Slide 1: Financial results
Financial results For the year ended 31 March 2026 22 May 2026
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 • Funds from operations (FFO)1 profit of $3.18m ($0.53m profit in FY25) • Adjusted funds from operations (AFFO)1 profit of $0.17m ($0.53m profit in FY25) $3.01m of leasing incentives and costs incurred in FY26 • Total loss for the year net of tax of $3.
Slide 4: Key metrics
Key metrics Portfolio value Properties Occupancy WALE Loan-to-value Net tangible ratio assets March 2026 $105.5m 1 75.6%2 9.4 years 0.0% 30.7 cps March 2025 $107.0m 1 65.0% 9.0 years 0.0% 32.4 cps ((( 2Occupancy of 75.6% reflects the unconditional agreement to lease with MILK Orthodontics, which is
Slide 5: Key activity during the year
Key activity during the year ADERANT, 6-8 MUNROE LANE Commencement of Aderant lease from 1 February 2026, lifting occupancy to 74.3%. Completion of partial fit-out works on the balance of Level 6 and part Level 2 providing turn-key occupancy solutions across these vacant areas. MILK Orthodontics sec
Slide 6: Financial performance
0 ASSET PLUS+#+ —— MaNacen ey Centuria Financial performance
Slide 7: Financial performance
Financial performance Mar-26 Mar-25 Var • Munroe Lane net rental income marginally increased due to the impact ($m) ($m) ($m) of the Aderant lease commencing in February 2026. This was offset by a movement in the rental straight-lining. Gross rental revenue 6.56 6.82 (0.26) Direct property operating
Slide 8: Net rental performance
Net rental performance Mar-26 ($m) Mar-25 ($m) Var ($m) • Munroe Lane rent marginally increased due to the commencement of the Aderant lease in February 2026. Munroe Lane - rent charged 4.25 4.14 0.11 Munroe Lane - straight-line rent adjustment 0.71 0.99 (0.28) • There was $0.56 million of unrecover
Slide 9: Administration & finance expenses
Administration & finance expenses Mar-26 Mar-25 • Management fees were lower due to the full year impact of the 35 Var ($m) Graham Street divestment and a lower valuation at Munroe Lane. ($m) ($m) Management fees 0.54 0.88 0.34 • Director liability insurance increased year on year by $0.04 million.
Slide 10: Balance sheet
Balance sheet Mar-26 Mar-25 Var • $6.93 million of cash is held to fund future leasing initiatives. ($m) ($m) ($m) • Investment property comprises Munroe Lane ($105.50 million). Cash 6.93 10.93 (4.00) • Deferred tax Investment property 105.50 107.00 (1.50) - There are tax losses of ~$13.1 million as
Slide 11: Munroe Lane update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Munroe Lane update
Slide 12: Munroe Lane, Albany
Munroe Lane, Albany 6-8 MUNROE LANE, ALBANY Passing annual net rental $5.2 million plus GST after unrecovered outgoings Fully leased net rental range of $7.1 – $7.2 million3 once fully occupied 3Reflects passing rent for current leases plus assumed market rents from the Bayleys Valuations Limited va
Slide 13: Munroe Lane – new leases secured
Munroe Lane – new leases secured ADERANT, 6-8 MUNROE LANE Aderant – part Level 6 • The Aderant lease commenced 1 February 2026 across half of Level 6 for a 10-year term. • Increased occupancy to 74.3%. MILK Orthodontics – part Ground • MILK Orthodontics secured for a 12-year term. • Lease expected t
Slide 14: Munroe Lane - leasing update
Munroe Lane - leasing update LEVEL 6 VACANCY, 6-8 MUNROE LANE • Partial fit-outs completed on Level 2, and balance of Level 6 in a bid to remain competitive against competing sublease space available on the market. • Potential full floor tenants remain scarce – we retain flexibility to split Level 6
Slide 15: Outlook
0 ASSET PLUS+#+ —— MaNacen ey Centuria Outlook
Slide 16: Outlook
Outlook • Key focus remains on successfully leasing the balance of the Munroe Lane development. Future costs associated with leasing will be funded from available cash reserves. Thereafter, we will look to sell Munroe Lane. • We wish to emphasise that the leasing of Munroe Lane will influence the ti
Slide 17: Appendices
0 ASSET PLUS+#+ —— MaNacen ey Centuria Appendices
Slide 18: Appendix 1 – FFO and AFFO reconciliation
Appendix 1 – FFO and AFFO reconciliation March 26 ($m) March 25 ($m) Comprehensive Loss Net of Tax (3.16) (5.70) Add back Fair value movement on Investment Property 7.43 7.16 Net Operating Loss After Tax 4.27 1.46 Amortisation of leasing costs 0.06 0.06 Deferred tax (0.44) - Rental straight lining (
Slide 19: Appendix 2 – AFFO (#039;000)
Appendix 2 – AFFO ($’000) 3,500 334 (20) 3,178 2,017 (109) 3,000 (446) 2,500 2,000 1,500 1,000 85 343 527 500 169 (2,563) 0 The above graph is represented in $000s. 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