Result for the six months ended 30 September 2021

1

NZX release

Result for the six months ended 30 September 2021
29 November 2021



• AFFO in line with corresponding period at $2.57 million
• Settlement of Eastgate deferred to 1 April 2022
• Munroe Lane progressing well, but completion delayed to March 2023 due to COVID-19 impacts



Asset Plus Limited today announced its interim financial results for the six month period ended 30 September
2021, reporting total comprehensive income after tax of $2.52 million, down from $11.53 million in the prior
corresponding period. No revaluations were commissioned in the half year, unlike the prior corresponding period.


Adjusted funds from operations
1
decreased by $0.06 million to $2.57 million primarily due to reduced income at
35 Graham Street, partially offset by lower impacts of COVID-19 and rental abatements offered to tenants
compared to the prior period.


Asset Plus Limited’s Chairman, Bruce Cotterill, said “The last six months have been challenging, and COVID-19 has
once again impacted our business. Leasing efforts continue at both Munroe Lane and 35 Graham Street
, but we
have been hindered in our efforts to date by ongoing disruptions as a result of the pandemic. It is likely that
securing tenants across both properties will take longer than originally anticipated.”



Key points:


• Portfolio occupancy declined due to reduced Auckland Council footprint at 35 Graham and
associated rental reduction from late June 2021
• The WALE
2
is now 2.65 years, which has decreased from 2.75 years at 31 March 2021
• Loan to value ratio increased to 15% due to ongoing capital expenditure at the Munroe
Lane development (5.4% at 31 March 2021)
• Net tangible assets (NTA) of 44.5 cents per share as at 30 September 2021 (44.8 cents as at 31 March
2021)
• Munroe Lane development target completion date delayed by COVID-19 lockdown to March 2023
• Active leasing campaigns underway for both 35 Graham Street and Munroe Lane, however it is expected
that leasing will be delayed as a result of ongoing COVID-19 impacts




Centuria NZ CEO Mark Francis commented, “Asset Plus has clear objectives to complete the development of
Munroe Lane and lease the balance of that property, and to secure leasing commitment at 35 Graham Street.
This will deliver on our current strategic objectives and provide a stable platform from which the company can
then grow.”

1
Adjusted funds from operations (AFFO) is non-GAAP financial information and is a common investor metric, 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. A reconciliation of the net profit after tax to AFFO is included in the interim
results presentation on slide 21 which has been independently reviewed by the auditors.
2
Weighted average lease expiry

The potential redevelopment of 35 Graham Street fits well with Asset Plus's “value-add” investment strategy. The
property has considerable potential for re-positioning and provides flexibility to respond to a range of occupier
demands under either a light refurbishment option, or a full scale redevelopment which could physically double
the size of the asset. It continues to represent a unique opportunity within the Auckland office market.



COVID impact

$0.2 million is the total rental abatement and relief for the half year. The full year impact is expected to
be approximately $0.5 million, partially offset by the additional income from Eastgate as a result of the deferral of
the settlement to 1 April 2022.



Portfolio update

Stoddard Road continues to be 100% occupied and a dependable asset, though a level of rental abatement and
relief has been granted to ensure tenant longevity through the prolonged Auckland regional lockdown.


The Taco Bell development was completed at Eastgate during the period, which has been well received and
complements the wider Centre.


Balance Sheet


Debt of $28.3 million was drawn as at 30 September 2021, which represents a LVR of 15% (March 2021 5.4%).

The undrawn facilities total $101.7 million. It is intended that the proceeds from the Eastgate divestment will be
applied as a debt repayment which will then provide balance sheet capacity to assist with the proposed
refurbishment or development at 35 Graham Street.


NTA was 44.5 cents per share as at 30 September 2021, which is constant for the half year. Independent
revaluations were not completed during the period as Directors determined there was no material
movement since March 2021.



Dividend

A quarterly dividend has been declared, with the record date set for 7 December 2021 and payment
on 14 December 2021. This represents a payout ratio of 127% for the first half. At the time of the capital raise last
year it was signalled that an element of capital would be required to support the dividend in the Munroe Lane
development window.


The gross dividend for the quarter is 0.519 cents per share. The dividend consists of 0.45 cents per share of
cash, with 0.069 cents per share of imputation credits attached. The Company will also pay a supplementary
dividend of 0.031 cents per share to non-resident shareholders.



Outlook

The company's key focus remains a successful delivery of the development at Munroe Lane, leasing the balance
of that property and securing leasing commitment at 35 Graham Street under either development scenario.

Managing the impacts of COVID-19 on the existing portfolio, the effects of the recent changes in legislation, and
ensuring support is provided to those tenants who need it to ensure that a passive income stream is maintained
moving forward remain key objectives.

Conference call

A conference call will be held today at 10am NZT to discuss the results.

 
Participants can register for the conference by going to:

https://s1.c-conf.com/diamondpass/10017780-mas9277.html


-ENDS-





For further information please contact:


Bruce Cotterill, Chairman, Asset Plus Limited
+64 21 668 881

Mark Francis
Managing Director, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

Simon Woollams
Chief Operating Officer, Centuria NZ, manager of Asset Plus Limited
+64 9 300 6161

---

INTERIM REPORT 2021
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2021
This Interim Financial Report for Asset Plus Limited (including Subsidiaries)
covers the trading period from 1st April to 30th September 2021.

Contents

Note
Unaudited
30 Sep 2021
$’000
Unaudited
30 Sep 2020
$’000
Gross Rental Revenue6,4866,635
Direct Property Operating Expenses(2,083)(1,967)
Net Rental Revenue44,4034,668
Administration Expenses5(774)(686)
Net Finance Costs5(605)(656)
Total Operating Expenses(1,379)(1,342)
Total Operating Income3,0243,326
Net Unrealised Fair Value Gain/(Loss) on Investment and Development Properties(9)8,868
Transaction Costs-(12)
Net Profit Before Taxation3,01512,182
Income Tax6(499)(647)
Net Profit After Taxation2,51611,535
Other Comprehensive Income- -
Total Comprehensive Income For the Period2,51611,535
Basic and Diluted Earnings Per Share (cents)120.696.80
Interim Condensed Consolidated
Statement of Comprehensive Income
For the Six Months Ended 30 September 2021
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
1

Note
Share
Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 1 April 2021 (audited)192,726(30,365)162,361
Net Profit After Taxation-2,5162,516
Total Comprehensive Income For the Period-2,5162,516
Dividends13-(3,280)(3,280)
Closing Balance at 30 September 2021 (unaudited)192,726(31,129)161,597
Note
Share
Capital
$’000
Accumulated
Losses
$’000
Total
$’000
Opening Balance at 01 April 2020 (audited)134,089(42,294)91,795
Net Profit After Taxation - 11,53511,535
Total Comprehensive Income For the Period11,53511,535
Shares Issued28,671-28,671
Issue Costs(897)-(897)
Dividends13-(740)(740)
Closing Balance at 30 September 2020 (unaudited)161,863(31,499)130,364
Interim Condensed Consolidated
Statement of Changes In Equity
For the Six Months Ended 30 September 2021
For the Six Months Ended 30 September 2020
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
2

