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 22 May 2026:

Total loss after tax of $3.16 million, against a $5.70 million loss in the previous year.

• FFO of $3.18 million profit, against FFO of $0.53 million in the prior year.

• AFFO of $0.17 million profit against $0.53 million in FY25.

• Aderant Lease commenced across half of Level 6, Munroe Lane in February 2026.

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2026, reporting a total loss of $3.16 million, against a $5.70 million loss in the previous year. The losses in both FY26 and FY25 were primarily driven by broadly equivalent revaluation losses, however the FY26 Funds from Operations (FFO(1)) was higher by $2.65 million.

Adjusted Funds from Operations (AFFO(1)) represented a profit of $0.17 million, against a $0.53 million profit in the prior period. While FFO increased by $2.65 million, the AFFO in FY26 includes $3.01 million of leasing costs and incentives incurred.

Key points:

• Portfolio occupancy of 75.6%(2), up from 65.0% in the previous year due to leasing at Munroe Lane.

• WALE of 9.4 years up from 9.0 years in the previous year driven by leasing activity.

• The fair value of Munroe Lane now stands at $105.5 million.

• Net tangible assets (NTA) of 30.7 cents per share (cps), reduced from 32.4 cps in the previous year driven by the unrealised fair value revaluation loss of $7.43 million.