Financial result for the year ended 31 March 2021

ANNUAL REPORT 2021

Munroe Lane, Auckland

Artist Impression

Contents
01
05
07
18
30
02
10
08
19
54
04
14
20
57
59
Chairman’s Letter
General Update
Performance of
the Portfolio
Director Profiles
Financial Statements
Key Points from the
Financial Year
Property Report
ESG Initiatives
The Manager
Independent Auditor’s
Report
Strategy Update
Finance Report
Corporate
Governance
Shareholder
Statistics
Directory

Chairman’s Letter
Chairman’s
Letter
Over the past 12 months we have further progressed
our transformation to move towards a quality,
diversified portfolio, giving us a solid base from which
to pursue future value-add initiatives.
The successful capital raise in October 2020 was
the final step in securing the Munroe Lane, Albany
development opportunity, which we believe will be
transformational for Asset Plus.
We now have sufficient funds in conjunction with a
revised bank facility to deliver this project, which is
expected to be completed in December 2022. The
development is anchored by Auckland Council as
the key tenant, and is expected to materially
increase portfolio WALE given the 15 year lease
from completion.
The development is tracking well and scheduled
for completion within the targeted date. All delivery
costs have now been fixed. In addition, transactional
evidence is increasingly favourable for comparable
long dated income producing assets secured with blue
chip tenants. This is evidenced by the Munroe Lane
“as-if complete” valuation, which has increased to
$146.85 million (assuming the property is fully leased).
We are very pleased to have obtained Resource
Consent for the potential and preferred redevelopment
of 35 Graham Street, Auckland Central, and our
current plan is to lease this development opportunity.
Marketing is now underway, and the leasing success
will determine the ultimate scale of the project as we
seek a level of pre-commitment before commencing
this potential material redevelopment.
A full scale redevelopment with the addition of three
further levels remains our preferred approach, and
would further increase our weighting towards the
desirable Auckland market. WALE would also increase,
as well as the overall scale and quality of the portfolio.
It is pleasing to see a number of material leasing
transactions occurring in early 2021, indicating that
central, modern, efficient, and sustainable office
premises remain in demand despite the trend
towards working from home in the wake of the
COVID-19 pandemic.
The scale of potential development opportunities
before us (which remain subject to shareholder
approvals where needed), relative to the current
size of the balance sheet, requires a prudent capital
management approach. As we continue to progress
these activities, we are giving consideration to future
capital structure as well as earnings streams through
the current, and potential development windows.
The successful divestment of Eastgate Shopping
Centre has been structured with a deferred settlement
to support earnings during part of the Munroe Lane
development window, and reflects our strategy to
divest non-core assets which lack potential value-add
opportunities. The asset is being divested at a small
discount to carrying value, but the valuation gains
across the balance of the portfolio mean that NTA is
forecast to hold constant at 44.8 cents per share in
the near term.
The existing portfolio continues to be actively
managed, with a number of renewals completed
across the retail portfolio and new leases secured
during the year - a positive result given the constraints
placed on both tenants and landlords as a result of
COVID-19.
The impact of COVID-19 has been widely felt across
the economy, and Asset Plus has not escaped this –
particularly given our portfolio’s weighting to retail
assets. We were fortunate to have a number of
essential services tenants within the retail portfolio,
which insulated us somewhat. Ultimately, while
earnings for the financial year were broadly in line
with expectations, the impacts of the pandemic meant
we worked closely with tenants to provide rental
abatement and relief as required, which reduced net
income on a ‘like for like’ basis.
Historically low interest rates are clearly driving
investor demand and appetite for commercial
property. The office sector has been impacted by
COVID-19, with some stock coming to the market for
sub-lease. However, recent transactional evidence
suggests that the Auckland office sector remains
attractive, with supportive long-term demand drivers.
It is our belief that office culture is integral to the
engagement of staff and therefore success of most
businesses, and while today’s working environment
allows for more location flexibility, demand for office
space is likely to remain durable in the long term.
As previously indicated, the dividend will continue to
be reviewed on a quarterly basis moving forward,
having regard to the operating cash flow and capital
requirements of the business.
Finally, we thank you, our shareholders, for your
continued support, which we do not take for granted.
We look forward to presenting further updates to you
on the implementation of our strategic initiatives in
the coming months.
Regards,
Bruce Cotterill
Chairman
01

Key Points
from the Financial Year
5.4
LOAN TO VALUE RATIO
S
5.82
ADJUSTED FUNDS
FROM OPERATIONS
1
OF
millionmillion
(34.3% at 31 March 2020).
NET PROFIT AFTER TAX
S
15.95
millionmillion
($14.69 million loss in
the prior year).
($4.74 million in
the prior year).
1
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 Asset Plus' auditor,
Grant Thornton Audit Limited. A reconciliation between Net Profit After Tax and AFFO can be found on page 16.
98.0
PORTFOLIO
OCCUPANCY
Key Points f rom the Financial Year
02

Secured resource
consent for preferred
development option
at 35 Graham Street
Sale of Eastgate for $43.45m
(non-core asset) with a
deferred settlement
WALE
2.75
yearsyears
44.8
NET TANGIBLE
ASSETS
reduced from 56.7 cps
down from
3.16 years (prior year)
cents per share cents per share
Driven by capital raise
Key Points f rom the Financial Year (continued)
Munroe Lane
development
progressing on
timetable - target
completion of
December 2022
03

Key Strategic
Priorities
Key Strategic Priorities
With the successful equity raise to fund the Munroe Lane
development completed, the portfolio value is expected to
increase by approximately $122 million, based on the as-if
complete valuation – a material increase given the current
portfolio value of $172.80 million.
Subject to leasing commitment, the potential redevelopment
of 35 Graham Street would further increase the portfolio
value materially.
Provide an appropriate
yield reflective of the
value-add, and total
return approach adopted
Set a strong platform
for sustainable growth
moving forward
Increase the scale
of the portfolio
The Munroe Lane development is expected to provide a
yield on cost of approximately 5.8%, which is attractive
in conjunction with the anticipated development margin
given the high quality tenant, and extended lease term of
15 years over almost two thirds of the building.
The potential 35 Graham Street development is also
expected to provide an attractive total return, subject to
achieving pre-leasing.
Successful delivery of the Munroe Lane development
is expected to significantly enhance the quality, WALE,
and age of the portfolio while reweighting towards the
Auckland and office sectors, both considered desirable.
Successful execution of this development will provide a
stable platform to leverage further opportunities.
If pre-leasing is secured for the 35 Graham Street
development, a clear pathway will be available for further
growth opportunities.
04

General
Update
General Update
Impact of COVID-19
The impacts of COVID-19 were widespread, with the
government mandated lockdown having a profound
impact on all businesses and landlords throughout the
country. Despite our portfolio’s weighting to the retail
sector, we were fortunate to have a number of ‘essential
service’ tenants who were able to continue trading
throughout the disruptions. Rental abatements were
provided, as contractually required under leases, and
tenants were supported through rental relief to ensure
the longevity and survival of all tenants in the portfolio.
It is pleasing to see the rebound in activity, foot traffic,
and sales in the intervening period. The impact of
COVID-19 reduced operating income as rental relief and
abatement was provided to tenants totalling $0.4 million,
net of subsequent recoveries.
Given a number of tenants’ successful trading
performance subsequent to the lockdowns, we have
recovered some rental relief. The relief and abatement
provided has been predominantly offset by the tax
benefits of reintroduction of depreciation on buildings.
Equity Raise to fund Munroe Lane
Development
A $100.1 million equity raise was launched in
March 2020, and subsequently withdrawn given
market volatility amid the onset of COVID-19.
Management successfully negotiated extensions
to the Auckland Council Agreement to Develop
and Lease, in order to satisfy the landlord funding
and shareholder approval conditions, which was
ultimately pushed out to 30 October 2020.
A smaller $60.2 million equity raise was launched in
September 2020, which was successfully completed
in conjunction with revised bank facility agreements
with BNZ, providing sufficient funding to complete
the Munroe Lane development. During the capital
raise it was also signalled that divestment of
non-core assets would provide further financial
capability in due course, and reduce the look
through LVR to a target of 35%.
Works are now well underway with the Munroe
Lane development, with a targeted completion
expected in late 2022.
Munroe Lane Development
- Artist Impression
Munroe Lane Development
- Artist Impression
05

General Update
35 Graham Street proposed development
The impacts of COVID-19 were widespread, and diverted a large
number of office-based tenants’ focus from expansion and
relocation opportunities to basic survival mode, adapting to
involuntary Working From Home (WFH), and understanding the
potential future implications of this unprecedented disruption.
As a result, major leasing transactions during the 2020 calendar
year were suppressed, with instances of sub-lease space coming
to the market from those most impacted by the pandemic.
This has affected anticipated timeframes available to pre-lease
this proposed development, somewhat offset by the six month
extension we were able to secure from Auckland Council over
the basement and ground floors to December 2021.
It is pleasing to see a number of major corporate leasing
transactions occurring in the early part of this year, and a
demonstrated flight to quality, with large floorplates in modern,
sustainable and efficient buildings remaining in demand.
We are confident that this unique development opportunity will
attract leasing pre-commitment, but are mindful that alternative
smaller scale redevelopment options remain available.
Resource Consent (RC) for the preferred full scale development
option was obtained in early 2021, and we are engaging with
a number of potential and target tenants through Colliers, our
appointed leasing agent.
Purchase of Kamo
During the year, bare industrial land was purchased
in Kamo, Whangarei. This land represents a
potential long term development opportunity. The
land has already demonstrated value accretion
with a $0.5 million uplift subsequent to purchase.
Divestment of Eastgate Mall
As signalled in both the March and September
equity raisings, a pathway to reduce the look-
through LVR was identified through disposal
of non-core assets during the Munroe Lane
development period.
Eastgate has always been a challenging asset.
While the asset was high yielding, it was also high
risk – with a volatile income stream and value
profile. We have now unconditionally sold this asset
to a private purchaser, with settlement scheduled
between August 2021 and February 2022 –
ensuring we continue to derive near term income
from the asset.
General Update
(continued)
35 Graham Street
- Artist Impression
06

Performance of the portfolio
Performance
of the portfolio
*
2
Carrying value includes work in progress (WIP) relating to costs incurred in relation
to current and future development work which were not included in the inputs to the
valuation calculation by the independent valuers.
07
Carrying
Value
2
($m)
Occupancy
(%)
WALE
(Years)
Passing Rent
Yield (%)
Eastgate 42.56 94.5
4.15
8.37
Stoddard
Road
41.50 100.0
4.18
6.48
35 Graham
Street
61.01 100.0
0.50
6.69
6-8 Munroe
Lane
25.02 NA NA NA
Kamo 2.71 NA NA NA
Total172.8098.02.75

Employment Opportunities
Commitment to employ a minimum of two
graduates for the project through their established
graduate programme.
Further commitment to engage ten apprentices,
cadets and/or trainees for the project through the
subcontractor supply chain, including Māori, Pasifika,
women and long-term unemployed.
Learning Opportunities
The site will be offered to relevant educational
providers for learning opportunities in the
architectural, engineering and construction fields.
Supplier diversity
Icon Construction are working with Amotai (NZ
Government's intermediary for supplier diversity),
which has resulted in four additional Amotai registered
subcontractors being provided an opportunity to tender
for various packages on the project.
Health & Wellness
The site is being accredited through Mates in
Construction, and Icon will also participate in the
annual R U OK day, which is an Australian initiative.
ESG Initiatives
Learn more about Te Aranga design principles here:
www.aucklanddesignmanual.co.nz/design-subjects/maori-design/te_aranga_principles
Social
During implementation of the Munroe Lane development we have instigated a
number of broader outcome initiatives in conjunction with partners, including:
Te Aranga Design Principles
Te Aranga design principles have been embedded into the design and construction of the building from the
outset. These principles are based on the historical narrative for the site as told by Mana Whenua and provide
direction to influence and guide design processes aligned to local Māori values, principles and aspirations
to help shape the built environment and create distinctive outcomes. The internal laneway or ‘portage’ is
a modern interpretation of the nearby Lucas Creek – which was a hive of activity and interaction between
the coasts, encouraging both trade and the exchange of ideas. This is of great significance, as now this
building with Auckland Council as anchor tenant will become a hub within Albany, and the North of Auckland,
embodying these traits in a contemporary way. Iwi have appointed a number of artists to progress the design
of these principles into the physical elements of the building, our engagement with iwi will culminate with the
bestowing of a name which will be revealed at the grand opening and blessing of the site on completion.
08
ESG Initiatives

Case study: Munroe Lane
A number of sustainability initiatives have been adopted throughout the design
and construction of the Munroe Lane development, including:
Artist Impression
Registering the development with the NZ Green
Building Council to obtain a design and built
5 Star Green Star rating.
A target 5-star NABERSNZ energy rating, which
remains subject to the tenant(s) operating
the building as designed, and within the
operational hours.
Use of second hand sheet piles for 70% of the
temporary retention, reducing carbon footprint
from materials that would have otherwise been
sourced and shipped from China. All surplus
materials and offcuts have subsequently been
recycled locally.
Landfill waste reduction target of 70%, with
monthly audits and reporting occurring.
Stockpiling of excavated materials as
clean-bulk fill for future building and
infrastructure projects.
Reuse of site offices from previous projects
(relocated from Christchurch and Dunedin).
09
ESG Initiatives (continued)

Property Report
The Munroe Lane development is
advancing in line with timetable and
with forecast costs. The as-if complete
valuation has increased from $142.00
million to $146.85 million (on a fully
leased basis) on the back of a continued
flight to quality assets.
Munroe Lane31-Mar-2031-Mar-21Change
Carrying Value $7.5m$25.02m
Valuation as-if
Complete
3
$142.00m$146.85m
Occupancy
(As is currently
pre-leased)
3
63%63%
Resource Consent for the development was obtained in
May 2020, with the Landlord funding and shareholder
approval condition under the Agreement to Develop
and Lease with Auckland Council originally scheduled
for fulfilment by the end of April 2020. As a result of
COVID-19, subsequent government mandated lockdowns
and withdrawal of the equity raise in March 2020, we
successfully negotiated an extension to the condition with
Council until the end of July 2020. The condition was then
further extended until the end of October 2020, which was
fulfilled on the back of the successful equity raise launched
in September 2020.
A construction contract was entered with Icon Construction
on the back of a successful Early Contractor Involvement
(ECI) agreement. At the time of entering the contract,
just over 80% of costs were fixed, with the balance now
competitively tendered. We are pleased to advise that all
fixed costs
4
have come in within the original budget, with
our contingency of $5.75 million remaining intact.
Works are physically progressing well on site, however
we have been exposed to the global shipping impacts
of COVID-19 and local resourcing issues at the Ports of
Auckland, which delayed arrival of critical materials to
complete the temporary retention works. This has created
a 12 day delay, which was also considered a delay event
under the ADL and has subsequently extended the Target
Completion Date from 16 December 2022 until early 2023.
At this stage we remain on track to finish the project in late
2022, and are instigating mitigation measures to ensure no
further material delays from offshore procurement sources.
The 15 year lease to Auckland Council accounts for over
63% of the building (by income). This remains a very
attractive position proposition, with demand for similar
products from local and global investors continuing to
have a positive impact on the as-if complete valuation.
Munroe Lane
– Current development
Munroe Lane,
Auckland
Artist’s impressions of the Munroe Lane development
3
The valuation as-if complete is on a fully leased basis
4
All fixed costs are subject to variation provisions which are not unusual for a construction contract of this nature.
10

