Asset Plus (APL)

[Jamie]

indications from the professionals that worth 0.34

[Sideshow Bob]

Annual Financial Result - NZX, New Zealand’s Exchange

• Total profit after tax of $2.93 million, down from $15.95 million in the previous year mostly due to relatively flat year-on-year valuations
• Sale of 35 Graham Street for $65 million on a deferred settlement basis, subject to shareholder approval
• Munroe Lane development further delayed due to COVID-19 disruptions, completion now expected in quarter ending 30 June 2023 – no material financial impact from delays
• No Q4 dividend paid - dividend pay out for the year represents 97% of AFFO

Asset Plus Limited (NZX: APL) announces its financial result for the year ended 31 March 2022, reporting a total profit of $2.93 million, down from $15.95 million in the previous year. The result was impacted by relatively flat valuations, as well as the loss of rental income at the 35 Graham Street property.

[Grimy]

Eastgate settlement due July. Still not too happy on the long settlement date for Graham st.
The NTA up slightly, but was a little surprised to see the share price increase.

[bottomfeeder]

Eastgate settlement due July. Still not too happy on the long settlement date for Graham st.
The NTA up slightly, but was a little surprised to see the share price increase.

Me too, so I got out totally at 32. Why would the SP go up, when the company was in the throes of completing the Graham St development, and then gets rid of it at a (hardly worth mentioning) profit. Its like we are the idiots that do the hard yards and have the rug pulled out from underneath us. Why wont they tell us who the purchaser is.

[Grimy]

Selling Eastgate/Graham St/Kamo, basically leaving Munro Lane and Stoddard Road.
I don't go past either often, but Stoddard Road shops usually look quite busy and Munro is in a great location and should be a high class building.
Feel like the business is shrinking into an old-style syndicate, rather than a listed property company. Just not sure what the long-term vision is.

[bottomfeeder]

Selling Eastgate/Graham St/Kamo, basically leaving Munro Lane and Stoddard Road.
I don't go past either often, but Stoddard Road shops usually look quite busy and Munro is in a great location and should be a high class building.
Feel like the business is shrinking into an old-style syndicate, rather than a listed property company. Just not sure what the long-term vision is.

Can see the new announcement soon, Munro Lane sold at cost to the same buyer.

[Grimy]

'NZX notice, yesterday. - 'Asset Plus is pleased to confirm that the sale of Eastgate Shopping Centre has successfully settled this afternoon.
From the sale proceeds, $40 million has been applied towards repaying the Company’s BNZ facility with the balance retained as working capital.'

They were cutting it a bit fine (had until tomorrow to sort out the last minute problem that cropped up). They said at the presentation a week or so back that they were sure it would be sorted before the 31st.
So that's Eastgate gone, some funding for Munro Lane and no doubt a happy BNZ.

[na2m1]

Been following this company for awhile. I dont know what is their long term vision. Seems like they are flipping real estate at this point.

[Grimy]

ACC buying up big. Holding almost 13% after their last announcement.

[Aaron]

The council offices will be finished shortly. I wonder if Wayne Brown would look at trying to wriggle out of the lease as part of his cost cutting exercises.

Does anyone get into the minutiae of things such as the lease agreement. Would building delays give the ARC an out if they decided they could manage with what they have or if they could use spare offices from the harbour bridge cycleway team or the three waters team.