REG-Irish Residential Properties REIT plc Results for the Year Ended 31 December 2025
19/02/2026 07:02
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Irish Residential Properties REIT plc (IRES)
Results for the Year Ended 31 December 2025
19-Feb-2026 / 07:00 GMT/BST
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19 February 2026
I-RES FY 2025 Results
Irish Residential Properties REIT plc
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
Continued Strong Operational Delivery Drives Earnings Growth and Value Creation
Key Highlights
Irish Residential Properties REIT plc (“I-RES” or the “Company”), the leading provider of rental homes in Ireland, today issues
its preliminary results for the twelve-month period from 1 January 2025 to 31 December 2025.
• Adjusted Earnings (excluding fair value movements) growth of 7.4% to €32.8 million in 2025 (2024: €30.5 million), reflecting
the ongoing success of the asset recycling programme in generating sales premia significantly ahead of book values.
• Adjusted EPRA Earnings growth of 1.5% for the year. 2.3% growth in adjusted EPRA EPS to 5.6 cent, notwithstanding the sale of
approximately 3% of units in the portfolio over the last 18 months.
• Net Rental Income (“NRI”) margin increase of 120 bps in 2025 with a margin of 78.0% (2024: 76.8%) due to our continued focus
on operational efficiency and successful implementation of cost management and recovery initiatives.
• IFRS NAV per share of 131.7 cent, grew by 4.4% (2024: 126.2 cent).
• Net LTV reduction to 43.6% (2024: 44.4%).
• Successful debt refinancing in H1, new facilities in place for 5 years with the option of two one-year extensions.
Successfully converted to sustainability linked loan in H2.
• Total Accounting Return (“TAR”) of 8.1% in 2025 (2024: Negative 1.0%).
• Return of surplus capital to shareholders by way of an accretive share buyback of €5 million in H1.
• New rental regulation which will take effect from 1st March 2026, along with other measures implemented by government have
strengthened the outlook for the market and for the business.
• The business has continued to execute on its asset recycling programme, disposing of 41 units in the period for a gain of
€3.4 million versus book value. Proceeds will be directed towards enhancing shareholder value through our capital allocation
framework. This framework includes exploring opportunities to grow our portfolio through the acquisition of new, high
quality assets to replace the units we have sold. Given the positive market dynamics, the Company’s pipeline of
opportunities is strong.
Eddie Byrne, I-RES’ Chief Executive Officer, said:
“I’m pleased to report that 2025 marked a major step forward in I-RES’ operational and financial performance, delivering strong
margin expansion and meaningful earnings growth against the backdrop of our sales programme. We advanced our strategic priorities
at pace, leveraging our operational platform to drive significant efficiency gains and achieving asset disposals at more than a
25% premium to book value. Throughout the year, we remained disciplined in our capital allocation decisions, executing on a share
buyback programme, with our focus firmly on creating shareholder value and managing LTV. We are now actively pursuing
re-investment opportunities to enhance the portfolio by investing in higher quality and higher yielding assets. With an improving
regulatory backdrop and market conditions, we enter 2026 with strong momentum and clear confidence in our ability to build on
this progress. Importantly, we continue to play a vital role in addressing Ireland’s housing needs through the provision of
high-quality, in-demand rental accommodation, supported by a market-leading service offering for our residents.”
Financial and Operational Highlights
• Achieved incremental earnings growth of 1.5% for the year with adjusted EPRA earnings of €29.4 million (2024: €28.9 million)
and 2.3% growth in adjusted EPRA EPS to 5.6 cent (2024: 5.5 cent). This growth in earnings was achieved despite the sale of
approximately 3% of units in the portfolio over the past 18 months, through our asset recycling programme. Adjusted Earnings
(excluding fair value movements) grew by 7.4% to €32.8 million in 2025 (2024: €30.5 million) and reflects the success of our
ongoing asset recycling programme in generating sales premia significantly ahead of book values.
• As a result of the disposals and a low Harmonised Index of Consumer Prices (“HICP”) rate in H1, limiting our ability to raise
rents, revenue increased modestly by 0.2% in 2025 to €85.5 million (2024: €85.3 million).
• Through continued focus on portfolio optimisation, Average Monthly Rent (“AMR”) increased by 2.1% to €1,852 (2024: €1,814)
aided by our asset recycling, retrofit programme and focused management of renewals.
• The portfolio continues to be effectively fully occupied at 99.5% (31 December 2024: 99.4%) which reflects both our highly
effective operating platform and the continued strong underlying demand for high quality rental properties in Dublin.
• Achieved a significant NRI margin increase of 120 bps year on year, with a 2025 margin of 78.0% (2024: 76.8%). NRI for the
period of €66.7 million increased by 1.9% versus 2024. This strong performance reflects the intense focus on costs and
successful implementation of cost management and recovery initiatives over the last year building on the momentum achieved in
H2 2024. We will continue to focus on driving efficiencies in order to sustain the increases achieved.
• EPRA Earnings of €29.4 million grew by 15.1% vs the prior year of €25.5 million due to the elimination of non-recurring costs
in 2025 and improved NRI margin.
• Profit before tax of €49.7 million versus a loss of €6.7 million in 2024 driven by the fair value movement of our assets
underpinned by the improved operational performance of the assets and stabilised valuation yields in 2025.
• Successful refinancing of the Revolving Credit Facility (“RCF”) in H1 ensures financial position remains robust, with the new
facilities in place for 5 years with two one-year extension options. The current weighted average cost of interest across the
Group’s facilities for 2025 is approximately 3.71%, broadly in line with the Group’s weighted average financing costs in 2024
(3.79%). In line with our ongoing ESG commitment, we successfully converted the RCF into a Sustainability Linked Loan (“SLL”)
in November 2025 which ties our financing costs to Sustainability Performance Indicators.
• The Company completed the disposal of 41 units in 2025 as part of the previously announced asset recycling programme of 315
units, achieving sales premia in excess of 25% above book value. This takes the total number of units disposed of to date
under the programme to 82 marking continued good progress against the overall target. Disposals completed during the year
generated total gross proceeds of €16.1 million and a €3.4 million gain versus book value. As at 31 December 2025, the
Company had a further 21 units held for sale which we expect to complete in the coming months.
Balance Sheet and Capital Allocation
• As at 31 December 2025, I-RES’ portfolio had a total value of €1,247 million (31 December 2024: €1,232 million) including
assets held for sale. This represents a 1.2% increase in the year. Strong organic growth in the performance of the assets has
delivered valuation increases offset by the disposal of 41 units as part of our ongoing asset recycling programme. Yields
remained broadly flat in the period with EPRA Net Initial Yield of 5.2% at 31 December 2025 (31 December 2024: 5.1%). We have
seen a continuation of yield stability in 2025 with valuers’ prime residential yields remaining at 4.75%.
• We continue to reinvest in our portfolio of assets, to ensure we maintain our exceptional levels of occupancy and tenant
demand, whilst also future proofing our assets. We expect the change in rental regulation, now approved by government to have
a positive impact on valuations over time. The Group’s portfolio is currently estimated to be 20% under-rented versus market
rates. This embeds significant long-term revenue upside in the business without the requirement for a significant increase in
investment in our assets given our ongoing capex programme.
• Net LTV at 31 December 2025 stood at 43.6%, reduced from 44.4% at 31 December 2024. Our leverage level remains well below the
50% maximum allowed by the Irish REIT regime and the Group’s debt financial leverage ratio covenant. The decrease can be
attributed to the increased property valuations and ongoing asset recycling programme offset by the successful completion of
the share buyback programme and the upfront transaction costs associated with the refinancing.
• The Company executed a share buyback of €5 million in 2025, with approximately 5.1 million shares purchased at an average
price per share of 97.3 cents.
• Achieved a Total Accounting Return of 8.1% versus 2024 of negative 1.0%. The primary drivers for this performance are the
strong recurring dividend paid, the organic growth in our asset portfolio and the gain on disposals.
• Proceeds from the asset recycling programme will be deployed towards continuing to actively manage LTV within the target
range of 40% to 45%. Thereafter we will prioritise excess capital towards enhancing shareholder value through our capital
allocation framework.
• The Board intends to declare a dividend of 2.53 cents per share, in line with the requirements of Irish REIT legislation and
representing the Company’s dividend policy of paying out 85% of property income from the property rental business. This
brings the full year dividend to 4.89 cents and represents a 19.9% increase on the 2024 dividend of 4.08 cents per share.
Outlook
• The Company will continue to focus on delivering against its strategic priorities to maximise shareholder value by growing
revenue and managing costs, with a strong focus on optimising the operational performance of the business. Backed by a highly
efficient and scalable internalised platform, set against the backdrop of positive regulatory change and improving market
conditions, the Company is exceptionally well positioned to take advantage of tailwinds to drive earnings growth and enhanced
shareholder value.
• The Company remains committed to a disciplined capital allocation strategy, prioritising robust balance sheet management,
delivering consistent shareholder returns through its ordinary dividend, whilst pursuing long-term value creation by
re-investing sales proceeds in strategically located assets that enhance shareholder value or continuing to return capital to
shareholders.
• In line with this capital allocation strategy and against a backdrop of improving valuations, the successful asset recycling
programme has given I-RES the flexibility to pursue, in the first instance, recycling the sales proceeds into portfolio
enhancing opportunities whilst continuing to manage LTV.
• The Company has welcomed the Government’s proactive approach towards reviving housing construction. The new rental regulation
measures taking effect on 1 March 2026 will have a positive impact on both the market and the Company. We have already begun
to see an increase in market activity and an increase in development activity. I-RES sees itself playing an important role in
the delivery of new high-quality rental accommodation in Ireland in the coming years.
Financial Highlights
For the year ended 31 December 2025 31 December 2024 %
Revenue from Investment Properties (€ millions) 85.5 85.3 0.2%
Net Rental Income (€ millions) 66.7 65.5 1.9%
Net Rental Income Margin % 78.0% 76.8%
Adjusted EBITDA (€ millions) (1) 54.6 53.2 2.5%
Financing costs (€ millions) (24.3) (23.4) (4.0%)
Adjusted EPRA Earnings (€ millions)(1) 29.4 28.9 1.5%
Deduct: Non-recurring costs (€ millions) — (3.4)
EPRA Earnings (€ millions)(1) 29.4 25.5 15.1%
Adjusted EPRA Earnings (€ millions)(1) 29.4 28.9 1.5%
Add: Gain on disposal of investment property (€ millions) 3.4 1.6
Adjusted Earnings (excluding fair value movements) (1) 32.8 30.5 7.4%
Increase/(Decrease) in fair value revaluation of investment properties
17.0 (33.7)
(€ millions)
Profit/(Loss) before tax (€ millions) 49.7 (6.7)
Basic EPS (cents) 9.5 (1.3)
EPRA EPS (cents) (1) 5.6 4.8 16.0%
Adjusted EPRA EPS (cents)(1) 5.6 5.5 2.3%
Interim Dividend per share (cents) 2.36 1.88
Proposed Dividend per share (cents) 2.53 2.20
Proposed Full Year Dividend (cents) 4.89 4.08 19.9%
Portfolio Performance
Total Number of Residential Units 3,627 3,668 (1.1%)
Overall Portfolio Occupancy Rate(1) 99.5% 99.4%
Overall Portfolio Average Monthly Rent (€)(1) 1,852 1,814 2.1%
As at 31 December 2025 31 December 2024 %
Assets and Funding
Total Property Value (€ millions) 1,246.9 1,232.2 1.2%
Net Asset Value (€ millions) 690.5 668.2 3.3%
IFRS Basic NAV per share (cents) 131.7 126.2 4.4%
Group Net LTV 43.6% 44.4%
Gross Yield at Fair Value(1) 7.0% 7.0%
EPRA Net Initial Yield(1) 5.2% 5.1%
Total Accounting Return 8.1% (1.0%)
Other
Market Capitalisation (€ millions) 493.0 481.9
Total Number of Shares Outstanding 524,442,218 529,578,946
Weighted Average Number of Shares – Basic 525,604,518 529,578,946
(1) For definitions, method of calculation and other details, refer to the Business Review and Glossary.
For further information please contact:
Investor Relations:
Eddie Byrne, Chief Executive Officer Tel: +353 (1) 5570974
Email: 1 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
Results Presentation: webcast and conference call details:
I-RES will host a live audio webcast and conference call of the results presentation this morning at 09:00am BST. Access details
are listed below:
Ireland (Local): +353 1 691 7842 United-States (Local): +1 646 233 4753
Ireland (Toll-Free): +353 1800 816 490 United-States (Toll-Free): +1 855 979 6654
United Kingdom (Local): +44 20 3936 2999 Canada (Local): +1 613 699 6539
United Kingdom (Toll-Free): +44 808 189 0158 Canada (Toll-Free): +1 833 294 2546
2 Global Dial-In Numbers
Participant access Code: 527787
To listen to the investor conference call using the Live Webcast Facility, please register at: 3 Webcast Link
This report and a copy of the presentation slides will also be available to download on the investor relations section of the
I-RES website at 07:00am BST: 4 https://www.iresreit.ie/investors.
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 5 www.iresreit.ie.
Forward-Looking Statements
This Report includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements
can be identified by the use of forward-looking terminology, including the terms “may”, “will”, “should”, “expect”, “anticipate”,
“project”, “estimate”, “intend”, “continue”, “maintain”, “forecast”, “potential”, “target” or “believe”, or, in each case, their
negative or other comparable terminology, or by discussions of strategy, plans, objectives, trends, goals, projections, future
events or intentions. Such forward-looking statements are based on the beliefs of management as well as assumptions made and
information currently available to the Company. Forward-looking statements speak only as of the date of this report and save as
required by law, the Irish Takeover Rules, the Euronext Dublin Listing Rules and/or by the rules of any other securities
regulatory authority, the Company expressly disclaims any obligation or undertaking to release any update of, or revisions to,
any forward-looking statements or risk factors in this report, including any changes in its expectations, new information, or any
changes in events, conditions or circumstances on which these forward-looking statements are based. Due to various risks and
uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or
contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of
and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a
particular rate of return.
Business Review
Internalised Operating Platform Drives Strong Operational Performance
The Company delivered a strong financial and operational performance in 2025, making progress against strategic objectives and
delivering improvements across numerous key performance indicators. Our high-quality portfolio of modern and sustainable
properties remained effectively fully occupied at 31 December 2025 at 99.5% (2024: 99.4%), reflecting the consistent efficiency
of our property management operations, the mid-market positioning of our assets and the continued strength of demand in the Irish
Private Rental Sector (“PRS”) market.
Organic rental increases in Ireland under the existing rental regulations are limited to the lower of 2% or the Harmonised Index
of Consumer Prices (“HICP). Rent increases were impacted by the low rate of HICP inflation in the first half of 2025 and as a
result of this, combined with the disposal of 41 units completed as part of our ongoing asset recycling plan, reported revenue
increased by 0.2% in the period to €85.5 million. During the year, 14% of the portfolio units turned over, in line with last year
despite the fact that a number of units where leases ended were not turned over as they were disposed of through the asset
recycling programme.
Net Rental Income (“NRI”) increased by 1.9% in 2025 despite the sale of c. 3% of the portfolio in the last 18 months as a result
of NRI margin growth of 120bps in 2025 to 78.0% (2024: 76.8%). As highlighted by incremental margin improvements, we are making
strong progress implementing income generating and cost management and recovery initiatives to improve the profitability of our
real estate portfolio. This includes a sustained focus on cash collections, savings achieved from management of Owner’s
Management Companies (“OMCs”) and associated costs, contract negotiations and certain cost recoveries on new leases. We continue
to review operations for cost efficiencies and revenue opportunities.
Adjusted G&A expenses include costs such as employees’ salaries, director fees, professional fees for audit, legal and advisory
services, depository fees, property valuation fees, insurance costs and other general and administrative expenses, and excludes
non-recurring costs. Despite inflationary pressures in some of these cost items, we have managed to achieve a moderate decrease
of 1.8% in Adjusted G&A expenses to €11.7m (2024: €11.9m) through focused cost control and partly due to additional costs related
to CEO and Chair recruitment costs expensed in 2024.
In March 2025 the Company successfully refinanced its existing Revolving Credit Facility (“RCF”). The new facilities comprise an
RCF of €500 million and an Accordion Facility of €200 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. Hedging
instruments in the amount of €275 million have been put in place until maturity, maintaining the Company’s overall level of fixed
rate debt at c. 85% of drawn facilities. Following this refinancing, the current weighted average cost of interest across the
Group’s facilities is 3.71% in 2025, broadly in line with the Group’s weighted average financing costs in 2024 of 3.79%.
Financing costs in 2025 were slightly ahead of 2024 at €24.3 million due to costs incurred for the acceleration of the deferred
loan costs associated with the refinancing of the RCF at c. €0.6 million and the termination of the interest rate swaps
associated with the previous RCF.
In November 2025 the Company converted its €500 million 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 I-RES’ sustainability strategy. The RCF was
arranged with four lenders: The Governor and the Company of the Bank of Ireland, Allied Irish Banks P.L.C. (Sustainability
Coordinator), ABN AMRO Bank N.V. and Barclays Bank Ireland PLC.
The Company delivered growth of 1.5% in Adjusted EPRA earnings at €29.4 million (2024: €28.9 million) and 2.3% in Adjusted EPRA
EPS (2024: 1.4%) driven by the increase in NRI margin and the share buyback programme executed during the period.
In 2025, the Company has completed the disposal of 41 units in total as part of the overall disposal target of 315 units, with an
additional 21 units held for sale at year end which we expect to close in the coming months. The sales are achieving premia in
excess of 25%, and gross proceeds in 2025 were €16.1 million. This takes the total number of units disposed under the programme
to 82. In addition, a bulk sale of 25 units was completed in H2 2024 taking total gross proceeds for the sale of 107 units to
€34.9 million across 2024-2025. As a result of these disposals in 2025 Adjusted Earnings (excluding fair value movements)
increased 7.4% from €30.5 million to €32.8 million.
The Company continues to actively dispose of the identified units and given the strong sales premia achieved in 2025, expect that
the disposal premia in 2026 will continue at a c. 25% premium.
I-RES recognises its investment properties at fair value at each reporting period, with any unrealised gain or loss on
re-measurement recognised in the profit or loss account. In the period, the fair value gain recorded on investment properties was
€17.0 million (2024: loss of €33.7 million), reflecting the stabilisation of yields across the wider Irish residential market and
positive organic growth. We are encouraged by the continued yield stabilisation witnessed in the market for the last twelve
months after two years of expansion. Our Gross Yield was 7.0% at period end, well in excess of our weighted average cost of
interest of 3.71% whilst EPRA Net Initial Yield remained broadly flat at 5.2% (2024: 5.1%).
The Irish Government has approved a suite of new rental regulations, which include the ability to reset the rent of a particular
unit when a tenant vacates and a new lease is put in place from 1 March 2026. As a result of this change and the expected
increase in the income profile of our properties as we capture the 20% embedded reversion, we expect there to be a positive
impact on valuations, assuming no market yields movement over time. The new legislation is expected to be passed by the
Oireachtas shortly, in advance of 1 March 2026.
Yields
As at 31 December 2025 31 December 2024
Gross Yield at Fair Value 7.0% 7.0%
EPRA Net Initial Yield 5.2% 5.1%
Our average monthly rent increased to €1,852 from €1,814 at 31 December 2024 representing an increase of 2.1% reflecting our
continued focus on asset management and selective disposal of underperforming and lower quality assets. Despite this our
portfolio is currently estimated to be 20% below market rent. Occupancy of 99.5% (FY 2024: 99.4%) reflects an effective full
occupancy rate which is supported by our mid-market residential sector positioning and continues to highlight the supply/demand
imbalance in the market.
