its business, including those
that Investore monitors as part of its regular
assessment of performance against its
sustainability strategic plan, are set out in the
table on the right. Investore first reported these
metrics in FY23, and accordingly is providing
only one year of comparative information, in
reliance on adoption provision 6.
MetricFY24FY23Commentary/Trends
GHG emissions
intensity
Scope 1 and 2 emissions per sqm net
lettable area (NLA) (tCO2e)
0.0001
0.0002
Investore’s scope 1 and 2 emissions intensity has reduced
considerably, consistent with the reduction in its scope 1 and 2
emissions.
The scope 3 emissions per sqm NLA has increased due to the inclusion
of additional scope 3 categories in our greenhouse gas reporting for
FY24 compared to FY23. On a like-for-like basis and considering only
those categories of scope 3 emissions reported by Investore in FY23,
scope 3 emissions intensity per sqm NLA(tC02e) for FY24 would be
0.039, a 10% reduction from FY23.
Scope 3 GHG emissions per sqm NLA
(tCO2e)
0.0770.044
Total GHG emissions per sqm NLA
(tCO2e)
0.0770.044
Energy intensity –
consumption as a
percentage of floor
area
Scope 1 and 2 (kWh)0.590.61
Scope 1 and 2 energy intensity has reduced slightly from FY23,
which means an improvement in energy efficiency. However, scope 3
tenant energy consumption intensity (which is outside of the control of
Investore) has increased from FY23.
Scope 3 tenant gas and electricity
1

(kWh)
346.1260.5
Energy consumption
data coverage
(actual data as a
percentage of total
data including
estimated)
Scope 1 and 292%96%Overall, data collection has decreased. The key drivers of the change
in scope 3 data collection are tenants not responding to requests for
data, suppliers taking longer to provide information than previously,
and other suppliers no longer accepting letters of authority from
tenants.
Scope 378%97%
Percentage of
eligible portfolio
by value that has
a green rating by
property sector
Percentage of Investore large format
retail properties
2
by value having a green
rating – Green Design or Green Star
Performance
43%42% This rating has remained largely unchanged - the existing Green Star
performance ratings received in FY23 were maintained for FY24, and in
addition, the new Woolworths Waimakariri Junction received a 5 Green
Star Design rating.
1. Data includes actual and estimated Scope 3
emissions for gas (kWh) and electricity (kWh).
2. Excluding properties categorised as ‘Development
and Other’ in note 2.2 to the respective financial
statements.
Sustainability Report 202452Investore Property Limited

Appendix:
Narrative
Descriptions of
Climate Scenarios
Investore Property LimitedSustainability Report 202453

Orderly 1.5°C Scenario
Emissions trajectory
The world succeeds in the Paris Agreement’s
goal of limiting global temperature increase
to 1.5°C above pre-industrial levels.
Emissions steadily decline from the 2020s.
Direct carbon capture technology matures to
a point where the world is on track to achieve
net zero CO2 emissions globally by 2050.
This more sustainable path is due to well-
signalled and broadly supported regulatory
changes. These align with market drivers to
result in lower resource use and higher levels
of efficiency, resulting in growth delinked
from material consumption. Ambitious climate
policies are enacted both in New Zealand and
in the world, with a shadow price on carbon
steadily rising to $250/tCO2e by 2050.
However, New Zealand still faces moderately
severe physical impacts of climate change
with an increase in extreme wind speeds (up to
+5%), rainfall intensity (+6%), and number of
hot days (+40%) by 2050.
50000
45000
35000
40000
30000
25000
20000
15000
10000
5000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
Global Emissions Pathway
Energy transition
The pressure to achieve net zero emissions
by 2050 means the global energy grid shifts
uniformly and quickly away from fossil fuel
use to increased use of renewables, which
make up nearly 100% of electricity production
in New Zealand by 2050. In the short to
medium term, New Zealand’s renewable grid
becomes more attractive, with energy intensive
industries relocating here, increasing demand
for properties. Electricity prices increase in the
2020s and 2030s, as the decarbonisation of
industrial processes and transportation sectors
puts pressure on grid capacity, resulting in
increasing risk of blackouts.
Buildings are required to reduce electricity
use to support energy and carbon reduction
objectives, impacting air conditioning systems
and building operations. In the short term,
this drives demand for on-site electricity
generation, while over the medium term, energy
efficiency improvements and greater use of
demand control infrastructure such as energy
storage and load shedding, are implemented to
lower peak demands and support the transition
to renewable electricity.
Building regulations
Energy and carbon limits for new buildings
are phased in rapidly. Existing buildings
are initially required to disclose energy and
carbon performance and over the medium
term are required to remove fossil fuels and
undertake retrofits for energy efficiency. The
scale of retrofit activities is significant, with
most properties built prior to 2020 needing
major upgrades (if not already completed). This
results in increased operational expenses and
the need for capital expenditure.
By 2030, new buildings are 50% more
efficient than current code requirements for
operational energy and fossil fuel free. Building
embodied carbon emissions (from products
and materials) are 30% lower by 2030 with
changes in design solutions and supply chain
decarbonisation both contributing.
Existing buildings are fully decarbonised by
2050. Building occupiers and purchasers also
begin demanding more energy efficient, low
carbon buildings as consumer awareness (and
prices of higher carbon materials) increase.
Demand is refocussed towards existing
building re-use and adaptive reuse over new
construction.
Sustainability Report 202454Investore Property LimitedSustainability Report 202454Investore Property Limited

