Buoyant Irish property market boosts Green REIT

12th Sep 2016 10:39

(ShareCast News) - Irish property investment company Green REIT announced its results for the year to 30 June on Monday.The London-listed firm said its portfolio, dominated by high-grade Dublin offices, is now valued at €1.24bn, with the company having recorded a "strong performance" across all key operational metrics during the period.It reported a 14.9% increase in EPRA NAV to €1.52 per share, underpinning a 17.7% total return in the period.The company's board said EPRA earnings now contributed 17% of total profit, as well as a 10% increase in contracted annual rent to €61.3m from 21 properties.Its EPRA earnings per share increased 131% to 3.7 euro cents per share, while its basic EPS was 21.5 cents per shareGreen REIT described its EPRA earnings as "strong" at €24.8m, up 137% on the prior year, with net profit of €145.5m for the yearTotal gearing remained low at 19.2%, with cash and undrawn facilities at year end of €121.4m "providing further capital for growth and development".There was also a 188% increase in the proposed dividend to 4.6 cents per share."The board continues to focus on driving risk adjusted returns for shareholders through our clear and focused strategy," said chairman Gary Kennedy."This has been another successful year for the Company, with dividend plans coming to fruition and our development projects on plan."We are confident in our business and our market and look forward to delivering shareholder returns in line with our target in the year ahead."Pat Gunne, chief executive of Green Property REIT Ventures Limited, added that the strong results are a reflection of the continued growth in the Irish economy, and the prevailing low interest rate environment which is supportive of the commercial property industry both in Ireland and abroad."The 137% growth recorded in rental profits over the previous year allows us to achieve our dividend objectives ahead of schedule," Gunne explained.