(Alliance News) - Grit Real Estate Income Group Ltd on Thursday said its net asset value improved in the first half of its current financial year amid "strong" performance of its portfolio.
The stock was trading 0.4% lower in London at USD1.17 a share, while in Johannesburg, the shares were down 0.1% at ZAR16.46 each.
The Mauritius-based real estate company reported EPRA NAV per share as at December 31 of 144.7 US cents, up 1.1% from 143.1 cents on the same day a year earlier.
Grit's rental income in the six months to the end of 2019 grew by 30% to USD24.3 million from USD18.7 million, resulting in profit for the half-year of USD10.7 million, up 47% from USD7.3 million a year earlier.
The improvement was helped by a strong portfolio performance and acquisitive growth over the period. Grit's property portfolio now comprises a total of 46 properties across seven countries and five property sectors.
The company maintained its interim payout at 25 cents a share.
"We continue to see strong demand for quality real estate solutions from high quality multi-national tenants," said Chief Executive Bronwyn Corbett.
"The group is continuing to focus on delivering its investment strategy and remains on track to meet its full year target of 12% total return in US dollars," added Corbett.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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