Walls & Futures REIT PLC: Trading Update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

10 May 2023

WALLS & FUTURES REIT PLC

 

 (“Walls & Futures” or the “Company”)

 

Trading Update

 

Walls & Futures REIT plc (Ticker: WAFR), the Ethical Housing Investor and Developer, provides the following update of its trading and update of its net asset value (“NAV”) as at 31 March 2023.

 

Highlights

 

• Unaudited NAV per share declined by 10.8% to 87p (30 September 2022 – 97.5p)
• 100% of Specialist Supported Housing rents collected
• Rent roll increased with inflation
• First stage of restructuring completed with disposal of Pax Homes

 

In the period to 31 March 2023 the unaudited NAV per share declined by a total of 10.8% to 87 pence per share. This as a result of the increase in UK interest rates and the broader macro-economic environment.

 

We are pleased to report that the quality of our covenants remains strong, and we have collected 100% of our Specialist Supported Housing rents (the Company, having disposed of its final legacy private residential property in 2021, now has all its property assets in Specialist Supported Housing) which have increased in line with the inflation caps of their leases.

 

The disposal of Pax Homes has now been completed and we are now moving forward to finalise the other elements restructuring set out in the general meeting circular announced on 6 February 2023. These other elements of the restructuring: the anticipated fund raise and broader investment strategy, should enable the Company to diversify our investments and mitigate potential risks, taking into account the impact of rising interest rates on commercial property values.

 

The Board of Directors thanks our investors for their continued support and look forward to providing further updates in due course.

 

For further information, contact:

 

Walls & Futures REIT PLC                                                 0333 700 7171     

Joe McTaggart, Chief Executive

Website www.wallsandfutures.com

 

 

Allenby Capital Limited (Corporate Adviser)                               

Nick Harriss/James Reeve     020 3328 5656