Focus on a development pipeline

NZX release
Focus on a development pipeline
25 November 2020

Asset Plus Limited today announced its interim financial results for the six month period ended 30 September
2020, reporting total comprehensive income after tax of $11.54 million, up from $2.01 million in the prior
corresponding period. Adjusted funds from operations
1
increased by $0.61 million to $2.63 million primarily due
to lower transaction costs partly offset by the impacts of COVID-19 and rental abatements offered to tenants.

Asset Plus Chairman, Bruce Cotterill said “The last six months has been a very active period for the Company. We
were focused on securing the Munroe Lane development which is a key milestone for this Company. This was
facilitated by the successful capital raise and new funding structure. In addition, the impact of COVID-19 on the
retail portfolio required us to provide increased support for our tenants.”

Key points since 1 April 2020 are:
• Cash dividend reinstated at annualised rate of 1.8 cents per share.
• Portfolio occupancy remained stable at 98%.
• Completion of $60.2 million capital raise and $130m restructured bank facility.
• Satisfaction of the Munroe Lane funding and shareholder approval condition.
• Purchase of Kamo land for $2.1 million.
• The WALE
2
is now 2.9 years which is decreased from 3.2 years at 31 March 2020 due to the reducing
lease term at Graham Street.
• Portfolio revaluation of $8.87m or 6% up on carrying value.
• Loan to value ratio reduced to 0% on 2 October 2020 (34.3% at 31 March 2020).
• Net tangible assets (NTA) of 51 cents per share as at 30 September 2020. The NTA reduced to 44 cents
per share immediately post balance date on allotment of the retail entitlement.

Strategic update
The Chair of Asset Plus, Bruce Cotterill said “Asset Plus has clear objectives of increasing the scale of its portfolio
and setting a strong platform for sustainable growth moving forward. The Equity Raise, along with the
restructuring of our bank facility provides the necessary funding to complete the Munroe Lane Development.”

The 35 Graham Street potential redevelopment also fits within the Asset Plus “value-add” investment strategy.
The property has considerable potential for a re-positioning and the future development feasibility and scope of
works is well underway. It represents a unique opportunity within the Auckland office market.

Portfolio update
Stoddard Road in Mt Roskill continues to be 100% occupied and steady progress has been made at Eastgate in
Christchurch. Both assets provide a running yield in the near to medium term. A new Restaurant Brands
development and lease adds further income and value at Eastgate.

A key focus over the period has been managing the impacts of COVID-19. The retention of tenants in the longer
term being the primary focus.

Balance Sheet
Debt of $26.6 million was drawn as at 30 September 2020 which represents an LVR of 16.8% (March 2020
34.3%). Immediately post balance date all debt was repaid when the retail entitlement offer was completed. On
the completion of the capital raise in early October there was a net cash position of approximately $5.0 million.

1
Adjusted funds from operations (AFFO) is non-GAAP financial information and is a common investor metric, 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. A reconciliation of the net profit after tax to AFFO is included in the interim
results presentation on slide 14 which has been independently reviewed by the auditors.
2
Weighted average lease expiry

NTA was 51 cents per share as at 30 September 2020 but reduced to 44 cents per share immediately post
balance date on completion of the capital raise. Independent revaluations were completed during the period as the
Directors determined there was a material movement over the six months post the impact of COVID-19. The
property revaluation impact was $8.87 million or 6% up on carrying values.

Dividend
A quarterly dividend has been declared, with the record date set for 4 December 2020 and payment on 11
December 2020. This represents a pay out ratio of 89% for the first half reflecting the increased shares on issue.

The gross dividend for the quarter is 0.56 cents per share. The dividend consists of 0.45 cents per share of cash
with 0.11 cents per share of imputation credits attached. The Company will also pay a supplementary dividend of
0.050 cents per share in relation to non-resident shareholders.

As previously indicated the Board is currently working on a dividend reinvestment plan and this will be further
discussed in the New Year.

Outlook
As the Munroe Lane deal is now unconditional, the successful execution of the development as well as the leasing
of the vacant space are near term priorities.

Asset Plus is now also focused on the 35 Graham Street redevelopment opportunity. Pre-leasing is a critical
element to this process.

The search for new opportunities continues and Asset Plus is confident in being able to secure these in the near
term as the Company requires scale to set a stronger platform for growth.

Conference Call

A conference call will be held today at 10am, NZ time to discuss the results.

Participants can register for the conference by going to:
https://s1.c-conf.com/DiamondPass/10010967-uF78t4.html

The Conference ID is 10010967.

Please note that registered participants will receive their dial in number upon registration.

-ENDS-

For further information please contact:
Bruce Cotterill, Chairman, Asset Plus Limited
+64 21 668 881

Mark Francis
Managing Director, Augusta Funds Management Limited, manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Financial Officer, Augusta Funds Management Limited, manager of Asset Plus Limited
+64 9 300 6161

---

INTERIM REPORT 2020
FOR THE SIX MONTHS ENDED
SEPTEMBER 2020
This Interim Financial Report for Asset Plus Limited (including Subsidiaries)
covers the trading period from 1st April to 30th September 2020.

Contents

Note
Unaudited
30 Sep 2020
$’000
Unaudited
30 Sep 2019
$’000
Gross Rental Revenue46,6356,927
Direct Property Operating Expenses(1,967)(1,894)
Net Rental Revenue4,6685,033
Administration Expenses5(686)(778)
Net Finance Costs5(656)(696)
Total Operating Expenses(1,342)(1,474)
Total Operating Income3,3263,559
Gain on Sale of Investment Property-23
Net Fair Value Gain on Investment Properties98,868-
Transaction Costs6(12)(827)
Net Profit Before Taxation12,1822,755
Income Tax7(647)(748)
Net Profit After Taxation11,5352,007
Other Comprehensive Income- -
Total Comprehensive Income For the Period11,5352,007
Basic and Diluted Earnings Per Share (cents)126.801.24
Interim Condensed Consolidated
Statement of Comprehensive Income
For the Six Months Ended 30 September 2020
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
1

