The increase in rental income, sees profit in Ireland’s largest private landlord more than doubled

  • The increase in rental income, sees profit in Ireland’s largest private landlord more than doubled
    Independent.t. E.
    Profits of Ireland’s largest private owner, I-RES Wright, more than doubled to €six months to 30 June 69.5 M.
    https://www.independent.ie/business/commercial-property/increasing-rental-income-sees-profits-at-irelands-biggest-private-landlord-more-than-double-37180951.html
    https://www.independent.ie/business/article36738951.ece/282e2/AUTOCROP/h342/2018-03-24_bus_39551594_I1.JPG

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Profits of Ireland’s largest private owner, I-RES Wright, more than doubled to €six months to 30 June 69.5 M.

The performance was due to a 13pc increase in net rental income of €19.3 m in the six month interim results of the group.

I-RES Wright also reported an increase in its EPRA earnings for the period 9.8 PC to €13m.

To measure earnings EPRA key indicators of operating the investment company property.

The group’s profit per share increased to 16.5 cents for six months, from 7.4 per cent in the same period last year.

As a result, the company has announced plans to declare an interim dividend of 2.6 cents per share for the period.

“I-RES once again demonstrated strong results for the six months ended June 30, achieving strong operating performance, based on the Active property management and asset management, as well as further portfolio valuation uplift,” Margaret Sweeney, CEO of I-RES, said.

“We continue to invest in supply of apartments and houses to rent through a combination of acquisition and Assembly.”

“Rental demand remains high, and the supply of residential properties remains limited, resulting in a combination of attractive yields and rental growth.”

Looking forward, Ms. Sweeney said that the prospects for growth in the Irish market remain good, and that the structural factors of the demand for rental dwellings (population growth, strong domestic investment and economic growth, and urbanization) likely underlie the demand for “some time.”

“This, combined with our modern, well-located existing portfolio of assets and our ongoing development opportunities, significant opportunities for future growth”, – ’ MS Sweeney said.

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