Ground Rents Income Fund PLC Unaudited Net Asset Value at 31 March 2018 (3999P)

TIDMGRIO

RNS Number : 3999P

Ground Rents Income Fund PLC

29 May 2018

Ground Rents Income Fund plc

(the 'Company')

29 May 2018

Unaudited Net Asset Value at 31 March 2018

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') for the six months ended 31 March 2018 ('H1 2018').

Highlights:

   --     NAV per ordinary share of 124.58 pence as at 31 March 2018 (30 Sept 2017: 131.72 pence) 

-- Diluted NAV per ordinary share of 123.44 pence as at 31 March 2018 (30 Sept 2017: 130.20 pence)

   --     Three properties acquired for GBP2.3m excluding costs in H1 2018 

The unaudited NAV per share of the Company as at 31 March 2018 was 124.58 pence. This represents a decrease of 5.4% from the audited net asset value of 131.72 pence per share at 30 September 2017.

The decrease in the net asset value has been driven by the reduction in the independent portfolio valuation by Savills Advisory Services Limited ('Savills') as at 31 March 2018.

Breakdown of NAV movement

A breakdown of the change to the unaudited NAV per share calculated under International Financial Reporting Standards ('IFRS') over the period from 1 October 2017 to 31 March 2018 is set out below:

 
 Net assets per audited accounts         GBP127.4m 
  as at 30 September 2017 
 
 Profit for the period 1 October           GBP1.6m 
  2017 to 31 March 2018 
 
 Revaluation plus costs of acquisition   (GBP6.6m) 
 
 Dividends paid during H1 2018           (GBP1.9m) 
 
 Net assets as at 31 March 2018          GBP120.5m 
 

The net asset values and diluted net asset values are calculated under IFRS and are unaudited. The NAV per share is calculated using 96,712,100 ordinary shares of 50 pence each, being the number in issue on 31 March 2018. The diluted NAV per share is calculated using 4,718,273 warrants, being the number in issue on 31 March 2018.

Contacts:

 
 Ground Rents Income Fund 
  plc 
                                   020 7499 
 Simon Wombwell (Director)          6424 
 
 Brooks Macdonald Funds Limited 
                                   020 7659 
 James Agar (Director)              3454 
 
 N+1 Singer (Broker) 
                                   020 7496 
 James Maxwell / Liz Yong           3000 
 
 Tavistock (Media) 
                                   020 7920 
 Jeremy Carey / James Whitmore      3150 
 
 Appleby Securities (Channel 
  Islands) Limited 
 Kate Storey / Danielle Machon     01481 755600 
 

This announcement is released by Ground Rents Income Fund plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ('MAR'), encompassing information relating to the NAV described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Simon Wombwell, Director.

END OF ANNOUNCEMENT

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END

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May 29, 2018 02:01 ET (06:01 GMT)