12th Nov 2019 10:33
(Alliance News) - Hibernia REIT PLC on Tuesday reported an improved performance in the first half of its current financial year but warned on softer business and consumer sentiment in Ireland in "recent months".
The Dublin-headquartered real estate investment trust said its portfolio value stood at EUR1.42 billion as at September 30, up 0.6% over the six-month period.
Annual contracted rent was EUR62.0 million, up 7.6% since March, mainly due to net new lettings and rent reviews. Net rental income grew by 7.3% to GBP28.6 million in the first half.
Hibernia's net asset value per share as at the end of September was 175.7 euro cents per share, up 1.4% from 173.3 cents recorded at the end of March.
The trust declared an interim dividend of 1.75 cents per share, up 17% from 1.50 cents it paid a year ago.
"Whilst Ireland continues to have one of the fastest growing economies in the EU, business and consumer sentiment have softened in recent months, consistent with global trends," noted Chief Executive Officer Kevin Nowlan.
Looking ahead, Nowlan added: "Our business has low leverage, a talented team and an exciting pipeline of potential development projects and we are well-positioned to take advantage of whatever opportunities arise."
The stock was trading 1.8% lower in London on Tuesday at EUR1.40 a share.
By Evelina Grecenko; [email protected]
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