Profit at Irish Residential Properties REIT fell by 28% due to a slower growth in its portfolio value last year.
In results for the year ended 31 December, IRES reported profits of €86.3m (£72m).
The portfolio value rose to €1.36 bn, up from €921m, largely through acquisitions, including a 815-flat porftolio from Bryant Park QIAF ICAV. It reported a €56.2m valuation gain, equating to a 6% increase.
However, EPRA NAV per share rose by 8.9% to €1.54, with EPRA EPS up by 6.2% to €0.07.
Chief executive Margaret Sweeney said the REIT performed well in terms of growth, with strong operating metrics and demand for rental. However, she highlighted uncertainty for the sector following the election.
Sweeney said: “Following the recent general election in Ireland, there is increased uncertainty in relation to future government policy on housing and regulation of the private rental market, particularly in relation to rent regulation.
“This uncertainty is likely to continue for some months until a new government is formed and provides greater clarity of policy intentions.”
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