Irish Residential Properties REIT PLC - Dublin-based real estate investment trust focused on building a portfolio of residential rental accommodations - Says demand for its properties continues to far outstrip supply, with occupancy at 99.4% as of December 31, compared to 99.1% at the same time last year. Average monthly rent stands at EUR1,750 at the end of the year, 13% below average rent levels for new tenancies in Dublin, the company adds. Notes its "stable" operating performance has continued, in line with the first half of 2022. Says it retains a "strong" financial position, with a robust balance sheet and ample liquidity.

"Despite the ongoing macroeconomic challenges, I am pleased with the company's resilient performance in 2022 and I believe that our high quality, diverse portfolio of assets, robust financial position and highly experienced property management team will ensure that our business remains in a strong position as we enter 2023," comments Chief Executive Margaret Sweeney.

Current stock price: EUR1.13

12-month change: down 33%

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.