Annual Financial Result

NZX release
Annual Financial Result
22 May 2026

• Total loss after tax of $3.16 million, against a $5.70 million loss in the previous year.
• FFO of $3.18 million profit, against FFO of $0.53 million in the prior year.
• AFFO of $0.17 million profit against $0.53 million in FY25.
• Aderant Lease commenced across half of Level 6, Munroe Lane in February 2026.

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2026,
reporting a total loss of $3.16 million, against a $5.70 million loss in the previous year. The losses in
both FY26 and FY25 were primarily driven by broadly equivalent revaluation losses, however the FY26
Funds from Operations (FFO
1
) was higher by $2.65 million.

Adjusted Funds from Operations (AFFO
1
) represented a profit of $0.17 million, against a $0.53 million
profit in the prior period. While FFO increased by $2.65 million, the AFFO in FY26 includes $3.01
million of leasing costs and incentives incurred.

Key points:
• Portfolio occupancy of 75.6%
2
, up from 65.0% in the previous year due to leasing at Munroe
Lane.
• WALE of 9.4 years up from 9.0 years in the previous year driven by leasing activity.
• The fair value of Munroe Lane now stands at $105.5 million.
• Net tangible assets (NTA) of 30.7 cents per share (cps), reduced from 32.4 cps in the previous
year driven by the unrealised fair value revaluation loss of $7.43 million.

Munroe Lane
The Munroe Lane valuation has reduced to $105.5 million from $107.0 million. The key drivers of the
valuation movement across the year were a softening in both the capitalisation and discount rates.
In addition to the leasing incentives and costs incurred during the year, we have completed further
partial fit out works providing some turnkey leasing solutions on some of the vacant tenancies, to assist
with future leasing. The capital expenditure incurred on the vacant floors is not directly captured in the
current valuation assessment as at 31 March 2026.

Dividend
A 0.20 cents per share cash dividend has been declared for the quarter ended 31 March 2026. The
record date is 3 June 2026 and the dividend will be paid on 11 June 2026. There are no imputation
credits attached. As APL is a PIE, the dividend can be treated as excluded income for New Zealand
income tax purposes. The Company’s dividend policy is that the dividend remains subject to quarterly

1 FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset
Plus considers that FFO and AFFO are a useful measure for shareholders and management because FFO assists in assessing the Group’s
underlying operating performance and AFFO assists in assessing the ability to service leasing costs from FFO in the absence of the
Company’s cash reserves. 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
FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of FFO and AFFO to
Total Comprehensive Income / (Loss) Net of Tax is included in the accompanying results presentation.


2
Occupancy of 75.6% reflects the unconditional agreement to lease with MILK Orthodontics, which is expected to commence in the
coming months.

review. For FY26, FFO was the key metric the Board adopted for dividend purposes, as all relevant
leasing costs and incentives were funded from available cash reserves.

Conference call
A conference call to present on the results will be held this morning, commencing at 10.00am NZST.

Participants can pre-register by going to: https://s1.c-conf.com/diamondpass/10054818-hy76t5.html

Registered participants will receive dial-in details upon registration.




-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

---

Financial results
For the year ended 31 March 2026
22 May 2026

6-8 MUNROE LANE AUCKLAND
1.Result summary
2.Key metrics
3.Activity during the year
4.Financial performance
5.Munroe Lane update
6.Outlook
OVERVIEW

Asset Plus3
Result summary
6-8 MUNROE LANE
•Funds from operations (FFO)
1
profit of $3.18m
($0.53m profit in FY25)
•Adjusted funds from operations (AFFO)
1
profit of$0.17m
($0.53m profit in FY25)
$3.01m of leasing incentives and costs incurred in FY26
•Total loss for the year net of tax of $3.16m
(FY25 lossof $5.70m)
•Result impacted by $7.43m of unrealised revaluation losses
($7.16m of revaluation losses in FY25)
•New Aderant lease commenced on 1 February 2026
1.FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property
Council of Australia. Asset Plus considers that FFO and AFFO are a useful measure for shareholders and
management because FFO assists in assessing the Group’s underlying operating performance and AFFO assists
in assessing the ability to service leasing costs from FFO in the absence of the Company’s cash reserves. 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 FFO and
AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of
FFO and AFFO to Total Comprehensive Income / (Loss) Net of Tax is included in Appendix 1.
6-8 MUNROE LANE

Asset Plus4
Key metrics
$107.0m
(((
1
65.0%
9.0 years
0.0%
32.4 cps
$105.5m175.6%
2

9.4 years
0.0% 30.7 cps
Net tangible
assets
Portfolio valuePropertiesOccupancyWALELoan-to-value
ratio
March 2025
March 2026
2
Occupancy of 75.6% reflects the unconditional agreement to lease with MILK Orthodontics, which is expected to commence in the coming months.

Asset Plus5
Key activity during the year
ADERANT, 6-8 MUNROE LANE
Commencement of Aderant lease from 1 February
2026, lifting occupancy to 74.3%.
Completion of partial fit-out works on the balance
of Level 6 and part Level 2 providing turn-key
occupancy solutions across these vacant areas.
MILK Orthodontics secured for ground floor
tenancy, lease expected to commence in the coming
months, which lifts occupancy to 75.6%.

Financial performance

Asset Plus7
Financial performance
•Munroe Lane net rental income marginally increased due to the impact
of the Aderant lease commencing in February 2026. This was offset by
a movement in the rental straight-lining.
•Lower opex was incurred due to the sale of 35 Graham Street in the
prior year.
•Management fees were lower by $0.34 million, due to the impact of
the 35 Graham Street sale in the prior year.
•As all debt was repaid immediately post the 35 Graham Street
settlement in the prior year, there is only interest income recorded in
FY26.
•The Munroe Lane unrealised revaluation loss recognised was $7.43
million due to the following:
-Valuation reduction of $1.50 million, due to an increase in the
capitalisation rate by 25 basis.
-Capital expenditure which was also incurred for the Aderant
tenancy ($2.56 million) and leasing costs capitalised ($0.45 million).
-Speculative fitouts of vacant space ($2.21 million) as well as rental
straight lining ($0.71 million).
•A small utilisation of tax losses has been assumed in the near term and
is therefore reflected as a deferred tax asset ($0.44 million).
•The FFO and AFFO reconciliations and waterfall are appended.
Mar-26
($m)
Mar-25
($m)
Var
($m)
Gross rental revenue
6.566.82(0.26)
Direct property operating expenses
(1.60)(1.90)0.30
Net rental revenue
4.964.920.04
Administration expenses
(1.39)(1.70)0.31
Net finance costs / income
0.26(1.76)2.02
Total operating profit
3.831.462.37
Fair value movement on investment
properties and held for sale
(7.43)(7.16)(0.27)
Loss before taxation
(3.60)(5.70)2.10
Ta x
0.44-0.44
Total comprehensive loss for the period
(3.16)(5.70)2.54
FFO ($m)
3.180.532.65
FFO cps
0.880.150.73
AFFO ($m)
0.170.53(0.36)
AFFO cps
0.050.15(0.10)

Asset Plus8
Net rental performance
•Munroe Lane rent marginally increased due to the
commencement of the Aderant lease in February 2026.
•There was $0.56 million of unrecovered opex in respect of
vacant space at Munroe Lane for the year.
•35 Graham Street settlement occurred on 29 November
2024 (prior year).
Mar-26 ($m)Mar-25 ($m)Var($m)
Munroe Lane - rent charged
4.254.140.11
Munroe Lane - straight-line rent adjustment
0.710.99(0.28)
35 Graham Street (sold)
-(0.34)0.34
Other income
-0.13(0.13)
Net rental income4.964.920.04

Asset Plus9
Administration & finance expenses
•Management fees were lower due to the full year impact of the 35
Graham Street divestment and a lower valuation at Munroe Lane.
•Director liability insurance increased year on year by $0.04 million.
•No finance cost this year as all debt was repaid in the prior year.
•Interest income was reduced year on year due to a reduction in
term deposit rates and lower cash on hand.
Mar-26
($m)
Mar-25
($m)
Var($m)
Management fees
0.540.880.34
Directors’ fees
0.300.30-
Audit fees
0.080.08-
Professional fees
0.040.04-
Directors’ insurance
0.240.20(0.04)
Listing and registry fees
0.110.10(0.01)
Other administration costs
0.080.100.02
Total administration expenses
1.391.700.31
Interest & finance costs
-2.122.12
Interest revenue
(0.26)(0.36)(0.10)
Total net finance costs (income)
(0.26)1.762.02

Asset Plus10
Balance sheet
•$6.93 million of cash is held to fund future leasing initiatives.
•Investment property comprises Munroe Lane ($105.50 million).
•Deferred tax
-There are tax losses of ~$13.1 million as at balance date.
-A deferred tax asset is recognised to the extent of the deferred
tax liability ($0.27 million).
-A small utilisation of tax losses in the near term has also been
assumed and is reflected as a deferred tax asset ($0.44 million).
-Therefore $10.59 million of tax losses are not recognised as a
deferred tax asset.
•Other liabilities increased primarily due to capital works accruals.
•NTA reduced during the year from 32.4 to 30.7 cps, primarily due to
unrealised revaluation losses.
•LVR remains at 0% at balance date.
Mar-26
($m)
Mar-25
($m)
Var
($m)
Cash
6.9310.93(4.00)
Investment property
105.50107.00(1.50)
Deferred tax asset
0.44-0.44
Other assets
0.090.10(0.01)
Total assets
112.96118.03(5.07)
Other liabilities
(1.65)(0.66)(0.99)
Total liabilities
(1.65)(0.66(0.99)
Equity
111.31117.37(6.06)
Net tangible assets per share
($)
0.3070.324(0.017)

Munroe Lane update

Asset Plus12
Munroe Lane, Albany
6-8 MUNROE LANE, ALBANY
12
Fully leased net rental range of
$7.1 – $7.2 million
3

once fully occupied
Building occupancy
75.6%
with 3,552m
2
of space available
Passing annual net rental
$5.2 million plus GST
after unrecovered outgoings
Property valuation
$105.5 million
as at 31 March 2026
3
Reflects passing rent for current leases plus assumed market rents
from the Bayleys Valuations Limited valuation report for Munroe
Lane dated 31 March 2026

Asset Plus13
Munroe Lane – new leases secured
ADERANT, 6-8 MUNROE LANE
Aderant – part Level 6
•The Aderant lease commenced 1 February 2026 across
half of Level 6 for a 10-year term.
•Increased occupancy to 74.3%.
MILK Orthodontics – part Ground
•MILK Orthodontics secured for a 12-year term.
•Lease expected to commence in the coming months
upon completion of fit-out works.
•Tenant will further activate the ground floor lobby space
in conjunction with Little Fields.
•Increases occupancy up to 75.6%.

