Country’s largest private landlord currently ‘cannot foresee’ Covid impact

Ires Reit, the country’s largest private landlord, currently “cannot foresee” the impact the coronavirus will have on the company.

Ahead of its AGM today, Declan Moylan, chairman of Ires Reit, said the pandemic has created “significant uncertainty” in every aspect of life.

The company is “confident that the quality of our property portfolio and the strength of our balance sheet provides great resilience during this period,” Mr Moylan said.

So far occupancy and rent collection levels across the portfolio have remained “strong.”

“Ires has a robust balance sheet with strong liquidity in place as well as an ongoing strong cash flow from its operating business,” he said.

Last year, Ires refinanced its revolving credit facility, increasing it to €600m from €450m, and securing a €50m accordion.

Meanwhile in March it broadened its funding base with a €200m private placement.

Ires Reit generated €50.5m in net rental revenue in 2019, and made a profit of €86.3m. The profit figure was down from €119.8m in 2018.

Apart from owning a swathe of apartments, the group also owns a number of development sites.