AMR and Occupancy
Properties owned prior to
Total Portfolio 31 December 2024
(Like for Like properties)
2025 2024 2025 2024
As at 31 December AMR Occ. AMR Occ. AMR Occ. AMR Occ. AMR change %
AMR change %
% % % %
Residential €1,852 99.5% €1,814 99.4% 2.1% €1,852 99.5% €1,814 99.4% 2.1%
We delivered a Total Accounting Return for 2025 of 8.1% versus negative 1.0% in 2024. A key driver for the improved return
includes the ongoing strong dividend paid by the Company, which has increased in 2025 due to the elimination of the non-recurring
costs in 2024 and NRI Margin improvement. In addition, our EPRA Net Tangible Assets (“NTA”) per share growth of 5.7 cent has
improved due to the valuation increase of our investment property driven by organic rental growth and cost management and the
profits achieved from the asset recycling programme. The impact of the share buyback programme has also aided the increase in
EPRA NTA per share.
Total Accounting Return
31 December 2025 31 December 2024
Opening EPRA NTA per share (cents) 126.5 131.7
Closing EPRA NTA per share (cents) 132.2 126.5
Increase/(Decrease) in EPRA NTA per share (cents) 5.7 (5.2)
Dividends paid per share in the year (cents) 4.6 3.9
Total Return (cents) 10.3 (1.3)
EPRA NTA per share at the beginning of the year (cents) 126.5 131.7
Total Accounting Return 8.1% (1.0%)
Operational and Financial Results
Net Rental Income and Profit for the Twelve Months Ended
31 December 2025 31 December 2024
€'000 €'000
Operating Revenue
Revenue from investment properties 85,465 85,273
Operating Expenses
Property taxes (1,127) (1,110)
Property operating costs (17,651) (18,708)
(18,778) (19,818)
Net Rental Income ("NRI") 66,687 65,455
NRI margin 78.0% 76.8%
Adjusted general and administrative expenses (11,717) (11,935)
Share-based compensation expense (415) (305)
Adjusted EBITDA 54,555 53,215
Non-recurring costs — (3,411)
Depreciation of property, plant and equipment (683) (591)
Lease interest (228) (296)
Financing costs (24,335) (23,389)
Taxation 55 (15)
EPRA Earnings 29,364 25,513
Addback: Non-recurring costs — 3,411
Adjusted EPRA Earnings 29,364 28,924
Gain on disposal of investment property 3,433 1,622
Adjusted Earnings (excluding fair value movements) 32,797 30,546
Non-recurring costs — (3,411)
Net movement in fair value of investment properties 16,991 (33,745)
Loss on derivative financial instruments (36) (104)
Taxation — 38
Profit/(Loss) for the Year 49,752 (6,676)
Balance Sheet
Our total investment property value at 31 December 2025 was €1,246.9 million. This represents a 1.2% increase compared to 31
December 2024 driven by the revaluation of investment properties and offset by the disposal of 41 units as part of our ongoing
asset recycling programme. Yields and valuations remained broadly flat in the period with EPRA Net Initial Yield at 5.2% as at 31
December 2025, remaining flat versus 30 June 2025. We continue to reinvest in our portfolio of assets, to ensure we maintain our
exceptional levels of occupancy and tenant demand, whilst future proofing our assets and enabling us to capture the embedded
reversion in the portfolio once the rental regulations are revised from 1 March 2026.
I-RES seeks to use leverage to enhance shareholder returns over the long term. I-RES takes a proactive approach to its debt
strategy to ensure the Group has laddering of debt maturities and the Group’s leverage ratio and interest coverage ratios are
maintained at a sustainable level. Our debt facilities are made up of our recently refinanced €500 million RCF and c. €200
million (Euro Equivalent) of Private Placement Notes.
The successful refinancing of the RCF in 2025 has extended the facilities for 5 years to 2030 with two one-year extension
options, strengthening the Company’s capital structure. The Company has no debt maturities before 2027, and laddering is out to
2032 thereafter. As outlined, we have converted the RCF into an SLL which will tie the margin charged on the facility to the
performance against sustainability KPI’s through a ratchet of 5bps upwards and downwards from a base margin rate of 2.0%.
Net LTV at 31 December 2025 stood at 43.6%, down from 44.4% at 31 December 2024. The decrease in LTV can be attributed to the
ongoing, successful asset recycling programme and strong premia being achieved on these sales along with an increase in the
valuation of the properties driven by organic rental growth and strong cost optimisation initiatives. Our leverage level remains
well below the 50% maximum allowed by the Irish REIT regime and the Group’s debt financial leverage ratio covenant. I-RES is
focused on managing LTV through the cycle between the 40%-45% range.
The Private Placement Notes were issued in March 2020 and are made up of €130 million and $75 million notes. On closing, I-RES
entered into a cross-currency interest rate swap resulting in an overall weighted average fixed interest rate of 1.92% inclusive
of swap costs and excluding transaction costs for the full principal of the notes. The maturity of the notes is laddered over
circa six, nine and eleven years, with the first repayment due in March 2027.
Drawn debt facilities are predominantly hedged against interest rate volatility, with over 85% fully fixed. The Group has a
weighted average drawn debt maturity of 4.1 years and no debt maturities before 2027. The weighted average cost of interest is
3.71% for 2025 (2024: 3.79%). The remaining undrawn committed facilities are c. €148 million.
The IFRS NAV per share is 131.7 cent, up 4.4% from 126.2 cent at 31 December 2024 aided by the increased asset valuations, the
impact of the share buyback programme and the ongoing successful asset recycling programme.
As at 31 December 2025 31 December 2024
€'000 €'000
RCF Borrowings 352,443 355,870
Euro denominated Private Placement notes 130,000 130,000
USD denominated Private Placement notes(1) 63,890 72,415
Weighted Average Cost of Interest(2) 3.71% 3.79%
(1) The principal amount of USD notes is $75 million. The movement during the period relates to foreign exchange movements. I-RES
has entered into cross currency swaps to fix this at €68.8 million.
(2) Includes commitment fee charged on the undrawn portion of the RCF facility.
In line with our capital allocation strategy and recognising the discount between the Company’s share price and its Net Asset
Value per share the Company utilised excess capital generated through premia achieved on disposals to execute a share buyback of
€5 million in H1 2025, with approx. 5.1 million shares purchased at an average price per share of 97.3 cents.
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.
In line with this objective, proceeds from the ongoing asset recycling programme are expected to be deployed towards:
▪ Continuing to actively manage LTV within the Board’s target range of between 40% and 45%, and subsequently:
◦ Enhancing returns through re-investing in our own portfolio and also exploring opportunities to acquire strategically
located/attractive assets and/or
◦ An efficient return of capital to shareholders where it is considered the best use of capital.
In line with the above allocation framework, proceeds realised from the asset recycling programme have enabled the Company to
successfully reduce Net LTV and execute a share buyback programme in 2025, which contributed to the improvement in EPS.
Looking forward to 2026, and in light of the continually improving investment environment and increase in attractive
opportunities coming to the market, we will in the first instance look to replace the units we have disposed of over the past 18
months whilst continuing to manage our LTV.
The Board will continue to monitor the capital allocation strategy for the Group, taking into account the prevailing market
environment and the appropriate use of funds to best deliver on the long-term objective of maximising value for shareholders. In
light of the current market environment and taking account of the current discount between the Company’s share price and its Net
Asset Value per share, the Board believes it is appropriate to continue to focus on the above value accretive allocation
strategies.
Dividend
In line with Irish REIT legislation, the Board intends to declare a dividend of 2.53 cents per share for the six months ended 31
December 2025, in line with the requirements of Irish REIT legislation and representing the Company’s dividend policy of paying
out 85% of property income from the property rental business. This brings the full year dividend to 4.89 cents and represents a
19.9% increase on the 2024 dividend of 4.08 cents per share.
Public Policy
I-RES is supportive of the Government’s numerous efforts to implement policy measures which support an environment of increased
investment in the development of new housing supply. The changes made to rental regulations along with amendments to the
sustainable design standards, direct and indirect tax amendments in the 2026 Budget and the ‘Delivering Homes, Building
Communities 2025 – 2030’ plan, all provide positive steps to addressing the viability challenge for the delivery of new apartment
developments. We were pleased to see the Government approve the ‘Residential Tenancies (Miscellaneous Provisions) Bill 2026’ and
expect it to be passed by the Oireachtas shortly in advance of 1 March 2026. We believe this will not only provide for stronger
tenant protections and greater certainty for renters, but creates an environment in which new apartment development can restart.
The new legislation will take time to translate into newly delivered stock, but the Company has already seen a significant
increase in market activity in the sector, an increase in development activity, and importantly has resulted in a renewed
interest from international capital sources in investing in the delivery of new homes and apartments. With a positive and
balanced regulatory framework now in place the Company sees itself playing an important role in the delivery of new high-quality
rental accommodation in Ireland in the coming years. The Company will in the first instance look to achieve this through
recycling internally generated capital into portfolio enhancing acquisition opportunities.
I-RES will continue to be very disciplined in relation to its capital allocation priorities. The Company believes that under the
new rent regulation, along with improving market dynamics, there is now a substantial opportunity for growth, which will enable
the Company to deliver improved shareholder value creation over the medium to long term. All potential growth opportunities will
be assessed against alternatives to maximise shareholder returns on an ongoing basis.
CFO Succession
As announced in January, CFO Brian Fagan has notified the Company of his intention to retire this summer. He will be succeeded by
Mari Hurley who will join the Company, on a date to be confirmed in due course, initially as CFO designate before assuming the
role of CFO on Brian’s retirement. Ms. Hurley joins the Company from her current role as CFO of state broadcaster RTÉ. She has
extensive experience as a CFO and business leader in Ireland and the UK, in publicly listed companies as well as in large private
and semi state companies. In addition, she served as a non-executive Director on the Board of the National Asset Management
Agency (“NAMA”) for ten years from 2014 to 2024. Prior to her current role in RTE she worked as CFO for the AA (Ireland) for 3
years and for Premier Lotteries Ireland (operator of the Irish National Lottery) for 3 years. She also served as CFO of
Hostelworld Group plc, a role she held for 11 years. Prior to that Ms Hurley served as CFO for the property advisory firm Sherry
FitzGerald Group during its time as a listed company.
Outlook
We look ahead to 2026 with optimism. The Company expects to continue to realise efficiencies from its market-leading internally
managed operating platform, supporting sustained earnings growth and further margin improvements. The Company will continue to
execute on its strategic priorities and remain focused on crystalising strong premia on the sales programme.
Regulatory developments during the period have strengthened the medium‑term outlook, with revised rental rules improving income
growth outlook and supporting a more attractive investment environment. The Company believes these changes will not only benefit
the business but also stimulate broader market liquidity and encourage much‑needed new supply. The Company has already begun to
see an increase in market activity and an increase in development activity. The Company sees itself playing an important role in
the delivery of new high-quality rental accommodation in Ireland in the coming years with a new and balanced regulatory framework
now in place.
The Company will continue to be disciplined on capital allocation, in the first instance ensuring prudent balance sheet and LTV
management whilst ensuring shareholder returns through the ordinary dividend are maintained. Where appropriate capital raised
through the asset recycling programme will be deployed into new assets, earnings enhancing investments in our existing portfolio
or returned to shareholders by way of share buybacks, or special dividends where it is the most efficient and accretive option.
The Company is exploring opportunities to re-invest the proceeds achieved to date and replace the units disposed as market
conditions and liquidity are improving. We will continue to monitor accretive growth opportunities and assess this against our
capital allocation strategy whilst ensuring our LTV is within our desired operating range.
With a highly efficient, scalable platform and an improving regulatory and investment market backdrop, I‑RES enters 2026 well
positioned to deliver growth and enhanced shareholder value.
On behalf of the Board
Hugh Scott-Barrett Eddie Byrne
Non-Executive Chairman Chief Executive Officer
19 February 2026
Sustainability
Ireland faces two interconnected and at times conflicting challenges: a housing crisis that has left many without secure,
affordable homes and a climate crisis that demands urgent action to reduce emissions and build resilience. As the leading
provider of rental homes in Ireland, I-RES recognises its responsibility to help address both. Housing is not only a social
necessity but also a critical component of sustainable communities. By providing high-quality, energy-efficient homes and
investing in low-carbon solutions, we aim to provide secure accommodation and social value while reducing environmental impact.
Collaboration with stakeholders will remain a cornerstone of our approach as we work together to address systemic challenges.
In 2025, the business continued to make progress on our sustainability ambitions through environmental action and social
impact, achieving significant milestones.
Operating Responsibly
Disclosure & Data
We are committed to clear, consistent communication and disclosure, ensuring accountability and fostering trust across all
stakeholder groups.
The year began with a focus on meeting Corporate Sustainability Reporting Directive (“CSRD”) disclosure requirements, however
given the progression of the Omnibus Proposals, it now appears likely that I-RES will remain out of scope for CSRD reporting.
Nevertheless, the insights we garnered from carrying out the Double Materiality Assessment have been very valuable, informing our
strategy going forward.
We maintained our European Public Real Estate Association (“EPRA”) Sustainability Best Practices Recommendations (“sBPR”) Gold
Award for our latest sustainability reporting for the fifth consecutive year. Our GRESB score increased by a further four
points maintaining a 3-star rating and we maintained our Carbon Disclosure Project(“CDP”) B rating (highest score for SMEs). We
also improved our MSCI rating from BBB to A and our S&P Global Corporate Sustainability Rating has increased to 44 from 42.
ESG data capture and analysis processes were further streamlined and to ensure the robustness of our approach, our ESG data and
approach is assured by a third-party assessor.We continued our engagement with the Commission for Regulation of Utilities (“CRU”)
smart-meter programme to improve energy data-collection capabilities.
Sustainability-Linked Financing
We have made significant progress in establishing sustainability-linked financing mechanisms. Over the past year, we have
aligned our sustainability performance indicators with credible, measurable targets that reflect our strategic priorities,
particularly in areas such as carbon reduction, resource efficiency and community impact. A key milestone in this journey was
the conversion in November 2025 of our €500 million RCF, signed in March 2025, into an SLL that aligns with the Loan
Market Association’s March 2025 principles for sustainable finance.
Risk Management
I-RES operates a strong integrated sustainability risk framework, supported by Board level oversight and alignment with ISO 14001
and ISO 31000. We have begun detailed site level climate risk reviews, informed by national flood risk data and will implement
targeted mitigation measures where required.
In parallel, we enhanced our cybersecurity and data protection capabilities, updating our cyber programme to leading standards
and expanding governance, training and 24/7 monitoring and threat detection.
Health and safety remain a core organisational priority, supported by a robust safety management framework, qualified staff,
comprehensive training and strong governance to ensure the wellbeing of residents, employees, contractors and stakeholders.
Responsible Sourcing
I-RES continues to strengthen sustainable procurement by partnering with suppliers that share our ethical and environmental
commitments. Through targeted engagement, training and our Responsible Sourcing Policy, we are supporting circular, lower
impact product choices. Since launching our vendor engagement programme in 2022 we have achieved a 35% increase in Tier 1
vendors (from 15% to 50%) with sustainability policies in place and 25% are now reporting their carbon footprint since the
programme began. We also work closely with OMCs to advance energy efficiency and waste reduction initiatives.
Protecting the Environment
We are fully committed to achieving Net Zero Carbon by 2050 and continue to measure and report on our organisational footprint in
our annual Sustainability Report, as well as in our ESG ratings disclosures.
Climate Change
In 2025, we commenced the development of our Climate Transition Plan which will provide us with a long-term direction for
decarbonisation, guiding us step by step over the next 25 years. This plan is not static; it will evolve as we balance ambition
with practical realities, including budgets and investments. It is the foundation for a future where our portfolio delivers
meaningful carbon reductions, firmly positioning I-RES on the pathway to net zero. It will form a critical component of
our sustainability linked financing going forward, ensuring alignment between our environmental ambitions and financial
strategy.
Environmental Management
Our environmental KPIs are fully aligned with our SLL framework. We are currently finalising our greenhouse gas (“GHG”) emissions
performance data, which will be disclosed in our Sustainability Report scheduled for publication in April 2026.
To date, we have proactively installed eight solar panels across seven properties, totalling 118 kWp, and enabled car sharing
in seven properties. 100% of common areas across wholly owned assets are powered by renewable energy.
We are closely monitoring the EU’s revised Energy Performance of Buildings Directive (“EPBD”), which aims to decarbonise the
built environment by 2050, as Ireland prepares to transpose the directive into Irish Law in March 2026. Our efforts to meet the
EPBD standards include retrofitting suitable low-energy-rated properties when they became vacant.
We have maintained zero waste to landfill for directly managed assets and our waste management programme is improving with new
resources for residents.
Biodiversity initiatives across our portfolio continue to aid pollination and wildlife.
Building Communities
Residents
We are committed to delivering exceptional customer service and providing safe, secure, comfortable and high-quality homes, while
fostering vibrant communities for our residents. In 2025, to strengthen engagement across our residential communities, we
launched a dedicated resident facing brand, I-RES Living, connecting over 3,600 homes across Dublin through tailored
communication channels.
Our annual Resident Survey continues to provide valuable insights. Our Net Promoter Score remains strong versus industry
benchmarks, particularly among younger and newer residents. The 2025 survey showed two in three residents value environmental
sustainability, with high interest in recycling, waste management, energy, water conservation and pollinator gardens. Survey
results are analysed and used by the resident management teams to prepare individual improvement plans for each property to
address key concerns highlighted in the survey, with actions implemented and monitored throughout the year.
Employees
Demonstrating our continued commitment to employee well-being and experience, we introduced further enhancements to our employee
benefits in 2025, including expanded health insurance cover, improved leave allowances and enhanced pension benefits. We also
introduced further learning and development opportunities, with employees completing a combined average of 42 training hours.
A social & Equality, Diversity and Inclusion (“EDI”) committee was established focusing on promoting equality, diversity and
inclusion to create a welcoming environment for everyone. The group delivered a programme of employee engagement
events throughout the year.
In our most recent independent employee survey, participation reached 92%, with an overall satisfaction rate of 90%.
Community
As a provider of residential homes and services, our team is deeply connected to local communities. We continue to partner with
educational NGOs, support local sports teams and our employees are very involved in charity events for those in need across
Dublin. I-RES’ employees helped raise funds for charities and together volunteered over 620+ hours engaging in community
activities.
Looking Forward
We are committed to operating responsibly and to being a leading voice in shaping Ireland’s sustainable property sector. Through
collaboration, innovation and relentless focus on our net zero pathway, we aim to set a benchmark for responsible growth,
sustainable properties and positive environmental and social impact.
We will further develop our Net Zero Carbon Transition Plan, advancing carbon-reduction initiatives across scope 1, 2 and
3, measuring our social-value impact and supporting our colleagues in their roles and in our community initiatives, fundraising,
charitable giving and resident engagement.
Market Outlook
Macroeconomic Landscape
2025 has been a year characterised by shifting geoeconomic relationships causing heightened uncertainty. As a small, open economy
with significant trading and investment relationships with the US and EU, Ireland is not exempt from the challenges caused by a
changing geoeconomic and geopolitical landscape. Policy uncertainty, in particular related to significant shifts in US trade
policy, has directly shaped headline economic activity in Ireland in 2025, with uncertainty spiking in April driven by US trade
policy announcements.
However, the Irish economy continued to outperform. Employment remained exceptionally strong in 2025 with unemployment sitting at
5%1 in 2025. Economic activity was very strong in 2025 with GDP expected to have grown by 10.7% according to the EU commission
outperforming all EU peers2, while Modified Domestic Demand (“MDD”) is forecast to have grown by 3.9% in 20253.
Housing Critically Undersupplied; Positive Government Interventions Will Take Time To Affect Output
The Irish housing market continues to experience several long-term tailwinds that are expected to sustain demand and price
pressures over the medium-term. The supply of housing remains significantly below levels required to meet current and future
demand. Last year, the Government approved new national housing targets up to the year 2030. The Government aim to deliver
303,000 new homes in the period from 2025 to 2030, equating to an annual average of 50,500 homes, building up to 60,000 in 2030.
In 2025, housing targets were missed, with completions coming in at 36,200. However, this is a healthy increase of 20.4% on the
previous year, with an increase of 38.7% in the number of apartments completed. These are positive early signs that an improved
regulatory environment will lead to a sustained increase in output over time.
Housing completions are forecast to reach 37,000, 40,500 and 44,500 in 2026, 2027 and 2028 respectively, still below what
independent estimates show is required to meet demand. Davy estimate that there is currently demand for 93,000 new units a year
with pent-up demand for c. 230,000 homes, or more than 10% of the housing stock. Capital financing requirements are also very
large and could top €40 billion by 20314.
To address this chronic supply and demand imbalance, the Government has approved changes to the Irish residential rent control
system. These changes are intended to increase the supply of rental accommodation and attract crucial investment. The new changes
are to take effect from 1 March 2026. The rents for new build apartments will not be subject to the current 2% cap but will be
linked to inflation and capped by the Consumer Price Index (“CPI”). This applies to new apartment developments commenced on or
after 10 June 2025.
▪ No changes will be implemented for tenancies created before 1 March 2026.
▪ Landlords of tenancies created on or after 1 March 2026 will be able to reset the rent levels to market rent between
tenancies. During the tenancy increases are subject to the lower of 2% or CPI.
▪ Landlords of tenancies created on or after 1 March 2026 will be able to reset the rent levels to market rent at the end of
each 6-year tenancy period.
There will be a new distinction between “large” and “small” landlords. Large landlords are those who have four or more tenancies
and small landlords are those with three or fewer tenancies. Different termination rules will apply to large and small landlords.
The Company welcomes these changes. Although it will take time for the changes to translate into new supply, in the long run this
will be positive for the rental sector and its ability to increase housing output. When PRS yields increased globally, the
severity of the previous rent regulations in Ireland caused yields to increase by far more than in other European markets. Prime
net PRS yields in Dublin have increased by 115 bps from 3.6% to 4.75% from peak to trough. The prime net yield in Dublin of 4.75%
is now one of the highest in Europe. The recent proposed changes in rent regulations should reduce the spread in Dublin’s prime
net PRS yield versus other European markets. Any potential tightening in yields due to new rent regulations will have a positive
impact on development viability, helping stimulate new supply and unlocking challenged developments.
Regulatory Change and Improving Market Conditions Bring Positive Outlook For Investment
Ireland's residential investment market experienced a sluggish start to 2025, with just €10 million deployed across two
transactions in Q1. However, the market began to pick up pace with the Government indicating plans for a revised regulatory
framework, and volumes reached €400 million for the full year 2025. CBRE Ireland estimate residential transaction volumes will
more than double in 2026, with forecasts of €800 million to €1 billion. Transactional activity across all sectors picked up
towards the end of the year, and a total of €2.5 billion of investment trades completed in 2025. Activity is expected to
accelerate further in 2026, with forecasts exceeding €3 billion and possibly trending towards €4 billion5.
CBRE Ireland have forecast that against the backdrop of increasing volumes, liquidity and an improved regulatory framework
providing certainty, they ‘expect prime PRS yields to compress by 25 bps this year as new capital competes for stock in a market
that is supported by a number of tailwinds, including being the most targeted sector for investors around Europe and seeing more
favourable debt terms on offer5.
1. Central Statistics Office
2. EU Commission Autumn Economic Forecasts
3. Central Bank of Ireland Q4 2025 Bulletin
4. Davy: Reforms needed for housing delivery February 2025
5. CBRE Ireland Research: 2026 Market Outlook
Principal risks and uncertainties
The Directors of the Company set out below the principal risks and uncertainties that I-RES is currently exposed to and that may
impact performance in the coming financial year in pursuing its current strategy.
I-RES through its risk management processes proactively identifies, assesses, monitors and manages these risks. While risk can
never be fully eliminated, the risk management process is designed to identify, evaluate and respond to the material existing and
emerging risks that I-RES faces in delivering on its agreed strategy and in that context therefore can only provide reasonable,
but not absolute assurance that risks will not materialise. The process aims to understand and appropriately manage and mitigate
identified risks.
The principal risks and uncertainties, along with their strategic impact on the business and mitigating factors, have been
outlined below. I-RES has also provided its view on how the risk has changed or trended during the year ended 31 December 2025.
Geopolitical Instability, Economy and Inflation
Continuing heightened levels of global instability in economic and geopolitical arenas could lead to a
Risk general weakening of the Irish economy and increasing inflation. Of key concern are potential negative
impacts on the Irish economy generally and particularly on the residential property sector for the greater
Dublin area where our portfolio is located. Overall, while Ireland's economy is resilient, its openness makes
it vulnerable to global economic and political shifts.
High
Strategic Impact The risk remains high. Reduced economic activity, driven by external shocks or domestic pressures, could
negatively affect business performance, asset values and net rental income. Inflationary pressures,
especially if input and payroll costs outpace rent inflation, could further erode net rental income and
earnings.
On an ongoing basis Management actively monitor and report to the Board on business performance, the
macro-economic and geopolitical environment and residential sector developments. The Board regularly
considers the wider economic and macro-outlook and its impact on I-RES’ strategy and budgetary processes.
We continue to monitor the impact that changes in inflation and interest rates are having on our sector.
I-RES’ business is focused on the greater Dublin area, which continues to be economically resilient. I-RES’
properties continue to experience exceptional demand when units are available with occupancy of 99.5% as at
Mitigation Strategy 31 December 2025 (99.4% at 31 December 2024).
There is also strong continuing focus through our internal teams on active revenue and cost control within
the day-to-day business operations. I-RES retains its strong financial position, with a robust balance sheet
and ample liquidity. Hedging facilities in the amount of €275 million have been put in place for five years,
maintaining the Company’s overall level of fixed rate debt at c. 85%. Following this refinancing, the current
weighted average cost of interest across the Group’s facilities is 3.71%, broadly in line with the Group’s
weighted average financing costs in 2024.
Increasing
Uncertainty and volatility persist in the global landscape, though global trade in 2025 was more resilient
than initially anticipated. The Irish economy continues to show resilience, but downside risks are mounting
due to geopolitical fragmentation, ongoing trade tariffs and the potential for economic downturns. The
Central Bank’s Q4 2025 Bulletin highlights risk from multinational concentration, supply-side constraints,
Risk Trending Since and slightly higher services inflation.
31 December 2024
The ECB’s rate cuts throughout 2025 have stabilized the interest rate environment, but inflation remains
elevated (3.2% year-on-year in November 2025), with forecasts for 2026 suggesting a moderation toward Central
Bank targets (1.8 – 2.1%). However, energy costs are expected to remain high and uncertainty around US tax
and trade policy could further impact the Irish economy. Cost pressures are likely to persist into 2026 due
to inflation’s lagged effects.
Regulatory and Legislative Impacts
Risk In recent years, changes to rental property, tax and REIT regulations in Ireland have been made which have
significantly limited revenue growth even at times of high inflation. Together these regulatory changes have
resulted in some diminution in the attractiveness of the Irish PRS sector and Irish REITs for international
investors.
High
The industry has faced an environment of increased costs of financing and operation, while at the same time
having legislative constraints on revenues through restrictive rental property regulations.
Strategic Impact Amendments to Regulatory restrictions in Ireland implemented in December 2021 limiting annual rent increases
to the lower of HICP and 2% (and extended in May 2024 out to December 2025), continued to impact on I-RES’
ability to increase rents in line with increasing costs despite high demand for properties continuing and
thus impacted on I-RES’ attractiveness as an investment vehicle.
Recent proposed changes to the rental property regulations, if implemented, should reduce this risk.
I-RES actively engages with Government departments and contributes to consultations on relevant sector
policy. The Company highlights structural housing supply issues and the continued need for well capitalised
providers who can both fund large scale developments and professionally manage these residential units upon
completion.
Mitigation Strategy A public affairs firm and industry groups support ongoing engagement with regulators and policymakers as part
of consultation and engagement with relevant authorities, regulators and government departments on
significant policy and regulatory matters likely to impact on the Company’s affairs.
Strategy and investment decisions incorporate current and emerging legislation, and training is delivered
when new rules are enacted. Cost management remains a priority, given limits on revenue growth.
Stable
The Government’s June 2025 announcement of revised rent regulations, plus amendments to Sustainable Design
Standards, tax changes in Budget 2026, and the Delivering Homes, Building Communities 2025–2030 plan are
Risk Trending Since positive steps toward improving viability and attracting investment. 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.
31 December 2024 Although implementation risk remains until final regulations are enacted (expected 1 March 2026), improved
market sentiment and liquidity support the stable trend at this point. Once fully enacted the legislation
will reduce regulatory uncertainty, lowering the residual risk in this area.
Portfolio Management and Investment
The risk that I-RES does not achieve its performance targets due to underperformance of its portfolio
management and investment strategy. At the core of our success is the need to effectively manage the
Risk investment and portfolio management activities we undertake.
I-RES is exposed to the risk that portfolio management or investment underperformance could prevent
achievement of financial and strategic objectives. Portfolio management focuses on value enhancing
initiatives, maintenance, energy efficiency and sustainability. Investment management covers acquisitions,
developments, joint ventures and capital recycling.
High
Strategic Impact
Failure to grow and optimise the portfolio would limit the Company’s ability to meet long term shareholder
value targets.
I-RES leverages deep market knowledge, strong industry relationships and identified potential joint venture
partners to source opportunities.
The Company considers a three-pronged growth strategy: direct acquisitions, development opportunities within
existing assets and selective partnerships. Capital recycling continues through targeted disposals where the
transactions are value enhancing.
Mitigation Strategy
Comprehensive financial, legal, operational, technical and environmental due diligence is undertaken on all
transactions, with support from subject matter experts as required. Governance structures require Board
approval for material investments.
Ongoing reviews assess income expectations and operating costs for the portfolio, and disposal activity over
the past two years has strengthened the balance sheet and portfolio quality.
Stable
There are clear sectoral issues with the current underlying economic challenges facing residential property
developers that are significantly constraining the availability of an active pipeline of relevant development
projects. These are driven by factors such as revenue constraints, escalating construction costs, cost
inflationary pressures, ongoing planning challenges, an inefficient rental regulation framework and a
reduction in available capital to fund acquisitions.
Standing stock assets with realistic vendor valuation expectations continue to be in limited supply, and new
Risk Trending Since supply continues to come online more slowly than expected. Growth opportunities will exist in the medium to
31 December 2024 long term for organisations with a strong balance sheet, access to capital and a proven record of successful
acquisition and operational integration of new assets into a professionally run portfolio. In the short to
medium term the limited supply of acquisition opportunities impacts the current growth opportunity for I-RES.
However, it is expected that the supply of potential acquisition targets will improve as market liquidity
will be stimulated by regulatory certainty following the introduction of the proposed changes in Irish rental
regulation in March 2026.
I-RES continues to monitor and adapt to impacts on the supply of construction labour and materials, both for
development activity and any ongoing repair and maintenance related activity.
Operational Management Risk
Risk A key strategic imperative is continuing with revenue optimisation and cost reduction initiatives across the
Company’s operations. Failure to effectively manage either the revenue or cost streams would negatively
impact on financial performance and the reported NRI and could damage the Company’s reputation since they are
key metrics for both our investors and providers of capital.
High
I-RES may not meet its performance targets if it cannot continue to maximise the performance of its overall
Strategic Impact portfolio, if revenues are not optimised or if there are material cost overruns in the ongoing operation and
maintenance our sites.
Poor operational asset management may also result in negative impacts on the valuation and revenue generation
capacity of the portfolio.
I-RES’ operations are well managed and when benchmarked across key revenue and cost metrics, including
operational expenditure and general and administrative costs, maintain cost levels in line with its
comparable European residential peers. I-RES continues to actively control costs, reflected in ongoing focus
and initiatives to mitigate cost inflation, maximise revenues from the portfolio and to leverage its
Mitigation Strategy operating platform.
As a fully integrated residential business with a strong operating platform, I-RES is in a leading position
to leverage a range of options for future growth and ensure it fully utilises and maximises the return on all
its assets including its operating platform. This platform is a strategic asset, and we continue to leverage
its data capture and analysis capabilities to support our operations.
Stable
I-RES continues to actively and effectively manage its operational activities and, operating within the
legislative requirements, seeks to maximise rental income while maintaining a close focus on cost management.
I-RES actively controls both headcount and other costs and continues to monitor and adapt to impacts on the
Risk Trending Since supply of labour and materials for all ongoing repair and maintenance related activity.
31 December 2024
While there are clear sectoral issues that continue to impact, particularly on the revenue side due to
current rent pressure zone (RPZ) regulation, the introduction of the proposed changes in Irish rental
regulation in March 2026 will create an opportunity for further revenue optimisation.
Access to Capital
Risk
The ability to access capital may become limited, which would impact the growth strategy of I-RES.
Medium
Strategic Impact If I-RES is unable to source debt financing at attractive rates or raise equity, it may not be able to meet
its growth objectives through acquisitions and development or preserve its existing assets through
maintenance or capital expenditures.
The CEO and CFO have developed relationships with lenders, both in Ireland and internationally, which provide
ongoing financing possibilities for I-RES. In addition, I-RES continues to explore possible new avenues for
raising equity growth capital to support future expansion.
The quality of I-RES’ property portfolio and the LTV target of between 40% and 45% on total assets
(particularly apartments) are attractive credit characteristics for potential lenders, which to date have
facilitated the raising of debt financing. I-RES currently has an RCF of €500 million and an accordion
Mitigation Strategy facility of €200 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.
I-RES invests in properties that generate a strong rate of return for its investors and, in turn, increases
the attractiveness of its shares and dividends. I-RES actively manages its liquidity needs and monitors
capital availability.
Through pro-active capital management and maintenance of a robust financial position, I-RES has not needed to
raise new capital nor place restrictions on its dividend policy.
Stable
As at 31 December 2025 I-RES had drawn on its credit facility in the amount of €352 million and Private
Placement Notes of c. €200 million. I-RES continues to monitor liquidity needs to ensure that future capital
Risk Trending Since requirements are anticipated and met within the limits of its leverage thresholds.
31 December 2024
Based on its financial position and performance, as well as its relationships with lenders and current and
potential investors, I-RES can pursue opportunities should the underlying fundamentals and current financial
obligations support the business case.
Balance Sheet Management
Risk A fundamental facet of I-RES’ business relates to the cost of capital it deploys and its leverage level.
Interest rate increases and/or property valuation decreases result in higher debt service costs and
restriction of future leveraging opportunities due to its regulatory requirement to maintain LTV below 50%.
Medium
I-RES is exposed to risks associated with availability of capital (equity and debt) and movements in interest
rates on its floating rate bank debt, as well as movements in property valuations.
Strategic Impact Additionally, property valuations are inherently subjective but also driven by market forces. A contraction
in property values could make I-RES too highly geared, which could result in higher interest costs and
potential covenant breaches.
Rising interest rates, higher equity costs or valuation declines may create refinancing challenges, reduce
growth capacity or increase covenant risk.
I-RES has a proven record of strong financial results. Strong results, combined with being in a residential
sector with a strong underlying market, help manage our ability to meet shareholders’ expectations and, thus,
the cost of equity.
As previously noted, I-RES has developed strong relationships with lenders, both in Ireland and
internationally, which provide ongoing financing possibilities for I-RES.
I-RES completed a private placement of Notes of circa €200 million equivalent in March 2020, with a weighted
average fixed interest rate of 1.92% inclusive of swap costs. The Notes have a laddered maturity over six,
nine, and eleven years, with the first repayment due in 2027. As of 31 December 2025, I-RES has c. €7.6
million of cash and €147.6 million of committed undrawn debt under its Revolving Credit Facility. I-RES
Mitigation Strategy maintains an active programme of engagement with its debt and equity providers, including an ongoing Investor
Relations programme.
I-RES’ refinanced its €500 million revolving credit facility in March 2025 with a further uncommitted €200
million accordion facility. The facility has two one-year extension options available.
I-RES’ net loan to value ratio was 43.6% as at 31 December 2025, well below the 50% maximum allowed under the
Irish REIT rules and the financial covenants under I-RES’ debt agreements. I-RES also manages its headroom on
its interest coverage ratio.
I-RES closely monitors property values by updating its property valuations twice annually using two
independent property valuation firms.
Stable
Capital markets improved toward late 2025, with better liquidity and sentiment despite geopolitical
uncertainties. The cost of capital is easing gradually and Ireland and Europe remain attractive for global
capital flows. The March 2025 RCF refinancing extended our debt maturities with no near‑term refinancing
Risk Trending Since pressure.
31 December 2024
Valuations rose c. 2% year‑on‑year due to organic rental growth and effective cost management, and yields
have stabilised over the last 18 months. Government initiatives to support institutional residential
investment further strengthen the outlook.
Cybersecurity and Data Protection
Risk In the current environment, businesses encounter increased and persistent information security risks. Without
an adequate cybersecurity program and data governance frameworks, both internally and with service providers,
I-RES’ systems and data may be exposed to cybersecurity attacks, potentially resulting in service disruptions
or the loss of confidential commercial or personal information.
Medium
Strategic Impact I-RES faces a continuous threat to its information systems, particularly if it fails to implement and adhere
to appropriate cybersecurity and data protection requirements and practices. Failure to maintain robust
cybersecurity and data governance could lead to service disruption, unauthorised access and regulatory
penalties. Risks are heightened if IT providers do not adhere to required standards.
I-RES continues to strengthen its approach to cybersecurity through ongoing risk assessments and a
comprehensive annual assurance programme, proactively addressing threats emerging from the external cyber
risk landscape. The organisation consistently invests in controls and aligns its Information Security
Management System with ISO27001 standards, ensuring a robust foundation for its security practices.
In 2025, I-RES made substantial progress in advancing its cyber capability and IT resilience by embedding an
enhanced Cyber Security Framework. This framework forms the backbone of I-RES’ Cyber Strategy, driving
strategic investments in best-in-class technology, infrastructure upgrades and the implementation of advanced
24/7 threat detection and response tools. Regular technology security assessments, including phishing
simulations, ransomware scenario testing and vulnerability scans, are conducted to identify and mitigate
potential risks.
I-RES maintains responsibility for data privacy and protection as a data processor, adapting its practices
and those of its sub-processors to keep pace with ongoing technological and legislative developments. The
organisation demonstrates agility in responding to new regulatory requirements, such as the Digital
Operational Resilience Act (“DORA”) and remains vigilant to evolving threats such as AI-enabled cybercrime
and sophisticated social engineering tactics.
Mitigation Strategy To foster a culture of security awareness, I-RES provides employees with regular, targeted training on
cybersecurity, privacy and data protection. The training is continually updated to reflect the latest threat
intelligence, best practices, and compliance obligations, empowering staff to recognise and respond
effectively to potential cyber risks. Additionally, I-RES encourages a proactive reporting culture and
regularly reviews its incident response and recovery plans to ensure operational continuity in the event of a
cyber incident.
