Investore Property Ltd. · NZX:IPL
Investore Property — Shareholder Meeting (September 2020)
30 slides from Investore Property's shareholder meeting presentation, Sep 9, 2020
Slide 1: Annual Shareholder Meeting
Investore Property Limited Annual Shareholder Meeting 9 September 2020
Slide 2: Question Process
Question Process • When the question function is available, the Q&A icon will appear at the top of the app • To send in a question, simply click in the ‘Ask a question’ box, type your question and press the send arrow • Your question will be sent immediately for review Investore Property Limited | A
Slide 3: Voting Process
Voting Process • When the poll is open, the vote will be accessible by selecting the voting icon at the top of the screen • To vote simply select the direction in which you would like to cast your vote; the selected option will change colour • There is no submit or send button, your selection is aut
Slide 4: Board of Directors
Board of Directors Mike Allen Gráinne Troute Adrian Walker Chair of the Board Chair of Audit and Risk Committee Independent, Non- Independent, Non-Executive Executive Director Independent, Non-Executive Director Director Tim Storey John Harvey Emma McDonald SIML Nominee and SIML Nominee and Future D
Slide 5: The Manager
The Manager Philip Littlewood Jennifer Whooley Chief Executive Chief Financial Officer Officer Fabio Pagano Louise Hill Fund Manager Company Secretary Investore Investore Property Limited | Annual Shareholder Meeting 5
Slide 6: Agenda
Agenda Bay Central Shopping Centre Tauranga Chair’s Address Manager’s Review Formal Business General Business and Shareholder Questions Investore Property Limited | Annual Shareholder Meeting 6
Slide 7: Chair's Address – Mike Allen
Bunnings Te Rapa, Chair’s Address – Mike Allen Hamilton Investore Property Limited | Annual Shareholder Meeting 7
Slide 8: A Strong, Resilient Portfolio
A Strong, Resilient Portfolio $895.2m 87% 0.3% Portfolio value1 Gross rental from Average lifecycle costs across 43 properties anchors by asset value per annum 10.4 years 71% 99.7% WALT of Contract Rental expires Portfolio occupancy Dependable by Contract Rental2 in FY30 or beyond by area income str
Slide 9: Financial Highlights
Financial Highlights Pak’n Save For the year ended 31 March 2020 New Plymouth • Net rental income (FY19: $47.4m) $48.1m • Corporate expenses (FY19: $6.0m) $7.5m • Profit before other income/(expense) and income $26.7m tax1 (FY19: $27.0m) • Distributable profit2 after current income tax (FY19: $20.9m
Slide 10: Strong Performance Since Listing
Strong Performance Since Listing NTA per share (3.5% Compound Annual Growth Rate) $1.73 $1.70 $1.69 $1.64 $1.55 $1.49 IPO FY17 FY18 FY19 FY20 FY20 Including SPL acquisition Portfolio value1 (9.4% Compound Annual Growth Rate) $895m $742m $761m $738m $641m $660m IPO FY17 FY18 FY19 FY20 FY20 Including
Slide 11: Our Strategic Principles
Our Strategic Principles 1. Active Portfolio Management 2. Targeted Growth Focus on owning well-located properties with Considered acquisitions and developments long lease terms and high occupancy, with which deliver growth, while continuing to nationally recognized, quality tenant brands, and enhan
Slide 12: Delivering on Our Strategy
Delivering on Our Strategy Portfolio • Strong portfolio metrics Management Targeted • $148m of acquisitions since April 2019 Growth Portfolio • Proactive portfolio activity resulting in improvements to Optimisation existing assets Capital • Significant capital management activity resulting in Manage
Slide 13: Manager's Review
Manager’s Review Countdown Warkworth, Auckland Investore Property Limited | Annual Shareholder Meeting 13
Slide 14: Targeted Growth
Targeted Growth Investore undertakes considered acquisitions, disposals and developments which deliver growth, while continuing to enhance the portfolio’s diversification Sold Countdown Dunedin South $19.3m 1 April 2019 Purchased Countdown New Brighton $5.75m 23 August 2019 Purchased land adjacent t
Slide 15: Majority of Tenants Represent Everyday Needs
Majority of Tenants Represent Everyday Needs Around 71% of Investore’s portfolio1 is categorised as ‘everyday needs’, drawing customers to the properties on a regular basis and providing a strong tenant proposition Countdown New World Pak’NSave Everyday needs Animates General Food / Beverage, 3% Uni
