Annual Financial Result

0
5
2
0
2
2
Financial Result
fortheyear ended
31March2022
Asset Plus Limited

01
04
Key
metrics
02
05
03
06
Result
summary
Strategic
update
Portfolio
update
Financial
performance
Outlook
Overview
Assetplusnz.co.nz

Assetplusnz.co.nz
3
•Result impacted by relatively flat valuations and loss of
rental income
•Totalp
rofitfortheyearnetoftaxof$2.93m(FY21
profitof$15.95m) – key driver being that FY21 included large
revaluation gain with no similar gain in FY22
•AFFO
1
of$4.22m($5.82min FY21)
•Netr
entalincomeof$7.73m,down$2.22mor22%on the
previous year, primarily due to Auckland Council exit at 35
Graham Street
•Munroe Lane development delayed due toCOV
ID impacts,
targetcompletion nowApril2023 – delays do not materially
impact returns from development
1. AFFOstandsfor‘AdjustedFundsFromOperations’,andis non-GAAPfinancialinformation,calculatedbasedonguidanceissuedbythePropertyCouncilofAustralia.AssetPlus
considersthatAFFOis a usefulmeasureforshareholdersand managementbecauseit assistsin assessingtheCompany’sunderlyingoperatingperformance.Thisnon-
GAAPfinancialinformationdoesnothavea standardisedmeaningprescribedbyGAAPandthereforemaynotbe comparabletosimilarfinancialinformationprescribedbyother
entities.ThecalculationofAFFOhasbeenreviewedbyAssetPlus’auditor,GrantThorntonNewZealandAuditLimited.A reconciliationofAFFOtonetprofitaftertaxis setout
inAppendix2.
Result summary
Assetplusnz.co.nz

Assetplusnz.co.nz
4
•Sale of 35 Graham Street for $65m with deferred
settlement – conditional on shareholder vote to be held
3 June 2022
•Unrealised loss on the fair value of investment
pr
operty of $1.2m or 0.5%decrease on valued property,
primarily driven by write-off of work in progress at Graham
Street due to sale
•Dividends paid for the year represent a payoutr
atio
of97%of AFFO– no Q4 dividend paid
1. The March 2022 fair value of $59m at 35 Graham Street reflects the time value of moneyas the settlement is deferred. The forecast
future cash flows up to 1 December 2023 settlement are discounted at the rate of 5.5%.
Result summary
35 Graham Street, Auckland
Assetplusnz.co.nz

Assetplusnz.co.nz
5
Result summary
•WALE of 2.21 years, which has decreased from 2.75 years as
35 Graham Street is now vacant –following Eastgate sale the
WALE reduces to ~1.40 years (excluding Munroe Lane)
•Loan-
to-value ratio of 25.7% (5.4% asat31 March 2021),
based on current carrying values – increase is due to funding
of Munroe Lane development
•Portfolio occupancyi
s 58.0% (98.0% as at 31 March 2021) -
following the Eastgate settlement which is expected to occur
by mid July 2022, occupancy reduces to 42.0%. Occupancy
% largely driven by 35 Graham Street becoming fully vacant
•Nett
angibleassets (NTA)of44.0cents pershare(cps)
reducedfrom44.8cps
Assetplusnz.co.nz

PortfolioValue
as at 31 March2022
Key metrics
6
25.7%
(Mar 21: 5.4%)
2.21 years
(Mar 21: 2.75)
Properties
5
(Mar 21: 5)
73
(Mar 21: 71)
$216.4m
(Mar 21: $172.8m)
58.0%
(Mar 21: 98.0%)
$0.440
(Mar 21: $0.448)
WALELVR
OccupancyNumber of Tenants
NTA
Assetplusnz.co.nz

Strategic update
Assetplusnz.co.nz
7
•Key focus in the short to medium term is delivery of
the Munroe Lane development, which will add to the
portfolio value a brand new, sustainable, well located
office building with blue chip tenant covenant across
two thirds of the property.
•The proposed divestment of 35 Graham Street will
m
itigate balance sheet constraints and provide a
pathway back to a conservative gearing position.
Assetplusnz.co.nz

Financial performance
•Netrentalrevenuereducedby $2.22mdue to thereduced
income at 35 Graham Street. Fromlate June 2021 the rent
reduced by ~50%, then 100% vacant from late December
2021. Opexincreased due to increases in rates and insurance.
•Eastgate and StoddardR
oadwere both impacted by further
COVID abatement inFY22.
•Administrationexpensesdown$0.03mdue to
lowerprofessionalfees.
•NetF
inanceCostsincreased by $0.41mdueto higher debt levels
on the investment facilityto fund Munroe Lane.
•Fairv
aluelossof$1.2mduetowrite down at 35 Graham
Street of $3.35m offset against growth at Stoddard Road
(+$1.9m). The 35 Graham Street work in progress was written
off for the year.
•Othera
djustments in the prior yearincludefurthercosts
associatedwithworksat a divestedproperty(greaterthanthe
forecastretention).This adjustment has been reflected in reversed
in FY22.
•Tax in the prior yearre
presents the impact of the released
deferred tax liability at Eastgate($1.14m)as there is no depreciation
recovery on sale.
•AFFOc
entspersharewerelowerprimarily dueto lower net rental
income and higher funding costs.
8
Ye a rended
Mar22
$m
Year ended
Mar 21
$m
Variance
$m
Gross Income11.9313.90(1.97)
Direct Property Operating Expenses(4.20)(3.95)(0.25)
Total Net Revenue7.739.95(2.22)
AdministrationExpenses(1.71)(1.74)0.03
Net Finance Costs(1.55)(1.14)(0.41)
Total Operating Income4.477.07(2.60)
F.V. Gain of Investment Properties (1.22)9.19(10.41)
Other Adjustments0.21(0.33)0.54
Profit Before Tax3.4615.93(12.47)
Ta x(0.53)0.02(0.55)
Total Comprehensive Income For The Period2.9315.95(13.02)
AFFO4.225.82(1.60)
AFFO cents per share1.162.19(1.03)
Assetplusnz.co.nz

Net rental performance
9
•Eastgateis $0.15mhigherdueto higherOPEXrecoveriesand
lower COVID-19rentalreliefandabatement in FY22.
•StoddardR
oadis $0.11mlowerdueto higher COVID-19
abatement impacts in FY22 partly offset against rental
growth.
•The reduction in rental income for 35 Graham Street was
ca
used by a reduced rental from late June 2021, then fully
vacant from late December 2021.Hence ~$2 million rental
reduction plus unrecovered OPEX on the vacant portion.
•Nor
entalincomeis recognisedtodateforMunroeLaneorKamo.
Ye a rended
Mar22
$m
Year ended
Mar 21
$m
Variance
$m
Eastgate 3.703.550.15
Stoddard Road2.422.53(0.11)
35 Graham Street1.663.87(2.21)
Other(0.05)-(0.05)
Current portfolio7.739.95(2.22)
Assetplusnz.co.nz

Administration & Finance Expenses
Ye a rended
Mar22
$m
Year ended
Mar 21
$m
Variance
$m
Management Fees0.990.79(0.20)
Directors’ Fees0.300.30-
Audit Fees0.090.110.02
Professional Fees0.170.280.11
Other Administration Costs0.160.260.10
TotalAdministrationExpenses1.711.740.03
Tr ansactionCosts-0.010.01
Interest andfinancecosts1.561.14(0.42)
Interestrevenue(0.01)-0.01
TotalNetFinancecosts1.551.14(0.41)
•Administrationcostsweredown$0.02m
•Management fees i
ncreaseddue to the development of
Munroe Lane and the increase in assets under management.
•Finance costs have i
ncreased due to the draw down on the
investment facility to fund Munroe Lane.
•The investment facility is now fully drawn at $51.20
m
illion with a further $4.50 million of the working
capital facility drawn.
•The development facility ($66.20m) is to be drawn in the
nea
r term. Funding costs associated with this facility are
to be capitalised.
10Assetplusnz.co.nz

