AGM Presentation and Addresses

Asset Plus
Annual Meeting 2025
5 August 2025

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A
D
Manager’s
presentation
B
E
C
Chairman’s
address
Resolutions
General
business
Shareholder
questions
Agenda
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6-8 MUNROE LANE AUCKLAND
A - Chairman’s address

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B - Manager’s presentation
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Overview
6-8 MUNROE LANE
6-8 MUNROE LANE
•AFFO profit of $0.53m ($0.67m loss in FY24)
•Total loss for the year net of tax of $5.70m (FY24 lossof
$5.30m).
•Net rental income of $4.92m, up $1.27m on the
previous year.
•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.
•Special dividend of 5 cents per share paid in December
2024.
•4th quarter dividend of 0.20 cents per share paid in June
2025.

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Key metrics
$180.8m
(((
2
41.0%
5.9 years
18.2%
38.9 cps
$107.0m165.0% 9.0 years0.0% 32.4 cps
Net tangible
assets
Portfolio valuePropertiesOccupancy*WALE**Loan-to-value
ratio
*Occupancy is expected to increase to 74% once the lease for part L6 announced on 16 July 2025 commences.
**WALE is expected to increase by ~1.0 year once the lease for part L6 announced on 16 July 2025 commences, all things being equal.
March 2024
March 2025

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Significant Activity during the year
6-8 MUNROE LANE
35 Graham Street settlement occurred on 29
November 2024.
All external bank debt repaid post 35 Graham Street
settlement.
Special dividend of 5 cents per share (CPS) paid on
18 December 2024

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Munroe Lane, Albany
6-8 MUNROE LANE
•The independent valuation as at 31 March 2025 is $107.0m, a reduction
from $116.2m.
•To date $24.2m of unrealised development losses have been recognised.
The total development cost was $131.2 million.
•Have secured Aderant for approximately 50% of Level 6, with the lease
expected to commence in early 2026 once fit-out is completed.
•Current tenancies set out in schedule below.
TenantAreaAnnual Rental Lease TermCommencement
Auckland Council10,256sqm$4,761,85615 yearsJuly 2023
Aderant1,409sqm$721,343*10 yearsEarly 2026**
Little Fields32sqm$14,2089 yearsFebruary 2024
Embedded
Network
$70,000
Subtotal$5,567,407
*Rental remains subject to final measure upon completion of Landlord Works
** Lease commencement expected in early 2026 upon completion of Landlord Works

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Munroe Lane - leasing update
•Board has approved a partial fit-out of the balance of Level 6, to be
implemented concurrently for cost efficiencies.
•Direct marketing initiatives remain ongoing to target potential occupiers for
the balance of the space.
•Floor plates remain flexible – The balance of Level 6 can be split into 2
tenancies, allowing for 3 occupiers across this floor. Level 2 can also be split
into multiple tenancies and joined with Level 1 via intra floor stairs.
•Office leasing market remains challenging, with a continued paucity of large
tenants on the North Shore.
Remaining VacancyAreaPotential Rental Range
Ground Floor151sqm$54,000 - $64,000
Level One241sqm$84,000 - $107,000
Level Two1,951sqm$710,000 - $890,000
Level Six1,362sqm$510,000 - $633,000
Carparks46$180,000 - $190,000
Total3,705sqm$1,538,000 - $1,884,000

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Outlook
MUNROE LANE, AUCKLAND
•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
any decision at the same time.
•A cash dividend of 0.2 cents per share has been declared for the quarter ended 30
June 2025. The dividend remains subject to quarterly review.

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D - Shareholder Questions
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Shareholder questions
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C - Resolutions
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Re -election of Paul Duffy as a Director
Paul Duffy retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election
as a Director of the Company.
“That Paul John Duffy be re-elected
as a Director of the Company.”
Resolution 1
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Re -election of Bruce Cotterill as a Director
Bruce Cotterill retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election
as a Director of the Company.
“That Donald Bruce Cotterill be re-elected
as a Director of the Company.”
Resolution 2
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Auditors’ fees and expenses
“That the Board be authorised to fix the auditor’s fees
and expenses from time to time.”
Resolution 3
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•Will be conducted via a poll.
•MUFG Corporate Markets will have
provided you with a voting form on
your entry to the meeting.
•Please complete and any shares that
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•Pass the form to MUFG Corporate
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OnlineResults
•Will be published on Asset Plus’
website and will be announced to
the NZX this afternoon as soon as
they are available.
Voting instructions
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E – General Business
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Question” button at
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General Business
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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

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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.

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CHAIR’S ADDRESS – BRUCE COTTERILL

The 12 months to 31 March provided more stability than prior periods, with softening monetary policy
enabling interest rates to decrease after an overly restrictive tightening cycle. However, the
macroeconomic environment remains challenging with various global influences now at play.
Against the backdrop of economic uncertainty, we have made considerable progress during the year,
including:
• Settled the sale of 35 Graham Street on 29 November 2024.
• Utilised the sale proceeds to repay all bank debt, reducing the LVR to 0%.
• Paid a special dividend of 5 cents per share in December 2024.
• And retained sufficient working capital to fund leasing incentives and fit-out at Munroe Lane.

