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Real estate company Grit Real Estate Income reported a fall in annual earnings, driven by decrease in the value of its property portfolio.
For the financial year ended 30 June 2021, EPRA net reinstatement value per share fell 12.6% to $1.024, while portfolio net operating income was up 3.5% to $55.3 million.
The company blamed the fall in earnings on a decrease in the value its retail and VDE Housing Estate assets and increased impairment charges.
Contractual rental collections rose 3.9% to 92.5%, and loan-to-value improved to 5.31% from 50.2%.
Dividends per share declared for the year ended 30 June 2021 was US$1.50 cps, down from US$5.25cps.