Asset Plus Limited · NZX:APL
Asset Plus — Shareholder Meeting (August 2024)
25 slides from Asset Plus's shareholder meeting presentation, Aug 26, 2024
Slide 1: Annual Meeting 2024
Asset Plus Annual Meeting 2024 26 August 2024
Slide 2: Virtual meeting information
Virtual meeting information Registering to vote Click on the ‘Get a voting card’ box at the top of the webpage or below the virtual presentation and webcast. Asking questions Only shareholders are eligible to ask questions. You will only be able to ask a question after you have registered to vote. I
Slide 3: Voting virtually
Voting virtually 1. Click the “Get a Voting Card” button at the top or bottom of the page 2. Enter your CSN/Holder Number or Proxy Number and click “Submit Details and Vote” 3. Fill out your voting card for each item of business 4. Click “Submit Vote” or “Submit Partial Vote.”* Assetplusnz.co.nz 3
Slide 4: Agenda
Agenda A Chairman’s address B Manager's presentation C Shareholder Questions D Resolutions E General Business Assetplusnz.co.nz Asset Plus 4
Slide 5: A - Chairman's address
6-8 MUNROE LANE AUCKLAND A - Chairman’s address
Slide 6: B - Manager's presentation
B - Manager’s presentation Assetplusnz.co.nz 6 Asset Plus 6
Slide 7: Overview
Overview 6-8 MUNROE LANE 6-8 MUNROE LANE • Total loss for the year net of tax of $5.30m (FY23 loss of $13.05m). • Result impacted by $4.90m of revaluation losses ($12.69m of losses in FY23). • AFFO1 loss of $0.67m ($0.28m loss in FY23). • Net rental income of $3.65m, up $0.18m on the previous year,
Slide 8: Key metrics
Key metrics Portfolio value Properties* Occupancy* WALE* Loan-to-value Net tangible ratio* assets March 2024 $180.8m 2* 41.0% 5.9 years 18.2% 38.9 cps March 2023 $216.6m 3* 37.0% 1.2 years 31.5% 40.4 cps ((( *35 Graham Street is unconditionally sold with a deferred settlement but is represented in t
Slide 9: Significant Activity during the year
Significant Activity during the year 6-8 MUNROE LANE Munroe Lane development complete, with Auckland Council rental commencing on 17 May 2023 & Practical Completion on 13 July 2023. 35 Graham Street settlement deferred to 29 November 2024 and further deposit paid. Stoddard sold and settled on 1 May
Slide 10: Munroe Lane, Albany
Munroe Lane, Albany 6-8 MUNROE LANE • Practical Completion achieved on 13 July 2023 once final commissioning was completed, post Auckland Council’s fit-out. • Munroe Lane blessing and opening ceremony occurred on 26 July 2023. • Iwi have bestowed a name upon the building – Hawiti. • Auckland Transpo
Slide 11: Munroe Lane, Albany (continued)
Munroe Lane, Albany (continued) 6-8 MUNROE LANE • The independent valuation as at 31 March 2024, based on just the Auckland Council (committed) lease is $116.2 million. Fair value of $116.05 million adopted as at balance date reflecting minor costs to complete. • To date $15 million of unrealised de
Slide 12: Munroe Lane - leasing update
Munroe Lane - leasing update 6-8 MUNROE LANE • Little Fields Café commenced trading in early 2024 for the kiosk in the ground floor lobby adding an important amenity to the building. • Direct marketing initiatives remain ongoing to target potential occupiers for the balance of space. • Leasing inter
Slide 13: Divestment of 35 Graham Street
Divestment of 35 Graham Street 35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION • Unconditionally sold, with a deferred settlement date of 29 November 2024 as the purchaser exercised their contractual right to extend settlement by 12 months. • As the settlement is extended the total deposit received
Slide 14: Outlook
Outlook • The Company is forecast to still be in an operating loss position up until the 35 Graham Street settlement has occurred on 29 November 2024 (absent any new leasing). • Key focus remains on successfully leasing the balance of the Munroe Lane development. Thereafter, we will consider selling
Slide 15: D - Shareholder Questions
D - Shareholder Questions Assetplusnz.co.nz Asset Plus 15
Slide 16: Shareholder questions
Shareholder questions 1. Click the “Ask a Question” button at either the top or bottom of the page. 2. Click “Text Question”, select the item of business from the drop- down menu and type your question in the space provided. 3. Click “Submit Question” once you have formatted and typed your question.
Slide 17: C - Resolutions
C - Resolutions Assetplusnz.co.nz Asset Plus 17
Slide 18: Re-election of Allen Bollard as a Director
Resolution 1 Re-election of Allen Bollard as a Director Allen Bollard retires under NZX Listing Rule 2.7.1 and, being eligible, offers himself for re-election as a Director of the Company. “That Robert Allen Bollard be re-elected as a Director of the Company.” Assetplusnz.co.nz 21 Asset Plus 18
Slide 19: Re-election of John McBain as a Director
Resolution 2 Re-election of John McBain as a Director John McBain retires under NZX Listing Rule 2.7.1 and, being eligible, offers himself for re-election as a Director of the Company. “That John Edward McBain be re-elected as a Director of the Company.” Assetplusnz.co.nz 21 Asset Plus 19
Slide 20: Auditors' fees and expenses
Resolution 3 Auditors’ fees and expenses “That the Board be authorised to fix the auditors’ fees and expenses from time to time.” Assetplusnz.co.nz 23 Asset Plus 20
Slide 21: Voting instructions
Voting instructions In Room Online Results • Will be conducted via a poll. • To vote, you will need to click • Will be published on Asset Plus’ “Get Voting Card” within the online website and will be announced to • MUFG Corporate Markets will have meeting platform. the NZX this afternoon as soon as
Slide 22: E – General Business
E – General Business Assetplusnz.co.nz Asset Plus 22
Slide 23: General Business
General Business 1. Click the “Ask a Question” button at either the top or bottom of the page. 2. Click “Text Question”, select the item of business from the drop- down menu and type your question in the space provided. 3. Click “Submit Question” once you have formatted and typed your question. Asse
Slide 24: Where to find us
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
Slide 25: 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