2025 Annual Results Presentation

For the year ended 31 March 2025

27 May 2025

• 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 lining over the life of the Auckland Council lease.

• Result impacted by $7.16m of revaluation losses ($4.90m of losses in FY24).

• 35 Graham Street sold on 29 November 2024 and all external bank debt repaid.

1. AFFO stands for 'Adjusted Funds From Operations', and is non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia. Asset Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company's underlying operating performance. This non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information prescribed by other entities. The calculation of AFFO has been reviewed by Asset Plus' auditor, Grant Thornton New Zealand Audit Limited. A reconciliation of AFFO is set out in Appendix 1.

6-8 MUNROE LANE

6-8 MUNROE LANE

Asset Plus

3

‌Key metrics

Portfolio value Properties Occupancy WALE Loan-to-value

ratio

Net tangible assets

March 2025

March 2024

Asset Plus 4

35 Graham Street settlement occurred on 29 November 2024.

All external bank debt repaid post 35 Graham Street settlement.

Asset Plus 5

Special dividend of 5 cents per share (cps) paid on 18 December 2024.

‌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.

• The increase in net rent was also impacted by a change in the rental straight lining approach (+$0.66m).

• Property operating expenses also increased due to the full year impact at Munroe Lane offset by the Graham Street sale.

• Management fees were marginally lower by $0.11 million, due to the impact of the 35 Graham Street sale.

• Net finance costs were lower by $0.54 million as all debt was repaid immediately post the 35 Graham Street settlement.

• The Munroe Lane unrealised revaluation loss recognised was $10.12 million due to a reduction in market rents and increased let up periods assumed by the valuer. There was a further $0.99 million recognised as a fair value loss due to the impact of rental straight lining

• The 35 Graham Street fair value increased by $3.0 million due to the discount unwind up until settlement.

• There are tax losses of ~$13.1 million. A deferred tax asset is recognised to the extent of the deferred tax liability, hence $12.2 million of tax losses are not recognised as a deferred tax asset.

• The AFFO reconciliation and waterfall is appended.

  Asset Plus 7

  ‌Net rental performance

  	Mar-25 ($m)	Mar-24 ($m)	Var ($)
  Stoddard Road (sold)	-	0.20	(0.20)
  35 Graham Street (sold)	(0.34)	(0.55)	0.21
  Munroe Lane	5.26	4.00	1.26
  Current portfolio	4.92	3.65	1.27

• The Stoddard Road settlement occurred on 1 May 2023 in the prior year.

• 35 Graham Street settlement occurred on 29 November 2024.

• Munroe Lane represents a full year impact. The prior year reflected 10.5 months hence a $0.6 million increase in net rent.

• In addition to the annual rental income from the Auckland Council of $4.76 million, the impact of the fixed rental accrual was $0.99 million for the year at Munroe Lane. This represents a

  $0.66 million increase year on year.

• There is $0.49 million of unrecovered opex in respect of vacant space at Munroe Lane.

  Asset Plus 8

  ‌Administration & finance expenses

  	Mar-25 ($m)	Mar-24 ($m)	Var ($)
  Management Fees	0.88	0.99	0.11
  Directors' Fees	0.30	0.30	-
  Audit Fees	0.08	0.10	0.02
  Professional Fees	0.10	0.15	0.05
  Other Administration Costs	0.34	0.21	(0.13)
  Total Administration Expenses	1.70	1.75	0.05
  Interest & Finance Costs	2.12	2.81	0.69
  Interest Revenue	(0.36)	(0.51)	(0.15)
  Total Net Finance Costs	1.76	2.30	0.54

  • Management fees were lower due to the impact of the 35 Graham Street divestment.

  • Management fees also included a small performance fee of $0.1 million for the year ($0.06 million in the prior year).

  • Director and officers liability insurance increased year on year by

    $0.1 million.

  • Finance costs reduced as all debt was repaid immediately post the settlement of 35 Graham Street on 29 November 2024.

  • Interest income was reduced year on year due to a reduction in term deposit rates.

    Asset Plus 9

    ‌Balance sheet

    	Mar-25 ($m)	Mar-24 ($m)	Var ($)
    Cash	10.9	3.7	7.2
    Investment Property	107.0	116.1	(9.1)
    Properties Held For Sale	-	64.7	(64.7)
    Other Assets	0.1	5.8	(5.7)
    Total Assets	118.0	190.3	(72.3)
    Bank Debt	-	33.0	33.0
    Other Liabilities	0.6	16.1	15.5
    Total Liabilities	0.6	49.1	48.5
    Equity	117.4	141.2	(23.8)
    Net Tangible Assets Per Share ($)	0.324	0.389	(0.065)
    LVR Ratio	0.0%	18.2%

• $10.9 million of cash is held to fund future capital works associated with leasing initiatives.

