Asset Plus Climate Statements

NZX RELEASE
30 July 2025

Asset Plus Climate Statements

Asset Plus Limited (NZX: APL) is pleased to provide a copy of its climate statements for the 12 months
ending 31 March 2025.

A copy of the climate statements is attached and are also available at
https://assetplusnz.co.nz/company-document/

-ENDS-

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Asset Plus Limited
Climate Statements
For the period ending 31 March 2025

Contents
Introduction 4
Governance 6
Strategy 8
Risk management 22
Metrics and targets 24
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Asset Plus Limited Climate StatementsAsset Plus Limited Climate Statements

5
Introduction
Welcome to this report
Asset Plus is an NZX listed property owner which is externally managed by Centuria
Funds Management (NZ) Limited (Centuria NZ) which is a part of the Centuria Capital
Group (Centuria). Centuria NZ reports to the Asset Plus Board and provides shared
service functions. Centuria are also the largest shareholder in Asset Plus, with a 19.99%
stake in the company ensuring a vested interest in the performance of the company,
and alignment of interest between management and shareholders.
Asset Plus' key asset is the Munroe Lane property (Munroe Lane) which it recently
developed, with its other asset held during the reporting period, 35 Graham Street,
unconditionally sold on 29 November 2024. Munroe Lane was designed and built with
a number of sustainability initiatives as part of the development including:
• 5-star Green Star Design and As Built NZv1.0 Design and Built ratings obtained for
the development;
• targeting a 5-star NABERSNZ energy rating – expected to be received in
approximately July 2026
1
;
• all steel waste f rom site has been 100% recycled;
• 81.7% of the total construction waste diverted f rom landfill against a target 70.0%;
• 80% of the sheet piles (equating to 250 tonnes of material) reused f rom gold mines
in the South Island; and
• all materials excavated f rom site have been tested and cleared of contaminants
and repurposed as bulk fill materials for other sites within the area.
Asset Plus confirms that these climate statements comply with the Aotearoa
New Zealand Climate Standards.
Adoption provisions
In preparing these climate statements, Asset Plus has elected to use the following
adoption provisions:
• 2, which exempts Asset Plus f rom required disclosures on anticipated financial
impacts for Asset Plus
• 4, which exempts Asset Plus f rom disclosing scope 3 Greenhouse Gas (GHG)
emissions in respect of Asset Plus
• 6, which permits Asset Plus in its second reporting period to provide one year of
comparative information for metrics
• 7 which exempts Asset Plus f rom disclosing an analysis of the main trends evident
f rom a comparison of each metric f rom its one previous reporting period to the
current reporting period
• 8, which exempts Asset Plus f rom including its scope 3 GHG emissions disclosures
f rom the scope of the assurance engagement.
When reviewing these Climate Statements, readers should consider the important
disclaimer on page 30. These Climate Statements are based on Asset Plus’ current
assessment of climate-related risks and opportunities and contain forward-looking
statements which are subject to risks, uncertainties and assumptions. These forward-
looking statements should not be relied upon as an indication or guarantee of future
performance.
1. As Munroe Lane’s occupancy is currently less than 75% the rating cannot be obtained any earlier than two years
following the issue of the Code Compliance Certificate for the development at Munroe Lane.
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Governance
Objective: To enable primary users to understand both the role Asset Plus’ governance
body plays in overseeing climate-related risks and climate-related opportunities, and
the role management plays in assessing and managing those climate-related risks and
opportunities.
Board oversight
The Board of Asset Plus (Board), which meets at least six times a year, is ultimately responsible for overseeing
climate-related risks and opportunities in respect of Asset Plus.
Ahead of each meeting, the Board receives a report on each of Asset Plus’ properties that communicates
material risks identified by management relating to those properties as well as providing commentary on the
management of material risks. In FY25, no specific climate-related risks were reported to the Board as no short
to medium term material risks were identified. Centuria NZ, as manager, is required to continue to monitor
climate-related risks and opportunities, and to include updates, where identified and considered to be material
by management, in all reporting to the Board.
The Board is supported by an Audit and Risk Committee (ARC), on which three directors sit. The ARC meets three
times a year to, amongst other things, review all material risks across Asset Plus (including any climate-related
risks identified), and consider the mitigation strategies for management of those risks.
As Asset Plus has previously announced, its current strategy reflects that, following settlement of the sale of 35
Graham Street in late November 2024, its remaining real estate asset is the property at 6-8 Munroe Lane, Albany,
Auckland (Munroe Lane). As a result, its strategy focuses on leasing the balance of 6-8 Munroe Lane, Auckland,
with a sale of Munroe Lane to be considered following such leasing. Climate related risks and opportunities are
therefore not currently a material consideration in setting its strategy.
To ensure the Board has access to the appropriate skills and competencies to oversee climate-related risks and