Property Report (continued)
35 Graham Street
– Future potential development
The valuation for 35 Graham Street has
rebounded over the past 12 months,
despite the shortening WALE.
The property is well positioned in a central
location with a number of redevelopment
options available, providing Asset Plus
with an ability to pivot to take advantage
of any scenario.
35 Graham Street
On
Acquistion31-Mar-21Change
Carrying Value
5
$58.0m$61.01m
Net Contract Income$3.975m$3.975m
Passing Initial Yield6.85%6.69%
Cap. Rate6.00%5.75%
Net Market RentaI$3.960m$4.335m
WALE (years)2.00.5
35 Graham Street was purchased in June 2019 for
$58 million from Auckland Council. At the time of the
transaction, a two-year lease was entered into with
Auckland Council to provide Asset Plus with income and
time to work through potential redevelopment options. The
lease has subsequently been extended until the end of 2021
over the lower two levels.
Work has progressed on the preferred full scale
development option, which includes adding an additional
three floors to the existing building. Internationally
renowned architects Woods Bagot have designed the
scheme, which has now achieved Resource Consent, and
Colliers have been appointed as exclusive leasing agent.
If this development goes ahead, it will target a 6 star Green
Star rating, and the proposed retention of 1.8 million
kilograms of reinforced concrete from the original structure
will result in estimated carbon savings equivalent to 13,000
flights between Auckland and Queenstown.
A final decision on the development of 35 Graham Street
has yet to be made by the Asset Plus Board. Consideration
is being given to the scale of the proposed redevelopment
given vacancy rates, market sentiment, tenant pre-
commitment, and the significant capital requirements for
the preferred development option.
The fundamentals of this property remain appealing,
particularly in a post COVID working environment –
habour views, large and efficient floorplates, ample local
amenity, ease of accessibility and proximity to transport
networks without being in the core CBD still resonate with
tenants. We have seen a number of corporates relocate
and commit to new modern workplaces in this precinct
recently, and expect this trend to continue as employers
look to attract and retain talent, in a hybrid office and
working from home model.
The property also provides options for reduced scale
redevelopment which continue to be explored, and could
be more appealing given current market supply and
demand metrics.
35 Graham Street,
Auckland
5
The carrying value represents the independent valuation of
$59.50 million plus WIP of $1.51 million.
11

Stoddard Road
The large format commercial property
market has performed strongly during the
period, with a flight to quality assets and
firming capitalisation rates. As a result,
the Stoddard Road Centre valuation has
increased from $37.5 million to $41.5
million, or 10.67%.
22 Stoddard Road,
Mt Roskill, Auckland
Property Report (continued)
22 Stoddard Road31-Mar-2031-Mar-21Change
Carrying Value$37.5m$41.5m
Net Contract Income$2.689m$2.688m
Passing Initial Yield 7.03%6.48%
Cap. Rate6.25%6.00%
Net Market Rent$2.366m$2.545m
WALE (years)4.004.18
The Centre continues to perform well with no tenants
having defaulted on their rent payments during the period
and the Centre remaining fully occupied.
During the financial year, a total of six lease renewals
were completed, making up 22% of the Centre's
income stream.
Our future leasing focus has now turned to the one lease
renewal due in the next financial year, making up 5.9% of
the total rental income for the Centre.
The total amount of rent relief and abatement provided
as a result of COVID-19 equated to circa 7% of the annual
rent roll for the property or approximately $196,000.
12

Property Report (continued)
Eastgate
Shopping Centre
Cnr Buckleys Road &
Linwood Avenue,
Christchurch
Despite the impact of COVID-19 on the
retail sector, we have seen a positive
rebound in both turnover and foot
traffic at Eastgate subsequent to the
government mandated lockdowns.
During the year, a lease was secured with
Restaurant Brands for the South Island’s
first Taco Bell restaurant, which is due
for completion in mid 2021. Caroline Eve
has committed to lease space within
the Centre which has remained vacant
since 2015. A number of lease renewals
totalling 8.17% of the Centre’s income
have been finalised, resulting in the WALE
remaining relatively static, despite the
shortening WALE of the anchor tenants.
Eastgate31-Mar-2031-Mar-21Change
Carrying Value
6
$46.9m$42.56m
Net Contract Income$3.661m$3.422m
Passing Initial Yield7.80%
8.37%
Cap. Rate8.38%-
Net Market RentaI$4.087m$3.8m
WALE (years)4.534.15
After working through an off-market process, an
unconditional sale at $43.45 million was announced on
22 February 2021. Settlement is floating at the
purchaser’s election, but must occur between 22 August
2021 and 22 February 2022 (with the purchaser required
to give 20 working days’ notice of their intention to settle).
The financial year got off to a slow start with the initial
Level 3 & 4 COVID-19 lockdowns shutting the Centre for
all but a handful of ‘essential service’ tenants. To support
non-essential businesses as well as meeting contractual
lease obligations, rent relief and abatement was provided
to many of the tenants within the Centre. The total
amount of rent relief and abatement provided equated
to circa 4% of the annual rent roll for the property or
approximately $201,000.
In May 2020 the Bargain Chemist lease commenced, and
this has been a well-received addition to the Centre. With
the increase in foot traffic within the Centre generated
by Bargain Chemist we have been able to secure lease
renewals from an increasing number of tenants, and
attracted a new tenant, Caroline Eve. The bulk of this
200m² tenancy has been vacant since it was constructed
post-earthquake, and this tenancy will help draw foot
traffic further into the mall towards Lincraft.
An Agreement to Lease with Restaurant Brands for
a Taco Bell restaurant was executed in August 2020.
Construction is currently underway on this new building,
which is located on an external site adjacent to the
existing KFC. The 10 year lease is expected to commence
in July 2021.
(Unconditionally sold)
6
The carrying value represents the sale price less the
committed fit out works cost for Taco Bell.
13

Finance Report
Finance
Report
2021
$’000
2020
$’000
2019
$’000
2018
$’000
2017
$’000
Total Net Revenue9,95310,9599,15111,70411,906
Administration Expenses
(1,736)(1,644)(1,766)(2,225)(2,612)
Redundancy Costs
---(726)-
Net Finance Costs
(1,144)(1,664)(1,079)(2,821)(2,726)
Total Operating Income7,0737,6516,3065,9326,568
Gain/(Loss) on Sale of Property, Plant
and Equipment
-
-
(14)(29)(87)
Loss on Sale of Investment Property(321)46(915)(2,970)-
Unrealised Interest Rate Swap Gain/(Loss)--
13379732
Fair Value Gain/(Loss) in Value of
Investment Property
9,187(19,115)(1,767)(2,945)(1,651)
Transaction Costs
(12)(1,774)(224)(686)(1,339)
Sale of Management Rights
---4,500-
Net Profit/(Loss) Before Taxation15,927(13,192)3,5193,8814,223
Income Tax Expense
22(1,496)284(786)(1,150)
Profit and Total Comprehensive Income 15,949(14,688)3,8033,0953,073
Basic and Diluted Weighted Average
Earnings Per Share
6.00(9.07)2.351.911.90
Five Year Financial Summary
14

Financial Result Summary
2021
$’000
2020
$’000
Variance
$’000 Comments
Total Net Revenue9,95310,959(1,006)
As a result of COVID-19 restrictions, rent relief and
abatements totaling $0.4 million were provided to tenants.
The net impact on revenue for FY21 was:
• Rental abatement $64k
• Rental relief $141k
$488k for underwrite fees associated with the sale of the
Heinz Watties property was received in 2020.
The remainder of the movement in rent recognised is the net
effect of an increase in office rent of $961k as a result of the
35 Graham Street acquisition in June 2020 and the decrease in
industrial rent of $1,621k due to the sale of Heinz Watties in the
prior year (December 2020). This is a net decrease of $660k.
Administration Expenses(1,736)(1,644)(92)
Net Finance Costs(1,144)(1,664)520
Finance costs have decreased as a result of the capital raise
as proceeds were applied as a debt repayment. This was
partly offset by a new loan structure in place from October
2020 which increased line fees. The FY21 finance costs
include:
• Line fees $638k (FY20: $418k);
• Interest of $402k (FY20: $1,184k);
• Loan Establishment fees amortisation of $104k (FY$20: $55k)
Total Operating Income7,0737,651(578)
Loss on Sale of
Investment Property
(321)46(367)
Impact of partially impairing a receivable as well as
contribution to capital costs (which have now been
completed) in respect to the AA Centre.
Fair Value Gain/(Loss)
in Value of Investment
Property
9,187(19,115)28,302
The movement in fair value is mainly attributed to a rebound
in valuations as there was a significant downgrade in
valuations as a result of COVID-19 in the prior year due to
the material uncertainty at that time. COVID-19 continues to
create a degree of uncertainty but economic conditions have
been buoyant leading to cap rate compression. The fair value
gain of $9.2 million is a 6.5% gain against carrying values.
Transaction Costs(12)(1,774)1,762
The prior year included material due diligence costs as well as
the costs incurred with respect to the withdrawn capital raise.
Net Other Gains/Losses8,854(20,843)29,697
Net Profit/(Loss) Before
Taxation
15,927(13,192)29,119
Income Tax22(1,496)1,518
Tax reflects the impact of the released deferred tax liability
at Eastgate ($1.14 million) as well as the benefits of building
depreciation ($0.4 million).
Profit and Total
Comprehensive Income
15,949(14,688)30,637
Finance Report (continued)
15

Finance Report (continued)
Adjusted Funds from Operations - Reconciliation to Net Profit After Tax
2021
$’000
2020
$’000
Statutory Net Profit After Tax
15,949
(14,688)
Investment Property and Inventory
Loss/(Gain) From Sales of Investment Property321(46)
Fair value (Gain)/Loss on Investment Property(9,187)19,115
Depreciation on Owner Occupied PP&E-63
Deferred Tax
Deferred Tax Expense(1,143)(522)
Tax on Depreciation Recover (Non-Operating)-527
Other Unrealised Or One-Off Items
Other Income (Underwriting)-(488)
Net Operating Income After Tax5,940
3,961
Transaction Costs - Cancelled Capital Raise-785
Amortisation of Lease Incentives and Leasing Costs
143285
Amortisation of Rent Relief due to COVID-19141-
Funds From Operations (FFO)6,2245,031
Incentives Granted/Commissions Paid(51)(207)
Rent Relief due to COVID-19(332)-
Maintenance CAPEX(22)(80)
Adjusted Funds From Operations (AFFO)
7
5,8194,744
AFFO CPS - Weighted Average Number of Shares
2.192.93
7
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 Asset Plus' auditor,
Grant Thornton Audit Limited.
16

Finance Report (continued)
Balance Sheet
2021
$’000
2020
$’000
Cash3,10998
Investment Properties130,234143,559
Properties Held for Sale42,560-
Other Assets
3,070
1,420
Total Assets
178,973
145,077
Bank Debt9,40049,250
Other Liabilities
7,212
4,032
Total Liabilities
16,612
53,282
Equity162,36191,795
Net Tangible Assets Per Share ($)0.4480.567
Capital Management
$9.4 million of debt is currently drawn which
represents a LVR of 5.4% as at 31 March 2021
(34.3% in the prior year). The loan facility limit was
increased to $130 million post the capital raise of
$60.2 million. The NTA is now 44.8 cents per share
(down from 56.7 cents per share in the prior year)
driven by the $60.2 million capital raise at an issue
price of 30 cents. There are now three debt facilities.
An investment, working capital and development
facility. Debt is progressively drawn down to fund the
Munroe Lane development.
It is intended that the net proceeds from the sale
of Eastgate Shopping Centre are applied as a
debt repayment.
Dividends
A final quarter dividend of 0.45 cents per share has
been declared. Total cash dividends paid for the
year are 1.8 cents per share. Dividends are declared
quarterly in arrears. This represents a pay out ratio
of 97% (based on AFFO) and based off the additional
shares issued as part of the $60.2 million capital raise.
The dividend remains subject to quarterly review.
17

Bruce Cotterill
Chairman,
Non-Executive
Independent Director
Bruce Cotterill joined the
Board of Asset Plus in April
2017. Bruce is an experienced
CEO, Chairman and Company
Director, who has excelled in a
number of sectors and in a range
of extremely demanding roles. This includes businesses
going through major transformation brought about by
financial performance, structural change and cultural
issues. As a CEO he has led real estate group Colliers,
both in New Zealand and Australia, Kerry Packer’s ACP
Magazines, and iconic New Zealand sportswear company
Canterbury International. As CEO of Yellow Pages Group
he was appointed to lead that company through a period
of dramatic change, including the restructure of the
Company’s $1.8 billion of debt. Bruce was Chairman of
Noel Leeming Group for 8 years until that Company’s sale
to The Warehouse.
Carol Campbell
Non-Executive
Independent Director
Carol Campbell joined the
Board of Asset Plus in May
2015 and chairs the Audit
and Risk Committee. Carol is
a Fellow Chartered Accountant
and a member of Chartered
Accountants Australia and New
Zealand. Carol has extensive financial
experience and a sound understanding of efficient Board
governance. Carol holds a number of directorships across
a broad spectrum of companies, including T&G Global,
New Zealand Post, NZME and the Fisher Listed Investment
companies – Kingfish, Barramundi and Marlin Global,
where she is also Chair of the Audit and Risk Committee.
She is also a Director of Kiwibank. Carol was a Director of
The Business Advisory Group for 11 years, a Chartered
Accountancy Practice, and prior to that a partner at Ernst &
Young for over 25 years.
Paul Duffy
Non-Executive Director
Paul Duffy has over 36 years’
experience in the property
investment/development
industry, including CEO/
executive director of DNZ Property
Fund (now named Stride Property)
for 13 years. During his career, Paul
held the position of General Manager of Fletcher Property
Limited and was Joint Managing Director of US Real Estate
Subsidiaries for the Abu Dhabi Investment Authority. In this
role he oversaw the formation of a large real estate portfolio
in the United States and Europe. Paul is currently a Director
of Leighs Construction and a number of private companies.
Paul is the former chairman of the Manager, and is therefore
not an independent director.
Paul joined the Board in April 2017.
John McBain
Non-Executive Director
John joined the Centuria Capital
Limited ("CNI") Board (formerly
Over Fifty Group) on 10 July
2006. He was appointed as
Chief Executive Officer of the
Over Fifty Group in April 2008
and serves as Joint CEO with
Jason Huljich. John was also a
founding director and major shareholder
in boutique funds manager Century Funds Management,
which was established in 1999 and acquired by the Over
Fifty Group in July 2006. Prior to joining CNI, John held
senior positions in a number of property development and
property investment companies in Australia, New Zealand
and the United Kingdom. As a director of both the largest
shareholder and the Manager, John is therefore not an
independent director. John joined the Board in September
2020.
Allen Bollard
Non-Executive Independent
Director
Allen has a long background
in accounting, business analysis,
risk management, tax, and
finance, mostly in property and
construction. Starting as a partner
in a major accounting firm, he was
then CFO for three listed property
companies and for ten years was CEO/CFO of
Tramco Group, which managed and financed several large
privately held leasehold land owning partnerships including
Viaduct Harbour Holdings, Tram Lease, Quay Lease, Kiwi
Forests, Wairakei Pastoral and Calland Properties Ltd. He is
now an independent business and finance consultant and
Director, still advising Tramco and is an independent trustee
for the Wyborn and Green families. He is the Government
approved independent director of Tamaki Makaurau
Community Housing Joint Venture and Chair of the Odyssey
House Board of Trustees.
Allen joined the Board in April 2017.
Director Profiles
Director Profiles
18

