Annual Shareholder Meeting 2026

IMMEDIATE – 30 June 2026
Investore Property Limited
Annual Shareholder Meeting 2026

The Annual Shareholder Meeting of Investore Property Limited will be held today in the Boulevard Room,
Sofitel, 21 Viaduct Harbour Avenue, Auckland 1010, commencing at 10:30 am.

Attached are copies of the following:

• The Chair and Manager’s Annual Shareholder Meeting Address; and

• The Annual Shareholder Meeting Presentation.


Ends
For further information please contact:
Mike Allen, Chair, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Adam Lilley, Investore Fund Manager, Stride Investment Management Limited as manager of Investore
Mobile: 021 024 99198 - Email: adam.lilley@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

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Annual Meeting of Shareholders 2026 30 June 2026
Auckland
1


Investore Property Limited
Annual Shareholder Meeting 2026 Address
Slide 1 – Annual Shareholder Meeting 2026
Good morning all, my name is Mike Allen, and I am an independent Director and Chair of the Board of
Investore Property Limited (Investore).
On behalf of the Board of Directors, it is my pleasure to welcome you to the 2026 Annual Shareholder
Meeting for Investore, and I thank you for your attendance here today.
In housekeeping matters, the bathrooms are located at the bottom of the stairs, directly outside the
exit to your left and disabled access bathrooms are located in the gym, in the northwest corner of the
lobby. Staff at the reception desk can assist you in locating these.
In the event of an emergency, please exit via the nearest fire exit door through the French Press Café
located behind me or through the main entrance to The Sofitel. The evacuation assembly area is
located on Viaduct Harbour Avenue, near the sculpture overlooking the marina.
Finally, as a matter of courtesy, please ensure your mobile phones are switched to silent.
Thank you.
Slide 2 – Board of Directors
Joining me today are:
• Gráinne Troute, an independent Director and Chair of the Audit and Risk Committee;
• Adrian Walker, also an independent Director; and
• Ross Buckley, a Stride Investment Management Limited or SIML-appointed Director of
Investore and Chair of Stride Property Group’s Audit and Risk Committee.
David Green, also a SIML-appointed Director of Investore and Chair of Stride Property Group was
appointed to the Investore Board at the start of June and is unfortunately unable to be with us today
due to prior commitments.
David Green replaced Director Tim Storey, who retired from the Investore Board at the start of June.
On behalf of the Board, I would like to thank Tim for his significant contribution to the establishment,
governance and strategic direction of Investore. Tim played a pivotal role in leading the formation of
Investore and its successful NZX listing, and provided strong stewardship throughout his tenure. The
Board acknowledges his dedicated service and wishes him well in his retirement.
Caroline Plowman was appointed as a future director under the Institute of Directors Future Directors
Programme in April 2025. Caroline observes the Investore Board processes as part of her
development as a potential director of companies in the future.

Annual Meeting of Shareholders 2026 30 June 2026
Auckland
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Slide 3 – The Manager
Alongside the Directors we are also joined today by representatives of SIML, the Manager of
Investore:
• Philip Littlewood, Chief Executive Officer;
• Adam Lilley, Investore Fund Manager; and
• Jennifer Whooley, Chief Financial Officer.
Investore’s audit partner from PwC, Philip Taylor, is also present to answer any questions on the audit
report. In addition, we have with us today representatives from Bell Gully, Investore’s solicitors and
from Computershare, the share registrar for Investore.
Slide 4 – Agenda
I record that the Notice of Meeting was dispatched to Investore’s shareholders on 28 May 2026. I am
pleased to confirm that we have a quorum present for the meeting here today, and accordingly I
declare the Investore 2026 Annual Shareholder Meeting open.
Slide 5 – Chair’s address
I am pleased to be able to share with you today an overview of Investore’s financial performance,
portfolio metrics and capital management initiatives for the year ended 31 March 2026.
Slide 6 – Financial overview
Investore’s portfolio of well-located, quality, convenience-based retail assets continues to generate
resilient operating earnings. Net rental income increased by $3.2 million from FY25 to $65.5 million,
primarily driven by net acquisitions over the current and comparable periods and rental uplifts from
completed rent reviews.
Profit before other income and income tax of $36.6 million, was up $1.4 million and Distributable
Profit after current income tax increased by $2.3 million from FY25 to $30.7 million. This resulted in
Distributable Profit per share increasing to 8.13 cents, up 0.55 cents.
Profit after income tax of $31.7 million was down $(6.6) million primarily due to a lower net valuation
increase in the portfolio as compared to FY25.
Consistent with guidance, Investore delivered a total cash dividend for FY26 of 6.50 cents per share.
Slide 7 – Portfolio highlights
Investore’s portfolio also continues to demonstrate strong metrics, with occupancy by area at 99.5%
and a weighted average lease term (or WALT) of 5.9 years as at 31 March 2026.
Investore’s portfolio was valued at $1.1 billion, up $140 million from 31 March 2025, primarily
reflecting net acquisitions during the period. The average portfolio capitalisation rate remained stable
at 6.3%, while the portfolio initial yield was 6.6% as at 31 March 2026, compared with 6.5% as at 31
March 2025.

