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Ires Reit, Ireland’s largest private sector landlord, said it can make a “not insignificant contribution” to Ireland’s housing crisis as it eyes up future development opportunities.
The group, which has a portfolio of some 2,400 apartments across Dublin, reported a basic EPS and EPRA EPS of 7.4 and 2.8 cents respectively for the period ended June 30th 2017, up approximately 25.4 per cent and 27.3 per cent on the previous year.
The group said it has maintained high residential occupancy levels at 98.8 per cent and continues to generate strong rental rate growth across its portfolio, recognising the impositions of restrictions on rental increases.
David Ehrlich, chief executive, said:“Multi-residential housing is required to provide stable and growing dividends over the long term, particularly considering the asset class on a low risk adjusted basis. Our record continues to support that growth, while we accelerate the company’s development plans which are at various stages of implementation. These opportunities, subject to planning approvals, include (1) existing development sites (such as the recently completed The Maple, which is highly accretive and was leased up essentially contemporaneously with completion); (2) intensification of and conversions to multi-residential uses of other owned sites; and (3) townhouse, semi-detached, and similar accommodation which are located in the nearby suburbs to Dublin City Centre.”