Emissions reduction targets:
Carbon capture
Carbon capture and storage systems are
implemented in the medium term to accelerate
the rate of decarbonisation and mitigate hard-
to-abate fossil fuel use. As this technology
matures there is a reduction in focus on
hard-to-abate emissions associated with some
construction materials (e.g. concrete, steel,
aluminium).
Entities set ambitious science-based emission
reduction targets in the short term as pressure
from investors and customers to align with
1.5°C of warming grows. Failure to achieve
targets results in direct financial penalties from
lenders, reduction in funding from lenders, and
government funding restrictions.
Circular economy
As the carbon price and waste levies increase,
a shift to a more circular economy occurs,
supported by government mandates for
recycled content. This, together with the need
to decarbonise buildings, results in significant
demand for low carbon building products,
materials, and technologies, which puts
pressure on supply chains for these products
and leads to increased costs in the short term.
Low carbon products become more cost and
time effective than traditional materials by the
2040s due to innovation in production, overall
reduction in material handling/wastage, new
construction systems, value extraction from
circularity, and the rising price of carbon.
Large product manufacturers shift to an “as a
service” business model where they provide,
maintain and dispose of building elements
(such as lighting). This increases operating
costs but reduces capital expenditure and
enables greater levels of end-of-life value
capture.
The shift to circular economy business models
occurs across the economy, resulting in lower
demand for manufactured goods, impacting
manufacturers and therefore resulting in lower
demand for logistics and warehouse properties.
This is part of a rapid wider shift towards
economic degrowth models, with rapid
technology and system shifts also helping to
curb inflation.
Social change
Social changes start to occur in the short
term as a result of market behaviour, working
habits, required knowledge/skills, purchasing
and investment behaviours, and the changing
focus of government funding. In the short term,
those working in carbon-intensive industries or
professions are required to change roles.
Globally aligned efforts to reduce warming
results in manageable levels of climate-related
refugees and modest net migration to New
Zealand, which is home to 6.13m people by
2050.
Demand for alternative forms of transport
increase, given the focus on low carbon
options. Rates of people working from home
increase for office-based jobs, as transport
modes shift, and employers encourage their
employees to reduce emissions by commuting
less. The shift to working from home for
some sectors means increased demand for
residential dwellings and local shared working
spaces with suitable facilities.
Land use change
The acute physical impacts of climate change
are evident in the short and medium term
and result in increased investment in New
Zealand’s infrastructure and communities to
reduce carbon emissions and reduce exposure
and vulnerability to climate-related events.
By 2050, New Zealand is still dealing with
Orderly 1.5°C Scenario
severe climate-related events, but the outlook
for 2100 is more positive. A combination of
managed retreat and infrastructure investment
has mitigated long term physical risks.
However, the full impact of already baked-in
sea level rise is yet to be experienced in 2050,
which will present a second wave of retreat and
adaptation towards 2100 for existing assets.
Decarbonisation policy drives rapid
densification of urban areas to reduce urban
sprawl. Although levels of working from
home increase, public and active transport
infrastructure also grows to accommodate
those who still need to commute. Behaviour
and policy change drives greater usage for
active and public transport networks and
creates demand for rapid upgrades and
expansions.
There is a shift in mode from trucks towards rail
or sea freight for bulk products and materials
distribution with greater investment in a lower
carbon, diversified and more resilient transport
network.
Sustainability Report 202455Investore Property Limited

