Result for the six months ended 30 September 2022

1

NZX release

Result for the six months ended 30 September 2022
29 November 2022

• AFFO materially reduced due to 35 Graham Street vacancy
• 35 Graham Street exit confirmed with a deferred settlement
• Settlement of Eastgate occurred on 29 August 2022
• Munroe Lane progressing well, with practical completion expected in late April 2023
• Stoddard Road to be marketed for sale in the first quarter of the New Year
• Company’s debt facilities renewed until 31 March 2025

Asset Plus Limited (NZX: APL) today announced its interim financial results for the six month period
ended 30 September 2022, reporting total comprehensive income after tax of $0.29 million, down from
$2.52 million in the prior corresponding period.

Adjusted Funds From Operations
1
decreased to $0.01 million, down from $2.57 million primarily due
to the 100% vacancy at 35 Graham Street and higher funding costs.

Asset Plus Chairman, Bruce Cotterill, said “The last six months have been challenging, but the company
did secure the committed but deferred exits of both 35 Graham Street and the land at Kamo, and is
now looking to market Stoddard Road for sale in the near term. The deferred settlement at Eastgate
was also completed in late August 2022.”

He continued, “Leasing efforts continue at Munroe Lane and while we haven’t secured any additional
tenant commitments, construction is nearing completion. Prospective tenants have been able to view
the campus style floor plates and see the fundamental aspects of the property, its location and
sustainability credentials.”

Key points:

• Current portfolio occupancy declined to 42% due to the Eastgate sale.
• The WALE
2
is now 1.2 years, which has decreased from 2.21 years at 31 March 2022.
Anticipated to be 5.3 years once Auckland Council lease commences.
• Loan to value ratio decreased to 23% due to the Eastgate divestment offset against Munroe
Lane development drawdowns (25.7% at 31 March 2022).
• Net Tangible Assets (NTA) of 44.0 cents per share as at 30 September 2022
(44.0 cents as at 31
March 2022).
• No independent revaluations were commissioned as at 30 September 2022.
• Munroe Lane development target completion is now late April 2023.
• Active leasing campaign underway at Munroe Lane.

1
Adjusted Funds From Operations (AFFO) is non-GAAP financial information and is a common investor metric, calculated
based on guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for
shareholders and management because it assists in assessing the Company’s underlying operating performance. This non-
GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable
to similar financial information prescribed by other entities. A reconciliation of the net profit after tax to AFFO is included in
the interim results presentation on slide 22 which has been independently reviewed by the auditors.
2
Weighted average lease expiry. This does not include the Auckland Council lease at Munroe Lane as the property is still under
construction.

Centuria NZ CEO Mark Francis commented, “Asset Plus has clear objectives to complete the
development of Munroe Lane and lease the balance of that property. Thereafter, and subject to the
state of the market, Asset Plus will review its ownership of the property and consider selling on
appropriate terms. This will put the Company in a zero debt position with significant cash reserves and
ideally positioned to consider its options.”

He continued, “The marketing of Stoddard Road for sale is a further initiative to potentially realise
assets at or close to NTA relative to the current share price which is close to a 50% discount to NTA.”

Divestments

Eastgate successfully settled and $40 million of debt was repaid on 29 August 2022. Shareholders
approved the sale of 35 Graham Street at a special meeting in June 2022 for $65 million with a deferred
settlement of December 2023 (with a 12-month extension right available to the purchaser).

The Kamo property has been unconditionally sold, with settlement on 30 November 2022.

Stoddard Road continues to be 100% occupied and has been a dependable asset during the Munroe
Lane development window, with a number of renewals and reviews completed in the period. The Board
now expects to market the property for sale through an open market campaign in the first quarter of
the New Year.

The rationale for divestment is driven by the ability to realise at, or near, NTA given the significant share
price discount of around 50% against the NTA, as well as potential earnings accretion given the forecast
funding costs are anticipated to be in excess of the carrying yield on the property of 6.29% (as at 30
September 2022). Reducing leverage in the current economic environment, with increasing interest
rates, is considered prudent.

Munroe Lane update

Munroe Lane is expected to be complete in late April 2023, at which point Auckland Council will take
occupation. Construction is now 80% complete and Level 3 has recently been handed over to the
tenant for commencement of their fit-out.

The balance of the leasing is proving challenging in the current climate. However, as the building nears
completion, the Company believes it can generate greater traction with prospective tenants given the
strong underlying benefits of the property, and its decentralised location in this key Northern Auckland
node.

Balance Sheet and Funding Update

Debt of $48.6 million was drawn as at 30 September 2022, which represents a LVR of 23% (March
2022 25.7%).

The loan facilities have been formally extended to 31 March 2025 post balance date. This is an
extension from the 30 September 2023 facility expiry. The key terms are set out in the results
presentation.

Net tangible assets (NTA) were 44 cents per share as at 30 September 2022, which is constant for the
half year. Independent revaluations were not completed during the period as the Board determined
there was no material movement since March 2022.

Dividend

The dividend has been ceased until sufficient operating earnings are restored. The Board will continue to
review the dividend quarterly.

Outlook

The Company has the following priorities for the near term:

• a successful completion of the development at Munroe Lane and leasing the balance of that
property; and
• marketing Stoddard Road for sale in the New Year, with any sale being subject to achieving an
acceptable outcome for shareholders.

Following completion of construction and leasing at Munroe Lane, the Company will consider its
ownership of the property subject to market conditions at that time.

Ultimately, the Board anticipates being in the unique position of the Company having zero debt and
significant cash reserves with which to consider a range of options.


Conference call

A conference call on the results will be held today at 9.30am NZDT, and can be accessed at:
 
https://s1.c-conf.com/diamondpass/10026855-z9hsbu.html


-ENDS-



For further information, please contact:

Bruce Cotterill
Chair, Asset Plus Limited
+64 21 668 881

Mark Francis,
CEO, Centuria NZ, Manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Operating Officer/Asset Plus CFO, 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

---

FINANCIAL RESULTS
For the six months ended 30 September 2022
29 November 2022

Overview
•Result summary•Key metrics
•Financial Performance
•Portfolio update
•Funding update
•Outlook

Asset Plus3
Result summary
•Total profit of $0.29 million, down from $2.52 million in
September 2021 – driven by 35 Graham Street vacancy and
higher interest rate and debt profile.
•AFFO* of $0.01 million, down from $2.57 million in September
2021, also due to vacancy and funding. APL signaled a
breakeven position ahead of the Munroe Lane completion.
•Net rental incomeof $2.28 million, reduced from $4.40
million in the prior period due to vacancy at 35 Graham Street
and Eastgate divestment in August 2022.
•Higher interest costs as the investment facility was fully drawn
over the period prior to the Eastgate divestment.
•Tax loss due to breakeven operating earnings before tax
depreciation claim and deductible interest costs with respect to
the Munroe Lane development.
*Adjusted Funds From Operations (AFFO) is non-GAAP financial information and is a common investor
metric, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers
that AFFO is a useful measure for shareholders and management because it assists in assessing the
Company’s underlying operating performance. This non-GAAP financial information does not have a
standardisedmeaning prescribed by GAAP and therefore may not be comparable to similar financial
information prescribed by other entities. A reconciliation of the net profit after tax to AFFO is included
on slide 22 which has been independently reviewed by the auditors.

