Pre-tax profits at the country's largest private residential landlord, Irish Residential Properties REIT, reached almost €50 million last year.
In its preliminary results for 2025, the company said it made a profit before tax of €49.7 million, compared to a loss of €6.7 million the previous year.
I-RES REIT said the turnaround was driven by "the fair value movement of our assets underpinned by the improved operational performance" and "stabilised valuation yields".
The company's adjusted earnings grew by just over 7% to €32.8 million, which it said was achieved "despite the sale of approximately 3% of units in the portfolio over the past 18 months, through our asset recycling programme".
Last year, I-RES disposed of 41 units as part of a previously announced asset recycling programme of 315 units.
It sold the properties for €16.4 million, which was €3.4m higher than their book value.
The sales took the total number of units disposed of to date under the programme to 82 marking what the company described as "continued good progress against the overall target".
As of the end of last year, it had a further 21 units held for sale, which it expects to complete in the coming months.
I-RES held 3,627 residential properties in 2025.
It said its portfolio "continues to be effectively fully occupied at 99.5%" as of the end of the year, up slightly for 99.4% at the end of 2024.
The company said the occupancy rate "reflects both our highly effective operating platform and the continued strong underlying demand for high quality rental properties in Dublin".
Its net rental income rose 1.9% year-on-year, from €65.5 million to €66.7 million, with average monthly rents rising by 2.1% to €1,852, "aided by our asset recycling, retrofit programme and focused management of renewals".
The Chief Executive of Irish Residential Properties REIT, Eddie Byrne, said he was "pleased to report that 2025 marked a major step forward in I-RES’ operational and financial performance".
He said the company delivered "strong margin expansion and meaningful earnings growth against the backdrop of our sales programme".
"We advanced our strategic priorities at pace, leveraging our operational platform to drive significant efficiency gains and achieving asset disposals at more than a 25% premium to book value," he said.
Mr Bryne said I-RES is now "actively pursuing reinvestment opportunities" to enhance the portfolio by investing in higher quality and higher yielding assets.
"With an improving regulatory backdrop and market conditions, we enter 2026 with strong momentum and clear confidence in our ability to build on this progress," he added.
He said the company is continuing to "play a vital role in addressing Ireland’s housing needs through the provision of high-quality, in demand rental accommodation, supported by a market-leading service offering for our residents".
