Business
Annual Results for the year ended 30 June 2018
Annual Results for the year ended 30 June 2018.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \nRNS Number : 9081G KCR Residential REIT PLC 09 November 2018 \n\n9 November 2018\nKCR Residential REIT plc\n(\"KCR\" or the \"Company\")\n \nAnnual Results for the year ended 30 June 2018\nKCR Residential REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its annual results for the year ended 30 June 2018. A copy of the annual report and accounts will be posted to shareholders shortly, when it will also be available from the Company's website, www.kcrreit.com. \nFinancial Highlights:\n· Assets under management increased 228 per cent to £27.4 million (2017 - £8.4 million)\n· Year-end NAV per share of 88.17p, up three per cent since FY 2017 (85.7p)\n· Corporate acquisitions during the period totalled £16 million \n· Consolidated operating profit up to £251,079 (2017 loss - £1.03 million)\n· Revenue lower at £265,936 (2017 - £514,746) but income from recent acquisitions will significantly increase revenue in FY19.\nAcquisitions during the period\n· Purchase of the Ladbroke Grove portfolio (KCR (Kite) Limited) completed on 29 June with a fair value of investment property at acquisition of £7.3 million. The building is fully let and rental income is up 6.16 per cent in the four months since acquisition;\n· Purchase of the 27 flat Deanery Court, Chapel Riverside (Southampton) development completed on 29 June with a fair value of investment property at acquisition of £5.8 million. Final handover took place on 15 October and over 60 per cent of the building is already let or reserved;\n· Via a strategic partnership with Inland Homes, two supermarkets that form part of significant newly-built residential developments in Leighton Buzzard and West Drayton were purchased at a fair value of investment property at acquisition of £2.6 million.\nPost-period-end, KCR raised £3.1 million through a placing of £901,500 in cash, conversion of £650,000 of convertible loan notes into equity, conversion of a creditor into equity and the payment in shares fo...