Slide 1: Asset Plus Limited Results Presentation for the year ended 31 March 2021
0 5 2 0 2 1 Asset Plus Limited Results Presentation for the year ended 31 March 2021 Asset Plus 2021 Result Assetplusnz.co.nz
Slide 2: 2021 Update
2021 Update • Net rental income of $9.95m down $0.52m or 5% from FY20 • Total profit for the year net of tax of $15.95m (FY20 loss of $14.69m) • AFFO1 of $5.82m ($4.74m in FY20) Munroe Lane development Unrealised profit on the fair value of Secured resource consent for progressing on timetable – tar
Slide 3: Key Metrics
Key Metrics as at 31 March 2021 Properties WALE LVR Portfolio Value 5 2.75 years 5.4% (Mar-20: 4) (Mar-20: 3.16) (Mar-20: 34.3%) Number of Tenants Occupancy NTA $172.8m (Mar-20: $142.1m) 71 98.0% $0.448 (Mar-20: 71) (Mar-20: 98.3%) (Mar-20: $0.567) 3 Assetplusnz.co.nz Asset Plus 2021 Result
Slide 4: Strategic objectives
Strategic objectives Objective Delivering on the Objectives The Munroe Lane development which is now underway is forecast to increase the portfolio size by approximately a further ~$122m on completion, a material 01 Increase the scale of the portfolio increase given the current portfolio value of $1
Slide 5: Financial Performance
Financial Performance Year ended Year ended • Net rental revenue reduced by $0.52m or 5% primarily due to full Mar-21 Mar-20 Var year net impact in portfolio movements (the divestment of Heinz $m $m $ Watties property (Dec 2019) and acquisition of 35 Graham Street Gross Income 13.90 14.47 (0.57) (Ju
Slide 6: AFFO Waterfall ($m)
AFFO Waterfall ($m) ( 0.12 ) 5.82 0.96 ( 1.62 ) 0.37 5.70 0.99 5.33 4.74 0.16 0.50 4.34 ( 0.40 ) 6 Assetplusnz.co.nz Asset Plus 2021 Result
Slide 7: Net Rental Performance
Net Rental Performance Year ended Year ended Mar-21 Mar-20 Var $m $m $m Eastgate Shopping Centre 3.55 3.48 0.07 Stoddard Rd 2.53 2.51 0.02 35 Graham Street 3.87 2.95 0.92 Current Portfolio 9.95 8.94 1.01 Heinz Watties Distribution Centre - 1.53 (1.53) Total Net Rental Income 9.95 10.47 (0.52) • East
Slide 8: Administration and Finance Expenses
Administration and Finance Expenses Year ended Year ended • Administration costs were up $0.10m or 6% Mar-21 Mar-20 Var • Management Fees reduced $0.03m or 4% as a result of COVID-19 $m $m $m valuation (impact in H1) before impact of HY revaluations Management Fees 0.79 0.82 0.03 • Transaction Costs
Slide 9: Balance Sheet and Funding
Balance Sheet and Funding Year ended Year ended • Investment properties include assets under development specifically Munroe Lane ($25.0m) and Kamo ($2.7m) Mar-21 Mar-20 Var • Eastgate Shopping Centre is held for sale at the confirmed exit price $m $m $m less costs to complete the Taco Bell developm
Slide 10: NTA Per Share Waterfall (cents)
NTA Per Share Waterfall (cents) 80.0 70.0 1.6 5.5 60.0 ( 19.3 ) 1.4 0.3 50.0 ( 1.4 ) 40.0 30.0 56.7 44.8 20.0 10.0 - - FY20 Property Other Movements Net Impact of Fair Value Loss on Other Property Other Movements FY21 Revaluations H1 in Retained Capital Raise Eastgate Shopping Revaluations H2 in Ret
Slide 11: Portfolio overview as at 31 March 2021
Portfolio overview as at 31 March 2021 Graham Street, Auckland Eastgate, Christchurch Stoddard Rd, Auckland Munroe Lane, Auckland Kamo, Whangarei Valuation/Carrying $61.0 (Mar-20: $50.1) $42.6 (Mar-20: $47.0) $41.5 (Mar-20: $37.5) $25.0 (Mar-20: $7.5) $2.7 (On acquisition: $2.1) Value ($m)1 WALE (ye
Slide 12: Portfolio Movements
Portfolio Movements • As at 31 March 2021 the portfolio’s WALE was 2.75 years and the occupancy was 98.0%. Following the sale of Eastgate and Auckland Council vacating 35 Graham Street the portfolio WALE and occupancy are expected to reduce to 1.40 years and 40.3% (assuming no new leasing activity o
Slide 13: Impact of COVID-19
Impact of COVID-19 • The COVID-19 pandemic created a level of material future uncertainty in the real estate market and the immediate impacts were widespread as a result of the government mandated lockdowns. • Despite the retail exposure of the portfolio APL was somewhat insulated given the number o
Slide 14: Eastgate, Christchurch
Eastgate, Christchurch • Unconditionally sold with settlement set to occur between 22 August 2021 and 22 February 2022 (at the purchaser’s option). • Proceeds from the sale will initially be applied as a debt repayment and the sale creates balance sheet capability. • Bargain Chemist commenced a 6 ye
Slide 15: Stoddard Road, Auckland
Stoddard Road, Auckland • $0.2 of rental abatement and relief was provided during the year at the Centre • A total of six lease renewals were completed in 2021 (22% of the total rental income for the Centre). • WALT increased to 4.18 years in 2021 as a result of renewals during the year. • The valua
Slide 16: 35 Graham Street, Auckland CBD
35 Graham Street, Auckland CBD Potential development and leasing update • The purchase was in line with Asset Plus’ ‘Yield plus Growth’ investment strategy, providing the benefit of an existing large structure with holding income, with a number of potential add value options. • Resource consent for
Slide 17: Munroe Lane Development
Munroe Lane Development • On 20 December 2019, Asset Plus announced the development of a building in Albany, 63% pre-leased, with a 15-year lease to Auckland Council. • The funding condition was satisfied on 30 October 2021 after completion of the successful equity raise. • The development is now un
Slide 18: Munroe Lane, Albany
Munroe Lane, Albany Development Overview • 6 levels plus basement carparking in the heart of Albany with extensive car parking. • ~750m2 of Café / Food & Beverage / Retail / Office outlets on ground level available for lease • ~2,700m2 office tenancy on level 6 available for lease • Two office tenan
Slide 19: Outlook
Outlook • The leasing and potential redevelopment of 35 Graham Street is our key focus given the pending lease expiry. Leasing efforts were disrupted by the impact of the COVID-19 pandemic but confidence is now returning to the market. • 35 Graham Street provides options for reduced scale redevelopm
Slide 20: Appendix 1: AFFO Reconciliation
Appendix 1: AFFO Reconciliation Year ended Year ended Mar-21 Mar-20 $m $m Total Comprehensive Income Net of Tax 15.95 (14.69) Loss/ (Gain) From Sales of Investment Property 0.32 (0.05) Fair value (gain) / loss on investment property (9.19) 19.12 Depreciation on Owner Occupied PP&E - 0.06 Deferred Ta
Slide 21: 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