Green REIT earnings soar after lettings spree

Green REIT has posted a 21% jump in its EPRA earnings to €44.6m (£41.4m) in the 12 months to 30 June. Its underlying net rental profit was boosted by an increase in its annual rental income to €79.4m, or €83m when income from lettings with terms agreed are included, from €71.7m the year before. The value of Green REIT’s portfolio rose by 8% during the period to €1.5bn, according to full-year results from the group. EPRA NAV per share increased by 5% to 187.1 cents. Gary Kennedy, chairman of Green REIT, said: “This has been another year of growth in our rental income and underlying earnings, with further positive contributions from our development schemes and asset management initiatives to the company’s income base.” See also: Henderson Park buys Green REIT for €1.3bn The company has also agreed terms for the retail space at One Molesworth Street, at an annual rent of €505,000, which will bring the building to full occupancy, delivering a total rent of €5.85m a year. The firm’s Building I in Central Park will produce yearly rent of around €3.5m, 13% ahead of the group’s most recent annual rent projection in February of €3.1m. The building completed in April 2019. Genesis Aircraft Services has signed a 20-year lease for the top two floors. Its 115,000 sq ft Bunzl unit at Horizon Logistics Park at Dublin Airport commenced in February and is due for completion in the first quarter of 2020, with an annual rent of €1.14m. The firm also signed a deal with Vortex Aviation for unit D4 at Horizon Logistics Park at an annual rent of €430,000 on 44,800 sq ft for 20 years with nine months’ rent-free.   To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette