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Investore Property Limited (NZX: IPL) Interim Results HY21

Tuesday 17th November 2020

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Investore has delivered strong results during this six month period, with profit after income tax of $91.0m, up $80.1m from the six months to 30 September 2019 (HY20), largely due to a strong revaluation movement which is testament to Investore’s singular focus on large format retail property. This focus on large format retail property has also positioned Investore well to manage the impacts of COVID-19, due to the concentration of the portfolio on nationally recognised tenants focused on “everyday needs”, including supermarkets, and the geographical diversification of the portfolio.

Highlights for HY21 include:

Financial Performance (for six months ended 30 September 2020):

• Profit after income tax of $91.0m, up $80.1m from HY20

• Distributable profit after current tax of $13.7m, up $4.0m on HY20

• Cash dividend guidance for FY21 of 7.60 cents per share, assuming no further deterioration in economic conditions due to COVID-19. 1.90 cents per share cash dividend declared for quarter ended 30 September 2020, to be paid on 2 December 2020

• 6-month shareholder return to 30 September 2020 of 36.2% (or 24.6% in the nine months since 31 December 2019), outperforming gross S&P/NZX 50 and gross All Real Estate index by 16.3% and 15.4% respectively (or 22.3% and 28.3% respectively in the nine months since 31 December 2019)

Portfolio (as at 30 September 2020):

• Portfolio valuation of $980.3m, representing a 9.4% net revaluation gain (note 3) from 31 March 2020

• Portfolio market capitalisation rate of 5.53%, representing a 55 basis point compression from 31 March 2020

• Weighted average lease term (WALT) 10.2 years

• 99.7% occupancy by area

• 57 lease extensions and renewals completed, including COVID-19 related deals, with a weighted average lease extension of seven months across all COVID-19 deals

• 72% of leases by Contract Rental expiring in 2030 or beyond

• Acquired property adjacent to existing Investore-owned Countdown Papakura in March 2020 for $1.2m, with works now completed on expansion of carpark and improved customer access to the property

• Investore collaborated with Countdown on redevelopment of the Rotorua supermarket, including full internal store refurbishment, parking amenity, and new energy efficient heating and ventilation systems, resulting in an overall improved asset.

See the links below for more details:

Investore Property Limited - Interim Results Announcement 171120.pdf

Investore Property Limited - Interim Report HY21 171120.pdf

Investore Property Limited - FY21 Interim Results Update 171120.pdf

Investore Property Limited - NZX Results Announcement HY21 171120.pdf

Investore Property Limited - NZX Distribution Notice FY21 Q2 171120.pdf

Source: Investore Property Limited

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