Result for the six months ended 30 September 2024

NZX release
Result for the six months ended 30 September 2024
26 November 2024

• Total profit after tax of $2.324 million, up from $4.72 million loss in the prior corresponding
period.
• 35 Graham Street settlement to occur on 29 November 2024.

Asset Plus Limited (NZX: APL) announces its interim financial result for the period ended 30 September
2024, reporting a total profit of $2.324 million, up from a $4.72 million loss in the prior corresponding
period. Net operating performance was broadly in line with the prior corresponding period however the
prior period reflected an unrealised loss on the fair value of investment property.

Adjusted Funds from Operations (AFFO
1
) represented a loss of $0.35 million against a $0.23 million loss
in the prior corresponding period. The current period reflected a full period of Munroe Lane rent and
relevant finance costs.

Mark Francis, CEO Centuria NZ, commented “The result for the half year reflects a smaller portfolio and
the impact of vacancy. The imminent settlement of the vacant 35 Graham Street which is scheduled to
occur on 29 November 2024 will boost near term earnings as all debt is repaid.

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

Key points:
• Portfolio occupancy of 42% which is unchanged from March 2024. This increases to 65% post
the 35 Graham Street settlement.
• WALE of 5.6 years down from 5.9 years at 31 March 2024. This improves to 8.9 years once 35
Graham Streets settles.
• An increase in the fair value of investment property (including property held for sale) of $2.79
million since March 2024, largely reflecting the unwind of the discount on Graham Street.
• The portfolio fair value now stands at $183.6 million but reduces to $116.2 million post the 35
Graham St settlement.
• Loan-to -value ratio (LVR) of 18.0%, which reduces to 0% post the 35 Graham Street settlement.
• Debt drawn remains at $32.97 million at balance date ($11.9m of the facility remains undrawn).
All debt is to be repaid following settlement of the sale of 35 Graham Street and the Company
will then hold approximately $27 million in cash reserves ahead of the intended special dividend.
• Net tangible assets (NTA) of 39.6 cents per share (cps), up from 38.9 cps as at 31 March 2024.
• Net revenues from the property portfolio increased by $0.54 million due to full half impact of
the Munroe Lane rental, offset by the Stoddard Rd divestment.


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
No independent valuation was commissioned as at 30 September 2024 as the Board determined there
was no material movement in the fair value of the property.

Leasing the balance of the space at Munroe Lane continues to be challenging in the current
environment, and these conditions are expected to subsist in the near term.

35 Graham Street deferred settlement
The 35 Graham Street settlement is contracted to occur on 29 November 2024. Immediately post
settlement all bank debt will be repaid and the Company will hold $27 million in cash reserves.

Special Dividend
The Board intends paying a 5 cents per share special dividend, subject to 35 Graham Street settling on
29 November. The dividend is expected to be declared on 2 December with payment on 18 December.
The NTA will reduce to 34.7 cps post the payment of the dividend. The quarterly dividend remains
subject to quarterly review.

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. 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.”

Announcement authorised by the Board of Asset Plus Limited

-ENDS-



For further information, please contact:

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

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

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

---

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 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,235 24.04%
Total Revenue $3,235 24.04%
Net profit/(loss) from continuing
operations
$2,324 149.25%
Total net profit/(loss) $2,324 149.25%
Interim/Final Dividend
Amount per Quoted Equity Security Not applicable
Imputed amount per Quoted Equity
Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.396 $0.391
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 2024. 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 26/11/2024

Unaudited financial statements accompany this announcement.

