Full-year revenue for Ires increased by 6.7% to €79.7 million following acquisitions
Ires Reit, the Republic’s largest private residential landlord, said on Wednesday its income from investment properties rose 6.7% to 79.7 million euros last year thanks to continued growth in the portfolio through acquisitions, organic rental growth and rising occupancy levels.
Total rent collections, including commercial rent collections, rose to 99.2% at the end of last year from 98.9% a year earlier, with the company describing this as “a very solid in the current exceptional context of Covid-19″. terms”.
Residential occupancy levels fell from 98.4% to 99.1%, reflecting the severe shortage of rental properties in Dublin, its main market.
At the end of 2021, the group, led by chief executive Margaret Sweeney, had a portfolio of 3,829 residential units across 35 properties in the Dublin region and one property in Cork.
Last year, the Dublin-listed property investment firm added 146 apartments to Phoenix Park Racecourse in Castleknock with an investment of 60 million euros. The company has also agreed to invest in two contracts for the acquisition of 152 residential units located at Ashbrook, Clontarf, Dublin 3 in two phases, the first of which involves the delivery of 86 units completed last month.
“Since the start of 2021, the Covid-19 pandemic has continued to negatively impact our communities and Ireland has been in lockdown for most of the first half of the year when only essential businesses could operate. , and the public was advised to ‘stay home,'” the company said.
“In this context, we have suspended any rent increases in our existing tenancies during the period from April 2020 to October 2021, and have agreed payment deferral plans with a number of our commercial tenants. We maintain an active dialogue with all tenants and continue to support those most affected by the pandemic.