AGM Presentation and Addresses

Asset Plus
Annual Meeting 2024
26 August 2024

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A
D
Manager's
presentation
B
E
C
Chairman’s
address
Resolutions
General
Business
Shareholder
Questions
Agenda
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6-8 MUNROE LANE AUCKLAND
A - Chairman’s address

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B - Manager’s presentation
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Overview
6-8 MUNROE LANE
6-8 MUNROE LANE
•Total loss for the year net of tax of $5.30m (FY23 lossof
$13.05m).
•Result impacted by $4.90m of revaluation losses
($12.69m of losses in FY23).
•AFFO
1
loss of$0.67m ($0.28m loss in FY23).
•Net rental income of $3.65m, up $0.18m on the previous
year, primarily due to the commencement of Munroe
Lane rent offset against the Stoddard Road divestment.
•Munroe Lane development complete with Auckland
Council rental commencing on 17 May 2023 & Practical
Completion on 13 July 2023.

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Key metrics
$216.6m
(((
3*
37.0%
1.2 years
31.5%
40.4 cps
$180.8m2*41.0% 5.9 years18.2% 38.9 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.
March 2023
March 2024

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Significant Activity during the year
6-8 MUNROE LANE
Munroe Lane development complete,
with Auckland Council rental commencing on
17 May 2023 & Practical Completion on 13 July
2023.
35 Graham Street settlement deferred to 29
November 2024 and further deposit paid.
Stoddard sold and settled on 1 May 2023.

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Munroe Lane, Albany
6-8 MUNROE LANE
•Practical Completion achieved on 13 July 2023 once final
commissioning was completed, post Auckland Council’s fit-out.
•Munroe Lane blessing and opening ceremony occurred on 26
July 2023.
•Iwi have bestowed a name upon the building – Hawiti.
•Auckland Transport are now co-locating with Auckland Council
within the building, bolstering their occupancy.
•Once further leasing is achieved, the Company will consider the
sale of the property.

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Munroe Lane, Albany (continued)
6-8 MUNROE LANE
•The independent valuation as at 31 March 2024, based on just the
Auckland Council (committed) lease is $116.2 million. Fair value of
$116.05 million adopted as at balance date reflecting minor costs
to complete.
•To date $15 million of unrealised development losses have been
recognised.
•The total development cost is $131.2 million.
March 2024March 2023
Valuation (committed occupancy)$116.2m$126.0m
Total development cost (ex incentives)$131.2m$133.0m
Development profit (loss)($15.0m)($7.0m)
Yield on cost (fully leased)5.7%5.51%

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Munroe Lane - leasing update
6-8 MUNROE LANE
•Little Fields Café commenced trading in early 2024 for the kiosk in
the ground floor lobby adding an important amenity to the building.
•Direct marketing initiatives remain ongoing to target potential
occupiers for the balance of space.
•Leasing interest remains relatively muted given macroeconomic
conditions and the recent trends of working from home and hybrid
working.
•Office occupiers of scale (300m
2
+) remain limited on the North
Shore. One (Vodafone) relocating to the CBD brings on an
additional 10,000m
2
of competing stock in the near term.
•Floor plates maintain flexibility - Level 6 can be split into 3 smaller
tenancies, Level 2 can also be split into multiple tenancies.
•Auckland Council continue to attempt to sublease Level 5 to reduce
their costs.
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 29
November 2024 as the purchaser exercised their contractual right
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 net present value was $64.7
million as at 31March 2024 (based on the discounted forecast
settlement cash flows). A 9% discount rate has been applied.
•Short term income generation opportunities continue to be
pursued to offset holding costs.

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Outlook
MUNROE LANE, AUCKLAND
•The Company is forecast to still be in an operating loss position up until the 35 Graham
Street settlement has occurred on 29 November 2024 (absent any new leasing).
•Key focus remains on successfully leasing the balance of the Munroe Lane development.
Thereafter, we will consider selling Munroe Lane.
•We wish to emphasise that 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.
•Once 35 Graham Street settles, the company will have zero debt and cash reserves of
approximately $27 million with which to consider a range of options.
•The short-term options could include acquiring additional property, holding funds on term
deposit, a share buy back or a partial return of capital through a special dividend.
•The longer-term options include a possible wind-up and return of capital or pivoting in a
new direction.
•Any steps to pivot in a new direction, sell Munroe Lane or to subsequently wind up the
Company, will require shareholder approval, and we would likely anticipate asking
shareholders to vote on any decision at the same time.
•The dividend remains suspended which is subject to quarterly review. It is likely to remain
suspended until post the 35 Graham Street settlement and the future direction of the
Company is confirmed.

