Interim Results HY25

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Consolidated
Interim
Financial
Statements
for the six months ended
30 September 2024

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2024
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Notes
$000$000
Gross rental income
38,246
36,269
Direct property operating expenses
(7,055)
(5,894)
Net rental income
2.1
31,191
30,375
Less corporate expenses
Asset management fee expense
4.0
(2,571)
(2,765)
Administration expenses
(1,327)
(1,383)
Total corporate expenses(3,898)
(4,148)
Profit before net finance expense, other expense and income tax27,293
26,227
Net finance expense
5.3
(10,160)
(8,618)
Profit before other expense and income tax17,133
17,609
Other expense
Net change in fair value of investment properties
2.2
(3,450)
(82,712)
Net change in fair value of derivative financial instruments
(153)
(2)
Profit/(loss) before income tax13,530
(65,105)
Income tax expense
6.1
(3,868)
(1,428)
Profit/(loss) after income tax attributable to shareholders9,662
(66,533)
Other comprehensive (loss)/income:
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
(646)
275
Total comprehensive income/(loss) after tax attributable to shareholders9,016
(66,258)
Basic and diluted earnings per share (cents)
3.1
2.58
(18.10)
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024
3
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2024
Cents
per share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 24 (Audited)373,822564,07322,162816587,051
Transactions with shareholders:
Q4 2024 final dividend
1.625--(6,075)-(6,075)
Q1 2025 interim dividend
1.625--(6,075)-(6,075)
Total transactions with shareholders--(12,150)-(12,150)
Other comprehensive loss:
Movement in cash flow hedges, net of tax
---(646)(646)
Total other comprehensive loss---(646)(646)
Profit after income tax
--9,662-9,662
Total comprehensive income/(loss)--9,662(646)9,016
Balance 30 Sep 24 (Unaudited)373,822564,07319,674170583,917
Balance 31 Mar 23 (Audited)
367,503557,219117,133668675,020
Transactions with shareholders:
Q4 2023 final dividend1.975--(7,258)-(7,258)
Q1 2024 interim dividend1.9752,0602,465(7,258)-(4,793)
Total transactions with shareholders
2,0602,465(14,516)-(12,051)
Other comprehensive income:
Movement in cash flow hedges, net of tax---275275
Total other comprehensive income
---275275
Loss after income tax--(66,533)-(66,533)
Total comprehensive (loss)/income
--(66,533)275(66,258)
Balance 30 Sep 23 (Unaudited)
369,563559,68436,084943596,711
4
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Financial Position
As at 30 September 2024
Unaudited
30 Sep 24
Audited
31 Mar 24
Notes
$000$000
Current assets
Cash at bank
4,842
6,633
Trade and other receivables
1,018
558
Prepayments
2,269
1,048
Other current assets
2,569
2,287
Derivative financial instruments
5.2
502
-
11,200
10,526
Investment properties classified as held for sale
2.4
54,250
-
65,450
10,526
Non-current assets
Investment properties
2.2
952,621
1,002,646
Deposits and other prepayments on investment properties
2.3
2,662
145
Derivative financial instruments
5.2
-
1,099
955,283
1,003,890
Total assets1,020,733
1,014,416
Current liabilities
Borrowings
5.1
-
99,989
Trade and other payables
6.2
11,330
11,174
Current tax liability
1,790
1,262
Lease liabilities
108
100
Derivative financial instruments
5.2
-
173
13,228
112,698
Non-current liabilities
Borrowings
5.1
409,541
301,012
Lease liabilities
13,097
13,161
Deferred tax liability
392
494
Derivative financial instruments
5.2
558
-
423,588
314,667
Total liabilities436,816
427,365
Net assets583,917
587,051
Share capital
564,073
564,073
Retained earnings
19,674
22,162
Reserve
170
816
Equity583,917
587,051
For and on behalf of the Board of Directors of Investore Property Limited, who authorised these consolidated interim financial statements for issue
on 14 November 2024:

Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and
Risk Committee
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024
5
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows
For the six months ended 30 September 2024
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Cash flows from operating activities
Gross rental received
37,306
34,106
Bank interest received
94
88
Direct property operating and corporate expenses
(11,841)
(11,012)
Interest paid
(10,876)
(8,180)
Borrowings establishment costs
(409)
(196)
Income tax paid
(3,131)
(2,468)
Net cash provided by operating activities11,143
12,338
Cash flows from investing activities
Capital expenditure on investment properties
(5,021)
(11,219)
Interest paid capitalised to investment properties
(209)
(331)
Acquisition of investment properties
(1,336)
(1,106)
Deposit and other prepayments on investment properties
(2,662)
-
Net cash applied to investing activities(9,228)
(12,656)
Cash flows from financing activities
Drawdown of bank borrowings
270,800
12,700
Repayment of bank borrowings
(162,300)
-
Repayment of fixed rate bonds
(100,000)
-
Dividends paid net of dividends reinvested
(12,150)
(12,051)
Lease liabilities payments
(56)
(40)
Net cash (applied to)/provided by financing activities(3,706)
609
Net (decrease)/increase in cash and cash equivalents held(1,791)
291
Opening cash and cash equivalents
6,633
4,802
Closing cash and cash equivalents4,842
5,093
Cash and cash equivalents comprises:
Cash at bank
4,555
4,770
Cash held for retentions
287
323
Cash and cash equivalents at balance date4,842
5,093
Certain comparative amounts have been reclassified to conform with the current period's presentation.
6
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Consolidated Statement of Cash Flows (continued)
For the six months ended 30 September 2024
Reconciliation of profit/(loss) after income tax attributable to shareholders to net cash provided by operating activities
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Notes
$000$000
Profit/(loss) after income tax attributable to shareholders9,662
(66,533)
Add/(less) non-cash items:
Movement in deferred tax
6.1
209
(1,389)
Net change in fair value of investment properties
3,450
82,712
Spreading of fixed rental increases
195
150
Capitalised lease incentives net of amortisation
(67)
39
Movement in loss allowance
106
1
Borrowings establishment costs amortisation
449
500
Accrued interest movement in derivative financial instruments
(128)
13
Net change in fair value of derivative financial instruments
153
2
14,029
15,495
Less activities reclassified to operating activities:
Movement in working capital items relating to investing activities
(1,198)
(1,178)
Movement in borrowings costs classified as operating activities
(409)
(196)
12,422
14,121
Movement in working capital:
Increase in trade and other receivables
(460)
(1,305)
Increase in prepayments and other current assets
(1,503)
(1,731)
Increase in trade and other payables
156
904
Increase in current tax liability
528
349
Net cash provided by operating activities11,143
12,338
Certain comparative amounts have been reclassified to conform with the current period's presentation.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
7
The attached notes form part of and are to be read in conjunction with these consolidated interim financial statements.

