GRIO’s results cover the 17 month period between its incorporation on 23 April 2012 and 30 September 2013. It is not yet fully invested – it said it would be by end May 2014. At the end of September it was 51% invested and when the report was published that figure had risen to 60%. The Board notes that there has been much interest from other investors in buying ground rents. this has driven up the value of their portfolio but has meant they have had to withdraw from bidding for some assets. As one way of tacking this, GRIO has been buying ground rents for properties yet to be constructed, paying a 10% deposit.
The net asset value at the end of the period was 97.2p per share. this compares to a 100p launch price. Dividends of 2.8p per share were paid to ordinary shareholders and a 2p per share payment was made to the convertible preference shareholders.