Disorderly Scenario
Emissions trajectory
The world fails to implement the changes
required to limit warming to 1.5°C above pre-
industrial levels by 2100. Global emissions
continue to rise in the short term as historical
social, economic, and technological trends
continue. However, the increasing frequency
of climate-related physical events and
concerns about meeting Paris Agreement
goals drives a sudden shift in global policy
around 2030, when abrupt and stringent
decarbonisation policies are enacted. The
level of action differs across countries and
regions, but globally there is a 2/3rd chance
of limiting global warming to below 2°C
above pre-industrial levels by 2100.
New Zealand follows the majority of the world
in implementing abrupt policy and market
changes after 2030. Whilst rapid policy,
technology, and behaviour change does
occur, it is disordered and inconsistent across
sectors and sub-sectors. The shadow carbon
price rapidly increases after 2030 to reach
$250/tCO2e by 2050, exacerbating wealth
Global Emissions Pathway
and income inequality. The pace of change
generates significant financial incentives for
innovation, especially for carbon sequestration,
capture and storage which must play a large
role in carbon emissions reduction by 2050.
Heavy investment is made in carbon capture
and storage systems in the medium term to
accelerate the rate of decarbonisation. Whilst
this leads to construction activity growth,
the need for rapid decarbonisation from
2030 means that there is still pressure on
the property sector to reduce hard to abate
emissions sources (e.g. cement, steel).
New Zealand still faces moderately severe
physical impacts of climate change with an
increase in extreme wind speeds (up to +5%),
rainfall intensity (+6%), and number of hot
days (+40%) by 2050. A lack of action in
addressing medium term physical risks in the
2020s results in a greater extent of vulnerable
assets in the medium term (2030-2050). This
significantly increases the impact of weather-
related events as adaptation has not been
well implemented, retreat has not been well
managed, and the pace of insurance retreat is
accelerating.
Energy transition
In New Zealand, the relative affordability of low
carbon generation means the grid is already
steadily decarbonising throughout the short
50000
45000
35000
40000
30000
25000
20000
15000
10000
5000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
-10000
-5000
term. Electricity prices increase in the 2020s
and 2030s due to continuing reliance on
fossil fuel peak demand generation, and a
slow increase in demand for electricity doesn’t
provide sufficient signals for the necessary
upgrades, leading to supply constraints, as well
as the risk of price shocks and blackouts.
In the property sector there is limited-
to-no change in fossil fuel use or energy
transition in the short term. Stringent
decarbonisation policies enacted in 2030
include the introduction of energy efficiency
requirements for buildings. In 2030 all new
buildings are 40% more efficient than current
code requirements for operational energy
efficiency. Whilst still legal, few new buildings
utilise fossil fuels for heating, hot water or
cooking. Many existing buildings still rely
on fossil fuels but are transitioning over the
medium term (2030-2050) and become fully
decarbonised by 2050. The pace of change
and costs associated with upgrades leads
some buildings to be abandoned.
Policy and market changes
As the likelihood of missing the 1.5°C target
becomes apparent, many organisations
reduce their carbon reduction ambitions
and unlock capital to focus on adaptation.
Investors and customers increase pressure
on entities to prioritise climate resilience
Sustainability Report 202456Investore Property Limited

