Investore Property Ltd. · NZX:IPL
Investore Property — FY2025 Earnings Presentation
28 slides from Investore Property's earnings presentation, May 16, 2025
Slide 1: Annual Results Presentation
Annual Results Presentation For the year ended 31 March 2025 16 May 2025
Slide 2: Contents
Contents Financial overview 03 Improving portfolio through 04 asset recycling Key metrics 05 Portfolio 06 Sustainability 13 Financial performance 15 Capital management 18 Looking ahead 21 Glossary 23 Appendices 25 Capitalised and technical terms are defined in the glossary on page 24. Numbers in cha
Slide 3: Financial overview
Financial overview For the 12 months ended 31 Mar 25 (FY25) $35.2m Profit before other income and income tax in line with FY24 at $35.1m Profit after income tax up $105.5m from FY24 $(67.1)m loss after income tax, due to a $38.4m net gain in fair value of investment properties of $12.1m, which compa
Slide 4: Improving portfolio through asset recycling
Improving portfolio through asset recycling During FY25, Investore divested three properties for $79.3m, with the combined sale price being above book value at 31 Mar 24, and acquired Bunnings Westgate, Auckland, for $51m1 cash Assets Asset Transactions Metrics divested acquired Bunnings, Westgate V
Slide 5: Key metrics: portfolio metrics and capital management
Portfolio metrics Capital management $1.0bn 6.53% 4.1% 38.5% Portfolio valuation1 Initial yield Weighted average LVR a net gain in fair value of 1.3% or as at 31 Mar 25 as at 31 Mar 25 $12.2m over 12 months to 31 Mar 25 cost of debt down (24) bps from 31 Mar 24 6.31% 6.8 years 74% $225m WACR WALT De
Slide 6: Portfolio
Portfolio 4 Carr Road, Auckland Investore Property Limited | FY25 Annual Results Presentation 6
Slide 7: Active portfolio management
Active portfolio management Investment Portfolio Metrics • Divested three supermarket properties for $79.3m, with the combined sales price being above book value at As at As at 31 Mar 24. Part of the capital received was recycled to 31 Mar 25 31 Mar 24 acquire Bunnings Westgate, Auckland. Bunnings W
Slide 8: Portfolio optimisation
Portfolio optimisation Investore benefits from owning 34 Woolworths supermarkets, enabling Investore to collaborate with Woolworths to strengthen its existing portfolio through undertaking improvement projects Improvement projects enhance customer amenity and benefit Investore through additional ren
Slide 9: Lease expiry profile
Lease expiry profile Lease Expiry Profile by Contract Rental As at 31 Mar 25 Portfolio WALT of 6.8 years, with 84% of Contract Rental expiring in FY30 or beyond 25.8% 25.0% FY26 3.4% Contract Rental expiring: WALT • Animates at Takanini (0.5%) 6.8 years • Hunting & Fishing at Bay Central Shopping Ce
Slide 10: Key tenants meeting daily needs
Key tenants meeting daily needs Investore's portfolio consists of quality, convenience-based retail properties with tenants that attract regular visitation, including supermarkets, hardware stores, general merchandise and health & wellbeing Everyday Needs Woolworths, New World, Animates Hardware Bun
Slide 11: 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 Contract Rental Anchor Te
Slide 12: Turnover rent
Turnover rent Woolworths Supermarket Portfolio Turnover Mix (Weighted by MAT) 38% 37% 39% 39% • Woolworths leases, which make up 62% of the portfolio's 40% 42% 40% Contract Rental, include a turnover rent component where additional rent is paid once store sales, or MAT, exceed a specified threshold
Slide 13: Sustainability
Woolworths, Waimakariri Junction Sustainability Woolworths, Waimakariri Junction 13 Investore Property Limited | FY25 Annual Results Presentation
Slide 14: Sustainability
Sustainability Investore considers it has low scope 1 and 2 emissions. For FY25, scope 2 emissions remained low (~11.5tCO2-e1), although scope 1 emissions are higher (~166.8tCO2-e1 compared with FY24: 13.1tCO2-e) due to refrigerant leakage Investore has been focussing on reducing its scope 1 and 2 e
Slide 15: Financial Performance
Financial Performance Woolworths, Browns Bay Investore Property Limited | FY25 Annual Results Presentation 15
Slide 16: Financial performance
Financial performance Change 31 Mar 25 31 Mar 24 $m $m $m % Net rental income 62.3 61.2 +1.0 +1.6 Corporate expenses (7.9) (8.1) +0.3 +3.2 Profit before net finance expense, other income/(expense) and income tax 54.4 53.1 +1.3 +2.4 Net finance expense (19.2) (18.0) (1.2) (6.8) Profit before other in
Slide 17: Distributable Profit
Distributable Profit Change 31 Mar 25 31 Mar 24 $m $m $m % Profit/(loss) before income tax 48.5 (63.6) +112.2 +176.3 Non-recurring, non-cash items, and other adjustments: - Net change in fair value of investment properties (12.1) 98.7 (110.9) (112.3) - Gain on disposal of investment properties (1.1)
Slide 18: Capital Management
Capital Management Bunnings, Westgate Investore Property Limited | FY25 Annual Results Presentation 18
Slide 19: Proactive capital management
Proactive capital management • Investore adopted a Green Finance Framework and classified its $225m bank debt facilities as green loan facilities as part of As at As at the refinance during Sep 24 Debt facilities 31 Mar 25 31 Mar 24 • Two new lenders joined the syndicate following a post balance Deb
Slide 20: Hedging and cost of debt
Hedging and cost of debt • As at 31 Mar 25, 74% of drawn debt was subject to a fixed rate As at As at of interest Cost of debt 31 Mar 25 31 Mar 24 • $100m IPL010 fixed rate bonds matured in Apr 24 and were repaid using bank facilities. The associated $25m receiver Weighted average cost of debt swap
Slide 21: Looking Ahead
Looking Ahead Mitre 10 MEGA, Botany Investore Property Limited | FY25 Annual Results Presentation 21
Slide 22: Looking ahead
Looking ahead • While macroeconomic conditions have been challenging, Investore’s underlying portfolio metrics remain resilient, with a defensive rental income stream from non-discretionary, everyday needs retail tenants supported by proactive capital management and a strong hedging outlook • The co
Slide 23: Glossary
Glossary Mt Wellington Shopping Centre Investore Property Limited | FY25 Annual Results Presentation 23
Slide 24: Glossary
Glossary Contract Rental Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant lease, annualised for the 12 month period on the basis of the occupancy level of the relevant property as at the relevant date
Slide 25: Appendices
Appendices 25 Investore Property Limited | FY25 Annual Results Presentation
Slide 26: Appendix A
Appendix A Profit Before Other Income/(Expense) and Income Tax $1.8m $0.2m $0.4m $0.2m $(1.4)m $(1.2)m $35.1m $35.2m 31 Mar 24 Net rental increase Net rental decrease Net rental increase Net rental increase Higher net finance Lower management 31 Mar 25 from development from disposals from existing f
Slide 27: Appendix B
Appendix B Net Contract Rent $0.7m $0.7m $0.8m $(0.6)m $3.2m $(0.6)m $(5.0)m $63.7m $63.0m As at Renewals / Rent reviews Turnover rent Turnover rent Disposed Acquisition of Other As at 31 Mar 24 new lettings crystallisation properties Bunnings Westgate 31 Mar 25 Investment Properties (Excl. Lease Li
Slide 28: 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 Important Notice: The information in this presentation is an overview and does not contain all information necessary to make an