Home Reit has been forced to delay its annual results for the third time after its auditor, BDO, advised it would not be able to complete its enhanced review by the end of January.
The social housing investment trust suspended its shares on 3 January after failing to publish its results for the year to 31 August 2022 within the four-month window set out by the FCA.
In November, the trust was hit with allegations from Viceroy Research that it invests in “bad assets”. A month later, law firm Harcus Parker accused Home Reit of not following its original investment philosophy, of backing the provision of social housing for vulnerable people while targeting inflation-protected income and capital return for shareholders.
The trust had hoped to publish its results by the end of this month, but BDO will not be able to complete the audit in time after it requested “substantial” data sets for over 2,400 properties.
In a stock exchange announcement, the trust said the results will be published “as soon as is practically possible”.
Simpact appointed external property manager
Meanwhile, the embattled trust has announced the appointment of Simpact Group as an external property manager.
Home Reit previously announced it would appoint an external property manager as part of its bid to assure shareholders following the allegations levelled at the firm.
Simpact will consult on tenant liaison and monitoring, as well as providing Home Reit with rent collection services and the recovery of rent arrears, following the trust’s recent issues with tenants withholding rent.