Commercial real estate investment trust Green REIT has reported profits of €45.6m for the six months to the end of December, down 14% from the €53m reported the same time last year.

Green REIT said its portfolio was valued at €1.483 billion at the end of December, up 4.1% from €1.424 billion at the end of June. 

The company reported a 4% increase in contracted annual rent to €74.4m, or €75.5m including the recent pre-letting agreement signed with Bunzl at Horizon Logistics Park.

It added that it secured €2.9m of new annual rent through three new lettings and pre-lettings on 139,100 square feet signed in the six month period.

Pat Gunne, Green REIT's CEO said the market remains supportive of the company's strategy, with prevailing values well-underpinned by healthy overseas and domestic demand for prime Irish commercial real estate.

Green REIT chairman Gary Kennedy said that the occupier market in the company's key sectors of offices and logistics remains strong.

"We continue to operate in a stable capital markets environment which is attracting increasing levels of core international capital, attracted by the relative stability of lease structures and income, the quality of commercial real estate and prospects for growth," Mr Kennedy said.

He said that while Green REIT has seen some positive impacts from Brexit on the Dublin office market, and within its property portfolio, the ultimate outcome of Brexit may potentially be a headwind for the Irish economy. 

"We remain alert to this possibility, but despite this uncertainty we look forward to the period ahead with cautious optimism and believe that the company continues to be well positioned to take advantage of further opportunities and to deliver attractive risk-adjusted returns to its shareholders," he added.