(Alliance News) - Irish Residential Properties REIT PLC on Wednesday said it experienced continued growth in the first quarter with rises in revenue, occupancy and rent collections.
The Dublin-based private rental accommodation provider, which owns approximately 4,000 homes, said revenue in the first quarter of 2023 was up 4.9% compared to the same period in 2022. Irish Residential attributed the boost to organic growth and additions to its portfolio delivering strong recurring cashflows.
Irish Residential reported strong rent collections for the quarter, in excess of 99% and in line with the previous year. Occupancy levels also remained in excess of 99% throughout the period, which Irish Residential attributed to the quality of its portfolio and "exceptional demand" in Ireland.
Irish Residential said asset disposals completed so far this year, including its Rockwood development site, raised gross proceeds of approximately EUR18.0 million.
Chief Executive Officer Margaret Sweeney said: "The macro-economic environment of rising interest rates and inflation continues to weigh heavily on listed real estate company valuations. However, [Irish Residential] 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."
Shares in Irish Residential were down 1.9% at EUR1.03 in Dublin on Wednesday.
By Emma Curzon, Alliance News reporter
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