as physical impacts accelerate. Regulation
attempts to address the impacts of climate
change and the need to decarbonise, but it is
uneven across local government entities and
conflicting regulations lead to uncertainty.
These mixed investment signals cause
uncertainty and a lack of momentum until
2030 at which point new policy is implemented
which generates alignment and investment
accelerates.
Building regulations
At 2030, the significant regulatory changes
demand an immediate step change in
building energy and carbon requirements.
New technologies haven’t been developed
in time for the spike in demand in 2030,
leading to disruption of the building and
materials market and competition for
materials and products that impacts new
buildings and retrofit development. This
leads to significant price escalations and
construction delays.
Assets developed prior to 2030 are at
increased risk of becoming stranded once
new regulations are introduced in 2030 due
to the new building requirements around
levels of performance and market demands
for low carbon buildings. This rapid change
in tenant and investor demands means some
assets rapidly lose value. Early movers within
the property sector have the opportunity to
utilise their future-proofed assets, established
knowledge and material supply chains whilst
late movers are disadvantaged by stranded
assets and construction practices that have
not kept up with market demands. However,
the slow rate of technology change up to 2030
means investing early is expensive, not well
supported by government funding, and not
differentiated by the market.
One reaction to the more stringent
decarbonisation requirements after 2030 is a
rapid shift towards economic degrowth models,
making new build development financially
unviable. This coincides with commercial
building demand reduction due to an increase
in working from home, as transport modes shift,
and employers encourage their employees to
reduce emissions by commuting less.
Social change
Minimal social changes occur prior to 2030,
however the pace of change around 2030 is
unprecedented. Carbon intensive industries
are either rapidly decarbonised, divested from,
or progressively regulated out of existence. The
rapid change results in parts of society being
“left behind”, leading to unrest, crime and an
Disorderly Scenario
overall reduction in safety and security for both
individuals and organisations.
The need to rapidly decarbonise also requires
concentrated focus on cities and increasing
urbanisation, in order to reduce reliance on
fossil fuel use for travel and transport. However,
the increased urban sprawl during the 2020s
and the development of more roading provides
challenges in decarbonising during the 2030s.
Land use change
A focus on adaptation over mitigation until
2030 as a result of the physical impacts
of climate change means that much of the
investment in New Zealand’s infrastructure and
communities is used to reduce exposure and
vulnerability to climate-related events.
After 2030, greenhouse gas emissions
reduction becomes a primary focus, driving
changes to land use and densification.
Continuing sprawl and investment in road-
based transportation throughout the 2020s
has created an infrastructure network that is
more entrenched and difficult to transition to
a low carbon alternative. Roading and older
infrastructure requires significant upgrades to
align with the decarbonisation policies enacted
in 2030, increasing the costs of transition,
but providing the ability to readily adapt our
infrastructure strategies to technology changes.
After 2030, public and active transport
infrastructure grows as behaviour and policy
change drive greater usage and necessitate
rapid upgrades and expansions.
The impacts of climate change on coastal
areas, floodplains and drought-prone regions
combined with significant transition efforts
around 2030 cause a change in population
distribution as residents and businesses retreat
to lower risk areas.
By 2050, New Zealand is dealing with severe
climate-related events, but the level of warming
is stabilising to less than 2°C with the outlook
for 2100 being more of the same. However,
the full impact of already baked-in sea level
rise is yet to be experienced in 2050, which
will present a second wave of retreat and
adaptation towards 2100. An early focus on
adaptation has meant long term infrastructure
is not being provided to areas at risk.
Properties in floodplains experience increasing
insurance premiums above inflation and
experience insurance retreat by 2040.
Premiums on some coastal commercial
properties increase to the point of permanent
unprofitability, leading to them being stranded
by 2030. Properties in denser areas (e.g. in a
CBD) experience a slower increase in insurance
premiums, as they benefit from surrounding
publicly-funded adaptation defences.
Sustainability Report 202457Investore Property Limited