---

Financial Results
For the six months ended 30 September 2024
26 November 2024

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

Result Summary
6-8 MUNROE LANE
•Total profit for the period of $2.32 million against a loss of $4.72
million in the prior period to September 2023.
•Profit primarily impacted by $2.27 million unrealised gain on
revaluation of investment property. This was primarily driven by the
impact of the discount unwind at 35 Graham Street. Munroe Lane
was not revalued at half year.
•The result reflected the full half year impact of rental income derived
from Munroe Lane and higher interest costs.
•AFFO
1
loss of$0.35 million ($0.23 million loss in September 2023).
•Net rental income of $2.23 million, up from $1.69 million in the prior
corresponding period, primarily due to the full half year impact of the
Munroe Lane rental income.
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-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 is set out in Appendix 1.
6-8 MUNROE LANE
3

Key Metrics
$180.6m
2**
42.0%
6.2 years
18.2%
39.1 cps
$183.6m*
($116.2m post 35
Graham St
settlement)
2**
(1 property post 35
Graham St
settlement)
42.0%
(65% post 35 Graham
St settlement)
5.6
years
(8.9 years post 35
Graham St
settlement)
18.0%
(0% post 35 Graham
Street settlement)
39.6 cps
(39.7 cps*** post 35
Graham Street
settlement)
Net Tangible
Assets
Portfolio ValuePropertiesOccupancyWALELoan-to-Value
Ratio
September 2023
September 2024
4
*No independent valuation was commissioned as at 30 September 2024.
**35 Graham Street is unconditionally sold with a deferred settlement (to occur on 29 November 2024) but is represented in the
metrics above. The metrics post the 35 Graham Street sale are also included above.
***The NTA will further reduce to 34.7 cps post the payment of the proposed special dividend on 18 December 2024.

Financial Performance
5

Financial Performance
•The impact of divestments was offset by the impact of a full
period of Munroe Lane net rental income (noting rental
commenced on 17 May 2023 in the prior period). Overall,
net rental income increased by $0.54 million.
•Management fees were lower due to a small performance
fee ($0.06 million) in the prior corresponding period.
•Net finance costs were higher by $0.42 million due to
higher average debt levels post the Munroe Lane
completion.
•Munroe Lane was not revalued as at 30 September 2024.
•The 35 Graham Street fair value increased $2.6 million due
to the discount unwind.
•There is a tax loss for the period and a deferred tax asset
recognised to the extent of the deferred tax liability.
•The AFFO reconciliation and waterfall is set out in
Appendix 1 and 2 respectively.
Sep-24
($m)
Sep-23
($m)
Var
($m)
Gross Rental Revenue3.242.610.63
Direct Property Operating Expenses(1.01)(0.92)(0.09)
Net Rental Revenue2.231.690.54
Administration Expenses(0.83)(0.89)0.06
Net Finance Costs(1.35)(0.93)(0.42)
Total Operating Income / (Loss)0.05(0.13)0.18
F.V. Gain of Investment Properties2.27(4.59)6.86
Profit / (Loss) Before Taxation2.32(4.72)7.04
Tax Benefit / (Expense)---
Total Comprehensive Income for
the Period
2.32(4.72)7.04
AFFO*
(0.35)
(0.23)(0.12)
AFFO CPS*(0.10)(0.06)(0.04)
6

Net Rental Performance
•The Stoddard Road settlement occurred on 1 May 2023,
which was the sole reason for the reduction in net rental
income of $0.21 million.
•35 Graham Street was in line with the prior period. It
remains 99% vacant. A small amount of carpark income was
received which partially offset the opex incurred.
•Munroe Lane rent commenced on 17 May 2023 in respect
to the Auckland Council lease. The current period
represents a full six months of trading.
Sep-24
($m)
Sep-23
($m)
Var
($m)
Stoddard Road-0.21(0.21)
35 Graham Street(0.26)(0.30)0.04
Munroe Lane2.491.780.71
Total net rental2.231.690.54
7