Note
Share
Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 1 April 2020 (audited)134,089(42,294)91,795
Net Profit After Taxation-11,53511,535
Total Comprehensive Income For the Period-11,53511,535
Shares Issued 1128,671-28,671
Issue Costs(897)-(897)
Dividends13-(740)(740)
Closing Balance at 30 September 2020 (unaudited)161,863(31,499)130,364
Note
Share
Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 01 April 2019 (audited)134,089(21,775)112,314
Net Profit After Taxation - 2,0072,007
Total Comprehensive Income For the Period2,0072,007
Dividends13(2,915)(2,915)
Closing Balance at 30 September 2019 (unaudited)134,089 (22,683)111,406
Interim Condensed Consolidated
Statement of Changes In Equity
For the Six Months Ended 30 September 2020
For the Six Months Ended 30 September 2019
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
2

Interim Condensed Consolidated
Statement of Financial Position
Note
Unaudited
As at
30 Sep 2020
$’000
Audited
As at
31 Mar 2020
$’000
Current Assets
Cash and Cash Equivalents73298
Trade Receivables, Other Receivables and Prepayments1,7731,420
Total Current Assets2,5051,518
Non-Current Assets
Investment Properties9158,537143,559
Total Non-Current Assets158,537143,559
Total Assets161,042145,077
Current Liabilities
Trade Payables, Accruals and Provisions2,0331,804
Taxation Payable352707
Other Current Liabilities208175
Total Current Liabilities2,5932,686
Non-Current Liabilities
Borrowings1026,60049,250
Deferred Taxation71,4851,346
Total Non-Current Liabilities28,08550,596
Total Liabilities30,67853,282
Net Assets130,36491,795
Contributed Capital161,863134,089
Accumulated Losses(31,499)(42,294)
Shareholders Equity130,36491,795
As at 30 September 2020
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on
25 November 2020.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
3

Interim Condensed Consolidated
Statement of Cash Flows
Note
Unaudited
30 Sep 2020
$’000
Unaudited
30 Sep 2019
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue6,4077,486
Operating Expenses(2,841)(3,233)
Interest Income-4
Interest Expense(675)(754)
Taxation Paid(863)(448)
Net Cash Inflow from Operating Activities2,0283,055
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Acquisition of Investment Property(2,262)(58,580)
Deposit received from Property Held for Sale-250
Capital Expenditure on Investment Properties(3,337)(516)
Transaction Costs(12)(827)
Net Cash Outflow from Investing Activities(5,611)(59,673)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings(28,000)(10,500)
Proceeds from Borrowings5,35069,700
Distributions Made to Shareholders13(740)(2,915)
Net Proceeds from Capital Raise27,607-
Net Cash Inflow from Financing Activities4,21756,285
Net Increase/(Decrease) in Cash and Cash Equivalents634(333)
Cash and Cash Equivalents at the Beginning of the Period98781
Cash and Cash Equivalents at the End of the Period732448
For the Six Months Ended 30 September 2020
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
4

For the Six Months Ended 30 September 2020
Interim Condensed Consolidated
Statement of Cash Flows (Continued)
Reconciliation of Net Profit to Net Cash Flow from Operating Activities
Note
Unaudited
30 Sep 2020
$’000
Unaudited
30 Sep 2019
$’000
Net Profit after Taxation11,5352,007
Items Classified as Investing or Financing Activities:
Transaction Costs612827
Finance Costs-(52)
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments(226)646
Trade Payables, Accruals and Provisions(234)(650)
Taxation Payable(355)339
Non-Cash Items:
Doubtful Debts25-
Net Fair Value Gain on Investment Properties9(8,868)-
Movement in Deferred Taxation139(39)
Gain on Sale of Investment Property-(23)
Net Cash Inflow from Operating Activities2,0283,055
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
5

Notes to the Interim Condensed
Consolidated Financial Statements
For the Six Months Ended 30 September 2020
1. Corporate Information
The interim condensed consolidated financial
statements comprise of Asset Plus Limited (the
“Company”) and its subsidiary (collectively the “Group”).
The Company is a limited liability company incorporated
and domiciled in New Zealand whose shares are listed
on the New Zealand Stock Exchange. The Company is
an FMC Reporting Entity under the Financial Markets
Conduct Act 2013. The registered office is located
at Level 2, Bayleys House, 30 Gaunt Street, Wynyard
Quarter, Auckland.
The nature of the operations and principal activities
of the Group are investing in industrial, retail and
commercial property in New Zealand.
2. Statement of Compliance and Basis
of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2020 have
been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (“NZ GAAP”), the
requirements of the Financial Markets Conduct Act 2013
and the Main Board listing rules of the New Zealand
Stock Exchange. They also comply with the New Zealand
Equivalent to International Accounting Standard NZ IAS
34 “Interim Financial Reporting”.
The interim condensed consolidated financial statements
have been prepared under the assumption that the
Group operates on a going concern basis and are
presented in New Zealand dollars with all values rounded
to the nearest thousand dollars ($’000), except where
otherwise indicated.
The interim condensed consolidated financial statements
do not include all the information and disclosures
required in the annual financial statements, and
should be read in conjunction with the Group’s annual
consolidated financial statements as at 31 March 2020.

(a) Basis of Preparation
The interim condensed consolidated financial
statements have been prepared on a historical cost
basis, except for investment properties which have been
measured at fair value.
Changes in accounting policies
The accounting policies adopted are consistent with
those of the most recent annual financial statements
for the year ended 31 March 2020. There have been
no new accounting standards adopted in the current
reporting period. Certain comparative information has
been reclassified to conform with the current reporting
period’s presentation.
(b) Basis of Consolidation
The interim condensed consolidated financial
statements incorporate the assets, liabilities, equity,
income, expenses and cash flows of the entities
controlled by the Company at the end of the reporting
period. A controlled entity is any entity over which
Asset Plus Limited has the power to direct relevant
activities, exposure or rights, to variable returns from
its involvement with the investee, and the ability to use
its power over the investee to affect the amount of
investor return.
In preparing these interim condensed consolidated
financial statements, subsidiaries are consolidated
from the date the Group gains control until the date on
which control ceases.
The financial statements of the subsidiaries are
prepared for the same reporting period as the parent
company, using consistent accounting policies. In
preparing the interim condensed consolidated financial
statements, all intercompany balances, transactions,
unrealised gains and losses resulting from intra-group
transactions and dividends have been eliminated in full.
The table below represents the Company’s investment
in its subsidiary as at each reporting date:
Percentage Held
30 September
2020
31 March
2020
Asset Plus Investments
Limited
100%100%
(c) Goods and Services Tax (GST)
Income and expenses are recognised net of the
amount of GST except where the GST incurred on a
purchase of goods and services is not recoverable
from the taxation authority, in which case the GST is
recognised as part of the cost of acquisition of the
item as applicable.