Balance Sheet and Funding
•InvestmentpropertiesincludeMunroeLane($ 67.5m),
Graham Street ($59.0m) and Stoddard Road ($43.5m).
•EastgateS
hoppingCentre ($43.46m)is heldforsale attheconfirmedexit
price.
•Kamo(
$2.90m) also held for sale as active campaign to exit underway.
•Total property held for sale is $46.36m.
•Otherlia
bilitiesarehigherduetodevelopmentaccruals.
•Drawnb
ankdebtincreasedto$55.7mdue to the funding of the
Munroe Lane development during the year.
•Totalb
ankfacility limitis $130m($74.3mwasundrawnat 31 March
2022($120.60m as atMarch2021).
•Gearingis 2
5.7%basedontotalcurrent portfoliovalueincludingassets
underdevelopment and assets held for sale(5.4%in 2021).
•NTAof0.
44cents pershare,down2.0%.
*includesworkin progresscostsassociatedwiththe6-8MunroeLanedevelopment.
11
Ye a rended
Mar22
$m
Year ended
Mar 21
$m
Variance
$m
Cash 4.43.11.3
Investment Properties*170.0130.239.8
Properties Held For Sale46.442.63.8
Other Assets3.93.10.8
Total Assets224.69178.9745.72
Bank Debt55.79.446.3
Other Liabilities9.47.22.2
Total Liabilities65.1416.6148.53
Equity159.55162.36(2.81)
Net Tangible Assets Per Share ($)0.4400.448(0.008)
Assetplusnz.co.nz

Funding
12
•Totalbankfacilitylimitis $130mas at 31 March 2022,
with drawn debt at $55.7m.
•This limit reduces to $83.5m post the upcoming debt repayments
o
n settlement of Eastgate ($40m) and receipt of the 35 Graham
Street deposit ($6.5m).
•All facilities expire on 30 September 2023 and will be refinanced
w
ell ahead of the settlement of 35 Graham Street.
•Asset Plus has no hedging at present.
•The effective interest rates includes the base rate plus the margin
o
n drawn debt. Line fees are payable on the total limit in addition.
•The current base rate is 1.99%. Therefore including the margin of
1.
80% the current effective interest rate is 3.79% (excluding line
fees).
•Interest on the development facility, which funds the balance of
t
he Munroe Lane development, is capitalised.
LVR at all timesICR to Mar 23ICR to Sep 23
Working Capital
& Investment
45%Not tested
>1.0x to 30 Jun 23
then increases to
>1.5x to 30 Sep 23
DevelopmentN/AN/AN/A
Total Facility
50%N/AN/A
Limit
$m
Drawn
$m
Margin
%
Line Fee
%
Total
%
Working Capital12.64.51.801.203.00
Investment51.251.21.801.203.00
Development66.2-2.251.453.70
Total facility130.055.7
Assetplusnz.co.nz
Loan facilities
Loan covenants

Amendments to Loan Facility
13
•BNZ has been supportive of the company’s strategy to divest non-core
assets as well as the development of Munroe Lane. BNZ has agreed to test
the Interest Cover Ratio (ICR) covenant for the period from 1 April 2022
until 31 March 2023 (inclusive).
•The amendment to the loan facility is primarily driven by the upcoming
di
vestment of Eastgate and the resultant reduction in income while the
Munroe Lane property is still under development. The Eastgate settlement
is expected to occur by 1 July 2022.
•$40 million of debt is to be repaid immediately post the Eastgate
s
ettlement and the total debt facilities limit is to reduce from $130 million
to $90 million accordingly. The surplus funds post settlement of
approximately $3 million will be utilised to bolster working capital for the
company.
•Further $6.5 million of debt repaid if 35 Graham Street sale vote passes on
3
June 2022, from the deposit payable.
•From 1 April 2023 the ICR will then be tested on a stepped basis at 1.00
t
imes as at 30 June 2023, then moving to 1.50 times by 30 September
2023.
•The loan facility expires on 30 September 2023.
•Asset Plus is in compliance with all loan facilities as at 31 March 2022.
If 35 Graham St
sold
If 35 Graham St
not sold
Debt repayment required
(limit reduction)
$46.5 million $40.0 million
ICR (FY23)
Not tested from
1 Apr 22 to 31 Mar 23
Not tested from
1 Apr 22 to 31 Mar 23
ICR from 1 Apr 23
1x cover from 1 Apr 23,
increasing to 1.5x
as at 30 Sept 23
1x cover from 1 Apr 23,
increasing to 1.75x
as at 30 Sept 23
Leasing milestones by
30 Sept 22 (Event of Review
if insufficient leasing
completed)
Linked solely
to
Munroe Lane
Linked to both
35 Graham St &
Munroe Lane
Assetplusnz.co.nz

Portfolio movements
•Asat31Mar 22theportfolio’sWALEwas2.2years, andthe
occupancywas58%. FollowingthesaleofEastgate andwith35
GrahamStreetvacant,theportfolioWALEandoccupancyare
expectedtoreduceto1.40years and42%(assumingnonewleasing
activityontheremainingproperties).
•Based on Stoddard Road, the Auckland C
ouncil lease at Munroe Lane,
and if 35 GrahamStreet is exited theforecast WALE and occupancy is
expected to be 7.8 years and 71% respectively.
•Thef
air valueunrealisedlossontheinvestment propertieswas$1.2m
– ade creaseof0.5%againstcarrying valueacrosstheyear.
14
Opening balance
Mar 21 ($m)
WIP
reclassified ($m)
Capex & Other
movements ($m)
Fair Value
movement ($m)
Final Valuations
Mar 22 ($m)
WIP
($m)
Carrying Value
($m)
Properties held for sale
Eastgate42.6-0.80.143.5-43.5
Kamo– bare land2.60.10.10.12.9-2.9
Investment properties
22 Stoddard Road41.5
-0.11.943.5-43.5
35 Graham Street59.5
1.51.3(3.3)59.0-59.0
Development properties
6-8 Munroe Lane7.8-
--7.859.767.5
Total154.01.6
2.3(1.2)156.759.7216.4
•TheMunroeLane“asif complete” valuationhasincreasedfrom$146.85m
to$147.50m(assumingfullyleased)duetocap ratecompression(thisis not
reflectedin the“asis”fair valueasat 31Mar22asnodevelopmentmargin
hasbeenreflectedat thisstagein thedevelopment). Munroe Lane
is approximately 54% complete as at31 Mar 22.
•Subsequenttot
heCOVID-19pandemic,independentvaluershave
identifieda levelofvaluation uncertaintyandhighlightthatlesscertainty
anda widerrangeshouldbeattachedtothevaluations.
•The table above includes all property held as at 31 Mar 22, including those
as
sets held for sale.
Assetplusnz.co.nz

