FY26 Annual Results

IMMEDIATE – 21 May 2026

Investore Property Limited
FY26 Annual Results
Investore Property Limited (Investore) is pleased to announce its financial results for the year ended
31 March 2026 (FY26). Investore’s portfolio continued to deliver resilient operating earnings over FY26,
with profit before other income/(expense) and income tax of $36.6m up on FY25 of $35.2m, and
Distributable Profit (Note 1) after current income tax of $30.7m up on FY25 of $28.4m. Investore also
executed on its strategic objectives of targeted growth and portfolio optimisation through various
transactions over the year, recycling capital into assets that strengthen the portfolio’s longer term growth
outlook, as well as enhance tenant diversification.

The Investore portfolio is valued at $1.1 billion (Note 2) as at 31 March 2026, an increase of
$140 million or 14% over the 12 months to 31 March 2026, primarily driven by the acquisitions of
Silverdale Centre and Bunnings New Lynn, partially offset by the disposals over the period. The portfolio
value on a like-for-like basis was stable for the year, with the Investment Portfolio (Note 3) market
capitalisation rate in line with FY25 at 6.3%.

Investore remains committed to a proactive approach to capital management to reduce leverage and
maintain a flexible balance sheet for growth, which during FY26 included the refinance of $225 million of
bank debt facilities resulting in lower debt funding costs. $100 million additional bank facilities and the
issuance of $62.5 million subordinated convertible notes supported the acquisition of Silverdale Centre.

Investore today declares a final cash dividend for the fourth quarter of FY26 of 1.625 cents per share,
bringing the total cash dividend for FY26 to 6.50 cents per share, in line with FY26 guidance. This
dividend will carry imputation credits of 0.365265 cents per share. A supplementary dividend of
0.165750 cents per share will be paid to non-resident shareholders. The Investore Board has resolved
to continue the suspension of the Dividend Reinvestment Plan for the FY26 fourth quarter dividend
declared today.

FY26 Highlights
Financial Performance
▪ Net rental income of $65.5m, up $3.2m from FY25 at $62.3m
▪ Profit before other income/(expense) and income tax of $36.6m, up from FY25 at $35.2m
▪ Profit after income tax of $31.7m, $(6.6)m lower than FY25 at $38.4m primarily due to the lower net
valuation increase in the portfolio in FY26
▪ Distributable Profit (Note 1) after current income tax of $30.7m, up from FY25 at $28.4m
▪ Distributable Profit (Note 1) per share of 8.13 cents, up from FY25 at 7.58 cents
▪ FY26 cash dividend of 6.50 cents per share, in line with guidance
▪ Net Tangible Assets (NTA) per share of $1.62 as at 31 March 2026, up from $1.60 as at 31 March
2025

2
Portfolio Overview (Note 3) as at 31 March 2026
▪ Portfolio value of $1.1bn (Note 2), an increase of $140m or 14% over the 12 months to 31 March
2026
▪ 6.3% average portfolio market capitalisation rate, in line with 31 March 2025
▪ Weighted average lease term (WALT) of 5.9 years
▪ 99.5% occupancy rate by area, up from 99.0% as at 31 March 2025
▪ 6.6% initial yield
▪ Like-for-Like Rental Growth (Note 4) of 4.7% for FY26. This included 69 rent reviews delivering an
uplift of 3.1% on prior rentals and 29 mini major and specialty lease renewals and new lettings
delivering a 17.8% uplift on a comparable basis

Targeted Growth
▪ $157m of acquisitions were completed during the year, being Silverdale Centre and Bunnings New
Lynn, at a blended initial yield of 6.6%
▪ To partly fund these acquisitions, Investore successfully executed on the sale of Woolworths Browns
Bay and Woolworths New Brighton for a combined $31.8m, representing a 5.2% combined
premium to book value (Note 5) and a blended initial yield of 5.9%
▪ In addition, today Investore is pleased to announce it has entered into an unconditional agreement to
sell Woolworths Greenlane for $35.9m, representing a 5.4% initial yield. The sale price is at a 4.1%
premium to the 31 March 2026 valuation. Settlement is scheduled for early June 2026, and the
proceeds of the sale will initially be used to repay bank debt, with Investore’s loan to value ratio (LVR)
as at 31 March 2026 reducing (2.0)% to 38.1% (Note 6) on a pro forma basis (Note 7)
▪ Together these transactions demonstrate execution of Investore’s targeted growth strategy, with a
blended acquisition yield of 6.6%, ~100bps higher than the blended disposal yield of 5.6%, an
improved rental growth outlook, enhanced tenant diversification and increased presence in key
metro locations. Woolworths concentration by Contract Rental (Note 8) reduces from 62% as at 31
March 2025 to 51% on a pro forma basis (Note 7), and Auckland exposure by Investment Portfolio
value (Note 3) rising from 41% as at 31 March 2025 to 48% on a pro forma basis (Note 7)

Portfolio Optimisation
▪ During FY26, Investore continued to enhance its existing portfolio through agreeing to fund up to
$6.2m of online expansion works in conjunction with three Woolworths-led store refurbishments,
improving customer amenity and benefitting Investore through additional rental income
▪ The works will add ~970 sqm of NLA and enhance the online fulfilment capability of the stores and
future sales growth outlook. Completion of the works is expected over FY27 and FY28 and will
deliver a blended rental return on cost of 7.2%

Capital Management
▪ $225m bank facilities refinanced and extended, resulting in lower debt funding costs
▪ $62.5m subordinated convertible notes issued and $100m additional bank facilities added
to support the acquisition of Silverdale Centre
▪ Introduction of two new lenders to Investore’s banking syndicate, enhancing funding diversification
and driving pricing competition

3
▪ 4.2% weighted average cost of debt as at 31 March 2026
▪ Weighted average maturity of debt facilities of 2.8 years as at 31 March 2026
▪ 40.1% LVR (Note 6) as at 31 March 2026; post balance date, the unconditional sale of Woolworths
Greenlane will reduce LVR to 38.1% on a pro forma basis (Note 7)
▪ 80% debt hedged or subject to a fixed rate of interest as at 31 March 2026
▪ LVR covenant increased from 55% to 60%, with the Board’s long-term 30-40% LVR target
maintained

Sustainability and Climate Disclosures
▪ Progression of the replacement of air conditioning units using R22 refrigerant with a low global
warming alternative. Investore has replaced 68 units to date and is on track to remove all R22 units
at the last two remaining properties by the end of FY27
▪ 21 Investore properties achieved Green Star Performance ratings, making this the largest portfolio
of Green Star Performance rated buildings in New Zealand, by number
▪ Achieved a GRESB score of 71, Investore’s highest score achieved to date
▪ Investore’s Sustainability Report will be available on Investore’s website,
www.investoreproperty.co.nz, from 28 May 2026

Outlook
▪ Recent offshore developments have reintroduced inflation pressures and market uncertainty,
weighing on business and consumer confidence
▪ Investore remains well positioned, with a portfolio underpinned by high-quality, non-discretionary
retail tenants in key metropolitan locations, providing defensive earnings
▪ Investore will consider and evaluate portfolio recycling opportunities to optimise portfolio returns
and strengthen the balance sheet for future investment opportunities
▪ Investore will also continue to focus on optimising asset performance through tenant partnerships
and targeted capital initiatives
▪ The Investore Board confirms it currently intends to pay a cash dividend of 6.50 cents per share for
FY27, representing a 9.3% gross dividend yield (Note 9)


Notes:
1. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-
recurring and/or non-cash items (including non-recurring adjustments for incentives payable to anchor tenants for lease
extensions) and current tax. Further information, including the calculation of distributable profit and the adjustments to
profit/(loss) before income tax, is set out in note 3.2 to the consolidated financial statements.
2. Total portfolio value as at 31 March 2026, which excludes lease liabilities and the value of rental guarantee receivables, and
includes properties categorised as ‘Development and Other’ in note 2.2 to the consolidated financial statements.
3. Unless otherwise stated, property portfolio metrics: (1) exclude properties categorised as ‘Development and Other’ in note
2.2 to the consolidated financial statements; (2) exclude lease liabilities; and (3) include the value of rental guarantee
receivables.
4. The increase on prior rentals from new lettings, renewals and rent reviews completed during FY26 on a like-for-like basis.
5. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025 book value for Woolworths New
Brighton.
6. LVR is calculated based on independent valuations, which exclude lease liabilities. See note 2.2 to the consolidated financial
statements. As unsecured obligations, the subordinated convertible notes do not affect (and are not included in) the LVR.

4
7. Pro forma for the Woolworths Greenlane disposal as if it had occurred as at 31 March 2026.
8. 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 31 March 2026 and assuming no default by the tenant.
9. Yield assumes a 33% tax rate and a share price based on the 5-day VWAP (volume weighted average price) ended 15 May
2026.

Ends
Attachments provided to NZX:
• Investore Property Limited – FY26 Results Announcement – 210526
• Investore Property Limited – FY26 Annual Report – 210526
• Investore Property Limited – FY26 Annual Results Presentation – 210526
• Investore Property Limited – NZX Results Announcement – 210526
• Investore Property Limited – NZX Distribution Notice – 210526

For further information please contact:
Mike Allen, Chair, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Adam Lilley, Fund Manager, Stride Investment Management Limited as manager of Investore
Mobile: 021 024 99198 - Email: adam.lilley@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

---

Annual Report
2026

Investore has been designated as a “Non-Standard” (NS) issuer by NZX.
A copy of the waivers granted by NZX from NZX Listing Rules 2.2.1 to 2.8.1
and 2.10.1 in respect of Investore’s “NS” designation can be found at
www.nzx.com/companies/IPL/documents
Contents
Overview2
About Investore4
Chair’s Letter6
Board of Directors8
Manager’s Report10
Targeted Growth12
Portfolio Optimisation14
Portfolio Growth & Diversification16
Resilient Rental Income18
Portfolio Overview20
Proactive Capital Management24
Financial Summary27
Consolidated Financial Statements28
Independent Auditor’s Report60
Corporate Governance65
Statutory Disclosures90
Glossary102
Corporate Directory 103
Capitalised terms have the meaning given in the glossary on page 102.
Investore Property Limited
1
Annual Report 2026

Overview
1. See glossary on page 102.
2. Total portfolio value as at 31 March 2026, which excludes lease liabilities and the value of rental
guarantee receivables, and includes properties categorised as ‘Development and Other’ in note 2.2
to the consolidated financial statements.
3. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025 book value for
Woolworths New Brighton.
4. Loan to Value Ratio (LVR) is calculated based on independent valuations, which exclude lease
liabilities, and excludes the subordinated convertible notes.
Investore’s investment property portfolio continued to deliver resilient operating
earnings over FY26. Investore progressed its targeted growth strategy through
transactions designed to strengthen the portfolio’s longer term growth outlook,
as well as enhance tenant diversification.
For the 12 months ended
31 March 2026 (FY26)
Net rental income
Up $3.2m or 5.1% from FY25 at $62.3m $65.5m
Profit after income tax
Down $(6.6)m from FY25 at $38.4m, primarily due to a lower net valuation
increase in the portfolio compared with FY25$31.7m
Profit before other income/(expense) and income tax
Up $1.4m from FY25 at $35.2m
$36.6m
Per share cash dividend for FY26
In line with guidance6.50 cents
Distributable Profit
1
per share
Up 0.55 cents or 7.3% from FY25 at 7.58 cents8.13 cents
Distributable Profit
1
after current income tax
Up $2.3m or 8.1% from FY25 at $28.4m $30.7m
$1.1bn
Portfolio value
2
as at 31 March 2026
Higher than 31 March 2025 at $1.0bn, primarily due to the acquisitions
of Silverdale Centre and Bunnings New Lynn, partially offset by the
divestments of Woolworths Browns Bay and Woolworths New Brighton
$157.0m
Acquisitions of Silverdale Centre and
Bunnings New Lynn
Representing a blended initial yield of 6.6%
40.1%
Loan to Value Ratio
4
as at 31 March 2026
Up from 38.5% as at 31 March 2025 due to portfolio acquisitions
99.5%
Occupancy by area as at 31 March 2026
Up from 99.0% as at 31 March 2025
Weighted average cost of debt as at 31 March 2026
Compared to 4.1% as at 31 March 20254.2%
80%
Debt hedged or subject to a fixed rate of interest as
at 31 March 2026
Up from 74% as at 31 March 2025
$31.8m
Divestments of Woolworths Browns Bay and
Woolworths New Brighton
For a 5.2% combined premium to book value
3
and a blended
initial yield of 5.9%
Investore Property LimitedInvestore Property LimitedAnnual Report 20262
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Annual Report 2026

About Investore
Investment approach
Investore’s investment approach is to invest in well-located,
quality, convenience-based retail assets anchored by
nationally recognised tenants in largely non-discretionary,
‘everyday needs’ categories. Examples of these categories
include supermarkets, hardware, general merchandise and
services which attract frequent customer visitation and tend
to perform consistently through varying market conditions.
Investore aims to optimise portfolio performance through
targeted acquisitions, developments and recycling out of
non-core or lower growth properties into higher growth
properties. Underlying performance of the properties is
driven by active leasing, asset management and collaboration
with tenants to reinvest into existing properties.
How Investore is managed
Investore is externally managed by Stride Investment
Management Limited (SIML), an experienced real estate
investment manager that is part of the NZX-listed Stride
Property Group. SIML is responsible for managing and
maintaining Investore’s portfolio and business, including
acquisitions and divestments, development management,
tenant engagement, sustainability initiatives and treasury
and capital management.
Strengths of the Investore
Convenience-Based Retail Portfolio
• Majority of Contract Rental
1
is derived from nationally
recognised, ‘everyday needs’ anchor tenants,
underpinning secure rental income through strong
tenant covenant
• Demand for ‘everyday needs’ anchor tenants’ goods
and services tends to be resilient through varying
economic conditions
• Anchor tenants draw customers to sites on a regular
basis, and drive visitation for specialty tenants
• High portfolio occupancy with the majority of the
portfolio located in key metro locations
• Lower total occupancy costs for tenants compared
with other forms of retail in New Zealand
• Large land holdings with relatively low site coverage
offers future optionality
1. See glossary on page 102.
Investore is an NZX-listed real estate investment business with a focus on
convenience-based retail property in New Zealand. As at 31 March 2026,
Investore’s Investment Portfolio
1
comprised 43 properties valued at approximately
$1.1 billion, with 186 tenants across its properties. The portfolio balances income
certainty and rental growth, with anchor tenants forming a core income base and
mini major and specialty tenants providing additional growth levers through active
leasing and rent review activity.
Woolworths, Waimakariri Junction
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Annual Report 2026

