Investore Property Ltd. · NZX:IPL
Investore Property — Shareholder Meeting (July 2021)
27 slides from Investore Property's shareholder meeting presentation, Jul 8, 2021
Slide 1: Annual Shareholder Meeting
Annual Shareholder Meeting 8 July 2021
Slide 2: Board of Directors
Board of Directors Mike Allen Gráinne Troute Adrian Walker Chair of the Board Chair of Audit and Risk Committee Independent, Independent, Non-Executive Director Independent, Non-Executive Director Non-Executive Director Tim Storey John Harvey Emma McDonald SIML Nominee and SIML Nominee and Future Di
Slide 3: The Manager
The Manager Philip Littlewood Jennifer Whooley Chief Executive Officer Chief Financial Officer Fabio Pagano Louise Hill Fund Manager Investore Company Secretary Investore Property Limited | Annual Shareholder Meeting 2021 3
Slide 4: Agenda
Agenda Chair’s Address Manager’s Review Shareholder Questions Formal Business General Business Investore Property Limited | Annual Shareholder Meeting 2021 4 4
Slide 5: Chair's Address – Mike Allen
Chair’s Address – Mike Allen Investore Property Limited | Annual Shareholder Meeting 2021 5
Slide 6: Highlights
Highlights Key highlights Capital management $37.3m $125m acquisition of $105m Countdown Petone equity capital raised 7-year listed bond during April and May 2020 at 2.40% interest rate $10.5m conditional acquisition of Waimak Junction development land 26.8% Loan to Value Ratio1 $10.2m as at 31 Marc
Slide 7: Financial Highlights
Financial Highlights For the For the year year ended ended 31 31 March March 2021 2021 • Net rental income $55.8m • Corporate expenses $9.2m • Profit before other income/(expense) and income $29.9m tax1 • Profit after income tax $161.3m • Distributable profit2 after current income tax $29.1m • Total
Slide 8: Portfolio metrics
Portfolio metrics $1.038bn portfolio value1 as at 31 March 2021 15.5% net valuation gain over 12 months from 31 March 20202 5.23% average portfolio capitalisation rate 9.8 years WALT 99.1% Portfolio occupancy by area 1. Portfolio value includes 35 MacLaggan Street, Dunedin, which is subject to an un
Slide 9: Strong Performance Since Listing
Strong Performance Since Listing NTA1 per share (7% Compound Annual Growth Rate) $2.08 $1.64 $1.70 $1.73 $1.49 $1.55 IPO FY17 FY18 FY19 FY20 FY21 Portfolio value2 (11% Compound Annual Growth Rate) $1.038b $761m $738m $761m $641m $660m IPO FY17 FY18 FY19 FY20 FY21 All figures are as at 31 March for e
Slide 10: Delivering on Our Strategic Principles
Delivering on Our Strategic Principles • Portfolio valuation1 of $1.038bn as at 31 March 2021, representing a $139.3m or Targeted 15.5% net revaluation gain2 since 31 March 2020 Growth • $47.8m of acquisitions completed since April 2020, including a new development property Active • Active managemen
Slide 11: Manager's Review
Manager’s Review Investore Property Limited | Annual Shareholder Meeting 2021 11
Slide 12: Targeted Growth
Targeted Growth Investore undertakes considered acquisitions, disposals and developments which deliver growth, while continuing to enhance the portfolio’s diversification Waimak Junction, Kaiapoi Countdown Petone, Wellington Investore Property Limited | Annual Shareholder Meeting 2021 12
Slide 13: Majority of Tenants Represent Everyday Needs
Majority of Tenants Represent Everyday Needs Investore’s portfolio continues to have a high proportion of tenants that represent ‘everyday needs’, providing regular, repeat visitation to properties, and enabling Investore to benefit from the market conditions created by COVID-19 during FY21 Food / B
Slide 14: Anchor Tenants Underpin Income
Anchor Tenants Underpin Income 88% of Investore’s Contract Rental is provided by anchor tenants, providing a resilient portfolio in difficult market conditions, as demonstrated by strong portfolio growth over FY21 Anchor tenant classification by Contract Rental1 as at 31 March 2021 Countdown 64% Bun
Slide 15: Long Dated Lease Expiry Profile
Long Dated Lease Expiry Profile 1 2 Lease Expiry Profile by Contract Rental as at 31 March 2021 29.6% WALT 9.8 years 18.1% 15.0% 7.0% 5.4% 4.7% 3.7% 3.9% 3.5% 3.1% 2.7% 0.9% 1.3% 1.2% 0.0% Vacant FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 1. Represents the scheduled expiry
Slide 16: COVID-19 Impact
COVID-19 Impact v Investore’s portfolio continues to demonstrate resilience given the high proportion of tenants that are essential businesses • Gross rent receivable for FY21 reduced by $0.9m as a result of COVID-19 deals • Investore achieved a weighted average lease extension of seven months acros
Slide 17: Sustainability
Sustainability Sustainability Strategic Plan: Contribute to a Develop shared Protect the planet resilient community prosperity FY21 Achievements • Commenced measuring greenhouse gas emissions • Refreshed sustainability strategic plan • Prepared initial list of climate related risks • Installed Tesla
Slide 18: Looking ahead
Looking ahead • Continued focus on targeted growth to enhance the portfolio and maximise returns • Ensure disciplined delivery of development opportunity at Waimak Junction • Continue refurbishment projects across the portfolio with Countdown and other key tenants • Cash dividend guidance for FY22 o
Slide 19: Shareholder Questions
Shareholder Questions Investore Property Limited | Annual Shareholder Meeting 2021 19
Slide 20: Formal Business
Formal Business Investore Property Limited | Annual Shareholder Meeting 2021 20
Slide 21: Resolution – Auditor's Remuneration
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 Investore Property Limited | Annual Shareholder Meeting 2021 21
Slide 22: Resolution – Re-Election of Director Gráinne Troute
Resolution 2 – Re-Election of Director Gráinne Troute That Gráinne Troute be re-elected as a Director of Investore Property Limited Investore Property Limited | Annual Shareholder Meeting 2021 22
Slide 23: Directors' Remuneration
Directors’ Remuneration Proposed Director Fee Increase Current Director Proposed Director Amount of Increase Fees per annum Fees per annum Chair $85,000 $95,000 +$10,000 (+11.8%) Non-executive Directors x4 $45,000 $50,000 +$5,000 (+11.1%) Chair of the Audit and Risk $6,500 $8,000 +$1,500 (+23.1%) Co
Slide 24: Resolution – Directors' Remuneration
Resolution 3 – Directors’ Remuneration That, in accordance with Listing Rule 2.11.1, the amount payable to any person who from time to time holds office as a Director of Investore Property Limited be increased as set out in Table 1 contained in the Explanatory Notes to the Notice of Meeting dated 8
Slide 25: Proxy Votes Received
Proxy Votes Received Resolution 1: Auditor’s Remuneration Proxy votes lodged For Against Discretionary 202,806,768 98.58% 0.02% 1.41% Resolution 2: Re-Election of Director Gráinne Troute Proxy votes lodged For Against Discretionary 133,598,443 97.76% 0.03% 2.21% Resolution 3: Directors’ Remuneration
Slide 26: General Business
General Business Investore Property Limited | Annual Shareholder Meeting 2021 26
Slide 27: Thank you | Ngā mihi
Thank you | Ngā mihi 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