Hot House World Scenario
Emissions trajectory
No further effective climate policy is enacted
after today. Global emissions continue to
grow until 2080, which leads to greater than
3°C of physical warming above pre-industrial
levels by 2100. Exploitation of fossil fuel
resources and the adoption of resource
and energy intensive lifestyles continues to
increase around the world. The world sees
increasingly severe physical risks. Historical
social, economic, and technological trends
continue.
As with the rest of the world, New Zealand
does not enact any additional climate
policy. Regulatory changes are slow and
focus on adaptation and managing climate-
driven immigration/refugees. The shadow
price of carbon remains at $35/tCO2e to
2050 which reflects our current fossil fuel
reliance. The lack of further policy action to
decarbonise disincentivises carbon reduction
strategies such as building energy efficiency
improvements, fuel switching, carbon capture
and storage, and electrification of transport
unless they also improve the physical resilience
of assets or communities.
As physical climate impacts worsen from
2030 onwards mandates are introduced to
conserve energy and infrastructure access for
critical functions. As the risk of asset loss and
stranding increases, the focus of the property
sector becomes climate adaptation and
supporting the resilience of communities as
they are forced to either adapt or retreat. Use
of carbon capture and storage is minimal.
New Zealand faces severe physical impacts of
climate change with increased extreme wind
speeds (+5-10%), increase in rainfall intensity
(+8.6%), and an increase in the number of hot
days (+100%).
Energy use
New Zealand follows global trends in not
introducing additional policies focussed
on renewable energy, and both technology
and behaviour change remain slow across
all sectors. New Zealand’s electricity grid is
gradually decarbonised but does not achieve
100% renewable generation in the long
term. This means building owners wishing to
achieve net zero carbon emissions must invest
in their own zero carbon generation. Without
strategies to decommission fossil fuel plants,
incentivise low carbon generation or create
localised networks, there are limited benefits
from these on-site systems.
80000
70000
50000
60000
40000
30000
20000
10000
0
Global Carbon Emissions (Mt CO
2
)
1990199520002005201020152020202520302035204020452050205520602070
2080
2090
2100
Year
Global Emissions Pathway
Increasing frequency and severity of weather
events such as storms result in more frequent
and severe damage to electricity assets and
more frequent and longer blackouts. Building
energy efficiency improves in the medium term
as passive design solutions, which are more
resilient to electrical network failures, become
more popular. This reduces the need for fossil
fuels for heating in buildings and the financial
performance of fully electric buildings (based
on current technology) drives operational
carbon reductions in the sector.
Policy and market changes
Policy shifts towards addressing national
and regional security and resource scarcity.
Decarbonisation is not a priority and there is
no significant behaviour change. Emissions
reduction targets put in place by the property
sector are not met as they rely on adjacent
sectors also decarbonising.
Increasing frequency and severity of acute
weather events, as well as longer term
increases in temperatures and sea level rise,
drive an increasing need for climate adaptation
and retrofitting buildings to be more resilient.
There is little investment in technology and
innovation that does not serve these pressing
adaptation needs.
Sustainability Report 202458Investore Property Limited

As the shadow price of carbon stays stable at
$35/tCO2e through to 2050 there are limited
financial incentives to improve efficiency.
However, there are strong measures to address
resource scarcity, with access to energy and
other resources being restricted for non-
critical functions, including carless days, water
restrictions, limits on air conditioning or heating
use, etc.
Building demand / regulations
There is more demand for buildings that are
resilient to direct climate-related physical
events and infrastructure failures. A greater
proportion of private and government spending
is directed to adaptation of physical assets
and responding to climate-related events.
Local councils also increase rates to invest in
protection and restoration of certain assets in
locations where retreat is not an option.
Changes to building codes are focussed on
the response to physical impacts from climate
change, increasing the cost of development.
Resilience requirements capture existing
buildings which need to be upgraded to be
considered safe. This results in a significant
capital works programme of building retrofits,
but the opportunities to also improve energy
efficiency and carbon emissions are not taken
as capital is severely limited. The need to
improve building resilience causes many assets
(especially in smaller/remote/less resilient
settlements) to be stranded or abandoned.
Existing low carbon materials are readily
available due to low demand but there is little
innovation beyond technologies and materials
currently available.
Social change
Increasing severity and frequency of weather
events causes disruptions to global food
supplies in the medium term. Social cohesion
starts to degrade and conflict and unrest
become increasingly common.
Increases in temperature around the world
results in a large increase in net migration
to New Zealand (6.93m people by 2050).
Spikes in demand for housing occur due to
climate-driven immigration from other parts of
the world and increasing numbers of climate
refugees. Social retreat from areas with higher
physical risks (e.g. coastal areas) means
changes in population distribution and land use
over the medium term which accelerates post
2050. Food insecurity due to physical impacts
that affect growing areas, as well as the ability
to transport food, leads to large scale retreat
out of cities and toward self-resilient lifestyles
with less consumption.
Populations concentrate around regions that
are more climate resilient. This introduces
significant demand for construction activity
in areas where resettlement is occurring. The
relocation of large industry and new housing
will create large private sector demand.
Land use and infrastructure
More extreme weather puts significant strain
on power infrastructure and the security of
electricity supply is at risk. This risk is moderate
in the short term but becomes increasingly
extreme in the medium and longer terms as
increasing emissions drive more frequent and
severe extreme weather events.
Properties in floodplains experience increasing
insurance premiums and likely experience
insurance retreat by 2040. Properties lose
value and become stranded assets. Premiums
on coastal commercial properties may increase
to the point of permanent unprofitability,
leading to them being stranded by 2030.
Construction in hazardous areas becomes
increasingly dangerous and some commercial
property owners experience liability risk as
heatwaves cause fatalities to occur onsite.
Insurance rates for construction companies
also increase.
Hot House World Scenario
Sustainability Report 202459Investore Property Limited

