Results of Annual Meeting

30 July 2019
2019 Annual Meeting
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1. Chairman’s Introduction and Address
2. Annual Results
3. Strategy Update
4.Resolutions
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Agenda
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Bruce Cotterill
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Chairman’s Address
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STRATEGIC UPDATE
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Close the share price to NTA gap by maximising
value of the existing assets and exit of non-core
assets as appropriate
Create sustainable growth of shareholder total
returns through disciplined acquisition and
development
A growth mandate to target assets for their
ability to contribute to a yield plus growth
strategy
Adopt a wide-ranging diversified value-add
strategy that is sector agnostic
Seek assets capable of individual sector
outperformance through active management
and development
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Strategic Mandate
Provide the S&P/NZX All Real Estate
Index with a real estate growth stock
which is capable of taking advantage
of inevitable changing economic
conditions..
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The past 12 months has been a period of ongoing
transition for Asset Plus, including the change to an
external manager, Augusta Funds Management, but
also implementation of the new value-add strategy.
The first step to that strategy has now been taken
with the 35 Graham St acquisition in FY20.
The Manager and the Board have actively pursued a
number of potential acquisitions, however the
current market is highly contested which at times is
driving unattractive target financial deal metrics.
The Manager is exploring all property classes,
including non-traditional sectors, and deal sizes in
order to seek better value creation opportunities for
shareholders.
Successful exit of non core assets – Heinz Watties.
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Strategic Update
The Board is committed to growing
the portfolio in a disciplined manner,
with a primary focus to close the gap
between share price and net tangible
assets..
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ANNUAL RESULTS
Joel Lindsey, Chief Operating Officer
Augusta Funds Management Limited
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Net profit after tax of
$3.80m, an increase of
23%against the prior
year
Adjusted funds
from operations (AFFO*)
of $4.74mwere 23%
lower than prior year. This
represents a pay-out ratio
of 123%
Sale of AA Centre,
settlement on
12 July 2018
Net Tangible Asset Value
per share reduced to
69.4 cents (from 70.6
cents)
$34m of debt repaid
post the AA Centre
sale & interest rate
swap contracts
cancelled
Multiple number
of leasing initiatives
completed at both
Stoddard Road &
Eastgate
Portfolio occupancy at
31 March was 96.7%
(which is reduced from
97.4% in the prior year
due to AA Centre sale).
Transition of the
management to
Augusta Funds
Management Limited
completed &
externalisation cost
savings generated
*AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and management because it assists in
assessing the Company’s underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
prescribed by other entities. The calculation of AFFO has been reviewed by the auditors. A reconciliation of AFFO to net profitafter tax is included on page 14 of the Annual Report.
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Key Points for the year ended 31 March 2019
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Eastgate Shopping Centre
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Management have been very active with this
property, with a number of leases renewed during the
past 12 months.
Countdown has exercised a 4 year right of renewal
(RoR).
A further 4 year RoR has been agreed subject to
payment of the landlord contribution towards works
within the tenancy. This contribution has been
accrued in FY19.
Other key lease renewals during 2019 include Postie
Plus, Paper Plus, Sushi Time, Number One Shoes and
Westpac.
Net contract income is down due to McDonalds and
NZ Post vacating the centre in early 2019.
20192018
Valuation ($m)54.558.0
Net Contract Income ($m)3.633.91
Passing Initial Yield (%)6.66%6.74%
Cap Rate (%)8.13%8.00%
Net Market Rental ($m)4.464.69
WALT (years)5.074.70
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Heinz Watties Distribution Centre, Hastings
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This asset is now sold unconditionally and will
settle in December 2019
The previously proposed redevelopment including a
warehouse extension and concurrent lease
extension is no longer proceeding in the near term.
On this basis the asset no longer aligns with Asset
Plus value-add strategy.
Given the asset is no longer core and regional, but
with 7.9 years of lease term still remaining at
balance date, it was determined that this property
should be divested now with the opportunity to
achieve book value.
20192018
Valuation ($m)29.127.3
Net Contract Income ($m)2.202.13
Passing Initial Yield (%)7.56%7.82%
Cap Rate (%)8.00%8.13%
Net Market Rental ($m)2.362.31
WALT (years)7.98.9
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22 Stoddard Road, Mt Roskill
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A total of 7 lease renewals were completed during
the year.
The total rent from the renewals equate to
$0.57m, or 21.5% of the total rental income for the
centre, taking the centre WALT from 3.76 years in
March last year to 4.02 years currently.
The future focus is to secure upcoming lease
renewals and further boost the WALT of the
property.
Recent tenant retention is a positive signal and we
expect this trend to continue.
Mt Roskill is a sought-after area, with significant
government-led residential development currently
underway and planned for in the future.
20192018
Valuation ($m)39.538.0
Net Contract Income ($m)2.572.50
Passing Initial Yield (%)6.50%6.58%
Cap Rate (%)6.13%6.25%
Net Market Rental ($m)2.462.42
WALT (years)4.023.76
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Settlement occurred 28 June 2019
$58m acquisition; transaction was fully debt
funded taking current gearing to 38% (excluding
Heinz Watties divestment).
Contracted gross rental of $3.975m.
Leased to Auckland Council for a term two years.
Funding for the development phase will be
contingent on the Company’s balance sheet at the
time and additional funding may be required.
Development funding will likely be made available
through the recycling of existing assets, future
debt facilities and/or future capital raise.
Initial focus post acquisition has been on
appointment of project manager and leasing
agent.
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35 Graham Street, Auckland Central
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The acquisition of 35 Graham Street fits
with the value-add strategy and
restores near term earnings as the
balance sheet is utilised.
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Portfolio Summary
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Portfolio
(March 2019)
35 Graham
Street
acquisition
(June 2019)
Portfolio
(July 2019)
Heinz Watties
divestment
(Dec 2019)
Anticipated
Portfolio
(Dec 2019)
Asset Value$123.10m$58.72m$181.82($29.10m)$152.72m
WALE5.5 years2 years4.5 years(7.5 years)3.6 years
Occupancy96.7%100%97.7%(100%)97.5%
Net Rental
Yield
6.82%6.85%6.83%(7.60%)6.71%
LV R8.5%38.0%26.1%
EPS3.12cps0.64cps3.76cps(0.41cps)3.35cps
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The future strategic operating priorities include:
35 Graham St, progressing the repositioning
strategy.
Progression of the value-add opportunities left
within the existing portfolio.
Exit of non-core assets as appropriate, i.e. Heinz
Watties.
Close the share price gap to NTA.
Continuing to investigate future acquisitions to
transform Asset Plus.
The Board remains patient to find opportunities
that offer attractive risk-adjusted returns.
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Outlook
The Board remains patient and
disciplined in the current market to
ensure we find the best
investments which we think
provide appropriate risk-adjusted
returns and align with the new
strategy.
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Q & A
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RESOLUTIONS
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Election of Bruce
Cotterill
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Resolution 1
That Donald Bruce Cotterill
be re-elected as a director
of the Company.
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Election of Paul
Duffy
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Resolution 2
That Paul John Duffy
be re-elected as a
director of the
Company.
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Re-appointment of
the Auditor
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Resolution 3
That the board be
authorised to fix the
auditor’s fees and
expenses from time to
time
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Amendment of the constitution – special
resolution
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Resolution 4
The proposed amendments, as detailed in the notice of
meeting, fall into two categories :
1.Amendments arising from the Company’s transition
to the new NZX Listing Rules on 1 July 2019
2.Other changes to update the constitution by either:
•Deleting redundant provisions; or
•Modernising outdated provisions.
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Asset Plus Annual Meeting| July 2019
That approval is given for
amendments to Asset
Plus Limited’s
constitution, in the form
and manner set out in
the marked up version of
the constitution attached
to the notice of meeting.
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Important Notice
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previouslypublishedbyAPLandannouncedthroughNZXLimited.
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Tothemaximumextentpermittedbylaw,noneofAPL,AugustaFundsManagementLimited
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NZX RELEASE

