PLP - Quarterly Client Update

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2024
Booster Investment Scheme 2
Investment outlook
Returns to the Private Land and Property
Fund (Fund) were 0.4% (after fees, pre-tax) for
the quarter. This was driven by income and
development gains (+0.97%) partially offset by
valuation movements (-0.57%). The valuation
movement was informed by two independent
valuations we received over the quarter for
the Fund’s Southland dairy farms (+$2.3m)
and its investment in Waimea West Hops
(-$3.7m). Investors can refer to the Fund’s
NZX disclosures for more details
www.nzx.com/companies/PLP/
announcements.
Returns to the fund have been 6.7% on an
annualised basis over the three year period
to 30 September 2024, and 9.0%p.a. since
inception.
The Fund aims to generate an average long-
term return of 6.5%p.a. after fees but before
tax over a rolling 7yr period. The Fund’s
key focus is on returns from income and
development gains as properties reach full
productive capability. Other returns to the
Fund can arise from property revaluations.
Overall, we remain pleased with the long term
performance of the fund, in particular with
how the portfolio has performed through the
top of the interest rate cycle.
Spotlight on Industrial Property:
Iport Drive, Rolleston
During the quarter we confirmed the Fund’s latest
acquisition, the purchase of a large prime industrial
building integrated with the Midland Inland Port in
Rolleston, Christchurch.
Our tenant is Lyttelton Port Company (LPC) which
is fully owned by Christchurch City Council. In
turn, LPC have sub-leased the warehouse to NZX-
listed freight company Move Logistics.
This purchase represents an exciting addition for
the Fund and supplements our core horticultural/
agricultural focus with further diversification
benefits. As we have previously noted, investments
in property outside of our core horticultural and
agricultural focus are actively considered where the
risk/return proposition is attractive.
At 31% of the value of the overall fund at 30
September, this is a significant acquisition that
will add value immediately in two ways; we think
that the additional diversification will reduce the
volatility of fund returns. Secondly, the cash return
from the fixed lease is accretive to the cash yield
component of the fund.
It’s important to note that property values do vary
over time, though a longer-term perspective is
important. The Fund’s investment objective remains
focused on producing returns over a 7-year rolling
period which allows for ‘peaks’ and ‘troughs’ in the
business and investment cycle.
As well as this opportunity, we continue to actively
explore opportunities to broaden and diversify the
portfolio and support its objectives.

Fund Size
(net asset value)
$205.4 million
Inception Date 13/06/2017
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Private Land and Property Portfolio
(Wholesale Portfolio)
Fund Size
(net asset value)
$206.6 million
Inception Date 07/01/2019
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Private Land and Property Fund (Fund)
The Fund obtains its property exposure by investing into the Wholesale Portfolio
alongside some cash held within the Fund.
Investment Holdings
Last 3 months0.4%0.2%
Last 6 months0.9%0.9%
Last 12 months-1.5%-1.6%
Last 2 years (p.a)4.3%4.3%
Last 3 years (p.a)6.7%6.5%
Last 5 years (p.a)8.4%7. 9 %
Last 7 years (p.a)
*
9.1%8.5%
Since inception 13/06/2017 (p.a)
*
9.0%8.3%
Fund Performance as at 30 September 2024
Before Tax
After Tax
at 28% PIR
Disclaimer: The Private Land and Property Fund (Fund) is part of the Booster Investment Scheme 2 which is issued and managed by Booster Investment Management
Limited. The Fund’s Product Disclosure Statement is available at www.booster.co.nz, by contacting your financial adviser or by calling Booster on 0800 336 338.
This document is for informational purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change. The content
is of a general nature and does not take into account your financial situation or goals and is not financial advice. Booster Investment Management Limited and its
related companies do not accept any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the information provided in this
document. The Fund’s performance, returns, or repayment of capital, are not guaranteed.
All figures are after fees. Please see the Product Disclosure Statement for
further details on fees.
*Returns prior to the inception of PLPF in January 2019 are based on the
underlying wholesale PLPP return.
The Fund has a minimum suggested investment timeframe of four years,
and its performance aims are measured over a 7-year horizon. The return
information below includes returns due to property market movements which
vary over time, so the range of returns may be different over a longer period.
However the Fund aims to achieve a long-run return of 6.5% pa (before tax,
after fees) from a combination of rental and crop income, and capital gain
from improvements in property productive capacity. Past performance is not
an indicator of future performance.
Wholesale Portfolio
Total Assets (millions)
Property Assets (location / region)
Awatere Valley, Marlborough
Vineyard properties
$29.113.9
Hope, Nelson Region
Vineyard properties
$19.19.2
Hawke’s Bay
Winery building
$3.11.5
Hawke’s Bay
Vineyard property
$5.82.8
Mahana, Nelson region
Winery building & Vineyard property
$3.71.8
Kerikeri, Northland
Kiwifruit orchard property
$19.99.6
Waimea, Nelson region
Waimea West Hops Ltd
$7.43.6
Bay of Plenty & the Far North
Avocado orchards
$18.08.7
Southland
Dairy farmland
$35.016.8
Rolleston
Logistics warehouse
$63.930.7
Total property assets$205.0
Other Assets
Cash / Income$2.0
Accrued income$1.4
Total Assets$208.4
Total Liabilities (millions)
Borrowings with BNZ$3.0
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$3.0
Net asset value $205.4
Gearing Ratio1.5
The investment objective and strategy of the Wholesale Portfolio allows it to borrow
to invest in more land and properties or to develop land and properties it already
holds. Bank of New Zealand (BNZ) has provided a loan facility of up to 50% of
the value of the secured properties for use by the Wholesale Portfolio to effect its
gearing strategy which results in BNZ holding a security interest over most of the
assets held by the Wholesale Portfolio. For further information on the Wholesale
Portfolio, please refer to the Fund’s PDS and Other Material Information document.
The gearing ratio shows the level of borrowing the Wholesale Portfolio has
undertaken as a percentage of total assets.
$%