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Home REIT PLC on Tuesday said it received updated draft valuation reports which it needs as part of the process to restore its shares to trading, as it reported a contraction in valuation and annual contracted rent.
The London-based real estate company, which focuses on investing in accommodation for homeless people reported an 18% decline in valuation to £339.2 million as at February 29 from £412.9 million as at August 31, 2023. The number of properties fell 16% to 2,079 from 2,473.
Properties under lease to tenants fell by 19% to 1,901 from 2,358.
Annual contracted rent over the same period declined 28% to £38.6 million from £53.9 million. ‘AEW continues to focus on obtaining control of the portfolio with legal action being taken against non-performing tenants. The company is progressing negotiations with a number of tenants to facilitate restructuring of leases and rationalisation of the portfolio, further announcements will be made in due course,’ Home REIT said.
Shares in Home REIT are currently suspended from trading in London. The company said Tuesday that updated draft valuation reports have been produced by Jones Lang LaSalle Ltd, as part of the process to produce the financial results for past periods to achieve a restoration of trading of its shares.
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