Hibernia REIT has posted a 9% increase in EPRA net asset value for the year to 31 March.
The REIT’s EPRA earnings per share rose 40.4% to 4p, up from 2.8p in March 2018.
Its portfolio value increased 7.9% to €1.4bn.
Kevin Nowlan, chief executive officer 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 16%.
“We have made good progress strategically in the year, finishing two development schemes to complete the Windmill Quarter and agreeing a large letting to HubSpot. We have also received new grants of planning for our future office developments at Marine House and Harcourt Square, and successfully refinanced our debt.
“We have continued to recycle capital, selling assets worth over €100m and reinvesting €85m in new acquisitions and our developments, where we expect better future returns.
“In April 2019 we announced our intention to return €35m to shareholders, starting with a €25m share buyback. This will continue our progress towards our leverage target, and will be value-enhancing for shareholders.”
During the year, Hibernia sold two properties for just over €100m. It also reinvested €40m in seven acquisitions, including the purchase of 98.3 acres of land at Newlands in late 2018.
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