Q3 Trading Update
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Irish Residential Properties REIT plc (IRES)
Irish Residential Properties REIT plc
Q3 Trading Update
Continued Delivery On Operational And Strategic Objectives
25 November 2025, Dublin | Irish Residential Properties REIT plc (“the Company” or “IRES”), Ireland’s largest provider of private rental accommodation, today provides a trading update for the three months ending 30th September 2025 (the “third quarter” or “Q3”).
Operational & Financial Highlights Occupancy levels across the portfolio continue to remain strong and stood at 99.5% at 30th September 2025 (30th June 2025: 99.5%). Market leading occupancy reflects the high quality of the Company’s properties, the efficiency of the operating platform, and the strong demand dynamics for rental properties in Dublin. Resulting from our continued focus on operating efficiency and successful implementation of cost management initiatives, the Company remains on course to deliver a full-year 2025 Net Rental Income (“NRI”) margin in line with the margin reported in the first half of the year (H1 2025: 78%), notwithstanding the net rental income impact of the asset recycling programme completed during the year, as further outlined below. The Company remains in a strong financial position, underpinned by a robust balance sheet and high-quality assets. Reflecting the impact of continued disposals, LTV1 has reduced to 44.8% at 31 October 2025 (45.0% at 30 June 2025), well below the 50% limit set out by the Company’s debt covenants and Irish REIT legislation.
Strategic Capital Recycling Continues To Deliver Strong Results The Company’s strategic asset recycling programme continues to yield strong results. IRES has closed 36 sales year-to-date with an additional 12 sale agreed, and we remain on track to deliver on our disposal target of 50 units in 2025. The sales values we are achieving demonstrate both the quality of our assets and the strength of the underlying market and are trending meaningfully ahead of original expectations of 15-20% premia, with the premia achieved versus book value now in excess of 25%2.
Regulatory Update IRES welcomed the proposed suite of revised rent regulations announced by the Irish Government on the 10th of June 2025, which we believe provides positive steps to addressing the viability challenge for the delivery of new apartment developments. These changes, along with the subsequent announcement of amendments to the Sustainable Design Standards, direct and indirect tax amendments in the 2026 Budget and the recently released Delivering Homes, Building Communities 2025 – 2030 plan are important steps to increase the supply of rental accommodation and to attract crucial additional international investment into the sector. There is no single solution to the housing supply challenge, but we particularly welcome, the significant long-term Government investment commitment to infrastructure delivery. This plan underpins and provides clarity that the revised rent regulations are on course to be introduced by the commencement date of 1st March 2026. Once introduced, the new regulations will allow the Company to start capturing the significant reversion in our portfolio. Although the proposed new rules will not take effect until the 1st of March 2026, IRES is already seeing an increase in market liquidity and improving sentiment amongst developers. This will lead to increased growth opportunities for the Company, which, in the first instance will be executed through recycling internally generated capital into portfolio enhancing acquisition opportunities. IRES will continue to be very disciplined in relation to its capital allocation priorities and any potential growth opportunities will be assessed against alternatives to maximise shareholder returns. The Company believes that the proposed regulation changes, along with improving market dynamics, will provide future growth opportunities and enable the Company to deliver improved shareholder value creation over the medium- to long-term.
Sustainability Linked Loan IRES has converted its €500m Revolving Credit Facility (“RCF”), signed in March 2025, into a Sustainability Linked Loan (“SLL”) that aligns with the Loan Market Association’s March 2025 principles for sustainable finance. The SLL ties financing costs to independently verified Sustainability Performance Indicators. This structure supports IRES’s sustainability strategy. The RCF was arranged with four lenders: Bank of Ireland, Allied Irish Banks P.L.C. (Sustainability Coordinator), ABN AMRO Bank N.V., and Barclays Bank Ireland PLC.
Eddie Byrne, CEO of IRES, commented: “We are pleased to report another quarter of strong progress and are encouraged by the continued positive momentum of the business. We are particularly pleased with the execution of our recycling programme which is delivering very strong premia ahead of our original expectations and, which will further strengthen our financial position. We will continue to consider all opportunities to enhance shareholder value, including using internally generated funds to recycle capital into new assets which enhance the quality and income profile of our portfolio. The combination of revised rent regulations and the significant Government initiatives will accelerate apartment construction and enhance the positive macro backdrop for the business. We are confident in the long-term market opportunity which is underpinned by our high-quality portfolio and market leading operating platform.”
1 LTV net of cash based on portfolio valuation at 30 June 2025 2 Based on book values at date of sale END For further information please contact: Investor Relations: Eddie Byrne, Chief Executive Officer Tel: +353 (1) 5570974 Stephen Mulcair, Investor Relations Tel: +353 (1) 5570974 Email: investors@iresreit.ie Media enquiries: Cathal Barry, Drury Tel: +353 (0) 87 227 9281 Gavin McLoughlin, Drury Tel: +353 (0) 86 035 3749 Email: iresreit@drury.ie About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (“IRES”) is a Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. IRES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.iresreit.ie. This note applies if and to the extent that there are forward-looking statements in this Announcement. This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise.
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | IE00BJ34P519 |
| Category Code: | TST |
| TIDM: | IRES |
| LEI Code: | 635400EOPACLULRENY18 |
| Sequence No.: | 409245 |
| EQS News ID: | 2235148 |
| End of Announcement | EQS News Service |
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