We recorded an Adjusted Funds from Operations (AFFO) profit of $0.53 million, which was in line with
expectations and up from a loss in the previous year. The move to a profit position reflected the full
year impact of the Auckland Council lease at Munroe Lane, offset by the vacancy at 35 Graham Street
prior to its sale.
Unfortunately, the softer office leasing market and the ongoing vacancy at our Munroe Lane property
has further adversely impacted the fair value, with our valuers recording a $9.2 million reduction to the
Munroe Lane valuation as at 31 March 2025. This was driven by the valuer adopting softer market
rental levels and an increased assumed let up period. The capitalisation rate assumed remains
relatively static. As a result of the valuation decrease and payment of the 5 cents per share special
dividend, NTA has reduced from 38.9 cps as at 31 March 2024 to 32.4 cps as at 31 March 2025.
We are pleased to report that post balance date an Agreement to Lease has been signed with Aderant
for half of Level 6 for a 10-year term. Fit-out is being delivered by the Landlord, and the lease will
commence upon completion, expected to be in early 2026. This lease is expected to increase
committed occupancy from 65% up to 74%.
Outside of this now committed tenant, there remains a paucity of potential occupiers of significant scale
on the North Shore, and an excess of supply. We expect that further leasing will likely remain
challenging in the short term, but the board remains confident that management is leveraging all
opportunities to secure further leasing commitment.
The company’s key focus remains on leasing the balance of Munroe Lane. Doing so will increase
earnings, WALE, and the value of the portfolio and will better position the Company to consider options
moving forward.
Once Munroe Lane is sufficiently leased, we will look to sell the property. As previously indicated, any
steps to sell Munroe Lane or to subsequently wind up the company will require shareholder approval,
and as previously stated, we would anticipate asking shareholders to vote on both decisions
contemporaneously.
The board declared a 0.20 cents per share dividend for the 31 March 2025 quarter, which was paid on
13 June. A further cash dividend of 0.2 cents per share has now been declared for the quarter ended
30 June 2025.
All future dividends remain subject to quarterly review. With the settlement of 35 Graham Street now
behind us, the Company is now generating sufficient operating profits and intends to fund any future
leasing costs and incentives from available cash reserves.

We anticipate that these key decisions for the company will likely occur sometime in the next 12-24
months, subject to market conditions stabilising and further leasing commitment being secured at
Munroe Lane.
We thank you again for your continued support and patience as we contend with the various external
factors impacting on the company and its operations and look forward to communicating our progress
over the next few months.

THE MANAGER’S PRESENTATION – STEPHEN BROWN-THOMAS

Thank you, Bruce, and good afternoon everyone – great to see you all here today and also welcome to
our virtual meeting participants. I am Stephen Brown-Thomas, the Asset Plus Fund Manager from
Centuria NZ, the external manager of Asset Plus.
The result for the FY25 year was in line with expectations at an operational level, delivering an
Adjusted Funds from Operation (AFFO) profit of $0.53m. Capital markets remain challenging, with
asset values remaining under pressure. This resulted in $7.16m of revaluation losses, leading to a total
loss of $5.70m for the year for the company.
The key milestone during the financial year was the settlement of 35 Graham Street on 29 November,
and repayment of all external bank debt.
Set out here are the key metrics for the company’s portfolio as at 31 March 2025. Given the
unconditional leasing commitment announced on 16 July 2025 for part Level 6, on a look through basis
the occupancy and WALE will improve.
Key activity during the year was the settlement of 35 Graham Street and subsequent repayment of all
bank debt.
A special dividend of 5 cents per share was also paid on 18 December 2024, with sufficient cash
reserves held to fund any future working capital requirements. A 4
th
quarter dividend was paid in June
2025.
Turning to Munroe Lane now, as noted previously there have been further revaluation losses driven
predominantly by the softer leasing market, with the valuer adopting an increased vacancy period and
softer market rentals.
As a result of the updated valuation of $107.0m, total revaluation losses of $24.2m have now been
recognised.
As noted earlier we have now secured Aderant on a 10-year lease for approximately half of level 6.
The lease will commence upon practical completion of the fit-out, which is expected to occur in early
2026. Currently committed tenancies are set out below.
Tenants of scale remain limited on the North Shore, with an excess of supply available in various
configurations, including turnkey spaces.
As noted previously we do have flexibility built into the design and layouts where all tenancies can be
split. There are also options to join retail/ground floor space into receptions and meeting spaces should
potential tenants require a customer facing component.
The board has approved a partial fit-out of the balance of Level 6, which will enable us to respond to
occupier requirements in a timely manner and will drive cost efficiencies by completing the works
concurrently with the Aderant fit-out whilst also minimising future disruption for tenants.

Moving now to the outlook for the company, with our key focus remaining on leasing the residual space
within the Munroe Lane property, before looking to sell the property.
We wish to reemphasise that the leasing of Munroe Lane will influence the timing of such decisions,
with market conditions likely to also dictate when this may occur.

As noted previously any steps to sell Munroe Lane, or wind the company up will require shareholder
approval, and we anticipate asking shareholders to vote on both decisions at the same time.
A 0.2 cents per share first quarter dividend for FY26 has now been declared. The dividend remains
subject to quarterly review.
That now concludes the managers presentation, I’ll hand back over to Bruce now to facilitate the rest of
proceedings.

- ENDS -