Local Shopping REIT revealed a 4% drop in the value of its portfolio today.
The company, which buys and manages individual high street retail units, said in its first set of full-year results since it listed on the Stock Exchange in May that the value of its portfolio had dropped £8.5m to £249.3m since March. Its maiden NAV figure was £154.7m.
While the value of the property was down, the company revealed a significant increase in rental income, £11.5m up from £5.1m, and said the occupier market remained robust.
Resilient occupier market
Chairman Grahame Whateley said: ‘We have made good progress on our strategy since flotation, particularly in the light of more testing and unpredictable times in the commercial property market.
‘The management team has adapted its strategy accordingly and the measures taken, combined with the resilience of our occupier market, particularly compared to more traditional high street retailers, provide us with confidence that we are ready to act on opportunities as they present themselves and that we will create shareholder value in the future.’
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