Monday 19 August 2019

Rental income increases at Ireland’s biggest private landlord

Ires Reit has 225 apartments at Beacon South Quarter
Ires Reit has 225 apartments at Beacon South Quarter
Ellie Donnelly

Ellie Donnelly

The largest private landlord in the State, Ires Reit, has seen its rental income increase 18pc year-on-year in the six months to 30 June.

In the first half of this year it reported rental income of €22.7m, up from €19.3m in the same period last year, according to an interim report from the group.

The performance was driven by both organic grow and acquisitions.

Net rental income margin also improved to 81.6pc from 80.3pc.

Overall operating income at Ires Reit was €27.8m during the period, up from €24m in the corresponding time in 2018.

However, the group’s profit fell to €34m from €69.5m.

The profit includes a €22.5m increase in the fair value of its investment properties. Last year the increase in the fair value of the properties was €57m.

Margaret Sweeney, CEO of Ires Reit, said: "Building from our successful year in 2018, Ires continues to deliver strong growth in H1, 2019." 

"Since Ires was established in 2007, we have invested a total of €1bn in the Irish housing market resulting in an overall supply of 3,884 professionally managed units."

Ms Sweeney added that the group’s long-term commitment to the Irish market is now "well established" and it is "underpinned for future growth."

"The strategy we are deploying is delivering both for our shareholders and for the Irish economy," she said.

Meanwhile, the group’s net asset value (NAV) of 146.9c is slightly ahead of the Davy forecast of 145.9c due to some minor yield compression, analysts at the Stockbrokers said.

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