Irish Residential Properties REIT has reported higher profits and revenues for 2016 as strong market demand and a continued shortage of housing helps support the rental market.
I-RES said its profit for the year to the end of December rose to €47m from €30.8m while revenues from its investment properties increased to €38.8m from €24.7m.
The company, which is the State's largest private landlord, reported an overall occupancy rate for its properties of 98.7%, up from 96% in 2015.
It said its board of directors intend to declare an dividend of 4.9 cent per share for the year.
During the year, I-RES completed the acquisition of 763 apartments and over 18,000 square metres of ancillary commercial space.
This increased its apartment count by 47% to 2,378 apartments at a total investment of €623m.
It noted that all the apartments are in the Dublin area and are near important transportation links and employment centres. Its portfolio includes Kings Court in Smithfield, Grande Central in Sandyford and the Marker in Dublin's Docklands.
The company's chief executive David Ehrlich said it will continue to look at "accretive acquisitions" after
considering the 4% annual cap on rent increases.
"I-RES also believes that opportunities will come from its development intensification opportunities, and continued severe supply and demand imbalance. As a result, we believe our prospects for continued bottom line growth are very positive (notwithstanding the new government imposed cap on rent increases)," Mr Ehrlich added.
"We continue to grow our bottom line and expect growing and secure dividends going forward, derived from professional management and the quality of the portfolio," he added.
I-RES was recently refused planning for a major 492-apartment development in Dublin's Sandyford.
It has been asked to resubmit proposals for its "Rockbrook" site after Dún Laoghaire-Rathdown County Council rejected the initial scheme on height and density grounds.
