Net Asset Value(s)

RNS Number : 0693M

Ground Rents Income Fund PLC

05 May 2015

 

Ground Rents Income Fund plc

(the "Company")

Unaudited Net Asset Value as at 31 March 2015

Ground Rents Income Fund plc (LSE: GRIO), a listed real estate investment trust (REIT) investing in UK ground rents  announces its Net Asset Value (NAV) as at 31 March 2015.

Highlights:

·     NAV per ordinary share increased 1.9% to 106.3 pence (30 September 2014: 104.3 pence).

·     Six properties acquired for £23.4 million (excluding costs) in H1 2015.

The unaudited NAV of the Company, as at 31 March 2015, was 106.3 pence per share.  This is an increase of 1.9% over the net asset value of 104.3 pence per share at 30 September 2014. 

The NAV incorporates the external portfolio valuation by Savills, as at 31 March 2015.  

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited NAV calculated under IFRS over the period from 1 October 2014 to 31 March 2015:

Net Assets per audited statutory accounts	£88.2m
Profit for H1 2015	£1.6m
Revaluation Gain less Costs of Acquisition	£1.7m
Issue of Share Capital	£8.8m
Dividends Paid H1 2015	(£1.5m)
Net assets per unaudited accounts	£98.8m

The net asset value is calculated under International Financial Reporting Standards (IFRS) and is unaudited.  The NAV per share is calculated using 92,965,711 shares of 50 pence each, being the number in issue on 31 March 2015.

Further information will be given in the half-year results of the Company for the six months ended 31 March 2015 which will be announced later this month (May 2015).

Contacts:

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)
James Maxwell / Gillian Martin	020 7496 3000
Tavistock (Media)
Jeremy Carey / James Whitmore	020 7920 3150
Appleby Securities (Channel Islands) Limited
Kate Storey / Danielle Machon	01481 755600

 

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