One of the State's largest property owners, Irish Residential Properties REIT, has posted a €86.3m profit for 2019.

That compares to a profit of €119.8m in 2018, which it says is due to a lower revaluation gain on its portfolio.

By the end of last year Ires REIT owned 3,666 residential units, across 42 properties in Dublin and Cork.

That is up by almost 1,000 year-on-year.

It valued the portfolio at €1.36 billion - a 47.5% rise - largely due to its acquisition and development activity during the year.

The company saw its net rental income rise 22.8% to €50.5m - representing an income of €13,775 per unit last year.

 "We have delivered another strong set of results for the year ended 31 December 2019 underpinned by our continued investment in growing the rental portfolio, active property and asset management, strong operating metrics, as well as a further portfolio valuation increase," said Margaret Sweeney, CEO of Ires REIT. "We continue to invest in the supply of apartments and houses for rent through a combination of acquisitions and forward purchase contracts with developers, including the acquisition of the 815 unit Marathon portfolio for circa €285 million on 1 August 2019. 

"This growth was funded with a combination of debt and equity."