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COVID-19 impact
•TheCOVID-19pandemiccreateda levelofmaterialfuture
uncertaintyintherealestatemarket.Theimmediateimpactswere
widespreadasa resultofthegovernmentmandatedlockdowns.
•Those lockdowns, and evolving variants of COVID, meant that the
i
mpacts have endured for longer than was initially anticipated.
•Rentalab
atements andreliefduring FY22 impacted operating
earningsby$0.286m, equivalenttoapproximately 2.8% ofthe
rentalincomereportedforFY22.
•Total abatements and relief as a result of COVID now total
$0.
686m. $0.286m in FY22 and $0.4m in FY21.
•The impact of COVID on the office sector was more significant,
wi
th workers forced to work from home for a prolonged period,
and companies typically not making major property decisions
given wider uncertainty. This has been evidenced by the inability
to lease 35 Graham Street to date.
•The impact of COVID on the construction sector has also been
p
rofound.These impacts are discussed further in the Munroe
Lane property update.
15Assetplusnz.co.nz

augusta.co.nz
Eastgate, Christchurch
•Unconditionally sold with settlementnow to occur 15 working days after new
titles are grantedfor the property following a subdivision the purchaser is
completing.
•If titles are not issued by1
July 2022, Asset Plus has the option to terminate
the sale and purchase agreement. This right is not available to the
purchaser.We expect titles to be issued during June.
•Proceedsf
romthesalewillbeappliedasa debtrepayment- $40 million of
debt to be repaid on settlement.
•Construction of TacoB
ell’sfirstSouthIslandstorewas completed in June
2021 with the 10yearleasecommencing on 11 June 2021.
•Two new tenants were secured with C
arolineEveoccupying 3 historically
vacanttenancies and Techprobackfilling the space previously occupied by EB
Games.
•A further 11 leases were renewed or extended over the past year.
•Thec
arryingvalue representsthesaleprice($43.455m).
20222021
CarryingValue($m)$43.46$42.60
Valuation($m)N/AN/A
NetRentalIncome($m)$3.51$3.64
PassingInitialYield(%)8.18.0
CapRate(%)N/AN/A
NetMarketRental($m)N/AN/A
WALT(years)3.934.15
16Assetplusnz.co.nz

augusta.co.nz
Stoddard Road, Auckland
•Modestrental abatementandreliefwasprovidedduringtheyear to ensure our
tenants’ ongoing viability.
•Renewals secured for all lease expiries during the period, representing 14.
7%ofthe
totalnetrentalincomefortheCentre.
•WALT of3.50years, whichcontinues to decline as the anchor tenant The Warehouse
lease term continues to reduce. The renewal of this lease in 2025 remains a priority.
•TheCe
ntreremains 100% occupied and retailer sentiment is improving as New
Zealand continues to manage theevolving COVIDlandscape.
•One renewal is due in the next year, repres
enting 3.7% of Centrerental
income.
•Tenant retentionremainsstrong and occupier enquiry has increased with new
operators wanting to establish a footprint intheCentre, despite 100% occupancy.
20222021
Valuation($m)$43.5m$41.5m
Net RentalIncome($m)$2.77m$2.69m
PassingInitialYield(%)6.37%6.50%
Cap Rate(%)5.88%6.00%
Net MarketRental($m)$2.58m$2.55m
WALT(years)3.504.18
Boundary lines are indicative only
Change of photo TBC
17
Assetplusnz.co.nz
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35 Graham Street, Auckland
•Sold,conditional on Shareholderapproval,for $65.0mtoMansonsTCLM
with settlement scheduledfor 1December2023(subjecttopurchaserright
toextendsettlement to1 December2024).10%depositpayable upon
Shareholderapprovalbeing obtained.
•TheN
oticeofMeetingtobeheldon3 June2022toapprovethesalehas
been releasedtoday.
•Purchaserhasa ri
ght todefersettlementfor afurther12 months, subject
to additionalconsideration of$3.0manda furtherdepositof10%(taking
total to20%).
•Thes
ale price (including itsnetpresentvalue)isata premiumtoJLL’s
March2022valuation of$56.0million (excluding WIP).
•Ast
hesettlementis deferredthe current net present valueis $59million
(based onthediscounted forecastcash flows).
•Thet
ransactionis expectedto reduceforecastdrawndebtto$20million
(10%LVR)on settlementof35GrahamStreetand removes furthercapital
commitments (asidefromMunroe Lane).
18Assetplusnz.co.nz

augusta.co.nz
35 Graham Street, Auckland
•There hasbeena structuralshiftinofficeleasingsentiment and investor
appetiteintheofficeleasingsector asa resultof COVID-19whichhas
impactedon ourability to lease thepropertyto dateeither undera light
refurbishmentscenario, orfullredevelopment scenario.
•Thein
ability tosecurepriorlease commitmentsunder either development
scenarioforthepropertyhas putfurthercapital constraints onthecompany
asthepropertycannotbedeveloped withoutsignificant priortenantpre-
commitment.
•Thec
ompanydoesnot havethebalance sheetcapacity,norincome profile
acrossthecompany’sportfolio, tohold theassetvacantforan extended
periodoftime.
•Thec
urrent forecastmarginsassociatedwitheither developmentscenario
areno longersufficientrelative to theriskprofilefordelivery.
•Equity wo
uld likelyberequired tofundeitherdevelopmentscenario. The
companyconsidersthata capitalraiseis nota feasibleoptionatthis time
due to thediscount ofthe trading priceagainst thecompany’sNTAper
share.
•A s
aleoftheassetis thereforethebestcurrentlyavailableoption, given the
inability toholdtheassetvacantforan extendedperiodoftime,orfundthe
development ‘onspec’.
19Assetplusnz.co.nz

augusta.co.nz
Munroe Lane, Albany
•Development is progressing well, albeit delayed as a result of COVID
impacts.
•COVID impacts have resulted in approximately $1.5m of additional
c
osts to date that will be funded from the project’s contingency.
•Forecast completion and lease commencement with Auckland
Co
uncil now expected in the quarter ending June 2023 (originally
late December 2022) as a result of delays associated with COVID and
other minor extensions of time for additional scope.
•Costs were fixed with Icon, therefore current escalation in construction costs
hav
e largely been avoided except where changes/variations have been
made.
•Thepro
jectis progressingin linewithbudget. The company has further
working capital funding facilities available if COVID impacts continue to
endure.
•As-co
mplete valuation has increased from $146.85m to $147.50m as at
31 March 2022.
•5 Star Green-S
tar Design rating now obtained for the development.
20Assetplusnz.co.nz

augusta.co.nz
Munroe Lane - leasing overview
•6 levels plusbasementcarparkingin theheart ofAlbanywithextensive
car parking.
•~750m
2
ofCafé/ Food& Beverage/ Retail/ Officeoutlets onground
level availableforlease – approximately 25% of this space is now
subject to a Heads of Agreement with a reputable tenant on a 9 year
term and lease documents currently being negotiated.
•~2,700m
2
officetenancyonlevel6 availableforlease – a number of proposals
have been made to prospective tenants for this space.
•Twoo
fficetenanciesof~950m
2
eachavailableonlevel2 forlease, one of
these spaces is likely to provide co-working/flex space for the property.
•Sub-lease space on the North Shore has now largely been taken up, post
the initial post COVID surge. Occupier interest increasing now that the
project is advancing and out of the ground.
*A ssumespropertyfully leasedoncompletion
Gross Floor Area27,200m
2
Net Lettable Area15,900m
2
Expected yield on cost target5.8%
Value on completion (JLL)$147.50m
Return on cost (including land) target 9.8%
21Assetplusnz.co.nz

augusta.co.nz
Kamo, Whangarei
•Large 38,000m2 industrialsite located adjacent to
SH1 acquired as a pipeline development
opportunity.
•Now held for sale to reduce company’s future
c
apital requirements.
•A marketing campaign has been undertaken and
t
he company is working with potential buyers.
22Assetplusnz.co.nz

augusta.co.nz
Outlook
•Leasingthe balance of Munroe Lane, and successfully
completing the development remainskeyfocus.
•When s
ettled, the sale of 35 Graham Street will
mitigate balance sheet constraints and provide a
pathway back to a conservative gearing position.
•TheB
oardremainscommittedto delivering the best
outcomes for shareholders, which the 35 Graham
Street sale represents given current market conditions.
The Board will continue to review future opportunities
as they arise.
•The d
ividendremainssubjecttoquarterlyreview but is
currently suspended until sufficient operating earnings
are generated to support an ongoing sustainable
dividend.
23Assetplusnz.co.nz

Appendices

Appendix 1: Portfolio summary
Graham Street, AucklandEastgate,ChristchurchStoddardRoad, AucklandMunroeLane, AucklandKamo, Whangarei
Valuation/Carrying
Value($m)
1,3
$59.0(Mar-21:$61.0)$43.46(Mar-21: $ 42.6)$43.5(Mar-21: $41.5)$67.5(Mar-21:$25.0)$2.9 (Mar-21: $2.7)
WALE(years)0.00 (Mar-21:0.50)3.93 (Mar-21:4.15)
2
3.50(Mar-21:4.18)--
Occupancy(%)0% (Mar-21: 100%)96%(Mar-21:94%)
2
100% (Mar-21: 100%)--
NetRental
Income($m)
$nil but OPEX of $0.55m(Mar-
21: $3.98)
$3.51(Mar-21: $ 3.64)$2.77(Mar-21:$2.69)--
Passing yield(%)
N/A (Mar-21:6.7%)
8.1% (Mar-21:8.0%)6.37%(Mar-21:6.50%)-
-
C
omments
•Sold for $65.0m, conditional
on shareholder approval.
•1 December 2023 settlement
date. Purchaser may defer
settlement by 12 months for
additional consideration of
$3.0m and further 10%
deposit.
•Fair value of $59 million
reflects the $65m sale price
but discounted to reflect 2023
settlement and time value of
money.
•Secured 11 renewals/lease
extensions from existing
tenants.
•Ta c oBell was completed and
opened in June 2021.
•Unconditionallysold,with
settlement
scheduled betweenApriland
July2022
•Thepropertycontinuesto
performwell andprovide
a stableincomestream.
•100%ofexpiringle aseswere
renewed by existingtenants
in 2021.
•ANZ and Westpac
haveactioned theirrights of
renewal for a further 3 years.
•Acquiredin December
2019, under
development with
2/3rds pre leased to
Auckland Council on 15
year term.
•Development progressing
well, albeit delayed from
COVID impacts
•Completionnow expected
quarter ending 30 June 2023
•Large38,000m
2
industrialsite
locatedadjacenttoSH1
acquired as a pipeline
developmentopportunity
•Now held for sale to reduce
companies future capital
constraints
Largest tenant
exposures
•Vacant•Countdown,TheWarehouse•TheWarehouse•Auckland Council
1.Munroe Lane is carried at cost.
2.*Basedonea
ch valuer’snetrentalincomeassessment.Eastgatecarryingvaluerepresentsthesaleprice.
3.35 Graham Street fair value reflects the net present value of the forecast future cash flows up to settlement.
25Assetplusnz.co.nz

Appendix 2: AFFO reconciliation
AFFOstandsfor‘Adjusted FundsFromOperations’,andis non-GAAPfinancial information,calculated basedonguidanceissued bythePropertyCouncilofAustralia.AssetPlusconsidersthatAFFO
is a usefulmeasureforshareholdersand managementbecauseit assistsin assessingthe Company’sunderlyingoperatingperformance.Thisnon-GAAPfinancial informationdoesnothavea
standardisedmeaningprescribedbyGAAPandthereforemaynotbecomparabletosimilarfinancial informationprescribedbyotherentities.ThecalculationofAFFOhasbeenreviewedbyAsset
Plus’auditor,GrantThorntonNewZealandAuditLimited.
26
Year endedYear ended
Mar 22Mar 21Var
$m$m$m
Total Comprehensive Income Net of Tax2.93 15.95 (13.02)
Loss/ (Gain) From Sales of Investment Property(0.21)0.32 (0.53)
Fair value (gain) / loss on investment property1.22 (9.19)10.41
Deferred Tax Expense0.21 (1.14)1.35
Net Operating Income After Tax4.15 5.94 (1.79)
Amortisation of Lease Incentives and Costs0.19 0.14 0.05
Amortisation of Rent Relief due to COVID-190.07 0.14 (0.07)
Funds From Operations (FFO)4.41 6.22 (1.81)
Maintenance CAPEX(0.06)(0.02)(0.04)
Incentives Granted/Commissions Paid(0.10)(0.05)(0.05)
Rent relief due to COVID-19(0.03)(0.33)0.30
Adjusted Funds From Operations4.22 5.82 (1.60)
AFFO cents per share1.162.19(1.03)
Assetplusnz.co.nz

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resultscoulddiffermaterially. Pleasereadthispresentationin thewidercontextofmaterialpreviouslypublishedbyAPLandannouncedthroughNZX
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27Assetplusnz.co.nz

---

FINANCIAL STATEMENTS 2022

The notes set out on pages 7 to 25 form part of, and should be read
in conjunction with, the consolidated financial statements.
Consolidated Financial Statements
Contents
03
Consolidated Statement
of Changes In Equity
05
Consolidated Statement
of Cash Flows
07
Notes to the Consolidated
Financial Statements
29
Directory
02
Consolidated Statement
of Comprehensive Income
04
Consolidated Statement
of Financial Position
06
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
26
Independent
Auditor’s Report
01

Consolidated Financial Statements
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2022
Note
2022
$’000
2021
$’000
Gross Rental Revenue11,93213,900
Direct Property Operating Expenses(4,203)(3,947)
Net Rental Revenue57,7299,953
Administration Expenses6(1,711)(1,736)
Net Finance Costs6(1,549)(1,144)
Net Total Operating Expenses(3,260)(2,880)
Total Operating Income4,4697,073
Gain/(Loss) in on Sale of Investment Property212(321)
Fair Value Gain/(Loss) in Value of Investment Properties(1,217)9,187
Transaction Costs-(12)
Net Profit Before Taxation3,46415,927
Income Tax7(533)22
Net Profit After Taxation2,93115,949
Other Comprehensive Income--
Total Comprehensive Income For the Year, Net of Tax2,93115,949
Basic/Diluted Earnings Per Share160.816.00
02

Consolidated Financial Statements
The notes set out on pages 7 to 25 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 2020
134,089
(42,294)91,795
Net Profit After Taxation
-
15,94915,949
Total Comprehensive Income For the Year, Net of Tax
-
15,94915,949
Shares Issued1560,239-60,239
Issue Costs1,602-1,602
Dividends17-(4,020)(4,020)
Closing Balance at 31 March 2021192,726(30,365)162,361
Opening Balance at 01 April 2021192,726(30,365)162,361
Net Profit After Taxation-
2,9312,931
Total Comprehensive Income For the Year, Net of Tax-
2,9312,931
Dividends
17
-
(5,738)(5,738)
Closing Balance at 31 March 2022
192,726
(33,172)159,554
Consolidated Statement
of Changes in Equity
For the year ended 31 March 2022
03

Consolidated Financial Statements
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.
Note
2022
$’000
2021
$’000
Current Assets
Cash and Cash Equivalents
4,3873,109
Trade and Other Receivables
93,0842,291
Taxation Receivable396-
Prepayments
9309340
Total Current Assets
8,1765,740
Properties Held for Sale
1146,35542,560
Non-Current Assets
Investment and Development Properties10170,016130,234
Prepayments
9146439
Total Non-Current Assets
170,162130,673
Total Assets
224,693178,973
Current Liabilities
Trade Payables, Accruals and Provisions
138,7205,807
Taxation Payable
-866
Other Current Liabilities
305335
Total Current Liabilities
9,0257,008
Non-Current Liabilities
Borrowings
1255,7009,400
Deferred Taxation
7414204
Total Non-Current Liabilities
56,1149,604
Total Liabilities
65,13916,612
Net Assets
159,554162,361
Share Capital192,726192,726
Accumulated Losses
(33,172)(30,365)
Shareholders' Equity
159,554162,361
The Board of Directors of Asset Plus Limited approved the consolidated financial statements for issue on 19 May 2022.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Consolidated Statement
of Financial Position
As at 31 March 2022
04

