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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](/stocks/kiwi-property) and [Precinct Properties](/stocks/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](/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.*