Asset Plus Limited Analysis

Overview

NPT Limited listed on 4th March 2011 as the result of the corporatisation of previously listed The National Property Trust ("NAP").

The National Property Trust was formed in April 1994 to own and manage a property portfolio of commercial and industrial buildings in major NZ cities. A public issue of 10m units at 90c in November 1996 facilitated listing on the stock exchange, and provided funds to acquire a number of properties.

Performance

The following information was extracted from Asset Plus Limited's Full year results, released 27 May 2025

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2025, reporting a total loss of $5.70 million, against a $5.30 million loss in the previous year. The losses in both FY25 and FY24 were primarily driven by revaluation losses. The revaluation loss was $2.3 million higher this year which was offset against a $1.8 million increase in the operating result.

Adjusted Funds from Operations (AFFO (1)) represented a profit of $0.53 million, against a $0.67 million loss in the prior period. The profit reflects the full year impact of Auckland Council’s rent at Munroe Lane and the sale of 35 Graham Street.

Mark Francis, CEO Centuria NZ, commented “The leasing of the balance of the Munroe Lane development remains as the key priority. The leasing market on Auckland’s North Shore continues to be very challenging and deals that have been concluded are very soft. This was the primary driver of the valuation decrease at Munroe Lane including the increased time to let up.”

Key points:

• Portfolio occupancy of 65%, up from 41% in the previous year due to the 35 Graham Street settlement.
• WALE of 9.0 years up from 5.9 years in the previous year. The fair value of Munroe Lane now stands at $107 million.
• Loan-to-value ratio (LVR) of 0%, down from 18.2% in the previous year.
• Net tangible assets (NTA) of 32.4 cents per share (cps), down from 38.9 cps in the previous year driven by the special dividend of 5 cps and revaluation loss impact of 2 cps.