Asset Plus14
Munroe Lane - leasing update
LEVEL 6 VACANCY, 6-8 MUNROE LANE
•Partial fit-outs completed on Level 2, and balance of Level
6 in a bid to remain competitive against competing
sublease space available on the market.
•Potential full floor tenants remain scarce – we retain
flexibility to split Level 6 into 2 further tenancies. Level 2
can also be split into 3 tenancies.
•Direct marketing initiatives remain ongoing to target
potential occupiers for the balance of space.
•The Albany office vacancy rate increased from 9.5% as at
June 2025 to 11.7% as at December 2025
1
with the market
remaining challenging.
FloorArea
Level 1
239m
2
of retail/service retail/office with interconnecting
staircase to L2 office above.
Level 21,935m
2
of office – a number of configurations available
Level 61,378m
2
of office – which can be further split into 2 tenancies
1 – CBRE Auckland Non-CBD Office Space Market Trends, December 2025

Outlook

Asset Plus16
Outlook
MUNROE LANE, AUCKLAND
•Key focus remains on successfully leasing the balance of the Munroe Lane
development. Future costs associated with leasing will be funded from
available cash reserves. 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.
•A March 2026 quarter dividend of 0.20 cents per share has been declared
with payment to be made on 11 June 2026. The dividend remains subject
to quarterly review.

Appendices

Asset Plus18
Appendix 1 – FFO and AFFO reconciliation
March 26 ($m)March 25 ($m)
Comprehensive Loss Net of Tax
(3.16)(5.70)
Add back
Fair value movement on Investment Property
7.437.16
Net Operating Loss After Tax
4.271.46
Amortisation of leasing costs
0.060.06
Deferred tax
(0.44)-
Rental straight lining
(0.71)(0.99)
Funds From Operations (FFO)
3.180.53
Incentives and leasing costs paid
(3.01)-
Maintenance capex
--
Adjusted Funds from Operations (AFFO)0.170.53
AFFO (CPS)0.050.14

Asset Plus19
Appendix 2 – AFFO ($’000)
The above graph is represented in $000s.
527
343
85
2,017
334
(20)
(109)
3,178
(446)
(2,563)
169
0
500
1,000
1,500
2,000
2,500
3,000
3,500

Asset Plus20
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.

Where to find us
Auckland Office
Bayleys House
Level 2, 30 Gaunt Street
Auckland 1010
New Zealand
PO Box 37953 Parnell
Auckland 1151
Telephone +64 (9) 300 6161
Facsimile +64 (9) 300 616

---

Annual Report
2026

02

03

Contents
49
Independent
Auditor’s Report
54
Directory
05
Chairman’s
Letter
08
Property
Report
18
Corporate
Governance
14
Director
Profiles
52
Shareholder
Statistics
06
Key Points from
the Financial Year
10
Finance Report
15
The Manager
26
Financial
Statements

04

Chairman’s Letter
The year to 31 March 2026 continued to reflect a challenging
economic environment and the operating environment for
the office sector has not been spared, with elevated vacancy
levels and subdued tenant demand persisting, particularly
in the North Shore market. There have been moments
of anticipated improvement during the year, however
macroeconomic uncertainty, particularly in light of recent
events in the Middle East and the corresponding impact
on energy prices and supply chains, have impacted the
momentum and the long hoped for recovery.
Against this backdrop, we are pleased to report that
management has made measurable progress during the
year in improving the Company’s underlying operating
performance, while further advancing leasing at Munroe
Lane.
Key highlights for the year include:
• A significant increase in Funds from Operations to $3.18
million, up from $0.53 million in the prior year.
• The commencement of the Aderant lease across half of
Level 6 at Munroe Lane in February 2026.
• Further leasing success, securing MILK Orthodontics for
a 12-year lease term across the ground floor tenancy.
• An increase in occupancy to 75.6%
1
, up from 65.0% in the
prior year.
For the year ended 31 March 2026, the Company reported
a total comprehensive loss of $3.16 million, an improvement
on the $5.70 million loss recorded in the previous year.
This result continues to be driven by non-cash fair value
movements, with a $7.43 million unrealised revaluation loss
recognised during the year.
The underlying operating performance of the Company has
strengthened significantly. Funds From Operations (FFO)
2

increased materially, reflecting improved rental income
following leasing successes and the absence of interest costs
following the repayment of all debt in the prior year. Adjusted
Funds from Operations (AFFO)
2
reflected a profit of $0.17
million, net of $3.01 million of leasing costs and incentives
incurred at Munroe Lane.
Despite leasing progress, ongoing concerns about
confidence in the economy, and the office sector in particular,
have meant that the value of Munroe Lane was independently
assessed at $105.5 million as at 31 March 2026, reflecting
softer capitalisation and discount rates on the prior year. Net
Tangible Assets reduced from 32.4 cents per share to 30.7
cents per share, as a result of the $7.43 million unrealised fair
value loss.
Leasing the balance of Munroe Lane remains the Company’s
primary focus. During the year, tangible progress has been
made through both the commencement of the new lease to
Aderant, a global provider of business management software
solutions, and the completion of further fit-out works to
support turnkey solutions for prospective tenants on vacant
spaces within the property.
In addition, we have secured MILK Orthodontics as a new
tenant. They will be commencing a new tenancy across the
ground floor with a 12-year initial lease term in the coming
months.
Whilst we continue to have good conversations with potential
tenants, there is no doubt that the market conditions remain
challenging, with limited demand from large-scale office
occupiers and elevated vacancy across the wider Auckland
office market. However, we are confident that future leasing
costs and incentives will be funded from available cash
reserves, without requiring any debt to be drawn.
The Board remains committed to progressing leasing
outcomes that enhance earnings, and increase both
occupancy and weighted average lease term at Munroe
Lane. Doing so will improve the overall value of the property
and better position it for eventual divestment. As previously
noted, any decision to sell Munroe Lane or subsequently wind
up the Company would require shareholder approval.
A dividend of 0.20 cents per share has been declared for the
March 2026 quarter, with dividends continuing to be subject
to quarterly review moving forward.
We thank shareholders for their continued support and
patience through what continues to be a challenging period.
The Board remains confident that management is dedicated
to delivering the best possible outcome for shareholders.
Bruce Cotterill
Chairman
1 Occupancy of 75.6% reflects the unconditional agreement to lease with MILK Orthodontics, which is expected to commence in the coming months.
2 FFO and AFFO are non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that FFO
and AFFO are a useful measure for shareholders and management because FFO assists in assessing the Group’s underlying operating performance and AFFO
assists in assessing the ability to service leasing costs from FFO in the absence of the Company’s cash reserves. 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 FFO and AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of FFO and AFFO to Total
Comprehensive Income Net of Tax is included on page 12.
Chairman's Letter
05

Revaluation losses of $7.43 million
after valuation reduced from $107.0
million in prior period down to $105.5
million, alongside leasing and capital
expenditure incurred during the year.
Key Points
Key Points
06

$
0.17
AFFO
($0.53 million profit in prior year)
$
3.18
FFO
($0.53 million profit in prior year)
$
3.16
million
loss
Net Loss
($5.70 million loss in prior year)
9.4 years
(increased from 9.0 years)
WALE
$
3.01 million
Leasing incentives
and costs incurred
$
2.21 million
A further
N TA
cents
per share
30.7
(reduced from 32.4 cps in the prior year)
Portfolio Summary
31 March 2026
Fair Value
$000’s
Cap rate
%
Occupancy rate
%
WALE
Years
Net Passing Rent
$000’s
Munroe Lane105,5006.38%75.6%9.45,231
To t a l105,5006.38%75.6%9.45,231
million
profit
million
profit
(increased from 65.0%)was incurred on fit outs of vacant space
75.6%
Occupancy
Key Points
07

Munroe Lane, Albany, Auckland
Munroe Lane
Property Report
08

5 Star Green Star
design & built rating
obtained
Target 5-star NABERSNZ
Energy Rating pending
12-months of operational data
Occupancy
75.6%
Fully leased passing rent
$7.1 - $7.2 million
3
Passing Net Rent
$5.2 million
3,522m
2

of vacant space across
Levels 1, 2 and 6
WALE
9.40 years
as at 31 March 2026
3 Reflects passing rent for current leases plus assumed market rents from the Bayleys Valuations Limited valuation report for Munroe Lane dated 31 March 2026
Valuation
An independent property valuation of $105.5 million as
at 31 March 2026, which represents a write down of $7.4
million mainly due to CAPEX incurred for the Aderant
lease and partially fitting out vacant spaces alongside a
$1.5 million valuation decrease.
Leasing
During the year we secured Aderant for approximately
half of Level 6 with the lease commencing in February
2026 for a 10-year term after the fit-out was completed.
Securing this lease increased occupancy to 74.3%.
Additionally, we have secured MILK Orthodontics
for a 12-year lease on the ground floor tenancy
of approximately 140m
2
, with the lease expected to
commence in the coming months once the fit-out works
are completed. This commitment further increases the
occupancy to 75.6%.
The leasing market remains challenging with the Albany
office vacancy rate increasing from 9.5% to 11.7% from June
2025 – December 2025 based on CBRE’s research. This is
particularly so for space that isn’t turn-key when competing
against available sublease space on the market. As a result,
we have undertaken partial fitouts across some of the
remaining vacant space to enable turnkey leasing solutions,
and to better compete with comparable spaces available in
the market.
Property Report
09

Finance Report
20262025202420232022
$’000$’000$’000$’000$’000
Total Net Revenue4,9524,9183,6533,4667,72 9
Administration Expenses(1,390)(1,704)(1,753)(1,939)(1,711)
Net Finance Income/(Costs)261(1,756)(2,295)(2,000)(1,549)
Total Operating Income3,8231,458(395)(473)4,469
Realised and unrealised gain/(loss)
on investment property
( 7, 42 7 )( 7,1 5 4)(4,9 02)(13 ,03 4)(1,005)
Net Profit/(Loss) Before Taxation(3,604)(5,696)(5,297)(13,507)3,464
Income Tax Expense/(Credit)440--458(533)
Profit/(Loss) and Total Comprehensive
Income/(Loss)
(3,164)(5,696)(5,297)(13,049)2,931
Basic and Diluted Earnings/(Loss) Per Share
(cents)
(0.87)(1.57)(1.46)(3.60)0.81
Five Year Financial Summary
10

