Slide 1: Financial results
Financial results For the year ended 31 March 2024 28 May 2024
Slide 2: Overview
6-8 MUNROE LANE AUCKLAND OVERVIEW 1. Result summary 2. Key metrics 3. Activity during the year 4. Financial performance 5. Funding update 6. Portfolio update 7. Outlook
Slide 3: Result summary
Result summary 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
Slide 4: 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 5: Activity during the year
Activity during the year 6-8 MUNROE LANE Munroe Lane development complete, with Auckland Council rental commencing on 17 May 2023. 35 Graham Street settlement deferred to 29 November 2024. Stoddard sold and settled on 1 May 2023. Asset Plus 5
Slide 6: Financial performance
i) ASSET PLUS+#+ —— Manacen ay Centuria Financial performance
Slide 7: Financial Performance
Financial Performance • The impact of the Eastgate and Stoddard Road settlements reduced net rental income by $3.84 million. Mar-24 Mar-23 Var ($m) ($m) ($) • The impact of the above divestments was however offset by the Gross Rental Revenue 5.33 6.38 (1.05) Munroe Lane net rental income of $4.0 mil
Slide 8: Net Rental Performance
Net Rental Performance • 35 Graham Street was broadly in line with the prior period. It remains 99% vacant. A small amount of carpark income was received which partially offset the opex incurred. Mar-24 Mar-23 Var ($) ($m) ($m) • The Eastgate settlement occurred in late August 2022, which Stoddard R
Slide 9: Administration & Finance Expenses
Administration & Finance Expenses • Management fees were slightly lower as the weighted average Mar-24 Mar-23 portfolio value marginally decreased due to the divestments, offset Var ($) ($m) ($m) by the Munroe Lane development. Management Fees 0.99 1.13 0.14 • Management fees also included a small p
Slide 10: Balance Sheet
Balance Sheet • Investment property comprises just Munroe Lane ($116.05 million). • 35 Graham Street is held for sale. During the year Stoddard Road Mar-24 Mar-23 Var was sold for $36.75 million. ($m) ($m) ($) • 35 Graham St fair value of $64.7 million reflects the future Cash 3.7 4.9 (1.2) settleme
Slide 11: Funding Update
i) ASSET PLUS+#+ —— Manacen ay Centuria Funding Update
Slide 12: Funding Update
Funding Update • The loan facilities expire on 31 March 2025, hence a current liability at balance date. Loan facilities as at 31 March 2024 • Cash lockbox in place for $4 million (reduced from $5 million) to Drawn cover the actual EBIT shortfall to an ICR of 1.25x. Lockbox can New Limits $m further
Slide 13: Portfolio update
i) ASSET PLUS+#+ —— Manacen ay Centuria Portfolio update
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 on
Slide 15: Munroe Lane, Albany (continued)
Munroe Lane, Albany (continued) 6-8 MUNROE LANE • The independent valuation based on just the Auckland Council (committed) lease is $116.2 million. Forecast costs to complete are $0.15 million. Therefore, a fair value of $116.05 million as at balance date. • To date $15 million of unrealised develop
Slide 16: Munroe Lane - leasing update
Munroe Lane - leasing update 6-8 MUNROE LANE • Little Fields Café lease commenced early 2024 for the kiosk in the ground floor lobby. • Direct marketing initiatives remain ongoing to target potential occupiers for the balance of space. • Leasing enquiry and inspections have increased post completion
Slide 17: Divestment of 35 Graham Street
Divestment of 35 Graham Street 35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION • Unconditionally sold, with a deferred settlement date of 29 November 2024 as the purchaser has notified APL that they wish to extend settlement by 12 months. • As the settlement is extended the total deposit received i
Slide 18: Outlook
ASSET PLUS+#+ manaceo ay Centuria Outlook
Slide 19: Outlook
Outlook • The Company is forecast to still be in an operating loss position up until the 35 Graham Street settlement has occurred on 29 November 2024 (absent any new leasing). • Key focus remains on successfully leasing the balance of the Munroe Lane development. Thereafter, we will consider selling
Slide 20: Appendices
i) ASSET PLUS+#+ —— Manacen ay Centuria Appendices
Slide 21: Appendix – AFFO reconciliation
Appendix 1 – AFFO reconciliation March 24 ($m) March 23 ($m) Comprehensive Loss Net of Tax (5.30) (13.05) Add back Fair value movement on Investment Property (including loss on disposal) 4.90 13.04 Non-FFO Deferred Tax Expenses - (0.41) Net Operating Loss After Tax (0.40) (0.42) Amortisation of Leas
Slide 22: Appendix – Adjusted Funds From Operations (AFFO)
Appendix 2 – Adjusted Funds From Operations (AFFO) The above graph is represented in $m. Asset Plus 22
Slide 23: Appendix – Portfolio summary
Appendix 3 – Portfolio summary Property Held for Sale Munroe Lane, Albany 35 Graham Street, Auckland Valuation/ $116.05m $64.7m¹ Carrying Value (Mar-23: $118.6m) (Mar-23: $61.7m) ($m) 0.00 WALE (years) 9.1 year WALE (Auckland Council lease only) (Mar-23: 0.00) 0% Occupancy (%) 65.66% (Mar-23: 0%) Ne
Slide 24: Appendix – Portfolio movements
Appendix 4 – Portfolio movements Transfer to Capex & Other Fair Value Fair Value March Opening balance properties held Sale of Property movements movement 2023 incl. WIP ($m) for sale ($m) ($m) ($m) ($m) ($m) Properties held for sale 35 Graham Street 61.7 - - 3.1 - 64.7 22 Stoddard Road 36.3 - - - (
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 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