UK REIT watch: Local Shopping REIT share price drops on FY report

on Dec 4, 2013
Updated: Oct 21, 2019
Listen, Wednesday, December 4: Shares in Local Shopping REIT (LON:LSR) have fallen more than 15 percent so far today, after the real estate investment trust released its results for the financial year ended September 30.

The REIT reported a narrower loss before tax of £6.07 million, compared to £9.17 million a year earlier. Recurring profit came in at £2.07 million, down from £3.40 million for 2012. The decline in recurring profit was mainly attributed to a fall in gross rental income to £14.65 million from £15.81 million last year, reflecting a higher void rate and a decrease in market rent. The loss of asset management income from joint ventures and third parties from July onwards, together with the sale of properties, also had an adverse impact.

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The REIT’s net asset value fell by £7.7 million to £33.6 million. The portfolio valuation decreased by 4.06 percent, on a like-for-like basis, to £168.9 million from £176 million. Like-for-like rent was down 2.3 percent.
**As of 10:48 UTC, buy Local Shopping REIT shares at 27.50p.**
**As of 10:48 UTC, sell Local Shopping REIT shares at 27.00p.**

***GCP Student Living makes £13-million Surrey buy***
GCP Student Living (LON:DIGS) has acquired a private student accommodation building for £13 million. The property is located adjacent to Royal Holloway, University of London in Surrey, and is comprised of 116 bedrooms and is currently fully occupied on 51 week tenancies.
The RIET has also entered into a forward purchase agreement to acquire the second phase of the Royal Holloway scheme. This phase is due for completion for the 2015/16 academic year and will constitute an additional 100 beds.

Shares in GCP Student Living have traded slightly lower today.
**As of 12:05 UTC, buy GCP Student Living shares at 107.50p.**
**As of 12:05 UTC, sell GCP Student Living shares at 105.50p**
***Primary Health Properties confirms key acquisition***
Primary Health Properties (LON:PHP) has confirmed the completion of its acquisition of the entire issued share capital of Prime Public Partnerships for an estimated £41.1 million

(UK REIT watch: Primary Health Properties boosts portfolio with acquisition of rival).
The specialised REIT said in a statement yesterday that the investment secures an additional 54 primary healthcare facilities across the UK, with an aggregate value of £233 million and a contracted annual rent roll of £14.3 million. This represents a significant advance for the company, by extending its portfolio to 257 assets, with a combined value of approximately £933 million.
The Primary Health Property’s share price has increased by 0.42 percent so far today.
**As of 10:56 UTC, buy Primary Health Property shares at 337.75p.**
**As of 10:56 UTC, sell Primary Health Property shares at 337.00p.**


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