Interim Condensed Consolidated
Statement of Financial Position
Note
Unaudited
as at
30 Sep 2021
$’000
Audited
as at
31 Mar 2021
$’000
Current Assets
Cash and Cash Equivalents2,4213,109
Trade Receivables, Other Receivables and Prepayments3,2512,631
Taxation Receivable1,150-
Total Current Assets6,8225,740
Properties held for Sale943,45042,560
Non-Current Assets
Investment Properties8144,794130,234
Trade Receivables, Other Receivables and Prepayments227439
Total Non-Current Assets145,021130,673
Total Assets195,293178,973
Current Liabilities
Trade Payables, Accruals and Provisions4,7035,807
Taxation Payable-866
Other Current Liabilities391335
Total Current Liabilities5,0947,008
Non-Current Liabilities
Borrowings1028,3009,400
Deferred Taxation6302204
Total Non-Current Liabilities28,6029,604
Total Liabilities33,69616,612
Net Assets161,597162,361
Contributed Capital192,726192,726
Accumulated Losses(31,129)(30,365)
Shareholders Equity161,597162,361
As at 30 September 2021
The Board of Asset Plus Limited approved the interim condensed consolidated financial statements for issue on
29 November 2021.
Bruce Cotterill Carol Campbell
Chairman Chair Audit and Risk Committee
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
3

Interim Condensed Consolidated
Statement of Cash Flows
Note
Unaudited
30 Sep 2021
$’000
Unaudited
30 Sep 2020
$’000
Cash Flows from Operating Activities
Cash was provided from/(applied to):
Gross Rental Revenue6,7176,407
Operating Expenses(3,874)(2,841)
Interest Income2-
Interest Expense(567)(675)
Tenant Deposits Received4-
Taxation Paid(2,415)(863)
Net Cash Inflow/(Outflow) from Operating Activities(133)2,028
Cash Flows from Investing Activities
Cash was provided from/(applied to):
Acquisition of Investment Property-(2,262)
Capital Expenditure on Investment Properties(16,175)(3,337)
Transaction Costs-(12)
Net Cash Outflow from Investing Activities(16,175)(5,611)
Cash Flows from Financing Activities
Cash was provided from/(applied to):
Repayment of Borrowings-(28,000)
Proceeds from Borrowings18,9005,350
Distributions Made to Shareholders13(3,280)(740)
Net Proceeds from Capital Raise-27,607
Net Cash Inflow from Financing Activities15,6204,217
Net Increase/(Decrease) in Cash and Cash Equivalents(688)634
Cash and Cash Equivalents at the Beginning of the Period3,10998
Cash and Cash Equivalents at the End of the Period2,421732
For the Six Months Ended 30 September 2021
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
4

For the Six Months Ended 30 September 2021
Interim Condensed Consolidated
Statement of Cash Flows (Continued)
Reconciliation of Net Profit to Net Cash Flow from Operating Activities
Unaudited
30 Sep 2021
$’000
Unaudited
30 Sep 2020
$’000
Net Profit after Taxation
2,51611,535
Items Classified as Investing or Financing Activities:
Transaction Costs-12
Finance Costs33-
Movements in Working Capital Items:
Trade Receivables, Other Receivables and Prepayments(143)(226)
Trade Payables, Accruals and Provisions(621)(234)
Taxation Payable(2,015)(355)
Non-Cash Items:
Doubtful Debts(11)25
Net Unrealised Fair Value Gain/(Loss) on Investment and Development Properties9(8,868)
Movement in Deferred Taxation99139
Net Cash Inflow/(Outflow) from Operating Activities(133)2,028
The above interim condensed consolidated statement should be read in conjunction with the accompanying notes.
5

Notes to the Interim Condensed
Consolidated Financial Statements
For the Six Months Ended 30 September 2021
1. Corporate Information
The interim condensed consolidated financial
statements comprise of Asset Plus Limited (the
“Company”) and its subsidiary (collectively the “Group”).
The Company is a limited liability company incorporated
and domiciled in New Zealand whose shares are listed
on the New Zealand Stock Exchange. The Company is
an FMC Reporting Entity under the Financial Markets
Conduct Act 2013. The registered office is located
at Level 2, Bayleys House, 30 Gaunt Street, Wynyard
Quarter, Auckland.
The nature of the operations and principal activities
of the Group are investing in commercial property in
New Zealand.
The interim financial statements for the six months
ended 30 September 2021 and the comparative
balances for the six months ended 30 September 2020
are unaudited. Comparative balances as at 31 March
2021 are audited.
2. Statement of Compliance and Basis
of Preparation
The interim condensed consolidated financial statements
for the six months ended 30 September 2021 have
been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (“NZ GAAP”), the
requirements of the Financial Markets Conduct Act 2013
and the Main Board listing rules of the New Zealand
Stock Exchange. They also comply with the New Zealand
Equivalent to International Accounting Standard NZ IAS
34 “Interim Financial Reporting”.
The interim condensed consolidated financial statements
have been prepared under the assumption that the
Group operates on a going concern basis and are
presented in New Zealand dollars with all values rounded
to the nearest thousand dollars ($’000), except where
otherwise indicated.
The interim condensed consolidated financial statements
do not include all the information and disclosures
required in the annual financial statements, and
should be read in conjunction with the Group’s annual
consolidated financial statements as at 31 March 2021.
The Group’s annual consolidated financial statements
as at 31 March 2021 are available on the company’s
website www.assetplusnz.co.nz.
(a) Basis of Preparation
The interim condensed consolidated financial
statements have been prepared on a historical cost
basis, except for investment properties which have been
measured at fair value.
Changes in accounting policies
The accounting policies adopted are consistent with those
of the most recent annual financial statements for the year
ended 31 March 2021, except where accounting standards
which have been issued and are effective for the current
reporting period, or which are issued but not yet effective
and may be early adopted, have been adopted for the first
time. Certain comparative information has been reclassified
to conform with the current reporting period’s presentation.
There are no new standards adopted in the current period.
(b) Basis of Consolidation
The interim condensed consolidated financial statements
incorporate the assets, liabilities, equity, income, expenses
and cash flows of the entities controlled by the Company
at the end of the reporting period. A controlled entity is
any entity over which Asset Plus Limited has the power
to direct relevant activities, exposure or rights, to variable
returns from its involvement with the investee, and the
ability to use its power over the investee to affect the
amount of investor return. The existence of potential
voting rights that are currently exercisable or convertible
are considered, if those rights are substantive, when
assessing whether a Company controls another entity.
In preparing these interim condensed consolidated
financial statements, subsidiaries are consolidated from
the date the Group gains control until the date on which
control ceases.
The financial statements of the subsidiaries are prepared
for the same reporting period as the parent company,
using consistent accounting policies. In preparing the
interim condensed consolidated financial statements, all
intercompany balances, transactions, unrealised gains
and losses resulting from intra-group transactions and
dividends have been eliminated in full.
The table below represents the Company’s investment in
its subsidiary as at each reporting date:
Percentage Held:
30 September
2021
31 March
2021
Asset Plus Investments
Limited
100%100%
(c) Goods and Services Tax (GST)
Income and expenses are recognised net of the amount
of GST except where the GST incurred on a purchase of
goods and services is not recoverable from the taxation
authority, in which case the GST is recognised as part of
the cost of acquisition of the item as applicable.
6

