Highlights

  • Profit after tax increased to 12.8m NZD, up 3.1m from HY25.
  • Distributable Profit per share rose 0.29 cents to 4.02 cents per share.
  • Portfolio occupancy remained at 99.0%, with a weighted average lease term of 6.6 years.

Investore Property Limited (NZX:IPL) announced its interim results for the six months ended 30 September 2025 (HY26). Profit before other (expense)/income and income tax was 18.8m NZD, up 1.6m from HY25. Profit after income tax attributable to shareholders increased to 12.8m NZD from 9.7m NZD in HY25. The improvement was driven by higher net rental income and lower finance expenses, as well as a smaller net reduction in the fair value of investment properties (HY26: –1.4m NZD; HY25: –3.5m NZD).

Distributable Profit after current income tax rose 1.3m NZD to 15.2m NZD, resulting in a Distributable Profit per share of 4.02 cents, up 0.29 cents from HY25. Net tangible assets per share stood at 1.60 NZD.

Portfolio Overview
As at 30 September 2025, Investore’s portfolio was valued at 1.0bn NZD, with an average property market capitalisation rate of 6.2% and an initial yield of 6.6%. The portfolio had a weighted average lease term of 6.6 years, and anchor tenants accounted for 87% of contract rental. Portfolio occupancy remained at 99.0%.

During HY26, 34 rent reviews were completed, resulting in a 4.3% increase on prior rentals. Seven lease renewals and four new lettings were completed.

Capital Management and Transactions
Investore issued 62.5m NZD of subordinated convertible notes, providing access to additional capital. Bank debt facilities were refinanced and extended, with Commonwealth Bank of Australia and Bank of China joining the syndicate. LVR was 34.2% as at 30 September 2025, reduced from 38.5% in March 2025 due to the subordinated convertible notes issue. Post balance date, 100m NZD facilities were added for the Silverdale Centre acquisition.

Key property transactions included the acquisition of Bunnings New Lynn for 43m NZD, disposal of Woolworths Browns Bay for 24.4m NZD, and post balance date completion of Silverdale Centre for 114m NZD. The sale of Woolworths New Brighton for 7.4m NZD also settled post balance date.

Dividend and Outlook
Investore declared a dividend of 1.625 cents per share for the quarter ended 30 September 2025, payable on 4 December 2025. The dividend includes 0.499159 cents per share of imputation credits and a supplementary dividend of 0.226509 cents per share for non-resident shareholders.

Share Performance of IPL

IPL was trading at NZD 1.18 per share as of 18 November 2025.