Slide 1: Financial results
Financial results For the year ended 31 March 2025 27 May 2025
Slide 2: Overview
6-8 MUNROE LANE AUCKLAND OVERVIEW 1. Result summary 2. Key metrics 3. Activity during the year 4. Financial performance 5. Munroe Lane update 6. Outlook
Slide 3: Result summary
Result summary 6-8 MUNROE LANE 6-8 MUNROE LANE • AFFO1 profit of $0.53m ($0.67m loss in FY24). • Total loss for the year net of tax of $5.70m (FY24 loss of $5.30m). • Net rental income of $4.92m, up $1.27m on the previous year, primarily due to the full year impact at Munroe Lane and rental straight
Slide 4: Key metrics
Key metrics Portfolio value Properties Occupancy WALE Loan-to-value Net tangible ratio assets March 2025 $107.0m 1 65.0% 9.0 years 0.0% 32.4 cps March 2024 $180.8m 2 41.0% 5.9 years 18.2% 38.9 cps ((( Asset Plus 4
Slide 5: Activity during the year
Activity during the year 6-8 MUNROE LANE 35 Graham Street settlement occurred on 29 November 2024. All external bank debt repaid post 35 Graham Street settlement. Special dividend of 5 cents per share (cps) paid on 18 December 2024. Asset Plus 5
Slide 6: Financial performance
0 ASSET PLUS+#+ —— MaNacen ey Centuria Financial performance
Slide 7: Financial performance
Financial performance • Munroe Lane net rental income represents a full year (the prior year represented 10.5 months), being an increase of $0.6m in net rent. Mar-25 Mar-24 Var ($m) ($m) ($m) • The increase in net rent was also impacted by a change in the rental Gross Rental Revenue 6.82 5.33 1.49 s
Slide 8: Net rental performance
Net rental performance Mar-25 Mar-24 • The Stoddard Road settlement occurred on 1 May 2023 in the Var ($) prior year. ($m) ($m) Stoddard Road (sold) - 0.20 (0.20) • 35 Graham Street settlement occurred on 29 November 2024. 35 Graham Street (sold) (0.34) (0.55) 0.21 • Munroe Lane represents a full ye
Slide 9: Administration & finance expenses
Administration & finance expenses • Management fees were lower due to the impact of the 35 Graham Mar-25 Mar-24 Street divestment. Var ($) ($m) ($m) Management Fees 0.88 0.99 0.11 • Management fees also included a small performance fee of $0.1 million for the year ($0.06 million in the prior year).
Slide 10: Balance sheet
Balance sheet • $10.9 million of cash is held to fund future capital works associated with leasing initiatives. Mar-25 Mar-24 Var • Investment property comprises Munroe Lane ($107.0 million). ($m) ($m) ($) • 35 Graham Street settled on 29 November 2024. Cash 10.9 3.7 7.2 Investment Property 107.0 11
Slide 11: Portfolio update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Portfolio update
Slide 12: Munroe Lane, Albany
Munroe Lane, Albany 6-8 MUNROE LANE • The independent valuation as at 31 March 2025 is $107.0 million. • The valuation reduced from $116.2 million due to reduced assumed market rentals and increased let up periods. - Market rentals reduced approximately 15% reflecting the currently soft leasing mark
Slide 13: Munroe Lane - leasing update
Munroe Lane - leasing update 6-8 MUNROE LANE • A non-binding heads of agreement has been signed with a potential occupant for half of Level 6. Binding lease documents are currently being negotiated. A further announcement will be made if a binding lease is entered into. If the lease is signed, occup
Slide 14: Divestment of 35 Graham Street
Divestment of 35 Graham Street 35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION • Settlement occurred on 29 November 2024. • All bank debt was repaid immediately post settlement. • The sale price was $68 million. Asset Plus 14
Slide 15: Outlook
0 ASSET PLUS+#+ —— MaNacen ey Centuria Outlook
Slide 16: Outlook
Outlook • Key focus remains on successfully leasing the balance of the Munroe Lane development. Future costs associated with leasing will be funded from available cash reserves. Thereafter, we will look to sell Munroe Lane. • We wish to emphasise that the leasing of Munroe Lane will influence the ti
Slide 17: Appendices
0 ASSET PLUS+#+ —— MaNacen ey Centuria Appendices
Slide 18: Appendix – AFFO reconciliation
Appendix 1 – AFFO reconciliation March 25 ($m) March 24 ($m) Comprehensive Loss Net of Tax (5.70) (5.30) Add back Fair value movement on Investment Property (including loss on disposal) 7.16 4.90 Net Operating Loss After Tax 1.46 (0.40) Amortisation of Lease Incentives and Leasing Costs 0.06 0.05 Re
Slide 19: Appendix – Adjusted Funds From Operations (AFFO)
Appendix 2 – Adjusted Funds From Operations (AFFO) 0.60 0.05 0.01 0.53 0.11 0.40 0.54 0.20 0.00 0.47 0.19 (0.20) (0.01) (0.40) (0.16) (0.60) (0.67) (0.80) The above graph is represented in $m. Asset Plus 19
Slide 20: 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 21: 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