Chair’s Letter
Dear Shareholders,
On behalf of the Board of Directors of Investore, I am pleased to present the Annual
Report for the year ended 31 March 2026 (FY26). During FY26, the Board remained
focused on maintaining a resilient income base while progressing initiatives to
enhance the portfolio’s medium to long-term growth outlook. Consistent with this
focus, Investore completed several targeted acquisitions and divestments during
the year, supported by various proactive capital management initiatives to maintain
liquidity and balance sheet flexibility.
Portfolio Positioning through
Targeted Growth
This year marks the milestone of a decade since Investore
listed in 2016. Over this period, the Board has progressed
its targeted growth strategy through a combination of
over $570 million acquisitions and developments and
over $170 million divestments of non-core or lower growth
properties, increasing its presence in key metro locations,
and strengthening tenant and income diversification. This
has resulted in a material reshaping of the portfolio, with
approximately half of the Investment Portfolio¹ value held at
31 March 2026 acquired or developed after listing. Investore’s
portfolio is valued at $1.1 billion
2
as at 31 March 2026.
Investore continued to advance its targeted growth strategy
during FY26 with the acquisitions of Silverdale Centre and
Bunnings New Lynn. Increased exposure to multi-tenanted
assets such as Silverdale Centre supports stronger rental
growth outcomes over time, while Investore’s continued
focus on nationally recognisable, 'everyday needs' anchor
tenants underpins the defensive nature of the majority of
the portfolio’s income.
During the year, Investore also completed the divestments
of Woolworths Browns Bay and Woolworths New Brighton
at a premium to their combined book values
3
.
Collectively, the acquisitions and divestments completed
during FY26 resulted in a meaningful reweighting of the
portfolio, increasing Auckland exposure from 41% to 50%
by Investment Portfolio
1
value and reducing Woolworths'
concentration from 62% to 53% of the portfolio by
Contract Rental
1
.
Investore’s portfolio value on a like-for-like basis
4
remained
broadly stable over FY26, reflecting a stabilisation in market
capitalisation rates and the defensive nature of Investore’s
core tenant base.
Portfolio Optimisation
In addition to the executed acquisitions and divestments,
Investore continued to invest in the performance and
resilience of its existing portfolio. During FY26, Investore
progressed a series of tenant partnered capital works
initiatives, including online fulfilment and ‘direct-to-boot’
expansions at selected Woolworths stores.
These projects are designed to enhance store functionality
and customer amenity and support longer term tenant
performance, improving the long-term relevance and
resilience of Investore’s assets as retail formats continue
to evolve.
The Board views these tenant partnered initiatives as an
important complement to strategic acquisitions, providing an
efficient pathway to support rental growth while maintaining
Investore’s resilient income base.
Financial Results
Investore continued to deliver resilient operating earnings
during FY26, with net rental income of $65.5 million,
$3.2 million higher than FY25 at $62.3 million. The higher
net rental income was primarily due to the acquisitions
of Silverdale Centre and Bunnings New Lynn and rental
increases from completed rent review transactions, partially
offset by the net acquisitions and disposals over the
comparable period.
A higher portfolio value driven by the acquisition of
properties during FY26 resulted in a higher asset
management fee expense at $(5.5) million, up $(0.3) million
from FY25. Net finance expense at $(20.6) million was
$(1.4) million higher than FY25 and is reflective of higher
borrowings and the issue of the convertible notes, both
associated with the acquisition of Silverdale Centre.
The resulting profit before other income/(expense) and
income tax for FY26 of $36.6 million was ahead of FY25 at
$35.2 million.
Profit after income tax of $31.7 million was $(6.6) million
lower than FY25 ($38.4 million) resulting from the movement
in the net change in fair value of the portfolio over the
comparable periods. For FY26, the net change in
fair value was a $0.3 million net gain, which compared to a
$12.1 million net gain in FY25. Income tax expense for FY26
was $(7.1) million, compared with $(10.2) million for FY25.
Distributable Profit
1
after current income tax of $30.7 million
was $2.3 million higher than FY25 at $28.4 million, largely
due to higher net rental income, partially offset by higher net
finance expense.
Net Tangible Assets (NTA) per share as at 31 March 2026
was $1.62, an increase of $0.02 from 31 March 2025.
Proactive Capital Management
During the year the Board undertook a number of proactive
capital management initiatives to maintain balance sheet
flexibility and manage funding risk, including the early
refinance and extension of Investore’s bank debt facilities,
and the issuance of $62.5 million subordinated convertible
notes to support the acquisition of Silverdale Centre.
The Board is cognisant of the upcoming IPL020 and IPL030
bond maturities during 2027. Investore has proactively
engaged with its lenders regarding additional facility to fund
these maturities and is also monitoring the bond market for
a potential future issuance.
Looking ahead, the Board will prioritise proactive capital
management initiatives, including recycling out of non-core
or lower growth properties to reduce leverage and create
capacity to pursue strategic investment opportunities
consistent with Investore’s growth objectives.
Special Meeting of Shareholders 2025
The acquisition of Silverdale Centre was a related party
transaction, as the property was acquired from Stride
Property Limited (SPL) which has an 18.8% cornerstone
shareholding in Investore. Shareholders approved the
acquisition at a Special Meeting of Shareholders held in
October 2025.
At that meeting, shareholders also approved the ratification
of the issue of 62.5 million convertible notes and the
deemed number of shares to be issued on conversion, as
well as amendments to the Management Agreement with
SIML, including an expansion of Investore’s investment
mandate to include convenience-based retail properties. The
Board considers the convenience-based retail sector to be a
natural complement to Investore’s existing large format retail
portfolio and gives Investore greater scope to pursue further
strategically aligned investment opportunities.
Sustainability and Community
The Board remains committed to improving the sustainability
of Investore’s portfolio and reducing its environmental
impact where practical. During FY26, Investore continued its
replacement of R22 air conditioning units with refrigerants
with lower global warming potential and remains on track to
remove all remaining R22 units by the end of FY27.
During the year, 21 Investore properties achieved Green Star
Performance ratings, making Investore the largest portfolio
of Green Star Performance rated buildings in New Zealand,
by number. Investore also continued to work collaboratively
with tenants to support reductions in operational emissions,
including scope 3 emissions.
Community engagement remains an important part of
Investore’s values, with Investore continuing its sponsorship
of the Graeme Dingle Foundation, a child and youth
development charity.
The Manager and Management Fees
Investore is managed by SIML, which together with SPL, is
part of the NZX-listed Stride Property Group. Management
fees incurred to SIML during FY26 were $8.0 million, an
increase of $1.0 million on FY25, primarily as a result of the
increased total portfolio value and project activity.
The Board remains focused on ensuring the management
fee structure remains fair and reasonable. As part of this,
an independent review of SIML’s management fees is
undertaken every two years, with the next review scheduled
for FY27.
Outlook
While most of FY26 showed improving levels of economic
activity, recent geopolitical tensions and the rising cost of
energy have resulted in a more cautious outlook, impacting
capital market activity, and business and consumer
confidence. However, Investore’s resilient income
base is supported by its large exposure to high-quality,
non-discretionary retail tenants such as supermarkets and
hardware stores, providing income stability in a challenging
economic environment.
The Board will consider and evaluate portfolio recycling
opportunities to optimise portfolio returns and strengthen
the balance sheet for future investment opportunities.
Investore will also continue to enhance and optimise existing
assets through tenant partnerships and targeted capital
initiatives that support long-term asset value and income
sustainability.
Investore currently expects to pay a cash dividend of
6.50 cents per share for FY27. This represents a 9.3%
5
gross
dividend yield.
On behalf of the Board, I would like to thank shareholders for
their continued support of Investore.
1. See glossary on page 102.
2. Total portfolio value as at 31 March 2026, which excludes lease liabilities and the
value of rental guarantee receivables, and includes properties categorised as
‘Development and Other’ in note 2.2 to the consolidated financial statements.
3. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025
book value for Woolworths New Brighton.
4. Excludes the divestments of Woolworths Browns Bay and Woolworths
New Brighton and includes the acquisitions of Silverdale Centre and Bunnings
New Lynn as if the properties were acquired or disposed at 31 March 2025.
5. Yield assumes a 33% tax rate and a share price based on the 5-day VWAP
(volume weighted average price) ended 15 May 2026.
Mike Allen
Independent Director
and Chair of the Board
Investore Property LimitedInvestore Property LimitedAnnual Report 20266
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Annual Report 2026

Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive Director
Appointed 9 June 2016, last elected 2025
Mike has considerable governance experience and is currently a director
of Taumata Plantations Limited, Chair of Lendr Limited and an Advisory
Committee Member of Milford Share Liquidity Fund No.1 LP. Prior to his
governance career, Mike had an executive career in investment banking
and general management experience in New Zealand and the United
Kingdom.
Caroline Plowman
Future Director
Caroline was appointed as a Future Director of Investore during FY26.
Caroline has extensive management experience in the commercial
property sector. Caroline participates in Investore Board meetings but does
not vote or have any role as a director.
Ross Buckley
SIML Nominee and Non-Executive Director
Ross has a strong background in auditing and management, with 27 years
as a partner at the global accounting and consulting firm KPMG, including
nine years as Executive Chairman of KPMG in New Zealand. Ross is a
director of Stride Property Limited, Stride Investment Management Limited,
ASB Bank Limited, and Chair of Service Foods NZ Limited. Ross also chairs
the National Board of the Institute of Directors, and is an Auckland Branch
Committee Member of the Institute of Directors. Ross is a Council Member of
Massey University and is the Chair of the Audit Oversight Committee of the
Financial Markets Authority and the Chapter Zero NZ Steering Committee.
Adrian Walker
Independent, Non-Executive Director
Appointed 3 April 2020, last elected 2023
Adrian is a highly experienced commercial property executive with a strong
background in property, financial planning and strategic management, with
over 30 years’ experience in the property sector, including 20 years as the
General Manager of Property at Woolworths NZ. Adrian brings to Investore
a deep knowledge of the property industry in New Zealand, as well as
the supermarket sector, a sector that makes up a significant portion of
Investore’s property portfolio.
Gráinne Troute
Chair of the Audit and Risk Committee
Independent, Non-Executive Director
Appointed 19 April 2018, last elected 2024
Gráinne has over 30 years’ experience in listed and unlisted organisations,
in highly competitive and customer-focused sectors, including McDonald’s
New Zealand and SKYCITY Entertainment Group. Gráinne is currently a
director of Tourism Holdings Limited, Summerset Group Holdings Limited,
New Zealand Automobile Association and an independent Board Member
of Duncan Cotterill. Gráinne is also Chair of the Auckland Branch of the
Institute of Directors and a National Council Member of the NZX Corporate
Governance Institute.
Tim Storey
SIML Nominee and Non-Executive Director
Tim has more than 30 years of experience across a range of business
sectors and has practised as a lawyer in Australia and New Zealand.
Tim was a partner in the Bell Gully partnership, having retired in 2006,
and is Chair of Stride Property Limited and Stride Investment
Management Limited.
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Annual Report 2026

Manager’s Report
SIML delivered a number of strategic initiatives for Investore
during FY26, including the acquisitions of Silverdale Centre
for $114 million and Bunnings New Lynn for $43 million,
representing a blended initial yield of 6.6%. Investore also
divested two properties for $31.8 million, being Woolworths
Browns Bay and Woolworths New Brighton, achieving sale
prices above their respective book values
1
and representing
a blended initial yield of 5.9%.
On behalf of Investore, we collaborate with tenants to
optimise and add value to Investore’s existing portfolio.
Investore has a strong tenant relationship with Woolworths,
which contributes 53% of Contract Rental
2
. During FY26,
Investore agreed to fund capital works at three Woolworths
stores to expand their online fulfilment capacity, enhancing
customer amenity. These initiatives will deliver a 7.5% yield
on cost at Woolworths Upper Hutt and Woolworths Kilbirnie
and a 6.5% yield on cost at Woolworths Dunedin.
On behalf of Investore, SIML completed new lettings,
renewals and rent reviews during the period resulting in a
Like-for-Like Rental Growth
2
of 4.7%. This included 69 rent
reviews which generated a 3.1% uplift on prior rentals and
29 mini major and specialty new lettings and lease renewals
which delivered a 17.8% uplift on a comparable basis.
SIML was pleased to deliver several proactive capital
management initiatives on behalf of Investore during
FY26, which included the issuance of $62.5 million
convertible notes, the proceeds of which were used to help
fund the acquisition of Silverdale Centre. We also secured
$100 million additional loan facilities as part of the Silverdale
Centre acquisition, introduced two new lenders to the
Investore banking syndicate and refinanced $225 million
of Investore’s bank debt facilities resulting in lower
funding costs.
Dear Shareholders,
Stride Investment Management Limited (SIML) is proud to manage Investore’s
portfolio and continue to progress Investore’s strategic pillars of targeted growth,
portfolio optimisation and proactive capital management.

Philip Littlewood
Chief Executive Officer
Stride Investment
Management Limited
Adam Lilley
Investore Fund Manager
Stride Investment
Management Limited
1. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025
book value for Woolworths New Brighton.
2. See glossary on page 102.
Bunnings, Mt Roskill
SIML continues to support Investore’s sustainability
objectives and during FY26 replaced 68 R22 air conditioning
units with units that use a refrigerant with a lower global
warming potential. There are now only two sites remaining
across the portfolio that require replacements of R22 units
and Investore is on track to replace these by the end of FY27.
More information on Investore’s key sustainability activities
can be found in Investore's Sustainability Report which will
be available on Investore's website from 28 May 2026.
Looking ahead, recent offshore geopolitical developments
have reintroduced inflation pressures and market
uncertainty, which will likely see a slowdown in transactional
activity until there is greater clarity on the outlook for
costs and interest rates. However, SIML is experienced
in managing through disruptive periods, and Investore’s
portfolio composition, underpinned by its exposure to
non-discretionary retail tenants and high-quality assets
in key metro locations, continues to generate resilient
earnings, allowing Investore to progress targeted portfolio
opportunities while preserving balance sheet capacity.
We look forward to continuing to support Investore in
achieving its strategic objectives in the year ahead.
Thank you for your continued support of Investore and
SIML as Manager.
Investore Property LimitedInvestore Property LimitedAnnual Report 202610
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Annual Report 2026

Targeted Growth
During FY26, Investore divested Woolworths Browns Bay
and Woolworths New Brighton for a combined sales price of
$31.8 million, 5.2% above their combined book value
1
, and
representing a blended initial yield of 5.9%, demonstrating
strong investor demand for defensive, high-quality
properties and supporting the independent valuations
of the wider portfolio.
Investore also acquired two properties during FY26,
being Bunnings New Lynn for $43 million, representing
a 6.1% initial yield, and Silverdale Centre for $114 million,
representing a 6.8% initial yield.
1. 31 March 2025 book value for Woolworths Browns Bay and 30 September 2025
book value for Woolworths New Brighton.
2. See glossary on page 102.
3. Colliers, “Retail Catchment Analysis Silverdale Centre”, November 2023.
Bunnings, New Lynn
Silverdale Centre, Auckland
Silverdale Centre is an open-air retail centre anchored by
Woolworths and The Warehouse, together with mini majors
Noel Leeming, Chemist Warehouse and Supercheap Auto,
and is complemented by specialty retailers including food &
beverage, fashion, jewellery, homeware & gifts, healthcare &
beauty, sports & leisure and banking services.
The Centre is located on a 7.0 hectare site in Silverdale,
Auckland, a strong growth corridor, with the catchment
projected to grow 48% between 2023 and 2048
3
.
The site coverage is 33%, with a net lettable area of
approximately 23,000 sqm. The property is 99% occupied
with 86% of Contract Rental
2
subject to structured or
market-based rent reviews, underpinning a positive rental
growth outlook. Silverdale Centre has increased Investore’s
exposure to mini major and specialty retail tenants and
income streams where active leasing and rent reviews can
drive growth. Five new lettings and renewals completed
since the acquisition of Silverdale Centre resulted in a 55.3%
uplift on prior rentals, in line with leasing expectations at the
time of acquisition.
Investore has continued to execute its targeted growth strategy by raising
new capital through a convertible notes offer and recycling capital from
the divestment of non-core or lower growth properties into properties with
stronger growth fundamentals, located in key metro locations.
During FY26, Investore completed $189 million in
gross transactions, driving a meaningful reweighting of
the portfolio towards properties with stronger growth
fundamentals in key metro locations. Tenant diversification
was enhanced, with 72% of the Silverdale Centre tenants
by Contract Rental
2
being new to the Investore portfolio at
the time of acquisition.
38 new tenancies and almost 28,000 sqm of net lettable
area were added to the portfolio over the course of FY26.
The transactions completed over FY26 reduced the
Woolworths portfolio concentration from 62% to 53% by
Contract Rental
2
with Auckland exposure increasing from
41% to 50% by Investment Portfolio
2
value.
Looking ahead, the Board will consider selective disposals to
reduce leverage and create capacity to pursue strategically
aligned acquisitions to support the portfolio’s longer term
growth profile.
Bunnings New Lynn is located on a high-profile, 2.2 hectare
corner site in West Auckland and has a net lettable area of
approximately 11,000 sqm. Similar to the other Bunnings
leases in the Investore portfolio, the lease has the benefit of
a structured rental growth profile, with six years remaining
for the lease term from 31 March 2026. Bunnings now
represents 18% of Investore’s Contract Rental
2
.
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Annual Report 2026

Portfolio Optimisation
Store based fulfilment of online sales remains a key
strategic focus for Woolworths, with express pick-up
and other e-commerce initiatives continuing to support
strong sales growth. Woolworths HY26 results for the
half-year ended 4 January 2026
1
showed a 13.9% increase in
e-commerce sales in their New Zealand based stores, which
was primarily driven by growth in same day propositions.
During FY26, Investore agreed to partner with Woolworths to
fund online expansion works at three stores.
Investore continues to optimise its existing portfolio through collaborating with
tenants on improvement projects and refurbishments that enhance customer
amenity, support store performance and deliver incremental rental income and
asset value.
Woolworths, Highland Park
Woolworths Upper Hutt
The online expansion works at Woolworths Upper Hutt
will expand the net lettable area by approximately 800 sqm,
with approximately 500 sqm to be a dedicated online
solutions area including additional ‘direct-to-boot’ parking
and courier loading capacity. Woolworths is also undertaking
a refurbishment of the store floor and adding additional retail
space. Investore’s capital contribution will be rentalised at
7.5% on completion of the works, with works expected to be
completed in early 2027.
Woolworths Dunedin
Online expansion works at Woolworths Dunedin are
expected to expand the net lettable area by approximately
170 sqm with dedicated online room facilities, additional
‘direct-to-boot’ parking and courier loading capacity.
Alongside these works, Woolworths is also undertaking
a broader store refresh. Investore will receive a 6.5% per
annum return on the capital contribution associated with the
online expansion works, upon completion of the works.
Woolworths Kilbirnie
Online expansion works at Woolworths Kilbirnie will deliver
approximately 120 sqm of dedicated online space, additional
'direct-to-boot' capacity and courier loading facilities.
Woolworths is also undertaking a broader store refresh in
conjunction with these online expansion works, improving
customer amenity. The term of the lease will be reset to
10 years upon payment of the capital contribution, increasing
the lease tenure and enhancing certainty of Investore’s
rental income. Investore’s capital contribution also includes
a rentalised component of 7.5% yield on cost, upon
completion of the works.
1. Woolworths Group Half-year Results Presentation for the period ended
4 January 2026
Investore Property LimitedInvestore Property LimitedAnnual Report 202614
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Annual Report 2026

