Investore Property Ltd. · NZX:IPL
Investore Property — Debt Investor Presentation (September 2025)
42 slides from Investore Property's debt investor presentation, Sep 8, 2025
Slide 1: Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders
Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 8 September 2025 Arranger & Joint Lead Manager Joint Lead Manager
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation has been prepared by Investore Property Limited (IPL or Investore) in relation to the offer of subordinated, unsecured, investment decision, nor shall this presentation or any information communicated in it form the basis of any contract or commitmen
Slide 3: Contents
Woolworths, Waimakariri Junction Contents Introduction 4 Overview of the Offer 5 Business Overview and Highlights 6 Silverdale Centre Acquisition 12 Financial Overview 19 Subordinated Convertible Notes 25 Offer Management Agreement 31 Amendments Appendix 39 Investore Property Limited | Presentation
Slide 4: Introduction
Introduction Investore today announces a set of initiatives that align with its strategic focus of targeted growth, portfolio optimisation and proactive capital management to optimise long-term returns for its Shareholders: Offer of subordinated convertible notes • Investore has lodged a Product Dis
Slide 5: Overview of the Offer
Overview of the Offer Up to $62.5m 4 years Subordinated convertible notes Including up to $2.5m Shareholder Priority Term until Conversion Date Ranks below senior debt and above equity Offer (before Conversion1) IPLHA Capital management Potential equity upside/discount Application has been made to N
Slide 6: Business Overview and Highlights
Business Overview and Highlights Bunnings, Westgate Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 6
Slide 7: About Investore
About Investore Investore is the only NZX listed property company with a specialised investment focus on large format retail properties (LFR) and, if approved by Shareholders, convenience-based retail Investment Portfolio characteristics1 Strategic focus • $1.0bn portfolio comprises 43 LFR propertie
Slide 8: Investment Portfolio metrics
Investment Portfolio metrics1 Capital management $1.0bn 6.5% 4.1% 39.4% Portfolio valuation Initial yield Weighted average Pro forma LVR1 cost of debt as at 31 Mar 25 6.3% 6.7 years 74% $225m WACR WALT Debt hedged or subject to Bank debt facilities are a fixed rate of interest classified as green lo
Slide 9: Strategically located portfolio
Strategically located portfolio Investore’s portfolio is primarily located in highly populated urban areas such as Auckland, Wellington, Canterbury, Waikato and the Bay of Plenty, anchored by high quality tenants which represent 87% of Contract Rental Geographic location by Investment Portfolio valu
Slide 10: Improving portfolio through asset recycling
Improving portfolio through asset recycling Investore has successfully executed approximately $200m of transactions over the past year including disposals at a combined premium to book value. Capital from the disposals is being recycled to acquire properties that exhibit strong growth fundamentals o
Slide 11: Sustainability initiatives
Sustainability initiatives Reducing scope 1 emissions with the replacement of all air conditioning units using R22 refrigerant with a low global warming alternative. Investore is targeting to spend ~$3m across FY26 and FY27 Reducing scope 3 emissions through tenant-related programmes including conti
Slide 12: Silverdale Centre Acquisition
Silverdale Centre Acquisition Silverdale Centre Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 12
Slide 13: Silverdale Centre overview
Silverdale Centre overview Investore has entered into a conditional contract1 to purchase the Silverdale Centre for $114m from Stride Property Limited, with settlement expected to occur on 31 Oct 25 • The Silverdale Centre is an open-air retail centre with 980 on-grade carparks and is situated on a
Slide 14: Strategic alignment
Strategic alignment Targeted growth • $1.1bn Investment Portfolio value post transaction1, an increase of 12% • Located in a fast-growing catchment in the Auckland region projected to grow 48%2 from 2023 to 2048 • Diversification of tenant mix, with new nationally recognised retailers including Chem
Slide 15: Silverdale Centre acquisition
Silverdale Centre acquisition Acquisition process overview • As this is a related party acquisition, the acquisition process was managed by the Independent Directors and negotiated on an arm’s length basis • The property has been inspected by Investore, its technical advisor and Jones Lang LaSalle L
Slide 16: Portfolio benefits
Portfolio benefits Pro forma • Enhanced scale, increasing Investore’s Portfolio 31 Mar 25 Silverdale Silverdale Centre summary pro forma1 Centre acquisition Investment Portfolio by approximately 12% to $1.1bn on a pro forma basis. This scale Investment Portfolio value $984m $114m $1,098m expansion i
Slide 17: Financial impact
Financial impact Financial impact of the Silverdale Centre acquisition • The acquisition will enhance Investore’s rental income growth profile, with 57% of Contract Rental at Silverdale Centre subject to structured rent reviews, and a further 30% subject to market-based rent reviews. This is expecte
Slide 18: Strategy execution
Strategy execution Continued portfolio optimisation • Disposal of Woolworths Browns Bay for $24.4m, representing a 4.9% premium to book value, with proceeds available to be recycled into other opportunities • Initial yield for the Silverdale Centre of 6.8% compares favourably with the initial yield
Slide 19: Financial Overview
Financial Overview Bunnings, New Lynn Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 19
Slide 20: Financial performance
Financial performance Investore continues to deliver resilient earnings, and has ICR over time implemented strategies of portfolio optimisation and ICR covenant (1.75x) targeted growth through a number of transactions intended to position the portfolio to capture future growth 3.7x opportunities and
Slide 21: Investore's financial policies
Investore’s financial policies Dividend policy Financial risk management policy • Distributable Profit is presented to enable investors • Investore targets a spread maturity profile ensuring to see an earnings measure more closely aligned to maturity/facility expiry dates do not fall due at one time
