FY25 Sustainability Report and Climate-Related Disclosures
IMMEDIATE – 28 May 2025
•
•
---
FY25 Sustainability Report and
Climate-Related Disclosures
3 Overview
4 Letter from the Board
5 Investore’s Strategy
6 About Investore
10 Sustainability Strategy
11 Transition Plan
13 Governance and Climate Risk Management
17 Scenario Analysis
21 Climate-Related Risks
28 Climate-Related Opportunities
30 Metrics and Targets
37 Greenhouse Gas Inventory Report
46 Appendix 1: Independent Assurance Report
52 Appendix 2: Location of Climate-Related Disclosures
This document comprises the FY25 Sustainability Report and Climate-Related
Disclosures for Investore Property Limited (Investore) which has been
designated as “Non-Standard” (NS) by NZX. For more information, see the
Investore FY25 Annual Report.
Contents
Sustainability Report 20251Investore Property Limited
Statement of Compliance
Investore’s climate-related disclosures comply with the Aotearoa New Zealand Climate Standards issued by the External Reporting Board,
subject to reliance on the adoption provisions noted below. Set out on page 52 and following is a table showing where the disclosures can be found in
this report.
In preparing the climate-related disclosures, Investore has elected to rely on the following adoption provisions:
• Adoption provision 2, which exempts an entity from disclosing the anticipated financial impacts of climate-related risks and opportunities
reasonably expected by the entity.
• Adoption provisions 5 and 6, which exempts an entity from providing comparative information for the immediately preceding two periods, as only
one year of comparative information is being provided for some metrics.
• Adoption provision 7, which exempts an entity from providing an analysis of trends – while Investore will provide commentary on trends evident to
date, it is relying on this adoption provision given that it is not providing comparative information for two preceding periods for all metrics.
Disclaimer
This report sets out Investore’s current understanding and response to climate-related risks and opportunities as they impact Investore, and
the current and anticipated impacts of climate change, which is expected to evolve over time. This report contains estimates and assumptions
about future external physical and transitional changes driven by climate change and their anticipated impacts on our business and are subject to
uncertainties. This report contains forward looking statements, including climate scenarios, targets, assumptions, climate projections, forecasts,
statements of future intentions, estimates and judgements.
Forward looking statements involve assumptions, forecasts and projections which are inherently uncertain and subject to limitations. While Investore
has taken all reasonable care in making these forward-looking statements, these statements, together with the risks and opportunities described in
this report, and our strategies to achieve our objectives, may not eventuate or may be more or less significant than anticipated.
There are many factors that could cause actual results, performance, or achievement of climate-related metrics and targets to differ materially from
that described, many of which are outside of Investore’s control. Nothing in this report should be interpreted as legal, financial, tax or other advice
or guidance.
Sustainability Report 20252Investore Property Limited
Overview
Work continues on the removal of air conditioning units using
R22 refrigerant (which has a high global warming potential),
targeting completion of the removal of all R22 refrigerants from
Investore sites by the end of FY27
New Woolworths Waimakariri Junction, developed by Investore
and completed November 2023, achieved a 5 Green Star Design
& As Built rating, representing New Zealand Excellence standard
Investore supports its tenants in their energy efficiency
objectives, including contributing $310,000 towards LED
lighting upgrades during FY25
During FY25 Investore adopted a Green Finance Framework
which applies to its bank debt facilities, demonstrating its
commitment to its ongoing sustainability strategy
Investore is committed to minimising its greenhouse gas emissions and
ensuring that its strategy responds to the risks of climate change
Sustainability Report 20253Investore Property Limited
Letter from the Board
Dear Investors,
Investore Property Limited
(Investore) is pleased to present
its sustainability report and
climate-related disclosures for
the year ended 31 March 2025
(FY25). Investore continues to
make progress in its sustainability
objectives and is committed to
minimising its greenhouse gas
emissions and ensuring that its
strategy responds to the risks of
climate change.
Investore’s strategy is to invest in quality,
well-located retail properties throughout New
Zealand, and actively manage shareholders’
capital to maximise distributions and total
returns to shareholders over the medium to
long term. Investore has no employees and its
portfolio and business is managed by Stride
Investment Management Limited (SIML), which
is part of the NZX-listed Stride Property Group.
As Investore’s portfolio primarily comprises
properties with no or limited common areas
and because it outsources the management
of its business, this results in Investore having
what the Board considers to be relatively low
scope 1 and 2 greenhouse gas emissions.
Investore’s scope 2 emissions for FY25 remain
low (11.5 tCO2-e), although its FY25 scope 1
emissions have increased materially from FY24
due to refrigerant leakage.
We are committed to reducing emissions
from refrigerant leakage where possible.
Our strategy of transitioning our portfolio to
air conditioning units that utilise refrigerants
with a lower global warming potential will
assist with this. We are targeting removal of
all R22 refrigerant air conditioning units in
our properties by the end of FY27 and will
progressively phase out other refrigerants with
higher global warming potential over time as
units reach the end of their useful life.
Investore’s most material emissions are scope
3 emissions, and primarily emissions from
tenant activities at our properties. As Investore’s
properties are largely leased to tenants on
relatively long leases, Investore has limited
ability to manage or influence operational
emissions at these buildings during the term
of the leases. However, Investore is conscious
that tenants may seek more energy efficient
buildings in the future, and accordingly it is part
of Investore’s transition plan to work with tenants
to improve the sustainability of its properties and
minimise greenhouse gas emissions from tenant
operations where possible.
Investore targets a 5 Green Star rating for
new developments, ensuring new buildings
are energy efficient for tenant operations.
Consistent with this, Investore is very proud
that the new Woolworths Waimakariri Junction,
which was developed by Investore and
completed in November 2023, achieved a
5 Green Star Design & As Built rating during
FY25. This rating represents New Zealand
Excellence standard. 39% of Investore’s
portfolio by value (excluding properties
categorised as Development and Other in
Investore’s FY25 financial statements) has a
green rating.
These green ratings support Investore’s Green
Finance Framework, which was adopted
during FY25 and demonstrates Investore’s
commitment to sustainability across all aspects
of its business. $225 million of Investore’s bank
debt facilities are classified as green loans in
accordance with this Framework, which requires
green ratings to be obtained on an annual
basis, ensuring an ongoing commitment to
sustainability across our portfolio.
Investore considers sustainability as part of
its strategies of portfolio optimisation and
targeted growth. During FY25, Investore sold
two regional supermarkets which were older
properties and used the proceeds of the sales
to invest in Bunnings Westgate, Auckland,
which is a newer, more energy efficient property,
and one that Investore considers will meet the
expectations of tenants into the future.
Looking forward, Investore will continue to focus
on minimising scope 1 and 2 emissions across
its portfolio to the extent possible. The Board
also plans to focus on scope 3 tenant emissions
in FY26 and beyond, and to seek to work with
tenants to minimise emissions from tenant
operations where practicable. The Investore
Board considers that these strategies will assist
Investore to manage the climate-related risks it
has identified as being material to its business,
which are set out in this report.
On behalf of the Board of Investore, thank
you for your support of our company, and we
look forward to continuing to progress our
sustainability practices in the coming years.
Mike Allen
Chair of the Board
Independent Director
Sustainability Report 20254Investore Property Limited
Investore’s Strategy
Investore’s strategy is to invest in quality, well-located retail
properties throughout New Zealand, and actively manage
shareholders’ capital, to maximise distributions and total returns to
shareholders over the medium to long term. Investore is listed on
the NZX and is managed by SIML, which is part of the NZX listed
Stride Property Group (Stride).
Investore’s portfolio
1
continues to demonstrate strong metrics,
with high occupancy of 99%, and a weighted average lease term
of 6.8 years, with 84% of Contract Rental
2
expiring in FY30 and
beyond. This lease expiry profile provides Investore with certainty
of income over the medium to long term.
1. Metrics are as at 31 March 2025 and relate to Investore’s stabilised portfolio of investment properties and exclude properties
categorised as ‘Development and Other’ in note 2.2 to Investore’s FY25 consolidated financial statements.
2. Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under
the terms of the relevant lease, annualised for the 12 month period on the basis of the occupancy level of the relevant
property, and assuming no default by the tenant.
During FY25, Investore divested two regionally located properties, being Pak’nSave New
Plymouth and Woolworths Invercargill, for a combined sales price above book value. The
proceeds from these divestments were used to acquire Bunnings Westgate in Auckland, a
newer property and the largest Bunnings in New Zealand, with a passing yield on acquisition
of 6.2% and a structured rental growth profile. Investore also sold Woolworths Mount Roskill,
Auckland, during FY25. This property was a low growth asset in Investore’s portfolio, and sold
for a premium to book value of 11% (gross of disposal costs). Investore intends to continue to
explore options to recycle the capital from the sale of Woolworths Mount Roskill into strategic
investment opportunities over time to further enhance Investore’s rental and underlying
growth profile.
Sustainability Report 20255Investore Property Limited
About Investore
Investore owns a portfolio
of investment properties
located across New
Zealand, from standalone
supermarkets and hardware
stores to large format
retail centres, with a high
concentration of nationally
recognised brands and
tenants that provide
‘everyday needs’.
Key portfolio
1
metrics as at 31 March 2025
1. Unless stated otherwise, all portfolio metrics refer
to the stabilised portfolio, which excludes properties
classified as ‘Development and Other’ in note 2.2 to
Investore’s FY25 consolidated financial statements.
2. Portfolio value includes Investore’s entire portfolio,
and includes the value of the rental guarantee in
relation to Bunnings Westgate. Portfolio value
excludes lease liabilities.
$1.0 bn
portfolio valuation
2
99%
portfolio occupancy (by area)
6.3%
average portfolio capitalisation rate
6.8 years
weighted average lease term
Sustainability Report 20256Investore Property Limited
About Investore (cont.)
Resilient tenants focussed on
non-discretionary retail
Investore’s portfolio consists of quality,
convenience-based retail properties with
tenants that provide ‘everyday needs’
and attract regular visitation, including
supermarkets, hardware stores, general
merchandise and health & wellbeing.
This focus on everyday needs means
Investore’s tenants tend to be resilient over
the economic cycle, due to their products
comprising non-discretionary categories of
expenditure for consumers.
Investore’s tenants include nationally
recognised brands such as Woolworths,
Bunnings, New World, Mitre 10, Rebel
Sport, Briscoes, Hunting & Fishing, Freedom
Furniture, McDonald’s, Resene, and
Animates.
Anchor tenants represent a high proportion
(87%) of Investore’s total Contract Rental
1
,
providing Investore with security of income
over the medium to long term.
Portfolio Tenant Classification by Contract Rental
1
as at 31 March 2025
Everyday
Needs 65%
Hardware
21%
General
Merchandise/
Retail 8%
Food &
Beverage /
Other 4%
Health &
Wellbeing
2%
Anchor Tenant Concentration by Contract Rental
1
Woolworths
62%
64%
Bunnings
17%
13%
3%
3%
2%
3%
3%
4%
Mitre 10
Briscoes
Group
Foodstuffs
As at 31 March 2024
As at 31 March 2025
Note: Numbers in charts may not sum due to rounding.
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 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.
Sustainability Report 20257Investore Property Limited
About Investore (cont.)
Investore’s portfolio
1
benefits from a
weighted average lease term of 6.8 years as
at 31 March 2025. Approximately 84% of
Contract Rental
2
expires in FY30 and beyond.
Investore has minimal lease expiries in the near
term with an average of 3.8% per annum of
Contract Rental
2
expiring prior to FY30. This
favourable lease expiry profile combined with
a consistently high occupancy rate provides
Investore with certainty of income over the
medium to long term. These features also
mean, however, that Investore has limited
ability to influence the operational emissions
associated with the properties in the short to
medium term, while they are leased to tenants.
1. Excludes properties categorised as “Development and Other”
in note 2.2 to Investore’s consolidated financial statements.
2. Contract Rental is the amount of rent payable by each tenant,
plus other amounts payable to Investore by that tenant under
the terms of the relevant lease, annualised for the 12 month
period on the basis of the occupancy level of the relevant
property, and assuming no default by the tenant.
3. Represents the scheduled expiry for each lease, excluding
any rights of renewal that may be granted under each lease,
for the portfolio as at 31 March 2025 as a percentage of
Contract Rental.
Lease Expiry Profile
1,3
by Contract Rental
2
as at 31 March 2025
Note: Numbers may not sum due to rounding.
Vacant
1.1%
3.4%
FY26
3.8%
FY27
5.6%
FY28
2.4%
FY29
17.9%
FY30
6.6%
FY31
0.3%
FY32
25.0%
FY33
25.8%
FY35
2.1%
FY36
6.1%
FY34
WALT 6.8 years
84% of Contract Rental
2
expiring in FY30 and beyond
15% of Contract Rental
2
expiring prior to FY30
Sustainability Report 20258Investore Property Limited
About Investore (cont.)
Strategically located portfolio
Investore’s portfolio is geographically diversified
across New Zealand, with the majority of the
portfolio located in highly populated urban areas.
Woolworths
Woolworths + Specialty Retail
Bunnings
Multi Retail
Other
+
1
AUCKLAND
CBD
CHRISTCHURCH
CBD
WELLINGTON
CBD
LOWER
HUTT
UPPER
HUTT
Wellington
Auckland
Christchurch
North
Island
South
Island
+
1
+
1
+
1
Sustainability Report 20259Investore Property Limited
Sustainability Strategy
Purpose
Create enduring shared value
GoalsProtect the planet
Create efficient, climate resilient places that deliver
long term value and support a low carbon future
Contribute to a resilient community
Provide healthy and safe places and support
a connected and inclusive community
Develop shared prosperity
Invest in outstanding places that reward
everyone connected with them
Focus Areas
Reduce
environmental
impacts
Take action on
climate change
Ensure portfolio
remains healthy
and safe
Promote
inclusivity and
connectivity
Drive a
prosperous
economy
Create
sustainable
products
and places
FY25
Progress
Removal of air
conditioning units
with R22 refrigerant
progressing, targeting
completion by end
FY27
New Woolworths
Waimakariri
Junction developed
by Investore and
completed November
2023 achieved
5 Green Star Design &
As Built rating
Community support
continued through
sponsorship of the
Graeme Dingle
Foundation,
supporting the
development of young
New Zealanders
Continued support of
tenants in their energy
efficiency objectives,
including contributing
$310,000 towards
LED lighting upgrades
during FY25
Green Finance
Framework adopted,
applying to bank
debt facilities and
requiring an ongoing
commitment to
building sustainability
performance
Sustainability Report 202510Investore Property Limited
Transition Plan
Investore’s transition plan supports
its strategy of investing in quality,
well-located retail properties
throughout New Zealand.