Administration & Finance Expenses
•Management fees were slightly lower as the weighted
average portfolio value was marginally lower across the
half year. Management fees included a small performance
fee of $0.06 million in the prior period.
•Administration costs increased due to higher insurance.
•Finance costs increased by $0.35 million. The investment
facility debt profile was higher in the current period as the
Munroe Lane development facility converted to an
investment facility in July 2023 (hence a full half impact).
Until then finance costs on the development facility were
capitalised.
•Interest rates were broadly flat against the prior period.
•Interest income was lower by $0.07 million due to lower
funds held in the lockbox and on deposit.
Administration costs
Sep-24
($m)
Sep-23
($m)
Var
($m)
Management Fees0.460.540.08
Directors’ Fees0.150.15-
Other Assurance Fees0.010.030.02
Professional Fees0.000.030.03
Other Administration Costs0.210.14(0.07)
Total Administration
Expenses
0.830.890.06
Net Finance Costs
Interest & Finance Costs1.561.21(0.35)
Interest Revenue(0.21)(0.28)(0.07)
Total Net Finance Costs1.350.93(0.42)
8

Balance Sheet
•Investment property comprises Munroe Lane. No
independent valuation was engaged as at 30 September
2024.
•35 Graham St, which is held for sale has a fair value of $67.4
million which reflects the future settlement proceeds on a
discounted basis (applying a 9.0% discount rate). The sale
price is $68 million.
•Other assets include a $4 million cash lockbox held by BNZ.
This lockbox will be released once all debt is repaid. During
the period the Munroe Lane defects retention was released.
•Deposits which have been received in respect to 35 Graham
Street total $13.6 million or 20% of the sale price and are
recognised under other liabilities.
•NTA increased during the period to 39.6 cents per share
(cps) from 38.9 cps due to unrealised revaluation movement.
This was primarily due to the impact of the discount
unwinding at 35 Graham Street.
•Tax losses that are not recognised as a deferred tax asset
are currently $11 million as at 30 September 2024.
•LVR is 18.0% at balance date based on drawn debt.
Sep-24
($m)
Mar-24
($m)
Var
($m)
Cash2.53.7(1.2)
Investment Property116.2116.10.1
Properties Held For Sale67.464.72.7
Other Assets4.75.8(1.1)
Total Assets190.8190.30.5
Bank Debt33.033.0-
Other Liabilities14.316.1(1.8)
Total Liabilities47.349.1(1.8)
Equity143.5141.22.3
Net Tangible Assets Per
Share ($)*
0.3960.3890.06
LVR %18.0%18.2%0.2%
9

Funding Update
10

Funding
•Cash lockbox in place of $4 million.
•No hedging is in place due to the 35 Graham Street exit on
29 November 2024.
•Drawn debt as at 26 November 2024 is $33.0 million which
is unchanged from balance date.
•$11.9 million of the facility limit remains undrawn.
•The loan facilities’ maturity date is 31 March 2025.
•All debt will be repaid immediately post the 35 Graham
Street settlement which is set to occur on 29 November
2024.
Loan facilities as at 30 September 2024
Limits
$m
Drawn $m
Undrawn
$m
Expiry
Working
Capital
$14.1m$8.8m$5.3m
31 March
2025
Investment
$30.8m$24.2m$6.6m
Development
--
Total Facility$44.9m$33.0m$11.9m
LVR at all timesICRLockbox
Working Capital
& Investment
<45%Not tested
$4m (EBIT +
lockbox > 1.5x
ICR)
Loan covenants
11

Portfolio Update
12

Munroe Lane, Albany
6-8 MUNROE LANE
•No independent valuation has been obtained at half year.
•Direct marketing initiatives are continuing and a number of
inspections and proposals have been made to prospective
tenants. However, obtaining commitment remains
challenging.
•Auckland Council have formally withdrawn their marketing
attempts to sublease Level 5.
•Potential full floor tenants remain scarce, L6 can be split
into 3 smaller tenancies. L2 can also be split into smaller
tenancies.
•Once further leasing is achieved, the Company will
consider the sale of the property.
13

Divestment of 35 Graham Street
35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION
•Unconditionally sold, with a settlement date of 29
November 2024. The sale price is $68 million.
•As the settlement date is deferred, the net present value
of $67.4 million is based on the discounted forecast
settlement cash flows as at 30 September 2024. A 9%
discount rate has been applied.
•As a 20% deposit has been paid, the balance of the
settlement proceeds due are $54.4 million.
•$33 million of the sale proceeds will be applied as a debt
repayment reducing drawn debt to $nil.
14

Outlook
15

Outlook
MUNROE LANE, AUCKLAND
•35 Graham Street settlement is scheduled to occur on 29 November 2024. All
external bank debt will be repaid post settlement.