All items in the interim condensed consolidated
statement of financial position are stated net of GST,
with the exception of receivables and payables, which
include GST invoiced. Cash flows are included in the
interim condensed consolidated statement of cash
flows on a net basis and the GST component of cash
flows arising from investing and financing activities is
classified as part of operating activities.
6

3. Significant Accounting Estimates
and Judgements
The preparation of these interim condensed
consolidated financial statements requires the use of
certain critical accounting estimates.
It also requires management to exercise its judgement
in the process of applying the Group’s accounting
policies. Although the Group has internal control
systems in place to ensure that estimates can be
reliably measured, actual amounts may differ from
those estimates. The areas involving a higher degree of
judgement or areas where assumptions are significant
to the Group include the following:
• Determination of Deferred Taxes (Note 7)
• Determination of Fair Value of Investment
Properties (Note 9)
Impact of COVID-19
The outbreak of the Coronavirus (COVID-19) was
declared by the World Health Organisation as a ‘Global
Pandemic’ on 11 March 2020. Since that time there
has been increased adverse impact on global financial
markets. The ‘global pandemic’ has caused heightened
uncertainty over the economy and financial markets.
Since March 2020, New Zealand has gone from a
Government-directed ‘Alert Level 4’ full-lockdown to an
‘Alert Level 1’ status which has allowed most people
to return to places of work, shops and restaurants
with only minimal restrictions. People in New Zealand
now have back some of the pre-COVID-19 normality
although there is the ever present risk if the number of
COVID-19 cases increases locally, the Government may
have to increase the Alert Level restrictions again.
Key impacts to key estimates and judgements used
in these unaudited interim financial statements:
• The current response to COVID-19 means that
valuers are faced with an unprecedented set of
circumstances on which to base a judgement.
Valuations are therefore reported on the basis
of ‘material valuation uncertainty’ existing at the
time they issued their report. Consequently, less
certainty (and a higher degree of caution) should
be attached to the valuations than would normally
be the case. The investment properties were
re-valued as at 31 August 2020. All valuations,
except for the 35 Graham St and Kamo properties,
were also concluded on the basis of ‘material
valuation uncertainty’. The 35 Graham St and
Kamo properties were concluded on the basis
of ‘uncertainty’.
• A large number of the Company’s tenants were
impacted by the uncertainty and disruptions since
March 2020. The Company has worked on a
tenant-by-tenant basis and provided appropriate
support during this period. This support was
primarily in the form of rental abatements and
relief (Note 4 - Gross Rental Revenue).
• The re-introduction of depreciation allowances
for commercial building structures will impact tax
expense estimates for future periods. (Note 7 -
Income Tax).
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
4. Gross Rental Revenue
Unaudited
6 months
30 Sep 2020
$’000
Unaudited
6 months
30 Sep 2019
$’000
Gross rental revenue comprises amounts received and receivable by the Group for:
Gross rental receipts6,4997,104
Capitalised lease incentive adjustments(49)(177)
Rental income deferred and abated due to COVID-19185-
Total Gross Rental Revenue6,6356,927
During the six month period ending 30 September 2020, rental abatements and relief to the value of $0.54 million
(Sep 19: $Nil) was granted to some of the tenants and is recognised as part of gross rental receipts. In addition, some
of the abatements and relief are classified as lease modifications. In the case of a lease modification, relief granted is
added and recognised as ‘rental income deferred and abated due to COVID-19’. This is amortised straight line over the
remaining lease period.
7

Statement of Profit and Loss
Unaudited
6 months
30 Sep 2020
$’000
Unaudited
6 months
30 Sep 2019
$’000
Current Tax
Continuing Operations - Current Income Tax Charge(508)(787)
Current Tax(508)(787)
Net Deferred Income Tax
Investment Property Building Depreciation(184)-
Other4539
Net Deferred Income Tax(139)39
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income(647)(748)
6. Transaction Costs
During the six month period ended 30 September 2020 $0.012 million of transaction costs were recognised. In
the prior comparative period (six month period ended 30 September 2019) investigative work was undertaken to
acquire two separate businesses. This cost included substantive due diligence, financial investigative and legal
costs for the Company collectively known as transaction costs. During that period, $0.827 million of transaction
costs were incurred.
7. Income Tax
Major components of income tax expense are:
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2020
$’000
Unaudited
6 months
30 Sep 2019
$’000
Management Fees(371)(396)
Directors' Fees(150)(150)
Auditor's Remuneration
(1)
(19)(21)
Professional Fees(55)(127)
Other Administration Costs(91)(84)
Total Administration Expenses(686)(778)
Net Finance Costs
Interest and Finance Charges(656)(701)
Interest Income-5
Net Finance Costs(656)(696)
(1)
Other assurance fees paid to auditors of $20,350 for the six month period ended 30 September 2020 in respect of the Equity Raise has been
recognised as ‘Issue Costs’ in the Interim Condensed Consolidated Statement of Changes in Equity.
8

8. Segment Reporting
The principal business activity of the Group is to invest in New Zealand properties. Investment properties have similar
economic characteristics, methods of management and are under leases of various terms. Segment reporting is
presented in a consistent manner with internal reporting provided to the chief operating decision maker, the Board.
The Board receives internal financial information on a property by property basis, assesses property performance and
decides on the resource allocation. The Group operates only in New Zealand. On this basis all of the Group’s properties
have been aggregated into a single reporting segment to most appropriately reflect the nature and financial effects
of the business activities. The Group has no unallocated revenue, expenses, assets or liabilities and this approach has
been applied to comparative periods.
9. Investment Properties
The tables below outline the movements in the carrying values for all directly owned investment properties:
Unaudited as at
30 September
2020
Opening
fair value
balanceAcquisitionsCapex
Lease
amortisation
& other
Net fair
value gain/
(loss) on
investment
properties
Fair value at
balance dateWIP
(1)
Closing
balance
Eastgate Shopping
Centre46,950-52(13)41147,400-47,400
Stoddard Road37,500--18181938,500-38,500
Graham Street50,100---7,40057,5001,50659,006
Munroe Lane7,500----7,5003,63111,131
Kamo*-2,262--2382,500-2,500
Total Investment
Properties142,0502,262521688,868153,4005,137158,537
* The acquisition of 34 Springs Flat Road, Kamo, Whangarei was settled on 29 July 2020.
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2020
$’000
Audited
As at
31 Mar 2020
$’000
Deferred Income Tax Liabilities:
Investment Properties Recoverable Depreciation(1,532)(1,347)
Other471
Deferred Taxation(1,485)(1,346)
9

