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Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021

Monday 29th November 2021

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Asset Plus Limited today announced its interim financial results for the six month period ended 30 September 2021, reporting total comprehensive income after tax of $2.52 million, down from $11.53 million in the prior corresponding period. No revaluations were commissioned in the half year, unlike the prior corresponding period.

Adjusted funds from operations (1) decreased by $0.06 million to $2.57 million primarily due to reduced income at 35 Graham Street, partially offset by lower impacts of COVID-19 and rental abatements offered to tenants compared to the prior period.

Asset Plus Limited’s Chairman, Bruce Cotterill, said “The last six months have been challenging, and COVID-19 has once again impacted our business. Leasing efforts continue at both Munroe Lane and 35 Graham Street, but we have been hindered in our efforts to date by ongoing disruptions as a result of the pandemic. It is likely that securing tenants across both properties will take longer than originally anticipated.”


A quarterly dividend has been declared, with the record date set for 7 December 2021 and payment on 14 December 2021. This represents a payout ratio of 127% for the first half. At the time of the capital raise last year it was signalled that an element of capital would be required to support the dividend in the Munroe Lane development window.

The gross dividend for the quarter is 0.519 cents per share. The dividend consists of 0.45 cents per share of cash, with 0.069 cents per share of imputation credits attached. The Company will also pay a supplementary dividend of 0.031 cents per share to non-resident shareholders.


The company's key focus remains a successful delivery of the development at Munroe Lane, leasing the balance of that property and securing leasing commitment at 35 Graham Street under either development scenario.

Managing the impacts of COVID-19 on the existing portfolio, the effects of the recent changes in legislation, and ensuring support is provided to those tenants who need it to ensure that a passive income stream is maintained moving forward remain key objectives.

Please see the links below for details

Asset Plus NZX Interim Results Release

Asset Plus FY22 Interim Financial Statements

Asset Plus FY22 Interim Results Presentation

Asset Plus Letter to Shareholders

Asset Plus NZX Results Announcement Form

Asset Plus NZX Distribution Notice

Source: Asset Plus Limited

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