Grit Real Estate Income Group Announces Full Year 2024 Results

Grit Real Estate Income Group, a specialist in pan-African real estate, has released its audited results for the financial year ending 30 June 2024. Despite facing macroeconomic challenges, including high-interest rates affecting earnings and property valuations, the company reports consistent portfolio returns. The strategic shift towards higher-yielding assets saw the completion of GREA's majority acquisition, streamlining operations and enhancing developmental capabilities.

The company's commitment to cost efficiency resulted in a 14% reduction in administrative expenses. Total income-producing assets increased by $109.2m, reaching $971.2m. However, key financial metrics like EPRA NRV per share declined by 20.5% to $57.9cps, and distributable earnings fell from $4.29cps to $0.25cps.

The Group's strategy remains focused on sustainable growth, capital efficiency, and asset recycling to bolster financial flexibility. Rising loan-to-value (LTV) ratios, now at 52.33%, and the suspension of dividends reflect existing economic pressures. Future plans include further asset disposals and a continued focus on high-quality tenant acquisition.