Slide 1: Financial Results
Financial Results For the six months ended 30 September 2023 28 November 2023
Slide 2: Overview
MUNROE LANE, ALBANY Overview 1. Result summary 2. Key metrics 3. Significant activities 4. Financial performance 5. Funding update 6. Portfolio update 7. Outlook 2
Slide 3: Result Summary
Result Summary 6-8 MUNROE LANE 6-8 MUNROE LANE • Total loss for the period tax loss of $4.72 million down from a profit of $0.29 million in September 2022. • Loss primarily impacted by $4.60 million unrealised loss on revaluation of investment property. • The result also impacted by 35 Graham Street
Slide 4: Key Metrics
Key Metrics Portfolio Value Properties Occupancy WALE Loan-to-Value Net Tangible Ratio Assets September 2023 $180.6m 2* 42.0% 6.2 years 18.2% 39.1 cps September 2022 $212.6m 4 41.0% 1.2 years 23% 44.1 cps *35 Graham Street is unconditionally sold with a deferred settlement but is represented in the
Slide 5: Significant Activity During the Period
Significant Activity During the Period Munroe Lane development reached practical completion on 13 July 2023. Blessing, naming and opening occurred on 26 July 2023 ahead of Council occupation. Auckland Council rental commenced on 17 May 2023. 35 Graham Street settlement extended to 29 November 2024.
Slide 6: Financial Performance
Financial Performance 6
Slide 7: Financial Performance
Financial Performance • The impact of the Eastgate and Stoddard Road settlements reduced net rental income by $2.42 million. • The impact of the above divestments was however offset by the Munroe Lane net rental income of $1.78 million which was recognised for the half year (noting rental Sep-23 Sep
Slide 8: Net Rental Performance
Net Rental Performance • 35 Graham Street was in line with the prior period. It remains 99% vacant. A small amount of carpark income was Sep-23 Sep-22 Var received which partially offset the opex incurred. ($m) ($m) ($m) Eastgate - 1.36 (1.36) • The Eastgate settlement occurred in late August 2022,
Slide 9: Administration & Finance Expenses
Administration & Finance Expenses • Management fees were slightly lower as the weighted Sep-23 Sep-22 Var average portfolio value marginally decreased due to the Administration costs divestments, offset by the Munroe Lane development. ($m) ($m) ($m) Management Fees 0.54 0.59 0.05 • Management fees a
Slide 10: Balance Sheet
Balance Sheet Sep-23 Mar-23 Var • Investment property comprises Munroe Lane. ($m) ($m) ($m) • 35 Graham Street is held for sale. Cash 4.73 4.87 (0.14) • 35 Graham St fair value of $62.6 million reflects the future Investment Property 118.00 118.56 (0.56) settlement proceeds on a discounted basis (ap
Slide 11: Funding Update
ASSET, PLUS#+ eo ay Centuria —— manag 11
Slide 12: Funding
Funding • Cash lockbox in place. Initially $5 million but is to equate to the actual EBIT shortfall to an ICR of 1.5x. The lockbox can reduce over time if the ICR shortfall is less than $5 million. The lockbox was reduced to $4 million post balance date Loan facilities as at 30 September 2023 and th
Slide 13: Portfolio Update
Portfolio Update 13
Slide 14: 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 occurred on 26 July 2023. • Auckland Council commenced occupation from this day, however rental commenced o
Slide 15: Munroe Lane, Albany (continued)
Munroe Lane, Albany (continued) 6-8 MUNROE LANE • The fair value as at 30 September 2023 represents the market value on a committed occupancy basis. • The independent valuation commissioned as at 30 September 2023 which is based on just the Auckland Council (committed) lease is $120 million. Forecas
Slide 16: Munroe Lane - Leasing Update
Munroe Lane - Leasing Update 6-8 MUNROE LANE • Little Fields Café lease commenced 1 November 2023 for the kiosk in the ground floor lobby. • Direct marketing initiatives remain ongoing to target potential occupiers for the balance of space. • Leasing enquiry and inspections have increased post compl
Slide 17: Divestment of 35 Graham Street
Divestment of 35 Graham Street 35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION • Unconditionally sold, with a deferred settlement date of 29 November 2024 as the purchaser has notified APL that they wish to extend settlement by 12 months. • As the settlement is extended the total deposit received i
Slide 18: Outlook
ASSET PLUS+#+ manaceo ay Centuria Outlook 18
Slide 19: Outlook
Outlook • The company is forecast to still be in an operating loss position post the Munroe Lane completion, absent further leasing, up until the 35 Graham Street settlement on 29 November 2024. • Key focus remains successfully leasing the balance of the Munroe Lane development. Thereafter, we will
Slide 20: Appendices
i) ASSET PLUS+#+ —— Manacen ay Centuria Appendices 20
Slide 21: Appendix 1 – AFFO Reconciliation
Appendix 1 – AFFO Reconciliation 6 months to Sep 23 ($m) 6 months to Sep 22 ($m) Comprehensive Income (Loss) Net of Tax (4.72) 0.29 Add back Fair value movement on Investment Property 4.59 0.06 (including loss on disposal) Non-FFO Deferred Tax Expenses - (0.41) Net Operating Income (Loss) After Tax
Slide 22: Appendix 2 – Adjusted Funds From Operations (AFFO)
Appendix 2 – Adjusted Funds From Operations (AFFO) The above graph is represented in $000s 22
Slide 23: Appendix 3 – Portfolio Summary
Appendix 3 – Portfolio Summary Property Held for Sale Munroe Lane, Albany 35 Graham Street, Auckland Valuation/ $118.0m² $62.6m¹ Carrying Value ($m) (Mar-23: $118.6m) (Mar-23: $61.7m) 9.5 year WALE (Auckland Council lease only) 0.00 WALE (years) (Mar-23: 10.0 years) (Mar-23: 0.00) 0% Occupancy (%) 6
Slide 24: Appendix 4 – Portfolio Movements
Appendix 4 – Portfolio Movements Opening Capex & Other Fair Value Sale of Fair Value balance movements movement Property Sept 2023 ($m) ($m) ($m) ($m) ($m) Property held for sale 35 Graham Street 61.7 - 0.9 - 62.6 22 Stoddard Road 36.3 - - (36.3) - Investment property 6-8 Munroe Lane 118.6 4.9 (5.5)
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
Slide 26: Where to find us
Where to find us Auckland Office Level 2, Bayleys House 30 Gaunt Street Auckland 1010 PO Box 37953 Parnell Auckland 1151 Telephone +64 (9) 300 6161