GRENREAL'S FIRST QUARTER 2009 FIGURES

St. Georges, Grenada - (June 23, 2009) – Grenreal Property Corporation Limited ("Grenreal" or the "Company") (ECSE: GPCL) has released its interim financial statements for the quarter which ended 31st March 2009.

“Grenreal’s performance continues to be favourable and robust,” says Chief Executive Office Dick Van Dijk in spite of challenging global and local economic conditions and unforeseen events.

Operational income for the first quarter of 2009 was E.C. $1,492,987, representing a small decline of 8% as compared to the same period in 2008. However, the Grenreal C.E.O. has stated that this decline was largely due to temporary termination of leases due to construction work at the terminal. He also stated that a much smaller percentage of lost income was due to the economic impact of the global and local crisis but says that replacements have been found to fill vacant rental spaces.

Grenreal has met its forecasted targets for total costs with less than a one percent increase for the first quarter of 2009 as compared to the same period in 2008. The increases in Operational and Corporate costs have been more than compensated by for lower interest costs as a result of the renegotiation  of the Company’s mortgage loans. Interest costs declined by 8%, from EC $727,525 in 2008, to EC $667,559 in 2009.   

As a result, net operating income for the first quarter in 2009 was EC $190 885 compared with EC$ 342 000 in the first quarter 2008.

Upon completion of the reconstruction in the last quarter of 2009, the Company expects the net income to improve when the newly created (as well as the recently vacated units) will be occupied, and add again to rental income.

Commenting on the outlook for the rest of the year and into the next season, CEO Dick Van Dijk says he remained positive about Grenreal’s performance. He said that cruise passenger numbers had increased by 30 % in the last season and Grenada is now regarded has a high quality cruise tourism destination. “Grenada is very positively appreciated in the cruise industry which is reflected in the world cruise awards which we won recently. Along with this, there is continuous high interest in Grenreal’s Property from major cruise industry related international tenants,” Van Dijk said.