Annual Meeting of Shareholders 2026 30 June 2026
Auckland
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The portfolio balances income certainty and rental growth, with anchor tenants, which make up 81%
of Investore’s Contract Rental, providing certainty of income, while mini major and specialty tenants
provide additional growth levers through active leasing and rent review activity.
Slide 8 – Proactive capital management
The Board continues to take a proactive approach to capital management to maintain a flexible
balance sheet for growth and during the year issued $62.5 million subordinated convertible notes to
support the acquisition of Silverdale Centre.
Investore’s weighted average cost of debt was 4.2% as at 31 March 2026, with 80% of Investore’s
debt hedged or subject to a fixed rate of interest, which helps to manage interest rate risk and stabilise
Investore’s earnings.
Post balance date, Investore disposed of Woolworths Greenlane, resulting in a reduction in the loan to
value ratio to 38.1% on a pro forma basis.
The Board is cognisant of the two upcoming bond maturities in 2027 and is proactively engaging with
lenders in relation to additional facilities, while also monitoring bond market conditions for a potential
future issuance to fund these maturities.
Slide 9 – Strategic Focus
This slide outlines the Board’s strategic priorities, which have remained consistent with prior years.
Firstly, a key focus is to increase tenant diversification, providing greater exposure to a broader range
of tenants and rent review mechanisms, with the objective of supporting more consistent and
structured rental growth over time.
Secondly, the Board continues to prioritise targeted growth, through investment in high-quality assets
with strong medium to long-term rental growth prospects supported by the expanded investment
mandate and the consideration and evaluation of portfolio recycling opportunities.
Thirdly, there is an ongoing focus on collaboration with key tenants, including undertaking capital
refurbishment and improvement initiatives to enhance store productivity and strengthen the rental
growth outlook.
Finally, before I hand over to Adam Lilley, I wanted to comment on SIML’s transition of the Investore
Fund Manager Role from Adam to Joshua Wilson that has been confirmed today. It has been my
pleasure to work with Adam over the past four years, and we are pleased to see his progression within
the SIML organisation. We are likewise pleased that he will continue to have a key role in Stride’s
future activities with Investore.
On behalf of the Board, we sincerely thank Adam for his excellent service, which will conclude at the
end of his address today. We are also very pleased to welcome Joshua, who is very familiar with
Investore from his prior role as Head of Strategy and Corporate Finance at SIML, and we look forward
to working him and progressing Investore’s strategic objectives.
I now invite Adam to speak on the delivery of the Board’s strategic priorities.

