Listed commercial property developer Hibernia Reit has reported a loss for its financial year end March 31 due to negative property revaluations, according to annual results from the group.

The company recorded a loss of €25.2m for the year, a swing on the profit of €61m in the prior year.

Hibernia had a revaluation loss on its investment property portfolio of €67.6m.

At the end of March the group’s portfolio was valued at €1.4bn.

Hibernia’s EPRA earnings – a measure of a real estate company’s performance excluding property revaluations – came in at €42.2m, up 10.8pc year-on-year.

The Kevin Nowlan-headed company said it has experienced continued high rent collection rates reflecting a “strong tenant base.”

The company, which is mainly focused on the commercial property market, has received 99pc of the rent due in the year to March 31.

Hibernia’s annual contracted rent of €67.1m at March 2021 is up 2.2pc year-on-year.

The group entered six new office leases adding €2.6m in rent, or €300,000 net of lease expiries and adjustments on let space.

Five bolt-on acquisitions added €500,000 of new rent during the year.

Hibernia reported EPRA net tangible assets per share (previously the net asset value per share) of €1.73, which was ahead of analysts expectations.

The group has proposed a final dividend per share of 3.4 cent, taking the total in respect of the financial year to 5.4 cent, an increase of 13.7pc year-on-year.

Kevin Nowlan, CEO of Hibernia, said: “Our business has delivered a resilient performance in the financial year despite the extraordinary circumstances resulting from the Covid-19 pandemic. While we recorded a net loss due to a modest decline in portfolio value, our continued high rent collection rates have helped deliver double-digit growth in EPRA earnings and dividends.”

“While the near-term outlook is likely to remain tied to progress on “unlocking”, we are optimistic on our longer-term prospects given our clear strategy, exciting development pipeline, balance sheet strength and talented team,” Mr Nowlan added.

Hibernia had net debt of €278.8m at its financial year-end.

Last week the company said it had entered an agreement to issue €125m of new unsecured US private placement notes.

The issue comprises equal amounts of 10- and 12-year notes with an average fixed coupon of 1.9pc.

The notes have been placed with five institutional investors, all new lenders to Hibernia.

The transaction was priced on 14 April and funds will be drawn on 23 July.