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 half year results, released 19 November 2025:

• Total profit after tax of $1.61 million, down from a $2.32 million profit in the prior corresponding period.

• AFFO increased to $1.19 million from a $0.35 million deficit in the prior corresponding period.

• The new Aderant lease was announced during the reporting period which will increase occupancy to 74% when the lease commences in early 2026.

Asset Plus Limited (NZX: APL) announces its unaudited interim financial results for the period ended 30 September 2025, reporting a total profit of $1.61 million, down from a $2.32 million profit in the prior corresponding period. The prior period included a fair value gain due to the unwind of the discount in respect to the 35 Graham Street property fair value. Net operating performance increased following the 35 Graham Street settlement in November 2024, with all debt now repaid.

Funds from Operations (FFO) represented a profit of $1.61 million against a $0.35 million deficit in the prior corresponding period. The primary driver was a reduction in net finance costs of $1.53 million, as well as a reduction in operating costs and management fees.

Adjusted Funds from Operations (AFFO) were $1.19 million after reflecting leasing costs incurred.

Key points:

• Portfolio occupancy of 65%, which is unchanged from March 2025. This increases to 74% following the Aderant lease commencement.

• WALE of 8.5 years, down from 9.0 years at 31 March 2025. This improves by one year when the Aderant lease commences.

• The portfolio fair value now stands at $107.7 million.

• Net tangible assets (NTA) of 32.4 cents per share (cps), which is unchanged from 31 March 2025.

• Net revenues from the property portfolio increased marginally, primarily due to the reduction in unrecovered operating expenditure following the 35 Graham Street settlement.