Asset Plus reports $2.32m profit, plans dividend

Asset Plus has reported a profit of $2.32 million for the six months ended September 30, 2024, compared to a loss of $4.72m in the same period last year.

The company's net operating performance was in line with the prior period, but the prior period included an unrealised loss on the fair value of investment property.

Asset Plus' adjusted funds from operations represented a loss of $350,000, compared to a loss of $230,000 in the previous corresponding period.

The company's portfolio occupancy rate was 42% as of September 30, unchanged from March 2024.

However, it is expected to increase to 65% after the settlement of the vacant 35 Graham Street property, scheduled for November 29, 2024.

Following the settlement, all bank debt will be repaid and Asset Plus will hold $27m in cash reserves.

The board intends to pay a special dividend of 5 cents per share, subject to the settlement of 35 Graham Street.