Asset Plus lifts 1H profit 33% but rental income down

Tue, 27 Nov 2018

By Rebecca Howard Nov. 28 (BusinessDesk) - Asset Plus, formerly known as NPT, reported a 33 percent lift in first-half profit, despite a fall in rental income as the property investor overhauls its portfolio. Net profit for the six months to Sept. 30 was $3.2 million, bolstered by lower operating costs, a smaller interest bill, and a small tax benefit, the company said. However, adjusted funds from operations or AFFO, which excludes capital spending on tenant incentives and lease costs, maintenance and associated tax recoveries, were $2....

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