Notes to the Financial Statements
For the six months ended 30 September 2024
1.0General Information
9
1.1Reporting entity9
1.2Basis of preparation9
1.3New standards, amendments and interpretations9
1.4Significant judgements, estimates and assumptions9
1.5Significant events and transactions9
1.6Non-GAAP measures10
2.0Property
11
2.1Net rental income11
2.2Investment properties12
2.3Capital expenditure commitments contracted for13
2.4Investment properties classified as held for sale13
3.0Investor Returns
14
3.1Basic and diluted earnings per share (EPS)14
3.2Net tangible assets (NTA) per share14
3.3Distributable profit14
4.0Related Party Disclosures
15
5.0Capital Structure and Funding
16
5.1Borrowings16
5.2Derivative financial instruments17
5.3Net finance expense18
5.4Share capital18
6.0Other
19
6.1Income tax19
6.2Trade and other payables19
6.3Operating segments20
6.4Contingent liabilities20
6.5Subsequent events20
8
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

1.0 General Information
This section sets out Investore Property Limited’s accounting policies that relate to the unaudited consolidated interim financial
statements (financial statements) as a whole.
1.1 Reporting entity
The financial statements presented are those of Investore Property Limited (the Parent) and its 100% owned subsidiary, Investore Property
(Carr Road) Limited (the Subsidiary) (together referred to as Investore). Both companies are domiciled in New Zealand and registered under the
Companies Act 1993. The Parent is also an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013.
Investore’s principal activity is property investment in New Zealand. Investore is managed by Stride Investment Management Limited (SIML).
The financial statements were approved for issue by the Board of Directors of the Parent (the Board) on 14 November 2024.
1.2 Basis of preparation
The financial statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013, the NZX
Main Board Listing Rules and Generally Accepted Accounting Practice in New Zealand (GAAP). The financial statements comply with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim
Financial Reporting (IAS 34). Investore is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The
financial statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in conjunction with the
audited 2024 annual consolidated financial statements.
1.3 New standards, amendments and interpretations
In May 2023, the New Zealand Accounting Standards Board released an amendment to NZ IAS 1 Presentation of Financial Statements (NZ IAS 1)
that is effective for the accounting period that begins on or after 1 January 2024. The amendment applies to the reporting and classification of
liabilities containing covenants. This amendment has been adopted, although it has not materially impacted Investore's financial statements.
In May 2024, the External Reporting Board introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) (effective for
annual reporting periods beginning on or after
1 January 2027). This standard replaces NZ IAS 1 and primarily introduces a defined structure for the
statement of comprehensive income, disclosure of management-defined performance measures (a subset of non-GAAP measures) in a single note,
together with reconciliation requirements. Investore has not early adopted this standard and is yet to assess its impacts.
At the date of authorisation of these financial statements, Investore has not applied any new or revised NZ IFRS standards and amendments that
have been issued but are not yet effective.
1.4
 Significant judgements, estimates and assumptions
The accounting policies applied in these financial statements are the same as those applied in Investore's consolidated financial statements for the
year ended 31 March 2024.
In applying Investore’s accounting policies, the Board regularly evaluates significant judgements, estimates and assumptions that may have an
impact on Investore. The significant judgements, estimates and assumptions made in the preparation of these financial statements were the same
as those applied in respect of the consolidated financial statements as at and for the year ended 31 March 2024.
1.5
 Significant events and transactions
The financial position and performance of Investore was affected by the following events and transactions that occurred during the reporting period:
Bond maturity
On 18 April 2024, the IPL010 fixed rate bonds of $100.0 million matured and were repaid with bank debt.
Divestment of investment properties
On 22 August 2024, Investore entered into two unconditional agreements to sell the properties located at 172-186 Tay Street, Invercargill, and
53 Leach Street, New Plymouth, for an aggregate price of $54.3 million (refer note 2.4).
Acquisition of investment property
On 22 August 2024, Investore entered into an unconditional agreement to acquire Bunnings Westgate, located at 21 Fred Taylor Drive, Auckland,
for an initial purchase price of $51.0 million, payable in cash (refer note 2.3).
Bank debt refinance
Effective from 30 September 2024, Investore refinanced its $225.0 million syndicated bank facilities, extending the tenor on all facilities to
November 2028. In accordance with Investore's Green Finance Framework, the new facilities are classified as green loan facilities (refer note 5.1).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
9

1.0 General Information (continued)
1.6 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other expense and
income tax; and Profit before other expense and income tax. These non-GAAP measures have been presented to assist investors in understanding
the different aspects of Investore’s financial performance.
Note 3.2 sets out Investore's net tangible assets (NTA) per share which is a non-GAAP measure and is a common investment metric.
Note 3.3 sets out Investore’s calculation of distributable profit and Adjusted Funds From Operations (AFFO) which are both non-GAAP measures.
Distributable profit is presented to provide an earnings measure which more closely aligns to Investore’s underlying and recurring earnings from its
operations. AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of
maintaining a building's grade/quality, but not expensed as part of distributable profit after current income tax, is adjusted to reflect cash earnings
for the period.
These non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities.
10
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

2.0 Property
This section covers property assets, being large format retail properties, which generate Investore’s trading performance.
2.1 Net rental income
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Gross rental income
Rental income
33,678
32,688
Service charge income recovered from tenants
4,688
3,760
Spreading of fixed rental increases
(195)
(150)
Capitalised lease incentives
197
88
Lease incentives amortisation
(122)
(117)
Total gross rental income38,246
36,269
Direct property operating expenses
Service charge expenses relating to tenants
(5,200)
(4,478)
Movement in loss allowance
(106)
(1)
Lease incentives amortisation
(8)
(10)
Other property operating expenses
(1,741)
(1,405)
Total direct property operating expenses(7,055)
(5,894)
Net rental income31,191
30,375
Certain comparative amounts have been reclassified to conform with the current period's presentation.
Other property operating expenses represent property maintenance and operating expenses not recoverable from tenants and property
leasing expenses.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
11

