Irish Residential Properties REIT, Ireland's largest private residential landlord, has reported occupancy levels of 99.4% for the third quarter of this year, down slightly from 99.6% in the second quarter.
In a trading update for the three months ending September 30, I-RES said it was seeing "exceptional demand" for rental properties in Dublin.
I-RES REIT shares moved sharply higher in Dublin trade today.
The company said it remains on track to deliver a full-year 2024 Net Rental Income (NRI) margin broadly in line with the margin reported in the first half of the year at 76.5%.
I-RES also said today it had made significant progress in advancing its Strategic Review initiatives announced earlier this year.
It has now completed the disposal of 37 units in total as part of the previously announced target of 315 units, selling 20 assets in line with book value in a bulk sale and selling a further 17 units to individual purchasers.
It has also completed the investment sale of 25 units outside of the 315-unit programme, also in line with book values and said it expects to complete the disposal of at least a further 50 units next year.
In total, the disposals are expected to generate total gross sales proceeds of between €35m and €37m, the company said.
Irish Residential Properties REIT said it has also completed a strategic exit from the Cork market.
"This is an important step towards improving cost structures and margins. Focusing on the greater Dublin area maximises efficiencies and the future operating leverage of the group," it stated.
Eddie Byrne, CEO of I-RES, said the company was pleased to report strong progress with its strategic review initiatives and are encouraged by the positive momentum of the business.
"The execution of our recycling programme is ahead of our expected timeframe and will further strengthen our financial position," Mr Byrne said.
"While we will continue to consider all opportunities to enhance shareholder value, we are confident about the long-term market opportunity which is underpinned by our high-quality portfolio and market leading operating platform," he added.
