Result for the six months ended 30 September 2023

NZX release
Result for the six months ended 30 September 2023
28 November 2023

• Total loss after tax of $4.72 million, down from $0.29 million profit in the prior corresponding
period primarily driven by a downward revaluation at Munroe Lane.
• Sale of Stoddard Road for $36.75 million and funds applied as a debt repayment.
• Munroe Lane development completed in the period.
• 35 Graham Street settlement date formally extended to 29 November 2024.

Asset Plus Limited (NZX: APL) announces its interim financial result for the period ended 30 September
2023, reporting a total loss of $4.72 million, down from a $0.29 million profit in the prior corresponding
period. The result was significantly impacted by unrealised revaluation losses, however the net
operating performance was broadly in line with the prior corresponding period.

Adjusted Funds from Operations (AFFO
1
) represented a loss of $0.23 million, down from a $0.01 million
profit in the prior corresponding period due to the portfolio divestments, offset against the
commencement of Munroe Lane rental income.

Mark Francis, CEO Centuria NZ, commented “The result for the half year reflects a smaller portfolio due
to recent divestments. The Munroe Lane lease to Auckland Council has now commenced but the
company remains impacted by vacancy across the portfolio.

The leasing of the Munroe Lane development is the key priority as it will improve our income stream,
WALE and as a result better position the asset for divestment.”

Key points:
• Portfolio occupancy of 42%, which has increased from 37% as at March 2023. This is due to the
commencement of the Auckland Council lease, offset against the Stoddard Road sale.
• WALE of 6.2 years up from 1.2 years at 31 March 2023 driven by the Munroe Lane Auckland
Council lease commencement.
• A reduction in the fair value of investment property of $4.59 million or a 2.5% decrease.
• The portfolio fair value now stands at $180.6 million.
• Loan-to-value ratio (LVR) of 18.2%, down from 31.5% as at 31 March 2023 due to the Stoddard
Road sale.
• Debt drawn was $34.97 million at balance date which is reduced from $71.4 million as at 31
March 2023 due to the Stoddard Road sale ($9.9m of the facility remains undrawn).
• Net tangible assets (NTA) of 39.1 cents per share (cps), down from 40.4 cps as at 31 March
2023.
• Net revenues from the property portfolio decreased by $0.59 million due to the Eastgate and
Stoddard Road divestments, offset against the Munroe Lane lease commencement.



1
AFFO is a non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Group’s
underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of
AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of AFFO to Total
Comprehensive Income Net of Tax is included in the accompanying results presentation.

Munroe Lane lease commencement
Munroe Lane is now complete with the Auckland Council lease commencing on 17 May 2023. Practical
Completion was achieved on 13 July 2023 and the building formally opened on 26 July 2023. The
Auckland Council occupy 64% of the completed development.

An independent valuation was commissioned as at 30 September 2023. The capitalisation rate has
softened from 6.0% to 6.25% resulting in a valuation reduction from $126 million to $120 million,
which represents a further development loss of $5.5 million for the period.

Leasing the balance of the space at Munroe Lane continues to be challenging in the current
environment. We have had a number of potential tenants consider Munroe Lane but ultimately elect to
either remain in their existing premises or relocate into lower cost accommodation with decisions driven
by both price and location. This is despite the clear quality and sustainability benefits of Munroe Lane.
Given the current economic environment the challenging conditions will remain as we seek to lease the
balance of the space in the short term.

35 Graham Street deferred settlement
The 35 Graham Street settlement date has been extended to 29 November 2024. An additional deposit
of $7.1 million has been received and applied as a debt repayment. The purchase price has increased by
$3 million to $68 million.

Stoddard Road settled
The sale of Stoddard Road settled on 1 May 2023. The campaign was a success with three
competing bids received in the sales campaign. Net divestment proceeds of $36.35 million were
applied as a debt reduction with $3.0 million held within the facility limit to bolster working capital.

Dividend
The dividend remains subject to quarterly review. However, the dividend will likely remain suspended
until the future direction of the company is confirmed.

Outlook
Bruce Cotterill, Chairman, commented “The leasing of the balance of the Munroe Lane development
remains our core focus. Thereafter, we will look to sell Munroe Lane. If a sale of Munroe Lane occurs, it
will position the company to consider its options which includes a wind up or pivot in a new direction.
As previously stated, 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.”

-ENDS-

For further information, please contact:

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

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

---

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 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,608 (39.66%)
Total Revenue $2,608 (39.66%)
Net profit/(loss) from continuing
operations
($ 4,719) (1 ,705.10%)
Total net profit/(loss) ($4,719) (1 ,705.10%)
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
$0.391 $0.441
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 2023. 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 28/11/2023

Unaudited financial statements accompany this announcement.