Through these ongoing enhancements, I-RES demonstrates its commitment to safeguarding stakeholder interests,
maintaining regulatory compliance and protecting confidential business and personal information in an
increasingly complex digital environment.
Access to personal data is controlled through physical and administrative measures, and IT security. I-RES
ensures all software is up to date to protect against known vulnerabilities and maintains regular backups of
critical systems and data supported by recovery plans to restore operations quickly in the event of an
incident.
I-RES maintains cybersecurity insurance coverage and continues to monitor and assess risks surrounding
collection, processing, storage, disclosure, transfer, protection and retention/destruction practices for
personal data.
Increasing
Risk Trending Since Rapid technological change, evolving EU data protection and resilience requirements, vendor dependencies and
31 December 2024 increasing AI enabled cybercrime continue to elevate risk levels.
Compliance obligations
Risk
Potential breaches of laws and regulations could result in litigation or investigations, the imposition of
significant fines, sanctions, loss of REIT status, adverse operational impact, and reputational damage.
Low
I-RES is subject to a wide variety of laws and regulations (including those applicable to it as a listed
Strategic Impact company) which vary in complexity, application, and frequency of change.
Non-compliance with any of these laws and regulations, depending on the scale of the incident, could result
in significant impacts including penalties/loss of regulated status and/or reputational damage.
There is proactive monitoring of I-RES’ compliance with the rules and regulations across key areas of
activity, including the Listing Rules, Corporate Governance Code, REIT rules, EU and Central Bank
requirements and Tax legislation.
Within the business there are legal, risk and compliance personnel who monitor both compliance with current
Mitigation Strategy requirements and any impending or emerging changes in rules and regulations or tax policies that may impact
on the organisation. The results of these compliance reviews are reported to the Board on a quarterly basis,
at a minimum.
In addition, I-RES’ external audit and internal audit providers carry out a suite of regular compliance
audits, agree appropriate remediation actions with Management where any shortcomings are identified and
provide independent reporting to the Audit Committee on the outcome of these reviews.
Stable
Risk Trending Since I-RES does not believe the risk of non-compliance has changed generally. The Audit Committee continues its
31 December 2024 review and monitoring as well as taking expert advice when necessary.
Climate Change and Environmental Sustainability
Risk Failure to respond appropriately and sufficiently to climate and environmental sustainability risks or
failure to benefit from the potential opportunities could lead to adverse impact on reputation, property
values and shareholder returns.
Medium
The I-RES portfolio is a modern, energy efficient portfolio. However, as with all real estate companies,
there is an increasing exposure to environment and climate-related risks across the portfolio.
The climate-related risks/opportunities include, but are not limited to, more extreme and volatile weather
Strategic Impact events, further changes in regulations or government policies in response to climate change targets,
reputation management, developing technology, investor pressure and expectations, and the necessity to have
in place an appropriate and effective climate adaptation strategy.
The environmental risks/opportunities include, but are not limited to, management of resource use (energy,
water), material sourcing and use, greenhouse gas emissions, and other impacts from operating, maintaining,
and renovating our properties.
I-RES has embedded building a sustainable business at the heart of its strategy, providing and operating a
modern residential asset portfolio with high sustainability features.
The Board has in place a Sustainability Committee which, among other duties, is responsible for developing
and recommending to the Board the ESG strategy, policies, risks, targets, and investment required to achieve
the approved ESG strategy.
In 2024, I-RES carried out a Double Materiality Assessment examining both the external environmental and
social impacts of the Company and the internal organisational impacts of sustainability issues. This approach
ensures we have a comprehensive understanding of the material sustainability topics affecting the business.
Mitigation Strategy
In 2025, I-RES converted its RCF into a Sustainability Linked Loan (“SLL”) which ties financing costs to
independently verified Sustainability Performance Indicators.
In 2025, I-RES also began the process of preparing a formal Climate Transition Plan, which will form a
critical component of our sustainability-linked finance strategy. The plan, which will include climate risk
and opportunity identification, scenario analysis, and governance and financing, will ultimately outline our
pathway to decarbonisation and long-term climate resilience. Once finalised, the targets in our Climate
Transition Plan will be embedded within our financial frameworks.
In order to assess progress, I-RES benchmarks its Environmental, Social and Governance progress against
several industry benchmarks.
Increasing
I-RES’ Board and Management continue to monitor the organisation’s environmental sustainability performance
and mitigating actions. While substantial progress was made within I-RES in 2025 (further details are set out
Risk Trending Since in the Sustainability review above), the risks associated with climate and environmental sustainability
31 December 2024 continue to increase and evolve.
Major Safety, Health, Security or Asset loss incident
Risk
Failure to respond appropriately to a major safety, health or security incident or to the loss of a material
asset could adversely impact on reputation, property values and shareholder returns.
Medium
Failure to respond appropriately to any material disruption to our operations including a major site-based
incident and in particular, failure to identify, mitigate and/or react effectively to a major health, safety,
or security incident, leading to:
Strategic Impact ▪ Serious injury, illness, or loss of life
▪ Delays to major building projects
▪ Access restrictions to our properties resulting in loss of income
▪ Inadequate response to regulatory changes
▪ Reputational impact
Could result in impacts in terms of loss of income, impact on share price, loss of stakeholder confidence and
criminal/civil proceedings.
Health and Safety is a core consideration in all management activity and the protection of the health and
safety of our tenants, staff and the public is an area of continual focus. I-RES monitors compliance with
relevant regulations in key areas such as fire safety and housing standards.
All sites are fitted with fire detection systems which are subject to ongoing monitoring and quarterly
testing.
Mitigation Strategy Emergency response arrangements are in place as part of the business continuity and crisis management
framework and are aligned to best practice procedures. Test exercises are undertaken and lessons learned
reviews completed both on those exercises and any actual incidents that arise from normal operations.
The operations team is staffed by experienced industry professionals who are based on site at the locations
for which they are responsible. In addition to ongoing monitoring of our sites, procedures also include an
annual safety assessment at letting unit level. This team is also supported where necessary by specialist
contractor suppliers in respect of the ongoing maintenance of our sites. There is also ongoing engagement on
Health and Safety issues with OMCs and managing agents on sites not managed by I-RES.
Stable
Risk Trending Since
31 December 2024 I-RES has a proven record of the successful management of its portfolio of properties over an extended
period. The safe management of our sites in compliance with relevant regulations and requirements remains a
key and ongoing priority for the organisation.
Consolidated Statement of Financial Position
(Unaudited) (Audited)
As at 31 December 2025 Note 31 December 2025 31 December 2024
€'000 €'000
Assets
Non-Current Assets
Investment properties 5 1,240,384 1,228,238
Property, plant and equipment 7 9,203 9,854
Derivative financial instruments 18 111 1,637
1,249,698 1,239,729
Current Assets
Other current assets 8 4,500 4,876
Derivative financial instruments 18 841 1,133
Cash and cash equivalents 14 7,614 7,350
Assets held for sale 5 6,481 3,957
19,436 17,316
Total Assets 1,269,134 1,257,045
Liabilities
Non-Current Liabilities
Bank indebtedness 10 347,029 355,197
Private placement notes 11 192,810 200,991
Lease liability 22 8,526 9,438
Derivative financial instruments 18 6,538 555
554,903 566,181
Current Liabilities
Accounts payable and accrued liabilities 9 14,882 14,115
Derivative financial instruments 18 1,635 1,002
Security deposits 6,919 7,037
Lease liability 22 328 560
23,764 22,714
Total Liabilities 578,667 588,895
Shareholders’ Equity
Share capital 13 52,444 52,958
Share premium 504,583 504,583
Undenominated Capital 514 —
Share-based payment reserve 2,074 1,659
Cashflow hedge reserve 19 (1,757) (2,934)
Retained earnings 132,609 111,884
Total Shareholders' Equity 690,467 668,150
Total Shareholders' Equity and Liabilities 1,269,134 1,257,045
IFRS Basic NAV per share 27 131.7 126.2
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(Unaudited) (Audited)
For the year ended 31 December 2025 Note 31 December 2025 31 December 2024
€'000 €'000
Operating Revenue
Revenue from investment properties 15 85,465 85,273
Operating Expenses
Property taxes (1,127) (1,110)
Property operating costs (17,651) (18,708)
Net Rental Income ("NRI") 66,687 65,455
General and administrative expenses 16 (11,717) (15,346)
Share-based compensation expense 12 (415) (305)
Net movement in fair value of investment properties 5 16,991 (33,745)
Gain on disposal of investment property 3,433 1,622
Loss on derivative financial instruments 18 (36) (104)
Depreciation of property, plant and equipment 7 (683) (591)
Lease interest 6 (228) (296)
Financing costs 17 (24,335) (23,389)
Profit/(Loss) before taxation 49,697 (6,699)
Taxation 20 55 23
Profit/(Loss) for the Year 49,752 (6,676)
Other Comprehensive Income
Items that are or may be reclassified subsequently to profit or loss:
Cash flow hedges - effective portion of changes in fair value (8,596) 5,825
Cash flow hedges - cost of hedging deferred (10) 418
Cash flow hedges - reclassified to profit or loss 9,783 (8,505)
Other Comprehensive Income/(Loss) for the year 1,177 (2,262)
Total Comprehensive Income/(Loss) for the Year Attributable to Shareholders 50,929 (8,938)
Basic Earnings/(Loss) per Share (cents) 26 9.5 (1.3)
Diluted Earnings/(Loss) per Share (cents) 26 9.5 (1.3)
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Changes in Equity
Share- Cashflow
For the year ended 31 Share Share Undenom-inated Retained
December 2025 Note Capital Premium Capital Earnings based hedge Total
payments Reserve
Reserve
(Unaudited) €’000 €’000 €’000 €’000 €’000 €’000 €’000
Shareholders' Equity at 1 January 52,958 504,583 — 111,884 1,659 (2,934) 668,150
2025
Comprehensive income for the year
Profit for the year — — — 49,752 — — 49,752
Other comprehensive — — — — — 1,177 1,177
income for the year
Total Comprehensive Income for — — — 49,752 — 1,177 50,929
the year
Transactions with owners, recognised directly in equity
Long-term incentive 12 — — — — 415 — 415
plan
Purchase and
cancellation of own 13 (514) — 514 (5,000) — — (5,000)
shares
Dividends paid 21 — — — (24,027) — — (24,027)
Total transactions with owners, (514) — 514 (29,027) 415 — (28,612)
recognised directly in equity
Shareholders' Equity at 31 52,444 504,583 514 132,609 2,074 (1,757) 690,467
December 2025
Share- Cashflow
For the year ended 31 Share Share Undenom-inated Retained
December 2024 Note Capital Premium Capital Earnings based hedge Total
payments Reserve
Reserve
(Audited) €’000 €’000 €’000 €’000 €’000 €’000 €’000
Shareholders' Equity at 1 January 52,958 504,583 — 139,108 1,354 (672) 697,331
2024
Comprehensive loss for the year
Loss for the year — — — (6,676) — — (6,676)
Other comprehensive — — — — — (2,262) (2,262)
loss for the year
Total Comprehensive Loss for the — — — (6,676) — (2,262) (8,938)
Year
Transactions with owners, recognised directly in equity
Long-term incentive 12 — — — — 305 — 305
plan
Dividends paid 21 — — — (20,548) — — (20,548)
Total transactions with owners, — — — (20,548) 305 — (20,243)
recognised directly in equity
Shareholders' Equity at 31 52,958 504,583 — 111,884 1,659 (2,934) 668,150
December 2024
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Cash Flows
(Unaudited) (Audited)
For the year ended 31 December 2025 Note 31 December 2025 31 December 2024
€'000 €'000
Cash Flows from Operating Activities:
Operating Activities
Profit/(Loss) for the Year 49,752 (6,676)
Adjustments for non-cash items:
Fair value adjustment - investment properties 5 (16,991) 33,745
Gain on disposal of investment property (3,433) (1,622)
Depreciation of property, plant and equipment 7 683 591
Amortisation of financing costs 22 2,004 1,356
Share-based compensation expense 12 415 305
Loss on derivative financial instruments 18 36 104
Allowance for expected credit loss 349 145
Capitalised leasing costs 5 807 795
Taxation 20 (55) (23)
Profit adjusted for non-cash items 33,567 28,720
Interest expense 22 22,559 22,329
Changes in operating assets and liabilities 22 899 1,194
Income taxes received/(paid) 57 (1,494)
Net Cash Generated from Operating Activities 57,082 50,749
Cash Flows from Investing Activities
Net proceeds from disposal of investment property 4 15,656 18,403
Property capital investments 5 (10,708) (9,156)
Purchase of property, plant and equipment 7 (632) (36)
Net Cash Generated from Investing Activities 4,316 9,211
Cash Flows from Financing Activities
Financing fees 22 (6,401) (21)
Interest paid 22 (21,735) (22,284)
Credit Facility drawdown 22 373,143 12,800
Credit Facility repayment 22 (376,570) (29,950)
Purchase of own shares 13 (5,000) —
Lease payment 6 (544) (471)
Dividends paid to shareholders 21 (24,027) (20,548)
Net Cash Used in Financing Activities (61,134) (60,474)
Changes in Cash and Cash Equivalents during the Year 264 (514)
Cash and Cash Equivalents, Beginning of the Year 7,350 7,864
Cash and Cash Equivalents, End of the Year 7,614 7,350
The accompanying notes form an integral part of these consolidated financial statements.
Notes to Consolidated Financial Statements
1. General Information
Irish Residential Properties REIT plc (“I-RES” or the “Company”) was incorporated in Ireland on 2 July 2013. On 16 April 2014,
I-RES obtained admission of its ordinary shares to the primary listing segment of the Official List of Euronext Dublin and to
trading on the main market for listed securities of Euronext Dublin. I-RES’ registered office is South Dock House, Hanover Quay,
Dublin 2, Ireland. The ordinary shares of I-RES are traded on the main market for listed securities of Euronext Dublin under the
symbol “IRES”. The Group owns interests in residential rental accommodations, as well as commercial and development sites, all of
which are located in and near major urban centres in Dublin, Ireland.
2. Material Accounting Policies
a. Basis of preparation
This financial information has been derived from the information to be used to prepare the Group’s consolidated financial
statements for the year ended 31 December 2025 in accordance with International Financial Reporting Standards as adopted by the
European Union (“IFRS”), IFRS Interpretations Committee (“IFRIC”) interpretations and those parts of the Companies Act 2014
applicable to companies reporting under IFRS. The financial information for the years ended 31 December 2025 and 31 December 2024
has been prepared under the historical cost convention, as modified by the fair value of investment properties, derivative
financial instruments at fair value and share options at grant date through the profit or loss in the consolidated statement of
profit or loss and other comprehensive income.
The consolidated financial statements of the Group are prepared on a going concern basis of accounting. The consolidated
financial statements of the Group have been presented in Euro, which is the Company’s functional currency.
The consolidated financial statements of the Group cover the 12-month period from 1 January 2025 to 31 December 2025.
The Group has not early adopted any forthcoming International Accounting Standards Board (“IASB”) standards. Note 2(s) sets out
details of such upcoming standards.
Going concern
The Group meets its day-to-day working capital requirements through its cash and deposit balances. The Group’s plans indicate
that it should have adequate resources to continue operating for the foreseeable future. The Group has a strong consolidated
statement of financial position with sufficient liquidity and flexibility in place to manage through the potential headwinds in
the current market. The Group can draw an additional €71 million from its RCF (as defined below in note 10) while maintaining a
maximum 50% Loan to value ratio as at 31 December 2025, as required by REIT legislation. As at 31 December 2025, the undrawn RCF
amount is €147.6 million. The Group generated positive cashflows from operations for the year ended 31 December 2025.
Accordingly, the Directors consider it appropriate that the Group adopts the going concern basis of accounting in the preparation
of the consolidated financial statements.
‘2. Material Accounting Policies (continued)
b. Basis of consolidation
These consolidated financial statements incorporate the financial statements of I-RES and its subsidiaries, IRES Residential
Properties Limited, IRES Fund Management Limited, IRES Residential Properties (Tara View) Limited and IRES Residential Properties
(Orion) Limited. I-RES controls these subsidiaries by virtue of its 100% shareholding in the companies. All intragroup assets and
liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full
on consolidation.
Subsidiaries
Subsidiaries are entities controlled by I-RES. I-RES controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect these returns through its power over the entity. The financial
information of subsidiaries (except owners’ management companies) is included in the consolidated financial statements from the
date on which control commences until the date on which control ceases. I-RES does not consolidate owners’ management companies
in which it holds majority voting rights. For further details, please refer to note 23.
c. Investment properties and investment properties under development
Investment properties
The Group considers its income properties to be investment properties under IAS 40, Investment Property (“IAS 40”) and has chosen
the fair value model to account for its investment properties in the consolidated financial statements. Under IFRS 13, Fair Value
Measurement (“IFRS 13”), fair value is defined as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date.
Investment properties are treated as acquired at the time when the Group assumes the significant risks and returns of ownership,
which normally occurs when the conveyancing contract has been performed by both buyer and seller and the contract has been deemed
to have become unconditional and completed. Investment properties are deemed to have been acquired when the buyer has assumed
control of ownership and the contract has been completed.
Investment properties comprise investment interests held in land and buildings (including integral equipment) held for the
purpose of producing rental income, capital appreciation or both, but not for sale in the ordinary course of business.
All investment properties are initially recorded at cost, which includes transaction and other acquisition costs, at their
respective acquisition dates and are subsequently stated at fair value at each reporting date, with any gain or loss arising from
a change in fair value recognised through profit or loss in the consolidated statement of profit or loss and other comprehensive
income for the period. Gains and losses (calculated as the difference between the net proceeds from disposal and the carrying
amount of the item) arising on the disposal of investment properties are also recognised through profit or loss in the
consolidated statement of profit or loss and other comprehensive income.
‘2. Material Accounting Policies (continued)
‘c) Investment properties and investment properties under development (continued)
The fair value of investment properties is determined by qualified independent valuers at each reporting date, in accordance with
the Royal Institution of Chartered Surveyors (“RICS”) Valuation Standards and IFRS 13. Each independent valuer holds a recognised
relevant professional qualification and has recent experience in the locations and segments of the investment properties valued.
At each reporting date, management undertakes a review of its investment property valuations to assess the continuing validity of
the underlying assumptions, such as future income streams and yields used in the independent valuation report, as well as
property valuation movements when compared to the prior year valuation report and holds discussions with the independent valuer.
Investment properties under development
Investment properties under development include those properties, or components thereof, that will undergo activities that will
take a substantial period of time to prepare the properties for their intended use as income properties.
The cost of a development property that is an asset acquisition comprises the amount of cash, or the fair value of other
consideration, paid to acquire the property, including transaction costs. Subsequent to the acquisition, the cost of a
development property includes costs that are directly attributable to these assets, including development costs and borrowing
costs. These costs are capitalised when the activities necessary to prepare an asset for development or redevelopment begin and
continue until the date that construction is substantially complete and all necessary occupancy and related permits have been
received, whether or not the space is leased. Borrowing costs are calculated using the Company’s weighted average cost of
borrowing.
Properties under development are valued at fair value by qualified independent valuers at each reporting date with fair value
adjustments recognised in profit or loss in the consolidated statement of profit or loss and other comprehensive income. In the
case of investment property under development, the valuation approach applied is the “residual method”, with a deduction for the
costs necessary to complete the development together with an allowance for the remaining risk.
