24th May 2018 13:53
LONDON (Alliance News) - Hibernia REIT PLC said on Thursday it saw a rise in net asset value for its recently ended financial year, as the value of its portfolio grew during the period.
EPRA net asset value per share rose by 8.7% to 159.1 euro cents from 146.3 cents the year before.
Hibernia's portfolio value rose by 6.6% to EUR1.31 billion for the period, and it delivered a total property return of 11.6%, outperforming the IPD Ireland Index of 6.8%.
Pretax profit however declined by 10% to EUR107.1 million from EUR119.0 million the prior year due to reduced revaluation gains. Total income including revenue, net rental income and the revaluation of investment properties stood at EUR133.5 million, down from EUR145.7 million.
Hibernia declared a final dividend of 1.9 euro cents per share, taking the total payout to 3.0c, up 36% from 2.2c the year before.
"We are pleased to report another strong performance in the year. Our portfolio returns significantly outperformed the Irish market, helped in particular by our office developments and our residential assets, and our growing rental income has enabled us to propose increasing the dividend for the year by 36%. As guided, we recycled capital into assets which we believe will enhance our future portfolio returns and we expect to continue this process," said Chief Executive Kevin Nowlan.
"Looking ahead, we continue to be optimistic and are today announcing the commencement of the Phase II development at Cumberland Place. The supply of new offices in Dublin remains relatively constrained, particularly in the city centre market in which we specialise, and economic momentum in Ireland is strong, as is demand from domestic and international occupiers for office space in Dublin," Nowlan added.
Shares in Hibernia REIT were up 1.8% at EUR1.55 on Thursday.
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