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
