AGM Presentations and Addresses

Asset Plus
Annual Meeting 2023
22 August 2023

Asset Plus2
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Asset Plus4
A
D
Manager's
presentation
B
E
C
Chairman’s
address
Shareholder
questions
General
Business
Resolutions
Agenda
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A - Chairman’s address
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B - Manager’s presentation
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Overview
6-8 MUNROELANE
•Total loss for the year net of tax of $13.05m(FY22
profitof $2.93m).
•Result impacted by $13.04m of revaluation and disposal
losses and reduced rental income, due to divestments
and lower occupancy (35 Graham Street).
•AFFO
1
loss of$0.28m ($4.22m profit in FY22).
•Net rental income of $3.47m, down$4.26mon the
previous year, primarily due to Auckland Council exit at
35 Graham Street and the sale of Eastgate in August
2022.
•Munroe Lane complete with Auckland Council lease
commencement on 17 May 2023 & Practical Completion
on 13 July 2023.
1.AFFO stands for ‘Adjusted Funds From Operations’, and is non-GAAP financial information, calculated based on guidance
issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and
management because it assists in assessing the Company’s underlying operating performance. This non-GAAPfinancial
information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar
financial information prescribed by other entities. The calculation of AFFO has been reviewed by Asset Plus’auditor,
Grant Thornton New Zealand Audit Limited. A reconciliation of AFFO is set out inAppendix 1 of the Results
Presentation.
6-8 MUNROE LANE

Asset Plus8
Key metrics
$185.0m
2*
42.0%
6.3 years
22.0%
40.4 cps
$216.6m

3*37.0% 1.2 years31.5% 40.4 cps
Net tangible
assets
Portfolio valueProperties*Occupancy*WALE*Loan-to-value
Ratio*
*35 Graham Street is unconditionally sold with a deferred settlement but is represented in the metrics above.
August 2023
March 2023

Asset Plus9
Significant activity during the year
6-8 MUNROELANE
Munroe Lane development complete, with Auckland
Council lease commencing on 17 May 2023 &
Practical Completion achieved on 13 July 2023
Settlement of Eastgate and Kamoproperties
completed during the year
Unconditional sale of 35 Graham Street with a
deferred settlement in December 2023 or December
2024
Stoddard Road unconditionally sold and now settled
on 1 May 2023
Loan facilities extended to 31 March 2025

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Munroe Lane, Albany
6-8 MUNROELANE
•Auckland Council lease commenced on 17 May 2023 –
base build completion date excluding Tenant changes.
•Practical Completion achieved on 13 July 2023.
•Project was delayed seven months from the original mid-
December 2022 target completion date. Approximately
three months of the impacts from Covid-19 and more
recently four months of Tenant Delays.
•Following completion of construction and subject to leasing
residual space, the Company will then look to sell the
property.
•Development loss of $7 million as at 31 March 2023 (based
on a committed occupancy valuation of $126 million). Yield
on cost of 5.5% (based on fully leased or market rental).
Total development cost (excluding incentives) is $133
million.

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Munroe Lane - leasing update
6-8 MUNROELANE
•Auckland Council now looking to sublease Level 5 given
mayoral mandate to reduce costs.
•Agreement to Lease signed with reputable café operator
for kiosk located in the heart of the ground floor lobby.
•Leasing interest has increased as the development is
completed.
•Scarcity of full floor plate occupiers in the market – may
necessitate splitting floor plates into smaller tenancies –
spaces designed to accommodate this.
•Direct marketing initiatives remain ongoing to target
potential occupiers.
FloorArea
Ground142m
2
of front of house/office or F&B space
Level 1239m
2
of F&B/retail/service retail/office
Level 21,935m
2
of office – a number of configurations available
Level 62,729m
2
of office – can be split into 3 tenancies

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Divestment of 35 Graham Street
35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION
•Unconditionally sold, with a deferred settlement date of 1
December 2023 at the earliest.
•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 deposit total to 20%).
•The purchaser has to notify APL on or prior to 1 October
2023 if they wish to extend settlement by 12 months to 1
December 2024.
•If settlement is extended the total deposit received will be
$13.6 million and the sale price increases to $68 million.
•As the settlement is deferred, the net present value as at
31 March 2023 is $61.7 million (based on the discounted
forecast settlement cash flows).

