Asset Plus Share Price: $0.174 for $0.31 of Property, With Occupancy Recovering
Asset Plus Share Price Today
The Asset Plus share price sits at about $0.174 NZD (NZX: APL) in mid-June 2026, down roughly 11% over the past year. With a market cap near $63 million, Asset Plus is a small New Zealand listed property company whose shares trade at a steep discount to the value of the buildings it owns.
The headline gap is large: Asset Plus reports net tangible assets of about $0.307 per share, while the stock trades near $0.174, a discount of roughly 43%. For a property company, that discount is the central question, and here it comes with a genuine operational recovery underway.
What Asset Plus Does
Asset Plus owns and manages a small portfolio of New Zealand commercial property. Its most significant asset is the Munroe Lane office building on Auckland's North Shore, now valued at around $105.5 million. It is a far smaller, more concentrated landlord than diversified peers like Kiwi Property Group and Precinct Properties, which makes the performance of individual buildings, especially Munroe Lane, critical to the whole company.
Like all office landlords, Asset Plus has navigated a tough few years of rising interest rates and shifting demand for office space, which pushed property values down and weighed on the share price.
Recent Performance: Losses From Revaluations, but Leasing Improving
For the year to 31 March 2026, Asset Plus reported:
- •A total loss of about $3.16 million, narrower than the prior year's $5.70 million loss
- •Losses in both years driven mainly by property revaluation write-downs, not operating cash flow
- •Funds from operations (FFO) higher by about $2.65 million, a better measure of underlying earnings
- •Portfolio occupancy up sharply to 75.6% from 65.0%, thanks to leasing at Munroe Lane
- •A quarterly cash dividend of 0.20 cents per share
The pattern is important: the reported losses are accounting revaluations, while the operating business is actually improving as occupancy climbs. NTA slipped to 30.7 cents on those revaluations.
Key Metrics
- •Share price: ~$0.174 NZD
- •Net tangible assets: ~$0.307 per share (a ~43% discount)
- •Market cap: ~$63 million NZD
- •52-week move: about -11%
- •Occupancy: 75.6% (up from 65.0%)
- •Net result: a loss (driven by revaluations)
- •Gross dividend yield: ~4.6%
What to Watch
- •Occupancy and leasing: The recovery from 65% to 75.6% is the bull case in action. Filling the remaining vacancy, especially at Munroe Lane, is the key driver.
- •Property valuations: Further revaluation movements will swing the reported result and the NTA the discount is measured against.
- •Interest rates: As a property owner, lower rates would support valuations and reduce financing costs.
- •The NTA discount: Watch whether a sustained operational recovery narrows the 43% gap to asset value.
The Bottom Line
Asset Plus is a small office landlord trading at a deep discount to its asset value, with occupancy recovering strongly and a yield around 4.6%. The bull case is a genuine operational turnaround, rising occupancy and improving funds from operations, available at well below the value of the property. The bear case is heavy concentration in a single building, continued revaluation risk in a soft office market, and the chance the discount persists. This suits patient, value-oriented investors comfortable with concentrated small-cap property risk.
For how we treat NTA discounts and revaluation-driven losses, see our methodology.
*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*