opportunities, internal expertise (such as Centuria’s Sustainability Team) and external specialists (such as climate
consultants) are available as required.
Asset Plus has no employees as Centuria NZ is the manager. Therefore, there are no performance metrics
incorporated into remuneration policies. The management fees paid to Centuria NZ under the management
agreement between Asset Plus and Centuria NZ do not incorporate any performance metrics regarding climate
risks or opportunities.
The role of the manager
Last year, Centuria NZ's management team was
involved in the identification of climate-related
risks and opportunities across three climate-
related scenarios. The management team
continues to monitor the impact of those climate-
related risks and opportunities for Asset Plus.
The identification of climate-related risks and opportunities
was completed through a risk and opportunity workshop (see
page 12 for details) facilitated by Centuria’s Group Manager
of Sustainability, in conjunction with an external specialist
consultant. Member’s of Centuria NZ’s Asset Plus management
team were actively involved in this process.
Centuria NZ’s Asset Plus management team meets with the
Board at least six times a year and additionally as required.
Each month Centuria NZ’s Asset Plus Steering Committee
meets to discuss key issues and risks relating to Asset Plus. The
Asset Plus Steering Committee is attended by employees of
Centuria NZ responsible for managing Asset Plus, including
its dedicated Fund Manager, the Centuria NZ Chief Operating
Officer (who is responsible for financial matters for Asset Plus)
and Centuria NZ’s General Counsel and Company Secretary
as well as other key staff f rom Centuria NZ who are involved
in the management of Asset Plus. Any climate related risks
and opportunities identified are discussed at this Steering
Committee.
In addition, the Centuria NZ SMT and the asset management
team meet monthly, providing another routine forum to
monitor asset specific climate-related risks and opportunities.
Asset Plus Limited Board of
Directors
Audit and Risk Committee
Centuria NZ's management
team for Asset Plus
Centuria NZ CEO, Asset Plus Fund
Manager and Asset Plus CFO
Centuria NZ's Asset Plus
Steering Committee
Meetings attended by key Centuria
staff involved with the management
of Asset Plus to discuss key
matters relating to Asset Plus,
including climate-related risks and
opportunities
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Strategy
Objective: To enable primary users to understand
how climate change is currently impacting
Asset Plus and how it may do so in the future.
This includes the scenario analysis Asset Plus
has undertaken, the climate-related risks and
opportunities identified, the anticipated impacts
and financial impacts of these, and how Asset
Plus will be positioned as the global and domestic
economy transitions towards a low-emissions,
climate-resilient future.
Scenario planning
Last year, Centuria NZ worked to identify Asset Plus’ climate-
related risks and opportunities against three future climate
scenarios. Guided by the International Financial Reporting
Standards (IFRS) and the Taskforce on Climate-related Financial
Disclosures (TCFD) recommendations as shown below, the
business created three future climate scenarios, which served
as a foundation for identifying climate-related risks and
opportunities, assessing impacts on Asset Plus and shaping our
disclosures.
Asset Plus acknowledges the uncertainty and limitations
involved in using future climate scenarios and Asset Plus’
assessment of their climate-related impacts. The uncertainty
may impact Asset Plus’ projections and risk and opportunity
identification. Asset Plus acknowledges that scenario analysis
is an evolving practice and its approach to scenario analysis
may change over time. Asset Plus aims to review its scenarios
and scenario analysis when new, materially significant content
becomes available, such as the release of the next iteration of
the IPCC Assessment Report.
Asset Plus' scenario
analysis approach
(guided by the
IFRS and TCFD
recommendations)
Asset Plus has adopted the
climate scenarios used by
Centuria and Centuria NZ as part
of the scenario analysis process.
1.
Ensure
governance
is in place.
2.
Assess
materiality of
climate-related
risks.
3.
Identify and
define range
of scenarios.
4.
Evaluate business
impacts.
5.
Indentify potential
responses.
6.
Document
and disclose.
What is scenario analysis?
A process for identifying and
assessing a potential range of
outcomes of future events under
conditions of uncertainty.
Our process between step 3 and 4 is:
1. Seek to assess how the world could possibly
change by 2050.
Assess how the world could potentially change by
2050 based on the three Asset Plus future climate
scenarios: Sustainability 1.5°C; Middle of the road
2-3°C; Regional rivalry >3°C.
2. What risks and opportunities might arise
between now and 2050?
Centuria’s business leaders and management
identified the risks and opportunities in a risk and
opportunity workshop that might arise between
now and 2050 for the three future climate scenarios,
including those which might appear before 2030.
3. Determine Centuria’s climate-related risks and
opportunities
Approximately 450 climate-related risks and
opportunities identified in the risk and opportunity
workshop were synthesised into Centuria's climate-
related exposures. The climate-related exposures were
used to assess the potential business impact of the
relevant risks and opportunities for Asset Plus.
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Sustainability
1.5°C | SSP1-RCP1.9
Middle of the road
2-3°C | SSP2-RCP4.5
Regional rivalry
>3°C | SSP3-RCP7.0
Society-driven changes result