---

Financial Results
For the six months ended 30 September 2023
28 November 2023

MUNROE LANE, ALBANY
Overview
1.Result summary
2.Key metrics
3.Significant activities
4.Financial performance
5.Funding update
6.Portfolio update
7.Outlook
2

Result Summary
6-8 MUNROELANE
•Total loss for the period tax loss of $4.72 million down from a profit
of $0.29 million in September 2022.
•Loss primarily impacted by $4.60 million unrealised loss on
revaluation of investment property.
•The result also impacted by 35 Graham Street vacancy, Stoddard
Road sale and Munroe Lane only being 64% occupied.
•AFFO
1
loss of$0.23 million ($0.01 million profit in September 2022).
•Net rental income of $1.69 million,down from$2.28 millionin the
prior corresponding period, primarily due to the sale of Stoddard
Road in May 2023, the sale of Eastgate in August 2022 offset against
Munroe Lane rent.
•Munroe Lane development reached practical completion on 13 July
2023 with the Auckland Council rental commencing 17 May 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 Group’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.
6-8 MUNROE LANE
3

Key Metrics
$212.6m
4
41.0%
1.2 years
23%
44.1 cps
$180.6m2*42.0% 6.2 years18.2% 39.1 cps
Net Tangible
Assets
Portfolio ValuePropertiesOccupancyWALELoan-to-Value
Ratio
September 2022
September 2023
4
*35 Graham Street is unconditionally sold with a deferred settlement but is represented in the metrics above.

Significant Activity During the Period
6-8 MUNROELANE
Munroe Lane development reached practical
completion on 13 July 2023. Blessing, naming and
opening occurred on 26 July 2023 ahead of Council
occupation.
Auckland Council rental commenced on
17 May 2023.
35 Graham Street settlement extended to 29
November 2024. Further deposit received and
applied towards debt reduction.
Stoddard Road unconditionally sold and settled
on 1 May 2023. Divestment proceeds further
reduced drawn debt.
5

Financial Performance
6

Financial Performance
•The impact of the Eastgate and Stoddard Road settlements
reduced net rental income by $2.42 million.
•The impact of the above divestments was however offset
by the Munroe Lane net rental income of $1.78 million
which was recognised for the half year (noting rental
commenced on 17 May 2023). Overall, net rental income
reduced by $0.59 million.
•Management fees were marginally lower by $0.11 million
due to the impact of the Eastgate and Stoddard Road
divestments offset by the Munroe Lane development and a
small performance fee ($0.06 million).
•Net finance costs were lower by $0.42 million due to lower
average debt levels ($0.52 million) and higher interest
income ($0.24 million) offset against higher interest rates
($0.34 million) in the current half year.
•The Munroe Lane unrealised revaluation loss recognised
was $5.5 million as the cap rate softened from 6.0% to
6.25%.
•The 35 Graham Street fair value increased $0.92 million
due to the discount unwind.
•There is a tax loss for the period and a deferred tax asset
recognised to the extent of the deferred tax liability.
•AFFO reconciliation and waterfall is appended.
Sep-23
($m)
Sep-22
($m)
Var
($m)
Gross Rental Revenue2.614.32(1.71)
Direct Property Operating Expenses(0.92)(2.04)1.12
Net Rental Revenue1.692.28(0.59)
Administration Expenses(0.89)(1.00)0.11
Net Finance Costs(0.93)(1.35)0.42
Total Operating Income / (Loss)(0.13)(0.07)(0.06)
F.V. Gain of Investment Properties(4.59)(0.05)(4.54)
Profit / (Loss) Before Taxation(4.72)(0.12)(4.60)
Tax Benefit / (Expense)-0.41(0.41)
Total Comprehensive Income for
the Period
(4.72)0.29(5.01)
AFFO*(0.23)0.01(0.24)
AFFO CPS*0.060.00-
7

Net Rental Performance
•35 Graham Street was in line with the prior period. It
remains 99% vacant. A small amount of carpark income was
received which partially offset the opexincurred.
•The Eastgate settlement occurred in late August 2022,
which was the key reason for the reduction in net rental
income of $1.36 million at Eastgate.
•The Stoddard Road settlement occurred on 1 May 2023,
which was the sole reason for the reduction in net rental
income of $1.06 million.
•Munroe Lane rent commenced on 17 May 2023 in respect
to the Auckland Council lease. Net rental (including
unrecovered opexon the vacancy) of $1.78 million was
derived during the period.
Sep-23
($m)
Sep-22
($m)
Var
($m)
Eastgate-1.36(1.36)
Stoddard Road0.211.27(1.06)
35 Graham Street(0.30)(0.29)(0.01)
Munroe Lane1.78(0.06)1.84
Total net rental1.692.28(0.59)
8

Administration & Finance Expenses
•Management fees were slightly lower as the weighted
average portfolio value marginally decreased due to the
divestments, offset by the Munroe Lane development.
•Management fees also included a small performance fee
of $0.06 million for the period.
•Finance costs decreased by $0.18 million. This was due to
divestments and a lower debt profile which represents a
saving of $0.41 million. There was also a saving on line
fees of $0.11 million as the facility limit has reduced. This
was however offset by higher interest rates during the
period ($0.34 million).
•Interest income was higher by $0.24 million due to funds
held in the lockbox as well as the Munroe Lane retention
funds held in trust, and higher deposit rates achieved.
•The development facility converted to an investment
facility on 13 July. Until then finance costs on this facility
have been capitalised.
Administration costs
Sep-23
($m)
Sep-22
($m)
Var
($m)
Management Fees0.540.590.05
Directors’ Fees0.150.15-
Other Assurance Fees0.030.03-
Professional Fees0.030.140.11
Other Administration Costs0.140.09(0.05)
Total Administration
Expenses
0.891.000.11
Net Finance Costs
Interest & Finance Costs1.211.390.18
Interest Revenue(0.28)(0.04)0.24
Total Net Finance Costs0.931.350.42
9