FacilityBankLoan maturity
Unaudited
As at
30 Sep 2020
$’000
Audited
As at
31 Mar 2020
$’000
Investment Property FacilityBNZ28 June 202226,60049,250
Total26,60049,250

Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
Unaudited
As at
30 Sep 2020
$’000
Audited
As at
31 Mar 2020
$’000
Facility used at reporting date - secured bank loan (BNZ)26,60049,250
Facility unused at reporting date - secured bank loan (BNZ)48,40025,750
Total 75,00075,000
On 2 October 2020, the remaining $26.6 million debt balance was repaid. Refer to Note 16 Subsequent Events for
more information on the existing bank facilities.
10. Borrowings
Audited as at
30 March 2020
Opening
fair value
balanceAcquisitionsCapex
Lease
amortisation
& other
Net fair
value gain/
(loss) on
investment
properties
Fair value at
balance dateWIP
(1)
Closing
balance
Eastgate Shopping
Centre54,577-1,234(39)(8,822)46,950-46,950
Stoddard Road39,500--(10)(1,990)37,500-37,500
Graham Street*-58,580--(8,480)50,10039650,496
Munroe Lane**-7,323--1777,5001,1138,613
Total Investment
Properties94,07765,9031,234(49)(19,115)142,0501,509143,559
* The acquisition of 35 Graham Street, Auckland was approved by shareholders at a special meeting held on 17 June 2019. The purchase of this
property settled on 28 June 2019.
** The acquisition of 6 - 8 Munroe Lane, Albany, Auckland settled on 2 December 2019.
(1)
WIP (work in progress) relates to costs incurred in relation to future development work at 35 Graham St and Munroe Lane which were not included in
the inputs to the valuation calculation by the independent valuers. These costs include design, consents and other direct costs capitalised as
development costs.
All investment properties were valued by an independent valuer (JLL) as at 31 August 2020. The Directors have
determined that there have been no material changes which would effect the fair value of investment properties as at
reporting date therefore no updated independent valuations have been commissioned for 30 September 2020.
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
10

12. Earnings Per Share
Unaudited
6 months
30 Sep 2020
Unaudited
6 months
30 Sep 2019
Total Comprehensive Income for the Period ($’000)11,5352,007
Weighted Average Number of Ordinary Shares (’000)169,754161,920
Earnings Per Share (Cents) - Basic and Fully Diluted6.801.24
13. Dividends Paid To Shareholders
Dividends paid during the period comprised:
For the six months ended
30 September 2020
For the six months ended
30 September 2019
CPS$’000Date PaidCPS$’000Date Paid
Q4 Prior Year Net Dividend 0.000 - n/a0.900 1,457 20/06/19
Q1 Net Dividend0.450 740 12/08/200.900 1,458 4/09/19
Total Paid During the Period0.450 740 1.800 2,915
Unaudited
As at
30 Sep 2020
$’000
Audited
As at
31 Mar 2020
$’000
Ordinary Shares
Number of issued and fully paid shares257,489161,920
Ordinary shares have no par value. Fully paid and ordinary shares carry one vote per share, and share equally in
dividends and any surplus on winding up.
On 10 September 2020, the Company announced an equity raising of approximately $60.2 million (200.8 million
shares) via a $12.1 million underwritten placement (40.5 million shares) and a $48.1 million entitlement offer
(160.3 million shares).
As at 30 September 2020, $28.7 million of cash had been received (95.5 million shares issued).
Refer to Note 16 Subsequent Events for more information on the completion of the remaining retail component of the
entitlement offer.
11. Equity
Issued capital and reserves
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
11

15. Commitments and Contingencies
Capital commitments
At 30 September 2020 the Group had $4.05 million
of capital commitments relating to the Munroe Lane
development (March 2020: nil).
Guarantees
BNZ has provided a bond to the New Zealand Stock
Exchange for the sum of $75,000, being the amount
required to be paid by all Issuers listed on the New
Zealand Stock Exchange, and the Company has
provided a General Security Agreement over its assets
in favour of BNZ as security for this bond (31 March
2020: $75,000).
Contingent liabilities
At the reporting date the Group had no material
contingent liabilities (March 2020: nil).
14. Related Parties
Augusta Funds Management Limited owns the management contract rights of the Group. The Parent of Augusta
Funds Management Limited, Augusta Capital Limited, owns 19.96% of Asset Plus Limited (Sep 2019: 18.85%).
Subsequent to 30 September 2020, on completion of the equity raise, Augusta Capital owned 19.99% of Asset Plus
Limited. Refer to Note 16 Subsequent Events for more information. Transactions with Augusta Funds Management
Limited are deemed to be related parties because the Company is managed by Augusta Funds Management under
the terms of the signed management contract.