in reduced consumption and
rapid decarbonisation, a greater
focus on wellbeing, improved
nature outcomes and higher
ESG expectations for companies
and governments. The worst
impacts of climate change are
avoided, although extreme
weather events are more
common compared to what we
experience today.
Continuation of current
socio-economic trends and
economic growth, along with
rapid decarbonisation of the
economy. There is a clear
national policy context, a
price on carbon, and high ESG
expectations for corporates. As
temperatures rise, the severity
of climate change impacts from
weather events continue to
increase.
Breakdown in global
collaboration towards climate
change results in protectionism,
inequality and breakdowns in
global supply chains. Extreme
weather events become more
frequent and severe which,
along with a growing global
population, place intense
pressure on energy, food and
natural resources.
2100 temperature changeLess than 1.5°C2-3°CMore than 3°C
IPCC scenarioSSP1-RCP1.9SSP2-RCP4.5SSP3-RCP7.0
Peak emissions year202520302075
Net zero by20802100N/A
2100 population7-8 billion9-10 billion10-12 billion
2100 sea level rise0.5 metres0.6 metres0.7 metres
2050 net forest lossN/A1%4%
Global consumptionStrong decreaseNo change to current settings
Short term increase, long term
decrease
Global collaborationStrong increaseNo change to current settingsStrong decrease
Climate policyStrong increase in ambitionGradual increase in ambitionStrong decrease in ambition
2050 cost of carbon (USD)>$100/tonne$40/tonne<$20/tonne
Nature based carbon sequestrationSignificantModerateLimited
Technology change
High change including
advancements in negative
emissions technologies
Balanced and gradual change
including selective deployment of
negative emissions technology
Slow change with a focus on
resiliency
Asset Plus’ climate
scenarios
The three scenarios developed
are long-term scenarios with
a timef rame of 2050 and
include:
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Asset Plus’ scenarios have been developed using
the latest science f rom the Intergovernmental
Panel on Climate Change (IPCC): the peak global
body for assessing the science related to climate
change. For the last 20 years, the IPCC has released
Assessment Reports every 5-7 years containing
significant research on climate change, based on the
consensus of hundreds of climate scientists. As part of
the Assessment Reports, the IPCC releases updated
future climate scenarios developed by scientific,
economic, technological and policy experts, which set
the global standard for climate scenarios. Currently
the scenarios are based on Shared Socioeconomic
Pathways (SSPs) and Representative Concentration
Pathways (RCPs), which provide socioeconomic
and emissions projections respectively. The IPCC's
baseline scenarios are Sustainability, Middle of the
road, Regional rivalry, Inequality and Fossil-fuelled
development. Asset Plus has adopted the IPCC
scenario names for its climate scenarios. Modelling
has not been undertaken for the scenarios.
The scenario analysis has built upon the AR6 IPCC
climate scenarios to enable further regional and
sectoral specificity. Additionally, scenario data
was selected f rom other sources, including the
International Energy Agency (IEA) and the Network
for Greening the Financial System (NGFS), in order
to complement the IPCC scenarios. These additional
sources have utilised the IPCC data and are aligned
with the IPCC RCP and SSP scenarios – providing
data on topics such as national gross domestic
product (GDP), energy efficiency and materials
decarbonisation. This approach has enabled Asset Plus
to develop scenarios that provide information relevant
to our operating environment, allowing us to better
identify the climate-related risks and opportunities
that the business may face in the future.
The climate scenario ‘Middle of the road’ is expected
to test Asset Plus’ exposure to the continuation of
existing trends (2-3 degrees), the ‘Sustainability’
scenario is expected to test exposure to high climate-
related transition risk e.g. exposure to future potential
mandated carbon taxes (1.5 degrees), and the
‘Regional rivalry’ scenario is expected to test exposure
to high levels of climate-related physical risk e.g. sea
level rise (>3 degrees).
The climate scenarios were reviewed and endorsed by
the Board in FY24. There have been no changes to the
scenarios since being presented in FY24.
Risk and opportunity
identification
Once the climate scenarios were adopted, various
Centuria and Centuria NZ staff were engaged to gain
diverse perspectives and inputs through a risk and
opportunity workshop. The scenario analysis approach
for climate-related disclosures is a standalone analysis
which was reviewed by management and then
presented to the Board for approval.
Prior to their attendance at the risk and opportunity
workshop, participants completed a materiality
survey. This survey required the participants to
consider and rate a range of ESG issues in terms
of their potential impacts on the resilience of the
business. The results provided insight into the ESG
issues considered most important by the business
and generated a shortlist of 30 ESG material issues
which were discussed at a high level for each
scenario during the workshop. This process aimed to
demonstrate how materiality may change over time
within each scenario, assisting with the identification
of climate-related risks and opportunities.
The risk and opportunity workshop was delivered to
Centuria’s group-wide senior and middle managers,
including the entire Centuria Senior Executive
Committee and members of Centuria NZ’s senior
management team.
Participants were introduced to the concept
