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(Alliance News) - Local Shopping REIT PLC said Thursday its interim loss narrowed due to a narrowed loss on the revaluation of investment properties, despite a drop in rental income.
For the six months to the end of March, the local store-focused real estate investment trust reported a pretax loss of GBP1.9 million, narrowed from GBP2.9 million the year before.
This was due to a narrowed loss on the disposal of investment properties of GBP147,000 compared GBP902,000 the year before. The trust also saw a narrowed loss in the change of fair values of its property portfolio to GBP295,000 from GBP2.1 million.
Gross rental income fell to GBP459,000 from GBP2.3 million, as the trust continued its property disposal programme.
During the six months, Local Shopping REIT had contracted to sell or completed the sale of 65 properties for an aggregate price of GBP18.7 million.
The trust now has ten properties remaining in its portfolio, with a carrying value of GBP3.7 million as at March 31, compared to GBP22.3 million as at September 30.
Of the ten properties, one is under contract for sale, and terms have been agreed for the sale of three other properties.
Net asset value per share was 31.3 pence per share at March 31, down from 33.6p as at September 30.
During the period, 26% shareholder Thalassa Holdings Ltd made an offer to acquire all of Local Shopping REIT it did not own, after blocking a resolution proposed in December for Local Shopping REIT to voluntarily wind up.
However, the offer lapsed in early May after receiving insufficient acceptances, despite having extended the offer since April. In June Thalassa agreed to support the trust's plans to return capital to Local Shopping REIT shareholders.
Shares in Local Shopping REIT were down 0.3% at 30.00 pence on Thursday.