Greenhouse Gas Inventory Report
1 April 2023 – 31 March 2024
60

Introduction
This document is the annual greenhouse
gas (GHG) report for Investore Property
Limited and covers all activities of Investore
Property Limited and Investore Property
(Carr Road) Limited (together ‘Investore’).
Stride Investment Management Limited (‘SIML’)
is the Manager of Investore and as such the
GHG emissions from Investore activities are
captured and included in the consolidated
GHG emissions separately reported by
SIML. Refer to the Organisational Boundary
section on page 64 for further details.
This report has been written in accordance
with the Greenhouse Gas Protocol: A
Corporate Accounting and Reporting
Standard (2004) (‘the GHG Protocol’).
Investore Property LimitedSustainability Report 202461

Table 1: Investore Greenhouse Gas Emissions Inventory Summary FY24
Scope 1 Emissions Tonnes of CO2e
1
CategoryFY24FY23FY20
Stationary diesel
0.470.890.00
Fugitive emissions from air conditioning systems
12.6131.3178.58
Total Scope 1
13.0832.2078.58
Scope 2 Emissions Tonnes of CO2e
2
CategoryFY24FY23FY20
Electricity consumption (location based)
3
11.2918.2710.68
Embedded network line losses
0.700.820
Total Scope 2 (location based)
4
11.9919.0910.68
Scope 1 & 2 tCO2e emissions (location based)
25.0751.2989.26
Greenhouse Gas Inventory FY24
1. Scope 1 Emissions: Accounts for direct GHG emissions from
sources that are operated or controlled by Investore.
2. Scope 2 Emissions: Accounts for GHG emissions from
the generation of purchased electricity consumed by
Investore and includes embedded network lines losses from
buildings with embedded electricity networks. Where data
is metered but is not available, this has been estimated. Total
estimated electricity emissions are 0.89 tC02e of the total
11.29 tC02e. Estimation methodology is detailed in Table 2.
3. The MfE emission factor for electricity has reduced by
38% year on year. For comparison purposes, using the
consumption data (actual plus estimated) for FY24 of
152,179.35kWh, this would give scope 2 GHG emissions
of 17.50 tCO2e using the FY23 emission factor and
15.43 tCO2e using the FY20 emission factor.
4. Location based electricity contains Investore’s full scope
2 inventory with the location-based approach (including
sites where Ecotricity is the supplier). The emissions factor
applied against the full scope 2 inventory is the grid factor
of 0.000074177653 from MfE 2023 MfE 2023 Emissions
Factors Table 9.
(including FY20, Investore’s baseline year for Scope 1 and 2 Emissions)
Sustainability Report 202462Investore Property Limited

Scope 3 Emissions Tonnes of CO2e
5
CategoryFY24FY23FY20
Purchased goods and services
4,387.00N/AN/A
Capital goods
5,220.00N/A
Transmission & distribution losses - electricity
1.211.68
Water
6
19.423.96
Waste
7
3,182.202,949.43
Downstream leased assets - tenant electricity & gas consumption
8
6,766.397,905.70
Total Scope 3
19,576.2210,860.77
Total Scope 1, 2 & 3 tCO2 e emissions (location based)
19,601.2910,912.06
5. Scope 3 Emissions: Accounts for indirect GHG emissions
that occur in the company’s value chain. Scope 3 exclusions
are provided in Table 4 Emissions Source Exclusions. For
FY20 scope 3 data was not available and is described as
N/A for FY20 in Table 1.
6. Water: Where data is not available, this has been estimated.
Total estimated water emissions are 15.77 tCO2e of the total
19.42 tCO2e. Estimation methodology is detailed in Table 2.
7. Waste from operations: The data includes tenant waste but
excludes construction waste. Where data is not available,
this has been estimated. Total estimated waste emissions
are 958.51 tCO2e of the total 3,182.20 tCO2e. Estimation
methodology is detailed in Table 2.
8. Downstream leased assets include tenant consumption
of natural gas and electricity. There is a component of
estimated emissions for tenant electricity which total
1,659.30 tCO2e of the total 6,766.39 tCO2e.
Estimation methodology is detailed in Table 2.
Greenhouse Gas Inventory FY24
(including FY20, Investore’s baseline year for Scope 1 and 2 Emissions)
Table 1: Investore Greenhouse Gas Emissions Inventory Summary FY24 (cont.)
Sustainability Report 202463Investore Property Limited