of climate-related scenario analysis, gaining an
understanding of how this approach could enhance
resilience under a range of potential future climate
states. From there, they were shown videos describing
each of the three scenarios, including indicators of
change and a qualitative narrative for each one. The
Network for Greening the Financial System (NGFS)
and IPCC data were utilised across all scenarios to
provide direct comparisons, including temperature
increase, cost of carbon by 2050, peak emissions year,
GDP per capita, population change and inequality.
Armed with these insights, participants were then
asked to do a deep dive into the three scenarios,
considering how each one could impact Centuria's
market, products and capabilities, supply chain,
operations, reputation and brand during an
individual brainstorm. After each session, participants
worked together to combine individual risks and
opportunities by common theme and prioritised
them based on the likelihood of them emerging as a
material issue over the next 10 years.
Following the workshop, approximately 450
individual climate-related risks and opportunities
were synthesised into Centuria's Climate-Related
Exposures (CREs). Centuria’s CREs were considered
by Centuria NZ for Asset Plus. Those CREs were then
used to assess the potential business impact of the
relevant risks and opportunities for Asset Plus.
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Climate-related exposures (CREs)
Through Centuria’s risk and opportunity workshop, Centuria
NZ management identified relevant physical and transitional
CREs. The CREs capture the current understanding of both
the risks and opportunities that Asset Plus may be exposed
to in the short (0-2 years), medium (3-10 years) and long term
(>10 years). These are:
CREDescription Category
Risk/opportunity:
Transitional
Changing regulatory
requirements
Addressing changing regulatory obligations
amid shifting climate policies and incentives.
Policy
Cost of carbon
How the introduction of a mandatory price on
carbon could affect Asset Plus' property and
operations.
Policy
Demand for
sustainable and
resilient assets
Ensuring that Asset Plus' property focuses on
and delivers environmental performance and
climate resilience in a world affected by climate
change.
Market
CREDescription Category
Reputation and
stakeholder
expectations
The changing expectations of tenants as the
economy transitions to address the impacts of
climate change.
Reputation
Risk/opportunity: Physical
Physical climate
change impacts
Physical climate change impacts on Asset Plus’
property, operations and markets, including
insurance.
Acute or
chronic
physical risk
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Business impact
Once the CREs had been identified, a Business Impact Workshop
was held with a range of managers and employees f rom Centuria
NZ in March 2024. The goal - to test the CREs for their potential
impact to the business model and strategy for the various entities
managed by Centuria NZ, including Asset Plus.
Participants were split into groups to assess a variety of real estate
sectors, including the office sector. This allowed management
to identify key impacts on the office sector, before undertaking
further work to consider impacts on Asset Plus’ property at
Munroe Lane. Impacts on Asset Plus property at 35 Graham Street,
Auckland were not considered as it has been unconditionally sold
with settlement occurring in November 2024.
The group considered the office sector’s exposure to the CREs
based on the approach in ISO 31050 Risk Management -
Guidelines for managing an emerging risk to enhance resilience.
For each exposure, participants analysed:
• whether the CRE was primarily a risk or opportunity.;
• the current expected business impact f rom the CRE;
• the anticipated business impact f rom the CRE and the time
horizon during which the anticipated impact would likely
occur; and
• the mitigation measures that could be applied to reduce the
anticipated impact of potential future risks or enhance the
anticipated impact f rom future potential opportunities.
Time horizons - CREs
CREDescription
Short
(0-2 years)
Aligns with the immediate strategic
planning priorities for Asset Plus’ assets
including leasing, capital expenditure
and debt management.
Medium
(3-10 years)
Aligns with typical lease terms, asset
hold periods, capital expenditure and
financial modelling horizons.
Long
(greater than 10 years)
Aligns with major development or
capital expenditure life cycle planning.
Results of the business impact workshop in respect of Asset Plus
are overleaf.
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CRE
Physical/
transitionDescription
Opportunity/
risk Time horizonCurent business impactAnticipated business impactPotential future mitigation
Changing regulatory
requirements
TransitionAddressing changing
regulatory obligations amid
shifting climate policies and
incentives.
Medium termNo current material impact. Increased cost to meet compliance
requirements, some of which may be
recoverable f rom tenants. Sale and
leasing of space in the medium term
may be contingent on meeting increased
compliance requirements which may result
in pressure on Asset Plus’ performance due
to higher capital costs.
Implement utility monitoring, engage
consultants, and allocate capital for effective
management. Take a proactive approach
to asset compliance and enhance ESG
performance against local and international
trends.
Cost of carbonTransitionHow the introduction of a
mandatory price on carbon
could affect Asset Plus’
property and operations.
Medium – long termNo current material impact.In the medium to long term, increasing
operating costs borne by tenants and
