PLP – Quarterly Client Update – 31 March 2025

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 31 March 2025
Booster Investment Scheme 2
Investment outlook
Returns to the Private Land
& Property Fund (Fund,
PLPF) have been 5.4% on an
annualised basis over the three-
year period to 31 March 2025,
and 8.2% 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. This Fund objective is
based 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 are cautiously
optimistic about the medium-
term prospects for the fund
as our horticultural assets
recover after recent weather
affected seasons and significant
increases in operating costs,
though we are conscious of
these and other risks. We
continue to work with our
partners to ensure we capture
the highest value crop returns
that we can. Finally, we are also
positive about the effect that
decreasing wholesale interest
rates can generally have on
capital values.
Cash returns
PLPF distribution to investors for the quarter to March 31st 2025
was 0.81 cents per unit and is fully imputed, which is equivalent
to a pre-tax payment of 0.86% based on the PLPF unit price as at
31 March 2025. We estimate that the Fund is generating annual
cash based pre-tax earnings of approximately 3.60% based off the
31 March 2025 Fund FUM, current lease income and our current
assumptions of grape supply contract income over the next year.
We expect cash returns to the Fund to increase over the year
as the first kiwifruit crop is harvested at Woodland Road over
the coming weeks. We also anticipate the Fund will continue to
benefit from valuation gains from its land development activities,
as discussed below.
Development focus: Highest value best use
PLPF investors will know that the fund derives its overall return
from three factors: rental and crop income, property development,
and overall market-based valuation changes. We consider that
rental income is more of a known factor (albeit subject to tenant
and lease expiry risks), and that market prices for crop income
and overall changes in property values due to market movements
are somewhat out of our direct control. This leaves property
development as the segment of fund returns that we can have
more of a direct influence on, and whilst not necessarily as
significant as the other forms of returns it is subsequently an area
of focus for us.
Developing our assets involves considering what the highest
value use is for each piece of land. For horticultural land this
means growing the right produce, for agricultural land farming the
correct herd, and for industrial land it means providing a space
that uniquely suits a target market. This work includes working
with our existing lessee and downstream partners to improve
overall returns.
We hope to share more information about development
improvement plans in coming quarters.

Valuation update
The following independent valuations were commissioned and received over the quarter to March 31st.
Trump tariff comment
The recent 10% tariff imposed by the United States on New
Zealand’s exports could have several implications. Firstly, the tariff
will likely increase the cost of New Zealand exports to the United
States and make these exports less competitive relative to some
other suppliers to that market (such as suppliers producing in the
United States).
On the positive side, some market share may open for exporters if
tariffs prove long-lived and global competitors are unable to meet
demand or adjust their prices effectively. However, in the short
term, New Zealand exporters may need to explore new markets or
adjust their pricing strategies to offset the tariff impact.
Overall the tariffs create uncertainty in our export sector,
potentially complicating long-term planning and investment
decisions, while the full impact remains to be seen.
A valuation report for the two avocado orchards in
Northland and the avocado and kiwifruit orchard
in Western Bay of Plenty revealed a decrease in
valuation of $2.8 million. A valuation report was
also received for our citrus orchard in Gisborne
which resulted in a valuation decrease of $420,000.
As a result, the value of the Bay of Plenty and
Northland orchards (including Gisborne) decreased
to $15.0 million. These properties represented ~8%
of the total value of the assets of the fund, prior to
these updated valuations.
The valuation decrease of the avocado orchards
reflects the challenging conditions for the New
Zealand avocado industry over the last several
years with poor growing conditions and increasing
global supply impacting orchard returns. The
challenging conditions have limited activity in
the avocado property market and this has been
reflected in values. These properties are on a fixed
lease and as such the updated valuation does not
impact the current rental income generated from
the properties.
We commissioned and received an updated
independent valuation report for the three
vineyards in Marlborough. These properties
represented ~13% of the total value of the assets of
the fund, prior to this valuation. In consideration of
the independent valuation report, we have adopted
a valuation decrease of $3.1 million in the value of
the properties to $25.9 million.
The valuation decrease reflects the difficult
conditions for the New Zealand wine industry with
changing demand for wine as well as high levels of
variability in the size of the last several harvests.
These challenges have impacted the grape prices
which has ultimately impacted asset values. These
vineyards are on a grape supply agreement and so
returns from these properties are directly impacted
by grape prices and size of the harvest. The most
recent forecast for the harvest for these vineyards
is positive with improved grape volumes across
all three vineyards predicted. The combination of
the updated 2025 harvest estimates along with
confirmed market data for the 2024 harvest have
resulted in an income accrual adjustment to the
wholesale fund of $325,000 after tax.
The PLP Investment Committee also received
independent valuation updates for the Sileni winery
& vineyards in Hawkes Bay ($71,000 valuation
reduction), the vineyards in Hope, Nelson ($35,000
valuation reduction), the Mahana winery & vineyards
in Nelson ($419,000 valuation reduction), and
Waimea West Hops Limited (no valuation change).

Fund Size
(net asset value)
$214.8 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)
$216.3 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 months-1.8%-2.1%
Last 6 months-0.8%-1.4%
Last 12 months0.1%-0.5%
Last 2 years (p.a)-1.0%-1.4%
Last 3 years (p.a)5.4%5.1%
Last 5 years (p.a)7.5%7.1%
Last 7 years (p.a)
*
8.6%7. 9 %
Since inception 13/06/2017 (p.a)
*
8.2%7.5%
Fund Performance as at 31 March 2025
Before Tax
After Tax
at 28% PIR
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.
Disclaimer: 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
$25.911.8
Hope, Nelson Region
Vineyard properties
$19.28.8
Hawke’s Bay
Winery building
$2.91.3
Hawke’s Bay
Vineyard property
$5.92.7
Mahana, Nelson region
Winery building & Vineyard property
$3.31.5
Kerikeri, Northland
Kiwifruit orchard property
$20.49.3
Waimea, Nelson region
Waimea West Hops Ltd
$8.23.7
Bay of Plenty & the Far North
Avocado orchards
$15.06.9
Southland
Dairy farmland
$35.016.0
Rolleston
Logistics warehouse
$63.929.2
Bay of Plenty
Kiwifruit and Avocado orchards via
Woodland Road Orchard Limited Partnership
$14.36.6
Total property assets$214.0
Other Assets
Cash / Income$2.3
Accrued income$2.3
Total Assets$218.6
Total Liabilities (millions)
Borrowings with BNZ$3.8
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$3.8
Net asset value $214.8
Gearing Ratio1.7
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.
$%