The below table sets out the transactions between the Augusta Group and the Company:
Fees paid and owing to the manager
(values in $’000)
Unaudited
6 months
30 Sep 2020
Fees charged
Unaudited
As at
30 Sep 2020
Fees owed
Unaudited
6 months
30 Sep 2019
Fees charged
Unaudited
As at
30 Sep 2019
Fees owed
Management Fees381189396228
Lease Renewal Fees4-191191
Property Management Fees84419353
Acquisition Fee21-580-
Development Management Fee3729--
Total5272591,260472
Interim Condensed Consolidated Statement of Changes in Equity
Unaudited
6 months
30 Sep 2020
$’000
Unaudited
6 months
30 Sep 2019
$’000
Dividend Paid to Augusta Capital Limited137550
For the Six Months Ended 30 September 2020
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
16. Subsequent Events
On 2 October 2020 the remaining 105.2 million shares
were issued in relation to the equity raise and the
balance of $31.5 million outstanding was received.
A further $0.736 million of issue costs were incurred.
The total shares on issue as at 2 October 2020 was
362.7 million.
On 2 October 2020, $26.6 million of debt was repaid.
On 30 October 2020, the Company entered into an
amended bank facility agreement with BNZ. This
amended facility has 3 tranches and replaces the
existing $75 million investment facility.
TrancheBankLoan maturity
Facility
limit
$’000
Working Capital FacilityBNZ September 202312,600
Investment FacilityBNZ September 202351,200
Development FacilityBNZ September 202366,200
Total130,000
On 30 October 2020, the Company satisfied the funding
condition in the Agreement to Develop and Lease
with Auckland Council at 6-8 Munroe Lane and that
agreement is now unconditional.
12

Independent Review Report
To the Shareholders of Asset Plus Limited
Report on the Interim Condensed Consolidated Financial Statements
We reviewed the accompanying interim condensed consolidated financial statements of Asset Plus Limited (‘the
Group’) on pages 1 to 12 which comprise the interim condensed consolidated statement of financial position as
at 30 September 2020, and the interim condensed consolidated statement of comprehensive income, interim
condensed consolidated statement of changes in equity and interim condensed consolidated statement of
cash flows for the period then ended, and notes to the interim condensed consolidated financial statements,
including a summary of significant accounting policies.
Director’s Responsibility for the Interim Condensed Consolidated Financial Statements
The directors are responsible for the preparation and fair presentation of these interim condensed consolidated
financial statements in accordance with NZ IAS 34 Interim Financial Reporting issued in New Zealand by the
New Zealand Accounting Standards Board, and for such internal control as the directors determine is necessary
to enable the preparation and fair presentation of the interim condensed consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the interim condensed consolidated financial statements. We
conducted our review in accordance NZ SRE 2410, Review of Historical Financial Statements Performed by the
Independent Auditor of the Entity. NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim condensed consolidated financial statements, taken as a
whole, are not prepared in all material respects in accordance with NZ IAS 34 Interim Financial Reporting issued
in New Zealand by the New Zealand Accounting Standards Board. As the auditor of Asset Plus Limited NZ SRE
2410 requires that we comply with the ethical requirements relevant to the audit of the annual consolidated
financial statements.
A review of interim condensed consolidated financial statements in accordance with NZ SRE 2410 is a
limited assurance engagement. The auditor performs procedures, primarily consisting of making enquiries of
management and others within the entity, as appropriate and applying analytical procedures, and evaluates the
evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim condensed consolidated financial statements.
Other than in our capacity as auditor including the provision of other assurance services we have no
relationship with, or interests in, the Entity.
13

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
condensed consolidated financial statements on pages 1 to 12 do not present fairly, in all material respects,
the financial position of Asset Plus Limited as at 30 September 2020, and its financial performance and cash
flows for the period ended on 30 September 2020, in accordance with NZ IAS 34 Interim Financial Reporting
issued in New Zealand by the New Zealand Accounting Standards Board.
Emphasis of Matter – Material valuation uncertainty related to valuation of property
We draw your attention to note 3 to the interim condensed consolidated financial statements, where the Group
discloses that the independent registered valuers have included a ‘material valuation uncertainty’ clause in their
31 August 2020 valuation reports, as a result of the COVID-19 pandemic. Therefore, the valuer asserts less
certainty and a higher degree of caution should be attached to the property values than would normally be the
case. Our opinion is not modified in respect of this matter.
Restriction on use of our report
This report on the interim condensed consolidated financial statements is made solely to the Company’s
shareholders, as a body. Our limited assurance work has been undertaken so that we might state to the
Company’s shareholders, as a body those matters which we are required to state to them in an independent
review 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 Group and the Company’s shareholders, as a body, for our work, for
this report or for the opinion we have formed.
.
Grant Thornton New Zealand Audit Limited
Kerry Price
Partner
Auckland, New Zealand
25 November 2020
14

Directory
Company
Asset Plus Limited
PO Box 37953
Parnell 1151
Phone: 09 300 6161
www.assetplusnz.co.nz
Directors
Bruce Cotterill
Allen Bollard
Carol Campbell
Paul Duffy
John McBain
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland 1010
Auditor
Grant Thornton New Zealand
Audit Limited
Level 4
Grant Thornton House
152 Fanshawe Street
Auckland 1010
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 11
Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Fax: 09 375 5990
Manager
Augusta Funds Management Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151
15

---

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
INTERIM RESULTS PRESENTATION 2020
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
01
04
Key Metrics
02
05
03
Overview
Key ActivityFinancials
OutlookPortfolio
Update
2

