Business
Results for the Half Year to
Results for the Half Year to.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n RNS Number : 5356M Local Shopping REIT (The) PLC 26 May 2010 \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n \nThe Local Shopping REIT plc\nResults for the Half Year to 31 March 2010\n \nLOCAL SHOPPING REIT ANNOUNCES FIRST PROFIT SINCE IPO\nAND 11.5% RISE IN ADJUSTED NET ASSET VALUE\n \n(London: 26 May 2010) - The Local Shopping REIT (\"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 2010.\n \nFinancial highlights\n§ IFRS profit before tax of £7.5 million (31 March 2009: a loss of £40.6 million and a loss of £31.0 million for the year to 30 September 2009) \n§ Recurring profit from the rental business for the period of £1.4 million or 1.7 pence per share (31 March 2009: £1.7 million, 2.1 pence per share and £2.9 million for the year to 30 September 2009, 3.5 pence per share)\n§ The Net Asset Value (\"NAV\") of the Company at 31 March 2010 increased 10.4% to £64.6 million, or £0.78 per share (30 September 2009, £58.6 million, £0.71 per share)\n§ The adjusted NAV of the Company at 31 March 2010 excluding liabilities arising from derivative financial instruments increased 11.5% to £71.2 million, or £0.86 per share (30 September 2009, £63.9 million, £0.77 per share)\n§ Portfolio value up 5.2% to £187.1 million as at 31 March 2010, reflecting an equivalent yield of 8.86% (30 September 2009: £174.4 million, 9.47% equivalent yield)\n§ Gross rental income of £7.5 million (31 March 2009: £7.7 million and £15.3 million for the year to 30 September 2009)\n§ Robust balance sheet and prudent debt management:\no Total debt of £122.4 million, reflecting an LTV of 64.1%\no No refinancing due until 2016\no £54.5 million of undrawn facilities and an additional £29.1 million of debt free properties, enhancing the Company's firepower and flexibility to react to acquisition opportunities as they arise \n§ Interim dividend of 1.7 pence per share - payable as a Property Income Distribution on 30 June 2010.\n \nOperational highlights\n§ The letting market remains active - 48 vacant retail units let at a rent of £444,964 per annum, with lettings agreed on a further 27 units:\n§ Letting of 10 newly converted flats adding £65,350 to the annual rent roll\...