All items in the interim condensed consolidated
statement of financial position are stated net of GST,
with the exception of receivables and payables, which
include GST invoiced. Cash flows are included in the
interim condensed consolidated statement of cash
flows on a net basis and the GST component of cash
flows arising from investing and financing activities is
classified as part of operating activities.
3. Significant Accounting Estimates
and Judgements
The preparation of these interim condensed
consolidated financial statements requires the use of
certain critical accounting estimates.
It also requires management to exercise its judgement
in the process of applying the Group’s accounting
policies. Although the Group has internal control
systems in place to ensure that estimates can be
reliably measured, actual amounts may differ from
those estimates. The areas involving a higher degree of
judgement or areas where assumptions are significant
to the Group include the following:
• Determination of Deferred Taxes (Note 6)
• Determination of Fair Value of Investment
Properties (Note 8)
• Classification of Investment Property Held for Sale
(Note 9)
Impact of COVID-19
The outbreak of the Coronavirus (COVID-19) was
declared by the World Health Organisation as a ‘Global
Pandemic’ on 11 March 2020. The ‘global pandemic’
has caused heightened uncertainty over the economy
and financial markets.
In response to the pandemic, regions of New Zealand
entered periods of different alert levels with the
implementation of varying travel restrictions and a
range of quarantine and “social distancing” measures.
Any rental abatement or relief provided to tenants
to assist them with any negative impact of these
measures is detailed in Note 5. On 2 November 2021
the COVID-19 Response (Management Measures)
Legislation Bill was passed which inserts a clause into
commercial leases requiring a “fair proportion” of rent
to be paid where a tenant has not been able to access
their premises to fully conduct their business due to
the COVID-19 restrictions. The new lease term applies
retrospectively from 18 August 2021 to leases that do
not already contain a rental abatement clause that
applies in an epidemic. This is likely to lead to greater
abatement and relief provided to tenants during
periods when COVID-19 restrictions prohibit them from
accessing their premises. On 22 October 2021 the
Government announced a new traffic light system (the
COVID-19 Protection Framework) to manage COVID-19
once District Health Boards have achieved targeted
vaccination levels in their eligible population. This
system is expected to give businesses greater access to
their premises on an ongoing basis, though localised
lockdowns have not been ruled out.
Key impacts to key estimates and judgements used
in these unaudited interim financial statements:
• The latest independent valuations for the
Company’s properties where commissioned as at
31 March 2021. As at 31 March 2021, registered
property valuers in New Zealand considered it
appropriate to attach less weight to previous
market evidence for comparison purposes, to
inform opinions of value. The current response
to COVID-19 and its ongoing impact means that
valuers are faced with an unprecedented set of
circumstances on which to base a judgement.
Some valuations were reported on the basis of
‘material valuation uncertainty’ existing at the
time they issued their report. Consequently, less
certainty (and a higher degree of caution) should
be attached to the valuations than would normally
be the case.
• A large number of the Company’s tenants have
been impacted by the uncertainty and disruptions
due to COVID-19. Some support primarily in
the form of rental abatements and relief has
been provided to tenants. Provisions for rental
abatement have been adopted as negotiations with
tenants remain ongoing as at 30 September 2021.
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
7

For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
4. Gross Rental Revenue
Unaudited
6 months
30 Sep 2021
$’000
Unaudited
6 months
30 Sep 2020
$’000
Rental revenue comprises amounts received and receivable by the Group for:
Rental charged to tenants in the ordinary course of business5,5386,002
Operating cost recoveries from tenants and customers1,2141,043
Capitalised lease incentive adjustments(83)(49)
Lease abatement due to COVID-19(143)(333)
Lease relief due to COVID-19(39)(213)
Spreading of rent relief COVID-19(1)185
Gross rental revenue6,4866,635
Property operating costs
(1)
(2,083)(1,967)
Net Rental Income4,4034,668
(1)
Property operating costs represent property maintenance and operating expenses.
Rental abatements were provided to some of the tenants due to COVID-19 and this has reduced the rental income
for the period. Total abatements for the six months ended 30 September 2021 are $22,000 (30 September 2020:
$333,000). In addition rental relief was provided to some of the tenants due to COVID-19 which was classified as
a lease modification. Total relief granted for the six months ended 30 September 2021 is $39,000 (30 September
2020: $213,000) The relief granted has been capitalised and is amortised on a straight-line basis over the remaining
lease period. In the six months ending 30 September 2021 expense provisions totalling $121,000 were recognised
representing expected rental abatement where negotiations with tenants remain ongoing as at 30 September 2021
(30 September 2020: $Nil).
5. Administration Expenses and Net Finance Costs
Unaudited
6 months
30 Sep 2021
$’000
Unaudited
6 months
30 Sep 2020
$’000
Management Fees(464)(371)
Directors' Fees(150)(150)
Auditor’s remuneration – review and other assurances(35)(19)
Professional Fees(48)(55)
Other Administration Costs(77)(91)
Total Administration Expenses(774)(686)
Net Finance Costs
Interest and Finance Charges(607)(656)
Interest Income2-
Net Finance Costs(605)(656)
8

Statement of Profit and Loss
Unaudited
6 months
30 Sep 2021
$’000
Unaudited
6 months
30 Sep 2020
$’000
Current Tax:
Continuing Operations - Current Income Tax Charge(426)(508)
Prior period tax adjustment22-
Current Tax(404)(508)
Net Deferred Income Tax:
Investment Property Building Depreciation(106)(184)
Other1145
Net Deferred Income Tax(95)(139)
Income Tax Reported in the Interim Condensed
Consolidated Statement of Comprehensive Income(499)(647)
6. Income Tax
Major components of income tax expense are:
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
Deferred Income Tax
Net deferred income tax liability relates to the following:
Unaudited
As at
30 Sep 2021
$’000
Audited
As at
31 Mar 2021
$’000
Deferred Income Tax Liabilities:
Investment Properties Recoverable Depreciation(318)(213)
Other169
Deferred Taxation(302)(204)
7. Segment Reporting
The principal business activity of the Group is to invest in New Zealand properties. Investment properties have similar
economic characteristics, methods of management and are under leases of various terms. Segment reporting is
presented in a consistent manner with internal reporting provided to the chief operating decision maker, the Board.
The Board receives internal financial information on a property by property basis, assesses property performance and
decides on the resource allocation. The Group operates only in New Zealand. On this basis all of the Group’s properties
have been aggregated into a single reporting segment to most appropriately reflect the nature and financial effects
of the business activities. The Group has no unallocated revenue, expenses, assets or liabilities and this approach has
been applied to comparative periods.
9

