Net Asset Value(s)

RNS Number : 3223X

Ground Rents Income Fund PLC

19 November 2014

 



Ground Rents Income Fund plc ("the Company")

Unaudited Net Asset Value at 30 September 2014

Highlights:

·     Net asset value per ordinary share was 104.3 pence as at 30 September 2014.  This is an increase of 2.5% from 31 March 2014.

·     6 properties acquired for £4m excluding costs in H2.

The unaudited net asset value ('NAV') per share of the Company as at 30 September 2014 was 104.3 pence.  This is an increase of 2.5% over the net asset value of 101.8 pence per share at 31 March 2014. 

The net asset value incorporates the external portfolio valuation by Savills at 30 September 2014.   On a like for like basis, the increase in the valuation of the property portfolio over the six months ended 30 September 2014 was 3.4%.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited NAV per share calculated under IFRS over the period from 31 March 2014 to 30 September 2014:

Net Assets per interim accounts (including preference shares)	£86.6m
Profit for H2 2014	£1.3m
Revaluation Gain less Costs of Acquisition	£1.6m
Dividends Paid H2 2014	(£ 1.3m)
Net assets per unaudited accounts	£88.2m

The net asset value is calculated under International Financial Reporting Standards ("IFRS") and is unaudited.  The NAV per share is calculated using 84,514,283 shares of 50 pence each being the number in issue on 30 September 2014.

Further information will be given in the final audited results of the Company for the year ended 30 September 2014 which will be announced in December 2014.

Contacts:

Ground Rents Income Fund plc                                                              

Simon Wombwell (Director)                                                                     020 7499 6424

Brooks Macdonald Funds LimitedJames Agar (Director)              020 7659 3454

N+1 Singer (Broker)                                                                                      020 7496 3000

James Maxwell / Gillian Martin

Tavistock Communications (Media)                                                      020 7920 3150

Jeremy Carey / James Whitmore                                                           

Appleby Securities (Channel Islands) Limited                                  01481 755600

Kate Storey / Danielle Machon

 

END

 

 

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