(Alliance News) - Grit Real Estate Income Group Ltd on Monday declared no final dividend for its recently ended financial year, as it expects to report a fall in net asset value.
The Africa-focused real estate firm expects to report EPRA net asset value between USD1.18 to USD1.19 per share as at June 30, a 19% to 20% reduction from USD1.47 on the same date a year before.
In addition, adjusted earnings per share is set to be in the range of 8.70 cents to 9.12 cents, down 8.1% to 12% from 9.92 cents the prior year.
The fall in net asset value was mainly attributed to a fall in the value of Grit's retail and hospitality assets, as well as the effect of currency movement against the dollar.
The company's property portfolio was valued at USD823.5 million, down 0.2% from USD825.2 million a year before. Grit's portfolio comprises 52 investments across eight countries.
Grit Real Estate will not pay a final dividend for the year, meaning the total payout comes to 5.25 US cents per share, down 57% at 12.20 cents the prior year.
"Covid-19 has created a challenging backdrop, which has impacted Grit's business over the past six months, but we are continuing to take actions to ensure the stability of the portfolio and that Grit remains financially robust. Our actions have included strategic asset sales, successful renegotiations with key lenders and innovative financing solutions which will enhance shareholder returns over the short and longer term," said Chief Executive Officer Bronwyn Corbett.
Shares in Grit Real Estate were down 2.2% at 47.42 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Grit Real Est. (GR1T)