•Key focus remains successfully leasing the balance of the Munroe Lane
development. Thereafter, we will look to sell 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.
•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 Board intends to pay a special dividend of 5 cents per share post the
settlement of 35 Graham Street. This dividend is expected to be declared on 2
December, with payment on 18 December.
•Post the settlement of 35 Graham Street Asset Plus returns to a profitable
operating position. The quarterly dividend remains subject to quarterly review.


16

Appendices
17

Appendix 1 – AFFO Reconciliation
6 months to Sep 24 ($m)6 months to Sep 23 ($m)
Comprehensive Income (Loss) Net of Tax
2.32
(4.72)
Add back
Fair value movement on Investment Property
(including loss on disposal)
(2.27)
4.59
Non-FFO Deferred Tax Expenses
-
-
Net Operating Income (Loss) After Tax
0.05
(0.13)
Amortisation of Lease Incentives and Leasing Costs
0.03
0.02
Amortisation of Rent Relief due to COVID-19
-
-
Straight line rental accruals
(0.43)
-
Funds From Operations (FFO)
(0.35)
(0.23)
Incentives and Leasing Costs Paid
-
-
Maintenance CAPEX
-
-
Adjusted Funds from Operations (0.35)(0.23)
AFFO (CPS)(0.10)(0.06)
18

Appendix 2 – Adjusted Funds From Operations (AFFO)
19
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)
$116.2m²
(Mar-24: $116.05m)
$67.4m¹
(Mar-24: $64.7m)
WALE (years)
8.5 year WALE (Auckland Council lease only)
(Mar-24: 9.1 years)
0.00
(Mar-24: 0.00)
Occupancy (%)
65.6% (Mar-24: 65.6%)
0%
(Mar-24: 0%)
Net Rental
Income ($m)
$7.6m based on fully leased rent (committed
net rental is $4.7m prior to unrecovered opex
on vacant space) (Mar-24: $4.7m)
~$0.1m of carpark income and OPEX of $0.6m
Passing yield (%)
6.49% based on fully leased rental
N/A
Comments
•Practical completion achieved on 13 July
2023.
•Settlement to occur on 29 November 2024.
Largest tenant exposures
Auckland CouncilVacant aside from carpark income
20
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
($m)
Capex & Fixed
Rental Accrual
($m)
Fair Value
movement
($m)
Sale of
Property
($m)
Fair Value
Sept 2023
($m)
Property held for sale
35 Graham Street64.7-2.7-67.4
Investment property
6-8 Munroe Lane116.10.5(0.4)-116.2
Total180.80.52.3-183.6
•The Munroe Lane fair value represents the valuation
of $116.2 million (which is unchanged from March
2024).
•The 35 Graham Street fair value reflects the net
present value of future settlement cash flows. The
sale price is $68 million.
•The table above includes all property held as at 30
September 2024, including those assets held for sale.
21

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.
22

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 2024
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2024
This Interim Financial Report for Asset Plus
Limited (including Subsidiaries) covers the
trading period f rom 1
st
April 2024 to 30
th

September 2024.

