- Real estate group Grit Real Estate Income scrapped its final dividend and said it expected to report a fall in earnings per share, paced by a decline in the value of its retail and hospitality assets owing to the pandemic.

EPRA net asset value per share was expected to fall to between US$1.180 to US$1.199 from US$1.471 last year, principally as a result of the decrease in the value of the group's retail and hospitality assets, the impacts of movements in currencies against the US dollar, mark to market adjustments on interest rate swaps and increased impairment charges, the company said.

The property portfolio as at 30 June 2020 was valued at US$823.5 million, down from US$825.2 million, with like-for-like property valuations decreasing 7.4% in the six month period from December 2019.

The group's loan-to-value was expected to increase to 50.5% from 43.1%. Dividend per share declared for the year ended 30 June 2020 totaled US$5.25, down from US$12.20 a share.

The company did not declare a final dividend for the year ended 30 June 2020, but said it expected to resume dividend payments in the current financial year ending 30 June 2021. 'Our office, light industrial and corporate accommodation sector assets have remained relatively unaffected by the pandemic, and with group rent collection continuing to improve, including robust August and September rent collection that has averaged over 90%, the group is increasingly confident in its outlook,' the company said. The company said would publish annual results by no later than 31 December 2020. The company had previously announced that it intended to release its audited results for this period on 26 October 2020.

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