Asset Plus Limited (NZX: APL) Financial Result for the Year Ended 31 March 2021

Asset Plus Limited announces its financial results for the year ended 31 March 2021, reporting a net profit after tax of $15.95 million, up from a $14.69 million loss in the previous year. The previous year’s result was due to a material unrealised loss on investment property, driven by material uncertainty amid the COVID-19 pandemic.

Adjusted funds from operations (AFFO) increased to $5.82 million from $4.74 million – a result of lower due diligence costs during the year and the tax benefits of claiming building depreciation, offset against COVID-19 rental abatements and relief.

Asset Plus Chairman, Bruce Cotterill said “One of our most significant achievements in the past 12 months was securing the large-scale development at Munroe Lane, Albany, which is an important step towards repositioning the existing portfolio. Going forward, the leasing of 35 Graham Street, Auckland is now a key focus to further build out the portfolio in terms of quality and scale.”

Dividend

A final quarter dividend of 0.45 cents per share will be paid. Total cash dividends paid for the year are therefore 1.8 cents per share which equates to a payout ratio of 97%.

The dividend remains subject to quarterly review. However, the Board has decided to not implement a dividend reinvestment plan at this time.

Outlook

Mark Francis, CEO of Centuria NZ commented, “Securing leasing commitments remains our key focus in the near term at both 35 Graham Street and Munroe Lane.”

He continued, “We remain committed to the completion of these two key developments, and are constantly reviewing further growth avenues for Asset Plus, both across the existing portfolio and new opportunities.”

Please see the links below for details

Asset Plus FY21 Annual Report

Asset Plus FY21 Results Presentation

Asset Plus NZX Results Announcement Form

Asset Plus NZX Distribution Notice

Financial result for the year ended 31 March 2021

Source: Asset Plus Limited

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