14
Directory
Contents
02
Interim Condensed
Consolidated Statement
of Changes In Equity
03
Interim Condensed
Consolidated Statement
of Financial Position
01
Interim Condensed
Consolidated Statement of
Comprehensive Income
04
Interim Condensed
Consolidated Statement
of Cash Flows
05
Reconciliation of Net
Profit to Net Cash Flow
f rom Operating Activities
06
Notes to the Interim
Condensed Consolidated
Financial Statements

1
Interim Condensed Consolidated
Statement of Comprehensive Income
For the six months ended 30 September 2024
Note
Unaudited
30 Sep 2024
$'000
Unaudited
30 Sep 2023
$'000
Gross Rental Revenue3,2352,608
Direct Property Operating Expenses(1,007)(920)
Net Rental Revenue42,2281,688
Administration Expenses5(822)(892)
Net Finance Costs5(1,350)(927)
Total Net Operating Expenses(2,172)(1,819)
Net Operating Surplus/(Deficit)56(131)
Net Fair Value Gain/(Loss) on Investment Property and Held for Sale2,268(4,588)
Net Profit/(Loss) Before Taxation2,324(4,719)
Income Tax6--
Net Profit/(Loss) After Taxation2,324(4,719)
Other Comprehensive Income--
Total Comprehensive Income/(Loss) For the Period, Net of Tax2,324(4,719)
Basic and Diluted Earnings Per Share (cents)130.64(1.30)
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

2
Share Capital
$'000
Accumulated
Losses
$'000
Total
$'000
Opening Balance at 1 April 2024 (audited)192,726(51,518)141,208
Net Profit After Taxation-2,3242,324
Total Comprehensive Income For the Period-2,3242,324
Closing Balance at 30 September 2024 (unaudited)192,726(49,194)143,532
For the six months ended 30 September 2023
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
Interim Condensed Consolidated
Statement of Changes In Equity
For the six months ended 30 September 2024
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

3
Interim Condensed Consolidated
Statement of Financial Position
As at 30 September 2024
Note
Unaudited
As at 30 Sep 2024
$'000
Audited
As at 31 March 2024
$'000
Currrent Assets
Cash and Cash Equivalents2,4803,736
Trade And Other Receivables93338
Other Financial Assets84,1705,320
Prepayments474117
Total Current Assets7,2179,511
Properties Held for Sale1067,38164 ,743
Non-Current Assets
Investment Property9116,200116,050
Total Non-Current Assets116,200116,050
Total Assets190,798190,304
Current Liabilities
Trade Payables, Accruals And Provisions6912,522
Deposits Received13,60013,600
Borrowings1132,97432,974
Total Current Liabilities47,26549,096
Non-Current Liabilities
Deferred Taxation6--
Total Non-Current Liabilities--
Total Liabilities47,26549,096
Net Assets143,532141,208
Share Capital192,726192,726
Accumulated Losses(49,194)(51,518)
Shareholders' Equity143,532141,208
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on 26
November 2024.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

4
Unaudited
30 Sep 2024
$000
Unaudited
30 Sep 2023
$000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue3,1602,203
Operating Expenses(2,978)(1,648)
Interest Income178319
Interest Expense(1,541)(1,117)
Net Cash Outflow from Operating Activities(1,181)(243)
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property-36,692
Deposit Received f rom Investment Property Held for Sale-7,100
Capital Expenditure on Investment Properties(75)(5,808)
Funds Held In Retention-(58)
Capitalised Finance Costs On Investments-(1,016)
Transaction Costs-(406)
Net Cash (Outflow)/Inflow from Investing Activities(75)36,504
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings-(43,450)
Proceeds f rom Borrowings-7,054
Net Cash Outflow from Financing Activities-(36,396)
Net Decrease in Cash and Cash Equivalents(1,256)(135)
Cash and Cash Equivalents at the Beginning of the Period3,7364,867
Cash and Cash Equivalents at the End of the Period2,4804,732
Interim Condensed Consolidated
Statement of Cash Flows
For the six months ended 30 September 2024
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

