IPUT plc

Annual Report & Financial Statements 2019

Chief Executive’s Review

In 2019, we adopted a wider focus on greening our buildings and developing public spaces which contribute to the future shape of our city. We make these investments because they have a positive impact on our occupiers and the wider community, which, in turn, strengthens our position and ultimately supports the value of our assets.

Niall Gaffney - Chief Executive

Key Highlights
Key Highlights

 

2019 Highlights
A RECORD YEAR
580,000 sq ft
Wilton Park Estate offices
fully pre-let to LinkedIn
€31m
New lease income
generated in 2019
€360m+
Committed to
acquisitions
€71m
Disposals
€282m
New Equity
€54m
Secondary Trades
+10.3%
Increase in
net rental income
4.2%
Dividend
Yield
Chief Executive Review   Download the Chief Executive's Review
KEY PERFORMANCE INDICATORS
SECURE LONG TERM INCOME RETURNS
Dividend - Graph
Dividend

€106.7m

+8.3%
Dividend per Share - Graph
Dividend per Share

€46.00

+2.9%
Total Shareholder Return (TSR) - Graph
Total Shareholder Return

5.1%

-38%
Net Asset Value - Graph
Net Asset Value

€2,745m

+11.6%
Net Rental Income - Graph
Net Rental Income

€118.2m

+10.4%
Total Expense Ratio - Graph
Total Expense Ratio

40bps

+4 bps
POSITIONED TO PERFORM
2019 ACQUISITIONS
No.3 DUBLIN LANDINGS, DUBLIN 1


Purchase Price €115m

The headline acquisition for the year was the off-market acquisition of No.3 Dublin Landings on Dublin’s North Quays for €115 million. This transaction, announced in December, completed in 2020 and represents a significant addition to IPUT’s prime CBD office portfolio.

Pearse Street Portfolio


We added to the CBD portfolio with the acquisition of 51-54 Pearse Street and Magennis Court. These acquisitions further consolidated our position as Dublin’s largest office owner and support the ongoing modernisation of our building stock.

Phase 2, Carrickmines


Purchase Price €95m

We acquired Phase 2, Carrickmines Park, consolidating our ownership of Carrickmines Park in south Dublin while reducing our exposure to co-owned assets.

Logistics Acquisitions


Purchase Price €40m

IPUT acquired two prime logistics assets in addition to a 47-acre landbank located in prime locations next to Dublin Airport and the well-established Aerodrome Business Park, for a total of €40 million. Following these acquisitions IPUT is now the largest owner of logistics assets in Dublin with 2.4 million sq ft under management.