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
01 Key Activity
$60.2 million capital raise.
Restructure of loan facility
agreements.
Munroe Lane development
nowunconditional –target
completion is November 2022.
A number of renewals have
been secured at Stoddard Road
retaining occupancy at 100%.
Commencement of 35 Graham
St leasingcampaign.
Focus on tenant retention –
impact of COVID-19.
3
Land at Kamo acquired for
$2.1m –future development
opportunity.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
02 Key Metricsas at 30 September 2020
$153.4m
(Mar-20: $142.1m)
98%
(Mar-20: 98%)
2.9 years
(Mar-20: 3.2)
72
(Mar-20: 71)
5
(Mar-20: 4)
$11.53m
(Sep-19: $2.01m)
$2.63m
(Sep-19: $2.02m)
4
Portfolio Value
1,2,3
WALE
3
Properties
1
Total Comprehensive
Income For the Period
Occupancy
3
Number of TenantsAFFO
4
1.In the period since 31 March 2020, the Kamoproperty was acquired on 30 July 2020 for $2.1m and subsequently revalued to $2.50m
2.Portfolio valueexcludes capital expenditure incurred in relation to the developments at Munroe Lane and Graham Street, amounting to $5.1m in total. Such amount is included in the NTA figure shown above
3.Eastgate WALE and occupancy excludes the agreement to leases entered into with Restaurant Brands, one of which is subject to resource consent and completion of a development
4.The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2020 is 169,753,921 being theweighted average number of shares issued between 1 April to 30 September 2020.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
5
Impacts of COVID-19 to date
Update on APL’s portfolio performance
•Rental abatements and relief reduced 1H21 operating income
by $0.55m ($0.40m after-tax), equivalent to approximately 5.5%
of the current annualisednet rental income.
•Rental abatements and relief are now agreed in relation to
national lockdown, and Auckland regional
lockdown.However,regular monitoring of smaller retail
operator performance continues.
•The NPAT impact of the above was partially offset by a lower
current tax expense due to the reintroduction of building
depreciation for tax purposes.
•While upfront rental abatement and relief has been granted in
respect of the lock-downs, preservation of long-term value isa
key strategy.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
03 Financials
Financial Performance
Profit and other comprehensive income net of tax for the period ended
30 September is $11.53m, $9.52m/ 473% higher than prior year, primarily
due to property revaluations up $8.87m.
Adjusted funds from operations (AFFO) of $2.63m. ($2.02m in the prior
period).
The current period had lower due diligence and transaction related costs
($0.82m) and lower tax expense due to building depreciation ($0.19m) offset
by rental abatement ($0.39m).
Net revenues from the property portfolio were down $0.37m primarily due to
the rental abatements.
AFFO of $2.63m reflects a payoutratio of 89%, based on the total of
dividends paid in Aug 20 and the dividend to be paid in December
2020($2.36m in total).
6
* The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2020 is 169,753,921
being the weighted average number of shares issued between 1 April to 30 September 2020.
6 months6 months
Sep-20Sep-19VarVar
$m$m$%
Gross Rent al Revenue6.646.93(0.29)(4%)
Direct Propert y Operat ing Expenses(1.97)(1.89)(0.08)(4%)
Net Rental Revenue4.675.03(0.37)(7%)
Administ rat ion Expenses(0.69)(0.78)0.0912%
Net Finance Cost s(0.66)(0.69)0.034%
Total Operating Income3.323.56(0.24)(7%)
F.V. Gain of Invest ment Propert ies8.87-8.87100%
Ot her Adjust ment s(0.01)(0.80)0.7999%
Profit Before Taxation12.182.769.42341%
Tax(0.65)(0.75)0.10(13%)
Total Comprehensive Income For the Period11.532.019.52473%
AFFO2.632.020.6130%
AFFO CPS*1.551.250.3024%

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
AFFO
AFFO Waterfall (post tax) ($000)
*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 andmanagement because
it assists in assessing the Company’s underlying operating performance. This non-GAAP financial
information does not have a standardisedmeaning prescribed by GAAP and therefore may not be
comparable to similar financial information prescribed by other entities. A reconciliation of the total
comprehensive income after tax to AFFO is included at Appendix 1 which has been independently reviewed
by the auditors.
Adjusted funds from operations* (AFFO) of $2.63m
is up $0.61m from $2.02m in the prior period.
Higher AFFO primarily driven by lower transactional
costs (down $0.82m) and lower tax expense (down
$0.19m), offset by rental abatements given during the
period ($0.39m).
The lower net rental income as a result of the
divestment of Heinz Watties($0.78m) was largely
offset by the higher net rental from 35 Graham Street
($0.69m).
7
AFFO Movement (Post Tax) - 1H20 v 1H21 ($'000s)
2,633
779
393
2,019
694
815
185
92
1H20Heinz W at ti es
divest ment
35 Graham Street
acquisi tion
Rent al
Abatement s in
1H21
Low er
Transact ional
Cost s
Low er Tax
Expense (Bui lding
Depn)
Other Net
M ovement s
1H21

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
Financial Position
•Investment property value increased $14.9m / 10%
during the period due to property revaluations $8.9m,
acquisitions $2.1m and capex $3.6m.
•$26.6m of debt is currently drawn which represents
an LVR of 16.8%. All debt was repaid in October 2020.
(March 2020 34.3%).
•NTA is 0.51 cents per share asat 30 September 2020,
reducing to 0.44 cents per share on the completion of
the capital raise.**
•Equity increased 42% in the six month period to 30
September 2020due to total comprehensive income
of $11.53m for the period and proceeds received of
$28.6m in relation to the capital raise. The remaining
$31.6m of proceeds were received October 2020.
8
* The October 2020 Pro Forma financial position reflects the completion of the capital raise (completed 2 October 2020) and the subsequent debt repayment
** The number of shares used in the calculation of Net Tangible Assets (NTA) Per Share as at 30 September 2020 is 257,488,985. On 2 October 2020, a further 105,228,816
shares were issued. Including these additional shares in the NTA per share calculation the revised NTA per share as at 30 September 2020 is $0.44.
Pro-Forma
Sep-20
M ar-20
Oct-20*
$m
$m
$m
Cash
0.7
0.1
5.0
Invest ment Propert ies
158.5
143.6
158.5
Ot her Asset s
1.8
1.4
1.8
Total Assets
161.0
145.1
165.3
Bank Debt
26.6
49.3
-
Ot her Liabilit ies
4.1
4.0
4.1
Total Liabilities
30.7
53.3
4.1
Equity
130.3
91.8
161.2
Net Tangible Assets Per Share ($)**
0.51
0.57
0.44
LVR Ratio
16.8%
34.3%
0%

