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The group recorded web rental revenue of €67.9m in 2023, up 3.3pc from the prior 12 months.
Web rental margin stood at 77.3pc for the 12 months regardless of the continuing inflationary setting as the corporate targeted on value administration.
Ires’ portfolio was valued at €1.27bn on the finish of 2023, down from €1.5bn a 12 months earlier.
The corporate attributed this decline to its asset disposal programme, in addition to a yield enlargement resulting from rising rates of interest and low transactional exercise available in the market.
This yield enlargement resulted to a non-cash revaluation adjustment of €141.8m and a pre-tax lack of €114.5m for 2023.
The owner’s adjusted earnings earlier than curiosity, taxes, depreciation and amortisation (Ebitda) have been €56m, 3.3pc increased than the corresponding interval final 12 months.
The common lease of a property owned by the group was €1,774 a month on the finish of final 12 months, up from €1,750 reported on the finish of 2022.
Finance prices for the 12 months rose to €26.7m from €16.8m in 2022 on account of increased rates of interest, whereas Ires additionally disposed of belongings valued at €96.5m within the interval.
This represented 200 items throughout is developments.
“Disposals have been accomplished at related e-book worth, representing a gorgeous return on unique value, have been broadly impartial to our earnings profile, and the proceeds have been used to strengthen our Stability Sheet by retiring increased value debt,” chief govt Margaret Sweeney mentioned.
The board additionally intends to declare a dividend of two.00 cents per share for the interval, bringing the overall dividend to 4.45 cents per share. That is down from 5.11 cents in 2022.
The corporate additionally mentioned it could now begin a strategic evaluate that it had first introduced in early January as a way to contemplate all strategic choices to maximise worth for shareholders.
These embrace consolidation, mergers, a evaluate of the corporate as a listed Reit, the sale of your complete issued capital of the corporate and the sale of belongings and returning worth to shareholders.
It will likely be led by a committee together with newly appointed chair Hugh Scott-Barrett and supported by actual property agency Savills.
Final week, all proposals from a insurgent shareholder in Ires Reit have been defeated at a rare basic assembly (EGM).
Shareholders had been requested to vote on a collection of resolutions put by insurgent investor Imaginative and prescient Capital, a Canadian fund which has a 5.01pc stake within the enterprise.