Grit Real Estate Income group on track to deliver total shareholder return target
Source - SMW
Grit Real Estate Income group said it was on track to deliver its 12% total shareholder return target for the financial year despite the negative impact of adverse currency movements and the tough retail environment.
For the year ending 30 June, EPRA portfolio occupancy rate rose to 97.2% from 96% reported at the end of December last year. Post the completion of Anfa Place redevelopment, the portfolio was expected to be 98.5% occupied, the company said.
The company also said it was intending to expand its current strategy to include a limited number of development opportunities in the short to medium term, where pre and post funding strategies are expected to unlock significant potential for net asset value growth.
‘Grit's earnings and dividends are underpinned by the Company's secure, diversified and growing index-linked income stream as well as attractive capital appreciation from across our high-quality portfolio, which is delivering attractive returns to our shareholders,’ said Bronwyn Corbett, CEO of Grit Real Estate Income Group.
‘We are well placed with an excellent platform for growth and we look forward to capitalising on a significant and growing pipeline of investment opportunities that the Company has currently identified.’