Annual Results for the year ended 30 June 2018

09 November 2018

KCR Residential REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its Annual Results for the year ended 30 June 2018. A copy of the annual report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kandc-reit.co.uk.



The full results are available to
download in PDF format

Financial Highlights:

  • Assets under management increased 228 per cent to £27.4 million (2017 - £8.4 million)
  • Year-end NAV per share of 88.17p, up three per cent since FY 2017 (85.7p)
  • Corporate acquisitions during the period totalled £16 million
  • Consolidated operating profit up to £251,079 (2017 loss - £1.03 million)
  • Revenue lower at £265,936 (2017 - £514,746) but income from recent acquisitions will significantly increase revenue in FY19.

Acquisitions during the period

  • Purchase of the Ladbroke Grove portfolio (KCR (Kite) Limited) completed on 29 June with a fair value of investment property at acquisition of £7.3 million. The building is fully let and rental income is up 6.16 per cent in the four months since acquisition;
  • Purchase of the 27 flat Deanery Court, Chapel Riverside (Southampton) development completed on 29 June with a fair value of investment property at acquisition of £5.8 million. Final handover took place on 15 October and over 60 per cent of the building is already let or reserved;
  • Via a strategic partnership with Inland Homes, two supermarkets that form part of significant newly-built residential developments in Leighton Buzzard and West Drayton were purchased at a fair value of investment property at acquisition of £2.6 million.

Post-period-end, KCR raised £3.1 million through a placing of £901,500 in cash, conversion of £650,000 of convertible loan notes into equity, conversion of a creditor into equity and the payment in shares for a property acquisition from Inland Homes plc (£1.26 million). KCR issued 4,434,570 shares at 70p.

Dominic White, Chief Executive of KCR said: "The Company has made solid progress in scaling the business in 2018, whilst also adding both rental and capital value to its portfolio. The strategic partnership with Inland Homes is also bearing fruit, with two acquisitions completed since joining forces in May and further opportunities through Inland being analysed.

"We continue to examine potential acquisitions that will build value and revenue, with one currently in the latter stages of negotiation.  At the same time, we will augment rental income significantly during 2019, having increased the number of rental units and upgraded properties.  The Board is encouraged by the recent achievements and looks forward to reporting on further positive developments in the coming months."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.


Dominic White, Chief executive
[email protected]
+44 20 3793 5236
Arden Partners plc
Steve Douglas / Tom Price / Ben Cryer
+44 20 7614 5917
Yellow Jersey PR
Charles Goodwin
+44 7747 788 221


Notes to editors:

KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.