Portfolio Growth & Diversification
Investore has progressively diversified its rental income
through acquisitions, disposals and developments, including
adding additional anchor tenants and increasing exposure
to multi-tenanted properties. This evolution has resulted in
a deliberately blended portfolio of anchor, mini major and
specialty retail tenancies. Anchor tenants typically have
longer leases and attract frequent customer visitation as
they operate in largely non-discretionary, 'everyday needs'
categories which leads to strength of tenant covenant.
Anchor tenants underpin the portfolio’s resilience and
income certainty over varying market conditions, while
increased exposure to mini major and specialty retail
provides additional rental growth levers.
Since listing, anchor tenant concentration within
Investore’s portfolio has reduced from 96% at listing to 81%
as at 31 March 2026 by Contract Rental
1
, with Woolworths’
weighting by Contract Rental
1
declining from 84% at listing
to 53% as at 31 March 2026. Over the same period, exposure
to hardware anchors (including Bunnings and Mitre 10),
whose leases have a structured rental growth profile, has
increased, from 3% at listing to 21% as at 31 March 2026.
2026 marks ten years since Investore listed in July 2016, a decade over which
the portfolio has evolved materially. The Investment Portfolio¹ has grown from
39 properties valued at $641 million at listing, to 43 properties valued at $1.1 billion
as at 31 March 2026. Over this period, Investore has completed over $570 million of
acquisitions and developments, and divested more than $170 million of non-core
or lower growth assets, recycling capital into properties with stronger growth
characteristics in key metro locations. This has resulted in a material reshaping
of the portfolio, with approximately half of the Investment Portfolio
1
value held at
31 March 2026 acquired or developed after listing.
Over the same period, Investore’s exposure to mini major
and specialty retail has also increased. Rental growth
for these tenancies is supported through a combination
of market-based and structured rent reviews (fixed and
CPI
1
-linked). While mini major and specialty retail exposure
typically carries higher uncertainty than anchor tenant
exposure, this is offset by the portfolio’s scale and both
tenant and geographical diversification.
Together, the blended exposure to anchor tenants and mini
major and specialty retail tenants, through investing in both
single-tenanted and multi-tenanted retail assets, delivers
diversified and stable income and supports the portfolio’s
medium to long-term rental growth profile.
Investore has progressively reweighted the portfolio toward
key metro locations, to align the portfolio with stronger
population and economic growth outlooks. This has driven a
meaningful uplift in Auckland exposure from 33% at listing,
to 50% as at 31 March 2026, by Investment Portfolio
1
value.
1. See glossary on page 102.
2. Tenants include The Warehouse Group, Briscoes Group and Foodstuffs.
87% of the Investore portfolio by Investment
Portfolio
1
value is located in the North Island (as
compared with 71% at listing) and 13% is located in
the South Island (as compared with 29% at listing).
Portfolio Tenant Concentration by Contract Rental
1
Anchor tenants represent a high proportion (81% as at 31 March 2026) of Investore’s Contract Rental
1
, providing
Investore with security of income.
Geographical Location of Investore Portfolio by Investment Portfolio
1
Value
Auckland
Wellington
Bay of Plenty
Waikato
Canterbury & Otago
Other
As at Listing
(July 2016)
As at 31 March 2026
33%
50%
17%
12%
2%
10%
7%
8%
23%
11%
17%
9%
WoolworthsHardwareOther Anchor Tenants
2
Mini Major, Specialty & Other
As at 31 March 2026
As at Listing (July 2016)
84%
3%9%4%
53%
21%7%19%
Investore Property LimitedInvestore Property LimitedAnnual Report 202616
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Annual Report 2026

Resilient Rental Income
Investore received $65.5 million net rental income for
the year ended 31 March 2026, higher than the net rental
income of $62.3 million for FY25, primarily as a result of the
acquisitions of Silverdale Centre and Bunnings New Lynn,
partially offset by the net acquisitions and disposals over the
comparable periods.
Bunnings New Lynn has a structured rental growth profile
and 86% of Contract Rental
1
at Silverdale Centre is subject
to structured or market-based rent reviews.
Investore delivered a Like-for-Like Rental Growth
1
across
the portfolio of 4.7% for FY26. This included 69 rent reviews
which resulted in a 3.1% uplift on prior rentals and 29 mini
major and specialty new lettings and lease renewals which
delivered a 17.8% uplift on a comparable basis.
Investore focuses on delivering rental growth through a combination of targeted
acquisitions, structured rental uplifts, market rent reviews, developments and, for
Woolworths leases, turnover-linked rent mechanisms.
1. See glossary on page 102.
2. MAT is determined by calculating the annual sales on a rolling 12-month basis, excluding GST.
3. Establishment portfolio includes properties held at the date of the 2016 Initial Public Offering of Investore, excluding for each financial year, properties disposed of in,
or before that financial year.
4. Investore’s Woolworths supermarket portfolio on a like-for-like basis which excludes disposed properties and includes properties acquired or developed between
1 April 2019 and 31 March 2026, as if they were acquired, developed or disposed on 1 April 2019. The timing of the turnover rental income has been amended to reflect
when turnover rental income was earned according to the respective leases.
Note: Numbers in
charts may not sum
due to rounding.
Net Contract Rental
1
Establishment Portfolio
3
Acquisitions and
Developments
Mar 22
$47.5m
Mar 20
$57.1m
Mar 21
$60.2m
$61.8m
Mar 23
$63.7m
Mar 24
$73.5m
$63.0m
Mar 25Mar 26
$39.2m$42.1m$42.8m$42.7m$43.9m$44.1m$39.6m
$5.4m
$14.3m$17.5m
$17.9m
$19.6m$23.4m$34.3m
Woolworths, Newtown
Woolworths leases, which comprise 53% of the Investore
portfolio by Contract Rental
1
as at 31 March 2026, contain
turnover-linked rental mechanisms which entitle Investore to
additional rent when moving annual turnover
2
(MAT) exceeds
specific thresholds.
For certain stores, turnover rent is crystallised into base
rent at rent review dates, with the base rent increasing by
the average turnover rent paid across the previous three
years. During FY26, $0.7 million of turnover rent across six
Woolworths stores was included in base rent. Crystallising
turnover rent to base rent reduces exposure to sales volatility
and provides Investore with certainty of this income over the
medium to long-term.
Woolworths Turnover Rent
(like-for-like
4
)
Crystallised into base rent
Turnover rent
FY20
$0.7m
FY21
$0.8m
FY22
$1.0m
FY23
$1.1m
FY24
$1.1m
FY25
$0.1m
$1.1m
FY26
$0.6m
$0.7m
Investore Property LimitedInvestore Property LimitedAnnual Report 202618
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Annual Report 2026

Portfolio Overview
Investore’s portfolio value
2
is $1.1 billion as at 31 March 2026,
a $140 million increase on 31 March 2025, driven by the
acquisitions of Silverdale Centre and Bunnings New Lynn,
partially offset by the divestments of Woolworths Browns
Bay and Woolworths New Brighton.
Investore’s Investment Portfolio
1
comprises 43 properties, from multi-tenanted
retail centres to standalone supermarkets and hardware stores with a high
concentration of nationally recognised brands and tenants that provide
‘everyday needs’.
The portfolio valuation remained relatively stable over FY26,
delivering a net valuation increase of $0.4 million for the
year with the average portfolio capitalisation rate remaining
at 6.3%.
1. See glossary on page 102.
2. Total portfolio value as at 31 March 2026, which excludes lease liabilities
and the value of rental guarantee receivables, and includes properties
categorised as ‘Development and Other’ in note 2.2 to the consolidated
financial statements.
3. Net lettable area as at 31 March 2025 has been restated to exclude certain
areas to align with market practice.
Portfolio Tenant Classification by
Contract Rental
1
as at 31 March 2026
Supermarket
54%
Hardware
21%
Food &
Beverage /
Other 7%
Health &
Wellbeing
3%
General
Merchandise/
Retail 15%
Mitre 10 MEGA, Botany
As at 31 March 2026As at 31 March 2025
Number of properties4343
Number of tenants186142
Net lettable area (NLA) (sqm)276,781247,875
3
Net Contract Rental
1
($m)73.563.0
WA LT
1
(years)5.96.8
Market capitalisation rate (%)6.36.3
Occupancy by area (%)99.599.0
Land area (sqm)678,952604,034
Investment Portfolio
1
value ($000)1,109965
Investment Portfolio
1
Metrics
Investore Property LimitedInvestore Property LimitedAnnual Report 202620
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Annual Report 2026

Portfolio Overview (cont.)
The Investment Portfolio
1
has consistently maintained a high occupancy rate of
99.0% or above since listing in 2016 (99.5% as at 31 March 2026). Anchor tenant
WA LT
1
(81% of Contract Rental
1
) at 6.4 years provides Investore with certainty of
income in the medium to long-term, whilst mini major and specialty retail WALT
1

at 3.8 years provides Investore with additional rental growth levers.
Investore focuses on properties located in areas which are highly populated or which
have strong population growth.
Strong Tenant Profile Strategically Located Portfolio
1. See glossary on page 102.
2. Represents the scheduled expiry for each lease, excluding any rights of renewal that may be granted under each lease, for the entire portfolio as at 31 March 2026 as a
percentage of Contract Rental (see glossary on page 102 for definition).
Woolworths
Woolworths + Specialty Retail
Bunnings
Multi-Retail
Other
AUCKLAND
CBD
CHRISTCHURCH
CBD
WELLINGTON
CBD
LOWER
HUTT
UPPER
HUTT
Wellington
Auckland
Christchurch
North
Island
South
Island
The majority of Investore's Investment Portfolio
1
of
43 properties are located in highly populated urban areas
such as Auckland, Wellington, Canterbury, Waikato and
the Bay of Plenty.
Investore’s three open-air shopping centres comprise over
90 individual tenancies, comprising anchor tenancies,
mini major and specialty tenancies, and are located in the
metropolitan areas of Tauranga, and Silverdale and Mount
Wellington in Auckland.
Lease Expiry Profile
2
by Contract Rental
1
as at 31 March 2026
Note: Numbers in charts may not sum due to rounding.
0.7%
FY37Vacant
0.4%
6.9%
FY27
5.5%
FY28
7.1 %
FY29
12.2%
FY30
7.1 %
FY31
4.1%
FY32
26.1%
FY33
20.0%
FY35
2.4%
FY36
5.6%
FY34
WA LT
1
5.9
years
1.9%
FY38+
Investore Property LimitedInvestore Property LimitedAnnual Report 202622
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Annual Report 2026

Proactive Capital Management
FY26 was an active year for Investore with the execution
of several capital management initiatives to proactively
manage funding risk and maintain flexibility including:
$225 million of bank debt facilities refinanced and term
extended, resulting in lower debt funding costs
$62.5 million convertible notes issued
$100 million additional loan facilities secured
Introduction of two new lenders to the banking
syndicate, improving funding diversification and driving
pricing competition
LV R
1
covenant increased from 55% to 60%
$75 million of new interest rate hedging entered into
1. See glossary on page 102.
2. Loan to Value Ratio (LVR) is calculated based on independent valuations which exclude lease liabilities, and excludes the subordinated convertible notes.
3. Includes bank debt facilities, retail bonds and convertible notes.
4. Excludes the subordinated convertible notes interest.
5. Includes retail bonds, convertible notes and interest rate swaps.
In September 2025, Investore issued $62.5 million four-year,
fixed rate, subordinated convertible notes to help finance
the acquisition of Silverdale Centre. The notes were issued
with a 6.25% coupon, and at maturity Investore will have
the option to either repay the notes or convert these into
ordinary shares, or a combination of these options, creating
flexibility for Investore’s balance sheet. As part of the
acquisition of Silverdale Centre, $100 million of additional
loan facilities were also added.
During FY26, Investore was pleased to welcome two new
lenders to Investore’s banking syndicate, Commonwealth
Bank of Australia, New Zealand Branch, and Bank of China
Limited, Auckland Branch, taking the number of banks in
the syndicate to six. Additional lenders help to enhance
funding diversification and create pricing tension for
margins. Investore also capitalised on favourable bank debt
pricing during the year by refinancing its total bank debt
facilities early, extending the loan maturity and reducing
bank debt funding costs. Investore now has no bank debt
expiring until FY30.
Investore’s strategy is to proactively manage its capital structure and sources to
maintain a flexible balance sheet for growth, while delivering sustainable returns
for investors.
As at 31 March 2026
3
As at 31 March 2025
3
Debt facilities limit available ($m)638475
Debt facilities drawn ($m)515379
Weighted average debt maturity (years)2.82.9
LV R
2
(%)
(Covenant: 31 Mar 25: 55%; 31 Mar 26: 60%)
40.138.5
Interest cover ratio
4
(Covenant: 1.75x)3.3x2.8x
Weighted average cost of debt (%)4.24.1
% of drawn debt fixed8074
Weighted average fixed interest rate maturity (years)
5
1.92.0
Fixed Rate Interest Profile as at 31 March 2026Debt Maturity Profile as at 31 March 2026
Notional fixed rate debtGreen loan facilitiesConvertible notes
Retail bonds
Weighted average interest rate of fixed rate debt
(excl. margin and line fees)
Mar 27
$388m
FY27
$125m
Mar 26
$413m
2.3%
2.5%
Mar 28
$125m
FY28
$213m
Mar 29FY29
$130m
$63m
FY30
$195m
FY31
$113m
3.1%
3.4%
The banking syndicate also approved increasing the LVR
1

covenant from 55% to 60%, which provides Investore with
additional balance sheet flexibility and optionality whilst
managing covenant headroom, and illustrates lenders’
confidence in Investore’s portfolio. As at 31 March 2026,
Investore had an LVR
2
of 40.1%, marginally higher than
38.5% as at 31 March 2025, as a result of $157 million of
acquisitions during the year, partially offset by $31.8 million
of disposals. The Board is committed to maintaining its
long-term LVR
1
target policy of 30-40%.
Investore’s weighted average cost of debt as at
31 March 2026 was 4.2%

and its weighted average
tenor remaining on its debt facilities was 2.8

years.
Investore’s two senior secured fixed rate IPL020 and IPL030
bonds will mature in August 2027 and February 2027,
respectively. Investore has proactively engaged with its
lenders regarding additional facility to fund these maturities.
Investore will also continue to monitor the bond market
and may consider a new bond issue when conditions are
favourable.
Investore Property LimitedInvestore Property LimitedAnnual Report 202624
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Annual Report 2026

Financial Summary
The Five-Year Financial Summary table reflects the numbers in the financial
statements for each respective year.
1. Profit before net finance expense, other income/(expense) and income tax and Profit before other income/(expense) and income tax are non-GAAP measures and have been
presented to assist investors in understanding the different aspects of Investore's financial performance.
2. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined non-recurring and/or non-cash items (including
non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and current tax. Further information including the calculation of distributable profit
and the adjustments to profit/(loss) before income tax, is set out in note 3.2 to the consolidated financial statements.
3. Excludes lease liabilities.
4. Calculated based on independent valuations, which exclude lease liabilities and include rental guarantee receivables. See note 2.2 to the consolidated financial statements.
As unsecured obligations, the subordinated convertible notes do not affect (and are not included in) the loan to value ratio.
Financial Summary
The Five-Year Financial Summary table reflects the numbers in the financial statements for each
respective year.
$m unless otherwise indicated20262025202420232022
Net rental income
65.5
62.361.260.358.3
Profit before net finance expense, other income/
(expense) and income tax
1
57.2
54.453.151.448.3
Net finance expense
(20.6)
(19.2)(18.0)(16.2)(14.0)
Profit before other income/(expense) and income tax
1
36.6
35.235.135.234.3
Other income/(expense)
2.2
13.4(98.8)(185.3)91.5
Profit/(loss) before income tax
38.8
48.5(63.6)(150.1)125.8
Income tax expense
(7.1)
(10.2)(3.5)(0.1)(7.6)
Profit/(loss) after income tax
31.7
38.4(67.1)(150.2)118.2
Basic earnings per share - weighted
8.40 cents
10.24 cents(18.17) cents(40.85) cents32.10 cents
Distributable Profit
2
before current income tax
38.2
36.236.436.034.8
Distributable Profit
2
after current income tax
30.7
28.431.031.029.9
Basic distributable profit after current income tax per
share - weighted
8.13 cents
7.58 cents8.39 cents8.44 cents8.11 cents
Investment properties value
3
1,128.1
988.6989.41,062.11,201.3
Drawn bank debt facilities and bonds
452.0
378.6402.8387.6355.0
Borrowings loan to value ratio
4
40.1%
38.5%40.8%36.5%29.5%
NTA per share
$1.62
$1.60$1.57$1.84$2.32
Values in the table above are calculated based on the numbers in the financial statements for each respective financial year and
may not sum due to rounding.
The Five-Year Financial Summary contains certain information which is contained in the audited financial statements of each
respective year. Further information can be obtained by referring to those audited financial statements.
1Profit before net finance expense, other income/(expense) and income tax and Profit before other income/(expense) and income tax are non-GAAP measures and have been presented to assist
investors in understanding the different aspects of Investore's financial performance.
Annual Report 2026
Investore Property Limited27
Values in the table above are calculated based on the numbers in the financial statements for each respective financial year and
may not sum due to rounding.
The Five-Year Financial Summary contains certain information which is contained in the audited financial statements of each
respective year. Further information can be obtained by referring to those audited financial statements.
The Warehouse, Silverdale Centre
Investore Property LimitedInvestore Property LimitedAnnual Report 202626
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Annual Report 2026

Consolidated Statement of
Comprehensive Income30
Consolidated Statement of
Changes in Equity31
Consolidated Statement of
Financial Position32
Consolidated Statement of
Cash Flows33
Notes to the Financial Statements35
Independent Auditor’s Report60
Consolidated
Financial
Statements
Investore Property LimitedInvestore Property LimitedAnnual Report 202628
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Annual Report 2026

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2026
20262025
Notes
$000$000
Gross rental income
81,001
76,112
Direct property operating expenses
(15,546)
(13,862)
Net rental income
2.1
65,455
62,250
Less corporate expenses
Asset management fee expense
4.0
(5,491)
(5,151)
Administration expenses
(2,720)
(2,722)
Total corporate expenses
(8,211)
(7,873)
Profit before net finance expense, other income/(expense) and income tax57,244
54,377
Net finance expense
5.3
(20,624)
(19,205)
Profit before other income/(expense) and income tax36,620
35,172
Other income/(expense)
Net change in fair value of investment properties
2.2
264
12,125
Net change in fair value of interest rate derivatives
(18)
171
Net change in fair value of convertible notes option
980
-
Gain on disposal of investment properties
928
1,061
Profit before income tax38,774
48,529
Income tax expense
7.1
(7,069)
(10,179)
Profit after income tax attributable to shareholders31,705
38,350
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Movement in cash flow hedges, net of tax
5.5
1,545
(852)
Total comprehensive income after tax attributable to shareholders
33,250
37,498
Earnings per share (EPS)
3.1
Basic EPS (cents)8.40
10.24
Diluted EPS (cents)7.99
10.24
The attached notes form part of and are to be read in conjunction with these financial statements.
30Investore Property Limited
Annual Report 2026
Consolidated Statement of Changes in Equity
For the year ended 31 March 2026
Notes
Cents
per share
Number
of shares
000
Share
capital
$000
Retained
earnings
$000
Cash flow
hedge
reserve
$000
Total
$000
Balance 31 Mar 25377,623568,25136,184(36)604,399
Transactions with shareholders:
Q4 2025 final dividend
1.625--(6,136)-(6,136)
Q1 2026 interim dividend
1.625--(6,136)-(6,136)
Q2 2026 interim dividend
1.625--(6,136)-(6,136)
Q3 2026 interim dividend
1.625
--(6,136)-(6,136)
Total transactions with shareholders
--(24,544)-(24,544)
Other comprehensive income:
Movement in cash flow hedges, net of tax
5.5
---1,5451,545
Total other comprehensive income---1,5451,545
Profit after income tax
--31,705-31,705
Total comprehensive income
--31,7051,54533,250
Balance 31 Mar 26
377,623568,25143,3451,509613,105
Balance 31 Mar 24
373,822564,07322,162816587,051
Transactions with shareholders:
Q4 2024 final dividend1.625--(6,075)-(6,075)
Q1 2025 interim dividend1.625--(6,075)-(6,075)
Q2 2025 interim dividend1.6251,7311,966(6,075)-(4,109)
Q3 2025 interim dividend1.625
2,0702,212(6,103)-(3,891)
Total transactions with shareholders
3,8014,178(24,328)-(20,150)
Other comprehensive loss:
Movement in cash flow hedges, net of tax
5.5
---(852)(852)
Total other comprehensive loss
---(852)(852)
Profit after income tax
--38,350-38,350
Total comprehensive income/(loss)
--38,350(852)37,498
Balance 31 Mar 25
377,623568,25136,184(36)604,399
The attached notes form part of and are to be read in conjunction with these financial statements.
Annual Report 2026
Investore Property Limited31
Investore Property LimitedInvestore Property LimitedAnnual Report 202630
31
Annual Report 2026