Balance Sheet
•Investment property comprises Munroe Lane.
•35 Graham Street is held for sale.
•35 Graham St fair value of $62.6 million reflects the future
settlement proceeds on a discounted basis (applying a 9.0%
discount rate).
•Other assets include a $5 million cash lockbox held by BNZ
and retentions in respect to the Munroe Lane development.
•Deposits received at 35 Graham Street of $13.6 million
(recognised under other liabilities).
•$33.4 million of bank debt was repaid on the Stoddard Road
settlement on 1 May 2023 with a further debt repayment on
29 September 2023 of $7.1 million (35 Graham Street
deposit).
•$7.1 million of debt was also drawn down progressively
during the period to fund the Munroe Lane development.
•NTA reduced during the period to 39.1 cents per share (cps)
(from 40.4 cps) due to unrealised revaluation losses.
•LVR is 18.2% at balance date based on drawn debt.
Sep-23
($m)
Mar-23
($m)
Var
($m)
Cash4.734.87(0.14)
Investment Property118.00118.56(0.56)
Properties Held For Sale62.5897.99(35.41)
Other Assets7.048.06(1.02)
Total Assets192.35229.48(37.13)
Bank Debt34.9771.37(36.40)
Other Liabilities15.6011.613.99
Total Liabilities50.5782.98(32.41)
Equity141.78146.50(4.72)
Net Tangible Assets Per
Share ($)*
0.3910.404(0.013)
LVR Ratio18.2%31.5%(13.5%)
10

Funding Update
11

Funding
•Cash lockbox in place. Initially $5 million but is to equate to
the actual EBIT shortfall to an ICR of 1.5x. The lockbox can
reduce over time if the ICR shortfall is less than $5 million.
The lockbox was reduced to $4 million post balance date
and the ICR measurement threshold reduced to 1.25x.
•APL still reports EBIT and leasing updates to the bank so
that lockbox sizing can be tested. There is no ICR covenant.
•The Development facility converted to investment facility
on Munroe Lane practical completion being 13 July 2023.
The LVR covenant is now <45%.
•No hedging is in place due to the 35 Graham Street exit on
29 November 2024.
•The base interest rate as at balance date is 5.7% before
margin and line fees.
•Drawn debt as at28 November 2023 is $35.0 million which
is unchanged from balance date.
•The facility limit has reduced to $44.9 million as a result of
the additional 35 Graham Street deposit of $7.1 million.
•$9.9 million of the facility limit remains undrawn.
•The loan facilities maturity date is 31 March 2025. All debt
will however be repaid post the 35 Graham Street
settlement on 29 November 2024, absent a sale of Munroe
Lane ahead of that date.
Loan facilities as at30 September 2023
New
Limits
$m
Drawn –
30 Sept
2023 $m
Margin
%
Line
Fee %
Total
%
Working
Capital
$14.1m$10.8m1.98%1.32%3.30%
Investment
$30.8m$24.2m1.98%1.32%3.30%
Development
Total Facility$44.9m$35.0m
LVR at all timesICRLockbox
Working Capital
& Investment
45%Not tested
$5m (EBIT +
lockbox > 1.5x
ICR)
Loan covenants
12

Portfolio Update
13

Munroe Lane, Albany
6-8 MUNROELANE
•Practical Completion achieved on 13 July 2023 once final
commissioning was completed, post Auckland Council’s fit-
out.
•Munroe Lane blessing and opening occurred on 26 July
2023.
•Auckland Council commenced occupation from this day,
however rental commenced on 17 May 2023.
•Project was delayed seven months from the original mid-
December 2022 target completion date largely as a result
of the impacts from Covid-19, and more recently tenant
fit-out delays.
•Once further leasing is achieved, the Company will
consider the sale of the property.
14

Munroe Lane, Albany (continued)
6-8 MUNROELANE
•The fair value as at 30 September 2023 represents the
market value on a committed occupancy basis.
•The independent valuation commissioned as at 30
September 2023 which is based on just the Auckland
Council (committed) lease is $120 million. Forecast costs to
complete are $2.0 million. Therefore, a fair value of $118
million as at balance date.
•To date $12.5 million of unrealised development losses
have been recognised.
Sept
2023
March
2023
Valuation (committed occupancy)$120.0m$126.0m
Total development cost (ex incentives)$132.5m$133.0m
Development profit (loss) cumulative($12.5m)($7.0m)
Accounting treatmentFair valueFair value
Yield on cost (fully leased)5.51%5.51%
15

