Green REIT said it generated a total return of 17.7% on its portfolio, which primarily consists of high grade offices in Dublin.

Results for the year to the end of June show its portfolio is now valued at €1.25 billion.

Net profits for the year came to €145.5m, down over 7% on the €156.7m reported last year.

The company said that rental income rose 10% to €61.3m from its 21 properties during the year.

It also reported basic earnings per share of 21.5 cents, down 8.5% on the previous year.

Green REIT said it was proposing a 188% increase in its dividend to 4.6 cents per share, which is said reflected its strong performance in the 12 month period.

During the year the company said it further strengthened its portfolio through two strategic acquisitions - the acquisition of full control of Central Park, increasing Green REIT's ownership from 50 to 100%; and the acquisition of One Albert Quay, Cork's flagship office building. 

The company also disposed of four non-core properties, acquired early in the recovery cycle. This generated a profit on purchase price of 75%.

Green REIT said that the successful implementation of asset management initiatives during the year has strengthened its income, making it more secure and resulting in longer income streams. 

"Our development pipeline will further enhance this income, with the company completing two industrial units during the year and with the completion of two office buildings, at Central Park and 32 Molesworth Street, scheduled for December 2016," the company said in its results statement. 

"Construction of One Molesworth Street in Dublin's CBD is progressing well and on target, while construction of 4-5 Harcourt Road has recently commenced," it added.

"Our strong results are a reflection of the continued growth in the Irish economy, and the prevailing low interest rate environment which is supportive of the commercial property industry both in Ireland and abroad," commented Pat Gunne, CEO of Green Property REIT Ventures.

"The 137% growth recorded in rental profits over the previous year allows us to achieve our dividend objectives ahead of schedule," Mr Gunne added.