PLP – Quarterly Client Update – 30 June 2025

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 30 June 2025
Booster Investment Scheme 2
Investment outlook
Returns to the Private Land & Property
Fund (Fund, PLPF) have been 3.6% on an
annualised basis over the three-year period to
30 June 2025, and 8.2% p.a. since inception.
The Fund aims to generate an average
long-term return of 6.5% p.a. after fees but
before tax over a rolling 7yr period. This Fund
objective is based on returns from income
and development gains as properties reach
full productive capability. Other returns to the
Fund can arise from property revaluations.
The general theme of the PLPF portfolio
is that of a two-paced situation. The Dairy
Farm and Kiwifruit sectors are experiencing
positive growth with sales volumes
suggesting growing confidence, while the
Viticulture and Avocado sectors remain
cautious in the near-term.
Cash returns
PLPF distribution to investors for the quarter to
June 30 2025 was 0.72 cents per unit and is fully
imputed, which is equivalent to a pre-tax payment
of 0.75% based on the PLPF unit price as at the
notice date of 12 June 2025.
We estimate that the Fund is generating annual
cash based pre-tax earnings of approximately
4.23% from current lease income and grape
supply contracts, also based off the unit price
at June 12 2025.
Development activity highlight:
Woodland Road Orchard
During the quarter the PLP Investment Committee
approved (subject to final details being addressed)
an additional investment to fund the conversion
of 5.01 hectares of Green Kiwifruit vines to Gold
Kiwifruit for the Woodland Road Orchard. The
reasoning behind this conversion is the higher price
and yield observed from Gold Kiwifruit and the
increased value attributable to the land it is grown
on. In the Bay of Plenty (where the Woodland Rd
Orchard is based), Green Kiwifruit land sales have
averaged around $384k per hectare for the last
24 months, while Gold Kiwifruit land sales have
averaged $777k per hectare and on occasion have
topped $1m per hectare. Any increase in value from
such a development will benefit PLPF unitholders.

Woodland Road Orchard cont.
The conversion process has multiple steps with
some of the key steps in the process including:
April:
• Harvest existing Green Kiwifruit
May:
• Successful bid for 5.01 hectares in the Zespri
Gold restricted licence auction
• Order new male plants (for pollination)
• Remove shelter
June/July:
• Remove vine canopy and replace leader wires
• Plant males
• Graft new Gold Kiwifruit plants onto existing
rootstock.
From a valuation perspective, the new Gold
Kiwifruit vines will take between 3-5 years to reach
full potential. We look forward to keeping investors
updated on these development gains in the future.
Initial forecasts from Zespri suggest a mid-point
of $11.75/tray for Gold Kiwifruit for the 2025/26
season, which is steady following $11.81/tray for
the 2024/25 season.
Other new development opportunities continue
to be explored by the PLP Investment Committee.
These value-add activities remain in focus,
particularly as our previous development property,
the Kerikeri Kiwifruit Orchard, has more-or-less
reached maturity with the 2025 harvest.
Woodland Road rootstock awaiting grafting
Valuation update: Iport Drive,
Rolleston
After a busy first quarter of valuation updates, the
previous quarter only saw our Rolleston warehouse
due for a valuation refresh in May. This valuation
was agreed as part of the Sale & Purchase in 2024.
The $1.25m valuation uplift required an equivalent
payment to the vendors (paid on 7 July 2025), so
this is neutral overall for PLPF investors.
However, given that most of the valuation uplift
was attributable to a CPI rent increase in April, we
are confident that this investment will continue to
provide stable returns.
Waimea West Hops:
New distribution partner
The 2025 harvest was positive for PLP’s investment
in Waimea West Hops (WWH), with approximately
76 tonnes harvested. Freestyle Hops, WWH’s new
distribution partner, has been selling the 2025
harvest into new customers in the U.S. & Europe.
Initial indications are that prices and volumes are
robust, with customers continuing to appreciate
the flavour and aroma characteristics of New
Zealand hops. WWH will continue to work with
Freestyle to ensure the best route-to-market for
its hops.
A further investment of $750k was made by PLP
into WWH to help WWH fund working capital
during the period of transition to Freestyle Hops.
Other WWH shareholders contributed $500k of
investment.
In a tragic turn of events, the death of Peter Lines
is devastating news to receive. Peter, a Tasman hop
farmer, died while clearing his farm after the recent
flooding event. He helped WWH on numerous
occasions when the business first started in the
industry. We pass on our condolences to Peter’s
family and friends.

Fund Size
(net asset value)
$215.0 million
Inception Date 13/06/2017
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Private Land and Property Portfolio
(Wholesale Portfolio)
Fund Size
(net asset value)
$216.4 million
Inception Date 07/01/2019
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Private Land and Property Fund (Fund)
The Fund obtains its property exposure by investing into the Wholesale Portfolio
alongside some cash held within the Fund.
Investment Holdings
Last 3 months1.3%1.0%
Last 6 months-0.6%-1.1%
Last 12 months0.9%-0.2%
Last 2 years (p.a)-0.4%-0.9%
Last 3 years (p.a)3.6%3.3%
Last 5 years (p.a)7.5%7. 0 %
Last 7 years (p.a)
*
8.6%7. 9 %
Since inception 13/06/2017 (p.a)
*
8.2%7.4%
Fund Performance as at 30 June 2025
Before Tax
After Tax
at 28% PIR
The Private Land and Property Fund (Fund) is part of the Booster Investment Scheme 2 which is issued and managed by Booster Investment Management Limited.
The Fund’s Product Disclosure Statement is available at www.booster.co.nz, by contacting your financial adviser or by calling Booster on 0800 336 338.
Disclaimer: This document is for informational purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change.
The content is of a general nature and does not take into account your financial situation or goals and is not financial advice. Booster Investment Management Limited
and its related companies do not accept any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the information provided in this
document. The Fund’s performance, returns, or repayment of capital, are not guaranteed.
All figures are after fees. Please see the Product Disclosure Statement for
further details on fees.
*Returns prior to the inception of PLPF in January 2019 are based on the
underlying wholesale PLPP return.
The Fund has a minimum suggested investment timeframe of four years,
and its performance aims are measured over a 7-year horizon. The return
information below includes returns due to property market movements which
vary over time, so the range of returns may be different over a longer period.
However the Fund aims to achieve a long-run return of 6.5% pa (before tax,
after fees) from a combination of rental and crop income, and capital gain
from improvements in property productive capacity. Past performance is not
an indicator of future performance.
Wholesale Portfolio
Total Assets (millions)
Property Assets (location / region)
Awatere Valley, Marlborough
Vineyard properties
$25.911.8
Hope, Nelson Region
Vineyard properties
$19.08.6
Hawke’s Bay
Winery building
$2.91.3
Hawke’s Bay
Vineyard property
$5.92.7
Mahana, Nelson region
Winery building & Vineyard property
$3.31.5
Kerikeri, Northland
Kiwifruit orchard property
$20.69.4
Waimea, Nelson region
Waimea West Hops Ltd
$9.04.1
Bay of Plenty & the Far North
Avocado orchards
$15.37. 0
Southland
Dairy farmland
$35.015.9
Rolleston
Logistics warehouse
$63.929.1
Bay of Plenty
Kiwifruit and Avocado orchards via
Woodland Road Orchard Limited Partnership
$14.36.5
Total property assets$215.1
Other Assets
Cash / Income$1.4
Accrued income$3.1
Total Assets$219.6
Total Liabilities (millions)
Borrowings with BNZ$4.5
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$4.5
Net asset value $215.0
Gearing Ratio2.0
The investment objective and strategy of the Wholesale Portfolio allows it to borrow
to invest in more land and properties or to develop land and properties it already
holds. Bank of New Zealand (BNZ) has provided a loan facility of up to 50% of
the value of the secured properties for use by the Wholesale Portfolio to effect its
gearing strategy which results in BNZ holding a security interest over most of the
assets held by the Wholesale Portfolio. For further information on the Wholesale
Portfolio, please refer to the Fund’s PDS and Other Material Information document.
The gearing ratio shows the level of borrowing the Wholesale Portfolio has
undertaken as a percentage of total assets.
$%