Home Reit’s rent collection struggles persisted in January as its investment manager AEW continues to work on “stabilising the portfolio”.
In the trust’s latest monthly update (5 February), its board revealed it had collected just 10% of rent owed including arrears.
Meanwhile, the board aims to publish the firm’s outstanding annual results in Q2.
No portfolio sales had been made further to the 103 announced on 24 January.
See also: Home Reit chair steps down with rest of the board to follow
Meanwhile, Home Reit also repaid a £9.9m loan to the company’s lender in January, reducing its total borrowings to £162.8m.
A further 313 property inspections were completed in the month, as AEW focuses on “obtaining control” of the portfolio.
The trust had £18.9m cash balances as at 31 December 2023 of which £6.9m is unrestricted.
Home Reit has also announced it will hold an AGM on 29 February.
Chair Lynne Fennah recently stood down but continues to serve on the board as a non-executive director, while the rest of the board has committed to resigning once the trust’s delayed results have been published.
