(Alliance News) - Home REIT PLC on Tuesday said it remains on target to a pay a total dividend of 5.5 pence per share for its financial year that ended on August 31.

For its financial year 2021, the London-based homeless accommodation investor paid a dividend of 1.7p per share. The firm had its initial public offering on the London Stock Exchange in October 2020.

Home REIT said it collected 100% of rents due in its financial year 2022, unchanged from a year ago. It conducted 711 rent reviews since August 31, 2021 at an average rental growth rate of 3.5%.

Total annual rent surged to GBP53.9 million from GBP11.8 million a year prior. It bought 1,528 investment properties in the just ended financial year. Since August 31, it has bought 220 properties, taking the total to 2,459 investment properties.

Further, its investment advisor has appointed James Snape as chief financial officer. Snape previously worked at a funds specialist firm based in the Cayman Islands. Meanwhile, Gareth Jones is set to step back as fund manager due to health reasons while Charlotte Fletcher remains as co-manager. Alex Baker as been promoted to co-fund manager from assistant fund manager.

Looking ahead, Home REIT said "the company is well positioned to deliver attractive inflation-linked returns to our shareholders against a challenging economic backdrop, via our long and sustainable leases, supported by our long dated fixed low-cost debt."

The company will release its full financial 2022 results on November 28.

Home REIT shares shares were 2.7% higher at 86.24 pence each in London on Tuesday morning.

By Tom Budszus; tombudszus@alliancenews.com

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