Asset Plus4
Key metrics
*Excludes Munroe Lane. When Munroe Lane reaches practical completion the portfolio WALE is expected to increase to 5.3 years (based on just
Auckland Council lease at Munroe Lane). Occupancy also increases to ~50% when the Auckland Council lease commences in late April 2023. On pro
forma basis the WALE will increase to 7.4 years and the occupancy will increase to ~70% excluding 35 Graham Street.
** Includes Kamo which settles on 30 November 2022.
Portfolio valueProperties**
Occupancy*
WALE*
Loan-to-value
ratio
Net Tangible
Assets
$212.6
million
441%
1.2
years
23%
44.1
cps
as at 30 September 2022

Asset Plus5
Key activity for the period
Eastgate
settlement
completed
Confirmed
deferred exit of
35 Graham
Street
Munroe Lane
development
progression
Confirmed exit
of Kamo land
Loan facilities
extended
•Eastgate settled on
29 August 2022.
•$40 million debt
repayment.
•On 3 June 2022
shareholders voted
to sell with a
deferred
settlement.
•Settlement on 30
November 2022.
•Loan facilities
extended to 31
March 2025 (post
balance date).
•Munroe Lane is
now ~80%
complete on a cost
basis. Late April
2023 target
completion.

Financial performance

Asset Plus7
Financial Performance
*The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2022 is
362,717,801. The number of shares used in the calculation of the AFFO CPS for the six months ended September
2021 is 362,717,801 being the weight average number of shares issued between 1 April to 30 September 2022.
Sep-22
($m)
Sep-21
($m)
Var
($)
Var
(%)
Gross Rental Revenue4.326.49(2.17)(33%)
Direct Property Operating Expenses(2.04)(2.09)0.052%
Net Rental Revenue2.284.40(2.12)(48%)
Administration Expenses(1.00)(0.77)(0.23)(30%)
Net Finance Costs(1.35)(0.61)(0.74)(121%)
Total Operating Income / (Loss)(0.07)3.02(3.09)(102%)
F.V. Gain of Investment Properties(0.05)(0.01)(0.04)400%
Profit / (Loss) Before Taxation(0.12)3.01(3.13)(104%)
Tax Benefit / (Expense)0.41(0.49)0.900(184%)
Total Comprehensive Income for the Period0.292.52(2.23)(88%)
AFFO*0.012.57(2.56)(100%)
AFFO CPS*0.000.71(0.71)(100%)
•Net rental income reduced by $2.12 million. The
primary driver was the impact of 35 Graham Street now
being fully vacant.
•The impact of the Eastgate settlement also reduced net
rental income by $0.42m.
•Management fees were higher due to the impact of the
Munroe Lane development, offset against the Eastgate
divestment late in the 1H.
•Finance costs were higher due to both higher debt
levels ($0.53 million) and a higher interest rate
environment ($0.21 million) in this half.
•There is a small fair value movement in respect to 35
Graham Street as a higher discount rate of 7.5% was
adopted during the period. Kamo was also revalued
based on the confirmed exit price.
•There is a tax loss for the period and a deferred tax
asset recognised to the extent losses will be utilised
over the medium term.
•AFFO reconciliation and waterfall appended.

Asset Plus8
Net Rental Performance
Sep-22
($m)
Sep-21
($m)
Var
($m)
Eastgate1.361.78(0.42)
Stoddard Road1.271.260.01
35 Graham Street(0.29)1.39(1.68)
Other(0.06)(0.03)(0.03)
Current portfolio2.284.40
•The Eastgate settlement occurred in August which was the
primary reason for the reduction in rental income at
Eastgate. While settlement was delayed until 29 August
2022 the rental apportionment was as if settlement
occurred on 12 August 2022.
•Stoddard Road net rental was broadly flat. There was no
material abatement booked this half and modest rental
growth.
•35 Graham Street was 100% vacant for the period. The prior
half included full rental for three months then 50% income
for the balance of the half. There is also the added impact of
operating costs which were $0.29 million for the half year.

Asset Plus9
Administration & Finance Expenses
Sep-22
($m)
Sep-21
($m)
Var
($m)
Management Fees0.590.460.13
Directors’ Fees0.150.15-
Audit Fees0.030.03-
Professional Fees0.140.050.09
Other Administration Costs0.090.080.01
Total Administration Expenses1.000.770.23
Interest & Finance Costs1.390.610.78
Interest Revenue(0.04)-(0.04)
Total Net Finance Costs1.350.610.74
•Finance costs increased due to higher debt and higher interest
rates during the period. Interest on the investment and working
capital facilities are not capitalised.
•The investment and working capital facilities were fully drawn
across the half year while the prior half were only partially
drawn. The investment facility did however reduce by $40
million on the settlement of Eastgate in August 2022.
•Management fees were higher as the portfolio value increased
due to the Munroe Lane development and the Eastgate
settlement was late in the half (August 2022).
•Professional fees have increased due to timing of fees and will
normalise over a full year period.