Munroe Lane -Leasing Update
6-8 MUNROELANE
•Little Fields Café lease commenced 1 November 2023 for
the kiosk in the ground floor lobby.
•Direct marketing initiatives remain ongoing to target
potential occupiers for the balance of space.
•Leasing enquiry and inspections have increased post
completion of the building, however interest remains
muted on the North Shore.
•Potential full floor tenants remain scarce, L6 can be split
into 3 smaller tenancies.
•Auckland Council continue to attempt to sublease Level 5
to reduce costs.
FloorAreas still to lease
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
16

Divestment of 35 Graham Street
35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION
•Unconditionally sold, with a deferred settlement date of
29 November 2024 as the purchaser has notified APL that
they wish to extend settlement by 12 months.
•As the settlement is extended the total deposit received is
now $13.6 million and the sale price has increased to $68
million (from $65 million). The second deposit of $7.1
million was received on 29 September 2023 and the funds
were applied as a debt repayment.
•As the settlement is deferred, the current net present
value is $62.6 million (based on the discounted forecast
settlement cash flows). A 9% discount rate has been
applied.
17

Outlook
18

Outlook
MUNROE LANE, AUCKLAND
•The company is forecast to still be in an operating loss position post the Munroe
Lane completion, absent further leasing, up until the 35 Graham Street
settlement on 29 November 2024.
•Key focus remains successfully leasing the balance of the Munroe Lane
development. Thereafter, we will look to sell Munroe Lane.
•We wish to emphasisethat the leasing of Munroe Lane will influence the timing
of such decisions, while market conditions at the time are likely to dictate the
ultimate outcome.
•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 wind-up and return of
capital or pivoting in a new direction.
•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.
•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.
19

Appendices
20

Appendix 1 –AFFO Reconciliation
6 months to Sep 23 ($m)6 months to Sep 22 ($m)
Comprehensive Income (Loss) Net of Tax
(4.72)
0.29
Add back
Fair value movement on Investment Property
(including loss on disposal)
4.59
0.06
Non-FFO Deferred Tax Expenses
-
(0.41)
Net Operating Income (Loss) After Tax
(0.13)
(0.06)
Amortisation of Lease Incentives and Leasing Costs
0.02
0.12
Amortisation of Rent Relief due to COVID-19
-
0.03
Straight line rental accruals
(0.12)
-
Funds From Operations (FFO)
(0.23)
0.09
Incentives and Leasing Costs Paid
-
(0.02)
Maintenance CAPEX
-
(0.06)
Adjusted Funds from Operations (0.23)0.01
AFFO (CPS)(0.06)0.00
21

Appendix 2 –Adjusted Funds From Operations (AFFO)
22
The above graph is represented in $000s

Appendix 3 –Portfolio Summary
Property Held for Sale
Munroe Lane, Albany35 Graham Street, Auckland
Valuation/
Carrying Value ($m)
$118.0m²
(Mar-23: $118.6m)
$62.6m¹
(Mar-23: $61.7m)
WALE (years)
9.5 year WALE (Auckland Council lease only)
(Mar-23: 10.0 years)
0.00
(Mar-23: 0.00)
Occupancy (%)
64% (Mar-23: 0%)
0%
(Mar-23: 0%)
Net Rental
Income ($m)
$7.6m based on fully leased rent (committed
net rental is $4.7m prior to unrecovered opex
on vacant space) (Mar-23: $nil)
~$0.1m of carpark income and OPEX of $0.6m
(Mar-23: $0.1m of carpark income and OPEX
of$0.55m)
Passing yield (%)
6.3% based on fully leased rental
N/A
(Mar-23: N/A)
Comments
•Auckland Council lease commenced on 17
May 2023. Practical completion achieved on
13 July 2023.
•Purchaser has extended settlement by 12 months,
with settlement now set for 29 November 2024.
•The consideration increased by $3.0m to $68m,
and further 10% deposit has now been received.
•Total deposit received is $13.6m (20%).
Largest tenant exposures
Auckland CouncilVacant aside from carpark income
23
1. 35 Graham Street fair value reflects the net present value of future settlement cash flows.
2. Carried at fair value, based on independent valuation less cost to complete.

Appendix 4 –Portfolio Movements
Opening
balance
($m)
Capex & Other
movements
($m)
Fair Value
movement
($m)
Sale of
Property
($m)
Fair Value
Sept 2023
($m)
Property held for sale
35 Graham Street61.7-0.9-62.6
22 Stoddard Road36.3--(36.3)-
Investment property
6-8 Munroe Lane118.64.9(5.5)-118.0
Total216.64.9(4.6)(36.3)180.6
•The fair value loss reportedwas $4.6 million –
adecrease of 2.5%.
•The Munroe Lane fair value represents the valuation
of $120 million less costs to complete of $2 million.
•WIP was reclassified on practical completion on 13
July 2023.
•The 35 Graham Street fair value reflects the net
present value of future settlement cash flows.
•The table above includes all property held as at 30
September 2023, including those assets held for sale.
•Stoddard Road was divested on 1 May 2023.
24

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.
25

Where to find us
Auckland Office
Level 2, Bayleys House
30 Gaunt Street
Auckland 1010
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161

---

INTERIM REPORT 2023
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2023
This Interim Financial Report for Asset Plus
Limited (including Subsidiaries) covers the trading
period from 1
st
April 2023 to 30
th
September 2023.