Development land
Development land is also stated at fair value by qualified independent valuers at each reporting date with fair value adjustments
recognised in profit or loss in the consolidated statement of profit or loss and other comprehensive income. In the case of
development land, the valuation approach applied is the comparable sales approach, which considers recent sales activity for
similar land parcels in the same or similar markets. Land values are estimated using either a per acre or per buildable square
foot basis based on highest and best use. Such values are applied to the Group’s properties after adjusting for factors specific
to the site, including its location, highest and best use, zoning, servicing and configuration.
‘2. Material Accounting Policies (continued)
‘c) Investment properties and investment properties under development (continued)
Key estimations of inherent uncertainty in investment property valuations
The fair values derived are based on anticipated market values for the properties, being the estimated amount that would be
received from a sale of the assets in an orderly transaction between market participants. The valuation of the Group’s investment
property portfolio is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of
existing residents to meet their rental obligations over the entire life of their leases, the estimation of the expected rental
income in the future, an assessment of a property’s ability to remain an attractive technical configuration to existing and
prospective residents in a changing market and a judgement to be reached on the attractiveness of a building, its location and
the surrounding environment. While these and other similar matters are market-standard considerations in determining the fair
value of a property in accordance with the RICS methodology, they are all subjective assessments of future outturns and
macroeconomic factors, which are outside of the Group’s control or influence and therefore may prove to be inaccurate long-term
forecasts.
As a result of all these factors, the ultimate valuation the Group places on its investment properties is subject to some
uncertainty and may not turn out to be accurate, particularly in times of macroeconomic volatility. The RICS property valuation
methodology is considered by the Board to be the valuation technique most suited to the measurement of the fair value of property
investments. It is also the primary measurement of fair value that all major and reputable property market participants use when
valuing a property investment. See note 5 for a detailed discussion of the significant assumptions, estimates and valuation
methods used.
d. Property asset acquisition
At the time of acquisition of a property or a portfolio of investment properties, the Group evaluates whether the acquisition is
a business combination or asset acquisition. The Group accounts for business combinations using the acquisition method when the
acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining
whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities
acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce
outputs.
The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of
activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
When an acquisition does not represent a business as defined under IFRS 3, the Group classifies these properties, or portfolio of
properties, as an asset acquisition. Identifiable assets acquired and liabilities assumed in an asset acquisition are measured
initially at their fair values at the acquisition date. Acquisition-related transaction costs are capitalised to the property.
e. Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and mainly comprise of the leased head
office, head office fixtures and fittings and information technology hardware. These items are depreciated on a straight-line
basis over their estimated useful lives; the right of use building has a useful life of 20 years and the hardware, fixtures and
fittings have a useful life ranging from three to ten years.
‘2. Material Accounting Policies (continued)
f. IFRS 9, Financial Instruments (“IFRS 9”)
Financial assets and financial liabilities
Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently accounted
for based on their classification as described below. Their classification depends on the purpose for which the financial
instruments were acquired or issued, their characteristics and I-RES’ designation of such instruments. The standard requires that
all financial assets and financial liabilities be classified as fair value through profit or loss (“FVTPL”), amortised cost or
fair value through other comprehensive income (“FVTOCI”).
Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when:
▪ the contractual rights to the cash flows from the financial asset expire; or
▪ it transfers the rights to receive the contractual cash flows in a transaction in which either:
◦ substantially all of the risks and rewards of ownership of the financial asset are transferred; or
◦ the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
control of the financial asset.
When the Group enters into transactions whereby it transfers assets recognised in its consolidated statement of financial
position but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets
are not derecognised.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group also
derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially
different, in which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid
(including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial
position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to
settle them on a net basis or to realise the asset and settle the liability simultaneously.
2. Material Accounting Policies (continued)
‘f) IFRS 9, Financial Instruments (“IFRS 9”) (continued)
Classification of financial instruments
The following summarises the classification and measurement I-RES has elected to apply to each of its significant categories of
financial instruments:
Type Classification Measurement
Financial assets
Cash and cash equivalents Held to Collect Amortised cost
Other receivables Held to Collect Amortised cost
Derivative financial instruments (designated as hedges) FVTPL designated as Cashflow Hedge Fair value
Financial liabilities
Bank indebtedness Other financial liabilities Amortised cost
Private placement notes Other financial liabilities Amortised cost
Accounts payable and accrued liabilities Other financial liabilities Amortised cost
Security deposits Other financial liabilities Amortised cost
Derivative financial instruments (designated as hedges) FVTPL designated as Cashflow Hedge Fair value
Cash and cash equivalents
Cash and cash equivalents include cash and short-term investments with an original maturity of three months or less. Interest
earned or accrued on these financial assets is included in other income.
Other receivables
Such receivables arise when I-RES provides services to a third party, such as a resident, and are included in current assets,
except for those with maturities more than 12 months after the consolidated statement of financial position date, which are
classified as non-current assets. Loans and other receivables are included in other assets initially at fair value on the
consolidated statement of financial position and are subsequently accounted for at amortised cost.
Other liabilities
Such financial liabilities are initially recorded at fair value and subsequently accounted for at amortised cost and include all
liabilities other than derivatives. Derivatives are at fair value through other comprehensive income.
FVTPL
Financial instruments in this category are recognised initially and subsequently at fair value. Gains and losses arising from
changes in fair value are presented within gain on derivative financial instruments in the consolidated statement of profit or
loss in the period in which they arise. Financial assets and liabilities at FVTPL are classified as current, except for the
portion expected to be realised or paid more than 12 months after the consolidated statement of financial position date, which is
classified as non-current. Derivatives are categorised as FVTPL unless designated as hedges.
2. Material Accounting Policies (continued)
‘f) IFRS 9, Financial Instruments (“IFRS 9”) (continued)
Derivative financial instruments and hedge accounting
The Group utilises derivative financial instruments to hedge foreign exchange risk and interest rate risk exposures. Embedded
derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and
certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are remeasured at fair value,
with changes recognised through profit or loss, unless hedge accounting is applied.
The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly
probable forecast transactions arising from changes in foreign exchange rates and interest rates.
At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking
the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including
whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, hedge accounting is used in line with IFRS 9. The effective
portion of changes in the fair value of the derivative is recognised in other comprehensive income (“OCI”) and accumulated in the
hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the
cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any
ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.
For all hedged forecast transactions, the amount accumulated in the hedging reserve is reclassified to financing costs in the
same period or periods during which the hedged expected future cash flows affect profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging
reserve are immediately reclassified to profit or loss.
g. IFRS 16, Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a
lease in IFRS 16.
2. Material Accounting Policies (continued)
‘g) IFRS 16, Leases (continued)
As a lessee
When the Group acts as a lessee, at commencement or on modification of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the
lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of
the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying asset. In addition, the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes
certain adjustments to reflect the terms of the lease and the type of asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
▪ fixed payments, including in-substance fixed payments;
▪ variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
date;
▪ amounts expected to be payable under a residual value guarantee; and
▪ the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a
lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount
expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded through profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
2. Material Accounting Policies (continued)
‘g) IFRS 16, Leases (continued)
The Group presents right-of-use assets that do not meet the definition of investment property in ‘Property, plant and equipment’
and lease liabilities in ‘Lease liability’ in the statement of financial position.
As a lessor
When the Group acts as a lessor, it determines at lease commencement whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee substantially all of
the risks and rewards incidental to ownership of the underlying assets. If this is the case, then the lease is a finance lease;
if not, then it is an operating lease. As part of the assessment, the Group considers certain indicators such as whether the
lease is for the major part of the economic life of the asset, the present value of lease payments and any option included in the
lease. The Group has determined that all of its leases are operating leases.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It
assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with
reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described
above, then it classifies the sub-lease as an operating lease.
On modification of a contract that contains a lease component and a non-lease component, I-RES allocates the consideration in the
contract to each of the components on the basis of their relative stand-alone prices.
Tenant inducements
Incentives such as cash, rent-free periods and move-in allowances may be provided to lessees who enter into a lease. The
incentives are written off on a straight-line basis over the term of the lease as a reduction of rental revenue.
Early termination of leases
When the Group receives rent loss payments from a tenant for the early termination of a lease, it is reflected in the accounting
period in which the rent loss payment occurred.
Expected credit loss (“ECL”)
The Group recognises a loss allowance for expected credit losses on trade receivables and other financial assets. The amount of
ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial
instrument. Loss allowances for trade receivables (including lease receivables) are always measured at an amount equal to
lifetime ECLs. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial
instrument. When determining whether the credit risk of a financial asset has increased significantly since initial recognition
and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue
cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical
experience and informed credit assessment, that includes forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.
For individual residential customers, the Group has a policy of writing off the gross carrying amount when the financial asset is
30 days past due based on historical experience of recoveries of similar assets.
2. Material Accounting Policies (continued)
h. IFRS 15, Revenue from Contracts with Customers (“IFRS 15”)
I-RES retains substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for
leases with its tenants as operating leases. Rent represents lease revenue earned from the conveyance of the right to use the
property, including access to common areas, to a lessee for an agreed period of time. The contract also contains a performance
obligation that requires I-RES to maintain the common areas to an agreed standard. This right of use and performance obligation
is governed by a single rental contract with the tenant. In accordance with IFRS 16 Leases, I-RES has evaluated the lease and
non-lease components of its revenue and has determined that common area maintenance services constitute a single non-lease
element, which is accounted for as one performance obligation under IFRS 15 and is recognised separately to Rental Income as
revenue under IFRS 15.
Revenue includes amounts earned from tenants under the rental contract which are allocated to the lease and non-lease components
based on relative stand-alone selling prices. The stand-alone selling prices of the lease components are determined using an
adjusted market assessment approach and the stand-alone selling prices of the service components are determined using the input
method based on the expected costs plus an estimated market-based margin for similar services.
Rental income from the operating lease component is recognised on a straight-line basis over the lease term in accordance with
IFRS 16 Leases. When I-RES provides incentives to its tenants, the cost of such incentives is recognised over the lease term, on
a straight-line basis, as a reduction of revenue.
Revenue from maintenance services represents the service component of the REIT’s rental contracts and is accounted for in
accordance with IFRS 15. These services consist primarily of the recovery of utilities, property and other common area
maintenance and amenity costs where I-RES has determined it is acting as a principal.
These services constitute a single non-lease component, which is accounted for as one performance obligation under IFRS 15 as the
individual activities that comprise these services are not distinct in the context of the contract. The individual activities
undertaken to meet the performance obligation may vary from time to time but cumulatively the activities undertaken to meet the
performance obligation are relatively consistent over time. The tenant simultaneously receives and consumes the benefits provided
under the performance obligation as I-RES performs the obligation and consequently revenue is recognised over time, typically on
a monthly basis, as the services are provided.
i. Operating segments
The Group operates and is managed as one business segment, namely property investment, with all investment properties located in
Ireland. The operating segment is reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker, which has been identified as the I-RES Board.
j. Statement of cash flows
Cash and cash equivalents consist of cash on hand and balances with banks. Investing and financing activities that do not require
the use of cash or cash equivalents are excluded from the consolidated statement of cash flows and are disclosed separately in
the notes to the consolidated financial statements. Interest paid is classified as financing activities.
2. Material Accounting Policies (continued)
k. Income taxes
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the
tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of
the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using
tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
I-RES elected for REIT status on 31 March 2014. As a result, from that date I-RES does not pay Irish corporation tax on the
profits and gains from its qualifying rental business in Ireland, provided it meets certain conditions.
Corporation tax is payable in the normal way in respect of income and gains from any residual business (generally including any
property trading business) not included in the Property Rental Business. I-RES is liable to pay other taxes such as VAT, stamp
duty, land tax, local property tax and payroll taxes in the normal way.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end
of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the
tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively
enacted at the reporting date.
l. Equity and share issue costs
The equity of I-RES consists of ordinary shares issued. Shares issued are recorded at the date of issuance. Direct issue costs in
respect of the issue of shares are accounted for as a deduction from retained earnings. The excess consideration for shares above
nominal value is recorded as share premium.
m. Net asset value (“NAV”)
The NAV is calculated as the value of the Group’s assets less the value of its liabilities, measured in accordance with IFRS and
in particular will include the Group’s property assets at their fair value assessed independently by valuers.
n. Share-based payments
I-RES has determined that the options and restricted share units issued to senior executives qualify as “equity-settled
share-based payment transactions” as per IFRS 2. In addition, any options issued to the directors and employees also qualify as
equity-settled share-based payment transactions. The fair value of the options measured on the grant date will be expensed over
the graded vesting term with a corresponding increase in equity. The fair value for all options granted is measured using the
Black-Scholes model.
2. Material Accounting Policies (continued)
‘n) Share-based payments (continued)
The grant-date fair value of restricted share units issued to senior employees is generally recognised as an expense, with a
corresponding increase in equity, over the vesting period of the awards. The fair value for all restricted share units granted is
measured using a Monte Carlo simulation. The amount recognised as an expense is adjusted to reflect the number of awards for
which the related service and non-market performance conditions are expected to be met, such that the amount ultimately
recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting
date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
o. Property taxes
Property taxes are paid annually and recognised as an expense evenly throughout the year.
p. Security deposits
Security deposits are amounts received from tenants at the beginning of a tenancy. When a tenant is no longer in occupancy, the
Group will assess whether there was damage to the property above normal wear and tear for which deductions may be made to their
deposit. Once the inspections and repairs are calculated, the remaining security deposit is returned to the tenant.
q. Pension
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which a
company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further
obligations. The contributions are recognised as an expense when they are due. The amounts that are not paid are shown as
accruals in the consolidated statement of financial position. The assets of the plan are held separately from those of the
Company in an independently administered fund.
r. Assets held for sale
Non-current assets are classified as held-for-sale if it is highly probable that the value of the assets will be recovered
primarily through sale rather than through continuing use.
Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
initial calculation as held-for-sale and subsequent gains or losses on remeasurement or disposal are recognised in the
consolidated statement of profit or loss and other comprehensive income.
2. Material Accounting Policies (continued)
s. Impact expected from new or amended standards
New and amended standards adopted by the Group
The below amended standard became applicable for the current reporting period. However, the adoption of the amended accounting
standard did not result in any material changes.
• IAS 21 Amendments – effective from 1 January 2025
The following standards and amendments are under review and are not expected to have a significant impact on reported results or
disclosures of the Group. They were not effective at the financial year end 31 December 2025 and have not been applied in
preparing these consolidated financial statements. The Group will apply the new standards from the effective date. The potential
impact of these standards on the Group is under review.
Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
Effective Date 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements
Effective Date 1 January 2027
The Group is currently assessing how the application of IFRS 18 will impact the future presentation of the consolidated financial
statements. The adoption should not affect the totals of the Group’s assets, liabilities, equity, income or expenses. It is
expected that the presentation of the categories making up the statement of profit or loss will be affected and additional
management performance measures may be disclosed in the notes to the consolidated financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Effective Date 1 January 2027
3. Critical Accounting Estimates, Assumptions and Judgements
The preparation of the consolidated financial statements in accordance with IFRS requires the use of estimates, assumptions and
judgements that in some cases relate to matters that are inherently uncertain and which affect the amounts reported in the
consolidated financial statements and accompanying notes. Areas of such estimation include, but are not limited to, valuation of
investment properties and valuation of financial instruments. Changes to estimates and assumptions may affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated
financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could
differ from those estimates under different assumptions and conditions.
The valuation estimate of investment properties is deemed to be significant. See note 19(a) and note 5 for a detailed discussion
of valuation methods and the significant assumptions and estimates used.
4. Recent Investment Property Acquisitions, Developments and Disposals
For the year 1 January 2025 to 31 December 2025
Disposals
Name Unit Count Region Net proceeds from disposal
€'000
Individual units 41 South Dublin, North Dublin 15,656
Total 41 15,656
For the year 1 January 2024 to 31 December 2024
Disposals
Name Unit Count Region Net proceeds from disposal
€'000
Harty’s Quay 45 Cork 10,675
Individual units 21 South Dublin, North Dublin, Cork 7,728
Total 66 18,403
5. Investment Properties
Valuation basis
Investment properties are carried at fair value, which is the amount at which the individual properties could be sold in an
orderly transaction between market participants at the measurement date, considering the highest and best use of the asset, with
any gain or loss arising from a change in fair value recognised through profit or loss in the consolidated statement of profit or
loss and other comprehensive income for the year.
The Group uses Savills and CBRE as external independent valuers. The Group’s investment property is rotated between these valuers
on a periodic basis. The valuers fair valued all of the Group’s investment properties as at 31 December 2025. The valuers employ
qualified valuation professionals who have recent experience in the location and category of the respective properties.
Valuations are prepared on a bi-annual basis at the interim reporting date and the annual reporting date.
The information provided to the valuers and the assumptions, valuation methodologies and models used by the valuers are reviewed
by management. The valuers meet with the Audit Committee and discuss directly the valuation results as at 30 June and 31
December. The Board determines the Group’s valuation policies and procedures for property valuations. The Board decides which
independent valuers to appoint for the external valuation of the Group’s properties. Selection criteria include market knowledge,
reputation, independence and whether professional standards are maintained.
Investment property producing income
For investment property producing income, the income approach/yield methodology involves applying market-derived yields to
current and projected future income streams. These yields and future income streams are derived from comparable property
transactions and are considered to be the key inputs in the valuation. Other factors that are taken into account include the
tenure of the lease, tenancy details and planning, building and environmental factors that might affect the property. New rental
regulation will take effect from 1 March 2026 which we expect to improve the underlying performance of the portfolio and lead to
greater liquidity in the market.
Development land
In the case of development land, the approach applied is the comparable sales approach, which considers recent sales activity for
similar land parcels in the same or similar markets. Land values are estimated using either a per acre or per buildable square
foot basis based on highest and best use. Such values are applied to the Group’s properties after adjusting for factors specific
to the site, including its location, zoning, servicing and configuration.
Assets held for sale
At 31 December 2025, I-RES has identified 21 units across 5 properties as assets held for sale amounting to €6.5 million (31
December 2024 €4.0 million). Management has committed to a plan to sell these properties, which are available for immediate sale,
and we expect the disposals to close in the next twelve months.
Information about fair value measurements using unobservable inputs (Level 3)
At 31 December 2025, the Group considers that all of its investment properties fall within Level 3 fair value as defined by IFRS
13. As outlined in IFRS 13, a Level 3 fair value recognises that the significant inputs and considerations made in determining
the fair value of property investments cannot be derived from publicly available data as the valuation methodology in respect of
a property also has to rely on a number of unobservable inputs including technical reports, legal data, building costs, rental
analysis (including rent moratorium), professional opinion on profile, lot size, layout and presentation of accommodation. In
addition, the valuers utilise proprietary databases maintained in respect of properties similar to the assets being valued.
The Group tests the reasonableness of all significant unobservable inputs, including yields and stabilised net rental income
(“Stabilised NRI”) used in the valuation and reviews the results with the independent valuers for all valuations. The Stabilised
NRI represents cash flows from property revenue less property operating expenses, adjusted for market-based assumptions such as
market rents, short term and long term vacancy rates, bad debts, management fees and repairs and maintenance. These cashflows are
estimates for current and projected future income streams.
‘5. Investment Properties (continued)
Sensitivity analysis
Stabilised NRI and “Equivalent Yields” are key inputs in the valuation model used.
Equivalent Yield is the rate of return on a property investment based on current and projected future income streams that such
property investment will generate. This is derived by the external valuers and is used to set the term and reversionary yields.
For example, completed properties are valued mainly using a term and reversion model. For the existing rental contract or term,
estimated Stabilised NRI is based on the expected rents from residents over the period to the next lease break option or expiry.
