Irish Residential Properties REIT (I-RES) has reported that its net asset value (NAV) fell by 3.8% to €847.4m (£747.8m) for the year ended 31 December 2023.

However, the Irish real estate investment company focused on residential rental accommodation, also revealed its total revenues grew by 6.5% to €84.9m (£74.9m) for the year driven by I-RES’ portfolio growth, organic rental growth and strong occupancy levels.

It comes as it revealed occupancy levels across its portfolio increased 99.4% (99.1% at 31 December 2021).

The company also confirmed it delivered portfolio growth, adding 238 units during the year through the purchase of 108 units at Ashbrook and the successful delivery of 69 units at Tara View and 61 units at the School Yard, which have leased up quickly.

As of 31 December 2022, I-RES’ portfolio comprised 3,938 high-quality residential rental homes and ancillary commercial space.

I-RES’s board revealed it intends to declare a dividend of 2.81 cents per share for the period ended 31 December 2022 on, or about, 24 February 2023.

Margaret Sweeney, CEO, said: “2022 represented another year of delivery for I-RES. Despite the challenging macroeconomic backdrop, the financial and operational performance of the business was strong, demonstrating the resiliency of our business model and the commitment of our people.

“Our occupancy levels increased year-on-year to 99.4%, supported by the robust market demand for our high-quality professionally managed apartments. We also continued to execute on our growth strategy, adding 238 homes with strong sustainability credentials in excellent locations.”

She added: “…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.”