8. Investment and Development Properties
The tables below outline the movements in the carrying values for all directly owned investment properties:
Unaudited as at
30 September
2021
Opening
fair value
balanceAcquisitionsCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluation
Transfer
to
assets
held
for sale
Fair
value at
balance
dateWIP
(1)
Closing
balance
Stoddard Road41,500-51(13)--41,538-41,538
Graham Street59,500-----59,5001,64061,140
Development
Properties
Munroe Lane7,761-----7,76131,58839,349
Kamo2,600-----2,6001672,767
Total Investment
Properties111,361-51(13)--111,39933,395144,794
(1)
WIP (work in progress) relates to costs incurred in relation to current or future development work which were not included in the inputs to the
most recent external valuation calculation by the independent valuers. These costs include design, consents and other direct costs capitalised as
development costs.
All investment properties were valued by an independent valuer as at 31 March 2021. The Directors have determined
that there have been no material changes which would effect the fair value of investment properties as at reporting
date therefore no updated independent valuations have been commissioned as at 30 September 2021. The carrying
value of investment properties therefore represents the most recent independent valuation plus any subsequent
capital expenditure over the six month period to 30 September 2021.
Investment properties that are being constructed or developed for future use are classified as development properties
and are measured at cost, as cost represents the fair value. Development properties are carried at fair value when fair
value can be reliably determined, which is expected to be upon or close to completion. All costs directly associated
with the purchase and construction of a property and all subsequent capital expenditure is capitalised. Gains or losses
arising from changes in the fair value of development properties held at fair value are included in profit or loss in the
period in which they arise. Development properties are re-classified as investment properties upon practical completion
of the development and the property is held to be leased out under an operating lease.
Graham Street is recognised as an investment property as it is still income producing and therefore is carried at fair
value. The WIP in relation to the future development at Graham Street is carried at cost. The land at Munroe Lane and
Kamo is valued separately from the WIP from the development. Land is valued at fair value while WIP is carried at cost.
Audited as at
31 March 2021
Opening
fair value
balanceAcquisitionsCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluation
Transfer
to
assets
held
for sale
Fair
value at
balance
dateWIP
(1)
Closing
balance
Eastgate
Shopping Centre46,950-30826(4,724)(42,560)---
Stoddard Road37,500--913,909-41,500-41,500
Graham Street 50,100---9,400-59,5001,50861,008
Development
Properties
Munroe Lane7,500---261-7,76117,25825,019
Kamo-2,259--341-2,6001072,707
Total Investment
Properties142,0502,2593081179,187(42,560)111,36118,873130,234
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
10

As at 30 September 2021
Opening
balance
Transfer from
investment
propertiesCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluationDisposal
Closing
balance
Eastgate Shopping Centre42,560-88118(9)-43,450
Total42,560-88118(9)-43,450
As at 31 March 2021
Opening
balance
Transfer from
investment
propertiesCapex
Lease
amortisation
& other
Gain/
(loss) on
revaluationDisposal
Closing
balance
Eastgate Shopping Centre-42,560----42,560
Total-42,560----42,560
On 22 February 2021 the Group entered into an unconditional sale of purchase agreement to dispose of Eastgate
Shopping Centre. A $1.5m deposit was received on 23 February 2021 in relation to the sale and is included in trade
payables, accruals and provisions. The sale price is $43.45m. On 4 October 2021 the settlement date was varied in the
sale and purchase agreement to 1 April 2022.
9. Properties Held For Sale
The table below outlines the movements in the carrying values for all properties held for sale during the year:
10. Borrowings
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
FacilityBankLoan maturity
Unaudited
as at
30 Sep 2021
$’000
Audited
as at
31 Mar 2021
$’000
Working Capital FacilityBNZ30/09/2023--
Investment FacilityBNZ30/09/202328,3009,400
Development FacilityBNZ30/09/2023--
Total28,3009,400
* The development facility expires the earlier of 30 September 2023 and the Conversion Date, being the date the loan converts to an Investment Facility.
In the loan agreement the conversion date is defined as the date that the Agent (acting on the instructions of the Majority Lenders) determines that
Practical Completion of Munroe Lane has occurred.
Financing facilities available
At reporting date, the following financial facilities had been negotiated and were available:
Unaudited
as at
30 Sep 2021
$’000
Audited
as at
31 Mar 2021
$’000
Facility used at reporting date - secured bank loan (BNZ)28,3009,400
Facility unused at reporting date - secured bank loan (BNZ)101,700120,600
Total 130,000130,000
Loan Security
The loan is secured by a registered first mortgage over the investment properties of the Group, an assignment of
leases over all present and directly acquired properties mortgaged to the BNZ Bank and a first general security interest
over the assets of the Group. The current facilities mature in September 2023.
*
11

12. Earnings Per Share
Unaudited
6 months
30 Sep 2021
Unaudited
6 months
30 Sep 2020
Total Comprehensive Income for the Period2,51611,535
Weighted Average Number of Ordinary Shares 362,718169,754
Earnings Per Share (Cents) - Basic and Fully Diluted0.696.80
13. Dividends Paid To Shareholders
Dividends paid during the period comprised:
For the six months ended
30 September 2021
For the six months ended
30 September 2020
CPS$’000Date PaidCPS$’000Date Paid
Q4 Prior Year Net Dividend 0.4501,64011/06/20210.000-n/a
Q1 Net Dividend0.4501,64019/09/20210.45074012/08/2020
Total Paid During the Period0.9003,2800.450740
Unaudited
as at
30 Sep 2021
$’000
Audited
as at
31 Mar 2021
$’000
Ordinary Shares
Number of issued and fully paid shares362,718362,718
Fully paid and ordinary shares carry one vote per share, and share equally in dividends and any surplus on winding up.
11. Equity
Issued capital and reserves
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
12

