30th November RNS:
· ALLEGATION 1 - The Company's Tenants "do not appear to be paying rent", "Substantial quantities of Home REIT's rent will never be collected," and therefore "[this] is likely…to [result in] substantial downwards revaluations of its investment properties"
RESPONSE - Home REIT's rent is ultimately supported by central government funding and Local Authorities' statutory duty to house homeless people. There are no overdue arrears in relation to amounts billed to 31 August 2022, supporting the independent valuations of the Company's portfolio carried out by Knight Frank LLP ("Knight Frank").
While that may be technically true, it is impossible to believe that they did not realise at this time that there was...
16th February RNS:
... a serious deterioration in rent collections for the quarter to November 2022 [...]. For the quarter ending November 2022, only 23% of rent has been collected, meaning that out of a £14,827,147 quarterly rent roll, only £3,401,615 has been paid. In addition, the rent forecast to be collected for the coming months is highly uncertain as the Investment Adviser deals with a combination of issues surrounding the tenants' ability, or willingness, to pay. It is not possible to quantify the future amounts of rent to be collected with certainty as the issues are not straightforward.
Viceroy seem to have had this one spot on.