reduced demand for space may affect the
ability to lease Munroe Lane. Demand for
assets with high energy efficiency over new
developments may be favoured due to an
increased cost of carbon affecting the cost
and viability of new developments.
Continue to enhance energy efficiency.
Focus on continuing to be powered by the
equivalent of 100% renewable energy for
building energy loads.
Demand for sustainable and
resilient assets
TransitionEnsuring that Asset Plus’
property focuses on and
delivers environmental
performance and climate
resilience in a world affected
by climate change.
Short – medium termNo current material impact.Increased tenant and investor demand
for sustainable and resilient assets and
decreased demand for those with poorer
performance, leading to increased
vacancies and the need for enhancements
or repurposing.
Maintain and enhance Munroe Lane’s
ESG performance, including the target 5
Star NABERSNZ energy rating. Continue
engaging with stakeholders regularly to
ensure that Munroe Lane reflects existing
and emerging demands.
Reputation and stakeholder
expectations
TransitionThe changing expectations
of tenants as the economy
transitions to address the
impacts of climate change.
Short – medium termNo current material impactTenants and investors’ expectations
for high ESG performance continue to
increase. Failure to meet these changing
expectations could lead to reputational
impacts and difficulty retaining tenants.
Engage with tenants and investors to
understand emerging expectations. Further
develop manager expertise to ensure that
stakeholder expectations are understood
and addressed sufficiently.
Physical climate impactsPhysicalPhysical climate change
impacts on Asset Plus’
property, operations
and markets, including
insurance.
Medium – long termNo current material impactIncreasing f requency and severity of
extreme weather events may affect asset
values and cost and availability of insurance,
while also impacting tenant business
continuity.
Conduct climate risk due diligence and
invest in enhancing physical climate
resilience where necessary and practicable.
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Financial impact
As there are no current physical or transitional business impacts
associated with the CREs, there is no current material financial
impact for Asset Plus this financial year.
As outlined in the introduction of this report, Asset Plus has
elected to use Adoption Provision 2 f rom the Aotearoa New
Zealand Climate Standard 2 and has therefore not assessed the
anticipated financial impacts of the CREs reasonably expected to
occur.
Transition plan aspects of our
strategy
Asset Plus’ current business model and strategy focuses on
leasing the balance of its property at 6-8 Munroe Lane, Auckland
(Munroe Lane), with a sale of Munroe Lane to be considered
following such leasing. Asset Plus’ consideration of the climate-
related exposures and relevant business impacts is expected to
help position Asset Plus for a low-emissions, climate-resilient
future.
Asset Plus does not have any targets in place to use to develop
a transition plan. Munroe Lane has achieved a range of
sustainability outcomes that lead to a reduction in greenhouse
gas emissions including:
• 5-star Green Star Design and As Built NZv1.0 Design and Built
ratings
• no gas for the base building or tenant services;
• no diesel for the base building or tenant services other than in
back-up generators and fire sprinkler systems; and
• 100% renewable energy provided for all base building services.
Internal capital deployment and funding
decision making
As part of the annual budget process for Asset Plus, Centuria NZ
management considers whether capital needs to be budgeted
for initiatives related to climate-related risks and opportunities.
Details on the decisions made around this capital allocation in
FY25 can be found in the table on page 25.
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When assessing risks, a qualitative approach is used,
which describes the likelihood of a risk occurring and
the magnitude of any potential consequences.
Using these assessment mechanisms, Asset Plus
follows the same process to assess all risks:
• Identify the risk.
• Determine the inherent risk rating (before
consideration of mitigating controls).
• Identify the controls and mitigation strategies.
• Rate the adequacy of these controls.
• Determine the residual risk rating (after controls).
• Determine whether to transfer, avoid, implement
further controls (risk treatment) or accept the
residual risk having regard to the Board’s risk
tolerance.
• Monitor and review all material risks.
As outlined on page 16, Asset Plus’ time horizons are
short (0-2 years), medium (3-10 years) and long-term
(greater than 10 years).
Role of the ARC
As discussed in the Governance section, the
Asset Plus ARC assists the Board in meeting its
responsibilities regarding risk management. The ARC
is responsible for considering and reviewing what
risks are material to Asset Plus and considers the
mitigation strategies for management of those risks.
Following consideration at ARC meetings, Asset Plus’
risk register is then considered at Board meetings.
Risk management
Physical risk assessments
In FY24, Centuria NZ introduced a revised approach to assessing physical climate-related risks. Assessments utilise
climate data provided by ClimSystems through their Climate Insights platform and modelling methods consistent
with IPCC protocols. Asset Plus’ property at Munroe Lane has been assessed for physical exposure to climate
change across the following categories using downscaled Global Climate Model (GCM) and where available,
Regional Climate Model (RCM) projections:

River flood

Extreme rainfall

Sea level rise

Water scarcity

Wildfire

Heat stress

Cold spell

Windstorm
Objective: To enable primary users to understand how Asset Plus’ climate-related risks
are identified, assessed and managed and how those processes are integrated into
existing risk management processes.
Integration into risk management processes
The processes detailed above are applicable to all material risks identified and considered by management,
including CREs with risks prioritised depending on their materiality. Asset Plus utilises Centuria NZ’s processes for
assessing the environment and climate-related physical risks (as discussed above) for Asset Plus’ assets.
In the last reporting period, Asset Plus identified its current view on CREs and those CREs were integrated into
reporting to the Asset Plus ARC and Board where material. These risks will be addressed in the same way as other
risks.
Describing each material risk identified and Asset Plus and Centuria NZ’s approach to
managing these risks through Asset Plus’ Material Risk register.
Listing the policies and procedures that deal with risk management matters.
Summarising the role and responsibilities of the risk management function.
Describing the risk governance relationship between the Board and Centuria NZ
management with respect to the Risk Management Framework.
Outlining the approach to seek to ensure all persons within Centuria NZ have awareness
of the Risk Management Framework and instilling an appropriate risk culture across
Centuria NZ.
The process applied to managing risks through our Management Framework includes:
Identifying, assessing and
managing climate-related
risks
Asset Plus recognises that effective risk
management can not only help it to avoid
undesirable outcomes but can also enable it to
achieve its strategic objectives and goals. Asset
Plus relies on Centuria NZ’s Risk Management
Framework. This Framework has been
implemented across the Centuria NZ business to
assist in identifying and managing material risks,
managing capital and ensuring risk informed
decision making. By adhering to this f ramework,
Centuria NZ seeks to ensure that material risks
can be understood, measured and reported
to the Asset Plus Board, and that Centuria NZ
manages risk to remain within the Asset Plus
Board’s set parameters.
Centuria NZ has adopted the following risk
management process, which is consistent with
the AS/NZS ISO 31000 Risk Management –
Principles and guidelines:

Risk assessment
Establish the context
Risk identification
Risk analysis
Risk evaluation
Risk treatment
Monitoring and review
Communication and consultation
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Metrics and targets
Objective: To enable primary users to understand how Asset Plus measures and
manages its climate-related risks and opportunities. Metrics and targets also provide a
basis upon which primary users can compare entities within a sector or industry.
Metrics
GHG emissions and reporting
boundary
Asset Plus’ GHG emissions have been measured and
reported through the application of the standards set
under the Australian National Greenhouse and Energy
Reporting Act (2007) and its definition of operational
control:
The corporation has the authority to introduce
and implement any or all of the following for
the facility: operating policies, health and safety
policies, environmental policies. If two or more
persons satisfy the requirements, the person
with the greatest authority to introduce and
implement policies has operational control.
This is closely related to the GHG Protocol definition:
A company has operational control over
an operation if the former or one of its
subsidiaries has the full authority to introduce
and implement its operating policies at the
operation.
Asset Plus has adopted the approach taken by
Centuria NZ to ensure the consistent measurement of
GHG emissions across the various entities managed by
Centuria NZ.
Centuria NZ calculates emissions by collecting
energy consumption data for scope 1 and 2 sources
in accordance with Centuria’s scope 1 and 2 basis
of preparation. The GHG emission consolidation
approach used is operational control. Quantities are
multiplied by the appropriate emissions factors f rom
the New Zealand Ministry of Environment emissions
factors.
Asset Plus has used electricity data f rom utility invoices
when reporting scope 1 and 2 GHG emissions across its
assets.
There are expected to be minimal uncertainties in
quantifying GHG emissions as actual data has been
sourced. The basis of preparation linked above outlines
our estimation approach.
As outlined in the introduction of this report, Asset Plus
has elected to use Adoption Provision 4 and 8 f rom the
Aotearoa New Zealand Climate Standard 2, excluding
scope 3 emissions f rom Asset Plus’ reporting and
assurance.
Metrics to measure and manage
climate-related risks and
opportunities
Based on the CREs identified during FY24, Asset Plus
and Centuria NZ have assessed and identified metrics
that can be quantified to measure and manage
climate-related risks and opportunities.
Quantifiable indicators for assessing transitional risk
and opportunity include gas or diesel equipment
(excluding backup generators) in assets Asset Plus
owns as well as tenant metering.
Gas and diesel
Assets that are owned by Asset Plus that have gas
or diesel equipment (excluding back-up generators)
are vulnerable to the Centuria transition risk ‘cost of
carbon’. By assessing whether the asset has gas or
diesel fuel powered equipment, Asset Plus seeks to
manage potential vulnerability to this exposure.
Tenant metering
Tenant energy and water metering and submetering
is an industry-based metric relevant to Asset Plus
given the metering of tenant emissions will improve
the accuracy of potential future scope 3 emission
reporting.
Climate-related metrics
Asset Plus uses the below metrics to measure and manage climate-related risks and opportunities.
Metric
Unit of
measurement
FY24FY25
Total Scope 1tCO2e5
0.5
Fuel combustion tCO2e0
0.5
Ref rigerants
*
tCO2e5
0
Scope 2 (location based)tCO2e23
38.6
Total emissions (Scope 1 & 2)tCO2e28
39.1
Net lettable area (m2)m215,111
15,111
GHG emissions intensity (Scope 1 & 2)tCO2e/m20.0019
0.0026
*Ref rigerant carbon emissions are zero in FY25, based on measured ref rigerant leakage rather than the approximation method used in FY24. Please refer to
the Basis of Preparation for further details on the approximation method.
Description FY24
*
FY25
*
Capital deployment towards climate-related risk and
opportunity initiatives ($ NZD)
$166,500$18,000
ESG initiatives related to capital deployment5 star Green Star
Design rating, energy
monitoring through
Beca Btune Service
Subscription, renewable
energy contract in place.
5 star Green Star
Design rating, energy
monitoring through
Beca Btune Service
Subscription, renewable
energy contract in place.
Gas and diesel equipment onsite, including tenants
(excluding backup diesel generators)
Yes.Yes.
Percentage of tenants that are separately metered or
submetered for grid electricity consumption
100%100%
Percentage of tenants that are separately metered or
submetered for water withdrawals
100%100%
Proportion of energy procured f rom an electricity retailer
certified as 100% renewable during the financial year
Yes. 6-8 Munroe Lane
was approximately
powered by 93%
renewable energy.
100%
Assets with Green Building certifications (Green Star,
NABERS NZ or WELL)
5 Star Green Star Design
Design & As Built NZv1.0
Built rating
5 Star Green Star Design
& As Built NZv1.0 Design
rating
Diesel backupYes.Yes.
Diesel sprinkler pumpYes.Yes.
*The above reflects 6-8 Munroe Lane, 35 Graham Street was vacant and sold in the FY25 period
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Transition risks
Munroe Lane is considered vulnerable to the
transition risks identified in the CREs on pages 14
and 15, however Asset Plus has not identified any
current material business impacts associated with the
vulnerability.
Physical risks
The physical risk assessment completed on Munroe
Lane (as discussed on page 23) indicates there are
no current material impacts f rom physical climate-
related risks. Asset Plus will continue to monitor
physical risk exposure over the medium to long term
horizon.
Climate-related opportunities
Munroe Lane is aligned with the climate-related
opportunities identified in the CREs on pages 14 and
15. Asset Plus will continue to explore possibilities
for Munroe Lane to benefit f rom the opportunities
identified in the short to medium term.
Internal emissions price
The Emissions Trading Scheme requires applicable
emitters to surrender one ‘emissions unit’, known
as a New Zealand emissions unit (NZU), to the
Government for each tonne of carbon they emit.
Asset Plus is not a participant in New Zealand's
Emissions Trading Scheme and are not obliged to
surrender NZUs in relation to its emissions.
At this stage, an internal price of carbon has not been
finalised for Asset Plus.
Management remuneration
As mentioned on page 6, there are no direct
employees for Asset Plus, therefore there is no
management remuneration linked to climate-
related risks and opportunities. The management
fees paid to Centuria NZ under the management
agreement between Asset Plus and Centuria NZ do
not incorporate any performance metrics regarding
climate risks or opportunities.
Targets
As discussed on page 21, Asset Plus does not have any
targets in place to manage climate-related risks and
opportunities. Munroe Lane has achieved a range of
sustainability outcomes that lead to a reduction in
greenhouse gas emissions which are listed on page 21.

