Dividend hike at Green REIT

Crucially, net rental income grew 39 per cent to €52.5m, and this helped to lift adjusted net asset value per share by 15 per cent to 151.8¢, and shareholders were rewarded with a sharp hike in the dividend payment. Lease negotiations were completed on around a quarter of contracted rent, and new lettings brought in €9.5m of additional rent. Average lease lengths were also higher, with the weighted average of unexpired leases up from five years to 7.8 years.

Operating in the EU's fastest-growing economy, occupancy rates remained high at 98.3 per cent and, given the chronic undersupply of quality office space, the company acquired five properties with development potential. Gearing consequently rose from 9.5 per cent to 19.2 per cent, but this remains well below a targeted level of 25 per cent. Other key moves included taking full control of Central Park, one of Dublin's top office parks, and this added €8.9m to annual contracted rent.

Analysts at brokers Davy are forecasting adjusted net asset value at the June 2017 year-end of 161.9¢ (from 151.8¢ in 2016).