Revenue at Ires Reit rises as 2022 gets off to strong start

The state’s largest private landlord, Ires Reit, said revenue rose in the first six months of the year and occupancy levels remained strong, despite “challenging” economic conditions.

The property investment company aid revenue grew almost 7 per cent to €42.1 million over the first half of the year, with net rental income more than 4 per cent higher at €32.6 million. Occupancy levels were at 99.3 per cent, up from up from 98.6 per cent in the prior period. But an increase in non-recurring costs saw profit fall to €22.9 million, from €27.4 million a year earlier.

The company now has almost 4,000 units in its portfolio. Among the additions were 152 homes in Ashbrook in Clontarf, with 44 set to be delivered in 2023, and 61 units in The School Yard development. The company is also targeting a further 69 new homes in the Tara View development. Its property portfolio saw an increase in fair value of €9.4 million.

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