Local Shopping REIT: Average uplift on rental incomes up 9.0% in four months

UK real estate investment trust, Local Shopping REIT, has reported a 9.0 per cent average uplift on rent reviews in the four months to January 31st, an interim management statement has disclosed.

UK real estate investment trust, Local Shopping REIT, has reported a 9.0 per cent average uplift on rent reviews in the four months to January 31st, an interim management statement has disclosed.

The group reported an annualised rent roll from the core portfolio maintained at £16m.

It stated that 38 units had been let since September 30th at a total rent of £342,386 per annum.

Rent reviews were completed on 69 units, increasing rental income by £88,421 per annum, representing an average uplift of 9.0% and a 9.5% premium-to-Market rent.

Meanwhile, nine leases were renewed at a combined rent of £94,190, representing an average uplift of 3% and 1.6% above market rent.

Nick Gregory, London Shopping REIT's Joint Chief Executive Officer, said: "The portfolio continues to perform well and we have leveraged the expertise of our specialist management skills in order to bring down the void rate to its lowest level over the last four years.

"We have also continued to make good progress in growing rents through rent reviews and lease renewals, achieving these at significant premiums to Market Rent."

The trust's share price was unchanged at 28.75p at 11:16 on Friday.

MF

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022