Profits more than double at Ireland's largest private landlord

Irish Residential Properties REIT confirmed profits of €69.5 million for the first six months of the year

Profits more than double at Ireland's largest private landlord

Photo. Mark Stedman/RollingNews.ie

The country's largest private landlord has announced a more than doubling of its profits in the first six months of this year.

Irish Residential Properties REIT (I-RES) - a real estate investment trust which owns 2,634 properties, mainly across Dublin - confirmed profits of €69.5 million, compared to €31 million in the same period last year.

Earnings per share increased to 16.5 cent - more than doubled the amount in June 2017.

The numbers have been helped by a housing crisis that has seen the company's occupancy rate sit at almost 99%.

In a statement, I-RES CEO Margaret Sweeney said: "We continue to invest in the supply of apartments and houses for rent through a combination of acquisitions and build to let.

"Rental demand remains strong and the supply of residential accommodation remains constrained resulting in a combination of attractive yields and rental growth."

She added: "The prospects for growth in the Irish market remain good and the structural drivers of demand for private rental residential accommodation (population growth, strong inward investment and economic growth and urbanisation) are likely to underpin demand for some time to come and coupled with our modern well located existing asset portfolio and our current development opportunities, offer significant opportunities for future growth.’’

I-RES currently has investments in 2,608 apartments across 22 locations in the Dublin area.