The company, which counts a number of landmark developments, mainly in Dublin, as part of its portfolio, saw profits for the year to the end of June climb to €156.7m from €43.1m in its first year of operation.
In a strong set of results, the company also revealed a 24.4% total return on investment in the 12-month period and net asset value (NAV) up 23.6%.
Having assembled an attractive portfolio since its IPO in 2013, Green Reit flagged a shift in focus from acquisition to asset management and development.
“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.
“The Irish commercial cycle has advanced significantly since our IPO in July 2013, as witnessed by our full year results,” said Green Reit chief executive, Pat Gunne.
“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.”
Green’s entry into the Irish property market when it was at a low ebb and its early investment process has paid dividends.
Among the other highlights for shareholders is a near 90% increase in earnings per share from 12.4c to 23.5c while basic NAV per share rose to 134.8c from 109.1c.
Occupation levels across its portfolio also improved with €3m of new annual income secured.
Its Central Park portfolio of residential and commercial real estate in Leopardstown reached full occupancy while vacancies across its entire portfolio dipped to 2% at the end of June.
The company’s annual rent roll from 24 properties has now reached €55.7m.
“This is a strong set of results for the company’s second year of operation,” chairman Gary Kennedy said.
“Our strategy of investing shareholders’ equity early in the Irish recovery cycle to assemble a portfolio of high quality properties is working well, and we look forward to exploiting the opportunities within the portfolio to add further value.”
Construction is also under way on three of its five development sites with the two others going through the planning process.
In May, the investment firm snapped up Cork’s One Albert Quay office development which is still under construction for up to €58m.