Consolidated Financial Statements
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.
2022
$’000
2021
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue
11,694 12,812
Other Income
4 5
Operating Expenses
(6,158) (5,967)
Interest Income
13 -
Interest Expense
(1,485) (930)
Taxation Paid
(1,589) (961)
Lease Incentives & Comissions Paid(201) -
Net Cash Inflow from Operating Activities
2,278 4,959
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property
- 2
Deposit Received from Investment Property Held for Sale
-1,500
Purchase of Investment Property
-(2,277)
Capital Expenditure on Investment Properties
(40,359) (15,014)
Capitalised Finance Costs on Investments(1,197) (1,507)
Tenant Deposits Received/Repaid(5) -
Net Cash Outflow from Investing Activities
(41,561) (15,881)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings
-(55,600)
Proceeds from Borrowings
46,30015,750
Loan Establishment Costs
-(835)
Distributions made to Shareholders
(5,739) (4,020)
Net Proceeds from Capital Raise-60,239
Share Capital Raising Costs
-(1,601)
Net Cash Inflow from Financing Activities
40,56113,933
Net Increase in Cash and Cash Equivalents1,278 3,011
Cash and Cash Equivalents at the Beginning of the Year
3,109 98
Cash and Cash Equivalents at the End of the Year
4,387 3,109
Consolidated Statement
of Cash Flows
For the year ended 31 March 2022
05

Consolidated Financial Statements
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.
2022
$’000
2021
$’000
Net Profit after Taxation2,931 15,949
Items Classified as Investing or Financing Activities:
Unrealised (Gain)/Loss in Fair Value of Investment Properties1,217 (9,187)
Loss/(Gain) on Disposal of Investment Property(212) 321
Movement in Deferred Taxation(210)(1,142)
Amortisation of Loan Establishment Costs66 103
Movements in Working Capital Items:
Accounts Receivable and Prepayments(701) (965)
COVID-19 Rent Relief190 (191)
Amortisation of Lease Costs and Incentives 169 143
Leasing Fees Paid and Leasing Fees Granted(96) (69)
Trade and Other Payables(231)(161)
Taxation Payable(845) 158
Net Cash Inflow from Operating Activities2,278 4,959
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the year ended 31 March 2022
06

