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1 | FINANCIAL RESULTS |
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0FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
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1
Overview
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04
Key Activity
Portfolio
Update
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05
Key Metrics | 03 Financials | |
Outlook
Asset Plus, FY22 Interim Results | November 2021 | 2 | Assetplusnz.co.nz |
Key Activity
Settlement of Eastgate
Shopping Centre
deferred to 1 April 2022
Continued support of tenants through further COVID-19 lockdowns
Munroe Lane progressing
well, but completion delayed
to March 2023 due to
COVID-19 impacts
Ongoing leasing campaign at
35 Graham Street,
with proposals made to
prospective tenants
Lease renewals secured at Stoddard Road, maintaining occupancy at 100%
AFFO in line with the prior corresponding period at $2.57m
Asset Plus, FY22 Interim Results | November 2021 | 3 | Assetplusnz.co.nz |
Key Metrics
as at 30 September 2021
PropertiesWALE
Portfolio Value | 5 | 2.65 years |
(Mar-21: 5) | (Mar-21: 2.75) |
$188.2m | Number of Tenants | Occupancy |
(Mar-21: $172.8m)
68 | 79.2% |
(Mar-21: 71) | (Mar-21: 98.0%) |
LVR
15%
(Mar-21: 5.4%)
NTA
$0.445
(Mar-21: $0.448)
Asset Plus, FY22 Interim Results | November 2021 | 4 | Assetplusnz.co.nz |
COVID-19 impacts
- Rental abatements and relief reduced 1H22 operating income by $0.18m ($0.13m after tax), equivalent to approximately 2.1% of current annualised net rental income.
- The Government has now enacted legislation to effectively add the 'no access' clause into every lease, and back dating to 18
August 2021. Management are assessing the implications of this and working with tenants to identify any potential changes to agreements already in place. - Collaborative approach adopted to date, providing support to those tenants where required to ensure continuity of existing leases.
- Estimated impact for the full FY22 year of $0.5m. The NPAT impact of this will be partially offset by the additional income from Eastgate as a result of the deferral of the settlement to 1 April 2022.
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