15. Commitments and Contingencies
Capital commitments
At 30 September 2021 the Group had the following
capital commitments:
• Capital commitments of $92,775,000 in regards to
the development at Munroe Lane.
At 31 March 2021 the Group had the following capital
commitments:
• Capital commitments of $850,000 in regards to fit
out works for Taco Bell development at Eastgate
Shopping Centre.
• Capital commitments of $104,444,000 in regards to
the development at Munroe Lane.
Guarantees
BNZ has provided a bond to the New Zealand Stock
Exchange for the sum of $75,000, being the amount
required to be paid by all Issuers listed on the New
Zealand Stock Exchange, and the Company has
provided a General Security Agreement over its assets
in favour of BNZ as security for this bond (31 March
2021: $75,000).
14. Related Parties
Centuria Funds Management (NZ) Limited owns the management contract rights of the Group. The Parent of
Centuria Funds Management (NZ) Limited, Centuria Capital (NZ) No.1 Limited, owns 19.99% of Asset Plus Limited
(Sep 2020: 19.96%). Transactions with Centuria Funds Management (NZ) Limited are deemed to be related parties
because the Company is managed by Centuria Funds Management (NZ) Limited under the terms of the signed
management contract.
The below table sets out the transactions between the Augusta Group and the Company:
Fees paid and owing to the manager
(values in $’000)
Unaudited
6 months
30 Sep 2021
Fees charged
Unaudited
as at
30 Sep 2021
Fees owed
Unaudited
6 months
30 Sep 2020
Fees charged
Unaudited
as at
30 Sep 2020
Fees owed
Management Fees464238371189
Lease Renewal Fees83-4-
Property Management Fees84388441
Acquisition Fee--21-
Development Management Fee5223113729
Total1,153587517259
Interim Condensed Consolidated Statement of Changes in Equity
Unaudited
6 months
30 Sep 2021
$’000
Unaudited
6 months
30 Sep 2020
$’000
Dividend Paid to Centuria Capital (NZ) No.1 Limited656137
For the Six Months Ended 30 September 2021
Notes to the Interim Condensed Consolidated
Financial Statements (Continued)
Contingent liabilities
At the reporting date the Group had no material
contingent liabilities (March 2021: nil).
16. Subsequent Events
On 4 October 2021 the settlement date for the sale of
Eastgate Shopping Centre was varied in the sale and
purchase agreement to 1 April 2022.
On 2 November 2021 the COVID-19 Response
(Management Measures) Legislation Bill was passed
which inserts a clause into commercial leases requiring
a “fair proportion” of rent to be paid where a tenant
has not been able to access their premises to fully
conduct their business due to the COVID-19 restrictions.
The new lease term applies retrospectively from 18
August 2021 to leases that do not already contain a
rental abatement clause that applies in an epidemic.

13

Independent Review Report
To the Shareholders of Asset Plus Limited
Report on the Interim Condensed Consolidated Financial Statements
We reviewed the accompanying interim condensed consolidated financial statements of Asset Plus Limited
and its subsidiary (“the Group”) on pages 1 to 13 which comprise the interim condensed consolidated
statement of financial position as at 30 September 2021, and the interim condensed consolidated statement of
comprehensive income, interim condensed consolidated statement of changes in equity and interim condensed
consolidated statement of cash flows for the six months then ended, and notes to the financial statements,
including a summary of significant accounting policies.
Director’s Responsibility for the Interim Condensed Consolidated Financial Statements
The Directors are responsible for the preparation and fair presentation of these interim condensed consolidated
financial statements in accordance with NZ IAS 34 Interim Financial Reporting issued in New Zealand by the
New Zealand Accounting Standards Board, and for such internal control as the Directors determine is necessary
to enable the preparation and fair presentation of interim condensed consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the interim condensed consolidated financial statements. We
conducted our review in accordance NZ SRE 2410, Review of Historical Financial Statements Performed by the
Independent Auditor of the Entity. NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim condensed consolidated financial statements, taken as a
whole, are not prepared in all material respects in accordance with the External Reporting Boards (XRB). As the
auditor of Asset Plus Limited NZ SRE 2410 requires that we comply with the ethical requirements relevant to the
audit of the annual condensed consolidated financial statements.
A review of interim condensed consolidated financial statements in accordance with NZ SRE 2410 is a
limited assurance engagement. The auditor performs procedures, primarily consisting of making enquiries of
management and others within the entity, as appropriate and applying analytical procedures, and evaluates the
evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim condensed consolidated financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim condensed
consolidated financial statements on pages 1 to 13 do not present fairly, in all material respects, the interim
condensed consolidated financial position of Asset Plus Limited as at 30 September 2021, and its interim
condensed consolidated financial performance and interim condensed consolidated cash flows for the six
months then ended, in accordance with NZ IAS 34 Interim Financial Reporting issued in New Zealand by the
New Zealand Accounting Standards Board.
14

Restriction on use of our report
This report on the interim condensed consolidated financial statements is made solely to the shareholders,
as a body. Our limited assurance work has been undertaken so that we might state to the shareholders, as
a body those matters which we are required to state to them in an independent review report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Asset Plus Limited and the shareholders as a body, for our work, for this report or for the
opinion we have formed.
Grant Thornton New Zealand Audit Limited
Ryan Campbell
Partner
Auckland
29 November 2021
15

Directory
Company
Asset Plus Limited
PO Box 37953
Parnell 1151
Phone: 09 300 6161
www.assetplusnz.co.nz
Directors
Bruce Cotterill
Allen Bollard
Carol Campbell
Paul Duffy
John McBain
Bankers
Bank of New Zealand
Level 6
Deloitte Centre
80 Queen Street
Auckland 1010
Auditor
Grant Thornton New Zealand
Audit Limited
Level 4
Grant Thornton House
152 Fanshawe Street
Auckland 1010
PO Box 1961
Auckland 1140
Registrar
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Fax: 09 375 5990
Manager
Centuria Funds Management
(NZ) Limited
Level 2
Bayleys House
30 Gaunt Street
Wynyard Quarter
Auckland 1010
PO Box 37953
Parnell 1151
16

---

2
9
1
1
2
0
2
1
FINANCIALRESULTS
FORTHESIXMONTHSENDED30SEPTEMBER2021

01
04
Key Metrics
02
05
03
Key ActivityFinancials
OutlookPortfolio
Update
Overview
2
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

Settlement of Eastgate
Shopping Centre
deferred to 1 April 2022
Munroe Laneprogressing
well, butcompletiondelayed
to March 2023 due to
COVID-19 impacts
Lease renewalssecuredat
StoddardRoad,maintaining
occupancyat100%
Ongoing leasing campaign at
35 Graham Street,
withproposals made to
prospective tenants
Continued support of
tenants through further
COVID-19 lockdowns
Key Activity
AFFO in line with the prior
corresponding period at
$2.57m
3
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

as at 30 September 2021
$188.2m
(Mar-21: $172.8m)
79.2%
(Mar-21: 98.0%)
2.65 years
(Mar-21: 2.75)
68
(Mar-21: 71)
5
(Mar-21: 5)
15%
(Mar-21: 5.4%)
$0.445
(Mar-21: $0.448)
Portfolio Value
WALE
Properties
LVR
Occupancy
Number of Tenants
NTA
Key Metrics
4
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•Rentalabatements andreliefreduced1H22operatingincomeby
$0.18m($0.13mafter tax),equivalenttoapproximately2.1%of
currentannualisednetrentalincome.
•The Government has now enacted legislation to effectively add
the ‘no access’ clause into every lease, and back dating to 18
August 2021. Management are assessing the implications of this
and working with tenants to identify any potential changes to
agreements already in place.
•Collaborative approach adopted to date, providing support to
those tenants where required to ensure continuity ofexisting
leases.
•Estimated impact for the full FY22 year of $0.5m. TheNPAT
impactof this will be partiallyoffsetby the additional income
from Eastgate as a result of the deferral of the settlement to 1
April 2022.
COVID–19 impacts

