27th May 2020 14:31
(Alliance News) - Hibernia REIT PLC on Wednesday said it outperformed the market in its recently-ended financial year, with the real estate investment trust also raising its payout.
EPRA net asset value at March 31 was 179.3 euro cents per share, up 3.5% year-on-year from 173.3 cents.
Shares in the company were 1.7% higher at EUR1.07 each in London on Wednesday afternoon.
Hibernia reported a total property return of 5.9%, beating the MSCI Ireland Property All Assets index which returned 4.4%.
"Our results for the year to March 2020 were strong, with our portfolio returns outperforming the Irish market, helped by our office developments," Chief Executive Officer Kevin Nowlan said.
Hibernia lifted its dividend by 36% to 4.75 cents from 3.5 cents.
Hibernia added: "We had a busy year on the occupational side with new leases and rent reviews agreed adding EUR7.3 million to our contracted rent, net of expiries, breaks, surrenders and adjustments."
Focus now turns to the Covid-19 pandemic, CEO Nowlan said the full impact from the contagion is "yet to be felt".
"We have amongst the lowest leverage in the European REIT universe, no debt maturities until December 2023, and a high-quality tenant base weighted towards the technology sector and state entities. The impact on our rent collection levels to date has been modest and we are working collaboratively with any tenants who are having difficulties," Nowlan added.
Hibernia said it for the quarter ending June, it has collected just shy of 94% of its commercial rent, compared with 100% over the same period last year.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
HBRN.L