Investore’s transition plan outlines how Investore
will transition its business towards a low carbon
future, resilient to climate change and its associated
physical and transition risks. Investore has focussed
its transition plan on improving the energy efficiency
and sustainability performance of its properties.
Investore considers that it has low scope 1
and 2 emissions as a result of the nature of its
portfolio, being focussed primarily on well-located
convenience-based retail properties with relatively
long leases, many of which have single tenants that
are responsible for the entire operations within the
property.
Investore has to date focussed its carbon transition
on scope 1 and 2 emissions, and while there is
further work to be done to finish the programme of
works to minimise these emissions, Investore also
intends to focus on ensuring that its properties meet
tenant needs and assisting tenants to reduce their
operational emissions.
Our transition plan responds to our key transition
and physical risks as summarised on this page.
RiskTransition Plan Response
Key
transition
risks
• Regulations requiring improved energy efficiency of properties, including
through energy and carbon caps for existing and new buildings
• Introduction of mandatory requirements for disclosure of energy and carbon
performance for all properties
• Failure to keep up with technological advances and expectations of tenants
and investors for energy efficiency, renewables and low carbon technology
• Investors seek to exit as a result of not meeting expectations or mandates; high
debt costs due to lender requirements
• Increased urbanisation results in lower demand for regional supermarkets and
hardware stores, and transitioning to a low carbon world results in supermarkets
focussing more on delivery, with fewer traditional supermarkets
• Carbon price increases, impacting cost of materials and building operations
• Move to more renewable energy, coupled with increased demands for
electricity, results in increased cost and uncertainty of supply of energy
Investore has a strategy of targeting a
5 Green Star rating for all newly developed
buildings, and seeks to understand the
energy efficiency of assets it is considering
acquiring. Investore also works with
tenants to ensure that its properties meet
tenant needs, both in terms of building
performance and also building amenities.
Investore endeavours to improve buildings
to the extent within its control, such as its
programme of R22 replacement. Building
upgrade works, including R22 replacement,
are considered as part of annual capital
expenditure planning. In many cases, the
buildings are leased to a single occupant
tenant on a long term lease, meaning
that Investore has limited ability to make
changes to the building or improve the
building’s energy efficiency until lease
expiry.
Key
physical
risks
• Increased frequency and severity of extreme weather events
• Higher temperatures result in increased demand for cooling
• Risk to assets due to sea level rise, greater sea surge events and
potential erosion
• Increase in rainfall intensity changing ground conditions and undermining
stability of assets and connected infrastructure
Physical risks are considered as part of
due diligence on any acquisitions and when
undertaking building works such as roof and
guttering replacements, where Investore
seeks to ensure the building structure is
resilient in a changing climate.
Sustainability Report 202511Investore Property Limited
Transition Plan (cont.)
FocusMinimising direct emissionsMeeting tenant needsQuality acquisitions and developments
Objective
Investore seeks to reduce
scope 1 and 2 emissions,
including through removing
harmful refrigerants across its
portfolio.
One of the largest contributors to Investore’s overall greenhouse gas emissions
is tenant emissions, which are scope 3 emissions for Investore. In order to
maximise Investore’s influence in the transition to a low carbon future, it will
be important for Investore to support its tenants to reduce their emissions,
including through ensuring its properties are energy efficient and sustainable
and meet tenant demand as the economy transitions to a modern, low carbon
environment. Investore also seeks to ensure that its properties are well-located,
with a focus on highly populated and urban areas, taking into consideration the
potential transition risk of increasing urbanisation.
When Investore acquires a new asset, it considers physical and
transition climate-related risks associated with the asset, and will
target assets that are 5 Green Star rated, or can achieve this rating,
where appropriate.
Sustainability initiatives are incorporated into assets that are
developed by Investore, with new developments or major
refurbishments targeting a 5 Green Star rating. Investore also
considers climate risks as part of building upgrades.
Progress
Work continues on the
removal of air conditioning
units using R22 refrigerant
(which has a high global
warming potential), targeting
completion of the removal
of all R22 refrigerants from
Investore sites by the end
of FY27.
During FY25 Investore sold two regional properties, Woolworths Invercargill
and Pak’nSave New Plymouth, and recycled the proceeds from the sale of these
properties into acquiring Bunnings Westgate in Auckland. In addition to being
located in a rapidly growing urban location, Bunnings is a newer building and is
more energy efficient than the two divested properties.
During FY25 Investore undertook a number of upgrade projects in conjunction
with Woolworths, enabling more streamlined processes for the fulfilment of online
sales from Woolworths’ existing store network, which supports a lower carbon
future. Projects undertaken at three Woolworths stores owned by Investore
included adding additional online fulfilment areas, dedicated online pick up areas
and in some cases additional building expansions. Woolworths pays rental on the
investment in these upgrades by Investore, and in some cases Woolworths has
also extended lease terms as part of the arrangements.
In addition to the above projects, Investore continued to support tenants in their
energy efficiency objectives, including contributing $310,000 towards LED
lighting upgrades during FY25.
Investore and its manager, SIML, are working with Beca to develop a carbon
transition plan, identifying key projects for a standard supermarket, hardware
store and retail centre to upgrade these buildings to ensure alignment with a 1.5°C
orderly scenario, targeting a reduction in emissions associated with the building.
During FY25 Investore acquired Bunnings Westgate in Auckland,
a relatively new, energy efficient property, well-located in a growing
urban location.
The new Woolworths Waimakariri Junction developed by Investore
and completed in November 2023 achieved a 5 Green Star Design
& As Built rating during FY25. This rating represents New Zealand
Excellence standard.
Investore is planning roof replacement works at three properties,
and is completing a climate risk assessment as part of the planning
process to ensure that the roof and associated equipment (such
as pipes and guttering) can accommodate more intense rainfall
expected with climate change.
Sustainability Report 202512Investore Property Limited
Governance and Climate Risk Management
Governance
The Investore Board is responsible for
the oversight of climate-related risks and
opportunities within the Investore business.
Due to the relatively small size of the Investore
Board, and the fact that sustainability
considerations impact on all areas of the
Investore business, the Board as a whole takes
overall responsibility for sustainability.
The Investore Board charter sets out the role
of the Board and Investore’s commitment to
ensuring that its business is operated in a
sustainable manner. The Charter can be found
in the Investor Centre section of the Investore
website: www.investoreproperty.co.nz/
investor-centre/#governance.
Investore has appointed SIML to manage the
business of Investore. Accordingly, while the
Investore Board has primary responsibility
for the governance of sustainability matters
and sets the strategy of the company in
respect of sustainability, Investore relies on
SIML to assist with execution of Investore’s
strategic sustainability initiatives. Day-to-
day responsibility for implementing strategic
initiatives related to climate-related risks and
sustainability sits with the SIML executive team.
The Board receives regular updates on the
sustainability progress of Investore, at least
twice per year.
Investore Board
• Approve Sustainability Strategic Plan, including objectives, targets and performance indicators
• Review progress against Sustainability Strategic Plan
• Approve resourcing for climate-related activities and investments
• Set overall strategy and ensure sustainability and climate risk are considered as part of the
strategy and business plan
• Review and approve climate scenarios and consider impact of scenarios on Investore’s strategy
• Oversee adoption and implementation of a climate risk assessment process
• Approve sustainability-related policies and frameworks, and oversee initiatives and performance
• Review and approve sustainability reports and climate-related disclosures
SIML CEO and Team
• Implements the Board’s sustainability
objectives and reports progress to the Board
• Prepares draft climate reporting for review
by the Board
• Responsible for risk management and
maintenance of risk registers for climate-
related risks and opportunities and
business risks
• Implements controls and strategies to
manage climate-related risk
• Responsible for compliance
Investore Property
Limited
Management Agreement
Provide support and advice on
sustainability matters and climate-
related risks
Implement strategic sustainability
and climate-related risk initiatives
Board of
Directors
Stride Investment
Management Limited
Board of Directors
Senior
Sustainability Advisor
CEO
Executive Team
Sustainability Report 202513Investore Property Limited
Governance and Climate Risk Management (cont.)
Climate Risk Management
Investore works closely with its Manager, SIML, on the
identification, assessment and management of risks, including
climate-related risks. SIML has implemented a Climate Risk
Management Framework which describes the process for
identifying, assessing and managing climate-related risks, as
well as the process that will be followed to ensure an ongoing
review of climate-related risks. SIML adopts the same process in
the climate-related risk assessment undertaken for Investore.
To identify climate-related risks that may impact Investore, a
series of workshops were undertaken in 2021 which involved
a number of people that manage the Investore portfolio and
business, across varying teams and with varying perspectives.
This provided a very broad assessment of climate-related risks,
which were initially developed without considering the potential
magnitude of the impact of the risk, in order to ensure all
potential risks were identified. Climate-related risks, including
their scope and potential and actual impact, are considered on
an annual basis by SIML management and the Investore Board.
In assessing the likely impact and scope of climate-related
risks, Investore mapped its value chain and excluded items
that were considered to be immaterial from a climate-related
risk perspective, such as professional consultants (upstream).
However, all other aspects of Investore’s value chain have
been considered when defining and assessing climate-related
risks. When considering the risk rating of climate-related risks,
Investore uses the same rating framework used to assess the
impact of enterprise risks, which considers impacts on people,
environmental, financial, operational and governance criteria, as
detailed on page 21.
In addition to an annual review of climate-related risks, the
impacts of climate change are regularly discussed among SIML
team members when managing Investore’s business, particularly
those responsible for asset management and strategy and the
sustainability team. These discussions are held organically and
as part of the usual processes for management of Investore’s
business, for example when considering asset upgrades or
acquisitions and divestments. The impact of climate change
is also considered as part of Investore’s annual strategy day
preparations and presentations.
Climate-related risks differ from enterprise risks in terms of
the likely timeframe over which the risk could emerge. This
year we have realigned our time horizons, lengthening the
consideration of our long time horizon out to 2100, to more
closely align with our scenarios, and reflect a maturing of
our understanding and approach to climate risk assessment.
This time horizon also better matches the expected lifespan
of some of our development and acquisition projects, and
therefore should be considered in our investment decisions.
Investore plans in 10 year cycles for capital and maintenance
expenditure on the buildings it owns and manages.
As a result, the time horizons for consideration of climate-related
risks now are:
Short term: Present – 2030, which aligns with current strategy
Medium term: 2031-2050
Long term: 2051-2100
Sustainability Report 202514Investore Property Limited
Governance and Climate Risk Management (cont.)
Board Skills and Training
The Board is committed to ensuring that it maintains the skills needed
to govern all aspects of Investore’s business, and this includes the
management of climate-related risks and overseeing the sustainability
strategy of the business. During FY25 all Investore Directors
completed the Institute of Directors’ Climate Change Governance
Essentials training course. The purpose of the course was to provide
Directors with appropriate skills and understanding in relation to the
governance of climate risks so as to enable them to assess climate
change governance issues currently facing Investore, understand
the significance of appraising and managing climate-related risks to
ensure business resiliency and continuity, assess tools and frameworks
to identify and scope climate-related risks, and to identify and monitor
climate-related regulations and emerging standards.
This course comprised three online modules together with a two hour final
workshop. As Investore (together with the Stride directors) completed this
course as a group, the workshop component of the course was tailored to
focus on climate-related risks specific to Stride and Investore and ensure
that Investore’s climate-related disclosures remain appropriate given the
learning undertaken during the course.
Sustainability-linked Remuneration
As Investore has no employees, remuneration factors related to climate-
related risk and sustainability are not relevant. However, Investore
has been advised that all members of the SIML executive team have
sustainability objectives included as part of the key performance
indicators on which their short-term incentive is based. Further
information can be found in Stride’s FY25 sustainability report on the
Stride website (www.strideproperty.co.nz/investor-centre/).
Sustainability Report 202515Investore Property Limited
Governance and Climate Risk Management (cont.)
Quantifying the Anticipated
Impacts of Climate Risk
During FY25 SIML commenced the process
of quantifying the anticipated financial
impacts of climate-related risks and
opportunities. This process will be adopted
for Investore’s climate-related risks and
opportunities, and we intend to present
the full financial quantification of risks and
opportunities in FY26 in accordance with the
requirements of the Aotearoa New Zealand
Climate Standards. The methodology for
quantifying climate-related risks that is being
utilised is described on this page.
Ensure all climate-related risks
have been identified
Review and adjust risk ratings for each
climate risk across each scenario and
relevant timeframe
Identify each potential impact of each
climate risk
Identify most material scenario
for each impact
Assess impact on financial
statements and financial
disclosures
Complete estimate and then
conduct validation exercise
against climate risk rating
to determine if rating and
quantification align
Gather dataIdentify data sources required
For each impact, determine
methodology to quantify risk;
identify whether impact is to
financial position, performance,
or cashflow
Methodology for determining the anticipated financial impact of climate risks
Sustainability Report 202516Investore Property Limited
During FY24 Investore undertook scenario analysis to help
identify material climate-related risks and opportunities,
support strategic planning and decision making, and test the
resilience of Investore’s strategy to climate change.
Investore’s manager, SIML, was an active participant in the
development of the sector scenarios for the construction and
property sector, including being involved in both the leadership
group and the technical working group. The sector scenario
analysis for the construction and property sector was led by the
New Zealand Green Building Council, with involvement from
entities across the value chain within the sector. Beca facilitated
the development of the scenarios, which were developed
through workshops involving the technical working group. The
scenarios were then approved by the leadership group, on
recommendation from the technical working group.
