Slide 1: Financial Results
FINANCIAL RESULTS For the six months ended 30 September 2022 29 November 2022
Slide 2: Overview
Overview • Result summary • Key metrics • Financial Performance • Funding update • Portfolio update • Outlook
Slide 3: Result summary
Result summary • Total profit of $0.29 million, down from $2.52 million in September 2021 – driven by 35 Graham Street vacancy and higher interest rate and debt profile. • AFFO* of $0.01 million, down from $2.57 million in September 2021, also due to vacancy and funding. APL signaled a breakeven pos
Slide 4: Key metrics
Key metrics as at 30 September 2022 $212.6 1.2 44.1 4 41% 23% million years cps Portfolio value Properties** Occupancy* WALE* Loan-to-value Net Tangible ratio Assets *Excludes Munroe Lane. When Munroe Lane reaches practical completion the portfolio WALE is expected to increase to 5.3 years (based on
Slide 5: Key activity for the period
Key activity for the period Confirmed Munroe Lane Loan facilities Eastgate Confirmed exit deferred exit of development extended settlement of Kamo land 35 Graham progression completed Street • Eastgate settled on • On 3 June 2022 • Munroe Lane is • Settlement on 30 • Loan facilities 29 August 2022.
Slide 6: Financial performance
0 ASSET PLUS+#+ —— MaNacen ey Centuria Financial performance
Slide 7: Financial Performance
Financial Performance • Net rental income reduced by $2.12 million. The Sep-22 Sep-21 Var Var primary driver was the impact of 35 Graham Street now ($m) ($m) ($) (%) being fully vacant. Gross Rental Revenue 4.32 6.49 (2.17) (33%) • The impact of the Eastgate settlement also reduced net Direct Proper
Slide 8: Net Rental Performance
Net Rental Performance • The Eastgate settlement occurred in August which was the primary reason for the reduction in rental income at Sep-22 Sep-21 Var ($m) ($m) ($m) Eastgate. While settlement was delayed until 29 August 2022 the rental apportionment was as if settlement occurred on 12 August 2022
Slide 9: Administration & Finance Expenses
Administration & Finance Expenses • Finance costs increased due to higher debt and higher interest Sep-22 Sep-21 Var rates during the period. Interest on the investment and working ($m) ($m) ($m) capital facilities are not capitalised. Management Fees 0.59 0.46 0.13 • The investment and working capi
Slide 10: Financial Position
Financial Position • Investment and development properties comprise Stoddard Sep-22 Mar-22 Var Var Road ($43.5 million) and Munroe Lane ($106.1 million). ($m) ($m) ($) (%) • 35 Graham Street and Kamo land are held for sale. 35 Graham St Cash 5.6 4.4 1.2 27% fair value reflects the future settlement
Slide 11: Funding update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Funding update
Slide 12: Funding
Funding • Extension of loan facilities to 31 March 2025 – previously 30 September 2023. This was completed post balance date. Facility limit also increases from $83.5 Loan facilities million to $85 million. Drawn – New Removal of ICR covenant. Removal of leasing milestones in respect to Munroe 30 Se
Slide 13: Portfolio update
0 ASSET PLUS+#+ —— MaNacen ey Centuria Portfolio update
Slide 14: Munroe Lane, Albany
Munroe Lane, Albany • Development continues to progress well. • Level 3 handed over to Auckland Council for their fit-out on 23 November 2022 with subsequent floors handed over monthly thereafter. • Anticipate practical completion and Auckland Council lease commencement by the end of April 2023 • Co
Slide 15: Munroe Lane leasing update
Munroe Lane leasing update • Heads of Agreement signed for Kiosk with reputable Auckland-wide F&B operator. • Targeting prospective tenants through direct marketing initiatives. • Advocating directly with a number of Government agencies who have pending lease renewals and expiries in 2023 and 2024.
Slide 16: Stoddard Road, Auckland
Stoddard Road, Auckland • WALE for the Centre is currently 3.1 years with occupancy remaining at 100%. • 5-year lease extension secured with the Coffee Club, representing 3.7% of the total net rental income for the Centre. • Lease renewal agreed with ASB from early 2023, represents 3.7% of the Centr
Slide 17: Divestment of 35 Graham Street
Divestment of 35 Graham Street • Shareholders voted to sell 35 Graham Street for $65 million on 3 June 2022. • Deferred settlement of December 2023. • Purchaser has a right to defer settlement for a further 12 months, subject to additional consideration of $3.0 million and a further deposit of 10% (
Slide 18: Other recent divestments
Other recent divestments Eastgate • Sale price of $43.45 million • Settled on 29 August 2022 after title issue was rectified by management • $40 million debt repayment with the balance of sale proceeds Eastgate, Christchurch retained as working capital Kamo • Sale price of $2.7 million • Scheduled f
Slide 19: Outlook
0 ASSET PLUS+#+ —— MaNacen ey Centuria Outlook
Slide 20: Outlook
Outlook • Dividend remains suspended and subject to quarterly review. • Company forecast to still be in an operating loss position post Munroe Lane completion, absent further leasing and/or sale of Stoddard Road. • Stoddard Road property to be marketed for sale in the first quarter of the 2023 calen
Slide 21: Appendices
0 ASSET PLUS+#+ —— MaNacen ey Centuria Appendices
Slide 22: Appendix 1 – AFFO reconciliation
Appendix 1 – AFFO reconciliation 6 months to Sep 22 ($m) 6 months to Sep 21 ($m) Comprehensive Income Net of Tax 0.29 2.52 Add back Fair value movement on Investment Property 0.06 0.01 Non-FFO Deferred Tax Expenses (0.41) 0.09 Net Operating Income After Tax (0.06) 2.62 Amortisation of Lease Incentiv
Slide 23: Appendix 2 - Adjusted Funds From Operations (AFFO)
Appendix 2 - Adjusted Funds From Operations (AFFO) 2,574 • $2.1 million due to the 35 Graham Street vacancy and Eastgate divestment in late August 2022 • No tax payable due to tax loss position this half • Higher finance costs due to higher drawn debt on the investment facility and higher interest r
Slide 24: Appendix 3 – Portfolio Summary
Appendix 3 – Portfolio Summary Investment and Development Properties Properties Held for Sale Stoddard Road, Auckland Munroe Lane, Albany 35 Graham Street, Auckland Kamo, Whangarei Valuation/ $43.5 $106.1² $60.4¹ $2.6 Carrying Value ($m) (Mar-22: $43.5) (Mar-22: $67.5) (Mar-22: $59.0) (Mar-22: $2.9)
Slide 25: Appendix 4 – Portfolio Movements
Appendix 4 – Portfolio Movements Transfer to Opening Capex & Other Fair Value Sale of Carrying Value Carrying Value properties held WIP balance Mar 22 movements movement Property Sep 22 Sep 22 incl. WIP for sale ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) Properties held for sale Eastgate 43.5 - (0.1) -
Slide 26: 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 27: 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