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DETAILED UPDATE for the YEAR ENDED 30 JUNE 2020 Grit Real

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DETAILED UPDATE for the YEAR ENDED 30 JUNE 2020 Grit Real GRIT REAL ESTATE INCOME GROUP LIMITED (Registered by continuation in the Republic of Mauritius) (Registration number: C128881 C1/GBL) LSE share code: GR1T SEM share code: DEL.N0000 ISIN: MU0473N00036 LEI: 21380084LCGHJRS8CN05 ("Grit" or the "Company" or the "Group") DETAILED UPDATE FOR THE YEAR ENDED 30 JUNE 2020 Grit Real Estate Income Group Limited, a leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of assets underpinned by predominantly US$ and Euro denominated long-term leases with high quality multi-national tenants, today releases a detailed update for the 12 months ended 30 June 2020. The Company now intends to publish its audited results in line with Covid-19 reporting timelines set out by the UK’s Financial Conduct Authority (i.e. by no later than 31 December 2020) and has obtained formal approval from the SEM for a similar timeline dispensation. The Company had previously announced that it intended to release its audited results for this period on 26 October 2020. Bronwyn Corbett, Chief Executive Officer of Grit Real Estate Income Group Limited, commented: “Covid-19 has created a challenging backdrop, which has impacted Grit’s business over the past six months, but we are continuing to take actions to ensure the stability of the portfolio and that Grit remains financially robust. Our actions have included strategic asset sales, successful renegotiations with key lenders and innovative financing solutions which will enhance shareholder returns over the short and longer term. 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. This increasing confidence is further reinforced by the recovery of the Euro post year-end, footfall showing steady improvement in our retail assets and arrears balances starting to improve. We continue to make positive strides in our asset recycling initiatives, and we have further increased our headroom through the recent lifting of the Group’s lowest enforced debt covenants to 55%. The Group is well positioned for a recovery in the economies we operate in and continues to focus on delivering its investment strategy and exciting growth opportunities that underpin the Company delivering attractive, secure and sustainable income and capital growth to our shareholders from across our high-quality portfolio over the short and longer term.” Financial highlights Unaudited 30 June 2020 30 June 2019 Dividend per share US$5.25 cps US$12.20 cps EPRA NAV per share US$118.0 cps to US$119.9 cps US$147.1 cps Adjusted EPRA earnings per share US$8.70 cps to US$9.12 cps US$9.92 cps EPRA cost ratio (incl. associates) 14.6% 17.0% Total Income Producing Assets US$823.5m US$825.2m WALE 5.4 yrs. 6.3 yrs. EPRA portfolio occupancy rate 94.1% 97.1% Group LTV c50.5% 43.1% Property LTV 46.5% 40.6% EPRA net asset value ("NAV") per share is expected to fall to between US$1.180 to US$1.199 (2019: US$1.471). The reduction is principally as a result of the decrease in the value of the Group’s retail and hospitality assets, the impacts of movements in currencies against the US$, mark to market adjustments on interest rate swaps and increased impairment charges. Group LTV increased to c.50.5% (2019: 43.1%) predominantly as a result of the decrease in the value of the Group’s property portfolio. All debt covenants have, and continue to be met but as a precautionary measure the Group has successfully lifted its lowest applied LTV debt covenants to 55% and secured additional liquidity facilities. The Board remains committed to reducing LTV levels through capital recycling initiatives, issuance of quasi equity instruments and selected NAV accretive acquisitions. Dividends per share declared for the year ended 30 June 2020 total of US$5.25cps (2019: US$12.20cps), comprising the interim dividend declared in February 2020. The Board has decided against declaring a final dividend for the year ended 30 June 2020, but expects to resume dividend payments in the current financial year ending 30 June 2021 The Group’s property portfolio was independently valued at 30 June 2020, with total income producing assets valued at US$823.5 million (2019: US$825.2 million) and like-for-like property valuations decreasing 7.4% in the six month period from December 2019. Operational highlights Property portfolio now comprises a total of 52 investments, across eight countries, five asset classes. 86% of the value of contracted revenues for the four months to 30 June 2020 were collected, including arrears balance recoveries and rental prepayments. 90.2% (2019: 93.6%) of revenue is earned from multinational tenants1. 