2.0 Property (continued)
2.2 Investment properties
The movement in Investore's investment properties during the six months to 30 September 2024 is as follows:
Unaudited
30 Sep 24
$000
Balance at 31 Mar 24 (Audited)1,002,646
Property acquisitions
1,336
Recognition of deposits on investment properties
145
Capital expenditure
6,322
Spreading of fixed rental increases
(195)
Capitalised lease incentives net of amortisation
67
Transfer to investment properties classified as held for sale (refer note 2.4)
(54,250)
Net change in fair value
(3,450)
Balance at 30 Sep 24 (Unaudited)952,621
Comprising:
Investment properties per valuations or at cost
939,416
Lease liabilities
13,205
Balance at 30 Sep 24 (Unaudited)952,621
All investment properties were valued by independent valuers as at 31 March 2024. The Board has reviewed the fair value of investment properties
as at
30 September 2024 on an asset by asset basis after considering recent comparable transactional evidence of market sales, leasing activity
and capital expenditure and is satisfied that there has been no significant change to the overall carrying value, other than the following investment
properties, which were subject to an independent valuation due to capital expenditure works or leasing activity undertaken during the period.
Unaudited
30 Sep 24
Valuer$000
295 Penrose Road, AucklandSavills (NZ) Limited
40,500
65 Chapel Street, TaurangaSavills (NZ) Limited
48,500
40-50 Ivory Street, RangioraCVAS (NZ) Limited
16,750
The above investment properties were valued using the same valuer (each being independent registered valuers who hold an annual practising
certificate with the Valuers Registration Board and are members of the New Zealand Institute of Valuers) as valued the respective property for the
31 March 2024 independent valuations.
With regards to these investment properties, the valuers took into account the following:
•occupancy (leased area as a proportion of the total net lettable area) average was 98.5% at balance date;
•average lease term (weighted average lease term) was 3.9 years at balance date;
•discount rates ranged from 7.4% to 8.8%; and
•capital expenditure works.
Capitalisation rates ranged from 6.8% to 7.8% for the investment properties valued.
During the current period, $3.8 million of capital expenditure has been further accrued in relation to the redevelopment and store refurbishment
at 507 Pakuranga Road, Auckland, (refer note 2.3) taking the total value of the development asset to $5.0 million as at 30 September 2024. As a
result, after taking into account the value of land acquired in the year ended
31 March 2024 of $1.9 million, a total liability of $6.9 million has been
included in trade and other payables (refer note 6.2) as at 30 September 2024.
12
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

2.0 Property (continued)
2.3 Capital expenditure commitments contracted for
As at 30 September 2024, Investore has committed to the following capital expenditure works:
•$1.1 million (31 Mar 24: $1.1 million) to complete stage one development at 6 & 21 Hakarau Road, Kaiapoi;
•$1.1 million (31 Mar 24: $4.9 million) towards the redevelopment and store refurbishment at 507 Pakuranga Road, Auckland, including a car
park, improved customer access and a dedicated online pick-up area. The total cost of the development is $8.0 million, including $7.5 million
that Investore has committed to reimburse General Distributors Limited (GDL) for the costs incurred by GDL in developing these works.
Investore will receive an associated improvements rental on the amount reimbursed to GDL. Of the total development costs, $6.9 million has
been recognised as a payable (refer note 6.2) in the consolidated statement of financial position; and
•$1.9 million (31 Mar 24: $1.9 million) towards a dedicated online pick-up area at 326 Great South Road, Auckland.
On 22 August 2024, Investore entered into an unconditional agreement to acquire Bunnings Westgate, located at 21 Fred Taylor Drive, Auckland,
for an initial purchase price of $51.0
 million, payable in cash. Up to a further $7.0 million of Investore shares may be issued as part consideration
to the vendor, with shares equal to half of this value being issued on 30 May 2025 if the value of Investore’s NTA per share increases by at least
21% as at 31 March 2025, with the remainder being issued on 1 December 2025 if the value of Investore’s NTA per share increases by at least
44% as at 30 September 2025, from a base NTA per share of $1.57 as at 31 March 2024. As at 30 September 2024, Investore has paid a
deposit of $2.6 million and acquisition costs of $0.1 million which are recognised as deposits and other prepayments on investment properties in
the consolidated statement of financial position.
As at 31 March 2024, there was a commitment of $1.1 million towards a dedicated online pick-up area at 40-50 Ivory Street, Rangiora, and
$1.2 million for various other capital expenditure. This capital expenditure has been incurred as at 30 September 2024.
Investore has no other material capital expenditure commitments as at 30 September 2024.
2.4 Investment properties classified as held for sale
On 22 August 2024, Investore entered into two unconditional agreements to sell the properties located at 172-186 Tay Street, Invercargill, and
53 Leach Street, New Plymouth, for an aggregate price of $54.3 million.
Investore has reclassified these properties from investment properties to investment properties classified as held for sale at the aggregate
sale price.
Subsequent to balance date, Investore settled on the disposal of the property at 172-186 Tay Street, Invercargill (refer note 6.5).
The settlement of 53 Leach Street, New Plymouth, is expected to occur late November 2024.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
13

3.0 Investor Returns
This section sets out Investore’s earnings per share, NTA per share and how distributable profit is calculated. Distributable profit
is a non-GAAP measure and is used by Investore to calculate profit available for distribution to shareholders by way of dividends.
3.1 Basic and diluted earnings per share (EPS)
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Profit/(loss) after income tax attributable to shareholders9,662
(66,533)
Weighted average number of shares for the purpose of basic and diluted EPS
373,822
367,559
Basic and diluted EPS - weighted (cents)2.58
(18.10)
3.2 Net tangible assets (NTA) per share
Unaudited
30 Sep 24
Audited
31 Mar 24
Unaudited
30 Sep 23
Number of shares on issue (000)
373,822
373,822369,563
Total assets ($000)
1,020,733
1,014,4161,014,731
Less total liabilities ($000)
(436,816)
(427,365)(418,020)
NTA ($000)583,917
587,051596,711
NTA per share (cents)156
157161
3.3 Distributable profit
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Profit/(loss) before income tax13,530
(65,105)
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
3,450
82,712
Reversal of lease liabilities movement in net change in fair value of investment properties
(56)
(40)
Net change in fair value of derivative financial instruments
153
2
Spreading of fixed rental increases
195
150
Capitalised lease incentives net of amortisation
(67)
39
Borrowings establishment costs amortisation
449
500
Distributable profit before current income tax17,654
18,258
Current income tax(3,659)
(2,817)
Adjusted for:
Tax expense on capitalised interest
(58)
(93)
Distributable profit after current income tax13,937
15,348
Adjustments to funds from operations
Maintenance capital expenditure
(584)
(25)
Seismic upgrade works
(373)
(829)
Incentives and associated landlord works
(168)
(31)
Adjusted Funds From Operations (AFFO)12,812
14,463
Weighted average number of shares for the purpose of basic and diluted distributable profit per share (000)
373,822
367,559
Basic and diluted distributable profit after current income tax per share - weighted (cents)3.73
4.18
AFFO basic and diluted distributable profit after current income tax per share - weighted (cents)3.43
3.93
Certain comparative amounts have been reclassified to conform with the current period's presentation.
14
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

4.0 Related Party Disclosures
This section sets out the transactions that have occurred during the relevant periods between Investore and SIML, as manager of
Investore, and Stride Property Limited (SPL), which owns a cornerstone shareholding in Investore. The shares in each of SIML and
SPL are stapled securities and together they comprise the Stride Property Group.
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(2,571)
(2,765)
Building management fee expense
(225)
(220)
Accounting fee expense
(125)
(125)
Leasing fee expense
(189)
(64)
Project management fee expense
(107)
(410)
Other fee expenses
(79)
(139)
Total(3,296)
(3,723)
SPL
Dividends paid
(2,288)
(2,733)
Dividends reinvested
-
475
Unaudited
30 Sep 24
Audited
31 Mar 24
The following balance was payable to a related party$000$000
SIML
(34)
(103)
Other fee expenses include maintenance and sustainability fees (30 Sep 23: maintenance, sustainability and share buyback fees).
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services. Investore does not have any
employees, and accordingly, there are no senior managers of Investore who have a relevant interest in the shares of Investore.
SIML did not receive a performance fee for the six months ended 30 September 2024 (30 Sep 23: $ nil). The carried forward return for the
performance fee calculation for the quarter ending 31 December 2024 is a 29.2% deficit (31 Mar 24: carried forward return for the quarter ended
30 June 2024 41.7% deficit) which has been calculated in accordance with the management agreement.
SPL's shareholding in the Parent is 18.8%, being 70.4 million shares (31 Mar 24: 18.8%, being 70.4 million shares).
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
15

