23 May 2019
Hibernia REIT PLC Preliminary Results - May 2019
Hibernia REIT plc (“Hibernia”, the “Company” or the “Group”) today announces results for the financial year to 31 March 2019. Highlights for the year:
Portfolio returns continue to outperform the Irish market, assisted by developments
- 12-month total property return1 of 11.6% vs MSCI Ireland Property Index (excl. Hibernia) of 7.5%
- Portfolio value of €1,395.4m, up 7.9%2 in the year and 3.8%2 in H2 (developments up 27.3%2 in the year)
- EPRA NAV3 per share of 173.3 cent, up 8.9% in the year and 4.2% in H2
- Net rental income of €53.3m, up 16.6% on prior year (March 2018: €45.7m)
- Profit before tax of €124.0m including revaluation surplus and disposal gains (March 2018: €107.1m)
- EPRA EPS3 of 4.0 cent, up 40.4% on prior year (March 2018: 2.8 cent)
1 Total property return is the return of the property portfolio (capital and income) as calculated by MSCI
2 On a like-for-like basis
3 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 announcement