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
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 2021. These have not had a material impact
on the financial statements.
New standards, interpretations and amendments
adopted by the Group from 1 April 2021, but that have
not had a material impact on the financial statements:
• Amendments to NZ IFRS 9 Financial Instruments
• Amendments to NZ IAS 39 Financial Instruments:
Recognition and measurement
• Amendments to NZ IFRS 7 Financial Instruments:
Disclosures
• Amendments to NZ IFRS 4 Insurance Contracts
• Amendments to NZ IFRS 16 Leases
Accounting standards that are issued but not yet effective
Several other amendments and interpretations apply
for the first time from 1 April 2022, 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 2022, and its 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 subsidiary 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 2022 31 March 2021
Asset Plus
Investments Limited
100%100%
(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.
07
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
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).
Key Judgements
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 7)
• Impairment of Receivables (Note 9)
• Determination of Fair Value of Investment Property
(Note 10)
• Classification of Investment Property Held for Sale
(Note 11)
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.
Effective from 18 August 2021, the Government enacted
an amendment to the Property Law Act in response
to the continued economic impacts of COVID-19. The
amendment implied a new clause into every lease (where
there was not already an equivalent clause) which applied
if there was an epidemic and tenants were unable to gain
access to their premises to fully conduct their operations
because of reasons of health or safety relating to the
epidemic. Where the new clause applies, only "a fair
proportion" of the rent is payable.
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 2022, the current liabilities of the Group
exceeded its current assets by $849,000.
The Board has considered all information available at the
date of signing the consolidated financial statements (refer
to subsequent event Note 21) 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 cashflows for at least
12 months being sufficient to cover future obligations
when they fall due;
• Forecast cashflows have taken into consideration
known tenant circumstances, costs to be incurred in
respect to developments, expected future expenses
and provisions to fund any anticipated cash
requirements in the current environment.
08
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
As at 31 March 2022
Effective interest
rate range
Less than 1 year
$’000
1 - 2 years
$’000
2 years +
$’000
Financial Assets
Cash and Cash Equivalents
0.00% - 1.00%4,387
--
Trade Receivables and Other Receivables
3,084
--
Total Financial Assets
7,471
--
Financial Liabilities
Trade Payables and Other Payables
2,610
--
Borrowings
2.16% - 3.41%
-
55,700
Total Financial Liabilities
2,61055,700-
As at 31 March 2021
Financial Assets
Cash and Cash Equivalents
0.05% -0.25%3,109
--
Trade Receivables and Other Receivables
2,291
--
Total Financial Assets
5,400
--
Financial Liabilities
Trade Payables and Other Payables
2,040
--
Borrowings
1.31% - 2.17%
--
9,400
Total Financial Liabilities
2,040
-
9,400
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.
2022
$’000
2021
$’000
1% increase
Cash and Cash Equivalents
3716
Borrowings
(557)(94)
1% decrease
Cash and Cash Equivalents
(37)(16)
Borrowings
55794
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 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:
09
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
As at 31 March 2022Note
Designated
as fair value
$’000
Amortised cost
$’000
Total
carrying
amount
$’000
Fair value
$’000
Financial Assets
Cash and Cash Equivalents-
4,3874,3874,387
Trade Receivable and Other Receivables-
3,0843,0843,084
Total Financial Assets-
7,4717,4717,471
Financial Liabilities
Trade Payables and Other Payables-
(2,610)(2,610)(2,610)
Borrowings
12
-
(55,700)(55,700)(55,700)
Total Financial Liabilities-
(58,310)(58,310)(58,310)
As at 31 March 2021
Financial Assets
Cash and Cash Equivalents-
3,1093,1093,109
Trade Receivable and Other Receivables-
2,2912,2912,291
Total Financial Assets-
5,4005,4005,400
Financial Liabilities
Trade Payables and Other Payables-
(2,040)(2,040)(2,040)
Borrowings
12
-
(9,400)(9,400)(9,400)
Total Financial Liabilities-
(11,440)(11,440)(11,440)
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 regularly.
The table below 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 14.
10
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
As at 31 March 2022
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
2,6102,610
-
2,610
---
Borrowings (Note 12)55,70055,700
--
55,700-
-
Interest and fees payable
to the bank
4584,418-2,9431,475--
Total
58,76862,728
-
5,55357,175-
-
As at 31 March 2021
Financial Liabilities
Non-derivative financial liabilities
Trade payables and
Other payables
2,0402,040
-
2,040
---
Borrowings (Note 12)9,4009,400
---
9,400
-
Interest and fees payable
to the bank
4484,839
-
1,9411,931968
-
Total
11,88816,279
-
3,9811,93110,368
-
Capital Management
The Group’s capital includes contributed capital and
accumulated loss.
When managing capital, the Director's objective is to
ensure the entity continues as a going concern as well as
to maintain optimal returns to shareholders. As the market
is constantly changing, management and the Board of
Directors consider capital and management initiatives.
The Directors have the discretion to change (or cease) the
amount of dividends to be paid to shareholders accordingly,
issue new shares or sell investment property to reduce debt.
Capital is also monitored through the gearing ratio.
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
Classification of 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.
11
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
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 2022 are $254,000 (2021: $65,000). 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 2022 is $31,000 (2021: $332,000). The relief granted has been capitalised and is amortised on a
straight-line basis over the remaining lease period.
Effective from 18 August 2021, the Government enacted an amendment to the Property Law Act in response to the
continued economic impacts of COVID-19. The amendment implied a new clause into every lease (where there was not
already an equivalent clause) which applied if there was an epidemic and tenants were unable to gain access to their
premises to fully conduct their operations because of reasons of health or safety relating to the epidemic. Where the new
clause applies, only "a fair proportion" of the rent is payable.
2022
$’000
2021
$’000
Rental charged to tenants in the ordinary course of business
10,13912,174
Operating cost recoveries from tenants and customers
2,3862,071
Capitalised lease incentive adjustments
(274)(143)
Lease abatement due to COVID-19
(254)(65)
Lease relief due to COVID-19
(31)(332)
Spreading of rent relief COVID-19
(39)191
Total gross operating revenue
11,92713,896
Other revenue
54
Gross rental revenue
11,93213,900
Direct Property operating costs
1
(4,203)(3,947)
Net rental revenue
7,7299,953
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:
2022
$’000
2021
$’000
Within one year
2,5787,522
After one year but not more than five years
6,2287,589
More than five years
6051,495
5. Net Rental Revenue
12
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
6. 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 and capitalised (if related to a qualifying asset) or expensed over the term of the loan
agreement (Note 12) on a straight line basis.
Note
2022
$’000
2021
$’000
Administration expenses
Management fees
(987)(788)
Directors' fees
18
(300)
(300)
Auditor's remuneration
(93)(114)
Professional fees
(173)(280)
Other administration costs
1
(158)(254)
Total administration expenses
(1,711)(1,736)
Net finance costs
Interest and finance costs
*
(1,562)(1,144)
Interest income13-
Total net finance costs
(1,549)(1,144)
* In addition to Interest paid on the loan the Interest and finance costs include line fees of $970,000 (PY: $400,000) and amortised loan establishment fees of $220,000 (PY: $104,000).
Auditor’s remuneration as follows:
Audit of the annual financial statements
(68)(65)
Other assurance services
(25)(49)
Total auditor's remuneration
(93)(114)
1
Other administration costs include office costs, registry, New Zealand Stock Exchange fees and shareholder communications costs.
The rental receivables on the previous page are based on contracted amounts as at 31 March 2022 and 31 March 2021. 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 varried settlement date for
the unconditional sale of Eastgate Shopping Centre, being 1 April 2022. Refer to Note 11 for further details on the sale of the
Eastgate Shopping Centre.
13
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
7. 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).
14
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
Major components of income tax for the year ended 31 March are:
2022
$’000
2021
$’000
Current tax
Current income tax charge
(373)(1,143)
Prior year tax adjustment
5022
Current tax
(323)(1,121)
Net deferred income tax
Investment property building depreciation
(212)1,135
Other
28
Net deferred income tax
(210)1,143
Income tax reported in the consolidated statement of comprehensive income
(533)22
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:
2022
$’000
2021
$’000
Net profit/(loss) before tax
3,46415,927
Income taxation expense (28%)
(970)(4,460)
Adjust for revaluations of investment property
(333)2,498
Adjust for non-deductible expenses
(9)(7)
Adjust for capital loss on disposal of investment property
59(90)
Adjust for development loan facility fees
334139
Adjustment for deferred tax (depreciation on buildings)
(212)1,135
Adjustment for prior period
-22
Adjustment for depreciation (claimed in financial year)
570653
Other
28131
Income tax reported in the consolidated statement of comprehensive income
(533)22
Deferred income tax
2022
$’000
2021
$’000
Net deferred income tax liability relates to the following:
Deferred income tax liabilities
Recoverable depreciation on Investment properties(425)(213)
Other
119
Net deferred income tax liabilities
(414)(204)
Deferred taxation
(414)(204)
8. Segment Reporting
The principal business activity of the Group is to invest in New Zealand properties. Investment properties have similar
economic characteristics, methods of management and are under leases of various terms. Segment reporting is presented
in a consistent manner with internal reporting provided to the chief operating decision maker, the Board. The Board receives
internal financial information on a property by property basis, assesses property performance and decides on the resource
allocation. The Group operates only in New Zealand. On this basis all of the Group’s properties have been aggregated into a
single reporting segment to most appropriately reflect the nature and financial effects of the business activities. The Group has
no unallocated revenue, expenses, assets or liabilities and this approach has been applied to comparative periods.
15
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
9. Trade and Other Receivables
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.
2022
$’000
2021
$’000
Trade receivables
549441
GST receivable
773201
Expected credit losses
(73)(75)
Total trade receivables
1,249567
Colliers Property Trust Account (Eastgate)
1,3231,056
Other receivables
512668
Total other receivables
1,8351,724
Total trade and other receivables
3,0842,291
Trade receivables are non-interest bearing and are on < 30 day terms.
Loan establishment fees (unamortised)
439731
Other prepayments
1648
Prepayments
455779
Current Prepayments309340
Non-Current Prepayments146439
Prepayments455779
Non current prepayments include $146,000 of unamortised loan establishment fees (31 March 2021: $439,000). All other prepayments
are classified as current.
16
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
10. 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 price that would be received to sell
the property in an orderly transaction at the date of valuation 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 carried at fair value when fair value can be reliably determined, which is expected to be
upon completion. 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 2022
Investment
Properties
Opening
fair value
balance
$’000
WIP
reclassified
$’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
Stoddard Road41,500-9771,896
-
