Home REIT has acknowledged a material deterioration in its rent collection as another holding faces “operational issues”.
Lotus Sanctuary, which specialises in supported housing for homeless people, accounted for just over 12% of Home REITs rental income as of August, and has defaulted on its recent rent payment. According to reports, Lotus warned its staff on 23 January about £2.7m in debt and was struggling with cash flow issues as it was unable to gain an ‘exempt status' from local authorities. Today (25 January) Home REIT's management confirmed that Lotus had not paid any rent for the final quarter to 30 November 2022, with the last payment received in August that year. Home REIT annual results de...
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