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D - Shareholder Questions
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C - Resolutions
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Re -election of Allen Bollard as a Director
Allen Bollard retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election
as a Director of the Company.
“That Robert Allen Bollard be re-elected
as a Director of the Company.”
Resolution 1
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Re -election of John McBain as a Director
John McBain retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election
as a Director of the Company.
“That John Edward McBain be re-elected
as a Director of the Company.”
Resolution 2
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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
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E – General Business
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Where to find us
Auckland Office
Bayleys House
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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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 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.

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CHAIR’S ADDRESS – BRUCE COTTERILL

As we all know – the economic environment continues to be challenging and of course the property
market has not escaped those challenges. As a result - the listed property sector in NZ has reflected fair
value losses in the order of $1.5 billion in the year to 31 March and have been trading at an average
discount to NTA of 25% across the last 12 months.

In the financial year to 2024 - despite this challenging economic backdrop we’ve continued to deliver on
our key objectives, including:

• Deliver the Munroe Lane development which achieved Practical Completion in July 2023 with
rental payable by Auckland Council from 17 May 2023;
• Prudently manage the balance sheet to mitigate the impacts of the high interest rate environment;
• Successfully divest 22 Stoddard Road, Auckland which settled in May 2023.

Achieving Practical Completion on the Munroe Lane development was the culmination of a 4-year
journey from project inception to conclusion. The property adds a highly sustainable, well located
decentralised office building with a blue-chip tenant covenant, being Auckland Council across two thirds
of the property.

The Munroe Lane development was committed to in a buoyant market, and unfortunately given the scale
of the project and the delivery programme - was completed in a depressed market. The value of the asset
reflects the recent high interest rate environment, and resultant increased cost of capital. However, we
anticipate that market conditions will stabilise in the next 12-24 months, interest rates will reduce, and
we will see a firming of capitalisation rates. When further leasing commitment is secured, this will further
bolster the value of the asset, and make it more appealing for potential purchasers if and when a sale is
explored.

Whilst leasing the remainder of the space within Munroe Lane continues to prove challenging, it is
pleasing to see increasing leasing enquiry since completion of the property. There remains a paucity of
potential occupiers of significant scale on the North Shore, in the current environment. However, it’s a
very good building and we are confident that the fundamentals of the property will attract tenant
commitment for the balance of the space, in due course. Notwithstanding, we expect that leasing will
lik ely remain challenging in the short term. Likewise, a potential sale of the asset is unlikely in the near
term given the current market conditions, and lack of available capital for transactions of this scale.

On the back of the Auckland Council lease commencement, income was bolstered to partially offse t
divestments, and the ongoing vacancy at 35 Graham Street. As a result, we recorded an Adjusted Funds
From Operations (AFFO) loss of $0.67 million. This result for the full year is in line with expectations,
driven by the vacancy and unrecovered OPEX on 35 Graham Street, which will continue until settlement
occurs on 29 November 2024. 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 future of
the company is determined. Options are also being considered for the cash reserves of approximately
$25 million which will be held by the company, post settlement.

The higher than usual inflationary and interest rate environment has continued to adversely impact the
fair value of assets in the period, with our valuers recording a $4.9 million reduction in the fair value of
assets of the company. This was driven by the valuation for Munroe Lane reducing over the period, offse t
by the discount unwind at 35 Graham Street. As a result, NTA reduced from 40.4 cps as at 31 March
2023 to 38.9 cps as at 31 March 2024.

As part of our disciplined capital management approach, and directly reflecting the cost of the company’s
debt, Stoddard Road was unconditionally sold for $36.75 million and settled in May 2023. All of the
proceeds from that sale were utilised to repay debt. This prudent capital management approach was
appropriate given the macroeconomic conditions, and accretive nature of the sale versus the company’s
cost of debt.

In October 2023, the purchaser of 35 Graham Street exercised their right to defer settlement of the
purchase by twelve months. As a result, the purchase price increased by a further $3.0 million to $68.0
million, and the deposit increased to 20% of the total consideration. The additional $7.10 million that was
received was also applied as debt repayments, reducing the LVR down to 18.2%.

During the year, upon the practical completion at Munroe Lane, the development finance facility was
converted to an investment facility. We have retained sufficient facility headroom of $11.9 million to
fund incentives and leasing across the vacant space at Munroe Lane.

Looking forward, the company’s key focus remains on leasing the balance of the Munroe Lane
development and the successful settlement of 35 Graham Street. Further leasing at Munroe Lane will
increase earnings and will better position the Company to consider options moving forward. Those
options will include a potential divestment of Munroe Lane, subject to market conditions at the time, and
the support of shareholders.