30 July 2019
Results of Annual Meeting
Asset Plus Limited is pleased to confirm the results of its annual meeting this afternoon.
At today’s annual meeting held in Auckland, shareholders were asked to vote on four resolutions, which
were all supported by the Board. Voting was conducted by a poll.
All resolutions were passed by shareholders. Details of the total number of votes cast in person or by a
proxy holder are:
Resolutions:
1. That Donald Bruce Cotterill be re-elected as a director of the Company
- For: 84,974,419 (99.95%)
- Against: 46,520 (0.05%)
- Abstain: 21,000

2. That Paul John Duffy be re-elected as a director of the Company
- For: 84,747,911 (99.68%)
- Against: 273,028 (0.32%)
- Abstain: 21,000

3. That the Board be authorised to fix the auditors’ fees and expenses from time to time
-For: 84,197,783 (99.09%)
- Against: 776,636 (0.91%)
- Abstain: 67,520

4. That approval is given for amendments to Asset Plus Limited’s constitution, in the form and manner set
out in the marked up version of the constitution attached to the notice of meeting
- For: 83,980,591 (99.95%)
- Against: 46,520 (0.05%)
- Abstain: 983,192
A copy of the presentation provided to shareholders is also attached.
-ENDS-
For further information please contact:
Bruce Cotterill
Chairman, Asset Plus Ltd
021 668 881

Mark Francis
Managing Director, Augusta Funds Management Ltd, Manager of Asset Plus
09 300 6161
Joel Lindsey
Chief Operating Officer, Augusta Funds Management Ltd, Manager of Asset Plus
09 358 7933