TIDMGRIO

RNS Number : 4711J

Ground Rents Income Fund PLC

23 August 2021

Third interim dividend

for the year ending 30 September 2021

The directors of Ground Rents Income Fund plc (the "Company") have declared an interim PID dividend of 0.99 pence (net) per share for the period from 1 April 2021 to 30 June 2021, payable on 24 September 2021 to shareholders on the register on 3 September 2021.

 
 Ex dividend date     2 September 2021 
 Record date          3 September 2021 
 Pay date             24 September 2021 
 Dividend per share   0.99 pence (net)

As announced in the half-year report for the period ending 31 March 2021, the Board took the decision to reduce the annualised dividend by 24% to 3.0 pence per share per annum, commencing with a reduction in the dividend for the period 1 July to 30 September 2021 to 0.75 pence per share, due to be paid in December 2021.

At this level the Board expects the dividend to be fully covered by recurring earnings during the full year ending September 2022. This takes into account a provision for costs in relation to building safety reform and increased external management costs. The Board expects to adopt a progressive dividend policy as rent reviews increase ground rent income. The Company's ground rent income currently totals GBP4.93 million per annum, with 47% of ground rent income due to be formally reviewed in the next five years, and in aggregate 72% to be formally reviewed within the next ten years.

Future dividends are expected to be paid in accordance with the revised financial calendar below:

 
 First interim dividend (for period 1 October to 31 December)   paid in March 
 Second interim dividend (for period 1 January to 31 March)     paid in June 
 Third interim dividend (for period 1 April to 30 June)         paid in September 
 Fourth interim dividend (for period 1 July to 30 September)    paid in December

For further information:

 
Schroder Real Estate Investment Management 
 James Agar / Matthew Riley                              020 7658 6000 
Singer Capital Markets (Broker) 
 James Maxwell / Kailey Aliyar                           020 7496 3000 
Appleby Securities (Channel Islands) Limited (Sponsor) 
 Andrew Weaver                                           01534 888 777 
FTI Consulting 
 Dido Laurimore / Richard Gotla / Meth Tanyanyiwa        020 3727 1000

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August 23, 2021 06:00 ET (10:00 GMT)

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