Contents

1
Interim Condensed Consolidated
Statement of Comprehensive Income
For the six months ended 30 September 2023
Note
Unaudited
30 Sep 2023
$'000
Unaudited
30 Sep 2022
$'000
Gross Rental Revenue2,6084,322
Direct Property Operating Expenses(920)(2,041)
Total Net Rental Revenue41,6882,281
Total Net Revenue1,6882,281
Administration Expenses5(892)(998)
Net Finance Costs5(927)(1,348)
Total Net Operating Expenses(1,819)(2,346)
Net Operating Deficit(131)(65)
Fair Value Loss on Investment Properties(4,588)(55)
Net Loss Before Taxation(4,719)(120)
Income Tax6-414
Net (Loss)/Profit After Taxation(4,719)294
Other Comprehensive Income--
Total Comprehensive (Loss)/Income For the Period(4,719)294
Basic and Diluted Earnings Per Share13(1.30)0.08

2
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2023 (audited)192,726(46,221)146,505
Net Loss After Taxation-(4,719)(4,719)
Total Comprehensive Loss For the Period-(4,719)(4,719)
Closing Balance at 30 September 2023 (unaudited)192,726(50,940)141,786
For the six months ended 30 September 2022
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
Closing Balance at 30 September 2022 (unaudited)192,726(32,878)159,848
Interim Condensed Consolidated
Statement of Changes In Equity
For the six months ended 30 September 2023

3
Interim Condensed Consolidated
Statement of Financial Position
As at 30 September 2023
Note
Unaudited
As at 30 Sep 2023
$'000
Audited
As at 31 March 2023
$'000
Current Assets
Cash and Cash Equivalents4,7324,867
Trade And Other Receivables301389
Other Financial Assets86,2867,264
Prepayments297217
Total Current Assets11,61612,737
Properties Held for Sale1062,58097,990
Non-Current Assets
Investment Properties9118,000118,556
Prepayments157199
Total Non-Current Assets118,157118,755
Total Assets192,353229,482
Current Liabilities
Trade Payables, Accruals And Provisions1,9935,082
Deposits Received-6,500
Other Current Liabilities-26
Total Current Liabilities1,99311,608
Non-Current Liabilities
Deposits Received13,600-
Borrowings1134,97471,369
Total Non-Current Liabilities48,57471,369
Total Liabilities50,56782,977
Net Assets141,786146,505
Share Capital192,726192,726
Accumulated Losses(50,940)(46,221)
Shareholders' Equity141,786146,505
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on 28 November 2023.
Bruce Cotterill
Chairman
Carol Campbell
Chair Audit and Risk Committee

4
Unaudited
30 Sep 2023
$000
Unaudited
30 Sep 2022
$000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue2,2035,451
Operating Expenses(1,648)(3,817)
Interest Income319-
Interest Expense(1,117)(1,191)
Lease Incentives & Commissions Paid-(77)
Net Cash (Outflow)/Inflow from Operating Activities(243)366
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property36,69241,950
Deposit Received from Investment Property Held for Sale7,1006,635
Capital Expenditure on Investment Properties(5,808)(40,566)
Funds Held in Retention(58)-
Capitalised Finance Costs On Investments(1,016)-
Transaction Costs(406)-
Net Cash Inflow from Investing Activities36,5048,019
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings(43,450)(46,500)
Proceeds from Borrowings7,05439,374
Net Cash Outflow from Financing Activities(36,396)(7,126)
Net (Decrease)/increase in Cash and Cash Equivalents(135)1,259
Cash and Cash Equivalents at the Beginning of the Period4,8674,387
Cash and Cash Equivalents at the End of the Period4,7325,646
Interim Condensed Consolidated
Statement of Cash Flows
For the six months ended 30 September 2023

5
Unaudited
30 Sep 2023
$000
Unaudited
30 Sep 2022
$000
Net (Loss)/Profit after Taxation(4,719)294
Items Classified as Investing or Financing Activities:
Transaction Costs38-
Finance Costs5333
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments(227)1,127
Trade Payables, Accruals and Provisions126(729)
Non-Cash Item:
Straight-line rental income(123)-
Amortisation of leasing fee21-
Net Fair Value Loss on Investment Properties4,58855
Movement in Deferred Taxation-(414)
Net Cash (Outflow)/Inflow from Operating Activities(243)366
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the six months ended 30 September 2023

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 condensed consolidated financial statements
for the six months ended 30 September 2023 and the
comparative balances for the six months ended
30 September 2022 are unaudited. Comparative
balances as at 31 March 2023 are audited.
2. Statement of Compliance and Basis
of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2023 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 consolidated financial statements, and should
be read in conjunction with the Group’s annual consolidated
financial statements as at 31 March 2023.
(a) Basis of Preparation
The interim condensed 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 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 consolidated financial statements
for the year ended 31 March 2023, 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 202331 March 2023
Asset Plus
Investments Limited
100%100%
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023