5
Unaudited
30 Sep 2024
$000
Unaudited
30 Sep 2023
$000
Net Profit/(Loss) after Taxation2,324(4,719)
Items Classified as Investing or Financing Activities:
Transaction Costs-38
Finance Costs1253
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments(104)(227)
Trade Payables, Accruals and Provisions(741)126
Non-Cash Item:
Straight-line rental income(432)(123)
Amortisation of leasing fee2821
Net Fair Value (Gain)/Loss on Investment Property and Held for Sale(2,268)4,588
Movement in Deferred Taxation--
Net Cash Outflow from Operating Activities(1,181)(243)
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the six months ended 30 September 2024
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
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 2024 and the
comparative balances for the six months ended 30
September 2023 are unaudited. Comparative balances as at
31 March 2024 are audited.
2. Statement of Compliance and Basis
of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2024 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 2024.
(a) Basis of Preparation
The interim 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 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 2024, 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 f rom 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 f rom
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 f rom 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 202430 September 2023
Asset Plus
Investments Limited
100%100%
6

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
(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 f rom 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 consolidated statement of financial
position are stated net of GST, with the exception of
receivables and payables, which include GST invoiced. Cash
flows are included in the consolidated statement of cash
flows on a net basis and the GST component of cash flows
arising f rom investing and financing activities is classified
as part of operating activities.
3. Material Accounting Estimates and
Judgements
The preparation of the consolidated financial statements
in conformity with NZ IFRS requires Directors to make
judgements, estimates and assumptions that affect
the application of the Group's accounting policies and
the reported amounts of assets, liabilities, income and
expenses. All judgements, estimates and assumptions
made are believed to be reasonable based on the most
current set of circumstances available to the Group.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Although the Group has internal
control systems in place to ensure that estimates can
be reliably measured, actual results may differ f rom
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.
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 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:
At 30 September 2024, the current liabilities of the
Group exceeded its current assets by $40,049,000
(31 March 2024: Net current liabilities $39,585,000)
because the loan is a current liability as the debt
facilities will expire on 31 March 2025.
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 Munroe Lane development completed in July 2023,
providing rental income and cash inflows f rom this point;
• 35 Graham Street, Auckland settles on 29 November
2024 at which point the debt will be fully repaid f rom the
proceeds of the sale;
• 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
tenant known 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.
7

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
4. Net Rental Revenue
Unaudited
6 months
30 Sep 2024
$'000
Unaudited
6 months
30 Sep 2023
$'000
Rental revenue comprises amounts received and receivable by the Group for:
Rental charged to tenants in the ordinary course of business2,4312,061
Operating cost recoveries f rom tenants and customers400445
Amortisation of capitalised lease cost adjustments(28)(21)
Straight-line rental revenue*432123
Gross rental revenue3,2352,608
Property operating costs**(1,007)(920)
Net Rental Revenue2,2281,688
* Rental income is recognised on a straight-line basis over the initial lease term.
** Property operating costs represent property maintenance and operating expenses
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2024
$'000
Unaudited
6 months
30 Sep 2023
$'000
Management Fees(457)(536)
Directors' Fees(150)(150)
Auditor's Remuneration (Other Services)(11)(34)
Professional Fees(53)(51)
Other Administration Costs(151)(121)
Total Administration Expenses(822)(892)
Net Finance Costs
Interest and Finance Charges(1,555)(1,205)
Interest Revenue205278
Total Net Finance Costs(1,350)(927)
8

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
6. Income Tax
Major components of income tax expense are:
Unaudited
6 months
30 Sep 2024
$'000
Unaudited
6 months
30 Sep 2023
$'000
Statement of Profit and Loss
Current Tax
Continuing Operations - Current Income Tax Charge--
Current Tax--
Net Deferred Income Tax
Investment Property Building Depreciation-89
Other-13
Adjustment to deferred tax asset (accumulated losses)-(102)
Net Deferred Income Tax--
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income
--
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2024
$'000
Audited
As at
31 Mar 2024
$'000
Deferred Income Tax Assets
Accumulated Tax Losses874874
Gross deferred income tax assets874874
Deferred income tax liabilities
Recoverable Depreciation On Investment Properties(874)(874)
Other--
Gross deferred income tax liabilities(874)(874)
Deferred Taxation--
For the half year ended 30 September 2024 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 2024, resulting in a net nil deferred tax balance sheet position,
in accordance with NZ IAS 12. As at 31 March 2024 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.
9

