Business
Half Year Results
Half Year Results.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3125H Local Shopping REIT (The) PLC 26 May 2011 \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n \nThe Local Shopping REIT plc\n \nHalf Year Results show strong letting progress and a 7% growth in rental income\n \n(London: 26 May 2011) - The Local Shopping REIT plc (\"LSR\", the \"Company\" or the \"Group\") (LSE: LSR), a real estate investment trust focused on investments in UK local shopping assets, is pleased to announce its results for the six months to 31 March 2011.\n \nFinancial highlights\n \n§ Recurring profit for the period of £1.6 million or 2.0 pence per share (31 March 2010: £1.4 million or 1.7 pence per share)\n§ Gross rental income of £8.1 million (31 March 2010: £7.5 million)\n§ Net Asset Value (\"NAV\") of the Company as at 31 March 2011 increased 1.6% to £58.6 million or £0.71 per share (30 September 2010: £57.6 million or £0.70 per share)\n§ Adjusted NAV of the Company at 31 March 2011 excluding liabilities arising from derivative financial instruments decreased to £65.0 million or £0.79 per share (30 September 2010: £66.8 million or £0.81 per share)\n§ Portfolio value £189.6 million as at 31 March 2011, reflecting an equivalent yield of 8.82% (30 September 2010: £192.9 million, 8.88% equivalent yield)\n§ Robust balance sheet:\no Debt of £132.5 million, reflecting an LTV of 67.4%\no No refinancing due until 2016\no £44.4 million of undrawn facilities and an additional £27.1 million of debt free properties, enhancing the Company's firepower and flexibility to react to acquisition opportunities as they arise \n§ IFRS profit before tax of £2.5 million (31 March 2010: £7.5 million) \n§ Interim dividend of 1.9 pence per share - payable as a Property Income Distribution on 30 June 2011 (31 March 2010: 1.7 pence per share).\n \n\nOperational highlights\n \n§ Joint venture established with Pramerica Real Estate Investors (as announced on 29 November 2010) to invest £100 million in the UK neighbourhood / convenience retail sector. A retail parade in Stanwell, Middlesex was purchased in the period for £1.62 million\n§ Active asset management, including a flexible approach to leasing, led to a 20 basis points reduction in the overall void rate to 11.1% compared to 11.3% at 30 September 2010 and meaningfully below the 11.9% reported as at 31 Marc...