The three scenarios developed by the construction and property
sector are:
• An orderly 1.5°C scenario where decarbonisation policies are
enacted immediately and smoothly
• A disorderly scenario where significant decarbonisation is
delayed until 2030, which leads to global warming being
limited to <2°C by 2100
• A hot house scenario where global warming reaches >3°C
above pre-industrial levels by 2100, due to no further
decarbonisation policies being enacted and emissions
continuing to rise
In developing the scenarios, long term time horizons were used,
out to 2100, as the physical impacts of climate change are
most extreme at these longer timeframes. The time horizons
considered in development of the scenarios are:
• Short term: present – 2030
• Medium term: 2031 – 2050
• Long term: 2051 – 2100
The three scenarios were selected as they were considered
to provide the greatest test of the strategy and approach of
the participants in the sector. Investore considers that the
construction and property sector scenarios, as customised
by Investore and described in this report, are relevant and
appropriate for assessing the resilience of Investore’s business
model and strategy to climate-related risks and opportunities,
as the scenarios consider the factors that are most relevant
to Investore’s business and have the most potential impact on
shaping Investore’s strategy and business model.
More detailed descriptions of each scenario, as well as the
sources of data used to construct each scenario, are available on
the New Zealand Green Building Council’s website:
www.nzgbc.org.nz/.
The scenario analysis was completed through the development
of risks and opportunities, risk mapping and qualitative analysis.
The scenario analysis process was completed as a standalone
process, and while Investore considers the potential impact of
climate-related risks as part of developing its business strategy,
the climate scenarios have not to date been fully integrated into
Investore’s strategic processes.
The scenario analysis outputs from FY24 were reviewed during
the current reporting period, and considered to remain relevant.
We intend to refresh our scenarios and scenario analysis in
FY26 to incorporate any new data made available since the last
scenario analysis process.
Scenario Analysis
Sustainability Report 202517Investore Property Limited
OrderlyDisorderly Hot House World
Climate change 1.5°C above pre-industrial levels by 2100.Global emissions continue to rise in the short term. The
increasing frequency of climate-related physical events
drives a sudden shift in global policy around 2030, leading
to limiting global warming to below 2°C above pre-industrial
levels by 2100.
No further effective climate policy is enacted; global
emissions continue to grow until 2080, which leads
to greater than 3°C of physical warming above pre-
industrial levels by 2100.
Temperature,
emissions
and transition
risk pathways
Policy and regulatory
outcomes
Energy and carbon limits for new buildings are phased
in rapidly. The scale of retrofit activities is significant,
with most properties built prior to 2020 needing
major upgrades. This results in increased operational
expenses and the need for large capital expenditure.
Regulatory changes are well-signalled and broadly
supported, leading to low/moderate socio-political
instability, and low legal risk.
New Zealand follows the majority of the world in implementing
abrupt policy and market changes post-2030.
At 2030, significant regulatory changes demand an
immediate step change in building energy and carbon
requirements. New technologies haven’t been developed in
time, leading to disruption of the building and materials market
that impacts new buildings and retrofit development, leading
to significant price escalations and construction delays.
Whilst rapid policy, technology, and behaviour change does
occur, it is disordered and inconsistent across sectors and
sub-sectors. This leads to moderate socio-political instability
and high risk of litigation.
New Zealand does not enact any additional climate
policy. Regulatory changes are slow and focus on
adaptation and managing climate-driven immigration/
refugees. Extreme physical impacts lead to high socio-
political instability.
Changes to building codes are focussed on the
response to physical impacts from climate change,
increasing the cost of development. Resilience
requirements capture existing buildings which need to
be upgraded to be considered safe.
2010202020302040205020602070
2080
2090
21002010202020302040205020602070
2080
2090
21002010202020302040205020602070
2080
2090
2100
Description of Scenarios
2010202020302040205020602070
2080
2090
21002010202020302040205020602070
2080
2090
2100
Temperature
GHG Emissions
Transition Risk
Sustainability Report 202518Investore Property Limited
OrderlyDisorderly Hot House World
Market
behaviours and trends
Companies move towards buildings with sustainability
and energy efficient features quickly. Building
occupiers and purchasers begin demanding more
energy efficient, low carbon buildings as consumer
awareness (and prices of higher carbon materials)
increase. Demand is refocussed towards existing
building re-use and adaptive reuse over new
construction.
Following the rapid introduction of legislation on energy
efficiency and greenhouse gas emissions for all companies,
a rapid move towards efficient, sustainable buildings occurs
and some assets are stranded as a result, unable to be
tenanted and without investors or the ability to raise capital
to upgrade them.
There is more demand for buildings that are resilient
to direct climate-related physical events and
infrastructure failures.
Supply chainThe global energy grid shifts uniformly and quickly
away from fossil fuel use to increased use of
renewables, which make up nearly 100% of electricity
production in New Zealand by 2050.
As the carbon price and waste levies increase, a shift
to a more circular economy occurs. This, together
with the need to decarbonise buildings, results in
significant demand for low carbon building products,
materials, and technologies, which puts pressure
on supply chains for these products and leads to
increased costs in the short term.
The relative affordability of low carbon generation in New
Zealand means the grid is already steadily decarbonising
through the short term. A slow increase in demand for
electricity doesn’t provide sufficient signals for the
necessary upgrades, leading to supply constraints, as well as
the risk of price shocks and blackouts.
New Zealand follows global trends in not introducing
additional policies focussed on renewable energy,
and both technology and behaviour change remain
slow across all sectors. New Zealand’s electricity
grid is gradually decarbonised but does not achieve
neutrality in the long term. Increasing frequency and
severity of weather events such as storms result
in more frequent and severe damage to electricity
assets and more frequent and longer blackouts.
Description of Scenarios (cont.)
Sustainability Report 202519Investore Property Limited
OrderlyDisorderly Hot House World
Social drivers
Social changes start to occur in the short term as a
result of market behaviour, working habits, required
knowledge/skills, purchasing and investment
behaviours. Globally aligned efforts to reduce warming
results in manageable levels of climate-related
refugees and modest net migration to New Zealand.
Decarbonisation policy drives rapid densification of
urban areas to reduce urban sprawl. Although levels
of working from home increase, public and active
transport infrastructure also grows to accommodate
those who still need to commute. Behaviour and policy
change drives greater usage for active and public
transport networks and creates demand for rapid
upgrades and expansions.
Minimal social changes occur prior to 2030, however
the pace of change around 2030 results in carbon
intensive industries being rapidly decarbonised, divested
from, or progressively regulated out of existence. Rapid
decarbonisation requires increasing urbanisation.
Continuing sprawl and investment in road-based
transportation throughout the 2020s has created an
infrastructure network that is more entrenched and difficult
to transition to a low carbon alternative. Roading and older
infrastructure requires significant upgrade to align with the
decarbonisation policies enacted in 2030, increasing the
costs of transition, but providing the ability to readily adapt
infrastructure strategies to technology changes. After 2030,
public and active transport infrastructure grows as behaviour
and policy change drive greater usage and necessitate rapid
upgrades and expansions.
Increasing severity and frequency of weather events
causes disruptions to global food supplies in the
medium term. Increases in temperature around the
world results in a large increase in net migration to
New Zealand.
There are strong measures implemented to address
resource scarcity, with access to energy and other
resources being restricted for non-critical functions,
including carless days, water restrictions, and limits
on air conditioning, etc. More extreme weather puts
significant strain on power infrastructure and the
security of electricity supply is at risk. This risk is
moderate in the short term but becomes increasingly
extreme in the medium and longer terms as
increasing emissions drive more frequent and severe
extreme weather events.
Physical risksBy 2050, New Zealand is still dealing with severe
climate-related events, but the outlook for 2100 is
more positive. A combination of managed retreat and
infrastructure investment has mitigated long-term
physical risks.
New Zealand faces moderately severe physical impacts of
climate change with an increase in extreme wind speeds,
rainfall intensity, and number of hot days.
New Zealand faces severe physical impacts of
climate change with increased extreme wind speeds,
increase in rainfall intensity, and a significant increase
in the number of hot days.
Description of Scenarios (cont.)
Sustainability Report 202520Investore Property Limited
MinimalLimited capital expenditure and portfolio value impact; negligible damage to buildings; no environmental damage
MinorLess than $350,000 capital expenditure; less than $1m impact on portfolio value; some impact on buildings but not material; limited environmental impact
ModerateLess than $500,000 capital expenditure; less than $2m impact on portfolio value; limited impact on buildings; local environmental impact only
HighLess than $1.5m capital expenditure; less than $7.5m impact on portfolio value; number of buildings impacted for less than one week; large environmental damage
SevereCapital expenditure of $1.5m or more; impact on portfolio value of $7.5m or more; significant number of buildings impacted for one week or more; major environmental damage
Climate-Related Risks
Set out below is an overview of the climate-related risks identified by Investore as being most material to its business
Risk rating by time horizon
Risk typeClimate hazard/driverRisk descriptionFurther detailScenarioPresent - 20302031 - 20502051-2100
Physical Extreme weather Increased frequency and severity of extreme weather eventsSee page 27Orderly
Disorderly
Hot house world
TransitionPolicy and regulatoryRegulations requiring improved energy efficiency of properties, including
through energy and carbon caps for existing and new buildings
See page 24Orderly
Disorderly
Hot house world
TransitionMarket and behaviour
changes
Failure to keep up with technological advances and expectations of tenants for
energy efficiency, renewables and low carbon technology
See page 23Orderly
Disorderly
Hot house world
TransitionSocial driversIncreased urbanisation results in lower demand for regional supermarkets and
hardware stores
See page 26Orderly
Disorderly
Hot house world
TransitionSocial driversTransitioning to a low carbon world results in supermarkets focussing more on
delivery, with fewer traditional supermarkets
See page 26Orderly
Disorderly
Hot house world
Sustainability Report 202521Investore Property Limited
Risk rating by time horizon
Risk typeClimate hazard/driverRisk descriptionFurther detailScenarioPresent - 20302031 - 20502051-2100
TransitionPolicy and regulatoryIntroduction of mandatory requirements for disclosure of energy and carbon
performance for all properties
See page 24Orderly
Disorderly
Hot house world
TransitionMarket and behaviour
changes
Investors seek to exit as a result of Investore not meeting expectations;
high debt costs due to lender requirements
See page 23Orderly
Disorderly
Hot house world
TransitionSupply chainCarbon price increases, impacting cost of materials and building operationsSee page 25Orderly
Disorderly
Hot house world
TransitionSupply chainPolicy change requiring low carbon construction products and processes
progresses faster than supply chains can adapt
See page 25Orderly
Disorderly
Hot house world
TransitionSupply chainMove to more renewable energy, coupled with increased demands for
electricity, results in increased cost and uncertainty of supply of energy
See page 25Orderly
Disorderly
Hot house world
PhysicalRising mean
temperatures
Higher temperatures result in increased demand for coolingSee page 27Orderly
Disorderly
Hot house world
PhysicalSea level rise,
coastal flooding
Risk to assets due to sea level rise, greater sea surge events and potential erosionSee page 27Orderly
Disorderly
Hot house world
PhysicalIncrease in rainfall
intensity
Increase in rainfall intensity changing ground conditions and undermining
stability of assets and connected infrastructure
See page 27Orderly
Disorderly
Hot house world
MinimalModerateSevere
MinorHigh
Investore Property LimitedSustainability Report 202522
Risk: Failure to keep up with technological advances and expectations of tenants for energy
efficiency, renewables and low carbon technology.
Potential business impacts:
We may need to upgrade buildings to be more energy efficient and meet changing market
requirements, such as installation of electric vehicle infrastructure. If buildings do not meet tenant
requirements, there may be a risk of higher vacancy and lower rents (both of which impact property
value) or, in extreme cases, stranded assets.
Risk: Investors seek to exit as a result of Investore not meeting expectations; high debt costs due
to lender requirements.
Potential business impacts:
If Investore does not meet investor expectations regarding transitioning to a low carbon future,
investors could seek to exit their investment, impacting Investore’s share price and making growth
difficult.
If Investore fails to meet lender requirements for a sustainable portfolio, this may result in
additional cost of debt if lenders charge a higher price for debt on assets they consider do not
meet their expectations for a low carbon, sustainable future.
Potential financial impacts
• Reduced tenant demand impacts rent and occupancy, which in turn impacts the value of assets.
• Increased capital expenditure may be required to upgrade existing buildings or develop new buildings to a higher standard which may not be recoverable from tenants, and would impact profitability.
• Reduced investor demand for Investore shares could impact share price, impacting ability to raise capital and continue to grow the company.
• Banks may impose higher debt funding costs if there is a failure to meet lender expectations regarding transitioning to a low carbon future.
Current impacts:
To date tenant demand for energy efficiency and low carbon technology has been focussed on new
buildings, such as Woolworths Waimakariri Junction (completed by Investore in late 2023), and
limited to improvements such as LED upgrades. In FY25 Investore contributed $310,000 towards
tenant-initiated LED lighting upgrades.
Current impacts:
Investors, particularly institutional investors, are becoming more focussed on ensuring that
companies they invest in are meeting their expectations regarding the transition to a low carbon
future. While this has not resulted in any material costs to date, Investore (and its manager, SIML),
has invested time and resources in the Green Finance Framework and certifying properties under
that Framework, as well as responding to investor requests for information.
Strategy and controls
• Monitor market trends and expectations of tenants and investors.
• Continue to pursue sustainability strategy and transition plan, including building upgrades where this is within Investore’s control, and target Green Star ratings for newly developed buildings.
Risks associated with market and behaviour changes
These risks are most likely to arise under the disorderly scenario in the medium term.
Climate-Related Risks (cont.)
Sustainability Report 202523Investore Property Limited
Risk: Regulations requiring improved energy efficiency of properties, including through energy and
carbon caps for existing and new buildings.
Potential business impact:
Investore may need to retrofit existing buildings to improve energy efficiency and increase
performance specifications when developing new buildings if the regulations are sufficiently
stringent.
If regulations are introduced suddenly, there may be challenges with obtaining low carbon materials
to meet requirements and shortages of expert or consultant resource with the required knowledge.
Risk: Introduction of mandatory requirements for disclosure of energy and carbon
performance for all properties.
Potential business impact:
May be difficult to undertake the performance assessment. Additional costs incurred for
building assessments to obtain a performance certificate.
Potential financial impacts
• Reduced tenant demand for properties that do not meet tenant expectations for energy and carbon performance would impact rent and occupancy, which would in turn impact value.
