Irish Residential Property REIT sees income jump on higher rents

August 12, 2015 MyHome.ie by MyHome.ie
Irish Residential Property REIT sees income jump on higher rents

Property firm Irish Residential Property REIT made a pre-tax profit of €14.8m in the first six months on the back of rising rents and a growing portfolio.

The company had operating revenues of €11.2m in the first half of the year, compared to just €2.2m in the last six months of 2014.

It also logged a fair value gain of €10.1m on its investment properties.

IRES REIT said it saw strong growth in rents, with increases of 10-15% during the period as a result of renewals and the arrival of new tenants.

It was also enjoying a strong level of occupancy by the end of June, with all properties more than 97% full and most completely let.

Advertisement

The company holds a number of properties around Dublin, including developments in Smithfield, the Docklands and Sandyford.

During the six month period IRES REIT spent almost €110.6m acquiring properties, compared to just €2.2m in the second half of 2014.

It also spent around €2.8m on improvements to the properties it owns.

Tags:
Uncategorized Docklands Irish Residential Property REIT portfolio rents Sandyford

Related articles

Woman using mortgage calculator

Mortgage calculator

Ready to start house hunting but need to know how much you'll be paying on your mortgage? Our Irish mortgage repayments calculator will get you the answers you're looking for.

Start now →

Powered by doddl logo