REG-Irish Residential Properties REIT plc Q3 Trading Update

Irish Residential Properties REITAnnouncement

25/11/2025 07:02

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Irish Residential Properties REIT plc (IRES)
Q3 Trading Update

25-Nov-2025 / 07:00 GMT/BST

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                                                            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  1 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  2 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.:  409245
   EQS News ID:   2235148


    
   End of Announcement EQS News Service

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