Local Shopping REIT has posted a £20,000 pretax profit for the year ended 30 September 2015, down from last year’s £1.2m.
Its portfolio is valued at £81.2m, reflecting a yield of 9.30%; last year it was valued at £87.8m, reflecting a 9.25% yield.
The company sold its property-holding subsidiaries, NOS 2 and NOS 3 in August 2014, before the reporting period, which reduced the net rental income of the portfolio by around 46% between the two years.
The company also recorded a NAV of 42p per share, no change from 2014.
During the year Local Shopping REIT sold 37 properties for £5m and its portfolio currently comprises 353 properties with an annual rental income of £7.5m.
At the year end, 21 properties were under offer for £2.5m, of which five properties have since been sold for £649,000.
The company has also marked a 52.9% loan-to-value ratio, from 56.1% last year.
