Irish Residential Properties REIT, Ireland’s largest private residential landlord, has reported slightly lower revenues for the first half of the year when compared to the same period last year.
Revenue decreased by 0.4% to €42.6 million.
However, the company recorded “strong” earnings growth of 2.4% for the period, with earnings after adjusting for property revaluation of €14.5 million.
The company said this growth in earnings was achieved despite the sale of approximately 2% of units in the portfolio.
Average monthly rent increased by 1.5% to €1,823 since 30 June 2024 and by 0.5% since 31 December 2024.
“The first six months of the year have seen a step change in our operational and financial performance leading to significant improvements in margins and earnings,” said Eddie Byrne, I-RES’ Chief Executive Officer.
“We have made real progress on our strategic initiatives including leveraging our operational capabilities to deliver 150 bps margin improvement.
“We have executed on our asset disposals programme achieving in excess of 25% premium to book value whilst maintaining a focus on delivering shareholder value through our capital allocation framework,” he added.
Shares were higher in Dublin trade today.