43,500-43,500
Graham Street59,5001,5081,344
-
(3,352)-59,000-59,000
Development
Properties
Munroe Lane7,761--
-
-
-
7,76159,75567,516
Kamo*2,60010762
-
131(2,900)---
Total investment
& development
properties
111,3611,6151,5037(1,325)(2,900)110,26159,755170,016
*Kamo was transferred to held for sale when an active marketing campaign to sell the property commenced on 16 March 2022.
17
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
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 Street 50,100--
-
9,400-59,5001,50861,008
Development
Properties
Munroe Lane 7,500--
-
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
* Eastgate Shopping Centre was transferred to held for sale when the sale and purchase agreement became uncondtional on 22 February 2021.
** The acquisition of 34 Springs Flat Road, Kamo, Whangarei, was settled on 29 July 2020.
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.
The fair value of Stoddard Road is determined by the independent valuation using the capitalisation and discounted
cashflow approach.
The independent valuation was conducted by an independent registered valuer, listed below, who is a member of the
Institute of Valuers of New Zealand. The valuer is experienced in valuing commercial properties.
The 35 Graham Street fair value has been determined based on the forecast future discounted cash flows of the sale up to the
settlement on 1 December 2023. The forecast future cash flows include the initial deposit received of $6.5 million assuming
the shareholder vote has passed in early June 2022, the forecast operating expenditure and the settlement proceeds. A
discount rate of 5.5% has been used which reflects the assumed forecast credit characteristics, including funding costs, of the
counterparty up to settlement. Historical WIP in respect to 35 Graham Street has been reclassified as capital expenditure to
determine the carrying value, prior to the revaluation. On 12 April 2022 a sale and purchase agreement was entered into for the
sale of 35 Graham Street (refer to note 21). 35 Graham Street did not meet the criteria to be held for sale as at 31 March 2022.
Munroe Lane is held at cost representing the accumulated gross development cost as at 31 March 2022 in accordance with IAS
40.78. Munroe Lane is not held at fair value due to the lack of a reliable assessable fair value at its stage of development as at
31 March 2022. Accumulated cost has been tested for impairment.
The Eastgate Shopping Centre fair value represents the contracted sale price.
The Kamo fair value represents the assessed realisable value determined by the independent land valuation.
In the prior year, all properties, excluding development property, 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 WIP in relation to the
future development at Graham Street is carried at cost. The land at Munroe Lane and at Kamo is valued separately from the
WIP from the development, Land is valued at fair value, WIP is carried at cost.
As at 31 March 2022
Valuer
Capitalisation rate
%
Occupancy rate
%
WALE
Years
Valuation
$’000
Stoddard Road
22 Stoddard Road, Auckland
Jones Lang
LaSalle
5.88
100.00
3.5043,500
Kamo
34 Springs Flat Road, Kamo, Whangarei
Jones Lang
LaSalle
N/AN/AN/A2,900
46,000
Eastgate Shopping Centre and 35 Graham Street have not been independently valued as at 31 March 2022.
18
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
As at 31 March 2021
Valuer
Capitalisation rate
%
Occupancy rate
%
WALE
Years
Valuation
$’000
Stoddard Road
22 Stoddard Road, Auckland
Jones
Lang
LaSalle
6.00
100.00
4.1841,500
Graham Street
35 Graham Street, Auckland Central
Jones
Lang
LaSalle
5.75
100.00
0.5059,500
Munroe Lane
6 - 8 Munroe Lane, Albany, Auckland
Jones
Lang
LaSalle
N/AN/AN/A
7,761
Kamo
34 Springs Flat Road, Kamo, Whangarei
Jones
Lang
LaSalle
N/AN/AN/A2,600
97.562.72111,361
The valuation techniques and significant unobservable inputs are as follows:
Valuation
techniqueUnobservable inputs20222021
Sensitivity Of Fair Value To Changes
In the estimated fair value would
increase/(decrease):
Capitalisation
of net income
Market Capitalisation rate (%)5.88%5.75% - 6.00%Capitalisation rate was lower (higher)
Market rental ($ per sqm)*$307.16$302.56 - $349.48
Retail and office rental income per
square meter was higher (lower)
Discounted
Cash Flow
Discount rate (%)6.75%6.50% - 7.00%The discount rate was lower (higher)
Rental growth rate (%) over 10 years2.20%0.50% - 3.00%Rental growth was higher (lower)
Occupancy rate (%)100%100%The occupancy rate was higher (lower)
Letting up period (months)**6 months6 - 9 monthsLetting up period was lower (higher)
Sales Income
Approach
Price per square meter rate ($ per sqm)$75$67.5 - $1,850
Rate per square metre was higher
(lower)
*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.
**Represents the period of time that has been allowed to re-let a tenancy at the end of each existing lease of the properties.
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.
19
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
11. 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. 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. The carrying value
represents the sale price in respect to the property.
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.
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.
Stoddard Road
+25bps
$’000
Value
$’000
-25bps
$’000
Capitalisation rate41,80043,70045,700
Discount rate42,20043,00043,800
Adopted Value42,00043,50044,750
35 Graham Street-100bps-50bpsAdopted Value+50bps+100bps
Discount rate4.50%5.00%5.50%6.00%6.50%
Value $'00059,86159,42859,00058,57858,162
The sensitivity analysis are estimates only and assume all other variables used to calculate the property valuations remain constant.
20
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 31 March 2022
Property
Opening
balance
$’000
Transfer
from
investment
properties
$’000
Capex
$’000
Lease
amortisation
& other
$’000
Gain/
(loss) on
revaluation
$’000
Disposal
$’000
Closing
balance
$’000
Eastgate Shopping Centre
42,560-882(96)109-43,455
Kamo-2,900----2,900
Total
42,5602,900882(96)109-46,355
As at 31 March 2021
Property
Opening
balance
$’000
Transfer
from
investment
properties
$’000
Capex
$'000
Lease
amortisation
& other
$’000
Gain/ (loss) on
revaluation
$’000
Disposal
$’000
Closing
balance
$’000
Eastgate Shopping
Centre
-42,560----42,560
Total-42,560----42,560
On 4 October 2021 the settlement date for the Sale and Purchase agreement (“SPA”) of Eastgate was varied to 1 April 2022.
On 24 February 2022 the agreement was further amended to allow the Purchaser to carry out a subdivision of the property.
Under the amendment, settlement will be 15 working days following new titles being issued for the property. If new titles have
not issued by 1 July 2022, Asset Plus may provide written notice to the Purchaser that they intend to terminate the agreement.
If the Purchaser does not settle within 7 working days of that notice, Asset Plus may terminate the agreement, and retain the
deposit paid (31 March 2021: On 22 February 2021 the Group entered into an unconditional sale of purchase agreement to
dispose of Eastgate Shopping Centre. A $1.5m deposit was received on 23 February 2021 in relation to the sale and is included
in trade payables, accruals and provisions).
An active marketing campaign to sell Kamo commenced on 16 March 2022.
These properties were initially classified as investment properties and were subsequently reclassified to properties held for sale.
12. Borrowings
Accounting policy
Borrowings are classified as financial liabilities at amortised cost. 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 $1.69m (2021:$497k).
FacilityBank
Loan
maturity
2022
$’000
2021
$’000
Working Capital FacilityBNZ30/09/20234,500-
Investment FacilityBNZ30/09/202351,2009,400
Development FacilityBNZ30/09/2023*--
Total55,7009,400
* 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.
21
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
2022
$’000
2021
$’000
Trade payables
134196
Other payables
2,4761,844
Total trade and other payables
2,6102,040
Interest accrual
2010
Opex accruals
8991,066
Capex accruals5,0942,691
Total accruals6,0133,767
Provisions for COVID-19 support97-
Total provisions97-
Total trade payables, accruals and provisions
8,7205,807
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.
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
2022
$’000
2021
$’000
Facilities drawn at reporting date - secured bank loan (BNZ)55,7009,400
Facilities undrawn at reporting date - secured bank loan (BNZ)74,300120,600
Total130,000
130,000
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 after 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.
Loan covenants – BNZ bank
During the year ended 31 March 2022 all loan covenants were met (2021: all met).
13. 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.
22
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
14. 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 profit or loss. 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 inveestment properties and borrowings:
Year ended 31 March 2022Year ended 31 March 2021
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 properties
Note 10
--
170,016
--
130,234
Properties held for sale
Note 11
--
46,355
--
42,560
Borrowings
Note 12
-
(55,700)
--
(9,400)
-
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 2022 (2021: 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 $73,000 (2021: $75,000).
Issued capital and reserves
20222021
Ordinary shares
Number of issued and fully paid shares362,718362,718
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 2020, the Company successfully completed the equity raising.
15. Equity
Accounting policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of direct issue costs.
23
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
17. Dividends Paid to Shareholders
Dividends paid during each reporting period comprised:
CPS
2022
$’000Date PaidCPS
2021
$’000Date Paid
Q4 prior year net dividend
0.4501,64111/06/21--N/A
Q1 net dividend0.450
1,63813/09/210.45074012/08/20
Q2 net dividend0.450
1,63814/12/210.4501,64011/12/20
Q3 net dividend
0.22582125/03/220.4501,6403/03/21
Total paid during the year
1.5755,7381.3504,020
2022
$’000
2021
$’000
Imputation credit account
At 31 March the imputation credits available for use in subsequent reporting periods are131943
18. Remuneration
Key management personnel costs
2022
$’000
2021
$’000
Directors’ remuneration
300300
Total300
300
16. 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.
2022
$’000
2021
$’000
Total comprehensive gain/(loss) for the year, net of tax2,93115,949
Weighted average number of ordinary shares ('000)
362,718265,683
Earnings per share (cents) - basic and fully diluted
0.816.00
24
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated
Financial Statements
For the year ended 31 March 2022
19. 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 (2021:19.99%). 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.
20222021
Fees paid and owing to the manager ($'000)Fees chargedFees owedFees chargedFees owed
Management fees
987523788213
Lease renewal fees
144-843-
Property management fees
1544217144
Development management fees
1,30016933588
Total
2,5857342,137592
Consolidated Statement of Changes in Equity
2022
$’000
2021
$’000
Dividend paid to Centuria Capital No.1 Limited1,142762
20. Commitments and Contingencies
Capital commitments
At 31 March 2022 the Group has the following capital commitments:
• Capital commitments of $Nil (31 March 2021: $850,000) in regards to fit out works for Taco Bell at Eastgate Shopping Centre.
• Capital commitments of $49,506,000 (31 March 2021: $104,444,000) in regards to the development at Munroe Lane.
• Capital Commitments of $215,000 (31 March 2021: $Nil) in regards to demolition works at 35 Graham Street.
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 2021: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (2021: nil).
21. Subsequent Events
The following events occurred subsequent to year-end:
• On 12 April 2022 the company signed a conditional sale and purchase agreement to sell 35 Graham Street for $65 million.
The settlement date is 1 December 2023 with the purchaser having the a right to extend settlement to 1 December 2024.
The agreement is subject to a shareholder vote to be held on 3 June 2022. 35 Graham Street did not meet the criteria to be
held for sale as at 31 March 2022.
• On 19 May 2022 the Company signed an amendment to the loan facility agreement. The key change is the future testing of
the interest cover ratio, which won't be tested from 1 April 2022 to 31 March 2023 inclusive.
25
The notes set out on pages 7 to 25 form part of, and should be read in conjunction with, the consolidated financial statements.