Financial Result Summary
2026
$’000
2025
$’000
Variance
$’000 Commentary
Total Net Revenue4,9524,91834
FY26 reflects a marginal increase in rent at Munroe
Lane due to commencement of the Aderant lease
from February 2026, offset by a decrease of $0.28
million in rental straight lining (non cash). FY25 also
included $0.34 million of opex at 35 Graham Street
which was sold on 29 November 2024.
Administration Expenses(1,390)(1,704)314
Management fees were lower due to the full year
impact of the 35 Graham Street divestment and a
lower valuation at Munroe Lane.
Net Finance Income/(Costs)261(1,756)2,017
No finance cost this year as all debt was repaid in the
prior year.
Total Operating Income3,8231,4582,365
Fair Value Loss in Value of
Investment Property
( 7, 42 7 )( 7,1 5 4)(273)
The Munroe Lane unrealised revaluation loss
recognised was $7.43 million due to the following:
• Valuation reduction of $1.50 million, due to an
increase in the capitalisation rate by 25 basis.
• Capital expenditure which was also incurred for
the Aderant tenancy ($2.56 million) and leasing
costs capitalised ($0.45 million).
• Speculative fitouts of vacant space ($2.21 million)
as well as rental straight lining ($0.71 million).
Net Profit / (Loss) Before
Taxation
(3,604)(5,696)2,092
Income Tax440-440
An additional deferred tax asset of $0.44 million
has been recognised for tax losses expected to be
utilised over the near term. $10.59 million of tax losses
remain unrecognised as a deferred tax asset.
Loss and Total
Comprehensive Loss
(3,164)(5,696)2,532
Finance Report
11

Adjusted Funds from Operations - Reconciliation to Net Profit (Loss) After Tax
2026
$’000
2025
$’000
Statutory Net Profit (Loss) After Tax(3,164)(5,696)
Investment Property
Fair value (gain) / loss on investment property and property held for sale7, 42 77,1 5 4
Deferred Tax
Deferred tax expense / (credit)(4 4 0)-
Net Operating Profit (Loss) After Tax3,8231,458
Straight-line rental revenue(708)(988)
Amortisation of Lease Incentives and Costs6356
Funds From Operations (FFO)3,178526
Incentives Granted/Commissions Paid(3,009)-
Maintenance CAPEX--
Adjusted Funds From Operations169526
AFFO (CPS)0.050.15
Finance Report
12

2026
$’000
2025
$’000
Cash6,92610,931
Investment Property105,500107,000
Deferred Taxation440-
Other Assets92102
To t a l A s s e t s112,958118,033
Other Liabilities1,648659
Total Liabilities1,648659
Equity111,310117, 3 74
Net Tangible Assets Per Share ($)0.3070.324
Balance Sheet
Investment Property
Munroe Lane valuation of $105.5 million as at 31
March 2026 reduced from the prior year valuation
of $107.0 million due to a 0.25% softening in the
capitalisation rate. The fair value loss of $7.43 million
represents this movement in the capitalisation rate
as well as capital expenditure and leasing costs
incurred in respect to the Aderant tenancy ($3.01
million) and speculative fit-outs of vacant space
($2.21 million).
Funding
All debt was repaid in FY25 when 35 Graham
Street settled. There is no external bank debt
drawn at balance date.
Dividends
Dividends paid for the year were a total of $2.90
million. A dividend of 0.20 cents per share has been
declared on 22 May 2026 for the quarter ended 31
March 2026.
Finance Report
13

Director Profiles
Bruce Cotterill joined the Board of Asset Plus in April 2017. Bruce is an experienced
CEO, Chairman and Company Director, who has excelled in a number of sectors and
in a range of extremely demanding roles. This includes businesses going through
major transformation brought about by financial performance, structural change and
cultural issues. As a CEO he has led real estate group Colliers, both in New Zealand and
Australia, Kerry Packer’s ACP Magazines, and iconic New Zealand sportswear company
Canterbury International. As CEO of Yellow Pages Group he was appointed to lead that
company through a period of dramatic change, including the restructure of the Company’s
$1.8 billion of debt. Bruce was Chairman of Noel Leeming Group for 8 years until that
Company’s sale to The Warehouse. He is currently also a director of realestate.co.nz
Limited and Booths Logistics Limited.
Bruce Cotterill
Chairman, Non-Executive
Independent Director
John joined the Centuria Capital Board (formerly Over Fifty Group) on 10 July 2006. He
was appointed as Chief Executive Officer of the Over Fifty Group in April 2008 and serves
as Joint CEO of Centuria Capital with Jason Huljich. John was also a founding director and
major shareholder in boutique funds manager Century Funds Management, which was
established in 1999 and acquired by the Over Fifty Group in July 2006. Prior to Centuria
Capital, John held senior positions in a number of property development and property
investment companies in Australia, New Zealand and the United Kingdom. As a director
of both the largest shareholder and the Manager, John is therefore not an independent
director. John joined the Board in September 2020.
John McBain
Non-Executive Director
Allen has a long background in accounting, business analysis, risk management, tax, and
finance, mostly in property and construction. Starting as a partner in a major accounting
firm, he was then CFO for three listed property companies and for ten years was CEO/
CFO of Tramco Group, which managed and financed several large privately held leasehold
land-owning partnerships including Viaduct Harbour Holdings, Tram Lease, Quay Lease,
Kiwi Forests, Wairakei Pastoral and Calland Properties Ltd. He is now an independent
business and finance consultant and Director, still advising Tramco and is an independent
trustee for the Wyborn and Green families. Allen became a director of Centuria Funds
Management (NZ) Limited, the external manager of Asset Plus, in October 2025, with the
Board determining that Allen was no longer considered an independent director from that
point. Allen joined the Board in April 2017.
Allen Bollard
Non-Executive
Director
Carol Campbell joined the Board of Asset Plus in May 2015 and chairs the Audit and
Risk Committee. Carol is a Fellow Chartered Accountant and a member of Chartered
Accountants Australia and New Zealand, and a Chartered Fellow of the Institute of
Directors. Carol has extensive financial experience and a sound understanding of efficient
Board governance. Carol is also a director of other listed companies T&G Global and
NZME and, until recently, was a director of the Fisher Listed Investment companies –
Kingfish, Barramundi and Marlin Global, where she was also Chair of the Audit and Risk
Committee. Carol was a Director of The Business Advisory Group for 11 years, a Chartered
Accountancy Practice, and prior to that a partner at Ernst & Young for over 25 years. Carol
is a member of the Disciplinary Tribunal of the NZ Institute of Chartered Accountants.
Carol Campbell
Non-Executive
Independent Director
Paul Duffy has over 36 years’ experience in the property investment/development
industry, including CEO/executive director of DNZ Property Fund (now named Stride
Property) for 13 years. During his career, Paul held the position of General Manager of
Fletcher Property Limited and was Joint Managing Director of US Real Estate Subsidiaries
for the Abu Dhabi Investment Authority. In this role he oversaw the formation of a large
real estate portfolio in the United States and Europe. Paul is currently a Director of Leighs
Construction and a number of private companies. Paul was the former chairman of the
Manager until August 2020. Given the period of time that has elapsed since he ceased
to be a director of the manager, the Board has now determined that he is an independent
director. Paul joined the Board in April 2017.
Paul Duffy
Non-Executive
Independent Director
14

The scale of Centuria’s business allows a vantage point
from which to understand the market and unlock real
estate opportunities. Centuria has comprehensive
and up-to-date knowledge and insights pertaining to
property buyers/sellers, tenants and overall market
conditions. Centuria Platform Investments Pty Limited,
as the parent of the manager, owns 19.99% of Asset Plus.
The Manager
Centuria NZ is a leading fund manager with operations
across New Zealand and Australia. Centuria NZ owns or
manages 80 properties across sectors including office,
retail, industrial, healthcare and agricultural, with $2.4 billion
of assets under management. Centuria NZ employs 33
staff across offices in Auckland, Christchurch and New
Plymouth, with specialist expertise in asset management
and development management, as well as other essential
professional functions including accounting, treasury,
investor relations, legal, compliance and company
secretariat. The Manager’s parent company, ASX-200
listed Centuria Capital Group manages over AU$21.8 billion
of assets across Australia and New Zealand.
15

16

17

Corporate
Governance
The Board of Asset Plus is committed to maintaining the highest standards of business behaviour and accountability.
Accordingly, the Board has adopted corporate governance policies and practices designed to promote responsible conduct.
The corporate governance framework is set out in Asset Plus’ Corporate Governance Manual, a copy of which can be found
at the Company’s website: www.assetplusnz.co.nz/corporate-governance.
This section sets out Asset Plus’ corporate governance policies, practices and processes with reference to the NZX
Corporate Governance Code’s eight key principles and supporting recommendations. The Board considers that it has
followed the recommendations of the NZX Corporate Governance Code except as set out below under each Principle.
This Corporate Governance Statement is current as at 31 March 2026 and has been approved by the Board. It reports
against the NZX Corporate Governance Code dated 31 March 2026.
ContentsPage
Principle 1 – Ethical Standards19
Principle 2 – Board Composition and Performance19
Principle 3 – Board Committees21
Principle 4 – Reporting and Disclosure 22
Principle 5 – Remuneration22
Principle 6 – Risk Management 23
Principle 7 – Auditors 23
Principle 8 – Shareholder Rights and Relations23
18

Principle 1 – Code of Ethical Behaviour
Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.
A Code of Ethics has been adopted by which the Company has set out expectations for all Directors, officers, any
employees and representatives to act in a manner consistent with its guiding principles and the values set out in its
Code of Ethics. This Code sets out clear expectations of ethical decision-making and personal behaviour in regard
to confidentiality, securities trading, transparency, company information, conflict resolution processes, gifts and
stakeholder interaction. A copy of the Code of Ethics is included in the Corporate Governance Manual available at
www.assetplusnz.co.nz/corporate-governance.
Any illegal or unethical behaviour is to be reported to the Board. The Chairman will determine the seriousness of the
behaviour and what action needs to be taken. The Chairperson may decide that a subcommittee of the Board will be
formed to determine what action should be taken.
Asset Plus’ manager, Centuria, has also adopted a Code of Conduct which applies to its employees and directors. The
Code sets out the minimum standards expected of Centuria’s employees and directors and is intended to facilitate
decisions that are consistent with Centuria values, business goals and legal and policy obligations. A copy of the
Centuria Code of Ethics is available at
https://centuria.com.au/wp-content/uploads/2022/07/Centuria-Code-of-Conduct.pdf
Asset Plus has also adopted a Share Trading Policy which sets out the rules for dealing in the listed financial products of
Asset Plus. The policy prohibits trading by directors of Asset Plus without the written consent of the Chairperson. There
are also ‘no trade’ periods around the release of the Annual and Interim reports. A copy of the policy is available at
www.assetplusnz.co.nz/corporate-governance.
Centuria has also adopted an Insider Trading Policy which sets out the rules for dealing in the financial products of any
entity that Centuria NZ manages (including Asset Plus). The policy prohibits trading by any employee or director of
Centuria without the written consent of the Centuria NZ Chair. Other than in exceptional circumstances, all trading is
prohibited during blackout periods for 30 days prior to half- and full-year balance dates until the first trading day after
the relevant results are announced.
Principle 2 – Board Composition and Performance
To ensure an effective board, there should be a balance of independence, skills, knowledge, experience
and perspectives.
Board Charter
The Asset Plus Board has adopted a Board Charter and Governing Principles which sets out that the specific
responsibilities of the Board and its Committees include:
• oversight of the Company including its control and accountability procedures and systems;
• setting the strategic direction and objectives of the Company;
• overseeing the audit and monitoring risk;
• approval of operating plans including annual business plans and budgets;
• monitoring actual results against the annual business plan, budget and strategic objectives;
• delegating the appropriate authority of the management of the Company, and monitoring management’s
performance on a regular basis;
• setting the remuneration of the Directors;
• approval and monitoring capital expenditure, capital management initiatives and acquisitions and divestments;
• approval of capital structure and dividend policies; and
• oversight of disclosure and monitoring of price sensitive matters affecting the Company.
Corporate Governance
19