89.1% (2019: 95.4%) of income is produced in hard currency2. c.14.4% of contracted rents for the four months to 30 June 2020 were placed upon agreed payment plans and are predominantly collectible through to 31 December 2021. c.8.7% of total contracted rentals for the four months to 30 June 2020, predominantly in the retail sector, were permanently written off as rental concessions. EPRA portfolio occupancy rate of 94.1% as at 30 June 2020 (2019: 97.1%). Total Grit proportionately owned lettable area ("GLA") increased a further 6.2% in the second half of the financial year to 334,589 sqm (2019: 260,709 sqm) as a result of acquisitions. Weighted average annual rent escalations at 3.3% (2019: 2.8%). Weighted average property capitalisation rate 7.6% (2019: 7.7%), impacted by Covid-19 uncertainty upward movements that were offset by favourable portfolio mix effects from acquisitions. Weighted average cost of debt moved down to 5.9% (2019: 6.4%) as a result of movements in LIBOR over the reporting period and refinancing activity. Leases over 96,654 sqm of GLA (on a 100% basis), representing 17.6% of total Group GLA, expired in the year. New leases over 93,368 sqm of this GLA were concluded by 30 June 2020. Successful leasing activity with Bollore, Shoprite, Game and Tsebo over the period. Notes 1 Forbes 2000, Other Global and pan African tenants. 2 Hard (USD and EUR) or pegged currency rental income. Post balance sheet activity On 29 July 2020, Grit delisted off the Main Board of the Johannesburg Stock Exchange and introduced two strong African institutional shareholders. On 17 August 2020 the Group secured a short-term facility of one year from Nedbank South Africa for US$7.0 million, bearing interest at Libor plus 7%. On 3 August 2020 the trading of Grit’s shares on the Main Board of the LSE converted from a USD quotation to a GBP Sterling quotation. On 18 September 2020 the Company entered into a binding agreement for the disposal of a 39.5% interest in AnfaPlace Mall in Morocco, thereby reducing the Group’s exposure to the retail sector. On 16 October 2020 the Company entered into a binding agreement for the disposal of a 26.35% interest in Acacia Estate, capitalising on value improvement that the Group has introduced since acquiring the asset in 2018. Collection rate of over 90% of the value of contracted revenue for August and September, increasing from c.87.6% for the three months to 30 September 2020. BUSINESS REVIEW The impact of Covid-19 (or the “pandemic”) continues to test the resilience of the Group’s portfolio, as the Group remains focused on its strategy, its tenants and continued leasing performance in order to navigate the current period of uncertainty while positioning itself to take advantage of future opportunities. The safety and wellbeing of Grit's staff and their families, its tenants, communities and wider stakeholders remains the Group’s top priority while the Company continues to work tirelessly to contain and mitigate the potential effects of the pandemic. The Group’s high-quality assets have a weighted average lease expiry of 5.4 years, a weighted average contracted lease escalation of 3.3% per annum and are underpinned by a wide range of blue-chip multi-national tenants across a variety of sectors who account for over 90% (2019: 93.6%) of our contracted revenue. Grit's property portfolio comprises a total of 48 operating assets (including 24 properties held in Letlole La Rona (“LLR”)) with rentals predominantly collected monthly, of which 89.1% are collected in US$, Euro or pegged currencies. Management’s modelling indicates that the Group has adequate financing facilities through to December 2022. Hospitality and retail assets, which now make up 49.1% of the Group’s property portfolio, are currently in the re-opening and recovery phase and their current trading performance and collection trends are ahead of budget for the three-month period July 2020 to September 2020. Collections have remained strong since the onset of the pandemic and, despite the economic headwinds, collection trends have continued to improve in recent months with August and September collection rates averaging over 90% of contracted rental revenue. Short term concessions, primarily in the retail segment, were agreed and have resulted in lost revenue of c.2.9% in the financial year end to 30 June 2020. Short-term payment deferrals of a further c.4.8% of Grit full year attributable contracted revenue were agreed driven primarily by the hospitality sector assets in Mauritius. These balances are predominantly now due over the period to 31 December 2021. Financial update Notwithstanding rental concessions granted, total rental income is still expected to increase for the year ended 30 June 2020 as a result of annual contractual lease escalations and as a result of asset acquisitions in the period.
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