Asset Plus knocked into the red by revaluation

Tue, 16 Jun 2020

Asset Plus reported a net loss of $14.6 million in the 12 months ended March 31, turning around a profit of $3.8 million a year earlier, due to a $19.1 million write down in the fair value of its property portfolio. Adjusted funds from operations – which its dividend is based on – were unchanged at $4.7 million as increased rental income was offset by higher due diligence costs. The board had already said it won’t pay a fourth-quarter dividend. The covid-19 pandemic led to the lower value of its four properties to $1...

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