Former Ires chief executive David Ehrlich chalks up €286,000 bonus

Margaret Sweeney succeeded Mr Ehrlich as head of State’s largest private landlord

Ires owns about 2,450 apartments in Ireland and reported €44.7 million in revenue from investment properties last year

Ires owns about 2,450 apartments in Ireland and reported €44.7 million in revenue from investment properties last year

 

David Ehrlich, who stepped down as chief executive of the State’s largest private landlord, Irish Residential Properties Reit (Ires) in early November, received a €286,000 bonus last year.

The company’s annual report, which was published on Friday, shows Mr Ehrlich, who continues to serve on Ires’s board, received a total of €587,000 in remuneration in 2017, as against €708,000 in 2016 when he served a full-year.

His remuneration package included a basic salary totalling €287,000.

Mr Ehrlich resigned from the company last year to take up the role of president and chief executive of Canadian Apartment Properties Real Estate Investment Trust (Capreit), the firm that set up Ires in 2014.

Mr Ehrlich’s successor as chief executive, Margaret Sweeney, who commenced employment with Ires in early November, received €127,000 last year in remuneration, which included a €55,000 bonus.

Ms Sweeney, who is the former head of airport operator DAA and Postbank Ireland, has an annual base salary of €330,000, according to Ires’s annual report.

Ires was one of three Reits to float on the Irish Stock Exchange between 2013 and 2014. It owns about 2,450 apartments in Ireland and reported €44.7 million in revenue from investment properties last year, up from €38.6 million in 2016.

Rental income was €36.3 million, up from €30.6 million the previous year, while profit climbed to €65.1 million from €47 million.