Revenue rises at Ires Reit, but increase in non-recurring costs sees profits drop by €4.5m

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 said 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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Chief executive Margaret Sweeney said it was a strong performance across all parts of the business.

“Housing in Ireland remains challenging, primarily due to a significant lack of supply, and so we are pleased to be adding much-needed new homes to the market,” she said. “We are acutely aware that the year ahead will be impacted by inflation and rising cost pressures. Despite these headwinds, we are strongly positioned to meet these challenges and remain confident that we will continue to execute on our vision of building great communities by providing full-service, high-quality, energy-efficient homes to our residents.”