Monday 27 February 2017

Green REIT profits more than double to almost €157m

Independent.ie Newsdesk

Independent.ie Newsdesk

Pat Gunne of Green REIT
Pat Gunne of Green REIT

Property investment group Green REIT made an after tax profit of €156.7m in the 12 months to the end of June, more than two and a half times the amount it made the year before.

This compared to an after tax profit of €43.1m in the company’s 2014 financial year, an increase of 264pc.

Basic net asset value ('NAV') per share increased year on year from 109.1 cents to 135 cents while basic earnings per share were 23.5 cents, up from 12.4 cents.

Total contracted rent was €55.7m per annum, up 90pc year-on-year from €29.3m. 95pc of company’s portfolio, which comprises of 24 properties, is based in Dublin.

The firm expects to declare a dividend of 1.6 cent per share, or a total dividend of €10.5m, to be paid in the fourth quarter of the year.

Chairman Gary Kennedy said: "This is a strong set of results for the company's second year of operation. Our strategy of investing shareholders' equity early in the Irish recovery cycle to assemble a portfolio of high quality properties is working well, and we look forward to exploiting the opportunities within the portfolio to add further value."

Chief executive Pat Gunne added: "We are now moving from the portfolio assembly stage to the active management and development phase, which is exciting given the quality of assets we now have in our portfolio.

“The Irish commercial property cycle has advanced significantly since our IPO in July 2013, as witnessed by our full year results.

“Maintaining leverage ratios at below industry average and closely monitoring the Dublin development cycle, as we aim for early participation, are central to our strategy of delivering attractive risk adjusted returns."

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