1 Opportune


Independent Limited Assurance Report on the Greenhouse Gas (GHG)
Disclosures
To the investors of Asset Plus Limited
Our conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the GHG Disclosures within the scope of our
engagement (as outlined below), of Asset Plus Limited (the Scheme), for the year ended 31 March
2025, are not fairly presented and are not prepared, in all material respects, in accordance with the
Aotearoa New Zealand Climate Standards (NZ CSs) issued by the External Reporting Board (XRB).
Scope of our engagement
We have undertaken a limited assurance engagement in relation to the GHG Disclosures as required
by Part 461ZH of the Financial Markets Conduct Act 2013, for the Scheme, for the year ended 31
March 2025.
GHG Disclosures Reference page
Greenhouse gas (GHG) emissions: gross emissions in metric tonnes of carbon
dioxide equivalent (CO2e) classified as:
• scope 1;
• scope 2 (calculated using the location-based method);
25
Additional requirements for the disclosure of GHG emissions 24
GHG emissions methods, assumptions and estimation uncertainty 24
Our assurance engagement does not extend to any other information included, or referred to, in the
Climate Statement on pages 1 to 23 and 26 to 27. The comparative information for the year
ended 31 March 2024 is not covered by our assurance conclusion. We have not performed any
procedures with respect to the excluded information and, therefore, no conclusion is expressed on
it.
Emphasis of matter
We draw attention to the disclosure on page 24 which explains how the operational control
approach has been used to define the emissions and reporting boundary. In our opinion this is a
fundamental matter for users to understand how the GHG Disclosures have been prepared and
presented. Our assurance conclusion is not modified in respect of this matter.
Other matter – comparative information
The comparative GHG emissions for the year ended 31 March 2024 have not been subject to
assurance. As such, these disclosures are not covered by our assurance conclusion.
Responsibility of the Manager
Centuria Funds Management (NZ) Limited (the “Manager”), on behalf of the Scheme, is responsible
for the preparation and fair presentation of the GHG Disclosures in accordance with NZ CSs. This
responsibility includes the design, implementation and maintenance of internal control relevant to
the preparation of GHG Disclosures that are free from material misstatement, whether due to fraud
or error.
Inherent Uncertainty
26
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3 Opportune

and Assurance Standards Board, which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour.
Our firm does not perform any other non-audit services for the Scheme or Manager.
The firm applies Professional and Ethical Standard 3: Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance Engagements issued by the New
Zealand Auditing and Assurance Standards Board, and accordingly maintains a comprehensive
system of quality management including documented policies and procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements.
Use of Report
Our assurance report is made solely to the investors of the Scheme in accordance with the terms of
our engagement. Our work has been undertaken so that we might state to the investors of the
Scheme those matters we have been engaged to state in this assurance 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 investors of the Scheme for our work, for this assurance report, or for the
conclusions we have reached.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Scheme GHG Disclosures for the year ended 31
March 2025 are not prepared, in all material respects, in accordance with the requirements of the
NZ CSs.



