Hibernia REIT plc ('Hibernia', the 'Company' or the 'Group') today announces its preliminary results for the financial year to 31 March 2018. Highlights for the financial year:

Strong financial performance despite stamp duty increase, outperforming Dublin market

  • Portfolio value of €1,308.7m, up 6.6%1 in the year (developments up 18.3%1,2)
  • 12-month total property return3,4 of 11.6% vs IPD Ireland Index of 6.8%
  • EPRA NAV4 per share of 159.1 cent, up 8.7% in the year and 2.4% in H2 (7.4% excl. stamp duty change)
  • Net rental income of €45.7m, up 15.1% on prior year (March 2017: €39.7m)
  • Profit before tax of €107.1m including revaluation surplus (March 2017: €119.0m)
  • EPRA EPS4 of 2.8c, up 27.3% on prior year (March 2017: 2.2c)

1 On a like-for-like basis and excluding finance costs on developments
2 Developments include 1WML which completed at the end of August 2017
3 Total property return is the return of the property portfolio (capital and income) as calculated by MSCI, the producers of the MSCI/IPD Ireland Index.
4 An alternative performance measure ('APM'). The Group uses a number of such financial measures to describe its performance, which are not defined under IFRS and which are therefore considered APMs. In particular, measures defined by EPRA are an important way for investors to compare similar real estate companies. For further information see 'Supplementary information' at the end of this report.

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Hibernia REIT plc published this content on 24 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 May 2018 06:22:16 UTC