FINANCIALS
6

Financial Performance
Profit and other comprehensive income net of tax for the
period ended 30 September is $2.52m, $9.01m or 78% lower
than the prior year, primarily due to property revaluations
which took place in September 2020.
Adjusted funds from operations (AFFO) of $2.57m is broadly
in line with the prior period ($2.63m).
Net revenues from the property portfolio were down $0.27m
as a result of Auckland Council’s rent reducing by ~50% at
Graham Street in late June 2021.This was offset bylower
COVID-19 abatements, primarily driven by Eastgate which
had a longer lockdown period in April-May 2020.
Administration Fees of $0.77m are higher due to
management fees charged on a higher valued portfolio,
largely as a result of Munroe Lane development spend.
6 months6 months
Sep-21Sep-20VarVar
$m$m$%
Gross Rental Revenue6.496.64(0.15)(2%)
Direct Property Operating Expenses(2.09)(1.97)(0.12)(6%)
Net Rental Revenue4.404.67(0.27)(6%)
Administration Expenses(0.77)(0.69)(0.08)(12%)
Net Finance Costs(0.61)(0.66)0.058%
Total Operating Income3.023.32(0.30)(9%)
F.V. Gain of Investment Properties(0.01)8.87(8.88)100%
Other Adjustments-(0.01)0.01100%
Profit Before Taxation3.0112.18(9.17)(75%)
Tax(0.49)(0.65)0.16(25%)
Total Comprehensive Income For the Period2.5211.53(9.01)(78%)
AFFO*2.572.63(0.06)(2%)
AFFO CPS*0.711.55(0.84)(54%)
*The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2021is
362,717,801.The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September
2020 is 169,753,921 being the weighted average number of shares issued between 1 April to 30 September 2020.
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 standardisedmeaning 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 to net profit after tax is set out
in Appendix 1
7
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

AFFO
Adjusted funds from operations* (AFFO) of
$2.57m are broadly in line with the prior
corresponding period ($2.63m).
This represents a pay out ratio of 127% for the half
year.
The small decrease in AFFO was mostly driven by
the reduction in rental income at Graham
Street,following the Auckland Council lease
reducing to ~$2m p.a. from late June 2021.
This was largely offset by $364k lower COVID-19
related rental concessions provided in H122
compared to H121, a result of less time spent in
government enforced lockdowns (primarily
Eastgate).
AFFO Movement (Post Tax) -1H22 v 1H21 ($’000s)
8
2,574
511
93
2,633
364
51
104
25
1H2134 Graham
Street Auckland
Council Lease
Impact of
COVID-19
Management
Fees
Lower Finance
Costs
Lower Tax
Expense
Other Net
Movements
1H22
*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 standardisedmeaning
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 to net profit after tax is set out in Appendix 1
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

Financial Position
Investment property value (incl. held for sale) increased
by $15.5m or 9% during the period, primarily due to
progress on the Munroe Lane development.
No revaluations were commissioned as at 30 September
2021, as it was determined there was no material change
from 31 March 2021.
Drawn debt increased to $28.3m increasing the gearing
ratio to 15% from 5.4% during the period, primarily to
fund the development at Munroe Lane.
The total bank limit is $130m, with $101.7mundrawn at
30 September 2021.
A deposit of $1.5m has been received for the sale of
Eastgate Shopping Centre.
NTA is 44.5cps as at 30 September, remaining constant
across the half year –earnings of $2.5 million
vsdividends paid of $3.2 million.
Sep-21Mar-21VarVar
$m$m$m%
Cash2.43.1(0.7)(23%)
Investment Properties144.8130.214.611%
Properties Held for Sale43.542.60.92%
Other Assets4.63.11.548%
Total Assets195.3179.016.39%
Bank Debt28.39.418.9201%
Other Liabilities5.47.2(1.8)(25%)
Total Liabilities33.716.617.1103%
Equity161.6162.4(0.8)(1%)
Net Tangible Assets Per Share ($)*0.4450.448
LVR Ratio15.0%5.4%
* The total number of shares used in the calculation of Net Tangible Assets (NTA) Per Share as at 30 September 2021 and as at31March 2021
is 362,717,801
9
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