Slide 22: Offer rationale and benefits
Offer rationale and benefits Rationale Debt maturity profile • Provides Investore with access to a new source of capital, resulting in greater funding diversification and enabling $62.5m $100m Investore to achieve targeted growth • 8.2% projected unlevered property return1 from the $125m $125m $130m
Slide 23: Resilient income
Resilient income Investore’s Occupancy has remained at or above 99% since IPO • Investore’s significant exposure to long WALT, non- 100.0% 99.8% 99.9% 99.9% 99.7% 99.1% 99.7% 99.5% 99.1% 99.0% discretionary retail has resulted in a historically high and stable level of portfolio Occupancy throughout
Slide 24: Conclusion
Conclusion The issue of the Notes would provide Investore with additional balance sheet headroom to continue execution of its strategy to acquire assets located in key metro locations that exhibit strong rental and growth characteristics such as the Silverdale Centre Silverdale Centre • Falling inte
Slide 25: Subordinated Convertible Notes Offer
Subordinated Convertible Notes Offer Mitre 10 MEGA, Botany Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 25
Slide 26: Key terms
Key terms Summary Detail Subordinated, unsecured convertible notes (the Notes) issued by Investore Property Limited (Investore). The Notes will Convert into ordinary shares in Investore Description (Shares), subject to a Cash Election by Investore as described further below The Offer consists of: •
Slide 27: Purpose and structure of the Offer
Purpose and structure of the Offer Purpose of the Offer • The net proceeds of the Offer are expected to be used to repay existing bank debt, providing Investore with the flexibility and additional debt capacity to fund future acquisitions, including (subject to approval by Shareholders at a Special
Slide 28: Value of Shares/cash received
Conversion • On the Conversion Date, all outstanding Notes will be Converted into Shares, subject to a Cash Election by Investore • The number of Shares to be issued following Conversion of each holding of Notes will be determined by dividing their Principal Amount ($1.00 per Note) (together with an
Slide 29: Cash Election
Cash Election • Rather than Converting the Notes, Investore may elect instead to pay a cash amount to Noteholders at the end of the term • In this case, Noteholders would be paid an amount equal to the Market Price (calculated as set out above) multiplied by the number of Shares that would have othe
Slide 30: Key dates
Key dates Key event Date Opening Date for the General Offer and Shareholder Priority Offer Tuesday, 16 September 2025 Closing Date for the General Offer 11.00am on Friday, 19 September 2025 Rate Set Date Friday, 19 September 2025 Closing Date for the Shareholder Priority Offer 5.00pm on Tuesday, 23
Slide 31: Management Agreement Amendments
Management Agreement Amendments Silverdale Centre Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 31
Slide 32: Management Agreement amendments
Management Agreement amendments The Investore Board is proposing the following amendments to the Management Agreement to ensure Investore is well- positioned to pursue strategic, targeted growth opportunities. These will be voted on the Special Shareholder Meeting to be held on 20 Oct 25 1. Expand I
Slide 33: Expansion of mandate
Expansion of mandate The Investore Board is proposing to broaden Investore’s investment mandate to include CBR properties, complementing the existing large format retail strategy Expanded mandate Convenience-based retail property Invest in quality CBR properties which are typically • These propertie
Slide 34: Expansion of mandate
Expansion of mandate Key benefits ✓ Broadens Investore’s permitted investment scope to CBR properties, complementing the existing strategy ✓ Ability to pursue CBR assets with strong growth characteristics or development potential, such as those in urban growth corridors or key metro locations and wh
Slide 35: Management Fee amendments
Management Fee amendments Overview and rationale Key benefits of new structure Investore’s current building management fee arrangement of a ✓ More dynamic and equitable, ensuring fees are fixed $10,000 (plus GST) p.a. was a reflection of the nature of its proportionate to each property’s scale, comp
Slide 36: Management Fee amendments
Management Fee amendments Building management fee1 Building management fee charged by externally managed LPVs by Contract Rental4 Current structure Pro forma fee 3.0% amendment and • Flat building management fee of $10,000 (plus GST) per the Silverdale Centre annum for each property that Investore h
Slide 37: Capital management provisions
Capital management provisions The Investore Board is proposing to remove the fixed 50% LVR cap embedded in the capital management provisions in the Management Agreement so that LVR and hedging policies will be determined solely by the Board • This change aligns Investore with market practice, as the
Slide 38: Other matters for Special Shareholder Meeting
Other matters for Special Shareholder Meeting The Investore Board is also proposing to seek the approval of shareholders at the Special Shareholder Meeting on 20 Oct 25 of: 1. As noted on slide 17, the payment of fees by Investore to SIML for managing the Silverdale Centre. If the Management Agreeme
Slide 39: Appendix
Appendix Mt Wellington Shopping Centre Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders 39
Slide 40: Appendix: Five year summary
Appendix: Five year summary 2025 2024 2023 2022 2021 Five year financial summary1 ($m) ($m) ($m) ($m) ($m) Net rental income 62.3 61.2 60.3 58.3 55.8 Net finance expense (19.2) (18.0) (16.2) (14.0) (16.6) Profit before other income/(expense) and income 35.2 35.1 35.2 34.3 29.9 tax Other income/(expe
Slide 41: Glossary
Glossary Amendment Date The date the Management Agreement amendment take effect, being on or about 20 October 2025 following approval of Resolution 3 at the Special Meeting. Refer Notice of Special Meeting dated 8 September 2025 for more information Contract Rental Contract Rental is the amount of r
Slide 42: Thank you
Thank you 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 Investore Property Limited | Presentation relating to Subordinated Convertible Notes and Special Meeting of Shareholders
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