Home REIT has reported a positive development in its rental collection for the month of December. The company managed to collect 12% of the rent invoiced, thanks to the efforts of investment manager AEW UK Investment Management.
AEW has been actively working towards gaining control over Home REIT's assets from non-performing tenants. This diligent approach has resulted in ongoing auction sales, with 81 more properties being sold for an impressive sum of £16.4 million ($20.9 million) in December. Completion of these sales is anticipated to take place in January.
The company has also shown commitment to improving its financial standing. Total borrowings have been reduced from £198.3 million to £172.7 million in just one month. Moreover, Home REIT's cash balances as of December 31 were at £15.8 million, out of which £5.4 million is unrestricted.
Back in September, AEW had engaged with all of Home REIT's tenants and initiated measures to assess and evaluate the portfolio. Their focus has been on stabilizing the property portfolio and financial condition of Home REIT, with the goal of maximizing both income and capital returns.
Overall, these recent developments highlight the dedicated efforts taken by AEW UK Investment Management and show promising progress for Home REIT.