Consolidated Statement of Financial Position
As at 31 March 2026
20262025
Notes
$000$000
Current assets
Cash
4,720
5,406
Debtors and other receivables
7.3
1,058
1,063
Prepayments
795
821
Other current assets
1,922
5,377
Derivative financial instruments
5.2
-
142
8,495
12,809
Non-current assets
Investment properties
2.2
1,141,136
1,001,709
Deposit and other prepayments on investment properties
326
-
Derivative financial instruments
5.2
2,410
150
1,143,872
1,001,859
Total assets
1,152,367
1,014,668
Current liabilities
Borrowings
5.1
124,714
-
Trade and other payables
7.4
10,677
15,600
Current tax liability
1,181
1,565
Lease liabilities
2.4
118
111
136,690
17,276
Non-current liabilities
Borrowings
5.1
386,539
377,148
Lease liabilities
2.4
12,928
13,046
Deferred tax liability
7.1
2,715
2,537
Derivative financial instruments
5.2
390
262
402,572
392,993
Total liabilities
539,262
410,269
Net assets613,105
604,399
Share capital
568,251
568,251
Retained earnings
43,345
36,184
Reserve
5.5
1,509
(36)
Equity
613,105
604,399
For and on behalf of the Board of Directors of Investore Property Limited, who authorised these consolidated financial statements for issue on
21 May 2026:
Mike Allen
Chair of the Board
Gráinne Troute
Chair of the Audit and Risk Committee
The attached notes form part of and are to be read in conjunction with these financial statements.
32Investore Property Limited
Annual Report 2026
Consolidated Statement of Cash Flows
For the year ended 31 March 2026
20262025
$000$000
Cash flows from operating activities
Gross rental received
81,792
75,260
Bank interest received
31
217
Direct property operating and corporate expenses
(22,017)
(21,051)
Interest paid
(18,582)
(19,440)
Borrowings establishment costs
(631)
(409)
Convertible notes issuance expenses
(1,781)
-
Income tax paid
(7,869)
(7,568)
Net cash provided by operating activities
30,943
27,009
Cash flows from investing activities
Net proceeds from disposal of investment properties
31,178
77,742
Capital expenditure on investment properties
(16,243)
(6,746)
Interest paid capitalised to investment properties
-
(302)
Acquisition of investment properties
(157,483)
(52,066)
Deposit and other prepayments on investment properties
(326)
(2,410)
Net cash (applied to)/provided by investing activities
(142,874)
16,218
Cash flows from financing activities
Drawdown of bank borrowings
298,500
320,800
Repayment of bank borrowings
(225,100)
(245,000)
Proceeds from issue of convertible notes
62,500
-
Repayment of fixed rate bonds
-
(100,000)
Dividends paid net of dividends reinvested
(24,544)
(20,150)
Lease liabilities principal payments
(111)
(104)
Net cash provided by/(applied to) financing activities
111,245
(44,454)
Net decrease in cash held(686)
(1,227)
Opening cash
5,406
6,633
Closing cash at balance date
4,720
5,406
Cash comprises:
Cash at bank
4,449
5,214
Cash held for retentions
271
192
Cash at balance date
4,720
5,406
The attached notes form part of and are to be read in conjunction with these financial statements.
Annual Report 2026
Investore Property Limited33
Investore Property LimitedInvestore Property LimitedAnnual Report 202632
33
Annual Report 2026

Consolidated Statement of Cash Flows (continued)
For the year ended 31 March 2026
Reconciliation of profit after income tax attributable to shareholders to net cash flows from operating activities
20262025
Notes
$000$000
Profit after income tax attributable to shareholders31,705
38,350
(Less)/add non-cash items:
Deferred tax (benefit)/expense
7.1
(416)
2,308
Net change in fair value of investment properties
(264)
(12,125)
Gain on disposal of investment properties
(928)
(1,061)
Spreading of fixed rental increases
(147)
324
Capitalised lease incentives net of amortisation
(610)
23
Movement in loss allowance
7.3
19
157
Borrowings establishment costs amortisation
1,196
756
Convertible notes option value amortisation
401
-
Net change in fair value of convertible notes option
(980)
-
Accrued interest movement in derivative financial instruments
131
(50)
Net change in fair value of interest rate derivatives
18
(171)
30,125
28,511
Add/(less) activities reclassified to/from operating activities:
Movement in working capital items relating to investing activities
5,051
(2,454)
Borrowings costs classified as operating activities
(2,412)
(409)
32,764
25,648
Movement in working capital:
Decrease/(increase) in debtors and other receivables
5
(505)
Decrease/(increase) in prepayments and other current assets
3,481
(2,863)
(Decrease)/increase in trade and other payables
(4,923)
4,426
(Decrease)/increase in current tax liability
(384)
303
Net cash provided by operating activities
30,943
27,009
The attached notes form part of and are to be read in conjunction with these financial statements.
34Investore Property Limited
Annual Report 2026
Notes to the Financial Statements
For the year ended 31 March 2026
1.0General Information
36
1.1Reporting entity36
1.2Basis of preparation36
1.3Basis of consolidation36
1.4New standards, amendments and interpretations36
1.5Changes to accounting policies and disclosure of material accounting policies36
1.6Significant judgements, estimates and assumptions36
1.7Fair value estimation37
1.8Significant events and transactions37
1.9Non-GAAP measures37
2.0Property
38
2.1Net rental income38
2.2Investment properties39
2.3Capital expenditure commitments contracted for44
2.4Lease liabilities45
3.0Investor Returns
46
3.1Basic and diluted earnings per share (EPS)46
3.2Distributable profit47
4.0Related Party Disclosures
48
5.0Capital Structure and Funding
49
5.1Borrowings49
5.2Derivative financial instruments51
5.3Net finance expense52
5.4Share capital52
5.5Reserve52
5.6Capital risk management52
6.0Risk Management
53
6.1Financial instruments53
6.2Financial risk management53
6.3Credit risk54
6.4Interest rate risk54
6.5Liquidity risk55
7.0Other
56
7.1Tax56
7.2Corporate expenses57
7.3Debtors and other receivables58
7.4Trade and other payables58
7.5Operating segments58
7.6Subsequent events59
Annual Report 2026
Investore Property Limited35
Investore Property LimitedInvestore Property LimitedAnnual Report 202634
35
Annual Report 2026

1.0 General Information
This section sets out Investore’s accounting policies that relate to the consolidated financial statements (financial statements) as
a whole. Where an accounting policy is specific to a note, the policy is described within the note to which it relates.
1.1 Reporting entity
The financial statements presented are those of Investore Property Limited (the Parent) and its 100% owned subsidiary Investore Property
(Carr Road) Limited (the Subsidiary) (together referred to as Investore). Both companies are domiciled in New Zealand and registered under the
Companies Act 1993. The Parent is also an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013.
Investore’s principal activity is property investment in New Zealand. Investore is managed by Stride Investment Management Limited (SIML).
The financial statements were approved for issue by the Board of Directors of the Parent (the Board) on 21 May 2026.
1.2 Basis of preparation
The financial statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013, the
NZX Main Board Listing Rules and Generally Accepted Accounting Practice in New Zealand (GAAP). The financial statements comply with New
Zealand Equivalents to International Financial Reporting Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices
that are applicable to entities that apply NZ IFRS. The financial statements also comply with International Financial Reporting Standards Accounting
Standards (IFRS Accounting Standards). Investore is a for-profit entity for the purposes of financial reporting.
The financial statements have been prepared under the historical cost basis except for assets and liabilities stated at fair value as disclosed. The
financial statements have been presented in New Zealand dollars and have been rounded to the nearest thousand, unless stated otherwise.
1.3 Basis of consolidation
The financial statements have eliminated in full all intra-group transactions and balances between group companies on consolidation.
1.4 New standards, amendments and interpretations
On 23 May 2024, the New Zealand Accounting Standards Board of the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure
in Financial Statements (NZ IFRS 18) (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces
NZ IAS 1 Presentation of Financial Statements and primarily introduces a defined structure for the statement of comprehensive income, disclosure
of management-defined performance measures (a subset of non-GAAP measures) in a single note, together with reconciliation requirements.
Investore has not early adopted this standard and is assessing the impact of the new accounting standard, particularly with respect to the structure
of Investore's consolidated statement of comprehensive income, the consolidated statement of cash flows and the additional disclosures required
for management-defined performance measures.
At the date of authorisation of these financial statements, Investore has not applied any new or revised NZ IFRS standards and amendments that
have been issued but are not yet effective.
1.5 Changes to accounting policies and disclosure of material accounting policies
No changes to accounting policies have been made during the year and policies have been consistently applied to all years presented, with the
exception of the adoption of a new policy relating to the treatment of the convertible notes embedded financial derivative (refer note 5.1).
1.6 Significant judgements, estimates and assumptions
In the application of NZ IFRS, the Board and SIML are required to make judgements, estimates and assumptions about carrying values of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors
that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual results may differ
from the judgements, estimates and assumptions made by the Board and SIML.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimate is revised and in any future periods affected.
Judgements made by the Board and SIML in the application of NZ IFRS that have significant effects on the financial statements and estimates
with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements.
In particular, information about significant areas of estimation uncertainty that have the most significant effect on the amount recognised in the
financial statements is disclosed in the relevant notes as follows:
•Investment properties (note 2.2);
•Lease liabilities (note 2.4);
•Borrowings (note 5.1);
•Derivative financial instruments (note 5.2); and
•Deferred tax (note 7.1).
36Investore Property Limited
Annual Report 2026
1.0 General Information (continued)
1.7 Fair value estimation
Investore classifies its fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making measurements.
The fair value hierarchy has the following levels:
Level 1quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or
indirectly (derived from prices); and
Level 3inputs for the asset or liability that are not based on observable market data.
The Board and SIML review significant unobservable inputs and valuation adjustments. If third party information is used to measure fair values, then
the Board and SIML assess the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of
NZ IFRS, including the level of the fair value hierarchy in which such valuations should be classified.
1.8 Significant events and transactions
The financial position and performance of Investore was affected by the following events and transactions that occurred during the current year:
Bank debt refinance
On 30 April 2025, Investore's $225.0 million bank debt facilities were refinanced, extending the maturity of each facility to either 31 May 2029 or
31 May 2030. As part of this refinance, Commonwealth Bank of Australia, New Zealand Branch, and Bank of China Limited, Auckland Branch, joined
the banking syndicate (refer note 5.1).
On 30 October 2025, Investore's bank debt facilities increased by $100.0 million (refer note 5.1), which was utilised to acquire the Silverdale
Centre, located at 61 Silverdale Street, Auckland (Silverdale Centre), on 31 October 2025. These additional facilities have a maturity date of
31 October 2030.
Acquisition of investment properties
Investore acquired Bunnings New Lynn, located at 2-12 Titirangi Road, Auckland, on 4 July 2025 for a purchase price of $43.0 million. The initial
acquisition has been accounted for as investment property of $42.7 million. The vendor has provided a rental guarantee ending September 2027,
amounting to $0.2 million as at 31 March 2026, which has been recognised in debtors and other receivables in the consolidated statement of
financial position.
On 31 October 2025, Investore acquired the Silverdale Centre for $114.0 million from Stride Property Limited (SPL) following Investore's
shareholders' approval which was obtained on 20 October 2025. Under the terms of the sale and purchase agreement, SPL will either undertake
works or reimburse part of the purchase price, for certain seismic strengthening works up to a maximum $0.8 million, if required.
Divestment of investment properties
On 1 September 2025, Investore divested Woolworths Browns Bay, located at 24 Anzac Road, Auckland, for $24.4 million.
On 16 December 2025, Investore divested Woolworths New Brighton, located at 24 Brighton Mall, Christchurch, for $7.4 million.
Issuance of convertible notes
On 26 September 2025, Investore issued $62.5 million of subordinated convertible notes with a four-year term expiring on 26 September 2029,
paying a coupon rate of 6.25% per annum and a conversion price cap of $1.56 per share (refer note 5.1). The net proceeds were used to repay bank
debt, providing Investore with the flexibility and additional debt capacity to fund the acquisition of the Silverdale Centre.
Management agreement amendment
On 20 October 2025, Investore's shareholders approved:
•amendments to the management agreement with SIML, which included updates to management fee provisions and an expanded investment
mandate to include convenience-based retail properties; and
•ratification of the issue of convertible notes, including the issue of shares at maturity if required.
1.9 Non-GAAP measures
The consolidated statement of comprehensive income includes two non-GAAP measures: Profit before net finance expense, other
income/(expense) and income tax; and Profit before other income/(expense) and income tax. These non-GAAP measures have been presented to
assist investors in understanding the different aspects of Investore’s financial performance.
Note 3.2 sets out Investore’s calculation of distributable profit and Adjusted Funds From Operations (AFFO) which are both non-GAAP measures.
Distributable profit is presented to enable investors to see an earnings measure which more closely aligns to Investore’s underlying and recurring
earnings from its operations. AFFO is intended as a supplementary measure of operating performance. Cash spent during the period on capital
expenditure as part of maintaining a building's grade/quality, but not expensed as part of distributable profit after current income tax, is adjusted to
reflect cash earnings for the period.
Note 7.1 sets out current tax expense excluding divestments and current tax expense on divestments which are both non-GAAP measures and are
included to provide an assessment of current tax for Investore's recurring earnings from operations. Current tax expense on divestments relates to
depreciation recovered on the divestment of investment properties.
These non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented by
other entities.
Annual Report 2026
Investore Property Limited37
Investore Property LimitedInvestore Property LimitedAnnual Report 202636
37
Annual Report 2026

2.0 Property
This section covers property assets which generate Investore’s trading performance.
2.1 Net rental income
Accounting Policy
Investment property is leased by Investore to tenants under operating leases with rent payable monthly. Rental income from investment
properties is recognised on a straight-line basis over the non-cancellable lease term. Lease incentives provided in relation to letting the
investment properties are capitalised to the respective investment properties in the consolidated statement of financial position and amortised
on a straight-line basis over the non-cancellable portion of the lease to which they relate, as a reduction of rental income. Where a lease
provides for fixed rental increases over the term of the lease, they are amortised on a straight-line basis over the non-cancellable portion of the
lease to which they relate.
Income generated from service charges recovered from tenants is included in the gross rental income with the service charge expenses to
tenants shown in the direct property operating expenses. Such revenue is recognised in the accounting period the underlying expenses are
incurred in accordance with the contractual terms.
20262025
$000$000
Gross rental income
Rental income
70,691
67,771
Service charge income recovered from tenants
9,553
8,688
Spreading of fixed rental increases
147
(324)
Capitalised lease incentives
815
253
Lease incentives amortisation
(205)
(276)
Total gross rental income
81,001
76,112
Direct property operating expenses
Service charge expenses relating to tenants
(10,692)
(9,693)
Movement in loss allowance
(19)
(157)
Other property operating expenses
(4,835)
(4,012)
Total direct property operating expenses
(15,546)
(13,862)
Net rental income
65,455
62,250
Other property operating expenses include property maintenance and operating expenses not recoverable from tenants and property
leasing expenses.
As a lessor, Investore has determined that it retains substantially all the risks and rewards of ownership of properties and has therefore classified all
leases as operating leases. The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
20262025
$000$000
Within one year
73,065
62,243
Between one and two years
68,224
60,903
Between two and three years
65,332
56,680
Between three and four years
59,972
55,394
Between four and five years
51,409
52,216
Later than five years
134,402
155,013
Future rentals receivable
452,404
442,449
38Investore Property Limited
Annual Report 2026
2.0 Property (continued)
2.2 Investment properties
Accounting Policy
Investment properties are held either to earn rental income or for capital appreciation or both. Investment property is initially stated at cost,
including related transaction costs, and then at fair value as determined at least every 12 months by an independent registered valuer.
Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with
the item will flow to Investore and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed to the
consolidated statement of comprehensive income during the period in which they are incurred.
The fair value of an investment property represents the estimated price for which a property could be sold for at the date of valuation in an
orderly transaction between willing market participants. Any gain or loss arising from a change in the fair value of the investment property is
recognised in the consolidated statement of comprehensive income within net change in fair value of investment properties.
Investment properties are de-recognised when they have been disposed of. The net gain or loss on disposal is calculated as the difference
between the carrying amount at the time of the disposal and the net proceeds on the disposal and is included in the consolidated statement of
comprehensive income in the reporting period in which the disposal occurs.
Right-of-use assets are measured on initial recognition as the initial lease liability, plus any initial direct costs incurred, less any lease incentives
received. Right-of-use assets that meet the definition of investment property are presented within investment property at fair value.
Investment property is adjusted for cash flows relating to lease liabilities already recognised separately on the consolidated statement of
financial position and also reflected in the investment property valuations.
CoreNon-core
Development
and OtherTotal
$000$000$000$000
Balance 31 Mar 24
710,340274,84117,4651,002,646
Property acquisitions50,732-1,33452,066
Disposals(22,500)(54,250)-(76,750)
Recognition of deposits on investment properties--145145
Capital expenditure6,4546284,74211,824
Spreading of fixed rental increases(197)(127)-(324)
Capitalised lease incentives net of amortisation(9)(14)-(23)
Transfer(730)-730-
Net change in fair value
9,0213,318(214)12,125
Balance 31 Mar 25753,111224,39624,2021,001,709
Property acquisitions
155,164-2,319157,483
Disposals
(23,250)(7,000)-(30,250)
Recognition of deposits on investment properties
2,410--2,410
Capital expenditure
7,7121,051-8,763
Spreading of fixed rental increases
289(142)-147
Capitalised lease incentives net of amortisation
(103)713-610
Transfer
5,902-(5,902)-
Net change in fair value
6,926(5,973)(689)264
Balance 31 Mar 26
908,161213,04519,9301,141,136
Comprised of:
Investment properties per valuations or at cost
752,500211,85024,202988,552
Lease liabilities (refer note 2.4)
61112,546-13,157
Balance 31 Mar 25
753,111224,39624,2021,001,709
Investment properties per valuations or at cost
907,560200,60019,9301,128,090
Lease liabilities (refer note 2.4)
60112,445-13,046
Balance 31 Mar 26
908,161213,04519,9301,141,136
All valuations are dated effective 31 March 2026. The net change in fair value of $0.3 million (2025: $12.1 million) includes $0.1 million
(2025: $0.1 million) in relation to the change in the value of the lease liabilities. Investment property measurements are categorised as Level 3 in the
fair value hierarchy. During the year, there were no transfers of investment properties between levels of the fair value hierarchy (2025: nil transfers).
During the current year, capital works were completed at 507 Pakuranga Road, Auckland. As a result, $5.9 million was transferred from
'Development and Other' properties to 'Core' properties, aligning the costs with the classification of the remainder of the property.
Annual Report 2026
Investore Property Limited39
Investore Property LimitedInvestore Property LimitedAnnual Report 202638
39
Annual Report 2026