7
(c) Goods and Services Tax (GST)
Revenue and expenses are recognised net of the amount of
GST except where the GST incurred on a purchase of goods
and services is not recoverable from the taxation authority,
in which case the GST is recognised as part of the cost of
acquisition of the item as applicable.
All items in the interim condensed 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 interim condensed
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 interim condensed 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.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023
Key Judgements
The areas involving a high degree of judgement or areas
where assumptions are significant to the Group include
the following:
• Determination of Fair Value of Investment Property (Note 9)
• Classification of Investment Property Held for Sale (Note 10)
• Deferred Taxation (Note 6)
Going Concern
The interim condensed consolidated 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:
The Board has considered all information available at the
date of signing the interim condensed consolidated financial
statements and is of the opinion that the Group is a going
concern based on:
‐The debt facility maturity is 31 March 2025;
‐The Munroe Lane development was completed in July
2023, providing rental income and cash inflows during
the period;
‐35 Graham Street, Auckland settles on 29 November 2024;
‐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; and
‐ Forecast cashflows have taken into consideration known
tenant circumstances, costs to be incurred in respect to future
leasing, expected future expenses and provisions to fund any
anticipated cash requirements in the current environment.

8
4. Net Rental Revenue
Unaudited
6 months
30 Sep 2023
$'000
Unaudited
6 months
30 Sep 2022
$'000
Rental revenue comprises amounts received and receivable by the Group for:
Rental charged to tenants in the ordinary course of business2,0613,469
Operating cost recoveries from tenants and customers445945
Amortisation of capitalised lease cost adjustments(21)(92)
Straight-line rental revenue*123-
Gross rental revenue2,6084,322
Property operating costs**(920)(2,041)
Net Rental Income1,6882,281
* Rental income is recognised on a straight-line basis over the shorter of the lease term or the term to the market rent review date.
** Property operating costs represent property maintenance and operating expenses.
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2023
$'000
Unaudited
6 months
30 Sep 2022
$'000
Management Fees(536)(585)
Directors' Fees(150)(150)
Auditor's Remuneration (Other Assurance Services)(34)(33)
Professional Fees(51)(139)
Other Administration Costs(121)(91)
Total Administration Expenses(892)(998)
Net Finance Costs
Interest and Finance Charges(1,205)(1,392)
Interest Revenue27844
Total Net Finance Costs(927)(1,348)
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023

9
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023
6. Income Tax
Major components of income tax expense are:
Unaudited
6 months
30 Sep 2023
$'000
Unaudited
6 months
30 Sep 2022
$'000
Statement of Profit and Loss
Current Tax
Continuing Operations - Current Income Tax Charge-546
Prior period tax adjustment--
Current Tax-546
Net Deferred Income Tax
Investment Property Building Depreciation89(107)
Other13(25)
Adjustment to deferred tax asset (accumulated losses)(102)-
Net Deferred Income Tax-(132)
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income
-414
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2023
$'000
Audited
As at
31 Mar 2023
$'000
Deferred Income Tax Assets
Accumulated Tax Losses540642
Gross deferred income tax assets540642
Deferred income tax liabilities
Recoverable Depreciation On Investment Properties(540)(629)
Other-(13)
Gross deferred income tax liabilities(540)(642)
Deferred Taxation--
As at 30 September 2023 Asset Plus Limited is in a tax loss position. It is not considered probable that Asset Plus Limited will
utilise these tax losses in the near-term. As such, a deferred tax asset has only been recognised to the extent of the deferred
tax liability balance as at 30 September 2023, resulting in a net nil deferred tax balance sheet position, in accordance with NZ
IAS 12 Income Taxes. As at 31 March 2023 the company was also in a tax loss position and accordingly the deferred tax asset
is only recognised to the extent the losses will be utilised.
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. Other Financial Assets
Other financial assets relates to restricted cash balances which are held on term deposit. This cash held on term deposit
is considered restricted on the basis that the funds do not have the same level of liquidity as cash and cash equivalents on
the basis that the funds are not freely able to be withdrawn at any time and is not available to be used to meet short-term
commitments. Therefore the restricted cash is excluded from cash and cash equivalents and presents as other financial assets.
Unaudited
As at
30 Sep 2023
$'000
Audited
As at
31 Mar 2023
$'000
Restricted Cash - Term Deposit Lockbox5,0005,000
Funds Held In Retention1,2862,264
Total Other Financial Assets6,2867,264
A 'lockbox' amount of $5.0 million was placed into a term deposit as restricted cash to cover the forecast EBITDA shortfall up to
a 1.5 times interest cover ratio. Funds are held in trust of $1.286 million being the Munroe Lane retention funds.
9. Investment and Development Properties
The tables below outline the movements in the carrying values for all directly owned investment properties:
Unaudited as at 30
September 2023
Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Capitalised
leasing
costs net of
amortisation
$'000
Gain/ (loss) on
revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Properties-
Munroe Lane118,5564,007822(5,508)123118,000
Total investment
properties
118,5564,007822(5,508)123118,000
Munroe Lane WIP (work in progress) was reclassified on practical completion which was achieved on 13 July 2023.
Munroe Lane is measured at fair value, which includes cost to complete, as at 30 September 2023 and is determined by the
independent valuation using the capitalisation and discounted cashflow approach. The independent valuation was conducted
by an independent registered valuer who is a member of the Institute of Valuers of New Zealand. The valuer is experienced in
valuing commercial properties.
The independent valuation as at 30 September 2023 is $120 million. The fair value reflects $2 million of costs to complete. The
fair value is also adjusted to reflect the straight-line rent accrual and the capitalised leasing costs net of amortisation.
Audited as at
31 March 2023
Opening
fair value
balance
$'000
Capex
$'000
Lease
amortisation
& other
$'000
Gain/
(loss) on
revaluation
$'000
Transfer to
assets held
for sale
$'000
Fair value
at balance
date
$'000
WIP (1)
$'000
Closing
balance
$'000
Investment Properties
Stoddard Road43,50048(28)-(43,520)---
Graham Street 59,000---(59,000)---
Development Properties
Munroe Lane7,761--(7,000)-761117,795118,556
Total Investment &
Development Properties
110,26148(28)(7,000)(102,520)761117,795118,556
(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.

