(Reuters) -UK's Home REIT (LON:HOMEH), a housing provider for the homeless, said on Friday one its tenants that entered into voluntary liquidation last month would surrender leases on 146 properties, forming about 6% of its portfolio.
Home REIT, which itself has been under duress, said Redemption Project CIC had not paid rent for 2023 and the surrender removes its entire exposure to the tenant, paving the way for a "sustainable income stream from a strong tenant covenant".
Home REIT was rocked by a report in November last year from short-seller Viceroy Research that raised several concerns, including the valuation of its assets and non-payment of rent by some tenants.
Its stock had been suspended from trading since early January after the company missed a deadline to publish its annual report.
Earlier this month, Home REIT appointed global property services firm Jones Lang LaSalle to undertake a valuations of its entire portfolio.