Unaudited Net Asset Value at 31 March 2016

RNS Number : 1268X

Ground Rents Income Fund PLC

04 May 2016

 

Ground Rents Income Fund plc

(the "Company")

Unaudited Net Asset Value at 31 March 2016

Ground Rents Income Fund plc (LSE: GRIO), a listed real estate investment trust (REIT) investing in UK ground rents announces its unaudited Net Asset Value ("NAV") as at 31 March 2016.

The unaudited net asset value per share of the Company as at 31 March 2016 was 118.9 pence.  This is an increase of 4.1% over the net asset value of 114.2 pence per ordinary share at 30 September 2015.

During H1 2016, the Company acquired three properties for £1.8 million excluding costs.

The net asset value incorporates the external portfolio valuation by Savills, as at 31 March 2016.   

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited NAV per ordinary share, calculated under International Financial Reporting Standards ("IFRS"),  over the period from 1 October 2015 to 31 March 2016:

Net Assets per audited statutory accounts	£106.20m
Profit for H1 2016	£1.82m
Revaluation Gain less Costs of Acquisition	£4.30m
Issue of Share Capital	£0.16m
Dividends Paid H1 2016	(£ 1.78m)
Net assets per unaudited accounts	£110.70m

The NAV per ordinary share is calculated using 93,124,311 ordinary shares of 50 pence each being the number in issue on 31 March 2016.

Further information will be given in the unaudited interim results of the Company for the period ended 31 March 2016 which will be announced on 25 May 2016.

For further information:

Ground Rents Income Fund plc                                                              

Simon Wombwell (Director)                                                                    020 7499 6424

Brooks Macdonald Funds Limited

James Agar (Director)                                                                                  020 7659 3454

N+1 Singer (Broker)                                                                                      020 7496 3000

James Maxwell / Liz Yong / Tom Smale

Tavistock (Media)                                                                                         020 7920 3150

Jeremy Carey / James Whitmore                                                           

Appleby Securities (Channel Islands) Limited                                  01481 755600

Kate Storey / Danielle Machon

 

END

 

 

NAVAKNDKABKDCPK