The independent valuation is 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.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023

11
10. Properties Held for Sale
The table below outlines the movements in the carrying values for all properties held for sale during the period:
As at 30 September 2023 (unaudited)
Property
Opening Balance
$'000
Gain on revaluation
$'000
Disposal
$'000
Closing balance
$'000
Stoddard Road36,330-(36,330)-
35 Graham Street61,660920-62,580
Total97,990920(36,330)62,580
On 1 May 2023 Stoddard Road was sold for $36.75 million and the net sale proceeds were $36.33 million.
35 Graham Street is measured at the lower of carrying value or fair value. Fair value has been determined based on the forecast
future discounted cash flows of the sale up to the settlement on 29 November 2024 including the deposits received of $13.6
million. A discount rate of 9.0% has been used as at 30 September 2023 which reflects the assumed weighted average cost of
capital. The increase in the fair value is due to the impact of the discount unwind offset against the extended settlement date.
As at 31 March 2023 (audited)
Property
Opening balance
$'000
Transfer from
investment
properties
$'000
Capex
$'000
Gain/ (loss) on
revaluation
$'000
Disposal
$'000
Closing
balance
$'000
Eastgate Shopping Centre43,455--(94)(43,361)-
Stoddard Road-43,520-(7,190)-36,330
35 Graham Street-59,0001,1581,502-61,660
Kamo2,900--(253)(2,647)-
Total46,355102,5201,158(6,035)(46,008)97,990
11. Borrowings
FacilityBankLoan maturity
Unaudited
As at 30 Sep 2023
$'000
Audited
As at 31 Mar 2023
$'000
Working Capital FacilityBNZ31/3/202510,75014,100
Investment FacilityBNZ31/3/202524,2244,700
Development Facility*BNZ31/3/2025-52,569
Total34,97471,369
* The Development Facility was converted to an Investment Facility on 13 July 2023 after the Practical Completion of the
Munroe Lane development occurred in July 2023.
Financing facilities available
At reporting date, the following financial facilities were available:
Unaudited
As at 30 Sep 2023
$'000
Audited
As at 31 Mar 2023
$'000
Facility used at reporting date - secured bank loan (BNZ)34,97471,369
Facility unused at reporting date - secured bank loan (BNZ)9,92613,631
Total 44,90085,000
Loan Security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of leases over
all present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest over the assets
of the Group. The facility limit was reduced from $85 million to $44.9 million during the period due to the repayment of debt
using funds received from the sale of Stoddard Road and a further deposit of $7.1 million received in September 2023 from the
purchaser in respect of the deferred settlement of 35 Graham Street, being extended from December 2023 to 29 November
2024. The current facility matures in March 2025.
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023

12
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023
12. Equity
Issued capital and reserves
Unaudited
As at 30 Sep 2023
'000
Audited
As at 31 Mar 2023
'000
Ordinary shares
Number of issued and fully paid shares362,718362,718
Ordinary shares are fully paid, carry one vote per share, and share equally in dividends and any surplus on winding up.
13. Earnings Per Share
Unaudited
6 months
30 Sep 2023
$'000
Unaudited
6 months
30 Sep 2022
$'000
Total Comprehensive Income for the Period(4,719)294
Weighted Average Number of Ordinary Shares362,718362,718
Earnings Per Share (Cents) - Basic and Fully Diluted(1.30)0.08
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 2022: 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.
Fees charged and owing to the
manager (values in $'000)
Unaudited
6 months
30 Sep 2023
Fees charged
Unaudited
As at
30 Sep 2023
Fees owed
Unaudited
6 months
30 Sep 2022
Fees charged
Unaudited
As at
30 Sep 2022
Fees owed
Management Fees476232585318
Performance Fees6060--
Property Management Fees37229125
Development Management Fees78511,146370
Total6513651,822713

13
Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2023
15. Commitments and Contingencies
Capital commitments
At 30 September 2023 the Group has the following capital commitments:
‐Capital commitments $1,333,023 (31 March 2023: $3,725,717) in regards to the development at Munroe Lane,
which achieved practical completion on 13 July 2023.
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 2023: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (March 2023: nil).
16. Subsequent Events
On 27 November 2023, $1 million of the funds held in the lockbox were released thereby reducing the lockbox amount to $4 million.

