DJ Trading Update and Directorate Change
Irish Residential Properties REIT plc (IRES)
Trading Update and Directorate Change
31-Oct-2023 / 07:00 GMT/BST
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Irish Residential Properties REIT plc
Trading Update and Directorate Change
Continued Strong Performance and Execution on Strategy in Q3
Margaret Sweeney to retire as CEO in 2024
31 October 2023, Dublin | Irish Residential Properties REIT plc (the "Company" or "I-RES") issues an update on trading
for the third quarter of its 2023 financial year ("Q3"). I-RES also announces that Margaret Sweeney has informed the
Board that, having served as CEO for the past six years, she intends to retire from her role as CEO and Executive
Director in 2024.
Q3 Trading Update
-- Continued strong occupancy across the portfolio, which was at 99.6% as at 30 September 2023 (99.5% at 30
June 2023).
-- The Company remains on track to deliver a broadly stable NRI margin for the full year 2023 (77.5% at 30
June 2023), reflecting ongoing initiatives to mitigate cost inflation and leverage the Company's market-leading
operating platform.
-- Successful execution of planned asset disposal programme, well ahead of expected timeframe.
- Delivered approximately EUR96.5 million of the previously announced EUR100 million target.
- Proceeds deployed in-line with capital allocation policy, strengthening the balance sheet, whilst
maintaining the earnings profile, by retiring the Group's higher cost debt under the revolving credit facility
("RCF").
-- The Company retains its strong financial position, with a robust balance sheet and ample liquidity. The
Group previously entered into interest rate hedging arrangements in relation to its RCF and, after retiring
additional higher cost debt under the facility, 82% of the Group's total drawn debt is now fixed at a blended
interest rate of 3.27%.
-- LTV1 has reduced to 41.9% after successfully completing the disposal of the Project West transaction on 2
October 2023 (44.6% at 30 June 2023), and there are no debt maturities until April 2026 with laddering out to 2032.
-- The Company remains focused on delivering on its value maximising portfolio management and disciplined
capital allocation strategy. The Company will continue to review opportunities to selectively dispose of assets
where value for shareholders can be delivered.
Directorate Change
Margaret Sweeney has notified the Board of her intention to retire from I-RES, having served as CEO for the past six
years. Margaret will retire from her role as CEO and Executive Director in April 2024 and has agreed to continue with
the business beyond her six months notice period if necessary, to ensure an orderly transition to her successor.
Margaret joined the Board as an independent Director in 2016 and was appointed as I-RES CEO in November 2017.
A process to appoint a successor will commence immediately, led by the Nomination Committee.
Declan Moylan, Chair of I-RES, commented:
"Margaret has made an outstanding contribution to I-RES and has been an exceptional CEO since assuming the role in
2017, with I-RES establishing its position as the leading provider of quality private residential rental accommodation
in Ireland. Under Margaret's leadership, I-RES delivered a significant transformation in scale, growing its portfolio
by over 60% to c.4,000 units, put in place new long-term funding structures and significantly strengthened the balance
sheet. More recently, she led the successful internationalisation of the business, built I-RES' operating platform
including the successful implementation of a new technology platform and integrated the business on acquisition of the
management company in 2022. I-RES continues to perform strongly as is clear from today's trading update and Margaret
leaves the business well positioned for the future.
We are also grateful that Margaret has committed to an extended notice period to facilitate a successful transition to
new leadership."
I-RES CEO, Margaret Sweeney, commented:
"It has been a privilege to lead I-RES for the past six years and I am proud of the team and portfolio that we have
built. The Company has transformed over the last two years, in particular, becoming a fully integrated Irish company
led by an experienced team with a market leading operating platform. Having served for six years as CEO, I believe that
now is the right time to retire and support the transition to new leadership in 2024. I would like to thank the Board,
management, employees, shareholders, our banks and many other business partners for their support over the years and I
am confident that the I-RES team will continue to deliver successfully for all stakeholders."
This announcement is made in accordance with Listing Rule 6.1.64 of Euronext Dublin's Listing Rules and contains inside
information.
1 LTV is based on portfolio valuation as at 30 June 2023 and net of cash.
For further information please contact:
For Investor Relations:
Irish Residential Properties REIT plc
Michelle Ang, Director Investor Relations investors@iresreit.ie Tel: +353 (0) 87 956 1138
Margaret Sweeney, Chief Executive Officer Tel: +353 (0) 1 557 0974
For Media Queries:
Jonathan Neilan, FTI Consulting ires@fticonsulting.com Tel: +353 (0) 86 231 4135
Melanie Farrell, FTI Consulting Tel: +353 (0) 86 401 5250
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc (I-RES) is a growth oriented Real Estate Investment Trust providing quality
professionally managed homes in sustainable communities in Ireland. The Group owns 3,734 apartments and houses for
private rental in Dublin and Cork. I-RES 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.i-res.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, including in
respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or
legislation related to it.
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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse
Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: IE00BJ34P519
Category Code: MSCH
TIDM: IRES
LEI Code: 635400EOPACLULRENY18
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 281480
EQS News ID: 1760887
End of Announcement EQS News Service
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(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
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