Andrew Douglas 22 July 2025
Director
Opportune
New Zealand






2 Opportune

GHG emissions quantification is subject to inherent uncertainty because of incomplete scientific
knowledge about the measurement of GHGs as well as the measurement uncertainty used to
quantify emissions within the bounds of existing scientific knowledge.
Our Responsibility
Our responsibility is to express a conclusion on the GHG Disclosures based on the procedures we
have performed and the evidence we have obtained. We have conducted our engagement in
accordance with New Zealand Standard on Assurance Engagements 1: Assurance Engagements over
Greenhouse Gas Emissions Disclosures (NZ SAE 1) and the International Standard on Assurance
Engagements (New Zealand) 3410, (ISAE (NZ) 3410): Assurance Engagements on Greenhouse Gas
Statements, issued by the XRB. These standards require that we plan and perform this engagement
to obtain limited assurance about whether the GHG Disclosures are free from material misstatement
in accordance with NZ CSs.
We are not permitted to be involved in the preparation of the GHG information as doing so may
compromise our independence.
Summary of work performed
Our limited assurance engagement involved assessing the risks of material misstatement whether
due to fraud or error, responding to the assessed risks as necessary in the circumstances, and
evaluating the overall presentation of the GHG Disclosures.
The procedures we performed were based on our professional judgement and included enquiries,
observation of processes performed, inspection of documents, analytical procedures, evaluating the
appropriateness of quantification methods and reporting policies, and agreeing or reconciling with
underlying records. In undertaking our limited assurance engagement on the GHG Disclosures, we:
- Assessed the Scheme organisational boundary and operational boundary, as per the Basis of
Preparation, including the applicability of the emissions measurement standard (Australian
National Greenhouse and Energy Reporting Act 2007);
- Through enquiries, obtained an understanding of the control environment relevant to emissions
quantification and reporting;
- Assessed the completeness of emissions through enquiries and analysis of supporting
documents
- Evaluated whether the emissions measurement methods, including estimates, had been
consistently applied;
- Tested a limited number of items to, or from, supporting records, as appropriate;
- Assessed a limited number of emission factor sources and reperformed a limited number of
emissions calculations for mathematical accuracy;
- Assessed the presentation and disclosure of the GHG Disclosures
The procedures performed in a limited assurance engagement vary in nature and timing from, and
are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance
that would have been obtained had a reasonable assurance engagement been performed.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements of Professional and
Ethical Standard 1: Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing
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These climate statements in respect of Asset Plus Limited is signed on behalf of the Board by:
Bruce Cotterill, Chairman Carol Campbell, Director
Date: 29 July 2025
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Asset Plus Limited Climate Statements Metrics and targetsMetrics and targets Asset Plus Limited Climate Statements
Disclaimer
This report is issued by Asset Plus, summarising Asset Plus' assessment of future climate-related risks and opportunities
which could affect its business and customers, and its resulting strategy. Asset Plus has taken all due care in preparing
this report, including its scenarios and assumptions. The information in this report has been obtained from and based on
sources believed by Asset Plus to be reliable.
This Report contains statements that are, or may be deemed to be, forward looking statements, including climate-related
goals, targets, pathways, ambitions, guidance, forecasts, estimates, prospects, related risks and opportunities, as well as
Asset Plus’ current planning to address related risks. Forward looking statements can generally be identified by the use of
forward looking words such as 'anticipate', 'estimates', 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or
similar expressions. The nature of forward looking statements require Asset Plus to make assumptions that are subject to
inherent risks and uncertainties, many of which are beyond its control and give rise to the possibility that its predictions,
expectations or conclusions will not prove to be accurate, that its assumptions may not be correct, and that its objectives,
targets, and strategies to mitigate and adapt to climate-related risks and opportunities will not be achieved. These forward
looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of
future performance. No independent third party has reviewed the reasonableness of any such statements or assumptions.
To the maximum extent permitted by law, Asset Plus and Centuria NZ make no representation or warranty, express or
implied, as to the accuracy, completeness, timeliness or reliability of the contents of this report. Further, to the maximum
extent permitted by law, Asset Plus and Centuria NZ do not accept any liability (including, without limitation, any liability
arising from fault or negligence) for any loss whatsoever arising from the use of this report or its contents or otherwise
arising in connection with it.

assetplusnz.co.nz