Asset Plus : 2022 Interim Results Presentation2022 Annual Results Presentation

FINANCIAL RESULTS

For the six months ended 30 September 2022

29 November 2022

Overview

• Result summary

• Key metrics

• Financial Performance

• Funding update

• Portfolio update

• Outlook

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 position ahead of the Munroe Lane completion.
• Net rental income of $2.28 million, reduced from $4.40 million in the prior period due to vacancy at 35 Graham Street and Eastgate divestment in August 2022.
• Higher interest costs as the investment facility was fully drawn over the period prior to the Eastgate divestment.
• Tax loss due to breakeven operating earnings before tax depreciation claim and deductible interest costs with respect to the Munroe Lane development.

*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 on slide 22 which has been independently reviewed by the auditors.

Key metrics

as at 30 September 2022

$212.6	4	41%	1.2
million	years

Portfolio value

Properties**

Occupancy*

WALE*

*Excludes Munroe Lane. When Munroe Lane reaches practical completion the portfolio WALE is expected to increase to 5.3 years (based on just Auckland Council lease at Munroe Lane). Occupancy also increases to ~50% when the Auckland Council lease commences in late April 2023. On pro forma basis the WALE will increase to 7.4 years and the occupancy will increase to ~70% excluding 35 Graham Street.

** Includes Kamo which settles on 30 November 2022.

23%	44.1
cps

Loan-to-value	Net Tangible
ratio	Assets

Asset Plus

4

Key activity for the period

Eastgate	Confirmed	Munroe Lane	Confirmed exit	Loan facilities
settlement	deferred exit of	development	of Kamo land	extended
completed	35 Graham	progression
	Street

•	Eastgate settled on	• On 3 June 2022	• Munroe Lane is	• Settlement on 30	• Loan facilities
	29 August 2022.	shareholders voted	now ~80%	November 2022.	extended to 31
•	$40 million debt	to sell with a	complete on a cost		March 2025 (post
	repayment.	deferred	basis. Late April		balance date).
		settlement.	2023 target
			completion.

Asset Plus

5