5.0 Capital Structure and Funding
Investore's capital structure includes debt and equity, comprising shares and retained earnings as shown in the consolidated
statement of financial position. This section sets out Investore's funding exposure to interest rate risk and related
financing costs.
5.1 Borrowings
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Current
Fixed rate bonds
-
100,000
Unamortised borrowings establishment costs
-
(11)
Total current-
99,989
Non-current
Bank facility drawn down
161,300
52,800
Fixed rate bonds
250,000
250,000
Unamortised borrowings establishment costs
(1,759)
(1,788)
Total non-current409,541
301,012
Total net borrowings409,541
401,001
Weighted average cost of debt (inclusive of current interest rate derivatives, bonds, bank margins and line
fees) at balance date
4.55%
4.34%
Total
amount
Undrawn
facility
Drawn
amount
Fair
value
30 Sep 24 (Unaudited)Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facility A30 Nov 2028Floating
50,00050,000--
Bank Facility B30 Nov 2028Floating
42,500-42,50042,500
Bank Facility C30 Nov 2028Floating
52,500-52,50052,500
Bank Facility D30 Nov 2028Floating
80,00013,70066,30066,300
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000114,170
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000120,760
475,00063,700411,300396,230
31 Mar 24 (Audited)
Bank Facility A30 Nov 2025Floating70,00057,20012,80012,800
Bank Facility D16 Apr 2025Floating50,00050,000--
Bank Facility F31 May 2026Floating40,000-40,00040,000
Bank Facility G31 May 2026Floating65,00065,000--
Bonds IPL01018 Apr 201818 Apr 20244.40%100,000-100,00099,893
Bonds IPL02031 Aug 202031 Aug 20272.40%125,000-125,000108,499
Bonds IPL03025 Feb 202225 Feb 20274.00%125,000-125,000116,498
575,000172,200402,800377,690
16
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

5.0 Capital Structure and Funding (continued)
5.1 Borrowings (continued)
Bank borrowings
Investore’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited, China Construction Bank Corporation,
New Zealand Branch, Industrial and Commercial Bank of China Limited, Auckland Branch, and Westpac New Zealand Limited.
On 30 September 2024, Investore refinanced its $225.0 million syndicated bank facilities, extending the tenor on all facilities to November 2028.
In accordance with the Green Finance Framework (Framework) the facilities are classified as green loan facilities. The Framework has been
developed to be consistent with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles (2023) and International Capital Market
Association (ICMA) Green Bond Principles (2021 with June 2022 Appendix) and with consideration of the NZGBC Green Finance Guidance for
Green Buildings (2024).
Fixed rate bonds
IPL010 fixed rate bonds of $100.0 million matured in April 2024 and were repaid with bank debt.
The remaining fixed rate bonds are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date.
Interest on the 7 year fixed rate bonds issued in 2020 (IPL020) and the 5 year fixed rate bonds issued in 2022 (IPL030) are payable quarterly in
August, November, February and May, in equal instalments.
Security
The bank borrowings and fixed rate bonds are managed through a security agent who holds a first registered mortgage on all the investment
properties owned by the Parent and the Subsidiary and a registered first ranking security interest under a General Security Deed over substantially
all the assets of the Parent and the Subsidiary.
5.2 Derivative financial instruments
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Interest rate derivative contracts - fixed rate payer start dates commenced
30,000
30,000
Interest rate derivative contracts - fixed rate payer forward starting
75,000
25,000
Interest rate derivative contracts - fixed rate receiver
-
25,000
Total notional principal value of interest rate derivative contracts105,000
80,000
Interest rate derivative assets - current
502
-
Interest rate derivative assets - non-current
-
1,099
Interest rate derivative liabilities - current
-
(173)
Interest rate derivative liabilities - non-current
(558)
-
Fair value of interest rate derivative contracts(56)
926
Fixed interest rates payer (including forward starting interest rate derivatives)
2.84%-3.83%
2.84%-3.83%
Fixed interest rate receiver
-
4.40%
Weighted average fixed interest rate (excluding margins, including forward starting interest rate derivatives)
2.17%
2.12%
Percentage of drawn debt fixed
68%
88%
During the six months ended 30 September 2024, Investore entered into the following forward-starting interest rate agreements:
•two year fixed agreement with a notional value of $25.0 million and an effective date of 31 July 2025; and
•two year fixed agreement with a notional value of $25.0 million and an effective date of 28 February 2027.
Investore enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates,
maturities and notional amount. As all critical terms matched during the period, the economic relationship was 100% effective, with the exception of
a $25 million fixed rate receiver interest rate swap which matured in April 2024.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques
classified as Level 2 in the fair value hierarchy (31 Mar 24: Level 2). Judgement is involved in determining the fair value by the independent treasury
advisers. The fair values are based on the present value of estimated future cash flows based on the terms and maturities of each contract and
the current market interest rates as at balance date. Fair values also reflect the current creditworthiness of the derivative counterparties. The
valuations were based on market rates at 30 September 2024 of between 4.87%, for the 90-day BKBM, and 3.90%, for the 10-year swap rate
(31 Mar 24: 5.64% and 4.37%, respectively). There were no changes to these valuation techniques during the reporting period.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
17

5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
$000$000
Finance income
Bank interest income
94
88
Total finance income94
88
Finance expense
Bank borrowings interest
(5,798)
(2,570)
Bank borrowings interest capitalised
209
331
Fixed rate bonds interest
(4,223)
(6,184)
Lease liabilities interest
(442)
(283)
Total finance expense(10,254)
(8,706)
Net finance expense(10,160)
(8,618)
During the current period, $0.2 million (30 Sep 23: $0.3 million) of bank borrowings interest expense was capitalised using an average rate of
4.25% (30 Sep 23: 3.94%).
5.4 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are fully paid and have no par value.
Investore had 373,821,658 shares on issue as at 30 September 2024 (31 Mar 24: 373,821,658).
18
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

