Revenue from the operations of International Income Property, the US shopping centre investor, rose in the first quarter of 1986 to £5.6m (£3.75m) agianst £3.6m (£2.4m) in the first three months of 1985. But after a higher depreciation charge there was a net income loss of $421,000 (£282,500) against a profit of $308,000 (£206,700). However, the cash distribution was raised by 9% to 25 cents per share.
The 1-for-5 rights issue in March was 98% subscribed with the issue providing $18.8m (£12.6m) of new equity capital, used in part to finance the acquisition of the Meadows Mall, Las Vegas.
Refinancing of some of the investments in the portfolio is now being investigated in the light of the lowest interest rates in the United States for several years.
