Business
Preliminary Results
Preliminary Results.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n Local Shopping REIT (The) PLC\n06 December 2007\n\n6 December 2007\n\n\n\n The Local Shopping REIT plc\n ('LSR' or the 'Company' or the 'Group')\n\n\n\n Maiden unaudited preliminary results\n\n\n\nThe Local Shopping REIT plc (LSE: LSR), which provides investors with access to\na diversified portfolio of local shopping assets in the United Kingdom, today\nannounces unaudited preliminary results for the year ended 30 September 2007,\nits first set of results as a publicly quoted REIT. This document includes the\nresults of the Company for seven months as a private company with a different\ncapital structure.\n\n\n\nFinancial Highlights:\n\n\n\n• Successful Admission to trading on the Main Market of the London\n Stock Exchange, raising £160 million in May 2007\n\n• The Net Asset Value (NAV) of the Company was 156 pence per share at\n year end\n\n• Loss before tax of £4.3 million\n\n• Market value of portfolio grown by 20% to £249.3 million (28 March\n 2007*: £207.7 million)\n\n• Rent roll up by 23.9% to £17.1million (28 March 2007: £13.8 million)\n\n• Average net acquisition yield since IPO of 7.34% - above IPO target of 7%\n\n• Total debt of £98.1 million, reflecting an LTV of 40%. £130 million\n of undrawn facilities remain with an average maturity in excess of eight \n years\n\n• Dividend of 3.419 pence per share to be paid on 3 January 2008 to\n shareholders on the register on 14 December 2007 to be paid as a non-PID \n (normal dividend).\n\n\n\nOperational highlights **\n\n• Portfolio has increased in size to 632 properties, with 1,976 letting units\n\n• 151 acquisitions showing a total increase of 4% over purchase price\n\n• 33 new lettings secured generating an annual rental income of\n £353,000 (3.5% above estimated average market rent)\n\n• 87 rent reviews, lease renewals and surrender and re-lettings\n carried out increasing rent by £159,306 per annum, an average uplift of 14.3%\n (10.0% above Market Rent)\n\n• Corporate acquisition of Gilfin Property Holdings Ltd for £12.85\n million, using the Company's tax exempt REIT status and generating over £2\n million profit on acquisition.\n\n* Date of last published valuation\n\n** From 28 March 2007\n\n\n\nGrahame Whateley, Chairman of The Local Shopping REIT plc, commented:\n\n\n\n'Our maiden results cover a very exciting period in the...