6.0 Other
This section contains additional information to assist in understanding the financial performance and position of Investore.
6.1 Income tax
Unaudited
6 months
30 Sep 24
Unaudited
6 months
30 Sep 23
Income tax$000$000
Current tax expense
(3,659)
(2,817)
Deferred tax (expense)/benefit
(209)
1,389
Income tax expense per the consolidated statement of comprehensive income(3,868)
(1,428)
Profit/(loss) before income tax13,530
(65,105)
Prima facie income tax using the company tax rate of 28%(3,788)
18,229
(Increase)/decrease in income tax due to:
Net change in fair value of investment properties
(966)
(23,159)
Reversal of lease liabilities movement in investment properties
16
11
Movement in fair value of derivative financial instruments
(43)
(1)
Non-taxable income
39
(50)
Other permanent differences
111
44
Depreciation
940
2,038
Non-deductible expenses
(137)
(17)
Expenditure deductible for tax
58
93
Temporary differences
26
(5)
Prior year adjustment
85
-
Current tax expense(3,659)
(2,817)
Investment properties depreciation
(223)
1,386
Other
14
3
Deferred tax (charged)/credited to profit or loss(209)
1,389
Income tax expense per the consolidated statement of comprehensive income(3,868)
(1,428)
6.2 Trade and other payables
Unaudited
30 Sep 24
Audited
31 Mar 24
$000$000
Trade payables
300
73
Related party payables (refer note 4.0)
34
103
Development and capital expenditure payables and accruals
7,410
6,212
Retention accruals
287
304
Interest expense accruals
785
1,728
Other accruals and payables
2,514
2,754
11,330
11,174
Development and capital expenditure payables and accruals include a $6.9 million commitment to GDL (31 Mar 24: $3.1 million) (refer note 2.3).
Other accruals and payables include Goods and Services Tax, tenant deposits, direct property operating expense accruals and other corporate
expense accruals.
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
19

6.0 Other (continued)
6.3 Operating segments
Investore is reported as a single operating segment, being large format retail properties, which is consistent with the internal reporting provided
to the chief operating decision-maker, identified as the Board. Investore’s revenue streams are earned from investment properties owned in New
Zealand, with no specific exposure to geographical risk. Two tenants contributed more than 10% to Investore’s portfolio contract rental as at
30 September 2024, GDL (Woolworths) contributes 65% (30 Sep 23: 64%) and Bunnings Limited contributes 12% (30 Sep 23: 13%).
6.4 Contingent liabilities
Investore has no contingent liabilities at balance date (31 Mar 24: $ nil).
6.5 Subsequent events
On 31 October 2024, Investore settled on the disposal of the property at 172-186 Tay Street, Invercargill, and the proceeds were used to repay
bank debt.
On 14 November 2024, the Parent declared a cash dividend for the period 1 July 2024 to 30 September 2024 of 1.625 cents per share, to be
paid on 10 December 2024 to all shareholders on the Parent’s register at the close of business on 22 November 2024. This dividend will carry
imputation credits of 0.528628 cents per share. This dividend has not been recognised in the financial statements. 
On 14 November 2024, the Parent resolved that the dividend reinvestment plan (DRP) will operate for the dividend for the period 1 July 2024 to
30 September 2024, with a 2% discount being applied when determining the issue price. The last date for receipt of an application for participation
in the DRP in respect of this dividend is 5pm on 25 November 2024.
There have been no other material events subsequent to balance date.
20
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

Independent auditor’s review report
To the shareholders of Investore Property Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Investore Property Limited (the Company) and its controlled entities (the Group),
which comprise the consolidated statement of financial position as at 30 September 2024, and the consolidated statement of comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the six months ended on that date, and
selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying consolidated interim financial statements
of the Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2024, and its financial
performance and cash flows for the six months then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s
responsibilities for the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as auditor,
our firm carries out other assurance services for the Group over operating expense statements. The provision of these other services has not
impaired our independence.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible, on behalf of the Company, for the preparation and fair presentation of these consolidated interim
financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement, whether due to fraud
or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We
perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing and consequently does not
enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim
financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that we might state those matters
which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the shareholders, as a body, for our review procedures, for this report, or for the conclusion we
have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Philip Taylor.
For and on behalf of:
PricewaterhouseCoopers
Auckland
14 November 2024
PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, pwc.co.nz
Investore Property Limited
Consolidated Interim Financial Statements for the six months ended 30 September 2024
21

Corporate Directory
Board of Directors
Mike Allen (Chair)
Gráinne Troute
Adrian Walker
Tim Storey (SIML-appointed Director)
Ross Buckley (SIML-appointed Director)
Registered Office
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
W investoreproperty.co.nz
Manager
Stride Investment Management Limited
Level 12, 34 Shortland Street, Auckland 1010
PO Box 6320, Victoria Street West
Auckland 1142, New Zealand
T +64 9 912 2690
Auditor
PwC
PwC Tower, Level 27, 15 Customs Street West,
Auckland 1010
Private Bag 92162, Auckland 1142
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna
Private Bag 92119, Victoria Street West
Auckland 1142
T +64 9 488 8700
F +64 9 488 8787
E enquiry@computershare.co.nz
Legal Adviser
Bell Gully
Level 14, Deloitte Building
1 Queen Street, Auckland 1010
PO Box 4199, Auckland 1140
Bankers
ANZ Bank New Zealand Limited
China Construction Bank Corporation,
New Zealand Branch
Industrial and Commercial Bank of China Limited,
Auckland Branch
Westpac New Zealand Limited
Bond Supervisor
Public Trust
Private Bag 5902
Wellington 6140
22
Investore Property Limited Consolidated Interim Financial Statements for the six months ended 30 September 2024

Investore
Property Limited
Level 12, 34 Shortland Street
Auckland 1010
PO Box 6320
Victoria Street West,
Auckland 1142, New Zealand
T +64 9 912 2690
W investoreproperty.co.nz

---

Interim Results
Presentation
For the six months ended
30 September 2024
14 November 2024

Financial overview03
Key metrics04
Portfolio06
Sustainability11
Financial performance13
Capital management 17
Looking ahead20
Appendices22
2
Investore Property Limited | HY25 Interim Results Presentation
Contents

Profit after income tax
$9.7m
up from HY24 loss after income tax of $(66.5)m due to a
smaller net reduction in fair value of investment properties
(HY25: $(3.5)m ; HY24: $(82.7)m)
Financial overview
For the 6 months ended 30 Sep 24 (HY25)
Profit before other expense and
income tax
$17.1m
down $(0.5)m from HY24 driven by higher finance expenses
Distributable profit
1
after current
income tax
$13.9m
down $(1.4)m or (9)% fromHY24 at $15.3m primarily due to the
impact of removal of tax depreciation on buildings
Distributable profit per share
3.73 cents
down (0.45) cps or (11)% fromHY24 at 4.18 cps
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 3.3 to the consolidated interim financial statements.
3
Investore Property Limited | HY25 Interim Results Presentation