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Other recent divestments
Eastgate
•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
Kamo
•Sale price of $2.7 million
•Settled on 30 November 2022
•Funds from the divestment
applied to the cash lockbox of $5
million
Stoddard Road
•Sale price of $36.75m following
on market campaign
•Settled on 1 May 2023
•$36.35 million debt repayment
with the balance of sale proceeds
retained as working capital

Outlook

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Outlook
MUNROE LANE, AUCKLAND
•The dividend remains suspended which is subject to quarterly review. It is likely to remain
suspended until the future direction of the company is confirmed.
•The company is forecast to still be in an operating loss position post-Munroe Lane completion,
absent further leasing, up until the 35 Graham Street settlement. The 35 Graham Street
settlement date will be known on or prior to 1 October 2023.
•Key focus remains successfully leasing the balance of the Munroe Lane development.
Thereafter, we will look to sell Munroe Lane.
•Ultimately, if Munroe Lane was to sell, 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. This includes a possible wind-up and return of capital or pivoting in a new direction.
•Wewishtoemphasisethatthecurrentvariables,beingtheleasingofMunroeLaneandthe
finalsettlementof35GrahamStreet,willinfluencethetimingofsuchdecisions,whilemarket
conditionsatthetimearelikelytodictatetheultimateoutcome.
•Any steps to sell Munroe Lane, or to subsequently wind up the Company, will require
shareholder approval, and we would likely anticipate asking shareholders to vote on both
decisions at the same time.

Asset Plus16
C - Shareholder Questions
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Asset Plus18
D - Resolutions
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Asset Plus19
Re -election of Carol Campbell as a Director
Carol Campbell retires under NZX Listing Rule 2.7.1
and, being eligible, offers herself for re-election
as a Director of the Company.
“That Carol Anne Campbell be re-elected
as a Director of the Company.”
Resolution 1
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Asset Plus20
Auditors’ fees and expenses
“That the Board be authorised to fix the auditors’ fees
and expenses from time to time.”
Resolution 3
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Asset Plus21
•Will be conducted via a poll.
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OnlineResults
•Will be published on Asset Plus’
website and will be announced to
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they are available.
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Asset Plus22
E - General Business
Assetplusnz.co.nz

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

Asset Plus24
Important notice
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 orin
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.

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CHAIR’S ADDRESS – BRUCE COTTERILL

The macroeconomic environment continues to prove challenging. We’ve successfully navigated the
impacts and ongoing effects of Covid-19 and have now been thrust into a high inflation and increasing
interest rate environment.

Our focus throughout has remained on the successful completion of Munroe Lane, which I’m pleased to
say has now occurred as at the 17
th
of May 2023 with the Auckland Council lease commencing.

The Munroe Lane development adds:
• a newly constructed;
• highly sustainable;
• well located decentralised office building;
• with a blue-chip tenant covenant, being Auckland Council, across two thirds of the property.

Whilst leasing the remainder of the space has proved challenging, leasing enquiry is increasing and we
remain confident that the fundamentals of the building will attract tenant commitment over the balance
of the space, in time.

During the year we’ve completed successful sales:

• Eastgate Shopping Centre;
• Springs Flat Road in Kamo; and
• 35 Graham Street - subject to deferred settlement in December 2023 or December 2024 (at the
purchaser’s election).

Subsequent to the end of the financial year, we’ve also successfully sold and settled our shopping centre
at 22 Stoddard Road, Mt Roskill.

This leaves the new office building at Munroe Lane the company’s sole remaining asset.

The Board is of the view that realising these assets at, or near NTA, and utilising sale proceeds to reduce
debt is prudent capital management given the current macroeconomic conditions,

Despite the currently challenging funding environment the company’s debt facilities were extended
during the period from September 2023 out to 31 March 2025. BNZ continue to remain supportive of
the company and strategy, as evidenced by the increase of the facility limit up to $85m (at that time).
Post balance date, upon the completion of the Stoddard Road settlement the facility limit has been
reduced back to $52m.

Given the changing market conditions, we have seen a revaluation of the portfolio as at 31 March 2023
resulting in $13.2 million of revaluation losses for the year. As a result, NTA has reduced from 44.0 cents
per share to 40.3 cents per share.

The result for the full year is in line with expectations, being a $0.7m loss on an AFFO basis, given the
vacancy and unrecovered OPEX on 35 Graham Street, which will continue until settlement occurs.

