Asset Plus Limited · NZX:APL
Asset Plus — Shareholder Meeting (2020)
20 slides from Asset Plus's shareholder meeting presentation, 2020
Slide 1: 2020 Annual Meeting
2 8 0 7 2 0 2020 Annual Meeting 2 0 Asset Plus 2020 Annual Meeting Assetplusnz.co.nz
Slide 2: Agenda
Agenda 01 02 03 Chairman’s Manager’s Strategic Address Presentation Update 04 Resolutions Asset Plus 2020 Annual Meeting Assetplusnz.co.nz
Slide 3: 1. Chairman's Address
1. Chairman’s Address Artist impression of the potential Graham Street Development 3 Assetplusnz.co.nz Asset Plus 2020 Annual Meeting
Slide 4: 2. Manager's Presentation
2. Manager’s Presentation 4 Assetplusnz.co.nz Asset Plus 2020 Annual Meeting
Slide 5: 2020 Update
2020 Update No dividend was paid for the Unrealised loss on the fair value of Purchase of 35 Graham Street fourth quarter due to the investment property of $19.1m or for $58.0m in June 2019 impact of COVID-19 11.9% of carrying value Purchase of land in Albany in Net rental income of $10.47m Total lo
Slide 6: Impact of COVID-19
Impact of COVID-19 • The COVID-19 pandemic has provided material future uncertainty in the real estate market. • As a result the investment property portfolio materially reduced in value by $19.1m as at 31 March 2020. • Rental abatements and relief applied to the April – June 2020 quarter has impact
Slide 7: Key Metrics
Key Metrics as at 31 March 2020 Properties WALE LVR Portfolio Value 4 3.16 years 34.3% (Mar-192: 3) (Mar-192: 5.5) (Mar-192: 8.5%) $142.1m 1 Number of Tenants Occupancy NTA (Mar-192: $122.8m) 71 98.3% $0.567 (Mar-192: 76) (Mar-192: 96.7%) (Mar-192: $0.694) 1. Excludes $1.51m of WIP costs in relation
Slide 8: Portfolio Summary
Portfolio Summary as at 31 March 2020 Eastgate, Christchurch Stoddard Rd, Auckland Graham Street, Auckland Munroe Lane, Auckland Valuation ($m)1 $46.95 (Mar-19: $54.5) $37.5 (Mar-19: $39.5) $50.1 (On acquisition: $58.0) $7.5 (On acquisition: $7.25) WALE (years) 4.53 (Mar-19: 5.07) 4.00 (Mar-19: 4.02
Slide 9: Eastgate
Eastgate • Bargain Chemist committed to a 6 year lease at the Centre from 13 May 2020. Several tenancies have been combined to meet the circa 800m² space requirements for the tenant. • Seismic upgrade works for “The Warehouse” building were carried out and completed. All buildings at Eastgate are no
Slide 10: Stoddard Road
Stoddard Road • A total of 6 lease renewals were completed in 2020 (17% of the total rental income for the Centre). • WALT remained at 4.00 years in 2020 (4.02 years in 2019). Net contract income has increased by $70,369 p.a. as a result of rent reviews. • COVID-19 uncertainty has impacted retail ma
Slide 11: 3. Strategic Update
3. Strategic Update • The underwritten $100m capital raise launched in March 2020 was withdrawn as a result of the impacts of COVID-19. • The funding and shareholder approval condition in the Agreement to Develop and Lease with Auckland Council has been extended from 31 July to 30 October 2020. • Th
Slide 12: Strategic objectives
Strategic objectives Objective Delivering on the Objectives The Graham Street and Munroe Lane developments (should they proceed) are 01 Increase the scale of the portfolio expected to increase the value of the portfolio, reducing the Management Expense Ratio due to increased scale. The Munroe Lane d
Slide 13: 35 Graham Street, Auckland CBD
35 Graham Street, Auckland CBD Development update • Resource Consent for full scale redevelopment being lodged in the first week of August and is expected to be received in late 2020. • Marketing will commence in August 2020 led by Colliers • Conditional 6 month lease over basement and ground floors
Slide 14: Potential Munroe Lane Development
Artist impression of the Munroe Lane Development Potential Munroe Lane Development • Resource consent has been granted but the agreement remains conditional upon satisfaction of the landlord funding condition and shareholder approval. • Condition date has been extended from the end of July until 30
Slide 15: Kamo, Whangarei
Kamo, Whangarei • Bare industrial land of 38,000m2 located adjacent to SH1. • Pipeline opportunity to re-zone or obtain Resource Consent for higher and better commercial use. • Development opportunity intended to be held as investment property on completion. • Settlement is 30 July 2020. • Total con
Slide 16: Outlook
Outlook • The impact of COVID-19 further reinforces the adopted approach towards a diversified, value-add strategy that ultimately will increase the portfolio size. • The Manager continues to focus on working with retail tenants to navigate these uncertain times and preserve value in the longer term
Slide 17: 4. Resolutions
4. Resolutions 17 Assetplusnz.co.nz Asset Plus 2020 Annual Meeting
Slide 18: Election of Director – Carol Campbell
Resolution 1. Election of “That Carol Anne Campbell be re-elected Director – Carol as a Director of the Campbell Company.” Asset Plus 2020 Annual Meeting Assetplusnz.co.nz
Slide 19: Re-appointment of Auditors
Resolution 2. “That the Board be Re-appointment authorised to fix the of Auditors auditors’ fees and expenses from time to time.” Asset Plus 2020 Annual Meeting Assetplusnz.co.nz
Slide 20: Important Notice
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