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Ground Rents Income Fund plc announced its audited full-year results for the year ended 30 September 2025, reporting a portfolio valuation of £56.2 million and a Net Asset Value of £52.2 million or 54.5 pence per share. The company completed £10.0 million in asset sales, reducing its outstanding bank loan from £19.5 million to £8.2 million, and refinanced its facility, extending maturity to January 2028 with a reduced margin of 2.50%. Effective 11 December 2025, Barry Gilbertson retired as Chair, with Judith MacKenzie assuming the position.
| Date | 11 Dec 2025 |
| Time | 07:00:07 |
| Category | Results |
| ID | 1031L |
11 December 2025
Ground Rents Income Fund plc
("GRIO" or the "Company")
FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
Ground Rents Income Fund plc announces its audited full year results for the year ended 30 September 2025 ('the Year'). The Company's Annual Report and Accounts for the Year are being published in hard copy format and are also available at the following link: https://schro.link/grioar25, or on the Company's website www.groundrentsincomefund.com.
Key highlights:
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Portfolio valuation of £56.2 million, representing a like-for-like reduction (net of disposals) of £5.6 million, or 9.0%, over the year (30 September 2024: £71.5 million, or £61.8 million on a like-for-like basis). |
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Net Asset Value ('NAV') of £52.2 million or 54.5 pence per share ('pps') (30 September 2024: £56.5 million or 59.0 pps). Dividends remain withheld due to the continuing Disclaimer of Opinion within the Auditor's report. |
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£10.0 million asset sales completed within the Year and post year-end, marginally above the valuation at the start of the year (30 September 2024). These disposals and a decision to hold less cash, have enabled a reduction of the outstanding bank loan from £19.5 million to £8.2 million. |
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Loan facility refinanced post year-end, extending maturity to January 2028 and reducing the margin from 2.75% to 2.50% over the SONIA rate, with no early repayment penalties. Disposals continue to be optimised. |
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Earnings before revaluation loss were £1.6 million, stable year-on-year, with elevated costs offset by savings in financing and operations. |
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Judicial Review of the Leasehold and Freehold Reform Act 2024 dismissed by the High Court; the Company and its peers have lodged a formal application seeking permission to appeal, with a decision on the application expected in early 2026. |
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Further reduction in the number of properties with ongoing building safety remediation requirements from 23 to 22, following the completion of five projects and the identification of new or additional requirements at four others. Additional due diligence is underway across the remaining in-scope assets to ensure appropriate assurance. Related costs continue to be substantially met by original developers and the Government, including nine properties where works are underway. |
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As previously announced, Board succession is in progress, with Barry Gilbertson's planned retirement as Chair effective today, with Non-Executive Director, Judith MacKenzie, assuming the Chair position. Non-Executive Directors Bill Holland and Katherine Innes Ker will stand for re-election at the Annual General Meeting in March 2026, but have today confirmed their intention to stand down from their positions on the Board once replacement Non-Executive Directors have been appointed. An independent search consultant has been appointed to identify suitable candidates. |
Barry Gilbertson, the Company's outgoing Chair, commented:
"Over the past five years, the Company has faced strong headwinds relating to leasehold reform, building and fire safety reform and unresolved Government interventions. These challenges together have created sustained market uncertainty. Despite the difficulties caused by the uncertainty, we have made good progress, as demonstrated by today's results, in delivering the optimum realisation strategy, twice formally approved by our shareholders. We have achieved further disposals marginally above valuation in a difficult market and now have a more robust balance sheet for the year ahead. As I retire from the Board, I wish to record my sincere thanks to all Directors - past and present - to Schroders as Manager and to our professional advisers for their commitment and professionalism throughout my tenure. I also extend my gratitude to those shareholders who have supported me (and thereby the Company) over these past years."
Judith MacKenzie, the Company's newly appointed Chair, commented:
"I am delighted to succeed Barry as Chair who, alongside Bill, Katherine, and the Schroders team, have made continued progress delivering the shareholder-approved strategy. As clearly set out within these results, the Company still faces significant legislative and regulatory headwinds, and there is much work still to do. I therefore look forward to working with my current and future co-directors, as well as the Manager, to review how returns can be further optimised, including whether Board and Manager remuneration can be even more closely aligned with delivery of the strategy."
Chris Leek, Fund Manager at Schroders (the Manager), commented:
"We thank Barry for his considerable contribution as outgoing Chair and look forward to working with Judith. Under Barry's strong leadership, the Company has successfully navigated a challenging period with a high standard of expertise, professionalism and focus. Schroders remains committed to delivering the agreed realisation strategy, optimising returns for shareholders, and maintaining best-in-class residential asset management for leaseholders."
Enquiries:
Schroder Real Estate Investment Management Limited
Chris Leek
020 7658 6000
Singer Capital Markets (Financial Adviser & Broker)
James Maxwell / Sam Butcher (Investment Banking)
Sam Greatrex (Sales)
020 7496 3000
Appleby Securities (Channel Islands) Limited (Sponsor)
Andrew Weaver / Michael Davies
01534 888 777
FTI Consulting
Richard Gotla / Oliver Parsons
0203 727 1000
JTC (UK) Limited (Company Secretary)
Ruth Wright
+44 207 409 0181