CURRENT PORTFOLIO
10

Graham StreetEastgateStoddardRoadMunroe LaneKamo
Carrying Value
($m)
*
$61.1
(Mar 21: $61.0)
$43.4
(Mar-21: $42.6)
$41.5
(Mar-21: $41.5)
$39.3
(Mar-21: $25.0)
$2.8
(Mar-21: $2.7)
WALE
(years)
0.25
(Mar-21: 0.50)
4.61
(Mar-21: 4.15)
3.76
(Mar-21: 4.18)
--
Occupancy
(%)
50%
(Mar-21: 100%)
95%
(Mar-21: 94%)
100%
(Mar-21: 100%)
--
Net Rental
Income ($m)
$2.00
(Mar-21: $3.98)
$3.56
(Mar-21: $3.64)
$2.78
(Mar-21: $2.69)
--
Passing Yield
(%)
3.4%
(Mar-21: 6.7%)
8.2%
(Mar-21: 8.4%)
6.7%
(Mar-21: 6.5%)
--
Largest tenant
exposures
Auckland Council
Countdown,
The Warehouse
The WarehouseAuckland Council
* The carrying value of investment propertiesrepresents the most recent independent valuation plus any subsequentcapital expenditure over the six-month period to 30 September 2021.Carrying values include work in
progress (WIP) relating to costs incurred in relation to current and future development work which were not included in the inputs to the latest independent valuations commissioned at 31 March 2021. TheMunroe Lane
as if complete valuation on a fully leased basis is$146.85 million.
As at30 September2021
Portfolio Update
11
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•Resource consent for the development option (adding 3
additional floors) was granted in early 2021, with a
variation of that consent approved during the period to
create additional parking and increase the floor-to-floor
heights.
•Colliers are the master leasing agent and are actively
pursuing all tenants with expiries or renewals within the
forecast completion window for both the preferred
development option, as well as the smaller scale
refurbishment option.
•The re-emergence of COVID-19 has again subdued leasing
activity and business confidence; however management
continue to look through the short-term impact of the
virus, acknowledging that real estate is a long-term
investment and the office plays an integral role in the large
majority of companies' accommodation strategies.
35 Graham Street, Auckland
12
Artist’s Impression of potential redevelopment at 35 Graham Street
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•Internal soft strip-out and demolition works are set to commence in
January 2022, once Auckland Council and the vaccination centre
move out in late December 2021.
•This provides further time to secure leasing commitment before
confirming a pathway forward. The preferred major redevelopment
option will only be pursued with significant tenant pre-commitment.
•Given market parameters and the recent impacts of COVID-19, it is
highly likely that a modest refurbishment of the existing building will
bepursued. This will likely be progressed in part, irrespective of any
tenant pre-commitment.
•The Council rent hasdropped to ~50% of the original rental level
from 28 June 2021 for 6 months until the 28 December 2021 lease
expiry.
35 Graham Street –cont'd
Artist’s Impression of potential redevelopment at 35 Graham Street
13
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•Unconditionally sold with settlement now to occur 1 April 2022, as
opposed to the previous floating settlement date.
•Proceeds from the sale will initially be applied towards debt
repayment,and the sale creates balance sheet capability to fund
initiatives at 35 Graham Street.
•Taco Bell development completed in June 2021, their first South Island
store –fifth largest opening week for Taco Bell globally, and largest
trading week ever in APAC region.
•Customer numbers relatively flat at the Centre, however Moving Annual
Turnover (MAT) has increased in the year to date.
•Passing income has dropped due to vacancies and unrecovered OPEX
increases, however the WALT has increased slightly given renewals
secured.
•Carrying value represents the sale price of $43.45 million.
Eastgate, Christchurch
14
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•WALT of 3.76 years as at 30 September 2021
•Rental increased slightly as a result of reviews completed during the
period.
•COVID-19 impacted the period with the majority of retailers having to
close during the 35 days of the Level 4 Auckland lockdown.
•The Centre remains 100% occupied.
•The one lease renewal due in 2022 has been completed, representing
5.9% of total rental income for the Centre.
•The Warehouse tenancy is a focus in the medium term, with an expiry in
2025.
Stoddard Road, Auckland
15
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•The development is well underway with a Target Completion Date (TCD)
under the ADL of March 2023 (originally 16 December 2022 but delayed
through extension of time claims).
•Practical completion date forecast to occur prior to TCD–therefore no
liquidated damages are anticipated.
•Impact of August-September 2021 Level 4 lockdowns was 25 working
days, back-to-backed as a delay event under the ADL. Actual costs of the
shutdown totalled$372k and will be funded from the project's
contingency.
•Icon Construction and subcontractors operating at approximately 75-
80% capacity under Level 3 restrictions, which will delay the project
further, but again back-to-backed as a delay event under the ADL.
•Project progressing in line with budget.
•Registered with NZ Green Building Council to obtain Green Star Design
andAs-Builtrating.
Munroe Lane, Albany
16
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021
6 –8 Munroe Lane, Albany –November 2021 construction update

17
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021
Click hereto watchvideo
Munroe Lane, Albany
November 2021 construction update

Munroe Lane, Albany
•9,900m
2
across G, L3, 4 & 5 leased to Auckland Council on 15-year term
from completion.
•~750m
2
of café, food & beverage, retail & office outlets on ground level
available for lease.
•~2,700m
2
office tenancy on L6 available for lease.
•Two office tenancies of ~950m
2
each available on L2 for lease.
•Albany is key growth node for North Auckland, and being promoted as
“hub and spoke” model, with Asset Plus able to offer potential occupier
space here and at 35 Graham Street.
•There is now substantial competing office space available on the North
Shore totallingapproximately 20,000m
2
.
•Ongoing COVID-19 lockdowns likely to further delay leasing
commitment.
18
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•This well located 38,000m
2
of industrial land adjacent to State
Highway 1 was purchased in July 2020 for $55/m
2
.
•Negotiation underway with anchor tenants to occupy thesite.
•Design and consenting progressing with a view towards obtaining
resource consent for a commercial development on site.
•A key consideration is the potential for an adjacent roundabout on
State Highway 1, which management are working through with
stakeholders, and investigating funding sources.
Kamo, Whangarei
19
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

•Key objectives remain the successful delivery of the development at Munroe Lane, leasing the
balance of that property, and securing leasing commitments at 35 Graham Street.
•The ongoing impacts of COVID-19 have hampered leasing efforts in recent times, and will likely
further delay thesecuring of commitments.
•Focus will be on managing these impacts on the existing portfolio, the effects of the new
legislation, and ensuring support is provided to those tenants where necessary to ensure the
company's passive income stream is maintained going forward.
Outlook
20
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

Appendix 1 –AFFO reconciliation
6 months6 months
Sep-21Sep-20
$m$m
Comprehensive Income Net of Tax2.5211.53
Add Back
Fair value movement on Investment Property0.01(8.87)
Non-FFO Deferred Tax Expenses0.090.15
Net Operating Income After Tax2.622.81
Amortisationof Lease Incentives and Leasing Costs0.110.05
Amortisationof Rent Relief due to COVID-190.040.02
Funds From Operations (FFO)2.772.88
Incentives and Leasing Costs Paid(0.11)(0.04)
Rent Relief Due to COVID-19(0.04)(0.21)
Maintenance CAPEX(0.05)-
Adjusted Funds From Operations2.572.63
AFFO (CPS)*0.711.55
*The number of shares used in the calculation of the AFFO CPS for the six months ended 30 September 2021is362,717,801.The number of shares used in the calculation of the AFFO CPS for the six months
ended 30 September2020 is 169,753,921 being the weighted average number of shares issued between 1 April to 30 September 2020.
21
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

Important Notice
Thispresentationcontainsnotonlyareviewofoperations,butmayalsocontainsomeforwardlookingstatements(includingforecastsand
projections)aboutAssetPlusLimited(APL)andtheenvironmentinwhichAPLoperates.Becausethesestatementsareforwardlooking,APL’s
actualresultscoulddiffermaterially.PleasereadthispresentationinthewidercontextofmaterialpreviouslypublishedbyAPLandannounced
throughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,completenessorcorrectnessofthe
informationcontained,referredtoorreflectedinthispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersor
associatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,orastowhetheranyforwardlookingstatements
willprovecorrect.Youwillberesponsibleforformingyourownopinionsandconclusionsonsuchmatters.
Nopersonisunderanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyou.
Tothemaximumextentpermittedbylaw,noneofAPL,CenturiaFundsManagement(NZ)Limited(CFM)noranyoftheirdirectors,officers,
employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,anyliability
arisingfromanyfaultornegligenceonthepartofAPL,CFM,theirdirectors,officers,employeesoragentsoranyotherperson)arisingfromthis
presentationoranyinformationcontained,referredtoorreflectedinitorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisers
orassociatedpersons)inconnectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportantNotice.
22
Assetplusnz.co.nz
AssetPlus,FY22InterimResults|November2021

---

29 November 2021




Dear Shareholder,


As we release our interim result for the six months ended 30 September 2021, we unfortunately find ourselves
back in COVID-19 related lockdowns in Auckland. During the first half of the year we had been continuing to
implement our strategy across the portfolio, while the market gathered momentum and confidence following the
March-April 2020 national lockdowns, and the August-September 2020 regional lockdown in Auckland.