Once settlement of 35 Graham Street occurs, we anticipate that the company will ultimately be in a
unique position of having zero debt and cash reserves of approximately $25 million. There are a range of
options for the application of those funds including, acquiring additional property, holding funds on term
deposit, or reviewing our position on dividends. The Board intends on communicating our intent to
shareholders once 35 Graham Street settles, funds are received and alternatives are properly canvassed.

In the 2025 calendar year, with zero debt and a positive cash position, the company will have further
options to consider, which may include the sale of Munroe Lane, the wind up of the company, or pivoting
in 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 anticipate asking shareholders to vote on both
decisions contemporaneously.

We anticipate that these decisions will likely occur sometime in the next 12-24 months, subject to market
conditions stabilising and further leasing commitment being secured at Munroe Lane.

We thank you again for you continued support and patience as we contend with the various external
factors impacting on the company and its operations and look forward to communicating our progress
over the next few months once settlement of 35 Graham Street occurs in late November.

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 FY24 year was in line with expectations at an operational level, delivering an Adjuste d
Funds from Operation (AFFO) loss of $0.67m. The AFFO loss is driven by the ongoing vacancy and
unrecovered OPEX at 35 Graham Street, and recent divestments offset by the Auckland Council lease
commencing at Munroe Lane. Capital markets remain challenging, with asset values remaining under
pressure. This resulted in $4.90m of revaluation losses, leading to a total loss of $5.30m for the year for

the company.

The key milestone during the financial year was the Munroe Lane development completed with the
Auckland Council lease commencing on the 17th of May, and Practical Completion occurring on the 13th
of July.

Set out here are the key metrics for the company’s portfolio as at 31 March. Given the successful sale of
Stoddard Road in May 2023, and 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 completion of the Munroe Lane development – the culmination
of a 4-year journey from the opportunity’s inception to completion through a very tumultuous period.
The purchaser of 35 Graham Street also elected their contractual right to extend the settlement date by
a further 12 months, with a further deposit received and the total consideration increasing accordingly.

The Stoddard Road property was also unconditionally sold and settled on the 1st of May.

Turning to Munroe Lane now, 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.

It was a significant milestone to achieve practical completion in July last year, with iwi blessing the building
and gifting us a name – Hawiti.

As communicated previously, once further leasing is achieved the company will consider the potential
sale of the property.

As noted earlier with the previous shifts in interest rates, capitalisation rates and property values have
also been impacted. This has resulted in total development losses of $15m to date, reflecting the
occupancy of Auckland Council and Fields café only. There will be valuation upside once further leasing
commitments are secured.

Our committed occupancy at Munroe Lane remains at 2/3rds through the Auckland Council lease. We
also secured Little Fields café to occupy the kiosk in the heart of the building on the ground floor –
providing an important amenity for the building.

Direct and indirect marketing initiatives continue, however leasing interest remains muted given wider
macroeconomic conditions, hybrid working, and working from home trends.

Tenants of scale remain limited on the North Shore, with recent news of One (Vodafone) move back to
the CBD this will bring a further circa 10,000m
2
of competing space onto the market.

As noted previously we do have flexibility built into the design and layouts where all tenancies can be
split. There are also options to join retail/ground floor space into receptions and meeting spaces should
potential tenants require a customer facing component.

35 Graham Street has been unconditionally sold with a deferred settlement date of 29 November 2024.
The original purchase price was $65.0m with settlement in December 2023, however Mansons exercised
their contractual right to extend this to 29 November 2024 after $3.0m additional consideration and
increasing the deposit to $13.6m.

The deposits paid have been used 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.

Moving now to the outlook for the company, with our key focus remaining on leasing the residual space
within the Munroe Lane property, before considering the option of selling the property.

We wish to re-emphasise that the leasing of Munroe Lane will influence the timing of such decisions, with
market conditions likely to also dictate when this may occur.

Once settlement of 35 Graham Street occurs, the company will have zero debt and cash reserves of
approximately $27 million with a range of options to consider.

In the short term these options could include acquiring additional property, holding funds on term deposit,
a share buy back or a partial return of capital through a special dividend. Once settlement occurs and
funds are received, shareholders will be communicated with accordingly.

The longer term options include a possible wind-up and return of capital, or pivoting the company in a
new direction.

As noted previously any steps to implement these options will require shareholder approval, and we
anticipate asking shareholders to vote on both decisions at the same time.

The dividend remains on hold, and subject to quarterly review.

That now concludes the manager’s presentation, I’ll hand back over to Bruce now to facilitate the rest of
proceedings.