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

8th Feb 2013 11:10

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