Landlord I-res REIT sees shares dip despite ‘solid’ results

SHARES in I-res REIT fell by almost 1pc yesterday, despite the company reporting ‘strong’ results for 2017.

Ireland’s biggest private landlord saw its profit increase to €65m during the 12-month period, from €47m in the prior year. The results for 2017 were supported by what the company described as “strong market fundamentals”.

I-res REIT, whose portfolio includes apartments in Sandyford’s Beacon South Quarter, reported revenue of €44.7m during the period, up from €38.8m in 2016.

Meanwhile, the group’s EPRA earnings per share (a measure of underlying operating performance of an investment property company, excluding fair value gains and property disposals) increased to six cent from 4.9 cent in 2016.

During the year the number of apartments held by the group increased to 2,450 from 2,378 the previous year, with an overall portfolio occupancy rate of 99.8pc. According to the company, its residential occupancy levels “continue to generate strong rental rate growth across the portfolio”.

In November, the company announced that it had spent €7m on a 4.5-acre site with planning permission for 99 new homes at Hansfield Wood in Clonsilla, west Dublin, as it broadens its offering to the rental market with the delivery of new houses to complement its existing apartment stock.