Investore Property Ltd. · NZX:IPL
Investore Property — Shareholder Meeting (June 2023)
26 slides from Investore Property's shareholder meeting presentation, Jun 28, 2023
Slide 1: Annual Shareholder Meeting
Annual Shareholder Meeting 28 June 2023
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 Ross Buckley Erika McDonald SIML Nominee and SIML Nominee and Future
Slide 3: The Manager
The Manager Philip Littlewood Jennifer Whooley Chief Executive Officer Chief Financial Officer Adam Lilley Louise Hill Investore Fund Manager Company Secretary Investore Property Limited | Annual Shareholders Meeting 2023 3
Slide 4: Agenda
Agenda Chair’s Address Manager’s Review Shareholder Questions Formal Business General Business Countdown Warkworth Investore Investore Property Limited || Annual Property Limited Shareholders Meeting Annual Shareholders Meeting 2023 2023 4
Slide 5: Chair’s Address
Chair’s Address Countdown Greenlane, Auckland Investore Property Limited | Annual Shareholders Meeting 2023 5
Slide 6: Financial overview
Financial overview Countdown Rototuna, Hamilton For the 12 months ended 31 March 2023 (FY23) Profit before other Distributable profit1 per (expense) / income and share income tax $35.2m 8.44 cents Loss after income tax FY23 cash dividend per share $(150.2)m due to a net investment property devaluati
Slide 7: Portfolio highlights
Portfolio highlights $1.1bn 5.70% Portfolio value1 Average portfolio2 capitalisation rate $28.1m 8.1 years Portfolio acquisitions Weighted average lease term (WALT)2 99.5% 3.3% Portfolio occupancy2 Increase on previous by area rentals from rent reviews3 1. As at 31 March 2023. Portfolio value exclud
Slide 8: Capital management
Capital management 4.0% Fixed rate interest profile as at 31 March 2023 $400m 2.50% Weighted average cost $355m $355m of debt per annum as at $350m 2.00% 31 March 2023 $300m 2.00% 2.00% $280m $250m $250m 1.76% 1.63% 1.50% 92% $200m 1.00% Drawn debt hedged or $150m $125m subject to fixed interest $10
Slide 9: Capital management (cont)
Capital management (cont) Debt maturity profile as at 31 March 2023 • No bank debt now maturing until FY26 • Post balance date, Investore secured $100m of bank facilities to provide liquidity $100m for upcoming maturity of IPL010 (fixed rate bonds) in April 2024 • Share buyback programme undertaken
Slide 10: Manager’s Review
Manager’s Review Investore Property Limited | Annual Shareholders Meeting 2023 10
Slide 11: Portfolio optimisation
Portfolio optimisation Investore completed a number of strategic acquisitions during FY23, together with progressing initiatives to enhance its existing portfolio • Acquired 3 Averill St, Papakura, Countdown for $18.0m, delivering control and Papakura, Auckland improved development options • Settled
Slide 12: Increased rental income
Increased rental income Net Contract Rental1 ✓ 82 rent reviews completed $60.2m $61.8m $56.3m during FY23, resulting in a $17.9m 3.3% increase on previous $44.9m $45.6m $46.7m $14.3m $17.5m rentals $4.8m $4.9m $5.4m ✓ Of these rent reviews, 33 CPI rent reviews completed, resulting in a 7.0% uplift o
Slide 13: Long lease expiry profile by Contract Rental
1 Long lease expiry profile by Contract Rental Long portfolio WALT of 8.1 years2, with 75% of WALT Contract Rental1 expiring in FY30 or beyond 8.1 years 29.1% 18.8% 15.3% 6.8% 5.7% 5.9% 4.8% 4.8% 4.3% 2.8% 1.3% 0.3% 0.2% Vacant 3 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Note: Numb
Slide 14: Anchor tenants underpin income
Anchor tenants underpin income Anchor tenants continue to represent a high proportion (87%) of Investore’s total Contract Rental1, providing Investore with security of income across varying market conditions Anchor tenant Classification by Contract Rental1 Portfolio Tenant Classification by Contract
Slide 15: National portfolio
National portfolio Values refer to stabilised investment portfolio, which excludes properties categorised as “Development and Other” in note 2.2 1. 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 lea
Slide 16: Sustainability
Sustainability 16 properties owned by Investore has very low scope 1 and 2 Investore achieved a Green Star emissions, primarily from: Performance rating in FY23 • Air conditioning systems • Electricity for common areas (primarily lighting for carparks) Development of a new Countdown Investore has st
Slide 17: Looking ahead
Looking ahead • Investore remains committed to prudent capital management • Capital management initiatives announced to manage gearing over the near term: o An intention to sell select, non-core assets of $25m - $50m, provided appropriate value can be realised o Net proceeds from divestment will be
Slide 18: Shareholder Questions
Shareholder Questions McDonalds Takanini, Auckland Investore Property Limited | Annual Shareholders Meeting 2023 18
Slide 19: Formal Business
Formal Business Countdown Newtown, Wellington Investore Property Limited | Annual Shareholders Meeting 2023 19
Slide 20: 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 Shareholders Meeting 2023 20
Slide 21: Resolution – Re-election of Director
Resolution 2 – Re-election of Director Adrian Walker That Adrian Walker be re-elected as a Director of Investore Property Limited Investore Property Limited | Annual Shareholders Meeting 2023 21
Slide 22: Directors’ remuneration
Directors’ remuneration Proposed Director Fee Increase Current Director Proposed Director Amount of Increase Fees per annum Fees per annum Chair $95,000 $106,500 +$11,500 (+12.1%) Non-executive Directors x4 $50,000 $53,250 +$3,250 (+6.5%) Chair of the Audit and Risk $8,000 $13,000 +$5,000 (+62.5%) C
Slide 23: Resolution – Directors’ remuneration
Resolution 3 – Directors’ remuneration That, in accordance with NZX 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 date
Slide 24: Proxy votes received
Proxy votes received Resolution 1: Auditor’s remuneration Proxy votes lodged For Against Discretionary 139,290,535 96.48% 0.07% 3.45% Resolution 2: Re-election of Director Adrian Walker Proxy votes lodged For Against Discretionary 139,291,347 96.49% 0.02% 3.49% Resolution 3: Directors’ remuneration
Slide 25: General Business
General Business Countdown Browns Bay, Auckland Investore Property Limited | Annual Shareholders Meeting 2023 25
Slide 26: Ngā mihi | Thank you
Ngā mihi | 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