Ireland’s Green REIT has reported a 10% increase in its net asset value but its profit after tax has fallen by 11%.
Green REIT’s preliminary results for the year to 30 June 2017 reported NAV at €1.2bn (£1.1bn), but its profit after tax was €129.8m, down from €145.5m the previous year.
The group’s portfolio valuation increased by 11% to €1.4bn.
It has proposed a full-year dividend of 5 cents per share, a 9% increase over the previous year, equating to 3% on June 2017 NAV.
LTV was at 20.2%, with undrawn facilities at year end of €82m providing further capital for deployment into development pipeline.
Pat Gunne, chief executive of Green Property REIT Ventures, said: “The market backdrop in Ireland continues to provide us with opportunity, particularly around our development assets, which are achieving considerable letting success ahead of expectations.
“The strong levels of foreign investment into Ireland, demonstrated by the ongoing success of IDA Ireland in attracting international projects, is one of the key factors encouraging us to expand upon our existing development programme as we continue to successfully de-risk our current pipeline.”
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