• Increased capital expenditure may be incurred to upgrade existing buildings or develop new buildings to a higher standard which may not be recoverable from tenants, impacting profitability.
If legislation is introduced which requires transition over a short term, then there will be greater demand for experts and materials to transition buildings and this could result in higher costs.
• There is potential for stranded assets if the cost of upgrading assets is not financially viable.
• There will be additional costs incurred to obtain energy performance ratings which could be material given Investore owns a portfolio of 43 properties.
• The costs of developing new buildings may also increase due to increased performance specifications, which would require either more rent to achieve an acceptable yield or reduce profitability.
Current impacts
No legislation on energy efficiency or requiring the disclosure of performance data has been introduced, but this has been promoted by the New Zealand Green Building Council.
To date we have not seen demand from tenants for green ratings for large format retail properties except in the case of newly developed buildings (such as Woolworths Waimakariri Junction).
Strategy and controls
• Monitor legal obligations and the introduction of legislation. To assist with this, Investore’s manager, SIML, is a member of the New Zealand Green Building Council and the Property Council of New Zealand.
• Continue to improve the performance of existing properties, where this is within Investore’s control.
• Investore targets 5 Green Star ratings for new developments, which will assist with meeting any future energy efficiency requirements.
Policy and regulatory risks
These risks are likely to be most material in the short and medium term under the orderly scenario, and in the medium term under the
disorderly scenario.
Climate-Related Risks (cont.)
Sustainability Report 202524Investore Property Limited
Risk: Carbon price increases, impacting cost of materials and
building operations.
Potential business impacts
Increasing carbon price impacts cost of materials, including
development and refurbishment works to meet energy efficiency
targets and maintain buildings.
Risk: Policy change requiring low carbon construction
products and processes progresses faster than supply chains
can adapt.
Potential business impacts
Project delays due to low carbon materials not being readily
available and in high demand. In some cases an inability to
upgrade properties to meet efficiency and emissions demands
from tenants may result in lower rents, thus impacting the value
of properties.
Risk: Move to more renewable energy, coupled with increased
demands for electricity, results in increased cost and uncertainty
of supply of energy.
Potential business impacts
Increased costs of operation of assets, possible impact on
tenant profitability, affecting ability to pay rent.
Potential financial impacts
• If the carbon price rises, this will result in increased capital expenditure incurred on building materials, impacting the cost of upgrading existing buildings. This could magnify the costs associated with
upgrading buildings to meet energy efficiency requirements, particularly under the disorderly scenario where change could occur quickly and at the same time. If higher costs are not matched by increased
rents, this could impact profitability.
• Higher costs of developing properties and project delays due to low carbon materials being unavailable and in high demand will impact the feasibility of projects and potentially impact Investore’s strategy
of targeted growth.
• Lower profit from rent if buildings are less desirable.
Current impacts
We have not seen any significant increase in carbon costs impacting materials to date, or changes in policies requiring low carbon construction methods. Many low carbon products are still in development,
and so we consider that there is insufficient scope of low carbon products to support any such legislation.
We have also not experienced any tenants citing energy costs as a profitability issue.
Strategy and controls
• Seek to make buildings more energy efficient to reduce impact on the grid.
• Explore potential for on-site generation, such as solar generation.
• Investore, through its manager, SIML, monitors the carbon price, and will look to use low carbon materials where practicable and financially feasible.
Supply chain risks
We anticipate risks associated with the supply chain being most likely in the orderly and disorderly scenarios and in the short and medium terms.
Climate-Related Risks (cont.)
Sustainability Report 202525Investore Property Limited
Risk: Increased urbanisation results in lower demand for regional supermarkets and hardware stores.
Potential business impacts
Increased demand and value for urban assets will potentially result in suburban or rural assets
having reduced value. Investore has assets spread across a number of regions, with a focus on urban
and growth areas. If there is a move away from regions, then Investore’s regional assets may reduce
in value.
Risk: Transitioning to a low carbon world results in supermarkets focussing more on delivery,
with fewer traditional supermarkets.
Potential business impacts
This could result in less demand for convenience-based, large format retail space with plenty
of carparks, which is Investore’s strategy.
Potential financial impacts
• Increased demand and value for urban assets will potentially result in suburban or rural assets having reduced value.
• Lower profit from rent if buildings are less desirable due to location or reduced demand for large format retail space.
Current impacts
We have not seen any evidence of a change in urbanisation patterns due to climate change to date.
Woolworths, Investore’s major tenant, has a continued focus on fulfilling online demand through its existing network of stores, creating demand for online fulfilment facilities. Investore works with
Woolworths to implement improvement projects across its portfolio to enhance customer amenity, primarily related to online shopping fulfilment, which also deliver benefits to Investore through additional
rental income and/or longer lease terms.
Strategy and controls
• Maintain a close relationship with Woolworths, as a major tenant, and seek to meet their demand for online fulfilment capability, should that continue.
• Continue to focus on urban properties, as seen in the transactions during FY25 where two regional assets were sold and the proceeds from the divestments recycled into the acquisition of Bunnings
Westgate, in Auckland.
Risks associated with social drivers
We anticipate the risks associated with social drivers being most likely in the orderly and disorderly scenarios and in the short to medium term.
Climate-Related Risks (cont.)
Sustainability Report 202526Investore Property Limited
Risk: Increased frequency and severity of extreme
weather events
Potential business impact:
Damage to buildings, which could cause
disruption to tenants.
Extreme events may also cause disruption to
supply chains and tenant businesses, potentially
resulting in inability to pay rent.
Risk: Higher temperatures result in
increased demand for cooling
Potential business impact:
Greater load on plant and equipment,
which may result in poor tenant experience
due to equipment being unable to handle
cooling loads.
Risk: Risk to assets due to sea level rise,
sea surge events and potential erosion.
Potential business impact:
There could be damage to properties in
exposed areas due to sea level rise and
the likelihood of larger sea surges and
inundation.
Risk: Increase in rainfall intensity changing
ground conditions and undermining stability
of assets and connected infrastructure.
Potential business impact:
Assets may become stranded if ground
instability occurs.
Damaged infrastructure may mean assets
are unable to be utilised by tenants.
Potential financial impacts
• Increased capital costs to increase resilience, and increased repair and maintenance costs due to damage.
• Insurance premiums may increase or insurance may become unavailable for all or some risks or properties, leading to inability to obtain lending on specific properties.
• Higher cost to cool buildings.
• Property rates may increase as Councils incur higher costs to maintain and repair infrastructure.
• Rental income may reduce due to lack of air conditioning performance or disruption to tenants.
• Assets may become stranded if ground instability occurs or due to sea level rise.
Current impacts
We have not experienced any impacts due to physical risks to date.
Strategy and controls
• Investore, through its manager, SIML, continues to monitor and research potential future physical impacts of climate-related risk on properties.
• Monitor changing temperatures and ensure that any newly installed air conditioning equipment is fit for purpose over the longer term given the relatively long life of air conditioning equipment.
• Investore seeks to ensure that its properties are resilient to the impacts of extreme weather events, particularly when considering upgrade or maintenance works, and considers physical resilience and
level of physical risk given the location of an asset as part of its due diligence investigations for new acquisitions.
• Investore, through its manager, SIML, maintains a close working relationship with insurance brokers and insurers, and develops strategies to ensure that its insurances are resilient in the long term.
Physical risks
We anticipate these risks being most likely to have the greatest impact in the disorderly and hot house scenarios, and over the longer time horizon.
Climate-Related Risks (cont.)
Sustainability Report 202527Investore Property Limited
Opportunity: Acquire properties that may be “stranded” and
improve them to realise value.
Potential business impacts:
Investore may be able to acquire buildings that need sustainability
upgrades where the owners are not willing to invest to improve the
property or do not have the skills or financial resources to do so,
and transition these buildings to a sustainable, efficient, low carbon
building, thus driving higher demand for the building and increasing
its value.
Opportunity: Benefits from being a “first mover” to a low
carbon world.
Potential business impacts:
Investore could benefit from increasing tenant demand for
sustainable properties, which may enable it to charge higher
rents, increasing the value of the building (all other things
being equal).
Opportunity: Reduction in car use means fewer carparks
needed, freeing up space for alternative utilisation of properties.
Potential business impacts:
Investore’s properties have low site coverage, meaning buildings
cover less than half of the property size, with carparks a large
part of the site. This is because people tend to drive to Investore’s
properties to complete their shopping. Over time there could be
reduced private vehicle usage, due to the need to transition to
lower carbon forms of transport, meaning less need for carparks,
and freeing up space for alternative, higher value utilisation of the
site.
Potential financial impacts
• Higher rents for market-leading sustainable properties.
Potential financial impacts
• Ability to convert current carparking into lettable area will
increase property values and rent.
Current impacts
While Investore is not seeing increased demand from tenants to upgrade existing properties, major tenants are valuing green rated new
developments, such as Woolworths Waimakariri Junction. The current value of less sustainable buildings does not yet represent value
for money to acquire and upgrade. As demands for sustainable buildings increase, or as regulations are introduced, this could impact
the value of existing older buildings that have not been upgraded to be more sustainable.
Current impacts
To date we have not seen any reduced demand for carparks
from tenants.
Strategy and controls
• Continue to monitor the market and seek opportunities where they arise.
• Investore maintains close contact with its tenants to understand their needs for the site and works with tenants to optimise site usage as opportunities arise.
• Investore targets a 5 Green Star rating for newly developed properties. Investore will also monitor tenant demands for sustainability upgrades for existing buildings.
Climate-Related Opportunities
Opportunities associated with market and behaviour changes
Sustainability Report 202528Investore Property Limited
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 lease as at the relevant date, annualised for the 12 month period on the basis of the occupancy level for the relevant property
as at the relevant date, and assuming no default by the tenant.
Opportunity:
More physical damage to properties results in higher demand for hardware, encouraging hardware tenants to renew existing leases or expand their store network.
Potential business impact:
As more severe weather events are experienced across New Zealand, there will be more demand for temporary clean up materials and long term repairs, driving demand for hardware stores. Hardware
stores currently represent 21% of Investore’s portfolio by Contract Rental
1
, which has increased during FY25 with the sale of three supermarkets and the acquisition of a Bunnings hardware store.
Current impacts
To date we have not seen increased demand for hardware store locations as a result of climate change.
Strategy
Investore seeks to maintain good relationships with its tenants, and to demonstrate its expertise in developing large format retail property, so as to be a landlord of choice should hardware store operators
seek additional locations.
Opportunities associated with physical risks
Climate-Related Opportunities (cont.)
Sustainability Report 202529Investore Property Limited
Greenhouse gas reporting
Investore’s FY25 greenhouse gas inventory
report is set out on pages 37 and following. A
limited level of assurance has been undertaken
by Deloitte Limited over Selected GHG
disclosures included in the Climate-Related
Disclosures (as described in Appendix 2:
Location of Climate-Related Disclosures)
prepared in accordance with the Aotearoa
New Zealand Climate Standards and the
greenhouse gas inventory report on pages
37 to 45 prepared in accordance with the
GHG protocol and the Corporate Value Chain
Standard. Refer to Deloitte’s Independent
Limited Assurance Report from page 46.
The greenhouse gas emissions from
Investore’s activities are captured and also
included in the consolidated greenhouse gas
emissions separately reported by SIML, as
Investore’s Manager, in accordance with the
operational control approach used to report on
greenhouse gas emissions by both Investore
and SIML. As Investore is also reporting on its
own greenhouse gas inventory, there is some
duplication in emissions reporting between
SIML and Investore. However, Investore
considers it important to report on its own
greenhouse gas emissions, to enable users to
understand Investore’s greenhouse gas profile.
Investore’s indirect emissions
Purchased goods and services
Capital goods
Scope 1
Fugitive emissions from air conditioning systems
Diesel for sprinkler pumps
Scope 2
Electricity consumption
Embedded network lines losses
Tenant electricity
Tenant gas
Waste generated in operations
Tenant water
13,487.8 tCO2-e
178.3 tCO2-e
Upstream
Scope 3 emissions
Scope 1 and 2
emissions
Downstream
Scope 3 emissions
Metrics and Targets
Sustainability Report 202530Investore Property Limited
Investore Greenhouse Gas Emissions Inventory Summary FY25
Scope 1 Emissions tCO2-e
CategoryFY25FY24FY23FY20
Stationary diesel
00.470.890.00
Fugitive emissions from air conditioning systems
166.8312.6131.3178.58
Total Scope 1
166.8313.0832.2078.58
Scope 2 Emissions tCO2-e
Electricity consumption (location based)
10.8811.2918.2710.68
Embedded network line losses
0.620.700.820
Total Scope 2 (location based)
11.5011.9919.0910.68
Total Scope 1 & 2 emissions tCO2-e
178.3325.0751.2989.26
Scope 3 Emissions tCO2-e
Purchased goods and services
2,668.004,387.00Not measured
Capital goods
1,766.005,220.00Not measured
Waste
3,388.313,182.202,949.43
Downstream leased assets – tenant energy
consumption
5,659.526,766.397,905.70
Other
5.9820.635.64
Total Scope 3
13,487.8119,576.2210,860.77
Total Scope 1, 2 & 3 emissions tCO2-e
13,666.1419,601.2910,912.06
Metrics and Targets (cont.)
Greenhouse gas inventory - commentary
Due to Investore’s portfolio of large format retail properties, and the nature of its business
operations, Investore considers that it has low scope 1 and 2 emissions.
Investore’s scope 1 emissions primarily comprise refrigerant leakage from air conditioning
systems. For FY25 scope 1 emissions have materially increased from FY24 and from our
baseline year (FY20), due to refrigerant leakage from air conditioning systems in buildings
owned by Investore. Refrigerant leakage can be variable, as can be seen in Investore’s
emissions, and is often difficult to prevent. Investore has a strategy of replacing all air
conditioning units using R22 refrigerant by the end of FY27, and will look to ensure that all air
conditioning units use low global warming potential refrigerant over time as units are replaced.
Scope 2 emissions for Investore comprise electricity consumption (for common areas, which is
primarily car park lighting) and embedded network lines losses. Scope 2 emissions for FY25 are
in line with emissions for FY24 and our baseline year, FY20.
Scope 3 emissions have decreased from FY24, which is in part due to an overall reduction in
purchased goods and services and capital goods. This is at least partly due to the additional
spend in FY24 on the development of the new Woolworths Waimakariri Junction, which was not
incurred in FY25.
Investore is very pleased to continue to improve its data collection, which will make comparisons
of emissions more meaningful in future years. For FY25, 100% of scope 1 and 2 energy
consumption data comprises actual data, with no estimates, while 89% of scope 3 energy
consumption data is actual data, with the remainder relying on estimates. SIML, as Investore’s
manager, works hard to obtain data from tenants, and this has driven the high percentage of
actual data being reported for FY25.
Further detail regarding Investore’s greenhouse gas inventory, including the standard that the
greenhouse gas emissions have been measured in accordance with, are set out in Investore’s
greenhouse gas inventory commencing on page 37.
Sustainability Report 202531Investore Property Limited
MetricAssessmentCommentaryAction
Amount of assets vulnerable to
transition risks
All of Investore’s portfolio is
vulnerable to one or more
transition risks identified by
Investore in its risk assessment.
While Investore considers that
it has relatively low scope 1 and
2 emissions, most of Investore’s
properties have been subject to
long term leases for a considerable
period of time, and therefore
may not be as energy efficient
as new properties. Accordingly,
over time tenants could seek to
require energy efficiency upgrades
to existing buildings to meet
expectations.
Investore has limited ability to
manage or influence operational
emissions at buildings that are
subject to long term tenancies.
However, it is part of Investore’s
transition plan to work with tenants
to improve the sustainability of
buildings and tenant operations.
Investore also targets a 5 Green
Star rating for new developments,
ensuring new buildings are energy
efficient for tenant operations.
Amount of assets vulnerable to
physical risks
As Investore owns commercial
property which is geographically
diversified across New Zealand
(although with a focus on main
centres), all assets are vulnerable
to physical risks to a varying
degree.
During FY24 Investore analysed
the extent of its exposure to
physical risks utilising the S&P
Global Climanomics system and
also undertook an assessment
of the risk of sea level rise using
the NZSeaRise and NIWA Sea
Level maps. Based on that
analysis, no Investore property is
materially impacted by physical
risks of climate change. Rising
temperatures have some impact
under the hot house world
scenario, which is expected to
primarily impact air conditioning
functionality.
Investore continues to develop
its understanding of climate
change, and will conduct further
investigations into the potential
impact of physical risks on its assets.
Investore continues to consider the
resilience of its assets to climate
risk as part of its capital planning
programme.
Exposure to
climate-related risks
Investore has considered the extent to which
its assets could be vulnerable to physical
or transition risks, and that assessment is
set out on this page. This understanding
could change or develop over time, as our
understanding of how climate-related risks
and opportunities may impact Investore
continues to mature.
Metrics and Targets (cont.)
Sustainability Report 202532Investore Property Limited
OpportunityAmount of assets or business aligned with opportunityAmount of capital expenditure deployed
Acquire properties that may be “stranded” and improve them to
realise value
Investore has not pursued this strategy to date.Nil.
Reduction in car use means fewer carparks needed, freeing up
space for better utilisation of properties
Investore’s portfolio comprises 60.4 hectares of commercial
land holdings which is covered by buildings across less than half
of that land, providing scope for future site development over the
long term.
To date we have not seen any reduced demand from tenants for
carparking. As many leases include obligations on Investore to
make carparks available, this strategy will require discussions
and agreement with tenants, which Investore expects will occur
over the medium to longer term.
Benefits from being a “first mover” to a low carbon world Investore did not actively develop or substantially refurbish
any properties in FY25, but Woolworths Waimakariri Junction,
developed in FY24, was awarded a 5 Green Star Design & As Built
rating during FY25.
No new capital was deployed to this opportunity during FY25.
More physical damage to properties results in higher demand
for hardware, leading to more hardware stores
Investore has not seen any additional demand from hardware
tenants for more sites. During FY25 Investore acquired Bunnings
Westgate in Auckland, and disposed of three supermarkets,
increasing the proportion of Investore’s portfolio that is comprised
of hardware stores to 21% by Contract Rental
1
.
Investore acquired an additional Bunnings property during
FY25, although this climate-related opportunity was not the
primary rationale for the acquisition.
Alignment with climate-related opportunities
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 lease as at the relevant date,
annualised for the 12 month period on the basis of the occupancy level for the relevant property as at the relevant date, and assuming no default by the tenant.
Metrics and Targets (cont.)
Sustainability Report 202533Investore Property Limited
Capital expenditure
associated with climate-
related risks
Investore has a strategic objective of
creating efficient, climate resilient places
that deliver long term value and support a
low carbon future, which seeks to ensure
that Investore’s portfolio addresses the
potential impact of the most material
transition risks as defined by Investore.
Investore’s climate-related expenditure has
to date been focussed on this objective.
We note that no costs were incurred during
FY25 in relation to physical risks.
Item of expenditureAmountCommentary
Removal of R22 refrigerant from
Investore portfolio
$200,000 In FY25, early works were undertaken in relation to the replacement of air
conditioning units using R22 refrigerant. This work will continue in FY26 with plans
in place to remove R22 refrigerant across a number of sites. Investore is targeting
removal of all R22 refrigerant by the end of FY27.
Contribution to costs incurred by tenants in
replacing lighting with low energy LED lights
$310,000 This amount comprises the contribution by Investore to the replacement of lighting by
tenants with LED lighting, which is low energy lighting compared to traditional forms
of lighting.
Metrics and Targets (cont.)
Sustainability Report 202534Investore Property Limited
Remuneration
Due to the nature of Investore’s business model
which includes outsourcing management of its
properties and business to SIML, Investore has
no employees, and accordingly remuneration is
not relevant to Investore.
Internal carbon price
During FY23 Investore aligned its approach
to an internal carbon price with that of its
Manager, SIML. SIML had set an internal
carbon price by reference to the spot price
of carbon under the Aotearoa New Zealand
Emissions Trading Scheme, and the price
adopted was $60 per tCO2-e. There has been
no change to this internal price of carbon since
it was originally set in FY23. This price has
not been utilised during FY25, as initial usage
indicated that the internal carbon price was
too low to have a material impact on decision-
making related to climate-related expenditure.
The use of an internal price of carbon has not,
to date, been seen by Investore as necessary to
influence decisions related to climate-related
expenditure.
Metrics and Targets (cont.)
Targets
Investore has not set specific climate-
related targets (whether science-aligned or
otherwise), as a result of Investore having,
in its opinion, low and variable scope 1 and
2 greenhouse gas emissions, such that
setting science-aligned targets would not be
practicable or useful for primary users.
Sustainability Report 202535Investore Property Limited
MetricFY25FY24FY23Commentary
GHG emissions
intensity per sqm
of NLA
Scope 1 and 2
GHG emissions
(tCO2-e/sqm)
0.00070.00010.0002Scope 1 and 2 emissions have increased materially in FY25 compared
with both FY24 and FY23, as a result of unexpected refrigerant
leakage, and as the net lettable area (NLA) of the portfolio has
not moved materially, this has adversely impacted the emissions
per square metre of NLA. However, given that scope 3 emissions
have reduced, this has flowed through to a reduction in the scope
3 emissions per square metre of NLA reducing from FY24. As
Investore’s scope 3 emissions significantly outweigh the scope 1 and
2 emissions, the reduction in scope 3 emissions has resulted in total
emissions per square metre of NLA reducing from FY24.
Scope 3 GHG emissions
(tCO2-e/sqm)
0.0540.0770.044
Total GHG emissions
(tCO2-e/sqm)
0.0540.0770.044
Energy intensity –
consumption
per sqm of NLA
Scope 1 and 2
(kWh/sqm)
0.620.590.61Energy intensity across scope 1 and 2 emissions has remained largely
consistent with FY23 and marginally higher than FY24, while scope 3
tenant energy consumption has decreased materially from FY24, but
remains higher than FY23.
Scope 3 tenant gas and
electricity
1
(kWh/sqm)
292.4346.1260.5
Energy consumption
data coverage
(actual data as
a percentage of
total data including
estimated)
Scope 1 and 2100%92%96%SIML, as manager of Investore, has focussed on data collection
during FY25 and this can be seen in the data coverage figures,
which continue to improve, with 100% of scope 1 and 2 energy
consumption data based on actual figures. Investore relies on the
cooperation of tenants to obtain scope 3 energy consumption data,
and is pleased that 89% of scope 3 energy consumption data is
based on actual figures. We will continue to focus on working with our
tenants to improve this figure.
Scope 389%78%97%
Percentage of
eligible portfolio by
value that
has a green rating by
property sector
Percentage of Investore
large format retail
properties
2
by value
having a green rating
– Green Star Design or
Green Star Performance
39%43%42%The percentage of Investore’s portfolio
2
by value which has a green
rating has reduced slightly from FY24. During FY25 one property was
sold that had a Green Star Performance rating, which has impacted
the overall green rated percentage. Investore acquired Bunnings
Westgate during FY25, which is a newer, more energy efficient
property, although this is not currently green rated. During FY25,
Woolworths Waimakariri Junction received a 5 Green Star Design &
As Built rating.
Key metrics
The key metrics that Investore considers
most relevant to its business, including
those that Investore monitors as part of its
regular assessment of performance against
its sustainability strategic plan, are set out
in the table on the right. Emissions intensity
per square metre of net lettable area
(NLA) and energy intensity per square
metre of NLA are commonly used property
sector metrics.
Metrics and Targets (cont.)
1. Data includes actual and estimated scope 3 emissions
for gas (kWh) and electricity (kWh).
2. Excluding properties categorised as ‘Development
and Other’ in note 2.2 to Investore’s consolidated
financial statements.
Sustainability Report 202536Investore Property Limited
Greenhouse Gas
Inventory Report
1 April 2024 – 31 March 2025 (FY25)
Sustainability Report 202537Investore Property Limited
This section contains the annual greenhouse gas (GHG) inventory
report for Investore Property Limited and covers all activities
of Investore Property Limited and its wholly-owned subsidiary,
Investore Property (Carr Road) Limited (together ‘Investore’).
It covers the period 1 April 2024 – 31 March 2025 (FY25).
Stride Investment Management Limited (SIML) is the manager
of Investore and as such the GHG emissions from Investore
activities are captured and also included in the consolidated
GHG emissions separately reported by SIML. Refer to the
Organisational Boundary section on page 40 for further details.
This report has been written in accordance with the Greenhouse
Gas Protocol: A Corporate Accounting and Reporting Standard
(Revised Edition) (the GHG Protocol) and the Corporate Value
Chain (Scope 3) Accounting and Reporting Standard (2011) (the
Corporate Value Chain Standard).
Introduction
Sustainability Report 202538Investore Property Limited
Greenhouse Gas Inventory FY25
(including FY20, Investore’s baseline year for scope 1 and 2 emissions)
Table 1: Investore Greenhouse Gas Emissions Inventory Summary FY25
Scope 1 Emissions Tonnes of CO2-e
CategoryFY25FY24FY23FY20
Stationary diesel00.470.890.00
Fugitive emissions from air conditioning systems166.8312.6131.3178.58
Total Scope 1166.8313.0832.2078.58
Scope 2 Emissions Tonnes of CO2-e
Electricity consumption (location based)10.8811.2918.2710.68
Embedded network line losses0.620.700.820
Total Scope 2 (location based)11.5011.9919.0910.68
Total Scope 1 & 2 emissions (tCO2-e)178.3325.0751.2989.26
Scope 3 Emissions Tonnes of CO2-e
Purchased goods and services2,668.004,387.00Not measured prior to FY24
Capital goods1,766.005,220.00Not measured prior to FY24
Transmission and distribution losses - electricity0.841.211.68Not measured
Water5.1419.423.96Not measured
Waste 3,388.313,182.202,949.43Not measured
Downstream leased assets – tenant electricity and gas consumption5,659.526,766.397,905.70Not measured
Total Scope 3 13,487.8119,576.2210,860.77
Not measured
Total Scope 1, 2 & 3 emissions (tCO2-e)13,666.1419,601.2910,912.06
Not measured
Sustainability Report 202539Investore Property Limited
Organisational Boundary
Investore’s organisational boundary for greenhouse gas (GHG) reporting encompasses Investore
Property Limited and Investore Property (Carr Road) Ltd. Investore applies an operational control
approach to identify and determine the boundary of Investore’s GHG inventory.
A company has operational control over an operation if it has the authority to introduce and
implement operating policies at the operation. This consolidation approach allows us to focus
on those emission sources over which we have operational control and can therefore implement
management actions consistent with Investore’s sustainability strategy.
FY25 (1 April 2024 – 31 March 2025)
Management
Agreement
100% subsidiary
Investore Property
(Carr Rd) Limited
Stride Investment Management
Limited (Manager)
Investore
Property Limited
During FY25 Investore sold Woolworths Invercargill, Woolworths Mount Roskill, and Pak’nSave
New Plymouth and purchased Bunnings Westgate, Auckland.
Investore Property
Limited (Investore)
Invests solely in large format retail property across New Zealand.
Investore Property
(Carr Road) Ltd
Wholly owned subsidiary of Investore which owns the 4 Carr Road,
Auckland, asset.
Stride Investment
Management
Limited (SIML)
The manager of Investore and employer of staff managing the
Investore properties.
Assets Owned by Investore Property Limited
1
FY25FY24FY23
Total number of properties 434544
Net lettable area (NLA)254,684255,898249,906
1. Number of properties and NLA reflect only those properties that have greenhouse gas emissions.
Investore Property LimitedSustainability Report 202540
Operational Boundary
The FY25 GHG emissions inventory report covers scope 1, 2 and 3 emissions where Investore
has sufficiently reliable measurements for scope 3 categories and includes the current year,
comparative years and baseline years.
Scope 1 and scope 2 emissions include the “base build” emissions (refrigeration associated
with heating and cooling, and electricity). Scope 3 emissions are indirect emissions and currently
includes electricity not in scope 2 (transmission and distribution losses and tenant electricity),
purchased goods and services, capital goods, stationary energy – tenant natural gas, water
and waste.
A summary of exclusions is provided in Table 4, and a summary of methodologies, data quality and
uncertainties is provided in Table 2.
Baseline Year
The baseline year for Investore for scope 1 and 2 emissions is 1 April 2019 to 31 March 2020
(FY20) which aligns with the SIML baseline year. This was chosen as the scope 1 and 2 baseline
year because it was the first year Investore and SIML had the requisite data to support scope 1 and
scope 2 emissions reporting. The baseline year for scope 3 emissions is 1 April 2023 to 31 March
2024 (FY24). This was chosen as the scope 3 baseline year because it was the first year Investore
measured an extensive set of scope 3 categories.
Investore will recalculate and/or restate the baseline if Investore’s net lettable area (NLA) were to
change by more than 10% due to company or portfolio acquisitions or divestments. During FY25,
the acquisition and divestments by Investore did not exceed the 10% change in NLA threshold
requiring a baseline year recalculation.
Methodologies and Uncertainties
Emissions for scope 1, scope 2 and scope 3 have been quantified using the calculation-based
method based on activity data multiplied by greenhouse gas emission factors. Emission factors
have been sourced from the official Ministry for the Environment publications, except as noted
below. Investore used the most recently published factors as at balance date, being the 2024
Ministry for the Environment emission factors. These emission factors use the global warming
potentials (GWPs) published in the IPCC’s Fifth Assessment Report (AR5). Emissions for upstream
purchased goods and services have been calculated using the Eora database corrected for
exchange rates and inflation.
The Ministry for the Environment has released changes to the emission factors used in calculating
GHG emissions on 16 May 2025. The new factors have not been applied to the GHG emissions
information in this report due to the timing and impracticality to update and review data prior to the
release of this report. These factors are not entity specific and the timing of release of these factors
is not within Investore’s control. Based on current estimates the new factors would potentially
materially impact scope 2 emissions (electricity consumption) and scope 3 emissions (waste
generated in operations and downstream leased assets - tenant electricity).
To minimise uncertainties in accuracy of this inventory, data has been sourced wherever possible
from a verifiable source, as detailed in Table 2.
Assurance of GHG Inventory
A limited level of assurance has been undertaken by Deloitte Limited over selected GHG disclosures
included in the Climate-Related Disclosures (as described in Appendix 2: Location of Climate-
Related Disclosures) prepared in accordance with the Aotearoa New Zealand Climate Standards and
the GHG inventory report on pages 37 to 45 prepared in accordance with the GHG protocol and the
Corporate Value Chain Standard. Refer to Deloitte’s Independent Limited Assurance Report from
page 46.
Comparative periods disclosed, being FY24, FY23 and FY20, in the GHG Inventory Report on
page 39 were previously assured under International Standard on Assurance Engagements (New
Zealand) 3410: Assurance Engagements on Greenhouse Gas Statements issued by the XRB
(‘ISAE (NZ) 3410’) with assurance reports found in our annual reporting of the respective years
available on Investore’s website - www.investoreproperty.co.nz/investor-centre/#main.
Investore Property LimitedSustainability Report 202541
GHG Emissions Source Inclusions
Table 2: Included Emission Sources, Data Source and Assumptions
Scope 1 Direct Emissions
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Fugitive emissions from air
conditioning systems
1
Leakage and replacement quantities to “top-
up” the refrigerants of air conditioning systems
Record from suppliers of “top-up” amountsAnnual report for each property provided by suppliers.
Stationary dieselFuel used to “top up” sprinkler pumpsRecord from suppliers of “top-up” amountsEmails and spreadsheets from suppliers providing quantity used, in litres,
during the year.
Scope 2 Indirect Emissions
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Electricity consumption Electricity used in common parts of properties Records from electricity suppliers and
embedded network operators
Invoices and spreadsheets from suppliers providing quantity used in kWh.
Embedded network line lossesElectricity losses from embedded network
operated within properties
Records from embedded network suppliersReliable external report from embedded network suppliers.
Scope 3 Indirect Emissions
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
Waste generated in operations Waste generated from operations in multi-
tenanted and single tenanted properties
Data from waste contractors and from tenants
(spreadsheets and downloads from web portal)
Waste data received from waste contractors or tenants is considered reliable
as it is sourced from an independent third party. Where no records were able
to be obtained from the relevant waste contractor or tenant, the data has been
estimated based on historical data for that property. Where no historical
records were able to be obtained from the relevant waste contractor or
tenant, the data has been estimated based on the average known and reliable
emissions of similar property types owned by Investore (i.e., supermarket, strip
malls, hardware store, etc.) and adjusted for the sqm of net lettable area under
management (NLA).
Due to a major tenant being unable to provide actual data, estimates make up
approximately 80% of waste data for this period
2
.
Investore includes scope 1, 2 and 3 emissions from all relevant Kyoto Protocol gases in its carbon inventory. The emissions sources in Table 2 have been included in the GHG emissions inventory.
1. Scope 1 air conditioning refrigerant in Investore properties includes: R134A, R22, R410A, R404A, R407C, R407F, R438A, R449A and R744.
2. Estimates do not include sites that have been vacant for all of FY25, but do include tenancies vacant for only part of FY25.
Sustainability Report 202542Investore Property Limited
GHG Emissions Source Inclusions (cont.)
Scope 3 Indirect Emissions (cont.)
CategoryGHG Emissions SourceData SourceMethodology, Data Quality, Uncertainty
WaterWater used in properties From local water provider For Auckland properties, a spreadsheet of consumption is provided from the
supplier. For all other sites, data is obtained from individual invoices.
Where supplier data is unavailable for a specific month or months of the
year, an estimate
1
is created based on historical data for these properties to
determine an average monthly estimate of consumption. Estimates make up
approximately 7% of overall water data.
Downstream leased assetsTenant electricity and gas (both for building
emissions and tenant operations)
Data provided from tenants directly or
permission requested from tenants to obtain
data from relevant suppliers
Reliable data where this is provided by the supplier and/or tenant.
Where supplier data is unavailable for a specific month or months of the year, an
estimate
1
is created based on historical data for these properties to determine
an average monthly consumption. Estimates make up approximately 12.5% of
Investore’s tenant electricity and gas data.
Purchased products and servicesOperational expenses related to activities –
cradle to gate emissions - e.g. office
supplies, consultants
Specific data on quantities of supply chain
goods and services was not available and we
have estimated emissions using spend based
factors from the internationally recognised
Eora factor set, corrected for exchange rates
and inflation
The emissions were calculated based on Investore’s expenditure on purchased
goods and services which are not already included in other scopes or other
scope 3 categories. Any spend already considered in other categories of
scope 3 or considered immaterial were excluded. Once these categories were
excluded, the top 95% of spend was used to categorise the data into relevant
categories based on the Eora database. The Eora database is a multi-region
input-output schedule of spend-based emission factors. The associated
emissions were calculated by multiplying the expenditure with the relevant
Eora emission factor corrected for exchange rates using the average USD to
NZD exchange rate and adjusted for inflation to the beginning of the reporting
period. Investore will explore options for utilising New Zealand-based spend
factors for future years.
Capital goodsExpenses related to development activities –
cradle to gate emissions on CAPEX projects
– e.g. materials, contractors
Specific data on quantities of supply chain
goods and services was not available and we
have estimated emissions using spend based
factors from the internationally recognised
Eora factor set, corrected for exchange rates
and inflation
The emissions were calculated based on Investore’s expenditure classified as
capital goods which are not already included in other scopes or other scope
3 categories. Any spend already considered in other categories of scope 3 or
considered immaterial were excluded. Once these categories were excluded,
the top 95% of spend was used to categorise the data into relevant categories
based on the Eora database. The Eora database is a multi-region input-output
schedule of spend-based emission factors. The associated emissions were
calculated by multiplying the expenditure with the relevant Eora emission factor
corrected for exchange rates using the average USD to NZD exchange rate and
adjusting for inflation to the beginning of the reporting period. Investore will
explore options for utilising New Zealand-based spend factors for future years.
1. Estimates do not include sites that have been vacant for all of FY25, but do include tenancies vacant for only part of FY25.
Sustainability Report 202543Investore Property Limited
Greenhouse Gas Inventory FY25
Source tCO2-eCO2 (tCO2-e)CH4 (tCO2-e)N2O (tCO2-e)HFCs (tCO2-e)
Scope 1166.830.000.000.00166.83
Scope 211.5011.080.410.01-
Scope 39,053.815,470.103,575.428.29-
Total9,232.145,481.183,575.838.30166.83
Emissions not included in the
split by Greenhouse Gas Type
(Note 1)
4,434.00
Total13,666.14
Investore includes scope 1, scope 2 and scope 3 emissions from the six Kyoto Protocol gases in its inventory expressed
as carbon dioxide equivalent (CO2-e). These gases are Carbon Dioxide (CO2), Methane (CH4), Nitrous Oxide (N2O) and
Hydrofluorocarbons (HFCs). Investore does not have emissions of PFCs, NF3, or SF6.
The 2024 Ministry for the Environment emission factors used in this report can be found on the Ministry for the
Environment’s website.
Note 1: A breakdown in gases is not available for emissions calculated using the spend based methodology. This includes purchased goods and services and
capital goods. These have therefore been removed from Table 3 emissions by greenhouse gas type, total of 4,434.00 tCO2-e.
Table 3: Greenhouse Gas Emissions by Greenhouse Gas Type
Sustainability Report 202544Investore Property Limited
GHG Emissions Source Exclusions
The following emissions sources have been excluded from the inventory.
Table 4: Emissions Source Exclusions
ScopeCategoryGHG Emissions SourceReason for Exclusion
Upstream (purchased goods and services)
3Category 4 – Upstream transportation and distributionEmissions from transportation of products purchased by the company. This data
is included in the purchased goods and services and capital goods categories
Not applicable to Investore activities
3Category 6 – Business travelMileage and taxi / uberNot applicable to Investore activities
3Category 7 – Employee commutingBetween home and workNot applicable to Investore activities
3Category 8 – Upstream leased assetsInvestore has ground leases onlyNo emissions
Downstream (sold goods and services)
3Category 9 – Downstream transportation and distributionNot applicable to Investore activities
3Category 10 – Processing of sold productsNot applicable to Investore activities
3Category 11 – Use of sold productsNot applicable to Investore activities
3Category 12 – End of life of sold productsNot applicable to Investore activities
3Category 14 – FranchisesNot applicable to Investore activities
3Category 15 – InvestmentsNot applicable to Investore activities
Prepared by: Approved by:
Olly Ng
Senior Sustainability Advisor
Stride Investment Management Limited
28 May 2025
Gráinne Troute
Independent Director and Chair of
Audit and Risk Committee
Investore Property Limited
28 May 2025
Sustainability Report 202545Investore Property Limited
Appendix 1:
Independent
Assurance Report
Sustainability Report 202546Investore Property Limited
58
IInnddeeppeennddeenntt AAssssuurraannccee RReeppoorrtt oonn SSttrriiddee IInnvveessttmmeenntt MMaannaaggeemmeenntt LLiimmiitteedd’’ss GGrreeeennhhoouussee GGaass EEmmiissssiioonnss
IInnvveennttoorryy RReeppoorrtt
To The Board of Directors of Stride Investment Management Limited
Report on Greenhouse Gas Emissions (‘GHG’) Inventory Report
We have undertaken a limited assurance engagement relating to the Greenhouse Gas Emissions Inventory Report (the
‘inventory report’) of Stride Investment Management Limited (the ‘Company’) for the year ended 31 March 2023, comprising
the Emissions Inventory and the explanatory notes set out on pages 46 to 56.
The inventory report provides information about the greenhouse gas emissions of the Company for the year ended 31 March
2023 and is based on historical information. This information is stated in accordance with the requirements of the Greenhouse
Gas Protocol: A Corporate Accounting and Reporting Standard (2004) (‘the GHG Protocol’) which can be accessed at
https://ghgprotocol.org/corporate-standard.
Board of Directors’ Responsibility
The Board of Directors are responsible for the preparation of the inventory report in accordance with the GHG Protocol. This
responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of an
inventory report that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express a limited assurance conclusion on the greenhouse gas emissions within the inventory report
based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance
engagement in accordance with International Standard on Assurance Engagements (New Zealand) 3410: Assurance
Engagements on Greenhouse Gas Statements (‘ISAE (NZ) 3410’), issued by the New Zealand Auditing and Assurance Standards
Board. That standard requires that we plan and perform this engagement to obtain limited assurance about whether the
inventory report are free from material misstatement.
A limited assurance engagement undertaken in accordance with ISAE (NZ) 3410 involves assessing the suitability in the
circumstances of the Company’s use of the GHG Protocol as the basis for the preparation of the inventory report, assessing the
risks of material misstatement of the inventory report whether due to fraud or error, responding to the assessed risks as
necessary in the circumstances, and evaluating the overall presentation of the inventory report. A limited assurance
engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment
procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observations of processes
performed, inspection of documents, analytical procedures, evaluating the appropriateness of quantification methods and
reporting policies, and agreeing or reconciling with underlying records.
Given the circumstances of the engagement, in performing the procedures listed above we:
•Through enquiries, obtained an understanding of the Company’s control environment and information systems
relevant to emissions quantification and reporting, but did not evaluate the design of particular control activities,
obtain evidence about their implementation or test their operating effectiveness.
•Evaluated whether the Company’s methods for developing estimates are appropriate and had been consistently
applied. However, our procedures did not include testing the data on which the estimates are based or separately
developing our own estimates against which to evaluate the Company’s estimates.
•Undertook site visits at four sites to assess the completeness of the emissions sources, data collection methods,
source data and relevant assumptions applicable to the sites. The sites selected for testing were chosen taking
into consideration their emissions in relation to total emissions, emissions sources, and sites selected in prior
periods. Our procedures did not include testing information systems to collect and aggregate facility data, or the
controls at these sites.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had we performed a reasonable assurance engagement.
Accordingly, we do not express a reasonable assurance opinion about whether Stride Investment Management Limited’s
inventory report have been prepared, in all material respects, in accordance with the GHG Protocol.
