Irish Residential Properties REIT (I-RES) reported a pre-tax loss of €42.1m for the half-year to 30 June, despite revenue growth of €44.3m (5.2%) for the period.
The value of the REIT’s portfolio fell to €1,426m at a gross yield of 6.2% representing a further yield expansion of 0.3% since 31 December 2022, resulting in an IFRS NAV per share of 149.2 cents (2022: 160.0 cents).
Margaret Sweeney (pictured), chief executive officer of I-RES, described the REIT’s performance for H1 2023 as “strong” driven by organic rental growth across the company’s existing portfolio.
She added: “Despite our resilient financial and operational performance, we have not been immune to the wider recalibration of real estate sector values and our portfolio value fell in the first half of the year. This non-cash revaluation of our assets reflects sector yield shifts and weakening in values across the real estate sector in response to wider macroeconomic conditions.
“While uncertain conditions may persist, our performance illustrates the resilience of our high-quality assets and efficient operating model. By maintaining our focus on performance, prudent financial management and operational excellence, I am confident in our ability to continue generating attractive long-term returns for shareholders.”