After this period, the reversion, estimated Stabilised NRI is based on expectations from current market conditions. Thus, a
decrease in the estimated Stabilised NRI will decrease the fair value and an increase in the estimated Stabilised NRI will
increase the fair value.
The Equivalent Yields magnify the effect of a change in Stabilised NRI, with a lower yield resulting in a greater effect on the
fair value of investment properties than a higher Equivalent Yield.
For investment properties producing income, properties held for sale and investment properties under development, an increase of
1% in the Equivalent Yield would have the impact of a €176 million reduction in fair value while a decrease of 1% in the
Equivalent Yield would result in a fair value increase of €247 million. An increase between 1% - 4% in Stabilised NRI would
result in a fair value increase extending from €12 million to €50 million respectively in fair value, while a decrease between 1%
- 4% in Stabilised NRI would have an impact ranging from €12 million to €50 million reduction respectively. I-RES believes that
this range of change in Stabilised NRI is a reasonable estimate in the next twelve months based on expected changes in net rental
income.
The direct operating expenses recognised in the consolidated statement of profit or loss and other comprehensive income for the
Group is €18.8 million for the year ended 31 December 2025 (31 December 2024: €19.8 million), arising from investment property
that generated rental income during the period. The direct operating expenses are comprised of the following significant
categories: property taxes, utilities, repairs and maintenance, wages, insurance, service charges and IT costs.
The direct operating expenses recognised in the consolidated statement of profit or loss and other comprehensive income arising
from investment property that did not generate rental income for the year ended 31 December 2025 and 31 December 2024 was not
material.
An investment property is comprised of various components, including undeveloped land and vacant residential and commercial
units; no direct operating costs were specifically allocated to these separate components.
5. Investment Properties (continued)
Quantitative information
A summary of the Equivalent Yields and ranges along with the fair value of the total portfolio of the Group as at 31 December
2025 is presented below:
As at 31 December 2025
Fair Value WA Stabilised NRI(1)
Type of Interest Rate Type(2) Max. Min. Weighted Average
€'000 €'000
Income properties(4) 1,241,990 3,409 Equivalent Yield 6.92% 4.90% 6.06%
Development land(3) 4,875 n/a Market Comparable €89.4 €44.5 €76.8
(per sq ft.)
Total investment properties 1,246,865
(1) WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment
properties (“WA NRI”). The WA Stabilised NRI is an input to determine the fair value of the investment properties.
(2) The Equivalent Yield disclosed above is provided by the external valuers.
(3) Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning
permission.
(4) Including assets held for sale.
As at 31 December 2024
Fair Value WA Stabilised NRI(1)
Type of Interest Rate Type(2) Max. Min. Weighted Average
€'000 €'000
Income properties(4) 1,226,995 3,273 Equivalent Yield 6.54% 4.77% 5.89%
Development land(3) 5,200 n/a Market Comparable €95.4 €44.5 €82.2
(per sq ft.)
Total investment properties 1,232,195
(1) WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment
properties (“WA NRI”). The NRI is input to determine the fair value of the investment properties.
(2) The Equivalent Yield disclosed above is provided by the external valuers.
(3) Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning permission
(4) Including assets held for sale.
5. Investment Properties (continued)
The following table summarises the changes in the investment properties portfolio during the periods:
Reconciliation of carrying amounts of investment properties
For the year ended 31 December 2025
Properties Development
Income Properties Total
Under Development Land
€'000 €'000 €'000 €'000
Balance at the beginning of the year 1,223,038 — 5,200 1,228,238
Transfer(2) (6,481) — — (6,481)
Property capital investments 10,708 — — 10,708
Capitalised leasing costs(1) (807) — — (807)
Disposals (8,265) — — (8,265)
Unrealised fair value movements 17,316 — (325) 16,991
Balance at the end of the year 1,235,509 — 4,875 1,240,384
For the year ended 31 December 2024
Income Properties Development
Total
Properties Under Land
Development
€'000 €'000 €'000 €'000
Balance at the beginning of the year 1,268,550 — 5,810 1,274,360
Transfer(2) (3,957) — — (3,957)
Property capital investments 9,156 — — 9,156
Capitalised leasing costs(1) (795) — — (795)
Disposals (16,781) — — (16,781)
Unrealised fair value movements (33,135) — (610) (33,745)
Balance at the end of the year 1,223,038 — 5,200 1,228,238
(1) Straight-line rent adjustment for commercial leasing.
(2) Assets held for sale amounting to €6.5 million were transferred from investment properties during the period (2024: €4.0
million).
The vast majority of the residential leases are for one year or less.
The carrying value of the Group investment properties of €1,240.4 million at 31 December 2025 (€1,228.2 million at 31 December
2024) was based on external valuations carried out as at that date. The valuations were prepared in accordance with the RICS
Valuation – Global Standards, 2020 (Red Book) and IFRS 13.
6. Leases
Leases as lessee (IFRS 16)
The Group has used an incremental borrowing rate of 2.48% to determine the lease liability. Information about leases for which
the Group is a lessee is presented below.
Right-of-use assets
Land and Buildings
For the year ended 31 December 2025
(€’000)
Balance at the beginning of the year 9,711
Depreciation charge for the year (607)
Lease reassessment (600)
Balance at the end of the year (Note 7) 8,504
Land and Buildings
For the year ended 31 December 2024
(€’000)
Balance at the beginning of the year 8,058
Depreciation charge for the year (548)
Lease reassessment 2,201
Balance at the end of the year (Note 7) 9,711
For the year ended 31 December 2025, I-RES recognised interest on lease liabilities of €228,000 (31 December 2024: €296,000).
Amounts recognised in statement of cash flows
For the year ended 31 December 2025, I-RES’ total cash outflow for leases was €544,000 (31 December 2024: €471,000). Refer to
note 22 for movements in the lease liability.
Lease as lessor
The Group leases out its investment property consisting of its owned residential and commercial properties as well as a portion
of the leased property. All leases are classified as operating leases from a lessor perspective. See note 15 for an analysis of
the Group’s rental income.
7. Property, Plant and Equipment
Land and Buildings Furniture and Fixtures Total
(Note 6)
€'000 €'000 €’000
At cost
As at 1 January 2025 12,315 226 12,541
Additions — 632 632
Disposals(1) — (34) (34)
Lease reassessment (600) — (600)
As at 31 December 2025 11,715 824 12,539
Accumulated depreciation
As at 1 January 2025 (2,604) (83) (2,687)
Charge for the year (607) (76) (683)
Disposals(1) — 34 34
As at 31 December 2025 (3,211) (125) (3,336)
As at 31 December 2025 8,504 699 9,203
1. Disposals relate to the write off of fully depreciated assets during the year. No gain or loss arose on these disposals.
Land and Buildings Furniture and Fixtures Total
(Note 6)
€'000 €'000 €'000
At cost
As at 1 January 2024 10,114 257 10,371
Additions — 36 36
Disposals(1) — (67) (67)
Lease reassessment 2,201 — 2,201
As at 31 December 2024 12,315 226 12,541
Accumulated depreciation
As at 1 January 2024 (2,056) (107) (2,163)
Charge for the year (548) (43) (591)
Disposals(1) — 67 67
As at 31 December 2024 (2,604) (83) (2,687)
As at 31 December 2024 9,711 143 9,854
1. Disposals relate to the write off of fully depreciated assets during the year. No gain or loss arose on these disposals.
8. Other Current Assets
As at 31 December 2025 31 December 2024
€'000 €'000
Other Current Assets
Prepayments(1) 3,469 3,481
Trade receivables 1,031 1,395
Total 4,500 4,876
(1) Includes prepaid costs such as OMC Service charges, insurance and costs associated with ongoing transactions.
9. Accounts Payable and Accrued Liabilities
As at 31 December 2025 31 December 2024
€'000 €'000
Accounts Payable and Accrued Liabilities(1)
Rent - early payments 3,054 3,849
Trade creditors 2,357 975
Accruals(2) 9,196 8,962
Value Added Tax 275 329
Total 14,882 14,115
(1) The carrying value of all accounts payable and accrued liabilities approximates their fair value.
(2) Includes property related accruals, development accruals and professional fee accruals.
10. Bank indebtedness
As at 31 December 2025 31 December 2024
€'000 €'000
Bank Indebtedness
Loan drawn down 352,443 355,870
Deferred loan costs (5,414) (673)
Total 347,029 355,197
The Revolving Credit Facility of €500 million is secured by a floating charge over assets of the Company and IRES Residential
Properties Limited and also a fixed charge over the shares held by the Company in IRES Residential Properties Limited and IRES
Fund Management Limited on a pari passu basis.
In March 2025, I-RES terminated the existing €500 million revolving credit facility provided by Barclays Bank Ireland PLC, The
Governor and Company of the Bank of Ireland, Allied Irish Banks P.L.C. and HSBC Bank PLC. This facility was refinanced through a
new 5 year Revolving Credit Facility of €500 million maturing in March 2030. This facility is being provided by The Governor and
Company of the Bank of Ireland, Allied Irish Banks P.L.C, ABN Amro Bank N.V and Barclays Bank Ireland P.L.C. The new RCF includes
a €200 million uncommitted accordion facility. I-RES has entered into €275 million of interest rate swaps, as outlined in note
18, associated with this new facility.
I-RES converted the above 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 on 18 November 2025. The SLL ties financing costs to independently
verified Sustainability Performance Indicators. This has reduced the margin rate to 2.0% plus the one-month EURIBOR rate.
Depending on performance against the KPI’s as set out under the SLL the margin may increase or decrease by 5bps or at a point
between, i.e. a margin of between 1.95%-2.05%.
‘10. Bank indebtedness (continued)
A commitment fee is charged on the undrawn loan amount of the RCF. The effective interest rate in the period for the RCF is 4.70%
(2024: 4.78%).
The financial covenants in relation to the RCF principally relate to Loan to Value and Interest Cover Ratio. I-RES has complied
with all its debt financial covenants to which it was subject during the period. Gross Loan to Value has remained below the
required 50% at 44.2%. Interest Cover has remained above the requirement of 200% at 244%.
11. Private Placement Notes
On 11 March 2020, I-RES successfully closed the issue of €130 million notes and IRES Residential Properties Limited, its
subsidiary, closed the issue of USD $75 million notes on a private placement basis (collectively, the “Notes”). The Notes have a
weighted average fixed interest rate of 1.92% inclusive of a USD/Euro swap and an effective interest rate of 1.92%. Interest is
paid semi-annually on 10 March and 10 September.
The Notes have been placed in four tranches:
As at Maturity Contractual interest rate Derivative Rates 31 December 2025 31 December 2024
€'000 €'000
EUR Series A Senior Secured Notes 10 March 2030 1.83% n/a 90,000 90,000
EUR Series B Senior Secured Notes 10 March 2032 1.98% n/a 40,000 40,000
USD Series A Senior Secured Notes (1) 10 March 2027 3.44% 1.87% 42,593 48,277
USD Series B Senior Secured Notes (2) 10 March 2030 3.63% 2.25% 21,297 24,138
193,890 202,415
Deferred financing costs, net (1,080) (1,424)
Total 192,810 200,991
(1) The principal amount of the USD Series A Senior Secured Notes is USD $50 million.
(2) The principal amount of the USD Series B Senior Secured Notes is USD $25 million.
The Notes are secured by a floating charge over the assets of the Group and a fixed charge over the shares held by the Company in
IRES Residential Properties Limited on a pari passu basis. The financial covenants in place in relation to the Private Placement
Notes are aligned with the RCF. See note 10 for further details.
12. Share-based Compensation
a. Options
Options are issuable pursuant to I-RES’ share-based compensation plan, namely, the long-term incentive plan (“LTIP”). In 2025,
the remaining outstanding share options expired. As at 31 December 2025, the maximum number of additional options, or Restricted
Share Units (“RSU”) issuable under the LTIP is 48,729,120 (31 December 2024: 44,984,779).
LTIP
For the year ended WA exercise price 31 December 2025 31 December 2024
Share Options outstanding as at 1 January 1.61 4,596,499 4,596,499
Issued, cancelled or granted during the period — —
Expired in the year (4,596,499) —
Share Options outstanding as at 31 December(1) 1.61 — 4,596,499
‘(1) Of the share options outstanding above, nil were exercisable at 31 December 2025 (31 December 2024: 4,596,499).
The fair value of options has been determined as at the grant date using the Black-Scholes model.
b. Restricted Stock Unit Awards
Restricted Stock Units (“RSUs”) were first awarded in the year ended 31 December 2020. Under the Remuneration Policy, recipients
of RSUs are granted a variable number of equity instruments depending on their salary. The awards are subject to vesting against
market and non-market based conditions. A summary of the awards is set out in the table below. All awards are outstanding at 31
December 2025.
EPS Growth Total Shareholder Return (“TSR”) Performance Total Accounting Return
Date of award Number of awards % ESG related
(% of award) (% of award) (% of award)
15 March 2023 1,245,172 50% 50% — —
28 May 2024 1,166,544 30% 30% 30% 10%
21 March 2025 1,303,386 30% 30% 30% 10%
During the period, 743,382 awards granted did not vest and therefore lapsed.
There is between a 24 month and 61 month holding period post vesting, but this is not subject to measurement as all conditions
terminate on vesting. The LTIP awards are measured as follows:
Market-based condition: The expected performance of I-RES shares over the vesting period is calculated using a Monte Carlo
simulation. Inputs are share price volatility for I-RES and the average growth rate. These inputs are calculated with reference
to relevant historical data and financial models. It should be recognised that the assumption of an average growth rate is not a
prediction of the actual level of returns that will be achieved. The volatility assumption in the distribution gives a measure of
the range of outcomes that may occur on either side of this average value. This is used to amortise the fair value of an expected
cost over the vesting period. On vesting, any difference in amounts accrued versus actual is amended through reserves.
‘12. Share-based Compensation (continued)
Non-market-based conditions: The fair value of the shares to be issued is determined using the grant-date market price. The
expected number of shares is calculated based on the expectations of the number of shares which may vest at the vesting date and
amortised over the vesting period. At each reporting date, the calculation of the number of shares is revised according to
current expectations or performance.
The awards are subject to various criteria as outlined in the table above. The TSR measure is relative to constituents of the
FTSE EPRA/NAREIT Europe Developed Index for the 2022 awards. The 2023-2025 awards are relative to the residential subsector of
this index for TSR. Results and inputs are summarised in the table below:
2025 RSU Awards 2024 RSU Awards 2023 RSU Awards 2022 RSU Awards
Fair value per award (TSR tranche) (per share) €0.64 €0.44 €0.48 €0.70
Inputs
Three year Risk free interest rate (%) 2.30% 3.01% 2.63% 0.87%
Three year Historical volatility 23.18% 24.09% 24.13% 28.26%
Fair value per award (EPS, TAR, ESG tranche) (per share) €0.83 €0.84 €0.87 €1.24
Inputs
Two year Risk free interest rate (%) 2.21% 3.08% 2.66% 0.70%
Two year Expected volatility 21.72% 24.13% 23.98% 23.42%
The expected volatility is based on historic market volatility prior to the issuance.
The total share-based compensation expense relating to options for the year ended 31 December 2025 was €nil (31 December 2024:
€nil) and total share-based compensation expense relating to restricted stock unit awards for the year ended 31 December 2025 was
€415,000 (31 December 2024: €305,000).
13. Shareholders' Equity
All equity shares outstanding are fully paid and are voting shares. Equity shares represent a shareholder’s proportionate
undivided beneficial interest in I-RES. No equity share has any preference or priority over another. No shareholder has or is
deemed to have any right of ownership in any of the assets of I-RES. Each share confers the right to cast one vote at any meeting
of shareholders and to participate pro rata in any distributions by I-RES and, in the event of termination of I-RES, in the net
assets of I-RES remaining after satisfaction of all liabilities. Shares are to be issued in registered form and are transferable.
In 2025, I-RES conducted a €5 million share buyback which resulted in the recognition and immediate cancellation of €5 million
treasury shares.
The number of shares authorised is as follows:
For the year ended 31 December 2025 31 December 2024
Authorised Share Capital 1,000,000,000 1,000,000,000
Ordinary shares of €0.10 each
The number of issued and outstanding ordinary shares is as follows:
For year ended 31 December 2025 31 December 2024
Ordinary shares outstanding, beginning of year 529,578,946 529,578,946
Purchase and cancellation of own shares(1) (5,136,728) —
Ordinary shares outstanding, end of year 524,442,218 529,578,946
(1) The Company purchased and immediately cancelled 5.1 million of its own ordinary shares between 20 March 2025 and 28 April
2025.
14. Cash and Cash Equivalents
31 December 2025 31 December 2024
For the year ended
€’000 €’000
Cash and cash equivalents 7,614 7,350
Cash and cash equivalents include cash at bank held in current accounts. The management of cash is discussed in note 19. The
Group holds funds in excess of its regulatory minimum capital requirement at all times.
15. Revenue from Investment Properties
I-RES generates revenue primarily from the rental income from investment properties. Rental income represents lease revenue
earned from the conveyance of the right to use the property, including access to common areas, to a lessee for an agreed period
of time. The rental contract also contains an undertaking that common areas and amenities will be maintained to a certain
standard. This right of use of the property and maintenance performance obligation is governed by a single rental contract with
the tenant. I-RES has evaluated the lease and non-lease components of its rental revenue and has determined that common area
maintenance services constitute a single non-lease element, which is accounted for as one performance obligation under IFRS 15
and is recognised separately to Rental Income.
31 December 2025 31 December 2024
For the year ended
€'000 €'000
Rental Income 74,263 73,210
Revenue from services 9,069 10,185
Car park income 2,133 1,878
Revenue from contracts with customers 11,202 12,063
Total Revenue 85,465 85,273
16. General and Administrative Expenses
31 December 2025 31 December 2024
For the year ended
€'000 €'000
General and administrative expenses 11,717 11,935
Total recurring general and administrative expenses 11,717 11,935
Non-recurring costs — 3,411
Total General and administrative expenses 11,717 15,346
General and administrative expenses include costs such as director fees, executives’ and employees’ salaries, professional fees
for audit, legal and advisory services, depositary fees, property valuation fees, insurance costs and other general and
administrative expenses. Non-recurring G&A costs in the prior year were primarily related to the Activism interaction and EGM
(€1.5 million), costs incurred in relation to the Strategic Review (€1.1 million) and abortive transaction costs (€0.8 million).
17. Financing costs
31 December 2025 31 December 2024
For the year ended
€'000 €'000
Financing costs on RCF 17,962 22,200
Financing costs on private placement debt 5,115 5,171
Foreign exchange (gain)/loss on private placement debt (8,525) 4,523
Reclassified from OCI 9,783 (8,505)
Total Financing costs 24,335 23,389
18. Realised and Unrealised Gains and Losses on Derivative Financial Instruments
Cross-currency swap
On 12 February 2020, I-RES entered into a cross-currency swap to (i) hedge the US-based loan of $75 million into €68.9 million
effective 11 March 2020 and (ii) convert the fixed interest rate on the USD-based loan to a fixed Euro interest rate, maturing on
10 March 2027 and 10 March 2030 (see note 11 for derivative fixed rates). This hedging agreement is accounted for as a cashflow
hedge in accordance with the requirements of IFRS 9. Hedges are measured for effectiveness at each reporting date with the
effective portion being recognised in equity in the hedging reserve and the ineffective portion being recognised through profit
or loss.
