According to its latest monthly update, the board and manager are “committed” to working with auditor BDO to publish the results for 31 August 2022 and 31 August 2023 before the second half of the year.
The enhanced audit of the overdue results was ordered following the board’s examination of Alvarez & Marsal Disputes’ investigation of allegations of wrongdoing.
Entire Home REIT board commits to step down on publication of results as chair Fennah replaced
Home REIT noted that access to properties remains a “significant challenge” and confirmed that a third of properties have not been internally inspected.
Of the 1,380 that have been internally inspected, 22% are vacant, while 78% have at least one bed occupied.
To date, 1,135 scheduled inspections have been cancelled or aborted.
Home REIT has repaid a further £9.9m of debt to Scottish Widows, bringing the total borrowings down to £162.8m, from £250m of debt facilities as of the trust’s suspension date.
Home REIT sells another 103 properties for £6.6m
Of the remaining facilities, Home REIT holds a £72.5m interest-only term loan, repayable in 2032, with a fixed rate of 2.07% per annum, and a £90.3m interest-only term loan, repayable in 2036, with a fixed rate of 2.53% per annum.
There is an additional fee per annum of 5% charged on the aggregate outstanding loan balances, with the fee accruing on a daily basis from 30 November 2023, payable at the earlier of 28 June 2024 or the full repayment of the loans.
Home REIT has also commenced a refinancing process to consider alternative finance options.
The trust held £18.9m in cash balances as of 31 December 2023, of which £6.9m is unrestricted.
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