StockMarketWire.com - The Local Shopping REIT reports a recurring operating profit of £1.53m or 1.9 pps for the year to the end of September (2015: £0.23m or 0.3 pps) while net asset value rose to £35.55m or 43 pps (30 September 2015: £34.85m, 42 pps).

Other highlights:

- Portfolio valued at 30 September 2016 at £75.3m, reflecting an equivalent yield (excluding the residential element) of 9.5% (30 September 2015: £81.2m, equivalent yield 9.3%).

- Total net debt (taking account of cash reserves) of £39.54m, reflecting a Group LTV on all investment properties of 52.5% (2015: £42.95m; 52.9%).

- Following the year-end, HSBC borrowing facilities extended to 31 December 2019 at the current rate of 2% over LIBOR, at which time LTV on borrowings fell from 71% to 61%.




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