Ireland's biggest private landlord made a profit of €120 million in 2018, according to preliminary figures released this morning.

Ires REIT also reported an increase in average monthly rent compared to 2017 figures.

The real estate investment trust reported a 13.5% increase in net rental income to €41.2 million, and an improvement in net rental income margin to 81.3%.

The company said transactions for 393 residential units were completed in 2018 for €77.5m, and announced they had development and acquisition capacity of €180m on 31 December 2018.

In total the number of residential units owned by the company at the end of 2018 was 2,679, with a reported occupancy rate of 99.8 percent.

EPRA earnings rose 11.7 percent to €27.8m with basic earnings per share up 8.3 percent to 6.5 cents.

Ires Reit said it intends to declare an additional dividend of 3 cents per share for the year to bring total dividend to 5.6 cents per share.

Chief Executive Margaret Sweeney said the company's "fully let portfolio grew by 9.3%" year-on-year.

"Rental demand remains strong and, whilst it is beginning to increase slowly, the supply of residential accommodation remains constrained," she said.

"The prospects for growth in the Irish market remain good resulting in a combination of attractive yields and rental growth."