Result for the six months ended 30 September 2022

Asset Plus Limited today announced its interim financial results for the six month period ended 30 September 2022, reporting total comprehensive income after tax of $0.29 million, down from $2.52 million in the prior corresponding period.

Adjusted Funds From Operations (AFFO) decreased to $0.01 million, down from $2.57 million primarily due to the 100% vacancy at 35 Graham Street and higher funding costs.

The Company has divested Eastgate, 35 Graham Street and Kamo for a deferred settlement of December 2023 and sold the land at Kamo with settlement on 30 November 2022.

Stoddard Road is to be marketed for sale in the first quarter of the New Year.

Munroe Lane development is nearing completion and an active leasing campaign is underway.

The WALE is now 1.2 years, loan to value ratio decreased to 23%, and Net Tangible Assets (NTA) of 44.0 cents per share as at 30 September 2022.

The dividend has been ceased until sufficient operating earnings are restored.

Ultimately, the Board anticipates being in the unique position of the Company having zero debt and significant cash reserves with which to consider a range of options.