The Manager
Founded in 2001, Centuria NZ* is a leading fund
manager with operations across New Zealand
and Australia. Centuria NZ owns or manages
65 properties across the office, retail and
industrial sectors, with $2.2 billion of assets
under management.
Centuria NZ employs 42 staff across offices
in Auckland, Christchurch and New Plymouth,
with specialist expertise in asset management
and development management, as well as
other essential professional functions including
accounting, treasury and investor relations, legal,
compliance and company secretariat.
The Manager of Asset Plus, Centuria NZ, has
recently undergone a change of ownership
following ASX listed Centuria Capital Group’s
takeover of Augusta Capital, which became
effective on 7 September 2020. Centuria Capital
manages A$15.5 billion** of real estate across
Australia and New Zealand.
The scale of Centuria’s business allows a vantage
point from which to understand the market and
unlock real estate opportunities. Centuria has
comprehensive and up-to-date knowledge and
insights pertaining to property buyers/sellers,
tenants and, importantly, the constant and subtle
shifts to lending and bank sentiment.
Understanding this sentiment has a critical bearing
on the investment strategies ultimately determined
for each property it manages. Centuria’s wide
market reach, coupled with its professional
expertise across all the key areas of asset
management, represents the value proposition
which will underpin its strategy for the future
growth and success of the Asset Plus portfolio.
Centuria Capital (NZ) No.1 Ltd, as the shareholder
of the manager, owns 19.99% of Asset Plus
and increased its stake from 18.85% through
participation in the Equity Raise completed in
early October 2020.
The Manager
* The manager’s name changed on 7 April 2021 from Augusta Funds Management Limited to Centuria Funds Management (NZ) Limited (Centuria NZ).
**Centuria Capital group's asset under management are expected to increased from approximately a $10.5 billion to A$15.5 billion following the completion of it's
proposed acquisition of CAX-listed Primewest Group.
19

Corporate Governance
Corporate
Governance
Principle 1 – Code of Ethical Behaviour
Directors should set
high standards of ethical
behaviour, model this
behaviour and hold
management accountable
for these standards being
followed throughout
the organisation.
A Code of Ethics has been adopted by which the
Company has set out expectations for all Directors,
officers, any employees and representatives to act
in a manner consistent with its guiding principles
and the values set out in its Code of Ethics. This
Code sets out clear expectations of ethical decision-
making and personal behaviour in regard to
confidentiality, securities trading, transparency,
company information, conflict resolution processes,
workplace responsibilities, environmental responsibility
and stakeholder interaction. A copy of the Code
of Ethics is included in the Corporate Governance
Manual available at www.assetplusnz.co.nz/
corporate-governance.
Any illegal or unethical behaviour is to be reported
to the Board. The Chairman may determine whether
an exception or waiver is granted. Otherwise a sub-
committee of the Board will be formed to determine
what action should be taken.
Asset Plus’ manager, Centuria, has also adopted a
Code of Conduct which applies to its employees and
directors. The Code sets out the minimum standards
expected of Centuria’s employees and directors and is
intended to facilitate decisions that are consistent with
Centuria values, business goals and legal and policy
obligations. A copy of the Centuria Code of Ethics is
available at https://centuria.com.au/wp-content/
uploads/2020/09/Centuria-Code-of-Conduct.pdf.
Asset Plus has also adopted a Share Trading Policy
which sets out the rules for dealing in the listed
financial products of Asset Plus. The policy prohibits
trading by directors of Asset Plus without the written
consent of the Company Secretary. The Board may set
‘no trade’ periods around the release of the Annual
and Interim reports, changes in Asset Plus’ capital
structure or where there is significant acquisition or
divestment activity. A copy of the policy is available at
www.assetplusnz.co.nz/corporate-governance.
Centuria has also adopted an Insider Trading Policy
which sets out the rules for dealing in the financial
products of any entity that Centuria NZ manages
(including Asset Plus). The policy prohibits trading
by any employee or director of Centuria without the
written consent of the Centuria NZ Chair. Other than
in exceptional circumstances, all trading is prohibited
during blackout periods for 30 days prior to half- and
full-year balance dates until the first trading day after
the relevant results are announced.
The Board of Asset Plus is committed to maintaining the highest standards of business
behaviour and accountability.
Accordingly, the Board has adopted corporate governance policies and practices designed to
promote responsible conduct.
The corporate governance framework is set out in Asset Plus’ Corporate Governance
Manual, a copy of which can be found at the Company’s website: www.assetplusnz.co.nz/
corporate-governance.
This section sets out Asset Plus’ corporate governance policies, practices and processes
with reference to the NZX Corporate Governance Code’s eight key principles and
supporting recommendations. The Board considers that it has followed the recommendations
of the NZX Corporate Governance Code except as set out below under each Principle.
This Corporate Governance Statement is current as at 31 March 2021.
20

Corporate Governance (continued)
Principle 2 – Board Composition
and Performance
To ensure an effective board,
there should be a balance
of independence, skills,
knowledge, experience
and perspectives.
Board Charter
The Asset Plus Board has adopted a Board Charter
and Governing Principles which sets out that
the specific responsibilities of the Board and its
Committees include:
• oversight of the Company including its control and
accountability procedures and systems;
• setting the strategic direction and objectives of
the Company;
• overseeing the audit and monitor risk;
• approval of operating plans including annual
business plans and budgets;
• monitoring actual results against the annual
business plan, budget and strategic objectives;
• delegating the appropriate authority of the
management of the Company, and monitoring
management’s performance on a regular basis;
• setting the remuneration of the Directors;
• approval and monitoring of the progress of capital
expenditure, capital management initiatives and
acquisitions and divestments;
• approval of capital structure and dividend
policies; and
• oversight of disclosure and monitoring of price
sensitive matters affecting the Company.
Director nominations and appointments
The Board has adopted a Nomination Committee
Charter which sets out the procedure for nominating
and appointing potential directors to the Board.
Given its size, the full Board of Asset Plus acts as the
Nominations Committee. The responsibilities set out in
the Nomination Committee Charter are:
• to identify and nominate candidates to fill Board
vacancies as and when they arise;
• before making an appointment, to evaluate
the balance of skills, knowledge and experience
on the Board and, in light of the evaluation, to
determine the role and capabilities required for
the appointment;
• to formulate succession plans for Directors taking
into account the challenges and opportunities
facing the Company and the skills and expertise
accordingly required to govern the Company in
the future;
• to regularly review the structure, size and
composition (including the skills, knowledge
and experience) of the Board and to make
any changes;
• to keep under review the leadership requirements
of the Company, both non-executive and
executive, with a view to ensuring the continued
ability of the Company to compete efficiently in
the marketplace; and
• to consider such other matters relating to Board
nomination or succession issues as may be
identified by the Board.
Formal agreements are entered into with all
new directors.
21

Board composition
Director profiles are on page 18 and director
shareholdings are listed on page 27.
Directors undertake continuing education to keep their
skills current and understand how to best perform
their duties.
The Board Charter sets out that the Board will review
its performance as a whole on an annual basis and
instigate additional comprehensive reviews as may
be deemed necessary from time to time. External
consultants may be commissioned as needed to assist
in the assessment of individual director performance,
the effectiveness of the Board’s processes and/or the
Board’s own effectiveness.
The factors relevant to determining that Bruce
Cotterill, Allen Bollard and Carol Campbell were
independent directors were that they are non-
executive directors, they have either no shareholder or,
in the case of Carol Campbell, a holding of less than
1% and that they have no other business relationship
with Asset Plus.
The factors relevant to determining that Paul Duffy
is not an independent director is that, until recently,
he is a director of both the Manager and the largest
shareholder.
The factors relevant to determining that John McBain
is not an independent director is that, he is a director
and beneficial owner of both the Manager and the
largest shareholder.
Diversity
Asset Plus has not adopted a diversity policy as it no
longer has any employees following externalisation
of management to Centuria and accordingly has not
complied with this recommendation for the entire
period in which the NZX Corporate Governance Code
has been in place.
Breakdown of Gender Composition of Asset Plus’
Directors and Officers.
MaleFemale
Financial
YearDirectorsOfficersDirectorsOfficers
Year ending
31 March
2021
4
310
Year ending
31 March
2020
3310
Chair and CEO
In accordance with the NZX Corporate Governance
Code and as a result of management being
externalised, Asset Plus’ Chair is not also its CEO.
Principle 3 – Board Committees
The board should use
committees where this will
enhance its effectiveness in
key areas, while still retaining
board responsibility.
The Asset Plus Board has established a separate Audit
and Risk Committee comprising of three directors. The
Corporate Governance Manual also includes charters
for Nominations Committee and Remuneration
Committee. However, the full Board undertakes the
responsibilities of those Committees. Given the size
and operations of Asset Plus, the Board does not
consider that any further committees are necessary
other than Due Diligence Committees which are
established to consider potential acquisitions.
Audit and Risk Committee
The Audit and Risk Committee’s primary
objectives are:
• to set the principles and standards with respect
to internal controls, accounting policies and the
nature, scope, objectives and functions of the
external audit. This objective enables the Board
to satisfy itself that management is discharging
its responsibilities in accordance with established
processes and, wherever practical, best practice
methodologies; and
• to ensure the efficient and effective management
of all business risks, and the efficient and
effective compliance with Asset Plus’ Risk
Management Policy.
Corporate Governance (continued)
22

Key responsibilities for the Audit and Risk
Committee include:
• Establishing guidelines for the selection,
appointment and/ or removal of the external
auditor as well as the rotation of the lead partner
of the audit firm;
• Ensuring the external auditor is discharging
its responsibilities, including monitoring the
effectiveness, objectivity and independence
of the external auditor;
• Reviewing draft financial statements, NZX
preliminary announcements and annual and
interim reports;
• Reviewing accounting policies and practices;
• Reviewing the risk management policy and the
Manager's risk management reporting; and
• Reviewing the Delegated Authority
Policy annually.
The members are all independent directors being
Carol Campbell (Chair), Allen Bollard and Bruce
Cotterill. The Audit and Risk Committee is required to
meet at least twice a year, with 5 meetings being held
in the 2021 financial year.
Representatives of the Manager only attend meetings
of the Audit and Risk Committee at the invitation of
the committee.
Remuneration Committee
The full Board acts as the Remuneration Committee.
The Remuneration Committee Charter is included in
the Corporate Governance Manual. The responsibilities
include setting and reviewing all components of the
remuneration of non-executive Directors.
Nominations Committee
The full Board acts as the Nominations Committee.
The Nominations Committee Charter is included in the
Corporate Governance Manual. The responsibilities are
as set out on page 19.
Takeover protocols
In June 2018, the Board adopted protocols setting
out the procedures to be followed if a takeover offer
is received.
Principle 4 – Reporting and Disclosure
The board should demand
integrity in financial and non
financial reporting, and in
the timeliness and balance
of corporate disclosures.
Continuous disclosure
Asset Plus has adopted a disclosure policy setting
out its approach to disclosing material information
and communication with shareholders or analysts.
Asset Plus recognises that the cornerstone of New
Zealand and international securities law is full and fair
disclosure of material information and that the timely,
non-exclusionary distribution of information to the
public is crucial to the efficiency and integrity of the
capital markets.
A copy of the policy is available on Asset Plus’ website
at www.assetplusnz.co.nz/corporate-governance,
along with the Corporate Governance Manual.
Corporate Governance (continued)
23

Principle 5 – Remuneration
The remuneration of directors and executives should be
transparent, fair and reasonable.
Remuneration of directors is reviewed by the Board.
The director remuneration pool was approved at $300,000 when Asset Plus was formed following the
corporatisation of the National Property Trust in 2011. In June 2017, the Asset Plus Board approved the following
director fees which have continued to be paid during the past year:
Director remuneration
DirectorBase director feesCommittee feesAnnual fee
Amount paid
during the year
Bruce Cotterill $90,000 – chair-$90,000$90,000
Carol Campbell$65,000$10,000 – Chair of Audit and Risk Committee$75,000$75,000
Allen Bollard$65,000$5,000 – Member of Audit and Risk Committee $70,000$70,000
Paul Duffy$65,000-$65,000$65,000
John McBain-
-
--
Total $300,000$300,000
Approved pool$300,000
As Asset Plus no longer has any employees, it does not have a remuneration policy. Accordingly, Asset Plus has
not complied with this recommendation for the entire period in which the NZX Corporate Governance Code has
been in place.
Chief Executive remuneration
Following the externalisation of management to Centuria, Asset Plus no longer has a CEO.
Corporate Governance (continued)
24

Principle 6 – Risk Management
Directors should have a
sound understanding of the
material risks faced by the
issuer and how to manage
them. The Board should
regularly verify that the issuer
has appropriate processes
that identify and manage
potential and material risks.
Asset Plus has a risk management policy (set out in
the Corporate Governance Manual). As part of this
a range of risks have been identified from financial/
operational risk to investment market risk with
causes, potential outcomes and risk management
strategies detailed.
Asset Plus also relies on Centuria’s risk management
framework to identify, oversee, manage and
control risks that Asset Plus faces. Key risks have
been identified including interest rate and treasury
risk, leasing risk, cyber security, construction and
development risk, compliance with regulatory
obligations, property risks (such as tenant default),
fraud and health and safety risks.
Centuria is responsible under the management
agreement for advising the Asset Plus Board on
risk management matters. The Audit and Risk
Committee will receive such reports and oversee
risk management.
Health and safety
Centuria oversees health and safety compliance on a
day to day basis for Asset Plus in conjunction with the
property managers for each property. Each property
has a hazard register which is managed on a day to
day basis by the property managers and overseen by
Centuria’s asset managers.
Centuria's management team oversees compliance with
Centuria’s health and safety framework including regular
reporting to the Board. This includes monthly reporting
to the Board on key health and safety statistics, incidents
and hazard remedies.
The Asset Plus Board also considers health and safety
issues at each board meeting and as they arise if
necessary. A key focus for the Asset Plus Board is
ensuring that hazards are identified and remedied
and that reporting identifies the progress with
remedial actions.
A health and safety assessment is conducted on
all new properties to identify all relevant hazards prior
to acquisition.
Principle 7 – Auditors
The board should ensure the
quality and independence of
the external audit process.
The Audit and Risk Committee Charter sets out Asset
Plus’ framework for managing relationships with
its auditor. This includes the ability for directors to
communicate directly with auditors and for auditors
to attend meetings of the Audit and Risk Committee
without management present. Any non-audit services
provided by the audit firm must be approved by the
Audit and Risk Committee.
Grant Thornton is the auditor of Asset Plus with the
audit partner rotated every 5 years. Grant Thornton
attends each annual shareholder meeting and
is available to answer shareholder questions at
the meeting.
Asset Plus has no separate internal audit function
as it has no employees. It relies on the Manager's
compliance assurance and risk management
processes for ensuring continued improvement.
Corporate Governance (continued)
25

