Head of Republic’s biggest landlord gets a €330,000 bonus

Ires Reit head Margaret Sweeney was awarded a 100% bonus on her basic salary

Irish Residential Properties Real Estate Investment Trust chief executive Margaret Sweeney. She succeeded David Ehrlich at chief executive of Ires Reit in November 2017

Irish Residential Properties Real Estate Investment Trust chief executive Margaret Sweeney. She succeeded David Ehrlich at chief executive of Ires Reit in November 2017

 

The chief executive of the State’s biggest private landlord received €680,000 in remuneration last year, according to the company’s annual report.

The report shows Margaret Sweeney, chief executive of Irish Residential Properties Real Estate Investment Trust (Ires Reit) was awarded an annual bonus of €330,000, the same value as her base salary. She also received a further €20,000 in benefits.

Ms Sweeney succeeded David Ehrlich at chief executive of Ires Reit in November 2017.

Formerly chief executive of airport operator DAA and Postbank Ireland, she was granted €2 million in share options in Ires Reit when she took over from Mr Ehrlich.

She was last year granted a right to be awarded options to buy 3 per cent of any new shares issued by Ires Reit as part of any future private or public equity raising.

Fixed renumeration

Overall, executives at the company were awarded a combined €1.53 million last year. Some €1.34 million of this was comprised of fixed remuneration.

Ires was one of three Reits to float on the Irish Stock Exchange between 2013 and 2014. It had 2,679 residential units at the end of last year, with the value of its portfolio jumping by 22.7 per cent in 2018 to €921.3 million.

Ms Sweeney’s predecessor previously received remuneration totalling €587,000 in his final full year with Ires Reit in 2016, of which €287,000 was his annual basic salary. He received a further €587,000 in 2017, a year in which Ms Sweeney received €127,000, which included a €55,000 bonus.

Rising profits

Ires last month reported a sharp rise in profits for last year as the average rent achieved per unit increased by 5.4 per cent to €1,599.

Revenue from investment properties increased from €44.7 million to €50.6 million in 2018 as profits jumped from €65.1 million to €119.8 million.

The Irish Times reported separately on Friday that Ires Reit may seek fast-track permission for a high-profile apartment development in Sandyford, Dublin, in the coming weeks after getting the project though a key state of the planning process.

An Bord Pleanála recently paved the way for Ires to seek fast-track planning permission for 428 apartments at Rockbrook following consultations with the company and Dún Laoghaire Rathdown County Council. The group was previously refused permission for 452 dwellings.