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Ground Rents Income Fund plc is a closed-ended real estate investment trust, listed on The International Stock Exchange and traded on the SETSqx platform of the London Stock Exchange. Schroder Real Estate Investment Management Limited (the 'Manager') was appointed as the Company's Alternative Investment Fund Manager in May 2019 to support the Company's Board with the headwinds related to building safety and leasehold reform. In 2023, the Board and Manager carried out an extensive shareholder consultation on proposals to change the Continuation Vote mechanism included in the Articles dating from 2012, as well as proposed changes to the Investment Policy. These proposals received strong support from shareholders and resulted in a new Continuation Resolution and Investment Policy. The new Investment Policy adopts a strategy of realising the Company's assets in a controlled, orderly and timely manner for shareholders, whilst continuing to deliver best-in-class residential asset management including fairness, transparency, and affordability for leaseholders. In November 2023 the previous Government published a consultation on restricting existing residential ground rents payable, without compensation to freeholders (the 'Consultation'). This represented a significant shift in the Government's approach to leasehold reform and led the Company's independent valuer, Savills, in conjunction with other valuers and the Royal Institution of Chartered Surveyors, to adopt a Material Valuation Uncertainty Clause ('MUC') across the entire residential ground rent market.
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| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Income before tax | -4.32M | -29.71M | -1.12M | -7.52M | 1.19M |
| Net income | -4.32M | -29.71M | -1.12M | -7.52M | 1.19M |
| Selling general administrative | 2.73M | 2.55M | 2.14M | 1.19M | 0.92M |
| Selling and marketing expenses | - | - | 0.13M | - | - |
| Gross profit | 4.85M | -26.96M | 1.16M | -6.17M | -0.13M |
| Ebit | - | - | -1.58M | 3.54M | 3.80M |
| Ebitda | 2.01M | 2.32M | -4.08M | -6.97M | 1.19M |
| Depreciation and amortization | - | - | -2.50M | - | - |
| Operating income | 2.01M | -29.71M | -1.12M | -6.97M | 1.19M |
| Other operating expenses | 3.95M | 2.76M | 2.29M | 1.35M | 1.32M |
| Interest expense | 0.61M | 0.73M | 0.67M | 0.55M | 0.47M |
| Tax provision | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Interest income | 0.22M | 0.14M | 0.05M | 0.00M | 0.00M |
| Net interest income | -0.40M | -0.59M | -0.62M | -0.55M | -0.47M |
| Income tax expense | - | - | -0.17M | - | - |
| Total revenue | 5.95M | -26.96M | 1.16M | -6.17M | -0.13M |
| Total operating expenses | 2.84M | 2.76M | 2.29M | 1.35M | -1.32M |
| Cost of revenue | 1.10M | - | - | - | - |
| Total other income expense net | -6.33M | -87.68M | -0.78M | -0.55M | -0.47M |
| Net income from continuing ops | -4.32M | -29.71M | -1.12M | -7.52M | 1.19M |
| Net income applicable to common shares | - | - | - | - | 1.19M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Total assets | 63.13M | 79.59M | 110.45M | 112.24M | 122.34M |
| Other current assets | -6.62M | -2.53M | -2.44M | - | 0.04M |
| Total liab | 10.96M | 23.10M | 24.25M | 23.71M | 22.63M |
| Total stockholder equity | 52.17M | 56.49M | 86.20M | 88.52M | 99.71M |
| Other current liab | 2.80M | -0.25M | -0.02M | -0.00M | -0.05M |
| Common stock | 47.83M | 47.83M | 47.83M | 47.83M | 48.37M |
| Capital stock | 47.83M | 47.83M | 47.83M | 47.83M | 48.37M |
| Retained earnings | 3.67M | 7.98M | 37.70M | 40.02M | 51.21M |
| Other assets | 63.13M | 79.59M | 105.95M | 109.14M | 119.44M |
| Cash | 4.28M | 5.53M | 1.60M | 1.91M | 1.09M |
| Total current liabilities | 8.16M | - | 0.02M | 0.00M | 0.05M |
| Net debt | 3.88M | -5.53M | 19.25M | 18.82M | 18.02M |
| Short term debt | 8.16M | 0.16M | - | - | - |
| Short long term debt total | 8.16M | 19.33M | 20.85M | 20.73M | 19.11M |
| Other stockholder equity | - | 0.67M | 0.67M | 0.67M | 0.13M |
| Property plant equipment | - | - | - | - | 119.38M |
| Total current assets | 6.62M | 5.53M | 1.75M | 3.08M | 2.86M |
| Long term investments | - | - | 0.00M | 0.01M | 0.04M |
| Net tangible assets | - | - | - | - | 99.71M |
| Net receivables | 2.34M | 2.53M | 2.58M | 1.17M | 1.77M |