Principle 8 – Shareholder Rights
and Relations
The board should respect
the rights of shareholders
and foster constructive
relationships with
shareholders that
encourage them to
engage with the issuer.
Asset Plus’ website at www.assetplusnz.co.nz includes a
range of information including bios for directors, copies of
the Corporate Governance Manual, the constitution and
historical annual and interim reports.
The Company engages with shareholders through
annual and interim reports, results conference
calls, presentations to shareholders and the annual
shareholder meeting.
Shareholders have the right to receive communications
electronically by notifying the share registrar. Major
decisions which require approval under the NZX Main
Board Listing Rules are submitted to shareholders for
approval. All voting at shareholder meetings (such as
the 2020 meeting for the Munroe Lane development)
is conducted by a poll.
The annual shareholders notice of meeting will be
provided to shareholders at least 20 working days
prior to the annual meeting.
Recommendation 8.4 of the NZX Corporate
Governance Code was not complied with in respect
of the capital raising announced in September
2020 as a placement was used for part of the offer.
Not all shareholders were able to participate in the
placement. A placement was used to enable the
maximum amount of capital to be raised at the
start of the offer and provide greater certainty on
the amount of capital that would be raised. The
Board considered this was required in order to have
a higher chance of successfully completing the
offer and satisfying the funding and shareholder
approval condition for the Munroe Lane Development.
Shareholders were still able to participate through
the entitlement offer that was available to all
existing shareholders.
Statutory disclosures
Principal Activities
Asset Plus Limited is a listed commercial property
investment company investing solely in New Zealand
real estate.
Board Composition
The table below sets out details of the current directors of
Asset Plus Limited and its subsidiary, including the date
on which they were appointed.
No one ceased to be a director of the Company or its
subsidiary during the year ending 31 March 2021.
DirectorDate Appointed
Bruce Cotterill21 April 2017
Carol Campbell25 May 2015
Allen Bollard21 April 2017
Paul Duffy21 April 2017
John McBain8 September 2020
Board Attendance
Directors attended the following formal meetings of
the Board in the year to 31 March 2021.
Director
Board
Meetings
Held while
a Director
Board
Meetings
attended
Audit & Risk
Commitee
Meetings
attended
Bruce
Cotterill
19185
Carol
Campbell
19195
Allen Bollard19195
Paul Duffy1918-
John McBain77-
Interest Register Record
The following entries were made in the interests
register during the year ended 31 March 2021:
John McBain:
Director and beneficial owner of Centuria Capital
Limited, Centuria Funds Management (NZ) Limited,
Centuria Capital (NZ) Limited, Centuria Capital (NZ)
No.1 Limited, Centuria Capital (NZ) No.2 Limited,
Centuria Property Holdco Limited, Centuria Lakeview
Holdings Limited, Augusta Industrial Fund Limited,
Augusta Industrial Fund No.1 Limited and Augusta
Industrial Fund No.2 Limited.
Corporate Governance (continued)
26

Corporate Governance (continued)
Paul Duffy:
Resigned as a director of Augusta Funds Management
Limited, Augusta Capital Limited, Augusta Capital
No.1 Limited, Augusta Property Holdco Limited and
Augusta Lakeview Holdings Limited.
NZX Waivers Received
On 10 September 2020, the Company was granted
waivers from NZX Listing Rules 4.19.1 and 5.2.1 in
connection with the capital raising announced in
September 2020.
The waiver from NZX Listing Rule 4.19.1 allowed
certain shares applied for by Augusta Capital
Limited and Salt Funds Management Limited under
the Placement and Institutional Entitlement Offer
components of the capital raising to be issued at the
same time as shares were issued under the Retail
Entitlement Offer. This issue date was longer than
the 10 Business Day period following the closing date
for the Institutional Entitlement Offer and Placement
that is required under Listing Rule 4.19.1. The waiver
ensured that Asset Plus continued to meet the PIE
eligibility requirements as, if Augusta and Salt had
acquired their full entitlements from the Institutional
Entitlement Offer and the Placement, they would each
have held more than 20% until shares were issued
under the Retail Entitlement offer.
The waiver from NZX Listing Rule 5.2.1 allowed related
parties of Asset Plus to participate in the shortfall
bookbuild at the conclusion of the capital raising
without shareholder approval being required but
subject to certain conditions being met (including
that the related parties were not involved in or did not
influence allocation decisions). The waiver mirrored
an existing exclusion in the NZX Listing Rules for
accelerated rights offers.
Share Dealings by Directors
Carol Campbell was issued 49,504 ordinary shares on
2 October 2020 as part of the Retail Entitlement Offer.
Securities of the Company in which each Director had
a relevant interest as at 31 March 2021:
DirectorHolding
Security
Held
Nature of
Relevant Interest
Carol
Campbell
99,509
Ordinary
Shares
Registered holder
and beneficial
owner
Indemnity and Insurance
The Company has effected Directors and Officers
liability insurance at prevailing rates for all Directors.
The Company and its subsidiaries have continued to
indemnify the Directors for any costs referred to in
Section 162(3) of the Companies Act 1993 and any
liability or costs referred to in Section 162(4) of the Act.
Donations
The Company did not make any donations in the year
to 31 March 2021 (2020: Nil).
Audit Fees
Amounts paid to the Auditor of the Company:
2021
$’000
2020
$’000
Grant Thornton Audit Fees6563
In addition to the audit fee
the following other fees
were paid to Auditors:
Other Assurance Services4942
Total114105
27

2021
FINANCIALS
Consolidated Financial Statements for the year ended 31 March 2021
28

The notes set out on pages 35 to 53 form part of, and should be read
in conjunction with, the consolidated financial statements.
Consolidated Financial Statements
Contents
30
31
32
33
34
35
54
Consolidated Statement
of Comprehensive Income
Consolidated Statement of
of Changes in Equity
Consolidated Statement of
Financial Position
Consolidated Statement
of Cash Flows
Reconciliation of Net
Profit to Net Cash Flow
from Operating Activities
Notes to the Consolidated
Financial Statements
Independent
Auditor’s Report
29

Consolidated Financial Statements
The notes set out on pages 35 to 53 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2021
$’000
2020
$’000
Gross Rental Revenue13,90014,466
Direct Property Operating Expenses(3,947)(3,995)
Net Rental Revenue59,95310,471
Other Revenue6-488
Total Net Revenue9,95310,959
Administration Expenses(1,736)(1,644)
Net Finance Costs(1,144)(1,664)
Total Operating Expenses7(2,880)(3,308)
Total Operating Income7,0737,651
(Loss)/Gain on Sale of Investment Property(321)46
Fair Value Gain/(Loss) in Value of Investment Properties129,187(19,115)
Transaction Costs8(12)(1,774)
Net Profit/(Loss) Before Taxation15,927(13,192)
Income Tax922(1,496)
Net Profit/(Loss) Before Taxation15,949(14,688)
Other Comprehensive Income--
Total Comprehensive Gain/(Loss) For the Year, Net of Tax15,949(14,688)
Basic/Diluted Earnings Per Share186.00(9.07)
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2021
30

Consolidated Financial Statements
The notes set out on pages 35 to 53 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
Share Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 01 April 2019134,089(21,775)112,314
Net Loss After Taxation-(14,688)(14,688)
Total Comprehensive Loss For the Year, Net of Tax-(14,688)(14,688)
Dividends19-(5,831)(5,831)
Closing Balance at 31 March 2020134,089(42,294)91,795
Note
Share Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 01 April 2020134,089(42,294)91,795
Net Profit After Taxation-15,94915,949
Total Comprehensive Income For the Year, Net of Tax-15,94915,949
Shares Issued1760,239-60,239
Issue Costs(1,602)-(1,602)
Dividends19-(4,020)(4,020)
Closing Balance at 31 March 2021192,726(30,365)162,361
Consolidated Statement
of Changes in Equity
For the year ended 31 March 2021
31

Consolidated Financial Statements
The notes set out on pages 35 to 53 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2021
$’000
2020
$’000
Current Assets
Cash and Cash Equivalents3,10998
Trade and Other Receivables
11
2,2911,190
Prepayments11340230
Total Current Assets5,7401,518
Properties Held for Sale
13
42,560-
Non-Current Assets
Investment Properties
12
130,234143,559
Prepayments11439-
Total Non-Current Assets130,673143,559
Total Assets178,973145,077
Current Liabilities
Trade Payables, Accruals and Provisions155,8071,804
Taxation Payable866707
Other Current Liabilities335175
Total Current Liabilities7,0082,686
Non-Current Liabilities
Borrowings149,40049,250
Deferred Taxation
9
2041,346
Total Non-Current Liabilities9,60450,596
Total Liabilities16,61253,282
Net Assets162,36191,795
Contributed Capital192,726134,089
Accumulated Losses(30,365)(42,294)
Shareholders' Equity162,36191,795
The Board of Directors of Asset Plus Limited approved the consolidated financial statements for issue on 27 May 2021.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Consolidated Statement
of Financial Position
As at 31 March 2021
32

Consolidated Financial Statements
The notes set out on pages 35 to 53 form part of, and should be read in conjunction with, the consolidated financial statements.
2021
$’000
2020
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue
12,812 15,256
Other Income
5 507
Operating Expenses
(5,967) (7,286)
Interest Income -
7
Interest Expense
(930) (1,654)
Taxation Paid
(961) (896)
Net Cash Inflow from Operating Activities
4,959
5,934
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property2 29,249
Deposit Received from Investment Property Held for Sale1,500 -
Purchase of Investment Property(2,277) (65,873)
Capital Expenditure on Investment Properties(15,014) (2,641)
Capitalised Fiance Costs on Investments(92) -
Net Cash Outflow from Investing Activities(15,881) (39,265)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings
(55,600) (28,000)
Proceeds from Borrowings
15,750 66,750
Loan Establishment Costs(835) -
Distributions made to Shareholders
(4,020) (5,836)
Proceeds from Capital Raise60,239 -
Share Capital Raising Costs(1,601) (266)
Net Cash Inflow from Financing Activities13,933 32,648
Net Increase/(Decrease) in Cash and Cash Equivalents3,011 (683)
Cash and Cash Equivalents at the Beginning of the Year
98 781
Cash and Cash Equivalents at the End of the Year
3,109 98
Consolidated Statement
of Cash Flows
For the year ended 31 March 2021
33

Consolidated Financial Statements
The notes set out on pages 35 to 53 form part of, and should be read in conjunction with, the consolidated financial statements.
2021
$’000
2020
$’000
Net (Loss)/Profit after Taxation15,949 (14,688)
Items Classified as Investing or Financing Activities:
Unrealised (Gain)/Loss in Fair Value of Investment Properties(9,187) 19,115
Loss/(Gain) on Disposal of Investment Property321 (46)
Capital Raising Costs - 820
Movement in Deferred Taxation(1,142) (522)
Loan Establishment Costs103
Movements in Working Capital Items:
Accounts Receivable and Prepayments(965) 806
COVID-19 Rent Relief(191) -
Amortisation of Lease Costs and Incentives 143 -
Leasing Fees Paid and Leasing Fees Granted(69) -
Trade and Other Payables(161) (734)
Taxation Payable158 1,120
Non-Cash Item
Depreciation
- 63
Net Cash Inflow from Operating Activities
4,959 5,934
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the year ended 31 March 2021
34

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
1. Corporate Information
The 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 a FMC
reporting entity under the Financial Markets Conduct Act
2013. The registered office is located in Level 2, Bayley's
House, 30 Gaunt Street, Wynyard Quarter, Auckland.
The nature of the operations and principal activities of
the Group are investing in commercial property in
New Zealand.
2. Summary of Significant
Accounting Policies
(a) Basis of Preparation
The consolidated financial statements have been
prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (“NZ GAAP”), the
Companies Act 1993, the requirements set out in section
7 of the Financial Markets Conduct Act 2013 and the
Main Board Listing Rules of the NZX. The consolidated
financial statements have been prepared on a historical
cost basis, except for investment properties which have
been measured at fair value.
The consolidated financial statements are presented in
New Zealand dollars and all values are rounded to
the nearest thousand dollars ($’000), except where
otherwise indicated.
(b) Statement of Compliance
The consolidated financial statements comply with
New Zealand equivalents to International Financial
Reporting Standards ('NZ IFRS') and International
Financial Reporting Standards (IFRS), as appropriate for
a profit-oriented entity that falls into the Tier 1 for profit
category as determined by the New Zealand Accounting
Standards Board.
Changes in accounting policies
The accounting policies adopted are consistent with
those of the previous financial year, except where new
accounting standards which have been issued and are
effective for the current reporting period, or which are
issued but not yet effective and may be early adopted,
have been adopted for the first time. No accounting
standards have been early adopted.
The Group has adopted the accounting standards which
are issued and effective for reporting periods beginning
on or after 1 January 2020. These have not had a material
impact on the financial statements.
New standards, interpretations and amendments
adopted by the Group from 1 April 2020, but that
have not had a material impact on the financial
statements:
• COVID-19-Related Rent Concessions (Amendments to
IFRS 16);
• IAS 1 Presentation of Financial Statements and IAS 8
Accounting Policies, Changes in Accounting Estimates
and Errors (Amendment – Disclosure Initiative -
Definition of Material)
• Revisions to the Conceptual Framework for
Financial Reporting;
• Definition of a Business (Amendments to IFRS 3).
Accounting standards that are issued but not yet
effective
Several other amendments and interpretations apply
for the first time from 1 April 2021, but are not expected
to have a material impact on the consolidated financial
statements of the Group.
(c) Basis of Consolidation
The consolidated financial statements incorporate the
assets, liabilities and equity at the end of the annual
reporting period and revenue, expenses and cash
flows during the year ended 31 March 2021, and it's
comparative period, of the entities controlled by the
Company. 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. The existence and effect of potential
voting rights that are currently exercisable or convertible
are considered, if those rights are substantive, when
assessing whether a Company controls another entity.
In preparing these 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 subsidiariy are prepared
for the same reporting period as the parent company,
using consistent accounting policies. In preparing the
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 at each reporting date:
Percentage Held
31 March 2021 31 March 2020
Asset Plus
Investments Limited
100%100%
35

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
(d) Goods and Services Tax (GST)
Revenue 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 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 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.
3. Significant Accounting Estimates
and Judgements
The preparation of the consolidated financial statements
in conformity with NZ IFRS requires Directors to make
judgements, estimates and assumptions that affect
the application of the Group's accounting policies and
the reported amounts of assets, liabilities, income and
expenses. All judgements, estimates and assumptions
made are believed to be reasonable based on the most
current set of circumstances available to the Group.
The estimates and underlying assumptions are reviewed on
an ongoing basis. Although the Group has internal control
systems in place to ensure that estimates can be reliably
measured, actual results may differ from these estimates.
Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
Fair value measurements
A number of the Group's accounting policies and
disclosures require measurement at fair value. Fair
values are categorised into different levels in a fair value
hierarchy based on the inputs used in the valuation
technique adopted as follows:
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level 1
that are observable for the asset or liability, either directly
(i.e. as prices), or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
The areas involving a high degree of judgement or areas
where assumptions are significant to the Group include
the following:
• Determination of Deferred Taxes (Note 9)
• Impairment of Receivables (Note 11)
• Determination of Fair Value of Investment Property
(Note 12)
• Classification of Investment Property Held for Sale
(Note 13)
COVID-19 global pandemic
The outbreak of the Coronavirus (COVID-19) was declared
by the World Health Organisation as a ‘Global Pandemic’
on 11 March 2020. In response to the pandemic, regions of
New Zealand entered into periods of different alert levels
with the implementation of varying travel restrictions and
a range of quarantine and "social distancing" measures.
Any rental abatement or relief provided to tenants to
assist them with any negative impact of these measures is
detailed in Note 5.
The introduction of restrictions on people and businesses
alongside significant economic stimulus packages have
resulted in fluctuations in asset values. As at 31 March
2021, registered property valuers in New Zealand consider
it appropriate to attach less weight to previous market
evidence for comparison purposes, to inform opinions
of value. The current response to COVID-19 and its
ongoing impact means that valuers are faced with an
unprecedented set of circumstances on which to base a
judgement. Some valuations are 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. Valuers
do also note that demand for perceived "safe" assets
appears to remain strong with the few transactions which
have occurred. In the consolidated statement of financial
position, the Group's property assets have been impacted
by COVID-19, refer to Note 12.
Going Concern
The financial statements have been prepared under the
going concern assumption, which assumes the Group
will be able to pay its debts as they fall due in the normal
course of business. As part of management's assessment
of the Group's ability to continue as a going concern, the
following uncertainties relating to events or conditions have
been taken into account:
At 31 March 2021, the current liabilities of the Group
exceeded its current assets by $1,268,000.
The Board has considered all information available at the
date of signing the consolidated financial statements (refer
to subsequent event Note 23) and is of the opinion that
the Group is a going concern based on:
• Available liquidity levels, undrawn and available debt
on the loan facilities and forecast operating cashflows
for at least 12 months being sufficient to cover future
obligations when they fall due, and;
• Forecast cashflows have taken into consideration
tenant known circumstances, expected future
expenses and provisions to fund any anticipated cash
requirements in the current environment.
36

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2021
Effective interest
rate range
Less than 1 year
$’000
1 - 2 years
$’000
2 years +
$’000
Financial Assets
Cash and Cash Equivalents0.05% - 0.25%3,109
--
Trade Receivables and Other Receivables
2,292
--
Total Financial Assets
5,401
--
Financial Liabilities
Trade Payables and Other Payables2,040
-
-
Borrowings
1.31% - 2.17%-
-
9,400
Total Financial Liabilities2,040-9,400
As at 31 March 2020
Financial Assets
Cash and Cash Equivalents0.10%98
--
Trade Receivables and Other Receivables
1,190
--
Total Financial Assets
1,288
--
Financial Liabilities
Trade Payables and Other Payables225--
Borrowings
2.90% - 4.40%--49,250
Total Financial Liabilities225-49,250
The Group’s assets and liabilities which are subject to interest rate changes, consist of cash and cash equivalents and
secured bank loans. The following demonstrates the sensitivity to the Group profit and equity, resulting from a reasonably
possible change in interest rates. This analysis assumes all other variables remain constant.
2021
$’000
2020
$’000
1% increase
Cash and Cash Equivalents164
Borrowings
(94)(493)
1% decrease
Cash and Cash Equivalents(16)(4)
Borrowings
94493
4. Financial Risk Management Objectives and Policies
The Group's principal financial instruments comprise bank loans, cash, trade receivables and payables. Financial assets
and liabilities are recognised on the Consolidated Statement of Financial Position when the Group becomes a party to the
contractual provisions of the instrument.
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, liquidity risk and fair value
risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The Group has exposure to interest rate risk to the extent that it borrows for fixed terms at floating interest rates. The
Directors will assess this risk on an ongoing basis and if deemed significant, will instruct the Group to enter into interest
rate swaps to manage material exposure. The Group’s exposure to interest rate risk and the effective weighted interest
rates for each class of financial asset and financial liability were:
37

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2021Note
Designated
as fair value
$’000
Amortised cost
$’000
Total
carrying
amount
$’000
Fair value
$’000
Financial Assets
Cash and Cash Equivalents-3,1093,1093,109
Trade Receivable and Other Receivables
-2,2922,2922,292
Total Financial Assets
-5,4015,4015,401
Financial Liabilities
Trade Payables and Other Payables-(2,040)(2,040)(2,040)
Borrowings
14-(9,400)(9,400)(9,400)
Total Financial Liabilities-(11,440)(11,440)(11,440)
As at 31 March 2020
Financial Assets
Cash and Cash Equivalents-989898
Trade Receivable and Other Receivables
-1,1901,1901,190
Total Financial Assets
-1,2881,2881,288
Financial Liabilities
Trade Payables and Other Payables-(225)(225)(225)
Borrowings
14-(49,250)(49,250)(49,250)
Total Financial Liabilities-(49,475)(49,475)(49,475)
Credit risk
In the Board's opinion, the Group trades only with
recognised, creditworthy third parties, whose obligations
to the Group are contractually enforceable under
tenancy agreements and car park licences. Financial
instruments, which potentially subject the Group to credit
risk, principally consist of bank balances, receivables and
advances to tenants.
With respect to credit risk arising from the other financial
assets of the Group, which comprise interest received
on cash and cash equivalents, the Group’s exposure to
credit risk arises from default of the counter party, with
a maximum exposure equal to the carrying amount
of these instruments. Bank of New Zealand, who is the
counter party in respect to these financial assets of the
Group, currently holds an AA- credit rating (issued by
Standard & Poors).
Liquidity risk
Liquidity risk arises from the Group’s financial liabilities
and the ability to meet all its obligations to repay financial
liabilities as and when they fall due. The Group actively
monitors its position to ensure that sufficient funds are
available to meet liabilities as they arise. Liquidity is
monitored on a regular basis and reported to the
Board monthly.
The table on the next page reflects all contractually fixed
pay-offs for settlement and repayments resulting from
recognised financial liabilities. This table is based on
all interest rate variables being held constant over the
relevant period of time. It does not allow for potential
future margin or base rate changes as these can not be
easily identified as at balance date. All payments are
undiscounted and the timing of the cash flows is based on
the contractual terms of the underlying contract. Interest
payable is based on the drawn debt at balance date.
Fair value risk
A comparison between financial assets and financial liabilities fair value and carrying amounts is set out below. The
net fair value is not materially different from the carrying value. The methods used for determining fair value have been
disclosed in Note 16.
38

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2021
Balance
$’000
Contractual
cash flows
$’000
On demand
$’000
< 1 year
$’000
1 - 2 years
$’000
2 - 5 years
$’000
> 5 years
$’000
Financial Liabilities
Non-derivative financial liabilities
Trade payables and
Other payables
2,0402,040-2,040---
Borrowings (Note 14)9,4009,400---9,400-
Interest and fees payable
to the bank
4484,839-1,9411,931968-
Total11,88816,279-3,9811,93110,368-
As at 31 March 2020
Financial Liabilities
Non-derivative financial liabilities
Trade payables and
Other payables
225225-225---
Borrowings (Note 14)49,25049,250---49,250-
Interest and fees payable
to the bank
273,229-1,4541,427348-
Total49,50252,704-1,6791,42749,598-
Capital Management
The Group’s capital includes contributed capital and
accumulated loss.
The Group’s policy is to maintain a strong capital base so
as to maintain investor, creditor and market confidence
and to sustain future development of the business.
The impact of the level of capital on Shareholders’ return
is also recognised and the Group recognises the need to
maintain a balance between the higher returns that might
be possible with greater gearing and the advantage and
security afforded by a sound capital position.
The Group’s policies in respect of capital management
and allocation, including loan covenants are reviewed
quarterly by the Board of Directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand,
demand deposits and other short term highly liquid
investments that are readily convertible to a known
amount of cash and are subject to an insignificant risk of
changes in value.
Financial Instruments
The Group classifies its financial assets as fair value
through profit and loss (“FVTPL”), fair value through
other comprehensive income (“FVTOCI”) and amortised
cost according to the Group’s business objectives
for managing the financial assets and based on the
contractual cash characteristics of the financial assets. At
each reporting date, the Group classifies all its financial
liabilities as amortised cost or FVTPL.
39

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
Accounting policy
Rental Revenue
Rental revenue is the Group's primary revenue stream. Net rental revenue is recognised in accordance with
NZ IFRS 16 Leases. Substantially all property owned by the Group is leased to third party tenants. As the Group retains
substantially all the risks and benefits of ownership of its investment properties, it accounts for leases with its tenants
as operating leases and begins recognising income when the tenant has a right to use the leased asset. The total
amount of contractual rent to be received from operating leases is recognised on a straight-line basis over the term of
the lease; including any lease incentives which are amortised to profit and loss over the same period and reduce rental
income recognised.
Net rental revenue is measured based on the consideration specified in the relevant rental agreement. The lease term
varies between properties and individual tenants within those properties.
Rental abatements were provided to some of the tenants due to COVID-19 and this has reduced the rental income
for the year. Total abatements for the year ended 31 March 2021 are $65,000 (2020:$Nil). In addition rental relief was
provided to some of the tenants due to COVID-19 which was classified as a lease modification. Total relief granted for
the year ended 31 March 2021 is $332,000 (2020: $Nil). The relief granted has been capitalised and is amortised on a
straight-line basis over the remaining lease period.
2021
$’000
2020
$’000
Rental charged to tenants in the ordinary course of business12,17412,720
Operating cost recoveries from tenants and customers2,0711,727
Capitalised lease incentive adjustments(143)-
Lease abatement due to COVID-19(65)-
Lease relief due to COVID-19(332)-
Spreading of rent relief COVID-19191-
Total gross operating revenue13,89614,447
Other revenue
419
Gross rental revenue
13,90014,466
Direct Property operating costs
1
(3,947)(3,995)
Net rental revenue
9,95310,471
1
Property operating costs represent property maintenance and operating expenses.
Leasing fees are capitalised and amortised over the lease term to which they relate.
Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2021
$’000
2020
$’000
Within one year7,52211,041
After one year but not more than five years7,58921,283
More than five years1,4956,302
The above rental receivables are based on contracted amounts as at 31 March 2021 and 31 March 2020. Actual rental
amounts collected in future will differ due to upward rental review provisions within the lease agreements. There are
multiple leases and tenants. The rent review mechanisms and frequency vary for each lease. Each lease has renewal
dates whereby the lessee has the right to renew for an agreed term. The minimum lease payments receivable reflect the
minimum lease terms and do not include any options for renewal due to the uncertainty as to whether the options will be
exercised. The figures above also exclude the recovery of rates and insurance disclosed under lease income in accordance
with NZ IFRS 16 since this is a variable lease payment that does not depend on an index or rate.
The future minimum receivable rental for the Eastgate Shopping Centre is assumed to be the earliest possible settlement
date for the unconditional sale of Eastgate Shopping Centre, being 22 August 2021. Refer to Note 13 for further details
on the sale of the Eastgate Shopping Centre.
5. Net Rental Revenue
40

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
7. Administration Expenses and Net Finance Costs
Accounting policy
Interest Revenue
Interest revenue consists of interest accrued on cash deposits and is recognised using the effective interest method.
Interest and Finance Costs
Finance costs, including borrowing costs and interest payable on borrowings, are recognised in the consolidated
statement of comprehensive income when incurred. Borrowing costs incurred that do not relate to qualifying
assets are treated as an expense and are not capitalised. Prepaid loan establishment fees are recognised on the
consolidated statement of financial position sheet and capitalised (if related to a qualifying asset) or expensed over
the term of the loan agreement (Note 14) a straight line basis.
Note
2021
$’000
2020
$’000
Administration expenses
Management fees(788)(824)
Directors' fees20(300)(300)
Auditor's remuneration(114)(105)
Professional fees(280)(277)
Other administration costs
1
(254)(138)
Total administration expenses(1,736)(1,644)
Net finance costs
Interest and finance costs
2
(1,144)(1,671)
Interest revenue-7
Total net finance costs(1,144)(1,664)
Auditor’s remuneration as follows:
Audit of the annual financial statements(65)(63)
Other assurance services(49)(42)
Total auditor's remuneration(114)(105)
1
Other administration costs include office costs, registry, New Zealand Stock Exchange fees and shareholder communications costs.
2
In addition to Interest paid on the loan the Interest and finance costs include line fees of $400,000 and amortised loan establishment fees of $104,000.

8. Transaction Costs
During the year ended 31 March 2021 $0.012 million of transaction costs were recognised. During the comparative
reporting period (ended 31 March 2020), investigative work was undertaken to acquire two separate property-based
businesses. This cost included substantive due diligence, financial investigative and legal costs for the Company
collectively known as transaction costs. During the period ended 31 March 2020, $0.989 million of transaction costs were
incurred. In addition $0.785 million of costs were incurred in relation to the Company's rights offer that was cancelled in
March 2020.
6. Other Revenue
No other revenue was recognised in the current year. In the comparative year, the sale of the Heinz Wattie’s Distribution
Centre in Hastings settled on 17 December 2019. The Group had agreed to underwrite the purchaser’s capital raising.
No call was made on the underwrite and a fee of $487,500 was received.
41

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
9. Income Tax
Accounting policy
Income tax in the consolidated statement of comprehensive income comprises current and deferred tax. Income tax
is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it
is recognised in equity.
Current tax is the expected tax on the taxable income for the year, using rates enacted or substantially enacted at
balance date, and any adjustment to income tax payable in respect of previous periods. Current tax for current and
prior periods is recognised as a liability (or asset) to the extent it is unpaid (or refundable).
Deferred tax is provided for using the liability method on all temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor the taxable profit or loss.
• In respect of the taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax
assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be
utilised, except:
• When the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss.
• When the deductible temporary difference is associated with investments in subsidiaries, associates or interests
in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and taxable profit will be available against which the
temporary difference can be utilised.
The carrying amount of any deferred income tax asset is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to
apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted at balance date.
The Group has applied the rebuttable presumption under NZ IAS 12 that deferred tax on investment property
measured using the fair value model in NZ IAS 40 is determined on the basis that its carrying amount will be
recovered through sale.
The Group holds investment properties for the purpose of capital appreciation and rental income and therefore
the measurement of any related deferred tax reflects the tax consequences of recovering the carrying amount
of the investment property entirely through sale. In New Zealand there is no capital gains tax, therefore the tax
consequences on sale will be limited to depreciation previously claimed for tax purposes (i.e. depreciation recovered).
42

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
Major components of income tax for the year ended 31 March are:
2021
$’000
2020
$’000
Current tax
Current income tax charge(1,143)(2,132)
Prior year tax adjustment22114
Current tax(1,121)(2,018)
Net deferred income tax
Investment property building depreciation1,135439
Other883
Net deferred income tax1,143522
Income tax reported in the consolidated statement of comprehensive income22(1,496)
A reconciliation of the income tax expense applicable to net profit before income tax at 28%, to the income tax expense
in the consolidated statement of comprehensive income for the year ended 31 March is as follows:
2021
$’000
2020
$’000
Net profit/(loss) before tax15,927(13,192)
Income taxation expense (28%)(4,460)3,694
Adjust for revaluations of investment property2,498(5,352)
Adjust for non-deductible expenses(7)(501)
Adjust for capital loss on disposal of investment property(90)-
Adjust for development loan facility fees139-
Adjustment for deferred tax (depreciation on buildings)1,135-
Adjustment for prior period22-
Adjustment for depreciation (claimed in financial year)653386
Other132277
Income tax reported in the consolidated statement of comprehensive income22(1,496)
Deferred income tax
2021
$’000
2020
$’000
Net deferred income tax liability relates to the following:
Deferred income tax liabilities
Investment properties recoverable depreciation(213)(1,347)
Other91
Net deferred income tax liabilities(204)(1,346)
Deferred taxation(204)(1,346)
10. 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.
43

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
11. Trade Receivables, Other Receivables and Prepayments
Accounting policy
Trade receivables, other receivables and prepayments are initially recognised at fair value plus transaction costs
and subsequently carried at amortised costs using the effective interest rate method less an allowance for any
impairment losses. Due to their short term nature, trade receivable, other receivables and prepayments are
not discounted.
The Group makes use of a simplified approach in accounting for trade receivables and records the loss allowance
as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial instrument. In calculating, the Group uses its
historical experience, external indicators and forward looking information to calculate the expected credit losses.
The impairment of trade receivables is assessed on a collective basis (grouped based on the days past due), as
they possess shared credit risk characteristics.
Further disclosure details on the expected credit loss model have not been included in the financial statements as
the amounts involved are considered by the Directors of the Group to be immaterial.
2021
$’000
2020
$’000
Trade receivables441235
GST receivable201-
Expected credit losses(75)(26)
Total trade receivables567209
Colliers Property Trust Account (Eastgate)1,056484
Other receivables668497
Total other receivables1,724981
Total trade and other receivables2,2911,190
Trade receivables are non-interest bearing and are on < 30 day terms.
Loan establishment fees (unamortised)73177
Other prepayments48153
Prepayments779230
Non-current prepayments include $439,000 of unarmortised loan establishment fees. All other prepayments are classified
as current.
44

