£564m written off as Home REIT portfolio shrinks 58% in revaluation

88% of portfolio valued on vacant basis

Home REIT’s portfolio has suffered a “very material reduction” in fair value as a result of a partial revaluation of assets, which has found the trust’s properties are worth less than half of what was paid at acquisition.

According to a regulatory update today (20 December), the portfolio of 2,473 properties as of 31 August 2023 was worth £412.9m, a reduction of £564.1m (57.7%) from the unaudited historical acquisition costs, excluding purchase costs. The update comes following the "substantial completion" of Jones Lang LaSalle's (JLL) external inspections, which has so far covered 2,391 (97%) of the trust's portfolio, however just 1,079 properties have been inspected internally. Rent collection dwindles to 14% as further Home REIT tenant enters liquidation Of these, 195 have been inspected by JLL, ...