Asset Plus10
Financial Position
*The total number of shares used in the calculation of Net Tangible Assets (NTA) Per Share as at 30 September 2022 and as at 31 March 2022 is 362,717,801.
Sep-22
($m)
Mar-22
($m)
Var
($)
Var
(%)
Cash5.64.41.227%
Investment Properties149.6170.0(20.4)(12%)
Properties Held For Sale63.046.416.636%
Other Assets3.63.9(0.3)(8%)
Total Assets221.8224.7(2.9)(1%)
Bank Debt48.655.7(7.1)(13%)
Other Liabilities13.49.44.0(43%)
Total Liabilities62.065.1(3.1)(5%)
Equity159.8159.60.20%
Net Tangible Assets Per Share ($)*0.4410.4400.0010%
LVR Ratio22.9%25.7%(2.8%)(11%)
•Investment and development properties comprise Stoddard
Road ($43.5 million) and Munroe Lane ($106.1 million).
•35 Graham Street and Kamo land are held for sale. 35 Graham St
fair value reflects the future settlement proceeds on a
discounted basis (applying 7.5% discount)
•Deposits received of $6.6 million on deferred settlements
(recognised under other liabilities).
•$40 million of bank debt repaid on Eastgate settlement. Total
debt facility limits also reduced by $40 million to $83.5 million.
•Borrowings are classified as a current liability as the loan was
formally extended post balance date.
•NTA constant during the period at 44 cents per share as there
were minimal fair value movements as no external valuation
were commissioned at Stoddard Road or Munroe Lane and no
dividend was paid during the period.
•LVR is currently 23% based on drawn debt – expected to reach
34% on Munroe Lane completion (but prior to 35 Graham Street
settlement).
•LVR reduces to ~10% once 35 Graham Street settles.

Funding update

Asset Plus12
Funding
New
Limits
$m
Drawn –
30 Sept
2022
$m
Margin
%
Line Fee
%
To t a l
%
Working Capital$14.1m$12.6m1.98%1.32%3.30%
Investment$4.7m$4.7m1.98%1.32%3.30%
Development$66.2m$31.3m2.25%1.45%3.70%
Total Facility$85.0m$48.6m
•Extension of loan facilities to 31 March 2025 – previously 30 September 2023.
This was completed post balance date. Facility limit also increases from $83.5
million to $85 million.
•Removal of ICR covenant. Removal of leasing milestones in respect to Munroe
Lane.
•Cash lockbox to be provided as a new covenant. Initially $5 million but to
equate to the actual EBIT shortfall to an ICR of 1.5x. Lockbox can therefore
reduce over time once leasing is secured. APL to report EBIT and leasing
updates so that lockbox sizing can be tested. Lockbox may also need to be
topped up if interest rates are greater than 8% and no leasing is completed.
•Development facility converts to investment facility on Munroe Lane practical
completion.LVR covenant reverts to <45% thereafter.
•If 35 Graham Street settlement is deferred, then additional deposit of $7.1
million will be applied as a debt repayment.
•Pricing has increased to reflect increased margin pressure, the funding
structure during the development phase and until operating earnings are
restored.
•Lockbox funded by increased facility limit of $1.5 million, Kamosale proceeds
and working capital.
•No hedging is in place due to the 35 Graham Street exit. The current base rate
is 4.32% before margin and line fee.
Loan facilities
LVR at all timesICRLockbox
Working Capital
& Investment
45%Not tested
$5m (EBIT +
lockbox = 1.5x
ICR)
DevelopmentN/AN/AN/A
Total Facility50%N/A
Loan covenants

Portfolio update

Asset Plus14
Munroe Lane, Albany
•Development continues to progress well.
•Level 3 handed over to Auckland Council for their fit-out on 23
November 2022 with subsequent floors handed over monthly
thereafter.
•Anticipate practical completion and Auckland Council lease
commencement by the end of April 2023
•Construction is 80% complete as at 31 October 2022 (83% as at
29 November 2022), with total cost to complete of $27.8 million.
•The project is progressing in line with the reset budget, taking
into account all of the impacts of COVID-19.
•Code Compliance Certificates are being obtained progressively
in line with the staged consents for the development.
•The fair value as at 30 September 2022 represents cost.
•Target development margin now 7.2% (fully leased).Target yield
on cost now 5.5% (fully leased).
•Following completion of construction and leasing at Munroe Lane,
the Company will consider its ownership of the property subject to
market conditions at that time.
Munroe Lane, Albany, Auckland

Asset Plus15
Munroe Lane leasing update
•Heads of Agreement signed for Kiosk with reputable
Auckland-wide F&B operator.
•Targetingprospective tenants through direct marketing
initiatives.
•Advocating directly with a number of Government
agencies who have pending lease renewals and expiries
in 2023 and 2024. There are synergies in co-location
with Local Government.
Artist’s impression of the interior of 6-8 Munroe Lane
FloorArea
Ground151m
2
of office or F&B
Level 1240m
2
of F&B/retail/office
Level 21,951m
2
of office
Level 62,737m
2
of office

Asset Plus16
Stoddard Road, Auckland
•WALE for the Centre is currently 3.1years with occupancy
remaining at 100%.
•5-year lease extension secured withtheCoffee Club,
representing3.7% ofthetotalnetrentalincomeforthe
Centre.
•Lease renewal agreed with ASB from early 2023, represents
3.7% of the Centre’s income.
•Market rent review with The Warehouse from February 2022
now settled at a 1.3% increase.
•Occupier demand for this strategically located Centre
remains strong with continued retailer enquiry via leasing
agents.
•Property to be marketed for sale in the first quarter of
the next calendar year.
Stoddard Road, Auckland

Asset Plus17
Divestment of 35 Graham Street
•Shareholders voted to sell 35 Graham Street for $65 million on
3 June 2022.
•Deferred settlement of December 2023.
•Purchaser has a right to defer settlement for a further 12
months, subject to additional consideration of $3.0 million
and a further deposit of 10% (taking total to 20%).
•As the settlement is deferred, the current net present value is
$60.4 million (based on the discounted forecast settlement
cash flows).
•The inability to secure prior lease commitments under either
development scenario, the lack of balance sheet capacity and
the inability to hold vacant for an extended period of time
were the key drivers for the divestment.
•The forecast margins associated with either development
scenario were no longer sufficient relative to the risk profile
for delivery.
35 Graham Street, Auckland

Asset Plus18
Other recent divestments
•Sale price of $43.45 million
•Settled on 29 August 2022 after title issue was rectified by
management
•$40 million debt repayment with the balance of sale proceeds
retained as working capital
•Sale price of $2.7 million
•Scheduled for settlement on 30 November 2022
•Funds from the divestment will be applied to the cash lockbox
of $5 million
Kamo, Whangarei
Eastgate, Christchurch
Eastgate
Kamo

Outlook

Asset Plus20
Outlook
•Dividend remains suspended and subject to quarterly review.
•Company forecast to still be in an operating loss position post
Munroe Lane completion, absent further leasing and/or sale of
Stoddard Road.
•Stoddard Road property to be marketed for sale in the first
quarter of the 2023 calendar year.
•Focus on the successful delivery and leasing of the balance of
the Munroe Lane development.
•Following completion of construction and leasing at Munroe
Lane, the Company will consider its ownership of the property
subject to market conditions at that time.
•Ultimately, the Board anticipates being in the unique position
of the Company having zero debt and significant cash reserves
with which to consider a range of options.
Munroe Lane, Auckland