The dividend was suspended in March 2022 based on the forecast earnings for the company and is likely
to remain on hold until 35 Graham Street settles, (and) the balance of Munroe Lane is leased, and the
future of the company is determined.

The company’s key focus is now on leasing the balance of the Munroe Lane development. Doing so will
increase earnings, WALE, the value of the portfolio, and will better position the asset and the Company.
Once leasing is complete or near complete, and with the pending settlement of 35 Graham Street, we
anticipate that the company will ultimately be in a unique position of having zero debt and modest cash
reserves. The Company will then look to sell Munroe Lane, putting the Company in a position to
consider its options which will include a wind up or pivot in a new direction.
We wish to emphasise that the current variables, being:

• the leasing of Munroe Lane;
• the final settlement of 35 Graham Street; and
• market conditions,

will all influence the timing and ultimate outcome of those decisions.

To put minds to rest, any steps to sell Munroe Lane, or to subsequently wind up the Company, will require
shareholder approval, and we will likely anticipate asking shareholders to vote on both decisions at the
same time.

In the meantime, the Management team remains focused on the objectives outlined above.

Finally, we thank you again for your continued support and patience, and look forward to communicating
our progress over the next few months.

THE MANAGER’S PRESENTATION – STEPHEN BROWN-THOMAS
Thank you, Bruce, and good afternoon everyone – great to see you all here today and also welcome to
our virtual meeting participants. I am Stephen Brown-Thomas, the Asset Plus Fund Manager from
Centuria NZ, the external manager of Asset Plus.
The result for the FY23 year was in line with expectations at an operational level, delivering an
Adjusted Funds from Operation (AFFO) loss of $0.28m. The AFFO loss is driven by the ongoing
vacancy and unrecovered OPEX at 35 Graham Street. Given the increasing interest rate environment,
capitalisation rates have shifted to reflect the increasing cost of capital, which has resulted in property
values reducing. This resulted in $13.04m of revaluation and disposal losses, leading to a total loss of
$13.05m for the year for the company.
Subsequent to 31 March, the Munroe Lane development completed with the Auckland Council lease
commencing on the 17
th
of May, and Practical Completion occurring on the 13
th
of July. Images of the
completed development are included within this presentation, and I’m sure shareholders will agree that
the completed development looks exceptional.
Set out here are the key metrics for the company’s portfolio as at 31 March, and also as at August
2023. Subsequent to year end the Stoddard Road property was sold and given the unconditional sale
of 35 Graham Street the company now effectively only has one asset, being Munroe Lane.
Key activity during the year includes the unconditional sale of 35 Graham Street, with settlement
occurring in December 2023 at the earliest, or December 2024 at the latest, the successful settlement
of Eastgate in Christchurch after the title issue was encountered at settlement, and the successful sale
and settlement of the Kamo property in Whangarei. Sale proceeds of all have been utilised to reduce
the company’s debt facilities, given the increasing interest rate environment, and to also bolster
working capital as required.