2.0 Property (continued)
2.2 Investment properties (continued)
NLA
Cap
rate
Contract
yieldOccupancyWALT
As at 31 Mar 26m
2
$000%%%years
Core
326 Great South Road, Auckland5,327
34,500
5.385.65100.08.9
35A St Johns Road, Auckland4,538
22,200
5.755.5498.29.0
507 Pakuranga Road, Auckland4,812
25,500
5.506.05100.014.2
3 Averill Street, Auckland5,435
36,700
6.006.00100.08.3
Cnr Te Irirangi Drive & Bishop Dunn Place, Auckland10,440
37,000
5.386.02100.04.7
226 Great South Road, Auckland7,329
38,800
6.887.11100.05.4
20-26 Neville Street, Auckland3,816
24,500
6.136.1098.16.4
2 Carr Road, Auckland11,693
40,500
5.636.85100.01.2
4 Carr Road, Auckland5,332
26,350
5.755.54100.05.4
295 Penrose Road, Auckland9,074
42,000
7.137.17100.02.8
21 Fred Taylor Drive, Auckland16,980
54,530
5.755.78100.06.7
2-12 Titirangi Road, Auckland11,219
42,830
5.386.13100.06.4
61 Silverdale Street, Auckland23,396
115,500
6.756.8899.13.6
Cnr Bridge & Anglesea Streets, Hamilton4,200
18,700
6.756.77100.07.1
Cnr Hukanui & Thomas Roads, Hamilton4,506
14,000
6.257.72100.06.0
446 Te Rapa Road, Hamilton11,585
36,000
5.505.64100.03.9
65 Chapel Street, Tauranga17,125
56,000
7.137.36100.03.5
45-49 Jackson Street, Wellington4,605
27,250
6.006.48100.06.5
47 Bay Road, Wellington3,460
11,000
6.006.95100.08.9
91 Johnsonville Road, Wellington6,312
21,000
6.507.26100.08.7
13-19 Queen Street, Upper Hutt3,427
16,750
6.257.13100.08.9
261 High Street, Lower Hutt5,078
19,500
6.256.72100.08.9
Cnr Hanson Street, John Street & Adelaide
Road, Wellington4,881
21,250
6.007.86100.06.0
3 Main Road, Wellington4,200
14,500
6.508.08100.07.0
87-97 Hilton Street, Kaiapoi3,025
11,700
6.757.67100.08.9
6 & 21 Hakarau Road, Kaiapoi5,992
21,000
6.386.96100.09.5
219 Colombo Street, Christchurch3,976
19,000
6.006.38100.08.9
40-50 Ivory Street, Rangiora3,922
17,000
6.636.79100.06.7
Cnr Rolleston & Masefield Drives, Rolleston4,251
20,250
6.256.12100.06.7
309 Cumberland Street, Dunedin
4,123
21,750
5.886.07100.08.9
Core total
214,057
907,560
6.186.5699.86.0
Non-core total
62,725
200,600
6.596.9598.65.0
Development and Other
6 & 21 Hakarau Road, Kaiapoi (Land)
5,800
Other properties
14,130
Total276,7811,128,0906.266.6399.55.9
The above and following table provide a summary of the valuation of the investment properties, their net lettable area (NLA), market capitalisation
rate (cap rate), contract yield, occupancy and weighted average lease term (WALT) for the purpose of providing further detail of the assets which
are considered to be the most relevant to the operations of Investore. Properties classified as 'Non-core' are considered to have characteristics that
are not aligned with Investore's long-term strategy, including those in regional locations or with leasehold ownership elements. 'Development and
Other' properties relate to Investore's development and portfolio initiatives. The NLA, cap rate %, contract yield %, occupancy %, and WALT years
are not applicable for properties classified as 'Development and Other'. The cap rate %, contract yield %, occupancy % and WALT years for the total
investment properties are weighted averages. The totals may not sum due to rounding.
40Investore Property Limited
Annual Report 2026
2.0 Property (continued)
2.2 Investment properties (continued)
Restated
NLA
Cap
rate
Contract
yieldOccupancyWALT
As at 31 Mar 25m
2
$000%%%years
Core
24 Anzac Road, Auckland4,38223,2505.635.68100.09.9
326 Great South Road, Auckland4,64132,5005.635.57100.09.9
35A St Johns Road, Auckland4,53820,9006.005.6698.210.0
507 Pakuranga Road, Auckland4,81216,6005.886.90100.09.9
3 Averill Street, Auckland5,43535,5006.006.12100.09.4
Cnr Te Irirangi Drive & Bishop Dunn Place, Auckland*10,44035,5005.636.27100.05.7
226 Great South Road, Auckland7,36236,5007.007.1297.64.8
20-26 Neville Street, Auckland3,81624,0006.256.1898.17.2
2 Carr Road, Auckland11,69339,0005.636.94100.02.2
4 Carr Road, Auckland5,33226,3005.755.59100.06.3
295 Penrose Road, Auckland9,01440,0007.256.5695.62.8
21 Fred Taylor Drive, Auckland16,98053,7505.755.83100.07.7
Cnr Bridge & Anglesea Streets, Hamilton4,20018,4006.887.02100.08.1
Cnr Hukanui & Thomas Roads, Hamilton4,50615,6006.386.99100.07.0
446 Te Rapa Road, Hamilton*11,58534,5005.635.75100.04.9
65 Chapel Street, Tauranga17,09549,0007.757.9499.63.5
45-49 Jackson Street, Wellington4,60526,7506.006.56100.07.5
47 Bay Road, Wellington3,46012,0006.006.40100.09.9
91 Johnsonville Road, Wellington6,31222,4006.505.5087.910.2
13-19 Queen Street, Upper Hutt3,42715,5006.256.65100.09.9
261 High Street, Lower Hutt5,07820,2006.256.49100.09.9
Cnr Hanson Street, John Street & Adelaide
Road, Wellington4,88127,0006.006.30100.06.9
3 Main Road, Wellington4,20017,0006.506.91100.08.0
87-97 Hilton Street, Kaiapoi3,02511,2007.008.04100.09.9
6 & 21 Hakarau Road, Kaiapoi5,99221,5006.256.39100.010.6
219 Colombo Street, Christchurch3,97618,0006.256.74100.09.9
40-50 Ivory Street, Rangiora3,78616,7506.756.91100.07.7
Cnr Rolleston & Masefield Drives, Rolleston4,25120,2506.257.31100.07.7
309 Cumberland Street, Dunedin
4,12322,6505.755.75100.09.9
Core total
182,944752,5006.246.4599.27.1
Non-core total*
64,931211,8506.576.7998.65.8
Development and Other
6 & 21 Hakarau Road, Kaiapoi (Land)5,800
507 Pakuranga Road, Auckland (Development asset)5,902
Other properties
12,500
Total
247,875988,5526.316.5399.06.8
*NLA for the year ended 31 March 2025 has been restated to exclude certain areas to align with market practice. This resulted in a decrease to total
NLA of 6,809m
2
(from 254,684m
2
 to 247,875m
2
).
Annual Report 2026
Investore Property Limited41
Investore Property LimitedInvestore Property LimitedAnnual Report 202640
41
Annual Report 2026

2.0 Property (continued)
2.2 Investment properties (continued)
Investore is conscious of the need to identify the impact of climate risk on its business and assets and has continued to focus on sustainability
and climate change initiatives, noting that it may face physical and transitional climate-related risks in the future. During the current year, Investore
continued its replacement programme of high global-warming potential air conditioning units. During the year, 14 properties had units replaced
with alternatives that use refrigerant with a lower global-warming potential. The replacement programme is nearing completion, with two properties
remaining across the portfolio. The replacement of the final units at these two properties is scheduled to be complete by 31 March 2027. 
The independent valuers that valued Investore’s investment properties have considered ‘Environmental, Social and Governance’ (ESG) factors and
the associated impact on the value of a property. The valuers are not ESG experts but consider market transactional data as part of their valuation
assessment and that market values may be impacted by environmental and climate risk factors, impacts of a building on the health and wellbeing
of tenants and local communities, and how a building is managed to encourage sustainable practices. For example, higher green rated properties,
or properties with sustainable features, or which are less vulnerable to climate risk, potentially may have higher market values than an equivalent
property without such features. Accordingly, valuations can take these factors into account as part of the overall assessment of a property's market
value. Apart from the consideration of the factors above, the valuers have made no explicit adjustment in respect of ESG and climate risk factors.
Independent engineers have previously provided seismic strength assessments for investment properties located in high or medium earthquake risk
zones. The independent valuations allow for seismic-related capital expenditure where required.
At each reporting date, SIML verifies all major inputs to the independent valuation reports and assesses property valuation movements when
compared to the prior year's valuation reports. SIML’s executive team review the valuations performed by the independent registered valuers for
financial reporting purposes. This team reports directly to the SIML Chief Executive Officer. Discussions of valuation processes and results are
held between members of the SIML executive team and the independent valuers, and the SIML Chief Executive Officer and Investore’s Audit and
Risk Committee, at least once every six months, in line with Investore’s reporting dates. This review includes a review of specific independent
valuations and discussions with the independent valuers as considered necessary. Ultimately, the Board is responsible for reviewing and approving
the investment property valuations.
Valuations are performed by independent registered valuers who hold an annual practising certificate with the Valuers Registration Board and are
members of the New Zealand Institute of Valuers. Valuers are engaged on terms ensuring that no valuer values the same investment property for
more than three consecutive years.
20262025
Breakdown of valuations by valuer$000$000
CVAS (NZ) Limited
161,900
143,200
CVAS (WLG) Limited
72,850
57,950
Jones Lang LaSalle Limited
356,860
246,350
Savills (NZ) Limited
341,030
317,400
Bayleys Valuations Limited
195,450
217,750
Investment properties per independent valuations
1,128,090
982,650
Investment properties at cost
-
5,902
Total
1,128,090
988,552
Predominant valuation methods used:
•Income Capitalisation method - is based on the current contract and market rental and an appropriate market yield or return for the
particular investment property. Adjustments are then made to the value to reflect under or over renting, pending capital expenditure, and
upcoming lease expiries, including allowances for lessee incentives and leasing expenses.
•Discounted Cash Flow method - adopts a ten-year investment horizon and makes appropriate allowances for rental income growth and
leasing expenses on expiries, with an estimated terminal value at the end of the investment period. The terminal yield is used to derive the
terminal value. Terminal yield rate estimates are based on comparable transaction data and also consider matters such as building age and
the market environment at the end of the investment period. The present value reflects the market based rental and expenditure projections,
discounted at a rate of return referred to as a discount rate. In selecting the discount rate many factors are considered, including the degree of
apparent risk, market attitudes toward future inflation, the prospective rates of return for alternative investments and the rates of return earned
by comparable properties in the past.
The adopted market value is a combination of both the Income Capitalisation and the Discounted Cash Flow methods, other than as follows.
At 31 March 2025, Investore's property at 507 Pakuranga Road, Auckland, was valued utilising the Residual method, calculating what the
property was expected to be worth on completion of development works and deducting all expected costs to complete the works, including the
$7.5 million commitment to General Distributors Limited (Woolworths) payable on completion of the works. As at 31 March 2026, the property
was valued using a combination of both the Income Capitalisation and the Discounted Cash Flow methods as the development works were
completed and settled.
The property at 6 & 21 Hakarau Road, Kaiapoi, has been fair valued utilising two valuation methods. For the Woolworths supermarket component,
a combination of both the Income Capitalisation and the Discounted Cash Flow methods has been utilised. The separate speciality unit land
within Stage one and the residual land pertaining to Stage two of the development have been fair valued utilising the Land method which involves
direct comparison with other property transactions and has been disclosed within 'Development and Other'.
42Investore Property Limited
Annual Report 2026
2.0 Property (continued)
2.2 Investment properties (continued)
A valuation is determined based on a range of unobservable inputs which are not freely available or explicit in the market and are developed by
analysing transactional data. The following table details the key unobservable inputs and the ranges adopted (excluding properties classified as
'Development and Other'), along with their sensitivity to significant increase or decrease:
Valuation input range
Fair value measurement
sensitivity to significant:
Significant inputDescription20262025
Increase
in input
Decrease
in input
Valuation
method
Cap rateThe cap rate is applied to the market
rental to assess an investment property’s
value. It is derived from detailed analysis
of factors such as comparable sales
evidence and leasing transactions in
the open market taking into account
location, tenant covenant - lease term and
conditions, WALT, size and quality of the
investment property.
5.38-12.00 %
5.63-11.00 %DecreaseIncreaseIncome
Capitalisation
Discount rateThe discount rate is applied to future
cash flows of an investment property to
provide a net present value equivalent. The
discount rate adopted takes into account
recent comparable market transactions,
prospective rates of return for alternative
investments and apparent risk.
6.00-12.50 %
6.25-10.75 %DecreaseIncreaseDiscounted
Cash Flow
Gross
market rental
The valuer’s assessment of gross market
rental for both occupied and vacant areas
of the investment property.
187-557 $/m²
194-560 $/m²IncreaseDecreaseIncome
Capitalisation
and
Discounted
Cash Flow
Rental growth rateThe rental growth rate applied to the
market rental in the 10-year cash
flow projection.
0.14-2.97 %
0.00-2.78 %IncreaseDecreaseDiscounted
Cash Flow
Terminal yieldThe rate used to assess the terminal value
of the property.
5.38-12.38 %
5.38-12.50 %DecreaseIncreaseDiscounted
Cash Flow
When calculating fair value using the Income Capitalisation method, the gross market rental has a strong interrelationship with the adopted cap
rate, given the methodology involves assessing the total gross market rental receivable from the investment property, deducting total outgoings
to achieve a net market rental and capitalising this in perpetuity to derive a capital value. An increase in the gross market rental and an increase
(softening) in the adopted cap rate could potentially offset the impact to the fair value. A decrease in the gross market rental and a decrease
(tightening) in the adopted cap rate could also potentially offset the impact to fair value. A directionally opposite change in the gross market rental
and the adopted cap rate could potentially magnify the impact to the fair value.
When assessing fair value using the Discounted Cash Flow method, the adopted discount rate and adopted terminal yield have a strong
interrelationship in deriving a fair value, given the discount rate will determine the rate at which the terminal value is discounted to the present value.
An increase (softening) in the adopted discount rate and a decrease (tightening) in the adopted terminal yield could potentially offset the impact to
the fair value. A decrease (tightening) in the adopted discount rate and an increase (softening) in the adopted terminal yield could also potentially
offset the impact to fair value. A directionally similar change in the adopted discount rate and the adopted terminal yield could potentially magnify
the impact to the fair value.
Annual Report 2026
Investore Property Limited43
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43
Annual Report 2026

