Annual Shareholder Meeting 2024

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Annual Meeting of Shareholders 202426 June 2024
Auckland
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Investore Property Limited
Annual Shareholder Meeting 2024 Address
Slide 1 – Annual Shareholder Meeting 2024
Slide 2 – Board of Directors
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Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 3 – The Manager
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Slide 4 – Agenda
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Slide 5 – Chair’s address – Mike Allen
Slide 6 – Financial overview

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 7 – Portfolio highlights
Slide 8 – Proactive capital management

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 9 – Proactive capital management (cont)
Slide 10 – Manager’s review
Slide 11 – Portfolio optimisation

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 12 – Delivering rental growth
Slide 13 – Long lease expiry profile by Contract Rental

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 14 – Key tenants meeting daily needs
Slide 15 – Woolworths Waimakariri Junction
Slide 16 – Woolworths Waimakariri Junction (cont)

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 17 - Sustainability
Slide 18 – Strategic focus

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Slide 19 - Looking ahead

Annual Meeting of Shareholders 202426 June 2024
Auckland
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Annual
Shareholder
Meeting
26 June 2024

Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive Director
Gráinne Troute
Chair of the Audit and Risk Committee
Independent, Non-Executive Director
Adrian Walker
Independent,
Non-Executive Director
Tim Storey
SIML Nominee and
Non-Executive Director
Ross Buckley
SIML Nominee and
Non-Executive Director
Erika McDonald
Future Director
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Investore Property Limited | Annual Shareholders Meeting 2024

The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Adam Lilley
Investore Fund Manager
Louise Hill
Company Secretary
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Investore Property Limited | Annual Shareholders Meeting 2024

Agenda
4
Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
4
Investore Property Limited | Annual Shareholders Meeting 2024

5
Chair’s address
Investore Property Limited | Annual Shareholders Meeting 2024

Loss after income tax
$(67.1)m
due to a net reduction in fair
value of investment properties of
$(98.7)m
Financial overview
For the 12 months ended 31 March 2024 (FY24)
Profit before other
expense and
income tax
$35.1m
Distributable profit
1
after
current income tax
$31.0m
Distributable profit
1

per share
8.39 cents
1.Distributable profit is a non-GAAP measure and consists of profit/(loss)before income tax, adjusted for determined
non-recurring and/or non-cash items (including non-recurring adjustments for incentives payable to anchor tenants
for lease extensions) and current tax. Further information, including the calculation of distributable profit and the
adjustments to profit/(loss) before income tax, is set out in note 3.2 to the consolidated financial statements.
FY24 cash dividend
per share
7.20 cents
6
Net rental income
$61.2m
Investore Property Limited | Annual Shareholders Meeting 2024

Portfolio highlights
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Investore Property Limited | Annual Shareholders Meeting 2024
$1.0bn
Portfolio valuation
1
99.1%
Portfolio
occupancy
2
(by area)

6.37%
Average portfolio
2
capitalisation rate
7.4 years
Weighted average
lease term
2

(WALT)
39%
Woolworths stores
over turnover
threshold
2,3
6.55%
Initial yield
2
1.As at 31 March 2024. Portfolio value excludes lease liabilities.
2.As at 31 March 2024. Metrics refer to the stabilised portfolio, which excludes properties classified as
‘Development and Other’ in note 2.2 to the consolidated financial statements.
3.Weighted by Moving Annual Turnover (MAT). MAT is determined by calculating the net sales over the 12-month
period ending on the relevant reporting date.

Proactive capital management
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Investore Property Limited | Annual Shareholders Meeting 2024
$355m
$280m
$275m
$150m
2.00%
1.76%
1.83%
0.97%
Mar 24Mar 25Mar 26Mar 27
Notional fixed rate debt (net of fixed-to-floating hedging)
Weighted average interest rate of fixed rate debt (excl. margin and line fees)
88%
Drawn debt subject to a fixed
interest rate
as at 31 March 2024
$2.6m
Retained earnings from dividend
reduction in FY24 Q3 & Q4
dividends
4.3%
Weighted average cost
of debt
as at 31 March 2024
$6.9m
Cash retained from the dividend
reinvestment plan (DRP)
1
1.Reflects dividends reinvested for Q1 to Q3 of FY24 under the DRP
Fixed rate interest profile
as at 31 March 2024

