Slide 1: Financial results
Financial results For the year ended 31 March 2023 29 May 2023
Slide 2: Overview
35 GRAHAM STREET AUCKLAND OVERVIEW 1. Result summary 2. Key metrics 3. Significant activities 4. Financial performance 5. Funding update 6. Portfolio update 7. Outlook
Slide 3: Result summary
Result summary 6-8 MUNROE LANE 6-8 MUNROE LANE • Total loss for the year net of tax of $13.05m (FY22 profit of $2.93m). • Result impacted by $13.04m of revaluation and disposal losses and reduced rental income, due to divestments and lower occupancy (35 Graham Street). • AFFO1 loss of $0.28m ($4.22m
Slide 4: Key metrics
Key metrics Portfolio value Properties* Occupancy* WALE* Loan-to-value Net tangible Ratio* assets March 2023 $216.6m 3** 37.0% 1.2 years 31.5% 40.4 cps (reducing to $182m)* (reducing to 2)* (increasing to 42%)* (increasing to 6.5 years)* (reducing to 20%)* March 2022 $216.4m 5 58.0% 2.2 years 25.7%
Slide 5: Significant activity during the year
Significant activity during the year 6-8 MUNROE LANE Munroe Lane development effectively complete, with Auckland Council lease now commenced on 17 May 2023 Settlement of Eastgate and Kamo properties now completed Unconditional sale of 35 Graham Street with a deferred settlement Stoddard Road uncondi
Slide 6: Financial performance
0 ASSET PLUS+#+ —— MaNacen ey Centuria Financial performance
Slide 7: Financial Performance
Financial Performance Mar-23 Mar-22 Var • Net rental income reduced by $4.26 million. The primary driver was ($m) ($m) ($) the impact of 35 Graham Street now being fully vacant. Impact of $2.17 million. Gross Rental Revenue 6.38 11.93 (5.55) Direct Property Operating Expenses (2.91) (4.20) 1.29 • Th
Slide 8: Net Rental Performance
Net Rental Performance Mar-23 Mar-22 • 35 Graham Street was 99% vacant for the period – a small Var ($) ($m) ($m) amount of carpark income was received. Net rental reduced by Stoddard Road 2.62 2.42 0.20 $2.17 million. The prior year included full rental for three months then 50% income for the next
Slide 9: Administration & Finance Expenses
Administration & Finance Expenses Mar-23 Mar-22 • Management fees were slightly higher as the weighted average Var ($) portfolio value marginally increased due to the Munroe Lane ($m) ($m) development but was offset by the Eastgate settlement in August Management Fees 1.13 0.99 (0.14) 2022. Director
Slide 10: Balance Sheet
Balance Sheet Mar-23 Mar-22 Var • Investment and Development property comprises just Munroe Lane ($m) ($m) ($) ($118.6 million). The fair value can now be reliably measured and an unrealised development loss of $7 million has been recorded. Cash 4.9 4.4 0.5 • 35 Graham Street and Stoddard Road are b
Slide 11: Funding update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Funding update
Slide 12: Funding
Funding Loan facilities as at 31 March 2023 • Extension of loan facilities to 31 March 2025 – previously 30 September 2023. Facility limit increased from $83.5 million to $85 million. Drawn – New 31 Margin Line Fee Total • Removal of ICR covenant. Removal of leasing milestones in respect Limits Marc
Slide 13: Portfolio update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Portfolio update
Slide 14: Munroe Lane, Albany
Munroe Lane, Albany 6-8 MUNROE LANE • Effectively complete with Auckland Council lease commencing on 17 May 2023. • Practical Completion expected in mid June 2023 once final commissioning is completed, post Auckland Council’s fit-out. • Level 3 was initially handed over to Auckland Council for their
Slide 15: Munroe Lane, Albany (continued)
Munroe Lane, Albany (continued) 6-8 MUNROE LANE • The fair value as at 31 March represents the completed valuation based on a committed occupancy basis less costs to complete excluding lease incentives. • The as if complete valuation based on just the Auckland Council (committed) lease is $126 milli
Slide 16: Munroe Lane - leasing update
Munroe Lane - leasing update 6-8 MUNROE LANE • Heads of Agreement signed with reputable café operator for kiosk located in the heart of the ground floor lobby. • Leasing interest has increased as the development nears completion. • Scarcity of full floor plate occupiers in the market – may necessita
Slide 17: Stoddard Road, Auckland
Stoddard Road, Auckland 22 STODDARD ROAD, MT ROSKILL • Sale settled on 1 May 2023, post-balance date. This followed an open market sales campaign which commenced in February 2023. • WALE for the Centre was 2.9 years at balance date with occupancy remaining at 100%. • 5-year lease extension secured w
Slide 18: Divestment of 35 Graham Street
Divestment of 35 Graham Street 35 GRAHAM STREET, AUCKLAND | ARTIST’S IMPRESSION • Unconditionally sold, with a deferred settlement date of 1 December 2023 at the earliest. • Purchaser has a right to defer settlement for a further 12 months, subject to additional consideration of $3.0 million and a f
Slide 19: Other recent divestments
Other recent divestments Eastgate Kamo • Sale price of $43.45 million • Sale price of $2.7 million • Settled on 29 August 2022 after title issue was rectified by • Settled on 30 November 2022 management • Funds from the divestment applied to the cash lockbox of $5 million • $40 million debt repaymen
Slide 20: Outlook
0 ASSET PLUS+#+ —— MaNacen ey Centuria Outlook
Slide 21: Outlook
Outlook • The dividend remains suspended which is subject to quarterly review. It is likely to remain suspended until the future direction of the company is confirmed. • The company is forecast to still be in an operating loss position post-Munroe Lane completion, absent further leasing, up until th
Slide 22: Appendices
0 ASSET PLUS+#+ —— MaNacen ey Centuria Appendices
Slide 23: Appendix – AFFO reconciliation
Appendix 1 – AFFO reconciliation March 23 ($m) March 22 ($m) Comprehensive Income (Loss) Net of Tax (13.05) 2.93 Add back Fair value movement on Investment Property (including loss on disposal) 13.04 1.01 Non-FFO Deferred Tax Expenses (0.41) 0.21 Net Operating Income (Loss) After Tax (0.42) 4.15 Amo
Slide 24: Appendix – Adjusted Funds From Operations (AFFO)
Appendix 2 – Adjusted Funds From Operations (AFFO) 4.22 (2.17) 0.53 0.20 (0.11) (0.28) (2.4) (0.10) (0.45) FY22 35 Graham St Eastgate Stoddard Higher net Higher Corporate Lower FY23 vacancy divestment Road finance costs mgmt fees costs tax expense* The above graph is represented in $m. * Due to tax
Slide 25: Appendix – Portfolio summary
Appendix 3 – Portfolio summary Properties Held for Sale Stoddard Road, Auckland (now settled post Munroe Lane, Albany 35 Graham Street, Auckland balance date) Valuation/ $118.6² $61.7¹ $36.3 Carrying Value ($m) (Mar-22: $67.5) (Mar-22: $59.0) (Mar-22: $43.5) 10.0 year WALE from PC (Auckland Council
Slide 26: Appendix – Portfolio movements
Appendix 4 – Portfolio movements Transfer to Capex & Other Fair Value Fair Value March Opening balance properties held for Sale of Property WIP movements movement 2023 incl. WIP ($m) sale ($m) ($m) ($m) ($m) ($m) ($m) Properties held for sale Eastgate 43.5 - - (0.1) (43.4) - - Kamo – bare land 2.9 -
Slide 27: 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 28: 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