Director nominations and appointments
The Board has adopted a Nomination Committee Charter which sets out the procedure for nominating and appointing
potential directors to the Board. Given its size, the full Board of Asset Plus acts as the Nominations Committee. The
responsibilities set out in the Nomination Committee Charter are:
• to identify and nominate candidates to fill Board vacancies as and when they arise;
• before making an appointment, to evaluate the balance of skills, knowledge and experience on the Board and, in light of the
evaluation, to determine the role and capabilities required for the appointment;
• to formulate succession plans for Directors taking into account the challenges and opportunities facing the Company and
the skills and expertise accordingly required to govern the Company in the future;
• to regularly review the structure, size and composition (including the skills, knowledge and experience) of the Board and to
make any changes; and
• to consider such other matters relating to Board nomination or succession issues as may be identified by the Board.
Formal agreements are entered into with all new directors.
Board composition
Director profiles are on page 14 and director shareholdings are listed on page 24.
Directors undertake continuing education to keep their skills current and understand how to best perform their duties.
The Board Charter sets out that the Board will review its performance as a whole on an annual basis and instigate additional
comprehensive reviews as may be deemed necessary from time to time.
External consultants may be commissioned as needed to assist in the assessment of individual director performance, the
effectiveness of the Board’s processes and/or the Board’s own effectiveness.
The factors relevant to determining that Bruce Cotterill, Paul Duffy and Carol Campbell were independent directors were that
they are non-executive directors, they have either no shareholding or, in the case of Carol Campbell, a holding of less than 1%
and that they have no other business relationship with Asset Plus.
The factor relevant to determining that Allen Bollard is not an independent director is that, he has recently been appointed a
director of the Manager (and that the Manager is ultimately owned by the largest shareholder).
The factors relevant to determining that John McBain is not an independent director is that, he is a director and beneficial
owner of both the Manager and the largest shareholder.
Diversity
Asset Plus has not adopted a diversity policy as it no longer has any employees following externalisation of management
to Centuria and accordingly has not complied with this recommendation for the entire period in which the NZX Corporate
Governance Code has been in place. This practice has been approved by the Asset Plus Board.
Breakdown of Gender Composition of Asset Plus’ Directors and Officers.
MaleFemale
Financial YearDirectorsOfficersDirectorsOfficers
Year Ending 31 March 20264310
Year Ending 31 March 20254310
Chair and CEO
In accordance with the NZX Corporate Governance Code and as a result of management being externalised, Asset Plus’
Chair is not also its CEO.
Corporate Governance
20

Principle 3 – Board Committees
The board should use committees where this will enhance its effectiveness in key areas, while still retaining
board responsibility.
The Asset Plus Board has established a separate Audit and Risk Committee comprising of three directors. The Corporate
Governance Manual also includes charters for Nominations Committee and Remuneration Committee. However, the full
Board undertakes the responsibilities of those Committees. Given the size and operations of Asset Plus, the Board does not
consider that any further committees are necessary.
Audit and Risk Committee
The Audit and Risk Committee’s primary objectives are:
• to set the principles and standards with respect to internal controls, accounting policies and the nature, scope, objectives
and functions of the external audit. This objective enables the Board to satisfy itself that management is discharging its
responsibilities in accordance with established processes and, wherever practical, best practice methodologies; and
• to ensure the efficient and effective oversight and management of all business risks
Key responsibilities for the Audit and Risk Committee include:
• Establishing guidelines for the selection, appointment and/or removal of the external auditor as well as the rotation of the
lead partner of the audit firm;
• Revising and recommending to the Board the appointment and removal of the external auditor if the Committee considers
necessary;
• Ensuring the external auditor is discharging its responsibilities, including monitoring the effectiveness, objectivity and
independence of the external auditor;
• Reviewing draft financial statements, NZX preliminary announcements and annual and interim reports;
• Reviewing accounting policies and practices;
• Reviewing the risk management policy and the Manager's risk management reporting; and
• Reviewing the Delegated Authority Policy annually.
Two of the three members of the Audit and Risk Committee are independent directors being Carol Campbell (Chair), and
Bruce Cotterill. Carol Campbell also has an accounting background. The Audit and Risk Committee is required to meet at
least twice a year, with 3 meetings being held in the 2026 financial year.
Employees of the Manager only attend meetings of the Audit and Risk Committee at the invitation of the committee.
Remuneration Committee
The full Board acts as the Remuneration Committee. The Remuneration Committee Charter is included in the Corporate
Governance Manual. The responsibilities include setting and reviewing all components of the remuneration of non-executive
Directors.
Nominations Committee
The full Board acts as the Nominations Committee. The Nominations Committee Charter is included in the Corporate
Governance Manual. The responsibilities are as set out on page 20.
Control transaction protocols
In June 2018, the Board adopted protocols setting out the procedures to be followed if a takeover offer is received. These
protocols apply to any control transaction.
Corporate Governance
21

Principle 4 – Reporting and Disclosure
The board should demand integrity in financial and non financial reporting, and in the timeliness and balance
of corporate disclosures.
Continuous disclosure
Asset Plus has adopted a disclosure policy setting out its approach to disclosing material information and communication
with shareholders or analysts. Asset Plus recognises that the cornerstone of New Zealand and international securities law is
full and fair disclosure of material information and that the timely, non-exclusionary distribution of information to the public is
crucial to the efficiency and integrity of the capital markets.
A copy of the policy is available on Asset Plus’ website at www.assetplusnz.co.nz/corporate-governance, along with the
Corporate Governance Manual.
Asset Plus has not provided non-financial disclosure in this annual report in accordance with Recommendation 4.4 of
the NZX Corporate Governance Code and accordingly has not complied with that recommendation. This is due to Asset
Plus' portfolio only consisting of Munroe Lane. The key focus for Munroe Lane is to lease the remaining vacancy and Asset
Plus does not consider that non-financial disclosure on environmental and social sustainability is currently material for
shareholders in Asset Plus.
Principle 5 – Remuneration
The remuneration of directors and executives should be transparent, fair and reasonable.
Remuneration of directors is reviewed by the Board. The director remuneration pool was approved at $300,000 when
Asset Plus was formed following the corporatisation of the National Property Trust in 2011. In June 2017, the Asset Plus Board
approved the below director fees which have continued to be paid during the past year.
Director remuneration
As Asset Plus no longer has any employees, it does not have a remuneration policy. Accordingly, Asset Plus has not complied
with Recommendations 5.2 and 5.3 for the entire period in which the NZX Corporate Governance Code has been in place.
This practice has been approved by the Asset Plus Board.
Chief Executive remuneration
Following the externalisation of management to Centuria, Asset Plus no longer has a CEO.
DirectorBase Director FeesCommittee FeesAnnual Fee
Amount Paid
During The Year
Bruce Cotterill$90,000 – Chair-$90,000$90,000
Carol Campbell$65,000$10,000 – Chair of Audit & Risk Committee$75,000$75,000
Allen Bollard$65,000$5,000 – Member of Audit & Risk Committee$70,000$70,000
Paul Duffy$65,000-$65,000$65,000
John McBain----
To t a l$300,000$300,000
Approved Pool$300,000
Corporate Governance
22

Principle 6 – Risk Management
Directors should have a sound understanding of the material risks faced by the issuer and how to manage
them. The Board should regularly verify that the issuer has appropriate processes that identify and manage
potential and material risks.
Asset Plus relies on Centuria’s risk management framework to identify, oversee, manage and control risks that Asset Plus
faces. Key risks have been identified including leasing risk, cyber security, compliance with regulatory obligations, property
risks (such as tenant default), fraud and reliance on third parties (including Centuria).
Centuria is responsible under the management agreement for advising the Asset Plus Board on risk management matters.
The Audit and Risk Committee receives such reports and oversee risk management.
Health and safety
Centuria oversees health and safety compliance on a day to day basis for Asset Plus in conjunction with the property
manager for Munroe Lane. There is a hazard register for Munroe Lane which is managed on a day to day basis by the
property manager and overseen by Centuria’s fund manager for Asset Plus.
Centuria's management team oversees compliance with Centuria’s health and safety framework including regular reporting
to the Board. This includes regular reporting to the Board on key health and safety statistics, incidents and hazard remedies.
The Asset Plus Board also considers health and safety issues at each board meeting and as they arise if necessary. A key
focus for the Asset Plus Board is ensuring that hazards are identified and remedied and that reporting identifies the progress
with remedial actions.
Principle 7 – Auditors
The board should ensure the quality and independence of the external audit process.
The Audit and Risk Committee Charter sets out Asset Plus’ framework for managing relationships with its auditor. This
includes the ability for directors to communicate directly with auditors and for auditors to attend meetings of the Audit and
Risk Committee without management present. Any non-audit services provided by the audit firm must be approved by the
Audit and Risk Committee.
Grant Thornton is the auditor of Asset Plus with the audit partner rotated every 5 years. Grant Thornton attends each annual
shareholder meeting and is available to answer shareholder questions at the meeting.
Asset Plus has no separate internal audit function as it has no employees. It relies on the Manager's compliance assurance
and risk management processes for ensuring continued improvement.
Principle 8 – Shareholder Rights and Relations
The board should respect the rights of shareholders and foster constructive relationships with shareholders
that encourage them to engage with the issuer.
Asset Plus’ website at www.assetplusnz.co.nz includes a range of information including bios for directors, copies of the
Corporate Governance Manual, the constitution and historical annual and interim reports.
The Company engages with shareholders through annual and interim reports, results conference calls, presentations to
shareholders and the annual shareholder meeting.
Shareholders have the right to receive communications electronically by notifying the share registrar. Major decisions
which require approval under the NZX Main Board Listing Rules are submitted to shareholders for approval. All voting at
shareholder meetings is conducted by a poll.
The annual shareholders notice of meeting in 2025 was provided to shareholders at least 20 working days prior to the annual
meeting.
Corporate Governance
23

