15th Aug 2014 12:30
LONDON (Alliance News) - The Local Shopping REIT PLC Friday said its annualised rental income from its portfolio as at July 31 was GBP15.1 million net of head rental payments.
In a trading update covering the four months to July 31, the real estate investment trust said that of this, the annualised rental income for the continuing portfolio was just short of GBP8.0 million net of head rent payments.
The company said it let 45 vacant units between March 31 and July 31, at a total rent of GBP498,853 per year, a premium over market rent of 2.8%.
It said rent reviews were completed on 27 units, increasing rental income by GBP37,973 per year. It said 14 units, with an aggregate rental increase of GBP21,978 per year, were for properties within the continuing portfolio.
During the period the company sold two of its property-owning subsidiaries. It said it will use the net proceeds from the sale to reduce its indebtedness.
"The signs of an improving environment for local retail, first evident in the early months of the year, have been maintained and we remain confident that the portfolio will continue to perform robustly in response to our hands-on active management approach," the company said.
The REIT's shares were untraded Friday early afternoon at 37.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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