Annual Meeting of Shareholders 2026 30 June 2026
Auckland
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Slide 10 – Manager’s review
Thank you, Mike, and good morning everyone.
Slide 11 – Delivery of strategy with transaction activity
The Manager has delivered on the Board’s targeted growth strategy through capital recycling over
FY26, completing $225 million of gross transactions (including the post balance date disposal of
Woolworths Greenlane). The transactions have focused on enhancing portfolio quality, strengthening
earnings, and improving the long-term growth outlook through increasing exposure to leases with
structured rental growth.
The $68 million of disposals were realised at a blended initial yield of 5.6% and 4.6% premium to
book value. This demonstrates the strong demand and liquidity of our properties. Over the same
period, we deployed $157 million into acquisitions, at a 6.6% blended initial yield.
Taken together, the blended initial yield on acquisitions exceeded that of the disposals by around 100
basis points, supporting a projected improved net rental growth outlook. Strategically, this activity has
also further repositioned the portfolio, and including the Woolworths Greenlane disposal, Auckland
exposure has increased from 41% to 48% by value, aligning with stronger demographic and
economic growth drivers.
Tenant diversification has also improved, with increased exposure to a broader mix of tenants and rent
review mechanisms supporting more consistent and structured rental growth. New high quality,
nationally recognised tenants have been added to the portfolio, and the Woolworths’ concentration by
Contract Rental has reduced from 62% to 51%.
Slide 12 – Partnering with tenants
We will also continue to focus on identifying and delivering value accretive initiatives for our existing
properties and continue collaborating with our tenants to optimise and add value to our portfolio.
Investore enjoys a strong relationship with Woolworths, which fosters collaboration across the
portfolio to optimise existing assets through improvement projects or refurbishments that enhance
customer amenity, support store performance and deliver incremental rental income and asset value.
During FY26, Investore agreed to fund up to $6.2 million towards online expansion works at
Woolworths Upper Hutt, Dunedin and Kilbirnie, delivering a blended rental return on cost of 7.2% and
adding approximately 970 sqm of additional net lettable area to the portfolio.
Slide 13 – Lease expiry profile by Contract Rental
Investore’s portfolio has a weighted average lease term or WALT of 5.9 years as at 31 March 2026.
Anchor tenant WALT at 6.4 years provides certainty of income in the medium to long-term, whilst the
mini major and specialty retail WALT at 3.8 years provides Investore with additional rental growth
levers.
Slide 14 – Sustainability
Investore continued improving the sustainability of its portfolio over the year, replacing 68 air
conditioning units using R22 refrigerant with units that use a refrigerant with a lower global warming

Annual Meeting of Shareholders 2026 30 June 2026
Auckland
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alternative to help reduce our emissions. We remain on track to remove all remaining R22 units from
our portfolio by March 2027.
21 Investore buildings achieved Green Star Performance ratings during the year, making Investore the
largest portfolio of Green Star Performance rated buildings in New Zealand, by number. In addition,
we were very pleased to improve our GRESB score during FY26 by 4 points, to 71 out of 100.
Finally, it has been a privilege to serve as Investore Fund Manager and to work with such a supportive
Board and team, and I look forward to seeing Investore continue to grow. I would now like to hand you
back to Mike who will provide an overview of what shareholders can expect for FY27 and beyond.
Slide 15 - Looking ahead
Thanks Adam.
The Board remains conscious of offshore developments that have reintroduced inflationary pressures
and heightened market uncertainty, weighing on business and consumer confidence. Notwithstanding
this backdrop, Investore remains well positioned, with a portfolio underpinned by high-quality,
non-discretionary retail tenants in key metropolitan locations, providing resilient and defensive
earnings.
Investore will consider and evaluate portfolio recycling opportunities to optimise returns and
strengthen the balance sheet for future investment opportunities. In parallel, focus will remain on
optimising asset performance through tenant partnerships and targeted capital initiatives.
The Board is also committed to ensuring the Investore portfolio remains sustainable over the long
term, including the transition to a lower carbon future and progressing Investore’s sustainability
targets and objectives.
The Investore Board currently expects to pay an annual cash dividend for FY27 of 6.50 cents per
share.
This brings to an end the presentation addressing Investore’s performance for FY26 and our priorities
for FY27.
Now to the formal business of the meeting.

Ends

For further information please contact:

Mike Allen, Chair, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Adam Lilley, Fund Manager, Stride Investment Management Limited as manager of Investore
Mobile: 021 024 99198 - Email: adam.lilley@strideproperty.co.nz

Annual Meeting of Shareholders 2026 30 June 2026
Auckland
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Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

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Annual
Shareholder
Meeting
30 June 2026

Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive Director
Gráinne Troute
Chair of the Audit and Risk Committee
Independent, Non-Executive Director
Adrian Walker
Independent,
Non-Executive Director
David Green
SIML Nominee and
Non-Executive Director
Ross Buckley
SIML Nominee and
Non-Executive Director
Caroline Plowman
Future Director
2
Investore Property Limited | Annual Shareholders Meeting 2026

The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Adam Lilley
Investore Fund Manager
3
Investore Property Limited | Annual Shareholders Meeting 2026

Agenda
4
Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
4
Investore Property Limited | Annual Shareholders Meeting 2026

5
Chair’s address
Investore Property Limited | Annual Shareholders Meeting 2026
Bunnings, Westgate
Mitre 10 Mega, Botany
Mitre 10 MEGA, Botany

Profit after income tax
Financial overview
For the 12 months ended 31 Mar 26 (FY26)
6
Profit before other income/(expense) and
income tax
Distributable Profit after current income tax
Distributable Profit
per share
FY26 cash dividend
per share
$36.6m
$31.7m
$30.7m
8.13 cents
6.50 cents
6
Net Rental Income
$65.5m
Investore Property Limited | Annual Shareholders Meeting 2026

FY26 Portfolio highlights
$1.1bn
Portfolio valuation
99.5%
Occupancy
(by area)
5.9 years
WALT
6.6%
Initial yield
Investore Property Limited | Annual Shareholders Meeting 2026
7
Bunnings, New Lynn
6.3%
Cap rate
81%
Anchor tenants
(by Contract Rental)

Proactive capital management
Investore Property Limited | Annual Shareholders Meeting 2026
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$130m
$195m
$125m $125m
$63m
FY27FY28FY29FY30FY31
Debt maturity profile
Green loan facilitiesRetail bondsConvertible notes
4.2%
Weighted average
cost of debt
80%
Debt hedged or subject to a
fixed rate of interest
38.1%
LVR
(pro forma for Greenlane disposal)
$62.5m
Subordinated convertible
notes issued
As at 31 March 2026

Strategic focus
Investore Property Limited | Annual Shareholders Meeting 2026
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•Increase diversification of tenant portfolio to
provide exposure to a variety of tenants and
rent review mechanisms to provide more
consistent structured rental growth
•Continue to pursue strategy of targeted growth
by investing in high quality assets with strong
rental growth prospects over the medium to
long term. Asset recycling plays an important
role
•Continue to collaborate with key tenants to
carry out capital refurbishment and
improvement works, to improve store
productivity and rental growth outlook
Woolworths, Waimakariri Junction

10Investore Property Limited | Annual Shareholders Meeting 2026
Manager’s review
Silverdale Centre, Auckland

Transaction metrics
Assets
divested
Assets
acquired
Value of
properties
$68m$157m
Blended
initial yield
5.6%6.6%
Average age
weighted by
value
35 years
old
12 years
old
Delivery of strategy with transaction activity
Investore Property Limited | Annual Shareholders Meeting 2026
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✓$157m of acquisitions representing a 6.6% blended
initial yield
✓$68m of disposals at 4.6% above book value
✓Blended initial yield of the acquisitions exceed the
disposals by ~100bps, with a projected improved net
rental growth outlook
✓Auckland exposure has increased from 41% to 48%
by value
✓Enhanced tenant diversification, with Woolworths
reducing from 62% to 51% of Contract Rental
✓Increased exposure to leases with structured
rental growth
$225m of gross transactions since the beginning of FY26, focused on enhancing
portfolio quality, earnings and growth outlook

Woolworths, Highland Park
Partnering with tenants
Investore Property Limited | Annual Shareholders Meeting 2026
•Long-standing collaboration with Woolworths across store
upgrades and repositioning, as well as partnering on new
stores e.g. Woolworths Waimakariri Junction
•Investore funds targeted capital works to support tenant
strategy, such as refurbishment and online fulfillment
•Value is created through extended leases and/or enhanced
rental income – each improving asset value
FY26 agreements
•Up to $6.2m towards online expansion works at Woolworths
Upper Hutt, Dunedin and Kilbirnie
•Funding will deliver a blended rental return on cost of 7.2%
•~970 sqm of additional NLA
•The lease term at Woolworths Kilbirnie will reset to
10 years upon payment of capital contribution
12
With over 30 Woolworths supermarket properties
across New Zealand, Investore maintains a strong
relationship with Woolworths which fosters
collaboration and investment for the long term