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 subsidiary (together
the “Group”) on pages 2 to 25 which comprise the consolidated statement of financial position as at 31 March 2022, 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 consolidated financial statements, including a summary
of significant accounting policies
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as at 31 March 2022 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 related assurance assignments for the Group. The firm has no other interest in the Group.
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.
26

Independent Auditor’s Report (continued)
Why the matter is significantHow our audit addressed the Key Audit Matter
Investment property and non-current assets
held for sale valuations
The Group’s investment properties and non-current assets
held for sale have an assessed value of $170 million and
$46.4 million respectively and make up most of the assets
of the Group.
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, assumptions
and methodology for determining the values are specific to
the nature, location and expected future rental income for
each property.
Where appropriate, the Group engaged independent
registered valuers or used a contractual selling price to
determine the value of the property.
If the property is under construction and the Group were
unable to determine a value of a property, management
carried the property at its cost price.
The estimates, assumptions and methods used in
determining the value of the properties, may not be
appropriate and as a result we have considered these to be
significant to our audit
We have:
• Obtained and agreed the schedule of investment
properties to the respective independent valuation
reports, performed by valuation experts or management;
• Evaluated the independence, 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;
• 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 2022;
• Verified the accuracy of any costs capitalised against
properties (with a focus on development properties
which are carried at cost ) by selecting a sample of
transactions, tracing it to supporting documentation and
validating whether the transactions meets the criteria for
capitalisation;
• Recalculated the fair value adjustment to be recorded
for the year for each investment property as at 31
March 2022;
• Considered the adequacy of the disclosures made
in Note 3 Significant Accounting Estimates and
Judgements, Note 10 Investment and Development
Properties and Note 11 Properties Held for Sale, 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; 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 rental
abatements, occupancy risk, growth rates.
27

Independent Auditor’s Report (continued)
Other Information
The Directors are responsible for the other information. The other information comprises the annual report but does not
include the consolidated financial statements and our auditor’s report thereon. The annual report is expected to be made
available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we will 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
identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
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 New Zealand equivalents to International Financial Reporting Standards 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 Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Company’s shareholders, as a body those matters which we are required to state to them in an 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
Company and the Company’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
Ryan Campbell
Auckland
19 May 2022
28

Directory
Directory
29
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 Limited
Level 4
Grant Thornton House
152 Fanshawe Street
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
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
29

---

Results announcement

Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 12 months to 31 March 2022
Previous Reporting Period 12 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$11,932 (14.2%)
Total Revenue $11,932 (14.2%)
Net profit/(loss) from continuing
operations
$2,931 (81.6%)
Total net profit/(loss) $2,931 (81.6%)
Interim/Final Dividend
Amount per Quoted Equity Security Not applicable
Imputed amount per Quoted Equity
Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.440 $0.448
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s audited financial statements as at
and for the year ended 31 March 2022.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address simon.woollams@centuria.co.nz
Date of release through MAP 19/05/2022

Audited financial statements accompany this announcement.

---

NZX release
Annual Financial Result
19 May 2022

• Total profit after tax of $2.93 million, down from $15.95 million in the previous year mostly
due to relatively flat year-on-year valuations
• Sale of 35 Graham Street for $65 million on a deferred settlement basis, subject to shareholder
approval
• Munroe Lane development further delayed due to COVID-19 disruptions, completion now
expected in quarter ending 30 June 2023 – no material financial impact from delays
• No Q4 dividend paid - dividend pay out for the year represents 97% of AFFO

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2022,
reporting a total profit of $2.93 million, down from $15.95 million in the previous year. The result was
impacted by relatively flat valuations, as well as the loss of rental income at the 35 Graham Street
property.

Adjusted Funds from Operations (AFFO) were $4.22 million, down from $5.82 million in the previous
year due to reduced rental income at 35 Graham Street and higher interest costs.

The 35 Graham Street property has been sold for $65.0 million on a deferred settlement basis, subject
to shareholder approval at a special meeting, the details of which have been announced today.

The price (including its net present value) reflects a premium to the independent valuation undertaken
by JLL as at 31 March 2022 of $56.0 million.

Asset Plus Chairman, Bruce Cotterill, said “The result for the year ended 31 March 2022 reflects a
portfolio which had a large weighting to two development properties. The sale of one of those
properties, 35 Graham Street, will mitigate balance sheet constraints and provide a pathway back to a
conservative gearing position.”

He continued, “The Board remains committed to delivering the best outcomes for shareholders, which
this sale represents given current market conditions. Given these conditions the Board will continue to
review future opportunities as they arise.”

Key points:

• Portfolio occupancy of 58.0%, down from 98.0% in the previous year – following the sale of
Eastgate, occupancy reduces to 42%.
• WALT of 2.21 years, down from 2.75 years in the previous year due to 35 Graham Street
vacancy – following the sale of Eastgate, WALE will reduce to ~1.40 years excluding Munroe
Lane.
• Unrealised loss on the fair value of investment property of $1.2 million or 0.5% decrease on
valued property, primarily driven by a write-off of construction work in progress at 35 Graham
Street due to the sale.
• The 35 Graham Street fair value reflected the deferred settlement.
• There was some growth at Stoddard Road due to rental growth and cap rate compression.
• Munroe Lane continues to be measured at cost – the development was approximately 54%
complete as at balance date.

• Loan-to -value ratio of 25.7% based on current carrying values, up from 5.4% in the previous
year. Debt increased during the year to fund the Munroe Lane development.
• Debt is currently drawn at $55.7 million at balance date ($9.4 million in the prior year). Funding
costs increased accordingly due to the higher debt profile across the year.
• Net tangible assets (NTA) of 44.0 cents per share (cps), down from 44.8 cps in the previous year.
• Settlement of Eastgate expected to occur by 1 July 2022.
• COVID-19 abatements and relief of $0.286 million for the year ($0.4 million in FY21).
• Dividends for the year represent a pay out ratio of 97% of AFFO – no Q4 dividend paid.
• Net revenues from the property portfolio decreased by $2.22 million as Auckland Council
vacated 35 Graham Street during the year. There was, however, no material rental growth in
respect to the like-for-like portfolio.
Loan facility amendment

An amendment to banking facilities has been agreed with BNZ. The amendment provides that BNZ will
not test the interest cover ratio (ICR) for the period from 1 April 2022 until 31 March 2023 (inclusive).

The amendment to the loan facility is primarily driven by the upcoming divestment of Eastgate and the
resultant reduction in income and while the Munroe Lane property is still under development. The
Eastgate settlement is expected to occur by 1 July 2022. Further details on the terms of the
amendment are included in the accompanying results presentation.

$40.0 million of debt is to be repaid immediately post the Eastgate settlement and $6.5 million of debt is
to be repaid when the 35 Graham Street deposit is received. The total debt facilities limit is to reduce
from $130.0 million to $83.5 million accordingly.

The surplus funds post the settlement of Eastgate of approximately $3.0 million will be utilised to
bolster working capital for the company.

From 1 April 2023 the ICR will then be tested on a stepped basis at 1.00 times as at 30 June 2023,
moving to 1.5 times by 30 September 2023.

Dividend

The dividend remains subject to quarterly review, but is currently suspended until sufficient operating
earnings are generated to support an ongoing sustainable dividend.

Outlook

Mark Francis, CEO of Centuria NZ, commented “The company’s key focus in the short to medium term
is delivery and leasing of the Munroe Lane development, which has been further delayed due to
COVID-19 impacts on supply chains and resourcing, with completion now expected in April 2023.”

He continued, “Once completed, this property will add to the portfolio a brand new, sustainable, well
located office building with blue chip tenant covenant across two thirds of the property.”


-ENDS-

For further information, please contact:

Mark Francis
CEO, 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