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
12. Investment & Development Properties
Accounting policy
Investment properties which are held exclusively to earn rentals and/or for capital appreciation are classified
as investment properties at their acquisition date. These are initially recognised at cost plus related costs
of acquisition. After initial recognition, investment properties are stated at fair value as determined by an
independent registered valuer. Investment properties are valued annually. The fair value is based on market
values, being the estimated amount for which a property could be exchanged on the date of the valuation
between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the
parties had each acted knowledgeably, prudently and without compulsion.
Investment properties that are being constructed or developed for future use are classified as development
properties and are measured at cost, as cost represents the fair value. Development properties are carried
at fair value when fair value can be reliably determined, which is expected to be upon completion. All costs
directly associated with the purchase and construction of a property and all subsequent capital expenditure is
capitalised. Gains or losses arising from changes in the fair value of development properties held at fair value are
included in profit or loss in the year in which they arise. Development properties are re-classified as Investment
properties upon practical completion of the development and the property is held to be leased out under an
operating lease.
In the absence of an active market, alternative valuation techniques are utilised which may include discounted
cash flow projections, capitalisation of income or sales comparison approach as appropriate to the property
being valued. The valuations are prepared by considering the aggregate of the estimated cash flows expected
from rental income, the occupancy rates, average lease terms and capitalisation rates which reflect the current
market conditions. The estimate of fair value is a judgement which has been made based on the market
conditions which apply at each reporting date.
Investment properties are derecognised either when they have been disposed of or when the investment property
is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or
losses on the disposal of an investment property are recognised in profit or loss in the period of derecognition.
The tables below outline the movements in the carrying values for all directly owned investment properties:
As at 31 March 2021
Investment
Properties
Opening
fair
value
balance
$’000
Acquisitions
$’000
Capex
$’000
Lease
amortisation
& other
$’000
Gain/
(loss) on
revaluation
$’000
Transfer to
assets held
for sale
$’000
Carrying
value at
balance
date
$’000
WIP
1
$’000
Closing
balance
$’000
Eastgate Shopping
Centre **
46,950-30826(4,724)(42,560)---
Stoddard Road37,500--913,909-41,500-41,500
Graham Street50,100---9,400-59,5001,50861,008
Development
Properties
Munroe Lane7,500---261-7,76117,25825,019
Kamo*-2,259--341-2,6001072,707
Total investment
& development
properties
142,0502,2593081179,187(42,560)111,36118,873130,234
* The acquisition of 34 Springs Flat Road, Kamo, Whangarei was settled on 29 July 2020.
** Eastgate Shopping Centre was transferred to held for sale when the sale and purchase agreement became unconditional on 22 February 2021.
(1) WIP (work in progress) relates to costs incurred in relation to future development work 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.
45

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2020
Investment
Properties
Opening
fair
value
balance
$’000
Acquisitions
$’000
Capex
$’000
Lease
amortisation
& other
$’000
Gain/
(loss) on
revaluation
$’000
GTransfer
to assets
held for
sale
$’000
Carrying
value at
balance
date
$’000
WIP
1
$’000
Closing
balance
$’000
Eastgate Shopping
Centre
54,577-1,234(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
Development
Properties
Munroe Lane **-7,323--177-7,5001,1138,613
Total investment
& development
properties
94,07765,9031,234(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 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.
The independent valuations are adjusted for the carrying value of capitalised lease incentives and capitalised leasing fees
as in determining the carrying amount of investment property under the fair value model, an entity does not double count
assets or liabilities that are recognised as separate assets or liabilities.
Graham Street is recognised as an investment property as it is still income producing and therefore is carried at fair
value. The WIP in relation to the future development at Graham Street is carried at cost. The land at Munroe lane Kamo is
valued separately from the WIP from the development, Land is valued at fair value, WIP is carried at cost.
All properties that are not expected to be sold in the next 12 months were valued on a fair value basis at each reporting
date by independent registered valuers, listed below, who are members of the Institute of Valuers of New Zealand. These
valuers are experienced in valuing commercial properties. The fair values of the investment properties at each reporting
date are as follows:
As at 31 March 2021
Valuer
Capitalisation rate
%
Occupancy rate
%
WALE
Years
Valuation
$’000
Stoddard Road
22 Stoddard Road, Auckland
Jones Lang
LaSalle
6.00100.004.1841,500
Graham Street
35 Graham Street, Auckland Central
Jones Lang
LaSalle
5.75100.000.5059,500
Munroe Lane
6 - 8 Munroe Lane, Albany, Auckland
Jones Lang
LaSalle
N/AN/AN/A7,761
Kamo
34 Springs Flat Road, Kamo, Whangarei
Jones Lang
LaSalle
N/AN/AN/A2,600
97.562.72111,361
Eastgate Shopping Centre has not been independently valued as at 31 March 2021 - refer to Note 13 Property Held for Sale.
46

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2020
Valuer
Capitalisation rate
%
Occupancy rate
%
WALE
Years
Valuation
$’000
Eastgate Shopping Centre
Cnr Buckleys Road & Linwood Avenue,
Christchurch
Jones Lang
LaSalle
8.3895.334.5346,950
Stoddard Road
22 Stoddard Road, Auckland
Colliers6.25100.004.0037,500
Graham Street
35 Graham Street, Auckland Central
Colliers6.50100.001.2450,100
Munroe Lane
6 - 8 Munroe Lane, Albany, Auckland
Jones Lang
LaSalle
N/AN/AN/A7,500
98.373.16142,050
The valuation techniques and significant unobservable inputs are as follows:
Description
Valuation
techniqueUnobservable inputs
Sensitivity Of Fair Value To Changes
In the estimated fair value would
increase/(decrease):
Investment
and
development
properties
Capitalisation
of net income
The capitalisation rate range applied is 5.75% -
6.00% (2020: 6.25% - 8.38%)
Capitalisation rate was lower (higher).
The net market rental income per sqm $302.56 -
$349.48 (2020: $152.98 - $323.10). The represents the
valuers' assessment of the net market income which
a property is expected to achieve under a new arm’s
length leasing transaction.
Retail and office rental income per
square meter was higher (lower).
Discounted
Cash Flow
The discount rate range applied is 6.50% - 7.00%
(2020: 8.00% - 8.50%).
The discount rate was lower (higher).
Occupancy rate range applied is 100.00% (2020:
95.33% - 100.00%).
The occupancy rate was higher (lower).
Rental growth rate range is 0.50% - 3.00% (2020:
0.00% - 3.00%) over 10 years.
Office rental growth was higher (lower).
A letting up period range of 6 - 9 months (2020: 12
- 24 months) has been allowed at the end of each
existing lease of the properties.
Letting up period was lower (higher).
Sales Income
Approach
The per square meter rate range applied is $67.5 -
$1,850 per square meter.
Rate per square metre was higher
(lower).
Investment property values are assessed within a range indicated by at least two valuation approaches, other than
undeveloped land. Most commonly the capitalisation of net income approach and the discounted cash flow approach
are used to value income producing properties. The sales comparison approach is used to appraise both developed and
undeveloped plots of land.
Estimates are used in these valuations. These include the capitalisation rate in the income capitalisation approach, the
discount rate in the discounted cash flow approach and rate per square meter in the sales comparison approach. The
approaches are also influenced by other estimates relating to market rental levels, vacancy rates, letting-up allowances
and the cost of ongoing operating expenses, capital expenditure, other capital payments, time, location, quality and
overall condition.
Among other factors, all valuation approaches consider the quality of the building and its location, tenant quality, lease
terms and any lease incentive costs such as rent-free periods and other costs not paid by the tenant.
Impact of COVID-19
The valuations take into account the impact of COVID-19 in inputs and market evidence adopted. Some valuations state
that there may be a greater range around their opinion of "market value" than would normally be the case and/or that
values and incomes may change more rapidly and significantly than during standard market conditions.
47

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
13. Properties Held for Sale
Accounting policy
Investment property is transferred to investment property held for sale when it is expected that the carrying
amount will be recovered principally through sale rather than from continuing use. The property is held at the
realisable value, being fair value less cost to sell. These properties are held for immediate sale in their present
condition or the Group has committed to selling the asset through entering into a contractual sales and purchase
agreement. The value of these properties is reassessed at each reporting date with gains and losses arising from
changes in fair values being recognised in profit and loss.

Investment properties which meet the requirements of assets held for sale will be reclassified on the date these
requirements are met. These properties will continue to be measured under the fair value model with any gains
or losses being recognised in profit or loss in accordance with NZ IAS 40 Investment Properties. Revenue on the
sale of properties held for sale is recognised when the risks and rewards have transferred to the buyer.
Valuation Sensitivity
This sensitivity analysis outlines how movements in the discount rate and capitalisation rate impact to the fair value of the
investment properties that use the Discounted Cash Flow and Capitalisation valuation approaches. The discount rate is
used in the discounted cash flow approach and the capitalisation rate is used in the capitalisation approach.
35 Graham Street+25bpsAdopted Value-25bps
Capitalisation rate55,30058,40061,800
Discount rate59,10060,40061,700
Adopted Value*57,20059,50061,750
Stoddard Road+25bpsAdopted Value-25bps
Capitalisation rate39,88541,55443,369
Discount rate40,62341,34342,080
Adopted Value*40,25441,50042,725
*The adopted value for the sensitivity of +25bps and -25bps is taken as the average value between the two approaches.
The sensitivity analysis are estimates only and assume all other variables used to calculate the property valuations
remain constant.
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 31 March 2021
Property
Opening
balance
$’000
Transfer
from
investment
properties
$’000
Capex
$’000
Lease
amortisation
& other
$’000
Gain on
Sale
$’000
Disposal
$’000
Closing
balance
$’000
Eastgate Shopping Centre-42,560----42,560
Total-42,560----42,560
On 22 February 2021 the Group entered into an unconditional sale of purchase agreement to dispose of Eastgate
Shopping Centre. The sale price is $43.45m and is expected to settle no earlier than 22 August 2021 (6 months from the
date of the agreement) and no later than 22 February 2022 (12 months from the date of the agreement). The carrying
value represents the sale price less the committed fit out works cost for Taco Bell.
48

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
As at 31 March 2020
Property
Opening
balance
$’000
Transfer
from
investment
properties
$’000
Cost of sale of
transaction
$’000
Loss on Sale
$’000
Disposal
$’000
Closing
balance
$’000
AA Centre (99 Albert Street)
---23(23)-
Heinz Wattie’s Warehouse
28,890204(17)23(29,100)-
Total
28,890204(17)46(29,123)-
These properties were initially classified as investment properties and were subsequently reclassified to properties held
for sale.
14. Borrowings
Accounting policy
Borrowings are classified as financial liabilities at amortised costs. They are initially recognised at fair value
of the consideration less directly attributable transaction costs. Subsequent to initial recognition, borrowings
are stated at amortised cost using the effective interest method. Borrowings are classified as current liabilities
unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after
the reporting date.
Borrowing costs are recognised as an expense when incurred, unless they relate to a qualifying asset and
are capitalised when incurred. Borrowing costs capitalised on qualifying assets during the year were $497k
(2020:Nil).
FacilityBank
Loan
maturity
2021
$’000
2020
$’000
Working Capital FacilityBNZ30/09/2023--
Investment FacilityBNZ30/09/20239,40049,250
Development FacilityBNZ30/09/2023*--
Total9,40049,250
* The development facility expires the earlier of 30 September 2023 and the Conversion Date, being the date the loan converts to an Investment Facility. In the loan
agreement the conversion date is defined as the date that the Agent (acting on the instructions of the Majority Lenders) determines that Practical Completion has
occurred.
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
2021
$’000
2020
$’000
Facilities used at reporting date - secured bank loan (BNZ)9,40049,250
Facilities unused at reporting date - secured bank loan (BNZ)120,60025,750
Total130,00075,000
Loan security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of leases
over all present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest over
the assets of the Group. The facility limit was increased from $75 million to $130 million on 30 October 2020. The current
facility matures in September 2023.
49

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
15. Trade Payables, Accruals and Provisions
Accounting policy
Trade and other payables
Trade payables are classified as financial liabilities and are initially measured at fair value less any transaction
costs and subsequently carried at amortised cost and due to their short term nature, are not discounted. They
represent liabilities for goods and services provided to the Group prior to the end of the financial year that are
unpaid and arise when the Group becomes obliged to make future payments in respect to the purchase of these
goods and services.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that the outflow can be reliably measured.
2021
$’000
2020
$’000
Trade payables
196158
GST payable
-11
Other payables
1,84467
Total trade and other payables2,040236
Interest accrual1027
Opex accruals1,066473
Capex accruals2,691514
Capital raising cost accruals-554
Total accruals3,7671,568
Total trade payables, accruals and provisions
5,8071,804
Trade payables are non-interest bearing and are normally settled on 30 day terms. Interest payable is settled quarterly
throughout the financial year. Other payables are non-interest bearing and have an average term of 6 months.
Loan covenants – BNZ bank
During the year ended 31 March 2021 all loan covenants were met (2020: all met).
50

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
16. Fair Value Measurement
Accounting policy
Financial assets/liabilities classified as fair value through profit and loss (“FVTPL”) are initially recognised at their
fair value and are subsequently measured at fair value at each reporting date. Gains and losses recorded on
each revaluation date are recognised within net earnings. Transaction costs of financial assets classified as FVTPL
are expensed in the consolidated statement of comprehensive income.
The table below sets out the comparison by category of carrying amounts, fair values, and fair value movement hierarchy
of the Group's investment properties and borrowings:
Year ended 31 March 2021Year ended 31 March 2020
Quoted
market
Price
(Level 1)
Market
observable
Outputs
(Level 2)
Non market
Outputs
(Level 3)
Quoted
market
Price
(Level 1)
Market
observable
Outputs
(Level 2)
Non market
Outputs
(Level 3)
Investment propertiesNote 12--130,234--143,559
Properties held for saleNote 13--42,560---
BorrowingsNote 14-(9,400)--(49,250)-
The quoted market price (Level 1) represents the fair value determined based on quoted prices in active markets as at the
reporting date. For financial instruments not quoted in active markets (Level 2) the Group uses present value techniques,
with a comparison to similar instruments for which market observable prices exist and other relevant models used by
market participants, which includes current swap rates on offer and also the current floating interest rate (interest rate
swaps). For properties held for sale and investment properties (Level 3), the Group uses present value techniques based
on forecasted future earnings.
There are no transfers between Level 1, 2 or 3 during the financial year ended 31 March 2021 (2020: None).
The Group has also assessed possible impairment for 12-month expected loss or life-time expected loss on trade and
other receivables and notes that the outcome of this is $75,000 (2020:Nil).
51

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
19. Dividends Paid to Shareholders
Dividends paid during each reporting period comprised:
CPS
2021
$’000Date PaidCPS
2020
$’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
Q2 net dividend0.450 1,640 11/12/200.900 1,458 18/12/19
Q3 net dividend0.450 1,640 3/03/210.900 1,458 13/03/20
Total paid during the year1.350 4,020 3.600 5,831
2021
$’000
2020
$’000
Imputation credit account
At 31 March the imputation credits available for use in subsequent reporting periods are943938
18. Earnings Per Share
Accounting policy
Earnings per share is calculated by dividing the profit/(loss) attributable to shareholders (excluding distributions)
of the Group by the weighted average number of ordinary shares on issue during the period.
2021
$’000
2020
$’000
Total comprehensive (loss)/income for the year, net of tax15,694(14,688)
Weighted average number of ordinary shares ('000)265,683161,920
Earnings per share (cents) - basic and fully diluted6.00(9.07)
Issued capital and reserves
20212020
Ordinary shares
Number of issued and fully paid shares362,718161,920
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). On 2 October 2021, the Company successfully completed the equity raising.
17. Equity
Accounting policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of direct issue costs.
52

