Earnings fall at Ires Reit as debt costs hit and strategic review begins

The cost of debt from €16.8 million to €26.7 million as a result of higher interest rates

Margaret Sweeney, chief executive of Ires Reit said she was “confident” in the future of the Reit. Picture: Fergal Phillips

Underlying earning of the properties owned by Ireland’s largest landlord Ires Reit fell in 2023 as the firm starts a strategic review which could see the sale of its assets, a merger with another firm, or a halt to its REIT status.

EPRA earnings, or the income generated by the properties, dropped from €30.9 million to €27.6 million as debt costs hit profits. Financing costs rose from €16.8 million to €26.7 million as a result ...