State’s biggest landlord records 30% rise in rental income
The State’s biggest landlord recorded a more than 30 per cent increase in net rental income during the first six months of the year despite the challenges posed by the coronavirus pandemic, its interim report shows.
Ires Reit published its half year results for the six months ended June 30th, 2020, on Friday.
The report shows the landlord enjoyed 35 per cent growth in the scale of its portfolio to 3,739 units for rental, up from 2,771 units at the same time last year. The new units were across 42 properties in Dublin and Cork.
It also recorded a 30.2 per cent increase in net rental income (NRI) to €29.6 million, which was up from €22.7 million at the same time last year. The report says the increase was due to acquisitions and organic rental growth.
There was an NRI margin of 79.2 per cent for the period, down from 81.6 per cent the year before. The decrease was due to higher bad debt and vacancy expenses compared to previous years, mainly resulting from the Covid-19 pandemic.
The basic net asset value per share of 150.4 cents was down from 155.3 cents as of December 31st.
The company says it intends to declare an interim dividend of 2.75 cents per share for the six months ended June 30th, which is an increase of 1.8 per cent compared to the 2.7 cents per share for the same period last year.
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