Markets

Ires Reit’s revenue falls 3.4 per cent in first quarter of 2024

Eddie Byrne, Ires Reit CEO, said that the firm’s portfolio was underpinned by “strong levels of demand which far outstrip supply”

Eddie Byrne, the chief executive of Ires Reit, said that the firm had continued its 2023 momentum to deliver ‘another strong operational performance’ in the first quarter. Picture: Sam Boal

Ires Reit, the state’s biggest landlord, saw total revenue decline by 3.9 per cent in the first quarter of 2024 compared to 2023.

Ahead of its AGM today, the company said that the fall reflected the impact of “strategic asset disposals” completed in the second half of 2023, used to repay higher cost debt and strengthen its balance sheet.

Ires Reit reported 99.5 per cent occupancy across its portfolio, compared to 99.4 per cent for ...