GROUND RENTS INCOME FUND PLC

Earnings Release • Dec 1, 2016

National Storage Mechanism | Additional information

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RNS Number : 7303Q

Ground Rents Income Fund PLC

01 December 2016

1 December 2016

Ground Rents Income Fund plc

("GRIF" or the "Company")

FULL YEAR RESULTS

For the twelve months to 30 September 2016

Ground Rents Income Fund plc (LSE: GRIO), a listed Real Estate Investment Trust (REIT) investing in UK ground rents, announces its audited results for the year ended 30 September 2016.

Highlights

·     Portfolio value of £125.7 million (30 September 2015: £104.2 million)

·     Net assets of £123.1 million (30 September 2015: £106.2 million)

·     NAV per ordinary share increased 15.3% to 131.83 pence (30 September 2015: 114.28 pence)

·     Diluted NAV per ordinary share of 129.31 pence (30 September 2015: 113.09 pence)

·     Profit before tax (including £16.6 million valuation gain) of £20.2 million (FY 2015: £12.4 million, including £9.2 million valuation gain)

·     Basic earnings per share of 21.66 pence (FY 2015: 13.82 pence)

·     Diluted earnings per share of 21.34 pence (FY 2015: 13.70 pence)

·     Dividends paid of 3.959 pence per share, reflecting a gross yield (based on weighted average issue price) of 3.96%. (FY 2015: 3.538 pence; 3.57%)

·     Acquired £3.7 million of ground rent assets; further £9 million committed

Malcolm Naish, Chairman of GRIF, said:

"The market for ground rent investments is buoyant and values have increased significantly over the last 24 months, and our consolidated accounts for the year to 30 September 2016 reflect this. The trend of increasing market values coupled with a growing income each year, it is hoped, will have the intended effect of a growing net asset value."

James Agar, Investment Director of Brooks Macdonald Funds, Alternative Investment Fund Manager to GRIF, added:

"The consolidated accounts are released during a period of relative stability in the UK commercial property market since the EU referendum result, helped not least by foreign investors attracted by the fall in Sterling against the US Dollar. Our investment strategy is focused on achieving stable, long-term performance by investing in long-dated ground rents, which have historically not suffered the same peaks and troughs as the economy and the wider property market."

A copy of the Annual Report and financial statements, for the year ended 30 September 2016, can be accessed in the link below:

http://www.rns-pdf.londonstockexchange.com/rns/7303Q_-2016-12-1.pdf

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

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 / Liz Yong                      020 7496 3000

Tavistock (Media/Analysts)

James Whitmore / Jeremy Carey 020 7920 3150

Appleby Securities (Channel Islands) Limited (Sponsor)

Kate Storey / Danielle Machon                01481 755 620

This information is provided by RNS

The company news service from the London Stock Exchange

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