Acquisitions help rental income jump 30pc at Ireland’s largest private landlord – Independent.ie

Ires Reit, Ireland’s largest private landlord, has seen its rental income jump 30pc in the first six months of this year.

ental income for the period was €29.6m up from €22.7m in June 2019 on the back of acquisitions, which increased the scale of the portfolio by 35pc.

In addition, it benefitted from organic rental growth.

The group’s net rental margin – that is the share of rent kept after costs such as maintenance – remained strong at 79.2pc, but is down slightly on the same period last year.

The slight decrease in margin is due to higher bad debt and vacancy expenses compared to previous years, mainly resulting from the coronavirus pandemic, according to interim results from the group.

Ires Reit’s apartment blocks range from the super high-end Marker apartments at Grand Canal Square in the Dublin docks and the Elm Park development close to St Vincent’s Hospital and

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