The loan facilities for the company were also extended from September 2023 out to March 2025 during
the year.
Post year end the Stoddard Road property was unconditionally sold and settled on the 1
st
of May.
As noted previously the company also completed the Munroe Lane development with the Auckland
Council lease commencing on the 17
th
of May, and Practical Completion achieved on the 13
th
of July
following Council’s fit-out works. This marks a significant milestone for the company and is the
culmination of over 4 years work since the opportunity’ s inception.
Turning to Munroe Lane now, as noted earlier you can visually see the completed development in the
photographs within this presentation. The building sets a new benchmark for quality in terms of office
space available on the North Shore in our opinion.
The project was originally delayed as a result of the impacts of Covid-19, and more recently as a result
of Tenant driven changes and delays in the completion of the Tenant fit-out works. An opening,
blessing and naming ceremony was recently held with mana whenua and all project stakeholders to
conclude the construction phase. We’ve now moved into the investment phase for the asset and have
bedded down the transition with our facilities management team.
As signalled at both the half year and year end announcements, the Company will look to sell the
property post completion of the development, and subject to leasing the remaining space within the
development.
As indicated earlier, with the shift in interest rates, capitalisation rates and property values have also
shifted. This has resulted in a development loss of $7m on a committed occupancy basis as at 31
March for the property. There has also been a change in valuation methodology at year end from
holding at cost, to measuring at fair value given the development was effectively completed and could
be reliably measured.
As a result of Auckland Council’s recent cost cutting measures, they are now seeking to sublease level
5 of their tenancy. We believe this will prove difficult for them as there are acoustic, privacy, security,
fire and smoke separation issues that they need to contend with. There is also a major issue of
needing to remove or share their secure line on the ground floor to enable 3
rd
party access to their lifts
which access L5. We believe this will make it extremely challenging for Council to lease this space to
anyone except Council Controlled Organisations, or perhaps some Government Departments that they
could effectively share space with.
Our committed occupancy at Munroe Lane remains at two-thirds through the Auckland Council lease.
The impacts of Covid-19 have been fairly profound for the office market in the area, with available
space on the North Shore increasing from effectively nothing when we entered the ADL with Council,
to sitting at around 35,000m
2
of available space through both direct and subleasing opportunities, and
potential developments. Wider macroeconomic conditions continue to be uncertain with tenant
confidence remaining somewhat muted.
We have signed an Agreement to Lease with a reputable café operator, with lease commencement set
down for November 2023. This will activate the heart of the ground floor lobby and generate further
activity and interest in the property.
As the development has neared completion tenant interest has increased as potential occupiers have
had the ability to view the available tenancies. Now that no personal protective equipment is required
to visit site, and we have marketing photos and collateral as opposed to renders, this is also assisting
to generate tenant interest.
There does remain a scarcity of full floor plate occupiers in the market, however we have flexibility built
into the design and layouts where all tenancies can be split, and there is also options to join retail units
to office space above should potential tenants require a customer facing component.

We are continuing with our direct marketing initiatives and have all agencies involved with the leasing
of the property, as well as tenant representatives across the market. We remain very confident that the
fundamentals of the space remain attractive and that the space will attract and secure tenants in time.
It’s likely that any lease commencement now won’t be until 2024 given the timeframes required to fit-
out the floor plates. All feedback on the property and tenancies to date has been extremely positive
from both agents, and prospective tenants, and the tenancies are priced competitively compared to the
competitor set in the market.
35 Graham Street has been unconditionally sold for $65.0m to Mansons TCLM. Settlement is
scheduled for 1 December 2023, however Mansons have an option to extend this to 1 December 2024
if they pay an additional $3.0m consideration and increase the deposit to $13.6m. They must notify us
of their intent to extend settlement further by 1 October 2023, otherwise settlement will occur on 1
December 2023 as scheduled.
The initial $6.5m deposit has been received and was utilised to retire debt.
We have pursued all short-term leasing and income generating opportunities where possible, to offset
the OPEX on the property. However, given the partially demolished interior of the property the
opportunities have largely been limited to car parking.
As noted earlier during the year settlement of Eastgate in Christchurch occurred, after the title issue
was rectified by management. The bulk of sale proceeds were utilised to repay debt.
The Kamo property was also sold and proceeds were put towards the lockbox facility which was
adopted as part of the renewed debt facilities of the company.
Stoddard Road was also sold post year end, settling on the 1
st
of May with sale proceeds again utilised
to repay debt.
Moving now to the outlook for the company, with our key focus remaining on leasing the residual space
within the Munroe Lane property now that the development phase has concluded. You can see a photo
here of the available tenancy on L6 which presents extremely well. As noted previously we remain
confident that tenant commitment will be secured in time, given the quality and price point of the space.
The dividend for the company remains suspended until the future of the company is known. The
company will continue to be in an operating loss position until 35 Graham Street settles, or further
leasing income is secured at Munroe Lane.
We will know the settlement date of 35 Graham Street on 1 October 2023.
Subject to securing further leasing commitment at Munroe Lane the company will look to sell Munroe
Lane. If Munroe Lane was to sell at an acceptable price to shareholders then the company would be in
the unique position of having zero debt and significant cash reserves once 35 Graham Street settles
with which to consider a range of options. Those options could include a wind up of the Company, or
pivoting in a new direction if any opportunities arose within the timeframe.
Any steps to sell Munroe Lane or to wind up the company will require Shareholder approval, and
shareholders will be asked to vote on both, likely at the same time.
That now concludes the managers presentation, I’ll hand back over to Bruce now to facilitate the rest of
proceedings.