$100m
$120m
$125m
$105m
$125m
FY25FY26FY27FY28
IPL010 Bond
(matured April 2024)
Bank FacilitiesRetail Bonds
Proactive capital management (cont)
9
1.Loan to Value Ratio (LVR) is calculated based on independent valuations, which exclude lease liabilities and 507 Pakuranga
Road, Auckland, Development asset. See note 2.2 to the consolidated financial statements.
2.Taking into account the Q4 FY24 reduced dividend and capital commitments as at 31 March 2024 (see note 2.4 to the
consolidated financial statements).
•2.1 years weighted average maturity of
debt as at 31 March 2024
•No debt maturing until FY26
•Bank LVR covenant increased to 55.0%
•40.8% LVR
1
as at 31 March 2024, or
41.4% on a committed basis
2
Investore Property Limited | Annual Shareholders Meeting 2024
$100m bank facilities
added, providing
liquidity for IPL010
bond maturity in FY25
Debt maturity profile
as at 31 March 2024

10Investore Property Limited | Annual Shareholders Meeting 2024
Manager’s review

Portfolio optimisation
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Investore benefits from owning 36 Woolworths supermarkets, resulting in
a strong relationship which fosters collaboration across the portfolio.
Investore Property Limited | Annual Shareholders Meeting 2024
$1.9m capital contribution towards online
expansion works at Woolworths Greenlane,
delivering 7.5% per annum yield on cost
Lease extension at Woolworths Hamilton for
6 years, with a right of renewal. Valuation
increased by $1.5m or +23%, when
compared to 31 March 2023 valuation
Expansion of customer amenity at
Woolworths Rangiora and Woolworths
Highland Park. Woolworths will pay
increased rental on Investore’s contributions
to the cost of the works

Delivering rental growth
•65 rent reviews completed
during FY24, resulting in
+3.1% increase on prior
rentals
•57 of these rent reviews were
structured, i.e. CPI or fixed.
CPI rent reviews delivered
+6.2% increase on prior
rentals
12Investore Property Limited | Annual Shareholders Meeting 2024
Net Contract Rental
1
1.Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant leases, annualised for the 12-month period on the basis of the
occupancy level of the relevant property, and assuming no default by the tenant.
Note: Numbers may not sum due to rounding.
$44.1m
$43.9m
$42.7m
$42.0m
$41.3m
$40.7m
$40.1m
$19.5m
$17.9m
$17.5m
$14.3m
$5.4m
$4.9m
$4.8m
$63.7m
$61.8m
$60.2m
$56.3m
$46.7m
$45.6m
$44.9m
Mar 24Mar 23Mar 22Mar 21Mar 20Mar 19Mar 18
Established portfolioAcquisitions and developments

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Investore Property Limited | Annual Shareholders Meeting 2024
Long lease expiry profile
1
by Contract Rental
2
1.0%
4.4%
2.7%
4.4%
7.2%
2.4%
18.0%
5.9%
0.3%
18.1%
5.9%
27.8%
1.9%
VacantFY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
1.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.
2.See footnote 1 on page 12.
3.Weighted average lease term.
WALT
7.4 years
Long portfolio WALT
3
of 7.4 years, with
78% of Contract Rental
2
expiring in
FY30 or beyond

Everyday Needs
71%
Hardware
16%
General
Merchandise /
Retail 8%
Food &
Beverage /
Other 4%
Health &
Wellbeing 1%
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Key tenants meeting daily needs
Investore's portfolio consists of quality, well-located large format retail properties with tenants that attract
regular visitation, enhancing the portfolio's resilience.
Investore Property Limited | Annual Shareholders Meeting 2024
1.See footnote 1 on page 12.
3%
3%
4%
13%
64%
Briscoes
Group
Mitre 10
Foodstuffs
Bunnings
Woolworths
Anchor tenants represent
87% of Investore’s
Contract Rental
1
Portfolio tenant classification by
Contract Rental
1
Anchor tenant concentration by
Contract Rental
1

Woolworths Waimakariri Junction
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Investore Property Limited | Annual Shareholders Meeting 2024
Key features
12-year lease with
rights of renewal for a
further 23 years if all
rights are exercised
5 Green Star Design
rated, targeting a 5 Green
Star As Built rating
The remainder of the site
will provide further large
format retail opportunities