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
8. Other Financial Assets
Other 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 f reely 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 f rom cash and cash equivalents and presents as other financial assets.
Unaudited
As at
30 Sep 2024
$'000
Audited
As at
31 Mar 2024
$'000
Restricted Cash - Term Deposit Lockbox4,0004,000
Funds Held In Retention1701,320
Total Other Financial Assets4,1705,320
A 'lockbox' amount of $4.0 million is in place as restricted cash to cover the forecast EBITDA shortfall up to a 1.25 times
interest cover ratio. Funds held in retention were released during the period as the Munroe Lane development defects
period ended.
9. Investment Property
The tables below outline the movements in the carrying values for all directly owned investment property:
As at 30 September
2024 (unaudited)
Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Leasing costs
amortisation
$'000
Gain/
(loss) on
revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane116,050116(28)(370)432116,200
Total investment
property
116,050116(28)(370)432116,200
Munroe Lane is measured at fair value as at 30 September 2024. The directors have determined that the external
independent valuation obtained as at 31 March 2024 of $116.2 million remains appropriate as at 30 September 2024 in light
of limited transaction activity in the market and that there is no material change to the property fair value. The fair value was
also adjusted to reflect the straight-line rent accrual and leasing costs amortisation as set out in the table above.
As at 31 March
2024 (audited)
Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Leasing costs
amortisation
$'000
Gain/
(loss) on
revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane118,5564,358794(7,987)329116,050
Total investment
property
118,5564,358794(7,987)329116,050
The independent valuation as at 31 March 2024 was $116.2 million. The fair value reflected $0.15 million of costs to complete.
The fair value was also adjusted to reflect the straight-line rent accrual and the capitalised leasing costs net of amortisation
as set out in the table above.
The valuation of Munroe Lane as at 31 March 2024 was 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.
10

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
10. Properties Held for Sale
The table below outlines the movements in the carrying values for the property held for sale during the period:
As at 30 September 2024 (unaudited)
Property
Opening Balance
$'000
Gain on revaluation
$'000
Disposal
$'000
Closing balance
$'000
35 Graham Street64 ,7432,638-67,381
Total64 ,7432,638-67,381
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 2024 (31 March 2024: 9.0%) which reflects the
assumed weighted average cost of capital. The increase in the fair value is due to the impact of the discount unwind over
the period.
As at 31 March 2024 (audited)
Property
Opening balance
$'000
Gain/ (loss) on
revaluation
$'000
Disposal
$'000
Closing balance
$'000
Stoddard Road36,330-(36,330)-
35 Graham Street61,6603,083-64 ,743
Total97,9903,083(36,330)64 ,743
11. Borrowings
FacilityBankLoan maturity
Unaudited
As at 30 Sep 2024
$'000
Audited
As at 31 Mar 2024
$'000
Working Capital FacilityBNZ31/3/20258,7508,750
Investment FacilityBNZ31/3/202524,22424,224
Total32,97432,974
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
Unaudited
As at 30 Sep 2024
$'000
Audited
As at 31 Mar 2024
$'000
Facility used at reporting date - secured bank loan (BNZ)32,97432,974
Facility unused at reporting date - secured bank loan (BNZ)11,92611,926
Total 44,90044,900
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 loan facilities mature on 31 March 2025 and are classified as a current liability.
11

