Green REIT has announced its results for the year ended 30 June 2015. The NAV rose by 23.6% and the EPRA NAV by 21.6% over the year. The EPRA earnings per share fell by 23.8% to 1.6 cents. Gearing at the year end was 9.5%. The Board expects to declare a dividend of 1.6 cent per share, or a total dividend of €10.5, to be paid in the fourth quarter of 2015. All of this dividend will be paid as a Property Income Distribution, as defined in Irish REIT legislation.
Their properties are now valued at €968.3m reflecting an uplift on 31 December 2014 values of 9.7% or 24.2% on those properties held throughout the financial year.
The portfolio now comprises 24 assets, with a total floor area of 2.24m sq ft (208,600 sqm) and with a Dublin focus (95% by portfolio value – 75% is offices); plus One Albert Quay office block in Cork contracted at 30 June 2015, with completion due in Q1 2016. The occupancy rate at 30 June was 98% but leases signed since 30 June 2015 have further reduced vacancy to 1%, with Westend Shopping Park and Parkway Retail Park now also fully let
The investment income yield on 30 June 2015 was 5.4%. Total passing rents were €52.4m up from €28.5m last year and increasing to €55.7m on expiry of rent frees.
GRN : Green REIT has close to €1bn of property