Green REIT reports solid results

Irish property investor Green REIT has reported a 2.2% increase in its EPRA NAV per share to €1.83 (£1.58) in its latest half-year results. The value of its portfolio stood at €1.48bn at 31 December 2018, a 4.1% increase on the previous valuation of €1.42bn on 30 June 2018. Earnings per share were 6.5c compared with 7.7c for the same period in 2017, reflecting moderate valuation uplifts for the portfolio. EPRA earnings were €21.7m, compared with €22.1m in 2017. The company’s LTV was 17.5%, with undrawn facilities at period end of €101m, providing further capital for deployment into the development pipeline. For the six months ended 31 December 2018, Green REIT also reported a  14% fall in profit to €45.6m, compared with €53m for the first six months of 2017. Gary Kennedy, chairman of Green REIT, said: “While we have seen some positive impacts from Brexit on the Dublin office market, and within our property portfolio, the ultimate outcome of Brexit may potentially be a headwind for the Irish economy. “We remain alert to this possibility, but despite this uncertainty we look forward to the period ahead with cautious optimism and believe that the company continues to be well positioned to take advantage of further opportunities and to deliver attractive risk-adjusted returns to its shareholders.”   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette