Increasing rental income sees profits at Ireland's biggest private landlord more than double
Profits at Ireland's biggest private landlord, I-RES Reit, more than doubled to €69.5m in the six months to 30 June.
The performance was driven by a 13pc increase in net rental income to €19.3m, according to six month interim results from the group.
I-RES Reit also reported an increase in its EPRA earnings for the period of 9.8pc to €13m.
EPRA earnings measure the underlying operating performance of an investment property company.
The group’s earnings per share increased to 16.5 cents during the six month period, from 7.4 cents in the same period last year.
As a result, the company has announced plans to declare an interim dividend of 2.6 cents per share for the period.
"I-RES has delivered another strong set of results for the six months period to 30 June, achieving excellent operating metrics, underpinned by active property management and asset management, as well as further portfolio valuation uplift," Margaret Sweeney, CEO of I-RES, 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."
Looking forward, Ms Sweeney said that the prospects for growth in the Irish market remain good, and that 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."
"This coupled with our modern well located existing asset portfolio and our current development opportunities, offer significant opportunities for future growth,"’ Ms Sweeney said.