The re-emergence of the virus, and in particular the Delta variant in August has posed unprecedented challenges.
However, there is light at the end of the tunnel with vaccination rates across the country and globally
progressively increasing, and the likelihood of restrictions being eased in advance of Christmas. The recent
lockdowns haven’t necessitated a change in our strategy - however, it is likely to impact on the timing of
successful leasing and the completion of developments.

The impact across the existing portfolio has been significant, as we have sought to provide our tenants across the
portfolio with rental abatement and support. We have always taken pride in our collaborative approach with
tenants, to ensure their businesses survive.

It is unfortunate that the Government has felt compelled to take a broad-brush approach towards this issue, and
their decision to implement legislation changes that impact all commercial landlords throughout the country by
effectively applying the ‘no access’ clause into all leases, back-dated to 17 August 2021 is disappointing. The full
implications of this will need to be worked through, however provision has been made within the interim results
totaling $0.2 million.

With the timing of the lockdowns, the financial impacts are relatively minor for the period, however we anticipate
that the aftereffects will potentially linger well into 2022. This will be through both the immediate financial impact
of rental abatement to support tenants during and post lockdown, and potential tenant default moving forward.
Of potentially greater effect is the adverse impact on business sentiment and confidence, and ongoing business
investment and decision making, particularly as it relates to commitments to new premises.

Commitment to new leases, particularly in the office sector, plummeted following the initial 2020 lockdown as
significant sublease space became available. Positive sentiment really started to gain momentum throughout 2021,
with effectively all CBD sublease space taken up, only to have the Delta variant put the brakes back on market
activity.

As a result, we have been hindered in our efforts to date to lease the balance of space at Munroe Lane, and the
leasing of 35 Graham Street. It’s likely that securing tenants across both properties will take longer than originally
anticipated.

However, we remain very confident that the office plays an integral role in the day-to-day operation of businesses
and we are now seeing anecdotal evidence of Auckland office workers strong desire to return to the office. The
fundamentals of our office properties remain attractive, in terms of location, floor plates, sustainability and
efficiency that enables the latest workplace design initiatives to be adopted.

At the Munroe Lane development, physical works have been progressing within budget and programme, with our
construction partner Icon performing well in a dynamic market. However, delivery has now been delayed as a
result of the recent Level 4 lockdowns, and although construction has been allowed to continue for the most part
under Alert Level 3, it has been at a reduced capacity given social distancing requirements. There are costs
associated with the Level 3 delays, which will be funded from the project’s contingency. Fortunately there are no
delay or penalty costs payable to the anchor tenant, Auckland Council, as these delays are force majeure events

and are “back to backed” under the Agreement to Develop and Lease. We, remain committed to delivering this
project as soon as possible, so that the income stream from Auckland Council can be realised.

The settlement date for the sale of Eastgate Shopping Centre has now been fixed. A floating date range had
originally been announced, but we have now confirmed that it is to occur on 1 April 2022. The additional income
associated with this will help to offset some of the impacts from the recent lockdowns for the full year. The
realised proceeds from the Eastgate divestment will then be recycled into debt reduction and the proposed
refurbishment or development at 35 Graham Street.

In light of current market circumstances, we have revised our preferred strategy of full redevelopment of 35
Graham Street to concurrently progress the option of a moderate refurbishment of the existing building. While
this may not have the same appeal as a full-scale redevelopment, the forecast completion date would more closely
align with a number of potential occupiers existing expiry or renewal dates in the near term.

Implementation of this revised strategy for the property should allow us, subject to securing leasing commitment,
to produce an income stream sooner, and with a lower capital outlay and delivery risk, without the need to raise
capital to fund the full scale redevelopment.

We are confident that the property fundamentals remain appealing, and leasing commitment will be secured,
albeit potentially delayed as a result of COVID-19 impacts on business sentiment. Internal demolition and
associated works will be commencing on site in January 2022, which provides us with time and the ability to
secure leasing commitment for either development option before fully committing to a confirmed strategy in early
2022. Maintaining this flexibility to respond to a range of prospective occupier demands over the course of the
next few months is a valuable option.

The reduced income at 35 Graham Street from July 2021, and expected full vacancy in December, coupled with
the delayed Munroe Lane completion and the divestment of Eastgate, means that Stoddard Road will become the
only income producing asset from April 2022 for an approximate 12 month period, until Munroe Lane is
completed in early 2023.

Prudent capital management is therefore more important than ever, particularly as we now also find ourselves in
an inflationary environment, with increasing interest rates which will inevitably have an impact on capitalisation
rates over time.

Thank you as always for your continued support. We look forward to continuing to deliver on our revised strategy
as we prudently manage the company's assets for the benefit of shareholders.



Regards,





Bruce Cotterill
Chairman

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Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)


Results for announcement to the market
Name of issuer Asset Plus Limited (APL)
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 6,486 (2 .20%)
Total Revenue $ 6,486 (2.20%)
Net profit/(loss) from continuing
operations
$ 2,516 (78.10%)
Total net profit/(loss) $ 2,516 (78.10%)
Interim/Final Dividend
Amount per Quoted Equity Security $0.00518924
Imputed amount per Quoted Equity
Security
$0.00068924
Record Date 7/12/2021
Dividend Payment Date 14/12/2021
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.445 $0.51
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This announcement is extracted from APL’s unaudited interim financial
statements as at and for the six months ended 30 September 2021. A copy of
these unaudited interim financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make
this announcement
Simon Woollams
Contact person for this
announcement
Simon Woollams
Contact phone number 09 300 6161
Contact email address Simon.woollams@centuria.co.nz
Date of release through MAP 29/11/2021

Unaudited financial statements accompany this announcement.

---

Distribution Notice




Section 1: Issuer information
Name of issuer Asset Plus Limited
Financial product name/description Ordinary shares
NZX ticker code APL
ISIN (If unknown, check on NZX website) NZ NAPE 0007S3
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 07/12/2021
Ex-Date (one business day before the
Record Date)
06/12/2021
Payment date (and allotment date for
DRP)
14/12/2021
Total monies associated with the
distribution
$1,632,230.10
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.00518924
Total cash distribution $0.00450000
Excluded amount: $0.00272767
Supplementary distribution amount $0.00031276
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please state
imputation rate as % applied
28% on the imputed portion
Imputation tax credits per financial
product
$0.00068924
Resident Withholding Tax per financial
product
N/A
Section 4: Authority for this announcement
Name of person

authorised to make this
announcement
Simon Woollams
Contact person for this announcement Simon Woollams
Contact phone number 09 3006161
Contact email address simon.woollams@centuria.co.nz
Date of release through MAP

29 November 2021