Ireland's largest landlord posts a loss of nearly €44m after portfolio reevaluation 

Loss attributable to higher interest rates and inflation, company said

Margaret Sweeney, chief executive of Ires Reit, said the company has not been immune to the recalibration in the real estate sector following interest rate hikes. 

Ireland’s largest landlord Irish Residential Properties Reit (Ires) has reported a loss of €43.9m for the first six months of the year following a reevaluation of total property value given the higher interest rates and inflation.

In its half-year financial results, published on Thursday, Ires said revenue grew by 5.2% to €44.3m compared to the same period last year. Net rental income for this period came to €34.3m, up 5.1%, on the back of a 99.5% occupancy level.