Woolworths Waimakariri Junction (cont)
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Investore Property Limited | Annual Shareholders Meeting 2024
Benefits to people
•Durable, low toxicity materials
used
•Electric vehicle chargers
•16% of parking spaces reserved
for fuel-efficient vehicles
•End of trip facilities
Sustainable construction
•Utilisation of low carbon concrete
and low embodied carbon
materials
•82% of waste by weight diverted
from landfill
Operational efficiency
•Solar panels
•Energy efficient refrigeration
systems
•Heat generated from store fridges
is recycled to regulate the overall
store temperature
•100% low energy LED lighting
•Low water use plumbing fittings

Sustainability
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Investore Property Limited | Annual Shareholders Meeting 2024
Investore considers that it has very
low scope 1 and 2 emissions
Investore has a programme to replace
air conditioning units that use R22
refrigerant with a lower global
warming potential refrigerant to
reduce its air conditioning emissions
Solar feasibility initiative
Continued support for tenant LED
lighting upgrades
Programmes targeted at scope 3 emissions:

Strategic focus
Investore Property Limited | Annual Shareholders Meeting 2024
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•Increase diversification of tenant portfolio to
provide exposure to a variety of tenants and
rent review mechanisms to provide more
consistent structured rental growth
•Stabilising valuations and current interest rate
curve implies rate cuts are anticipated later this
year, which could create opportunities.
Recycling of non-core properties will be an
important source of capital
•Continue to collaborate with key tenants to
invest in their stores, to improve store
productivity and rental growth outlook

Looking ahead
Investore Property Limited | Annual Shareholders Meeting 2024
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•Underlying portfolio metrics remain resilient,
given rental income stream from
non-discretionary, everyday needs retail tenants
supported by proactive capital management and
a strong hedging outlook
•Recent changes to rules surrounding tax
depreciation on commercial buildings provides
additional earnings headwind
•Focus will remain on capital management to
ensure Investore is well positioned to manage
this stage of the economic cycle and provide
balance sheet capacity and optionality
•Investore Board confirms it currently intends to
pay a cash dividend of 6.50 cents per share for
FY25

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Shareholder questions

Formal business
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Resolution 1 – Auditor’s remuneration
That the Directors be authorised to fix the remuneration of PwC
as auditor of Investore Property Limited for the ensuing year
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Resolution 2 – Re-election of Director
Gráinne Troute
That Gráinne Troute be re-elected as a
Director of Investore Property Limited
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Proxy votes received
24
Resolution 1: Auditor’s remuneration
Proxy votes lodgedForAgainstDiscretionary
179,363,96296.02%0.07%3.91%
Resolution 2: Re-election of Director Gráinne Troute
Proxy votes lodgedForAgainstDiscretionary
179,359,15596.03%0.03%3.95%
Investore Property Limited | Annual Shareholders Meeting 2024

General business
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Investore Property Limited | Annual Shareholders Meeting 2024

Ngā mihi | Thank you
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Important Notice: The information in this presentation is an overview and does not
contain all information necessary to make an investment decision.It is intended to
constitute a summary of certain information relating to the performance of Investore
for the year ended 31 March 2024. Please refer to Investore’s Annual Report 2024 for
further information in relation to the year ended 31 March 2024. The information in
this presentation does not purport to be a complete description of Investore. In
making an investment decision, investors must rely on their own examination of
Investore, including the merits and risks involved. Investors should consult with their
own legal, tax, business and/or financial advisors in connection with any acquisition of
securities.
No representation or warranty, express or implied, is made as to the accuracy,
adequacy or reliability of any statements, estimates or opinions or other information
contained in this presentation, any of which may change without notice. To the
maximum extent permitted by law, Investore, Stride Investment Management Limited
and their respective directors, officers, employees, agents and advisers disclaim all
liability and responsibility (including without limitation any liability arising from fault or
negligence on the part of Investore, Stride Investment Management Limited and their
respective directors, officers, employees, agents and advisers) for any direct or
indirect loss or damage which may be suffered by any recipient through use of or
reliance on anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street
West, Auckland 1142,
New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Investore Property Limited | Annual Shareholders Meeting 2024