Rental income up 15pc in 12 months at Hibernia Reit
Dublin-focused Hibernia Reit has seen its net rental income increase 15pc to €45.7m in the 12 months to 31 March 2018, according to preliminary results from the group today.
During the period the value of group’s property portfolio, which includes One Windmill Lane in Dublin’s docklands, increased 6.6pc to €1.3bn, while the group’s net asset value per share of 159.1c came in 3pc ahead of Davy forecasts.
The group’s profit before tax of €107m, which despite being down on the previous year's profit of €119m, was ahead of Goodbody analysts expectations due to higher than expected revaluation gains.
During the 12 month period the group completed two schemes, one Windmill Lane and 2 Dockland Central (formally Guild House), delivering 197,000 sq. ft. of Grade A offices.
Hibernia has three committed schemes totalling 222,000 sq. ft. Grade A offices now in progress, including 2 Windmill Lane and 1 Sir John Rogerson Quay.
While the group also announced the commencement of the Phase II development at Cumberland Place.
Dividends to shareholders for the 12 month period were up 36pc year-on-year.
Commenting on the results Hibernia chief executive Kevin Nowlan said that the group’s portfolio returns "significantly outperformed the Irish market".
"The supply of new offices in Dublin remains relatively constrained, particularly in the city centre market in which we specialise, and economic momentum in Ireland is strong, as is demand from domestic and international occupiers for office space in Dublin," Mr Nowlan said.
"These same dynamics are also in evidence in the residential rental market. We have a talented team, a portfolio rich in opportunity and flexible, low-cost funding available to support our plans."