Wednesday 19 June 2019

Rental income and profit increase at Hibernia Reit

Hibernia Reit’s CEO Kevin Nowlan
Hibernia Reit’s CEO Kevin Nowlan
Ellie Donnelly

Ellie Donnelly

Listed landlord and developer Hibernia Reit reported rental income of €53.3m in the 12 months to 31 March, up 16.6pc on the prior year.

Meanwhile, profit before tax was €124m, up from €107m a year earlier, according to preliminary results from the group.

The profit included a revaluation surplus and disposal gains of €98m.

Kevin Nowlan, CEO of Hibernia, said: "Hibernia's portfolio returns continue to outperform the market and we are reporting another set of strong financial results, including increasing our net rental income and our full year dividend by over 16pc.”

As a Reit, Hibernia is a special type of company. Reits  can only invest in property but benefit from reduced taxation - including not having to pay corporation tax on rental profits or the standard capital gains on asset sales.

The Reit’s final dividend of 2.0 cent per share brings the total for the year to 3.5 cent, up 16.7pc year-on-year.

During the year Hibernia sold two properties for €100m. It also reinvested €40m in seven acquisitions.

The group delivered net asset value growth of 8.9pc to 173.3cent, in the 12 month period.

Net asset value is the value of a company’s assets, minus its liabilities.

The performance came in ahead of analysts expectations.

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