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
Graham Street,
Auckland
Eastgate, ChristchurchStoddard Rd, AucklandMunroe Lane, AucklandKamo, Whangarei
Valuation ($m)
1
$57.5 (Mar-20: $50.1)$47.4 (Mar-20: $47.0)$38.5 (Mar-20: $37.5)$7.5 (Mar-20: $7.5)$2.5 (On acquisition: $2.1)
WALE (years)1.0 (Mar-20: 1.2)4.2 (Mar-20: 4.5)
2
3.8 (Mar-20: 4.0)--
Occupancy (%)100% (Mar-20: 100%)95% (Mar-20: 95%)
2
100% (Mar-20: 100%)--
Net Rental Income ($m)$3.98 (Mar-20: $3.95)$3.60 (Mar-20: $3.66)$2.65 (Mar-20: $2.63)--
Passing yield (%)6.9% (Mar-20: 7.9%)7.6% (Mar-20: 7.8%)6.9% (Mar-20: 7.0%)--
Comments•Acquired June 2019
•Auckland Council lease has
approximately 0.75 years to
run
•Attractive holding income
•6 month extension agreed
for basement and ground
floors from July 2021 for
$1m rental
•Bargain Chemist recently
secured as a new tenant on a
6-year lease
•Agreement to Lease entered
with Restaurant Brands –now
unconditional
•Seismic work for The
Warehouse completed
•The property continues to
perform well and provide
a steady income stream
•100% of expiring leases
were renewed by existing
tenants so far during the
year
•Acquired off-market
December 2019
•Large ~4,200m
2
corner site
with three road frontages;
•Development forecast for
completion in November
2022
•Acquired on 30 July 2020
•Large 38,000m
2
industrial site
located adjacent to SH1
Largest tenant exposures•Auckland Council•Countdown, The Warehouse•The Warehouse•Auckland Council
04 Portfolio Update
9
1.Based on August 20 final valuations received and approved by the Board which have been reviewed by the auditors as part of the half year reporting process at 30 September 2020.
2.Eastgate WALE and occupancy excludes the agreements to lease entered into with Restaurant Brands, one of which is subject to resource consent and completion of a development.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
Portfolio Summary
Value
($m)
WALT
(years)
Occupancy
(%)
Net Rental
($m)
Eastgate47.44.2953.60
Stoddard Road38.53.81002.65
Graham St57.51.01003.98
Munroe Lane7.5N/AN/AN/A
Kamo2.5N/AN/AN/A
TOTAL153.4*2.99810.23
Assetplusnz.co.nz
10
2%
13%
38%
5%
2%
14%
3%
10%
11%
2%
0%
1,567
4,650
678
241
1,693
422
1,218
1,385
246
Vacant
Mar-21
Mar-22
Mar-23
Mar-24
Mar-25
Mar-26
Mar-27
Mar-28
Mar-29
Mar-30
Lease expiry in year ended 31 M arch
Lease expiry by rental income ($000)
Auckland Council
33%
The W arehouse
Group
20%
Countdown
9%
W estpac
3%
Unichem
3%
Linwood Avenue
M edical Centre
2%
Aviva
2%
Bargain
Chemist
1%
ANZ
1%
Snap Fitness
1%
Other (36 tenants)
25%
Top 10 Tenants (% of rental income)
Note: Both the ‘lease expiry by rental income’ and the ‘Top 10 tenants’ metrics do not
include the as-if complete 6-8 Munroe Lane metrics.
*Excludes WIP of $5.1 million.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
11
Update on the Munroe Lane
Development
Assetplusnz.co.nz
•Funding condition fulfilled on the back of the successful
equity raise and finance restructuring
•Icon appointed as construction contractor.
•80% of construction cost fixed.Remaining 20% to be
tendered upon completion of detailed design in early 2021.
•Site blessing and ground breaking ceremony completed in
October with TāmakiMakaurau mana whenua.
•Construction works underway and due for completion in
November 2022.
•Marketing has commenced for leasing the balance of the
space.

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
•Bargain Chemist secured on a new 6-year leaseeliminating
a number of vacancies within the centre.
•Foot traffic and salesare upon prior yearperiods.
•Agreement to Lease signed with Restaurant Brands for
newdevelopment on vacant land –forecast 20% margin
and 6% return on cost. Target practical completion is June
2021.
Eastgate, Christchurch
Asset Plus Interim Result | Sept 2020
12

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
22 Stoddard Road
•The centre remains 100% occupied and no tenants have
defaulted as a result of COVID-19.
•Market rent review negotiations completed with The
Warehouse during the period.
•Theanchor tenant does not expire until 2025.
Image TBA
Asset Plus Interim Result | Sept 2020
13

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
•0.75 year lease remaining to Auckland Council (expiring June
2021).
•Short term extension on basement and ground floor for six
months to end of December 2021 for fixed consideration of $1m
•The property provides a material development opportunity to
addvalue following the Auckland Council lease expiry –a
resource consent has been lodged for the preferred
development scheme which is expected to be received by the
end of 2020.
•Leasing campaign underway, with a number of potential tenants
identified and being pursued.
•Preferred developmentwill be subject to sufficienttenant pre-
commitment.
35 Graham Street
Image TBA
14

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
05 Outlook
The successful execution of the Munroe Lane development is a near term priority. Works have now
commenced.
Asset Plus is now focused on progressing the 35 Graham Street redevelopmentopportunity. Pre-
leasing is a critical element to this process.
The search for new opportunities continues and Asset Plus is confident in being able to secure these
in the near term as the Company requires scale to set a stronger platform for growth.
The Board is pleased with Augusta’s performance as manager and the progress they have made on
the Munroe Lane development improving both the quality and scale of the portfolio (on completion).
15

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
16
Appendix 1 –AFFO reconciliation
*The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2020
is 169,753,921 being the weighted average number of shares issued between 1 April to 30 September 2020.
6 months
6 months
Sep-20
Sep-19
$m
$m
Comprehensive Income Net of Tax
11.53
2.01
Add Back
Loss/ (Gain) From Sales of Invest ment
Propert y
-
(0.02)
Depn on Owner Occupied PP&E
-
0.06
FV Gain on Invest ment Propert y
(8.87)
-
Non-FFO Def erred Tax Expenses
0.15
(0.03)
Net Operating Income After Tax
2.81
2.02
Amort isat ion of Lease Incent ives
(0.14)
0.18
Funds From Operations (FFO)
2.67
2.20
M aint enance CAPEX
-
-
Incent ives and Leasing Cost s
(0.04)
(0.18)
Ot her M ovement s
-
-
Adjusted Funds From Operations
2.63
2.02
AFFO (CPS)*
1.55
1.25

Asset Plus, FY21 Interim Results | November 2020
Assetplusnz.co.nz
17
Important Notice
PleasereadthispresentationinthewidercontextofthematerialpreviouslypublishedbyAssetPlusLimited(APL)andannouncedthrough
NZXLimited.
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforwardlookingstatements(includingforecastsand
projections)aboutAPLandtheenvironmentinwhichAPLoperates.Becausethesestatementsareforwardlooking,APL’sactualresults
coulddiffermaterially.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,completenessorcorrectnessofthe
informationcontained,referredtoorreflectedinthispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryour
advisersorassociatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,orastowhetheranyforward
lookingstatementswillprovecorrect.Youwillberesponsibleforformingyourownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyou.
Tothemaximumextentpermittedbylaw,noneofAPL,AugustaFundsManagementLimited(AFM)noranyoftheirdirectors,officers,
employees,agentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,any
liabilityarisingfromanyfaultornegligenceonthepartofAPL,AFM,theirdirectors,officers,employees,agentsoranyotherperson)
arisingfromthispresentationoranyinformationcontained,referredtoorreflectedinitorsuppliedorcommunicatedorallyorinwriting
toyou(oryouradvisersorassociatedpersons)inconnectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportantNoticeandintheDisclaimerand
ImportantNoticecontainedwithinthePresentation.

