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.
The following information was extracted from Asset Plus Limited's half year results, released 26 November 2024:
Asset Plus Limited (NZX: APL) announces its interim financial result for the period ended 30 September 2024, reporting a total profit of $2.324 million, up from a $4.72 million loss in the prior corresponding period. Net operating performance was broadly in line with the prior corresponding period however the prior period reflected an unrealised loss on the fair value of investment property.
Adjusted Funds from Operations (AFFO1) represented a loss of $0.35 million against a $0.23 million loss in the prior corresponding period. The current period reflected a full period of Munroe Lane rent and relevant finance costs.
Mark Francis, CEO Centuria NZ, commented “The result for the half year reflects a smaller portfolio and the impact of vacancy. The imminent settlement of the vacant 35 Graham Street which is scheduled to occur on 29 November 2024 will boost near term earnings as all debt is repaid.
The leasing of the Munroe Lane property remains the key priority as it will further improve our income stream, WALE and, as a result, better position the asset for divestment.” Key points: • Portfolio occupancy of 42% which is unchanged from March 2024. This increases to 65% post the 35 Graham Street settlement.
-The portfolio fair value now stands at $183.6 million but reduces to $116.2 million post the 35 Graham St settlement.
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