Yew Grove Reit reports profit of €2.3m for 2018
Yew Grove real estate investment trust (Reit) has reported a profit of €2.3m in respect of 2018.
In completing its €75m IPO last June the group became the first new company to trade on the Irish stock exchange since it became Euronext Dublin.
The group, which has 14 properties around Ireland, had total assets of €77.9m at 31 December, according to its annual results for 2018.
As a Reit, Yew Grove is a special type of company that benefits from reduced taxation - including not having to pay corporation tax on rental profits or the standard capital gains on asset sales, as long as it meet criteria including only investing in property and distributing the vast bulk of income as dividends each year.
The board have agreed to pay an interim dividend in respect of the period to 31 December 2018. The declared dividend was the group's net income, which rounds to 0.964 cents per share.
Yew Grove had a contracted rent roll of €6.2m per year at 31 December, and has an overall vacancy rate of 3.5pc largely from its Blackwatch House office in Cork, which is quarter empty.
Since the start of this year the group’s rent roll has increased to €7.43m on the back of further acquisitions. This represents a gross yield at fair value of 8.13pc.
Looking forward, the group said it was "confident" of continued growth and success in 2019.