For the year ended 31 December 2025, the ineffective portion that has been recorded in the consolidated statement of profit or
loss and other comprehensive income was a loss of €17,000 (31 December 2024: €104,000). The fair value loss of the effective
portion of €6,172,000 (31 December 2024 gain of €4,095,000) was included in the cash flow hedge reserve along with a loss on
hedging of €10,000 (31 December 2024: gain €418,000). The fair value of the cash flow hedge was an asset of €841,000 and a
liability of €5,234,000 at 31 December 2025 (31 December 2024: asset of €2,767,000 and a liability of €nil).
Interest rate swap
In March 2025, I-RES terminated its existing interest rate swap hedging arrangements in respect of its RCF (see further details
in note 10) as the facility was terminated and replaced. The interest rate swaps which had been in place since December 2022
aggregated to €275 million until maturity of the RCF facility in April 2026, converting the cost on this portion of the facility
into a fixed interest rate of 2.5% plus margin of 1.75%.
I-RES entered into a new hedging arrangement in respect of the refinanced RCF on 13 March 2025, specifically interest rate swap
agreements aggregating to €275 million until maturity of the facility in March 2030, converting the cost on this portion of the
facility into a weighted fixed interest rate across all providers of 2.52% plus margin. See further details in note 10.
For the year ended 31 December 2025, the ineffective portion that has been recorded in the consolidated statement of profit or
loss and other comprehensive income was €19,000 (31 December 2024: €nil). The fair value loss of the effective portion of
€2,424,000 (31 December 2024: gain of €1,730,000) has been recorded in the consolidated statement of profit or loss and other
comprehensive income. The fair value of the interest rate swaps was an asset of €111,000 and a liability of €2,939,000 at 31
December 2025 (31 December 2024: asset of €3,000 and a liability of €1,557,000).
19. Financial Instruments, Investment Properties and Risk Management
a. Fair Value of Financial Instruments and Investment Properties
The Group classifies and discloses the fair value for each class of financial instrument based on the fair value hierarchy in
accordance with IFRS 13. The fair value hierarchy distinguishes between market value data obtained from independent sources and
the Group’s own assumptions about market value. The hierarchy levels are defined below:
▪ Level 1 - Inputs based on quoted prices in active markets for identical assets or liabilities;
▪ Level 2 - Inputs based on factors other than quoted prices included in Level 1 and may include quoted prices for similar
assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted
prices), such as interest rates and yield curves that are observable at commonly quoted intervals; and
▪ Level 3 - Inputs which are unobservable for the asset or liability and are typically based on the Group’s own assumptions as
there is little, if any, related market activity.
The Group’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement
and considers factors specific to the asset or liability.
The following table presents the Group’s estimates of fair value on a recurring basis based on information available as at 31
December 2025, aggregated by the level in the fair value hierarchy within which those measurements fall.
As at 31 December 2025, the fair value of the Group’s private placement debt is estimated to be €177.2 million (31 December 2024:
€175.3 million) due to changes in interest rates since the private placement debt was issued and the impact of the passage of
time on the fixed rate of the private placement debt. The fair value of the private placement debt is based on discounted future
cash flows using rates that reflect current rates for similar financial instruments with similar duration, terms and conditions,
which are considered Level 2 inputs. The private placement debt is recorded at amortised cost of €192.8 million (31 December
2024: €201.0 million).
As at 31 December 2025, the fair value of the Group’s RCF is estimated to be €355.6 million (31 December 2024: €356.9 million).
The fair value is based on the margin rate and EURIBOR forward curve at the reporting date. The RCF is recorded at amortised cost
of €347.0 million at 31 December 2025 (31 December 2024: €355.2 million).
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
‘ a) Fair Value of Financial Instruments and Investment Properties (continued)
As at 31 December 2025 Level 1 Level 2 Level 3
Quoted prices in active markets for Significant other Significant unobservable Total
identical assets and liabilities observable inputs inputs(1)
€'000 €'000 €'000 €'000
Recurring Measurements – Assets
Investment properties — — 1,240,384 1,240,384
Assets held for sale — — 6,481 6,481
Derivative financial instruments — 952 — 952
— 952 1,246,865 1,247,817
Recurring Measurements – Liability
Derivative financial — (8,173) — (8,173)
instruments(2)(3)
Total — (7,221) 1,246,865 1,239,644
As at 31 December 2024 Level 1 Level 2 Level 3
Quoted prices in active markets for Significant other Significant unobservable Total
identical assets and liabilities observable inputs inputs(1)
€'000 €'000 €'000 €'000
Recurring Measurements – Assets
Investment properties — — 1,228,238 1,228,238
Assets held for sale — — 3,957 3,957
Derivative financial instruments — 2,770 — 2,770
— 2,770 1,232,195 1,234,965
Recurring Measurements – Liability
Derivative financial — (1,557) — (1,557)
instruments(2)(3)
Total — 1,213 1,232,195 1,233,408
(1) See note 5 for detailed information on the valuation methodologies and fair value reconciliation.
(2) The valuation of the interest rate swap instrument is determined using widely accepted valuation techniques including
discounted cash flow analysis on the expected cash flows of the derivatives. The fair value is determined using the
market-standard methodology of netting the discounted future fixed cash payments and the discounted variable cash receipts of the
derivatives. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from
observable market interest rates. If the total mark-to-market value is positive, I-RES will include a current value adjustment to
reflect the credit risk of the counterparty and if the total mark-to-market value is negative, I-RES will include a current value
adjustment to reflect I-RES' own credit risk in the fair value measurement of the interest rate swap agreements.
(3) The cross-currency swaps are valued by constructing the cash flows of each side and then discounting them back to the present
using appropriate discount factors, including consideration of credit risk, in those currencies. The cash flows of the more
liquid quoted currency pair will be discounted using standard discount factors, while the cash flows of the less liquid currency
pair will be discounted using cross-currency basis-adjusted discount factors. Following discounting, the spot rate will be used
to convert the present value amount of the non-valuation currency into the valuation currency.
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
b. Risk Management
The main risks arising from the Group’s financial instruments are market risk, interest rate risk, liquidity risk and credit
risk. The Group’s approach to managing these risks is summarised as follows:
Market risk
Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuate due to changes in market
prices. Market risk reflects interest rate risk, currency risk and other price risks.
The Group’s financial assets currently comprise short-term bank deposits, trade receivables, deposits on acquisition and
derivatives.
Short-term bank deposits are held to meet the cash flow needs of the Group. These are denominated in Euro. Therefore, exposure to
market risk in relation to these is limited to interest rate risk.
The Group also has private placement notes that are denoted in USD. The Group’s risk management strategy is to mitigate foreign
exchange variability to the extent that it is practicable and cost effective to do so. The Group utilises cross currency swaps to
hedge the foreign exchange risk associated with the Group’s existing, fixed foreign-currency denominated borrowings. The use of
cross-currency interest rate swaps is consistent with the Group’s risk management strategy to effectively eliminate variability
in the Group’s functional currency equivalent cash flows on a portion of its borrowings due to variability in the USD-EUR
exchange rate. The hedges protect the Group against adverse variability in foreign exchange rates and the effective portion is
recognised in equity in the hedging reserve, with the ineffective portion being recognised through profit or loss within
financing costs.
Derivatives designated as hedges against foreign exchange risks are accounted for as cash flow hedges. Hedges are measured for
effectiveness at each accounting date and the accounting treatment of changes in fair value revised accordingly. Specifically,
the Company is hedging (1) the foreign exchange risk on the USD interest payments and (2) the foreign exchange risk on the USD
principal repayment of the USD borrowings at maturity. This hedging relationship qualifies for foreign currency cash flow hedge
accounting.
On 12 February 2020, I-RES entered into cross-currency swaps to (i) exchange the USD loan of USD $75 million into €68.9 million
effective 11 March 2020 and (ii) convert the fixed interest rate on the USD loan to a fixed Euro interest rate, maturing on 10
March 2027 and 10 March 2030.
At the inception of the hedging relationship the Company has identified the following potential sources of hedge ineffectiveness:
▪ Movements in the Company’s and hedging counterparty’s credit spread that would result in movements in fair value of the
hedging instrument that would not be reflected in the movements in the value of the hedged transactions.
▪ The possibility of changes to the critical terms (e.g. reset dates, index mismatches, payment dates) of the hedged
transaction due to a refinancing or debt renegotiation such that they no longer match those of the hedging instrument. The
Company would reflect such mismatch when modelling the hypothetical derivative and this could be a potential source of hedge
ineffectiveness.
Whilst sources of ineffectiveness do exist in the hedging relationship, the Company expects changes in value of both the hedging
instrument and the hedged transaction to offset and systematically move in opposite directions given that the critical terms of
the hedging instrument and the hedged transactions are closely aligned at inception as described above. Therefore, the Company
has qualitatively concluded that there is an economic relationship between the hedging instrument and the hedged transaction in
accordance with IFRS 9.
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
’ b) Risk management (continued)
Cash flow hedges
At 31 December 2025, the Group held the following instruments to hedge exposures to changes in foreign currency and interest
rates:
31 December
As at 31 December 2025 31 December 2027 31 December 2030
2026
Cross Currency Swaps
Net exposure (€’000) 68,852 68,852 22,951 —
Average fixed interest rate 2.00% 2.00% 2.25% —
Interest Rate Swaps —
Net exposure (€’000) 29,429 29,429 29,429 —
Average fixed interest rate 2.52% 2.52% 2.52% —
The amounts at the reporting date relating to items designated as hedged items were as follows:
Change in value used for calculating Cashflow hedge reserve
As at 31 December 2025 hedge ineffectiveness
(€’000)
(€’000)
Cross currency swaps 6,172 303
Interest rate swaps 2,424 (2,060)
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
As at 31 December 2025 For the year ended 31 December 2025
Changes in the Hedge Amount
Carrying amount value of ineffectiveness Line items in Statement of reclassed Line items in
hedging recognised in profit or loss that from hedging profit or loss
Nominal instrument Statement of profit includes hedge reserve to affected by
amount Assets Liability recognised in or loss ineffectiveness profit or reclassification
OCI loss
(€’000) (€’000) (€’000) (€’000) (€’000) (€’000)
Cross Loss on derivative
Currency 68,852 841 (5,234) 6,172 (17) financial instruments (7,656) Financing costs
Swaps
Interest 275,000 111 (2,939) 2,424 (19) Loss on derivative (2,127) Financing costs
Rate Swaps financial instruments
As at 31 December 2024 For the year ended 31 December 2024
Changes in the Hedge Amount
Carrying amount value of ineffectiveness Line items in statement of reclassed Line items in
hedging recognised in profit or loss that from hedging profit or loss
Nominal instrument Statement of profit includes hedge reserve to affected by
amount Assets Liability recognised in or loss ineffectiveness profit or reclassification
OCI loss
(€’000) (€’000) (€’000) (€’000) (€’000) (€’000)
Cross Loss on derivative
Currency 68,852 2,767 — (4,095) (104) financial instruments 5,592 Financing costs
Swaps
Interest 275,000 3 (1,557) (1,730) — Loss on derivative 2,913 Financing costs
Rate Swaps financial instruments
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
’ b) Risk management (continued)
Master netting or similar agreements
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting
agreements. In general, under these agreements the amounts owed by each counterparty on a single day in respect of all
transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other.
In certain circumstances, all outstanding transactions under the agreement are terminated, the termination value is assessed and
only a single net amount is payable in settlement of all transactions. The ISDA agreements do not meet the criteria for
offsetting in the statement of financial position. This is because the Group does not have any currently legally enforceable
right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements.
Gross amounts of financial instruments in the statement Related financial instruments that Net amount
of financial position are not offset
As at 31 December 2025 Note (€’000) (€’000) (€’000)
Financial assets
Derivative financial 18 952 — 952
instruments
Financial liabilities
Derivative financial 18 (8,173) — (8,173)
instruments
Managing interest rate benchmark reform and associated risks
The Group does not have any exposures to Interbank Offered Rates (“IBORs”) on its financial instruments due to IBOR reform as
fixed to fixed rates are used. IBOR reform does not impact the Group’s risk management and hedge accounting. The Group has
EURIBOR on its RCF, which is not impacted by the interest rate benchmark reform.
Interest Rate Risk
With regard to the cost of borrowing I-RES has used and may continue to use hedging where considered appropriate, to mitigate
interest rate risk.
As at 31 December 2025, the drawn RCF was €352.4 million. The interest on the RCF is paid at a rate of 2.0% per annum plus the
one-month or three-month EURIBOR rate (at the option of I-RES) or at a floor of zero if EURIBOR is negative. As previously noted,
on 13 March 2025 I-RES terminated the existing interest rate swaps and entered into new interest rate swaps in respect of the
refinanced RCF, aggregating to €275 million until maturity of the new facility, converting the cost on this portion of the
facility into a fixed interest rate of 2.52% plus margin. As of the period end, approximately 85% of the Group’s total drawn debt
is now fixed against interest rate volatility. The Company’s private placement debt has a fixed rate of 1.92%. For the period
ended 31 December 2025, a 100-basis point change in interest rates would have the following effect:
As at 31 December 2025 Change in interest rates Increase/(decrease) in net income
Basis Points €'000
EURIBOR rate debt(1) +100 (941)
EURIBOR rate debt(1) -100 941
(1) Based on the fixed margin of 2.0% plus the 1-month EURIBOR during year ended 31 December 2025 and a hedged interest rate of
2.52% for the period interest rate swaps in place.
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
’ b) Risk management (continued)
As at 31 December 2024 Change in interest rates Increase/(decrease) in net income
Basis Points €'000
EURIBOR rate debt(1) +100 (968)
EURIBOR rate debt(1) -100 968
(1) Based on the fixed margin of 1.75% plus the 1-month EURIBOR rate during year ended 31 December 2024 and a hedged interest
rate of 2.50% for the quantum and period of interest rate swaps in place.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulties in accessing capital markets and refinancing its financial
obligations as they come due.
The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Group’s reputation. The Group monitors the level of expected cash inflows on trade and other receivables, together with
expected cash outflows on trade and other payables and capital commitments.
The following tables show the Group’s contractual undiscounted maturities for its financial liabilities:
1 to 2 2 to 5
As at 31 December 2025 Total 6 months or less(1) 6 to 12 months(1) More than 5 years(1)
years(1) years(1)
€'000 €'000 €'000 €'000 €'000 €'000
Non-derivative financial liabilities
Loan drawn down 352,443 — — — 352,443 —
Bank indebtedness interest (2) 63,215 6,922 6,922 14,314 35,057 —
Private placement debt(3) 193,890 — — 42,593 111,297 40,000
Private placement debt interest 18,246 2,340 2,340 3,947 8,431 1,188
Lease liability 10,342 161 386 772 2,123 6,900
Other liabilities 11,553 11,553 — — — —
Security deposits 6,919 6,919 — — — —
Total 656,608 27,895 9,648 61,626 509,351 48,088
Derivative financial liabilities
Foreign currency swap:
Outflow (3,613) (687) (687) (946) (1,293) —
Inflow(3) 5,682 1,120 1,120 1,507 1,935 —
2,069 433 433 561 642 —
Interest rate swap:
Outflow(4) (29,429) (3,462) (3,462) (6,925) (15,580) —
Inflow 25,950 2,651 2,651 5,669 14,979 —
(3,479) (811) (811) (1,256) (601) —
(1) Based on carrying value at maturity dates.
(2) Based on current in-place interest rate for the remaining term to maturity.
(3) Based on forward foreign exchange rates as at 31 December 2025.
(4) Based on 1-month EURIBOR forward curve as at 31 December 2025.
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
’ b) Risk management (continued)
1 to 2 2 to 5
As at 31 December 2024 Total 6 months or less(1) 6 to 12 months(1) More than 5 years(1)
years(1) years(1)
€'000 €'000 €'000 €'000 €'000 €'000
Non-derivative financial liabilities
Loan drawn down 355,870 — — 355,870 — —
Bank indebtedness interest (2) 17,544 7,571 6,661 3,312 — —
Private placement debt(3) 202,415 — — — 48,277 154,138
Private placement debt interest 23,972 2,488 2,488 4,976 10,778 3,242
Lease liability 11,990 401 401 803 2,408 7,977
Other liabilities 9,936 9,936 — — — —
Security deposits 7,037 7,037 — — — —
Total 628,764 27,433 9,550 364,961 61,463 165,357
Derivative financial liabilities
Foreign currency swap:
Outflow (4,987) (687) (687) (1,374) (1,980) (259)
Inflow(3) 8,968 1,268 1,268 2,536 3,458 438
3,981 581 581 1,162 1,478 179
Interest rate swap:
Outflow(4) (8,595) (3,438) (3,438) (1,719) — —
Inflow 7,541 3,444 2,741 1,356 — —
(1,054) 6 (697) (363) — —
(1) Based on carrying value at maturity dates.
(2) Based on current in-place interest rate for the remaining term to maturity.
(3) Based on forward foreign exchange rates as at 31 December 2024.
(4) Based on 1-month EURIBOR forward curve as at 31 December 2024.
The carrying value of bank indebtedness and trade and other payables (other liabilities) approximates their fair value.
Credit risk
Credit risk is the risk that: (i) counterparties to contractual financial obligations will default; or (ii) the possibility that
the Group’s tenants may experience financial difficulty and be unable to meet their rental obligations.
The Group monitors its risk exposure regarding obligations with counterparties through the regular assessment of counterparties’
credit positions.
The Group mitigates the risk of credit loss with respect to tenants by evaluating the creditworthiness of new tenants and
obtaining security deposits wherever permitted by legislation.
The Group monitors its collection experience on a monthly basis and ensures that a stringent policy is adopted to provide for all
past due amounts. All residential accounts receivable balances exceeding 30 days are written off to bad debt expense and
recognised in the consolidated statement of profit or loss and other comprehensive income. Subsequent recoveries of amounts
previously written off are credited in the consolidated statement of profit or loss and other comprehensive income. The Group’s
allowance for expected credit loss amounted to a charge of €349,000 for the year ended 31 December 2025 and is recorded as part
of property operating costs in the consolidated statement of profit or loss and other comprehensive income (31 December 2024:
€145,000).
Cash and cash equivalents are held with major Irish and European institutions which have credit ratings between A- and A+. The
Company deposits cash with a number of individual institutions to avoid concentration of risk with any one counterparty. The
Group has also engaged the services of a depository to ensure the security of cash assets.
‘19. Financial Instruments, Investment Properties and Risk Management (continued)
’b) Risk management (continued)
Credit risk (continued)
Risk of counterparty default arising on derivative financial instruments is controlled by dealing with high-quality institutions
and by a policy limiting the amount of credit exposure to any one bank or institution. Derivative financial instrument counter
parties have credit ratings in the range of A- to A+.
Capital management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of
capital.
In order to maintain or adjust the capital structure, I-RES may issue new shares or consider the sale of assets to reduce debt.
I-RES, through the Irish REIT Regime, is restricted in its use of capital to making investments in real estate property in
Ireland. I-RES intends to continue to make distributions if its results of operations and cash flows permit in the future.
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. At 31 December 2025, capital consists of equity and debt and Group Net LTV was 43.6% (2024:
44.4%). I-RES seeks to use gearing to enhance shareholder returns over the long term. The level of gearing is monitored carefully
by the Board.
The Board monitors the return on capital as well as the level of dividends paid to ordinary shareholders. Subject to
distributable reserves, it is the policy of I-RES to distribute at least 85% of the Property Income of its Property Rental
Business for each accounting period as required under the REIT legislation.
20. Taxation
I-RES elected for REIT status on 31 March 2014. As a result, from that date the Group is exempt from paying Irish corporation tax
on the profits and gains it makes from qualifying rental businesses in Ireland provided it meets certain conditions.