4 There were three Audit and Risk Committee meetings held during the year ended 31 March 2026.
5 Paul Duffy was unable to attend two meetings due to medical reasons.
Statutory disclosures
Principal Activities
Asset Plus Limited is a listed commercial property investment company investing solely in New Zealand real estate.
Board Composition
The table below sets out details of the current directors of Asset Plus Limited and its subsidiary, including the date on which
they were appointed.
No one ceased to be a director of the Company or its subsidiary during the year ending 31 March 2026.
DirectorDate Appointed
Bruce Cotterill21 April 2017
Carol Campbell25 May 2015
Allen Bollard21 April 2017
Paul Duffy21 April 2017
John McBain8 September 2020
Board Attendance
Directors attended the following formal meetings of the Board in the year to 31 March 2026
Director
Board Meetings Held
While A Director
Board Meetings
Attended
Audit & Risk Committee
Meetings Attended
4
Bruce Cotterill663
Carol Campbell663
Allen Bollard663
Paul Duffy64
5
N /A
John McBain66N /A
Interest Register Record
In addition to the disclosures below regarding Director’s Liability Insurance, the following entries made in the interests register
during the year ended 31 March 2026:
Bruce Cotterill
• Ceased to be a director of Duncan Cotterill;
• Director of Booths Logistics Limited and its wholly owned subsidiary, The Produce Connection (2022) Limited effective 1
January 2026;
Carol Campbell
• Ceased to be a director of Marlin Global Limited, Kingfisher Limited and Barramundi Limited effective 31 December 2025.
Share Dealings by Directors
There were no share dealings by Directors during the year ended 31 March 2026. Securities of the Company in which each
Director had a relevant interest as at 31 March 2026:
DirectorHoldingSecurity HeldNature of Relevant Interest
Carol Campbell99,504Ordinary SharesRegistered Holder And Beneficial Owner
Corporate Governance
24

Indemnity and Insurance
The Company has effected Directors and Officers liability insurance at prevailing rates for all Directors.
The Company and its subsidiaries have continued to indemnify the Directors for any costs referred to in Section 162(3) of the
Companies Act 1993 and any liability or costs referred to in Section 162(4) of the Act.
Donations
The Company did not make any donations in the year to 31 March 2026 (2025: Nil).
Audit Fees
Amounts paid to the Auditor of the Company:
2026
$’000
2025
$’000
Grant Thornton Audit Fees7172
In addition to the audit the following other fees were paid to auditors
Other Assurance Services*1111
To t a l8283
*Other Assurance Services relate to agreed upon procedures performed in respect to the interim financial statements.
Corporate Governance
25

Financial Statements
2026
26

Contents
28
Consolidated Statement of
Comprehensive Income
30
Consolidated Statement
of Financial Position
49
Independent
Auditor’s Report
32
Reconciliation of Net
Profit to Net Cash Flow
from Operating Activities
29
Consolidated Statement
of Changes In Equity
31
Consolidated Statement
of Cash Flows
33
Notes to the Consolidated
Financial Statements
27

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2026
Note
2026
$’000
2025
$’000
Gross Rental Revenue6,556 6,815
Direct Property Operating Expenses(1,604)(1,897)
Net Rental Revenue54,952 4,918
Administration Expenses6(1,390)(1,704)
Operating profit before finance costs3,562 3,214
Net Finance Income/(Costs)6261 (1,756)
Net Operating Surplus3,823 1,458
Net Fair Value Loss on Investment Property10( 7, 42 7 )(10,118)
Net Fair Value Gain on Investment Property Held for Sale- 2,964
Net Loss Before Taxation(3,604)(5,696)
Income Tax7440 -
Net Loss After Taxation(3,164)(5,696)
Other Comprehensive Income- -
Total Comprehensive Loss for the Year, Net of Tax(3,164)(5,696)
Basic and Diluted Loss Per Share (cents)14(0.87) (1.57)
Financial Statements
28
The notes set out on pages 33 to 48 form part of, and should be read in conjunction with, the consolidated financial statements.

Note
Share Capital
$’000
Accumulated
Losses
$’000
To t a l
$’000
Opening Balance at 01 April 2024192 ,726 (51,518)141,208
Net Loss After Taxation- (5,696)(5,696)
Total Comprehensive Loss for the Year, Net of Tax- (5,696)(5,696)
Dividends15- (18,138)(18,138)
Closing Balance at 31 March 2025192 ,726 (75,352)117,374
Opening Balance at 01 April 2025192 ,726 (75,352)117,374
Net Loss After Taxation- (3 ,164)(3,164)
Total Comprehensive Loss For the Year, Net of Tax- (3,164)(3,164)
Dividends15- (2,900)(2,900)
Closing Balance at 31 March 2026192 ,726 (81,416)111,310
Consolidated Statement of Changes in Equity
For the year ended 31 March 2026
Financial Statements
29
The notes set out on pages 33 to 48 form part of, and should be read in conjunction with, the consolidated financial statements.

Note
2026
$’000
2025
$’000
Current Assets
Cash and Cash Equivalents6,926 10,931
Trade and Other Receivables911 24
Prepayments981 78
Total Current Assets7,01 8 11,033
Non-Current Assets
Investment Property10105,500 107,000
Deferred Taxation7440 -
Total Non-Current Assets105,940 107,000
To t a l A s s e t s112,958 118,033
Current Liabilities
Trade Payables, Accruals and Provisions111,648 659
Total Current Liabilities1,648 659
Total Liabilities1,648 659
Net Assets111,310 117,374
Share Capital192 ,726 192 ,726
Accumulated Losses(81,416)(75,352)
Shareholders’ Equity111,310 117,374
The Board of Directors of Asset Plus Limited approved the consolidated financial statements for issue on 22 May 2026.
Consolidated Statement of Financial Position
As at 31 March 2026
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
Financial Statements
30
The notes set out on pages 33 to 48 form part of, and should be read in conjunction with, the consolidated financial statements.

2026
$’000
2025
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue5 , 974 5,809
Operating Expenses(3 , 1 74)(4,082)
Interest Income281 337
Interest Expense- (2,201)
Net Cash Inflow/(Outflow) from Operating Activities3,081 (137)
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Sale of Investment Property- 54,400
Capital Expenditure on Investment Properties(3,889)(136)
Leasing fees paid(4 4 6)-
Funds held in retention- 173
Transaction Costs- (293)
Tenant Contribution to Fit Out149 300
Net Cash (Outflow)/Inflow from Investing Activities(4 ,18 6)54,444
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings- (3 2 , 974)
Transfer from Lockbox- 4,000
Distributions Made to Shareholders(2,900)(18,138)
Net Cash Outflow from Financing Activities(2,900)(47,112)
Net (Decrease)/Increase in Cash and Cash Equivalents(4,0 05)7,1 9 5
Cash and Cash Equivalents at the Beginning of the Year10,931 3 ,736
Cash and Cash Equivalents at the End of the Year6,926 10,931
Consolidated Statement of Cash Flows
For the year ended 31 March 2026
Financial Statements
31
The notes set out on pages 33 to 48 form part of, and should be read in conjunction with, the consolidated financial statements.

2026
$’000
2025
$’000
Net Loss after Taxation(3,164)(5,696)
Items Classified as Investing or Financing Activities:
Unrealised Loss in Fair Value of Investment Properties7, 42 7 7,1 5 4
Amortisation of Loan establishment costs- 105
Movements in Working Capital Items:
Accounts Receivable and Prepayments14 (22)
Trade and Other Payables(111)(614)
Non-Cash Items:
Straight-line rental income(708)(988)
Amortisation of leasing fees and incentives63 56
Deferred tax asset recognised(4 4 0)-
Other Income- (132)
Net Cash Inflow/(Outflow) from Operating Activities3,081 (137)
Reconciliation of Net Profit to Net
Cash Flow from Operating Activities
For the year ended 31 March 2026
Financial Statements
32
The notes set out on pages 33 to 48 form part of, and should be read in conjunction with, the consolidated financial statements.

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
1. Corporate Information
The 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 a FMC reporting entity under the Financial Markets Conduct Act 2013. The
registered office is located in Level 2, Bayley's 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.
2. Summary of Material Accounting Policies
(a) Basis of Preparation
The 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 Part 7 of the Financial Markets Conduct Act
2013 and the NZX Listing Rules. The consolidated financial statements have been prepared on a historical cost basis, except
for investment properties which have been measured at fair value.
The consolidated financial statements are presented in New Zealand dollars and all values are rounded to the nearest
thousand dollars ($’000), except where otherwise indicated.
(b) Statement of Compliance
The consolidated financial statements comply with New Zealand equivalents to International Financial Reporting Standards
('NZ IFRS') and International Financial Reporting Standards (IFRS), as appropriate for a profit-oriented entity that falls into the
Tier 1 for profit category as determined by the New Zealand Accounting Standards Board.
Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year, except where new 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.
Accounting standards that are issued but not yet effective
NZ IFRS 18 Presentation and Disclosure in Financial Statements
In May 2024, the New Zealand External Reporting Board (XRB) issued NZ IFRS 18 Presentation and Disclosure in Financial
Statements (effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS
1 Presentation of Financial Statements and primarily introduces a defined structure for the statement of comprehensive
income and disclosure of management-defined performance measures (a subset of non-GAAP measures) in a single note
together with reconciliation requirements. It also includes enhanced principles on aggregation and disaggregation which
apply to the primary financial statements and notes in general. The Company is yet to adopt this standard and is in the
process of assessing its impacts particularly with respect to the structure of the Company's statement of profit or loss,
and the additional disclosures required for management performance measures. However, there will be no impact on the
Company's net profit.
33

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
(c) Basis of Consolidation
The consolidated financial statements incorporate the assets, liabilities and equity at the end of the annual reporting period
and revenue, expenses and cash flows during the year ended 31 March 2026, and its comparative period, of the entities
controlled by the Company. A controlled entity is any entity over which Asset Plus Limited has the power to direct relevant
activities, exposure or rights, to variable returns from its involvement with the investee, and the ability to use its power over the
investee to affect the amount of investor return. The existence and effect 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 consolidated financial statements, subsidiaries are consolidated from the date the Group gains control
until the date on which control ceases.
The financial statements of the subsidiary are prepared for the same reporting period as the parent company, using
consistent accounting policies. In preparing the consolidated financial statements, all intercompany balances, transactions,
unrealised gains and losses resulting from intra-group transactions and dividends have been eliminated in full.
The table below represents the Company's investment in its subsidiary at each reporting date:
Percentage Held 31 March 2026Percentage Held 31 March 2025
Asset Plus Investments Limited100%100%
(d) Goods and Services Tax (GST)
Revenue and expenses are recognised net of the amount of GST except where the GST incurred on a purchase of goods and
services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition
of the item as applicable.
All items in the 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 from investing and financing activities is classified as part of operating activities.
3. Significant 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 from these estimates. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or
in the period of the revision and future periods if the revision affects both current and future periods.
Fair value measurements
A number of the Group's accounting policies and disclosures require measurement at fair value. Fair values are categorised
into different levels in a fair value hierarchy based on the inputs used in the valuation technique adopted as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
prices), or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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 10)
Deferred Taxation (Note 7)
Going Concern
The 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.
34