Appendices

Asset Plus22
Appendix 1 – AFFO reconciliation
6 months to Sep 22 ($m)6 months to Sep 21 ($m)
Comprehensive Income Net of Tax0.292.52
Add back
Fair value movement on Investment Property0.060.01
Non-FFO Deferred Tax Expenses(0.41)0.09
Net Operating Income After Tax(0.06)2.62
Amortisation of Lease Incentives and Leasing Costs0.120.11
Amortisation of Rent Relief due to COVID-190.030.04
Funds From Operations (FFO)0.092.77
Incentives and Leasing Costs Paid(0.02)(0.11)
Rent Relief Due to COVID-19-(0.04)
Maintenance CAPEX(0.06)(0.05)
Adjusted Funds from Operations0.012.57
AFFO (CPS)0.000.71

Asset Plus23
Appendix 2 - Adjusted Funds From Operations (AFFO)
The above graph is represented in $’000s.
•$2.1 million due to the 35 Graham Street vacancy and
Eastgate divestment in late August 2022
•No tax payable due to tax loss position this half
•Higher finance costs due to higher drawn debt on the
investment facility and higher interest rates
(development facility interest is capitalised)
•Higher management fees due to the Munroe Lane
development
1H22
Reduced
net
rental
income
Lower
tax
expense
Higher
finance
costs
Higher
management
fees
Other
1H23
9
499
(743)
(130)
(69)
(2,122)
2,574

Asset Plus24
Appendix 3 – Portfolio Summary
1. 35 Graham Street fair value reflects the net present value of future settlement cash flows
2. Munroe Lane is carried at the fair value of land plus cost.
Investment and Development PropertiesProperties Held for Sale
Stoddard Road, AucklandMunroe Lane, Albany35 Graham Street, AucklandKamo, Whangarei
Valuation/
Carrying Value ($m)
$43.5
(Mar-22: $43.5)
$106.1²
(Mar-22: $67.5)
$60.4¹
(Mar-22: $59.0)
$2.6
(Mar-22: $2.9)
WALE (years)
3.10
(Mar-22: 3.50)
0.0 years as at 30 September 2022.
9.5 year WALE from PC (Auckland
Council lease only)
0.00
(Mar-22: 0.00)
-
Occupancy (%)
100%
(Mar-22: 100%)
-
0%
(Mar-22: 0%)
-
Net Rental
Income ($m)
$2.74
(Mar-22: $2.77)
-
$nil but OPEX of $0.55m
(Mar-22:$nil but OPEX of$0.55m)
-
Passing yield (%)
6.29%
(Mar-22: 6.37%)
-
N/A
(Mar-22: N/A)
-
Comments•The property continues to
perform well and provide a stable
income stream.
•Strategy is to now divest this
asset over the near to medium
term.
•Acquired in December 2019,
under development with 63%
pre-leased to Auckland Council
on 15-year term.
•Development progressing well,
albeit delayed from COVID
impacts.
•Completion now expected in
quarter ending 30 June 2023.
•Sold for $65.0m, unconditionally
on 3 June 2022.
•1 December 2023 settlement
date, but Purchaser can defer
settlement by 12 months for
additional consideration of $3.0m
and further 10% deposit.
•Fair value of $60.4m reflects the
$65.0m sale price discounted to
reflect the future settlement and
time value of money.
•Large 38,000 sqm industrial site
located adjacent to SH1.
•Expected settlement on 30
November 2022.
Largest tenant
exposures
The WarehouseAuckland CouncilVacantVacant

Asset Plus25
Appendix 4 – Portfolio Movements
1. 35 Graham Street fair value reflects the net present value of future settlement cash flows
2. Munroe Lane is carried at the fair value of land plus cost.
Opening
balance Mar 22
($m)
Transfer to
properties held
for sale
($m)
Capex & Other
movements
($m)
Fair Value
movement
($m)
Sale of
Property
($m)
Carrying Value
Sep 22
($m)
WIP
($m)
Carrying Value
Sep 22 incl. WIP
($m)
Properties held for sale
Eastgate43.5-(0.1)-(43.4)---
Kamo – bare land2.9--(0.3)-2.6-2.6
35 Graham Street¹-59.01.20.2-60.4-60.4
Investment properties
22 Stoddard Road43.5----43.5-43.5
35 Graham Street59.0(59.0)------
Development properties
6-8 Munroe Lane²7.8----7.898.3106.1
Total156.7-1.1(0.1)(43.4)114.398.3212.6
•35 Graham Street was transferred from Investment Properties to
Properties held for sale during the period as a result of the
shareholder vote on 3 June 2022 to sell with a deferred settlement.
•The Munroe Lane development is now ~77% complete on a cost
basis as at 30 September 2022. Cost to complete is $31.5 million as a
30 September 2022. Late April 2023 target completion.
•Eastgate settled in August 2022.
•Kamo revalued based on confirmed exit price.

This presentation contains not only a review of operations, but may also contain some forward looking
statements (including forecasts and projections) about Asset Plus Limited (APL) and the environment in
which APL operates. Because these statements are forward looking, APL’s actual results could differ
materially. Please read this presentation in the wider context of material previously published by APL and
announced through NZX Limited.
No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information contained, referred to or reflected in this presentation or
supplied or communicated orally or in writing to you (or your advisers or associated persons) in
connection with it, as to whether any forecasts or projections will be met, or as to whether any forward
looking statements will prove correct. You will be responsible for forming your own opinions and
conclusions on such matters.
No person is under any obligation to update this presentation at any time after its release to you.
To the maximum extent permitted by law, none of APL, Centuria Funds Management (NZ) Limited (CFM)
nor any of their directors, officers, employees or agents or any other person shall have any liability
whatsoever to any person for any loss (including, without limitation, any liability arising from any fault or
negligence on the part of APL, CFM, their directors, officers, employees or agents or any other person)
arising from this presentation or any information contained, referred to or reflected in it or supplied or
communicated orally or in writing to you (or your advisers or associated persons) in connection with it.
Acceptance of this presentation constitutes acceptance of the terms set out above in this Important
Notice.
Important notice

Where to find us
Auckland Office
BayleysHouse
Level 2, 30 Gaunt Street
Auckland 1010
New Zealand
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161
Facsimile +64 (9) 300 616

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INTERIM REPORT 2022
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2022
This Interim Financial Report for Asset Plus
Limited (including Subsidiaries) covers the trading
period from 1
st
April 2022 to 30
th
September 2022.

