Tuesday 18 December 2018

Ires REIT reports 'strong' operating results

Irish Residential Properties Reit (Ires)

IRES Reit's Margaret Sweeney.
IRES Reit's Margaret Sweeney.
Ellie Donnelly

Ellie Donnelly

Ires REIT, Ireland's biggest private landlord has reported ‘strong’ operating results for the 12 months to 31 December.

The results were supported by what the company described as “strong market fundamentals.”

The group reported revenue of €44.7m during the period, up from €38.8m in the same period in 2016. While the group’s profit for the 12 months was €65m, up from €47m the prior year.

During the year the number of apartments held by the group increased to 2,450 from 2,378 the previous year, with an overall portfolio occupancy rate of 99.8pc.

According to the company, its residential occupancy levels “continue to generate strong rental rate growth across the portfolio.”

Meanwhile EPRA earnings per share (a measure of underlying operating performance of an investment property company excluding fair value gains and investment property disposals) increased to 6.0 cents from 4.9 cents in 2016.

“The I-RES Strategy which we are executing successfully, is to acquire and develop high quality assets in attractive neighbourhoods with good transport links and to deliver exceptional service which helps transform the residential rental sector in Ireland,” Margaret Sweeney, CEO of Ires REIT, said.

Late last year the company announced that it is to broaden its offering to the rental market with the delivery of new houses to complement its existing apartment stock.

In a statement issued to the stock exchange in November, the company announced its purchase for €7m of a 4.5 acre site with planning permission for 99 new homes at Hansfield Wood in Clonsilla, west Dublin.

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