Asset Plus Limited (NZX: APL) has reported a total loss of $13.05 million for the year ended 31 March 2023, down from a $2.93 million profit in the previous year.
The result was significantly impacted by revaluation losses, as well as lower net rental due to vacancy and divestment.
The Munroe Lane lease to Auckland Council has now commenced, and the sale of Stoddard Road post balance date is a further milestone accomplished.
The leasing of the Munroe Lane development remains as the key priority as it will improve the company's income stream and increase the value of the property.
The loan facility was extended to 31 March 2025, and the dividend remains subject to quarterly review.
The future direction of the company will be determined by the leasing of Munroe Lane and the final settlement of 35 Graham Street, while market conditions at the time are likely to dictate the ultimate outcome.
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