• Investment property comprises Munroe Lane ($107.0 million).

• 35 Graham Street settled on 29 November 2024.

• Other assets reduced due to the release of the $4 million cash security lockbox held by BNZ when all debt was repaid as well as the release of the Munroe Lane defects retention.

• $33.0 million of bank debt was repaid immediately post the 35 Graham Street settlement.

• Net deferred tax is $nil, whereby the deferred tax asset is equivalent to the deferred tax liability of $0.27 million.

• Further tax losses not represented as a deferred tax asset are $12.1 million as they are not expected to be utilised in the near to medium term.

• NTA reduced during the year from 38.9 to 32.4 cps, primarily due to revaluation losses (2 cps) and the special dividend of 5 cps.

• LVR is 0% at balance date (down from 18.2% as at 31 March 2024) as all debt was repaid.

Asset Plus 10

• 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 market on Auckland's North Shore.

  • The assumed let up periods are now 18 months (increased from 9 months).

  • The cap rate remained relatively constant at 6.13%.

• To date $24.2 million of unrealised development losses have been recognised.

  Asset Plus 12

• The total development cost is $131.2 million.

  	March 2025	March 2024
  Valuation (committed occupancy)	$107.0m	$116.2m
  Total development cost (ex incentives)	$131.2m	$131.2m
  Development profit (loss)	($24.2m)	($15.0m)
  Yield on cost (fully leased)	5.2%	5.7%

  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, occupancy will increase to 74%.

• Direct marketing initiatives remain ongoing to target potential occupiers for the balance of space.

• Potential full floor tenants remain scarce. Level 6 can be split into 2 or 3 tenancies.

  Asset Plus 13

• Auckland Council have withdrawn Level 5 from the market for potential sub leasing.

  Floor	Area
  Ground	142m2 of front of house/office or F&B space
  Level 1	239m2 of F&B/retail/service retail/office
  Level 2	1,935m2 of office - a number of configurations available
  Level 6	2,729m2 of office - can be split into 2-3 tenancies - if lease is signed this will reduce to ~1,300m2)

  6-8 MUNROE LANE

• Settlement occurred on 29 November 2024.

• All bank debt was repaid immediately post settlement.

• The sale price was $68 million.

35 GRAHAM STREET, AUCKLAND | ARTIST'S IMPRESSION

Asset Plus

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• 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 timing of such decisions, while market conditions at the time are likely to dictate the ultimate outcome.

• Any steps to sell Munroe Lane or to subsequently wind up the Company, will require shareholder approval, and we would likely anticipate asking shareholders to vote on both decisions at the same time.

• A March 2025 quarter dividend of 0.20 cents per share has been declared with payment to be made on 13 June 2025. The dividend remains subject to quarterly review.

MUNROE LANE, AUCKLAND

Asset Plus 16

Asset Plus 18

0.11

0.05

0.01

0.53

(0.01)

(0.16)

(0.67)

0.19

0.47

0.54

0.60

0.40

0.20

0.00

(0.20)

(0.40)

(0.60)

(0.80)

The above graph is represented in $m.

Asset Plus 19

‌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 results could differ materially. Please read this presentation in the wider context of material previously published by APL and announced through NZX Limited.

No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained, referred to or reflected in this presentation or supplied or communicated orally or in writing to you (or your advisers or associated persons) in connection with it, as to whether any forecasts or projections will be met, or as to whether any forward looking statements will prove correct. You will be responsible for forming your own opinions and conclusions on such matters.

No person is under any obligation to update this presentation at any time after its release to you.

To the maximum extent permitted by law, none of APL, Centuria Funds Management (NZ) Limited (CFM) nor any of their directors, officers, employees or agents or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, any liability arising from any fault or negligence on the part of APL, CFM, their directors, officers, employees or agents or any other person) arising from this presentation or any information contained, referred to or reflected in it or supplied or communicated orally or in writing to you (or your advisers or associated persons) in connection with it.

Acceptance of this presentation constitutes acceptance of the terms set out above in this Important Notice.

Asset Plus 20

‌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