Asset Plus reports $4.72m loss, struggles with Munroe Lane leasing

Asset Plus has reported a total loss of $4.72 million for the six months ended 30 September 2023, compared to a $290,000 profit in the same period last year.

The loss was primarily due to an downward revaluation at Munroe Lane.

The company did, however, see an increase in portfolio occupancy, which rose to 42% from 37% in March.

This was attributed to the commencement of the Auckland Council lease at Munroe Lane.

The company's loan-to-value ratio also decreased to 18.2%, down from 31.5% in March, following the sale of Stoddard Road for $36.75 million.

Asset Plus said leasing the remaining space at Munroe Lane continues to be challenging, and the company's dividend is likely to remain suspended until its future direction is confirmed.

The settlement date for 35 Graham Street has been extended to November 2024.

The company said it is focused on leasing the balance of the Munroe Lane development and will then consider options, including a possible sale or wind up of the company.