Organisational Boundary
Investore Property Limited (Investore)
Invests solely in large format retail property across New Zealand
Investore Property (Carr Road) LimitedWholly-owned subsidiary of Investore which owns the 4 Carr Road, Auckland asset
Stride Investment Management Limited (SIML)The Manager of Investore and employer of staff managing the Investore properties
FY24
FY23
Total number of properties 4544
Net lettable area under management255,898249,906
Assets Owned by Investore Property Limited
1
During FY24 Investore completed the development of a new Woolworths site (Woolworths Waimakariri Junction) in Kaiapoi.
Investore Property Limited
Stride Investment
Management Limited
(Manager)
Management
Agreement
Investore Property
(Carr Road) Limited
FY24 (1 April 2023 – 31 March 2024)Investore’s organisational
boundary for GHG reporting
encompasses Investore
Property Limited and Investore
Property (Carr Road) Limited.
Investore applies an operational
control approach to identify
and determine the boundary of
Investore’s GHG inventory.
A company has operational control over an
operation if it has the authority to introduce
and implement operating policies at the
operation. This consolidation approach
allows us to focus on those emission
sources over which we have operational
control and can therefore implement
management actions consistent with
Investore’s sustainability strategy.
1. Excludes properties categorised as ‘Development and Other’ in the financial statements for the relevant period.
Sustainability Report 202464Investore Property Limited

Operational Boundary
The FY24 GHG emissions inventory report
covers scope 1 and 2 emissions for baseline
year (FY20), FY23 and FY24, and scope 3
emissions where reliable data is available.
Investore recognises that the collection of
scope 3 emissions will be an ongoing area of
focus to fully collate this data.
Scope 1 and scope 2 emissions include
the “base build” emissions (refrigeration
emissions associated with heating and
cooling and electricity). Scope 3 emissions
are indirect emissions and currently includes
electricity not in scope 2 (transmission and
distribution losses and tenant electricity),
purchased goods and services, capital goods,
stationary energy – tenant natural gas, water
and waste.
A summary of exclusions is provided in
Table 4, and a summary of methodology,
data quality and uncertainties is provided in
Table 2.
Baseline Year
The baseline year for Investore is 1 April 2019
to 31 March 2020 (FY20) which aligns with
SIML’s baseline year. This was chosen as the
baseline year because it was the first year
Investore and SIML understood, and had the
data to support, the scope 1 and scope 2
emissions. Investore will recalculate and/or
restate the baseline if Investore’s net lettable
area (NLA) were to change by more than 10%
due to company or portfolio acquisitions or
divestments.
During FY24, there have been no acquisitions
or divestments by Investore which exceed
the 10% threshold requiring a baseline year
recalculation.
Methodologies and Uncertainties
Emissions for scope 1, scope 2 and scope 3
have been quantified using the calculation-
based method based on activity data multiplied
by GHG emissions factors. Emission factors
have been sourced from the official Ministry for
the Environment publications, except:
• The emissions for the Upstream
Purchased Goods and Services
have been calculated using the Eora
database corrected for exchange rates
and inflation.
To minimise uncertainties in accuracy of this
inventory, data has been sourced wherever
possible from a verifiable source, as detailed
in Table 2.
Assurance of GHG Inventory
Deloitte Limited has been appointed as the
third-party independent assurance provider for
the FY24 Greenhouse Gas Inventory Report.
A limited level of assurance has been given
by Deloitte Limited over the scope 1, scope 2
and scope 3 emissions for FY24 included in
this report.
Refer to Appendix 1 for the Assurance Report.
Sustainability Report 202465Investore Property Limited

GHG Emissions
Source Inclusions
Investore includes scope 1, 2 and 3 emissions from all relevant Kyoto Protocol gases in our carbon inventory except for the capital goods and purchased goods and services emissions where this is not
available. The emissions sources in Table 2 have been included in the GHG emissions inventory.
Notes to Table 2:
1. Fugitive Emissions from air conditioning systems: Scope 1 air conditioning refrigerant used in Investore properties includes: R134A, R22, R410A, R404A, R407C, R407F, R438A, R449A and R744.
2. Estimations: The estimations used in this report do not include sites which have been vacant for all of FY24, however do include tenancies which may have been vacant for part of the FY24 year.
Table 2: Included Emission Sources, Data Source and Assumptions
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 1 Direct Emissions
Fugitive emissions from air
conditioning systems
1
Leakage and replacement quantities
to “top up” the refrigerants of air
conditioning systems
Record from suppliers of ‘top-up”
amounts
Annual report for each property provided by suppliers.
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 2 Indirect Emissions
Electricity consumption Electricity used in common parts of
properties
Records from electricity
suppliers and embedded
network operators
Reliable records of electricity consumed sourced from an independent third party. Where supplier data is
unavailable for a specific month or months of the year, an estimate is created based on other available supplier
data for these properties to determine an average monthly estimate of consumption. The total estimated
2