2.0 Property (continued)
2.2 Investment properties (continued)
The estimated sensitivity of the fair value of the total investment property portfolio to changes in the cap rate and discount rate, assuming the cap
rate or discount rate moved equally on all the properties, is provided below (excluding properties classified as 'Development and Other'). The metrics
chosen are those where movements are likely to have the most significant impact on fair value.
Cap rate %Discount rate %
-0.25+0.25-0.25+0.25
As at 31 Mar 26
Change $000
48,870(45,020)24,430(23,080)
Change %
4(4)2(2)
As at 31 Mar 25 (Restated)
Change $00041,350(38,810)20,880(19,530)
Change %4(4)2(2)
The cap rate and discount rate sensitivities of investment properties for the year ended 31 March 2025 have been restated. The previous
sensitivities were simplified portfolio level calculations, while the restated disclosures reflect the sensitivities presented in the independent
valuations for each property and account for property specific factors and timing of cash flows where relevant. This resulted in:
•increased sensitivities of $(1.5) million (from $39.9 million to $41.4 million) for a 0.25% reduction in cap rate and $2.0 million (from
$(36.8) million to $(38.8) million) for an increase in cap rate of 0.25%.
•reduced sensitivities of $12.7 million (from $33.6 million to $20.9 million) for a 0.25% reduction in discount rate and $(11.9) million (from
$(31.4) million to $(19.5) million) for an increase in discount rate of 0.25%.
2.3 Capital expenditure commitments contracted for
As at 31 March 2026 (2025: no material commitments), Investore has committed to the following capital expenditure commitments:
•$5.1 million towards dedicated online pick-up areas at 309 Cumberland Street, Dunedin, of $1.8 million and 13-19 Queen Street, Upper Hutt,
of $3.3 million.
•$3.0 million towards a dedicated online pick-up area and store refurbishment at 47 Bay Road, Wellington.
•$3.4 million towards roofing projects at 507 Pakuranga Road, Auckland, and 3 Averill Street, Auckland.
•$2.6 million for various other capital expenditure.
44Investore Property Limited
Annual Report 2026
2.0 Property (continued)
2.4 Lease liabilities
Accounting Policy
Lease liabilities are measured based on the present value of the fixed and variable lease payments, less any cash lease incentives receivable.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as
to produce a constant rate of interest on the remaining balance of the liability for each period.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee's
incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset
of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Investore is committed under ten (2025: ten) operating leases where Investore is the lessee:
•Corner of Anglesea and Liverpool Streets, Hamilton (seven);
•Corner of Bridge and Anglesea Streets, Hamilton (one);
•70 Studholme Street, Morrinsville (one); and
•51 Arthur Street, Blenheim (one).
The leases relate to ground rent on leasehold properties and contain renewal and termination options exercisable only by Investore. In determining
the lease term, Investore considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a
termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
The lease term is re-assessed if an option is actually exercised (or not exercised) or Investore becomes obliged to exercise (or not exercise) it.
The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this
assessment, and that is within the control of the lessee.
20262025
Lease liabilities$000$000
Opening balance13,157
13,261
Cash lease payments
(957)
(957)
Finance lease interest
846
853
Closing balance
13,046
13,157
Current
118
111
Non-current
12,928
13,046
Total lease liabilities
13,046
13,157
Annual Report 2026
Investore Property Limited45
Investore Property LimitedInvestore Property LimitedAnnual Report 202644
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Annual Report 2026

3.0 Investor Returns
This section sets out Investore’s earnings per share, and how distributable profit is calculated. Distributable profit is a non-GAAP
measure (refer note 1.9) and is used by Investore to calculate profit available for distribution to shareholders by way of dividends.
3.1 Basic and diluted earnings per share (EPS)
Basic and diluted EPS amounts are calculated by dividing profit/(loss) after income tax attributable to shareholders by the weighted average
number of shares on issue.
20262025
$000$000
Profit after income tax attributable to shareholders31,705
38,350
Weighted average number of shares for the purpose of basic EPS
377,623
374,445
Basic EPS - weighted (cents)8.40
10.24
Profit after income tax attributable to shareholders for the purpose of diluted EPS32,612
38,350
Weighted average number of shares for the purpose of diluted EPS
408,174
374,445
Diluted EPS - weighted (cents)7.99
10.24
Profit after income tax attributable to shareholders for the purpose of diluted EPS has been adjusted to remove $1.9 million of finance expense
(net of tax) and $1.0 million of net change in fair value of convertible notes option as if the additional shares were issued on the issue date of the
convertible notes.
The weighted average number of shares for the purposes of diluted EPS has been adjusted for 30.6 million shares for the outstanding convertible
notes as at 31 March 2026, based on Investore's market price (as per the product disclosure statement issued by the Parent on 8 September 2025)
as at 31 March 2026, as if the additional shares were issued on the issue date of the convertible notes. The actual number of shares issued on
conversion may differ depending on the market price on the conversion date and utilisation of Investore's cash election option (refer note 5.1).
46Investore Property Limited
Annual Report 2026
3.0 Investor Returns (continued)
3.2 Distributable profit
Accounting Policy
Investore’s dividend policy is to target a cash dividend to shareholders that is between 80% and 100% of its distributable profit. Distributable
profit is presented to enable investors to see an earnings measure which more closely aligns to Investore’s underlying and recurring earnings
from its operations. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for determined
non-recurring and/or non-cash items (including non-recurring adjustments for incentives payable to anchor tenants for lease extensions) and
current tax.
AFFO is also a non-GAAP measure and is intended as a supplementary measure of operating performance. Although there is no standard
meaning or measure per GAAP, AFFO has been determined based on guidelines established by the Property Council of Australia. Cash spent
during the period on capital expenditure as part of maintaining a building's grade/quality, but not expensed as part of distributable profit after
current income tax, is adjusted to enable investors to see the cash generating ability of the business.
20262025
$000$000
Profit before income tax38,774
48,529
Non-recurring, non-cash and other adjustments:
Net change in fair value of investment properties
(264)
(12,125)
Reversal of lease liabilities movement in net change in fair value of investment properties
(111)
(104)
Gain on disposal of investment properties
(928)
(1,061)
Net change in fair value of interest rate derivatives
18
(171)
Net change in fair value of convertible notes option
(980)
-
Incentive to anchor tenant for early lease renewal
500
-
Spreading of fixed rental increases
(147)
324
Capitalised lease incentives net of amortisation
(610)
23
Borrowings establishment costs amortisation
1,196
756
Convertible notes option value amortisation
401
-
Rental guarantee income
332
73
Distributable profit before current income tax38,181
36,244
Current income tax excluding divestments (refer note 7.1)(7,483)
(7,762)
Adjusted for:
Tax expense on capitalised interest
-
(85)
Distributable profit after current income tax
30,698
28,397
Adjustments to funds from operations
Maintenance capital expenditure
(8,027)
(2,360)
Seismic works
-
(407)
Incentives and associated landlord works
(746)
(988)
AFFO
21,925
24,642
Weighted average number of shares for the purpose of basic distributable profit per share (000)
377,623
374,445
Basic distributable profit after current income tax per share - weighted (cents)8.13
7.58
AFFO basic distributable profit after current income tax per share - weighted (cents)5.81
6.58
Weighted average number of shares for the purpose of diluted distributable profit per share (000)
408,174
374,445
Distributable profit after current income tax for the purpose of diluted distributable profit per
share (000)31,961
28,397
AFFO for the purpose of diluted distributable profit per share (000)24,566
24,642
Diluted distributable profit after current income tax per share - weighted (cents)7.83
7.58
AFFO diluted distributable profit after current income tax per share - weighted (cents)6.02
6.58
Dilution adjustments have been applied in relation to the outstanding convertible notes on issue at reporting date, including the corresponding
impact of additional shares on distributable profit after current income tax. Adjustments relating to amortisation and changes in the fair value of the
convertible notes option, as applied in diluted EPS (refer note 3.1), have been excluded as these amounts are already added back in determining
distributable profit after current income tax.
Annual Report 2026
Investore Property Limited47
Investore Property LimitedInvestore Property LimitedAnnual Report 202646
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Annual Report 2026

4.0 Related Party Disclosures
This section sets out the transactions that have occurred during the relevant periods between Investore and SIML, as manager of
Investore, and Stride Property Limited (SPL), which owns a cornerstone shareholding in Investore. The shares in each of SIML and
SPL are stapled securities and together they comprise the Stride Property Group.
20262025
The following transactions with a related party took place$000$000
SIML
Asset management fee expense
(5,491)
(5,151)
Building management fee expense
(527)
(446)
Project management fee expense
(621)
(272)
Disposal fee expense
(159)
(396)
Accounting fee expense
(250)
(250)
Leasing fee expense
(524)
(253)
Convertible notes issuance expense
(100)
-
Project fee expense
(75)
-
Other fee expenses
(221)
(183)
Total
(7,968)
(6,951)
SPL
Dividends paid
(4,622)
(4,581)
Dividends reinvested
-
792
The following balance was payable to a related party
SIML
(434)
(141)
SPL
(76)
-
Other fee expenses include salary recovery expenses, maintenance and sustainability fees (2025: maintenance and sustainability fees).
Investore has appointed SIML as its exclusive provider of ongoing real estate investment management services. Investore does not have any
employees, and accordingly, there are no senior managers of Investore who have a relevant interest in the shares of Investore.
SIML did not receive a performance fee for the year ended 31 March 2026 (2025: $nil). The carried forward return for the performance fee
calculation for the quarter ending 30 June 2026 is a 5.6% deficit (2025: quarter ended 30 June 2025 31.4% deficit) which has been calculated in
accordance with the management agreement.
On 31 October 2025, Investore acquired the Silverdale Centre for $114.0 million from SPL (refer note 1.8).
As at 31 March 2026, SPL's shareholding in the Parent was 18.8%, being 71.1 million shares (2025: 18.8%, being 71.1 million shares).
Property insurance is generally arranged by SIML on behalf of Investore and other entities managed by SIML in order to optimise premium costs. The
premiums associated with Investore's insured properties are charged to Investore.
In the current year, Directors in total received dividends of $16,252 (2025: $14,319). Directors' fees recognised in administration expenses
comprise the following:
20262025
$000$000
Directors' fees
253
226
Chair's fees
111
107
364
333
No other benefits have been provided by Investore to a Director for services as a Director or in any other capacity, other than those amounts
disclosed above.
48Investore Property Limited
Annual Report 2026
5.0 Capital Structure and Funding
Investore's capital structure includes debt and equity, comprising shares and retained earnings as shown in the consolidated
statement of financial position. This section sets out Investore's funding exposure to interest rate risk and related
financing costs.
5.1 Borrowings
Accounting Policy
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost;
any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of
comprehensive income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities
unless Investore has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
The convertible notes are accounted for as a hybrid financial instrument comprising a debt component and an embedded conversion
option derivative. The debt component is subsequently measured at amortised cost. The convertible notes embedded financial derivative is
recognised at fair value with any gains or losses recognised in profit or loss as they arise.
Cashflows as a result of transfers between existing bank facilities are presented net within the consolidated statement of cash flows.
20262025
$000$000
Current
Fixed rate bonds
125,000
-
Unamortised borrowings establishment costs
(286)
-
Total current
124,714
-
Non-current
Bank facility drawn down
202,000
128,600
Fixed rate bonds
125,000
250,000
Convertible notes
62,500
-
Convertible notes - embedded financial derivative - option
2,230
-
Convertible notes - unamortised option value
(2,809)
-
Unamortised borrowings establishment costs
(2,382)
(1,452)
Total non-current
386,539
377,148
Total net borrowings
511,253
377,148
Weighted average cost of debt (inclusive of current interest rate derivatives, bonds, convertible notes, bank
margins and line fees) at balance date
4.17%
4.10%
Total
amount
Undrawn
facility
Drawn
amount
Fair
value
As at 31 Mar 26Issue dateExpiry dateInterest rate$000$000$000$000
Bank Facilities A, C, F31 May 2029Floating
130,000123,0007,0007,000
Bank Facilities B, D, E31 May 2030Floating
95,000-95,00095,000
Bank Facilities G, H31 Oct 2030Floating
100,000-100,000100,000
Bonds IPL02031 Aug 202031 Aug 20272.40%
125,000-125,000121,535
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000125,071
Convertible notes26 Sep 202526 Sep 20296.25%
62,500-62,50062,813
637,500123,000514,500511,419
As at 31 Mar 25
Bank Facilities A, B, C, D30 Nov 2028Floating225,00096,400128,600128,600
Bonds IPL02031 Aug 202031 Aug 20272.40%125,000-125,000116,761
Bonds IPL03025 Feb 202225 Feb 20274.00%
125,000-125,000122,456
475,00096,400378,600367,817
Annual Report 2026
Investore Property Limited49
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5.0 Capital Structure and Funding (continued)
5.1 Borrowings (continued)
Bank borrowings
Investore’s bank borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited, Bank of China Limited, Auckland
Branch, China Construction Bank Corporation, New Zealand Branch, Commonwealth Bank of Australia, New Zealand Branch, Industrial and
Commercial Bank of China Limited, Auckland Branch, and Westpac New Zealand Limited.
On 30 April 2025, Investore's $225.0 million bank debt facilities were refinanced, extending the maturity of each facility to either 31 May 2029 or
31 May 2030. On 30 October 2025, Investore's bank debt facilities increased by $100.0 million.
In accordance with the Green Finance Framework (Framework) the facilities are classified as green loan facilities. The Framework has been
developed to be consistent with the Asia Pacific Loan Market Association Green Loan Principles (2025) and International Capital Market Association
Green Bond Principles (2021 with June 2022 Appendix) and with consideration of the NZGBC Green Finance Guidance for Green Buildings (2024).
Fixed rate bonds
The fixed rate bonds are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date. Interest on the
7 year fixed rate bonds issued in 2020 (IPL020) and the 5 year fixed rate bonds issued in 2022 (IPL030) are payable quarterly in August, November,
February and May, in equal instalments.
Security
The bank borrowings and fixed rate bonds are managed through a security agent who holds a first registered mortgage on all the investment
properties owned by the Parent and the Subsidiary and a registered first ranking security interest under a General Security Deed over substantially
all the assets of the Parent and the Subsidiary.
Convertible notes
On 26 September 2025, Investore issued $62.5 million of subordinated convertible notes with a four-year term expiring on 26 September 2029,
paying a coupon rate of 6.25% per annum.
The convertible notes are quoted on the NZX Debt Market and their fair value is based on their listed market price as at balance date. Interest on the
4 year convertible notes is payable quarterly in December, March, June and September, in equal instalments.
The convertible notes are subordinated to all secured debt and will convert into ordinary shares in Investore subject to a cash election by Investore.
The cash election allows Investore to elect to instead pay a cash amount to noteholders at the end of the term in respect of some or all of the
notes. The number of shares into which each holding of notes converts will be determined by dividing the principal amount ($1.00 per note) by the
conversion price, which is the lesser of; the conversion price cap of $1.56 and a 2% discount to the market price. At conversion, noteholders will
receive a minimum value of approximately $1.02 for every $1.00 of principal amount.
The fair value of the convertible notes embedded financial derivative is determined using the Black-Scholes model with observable inputs such as
Investore's share price and its historic volatility, the convertible notes strike price and the risk-free rate. This measurement falls into Level 2 of the
fair value hierarchy.
20262025
Summary of net debt$000$000
Cash
4,720
5,406
Borrowings - current
(124,714)
-
Borrowings - non-current
(386,539)
(377,148)
Lease liabilities
(13,046)
(13,157)
Net debt
(519,579)
(384,899)
50Investore Property Limited
Annual Report 2026
5.0 Capital Structure and Funding (continued)
5.2 Derivative financial instruments
Accounting Policy
Interest rate derivatives (derivative financial instruments) are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently measured at their fair value at each reporting date. Fair value of over-the-counter derivatives, such as interest rate
derivatives, is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on
entity-specific estimates.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments
to ensure that an economic relationship exists between the hedged item and hedging instrument.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash
flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within the
consolidated statement of comprehensive income.
When a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity
and is recognised when the forecast transaction is ultimately recognised in profit or loss.
20262025
$000$000
Interest rate derivative contracts - fixed rate payer start dates commenced
100,000
30,000
Interest rate derivative contracts - fixed rate payer forward starting
100,000
125,000
Total notional principal value of interest rate derivative contracts
200,000
155,000
Interest rate derivative assets - current
-
142
Interest rate derivative assets - non-current
2,410
150
Interest rate derivative liabilities - non-current
(390)
(262)
Fair value of interest rate derivative contracts
2,020
30
Fixed interest rates payer (including forward starting interest rate derivatives)
2.98%-3.83%
2.84%-3.83%
Weighted average fixed interest rate (excluding margins, including forward starting interest rate derivatives)
2.55%
2.35%
Percentage of drawn debt fixed
80%
74%
During the year ended 31 March 2026, Investore entered into the following interest rate agreements:
•four year pay fixed agreements with a total notional value of $50.0 million, with effective dates of 31 October 2025; and
•two year pay fixed agreement with a notional value of $25.0 million and an effective date of 28 February 2027.
Investore enters into interest rate derivatives that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates,
maturities and notional amount. As all critical terms matched during the period, the economic relationship was 100% effective. Investore does not
hold derivative financial instruments for trading purposes.
The fair values of interest rate derivatives are determined from valuations prepared by independent treasury advisors using valuation techniques
classified as Level 2 in the fair value hierarchy (2025: Level 2). These are based on the present value of estimated future cash flows based on the
terms and maturities of each contract and the current market interest rates as at balance date. Fair values also reflect the current creditworthiness
of the derivative counterparties. The valuations were based on market rates at 31 March 2026 of between 2.54%, for the 90-day BKBM, and
4.32% for the 10-year swap rate (2025: 3.61% and 4.11%, respectively). There were no changes to these valuation techniques during the
reporting period.
The following sensitivity illustrates the impact on equity as a result of the change in fair value of the interest rate derivatives and shows the effect if
the market interest rates had been 0.25% higher or lower, with other variables remaining constant. There is no impact on profit for the current or
comparative year.
20262025
Gain/(loss) on
+0.25%
Gain/(loss) on
-0.25%
Gain/(loss) on
+0.25%
Gain/(loss) on
-0.25%
$000$000$000$000
Impact on equity1,036(1,045)
595(602)
Annual Report 2026
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5.0 Capital Structure and Funding (continued)
5.3 Net finance expense
Accounting Policy
Interest income is recognised on a time-proportional basis using the effective interest rate.
Where Investore borrows funds specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs capitalised are the
actual borrowing costs incurred on that borrowing, less any investment income on the temporary investment of those borrowings. A qualifying
asset is one that takes six months or longer to prepare for its intended use or sale. Where Investore borrows funds generally and uses them
to fund a qualifying asset, the amount of borrowing costs capitalised is determined by applying a capitalisation rate to the expenditure on that
asset. The capitalisation rate is the weighted average of the borrowing costs applicable to the borrowings that are outstanding during the
period, other than borrowings made specifically for the purpose of funding a qualifying asset.
Other interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of borrowings are amortised
over the term of the relevant borrowings.
20262025
$000$000
Finance income
Bank interest income
31
217
Total finance income
31
217
Finance expense
Bank borrowings interest
(8,649)
(10,123)
Bank borrowings interest capitalised
-
302
Fixed rate bonds interest
(8,519)
(8,748)
Convertible notes interest
(2,641)
-
Lease liabilities interest
(846)
(853)
Total finance expense
(20,655)
(19,422)
Net finance expense
(20,624)
(19,205)
5.4 Share capital
There is only one class of shares, being ordinary shares, and they rank equally with each other. All issued shares are fully paid and have no par value.
Investore had 377,623,361 shares on issue as at 31 March 2026 (2025: 377,623,361).
5.5 Reserve
20262025
Cash flow hedge reserve$000$000
Opening balance(36)
816
Movement in fair value of interest rate derivatives
2,139
(1,117)
Tax on fair value movement
(594)
265
Transferred to profit or loss
-
-
Closing balance
1,509
(36)
Gains and losses recognised in the cash flow hedge reserve in equity, on interest rate derivative contracts as at 31 March 2026, will be reclassified
in the same period in which the hedged forecast cash flows affect profit or loss, until the repayment of the underlying borrowings.
5.6 Capital risk management
Investore’s objectives when managing capital are to safeguard Investore’s ability to continue as a going concern in order to provide returns for
shareholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, Investore
may adjust the amount of dividends paid to shareholders, operate a dividend reinvestment plan, return capital to shareholders, buy back shares,
issue new shares or sell assets to reduce borrowings. As part of its capital risk management, Investore is required to comply with covenants (interest
cover ratio, loan to value ratio and green loan ratio) imposed under its banking facilities and its fixed rate bonds. The Board regularly monitors these
covenants and provides six monthly compliance certificates to the banks and the Bond Supervisor as part of this process. Investore has complied
with these covenants during the relevant periods.
52Investore Property Limited
Annual Report 2026
6.0 Risk Management
This section sets out Investore's exposure to financial assets and liabilities that potentially subject Investore to financial risk and
how Investore manages those risks.
6.1 Financial instruments
A financial instrument is recognised if Investore becomes a party to the contractual provisions of the instrument. Financial assets are de-recognised
if Investore’s contractual rights to the cash flows expire, or if Investore transfers them without retaining control or substantially all risks and rewards
of the asset. Financial liabilities are de-recognised if Investore’s obligations specified in the contract are extinguished.
Investore classifies its financial assets and financial liabilities in the following measurement categories:
•those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss); and
•those to be measured at amortised cost.
Classification is determined at initial recognition and this designation is re-evaluated at every reporting date.
The carrying values of all financial assets and liabilities in the consolidated statement of financial position approximate their estimated fair values,
apart from the fixed rate bonds and convertible notes (refer note 5.1).
The following financial assets and liabilities that potentially subject Investore to financial risk have been recognised in the financial statements:
20262025
Summary of financial instruments$000$000
Financial assets at amortised cost
Cash
4,720
5,406
Debtors and other receivables
720
713
Other current assets
1,922
5,377
Total financial assets at amortised cost
7,362
11,496
Held at fair value through profit and loss
338
350
Derivative financial instruments
Used for hedging
2,410
292
Total financial assets
10,110
12,138
Financial liabilities at amortised cost
Trade and other payables
8,898
14,061
Lease liabilities
13,046
13,157
Borrowings
509,023
377,148
Total financial liabilities at amortised cost
530,967
404,366
Derivative financial instruments
Used for hedging
390
262
Held at fair value through profit and loss
2,230
-
Total financial liabilities
533,587
404,628
6.2 Financial risk management
Investore’s activities expose it to a variety of financial risks: credit risk, interest rate risk and liquidity risk. Part of Investore’s overall risk management
strategy focuses on minimising the potential negative economic impact of unpredictable events on its financial performance.
Risk management is the responsibility of the Board. The Board identifies and evaluates financial risks in close co-operation with SIML management.
The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments, and investing excess liquidity.
Annual Report 2026
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Annual Report 2026

