The Local Shopping REIT plc reported unaudited consolidated earnings results for the year ended September 30, 2012. For the year, the company reported net rental income of GBP 13,264,000 compared to GBP 13,450,000 a year ago. Operating loss before net financing costs was GBP 1,823,000 compared to operating profit before net financing costs of GBP 6,907,000 a year ago. Loss before tax was GBP 9,178,000 compared to GBP 710,000 a year ago. Loss for the financial year attributable to equity holders of the company was GBP 9,178,000 or 11.3 pence basic and diluted per share compared to GBP 710,000 or 0.9 pence basic and diluted per share a year ago. Net cash flows from operating activities were GBP 2,217,000 compared to GBP 4,619,000 a year ago. Acquisition of and improvements to investment properties was GBP 2,251,000 compared to GBP 5,116,000 a year ago. Acquisition of property, plant and equipment was GBP 5,000 compared to GBP 11,000 a year ago. Net asset value was GBP 41.3 million or 50 pence per share compared to GBP 53.8 million or 65 pence per share a year ago. Adjusted NAV was GBP 50.4 million or 61 pence per share excluding liabilities arising from derivative financial instruments compared to GBP 63.1 million or 76 pence per share a year ago. Total net debt was GBP 130.9 million, reflecting an LTV of 73.5%, with no on-going loan to value default provisions on the fully drawn facilities (excluding the GBP 10.5 million HSBC term loan) and low interest cover tests across all loans. The company declared a dividend for the second half of the year of 2.0 pence per share bringing the total for the year to 4.0 pence per share in line with the prior year. This dividend will be paid by 31 December 2012 as a PID to shareholders on the register on 7 December 2012.  This will take the total dividend paid for the year to 4.0 pence per share.  The ex-dividend date will be 5 December 2012.

The Local Shopping REIT plc, 2012 Earnings Call, Nov 27, 2012

The Local Shopping REIT plc announced that they will report fiscal year 2012 final results on Dec 31, 2012