Slide 1: Interim Results Presentation 2020
INTERIM RESULTS PRESENTATION 2020 FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 Asset Plus, FY21 Interim Results | November 2020 Assetplusnz.co.nz
Slide 2: Overview
Overview 01 Key Activity 02 Key Metrics 03 Financials 04 Portfolio Update 05 Outlook 2 Assetplusnz.co.nz Asset Plus, FY21 Interim Results | November 2020
Slide 3: Key Activity
01 Key Activity $60.2 million capital raise. Munroe Lane development A number of renewals have Restructure of loan facility now unconditional – target been secured at Stoddard Road agreements. completion is November 2022. retaining occupancy at 100%. Land at Kamo acquired for Focus on tenant retenti
Slide 4: Key Metrics as at September 2020
02 Key Metrics as at 30 September 2020 Total Comprehensive Properties1 WALE3 Income For the Period Portfolio Value1,2,3 5 2.9 years $11.53m (Mar-20: 4) (Mar-20: 3.2) (Sep-19: $2.01m) $153.4m Number of Tenants Occupancy3 AFFO4 (Mar-20: $142.1m) 72 98% $2.63m (Mar-20: 71) (Mar-20: 98%) (Sep-19: $2.02m
Slide 5: Impacts of COVID-19 to date
Impacts of COVID-19 to date Update on APL’s portfolio performance • Rental abatements and relief reduced 1H21 operating income by $0.55m ($0.40m after-tax), equivalent to approximately 5.5% of the current annualised net rental income. • Rental abatements and relief are now agreed in relation to nati
Slide 6: Financial Performance
03 Financials Financial Performance 6 months 6 months Sep-20 Sep-19 Var Var Profit and other comprehensive income net of tax for the period ended $m $m $ % 30 September is $11.53m, $9.52m/ 473% higher than prior year, primarily Gross Rent al Revenue 6.64 6.93 (0.29) (4%) due to property revaluations
Slide 7: AFFO
AFFO AFFO Waterfall (post tax) ($000) AFFO Movement (Post Tax) - 1H20 v 1H21 (#039;000s) Adjusted funds from operations* (AFFO) of $2.63m is up $0.61m from $2.02m in the prior period. Higher AFFO primarily driven by lower transactional costs (down $0.82m) and lower tax expense (down 185 92 $0.19m), off
Slide 8: Financial Position
Financial Position Pro-Forma • Investment property value increased $14.9m / 10% during the period due to property revaluations $8.9m, Sep-20 Mar-20 Oct-20* acquisitions $2.1m and capex $3.6m. $m $m $m Cash 0.7 0.1 5.0 • $26.6m of debt is currently drawn which represents Invest ment Propert ies 158.5
Slide 9: Portfolio Update
04 Portfolio Update Graham Street, Eastgate, Christchurch Stoddard Rd, Auckland Munroe Lane, Auckland Kamo, Whangarei Auckland Valuation ($m)1 $57.5 (Mar-20: $50.1) $47.4 (Mar-20: $47.0) $38.5 (Mar-20: $37.5) $7.5 (Mar-20: $7.5) $2.5 (On acquisition: $2.1) WALE (years) 1.0 (Mar-20: 1.2) 4.2 (Mar-20:
Slide 10: Portfolio Summary
38% Lease expiry by rental income ($000) Portfolio Summary 4,650 13% 14% 11% 1,693 10% Value WALT Occupancy Net Rental 1,567 5% 1,218 1,385 ($m) (years) (%) ($m) 2% 678 2% 3% 2% 0% 241 422 246 Vacant Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Eastgate 47.4 4.2 95 3.60 Leas
Slide 11: Update on the Munroe Lane Development
Update on the Munroe Lane Development • Funding condition fulfilled on the back of the successful equity raise and finance restructuring • Icon appointed as construction contractor. • 80% of construction cost fixed. Remaining 20% to be tendered upon completion of detailed design in early 2021. • Sit
Slide 12: Eastgate, Christchurch
Eastgate, Christchurch • Bargain Chemist secured on a new 6-year lease eliminating a number of vacancies within the centre. • Foot traffic and sales are up on prior year periods. • Agreement to Lease signed with Restaurant Brands for new development on vacant land – forecast 20% margin and 6% return
Slide 13: Stoddard Road
22 Stoddard Road Image TBA • The centre remains 100% occupied and no tenants have defaulted as a result of COVID-19. • Market rent review negotiations completed with The Warehouse during the period. • The anchor tenant does not expire until 2025. 13 Assetplusnz.co.nz Asset Plus Plus, Interim FY21 In
Slide 14: Graham Street
35 Graham Street Image TBA • 0.75 year lease remaining to Auckland Council (expiring June 2021). • Short term extension on basement and ground floor for six months to end of December 2021 for fixed consideration of $1m • The property provides a material development opportunity to add value following
Slide 15: Outlook
05 Outlook The successful execution of the Munroe Lane development is a near term priority. Works have now commenced. Asset Plus is now focused on progressing the 35 Graham Street redevelopment opportunity. Pre- leasing is a critical element to this process. The search for new opportunities continue
Slide 16: Appendix 1 – AFFO reconciliation
Appendix 1 – AFFO reconciliation 6 months 6 months Sep-20 Sep-19 $m $m Comprehensive Income Net of Tax 11.53 2.01 Add Back Loss/ (Gain) From Sales of Invest ment - (0.02) Propert y Depn on Owner Occupied PP&E - 0.06 FV Gain on Invest ment Propert y (8.87) - Non-FFO Def erred Tax Expenses 0.15 (0.03)
Slide 17: Important Notice
Important Notice Please read this presentation in the wider context of the material previously published by Asset Plus Limited (APL) and announced through NZX Limited. This presentation contains not only a review of operations, but may also contain some forward looking statements (including forecast