Contents

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes
1
Interim Condensed Consolidated
Statement of Comprehensive Income
For the six months ended 30 September 2022
Note
Unaudited
30 Sep 2022
$'000
Unaudited
30 Sep 2021
$'000
Gross Rental Revenue4,3226,486
Direct Property Operating Expenses(2,041)(2,083)
Net Rental Revenue42,2814,403
Administration Expenses5(998)(774)
Net Finance Costs5(1,348)(605)
Total Operating Expenses(2,346)(1,379)
Total Operating (Loss)/Income(65)3,024
Net Fair Value Loss on Investment Properties(55)(9)
Net (Loss)/Profit Before Taxation(120)3,015
Income Tax6414(499)
Net Profit After Taxation2942,516
Other Comprehensive Income--
Total Comprehensive Income For the Period2942,516
Basic and Diluted Earnings Per Share120.080.69

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes
2
Note
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2022 (audited)192,726(33,172)159,554
Net Profit After Taxation-294294
Total Comprehensive Income For the Period-294294
Dividends13---
Closing Balance at 30 September 2022 (unaudited)192,726(32,878)159,848
For the six months ended 30 September 2021
Note
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2021 (audited)192,726(30,365)162,361
Net Profit After Taxation-2,5162,516
Total Comprehensive Income For the Period-2,5162,516
Dividends13-(3,280)(3,280)
Closing Balance at 30 September 2021 (unaudited)192,726(31,129)161,597
Interim Condensed Consolidated
Statement of Changes In Equity
For the six months ended 30 September 2022

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes
3
Interim Condensed Consolidated
Statement of Financial Position
As at 30 September 2022
Note
Unaudited
As at 30 Sep 2022
$'000
Audited
As at 31 March 2022
$'000
Current Assets
Cash and Cash Equivalents5,6464,387
Trade, Other Receivables and Prepayments3,1103,393
Taxation Receivable396396
Total Current Assets9,1528,176
Properties held for Sale962,99046,355
Non-Current Assets
Investment and Development Properties8149,619170,016
Trade, Other Receivables and Prepayments-146
Total Non-Current Assets149,619170,162
Total Assets221,761224,693
Current Liabilities
Trade Payables, Accruals and Provisions
6,799
8,720
Borrowings1048,581-
Other Current Liabilities33305
Total Current Liabilities55,4139,025
Non-Current Liabilities
Borrowings10-55,700
Deposits Received6,500-
Deferred Taxation6-414
Total Non-Current Liabilities6,50056,114
Total Liabilities61,91365,139
Net Assets159,848159,554
Share Capital192,726192,726
Accumulated Losses(32,878)(33,172)
Shareholders' Equity159,848159,554
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on 29 November 2022.
Bruce Cotterill
Chairman
Carol Campbell
Chair Audit and Risk Committee

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes
4
Note
Unaudited
30 Sep 2022
$000
Unaudited
30 Sep 2021
$000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue5,4516,717
Operating Expenses(3,817)(3,874)
Interest Income-2
Interest Expense(1,191)(567)
Lease Incentives and Commissions Paid(77)-
Tenant Deposits Received-4
Taxation Paid-(2,415)
Net Cash Inflow/(Outflow) from Operating Activities366(133)
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property41,950-
Deposit Received from Investment Property Held for Sale6,635-
Capital Expenditure on Investment Properties(40,566)(16,175)
Net Cash Inflow/(Outflow) from Investing Activities8,019(16,175)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings(46,500)-
Proceeds from Borrowings39,37418,900
Distributions Made to Shareholders13-(3,280)
Net Cash (Outflow)/Inflow from Financing Activities(7,126)15,620
Net Increase/(Decrease) in Cash and Cash Equivalents1,259(688)
Cash and Cash Equivalents at the Beginning of the Period4,3873,109
Cash and Cash Equivalents at the End of the Period5,6462,421
Interim Condensed Consolidated
Statement of Cash Flows
For the six months ended 30 September 2022

The above interim condensed consolidated statement should be read in conjunction with the accompanying notes
5
Unaudited
30 Sep 2022
$000
Unaudited
30 Sep 2021
$000
Net Profit after Taxation2942,516
Items Classified as Investing or Financing Activities:
Finance Costs3333
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments1,127(143)
Trade Payables, Accruals and Provisions(729)(621)
Taxation Payable-(2,015)
Non-Cash Items
Doubtful Debts-(11)
Net Fair Value Loss on Investment Properties559
Movement in Deferred Taxation(414)99
Net Cash Inflow/(Outflow) from Operating Activities
366(133)
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities

6
1. Corporate Information
The interim condensed consolidated financial statements
comprise of Asset Plus Limited (the “Company”) and its
subsidiary (collectively the “Group”).
The Company is a limited liability company incorporated
and domiciled in New Zealand whose shares are listed on
the New Zealand Stock Exchange. The Company is an FMC
Reporting Entity under the Financial Markets Conduct Act
2013. The registered office is located at Level 2, Bayleys
House, 30 Gaunt Street, Wynyard Quarter, Auckland.
The nature of the operations and principal activities of the
Group are investing in commercial property in New Zealand.
The interim financial statements for the six months ended
30 September 2022 and the comparative balances for
the six months ended 30 September 2021 are unaudited.
Comparative balances as at 31 March 2022 are audited.
2. Statement of Compliance and
Basis of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2022 have been
prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (“NZ GAAP”), the requirements of
the Financial Markets Conduct Act 2013 and the Main Board
listing rules of the New Zealand Stock Exchange. They also
comply with the New Zealand Equivalent to International
Accounting Standard NZ IAS 34 “Interim Financial Reporting.
The interim condensed consolidated financial statements
have been prepared under the assumption that the Group
operates on a going concern basis and are presented in
New Zealand dollars with all values rounded to the nearest
thousand dollars ($’000), except where otherwise indicated.
The interim condensed consolidated financial statements
do not include all the information and disclosures required
in the annual financial statements, and should be read in
conjunction with the Group’s annual consolidated financial
statements as at 31 March 2022.
(a) Basis of Preparation
The interim condensed consolidated financial
statements have been prepared on a historical cost
basis, except for investment properties which have
been measured at fair value.
Changes in accounting policies
The accounting policies adopted are consistent with those
of the most recent annual financial statements for the year
ended 31 March 2022, except where 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. Certain comparative information has been reclassified
to conform with the current reporting period's presentation.
There are no new standards adopted in the current period.
(b) Basis of Consolidation
The interim condensed consolidated financial statements
incorporate the assets, liabilities, equity, income, expenses
and cash flows of the entities controlled by the Company
at the end of the reporting period. A controlled entity is any
entity over which Asset Plus Limited has the power to direct
relevant activities, exposure or rights, to variable returns
from its involvement with the investee, and the ability to use
its power over the investee to affect the amount of investor
return. The existence 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 interim condensed consolidated financial
statements, subsidiaries are consolidated from the date the
Group gains control until the date on which control ceases.
The financial statements of the subsidiaries are prepared
for the same reporting period as the parent company,
using consistent accounting policies. In preparing the
interim condensed consolidated financial statements, all
intercompany balances, transactions, unrealised gains and
losses resulting from intra-group transactions and dividends
have been eliminated in full.
The table below represents the Company's investment in its
subsidiary as at each reporting date:
Percentage Held
30 September 202231 March 2022
Asset Plus
Investments Limited
100%100%
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022

