Alternative Income REIT has made a pre-tax loss of £7.3m, as net asset value falls by 12.5%.
Posting its interim results for the six months to the end of December, the long-lease specialist said its NAV had fallen from £77.6m to £67.9m. Meanwhile the share price discount to NAV has also widened to 20.9%, with the share price falling by 18.8% over the period to 66.7p.
The total value of its 19-property portfolio fell by 8.9% to £107.4m as a result of yield shift.
Non-executive chair Simon Bennett said: “While not immune from the headwinds affecting the UK economy at the present time, 96% of the group’s portfolio benefits from index-linked rent reviews.
“Combining this with a strong balance sheet, modest overheads and low fixed borrowing costs until 2025, helps ensure the company is well positioned to successfully ride out the current economic storm and to continue to deliver attractive, secure and progressive income to our shareholders.”
Rents for the group grew over the period by 13.6% to £7.5m pa.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
