Greenman Open Performance - GMO - Food Retail Investment

Fund Performance

Key fund performance figures as at the latest NAV of Q3 2022:

€737.33m

Fund NAV

+0.42%

Like for like change in fund NAV

€115.14m

Cash Assets

Share Class Performance

OPEN targets to distribute 1% each quarter with a final year distribution of available cash within the fund targeting a total annual distribution of c. 5.5%. To date the fund has distributed over €50m to investors.

OPEN offers a range of different share classes to suit investor’s income needs. The table to the right displays the returns of investors with €125,000 invested in an Income share class and a Growth share class since 2017.

	QTR	YTD	1 YR	3 YR	5 YR
Income	0.47%	4.20%	6.44%	16.25%	25.38%
Growth	0.63%	5.51%	8.41%	21.24%	32.49%

NOTE: Returns are net of Greenman fees and based upon all share classes returns.
Figures are as at the latest NAV of Q3 2022

Key Portfolio Figures

Key Portfolio figures:

€52.87m

Annual Rental Income

+ 0.035% qtr-on-qtr

8.39 years

WARLT

€429 m

Senior Debt

– 0.005% qtr o qtr

Portfolio Performance

Grocery is an anomaly in the retail sector, fast becoming the new retail core investment after strong performance during the pandemic. Greenman Open performance reflects this.

OPEN’s rent collection remained relatively stable throughout to Q3 2022 (c.98.5%) with high levels of occupancy (c.96%) demonstrating the stability of food and necessity based retail tenants.

We entered the final quarter of the year with a positive outlook as restrictions relax and the vaccine rollout increases. While rent collection has remained high, we continue to engage with our tenants and work with any that require flexibility during this time.

There has been no material change to contractual rent, which remains stable at €52.87m per annum allowing us to maintain regular distributions to investors.

OPEN has a current GAV of €1.09bn from 77 assets with long-term senior debt obligations of €429m. Contractual annual rent is €52.87m with a WARLT of 8.39 years. The quality of the portfolio, combined with the resilience of it’s food retailer and essential retailer tenants on long leases has contributed to the continued steady Greenman Open performance during a challenging period.

REPORTING