Slide 1: Interim Results Presentation 2019
INTERIM RESULTS PRESENTATION 2019 FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 Asset Plus Interim Result | September 2019 Assetplusnz.co.nz
Slide 2: Overview
Overview 01 Strategic Objectives 02 Key Activity 03 Key Metrics 04 Financials 05 Portfolio Update 06 Outlook 2 Assetplusnz.co.nz Asset Plus Interim Result | September 2019
Slide 3: Strategic Objectives
Strategic Objectives KEY PROGRESS • 35 Graham Street acquired for $58.0m with potential 01 Increase the scale of the portfolio • future redevelopment Continuing search for new opportunities 02 Reduce the share price to NTA gap • Share price of $0.64 v NTA of $0.69 (30 Sept 19) • Share price increase
Slide 4: Key Activity
Key Activity For the six months ended 30 September 2019 Heinz Watties Distribution A number of renewals have 35 Graham St, Auckland Centre, Hastings, sold for been secured at Stoddard purchased in June 2019 for $29.1m in July 2019 Road retaining occupancy at $58.0m (settling December 2019) 100% Sign
Slide 5: Key Metrics
Key Metrics For the six month period ending 30 Sept 2019 $182.3m 4 4.2 years 38.2% Portfolio Value Properties WALT* LVR Auckland Other 16 54 30 Christchurch Location (%) 48 98% $0.69 Occupancy* NTA Investment Property Number of Tenants * On divestment of Heinz Watties in December 2019, WALT will red
Slide 6: Financial Performance
Financial Performance 6 months 6 months Profit and other comprehensive income net of tax for the period ended Sep-19 $m Sep-18 $m Var $ Var % 30 September is $2.01m, $1.19m / 37% lower than prior year. Gross Rental Revenue 6.84 7.19 (0.35) (5%) Adjusted funds from operations of $2.02m. ($2.78m in th
Slide 7: AFFO
AFFO AFFO Waterfall (post tax) ($000) Adjusted funds from operations* (AFFO) of $2.02m is down $0.76m from $2.78m in the prior period. 72 734 50 72 Lower AFFO primarily driven by higher due diligence costs (up $0.827m) and lease incentives paid (up $0.18m) in the period. 827 634 231 During the perio
Slide 8: Financial Position
Financial Position • $69.7m of debt is currently drawn which Sep-19 Mar-19 Var Var represents an LVR of 38.2% (March 2019 8.5%). $m $m $m % $5.3m of the debt facility remains undrawn. Cash 0.5 0.8 (0.4) (44%) Investment Properties 153.2 94.1 59.1 63% • NTA is 69 cents per share which is unchanged du
Slide 9: Portfolio Summary
Lease expiry by rental income ($000) * 39% 4,808 Portfolio Summary Value WALT Occupancy Net Rental 12% 12% ($m) (years) (%) ($m) 8% 7% 1,477 8% 1,044 1,473 3% 1,019 4% 3% Eastgate 55.0 5.1 93 3.62 840 1% 1% Vacant Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Stoddard Road 39
Slide 10: Eastgate, Christchurch
Eastgate, Christchurch • Significant work has been undertaken to develop a new masterplan for the centre, with several leasing opportunities being actively pursued. • Countdown second renewal effective during the period (extending expiry to December 2026) and contribution paid. • Two further leasing
Slide 11: 22 Stoddard Road
22 Stoddard Road Image TBA • The property continues to perform well and provide a steady income stream. • Two leasing renewals were completed during the period. • There are no anchor tenant expiries until 2025 . 11 Assetplusnz.co.nz Asset Plus Interim Result | Sept September 2019 2019
Slide 12: 35 Graham Street
35 Graham Street Acquired in June 2019 Image TBA • 1.75 year lease remaining to Auckland Council (expiring June 2021). • Strong initial yield of 6.85%. • The property provides a material development opportunity to ads value following the Auckland Council lease expiry. • Management is progressing the
Slide 13: Outlook
Outlook Augusta is focused on the 35 Graham Street redevelopment opportunity. A resource consent is to be lodged which will allow the marketing for pre-leasing to commence in early 2020. The search for new acquisition and development opportunities continues and the Board is confident in Augusta’s ab
Slide 14: Appendix 1: AFFO reconciliation
Appendix 1 : AFFO reconciliation 6 months 6 months Sep-19 Sep-18 $m $m Comprehensive Income Net of Tax 2.01 3.21 Add Back Loss/ (Gain) From Sales of Invsmt (0.02) 0.41 Pty Depn on Owner Occupied PP&E 0.06 0.02 FV Gain on MTM of Derivatives - (0.13) Non-FFO Deferred Tax Expenses (0.03) (0.76) Net Ope
Slide 15: 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