Losses widen at landlord Ires Reit despite growth in revenue

Surge in costs saw losses widen to €116m in 2023, up from €11.8m in the previous year

I-RES REIT Chairman Declan Moylan and CEO Margaret Sweeney following the company's EGM on Friday 16 February 2024

The country's largest private residential landlord, Ires Reit saw its net rental income rise by 3.3% in 2023, totalling €67.9m in what has been called a "strong and resilient" year for the firm.

The Dublin-listed property investment company said revenue grew by 3.5% to almost €88m despite a "challenging" economic climate in 2023, driven by the impact of new supply in the previous year and rising rent prices across the firm's existing portfolio.