Interim Quarter Dividend and Eastgate settlement

NZX release
Interim Quarter Dividend and Eastgate settlement
10 March 2022

Interim Quarter Dividend

Asset Plus Limited has provided a distribution notice in relation to the Company’s dividend declared for
the quarter ended 31 December 2021.

The gross dividend for the quarter is 0.294 cents per share. The dividend consists of 0.225 cents per
share of cash with 0.069 cents per share of imputation credits attached. This dividend represents 50%
of the historical dividend level post the September 2020 capital raising.

In light of the ongoing COVID-19 pandemic impacting prospective tenant accommodation strategies,
and the short-term earnings impact of the sale of Eastgate, the Board views it as prudent to retain
capital in order to fund the redevelopment of 35 Graham Street rather than utilising available capital to
maintain the previous dividend payout.

A material consideration for the Board’s decision is that leasing commitments for 35 Graham Street
and the balance of Munroe Lane are still to be secured, despite ongoing positive interest in 35 Graham
Street at this time.

As a result of this decision, it is currently anticipated that there will also be no fourth quarter dividend
for the year ending 31 March 2022. Asset Plus’s dividend policy is also currently being reviewed.

The company’s overall strategic plan has not changed. The Board and management are focused on
navigating through the current market conditions in order to achieve a total return for shareholders
through completion and leasing of the company’s developments.

There also remains some flexibility in respect to the options at 35 Graham Street.

Following the settlement of Eastgate and until the completion of the Munroe Lane development, which
is forecast to be in March 2023, the company is forecast to break even absent any new leasing, which
is a key factor underpinning the future dividend profile.

The record date for this dividend will be 18 March 2022, with payment to be made to shareholders on
25 March 2022. The company will also pay a supplementary dividend of 0.031 cents per share in
relation to non-resident shareholders.

A supplementary dividend is paid to non-resident shareholders to offset the amount of non-resident
withholding tax (NRWT) that New Zealand companies are required to deduct from dividends paid to
non-resident shareholders. It is paid to ensure equitable treatment between non-resident shareholders
and resident shareholders (whose dividends are not subject to NRWT).

The dividend will remain subject to quarterly review which will, in particular, take account of leasing
activity across the developments.

Eastgate Settlement

Asset Plus has also agreed a variation of the settlement date with the purchaser of Eastgate.

Settlement will now take place on the later of 1 April 2022 and 10 days after the granting of new titles
to Eastgate following a subdivision that the purchaser is undertaking.

The variation reflects a potential small delay to new titles being issued by LINZ based on current
processing times.

If new titles are not issued by 1 July 2021, Asset Plus has the option to terminate the sale and
purchase agreement. The purchaser does not have a termination option.

In the short term, this will provide a small improvement to Asset Plus’s earnings, as Eastgate’s income
during the period until settlement will continue to be captured.


-ENDS-


For further information, please contact:


Mark Francis
Chief Executive Officer, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Operating Officer, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Stephen Brown-Thomas
Asset Plus Fund Manager, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Matthew Butt
Head of Investor Relations, Centuria NZ, manager of Asset Plus Limited
+64 21 610 631

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Distribution Notice




Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 18/03/2022
Ex-Date (one business day before the
Record Date)
17/03/2022
Payment date (and allotment date for
DRP)
25/03/2022
Total monies associated with the
distribution
$816,115.05
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00293924
Total cash distribution $0.00225000
Excluded amount: $0.00047766
Supplementary distribution amount $0.00031276
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed portion
Imputation tax credits per financial
product
$0.00068924
Resident Withholding Tax per financial
product
N/A
Section 4: Authority for this announcement
Name of person

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

10 March 2022