The Local Shopping REIT (LSR), a UK real estate investment trust focused on investments in local shopping assets, has reported annualised rental income from the portfolio of GBP15.6m (net of rent payments: GBP15.49m) for the four month period to 31 July 2013.
The company has secured letting son 39 vacant units since 31 March 2013 at a total rent of GBP313,850 per annum. A further 26 units are under offer as at 31 July 2013 at a combined rental of GBP337,420 per annum.
Rent reviews have also been completed on 35 units, increasing rental income by GBP8,323 per annum (1.48 per cent above passing rent and 9.36 per cent above market rent), with 13 additional leases renewed.
Disposals totalled GBP0.95m completed or in solicitors' hands during the period comprising:
• Three flats sold for GBP0.35m, representing a 17.6 per cent premium to their 31 March 2013 valuation
• One commercial property together with a flat, and a further three flats are under offer for sale for GBP0.60m, representing a 7.86 per cent premium to their 31 March 2013 valuation.
Steven Faber, LSR's executive director, says: "The portfolio performed robustly since the half-year against the challenging conditions in the retail market and the economy generally. We are pleased that the portfolio continues to respond to a hands-on approach to asset management and active communication with our occupiers during what has been a period of major transition for the business, with the transfer of its executive management, office relocation and a number of other significant changes.”