For shareholders of the real estate investment company INVL Baltic Real Estate, a dividend payment for 2018 of EUR 0.13 per share is proposed. The total amount allocated to dividends would be EUR 1.71 million. The proposal will be presented at the company’s next general meeting of shareholders by the INVL Baltic Real Estate investment committee. It would mean a dividend yield of 5.1%, based on the price of the company’s shares today on the Nasdaq Vilnius exchange.
The company also published its audited 2018 operating results. They show that INVL Baltic Real Estate’s consolidated net profit for 2018 was EUR 3.17 million and was 11.4% smaller than in 2017. Its consolidated equity at the end of last year was EUR 35.3 million. Equity per share was EUR 2.69 and increased 9.7% from a year earlier (also taking into account dividends that were paid out during 2018).
The company’s consolidated net operating income from its properties totalled EUR 3 million in 2018, or 13% more than in 2017. Its consolidated revenue last year was EUR 5.8 million, or 6.1% less than the previous year. Of that, consolidated leasing income from the company’s properties increased 13.5% to EUR 4.5 million.
“The results show further growth in the value of the company’s properties, so we propose that the dividends foreseen in the dividend policy be paid out for last year,” said Vytautas Bakšinskas, a member of the INVL Baltic Real Estate investment committee and the real estate fund manager at INVL Asset Management which manages the company. He said the dividends would be paid within a month of when the company’s general meeting of shareholders approves the decision. An announcement about convoking the meeting is planned in early April.
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, the IBC Business Centre alongside Konstitucijos Avenue, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass. Occupancy of the company’s properties at the end of 2018 ranged from 67% to 98%.
As of 31 December 2018, INVL Baltic Real Estate’s property holdings had a total area of 56 900 square metres and a value of EUR 58.3 million. Of them, 80% by asset value are in the central part of the city of Vilnius.
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for another 20 years.
