The country’s largest private residential landlord, Irish Residential Properties REIT, saw its revenue increase by 4.9% in the first three months of the year, driven by additions to its portfolio and stable rent collections.
In a trading update for the three months to the end of March, it said that occupancy levels at its properties continue to demonstrate the exceptional demand for rental accommodation in Ireland.
Occupancy remained in excess of 99% during the first quarter, the company said.
Irish Residential Properties REIT has a portfolio of about 4,000 homes, mainly in Dublin but also in Cork.
In today’s trading update, it said the Irish market continues to exhibit strong fundamentals for private residential rental accommodation despite a challenging macroeconomic backdrop.
It said that disposals completed so far this year, including the Rockbrook development site, amounted to gross proceeds of about €18m.
Margaret Sweeney, CEO of I-RES, said the company has continued with its sector leading performance in the first quarter of 2023 with continued growth in rental income and market leading occupancy across the portfolio.
“The macro-economic environment of rising interest rates and inflation continues to weigh heavily on listed real estate company valuations,” she said.
“However, I-RES remains well positioned to navigate this with our high-quality portfolio, disciplined capital allocation and successful execution on its strategy, delivering consistent returns to our shareholders over the long-term,” she added.
I-RES REIT is due to hold its 2023 AGM tomorrow.
Over the last couple of weeks, one of the company’s larger shareholders has been trying to generate opposition to a number of resolutions to be put to the meeting, out of frustration with how the business is being run.