Aspen Group (APZ) Investor Presentation summary

Business model and strategy

• Focuses on maximising returns for securityholders through ownership, operation, development, and capital management of residential and lifestyle properties.

• Provides quality rentals with an average weekly rent of $316, offering both dwellings and land sites.

• Employs intensive property management, flexible lease terms, and additional services to boost profitability.

• Pursues cost-effective development via brownfield and greenfield projects.

• Actively recycles capital and makes disciplined acquisitions to optimise portfolio value.

Western Australia market positioning

• WA residential markets benefit from strong population growth, robust economy, and affordable housing.

• Aspen's portfolio is heavily weighted to WA, with 40% allocation based on book values as of December 2023.

• Perth has seen significant increases in dwelling values and rents over the past year.

Key assets and developments

• COVE Maylands build-to-rent project completed in April 2024, featuring 119 apartments and a freestanding house.

• Project cost $22.7m ($190k per apartment), fully leased at completion, with average rent of $432 per week and expected annualised NOI of $1.75m.

• Extensive refurbishment included energy-efficient upgrades, solar power, high-speed internet, and enhanced security.

• Additional development potential exists on spare land at COVE Maylands.