7
3. Significant Accounting Estimates
and Judgements
The preparation of these interim condensed consolidated
financial statements requires the use of certain critical
accounting estimates.
It also requires management to exercise its judgement in the
process of applying the Group’s accounting policies. Although
the Group has internal control systems in place to ensure
that estimates can be reliably measured, actual amounts
may differ from those estimates. The areas involving a
higher degree of judgement or areas where assumptions are
significant to the Group include the following:
• Determination of Fair Value of Investment Properties
(Note 8)
• Classification of Investment Property Held for Sale
(Note 9)
Impact of COVID-19
The outbreak of the Coronavirus (COVID-19) was
declared by the World Health Organisation as a 'Global
Pandemic' on 11 March 2020. The ‘global pandemic’ has
caused heightened uncertainty over the economy and
financial markets.
In response to the pandemic, regions of New Zealand
entered periods of different alert levels with the
implementation of varying travel restrictions and a range
of quarantine and "social distancing" measures. On 2
November 2021 the COVID-19 Response (Management
Measures) Legislation Bill was passed which inserts a
clause into commercial leases requiring a "fair proportion"
of rent to be paid where a tenant has not been able to
access their premises to fully conduct their business due
to the COVID-19 restrictions.
The new lease term applies retrospectively from 18
August 2021 to leases that do not already contain a rental
abatement clause that applies in an epidemic. This is likely
to lead to greater abatement and relief provided to tenants
during periods when COVID-19 restrictions prohibit them
from accessing their premises. On 22 October 2021 the
Government announced a new traffic light system (the
COVID-19 Protection Framework) to manage Covid-19
once District Health Boards have achieved targeted
vaccination levels in their eligible population. This system
is expected to give businesses greater access to their
premises on an ongoing basis, though localised lockdowns
have not been ruled out.
Key impacts to key estimates and judgements used in these
unaudited interim financial statements:
• The latest independent valuations for the Company's
properties where commissioned as at 31 March 2022.
As at 31 March 2022, registered property valuers in
New Zealand considered it appropriate to attach less
weight to previous market evidence for comparison
purposes, to inform opinions of value. The current
response to COVID-19 and its ongoing impact means
that valuers are faced with an unprecedented set of
circumstances on which to base a judgement. Some
valuations were reported on the basis of 'material
valuation uncertainty' existing at the time they issued
their report. Consequently, less certainty (and a higher
degree of caution) should be attached to the valuations
than would normally be the case.
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 30 September 2022, the current liabilities of the Group
exceeded its current assets by $46,261,000.
The Board has considered all information available at the
date of signing the consolidated financial statements (refer
to subsequent event Note 16) 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.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022

8
4. Net Rental Revenue
Unaudited
6 months
30 Sep 2022
$'000
Unaudited
6 months
30 Sep 2021
$'000
Rental revenue comprises amounts received and receivable by the Group for:
Rental charged to tenants in the ordinary course of business3,4695,355
Operating cost recoveries from tenants and customers9451,214
Capitalised lease incentive adjustments(92)(83)
Total gross operating Revenue4,3226,486
Other revenue--
Gross rental revenue4,322
6,486
Property operating costs (1)(2,041)(2,083)
Net Rental Income2,2814,403
(1) Property operating costs represent property maintenance and operating expenses
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2022
$'000
Unaudited
6 months
30 Sep 2021
$'000
Management Fees(585)(464)
Directors' Fees(150)(150)
Auditor's Remuneration(33)(35)
Professional Fees(139)(48)
Other Administration Costs(91)(77)
Total Administration Expenses(998)(774)
Net Finance Costs
Interest and Finance Charges(1,392)(607)
Interest Income442
Net Finance Costs(1,348)(605)
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022

9
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022
6. Income Tax
Major components of income tax expense are:
Unaudited
6 months
30 Sep 2022
$'000
Unaudited
6 months
30 Sep 2021
$'000
Statement of Profit and Loss
Current Tax
Continuing Operations - Current Income Tax Charge546(426)
Prior period tax adjustment-22
Current Tax546(404)
Net Deferred Income Tax
Investment Property Building Depreciation(107)(106)
Other(25)11
Net Deferred Income Tax(132)(95)
Income Tax Reported in the Interim Condensed Consolidated Statement of
Comprehensive Income
414(499)
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2022
$'000
Audited
As at
31 Mar 2022
$'000
Deferred Income Tax Assets
Carried forward tax losses546-
Gross deferred income tax assets546-
Deferred income tax liabilities
Investment Properties Recoverable Depreciation(532)(425)
Other(14)11
Gross deferred income tax liabilities(546)(414)
Deferred Taxation-(414)
7. 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.

10
8. Investment and Development Properties
The tables below outline the movements in the carrying values for all directly owned investment properties:
Opening fair
value balanceCapex
Transfer to
assets held
for sale
Fair value at
balance dateWIP (1)
Closing
balance
Unaudited as at 30
September 2022
Stoddard Road43,50011-43,511-43,511
Graham Street*59,000-(59,000)---
Development Properties-
Munroe Lane7,761--7,76198,347106,108
Total investment
properties
110,26111(59,000)51,27298,347149,619
(1) WIP (work in progress) relates to costs incurred in
relation to current or future development work which
were not included in the inputs to the most recent external
valuation calculation by the independent valuers. These
costs include design, consents and other direct costs
capitalised as development costs.
All investment properties were valued by an
independent valuer as at 31 March 2022. The
Directors have determined that there have been
no material changes which would effect the fair
value of investment properties as at reporting date
therefore no updated independent valuations have
been commissioned as at 30 September 2022. The
carrying value of investment properties therefore
represents the most recent independent valuation
plus any subsequent capital expenditure over the six
month period to 30 September 2022.
Investment properties that are being constructed or
developed for future use are classified as development
properties and are measured at the fair value of land plus
development costs, which together represent the fair value.
Development properties are carried at fair value when fair
value can be reliably determined, which is expected to be
upon or close to 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 period in which they arise. Development
properties are re-classified as Investment properties upon
practical completion of the development and the property is
held to be leased out under an operating lease.
*Graham Street was transferred to held for sale on 3 June
2022 when the shareholders approved the sale, resulting in
the transaction becoming unconditional.
Audited as at 31
March 2022
Opening
fair value
balance
WIP
reclassifiedCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluation
Transfer
to
assets
held
for sale
Fair
value at
balance
date
WIP
(1)
Closing
balance
Stoddard Road41,500-9771,896-43,500-43,500
Graham Street 59,5001,5081,344-(3,352)-59,000-59,000
Development
Properties
Munroe Lane7,761-----7,76159,75567,516
Kamo*2,60010762-131(2,900)---
Total investment
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.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022

