Green REIT has reported a profit of €67.1m for the six months to the end of December, down from the figure of €74.3m the same time the previous year.

The company posted earnings per share of 10 cent for the six month period, down from 11.1 cent the same time in 2014.

Green REIT said that its development programme is expected to be a significant driver of shareholder returns. 

It is now on site at four locations in Dublin which are at the early stages of development - Block H in Central Park, two office schemes at 32 and One Molesworth Street in Dublin city centre and industrial units at Horizon Logistics Park at Dublin Airport.

During the six month period, the company also negotiated agreements for leases with Pioneer Investments (€3.4m in annual rent) and Vodafone Ireland (€7.3m in annual rent).

€5.8m of new annual rent was also secured through new lettings, the largest of which was to Fidelity International at George's Quay. 

The company said that the property sector in Ireland has recovered rapidly after the global financial crisis.

It said that take-ups are at record levels in Dublin offices and a strong pipeline of foreign direct investment tenants are looking to grow in Ireland or to enter the Irish market in 2016. It also said that there is also good demand from domestic companies for space. 

"The investment market remains healthy, assisted by the fact that bond yields and interest rates are at historical lows, driven mainly by the uncertainty around global growth and low oil prices," it added.

Green REIT's chairman Gary Kennedy said that the company has secure income, prime assets, a strong balance sheet and a proven management team.

"The board is confident that the continued implementation of our asset management and development strategy, against the favourable backdrop of a strong commercial property market and supportive Irish macroeconomic fundamentals, will deliver further shareholder returns in line with our target. We look forward to the year ahead with confidence," he added. 

A REIT is a company that owns and manages property on behalf of shareholders. REITs provide a way for investors to access the risks and rewards of holding property assets without having to buy property directly.