amount for FY24 is 0.89 tCO2e of the 11.29 tCO2e balance
Embedded network lines
losses
Electricity losses from embedded
network losses operated within
properties
Records from embedded network
suppliers
Reliable external report from embedded network suppliers
Sustainability Report 202466Investore Property Limited

Table 2: Included Emission Sources, Data Source and Assumptions (cont.)
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Scope 3 Indirect Emissions
Waste
generated in
operations
Waste generated from operations in
multi-tenanted and single tenanted
properties.
Data from waste contractors and
from tenants (spreadsheets and
downloads from web portal)
Waste data received from waste contractors or tenants is considered reliable as it is sourced from an independent third-party.
Where data is not provided in tonnes, this is converted to tonnes to ensure consistency. Where no records were able to be
obtained from the relevant waste contractor or tenant, the data has been estimated
1
based on the average known and reliable
emissions of similar property types owned by Investore and adjusted for the sqm of net lettable area (NLA).
The total estimated tCO2e for waste in this reporting period is 958.51 tCO2e of the total waste emissions of
3,182.20 tCO2e.
Water
Water used in properties.
From local water providerFor Auckland properties, a spreadsheet of consumption is provided from the supplier. For all other sites, data is obtained
from individual invoices.
Where supplier data is unavailable for a specific month or months of the year, an estimate is created based on other available
supplier data for these properties to determine an average monthly estimate of consumption. Where no records were able to
be obtained from the relevant supplier, this has been estimated
1
based on the average known and reliable emissions of similar
property types owned by Investore. The estimated tCO2e is 15.77 tCO2e of the total 19.42 tCO2e.
Downstream
leased
assets
Tenant electricity and gas (both for
building emissions and tenant operations)
Data provided by tenants directly or
permission requested from tenants
to obtain data from relevant
suppliers
Reliable data where this is provided by the supplier and/or tenant.
Where supplier data is unavailable for a specific month or months of the year, an estimate is created based on other supplier
data for these properties to determine an average monthly consumption. Where no records were able to be obtained from
the supplier, this has been estimated
1
based on the average known and reliable emissions of similar property types owned
by Investore and adjusted for the sqm of net lettable area under management (NLA). The total estimated tCO2e for tenant
electricity in this reporting period is 1,659.30 tCO2e of the total tenant emissions of 6,766.39 tCO2e.
All gas data reported was provided by tenants.
Purchased
products
and services
& capital
goods
Operational expenses related to activities
– cradle to gate emissions - e.g. office
supplies, consultants, construction sites.
The capital goods figure includes the
Waimakariri Junction development.
Going forward, we anticipate using the
actual embodied carbon data for large
developments.
Specific data on quantities of
supply chain goods and services
was not available and we have
estimated emissions using
spend based factors, from the
internationally recognised Eora
factor set, corrected for exchange
rates and inflation.
The emissions were calculated by third party consultants based on Investore’s expenditure on purchased goods and services
which are not already included in other scopes or other scope 3 categories. Any spend already considered in other categories
of scope 3 or considered immaterial were excluded. (Once these categories were excluded, the top 95% of spend was used
to categorise the data into relevant categories based on the Eora database. The Eora database is a multi-region input-output
schedule of spend-based emission factors. The associated emissions were calculated by multiplying the expenditure with the
relevant Eora emission factor corrected for exchange rates using the average USD to NZD exchange rate for 2017 of 1.4074
and adjusted for inflation (Q4 2017 – Q1 2023) + 1 of 1.2107. Investore will explore options for utilising New Zealand spend
factors in future years.
GHG Emissions
Source Inclusions
1. Estimations: The estimations used in this report do not include sites which have been vacant for all of FY24, however do include tenancies which may have been vacant for part of the FY24 year.
Sustainability Report 202467Investore Property Limited