11
9. Properties Held for Sale
The table below outlines the movements in the carrying values for all properties held for sale during the year:
As at 30 September 2022
Property
Opening
balance
Transfer
from
investment
propertiesCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluationDisposal
Closing
balance
Eastgate
Shopping Centre
43,455--(104)10(43,361)-
Graham Street-59,0001,155-201-60,356
Kamo2,900---(266)-2,634
Total46,35559,0001,155(104)(55)(43,361)62,990
As at 31 March 2022
Property
Opening
balance
Transfer
from
investment
propertiesCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluationDisposal
Closing
balance
Eastgate
Shopping Centre
42,560-882(96)109-43,455
Kamo-2,900----2,900
Total42,5602,900882(96)109-46,355
On 22 February 2021 the Group entered into an unconditional sale of purchase agreement to dispose of Eastgate Shopping
Centre and was settled on 29 August 2022 for $43.45m.
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 passed a shareholder vote held on 3 June 2022. The shareholder vote passing meant 35 Graham Street was
transferred from Investment Properties to Properties Held for Sale.
10. Borrowings
FacilityBankLoan maturity
Unaudited
As at 30 Sep 2022
$'000
Audited
As at 31 Mar 2022
$'000
Working Capital FacilityBNZ30/09/202312,6004,500
Investment FacilityBNZ30/09/20234,70051,200
Development FacilityBNZ30/09/2023*31,281-
Total48,58155,700
* 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.
Post balance date, the Group extended its loan facilities maturity date from 30 September 2023 to 31 March 2025. The facility
limit has also increased from $83.5 million to $85.0 million. The ICR covenant requirement has also been removed as a result
of the Group restricting $5.0m of cash as security. These facility amendments further support the Group’s assumption that it
operates on a going concern basis.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022

12
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
Unaudited
As at 30 Sep 2022
$'000
Audited
As at 31 Mar 2022
$'000
Facility used at reporting date - secured bank loan (BNZ)48,58155,700
Facility unused at reporting date - secured bank loan (BNZ)34,91974,300
Total 83,500130,000
Loan Security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of leases over all
present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest over the assets of the
Group. The current facilities mature in September 2023.
11. Equity
Issued capital and reserves
Unaudited
As at 30 Sep 2022
'000
Audited
As at 31 Mar 2022
'000
Ordinary shares
Number of issued and fully paid shares362,718362,718
Fully paid and ordinary shares carry one vote per share, and share equally in dividends and any surplus on winding up.
12. Earnings Per Share
Unaudited
6 months
30 Sep 2022
$'000
Unaudited
6 months
30 Sep 2021
$'000
Total Comprehensive Income for the Period2942,516
Weighted Average Number of Ordinary Shares362,718362,718
Earnings Per Share (Cents) - Basic and Fully Diluted0.080.69
13. Dividends Paid to Shareholders
Dividends paid during the period comprised:
For the six months ended 30 September 2022For the six months ended 30 September 2021
CPS$'000Date PaidCPS$'000Date Paid
Q4 Prior Year Net Dividend 0.000 - n/a0.450 1,640 11/06/21
Q1 Net Dividend0.000 - n/a0.450 1,640 13/09/21
Total Paid During the Period0.000 - 0.90 3,280

13
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2022
14. Related Parties
Centuria Funds Management (NZ) Limited owns the management contract rights of the Group. The Parent of Centuria Funds
Management (NZ) Limited, Centuria Capital (NZ) No.1 Limited, owns 19.99% of Asset Plus Limited (Sep 2021: 19.96%).
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.
The below table sets out the transactions between the Augusta Group and the Company:
Fees charged and owing to the
manager (values in $'000)
Unaudited
6 months
30 Sep 2022
Fees charged
Unaudited
As at
30 Sep 2022
Fees owed
Unaudited
6 months
30 Sep 2021
Fees charged
Unaudited
As at
30 Sep 2021
Fees owed
Management Fees585318464238
Lease Renewal Fees--83-
Property Management Fees91258438
Acquisition Fee----
Development Management Fees1,146370522311
Total1,8227131,153587
Interim Condensed Consolidated Statement of Changes in Equity
Unaudited
6 months
30 Sep 2022
$'000
Unaudited
6 months
30 Sep 2021
$'000
Dividend Paid to Centuria Capital (NZ) No.1 Limited-656
15. Commitments and Contingencies
Capital commitments
At 30 September 2022 the Group had the following capital
commitments:
• Capital commitments of $20,647,669 in regards to the
development at Munroe Lane.
At 31 March 2022 the Group had the following capital
commitments:
• Capital commitments of $49,506,000 in regards to the
development at Munroe Lane.
• Capital commitments of $215,000 in regards to the
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 2022: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent
liabilities (March 2022: nil).
16. Subsequent Events
The Group extended its loan facilities maturity date from 30
September 2023 to 31 March 2025. The facility limit has
also increased from $83.5 million to $85.0 million. The ICR
covenant requirement has also been removed as a result of
the Group restricting $5.0m of cash as security. These facility
amendments further support the Group’s assumption that it
operates on a going concern basis.