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
4. Financial Risk Management Objectives and Policies
The Group's principal financial instruments comprise bank loans (now repaid), cash, trade receivables and payables.
Financial assets and liabilities are recognised on the Consolidated Statement of Financial Position when the Group becomes
a party to the contractual provisions of the instrument.
The main risks arising from the Group’s financial instruments are interest rate risk, credit risk, liquidity risk and fair value risk.
The Board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The Group has exposure to interest rate risk to the extent that it has borrowed. The Directors assess this risk on an ongoing
basis and if deemed significant, will instruct the Group to enter into interest rate swaps to manage material exposure. The
Group’s exposure to interest rate risk and the effective weighted interest rates for each class of financial asset and financial
liability were:
As at 31 March 2026Effective Interest
Rate Range
Less Than 1 Year
$’000
1 - 2 Years
$’000
2 Years +
$’000
Financial Assets
Cash and Cash Equivalents0.00% -3.90%6,926--
Trade Receivables and Other receivables11--
Total Financial Assets6,937--
Financial Liabilities
Trade Payables and Other Payables(118)--
Total Financial Liabilities(118)--
As at 31 March 2025
Financial Assets
Cash and Cash Equivalents0.00% -3.90%10,931- -
Trade Receivables and Other receivables24- -
Total Financial Assets10,955- -
Financial Liabilities
Trade Payables and Other Payables(262)- -
Total Financial Liabilities(262)- -
The Group’s assets and liabilities which are subject to interest rate changes, consist of cash and cash equivalents and
secured bank loans (to the extent drawn). The following demonstrates the sensitivity to the Group profit and equity, resulting
from a reasonably possible change in interest rates. This analysis assumes all other variables remain constant.
2026
$’000
2025
$’000
1% increase
Cash and Cash Equivalents And Financial Assets89 100
1% decrease
Cash and Cash Equivalents And Financial Assets(89)(100)
35

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Fair value risk
A comparison between financial assets and financial liabilities fair value and carrying amounts is set out below. The net fair
value is not materially different from the carrying value. The methods used for determining fair value have been disclosed in
Note 12.
As at 31 March 2026
Note
Designated
As Fair Value
$’000
Amortised
Cost
$’000
Total Carrying
Amount
$’000
Fair Value
$’000
Financial Assets
Cash and Cash Equivalents- 6,926 6,926 6,926
Trade Receivables and Other receivables9 - 11 11 11
Total Financial Assets- 6,937 6,937 6,937
Financial Liabilities
Trade Payables and Other Payables11 - (118)(118)(118)
Total Financial Liabilities- (118)(118)(118)
As at 31 March 2025
Financial Assets
Cash and Cash Equivalents- 10,931 10,931 10,931
Trade Receivables and Other receivables9 - 24 24 24
Total Financial Assets- 10,955 10,955 10,955
Financial Liabilities
Trade Payables and Other Payables11 - (262)(262)(262)
Total Financial Liabilities- (262)(262)(262)
Credit risk
In the Board's opinion, the Group trades only with recognised, creditworthy third parties, whose obligations to the Group are
contractually enforceable under tenancy agreements and car park licences. Financial instruments, which potentially subject
the Group to credit risk, principally consist of bank balances, receivables and advances to tenants.
With respect to credit risk arising from financial assets of the Group, which comprise interest received on cash and cash
equivalents, the Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to
the carrying amount of these instruments. Bank of New Zealand, who is the counter party in respect to these financial assets
of the Group, currently holds an AA- credit rating (issued by Standard & Poors).
Liquidity risk
Liquidity risk arises from the Group’s financial liabilities and the ability to meet all its obligations to repay financial liabilities as
and when they fall due. The Group actively monitors its position to ensure that sufficient funds are available to meet liabilities
as they arise. Liquidity is monitored on a regular basis and reported to the Board monthly.
The table below reflects all contractually fixed pay-offs for settlement and repayments resulting from recognised financial
liabilities. This table (in respect to the prior year) is based on all interest rate variables being held constant over the relevant
period of time. It does not allow for potential future margin or base rate changes as these can not be easily identified as
at balance date. All payments are undiscounted and the timing of the cash flows is based on the contractual terms of the
underlying contract.
36

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
As at 31 March 2026
Balance
$’000
Contractual
Cash Flows
$’000
On
Demand
$’000
< 1 Year
$’000
1 - 2 Years
$’000
2 - 5 Years
$’000
> 5 Years
$’000
Financial Liabilities
Non-derivative financial liabilities
Trade Payables and Other Payables118 118 - 118 - - -
To t a l118 118 - 118 - - -
As at 31 March 2025
Financial Liabilities
Non-derivative financial liabilities
Trade Payables and Other Payables262 262 - 262 - - -
To t a l262 262 - 262 - - -
Capital Management
The Group’s capital includes contributed capital and accumulated loss.
When managing capital, the Directors' objective is to ensure the entity continues as a going concern as well as to maintain
optimal returns to shareholders. As the market is constantly changing, management and the Board of Directors consider
capital and management initiatives. The Directors have the discretion to change (or cease) the amount of dividends to be
paid to shareholders accordingly, issue new shares or sell investment property. Capital is also monitored through the gearing
ratio to the extent there is debt drawn.
The Group’s policies in respect of capital management and allocation are reviewed quarterly by the Board of Directors.
Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand, term deposits and other short term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial Instruments
Classification of financial instruments.
The Group classifies its financial assets as fair value through profit and loss (“FVTPL”), fair value through other
comprehensive income (“FVTOCI”) and amortised cost according to the Group’s business objectives for managing the
financial assets and based on the contractual cash characteristics of the financial assets. At each reporting date, the Group
classifies all its financial liabilities as amortised cost or FVTPL.
37

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Accounting policy
Rental Revenue
Rental revenue is the Group's primary revenue stream. Net rental revenue is recognised in accordance with
NZ IFRS 16 Leases. Substantially all property owned by the Group is leased to third party tenants. As the
Group retains substantially all the risks and benefits of ownership of its investment properties, it accounts for
leases with its tenants as operating leases and begins recognising income when the tenant has a right to use
the leased asset. The total amount of contractual rent to be received from operating leases is recognised on
a straight-line basis over the term of the lease; including any lease incentives which are amortised to profit and
loss over the same period and reduce rental income recognised.
Net rental revenue is measured based on the consideration specified in the relevant rental agreement.
The lease term varies between properties and individual tenants within those properties.
2026
$’000
2025
$’000
Rental charged to tenants in the ordinary course of business4,893 4,962
Operating cost recoveries from tenants1,018 921
Amortisation of capitalised lease cost adjustments*(63)(56)
Straight-line rental revenue**708 988
Gross rental revenue6,556 6,815
Property operating costs***(1,604)(1,897)
Net rental revenue4,952 4,918
* Leasing fees are capitalised and amortised over the lease term to which they relate.
** Rental income is recognised on a straight-line basis over the initial lease term.
*** Property operating costs represent property maintenance and operating expenses.
Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2026
$’000
2025
$’000
Within one year5 ,74 0 4,783
After one year but not more than five years24,59220,439
More than five years47, 6 9 554,603
The above rental receivables are based on contracted amounts as at 31 March 2026 and 31 March 2025. Actual rental
amounts collected in future will differ due to upward rental review provisions within the lease agreements. There are multiple
leases and tenants. The rent review mechanisms and frequency vary for each lease. Each lease has renewal dates whereby
the lessee has the right to renew for an agreed term. The minimum lease payments receivable reflect the minimum lease
terms and do not include any options for renewal due to the uncertainty as to whether the options will be exercised. The
figures above also exclude the recovery of rates and insurance disclosed under lease income in accordance with NZ IFRS 16
since this is a variable lease payment that does not depend on an index or rate.
5. Net Rental Revenue
38

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Accounting policy
Interest Revenue
Interest revenue consists of interest accrued on cash deposits and is recognised using the effective
interest method.
Interest and Finance Costs
Finance costs, including borrowing costs and interest payable on borrowings, are recognised in the
consolidated statement of comprehensive income when incurred.
6. Administration Expenses and Net Finance Costs
Note
2026
$’000
2025
$’000
Administration expenses
Management fees(541)(875)
Directors’ fees16 (300)(300)
Auditor’s remuneration(82)(83)
Professional fees(35)(39)
Directors’ insurance(235)(202)
Registry fees(65)(52)
Listing fees(4 6)(4 8)
Other administration costs(86)(105)
Total administration expenses(1,390)(1,704)
Net finance costs
Interest and finance costs- (2,115)
Interest revenue261 359
Total net finance costs261 (1,756)
Auditor's remuneration as follows:
Audit of the annual financial statements(71)(72)
Other assurance services
(1)
(11)(11)
Total auditor’s remuneration(82)(83)
(1)
Agreed upon procedures review in respect to interim financial statements.
39

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
7. Income Tax
Accounting policy
Income tax in the consolidated statement of comprehensive income comprises current and deferred tax.
Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity.
Current tax is the expected tax on the taxable income for the year, using rates enacted or substantially
enacted at balance date, and any adjustment to income tax payable in respect of previous periods. Current
tax for current and prior periods is recognised as a liability (or asset) to the extent it is unpaid (or refundable).
Deferred tax is provided for using the liability method on all temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor the taxable profit or loss.
• In respect of the taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and
it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax
losses can be utilised, except:
• When the deferred income tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss.
• When the deductible temporary difference is associated with investments in subsidiaries, associates
or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that it is
probable that the temporary difference will reverse in the foreseeable future and taxable profit will be
available against which the temporary difference can be utilised.
The carrying amount of any deferred income tax asset is reviewed at each reporting date and adjusted to the
level that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are
expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at balance date.
The Group has applied the rebuttable presumption under NZ IAS 12 that deferred tax on investment property
measured using the fair value model in NZ IAS 40 is determined on the basis that its carrying amount will be
recovered through sale.
The Group holds investment properties for the purpose of capital appreciation and rental income and
therefore the measurement of any related deferred tax reflects the tax consequences of recovering the
carrying amount of the investment property entirely through sale. In New Zealand there is no capital gains tax,
therefore the tax consequences on sale will be limited to depreciation previously claimed for tax purposes (i.e.
depreciation recovered).
40

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Major components of income tax expense for the year ended 31 March are:
2026
$’000
2025
$’000
Current tax
Current income tax charge--
Current tax- -
Net deferred income tax
Movement in deferred tax liability- 608
Movement in deferred tax asset440 (608)
Net deferred income tax440 -
Income tax reported in the consolidated statement of comprehensive income440 -
A reconciliation of the income tax expense applicable to net profit before income tax at 28%, to the income tax expense in
the consolidated statement of comprehensive income for the year ended 31 March is as follows:
Net loss before tax(3 ,604)(5,696)
Income taxation benefit (expense) (28%)1,009 1,595
Adjust for revaluations of investment property(2,079)(2,003)
Adjust for non-deductible expenses/non-assessable income- 37
Adjustment for deferred tax (depreciation on buildings)- (371)
Deferred tax assets movement440 (4 3 9)
Adjustment for depreciation (claimed in financial year)862 905
Tax loss utilised10 -
Fixed rental accrual198 276
Income tax reported in the consolidated statement of comprehensive income440 (0)
Deferred income tax
Net deferred income tax asset/(liability) relates to the following:
Deferred income tax assets:
Accumulated tax losses705 265
Deferred income tax liabilities:
Recoverable depreciation on Investment properties(265)(265)
Deferred taxation 440 -
For the year ended 31 March 2026, Asset Plus Limited generated a small taxable income, which was fully offset by
carried-forward tax losses and accordingly no current tax was payable. An additional deferred tax asset of $0.44 million has
been recognised for tax losses expected to be utilised over the near term, being the two-year period following balance date,
based on forecast taxable income supported by contracted lease arrangements, in accordance with NZ IAS 12. At 31 March
2026, the Company has unrecognised carried-forward tax losses of $10.59 million, for which no deferred tax asset has been
recognised, as utilisation of these losses beyond the two-year forecast period is not considered probable.
41

