(Alliance News) - Irish Residential Properties REIT PLC on Friday reported it turned to a loss in 2022 on negative movement in fair value of investment properties, amid widening costs.

Irish Residential is a Dublin-based real estate investment trust focused on building a portfolio of residential rental accommodations.

The company swung to a pretax loss of EUR11.9 million for 2022, from a profit of EUR67.5 million in 2021. Revenue rose 6.4% to EUR84.9 million from EUR79.7 million. Net movement in fair value of investment properties however turned to negative EUR45.6 million from positive EUR34.9 million a year ago.

Meanwhile, property operating costs widened by 13% to EUR18.0 million from EUR16.0 million. Financing costs increased 21% to EUR16.8 million from EUR13.9 million.

The company proposed a dividend of 2.81 euro cents per share, down 8.8% from 3.08 euro cents a year prior.

Looking ahead, Chief Executive Officer Margaret Sweeney said: "As we look ahead, we are strongly placed to continue to execute on our vision for the business. Our experienced team, high-quality portfolio, robust balance sheet and strong liquidity levels mean we are very well positioned to navigate an uncertain new landscape, whilst continuing to deliver for our investors and our stakeholders."

The company reiterated that demand for professionally managed homes far outstrips supply. It expects a boost from an anticipated GDP growth in the Republic of Ireland of 4.9% in 2023, as estimated by the European Commission.

Irish Residential Properties shares were 0.4% lower at EUR1.07 each on Friday.

By Tom Budszus, Alliance News reporter

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