Independent Limited Assurance Report on Selected Greenhouse Gas (‘GHG’) Disclosures included within Climate-Related Disclosures
and the GHG Inventory Report
To the Shareholders of Investore Property Limited
Limited assurance conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that:
• the gross GHG emissions, additional required disclosures of gross GHG emissions, and gross GHG emissions methods, assumptions and estimation
uncertainty, within the scope of our engagement (as outlined below), included in the Climate-Related Disclosures of Investore Property Limited (the
‘Company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2025 (the ‘Selected GHG Disclosures’), are not fairly presented and not
prepared, in all material respects, in accordance with Aotearoa New Zealand Climate Standards (‘NZ CSs’) issued by the External Reporting Board
(‘XRB’); and
• the Greenhouse Gas Emissions Inventory Report included in the Sustainability Report and Climate-Related Disclosures for the year ended 31 March
2025 (the ‘GHG Emissions Inventory Report’), is not prepared in all material respects, in accordance with the requirements of the International
Standard the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition) and the Corporate Value Chain (Scope
3) Accounting and Reporting Standard (the ‘Applicable Criteria’).
Scope of assurance engagement
We have undertaken a limited assurance engagement over the following Selected GHG Disclosures prepared in accordance with NZ CSs, that is required
to be the subject of an assurance engagement per section 461ZH of the Financial Markets Conduct Act 2013 (‘FMCA’).
Subject matter: Selected GHG DisclosuresReference
GHG emissions: gross emission in metric tonnes of Carbon dioxide equivalent (‘CO2e’) classified as:
• Scope 1
• Scope 2 (calculated using the location-based method)
• Scope 3
Pages 31
Investore Property LimitedSustainability Report 202547
Subject matter: Selected GHG DisclosuresReference
Additional requirements for the disclosure of gross GHG emissions per paragraph 24 (a) to (d) of Aotearoa New Zealand Climate
Standard 1: Climate-related Disclosures (‘NZ CS1’), being:
• The statement describing the GHG emissions have been measured in accordance with the requirements of the
Applicable Criteria;
• The statement that the GHG emissions consolidation approach used is operational control;
• Sources of emission factors and the global warming potential (‘GWP’) rates used or a reference to the GWP source; and
• The summary of specific exclusions of sources, including facilities, operations or assets with a justification for their exclusion.
Pages 38, 40, 41,45
Disclosures relating to GHG emissions methods, assumptions and estimation uncertainty per paragraphs 52 to 54 of Aotearoa
New Zealand Climate Standard 3: General Requirements for Climate-related Disclosures (‘NZ CS 3’):
• Description of the methods and assumptions used to calculate or estimate GHG emissions, and the limitations of
those methods.
• Description of uncertainties relevant to the Group’s quantification of its GHG emissions, including the effects of these
uncertainties on the GHG emissions disclosures.
Pages 41 to 43 and 45
In addition, we have undertaken a limited assurance engagement in relation to the GHG Inventory Report of the Group, comprising the emissions
inventory and the explanatory notes set out on pages 37 to 45 of the Group’s Sustainability Report and Climate-Related Disclosures for the year ended
31 March 2025. The GHG Inventory Report is based on historical information and provides further disclosures about the GHG emissions of the Group for
the year ended 31 March 2025 to meet the requirements of the Applicable Criteria, in addition to the minimum disclosure requirements of NZ CSs.
Our report does not cover any forward-looking statements made by the Group, any external references or hyperlinked documents.
Our limited assurance engagement does not extend to any other information included, or referred to, on pages 1 to 30, 32 to 36 and Appendices in the
Group’s Sustainability and Climate-Related Disclosures Report for the year ended 31 March 2025 and the Annual Report for the year ended 31 March
2025. We have not performed any procedures with respect to the excluded information and, therefore, no conclusion is expressed on it.
Emphasis of matter – emission factors published after year end
We draw attention to the disclosures on page 41 which outline that the Ministry of the Environment released new emission factors on 16 May 2025,
which have not been applied to the GHG emission information. The new factors may have a potential material impact on GHG emissions reported but have
not been updated due to the timing of their recent release as noted on page 41. Our assurance conclusion is not modified in respect of this matter.
Other matter – comparative information
The comparative Selected GHG Disclosures (that is Selected GHG Disclosures for the periods ended 31 March 2024, 31 March 2023 and 31 March
2020) included in the Climate-Related Disclosures have not been the subject of an assurance engagement undertaken in accordance with New Zealand
Standard on Assurance Engagements 1: Assurance Engagements over Greenhouse Gas Emissions Disclosures (‘NZ SAE 1’). These disclosures are not
covered by our assurance conclusion.
Investore Property LimitedSustainability Report 202548
Director’s responsibilities
Directors are responsible for the preparation and fair presentation of the Selected GHG Disclosures in accordance with NZ CSs, which includes
determining and disclosing the appropriate standard or standards used to measure its GHG emissions. In addition, the Directors are responsible for
the preparation of the GHG Inventory Report in accordance with the requirements of the Applicable Criteria. This responsibility includes the design,
implementation and maintenance of internal controls relevant to the preparation of the Selected GHG Disclosures and GHG Inventory Report that are free
from material misstatement whether due to fraud or error.
Inherent uncertainty
Non-financial information, such as that included in the Selected GHG Disclosures and GHG Inventory Report, is subject to more inherent limitations than
financial information, given both its nature and the methods used and assumptions applied in determining, calculating and sampling or estimating such
information. Specifically, GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions
factors and the values needed to combine emissions of different gases.
As the procedures performed for this engagement are not performed continuously throughout the relevant period and the procedures performed in
respect of the Group’s compliance with NZ CSs and/or the requirements of the Applicable Criteria are undertaken on a test basis, our limited assurance
engagement cannot be relied on to detect all instances where the Group may not have complied with the NZ CSs or the requirements of the Applicable
Criteria. Because of these inherent limitations, it is possible that fraud, error or non-compliance may occur and not be detected.
In addition, we note that a limited assurance engagement is not designed to detect all instances of non-compliance with the NZ CSs or the requirements
of the Applicable Criteria, as it generally comprises making enquires, primarily of the responsible party, and applying analytical and other review
procedures.
Our responsibilities
Our responsibility is to express an independent limited assurance conclusion on the Selected GHG Disclosures and GHG Inventory Report, based on the
procedures we have performed and the evidence we have obtained.
We conducted our limited assurance engagement in accordance with NZ SAE 1 and the International Standard on Assurance Engagements
(New Zealand) 3410: Assurance Engagements on Greenhouse Gas Statements issued by the XRB (‘ISAE (NZ) 3410’). These standards require that
we plan and perform this engagement to obtain limited assurance about whether the Selected GHG Disclosures and GHG Inventory Report are free from
material misstatement.
Our independence and quality management
We have complied with the independence and other ethical requirements of NZ SAE 1, which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour.
Investore Property LimitedSustainability Report 202549
We have also complied with the following professional and ethical standards:
• Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand);
• Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance
or Related Services Engagements which requires us to design, implement and operate a system of quality management including policies and
procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements; and
• Professional and Ethical Standard 4: Engagement Quality Reviews.
Other than in our capacity as assurance practitioner, we have no relationship with or interests in the Group.
As we are engaged to form an independent conclusion on the Selected GHG Disclosures and GHG Inventory Report prepared by the Group, we are not
permitted to be involved in the preparation of the GHG information as doing so may compromise our independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1 and ISAE (NZ) 3410. This involves assessing the suitability in the
circumstances of Group’s use of NZ CSs and the Applicable Criteria as the basis for the preparation of the Selected GHG Disclosures and the GHG
Inventory Report respectively, assessing the risks of material misstatement of the Selected GHG Disclosures and GHG Inventory Report whether due
to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the Selected GHG
Disclosures and the GHG Inventory Report.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment
procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observation of processes performed, inspection of
documents, analytical procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling with
underlying records. In undertaking our limited assurance engagement on the Selected GHG Disclosures and the GHG Inventory Report, we:
• Obtained, through inquiries, an understanding of the Group’s control environment, processes and information systems relevant to the preparation of
the Selected GHG disclosures and GHG Inventory Report. We did not evaluate the design of particular control activities, or obtain evidence about their
implementation.
• Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently applied. Our procedures did not include
testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the Group’s estimates.
• Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted to actual GHGs emitted and made
inquiries of management to obtain explanations for any significant differences we identified.
• Considered the presentation and disclosure of the Selected GHG disclosures and the GHG Inventory Report.
Investore Property LimitedSustainability Report 202550
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance
engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have
been obtained had we performed a reasonable assurance engagement. Accordingly, we do not express a reasonable assurance opinion about whether
Selected GHG Disclosures and the GHG Inventory Report are fairly presented and prepared, in all material respects, in accordance with NZ CSs or the
requirements of the Applicable Criteria respectively.
Use of our Report
Our limited assurance report (‘our Report’) is intended for users who have a reasonable knowledge of GHG related activities, and who have studied the
Selected GHG related information in the Climate-Related Disclosures and the GHG Inventory Report with reasonable diligence and understand that the
Selected GHG Disclosures and the GHG Inventory Report are prepared and assured to appropriate levels of materiality.
Our Report is made solely to the Group’s shareholders, as a body. Our limited assurance engagement has been undertaken so that we might state to
the Group’s shareholders those matters we are required to state to them in an assurance 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 Group’s shareholders as a body, for our work, for our Report, or for the
conclusions we have formed.
Andrew Dick, Partner
for Deloitte Limited
Auckland, New Zealand
28 May 2025
This limited assurance report relates to the Selected GHG Disclosures included in the Climate-Related Disclosures and the GHG Inventory Report included within the Sustainability and Climate-Related
Disclosures Report for the year ended 31 March 2025 included on the Group’s website. The Directors are responsible for the maintenance and integrity of the Group’s website. We have not been engaged
to report on the integrity of the Group’s website. We accept no responsibility for any changes that may have occurred to the Selected GHG Disclosures included in the Climate-Related Disclosures and the
GHG Inventory Report included within the Sustainability and Climate-Related Disclosures Report since they were initially presented on the website.
The limited assurance report refers only to the Selected GHG Disclosures included in the Climate-Related Disclosures and the GHG Inventory Report included within the Sustainability and Climate-Related
Disclosures Report named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these disclosures. If readers of this report are concerned with the
inherent risks arising from electronic data communication, they should refer to the published hard copy of the Selected GHG Disclosures included in the Climate-Related Disclosures and the GHG Inventory
Report included within the Sustainability and Climate-Related Disclosures Report and related limited assurance report dated 28 May 2025 to confirm the information presented on this website.
•Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently
ĂƉƉůŝĞĚ͘KƵƌƉƌŽĐĞĚƵƌĞƐĚŝĚŶŽƚŝŶĐůƵĚĞƚĞƐƚŝŶŐƚŚĞĚĂƚĂŽŶǁŚŝĐŚƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽƌƐĞƉĂƌĂƚĞůLJ
ĚĞǀĞůŽƉŝŶŐŽƵƌŽǁŶĞƐƚŝŵĂƚĞƐĂŐĂŝŶƐƚǁŚŝĐŚƚŽĞvaluate the Group’s estimates.
•WĞƌĨŽƌŵĞĚĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐŽŶƉĂƌƚŝĐƵůĂƌĞŵŝƐƐŝŽŶĐĂƚĞŐŽƌŝĞƐďLJĐŽŵƉĂƌŝŶŐƚŚĞĞdžƉĞĐƚĞĚ','ƐĞŵŝƚƚĞĚƚŽ
ĂĐƚƵĂů','ƐĞŵŝƚƚĞĚĂŶĚŵĂĚĞŝŶƋƵŝƌŝĞƐŽĨŵĂŶĂŐĞŵĞŶƚƚŽŽďƚĂŝŶĞdžƉůĂŶĂƚŝŽŶƐĨŽƌĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚŝĨĨĞƌĞŶĐĞƐ
ǁĞŝĚĞŶƚŝĨŝĞĚ͘
•ŽŶƐŝĚĞƌĞĚƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŽĨƚŚĞ^ĞůĞĐƚĞĚ','ĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘
dŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚŝŶĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚǀĂƌLJŝŶŶĂƚƵƌĞĂŶĚƚŝŵŝŶŐĨƌŽŵ͕ĂŶĚĂƌĞůĞƐƐŝŶĞdžƚĞŶƚ
ƚŚĂŶĨŽƌ͕ĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ͘ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞŽďƚĂŝŶĞĚŝŶĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞ
ĞŶŐĂŐĞŵĞŶƚŝƐƐƵďƐƚĂŶƚŝĂůůLJůŽǁĞƌƚŚĂŶƚŚĞĂƐƐƵƌĂŶĐĞƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶŽďƚĂŝŶĞĚŚĂĚǁĞƉĞƌĨŽƌŵĞĚĂ
ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ͘ĐĐŽƌĚŝŶŐůLJ͕ǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶĂďŽƵƚǁŚĞƚŚĞƌ
^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚĂƌĞĨĂŝƌůLJƉƌĞƐĞŶƚĞĚĂŶĚƉƌĞƉĂƌĞĚ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE^ƐŽƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƉƉůŝĐĂďůĞƌŝƚĞƌŝĂƌĞƐƉĞĐƚŝǀĞůLJ͘
hhƐƐĞĞŽŽĨĨŽŽƵƵƌƌZZĞĞƉƉŽŽƌƌƚƚ
Our limited assurance report (‘ŽŽƵƵƌƌZZĞĞƉƉŽŽƌƌƚƚ’) is intended for users who have a reasonable knowledge of GHG related
ĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚǁŚŽŚĂǀĞƐƚƵĚŝĞĚƚŚĞ^ĞůĞĐƚĞĚ','ƌĞůĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ
','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚǁŝƚŚƌĞĂƐŽŶĂďůĞĚŝůŝŐĞŶĐĞĂŶĚƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','
/ŶǀĞŶƚŽƌLJZĞƉŽƌƚĂƌĞƉƌĞƉĂƌĞĚĂŶĚĂƐƐƵƌĞĚƚŽĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůƐŽĨŵĂƚĞƌŝĂůŝƚLJ͘
Our Report is made solely to the Group’s shareholders, as a body. Our limited assurance engagement has been
undertaken so that we might state to the Group’s shareholders those matters we are required to state to them in an
ĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚĂŶĚĨŽƌŶŽŽƚŚĞƌƉƵƌƉŽƐĞ͘dŽƚŚĞĨƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ǁĞĚŽŶŽƚĂĐĐĞƉƚŽƌĂƐƐƵŵĞ
responsibility to anyone other than the Group’s shareholders as a body, for our work, for our Report, or for the
ĐŽŶĐůƵƐŝŽŶƐǁĞŚĂǀĞĨŽƌŵĞĚ͘
ŶŶĚĚƌƌĞĞǁǁ ŝŝĐĐŬŬ͕͕WWĂĂƌƌƚƚŶŶĞĞƌƌ
ĨĨŽŽƌƌĞĞůůŽŽŝ ŝƚƚƚƚĞĞ>>ŝŝŵŵŝŝƚƚĞĞĚĚ
ƵĐŬůĂŶĚ͕EĞǁĞĂůĂŶĚ
ϮΘDĂLJϮϬϮρ
dŚŝƐůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚƌĞůĂƚĞƐƚŽƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ
ŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐZĞƉŽƌƚĨŽƌthe year ended 31 March 2025 included on the Group’s website. The
Directors are responsible for the maintenance and integrity of the Group’s website. We have not been engaged to report on theŝŶƚĞŐƌŝƚLJŽĨƚŚĞ
Group’s website. We accept no responsibility foƌĂŶLJĐŚĂŶŐĞƐƚŚĂƚŵĂLJŚĂǀĞŽĐĐƵƌƌĞĚƚŽƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞůŝŵĂƚĞͲ
ZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐZĞƉŽƌƚƐŝŶĐĞƚŚĞLJǁĞƌĞ
ŝŶŝƚŝĂůůLJƉƌĞƐĞŶƚĞĚŽŶƚŚĞǁĞďƐŝƚĞ͘
dŚĞůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚƌĞĨĞƌƐŽŶůLJƚŽƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJ
ZĞƉŽƌƚŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐZĞƉŽƌƚŶĂŵĞĚĂďŽǀĞ͘/ƚĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂŶŽƉŝŶŝŽŶŽŶĂŶLJŽƚŚĞƌ
ŝŶĨŽƌŵĂƚŝŽŶǁŚŝĐŚŵĂLJŚĂǀĞďĞĞŶŚLJƉĞƌůŝŶŬĞĚƚŽͬĨƌŽŵƚŚĞƐĞĚŝƐĐůŽƐƵƌĞƐ͘/ĨƌĞĂĚĞƌƐŽĨƚŚŝƐƌĞƉŽƌƚĂƌĞĐŽŶĐĞƌŶĞĚǁŝƚŚƚŚĞŝŶŚĞƌĞŶƚƌŝƐŬƐĂƌŝƐŝŶŐ
ĨƌŽŵĞůĞĐƚƌŽŶŝĐĚĂƚĂĐŽŵŵƵŶŝĐĂƚŝŽŶ͕ƚŚĞLJƐŚŽƵůĚƌĞĨĞƌƚŽƚŚĞƉƵďůŝƐŚĞĚŚĂƌĚĐŽƉLJŽĨƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞůŝŵĂƚĞͲ
ZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐĂŶĚƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚůŝŵĂƚĞͲZĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐZĞƉŽƌƚĂŶĚƌĞůĂƚĞĚůŝŵŝƚĞĚ
ĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚĚĂƚĞĚϮΘDĂLJϮϬϮρƚŽĐŽŶĨŝƌŵƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚŽŶƚŚŝƐǁĞďƐŝƚĞ͘
Investore Property LimitedSustainability Report 202551
Appendix 2:
Location of
Climate-Related
Disclosures
Sustainability Report 202552Investore Property Limited
Appendix 2: Location of Climate-Related Disclosures
Climate StandardDescriptionLocation of Disclosure
Governance Disclosure Objective (paragraph 6)
To enable primary users to understand both the role an entity’s governance body plays in overseeing climate-related risks and climate-related opportunities, and the role
management plays in assessing and managing those climate-related risks and opportunities.
7To achieve the disclosure objective in paragraph 6, an entity must disclose the following information:
(a) the identity of the governance body responsible for oversight of climate-related risks and opportunities; Page 13
(b) a description of the governance body’s oversight of climate-related risks and opportunities (see paragraph 8); and Pages 13, 14
(c) a description of management’s role in assessing and managing climate-related risks and opportunities (see paragraph 9).Pages 13, 14
8An entity must include the following information when describing the governance body’s oversight of climate-related risks and opportunities (see paragraph 7(b)):
(a) the processes and frequency by which the governance body is informed about climate-related risks and opportunities; Pages 13, 14
(b) how the governance body ensures that the appropriate skills and competencies are available to provide oversight of climate-related risks and opportunities; Page 15
(c) how the governance body considers climate-related risks and opportunities when developing and overseeing implementation of the entity’s strategy; and Page 13
(d) how the governance body sets, monitors progress against, and oversees achievement of metrics and targets for managing climate-related risks and opportunities,
including whether and if so how, related performance metrics are incorporated into remuneration policies (see also paragraph 22(h)).
Pages 13-15
9An entity must include the following information when describing management’s role in assessing and managing climate-related risks and opportunities (see paragraph 7(c)):
(a) how climate-related responsibilities are assigned to management-level positions or committees, and the process and frequency by which management-level positions
or committees engage with the governance body;
Pages 13, 14
(b) the related organisational structure(s) showing where these management-level positions and committees lie; andPage 13
(c) the processes and frequency by which management is informed about, makes decisions on, and monitors, climate-related risks and opportunities.Pages 13, 14
Strategy Disclosure Objective (paragraph 10)
To enable primary users to understand how climate change is currently impacting an entity and how it may do so in the future. This includes the scenario analysis an entity
has undertaken, the climate-related risks and opportunities an entity has identified, the anticipated impacts and financial impacts of these, and how an entity will position
itself as the global and domestic economy transitions towards a low-emissions, climate-resilient future.
11
To achieve the disclosure objective in paragraph 10, an entity must disclose:
(a) a description of its current climate-related impacts (see paragraph 12);Pages 23-27
(b) a description of the scenario analysis it has undertaken (see paragraph 13);Pages 17-20
(c) a description of the climate-related risks and opportunities it has identified over the short, medium, and long term (see paragraph 14);Pages 21-29
(d) a description of the anticipated impacts of climate-related risks and opportunities (see paragraph 15); andPages 21-29
(e) a description of how it will position itself as the global and domestic economy transitions towards a low-emissions, climate-resilient future state (see paragraph 16).Pages 11, 12
12
An entity must include the following information when describing its current climate-related impacts (see paragraph 11(a)):
(a) its current physical and transition impacts;Pages 23-27
(b) the current financial impacts of its physical and transition impacts identified in paragraph 12(a); andPages 23-27, 34
(c) if the entity is unable to disclose quantitative information for paragraph 12(b), an explanation of why that is the case.
13An entity must describe the scenario analysis it has undertaken to help identify its climate-related risks and opportunities and better understand the resilience of its
business model and strategy. This must include a description of how an entity has analysed, at a minimum, a 1.5 degrees Celsius climate-related scenario, a 3 degrees
Celsius or greater climate-related scenario, and a third climate-related scenario (see paragraph 11(b)).
Pages 17-20
Investore Property LimitedSustainability Report 202553
Appendix 2: Location of Climate-Related Disclosures (cont.)
Climate StandardDescriptionLocation of Disclosure
14An entity must include the following information when describing the climate-related risks and opportunities it has identified see paragraph 11(c)):
(a) how it defines short, medium and long term and how the definitions are linked to its strategic planning horizons and capital deployment plans; Page 14
(b) whether the climate-related risks and opportunities identified are physical or transition risks or opportunities, including, where relevant, their sector and geography; and Pages 21-29
(c) how climate-related risks and opportunities serve as an input to its internal capital deployment and funding decision-making processes.Pages 11, 12, 14, 33, 34
15An entity must include the following information when describing the anticipated impacts of the climate-related risks and opportunities it has identified (see paragraph 11(d)):
(a) the anticipated impacts of climate-related risks and opportunities reasonably expected by the entity; Pages 21-29
(b) the anticipated financial impacts of climate-related risks and opportunities reasonably expected by an entity; Investore has used
adoption provision 2
(c) a description of the time horizons over which the anticipated financial impacts of climate-related risks and opportunities could reasonably be expected to occur; and Pages 21-29
(d) if an entity is unable to disclose quantitative information for paragraph 15(b), an explanation of why that is the case.Page 16
16An entity must include the following information when describing how it will position itself as the global and domestic economy transitions towards a low-emissions,
climate-resilient future state (see paragraph 11(e)):
(a) a description of its current business model and strategy; Pages 5-10
(b) the transition plan aspects of its strategy, including how its business model and strategy might change to address its climate-related risks and opportunities; and Pages 11, 12
(c) the extent to which transition plan aspects of its strategy are aligned with its internal capital deployment and funding decision-making processes.Pages 11, 12
Risk Management Disclosure Objective
(paragraph 17)
To enable primary users to understand how an entity’s climate-related risks are identified, assessed, and managed and how those processes are integrated into existing
risk management processes.
18
To achieve the disclosure objective in paragraph 17, an entity must disclose the following information for both transition risks and physical risks:
(a) a description of its processes for identifying, assessing and managing climate-related risks (see paragraph 19); and Pages 13, 14
(b) a description of how its processes for identifying, assessing, and managing climate-related risks are integrated into its overall risk management processes.Pages 13, 14
19
An entity must include the following information when describing its processes for identifying, assessing and managing climate-related risks (see paragraph 18(a)):
(a) the tools and methods used to identify, and to assess the scope, size, and impact of, its identified climate-related risks; Pages 14, 21
(b) the short-term, medium-term, and long-term time horizons considered, including specifying the duration of each of these time horizons; Page 14
(c) whether any parts of the value chain are excluded; Page 14
(d) the frequency of assessment; andPage 14
(e) its processes for prioritising climate-related risks relative to other types of risks.Page 14
Metrics and Targets Disclosure Objective
(paragraph 20)
To enable primary users to understand how an entity measures and manages its climate-related risks and opportunities. Metrics and targets also provide a basis upon
which primary users can compare entities within a sector or industry.
Investore Property LimitedSustainability Report 202554
Climate StandardDescriptionLocation of Disclosure
21To achieve the disclosure objective in paragraph 20, an entity must disclose:
(a) the metrics that are relevant to all entities regardless of industry and business model (see paragraph 22); Pages 30, 31
(b) industry-based metrics relevant to its industry or business model used to measure and manage climate-related risks and opportunities; Page 36
(c) any other key performance indicators used to measure and manage climate-related risks and opportunities; and Page 36
(d) the targets used to manage climate-related risks and opportunities, and performance against those targets (see paragraph 23).Page 35
22An entity must disclose metrics for each of the categories below (see paragraph 21(a)):
(a) greenhouse gas (GHG) emissions: gross emissions in metric tonnes of carbon dioxide equivalent (CO2e) classified as (see paragraph 24): (i) scope 1; (ii) scope 2
(calculated using the location-based method); (iii) scope 3;
Page 31
(b) GHG emissions intensity; Page 36
(c) transition risks: amount or percentage of assets or business activities vulnerable to transition risks;Page 32
(d) physical risks: amount or percentage of assets or business activities vulnerable to physical risks;Page 32
(e) climate-related opportunities: amount or percentage of assets, or business activities aligned with climate-related opportunities;Page 33
(f) capital deployment: amount of capital expenditure, financing, or investment deployed toward climate-related risks and opportunities;Pages 33, 34
(g) internal emissions price: price per metric tonne of CO2e used internally by an entity; andPage 35
(h) remuneration: management remuneration linked to climate-related risks and opportunities in the current period, expressed as a percentage, weighting, description or
amount of overall management remuneration (see also paragraph 8(d)).
Pages 14, 35
23
An entity must include the following information when describing the targets used to manage climate-related risks and opportunities, and performance against those
targets (see paragraph 21(d)):
(a) the time frame over which the target applies; Page 35
(b) any associated interim targets; Page 35
(c) the base year from which progress is measured;Page 35
(d) a description of performance against the targets; andPage 35
(e) for each GHG emissions target:Page 35
(i) whether the target is an absolute target or intensity target;
(ii) the entity’s view as to how the target contributes to limiting global warming to 1.5 degrees Celsius;
(iii) the entity’s basis for the view expressed in 23(e)(ii), including any reliance on the opinion or methods provided by third parties; and
(iv) the extent to which the target relies on offsets, whether the offsets are verified or certified, and if so, under which scheme or schemes.
24An entity must disclose the following in relation to its GHG emissions (see paragraph 22(a)):
(a) a statement describing the standard or standards that its GHG emissions have been measured in accordance with; Page 38
(b) the GHG emissions consolidation approach used: equity share, financial control, or operational control; Page 40
(c) the source of emission factors and the global warming potential (GWP) rates used or a reference to the GWP source; and Page 41
(d) a summary of specific exclusions of sources, including facilities, operations or assets with a justification for their exclusion.Page 45
Appendix 2: Location of Climate-Related Disclosures (cont.)
Investore Property LimitedSustainability Report 202555
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- IFT — Infratil Limited: Infratil releases Climate Related Disclosures2025-07-30
“Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com 31 July 2025 Infratil releases Climate Related Disclosures Infratil Limited (Infratil) (NZX/ASX: IFT) is pleased to announce the release of its FY2025 Climate…”
- KPG — Kiwi Property: Continued rent growth, cost discipline underpin FY25 result2025-05-25
“Our new sustainability strategy For further detail on our new strategy, see our FY25 Sustainability report. Manage investments for sustainability performance •Sustainable developments •Energy efficiency •Sustainable finance Demonstrate resilience •Climate risk •Adapta…”
- FBU — Fletcher Building: Fletcher Building announces FY25 Results2025-08-19
“1. CORPORATE GOVERNANCE Fletcher Building’s Corporate Governance Statement, current as at 20 August 2025, is available on the Group’s website at https://fletcherbuilding.com/investor-centre/corporate-governance. During the financial year ended 30 June 2025, Fletcher Building fo…”