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
9. Trade and Other Receivables
2026
$’000
2025
$’000
Trade receivables7 -
Total trade receivables7 -
Other receivables4 24
Total other receivables4 24
Total trade and other receivables11 24
Trade receivables are non-interest bearing and are on < 30 day terms.
Other prepayments81 78
Prepayments81 78
Accounting policy
Trade receivables, other receivables and prepayments are initially recognised at fair value plus transaction
costs and subsequently carried at amortised costs using the effective interest rate method less an allowance
for any impairment losses. Due to their short term nature, trade receivable, other receivables and prepayments
are not discounted.
The Group makes use of a simplified approach in accounting for trade receivables and records the loss
allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows,
considering the potential for default at any point during the life of the financial instrument. In calculating, the
Group uses its historical experience, external indicators and forward looking information to calculate the
expected credit losses. The impairment of trade receivables is assessed on a collective basis (grouped based
on the days past due), as they possess shared credit risk characteristics.
Further disclosure details on the expected credit loss model have not been included in the financial
statements as the amounts involved are considered by the Directors of the Group to be immaterial.
8. Segment Reporting
The principal activity of the Group is investment in New Zealand property. At reporting date, the Group owns a single
investment property. Segment reporting is presented in a manner consistent with internal reporting provided to the chief
operating decision maker, being the Board. The Board reviews financial and operating information relating to the Group as
a whole in order to monitor performance and the ongoing operation of the property. The Group operates exclusively in New
Zealand and, accordingly, has a single operating and reportable segment. The Group has no unallocated revenue, expenses,
assets or liabilities.
42

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
10. Investment Property
Accounting policy
Investment properties which are held exclusively to earn rentals and/or for capital appreciation are classified
as investment properties at their acquisition date. These are initially recognised at cost plus related costs
of acquisition. After initial recognition, investment properties are stated at fair value as determined by an
independent registered valuer. Investment properties are valued annually. The fair value is based on market
values, being the price that would be received to sell the property in an orderly transaction at the date of valuation
after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Investment properties that are being constructed or developed for future use are classified as development
properties and are measured at cost, as cost represents the fair value. Development properties are carried at
fair value when fair value can be reliably determined, which is expected to be upon completion. All costs directly
associated with the purchase and construction of a property and all subsequent capital expenditure is capitalised.
Gains or losses arising from changes in the fair value of development properties held at fair value are included in
profit or loss in the year in which they arise. Development properties are carried at fair value when fair value can
be reliably determined, which is expected to be upon completion. Development properties are re-classified as
Investment properties upon practical completion of the development and the property is held to be leased out
under an operating lease.
In the absence of an active market, alternative valuation techniques are utilised which may include discounted
cash flow projections, capitalisation of income or sales comparison approach as appropriate to the property
being valued. The valuations are prepared by considering the aggregate of the estimated cash flows expected
from rental income, the occupancy rates, average lease terms and capitalisation rates which reflect the current
market conditions. The estimate of fair value is a judgement which has been made based on the market conditions
which apply at each reporting date.
Investment properties are derecognised either when they have been disposed of or when the investment property
is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or
losses on the disposal of an investment property are recognised in profit or loss in the period of derecognition.
The tables below outline the movements in the carrying values for all directly owned investment property:
As at 31 March 2026Opening fair
value balance
(including WIP)
$'000
Capex
$'000
Leasing
costs net of
amortisation
$’000
Unrealised
loss on
revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane107,000 4,836 383 ( 7, 42 7 )708 105,500
-
Total Investment
Property
107,000 4,836 383 (7,427)708 105,500
Munroe Lane is measured at fair value as at 31 March 2026 and is determined by the independent valuation using the
capitalisation and discounted cashflow approach. The independent valuation was conducted by an independent registered
valuer who is a member of the Institute of Valuers of New Zealand. The valuer is experienced in valuing commercial
properties.
The independent valuation as at 31 March 2026 is $105.5 million (31 March 2025: $107 million). The fair value is also adjusted
to reflect the straight-line rent accrual and the capitalised leasing costs net of amortisation as set out in the table above.
43

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
As at 31 March 2025Opening fair
value balance
(including WIP)
$'000
Capex

$'000
Leasing
costs net of
amortisation
$'000
Unrealised loss
on revaluation
$'000
Straight-line
rent accrual
$'000
Fair value at
balance date
$'000
Investment Property
Munroe Lane116,050 136 (56)(10,118)988 107,000
- -
Total Investment Property116,050 136 (56)(10,118)988 107,000
As at 31 March 2026
Valuer
Capitalisation
Rate
%
Occupancy
Rate
%
W A LT
Years
Valuation
$'000
Munroe Lane
6-8 Munroe Lane, Auckland
Bayleys6.3875.609.40105,500
Fair Value105,500
As at 31 March 2025
Munroe Lane
6-8 Munroe Lane, Auckland
Bayleys6.1365.309.00107,000
Fair value107,000
The valuation techniques and significant unobservable inputs for Munroe Lane are as follows:
Valuation
TechniqueValuation Summary20262025
Sensitivity Of Fair Value To Changes
In the estimated fair value would
increase/(decrease):
Capitalisation
of Net Income
Market Capitalisation rate (%)6.38%6.13%Capitalisation rate was lower (higher).
Market rental ($ per sqm)*$350-$390$350-$375
Retail and office rental income per
square meter was higher (lower).
Discounted
Cash Flow
Discount rate (%)8.00%7. 5 0 %The discount rate was lower (higher).
Terminal Yield6.63%6.38%Terminal yield was lower (higher).
Rental growth rate (%) over 10 years2.00%2.00%Rental growth was higher (lower).
Occupancy rate (%)75.60%65.30%The occupancy rate was higher (lower).
Letting up period (months)**18 months18 monthsLetting up period was lower (higher).
Lease incentives
3 months per
annum over
lease term
3 months per
annum over
lease term
Lease incentives were lower (higher).
Sales Income
Approach
Price per square meter rate ($ per sqm)$7,1 2 1$7, 0 4 0Rate per square metre was higher (lower).
* The represents the valuers' assessment of the net market income which a property is expected to achieve under a new arm’s length leasing transaction.
** Represents the period of time that has been allowed to re-let a tenancy at the end of each existing lease of the properties.
Estimates are used in these valuations. These include the capitalisation rate in the income capitalisation approach and
the discount rate in the discounted cash flow approach. The approaches are also influenced by other estimates relating to
market rental levels, vacancy rates, letting-up allowances and the cost of ongoing operating expenses, capital expenditure,
other capital payments, time, location, quality and overall property condition.
Among other factors, all valuation approaches consider tenant quality, lease terms and any lease incentive costs such as
rent-free periods and other costs not paid by the tenant.
44

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Valuation Sensitivity
This sensitivity analysis below outlines how movements in the discount rate and capitalisation rate impact the fair value of the
investment property. The capitalisation rate is used in the capitalisation approach and the discount rate and terminal yield is used in
the discounted cash flow approach.
Valuation methodology$’000s
Capitalisation approach$104,500
Discounted cash flow approach$106,500
Market value$105,500
Capitalisation approach sensitivity
Capitalisation rate
Valuation
$’000s
Decrease in capitalisation rate6.125%109,000
Adopted capitalisation rate6.375%104,500
Increase in capitalisation rate6.625%101,000
Discounted cash flow approach sensitivity
Discount rate
8.50%8.25%8.00%7.75%7. 5 0 %
Terminal yield$'000s$'000s$'000s$'000s$'000s
7.1 3 %99,200100,900102,600104,350106,150
6.88%101,000102,700104,500106,300108,150
6.63%102,900104,700106,500108,350110,250
6.38%105,000106,800108 ,700110,600112,550
6.13%1 07, 2 5 0109,100111,050113,000115,000
11. Trade Payables, Accruals and Provisions
Accounting policy
Trade and other payables
Trade payables are classified as financial liabilities and are initially measured at fair value less any
transaction costs and subsequently carried at amortised cost and due to their short term nature, are not
discounted. They represent liabilities for goods and services provided to the Group prior to the end of
the financial year that are unpaid and arise when the Group becomes obliged to make future payments in
respect to the purchase of these goods and services.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic benefits will result and that the outflow can be reliably
measured.
45

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
12. Fair Value Measurement
The table below sets out the comparison by category of carrying amounts, fair values, and fair value movement hierarchy of
the Group's investment properties:
Year ended 31 March 2026Year ended 31 March 2025
Note
Quoted
market
Price
(Level 1)
$'000
Market
observable
Outputs
(Level 2)
$'000
Non
market
Outputs
(Level 3)
$'000
Quoted
market
Price
(Level 1)
$'000
Market
observable
Outputs
(Level 2)
$'000
Non
market
Outputs
(Level 3)
$'000
Investment properties10- - 105,500 - - 107,000
The quoted market price (Level 1) represents the fair value determined based on quoted prices in active markets as at the
reporting date. For financial instruments not quoted in active markets (Level 2) the Group uses present value techniques,
with a comparison to similar instruments for which market observable prices exist and other relevant models used by market
participants, which includes current swap rates on offer and also the current floating interest rate (interest rate swaps). For
properties held for sale and investment properties (Level 3), the Group uses present value techniques based on forecasted
future earnings.
There are no transfers between Level 1, 2 or 3 during the financial year ended 31 March 2026 (2025: None).
Accounting policy
Financial assets/liabilities classified as fair value through profit and loss (“FVTPL”) are initially recognised at
their fair value and are subsequently measured at fair value at each reporting date. Gains and losses recorded
on each revaluation date are recognised within profit or loss. Transaction costs of financial assets classified as
FVTPL are expensed in the consolidated statement of comprehensive income.
2026
$’000
2025
$’000
Trade payables27 59
GST payable19 51
Other payables72 152
Total trade and other payables118 262
Opex accruals334 397
Capex accruals1,196 -
Total accruals1,530 397
Total trade payables and accruals1,648 659
Trade payables are non-interest bearing and are normally settled on 30 day terms. Interest payable is settled quarterly
throughout the financial year. Other payables are non-interest bearing and have an average term of 6 months.
46