---

25 November 2020






Dear Shareholder

Further to the interim result announced today (available here), we are pleased to provide Shareholders
with an update on activity and progress made over the past six months.

A recent key highlight was the confirmation of the Munroe Lane development becoming unconditional,
which is a significant transaction for this Company. The recently completed capital raise, in conjunction
with the restructured debt facility provides the necessary capital to complete the development with
practical completion expected in November 2022.

This transaction exemplifies the adopted value-add investment strategy, with 35 Graham Street and the
Kamo property providing further near term opportunities capable of benchmark outperformance.
Augusta (now a wholly owned subsidiary of Centuria Capital Group), as both external manager and the
largest shareholder in Asset Plus, remains committed to executing these developments to improve returns
and create share price growth for shareholders.

The adopted value-add strategy continues to suit the current low yield and low interest rate environment.
Through active management and the expertise of the manager, repositioning and development
opportunities can be secured to provide an appropriate risk adjusted return and providing a particular
strategic mandate amongst the listed property sector within New Zealand.

Existing portfolio

An active management approach to maintaining strong tenant relationships was key to navigating a
tumultuous first half of the year. COVID-19 did impact the portfolio’s earnings in the first half with $0.6
million of abatements granted to tenants. Tenant retention and survival were our primary focus to
maintain a long term sustainable income stream, and preservation of shareholder value. Valuations have
rebounded from 31 March to 30 September as the initial impacts of COVID-19 were not as significant as
was initially forecasted.

Munroe Lane Development
Once complete, the development is currently expected to have a valuation of $142 million
1
. We believe
that this transaction will be a step toward resolving legacy issues within the portfolio. The transaction will
significantly enhance the portfolio quality and WALE underpinned by the Auckland Council tenant
covenant and the initial 15 year lease term. The development also represents a compelling total return
story for shareholders.

We considered it prudent to focus solely on the Munroe Lane Development during the recent capital
raise, with only $60.2 million raised compared to the $100m previously sought in the withdrawn March
capital raise. In addition to the Equity Raise we have secured an increase in bank debt facilities from $75
million to $130 million to provide sufficient funding to complete the Munroe Lane development without

1
Based on an ‘as if complete’ valuation of $142 million completed by JLL

the need to divest any further assets, whilst still providing capability to progress both the 35 Graham
Street and Kamo developments through initial phases.

35 Graham Street

Asset Plus continues to progress the redevelopment of 35 Graham Street. A resource consent has been
lodged, and is expected to be received by the end of the calendar year for the preferred full
redevelopment scheme (adding 3 additional levels). Marketing collateral has been produced and Colliers
International are underway with a targeted marketing campaign. While COVID-19 has had an adverse
short-term impact on office occupation, sentiment, and occupation levels, confidence in the long-term
outlook remains positive for the sector. Any decision to commit to the full redevelopment scheme will
be subject to obtaining sufficient tenant pre-commitment.

Focus on future acquisitions and growth

The Manager, and the Board remain patient and disciplined in relation to potential acquisitions. Our
immediate focus remains on the successful completion of the Munroe Lane development, including the
leasing of remaining space within the building, and obtaining fixed pricing for the remaining 20% of the
construction costs. In addition, obtaining pre-leasing commitments for the potential development of 35
Graham Street is a key strategic objective in the near to medium term.

The progression of the Kamo opportunity is a further medium-term focus creating a development pipeline
for the future.

The Board intends to maintain a constant dividend throughout the Munroe Lane development phase. We
understand the importance of a dividend yield to retail shareholders. While the proposed annual cash
dividend of 1.8 cents per share is expected to be greater than operating earnings for the development
period, the use of capital to support the dividend is not expected to materially erode the NTA. The
dividend does however remain subject to quarterly review.

Finally, I wish you and your family a safe and happy holiday season.


Best wishes





Bruce Cotterill
Chairman

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)


Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 6,635 (4.22%)
Total Revenue $ 6,635 (4.22%)
Net profit/(loss) from continuing
operations
$ 11,535 474.74%
Total net profit/(loss) $ 11,535 474.74%
Interim/Final Dividend
Amount per Quoted Equity Security $0.00560279
Imputed amount per Quoted Equity
Security
$0.00110279
Record Date 4/12/2020
Dividend Payment Date 11/12/2020
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.51 $0.69
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
The number of shares used in the calculation of Net tangible assets per share
as at 30 September 2020 is 257,488,985. On 2 October 2020, a further
105,228,816 shares were issued. Including these additional shares in the NTA
per share calculation the revised NTA per share as at 30 September 2020 is
$0.44.

This announcement is extracted from APL’s unaudited interim financial
statements as at and for the six months ended 30 September 2020. A copy of
these unaudited interim financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address simon@augusta.co.nz
Date of release through MAP 25/11/2020

Unaudited financial statements accompany this announcement.

---

Distribution Notice


Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 04/12/2020
Ex-Date (one business day before the
Record Date)
03/12/2020
Payment date (and allotment date for
DRP)
11/12/2020
Total monies associated with the
distribution
$1,632,230.10
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00560279
Total cash distribution $0.00450000
Excluded amount: $0.00166427
Supplementary distribution amount $0.00050042
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Full imputation
If fully or partially imputed, please state
imputation rate as % applied
19.7% (being the imputation credits per financial product
divided by the gross distribution amount).
Imputation tax credits per financial
product
$0.00110279
Resident Withholding Tax per financial
product
N/A
Section 4: Authority for this announcement
Name of person

authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number 09 3006161
Contact email address simon@augusta.co.nz
Date of release through MAP

25/11/2020