IPUT | Investors Relations

IPUT plc

Annual Report & Financial Statements 2018

Ireland’s Premier Property Fund

Chief Executive’s Review

"Realising our ambitious regeneration projects in 2018 allowed us to generate over €100m in rent roll for the first time in our history. We achieved this milestone off the back of pre-letting these projects and have positioned the portfolio for further growth in 2019 and beyond."




Key Highlights
Key Highlights


Key Highlights


Growth in net rental
income to over €107m


Strategic acquisitions


Capital recycled
through disposals


Revised and up-sized
revolving credit facility

3 Star

Green Star rating in the
2018 Global Real Estate
Sustainability Benchmark


Average Years WAULT
on new lettings


Growth in Dividend
per Share
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IPUT plc
Annual Report &
Financial Statements 2018

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Positioned to Perform

€2.5 bn

Net Asset Value

4.1 %

Dividend Yield


Total Shareholder Return


Occupancy Rate


Net Rental Income


New Acquisitions


Total Disposal

6.9 Years


Consistent income returns over the long term

Our Key Performance Indicators

Dividends - Graph


+13.7% (2017: €86.6m)

IPUT pays quarterly cash dividends and distributed €98.5m to shareholders in 2018. Strong net income growth and the delivery of key added-value projects supported the 13.7% increase in dividends paid in 2018.

Dividend per Share - Graph
Dividend per Share


+8% (2017: €41.41)

IPUT paid a dividend per share of €44.71 for 2018, an increase of 8% year-on-year.

Total Shareholder Return (TSR) - Graph
Total Shareholder Return (TSR)


-1.2% (2017: 9.5%)

The TSR of 8.3% for 2018 reflects the excellent income and capital returns generated in the year.

Net Asset Value - Graph
Net Asset Value


+7% (2017: €2,292m)

The Fund’s NAV increased by 7% in 2018; a combination of capital value growth and continued investment in the Fund by shareholders.

Net Rental Income - Graph
Net Rental Income


+15.6% (2017: €92.7m)

An active year of new lettings, lease renewals and lease re-gears increased net rental income by 15% in 2018.

Occupancy Rate - Graph
Occupancy Rate


+1.4% (2017: 98.1%)

IPUT’s occupancy rate of 99.5% at the end of 2018 reflects the active management of the portfolio by the management team and the strength of the underlying tenant covenants across the estate.

Total Expense Ratio - Graph
Total Expense Ratio


+1 bps (2017: 35bps)

IPUT is an internally managed fund and maintains an exceptionally efficient cost base.

2018 Acquisitions

Deloitte House, Earlsfort Terrace, Dublin 2

Wilton Park - View

Purchase Price €63.7m

The landmark transaction of the year was the €158m asset swap involving the exchange of 6 George’s Dock and 40 Molesworth Street for Deloitte House. In this transaction, IPUT crystallised a significant €46m capital gain on the disposed assets and acquired an income generating asset which offers upside on both income and capital returns.

Unit A, Furry Park Industrial Est., Dublin 9

Unit A, Furry Park Industrial Est., Dublin 9

Purchase Price €5.7m