0.4%
6.9%
5.5%
7.1%
12.2%
7.1%
4.1%
26.1%
5.6%
20.0%
2.4%
0.7%
1.9%
VacantFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36FY37FY38+
Lease Expiry Profile by Contract Rental
WALT
5.9 years
13
Investore Property Limited | Annual Shareholders Meeting 2026
As at 31 March 2026
5.9 year portfolio WALT
6.4 year anchor tenant
WALT providing
certainty of income
3.8 year mini major and
specialty retail WALT
providing additional
rental growth levers

71 of 100 GRESB score, +4 points
from 2024
Replacement of 68 air conditioning
units using R22 refrigerant to
refrigerant with a lower global
warming alternative.
Last two properties scheduled
for FY27
21 buildings now rated under Green
Star Performance, the largest
portfolio of buildings by number
rated with this tool in NZ
Sustainability
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Investore Property Limited | Annual Shareholders Meeting 2026

Looking ahead
Investore Property Limited | Annual Shareholders Meeting 2026
15
•Offshore developments have reintroduced inflation
pressures and market uncertainty, weighing on
business and consumer confidence
•Investore remains well positioned, with a portfolio
underpinned by high-quality, non-discretionary retail
tenants in key metropolitan locations, providing
defensive earnings
•Investore will consider and evaluate portfolio recycling
opportunities to optimise portfolio returns and
strengthen the balance sheet for future investment
opportunities
•Continued focus on optimising asset performance
through tenant partnerships and targeted capital
initiatives
•The Investore Board confirms it currently intends to
pay a cash dividend of 6.50 cents per share for FY27

16Investore Property Limited | Annual Shareholders Meeting 2026
Shareholder questions
Mt Wellington Shopping Centre
Bunnings, Westgate

Formal business
17Investore Property Limited | Annual Shareholders Meeting 2026
Mitre 10, Botany
The Warehouse, Silverdale Centre, Auckland

18Investore Property Limited | Annual Shareholders Meeting 2026
Resolution 1: Auditor’s Remuneration
That the Directors be authorised to fix the remuneration of PwC
as auditor of Investore Property Limited for the ensuing year

Resolution 2:
Re-election of Director Adrian Walker
19Investore Property Limited | Annual Shareholders Meeting 2026
That Adrian Walker be re-elected as a
Director of Investore Property Limited

Proxy votes received
20
Resolution 1: Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
169,123,07994.26%0.17%5.57%
Resolution 2: Re-election of Director Adrian Walker
Proxy votes lodgedForAgainstDiscretionary
169,132,77094.41%0.08%5.51%
Investore Property Limited | Annual Shareholders Meeting 2026

General business
21Investore Property Limited | Annual Shareholders Meeting 2026
Bay Central Shopping Centre, Tauranga

Important Notice: The information in this presentation is an overview
and does not contain all information necessary to make an investment
decision.It is intended to constitute a summary of certain information
relating to the performance of Investore for the year ended 31 March
2026. Please refer to Investore’s consolidated financial statements for
the year ended 31 March 2026 or Investore’s Annual Report 2026 for
further information. The information in this presentation does not purport
to be a complete description of Investore. In making an investment
decision, investors must rely on their own examination of Investore,
including the merits and risks involved. Investors should consult with
their own legal, tax, business and/or financial advisors in connection
with any acquisition of securities.
No representation or warranty, express or implied, is made as to the
accuracy, adequacy or reliability of any statements, estimates or
opinions or other information contained in this presentation, any of
which may change without notice. To the maximum extent permitted by
law, Investore, Stride Investment Management Limited and their
respective directors, officers, employees, agents and advisers disclaim
all liability and responsibility (including without limitation any liability
arising from fault or negligence on the part of Investore, Stride
Investment Management Limited and their respective directors, officers,
employees, agents and advisers) for any direct or indirect loss or
damage which may be suffered by any recipient through use of or
reliance on anything contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement or other
disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street West,
Auckland 1142,
New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Ngā mihi | Thank you
Investore Property Limited | Annual Shareholders Meeting 2026
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