Portfolio metrics
4
Capital management
4.5%
Weighted average
cost of debt
as at 30 Sep 24
68%
Debt hedged or subject to
a fixed rate of interest
as at 30 Sep 24
Investore Property Limited | HY25 Interim Results Presentation
41.6%
Loan to Value Ratio
4
as at 30 Sep 24
$225m
Bank facilities refinanced,
all now classified as
green loans
$1.0bn
Portfolio valuation
1
a net reduction in fair value of (0.3)% or
$(3.4)m over 6 months to 30 Sep 24
99.3%
Portfolio occupancy
2
by area

as at 30 Sep 24
6.38%
Average portfolio
capitalisation rate
2
in line with 31 Mar 24 at 6.37%
7.0 years
Weighted average lease
term
2
(WALT)
as at 30 Sep 24
$105m
Unconditional transactions
3
entered into during HY25
6.63%
Initial yield
2
as at 30 Sep 24
1.As at 30 Sep 24. Portfolio value excludes lease liabilities and includes properties classified as assets held for sale in
note 2.4 to the consolidated interim financial statements.
2.Metrics refer to the stabilised portfolio, which excludes: (1) properties classified as ‘Development and Other’ in note
2.2 to the consolidated annual financial statements for the year ended 31 Mar 24 (FY24); and (2) properties classified
as assets held for sale in note 2.4 to the consolidated interim financial statements.
3.The purchase price for Bunnings Westgate comprises $51m payable in cash, plus up to a further $7m of Investore
shares as part consideration, dependent on the value of Investore’s net tangible assets as at two specified dates – for
more information see Investore’s NZX announcement dated 22 Aug 24.
4.Loan to Value Ratio (LVR) is calculated based on independent valuations.
Mitre 10 MEGA, Botany

Improving our portfolio
5
Investore Property Limited | HY25 Interim Results Presentation
During HY25, Investore entered into unconditional agreements to sell two regional, non-core supermarket properties for
a combined sale price of $54.3m and to acquire Bunnings Westgate, Auckland, for $51.0m
1
Bunnings, Westgate
Strategic outcomes:
•Exposure to a rapidly growing area of Auckland,
with a reduction in regional weighting
•Increased rental diversification and structured
rental growth
•Recycling properties with an average age of
~25 years for a high quality, four year old
property
Key Metrics – Bunnings Westgate
Purchase price
1
($m)51.0
Initial yield (%)6.2
WALT
2
(years)

8
Leased (%)100
NLA (sqm)16,980
Site area (sqm)20,724
Expected settlement dateDec 24
1.See footnote 3 on page 4.
2.Weighted average lease term at expected settlement date.

6Investore Property Limited | HY25 Interim Results Presentation
Woolworths, Greenlane
Portfolio

Portfolio summary
7
Investment portfolio metrics
As at
30 Sep 24
1
As at
31 Mar 24
4
Investment portfolio value
2
($m)916972
Number of properties4345
Number of tenants145144
Net lettable area (NLA) (sqm)242,084255,898
Net Contract Rental
3
($m)60.863.7
WALT (years)7.07.4
Market capitalisation rate (%)6.386.37
Initial yield (%)6.636.55
Occupancy rate by area (%)99.399.1
Total site area (sqm)597,851627,677
Net rent ($/sqm)253251
Key portfolio activity
•Unconditional agreements entered into to dispose
of two non-core, regional properties and to acquire
Bunnings Westgate
•Completion of online expansion works at
Woolworths Rangiora, with Woolworths paying
additional rental equivalent to 7.5% on Investore’s
contribution towards the cost of works
•33 rent reviews completed over 27,000sqm
resulting in 4.6% increase on prior rentals, driven
by a market rent review completed at Woolworths
Rotorua (+10.6%) and structured reviews i.e. CPI
or fixed. The CPI rent reviews completed delivered
4.5% increase on prior rentals
•5 renewals and 5 new lettings completed,
including Bargain Chemist at Mt Wellington
Shopping Centre
1.See footnote 2 on page 4.
2.Excludes lease liabilities.
3.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, annualised for the 12-month period on the basis of the occupancy level of the
relevant property, and assuming no default by the tenant.
4.Metrics refer to the stabilised portfolio, which excludes properties classified as ‘Development and Other’ in note 2.2 to the FY24 consolidated annual financial statements.
Investore Property Limited | HY25 Interim Results Presentation

0.7%
3.7%
2.5%
3.9%
8.0%
2.5%
16.2%
6.8%
0.3%
20.6%
6.2%
26.4%
2.2%
VacantFY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
Long dated lease expiry profile
Lease Expiry Profile
3
by Contract Rental
2
As at 30 Sep 24
Long portfolio WALT
1
of 7.0 years,
with 79% of Contract Rental
1,2

expiring in FY30 or beyond
FY25
3.7% Contract Rental expiring:
•Woolworths at Maidstone (1.2%)
•Woolworths at Onehunga (1.0%)
•Other expiries total 1.5% across 16 tenancies
FY26
2.5% Contract Rental expiring:
•Animates at Takanini (0.6%)
•Hunting & Fishing at Bay Central Shopping
Centre (0.5%)
•Other expiries total 1.4% across 14 tenancies
FY27
3.9% Contract Rental expiring:
•Woolworths at Mt Wellington Shopping Centre
(2.2%)
•Other expiries total 1.8% across 15 tenancies
1.See footnote 2 on page 4.
2.See footnote 3 on page 7.
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 30 Sep 24 as a percentage of Contract Rental.
WALT
7.0 years
Note: Numbers may not sum due to rounding.

8
Investore Property Limited | HY25 Interim Results Presentation

Portfolio Tenant Classification by Contract Rental
1
Everyday Needs
Woolworths, New World, Animates
Hardware
Bunnings, Mitre 10 MEGA, Resene
General Merchandise /
Retail
Briscoes, Rebel Sport, Kitchen Things,
Hunting & Fishing, Lighting Direct, Freedom Furniture
Food &
Beverage / Other
McDonald’s, BurgerFuel, Columbus Coffee,
Pizza Hut, Domino’s Pizza, Super Liquor, Noodle Canteen
Health & Wellbeing
Unichem Pharmacy, Snap Fitness, Affinity Medical Imaging,
Bargain Chemist, Anytime Fitness
9
Key tenants meeting daily needs
Investore's portfolio consists of quality, well-located large format retail properties with tenants that attract regular visitation,
including supermarkets, hardware stores, general merchandise and health & wellbeing, enhancing the portfolio's resilience
Investore Property Limited | HY25 Interim Results Presentation
1.See footnote 3 on page 7.
2.See footnote 2 on page 4.
3.As at 30 Sep 24, as if the acquisition of Bunnings Westgate had occurred as at that date.
Note: Numbers may not sum due to rounding.