6.0 Risk Management (continued)
6.3 Credit risk
Investore incurs credit risk from debtors and transactions with financial institutions including cash balances and interest rate derivatives.
The risk associated with debtors is managed with a credit policy which includes performing credit evaluations on customers requiring credit and
ensures that only those customers with appropriate credit histories are provided with credit. In addition, receivable balances are monitored on an
ongoing basis, with the result that Investore’s exposure to bad debts is not significant.
Two of Investore's tenants, Woolworths and Bunnings Limited (Bunnings), contribute a significant portion of Investore’s portfolio contract rental,
resulting in Investore being exposed to a significant concentration of credit risk. Both tenants are large national retailers, operating in a number of
locations in New Zealand.
The risk from financial institutions is managed by placing cash and deposits with high credit quality financial institutions only. Investore has placed its
cash and deposits with Westpac New Zealand Limited, which is AA- rated (Standard & Poor’s).
With respect to the credit risk arising from interest rate derivative agreements, there is limited risk as all counterparties are registered banks in
New Zealand whose credit ratings are all AA- (Standard & Poor’s).
Financial assets held at fair value through profit or loss are considered to hold limited risk as the amount of exposure is not significant.
Investore is not exposed to any other concentrations of credit risk. The maximum exposure to credit risk is the carrying amount of each class of
financial assets as reported in note 6.1.
6.4 Interest rate risk
As Investore has no significant interest bearing assets, its operating income is substantially independent of changes in market interest rates.
Investore’s interest rate risk arises from bank borrowings (refer note 5.1) which are issued at variable rates and expose Investore to cash flow
interest rate risk. Investore's long term interest rate hedging policy provides bands that are applied on a rolling basis, which provide for both a
high level of fixed interest rate cover over the near term, as well as a lengthy period of known fixed interest rate cover for a portion of term debt.
Investore manages its cash flow interest rate risk by predominately using floating to fixed interest rate derivatives which have the economic effect of
converting bank borrowings from floating to fixed rates.
As Investore holds interest rate derivatives, there is a risk that their economic value will fluctuate because of changes in market interest rates. The
value of interest rate derivatives is disclosed in note 5.2. At balance date, the total drawn debt was 80% fixed (2025: 74% fixed). The impact on
Investore's profit or loss as a result of a reasonably possible change in interest rates is not material.
Investore’s exposure to variable interest rate risk and the weighted average interest rate for interest bearing financial assets and liabilities is
as follows:
20262025
Interest rates applicable at balance date$000$000
Cash at bank
0.05%
0.55%
Bank borrowings
3.40%
4.77%
Weighted average cost of debt (inclusive of current interest rate derivatives, bonds, convertible notes, bank
margins and line fees)
4.17%
4.10%
Debtors and other receivables and trade and other payables are interest free and have settlement dates within one year. All other assets and
liabilities are non-interest bearing.
54Investore Property Limited
Annual Report 2026
6.0 Risk Management (continued)
6.5 Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit
facilities, and the ability to close out market positions. Investore’s liquidity position is monitored by SIML on a regular basis and is reviewed quarterly
by the Board to ensure compliance with internal policies and covenants per Investore’s banking facilities and fixed rate bonds.
Investore generates sufficient cash flows from its operating activities to meet its obligations arising from its financial liabilities and has the bank
facilities available to cover potential shortfalls (refer note 5.1). The following table outlines Investore’s liquidity profile, as at 31 March, based on
contractual undiscounted cash flows.
Total0-6 mths6-12 mths1-2 yrs2-5 yrs>5 yrs
$000$000$000$000$000$000
As at 31 Mar 26
Trade and other payables
8,8988,898----
Bank borrowings
227,3133,0952,8804,203217,135-
Fixed rate bonds
258,7644,000128,514126,250--
Convertible notes
77,3781,9531,9533,90669,566-
Lease liabilities
14,7214984609572,78810,018
Derivative financial instruments
15,4661,6721,9806,1405,674-
602,54020,116135,787141,456295,16310,018
As at 31 Mar 25
Trade and other payables14,06114,061----
Bank borrowings147,5123,3733,2025,705135,232-
Fixed rate bonds266,7644,0004,000132,514126,250-
Lease liabilities15,6794984609572,83210,932
Derivative financial instruments
9,4824346842,0886,276-
453,49822,3668,346141,264270,59010,932
Annual Report 2026
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Annual Report 2026

7.0 Other
This section contains additional information to assist in understanding the financial performance and position of Investore.
7.1 Tax
Accounting Policy
Income tax expense comprises current and deferred tax and is recognised in the consolidated statement of comprehensive income for the
year. Current and deferred tax is calculated on the basis of the laws enacted or substantively enacted at the reporting date.
The Parent is a listed Portfolio Investment Entity for the purposes of the Income Tax Act 2007 and is required to pay tax to Inland Revenue as
required by the Income Tax Act 2007.
20262025
Income tax$000$000
Current tax expense excluding divestments
(7,483)
(7,762)
Current tax expense on divestments
(2)
(109)
Deferred tax benefit/(expense)
416
(2,308)
Income tax expense per the consolidated statement of comprehensive income
(7,069)
(10,179)
Profit before income tax38,774
48,529
Prima facie income tax using the company tax rate of 28%(10,857)
(13,588)
Decrease/(increase) in income tax due to:
Net change in fair value of investment properties
74
3,395
Gain on disposal of investment properties
260
297
Reversal of lease liabilities movement in net change in fair value of investment properties
31
29
Net change in fair value of interest rate derivatives
(5)
48
Net change in fair value of convertible notes option
274
-
Assessable income
(93)
(20)
Non-taxable income
47
35
Other permanent differences
105
163
Depreciation
2,730
1,936
Non-deductible expenses
(215)
(250)
Expenditure deductible for tax
208
85
Temporary differences
(42)
23
Prior year adjustment
-
85
Current tax expense excluding divestments
(7,483)
(7,762)
Current tax expense on divestments(2)
(109)
Current tax expense total(7,485)
(7,871)
Investment properties depreciation
516
(2,334)
Other temporary differences
(100)
26
Deferred tax credited/(charged) to profit or loss
416
(2,308)
Income tax expense per the consolidated statement of comprehensive income
(7,069)
(10,179)
Imputation credits available for use in subsequent reporting periods
1,379
1,728
Imputation credits available for use in subsequent reporting periods are based on a rate of 28% and represent the balance of the imputation credit
account as at the end of the reporting period, adjusted for imputation credits arising from provisional income tax paid.
56Investore Property Limited
Annual Report 2026
7.0 Other (continued)
7.1 Tax (continued)
Accounting Policy
Deferred tax is provided, using the liability method, on all temporary differences between the tax base of assets and liabilities and their carrying
amounts for financial reporting purposes. Temporary differences include:
•tax liability arising from accumulated depreciation claimed on investment properties, where applicable;
•tax liability arising from certain prepayments and other assets; and
•tax asset/liability arising from the unrealised gains/losses on the revaluation of interest rate derivatives.
For deferred tax liabilities or assets arising on investment property measured at fair value, it is assumed that the carrying amounts of the
investment property will be recovered through sale. Investment properties are independently valued each year and the valuation includes a
split between the land and building components. Deferred tax is provided on the depreciation claimed to date on the building component of
the investment properties and this places reliance on the valuation split provided by the valuers.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and when the deferred tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
20262025
$000$000
Deferred tax assets
Derivative financial instruments
97
73
Other temporary differences
57
157
154
230
Deferred tax liabilities
Depreciation on investment properties
(2,185)
(2,701)
Derivative financial instruments
(684)
(66)
(2,869)
(2,767)
Net deferred tax liability
(2,715)
(2,537)
7.2 Corporate expenses
20262025
$000$000
Administration expenses includes:
PricewaterhouseCoopers' remuneration
Audit and review of financial statements
226
192
Other assurance and related services - tenancy marketing and operating expenditure audits
24
19
Total PricewaterhouseCoopers' remuneration
250
211
There are no non-assurance services provided by PricewaterhouseCoopers (2025: nil).
Annual Report 2026
Investore Property Limited57
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7.0 Other (continued)
7.3 Debtors and other receivables
Accounting Policy
Debtors and other receivables are recognised at their fair value and subsequently measured at amortised cost using the effective interest rate
method. Investore has applied the simplified approach to measuring expected credit loss as prescribed by NZ IFRS 9 Financial Instruments,
which uses a lifetime expected loss allowance. A loss allowance is made when there is objective evidence (such as the probability of insolvency
or significant financial difficulties of the debtor) that Investore will not be able to collect all of the amounts due under the original terms of
the invoice.
20262025
$000$000
Current
Debtors and other receivables
1,024
998
Less loss allowance
(304)
(285)
720
713
Rental guarantee receivable
338
350
1,058
1,063
Less than 30 days due
758
811
Over 30 days due
300
252
Carrying amount
1,058
1,063
7.4 Trade and other payables
Accounting Policy
Trade and other payables represent unsecured liabilities for goods and services provided to Investore prior to the end of the financial period
which are unpaid. Trade and other payables are usually paid within 30 days of recognition. The carrying amounts of trade and other payables
are assumed to be the same as their fair values, due to their short-term nature.
20262025
$000$000
Current
Unsecured liabilities
Trade payables
791
488
Related party payables (refer note 4.0)
510
141
Development and capital expenditure payables and accruals
3,465
11,003
Prepaid rental income
1,578
1,231
Property operating expense accruals
998
277
Retention accruals
271
192
Interest expense accruals
1,351
1,005
Other accruals and payables
1,713
1,263
10,677
15,600
Certain comparative amounts have been reclassified to conform with the current year's presentation.
Other accruals and payables include Goods and Services Tax, tenant deposits and other corporate expense accruals.
7.5 Operating segments
Investore is reported as a single operating segment, which is consistent with the internal reporting provided to the chief operating decision-maker,
identified as the Board. Investore’s revenue streams are earned from investment properties owned in New Zealand, with 47% (2025: 38%) of
Investore's portfolio contract rental being derived from Auckland as at 31 March 2026. As a result, the performance of the portfolio may be affected
by economic conditions, property market cycles, natural events, or regulatory changes impacting this region. Two tenants contribute more than
10% of Investore’s portfolio contract rental as at 31 March 2026: Woolworths contributes 53% (2025: 62%); and Bunnings contributes 18%
(2025: 17%).
58Investore Property Limited
Annual Report 2026
7.0 Other (continued)
7.6 Subsequent events
On 20 May 2026, Investore entered into an unconditional agreement to dispose of the property at 326 Great South Road, Auckland, for a price of
$35.9 million. Settlement is expected to occur early June 2026.
On 21 May 2026, the Parent declared a cash dividend for the period 1 January 2026 to 31 March 2026 of 1.625 cents per share, to be paid on
10 June 2026 to all shareholders on the Parent’s register at the close of business on 29 May 2026. This dividend will carry imputation credits of
0.365265 cents per share. This dividend has not been recognised in the financial statements.
There have been no other material events subsequent to balance date.
Annual Report 2026
Investore Property Limited59
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Annual Report 2026

