Overview

Local Shopping REIT managed to generate an NAV uplift of just 1p per share (from 41p to 42p) over its accounting year that finished on 30 September. LSR adopted a policy of selling off its portfolio and returning proceeds to shareholders in July 2103 and has made some progress with this over the year.

It managed to slash its debt – cutting its Loan to Value ratio from 75.2% to 56.1% as they sold off 235 properties through “project Minard” and a further 23 properties sold off piecemeal, including five flats. This was a significant reduction in the size of their portfolio – leaving them with 387 properties with 1,190 letting units producing an annual rental income of £7.9m.

LSR : Local Shopping slashes debt as disposal programme progresses

 

 

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