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2021
20. Remuneration
Key management personnel costs
2021
$’000
2020
$’000
Directors’ remuneration
300300
Total
300300
21. Related Parties
Centuria Funds Management (NZ) Limited (formerly Augusta Funds Management Limited) owns the management
contract rights of the Group. The parent of Centuria Funds Management (NZ) Limited, Centuria Capital (NZ) No.1 Limited
(formerly Augusta Capital Limited), owns 19.99% of Asset Plus Limited (2020: 18.85%). Transactions with Centuria Funds
Management (NZ) Limited are deemed to be related parties because the Company is managed by Centuria Funds
Management (NZ) Limited under the terms of the signed management contract.
20212020
Fees paid and owing to the manager ($'000)Fees chargedFees owedFees chargedFees owed
Management fees788213824199
Lease renewal fees843-227-
Property management fees1714419246
Acquisition fees--658-
Development management fees335335250250
Total2,1375922,151495
Consolidated Statement of Changes in Equity
2021
$’000
2020
$’000
Dividend paid to Augusta Capital Limited
7621,099
22. Commitments and Contingencies
Capital commitments
At 31 March 2021 the Group has the following capital commitments (2020: nil):
• Capital commitments of $850,000 in regards to fit out works for Taco Bell at Eastgate Shopping Centre.
• Capital commitments of $104,444,000 in regards to the development at Munroe Lane.
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 (2020: nil).
23. Subsequent Events
Susbequent to year-end the fund manager's name changed from Augusta Funds Management Limited to Centuria Funds
Management (NZ) Limited, effective 7 April 2021. There were no other subsequent events.
53

Independent Auditor’s Report
Independent
Auditor’s Report
To the Shareholders of Asset Plus Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Asset Plus Limited (“the Company”) and its subsidiaries
(“the Group”) on pages 30 to 53 which comprise the consolidated statement of financial position as at 31 March
2021, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of
the Group as at 31 March 2021 and its financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) issued by the New Zealand
Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ))
issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
section of our report. We are independent of the Group in accordance with Professional and Ethical Standard
1 International Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Our firm carries out other assignments for the Group in the area of related assurance services. The provision of these
services has not impaired our independence as auditor of the Group. The firm has no other interest in the Group.
54

Independent Auditor’s Report (continued)
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Why the audit matter is significantHow our audit addressed the Key Audit Matter
Investment Property valuation
In the application of NZ IFRS, management is
required to make judgements, estimates and
assumptions about carrying values of assets and
liabilities that are not readily apparent from
other sources.
The estimates and associated assumptions are
based on historical experience and various other
factors that are believed to be reasonable under the
circumstances, the results of which form the basis of
making the judgements.
The estimates and underlying assumptions are
reviewed on an ongoing basis.
As at 31 March 2021, Investment Property is carried at
fair value of $130 million. Investment Property includes
valuations that were performed by independent
registered valuers. There are a number of risks that can
have a material impact on the investment property in
the consolidated financial statements, principally:
• The independent registered valuers have
included a material valuation uncertainty
clause in their report arising from the COVID-19
pandemic for Stoddard Road. This clause
highlights the uncertainties surrounding
property valuations due to the absence of
relevant transactional evidence of current
market pricing. This results in less certainty
and greater estimation in the valuation of
investment property. Assumptions made include
capitalisation rates, discount rates, market rent
and expected growth based on market data and
market transactions. These assumptions along
with others included consideration of the impact
of the COVID-19 pandemic.
• The methods and assumptions used by the
property valuers, may not be considered
appropriate.
• The calculation of the fair value amount for each of
the investment properties including Development
Property, as well as the revaluation adjustment for
the year may not be correct; and
• The data provided to the property valuers may
not be appropriate.
We have:
• Obtained and agreed the schedule of investment
properties to the respective independent valuation
reports, performed by valuation experts.
• Evaluated the qualifications and work of each valuation
expert, for each of the investment properties.
• Inquired about and documented the methods and
assumptions used by the expert and considered the
appropriateness of those assumptions and methods
used, for each property valuation. Documented and
considered how those assumptions had taken into
account uncertainties arising from the COVID-19
pandemic.
• Confirmed each property valuation was performed in
accordance with appropriate accounting standards
for use in determining the carrying value of investment
property as at 31 March 2021.
• Recalculated the revaluation adjustment to be recorded
for the year of each investment property as at
31 March 2021.
• Tested the appropriateness of data provided to the
expert, for each property valuation.
• Ensured property held for sale are recorded at
appropriate fair value at measurement date and
any estimation or judgements by management are
reasonable and appropriate for reporting purposes.
• Ensured costs capitalised during the period and carrying
amounts of Development Property at reporting date
including any estimation or judgements by management
are reasonable and appropriate for reporting purposes.
• Considered the adequacy of the disclosures made in
Note 3 Significant Accounting Estimates and Judgements
and Note 12 Investment and Development Properties,
to the consolidated financial statements, which sets out
the key judgements and estimates including valuation
techniques and significant unobservable inputs applied
to determine fair value of the investment property.
These notes explain that there is material estimation
uncertainty and there has been a material impact on the
valuation of investment properties; and
• Discussed with management changes in the investment
property portfolio, including any property development,
controls in place surrounding the valuation process
and the impact COVID-19 pandemic has had on the
investment property portfolio including rent
abatements, occupancy risk, growth rates.
55

Independent Auditor’s Report (continued)
Other Information
The Directors are responsible for the other information in the Group’s Annual Report. The other information comprises the
information included in the Annual Report but does not include the consolidated financial statements and our auditor’s
report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS issued by the New Zealand Accounting Standards Board, and for such
internal control as the Directors determine is necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor’s responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the External
Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Restriction on use of our report
This report is made solely to the Group’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Group’s shareholders, as a body those matters which we are required to state to them in an auditor’s 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 Group’s shareholders, as a body, for our audit work, for this report or for the opinion we
have formed.
Grant Thornton New Zealand Audit Limited
K Price
Partner, Auckland
27 May 2021
56

Shareholder Statistics
RankInvestor Name Total Shares % Issued Capital
1Centuria Capital (NZ) No.1 Limited72,507,28819.99
2HSBC Nominees (New Zealand) Limited38,016,93510.48
3Accident Compensation Corporation32,025,2808.83
4FNZ Custodians Limited13,208,9533.64
5Leveraged Equities Finance Limited11,574,8063.19
6New Zealand Depository Nominee7,366,6812.03
7Forsyth Barr Custodians Limited5,682,0481.57
8Cogent Nominees Limited5,602,5811.54
9Wairahi Investments Limited5,000,0001.38
10Premier Nominees Limited4,299,3381.19
11National Nominees New Zealand Limited3,931,7711.08
12Tea Custodians Limited3,663,7441.01
13
Premier Nominees Ltd Armstrong Jones Property Securities Fund
3,482,6470.96
14Forsyth Barr Custodians Limited3,465,2160.96
15New Zealand Permanent Trustees Limited2,950,5980.81
16
Francis Ivor Charles Jasper & Victoria Jane Carpenter & Anthony
Francis Segedin
2,900,0000.8
17Cypress Capital Limited2,887,3590.8
18Investment Custodial Services Limited2,825,8640.78
19Forsyth Barr Custodians Limited2,359,4300.65
20New Zealand Permanent Trustees Limited2,154,2370.59
Twenty Largest Shareholders
Top 20 Shareholders (with expanded NZCSD Sub-Register) as at 21 May 2021.
Shareholder
Statistics
57

RangeHoldersShares% Issued Shares
1-1,0008856,8510.02
1,001-5,0003871,159,7990.32
5,001-10,0003382,649,1730.73
10,001-50,00085721,970,4466.06
50,001-100,00026820,107,7605.54
Greater than 100,000287316,773,77287.33
ShareholderNumber of ordinary shares relevant interest disclosed for
Augusta Capital Limited*72,507,288
Salt Funds Management Limited 48,196,433
Westpac Banking Corporation
(and related bodies corporate)
38,434,922
Accident Compensation Corporation31,086,689
Total ordinary shares on issue at 31 March 2021362,717,801
Spread of shareholders
The following is a spread of quoted security holders as at 21 May 2021.
Substantial Security Holders
As at 31 March 2021 the following Shareholders had filed substantial security notices in accordance with
the Financial Markets Conduct Act 2013.
Shareholder Statistics (continued)
This annual report is dated 27 May 2021 and is signed on behalf of the board by:
*Augusta Capital Limited changed its name to Centuria Capital (NZ) No.1 Limited on 7 April 2021.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
58

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
Auditor
Grant Thornton New Zealand
Audit Partnership
Level 4
Grant Thornton House
152 Fanshawe Street
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
Centuria Funds Management
(NZ) Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151
Directory
59

---

Asset Plus 2021 Result
Assetplusnz.co.nz
0
5
2
0
2
1
Asset Plus Limited
Results Presentation for the year ended 31 March 2021

Asset Plus 2021 Result
Assetplusnz.co.nz
2
Net tangible assets (NTA) of
44.8 cents per share (cps) are
reduced from 56.7 cps due to
the recent capital raise
Loan to value ratio is 5.4%
(34.3% as at 31 March
2020)
Unrealised profit on the fair value of
investment property of $9.2m or
6.3% increase on valued property
The WALT is 2.75 years which has
decreased from 3.16 years as 35
Graham Street will become vacant
for redevelopment
Portfolio occupancy is 98.0%
Secured resource consent for
preferred development option
at 35 Graham Street
Sale of Eastgate (non-core
asset) with a deferred
settlement
$60.2m capital raise completed
as well as new bank funding
facility to facilitate the Munroe
Lane development
2021 Update
•Net rental income of $9.95m down $0.52m or 5% from FY20
•Total profit for the year net of tax of $15.95m (FY20 loss of $14.69m)
•AFFO
1
of $5.82m ($4.74m in FY20)
1. AFFO stands for ‘Adjusted Funds From Operations’, and is 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 Asset Plus’auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of AFFO to net profit after tax is set out in
Appendix 1.
Munroe Lane development
progressing on timetable –target
completion of December 2022

Asset Plus 2021 Result
Assetplusnz.co.nz
Key Metrics
as at 31 March 2021
$172.8m
(Mar-20: $142.1m)
98.0%
(Mar-20: 98.3%)
2.75 years
(Mar-20: 3.16)
71
(Mar-20: 71)
5
(Mar-20: 4)
5.4%
(Mar-20: 34.3%)
$0.448
(Mar-20: $0.567)
3
Portfolio Value
WALE
Properties
LVR
Occupancy
Number of Tenants
NTA
Assetplusnz.co.nz

Asset Plus 2021 Result
Assetplusnz.co.nz
Increase the scale of the portfolio
The Munroe Lane development which is now underway is forecast to increase the
portfolio size by approximately a further ~$122m on completion, a material
increase given the current portfolio value of $172.8m
The potential development at 35 Graham Street (subject to leasing commitment)
could further increase the portfolio and significantly alter the scale of the portfolio.
Set a platform for sustainable growth moving forward
Successful delivery of the Munroe Lane development is expected to enhance the
quality of the portfolio, increase the WALE, re-weight to a higher Auckland
exposure as well as increase the office sector weighting, creating a solid platform
to leverage future opportunities
Provide an appropriate yield reflective of the value-
add, and total return approach adopted
The Munroe Lane development is expected to provide attractive risk-adjusted
returns having regard to the high quality tenant covenant, and extended lease
term of 15 years over 63% of the building.
Strategic objectives
01
02
03
4
ObjectiveDelivering on theObjectives

Asset Plus 2021 Result
Assetplusnz.co.nz
Financial Performance
•Net rental revenue reduced by $0.52m or 5% primarily due to full
year net impact in portfolio movements (the divestment of Heinz
Watties property (Dec 2019) and acquisition of 35 Graham Street
(June 2019)) and COVID-19 rental concessions of $0.4m.
•Other income in the PY is an underwrite fee associated with the sale
of the Heinz Watties property.
•Administration expenses up $0.10m or 6% due to higher
professional fees.
•Net Finance Costs reduced due to the impact of the capital raise.
•Fair value gain of $9.2m due to cap rate compression. PY was
COVID impacted.
•Other adjustments include further costs associated with works at a
divested property (greater than the forecast retention). Transaction
costs in the prior year of $1.7m year were associated with potential
business acquisitions and the withdrawn capital raise.
•Tax reflects the impact of the released deferred tax liability at
Eastgate ($1.14m) as well as the tax benefits of claiming building
depreciation ($0.32m).
•AFFO cents per share was lower due to more shares being issued
following capital raise.
AFFO stands for ‘Adjusted Funds From Operations’, and is 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 Asset Plus’auditor Grant Thornton New Zealand Audit Limited.A reconciliation of AFFO to net profit after tax is set out in
Appendix 1.
5
Year endedYear ended
Mar-21Mar-20Var
$m$m$
Gross Income13.9014.47(0.57)
Direct Property Operating
Expenses
(3.95)(4.00)0.05
Net Rental Revenue9.9510.47(0.52)
Other Income-0.49(0.49)
Total Net Revenue9.9510.96(1.01)
Administration Expenses(1.74)(1.64)(0.10)
Net Finance Costs(1.14)(1.67)0.53
Total Operating Income7.077.65(0.59)
F.V. Gain of Investment Properties9.19(19.12)28.30
Other Adjustments(0.33)(1.72)1.39
Profit Before Tax15.93(13.19)29.12
Tax0.02(1.50)1.52
Total Comprehensive Income For
the Period
15.95(14.69)30.64
AFFO5.824.741.00
AFFO CPS2.192.93(0.74)

Asset Plus 2021 Result
Assetplusnz.co.nz
AFFO Waterfall ($m)
6
4.34
5.33
5.70
5.82
(1.62 )
(0.40 )
4.74
0.96
0.16
0.50
0.99
0.37
(0.12 )

Asset Plus 2021 Result
Assetplusnz.co.nz
Net Rental Performance
•Eastgate is $0.07m (2%) higher due to impact of Bargain Chemist lease and higher
opexrecoveries partly offset by COVID-19 rental relief and abatement.
•Stoddard Road is $0.02m (1%) higher due to rental growth and lower leasing fees
partly offset by COVID-19 rental relief and abatement.
•35 Graham Street was acquired in June 2019 (9 months of income in the prior year).
•Heinz WattiesDistribution Centre (December 2019 divestment).
•No rental income recognised to date for Munroe Lane or Kamoas they are currently
not income producing.
7
Year endedYear ended
Mar-21Mar-20Var
$m$m$m
Eastgate Shopping Centre3.553.480.07
Stoddard Rd2.532.510.02
35 Graham Street3.872.950.92
Current Portfolio9.958.941.01
Heinz WattiesDistribution Centre-1.53(1.53)
Total Net Rental Income9.9510.47(0.52)
Assetplusnz.co.nz
Artist impression

