New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.</li><li>The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.</li><li>The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.</li></ul>

Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.The decision to sell Munroe Lane and wind up the vehicle will require shareholder approval, with a calculated wind-up value between NZ20cps—NZ26cps.The resumption of dividends results in a 12-month gross holding yield of 6.4%, while the longer wind-up takes, the lower the potential returns.

<ul><li>Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.</li><li>The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.</li><li>Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.</li></ul>

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.

Asset Plus - Still Waiting for the Wind Up

<ul><li>Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset (Munroe Lane) and the return of capital. </li><li>The final milestone is the sale of Munroe Lane, which will dictate the size of the capital return.</li><li>Our scenarios suggest between NZ28–35cps (pre-special dividend) should be achievable. </li></ul>

Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset (Munroe Lane) and the return of capital. The final milestone is the sale of Munroe Lane, which will dictate the size of the capital return.Our scenarios suggest between NZ28–35cps (pre-special dividend) should be achievable. 

Asset Plus - 1H25: Waiting for the Wind Up

<ul><li>Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.</li><li>This is positive news for shareholders, and indicates that APL is likely heading down the wind-up/capital return path, as opposed to the portfolio pivot/reinvestment alternative.</li><li>The next key milestone is the sale of Munroe Lane, APL's final asset, which will dictate the size of the capital return. </li></ul>

Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.This is positive news for shareholders, and indicates that APL is likely heading down the wind-up/capital return path, as opposed to the portfolio pivot/reinvestment alternative.The next key milestone is the sale of Munroe Lane, APL's final asset, which will dictate the size of the capital return. 

Thematic (Sector/Industry)

<ul><li>After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.</li><li>Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.</li><li>Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.</li></ul>

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.

New Zealand

Asset Plus Limited carries on the business of a property company that invests in and manages commercial, industrial and retail properties. The Company's investment property portfolio consists of retail, commercial, and industrial properties located in New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Asset Plus (APL NZ)

Asset Plus FY25 Result—Plus Dividend

Asset Plus (APL) FY25 result delivered the first adjusted funds from operations (AFFO) profit since FY22 and resumed ordinary dividends.

Forsyth Barr

Asset Plus - Still Waiting for the Wind Up

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and...

Forsyth Barr

Asset Plus - 1H25: Waiting for the Wind Up

Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale...

Forsyth Barr

Asset Plus - Show Me the Money

Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.

Forsyth Barr

Real Estate Reflections On the Up

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)