Investore Property Ltd. · NZX:IPL

Investore Property — Shareholder Meeting (September 2017)

27 slides from Investore Property's shareholder meeting presentation, Sep 8, 2017

  1. Slide 1: Annual Meeting

    Annual Meeting 8 September 2017 Investore Property Limited – Annual Meeting – 8 September 2017

  2. Slide 2: Agenda

    Agenda Chairman’s Address Mike Allen - Chairman Manager’s Address Philip Littlewood - CEO Stride Investment Management Limited Financial Statements Mike Allen - Chairman Ordinary Resolutions Mike Allen - Chairman Special Resolution Mike Allen - Chairman General Business Mike Allen - Chairman Investo

  3. Slide 3: Chairman's Address – Mike Allen

    Chairman’s Address – Mike Allen Investore Property Limited – Annual Meeting – 8 September 2017 3

  4. Slide 4: Highlights

    Highlights  Investore listed and commenced trading on the NZX Main Board on 12 July 2016 NZX Listing  Invest in Large Format Retail Properties, located 12 July 2016 throughout New Zealand  Acquired SCA Portfolio (14 properties) for $267 million SCA Portfolio  Acquired six properties from Stride

  5. Slide 5: Highlights

    Highlights Portfolio – as at 31 March 2017 Property value  Property values grow by 3% gross, $19 million increase  Occupancy at 99.8% 3% gross  Weighted average lease term (WALT) 14.3 years Occupancy 99.8% WALT 14.3 years Investore Property Limited – Annual Meeting – 8 September 2017 5

  6. Slide 6: Investment Strategy

    Investment Strategy Invest in quality large format retail properties that maximise distributions and total returns to shareholders over the medium to long term Investore Property Limited – Annual Meeting – 8 September 2017 6

  7. Slide 7: Highlights

    Highlights  Raised $185 million new equity capital Capital Raise  Six properties from Stride Property Group for $87 million $185m  SCA Portfolio (14 properties) for $267 million  Portfolio Value $660.4 million Portfolio value $660.4m Investore Property Limited – Annual Meeting – 8 September 2017

  8. Slide 8: The Manager

    The Manager  Investore’s assets and day to day operations are managed by Stride Investment Management Limited  Formal review on the Manager's performance to be undertaken in the next 12 months  $3.1 million fees paid to the Manager to 31 March 2017 in line with the PFI, equating to 0.5% of total

  9. Slide 9: First Year of Operations

    (Prospective Financial Information (PFI) for FY17 forecasted First Year of Operations figures in brackets) Distributable profit  Profit after income tax of $28.5m ($11.5m) after income tax  Distributable profit1 after income tax of $17.6m ($17.2m), up 2.6% up 2.6% on PFI  5.35cps cash dividend fo

  10. Slide 10: FY18 Dividends

    FY18 Dividends  Q1 FY18 cash dividend 1.86 cps 1.86cps Cash dividend for  Targeting annual cash dividend of 7.46cps for FY18 Q1 FY18 Targeting cash dividend for FY18 7.46cps Investore Property Limited – Annual Meeting – 8 September 2017 10

  11. Slide 11: Governance – Looking Ahead

    Governance – Looking Ahead  Resolution 3 o Amend Investore’s constitution to permit a maximum of five directors o Move to “2+3 structure” – two Stride Investment Management Limited Directors and three Independent Directors o Rationale – increase the independent representation on the Board and add t

  12. Slide 12: Manager's Address – Philip Littlewood

    Manager’s Address – Philip Littlewood Investore Property Limited – Annual Meeting – 8 September 2017 12

  13. Slide 13: Investment Philosophy and Strategy

    Investment Philosophy and Strategy Investment Philosophy Investment Strategy Large format retail properties have  Maximise distributions and total attributes that can provide a reliable returns to shareholders over the income return to shareholders medium to long term Attributes:  Actively manage

  14. Slide 14: Active Management

    Active Management  $2.2m project completed in February 2017 Animates, Invercargill  820m² development consists of two retail tenancies, Animates and a medical facility Investore Property Limited – Annual Meeting – 8 September 2017 14

  15. Slide 15: Investment Properties

    Investment Properties  Actively considered a range of opportunities  High competition for assets that meet Investore’s mandate  Portfolio value, increasing by $13.7 million $13.7m $660.4m $268.3m $2.2m $87.0m $287.0m $2.2m 31 Mar 16 Development Stride Property Group SCA Acquisitions Capex & Reval

  16. Slide 16: Financial Highlights FY17

    Financial Highlights FY17 (Prospective Financial Information for FY17 forecasted figures in brackets)  Net rental income of $35.0m ($34.9m)  Corporate expenses of $4.7m ($4.8m)  Profit before other expenses and income tax of $17.1m ($17.2m)  Profit after income tax of $28.5m ($11.5m) $35.01m ($4

  17. Slide 17: Portfolio Summary as at 31 March 2017

    Portfolio Summary as at 31 March 2017  39 Properties  73 tenants  99.8% occupied Tenant diversification1 Geographic diversification1 ¹ Based on contract rental being the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant l

  18. Slide 18: Portfolio Lease Expiry Profile

    Portfolio Lease Expiry Profile¹  WALT of 14.3 years  Lease expiries 2033 or beyond for two thirds of portfolio 35.3% 29.9% 9.6% 4.5% 4.3% 4.7% 3.0% 3.5% 2.2% 0.6% 1.1% 0.2% 0.1% 0.4% ¹ Based on contract rental being the amount of rent payable by each tenant, plus other amounts payable to Investore

  19. Slide 19: Capital Management

    Capital Management  Drawn debt $261 million, on total available facilities of $370 million  Undrawn debt $109 million  84% of debt fixed for an average of 3.8 years (including forward swaps) $109m $370m $261m 31 Mar 17 Undrawn debt Total available facility Drawn debt Investore Property Limited –

  20. Slide 20: Annual Meeting Formal Business – Mike Allen

    Annual Meeting Formal Business – Mike Allen Investore Property Limited – Annual Meeting – 8 September 2017 20

  21. Slide 21: Financial Statements

    Financial Statements Questions on the financial statements for the year ended 31 March 2017? Investore Property Limited – Annual Meeting – 8 September 2017 21

  22. Slide 22: Resolutions

    Resolutions Investore Property Limited – Annual Meeting – 8 September 2017 22

  23. Slide 23: Resolution – Auditor's Remuneration

    Resolution 1 – Auditor’s Remuneration “That the Directors, be authorised to fix the remuneration of PricewaterhouseCoopers as auditor, for the ensuing year.” Investore Property Limited – Annual Meeting – 8 September 2017 23

  24. Slide 24: Resolution – Re-election of Director

    Resolution 2 – Re-election of Director “That Mike Allen, who is eligible for re-election, be re-elected as a Director of Investore Property Limited, pursuant to clause 20.3 of the constitution.” Investore Property Limited – Annual Meeting – 8 September 2017 24

  25. Slide 25: Resolution – Amendments to the Constitution

    Resolution 3 – Amendments to the Constitution “That the existing constitution of Investore Property Limited be revoked, and a new constitution, in the form described in the Explanatory Notes to the Notice of Meeting dated 24 August 2017, and tabled at the Annual Meeting on 8 September 2017 and signe

  26. Slide 26: General Business

    General Business Investore Property Limited – Annual Meeting – 8 September 2017 26

  27. Slide 27: Thank you

    Thank you 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 2017. Plea

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