66%
69%
20%
16%
9%
9%
4%
4%
1%
1%
Pro forma
As at 30 Sep 24
Everyday NeedsHardware
General Merchandise / RetailFood & Beverage / Other
Health & Wellbeing
2,3
2

36%
19%
11%
8%
11%
13%
2%
84%
16%
AucklandWellingtonBay of PlentyOther North Island
WaikatoCanterbury & OtagoOther South Island
2%
3%
3%
17%
63%
2%
3%
3%
13%
66%
Foodstuffs
Briscoes Group
Mitre 10
Bunnings
Woolworths
As at 30 Sep 24
Pro forma
10
Investore’s portfolio is geographically diversified across New Zealand with the majority of the portfolio located in highly
populated urban areas such as Auckland, Wellington, Canterbury, Waikato and the Bay of Plenty. The unconditional disposals
and acquisition of Bunnings Westgate have increased Investore’s exposure to Auckland to 39% of Contract Rental
1
on a pro
forma
2,3
basis
Geographic diversification by Contract Rental
1,3
Anchor tenant concentration by Contract Rental
1
Investore Property Limited | HY25 Interim Results Presentation
Note: Numbers may not sum due to rounding.
1.See footnote 3 on page 7.
2.See footnote 3 on page 9.
3.See footnote 2 on page 4.
North Island
South Island
Geographically diversified portfolio
3
2,3

Sustainability
11Investore Property Limited | HY25 Interim Results Presentation
Woolworths, Waimakariri Junction

Sustainability
12
Investore Property Limited | HY25 Interim Results Presentation
Investore continues to focus on reducing its
scope 1 and 2 greenhouse gas emissions:
•Continued programme of replacing air
conditioning units that use R22 refrigerant with a
low global warming potential alternative
•Audit of carpark lighting in progress to identify
those that may require upgrading to LED
Investore continues to support its tenants in their
emissions reduction initiatives, including
replacement of lighting with lower energy usage
lighting
During HY25, Investore implemented a Green
Finance Framework, with all bank debt facilities now
classified as green loans
Investore is underway with the third year of its
programme to obtain Green Star Performance
ratings for two subsets of its properties, which
supports the green loan facilities
Woolworths, Newtown

Mitre 10 MEGA, Botany
Financial Performance
13Investore Property Limited | HY25 Interim Results Presentation

Financial performance
14
30 Sep 24
$m
30 Sep 23
$m
Change
$m%
Net rental income
31.2 30.4 +0.8 +2.7
Corporate expenses
(3.9)(4.1)+0.3 +6.0
Profit before net finance expense, other expense and income tax
27.3 26.2 +1.1 +4.1
Net finance expense
(10.2)(8.6)(1.5) (17.9)
Profit before other expense and income tax
17.1 17.6 (0.5) (2.7)
Other expense
1
(3.6)(82.7)+79.1 +95.6
Profit/(loss) before income tax
13.5 (65.1)+78.6 +120.8
Income tax expense
(3.9)(1.4)(2.4) (170.9)
Profit/(loss) after income tax attributable to shareholders
9.7 (66.5)+76.2 +114.5
1.Other expense includes net reduction in fair value of investment properties.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
Investore Property Limited | HY25 Interim Results Presentation

30 Sep 24
$m
30 Sep 23
$m
Change
$m%
Profit/(loss) before income tax
13.5 (65.1)+78.6 +120.8
Non-recurring, non-cash items, and other adjustments:
- Net change in fair value of investment properties
3.5 82.7 (79.3) (95.8)
- Borrowings establishment costs amortisation
0.4 0.5 (0.1) (10.2)
- Other
0.2 0.2 +0.1 +49.0
Distributable profit before current income tax
17.7 18.3 (0.6)(3.3)
Current income tax
(3.7)(2.9)(0.8) (27.7)
Distributable profit after current income tax
13.9 15.3 (1.4)(9.2)
Adjustments to funds from operations:
- Maintenance capital expenditure
(0.6)(0.0)(0.6)(2,201.6)
- Seismic upgrade works
(0.4)(0.8)+0.5 +55.0
- Incentives and associated landlord works
(0.2)(0.0)(0.1)(441.9)
Adjusted Funds From Operations (AFFO)
2
12.8 14.5 (1.7)(11.4)
Weighted average number of shares (millions)
373.8 367.6
Basic and diluted distributable profit after current income tax per share -
weighted (cents)
3.73cps4.18cps
AFFO basic and diluted distributable profit after current income tax per share -
weighted (cents)
3.43cps3.93cps
Distributable profit
15
1
1.See footnote 1 on page 3 for definition.
2.AFFO is a non-GAAP measure and is intended as a supplementary measure of operating performance. Cash spent during the period on capital expenditure as part of maintaining a building’s grade/quality, but not expensed as
part of distributable profit after current income tax, is adjusted to enable the investors to see the cash generating ability of the business. Further information, including the calculation of AFFO is set out in note 3.3 to the
consolidated interim financial statements.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
Investore Property Limited | HY25 Interim Results Presentation

Financial summary
16
1.Excludes lease liabilities and includes investment properties classified as held for sale.
2.See footnote 4 on page 4.
3.Excludes after tax fair value of interest rate derivatives.
Values in the table above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
As at
30 Sep 24
As at
31 Mar 24Change
Investment property value ($m)
1
993.7 989.4 +4.3
Drawn debt ($m)
(411.3) (402.8)+8.5
Loan to Value Ratio (LVR)
2
41.6%40.8%+0.8%
Equity ($m)
583.9 587.1(3.1)
Shares on issue (millions)
373.8 373.8
-
Net Tangible Assets (NTA) per share
$1.56
$1.57$(0.01)
Adjusted NTA
3
per share
$1.56 $1.57$(0.01)
Investore Property Limited | HY25 Interim Results Presentation

Capital Management
17Investore Property Limited | HY25 Interim Results Presentation
Bunnings, Westgate

Proactive capital management
18
1.See footnote 4 on page 4.
2.As at 30 Sep 24, taking into account the committed disposals of Pak’nSave New Plymouth and Woolworths
Invercargill, the unconditional acquisition of Bunnings Westgate, and various other capital commitments as
at 30 Sep 24 (see note 2.3 to the consolidated interim financial statements).
•41.6% LVR
1
as at 30 Sep 24, or 41.9% on a committed
basis
2
•$100m IPL010 bond matured Apr 24, repaid with bank debt
facilities
•Refinanced $225m of bank facilities, now classified as green
loans. No bank debt maturing until FY29
•Dividend reinvestment plan to apply to the upcoming
dividend (Q2 FY25)
Debt facilities
Pro forma
2

30 Sep 24
As at
30 Sep 24
As at
31 Mar 24
Debt facilities limit
(ANZ, CCB, ICBC, Westpac),
including bonds
$475m$475m$575m
Debt facilities drawn$418m$411m$403m
Weighted average maturity of
debt facilities
3.4 years3.4 years2.1 years
Debt covenants
LVR
1
(Drawn Debt / Property Values)
Covenant: ≤ 55.0%
41.9%41.6%40.8%
Interest Cover Ratio
(EBIT / Interest and Financing
Costs)
Covenant: ≥ 1.75x
n/a2.8x2.9x
Investore Property Limited | HY25 Interim Results Presentation
$125m
$125m
$225m
FY25FY26FY27FY28FY29
Debt maturity profile as at 30 Sep 24
Retail bondsGreen loan facilities