Independent Auditor’s
Review Report
To the Shareholders of Asset Plus Limited
Report on the Review of the Interim Condensed Consolidated Financial Statements
Conclusion
We have reviewed the interim condensed consolidated financial statements (the “financial statements”)
of Asset Plus Limited (“the Company”) and its controlled entities (“the Group”), which comprise the
interim condensed consolidated statement of financial position as at 30 September 2023, 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 period ended on
that date, and a summary of significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
financial statements on pages 1 to 13 do not present fairly, in all material respects, the financial position of
the Group as at 30 September 2023, and of its financial performance and cash flows for the period ended
on that date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting and International Accounting Standard 34: Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Financial Statements section of our report. We are
independent of the Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Other than in our capacity as assurance practitioner we have no relationship with, or interests in, the Group.
Directors’ Responsibility for the Financial Statements
The Directors are responsible, on behalf of the Group, for the preparation and fair presentation of the
financial statements in accordance with New Zealand equivalents to International Accounting Standard
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 financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibilities for the Review of the Financial Statements
Our responsibility is to express a conclusion on the financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe
that the financial statements, taken as a whole, are not prepared in all material respects, in accordance
with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and
International Accounting Standard 34: Interim Financial Reporting.
A review of the financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. 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) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on those
financial statements.
14

Restriction on use of our review report
This review report on the 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 Company and the shareholders, as a body, for our work, for this review report or for the
conclusion we have formed.
Grant Thornton New Zealand Audit Limited
R Campbell
Partner
Auckland
28 November 2023
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

---

28 November 2023



Dear Shareholder,


During the first half of the financial year we have continued to see a number of external factors providing
an increasingly challenging business environment. Notwithstanding, we are pleased to confirm that
despite these factors, the company has successfully delivered on a number of our objectives, including:

• Completion of the Munroe Lane development
• Commencement of the Auckland Council lease at Munroe Lane
• The sale and subsequent settlement of 22 Stoddard Road

The now completed Munroe Lane development adds a:

• newly constructed
• highly specified
• sustainable
• well located decentralised office building
• with extensive campus style floor plates

to the portfolio with a blue-chip tenant covenant in Auckland Council across two thirds of the property.

Whilst the balance of the property has proven difficult to lease in the wake of Covid-19, and the
subsequent economic environment, we remain confident that the fundamentals of the building will
attract tenant commitment in due course. With the building now completed, leasing enquiry and
inspections have increased, with a number of potential tenants considering Munroe Lane. Unfortunately,
the majority of these tenants have elected to remain in their existing premises or relocate into lower cost
accommodation with decisions driven by price, despite the clear quality and sustainability benefits of
Munroe Lane. Given the current economic environment the challenging conditions will remain as we
seek to lease the balance of the space in the short term.

The Auckland Council lease at Munroe Lane commenced on 17 May 2023, bolstering the income to
partially offset prior period divestments, and the vacancy at 35 Graham Street. As a result, Adjusted
Funds From Operations (AFFO) reduced from a $0.01 million profit in the prior period to a $0.23 million
loss for the period.

The high inflationary environment and tightening monetary policy has adversely impacted the fair value
of assets in the period with a $4.59 million reduction in the fair value of the assets of the company. This
was primarily driven by the valuation for the completed Munroe Lane property reducing by $5.5 million
as a result of the market softening, with a 0.25% expansion in the capitalisation rate. As a result, NTA
has reduced from 40.4 cps as at 31 March 2023 to 39.1 cps as at 30 September 2023.

The Stoddard Road property was sold and settled earlier this year after a successful on market campaign
that attracted three comparable offers. The property transacted quickly and settled in May with the sale
proceeds being applied towards debt reduction.

The purchaser of the 35 Graham Street property has now also formally exercised their right to extend
settlement until 29 November 2024. A further deposit of $7.1 million has been received and applied as
a debt repayment. The purchase price has also increased by $3.0 million increasing the total purchase
consideration to $68.0 million.

The development finance facility has converted to an investment facility with the practical completion
of Munroe Lane in July. There remains $9.9 million of undrawn funds for completion and leasing of the
Munroe Lane development. The lockbox of $5 million has also subsequently reduced to $4 million post
balance date as a result of testing in accordance with covenants.

The company’s key focus remains leasing the balance of the Munroe Lane development. As signalled
previously following further substantive leasing at Munroe Lane, the company will look to divest that
property, subject to market conditions at the time.

If a sale of Munroe Lane occurs it will position the company to consider its options, including a wind up
of the company, or a pivot into a new direction. As previously indicated, 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 contemporaneously.


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. A reconciliation of AFFO to Total Comprehensive Income Net of Tax is included in
the accompanying results presentation.