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Home REIT PLC on Monday provided what it said is its last monthly update, as it is now in managed wind down, having reported results for financial year 2022 only last week. The London-based real estate investment trust invests in social housing across the UK. On Monday, it said it had 1,263 properties as at September 30, down 49% from 2,473 at August 31, 2023. On Friday, the company had released its delayed results for the financial year ended August 31, 2022. Net asset value fell by 58% to 43.76 pence per share on that date from 103.03p a year prior. For the financial 2022, Home REIT swung to a pretax loss of £474.8 million from a restated £16.1 million profit in financial 2021. Chair Michael O’Donnell said: ‘Despite substantial efforts to stabilise the business, the company continues to face extensive financial and operational challenges. Against this backdrop and reflecting the expected reduced size of the company’s portfolio, the board concluded that the best course of action to optimise remaining shareholder value is the managed wind-down.’ Home REIT expects to release interim results for financial years 2023 and 2024, and full-year results for financial 2023, before the end of 2024. As of September 30, Home REIT exchanged on the sale of a further 200 properties for £36.9 million gross. Home REIT will use proceeds to lower borrowings and provide working capital. Its total portfolio value on September 30 was £238.0 million, down from £412.9 million just over a year before. Home REIT shares are currently suspended in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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