Walls & Futures REIT Plc (NEX:WAFR) said it has completed the redevelopment of its Didcot property as it reported results for the first half of the year.

The Didcot property was acquired in early June and, the company said, has been let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with CPI inflation, to one of the UK’s largest and longest established care providers.

The housing investor and developer, which looks to generate secure long-term income by addressing the UK’s social housing needs, revealed that it had net assets of £3.3mln at the end of September, up 1.3% on the same period last year.

Walls & Futures received rent of £67,650 for the six months to 30, up 1% year on year, though higher administrative expenses saw it report a £92,200 loss before tax compared to £69,199 a year ago.

Cash at bank was £169,036.