Hedging and cost of debt
19
•As at 30 Sep 24, 68% of drawn debt is hedged or subject to
a fixed interest rate, or 67% on a pro forma basis
1
•Weighted average cost of debt as at 30 Sep 24 was 4.55%,
an increase of ~20bps from 31 Mar 24 on account of fixed
rate IPL010 bond maturing
•Two $25m forward starting fixed rate payer swaps entered
into in Jul 24 with a weighted average rate of 3.66%. A $25m
fixed rate receiver interest rate swap matured in Apr 24
Cost of debt
As at
30 Sep 24
As at
31 Mar 24
Weighted average cost of debt (incl.
current interest rate derivatives,
bonds and bank margins, and line
fees)
4.55%4.34%
Weighted average fixed interest rate
(incl. current interest rate derivatives
and bonds, excl. margins)
1.76%2.00%
Weighted average fixed interest rate
maturity (incl. bonds, active and
forward starting swaps)
2.4 years2.3 years
% of drawn debt fixed68%88%
Investore Property Limited | HY25 Interim Results Presentation
1.See footnote 2 page 18.
$280m
$275m
$300m
$50m
$25m
1.76%
1.80%
1.97%
3.77%
3.72%
Sep 24Sep 25Sep 26Sep 27Sep 28
Fixed rate interest profile as at 30 Sep 24
Notional fixed rate debt
Weighted average interest rate of fixed rate debt (excl. margin and line fees)

20
Investore Property Limited | HY25 Interim Results Presentation
Looking Ahead
Woolworths, Browns Bay

•While macroeconomic conditions remain challenging,
Investore’s underlying portfolio metrics remain resilient, with a
defensive rental income stream from non-discretionary,
everyday needs retail tenants supported by proactive capital
management and a strong hedging outlook
•Property transaction activity is showing early signs of recovery
as the cost of capital reduces following the commencement of
an interest rate easing cycle by the RBNZ
•The Board intends to continue its strategy of targeted growth if
appropriate investment opportunities arise. Further divestments
may also be considered to recycle into strategic investment
opportunities
•The Investore Board reaffirms its FY25 full year cash dividend
guidance of 6.50 cents per share, which is expected to be near
the mid-point of Investore’s dividend policy
Woolworths, Mt Roskill
Looking ahead
Investore Property Limited | HY25 Interim Results Presentation
21

Mt Wellington Night Market
Appendices
22Investore Property Limited | HY25 Interim Results Presentation

Appendix A
23
Investore Property Limited | HY25 Interim Results Presentation
Values in the tables above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
$1.57
$1.56
$0.04
$(0.01)
$(0.01)
$(0.03)
As at
31 Mar 24
Profit before other expense
and income tax
Net change in fair value of
investment property
Income tax expenseDividends paidAs at
30 Sep 24
Net Tangible Assets per share
$17.6m
$17.1m
$0.7m
$(0.1)m
$0.2m
$(1.5)m
$0.2m
$0.1m
30 Sep 23Net rental increase
from development and
acquisitions
Net rental decrease
from existing portfolio
Net rental increase
from IFRS
adjustments
Higher net finance
expense
Lower management
fee expense
Lower administration
expense
30 Sep 24
Profit before other expense and income tax

24
Investore Property Limited | HY25 Interim Results Presentation
1.See footnote 3 on page 7.
2.Metrics include investment properties classified as held for sale in note 2.4 to the consolidated interim financial statements.
Values in the tables above are calculated based on the numbers in the consolidated interim financial statements for each respective financial period and may not sum due to rounding.
Appendix B
$989.4m
$993.7m
$(3.4)m
$6.3m
$1.3m
As at
31 Mar 24
Net change in fair value
(excl IFRS16)
Capital expenditureAcquisitionsAs at
30 Sep 24
Investment Properties (excl. lease liabilities)
2
$63.7m
$60.8m
$63.9m
$(0.1)m
$(3.6)m
$0.4m
$0.4m
$3.2m
As at
31 Mar 24
Renewals /
new lettings
Rent reviewsOtherProperties classified
as asset held for sale
As at
30 Sep 24
Unconditional
acquisition of
Bunnings Westgate
Pro-forma
Net Contract Rental
1

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
Property Limited (Investore) for the six months ended 30 September 2024. Please
refer to Investore’s consolidated interim financial statements for the six months ended
30 September 2024 for further information. The information in this presentation does
not purport to be a complete description of Investore. In making an investment
decision, investors must rely on their own examination of Investore, including the
merits and risks involved. Investors should consult with their own legal, tax, business
and/or financial advisors in connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy,
adequacy or reliability of any statements, estimates or opinions or other information
contained in this presentation, any of which may change without notice. To the
maximum extent permitted by law, Investore, Stride Investment Management Limited
and their respective directors, officers, employees, agents and advisers disclaim all
liability and responsibility (including without limitation any liability arising from fault or
negligence on the part of Investore, Stride Investment Management Limited and their
respective directors, officers, employees, agents and advisers) for any direct or indirect
loss or damage which may be suffered by any recipient through use of or reliance on
anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street
West, Auckland 1142,
New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Thank you

---

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


Results for announcement to the market
Name of issuer Investore Property Limited (NS)
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$31,191 2.69%
Total Revenue $31,191 2.69%
Net profit/(loss) from
continuing operations
$9,662 114.52%
Total net profit/(loss) $9,662 114.52%
Interim Dividend
Amount per Quoted Equity
Security
$0.01625000
Imputed amount per Quoted
Equity Security
$0.00528628
Record Date 22 November 2024
Dividend Payment Date 10 December 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.56 $1.61
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached Consolidated Interim Financial
Statements and Interim Results Presentation for the six months
ended 30 September 2024.
Authority for this announcement
Name of person

authorised
to make this announcement
Louise Hill
Contact person for this
announcement
Louise Hill
Contact phone number +64 275 580033
Contact email address louise.hill@strideproperty.co.nz
Date of release through MAP

14 November 2024

Unaudited interim financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at June 2023




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

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

Section 1: Issuer information
Name of issuer INVESTORE PROPERTY LIMITED
Financial product name/description Ordinary Shares of Investore Property Limited
NZX ticker code IPL
ISIN (If unknown, check on NZX
website)
NZIPLE0001S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies X
Record date 22/11/2024
Ex-Date (one business day before the
Record Date)
21/11/2024
Payment date (and allotment date for
DRP)
10/12/2024
Total monies associated with the
distribution
1

$6,074,602
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02153628
Gross taxable amount
3
$0.01887957
Total cash distribution
4
$0.01625000
Excluded amount (applicable to listed
PIEs)
$0.00265671
Supplementary distribution amount $0.00239882


1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.00528628
Resident Withholding Tax per
financial product
n/a
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
21/11/2024 27/11/2024
Date strike price to be announced (if
not available at this time)
28/11/2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
To be determined and announced on 28/11/2024
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
25/11/2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Louise Hill
Contact person for this
announcement
Louise Hill
Contact phone number +64 275 580033
Contact email address louise.hill@strideproperty.co.nz
Date of release through MAP

14/11/2024






5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.



6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.