...,
pwc
Independent auditor’s report
To the shareholders of Investore Property Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of Investore Property Limited (the Company),
including its controlled entities (the Group), present fairly, in all material respects, the financial position of the Group as at 31 March 2026, its
financial performance, and its cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
•the consolidated statement of financial position as at 31 March 2026;
•the consolidated statement of comprehensive income for the year then ended;
•the consolidated statement of changes in equity for the year then ended;
•the consolidated statement of cash flows for the year then ended; and
•the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing
(ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board (PES 1) and
the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities. We have also fulfilled our
other ethical responsibilities in accordance with PES 1 and the IESBA Code.
Other than in our capacities as auditor and assurance practitioner, we have no other relationship with, or interests in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the
current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
pwc.co.nz
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
+64 9 355 8000
60Investore Property Limited
Annual Report 2026
Independent auditor’s report (continued)
Description of the key audit matterHow our audit addressed the key audit matter
Valuation of investment properties
As disclosed in Note 2.2 of the financial statements,
the valuation of the Group’s investment properties
totalled $1.128 billion (excluding lease liabilities),
which represents the majority of the assets held by the
Group as at 31 March 2026.
The valuation of the Group’s property portfolio is
inherently subjective due to, amongst other factors,
the individual nature of each property, location and
the expected future rental income of each property.
A relatively small percentage difference in any one of
the key individual assumptions used in the property
valuations, as disclosed in Note 2.2, when aggregated,
could result in a material misstatement of the overall
valuation of investment properties. Considering the
significance of investment property to the Group, this is
a key audit matter.
The valuations were performed by independent
registered valuers (the Valuers) engaged by Stride
Investment Management Limited (the Group’s
Manager). The Valuers are rotated for individual
properties on a three-yearly cycle.
In determining a property’s valuation, the Valuers
predominantly used two approaches to determine
the fair value of an investment property: the Income
Capitalisation approach and the Discounted Cash Flow
approach to arrive at a range of valuation outcomes,
from which the Valuers derive a point estimate.
For each property, the Valuers took into account
property-specific information such as the current
tenancy agreements and rental income earned by the
asset as well as recent comparable transactions where
available. They then applied assumptions in relation to
capitalisation rate, discount rate, gross market rental,
rental growth rate and terminal yield. For properties
that require seismic strengthening works, the valuation
incorporated an additional seismic capital expenditure
and a profit and risk allowance (where applicable).
In assessing the individual valuations, we performed the procedures outlined below.
We held discussions with the Group’s Manager to understand:
•the movements in the Group’s investment property portfolio;
•changes in the condition of each property;
•the impact of climate change and related risks on the portfolio; and
•the controls in place over the valuation process.
We read the valuation reports for all properties. We also held separate discussions
with each of the Valuers in order to gain an understanding of the assumptions and
estimates used and the valuation methodology applied. We also sought to understand
and consider restrictions imposed on the valuation process (if any) and the market
conditions at the balance date.
We evaluated the Valuers’ professional qualifications and experience relevant to
the Group’s portfolio and considered their objectivity, including consideration of
relationships and services provided.
Our work over the assumptions focused on the properties in the portfolio where the
assumptions used and/or year-on-year fair value movement suggested a possible
outlier versus market data. On a sample basis, we:
•obtained an understanding of the key valuation inputs;
•agreed contractual rental and lease terms to lease agreements with tenants; and
•considered whether seismic assessments and/or capital maintenance
requirements had been taken into account in the valuations with reference to
supporting documentation.
On a sample basis, an in-house auditor’s valuation specialist assisted us by providing
input on the appropriateness of valuation methods and the reasonableness of key
assumptions used by the Valuers.
We considered whether or not there was bias in determining significant assumptions
in individual valuations.
We assessed whether the valuation approaches applied were consistent with the
Group’s accounting policies and the applicable financial reporting framework.
We also considered the appropriateness of disclosures made in the
financial statements.
Our audit approach
Overview
Overall group materiality: $1,900,000, which represents approximately 5% of profit before income tax excluding the net change
in fair value of investment properties.
We chose profit before income tax excluding the net change in fair value of investment properties as the benchmark because,
in our view, it is the benchmark against which the performance of the Group is most commonly measured by users, and is a
generally accepted benchmark.
We performed a full scope audit over the consolidated financial information of the Group.
As reported above, we have one key audit matter, being:
•Valuation of investment properties.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular,
we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making
assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override
of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Annual Report 2026
Investore Property Limited61
Materiality
Group
Scoping
Key Audit
Matters
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Independent auditor’s report (continued)
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance about whether the
financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the
financial statements as a whole as set out above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the
financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole,
taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, but does not
include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of audit opinion or assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial statements in accordance with
NZ IFRS and IFRS Accounting Standards, and for such internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might state those matters
which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our audit work, for this report, or for the
opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:
PricewaterhouseCoopersAuckland
21 May 2026
62Investore Property Limited
Annual Report 2026
Woolworths, Waimakariri Junction
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Corporate
Governance
Noel Leeming, Silverdale Centre
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Corporate Governance
Overview of Investore
Investore is a New Zealand incorporated company whose
fully paid ordinary shares are quoted on the NZX Main Board
equity securities market under the ticker code ‘IPL’. Investore
has a ‘non-standard’ (NS) designation due to certain waivers
that have been granted from the Listing Rules, which reflect
the nature and operations of Investore. These waivers are
described on page 100.
Investore was established by Stride Property Limited (SPL)
as a separate listed company in 2016, with a mandate
to invest in large format retail property throughout New
Zealand. In October 2025, Investore shareholders voted to
expand Investore’s mandate to include convenience-based
retail property.
In August 2021, Investore acquired all of the shares in
Investore Property (Carr Road) Limited, which owns the
property at 4 Carr Road, Mount Roskill, Auckland. This
Corporate Governance section refers to Investore and its
subsidiary, Investore Property (Carr Road) Limited.
Investore is a listed Portfolio Investment Entity (PIE) for
taxation purposes.
Investore’s properties and operations are externally
managed by Stride Investment Management Limited (SIML),
a real estate investment management business that is part
of the NZX-listed stapled group, Stride Property Group
(Stride). SIML, as Manager, has appointed two Directors to
the Investore Board, Tim Storey and Ross Buckley.
Investore does not have any employees and has appointed
SIML as the manager of Investore’s portfolio and its
business pursuant to a Management Agreement. Under
this Management Agreement, SIML is responsible for the
management and maintenance of Investore’s property
portfolio and its business, negotiating the acquisition
and disposal of property, development management,
sustainability initiatives, treasury and capital management,
and ensuring Investore meets its financial, reporting, and all
other statutory and regulatory obligations.
Corporate Governance
Investore’s corporate governance framework and practices
are materially consistent with the NZX Code, subject to the
following exceptions, which are consistent with practices
reported in previous years’ Annual Reports:
• A Remuneration Policy has not been adopted (NZX Code
Recommendation 5.2), as Investore does not have any
employees. Director remuneration is considered by the
Board as a whole and then recommended to shareholders
for approval.
• As there is no Chief Executive of Investore, the
requirement to disclose the remuneration arrangements
in place for the Chief Executive does not apply (NZX Code
Recommendation 5.3).
Investore’s Website: For additional information on
Investore’s corporate governance framework or to
obtain a copy of Investore’s key policies and charters,
please refer to the Investor Centre on Investore’s
website at www.investoreproperty.co.nz.
The Investore Board has established a framework of policies, practices and
processes as part of its governance framework that are intended to ensure that
Investore implements best practice standards of corporate governance. The Board
sets the strategic direction and objectives for the business and identifies and
manages risks. This section of the Annual Report provides an overview of those
corporate governance policies, practices and processes adopted and followed by
Investore and includes commentary on Investore’s compliance with each of the
corporate governance principles and recommendations outlined in the NZX Code
for the year ended 31 March 2026. This statement is current as at 1 May 2026.
Diagram 1: Governance Framework
External Stakeholders
External Auditor
Investore Board of Directors


ShareholdersNoteholdersBondholders
Management Agreement
Audit and Risk Committee
Risk Management
/Internal Controls
Delegations of Authority
Other SIML
Managed Fund
Other SIML
Managed Fund
(3x Independent Directors and
2x SIML Nominee Directors)
SIML/Manager
SIML CEO/Management
Appointment of
Independent
Directors
Accountability
Risk Management Framework
SPL 18.8%
(as at 31 March 2026)
Other SIML
Managed Fund
Investore
Convenience-Based
Retail
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Principle 1: Ethical Standards
Code of Ethics
Investore has adopted a Code of Ethics which sets the
standard expected by Investore of its Directors and the
employees of the Manager when conducting business on
behalf of Investore. The Code of Ethics also outlines internal
reporting procedures if a Director or an employee of the
Manager becomes aware of, or suspects, a breach of
the Code.
This ethics-based approach to Investore’s operations and
decision-making is reinforced through a number of policies
in addition to the Code of Ethics, which can be accessed
on Investore's website www.investoreproperty.co.nz as
well as accessed on the SIML intranet by employees of the
Manager. Employees are regularly provided with training in
relation to the Code of Ethics and its supporting policies.
Investore’s Code of Ethics is available in the Investor Centre
on Investore’s website, www.investoreproperty.co.nz.
The Board reviews the Code of Ethics at least every two
years to ensure it remains appropriate and continues to set
the standard of ethical behaviour expected by Investore of its
Directors and employees of the Manager when conducting
business on behalf of Investore. The Code of Ethics was last
reviewed by the Investore Board in March 2026.
Conflicts of Interest
The Board is very aware of the risks posed by actual or
perceived conflicts of interest, and the management of
these is an integral feature of Investore’s day-to-day
governance practices. This is particularly pertinent given
the relationship between Investore, Stride and other entities
managed by SIML.
SIML has adopted a Conflicts of Interest Policy which
Investore has approved, and which guides SIML in identifying
and managing conflicts of interest in its operations, including
its management of the business of Investore and other
entities managed by SIML.
Protected Disclosures Policy
Investore does not have a whistleblower policy, as it has no
employees. SIML has a Protected Disclosures Policy which
provides a safe process for SIML employees to make an
allegation of serious wrongdoing within Investore, Stride
and/or any other entities managed by SIML. Regular training
is provided by SIML, the Manager, to its employees in
relation to the Protected Disclosures Policy. The Protected
Disclosures Policy is available on Stride’s website, in the
Investor Centre www.strideproperty.co.nz/investor-centre/.
Key Principles Underpinning Investore’s
Code of Ethics
Act with honesty and personal integrity and demonstrate
respect for others
Act in the best interests of Investore, protect its assets,
resources and property, including its confidential or
sensitive information
Ensure compliance with all applicable laws, regulations,
rules and policies
Ensure all documentation and records are accurate
Make health and safety a priority
Make every effort to protect the reputation of Investore
and avoid a conflict between an individual’s private
financial activities and the business activities of Investore
Securities Trading Policy
The Board has adopted a Securities Trading Policy which
contains processes and procedures governing trading in
Investore securities. The Securities Trading Policy reinforces
awareness of the insider trading provisions contained within
the Financial Markets Conduct Act 2013 as well as additional
internal compliance requirements. Directors of Investore and
Stride and employees of SIML who wish to trade in quoted
financial products of Investore must comply with Investore’s
Securities Trading Policy. The Policy imposes limited trading
windows and requires prior approval before any trading
can occur. Speculative trading and shadow insider trading
are not permitted. A minimum hold period of six months
for any Investore securities acquired is imposed, except
in exceptional circumstances and only with prior approval.
SIML employees are regularly reminded of the obligations
regarding trading in Investore securities and given
notification of the trading windows when applicable.
Investore’s Securities Trading Policy is available
in the Investor Centre on Investore’s website,
www.investoreproperty.co.nz.
The Code of Ethics also provides that Directors of Investore
and SIML employees are prohibited from using confidential
or non-public corporate information to trade in Investore
securities or to advance their own personal interests.
Directors should set high standards of ethical behaviour, model this behaviour
and hold management accountable for these standards being followed
throughout the organisation.
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Principle 2: Board Composition and Performance
The Board is responsible for overseeing the effective
management and operation of Investore. The Board’s role
is to represent the interests of Investore’s stakeholders and
ensure that the operations of Investore are managed in a
way that is consistent with the achievement of Investore’s
strategy and business objectives, within a framework of
regulatory, legal and ethical compliance.
The Board’s roles and responsibilities are formalised in its
Board Charter, which is available in the Investor Centre on
Investore’s website, www.investoreproperty.co.nz. The
Board Charter outlines the functions that are solely reserved
for the Board and those that are formally designated to
SIML, as Manager.
The Board reviews the Board Charter annually, to ensure it
remains consistent with the Board’s objectives, roles and
responsibilities and to ensure it maintains an appropriate
balance between governance matters for which the Board
retains responsibility, and operational matters which
have been delegated to SIML, as Manager. As part of the
Board Charter, the Board commits to maintaining the
highest standards of governance, operational quality and
accountability in order to promote investor confidence.
The Board retains responsibility for setting the strategic
direction of Investore and overseeing the performance of
Investore and communications to the market. The Board
delegates the day-to-day management of Investore’s
business to SIML, as Manager, by way of a Management
Agreement. The Management Agreement ensures SIML
has appropriate operating parameters through formal
delegations of authority. The relationship between the Board
and SIML and their respective roles and responsibilities is
depicted in Diagram 2.
To ensure an effective board, there should be a balance of
independence, skills, knowledge, experience and perspectives.
Board sets strategic direction,
operating frameworks and overall
governance
SIML implements the Board’s
strategy and follows approved
policies and procedures
Board oversees operations of
Investore and implementation
of strategic objectives and
performance
Oversees development of
strategic direction
Makes recommendations to the
Board on Company strategy
and initiatives
Oversees adoption and
communication of strategic
direction and initiatives
Ensures Investore has adequate
resources to meet its objectives
and obligations
Adopts policies, processes and
systems to ensure the business of
Investore is operated in an honest,
ethical, safe and responsible
manner
Ensures Investore is meeting its
legal, regulatory, financial reporting
and other statutory obligations
Oversees implementation and
receives reports on policies,
processes and systems
Adopts and reviews an appropriate
risk management framework
Manages risk in accordance
with the risk appetite adopted by
the Board
Oversees implementation
of effective audit and risk
management systems
Delegates day-to-day operations
to SIML within a formal delegation
of authority
Oversees day-to-day operations of
Investore’s portfolio and properties
and reports to the Board on
Investore’s operating performance;
prepares budgets and business
plans for Board approval
Implements health and safety
policies and procedures and
sustainability initiatives
Reviews and approves budgets,
major capital expenditure, business
plans, dividend policy and financial
forecasts and oversees Investore’s
capital management, monitors
the financial performance of
Investore and oversees accounting
and reporting systems (including
external audit)
Sets and monitors Investore’s
sustainability policy and health
and safety policy framework
and reviews and approves the
integration of environmental, social
and health and safety principles
into the governance of Investore
Appoints the
Chair of the Board
Implements a formal and
transparent process for Director
remuneration reviews
Reviews and approves market
communications and oversees
continuous disclosure obligations
Diagram 2: Board and Manager Roles and Responsibilities
Silverdale Centre, Auckland
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Appointment of Independent Directors
The procedure for the appointment of Independent Directors
to the Board is outlined in the Board Charter. Potential
candidates for appointment as an Independent Director are
either nominated by the Board or Investore shareholders,
and in both instances are voted on by the shareholders of
Investore. If a vacancy on the Board exists, the Board may
appoint a Director to fill that casual vacancy, however that
Director is required to retire and stand for election at the first
Annual Shareholder Meeting after their appointment.
To be eligible for selection, candidates must demonstrate
the appropriate qualities and experience for the role of
a Director of Investore and will be selected on a range of
factors, including property industry knowledge, business
acumen, financial markets and governance experience.
Other relevant factors may include background,
qualifications, diversity, and professional expertise. These
will be considered against the Board’s assessment of its
needs at the time, including any perceived gaps in skills and
experience that the Board identifies having regard to the
strategic direction of Investore.
Before appointing a new Director, the Board undertakes
appropriate pre-appointment checks, including background
checks on character, education, employment experience,
criminal history, and bankruptcy.
Shareholders are provided with key information about a
candidate to help in their decision-making on whether to
elect or re-elect the Independent Director in the Notice of
Annual Shareholder Meeting (including any material adverse
information the checks described above have revealed and,
if the candidate is standing for re-election, information about
the term of office served by that candidate).
All new non-executive Directors are appointed by way
of a formal letter of appointment, including their term of
appointment, expectations of the Directors in their role,
expected time commitment, remuneration entitlements
and indemnity and insurance arrangements. The letter of
appointment also requires Directors to comply with all of
Investore’s policies and charters, advises Directors of their
ongoing right to access corporate information (including
the right to access information for regulatory or litigation
purposes and sets out ongoing confidentiality obligations).
As part of their appointment process, new Directors are also
asked to disclose all interests so that these may be entered
into the Board’s interests register.
Disclosures of interest made by Directors during FY26 are
shown in Table 7 on page 91, while the ownership interests of
Directors in Investore shares is set out on page 92.
New Directors are provided with an induction pack
containing key governance information and other relevant
information necessary to prepare new Directors for their
role. New Directors also meet each of the key members of
SIML management as part of an induction programme. The
induction programme has been designed to provide new
Directors with an overview of Investore, its strategy and
operations, and the market in which it operates.
No new Directors were appointed during FY26.
Future Director
Caroline Plowman has remained in her appointment as
a Future Director during FY26 through the Institute of
Directors' Future Directors Programme. The Programme is
designed to offer practical Board experience to appointees
and the Board mentors and supports Caroline through her
governance journey. As a Future Director, Caroline does
not have any of the roles and responsibilities of a Director,
including voting rights and decision-making powers, and
does not form part of a quorum for a Board meeting.
Directors’ Skills and Experience
The Board regularly reviews its skills and experience against
the Board’s perceived skill requirements given Investore’s
business and strategic requirements. Directors’ skills and
experience are also closely considered when appointing
a new Director, so that an appropriate mix of skills can be
retained and any perceived gaps in skills can be filled.
The Board is conscious to ensure that collectively it has
an appropriate mix of skills, knowledge, experience, and
diversity to enable the Board to meet its responsibilities
and contribute varying perspectives to Board discussions.
An appropriate balance is sought between Directors with
experience and knowledge of the property sector, the history
and operations of Investore, and new Directors who bring
fresh thinking, different perspectives, and diverse skills and
experience.
Individual Director profiles including their Investore
Committee memberships, expertise and experience and
in the case of the Independent Directors, their date of
appointment, are set out on Investore’s website and on
pages 8 and 9 of this Annual Report. The Board considers
the current mix of skills and experience is appropriate for the
responsibilities and requirements of governing Investore.
Set out in Diagram 3 is a summary of the mix of skills and
experience among individual Directors that the Board has
identified, together with each Director’s tenure. This skills
matrix takes account of the nature of Investore’s business
interests and its strategic principles.
Diagram 3: Board Skills Matrix
Composition of the Board
and Director Independence
Investore’s Constitution requires the Board to have no less
than four and no more than five Directors at any one time.
The Board must comprise:
• At least two Directors who are ‘Independent of the
Manager’ where the Board is comprised of four Directors.
If the Board is comprised of five Directors, at least three
Directors must be ‘Independent of the Manager’.
• A non-executive Chair who is ‘Independent of the
Manager’ where SIML has (or is deemed to have)
appointed two Directors. Where the Chair is ‘Independent
of the Manager’, the Chair holds a casting vote in respect
of Board resolutions in the case of an equality of votes.
• At least two Directors who are ordinarily resident in
New Zealand.
Independent of the Manager’ means, in respect of a
Director, that:
• The Director is not an ‘Associated Person’ (as defined
in the Listing Rules) of SIML, any person who holds
or controls more than 25% of the ordinary shares of
SIML, or any related company of a person who holds
or controls more than 25% of the ordinary shares of
SIML;
• The Director was not appointed by SIML under its
appointment rights in the Investore Constitution;
• The Director is not an executive officer of SIML and
has no ‘Disqualifying Relationship’ (as defined in the
Listing Rules) with SIML; and
• Pursuant to any NZX Regulation ruling or other
written consent of NZX, the Director is to be treated
as being independent of SIML.
Mike AllenGráinne TrouteAdrian WalkerTim Storey Ross Buckley
Capital Markets
Property
Legal
Governance and
Leadership
Retail
Setting Corporate Strategy
Financial Reporting
Risk Management
Sustainability
Technology
Tenure (years) 1086104
Highly CompetentCompetentAware
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