New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Investore (IPL) has reported 1H23 adjusted funds from operations (AFFO) +14% to NZ$14.6m.</li><li>The operating result was slightly below our expectations but lower tax and maintenance capex saw AFFO in line with our forecast.</li><li>IPL continues to collect solid turnover rent (NZ$0.6m in 1H23) with Countdown sales supported by food price inflation</li></ul>

Investore (IPL) has reported 1H23 adjusted funds from operations (AFFO) +14% to NZ$14.6m.The operating result was slightly below our expectations but lower tax and maintenance capex saw AFFO in line with our forecast.IPL continues to collect solid turnover rent (NZ$0.6m in 1H23) with Countdown sales supported by food price inflation

Investore: 1H23 Result – Initial Thoughts

Investore Property

Investore: 1H23 Result – Initial Thoughts