Slide 16: Diversified Portfolio Locations
Diversified Portfolio Locations Auckland (36%) $895m 12 properties 73,938 sqm NLA $331m asset value Portfolio Value Waikato (10%) 5 properties 28,458 sqm NLA $80m asset value 82% North Island Other North Is. (22%) North Island 82% 8 properties Wellington (14%) 70,593 sqm NLA 7 properties $200m asset
Slide 17: Anchor Tenants Underpin Income
Anchor Tenants Underpin Income 87% of Investore’s Contract Rental is provided by anchor tenants, providing resilient income Anchor tenant classification by Contract Rental1 Countdown 63% Bunnings 13% Foodstuffs 5% Mitre 10 3% The Warehouse 2% Group Briscoes Group 1% Countdown NZ Post Highland Park,
Slide 18: Long Dated Lease Expiry Profile
Long Dated Lease Expiry Profile WALT Lease Expiry Profile by Contract Rental 10.4 As at 31 March 2020 years 29.4% 18.0% 14.6% 5.4% 5.1% 4.3% 4.5% 4.6% 3.5% 3.2% 3.5% 1.2% 1.7% 1.0% 0.0% Figures are as at 31 March 2020, as if the acquisition of the three properties from SPL had settled as at that dat
Slide 19: Proactive Capital Management
Proactive Capital Management November/December 2019 Capital Raise $77.7m gross proceeds raised April/May 2020 Capital Raise $105m gross proceeds raised August 2020 Bond Issuance $125m Providing funding flexibility for growth, and diversification of funding sources Investore Property Limited | Annual
Slide 20: Benefits of Bond Issue
Benefits of Bond Issue • Investore seeks to align its debt maturity profile Weighted average with its long dated lease expiry profile tenor of debt extended to 4.8 years • Recent bond issue proceeds used to repay bank debt facilities • Bond issue extends tenor of Investore’s debt and 50% of debt fro
Slide 21: Portfolio Resilient to Impacts of COVID-19
Portfolio Resilient to Impacts of COVID-19 • Investore’s portfolio includes a high proportion of “essential businesses” - supermarkets, pharmacies and hardware stores, a vital part of the supply chain for New Zealanders • A limited number of leases permit tenants to suspend or abate rental payments
Slide 22: Outlook for FY21
Outlook for FY21 Countdown Rototuna, Hamilton • Targeted growth to enhance the portfolio and maximise returns to investors over the medium to long term • Continue to invest in enhancing the existing portfolio • Maintain disciplined capital management • Monitor impact of COVID-19 • Dividend guidance
Slide 23: Formal Business
Formal Business Mitre 10 MEGA Botany, Auckland Investore Property Limited | Annual Shareholder Meeting 23
Slide 24: Voting Process
Voting Process • The vote is accessible by selecting the voting icon at the top of the screen • To vote simply select the direction in which you would like to cast your vote; the selected option will change colour • There is no submit or send button, your selection is automatically recorded Investor
Slide 25: Resolution – Auditor's Remuneration
Resolution 1 – Auditor’s Remuneration That the Directors be authorised to fix the remuneration of PricewaterhouseCoopers as auditor of Investore Property Limited for the ensuing year Investore Property Limited | Annual Shareholder Meeting 25
Slide 26: Resolution – Election of Director Adrian Walker
Resolution 2 – Election of Director Adrian Walker That Adrian Walker be elected as a Director of Investore Property Limited Investore Property Limited | Annual Shareholder Meeting 26
Slide 27: Resolution – Ratification of Previous Issue of Shares under the Placement
Resolution 3 – Ratification of Previous Issue of Shares under the Placement That the previous issue under NZX Listing Rule 4.5.1 of 51,515,152 fully paid ordinary shares in Investore Property Limited to investors at an issue price of $1.65 per share on 5 May 2020 be approved and ratified for all pur
Slide 28: Proxy Votes Received
Proxy Votes Received Resolution 1: Auditor’s Remuneration Proxy votes lodged For Against Discretionary 156,514,873 98.44% 0.00% 1.56% Resolution 2: Election of Director Adrian Walker Proxy votes lodged For Against Discretionary 156,361,170 98.26% 0.00% 1.74% Resolution 3: Ratification of Previous Is
Slide 29: General Business and Shareholder Questions
General Business and Shareholder Questions Countdown Greenlane, Auckland Investore Property Limited | Annual Shareholder Meeting 29
Slide 30: 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 2020. Plea
Investore Property — Shareholder Meeting (September 2020) on 6ix