PRS booms for Irish Residential Properties REIT

Irish Residential Properties has reported a 4.9% increase in revenue in the first three months of 2023, with rent collection across its portfolio of 4,000 homes in excess of 99%. The group said occupancy levels across its portfolio were also above 99%, demonstrating “exceptional demand for rental accommodation in Ireland”. Chief executive Margaret Sweeney said: “I-RES 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. 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.” The REIT said it was continuing to deliver on its “value maximising portfolio management” and disciplined capital allocation strategy, identifying opportunities to selectively dispose of assets and generate accretive returns. So far this year, the group has achieved gross proceeds from sales of €18m (£16m). To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews