KCR Residential REIT plc, the residential REIT group, is pleased to announce its interim results for the six months to 31 December 2019.
- Revenue for the six months increased to £427,057 (2018: £269,113) and gross margin improved to 76% (2018: 45%).
- Portfolio level occupancy is high, rental values have increased and capital values remain firm.
- KCR recurring administrative expenses for the period fell to £706,177 (2018: £800,583) with further reductions to come.
- Current liabilities at 31 December 2019 were down to £930,062 (2018: £7,904,125) and total liabilities were lower at £10,404,715 (2018: £14,710,415).
- Incentive preference shares have been cancelled and negative share based payment charges will no longer appear in the profit and loss account.
- The £7.9m refinancing of property in February 2020 delivered £2.9m of free cash to the Company, significantly strengthening KCR's liquidity position.
- We expect the ongoing uncertainty in the market to lead to more acquisition opportunities.
|KCR Residential REIT plc
Dominic White, Chief Executive
+44 20 3793 5236
|Arden Partners plc
|+44 20 7614 5900
Notes to Editors:
KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders. The Directors intend that the group will acquire, develop and manage residential property assets in a number of jurisdictions including the UK.