Asset Plus 2021 Result
Assetplusnz.co.nz
Administration and Finance Expenses
•Administration costs were up $0.10m or 6%
•Management Fees reduced $0.03m or 4% as a result of COVID-19
valuation (impact in H1) before impact of HY revaluations
•Transaction Costs of $1.77m were incurred in PY -investigative
work was undertaken to acquire two separate property-based
businesses. In addition, $0.78m of costs were incurred in relation to
the rights offer that was withdrawn in March 2020.
•Finance costs have decreased as a result of the capital raise as
proceeds were applied as a debt repayment. This was partly offset
by a new loan structure in place from October 2020 which increased
line fees. The FY21 finance costs include line fees $0.64m (FY20:
$0.42m); interest $0.40m (FY20: $1.18m); and loan establishment
fees amortised$0.10m (FY20: $0.03m)
8
Year endedYear ended
Mar-21Mar-20Var
$m$m$m
Management Fees0.790.820.03
Directors Fees0.300.30-
Audit Fees0.110.11-
Professional Fees0.280.28-
Other Administration Costs0.260.13(0.13)
Total Administration Expenses1.741.64(0.10)
Transaction Costs0.011.771.76
Interest and finance costs1.141.670.53
Interest revenue-(0.01)(0.01)
Total Net Finance costs1.141.660.52

Asset Plus 2021 Result
Assetplusnz.co.nz
Balance Sheet and Funding
•Investment properties include assets under development specifically
Munroe Lane ($25.0m) and Kamo($2.7m)
•Eastgate Shopping Centre is held for sale at the confirmed exit price
less costs to complete the Taco Bell development (~$1.1m)
•Other liabilities are higher due to development accruals
•Drawn bank debt reduced to $9.4m due to the impact of $60.2m
capital raise.
•Total bank facility limit is $130m ($120.6m was undrawn at31 March
2021).
•Gearing is 5.4% based on total portfolio value including assets under
development (34.3% in 2020).
•Equity increased by $70.5 million due to $60.2 million capital raise and
$9.2 million unrealised fair value gain on investment property
•NTA of 0.448 cents per share down 21% due to impact of the capital
raise
9
*includes work in progress costs associated with the 6-8 Munroe Lane development as well as the potential development at 35 Graham St and Kamo.
Year endedYear ended
Mar-21Mar-20Var
$m$m$m
Cash3.10.13.0
Investment Properties*130.2143.6(13.4)
Properties Held for Sale42.6-42.6
Other Assets3.11.41.7
Total Assets178.97145.0833.89
Bank Debt9.449.3(39.9)
Other Liabilities7.24.03.3
Total Liabilities16.6153.28(36.59)
Equity162.3691.8070.48
Net Tangible Assets Per Share ($)0.450.57(0.12)

Asset Plus 2021 Result
Assetplusnz.co.nz
NTA Per Share Waterfall (cents)
10
44.8
-
(19.3 )
(1.4 )
56.7
5.5
1.6
1.4
0.3
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
FY20Property
Revaluations H1
Other Movements
in Retained
Earnings H1
Net Impact of
Capital Raise
Fair Value Loss on
Eastgate Shopping
Centre
Other Property
Revaluations H2
Other Movements
in Retained
Earnings H2
FY21
H1 is based on the number of shares before the capital raise (161,920,433). H2 is based on the number of shares after the capital raise (362,717,801)

Asset Plus 2021 Result
Assetplusnz.co.nz
Graham Street, AucklandEastgate, ChristchurchStoddard Rd, AucklandMunroe Lane, AucklandKamo, Whangarei
Valuation/Carrying
Value ($m)
1
$61.0 (Mar-20: $50.1)$42.6 (Mar-20: $47.0)$41.5 (Mar-20: $37.5)$25.0 (Mar-20: $7.5)$2.7 (On acquisition: $2.1)
WALE (years)0.50 (Mar-20: 1.2)4.15 (Mar-20: 4.5)
2
4.18 (Mar-20: 4.0)--
Occupancy (%)100% (Mar-20: 100%)94% (Mar-20: 95%)
2
100% (Mar-20: 100%)--
Net Rental Income
($m)
$3.98 (Mar-20: $3.95)$3.64 (Mar-20: $3.66)$2.69 (Mar-20: $2.69)--
Passing yield (%)6.7% (Mar-20: 7.9%)8.4% (Mar-20: 7.8%)6.5% (Mar-20: 7.0%)--
Comments•Acquired June 2019
•Auckland Council lease
expires June 2021
•6 month extension agreed
for basement and ground
floors from July 2021 for
$1m rental
•Key redevelopment
opportunity subject to
leasing commitment
•Bargain Chemist secured
from May 2020 on 6 year
term
•Taco Bell currently under
development and scheduled
for PC in mid 2021
•Unconditionally sold, with
settlement scheduled
between Aug 21 and Feb 22
•The property continues to
perform well and provide a
stable income stream
•100% of expiring leases
were renewed by existing
tenants, with all renewals
for calendar year 2021 also
secured.
•Acquired off-market
December 2019
•Large ~4,200m
2
corner site
with three road frontages
•Under development with
2/3rds pre leased to Auckland
Council on a 15 year term
from completion
•Completion expected Dec 22
•Bare land acquired on 30
July 2020
•Large 38,000m
2
industrial
site located adjacent to SH1
•Pipeline opportunity
Largest tenant
exposures
•Auckland Council•Countdown, The Warehouse•The Warehouse•Auckland Council
Portfolio overview as at 31 March 2021
11
1.Carrying values include work in progress (WIP) relating to costs incurred in relation to current and future development work which were not included in the inputs to the valuation calculation by the independent valuers
2.*Based on each valuer’s net rental income assessment. Eastgate carrying value represents the sale price less costs to complete the Taco Bell development project.

Asset Plus 2021 Result
Assetplusnz.co.nz
Portfolio Movements
•Asat31March2021theportfolio’sWALEwas2.75yearsandtheoccupancywas98.0%.FollowingthesaleofEastgateandAucklandCouncilvacating35Graham
StreettheportfolioWALEandoccupancyareexpectedtoreduceto1.40yearsand40.3%(assumingnonewleasingactivityontheremainingproperties).
•StoddardRoadandGrahamStreetvaluationshaverecoveredtheprioryearimpactsofCOVID-19.Intheprioryeartheexternalvaluationswererevisedtoincorporate
thematerialuncertaintycausedasaresultoftheCOVID-19pandemicanditspotentialimpacts.
•TheimpactoftheH2revaluationswasbroadlyflatasvaluationgainsatStoddardRoadandGrahamStreetwereoffsetagainstawrite-downatEastgateduetotheexit
valueataslightdiscounttovaluation.
•Keydriversforthevaluationincreaseswerecapratecompressionandareductioninassumedrentalabatementandrelief.
•Thefairvalueunrealisedgainontheinvestmentpropertieswas$9.2m–anincreaseof6.3%againstcarryingvalueacrosstheyear.
•TheMunroeLane“asifcomplete”valuationhasincreasedfrom$142.0mto$146.85m(assumingfullyleased)duetocapratecompression(thisisnotreflectedinthe“as
is”fairvalueasat31March2021asnodevelopmentmarginhasbeenreflectedatthisstageinthedevelopment).
•SubsequenttotheCOVID-19pandemicIndependentvaluershaveidentifiedalevelofvaluationuncertaintyandhighlightthatlesscertaintyandawiderrangeshouldbe
attachedtothevaluations.
12
Opening balance
Mar -20
Acquisitions
Capex & Other
Mvmts
Fair Value
Movement
Final Valuations
Mar-21
WIP
Carrying
Value
$m$m$m$m$m$m$m
Properties Held for Sale
Eastgate47.0-0.3(4.7)42.6-42.6
Investment Properties
22 Stoddard Road37.5-0.13.941.5-41.5
35 Graham Street50.1--9.459.51.561.0
Development Properties
6-8 Munroe Lane7.5--0.37.717.325.0
Kamo–bare land-2.3-0.32.60.12.7
TOTAL142.12.30.49.2153.918.9172.8

Asset Plus 2021 Result
Assetplusnz.co.nz
Impact of COVID-19
•The COVID-19 pandemic created a level of material future uncertainty in
the real estate market and the immediate impacts were widespread as a
result of the government mandated lockdowns.
•Despite the retail exposure of the portfolio APL was somewhat insulated
given the number of essential services in the portfolio.
•Rental abatements and relief for the year impacted operating earnings by
$0.4m, equivalent to approximately 3% of the gross rental income
reported for FY21.
•This lost revenue (net of clawback) is offset by the reintroduction of
building depreciation which is claimed from a tax perspective generating
a tax saving benefit of $0.32m.
•The property market has been very buoyant in H2FY21 with the low
interest rate(s) and economic stimulus measures fueling investment in the
property sector.
•Preservation of long-term cashflow and value remains management’s
focus.
13
Assetplusnz.co.nz

Asset Plus 2021 Result
Assetplusnz.co.nz
Eastgate, Christchurch
•Unconditionally sold with settlement set to occur between 22 August 2021 and 22 February
2022 (at the purchaser’s option).
•Proceeds from the sale will initially be applied as a debt repayment and the sale creates
balance sheet capability.
•Bargain Chemist commenced a 6 year lease from May 2020. Several tenancies were
combined to meet the circa 800m² space requirements for the tenant, and they have proven
an excellent addition to the centre.
•Secured Taco Bell for their first South Island store on a 10 year lease from completion, which
is expected in mid 2021.
•Although customer numbers are up at the Centre, the Moving Annual Turnover (MAT) has
remained flat for the year. Passing income was unchanged through the year while the WALT
has decreased slightly given the reducing lease term to the major tenants, despite the new
leases and renewals secured during the year.
•Post year end Caroline Eve has been secured as a tenant across 3 historically vacant
tenancies.
•The carrying value represents the sale price ($43.45m) less committed fitout works for Taco
Bell.
20212020
Carrying Value ($m)42.56-
Valuation ($m)-46.95
Net Rental Income ($m)3.643.66
Passing Initial Yield (%)8.04%7.80%
Cap Rate (%)NA8.38%
Net Market Rental ($m)NA4.09
WALT (years)4.154.53
14
Assetplusnz.co.nz

Asset Plus 2021 Result
Assetplusnz.co.nz
Stoddard Road, Auckland
•$0.2 of rental abatement and relief was provided during the year at the Centre
•A total of six lease renewals were completed in 2021 (22% of the total rental income
for the Centre).
•WALT increased to 4.18 years in 2021 as a result of renewals during the year.
•The valuation has recovered from the initial impacts of COVID-19 to a level above the
pre-COVID-19 valuation on the back of compressing yields for commercial property
•The Centre is currently 100% occupied.
•There is only one lease renewal due in 2022, representing 5.9% of the total rental
income for the Centre.
•Recent tenant retention has remained strong which demonstrates tenant demand for
the Centre.
•The Warehouse expiry is a focus in the medium term with an expiry in 2025.
15
20212020
Valuation ($m)41.537.5
Net Rental Income ($m)2.692.69
Passing Initial Yield (%)6.50%7.00%
Cap Rate (%)6.0%6.25%
Net Market Rental ($m)2.552.37
WALT (years)4.184.00
Assetplusnz.co.nz

Asset Plus 2021 Result
Assetplusnz.co.nz
•The purchase was in line with Asset Plus’ ‘Yield plus Growth’ investment
strategy, providing the benefit of an existing large structure with holding
income, with a number ofpotential add value options.
•Resource consent for the preferred development option (adding 3 additional
floors) has been granted in early 2021.
•Colliers have been engaged as master leasing agent, and we are pursuing a
number oftarget tenants with expiries or renewals within the forecast
completion window for the preferred development option.
•The impacts of COVID-19 on the office market and tenant behaviours were
profound in the immediate aftermath of the pandemic, with a number of
companies severely impacted subleasing space. Decisions to relocate or commit
to new offices were put on hold for the best part of 12 months until some
certainty resumed in the market.
•There is now a continued trend towards a flight to quality, with large floorplates
in modern, sustainable and efficient buildings in demand from corporate
occupiers, with a number ofmaterial leasing transactions having occurred
already in 2021.
•A final decision on the development of Graham Street has yet to be made by
the Asset Plus Board, andis contingent on leasing commitment.
•The WALE is 0.5 years as at31 March 2021. The Council rent drops to ~50% of
the current rental level from 1 July for 6 months until the 31 December lease
expiry.
•The successful leasing of 35 Graham Street is the company's prime near term
focus.
35 Graham Street, Auckland CBD
Potential development and leasing update
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•On 20 December 2019, Asset Plus announced the development of a
building in Albany, 63% pre-leased, with a 15-year lease to Auckland
Council.
•The funding condition was satisfied on 30 October 2021 after
completion of the successful equity raise.
•The development is now underway with a construction target
completion date of December 2022.
•Icon appointed as main contractor with the majority ofdevelopment
costs now fixed.
•The project is progressing in line with budget, and the projects
contingency remains intact.
•Asset Plus believes the Munroe Lane Development offers attractive
risk-adjusted returns having regard to the high-quality tenant and
extended lease term secured to date.
Munroe Lane Development
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•6 levels plus basement carparking in the heart of Albany with extensive car
parking.
•~750m
2
of Café / Food & Beverage / Retail / Office outlets on ground level
available for lease
•~2,700m
2
office tenancy on level 6 available for lease
•Two office tenancies of ~950m
2
each available on level 2 for lease
•Albany is the key growth node for North Auckland, we are promoting as “hub and
spoke” model with Asset Plus able to offer potential occupier space here and at 35
Graham Street.
•Registered with the NZ Green Building Council to obtain the Green Star Design
and As-Built rating
•The majority ofconstruction costs are now fixed (subject to variation provisions)
within the original construction budget, with contingency remaining intact
•Works remain on schedule for completion in December 2022.
Munroe Lane, Albany
Development Overview
Gross Floor Area27,200 m
2
Net Lettable Area15,900 m
2
Expected yield on cost5.8%
Value on Completion (JLL)$146.85m*
Return on cost (including land) target 12%
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*assumes 6-8 Munroe Lane is fully leased on completion
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Asset Plus 2021 Result
Assetplusnz.co.nz
Outlook
•The leasing and potential redevelopment of 35 Graham Street is our key
focus given the pending lease expiry. Leasing efforts were disrupted by
the impact of the COVID-19 pandemicbut confidence is now returning
to the market.
•35 Graham Street provides options for reduced scale redevelopment
which may be more acceptable given current market conditions and
ability to secure leasing pre-commitments.
•We are concurrently focused on leasing the balance of the Munroe Lane
development now that all costs have been fixed and works are tracking to
schedule.
•We can offer a unique hub and spoke solution to corporate occupiers
across both 35 Graham Street and Munroe Lane
•The Board remain committed to securing further growth opportunities
while actively managing our existing portfolio.
•The dividend remains subject to quarterly review.
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Appendix 1: AFFO Reconciliation
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AFFO stands for ‘Adjusted Funds From Operations’, and is 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 Asset Plus’ auditor, Grant Thornton New Zealand Audit Limited.
Year endedYear ended
Mar-21Mar-20
$m$m
Total Comprehensive Income Net of Tax15.95 (14.69)
Loss/ (Gain) From Sales of Investment Property0.32 (0.05)
Fair value (gain) / loss on investment property(9.19)19.12
Depreciation on Owner Occupied PP&E-0.06
Deferred Tax Expense(1.14)(0.52)
Tax on Depreciation Recover (Non-Operating)-0.53
Other income (underwriting)-(0.49)
Net Operating Income After Tax5.94 3.96
Transaction Costs-0.79
Amortisationof Lease Incentives and Costs0.14 0.29
Amortisation of Rent Relief due to COVID-190.14 -
Funds From Operations (FFO)6.22 5.03
Maintenance CAPEX(0.02)(0.08)
Incentives Granted/Commissions Paid(0.05)(0.21)
Rent Relief due to COVID-19(0.33)-
Adjusted Funds From Operations5.82 4.74
AFFO (CPS)2.192.93

Asset Plus 2021 Result
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