Irish Residential Properties REIT plc: Trading Update

DJ Trading Update

Irish Residential Properties REIT plc (IRES) 
Trading Update 
15-May-2025 / 07:00 GMT/BST 
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Irish Residential Properties REIT plc 
 
2025 AGM Trading Update 
 
Continued strong operational performance in Q1; good progress against strategic initiatives 
 
15 May 2025, Dublin | Irish Residential Properties REIT plc ("the Company" or "I-RES") provides an update on the 
Company's trading for the three months to 31 March 2025 (the "first quarter" or "Q1") ahead of its AGM today. 
 
Operating Highlights 
 
   -- The portfolio continued to be effectively fully occupied at 99.7% during the quarter (31 December 2024: 
  99.4%), underpinned by exceptional demand for rental accommodation in Ireland and our efficient operating model, 
  and reflecting the high quality of our modern portfolio of assets. 
 
   -- Following the strong performance in H2 2024, Net Rental Income margin continued to improve in Q1 2025 
  compared to H2 2024. We continue to implement additional income generating and cost reduction initiatives as 
  identified in the Strategic Review. We are successfully executing initiatives which capitalise on our significant 
  and previously underutilised real estate footprint, such as car parking, and other services across the portfolio, 
  which are reflected in the strong NRI performance. The Company continues to be supported by highly recurring 
  cashflows and strong rent collections, which remain in excess of 99%, in line with 2024. 
 
   -- The Company remains in a strong financial position and successfully completed a refinancing of its main 
  debt facilities during the period. Reflecting the impact of one-off refinancing costs and payment of the dividend 
  in the period, LTV1 has increased to 45.4% at 31 March 2024 (44.4% at 31 December 2024), well below the 50% limit 
  set by the Company's debt covenants and Irish REIT legislation. 
 
Progress on Disposal Programme 
 
   -- Disposals under the Strategic Review initiative continued their strong momentum into 2025, following the 
  completion of 66 unit disposals in 2024. As previously announced at 31 December 2024, the Company had 13 units in 
  the pipeline for disposal, all of these disposals have now completed at strong premia to book values, and a further 
  12 are in the pipeline for disposal in the near term. We remain confident we will complete the disposal of at least 
  50 units in 2025, at an average sales premium2 of between 15% and 20%, having had a strong start to the year 
  delivering premia in excess of this range. 
 
Refinancing 
 
   -- On 18th March 2025 the Company announced the successful refinancing of its existing Revolving Credit 
  Facility ("RCF"). The new facilities comprise an RCF of EUR500 million and an increased Accordion Facility of EUR200 
  million which adds an additional element of flexibility to the Company's debt facilities. The facilities have a 
  five-year term expiring in March 2030 with the option of two one-year extensions. The facilities are priced at 
  Euribor plus a margin of 2.05%. Hedging facilities in the amount of EUR275 million have been put in place for five 
  years, maintaining the Company's overall level of fixed rate debt at 85%. Following this refinancing, the current 
  weighted average cost of interest across the Group's facilities is approximately 3.8%, broadly in line with the 
  Group's weighted average financing costs in 2024. 
 
Capital Allocation 
 
   -- The Board remains committed to maximising value for shareholders and addressing the discount between the 
  Company's current market capitalisation and Net Asset Value (NAV). In line with this objective, proceeds from the 
  previously announced asset recycling programme have been deployed towards the following initiatives over the 
  quarter: 
   - Continuing to actively manage LTV within the Board's target range, and subsequently; 
   - Executing a share buyback of EUR5 million, with approx. 5.1 million shares purchased at an average 
    price per share of 97.3 cents. 
 
 
 
Eddie Byrne, CEO of I-RES, commented: 
 
"We are pleased to report strong trading in the period and are encouraged by the positive momentum of the business. The 
execution of our recycling programme is in line with our expected timeframe and will further strengthen our financial 
position. The successful completion of the refinancing in the period will bolster our position in the market, 
delivering additional capital and significantly increased flexibility, positioning us well to play a part in the 
delivery of much needed new rental accommodation. Consistent with our capital allocation strategy and also recognising 
the current discount between the Company's share price and its Net Asset Value per share, we completed a share buyback 
programme, successfully returning EUR5 million to shareholders. We will continue to concentrate on value accretive 
capital allocation strategies for so long as the share price trades at a steep discount to Net Asset Value. 
Furthermore, while we will continue to consider all opportunities to enhance shareholder value, we are confident about 
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 31 December 2024 
2 Based on 31 December 2024 book values 
END 
For further information please contact: 
Investor Relations: 
Eddie Byrne, Chief Executive Officer                            Tel: [phone] 
Stephen Mulcair, Investor Relations                            Tel: [phone] 
email: [e-mail] 
Media enquiries: 
Cathal Barry, Drury                                         Tel: +353 (0) 87 
227 9281 
Gavin McLoughlin, Drury                                     Tel: [phone] 
3749 
email: [e-mail] 
 
About Irish Residential Properties REIT plc 
Irish Residential Properties REIT plc ("I-RES") is a Real Estate Investment Trust providing quality professionally 
managed homes in sustainable communities in Ireland. 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.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. 
 
 
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Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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ISIN:     IE00BJ34P519 
Category Code: TST 
TIDM:     IRES 
LEI Code:   635400EOPACLULRENY18 
Sequence No.: 388371 
EQS News ID:  2137914 
 
End of Announcement EQS News Service 
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May 15, 2025 02:01 ET (06:01 GMT)