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
Issued capital and reserves
20262025
Ordinary shares
Number of issued and fully paid shares ('000)362,718362,718
Ordinary shares have no par value. Fully paid and ordinary shares carry one vote per share, and share equally in dividends
and any surplus on winding up.
13. Equity
Accounting policy
Equity instruments issued by the Group are recorded as the proceeds are received, net of direct issue costs.
15. Dividends Paid to Shareholders
A quarterly dividend of 0.20 cents per share was paid to shareholders for the year 2026.
A special dividend of five cents per share was paid to shareholders on 18 December 2024.
20262025
CPS$'000Date PaidCPS$'000Date Paid
Q4 prior year net dividend 0.200 725 16/06/25- - N /A
Q1 net dividend 0.200 725 21/08/25- - N /A
Q2 net dividend 0.200 725 05/12/25- - N /A
Q3 net dividend 0.200 725 06/03/26- - N /A
Special Dividend- - N /A 5.000 18,138 18/12/24
Total paid during the year 0.800 2,900 5.000 18,138
2026
$’000
2025
$’000
Imputation credit account
At 31 March the imputation credits available for use in subsequent reporting periods are--
14. Earnings Per Share
2026
$’000
2025
$’000
Total Comprehensive Loss for the Year, Net of Tax(3 ,164)(5,696)
Weighted average number of ordinary shares ('000)362,718 362,718
Loss per share (cents) - basic and fully diluted(0.87)(1.57)
Accounting policy
Earnings per share is calculated by dividing the profit/(loss) attributable to shareholders (excluding
distributions) of the Group by the weighted average number of ordinary shares on issue during the period.
47

Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
Notes to the Consolidated Financial Statements
16. Remuneration
Key management personnel costs
2026
$’000
2025
$’000
Directors' remuneration300300
To t a l300300
17. Related Parties
Centuria Funds Management (NZ) Limited (formerly Augusta Funds Management Limited) owns the management contract
rights of the Group. The parent of Centuria Funds Management (NZ) Limited, Centuria Platform Investments Pty Limited, owns
19.99% of Asset Plus Limited (2025: 19.99%). Transactions with Centuria Funds Management (NZ) Limited are deemed to be
related parties because the Company is managed by Centuria Funds Management (NZ) Limited under the terms of the signed
management contract.
Fees paid and owing to the manager ($'000)
20262025
Fees ChargedFees OwedFees ChargedFees Owed
Management fees541 136 773 140
Performance fees- - 102 102
Property management fees91 22 89 25
Development management fees72 - - -
To t a l704 158 964 267
As part of dividends paid to shareholders by the Company, $580,058 in dividends were paid to Centuria Platform Investments
Pty Limited during the year for its 19.99% ownership of the Company (2025: $3,625,775).
18. Commitments and Contingencies
Capital commitments
There are capital commitments of $205,000 as at 31 March 2026 (31 March 2025: 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 2025: $75,000).
Contingent liabilities
At the reporting date the Group had no material contingent liabilities (2025: nil).
19. Subsequent Events
The following events occurred subsequent to year-end:
On 22 May 2026 the Board declared a dividend of 0.20 cents per share for the quarter ended 31 March 2026. The dividend will
be paid on 11 June 2026.
48

Independent Auditor’s Report
Independent
auditor’s report
To the Shareholders of Asset Plus Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Asset Plus Limited (the “Company”) and its subsidiary (together
the “Group”) on pages 28 to 48 which comprise the consolidated statement of financial position as at 31 March 2026, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary
of material accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial
position of the Group as at 31 March 2026 and its financial performance and cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”) issued by the
New Zealand Accounting Standards Board and IFRS Accounting Standards issued by the International Accounting
Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by
the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our firm carries out other assignment for the Group in the area of agreed upon procedures on the half-year results. The
firm has no other relationship with, or interest in, the Group.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Grant Thornton New Zealand Audit Limited is a related entity of Grant Thornton New Zealand Limited. ‘Grant Thornton’ refers to the brand under which the Grant
Thornton member firms provide services to their clients and/or refers to one or more member firms as the context requires. Grant Thornton New Zealand Limited
is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate
legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of and do not obligate
one another and are not liable for one another’s acts or omissions. In the New Zealand context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton
New Zealand Limited and its New Zealand related entities.
49

Independent Auditor’s Report
Why is the matter significant?How our audit addressed the key audit matter
Investment Property - Valuations
The Group’s investment property has an assessed value of
$105.5 million and is the single revenue generating asset of
the Group.
Management is required to make judgements, estimates
and assumptions in determining the carrying values of
asset that are not readily apparent from other sources.
The estimates, assumptions and methodology for
determining the values are specific to the nature, location
and expected future rental income for the property.
The Group engaged an independent registered valuer to
determine the value of the property.
The estimates, assumptions and methods used in
determining the value of the properties, may not be
appropriate. Market volatility can have a significant impact
on the value of this property and accordingly, may have a
material impact on the consolidated financial statements;
therefore, the valuation of this property is considered a key
audit matter.
To address the risk associated with the valuation of the
property, the following audit procedures were carried out:
• Gained an understanding of the management’s process to
conduct investment property valuation.
• Obtained and agreed the schedule of investment property
to the independent valuation report, performed by valuation
expert;
• Evaluated the independence, qualifications and work of the
valuation expert;
• Engaged auditor’s expert to assess the reasonableness
of significant valuation assumptions used in the valuation
model and the appropriateness of the valuation
methodologies adopted were appropriate;
• Verified the mathematical accuracy of the valuation model
and its reconciliation with the amount recorded in the
consolidated financial statements; and
• Considered the adequacy of the disclosures made in Note
3 Significant Accounting Estimates and Judgements and
Note 10 Investment Property to the consolidated financial
statements, which sets out the key judgements and
estimates including valuation methodologies and significant
unobservable inputs applied to determine fair value of the
investment property.
50

Independent Auditor’s Report
Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the annual report but does not include
the consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified
above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Directors’ responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand equivalents to International Financial Reporting Standards issued by the New
Zealand Accounting Standards Board and IFRS Accounting Standards, and for such internal control as the Directors determine
is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the External Reporting
Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Company’s shareholders, as a body those matters which we are required to state to them in an auditor’s report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and its shareholders, as a body, for our audit work, for this report or for the opinion we have formed.
Grant Thornton New Zealand Audit Limited
Te j S e t h i
Partner
Auckland
22 May 2026
51

Shareholder Statistics
Twenty Largest Shareholders
Top 20 Shareholders (with expanded NZCSD Sub-Register) as at 8 May 2026:
RankInvestor Name
In NZCSD
Sub-RegisterTotal Shares
% Issued
Shares
1Centuria Platform Investments Pty LtdNo72 , 5 07, 2 8 819.99
2Accident Compensation CorporationYe s63,934,90717. 6 3
3HSBC Nominees (New Zealand) LimitedYe s33,562,2399.25
4Forsyth Barr Custodians LimitedNo15,059,3364.15
5Leveraged Equities Finance LimitedNo1 0 , 5 7 7, 9 3 32.92
6New Zealand Depository NomineeNo10,576,8942.92
7JPMORGAN Chase BankYe s8,359,6012.30
8Apex Custodian NomineesYe s7, 0 1 6 , 47 71.93
9Mmc Queen Street Nominees Ltd Acf Salt Long Short FundYe s5,138,9391.42
10Nzx Wt Nominees LimitedNo4,476,1201.23
11FNZ Custodians LimitedNo4,170,1171.15
12Bnp Paribas Nominees NZ LimitedYe s3,638,0691.00
13
Pescatore A/C & Francis Ivor Charles Jasper & Redmond Trustee
Company No.20 Limited
No3,000,0000.83
13Elizabeth Beatty Benjamin & Michael Murray BenjaminNo3,000,0000.83
14Mmc Queen Street Nominees Ltd Acf Salt Enhanced Property FundYe s1 , 9 6 7,76 20.54
15New Zealand Permanent Trustees LimitedYe s1,856,0480.51
16Bnp Paribas Nominees NZ Limited Bpss40Ye s1,829,8360.50
17Bhc Trustee 68 LimitedNo1,799,0100.50
18Custodial Services LimitedNo1,724,9520.48
19Seguro Investments LimitedNo1,700,0000.47
20Hawkes Bay Sailplanes LimitedNo1,660,0000.46
Shareholder Statistics
52

Shareholder Statistics
Bruce Cotterill Carol Campbell
Chairman Chair Audit & Risk Committee
Spread of shareholders
The following is a spread of quoted security holders as at 8 May 2026:
RangeHoldersShares% of Issued Shares
1 - 1,0008649,4660.01
1,001 - 5,000307916,2420.25
5,001 – 10,0002642,081,7150.57
10,001 – 50,00052913,267,3053.66
50,001 – 100,00020715,544,0044.29
Greater than 100,000239330,859,06991.22
Substantial Security Holders
As at 31 March 2026, the following Shareholders had filed substantial security notices in accordance with the Financial
Markets Conduct Act 2013
Shareholder
Number of Ordinary Shares Relevant Interest
Disclosed For
Centuria Capital (NZ) No.1 Ltd72 , 5 07, 2 8 8
Accident Compensation Corporation63,934,907
Salt Funds Management Limited39,749,257
Westpac Banking Corporation (and related bodies corporate)29,455,484
Total Ordinary Shares On Issue At 31 March 20263 6 2 ,7 17, 8 01
This annual report is dated 22 May 2026 and is signed on behalf of the Board by:
53

NEW CONTENT TO BE SUPPLIED AND DESIGNED
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
MUFG Corporate Markets
Level 30
P w C To w e r
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
Directory
54

55

---

Results announcement

Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$6,556 (3.8%)
Total Revenue $6,556 (3.8%)
Net profit/(loss) from continuing
operations
($3,164) 44.5%
Total net profit/(loss) ($3,164) 44.5%
Interim/Final Dividend
Amount per Quoted Equity Security 0.00200000
Imputed amount per Quoted Equity
Security
0.00000000
Record Date 3 June 2026
Dividend Payment Date 11 June 2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.307 $0.324
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s audited financial statements as at
and for the year ended 31 March 2026.
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 22/05/2026

Audited financial statements accompany this announcement.

---

Distribution Notice



Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining market
price for DRP
N/A N/A
Date strike price to be announced (if not
available at this time)
N/A
Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 3 June 2026
Ex-Date (one business day before the Record
Date)
2 June 2026
Payment date (and allotment date for DRP) 11 June 2026
Total monies associated with the distribution $725,435.60
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00200000
Gross taxable amount $0.00000000
Total cash distribution $0.00200000
Excluded amount: $0.00200000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please state
imputation rate as % applied
Not applicable
Imputation tax credits per financial product $0.00000000
Resident Withholding Tax per financial
product
Not applicable

Specify source of financial products to be
issued under DRP programme (new issue or
to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms
N/A
Section 4: Authority for this announcement
Name of person authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number +64 9 3006161
Contact email address simon.woollams@centuria.co.nz
Date of release through MAP 22 May 2026