Independent Review Report
To the Shareholders of Asset Plus Limited
Report on the Interim Condensed Consolidated Financial Statements
We reviewed the accompanying interim condensed consolidated financial statements of Asset Plus Limited and its
subsidiary (“the Group”) on pages 1 to 13 which comprise the interim condensed consolidated statement of financial
position as at 30 September 2022, and the interim condensed consolidated statement of comprehensive income, interim
condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for
the six months then ended, and notes to the interim condensed consolidated financial statements, including a summary
of significant accounting policies.
Director’s Responsibility for the Interim Condensed Consolidated Financial Statements
The Directors are responsible for the preparation and fair presentation of these interim condensed consolidated financial
statements in accordance with NZ IAS 34 Interim Financial Reporting issued in New Zealand by the New Zealand
Accounting Standards Board, and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of interim condensed consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the interim condensed consolidated financial statements. We conducted
our review in accordance NZ SRE 2410, Review of Historical Financial Statements Performed by the Independent Auditor
of the Entity. NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe
that the interim condensed consolidated financial statements, taken as a whole, are not prepared in all material respects
in accordance with the External Reporting Boards (XRB). As the auditor of Asset Plus Limited NZ SRE 2410 requires that
we comply with the ethical requirements relevant to the audit of the annual condensed consolidated financial statements.
A review of interim condensed consolidated financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries of management and others
within the entity, as appropriate and applying analytical procedures, and evaluates the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit opinion on these
interim condensed consolidated financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim condensed
consolidated financial statements on pages 1 to 13 do not present fairly, in all material respects, the interim condensed
consolidated financial position of Asset Plus Limited as at 30 September 2022, and its interim condensed consolidated
financial performance and interim condensed consolidated cash flows for the six months then ended, in accordance with
NZ IAS 34 Interim Financial Reporting issued in New Zealand by the New Zealand Accounting Standards Board.
14

Restriction on use of our report
This report on the interim condensed consolidated financial statements is made solely to the shareholders, as a
body. Our limited assurance work has been undertaken so that we might state to the shareholders, as a body
those matters which we are required to state to them in an independent review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Asset
Plus Limited and the shareholders as a body, for our work, for this report or for the conclusion we have formed.
Grant Thornton New Zealand Audit Limited
Ryan Campbell
Partner
Auckland
29 November 2022
15

Directory
Company
Asset Plus Limited
PO Box 37953, Parnell 1151
Phone: 09 300 6161
www.assetplusnz.co.nz
Directors
Bruce Cotterill
Allen Bollard
Carol Campbell
Paul Duffy
John McBain
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland
Auditor
Grant Thornton New Zealand
Audit 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

---

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


Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 4,322 (33.36%)
Total Revenue $ 4,322 (33.36%)
Net profit/(loss) from continuing
operations
$ 294 (88.31%)
Total net profit/(loss) $ 294 (88.31%)
Interim/Final Dividend
Amount per Quoted Equity Security It is not proposed to pay dividends
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
$0.441 $0.445
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s unaudited interim financial
statements as at and for the six months ended 30 September 2022. A copy of
these unaudited interim financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address simon.woollams@centuria.co.nz
Date of release through MAP 29/11/2022

Unaudited financial statements accompany this announcement.

---

29 November 2022



Dear Shareholder,


In an increasingly challenging environment, Asset Plus has continued to capitalise on opportunities for
the benefit of shareholders, while maintaining as a near term focus, the successful delivery of the
development at 6-8 Munroe Lane, Albany.

After ongoing delays brought about by COVID-19, it is pleasing to be able to report that the development
at Munroe Lane recently reached a significant milestone with the building now fully weathertight and
the two tower cranes dismantled. With completion now expected in the second quarter of the 2023
calendar year, this property will add to the portfolio a brand new, sustainable, well located office building
with a blue-chip tenant covenant across two thirds of the property.

As we move on from the disruption of the last three years, the economic impacts left in the wake of the
pandemic are difficult to overstate. The most immediate of those is clearly the persistent inflation which
is currently having a profound impact on the New Zealand economy.

As the Reserve Bank of New Zealand works within its mandate to bring inflation under control with
significant tightening of monetary policy, the consequences are becoming ever more material. We have
spoken previously about the need for prudent capital management, and this remains the company’s
overarching focus.

Following recent successful divestments from the portfolio including Eastgate, 35 Graham Street and
Kamo, the Stoddard Road property will be marketed for sale in the first quarter of the New Year.

Realising value from this property at or close to its carrying value while further reducing the company’s
leverage would be a positive outcome in the current economic climate, particularly given the forecast
cost of debt servicing versus the yield on the property.

Stoddard Road has provided an essential revenue stream through the development window of Munroe
Lane as rental income has reduced due to the divestment of Eastgate and the vacancy at 35 Graham
Street since the start of 2022.

However, with the Auckland Council lease over approximately 63% of the lettable area at Munroe Lane
due to commence in the coming months, the Board feels now is an appropriate time to explore a potential
sale of Stoddard Road which would be marginally accretive to the company’s financial performance in a
significantly higher interest rate environment.

Eastgate settled at the end of August after an unforeseen title issue arose. That issue was dealt with
effectively by management, under trying circumstances and with difficult time pressures, and the
settlement occurred within the necessary timeframes. The Board would like to thank the key
management personnel who made a substantial contribution to ensuring a satisfactory outcome on this
matter.

NTA has remained constant throughout the period since 31 March 2022 at 44.0 cents, with occupancy

and WALE across the portfolio reducing on the back of the divestment of Eastgate and vacancy at 35
Graham Street.
The result for the interim period ended 30 September 2022 was materially reduced due to the vacancy
at 35 Graham Street and the associated loss of rental income, meaning AFFO
1
was breakeven for the
period, as had been previously signalled when the dividend was suspended back in March 2022.
Despite a challenging funding environment, the company has successfully secured an extension to the
bank facilities through to 31 March 2025, doing so ahead of the current expiry in September 2023. Key
features of the new arrangement include an increase in the facility limit to $85 million, deletion of the
ICR covenant with a $5 million lockbox facility in its place. That lockbox can reduce as earnings, driven
by future leasing at Munroe Lane, increase.
The company’s key focus remains the successful completion of the Munroe Lane development as well as
leasing the residual space within that development. We remain confident of the strong fundamental
aspects of that development and still maintain a positive view that the space will attract tenants despite
the wider economic headwinds.
Further, following completion of construction and leasing at Munroe Lane, the company will review its
ownership of that property, subject to market conditions at the time.
Ultimately, the Board anticipates being in the unique position of the Company having zero debt and
significant cash reserves. This would represent a strong balance sheet position, with a number of
options then available to the company.
Thank you as always for your continued support.
Regards,
Bruce Cotterill
Chairman
1
AFFO stands for ‘Adjusted Funds From Operations’, and is a non-GAAP financial information, calculated based on guidance
issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and
management because it assists in assessing the Company’s underlying operating performance. This non-GAAP financial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information prescribed by other entities.