Property investment group Green REIT has reported  profits of €156.7m for the year to the end of June, up a massive 264% on the €43.1m reported the previous year.

Basic earnings per share rose to 23.5 cents from 12.4 cents, while its total return for the year came to 24.4%.

Green REIT said its board expects to declare a dividend of 1.6 cent per share, or a total dividend of €10.5 million. This will  be paid in the fourth quarter of 2015. 

The group said its portfolio now comprises 24 assets, with Dublin making up 95% of that portfolio. It had contracted annual rent of €55.7m from those 24 properties.

Acquisitions in the last 12 months included office buildings in Georges Quay in Dublin 2 and Westend Retail Park in Blanchardstown, as well as offices in Dawson Street in Dublin city centre and at Albert Quay in Cork.

"We are now moving from the portfolio assembly stage to the active management and development phase, which is exciting given the quality of assets we now have in our portfolio," commented. Pat Gunne, CEO of Green Property REIT Ventures Limited.

Mr Gunne said that the Irish commercial property cycle has advanced significantly since the company's IPO in July 2013, as witnessed by its full year results. 

"Maintaining leverage ratios at below industry average and closely monitoring the Dublin development cycle, as we aim for early participation, are central to our strategy of delivering attractive risk adjusted returns," he added.