| Long term debt | - | - | - | - | 19.11M |
| Inventory | - | - | 2.73M | - | - |
| Accounts payable | 0.00M | 0.06M | 0.02M | 0.00M | 0.05M |
| Accumulated other comprehensive income | 0.67M | 0.67M | 0.67M | - | - |
| Non currrent assets other | 0.28M | 2.62M | 2.75M | -0.01M | -0.04M |
| Non current assets total | 56.52M | 74.07M | 2.75M | 0.01M | 0.04M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Investments | - | 3.56M | 0.15M | 0.04M | 0.42M |
| Change to liabilities | - | - | - | 0.00M | -0.53M |
| Total cashflows from investing activities | 9.59M | 3.56M | 0.15M | 0.04M | 0.42M |
| Net borrowings | -11.27M | -1.50M | 0.00M | 1.50M | 1.50M |
| Total cash from financing activities | -11.27M | -1.72M | -1.20M | -2.17M | -4.04M |
| Net income | -4.32M | -29.71M | -1.12M | -7.52M | 1.19M |
| Change in cash | -1.24M | 3.92M | -0.31M | 0.82M | -1.35M |
| Begin period cash flow | 5.53M | 1.60M | 1.91M | 1.09M | 2.44M |
| End period cash flow | 4.28M | 5.53M | 1.60M | 1.91M | 1.09M |
| Total cash from operating activities | 0.43M | 2.08M | 0.74M | 2.95M | 2.27M |
| Issuance of capital stock | - | - | 0.00M | 0.00M | - |
| Other cashflows from investing activities | 9.59M | 3.56M | 0.15M | - | 0.00M |
| Dividends paid | - | 0.00M | 1.20M | 2.88M | 3.84M |
| Change to account receivables | -0.00M | 0.14M | -1.46M | 0.54M | 0.02M |
| Sale purchase of stock | - | - | 0.00M | -0.80M | -0.20M |
| Other cashflows from financing activities | - | -0.22M | 0.15M | 1.50M | 0.42M |
| Change to netincome | - | - | - | 10.47M | 1.43M |
| Capital expenditures | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Change in working capital | -0.97M | 0.51M | -1.04M | 0.01M | -0.51M |
| Other non cash items | 5.72M | 31.29M | 2.90M | 10.47M | 1.59M |
| Free cash flow | 0.43M | 2.08M | 0.74M | 2.95M | 2.27M |
Sector: Real Estate Industry: REIT - Diversified
|
Stock Name
|
Change
(GBX) |
Price
(GBX) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
|---|---|---|---|---|---|---|---|
| GRIO Ground Rents Income Fund PLC |
0.10 0.61% |
16.60 | - | - | 2.73 | 0.31 | 43.04 |
| LAND Land Securities Group PLC |
0.50 0.08% |
659.00 | 17.79 | 11.06 | 4.91 | 0.66 | 10.11 |
| BLND British Land Company PLC |
1.80 0.43% |
418.80 | 8.45 | 12.06 | 6.32 | 0.63 | 12.71 |
| UTG Unite Group PLC |
13.00 2.82% |
473.40 | 23.06 | 11.05 | 6.32 | 0.52 | 11.22 |
| CREI Custodian REIT PLC |
-1.00 1.20% |
82.00 | 7.89 | 13.68 | 8.65 | 0.92 | 9.49 |
Ground Rents Income Fund plc is a closed-ended real estate investment trust, listed on The International Stock Exchange and traded on the SETSqx platform of the London Stock Exchange. Schroder Real Estate Investment Management Limited (the 'Manager') was appointed as the Company's Alternative Investment Fund Manager in May 2019 to support the Company's Board with the headwinds related to building safety and leasehold reform. In 2023, the Board and Manager carried out an extensive shareholder consultation on proposals to change the Continuation Vote mechanism included in the Articles dating from 2012, as well as proposed changes to the Investment Policy. These proposals received strong support from shareholders and resulted in a new Continuation Resolution and Investment Policy. The new Investment Policy adopts a strategy of realising the Company's assets in a controlled, orderly and timely manner for shareholders, whilst continuing to deliver best-in-class residential asset management including fairness, transparency, and affordability for leaseholders. In November 2023 the previous Government published a consultation on restricting existing residential ground rents payable, without compensation to freeholders (the 'Consultation'). This represented a significant shift in the Government's approach to leasehold reform and led the Company's independent valuer, Savills, in conjunction with other valuers and the Royal Institution of Chartered Surveyors, to adopt a Material Valuation Uncertainty Clause ('MUC') across the entire residential ground rent market.
1 London Wall Place, London, United Kingdom, EC2Y 5AU
44 20 7658 6000
3
| Name | Title | Year Born |
|---|---|---|
| Mr. William Martin Robinson ACA, F.C.A., FCA | Company Sec. | 1958 |
| Mr. Peter Harrison | Group Chief Executive | 1966 |
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