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
12. Equity
Issued capital and reserves
Unaudited
As at 30 Sep 2024
'000
Audited
As at 31 Mar 2024
'000
Ordinary shares
Number of issued and fully paid shares362,718362,718
Ordinary shares are fully paid and ordinary shares 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 2024
$'000
Unaudited
6 months
30 Sep 2023
$'000
Total Comprehensive Income/(Loss) for the Period2,324(4,719)
Weighted Average Number of Ordinary Shares362,718362,718
Earnings Per Share (Cents) - Basic and Fully Diluted0.64(1.30)
14. Related Parties
Centuria Funds Management (NZ) Limited (formerly Augusta Funds Management Limited) owns the management
contract rights of the Group. The ultimate parent of Centuria Funds Management (NZ) Limited, Centuria Platform
Investments Pty Limited, owns 19.99% of Asset Plus Limited (2023: 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 2024
Fees charged
Unaudited
As at
30 Sep 2024
Fees owed
Unaudited
6 months
30 Sep 2023
Fees charged
Unaudited
As at
30 Sep 2023
Fees owed
Management Fees457231476232
Performance Fees--6060
Property Management Fees43203722
Development Management Fees--7851
Total500251651365
12

Notes to the Interim Condensed
Consolidated Financial Statements
For the six months ended 30 September 2024
15. Commitments and Contingencies
Capital commitments
At the reporting date the Group had no capital commitments (31 March 2024: $nil).
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 2024: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (March 2024: nil).
16. Subsequent Events
On 15 November 2024 the Board resolved that, subject to settlement of the sale of 35 Graham Street successfully settling on
29 November 2024, the Board intends to declare a special distribution of 5 cents per share f rom the net proceeds of that sale.
The Board intends to declare the dividend on 2 December 2024 with payment to be made on 18 December 2024.
13

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

---

26 November 2024

Dear Shareholder,

Throughout the first half of this financial year challenging economic conditions have persisted, however these
have now culminated in the Reserve Bank commencing reductions in the Official Cash Rate (OCR) which we
expect should see conditions stabilise and improve over time. We continue to work towards the company’s key
strategic priorities, being:

• The settlement of 35 Graham Street on 29 November 2024; and
• Leasing the balance of Munroe Lane.

Despite a number of inspections and proposals being made to prospective tenants, securing leasing
commitment has proved very difficult at Munroe Lane. Given the subdued market conditions and current
business confidence levels, we anticipate that leasing will remain challenging over the next 12 months.

The portfolio has not been revalued at half year, given the Board did not believe there had been any material
movement in the Munroe Lane valuation, and the pending settlement of 35 Graham Street.

A $2.32 million profit for the period compares with a $4.72 million loss in the prior corresponding period.
However Adjusted Funds From Operations (AFFO) represented a loss of $0.35 million, down from a $0.23
million loss in the prior corresponding period. Once settlement of 35 Graham Street occurs, and the company’s
debt is fully repaid, the company is anticipated to hold cash reserves of approximately $27 million.

Subsequent to the settlement of 35 Graham Street, the company’s position will be materially different and the
Board has been considering the strategic options and opportunities that are available. In particular, features of
the business will include:

• The 6-8 Munroe Lane property 65% leased to Auckland Council with an 8.9 year WALE;
• The Company will have zero debt;
• Cash reserves of circa $27 million;
• Tax losses of approximately $12 million.

The Board has determined that there are currently no strategic opportunities of sufficient scale, that would be
compelling for shareholders compared to a return of capital to shareholders. Therefore, the Board intends to
apply the majority of these cash reserves to fund a one-off special dividend to shareholders once 35 Graham
Street settles and the sale proceeds are received.

Any subsequent steps to wind the company up, or pivot in a new direction will ultimately require shareholder
approval. Any decisions in this regard are unlikely to occur until such time as further leasing commitment is
secured at Munroe Lane.

In the meantime, the Management team and Board remain focused on delivery of our key objectives. We thank
you again for your continued support and look forward to communicating further with you shortly regarding the
intended special dividend.


Bruce Cotterill
Chairman