Instead, dividends paid to shareholders in respect of the Property Rental Business are treated for Irish tax purposes as income
in the hands of shareholders. Corporation tax is still payable in the normal way in respect of income and gains from any residual
business (generally including any property trading business) not included in the Property Rental Business. I-RES is also liable
to pay other taxes such as VAT, stamp duty, local property tax and payroll taxes in the normal way.
Within the Irish REIT Regime, for corporation tax purposes the Property Rental Business is treated as a separate business from
the residual business. A loss incurred by the Property Rental Business cannot be offset against profits of the residual business.
An Irish REIT is required, subject to having sufficient distributable reserves, to distribute to its shareholders (by way of
dividend), on or before the filing date for its tax return for the accounting period in question, at least 85% of the Property
Income of the Property Rental Business arising in each accounting period. Failure to meet this requirement would result in a tax
charge calculated by reference to the extent of the shortfall in the dividend paid. A dividend paid by an Irish REIT from its
Property Rental Business is referred to as a property income distribution. Any normal dividend paid from the residual business by
the Irish REIT is referred to as a non-property income distribution dividend.
The Directors confirm that the Group has remained in compliance with the Irish REIT Regime up to and including the date of this
Report.
Income tax expense recognised in the consolidated statement of profit or loss and other comprehensive income
31 December 2025 31 December 2024
For the year ended
€'000 €'000
Current Taxation
Irish corporation tax expense — —
Income tax withheld 11 8
Adjustment in respect of prior years (66) (31)
Total Current Taxation (55) (23)
’20. Taxation (continued)
Reconciliation of the effective tax rate
31 December 2025 31 December 2024
For the year ended
€'000 €'000
Profit/(loss) before taxation 49,697 (6,699)
At the standard rate of corporation tax in Ireland of 12.5% 6,212 (837)
Tax effect of amounts which are not deductible (taxable in calculating taxable income)
Tax exempt property rental profit/(loss) (6,215) 744
Current year losses for which no deferred tax is recognised 3 95
Prior year losses utilised — —
Other items — (2)
Income tax expense — —
The unrecognised deferred tax asset is €19,800 at 31 December 2025 (31 December 2024: €19,800), which is not related to the
property rental business.
21. Dividends
Under the Irish REIT Regime, subject to having sufficient distributable reserves, I-RES is required to distribute to shareholders
at least 85% of the Property Income of its Property Rental Business for each accounting period.
On 8 August 2025, the Directors resolved to pay an additional dividend of €12.4 million for the six months ended 30 June 2025.
The dividend of 2.36 cents per share was paid on 12 September 2025 to shareholders on record as at 22 August 2025.
On 20 February 2025, the Directors resolved to pay an additional dividend of €11.7 million for the year ended 31 December 2024.
The dividend of 2.20 cents per share was paid on 27 March 2025 to shareholders on record as at 28 February 2025.
On 8 August 2024, the Directors resolved to pay an additional dividend of €10.0 million for the six months ended 30 June 2024.
The dividend of 1.88 cents per share was paid on 13 September 2024 to shareholders on record as at 23 August 2024.
On 23 February 2024, the Directors resolved to pay an additional dividend of €10.6 million for the year ended 31 December 2023.
The dividend of 2.00 cents per share was paid on 28 March 2024 to shareholders on record as at 8 March 2024.
Distributable reserves in accordance with the Irish REIT Regime were calculated as follows:
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Profit/(Loss) for the year 49,752 (6,676)
Adjusted for:
Gain on disposal of investment properties (3,433) (1,622)
Taxation on disposal of properties — (38)
Unrealised (gain)/loss on net movement in fair value of investment properties (16,991) 33,745
Property Income of the Property Rental Business 29,328 25,409
Add back:
Share-based compensation expense 415 305
Unrealised change in fair value of derivatives 36 104
Distributable Reserves 29,779 25,818
22. Supplemental Cash Flow Information
Breakdown of operating income items related to financing and investing activities
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Financing costs as per the consolidated statement of profit or loss and other comprehensive 24,335 23,389
income
Interest expense accrual (824) (45)
Lease interest 228 296
Less: amortisation of financing fees (2,004) (1,356)
Interest Paid 21,735 22,284
Interest expense
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Financing costs on Credit Facility 24,335 23,389
Amortisation of other financing costs (2,004) (1,356)
Lease interest 228 296
Interest Expense 22,559 22,329
Changes in operating assets and liabilities
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Prepayments (114) 1,865
Trade receivables 364 (429)
Accounts payable and other liabilities 767 (77)
Security deposits (118) (165)
Changes in operating assets and liabilities 899 1,194
’22. Supplemental Cash Flow Information (continued)
Changes in liabilities due to financing cash flows
Changes from Financing Cash Flows Non-cash changes
1 Revolving Revolving Amortisation Change in 31
Liabilities January Credit Credit Lease Financing of other Foreign Lease fair value December
2025 Facility Facility payments fees financing exchange Reassess-ment of hedging 2025
drawdown repayment costs instruments
Bank indebtedness 355,870 373,143 (376,570) — — — — — — 352,443
Deferred loan costs, (673) — — — (6,401) 1,660 — — — (5,414)
net
Private placement debt 202,415 — — — — — (8,525) — — 193,890
Deferred loan costs, (1,424) — — — — 344 — — — (1,080)
net
Derivative financial 1,557 — — — — — — — 6,616 8,173
instruments
Lease liability 9,998 — — (544) — — — (600) — 8,854
Total liabilities from 567,743 373,143 (376,570) (544) (6,401) 2,004 (8,525) (600) 6,616 556,866
financing activities
Changes from Financing Cash Flows Non-cash changes
1 Revolving Revolving Amortisation Change in 31
Liabilities January Credit Credit Lease Financing of other Foreign Lease fair value December
2024 Facility Facility payments fees financing exchange Reassess-ment of hedging 2024
drawdown repayment costs instruments
Bank indebtedness 373,020 12,800 (29,950) — — — — — — 355,870
Deferred loan costs, (1,665) — — — (20) 1,012 — — — (673)
net
Private placement debt 197,892 — — — — — 4,523 — — 202,415
Deferred loan costs, (1,767) — — — (1) 344 — — — (1,424)
net
Derivative financial 3,667 — — — — — — — (2,110) 1,557
instruments
Lease liability 8,268 — — (471) — — — 2,201 — 9,998
Total liabilities from 579,415 12,800 (29,950) (471) (21) 1,356 4,523 2,201 (2,110) 567,743
financing activities
23. Related Party Transactions
Transactions with Key Management Personnel
For the purposes of the disclosure requirements of IAS 24, the term ‘‘key management personnel’’ is defined as those persons
having authority for planning, directing and controlling the activities of the Company. I-RES has determined that the key
management personnel comprise the Board of Directors. See note 28 for further details on remuneration.
Owners’ management companies not consolidated
As a result of the acquisition by the Group of apartments or commercial space in certain residential rental properties, the Group
holds voting rights in the relevant owners’ management companies (“OMCs”) associated with those developments. Where the Group
holds the majority of those voting rights, this entitles it, inter alia, to control the composition of such OMCs’ boards of
directors. However, as each of those OMCs is incorporated as a company limited by guarantee for the purpose of owning the common
areas in residential or mixed-use developments, they are not intended to be traded for gains. I-RES does not consider these OMCs
to be material for consolidation as the total assets of the OMCs is less than 1% of the Group’s total assets.
The total service fees billed by OMCs for the year ended 31 December 2025 were €8.9 million (2024 €9.5 million). As at 31
December 2025, €0.1 million was payable and €1.1 million was prepaid by the Group to the OMCs. As at 31 December 2024, €0.1
million was payable and €1.0 million was prepaid by the Group to the OMCs.
24. Contingencies
At Beacon South Quarter, in addition to the capital expenditure work that has already been completed, water ingress works were
identified in 2016 and I-RES is working with the Beacon South Quarter OMC to resolve these matters. A settlement has been reached
in the ongoing insurance claim with respect to the water ingress and related damage between the OMC and the insurer. The amount
of potential costs relating to these structural remediation works has been reflected in the valuation of the asset.
25. Commitments
As at 31 December 2025 there are no material commitments.
26. Earnings per Share
Earnings per share amounts are calculated by dividing profit for the reporting period attributable to ordinary shareholders of
I-RES by the weighted average number of ordinary shares outstanding during the reporting period.
For the year ended 31 December 2025 31 December 2024
Profit/(Loss) attributable to shareholders of I-RES (€'000) 49,752 (6,676)
Basic weighted average number of shares 525,604,518 529,578,946
Diluted weighted average number of shares(1)(2) 525,604,518 529,578,946
Basic Earnings/(Loss) per share (cents) 9.5 (1.3)
Diluted Earnings/(Loss) per share (cents) 9.5 (1.3)
(1) Diluted weighted average number of shares includes the additional shares resulting from dilution of the long-term incentive
plan options as of the reporting period date.
(2) At 31 December 2025, nil options (31 December 2024: 4,596,499) were excluded from the diluted weighted average number of
ordinary shares because their effect would have been anti-dilutive.
EPRA Earnings represents the earnings from the core operational activities (recurring items for I-RES). It is intended to provide
an indicator of the underlying performance of the property portfolio and therefore excludes all components not relevant to the
underlying and recurring performance of the portfolio, including any revaluation results and results from the sale of properties.
EPRA Earnings per share amounts are calculated by dividing EPRA Earnings for the reporting period attributable to shareholders of
I-RES by the weighted average number of ordinary shares outstanding during the reporting period.
’26. Earnings per Share (continued)
EPRA Earnings per Share
For the year ended 31 December 2025 31 December 2024
Profit/(Loss) for the year (€'000) 49,752 (6,676)
Adjustments to calculate EPRA Earnings exclude:
Changes in fair value on investment properties (€'000) (16,991) 33,745
Gain on disposal of investment property (3,433) (1,622)
Changes in fair value of derivative financial instruments (€'000) 36 104
Taxation on disposal of properties (€'000) — (38)
EPRA Earnings (€'000) 29,364 25,513
Non-recurring costs (€'000) — 3,411
Adjusted EPRA Earnings before non-recurring costs (€'000) 29,364 28,924
Basic weighted average number of shares 525,604,518 529,578,946
Diluted weighted average number of shares 525,604,518 529,578,946
EPRA Earnings per share (cents) 5.6 4.8
Adjusted EPRA EPS before non-recurring costs per share (cents) 5.6 5.5
EPRA Diluted Earnings per share (cents) 5.6 4.8
27. Net Asset Value per Share
In October 2019, EPRA introduced three EPRA NAV metrics to replace the then existing EPRA NAV calculation that was previously
being presented. The three EPRA NAV metrics are EPRA Net Reinstatement Value (“EPRA NRV’’), EPRA Net Tangible Asset (“EPRA NTA”)
and EPRA Net Disposal Value (“EPRA NDV”). Each EPRA NAV metric serves a different purpose. The EPRA NRV measure is to highlight
the value of net assets on a long term basis. EPRA NTA assumes entities buy and sell assets, thereby crystallising certain levels
of deferred tax liability. Lastly, EPRA NDV provides the reader with a scenario where deferred tax, financial instruments and
certain other adjustments are calculated to the full extent of their liabilities. The table below presents the transition between
the Group’s shareholders’ equity derived from the consolidated financial statements and the various EPRA NAV.
EPRA NAV per Share
31 December 2025
As at EPRA NRV EPRA NTA(1) EPRA NDV(2)
Net assets (€'000) 690,467 690,467 690,467
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€'000) 2,828 2,828 —
Fair value adjustment for fixed interest rate debt (€'000) — — 18,488
Real estate transfer cost (€'000)(3) 68,228 — —
EPRA net assets (€'000) 761,523 693,295 708,955
Number of shares outstanding 524,442,218 524,442,218 524,442,218
Diluted number of shares outstanding 524,442,218 524,442,218 524,442,218
Basic Net Asset Value per share (cents) 131.7 131.7 131.7
EPRA Net Asset Value per share (cents) 145.2 132.2 135.2
‘27. Net Asset Value per Share (continued)
31 December 2024
As at EPRA NRV EPRA NTA(1) EPRA NDV(2)
Net assets (€'000) 668,150 668,150 668,150
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€'000) 1,554 1,554 —
Fair value adjustment for fixed interest rate debt (€'000) — — 22,470
Real estate transfer cost (€'000)(3) 67,575 — —
EPRA net assets (€'000) 737,279 669,704 690,620
Number of shares outstanding 529,578,946 529,578,946 529,578,946
Diluted number of shares outstanding 529,578,946 529,578,946 529,578,946
Basic Net Asset Value per share (cents) 126.2 126.2 126.2
EPRA Net Asset Value per share (cents) 139.2 126.5 130.4
(1) Following changes to the Irish REIT legislation introduced in October 2019, if a REIT disposes of an asset of its property
rental business and does not (i) distribute the gross disposal proceeds to shareholders by way of dividend; (ii) reinvest them
into other assets of its property rental business (whether by acquisition or capital expenditure) within a three-year window
(being one year before the sale and two years after it); or (iii) use them to repay debt specifically used to acquire, enhance or
develop the property sold, then the REIT will be liable to tax at a rate of 25% on 85% of the gross disposal proceeds, subject to
having sufficient distributable reserves. For the purposes of EPRA NTA, the Group has assumed any such sales proceeds are
reinvested within the required three-year window.
(2) Deferred tax is assumed as per the IFRS statement of financial position. To the extent that an orderly sale of the Group’s
assets was undertaken over a period of several years, during which time (i) the Group remained a REIT; (ii) no new assets were
acquired or sales proceeds reinvested; (iii) any developments completed were held for three years from completion; and (iv) those
assets were sold at 31 December 2025 valuations, the sales proceeds would need to be distributed to shareholders by way of
dividend within the required time frame or else a tax liability amounting to up to 25% of distributable reserves plus current
unrealised revaluation gains could arise for the Group.
(3) This is the purchaser costs amount as provided in the valuation certificate. Purchasers’ costs consist of items such as
stamp duty on legal transfer and other purchase fees that may be incurred and which are deducted from the gross value in arriving
at the fair value of investment for IFRS purposes. Purchasers’ costs are in general estimated at 9.96% for commercial, 4.46% for
residential apartment units and 12.46% for houses and duplexes.
28. Employee Costs and Auditor Remuneration
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Employee costs
Salaries, benefits and bonus 9,173 9,201
Social insurance costs 936 923
Pension costs 498 224
Share-based payments 415 305
Total 11,022 10,653
The average number of employees in the period was 98 (2024: 98). The total number of employees at the reporting period end was 97
(31 December 2024: 98).
28. Employee Costs and Auditor Remuneration (continued)
For the year ended 31 December 2025 31 December 2024
€'000 €'000
Auditor remuneration (including expenses)(1)
Audit of Group accounts 221 220
Other assurance services(2) 15 15
Non-assurance services(3) 9 6
Total 245 241
(1) Included in the auditor remuneration for the Group is an amount of €171,000 (31 December 2024: €171,000) that relates to the
audit of the Company’s financial statements.
(2) Non-audit remuneration relates to the review of the interim financial statements.
(3) Non-assurance services relate to Accountants’ report under Property Services Regulatory Authority (PSRA) regulations.
29. Holding Company Details
The name of the holding company of the Group is Irish Residential Properties REIT plc. The legal form of the Company is a public
limited company. The place of registration of the holding company is Dublin, Ireland and its registration number is 529737. The
address of the registered office is South Dock House, Hanover Quay, Dublin 2, Ireland.
30. Subsequent Events
At the date of authorisation of the consolidated financial statements, there are no adjusting or non-adjusting events after the
reporting period.
Glossary of Terms
The following explanations are not intended as technical definitions but rather are intended to assist the reader in
understanding terms used in this report.
“Adjusted Earnings (excluding fair value movements)”
Adjusted EPRA Earnings plus Gain/(Loss) on Disposal of investment property;
“Adjusted General and Administrative Expenses”
General and administrative expenses adjusted to remove non-recurring costs;
“Annualised Passing Rent”
Defined as the actual monthly residential and commercial rents under contract with residents as at the stated date, multiplied by
12, to annualise the monthly rent;
“ Assets Held For Sale (AHFS)”
Investment properties being held for sale which are expected to be disposed on within the next 12 months;
“Average Monthly Rent (AMR)”
Actual monthly residential rents, net of vacancies, as at the stated date, divided by the total number of apartments owned in the
property;
“Basic Earnings per share (Basic EPS)”
Calculated by dividing the profit/(loss) for the reporting period attributable to ordinary shareholders of the Company in
accordance with IFRS by the weighted average number of ordinary shares outstanding during the reporting period;
“Companies Act, 2014”
The Irish Companies Act, 2014;
“Diluted weighted average number of shares”
Includes the additional shares resulting from dilution of the long-term incentive plan options as of the reporting period date;
“Adjusted EBITDA”
Represents earnings before lease interest, financing costs, depreciation of property, plant and equipment, gain or loss on
disposal of investment property, net movement in fair value of investment properties and gain or loss on derivative financial
instruments and non-recurring costs to show the underlying operating performance of the Group;
“EPRA”
The European Public Real Estate Association;
“EPRA Diluted EPS”
Calculated by dividing EPRA Earnings for the reporting period attributable to shareholders of the Company by the diluted weighted
average number of ordinary shares outstanding during the reporting period. EPRA Earnings measures the level of income arising
from operational activities. It is intended to provide an indicator of the underlying income performance generated from leasing
and management of the property portfolio, while taking into account dilutive effects and therefore excludes all components not
relevant to the underlying net income performance of the portfolio, such as unrealised changes in valuation and any gains or
losses on disposals of properties;
“EPRA Earnings”
EPRA Earnings is the profit after tax excluding revaluations and gains and losses on disposals and associated taxation (if any);
“Adjusted EPRA Earnings”
Represents EPRA Earnings adjusted for non-recurring costs to show the underlying EPRA Earnings of the Group;
“EPRA EPS”
Calculated by dividing EPRA Earnings for the reporting period attributable to shareholders of the Company by the weighted average
number of ordinary shares outstanding during the reporting period. EPRA Earnings measures the level of income arising from
operational activities. It is intended to provide an indicator of the underlying income performance generated from leasing and
management of the property portfolio and therefore excludes all components not relevant to the underlying net income performance
of the portfolio, such as unrealised changes in valuation and any gains or losses on disposals of properties;
“Adjusted EPRA EPS”
EPRA EPS calculated using Adjusted EPRA Earnings;
“EPRA NAV”
EPRA introduced three EPRA NAV metrics to replace the existing EPRA NAV calculation that was previously being presented. The
three EPRA NAV metrics are EPRA Net Reinstatement Value (“EPRA NRV’), EPRA Net Tangible Asset (“EPRA NTA”) and EPRA Net Disposal
Value (“EPRA NDV”). Each EPRA NAV metric serves a different purpose. The EPRA NRV measure is to highlight the value of net assets
on a long-term basis. EPRA NTA assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax
liability. Any gains arising from the sale of a property are expected either to be reinvested for growth or 85% of the net
proceeds are distributed to the shareholders to maintain the REIT status. Lastly, EPRA NDV provides the reader with a scenario
where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liabilities;
“EPRA NAV per share”
Calculated by dividing each of the EPRA NAV metric by the diluted number of ordinary shares outstanding as at the end of the
reporting period;
“Equivalent Yields (formerly referred as Capitalisation Rate)”
The rate of return on a property investment based on current and projected future income streams that such property investment
will generate. This is derived by the external valuers and is used to estimate the term and reversionary yields;
“Group Total Gearing or Net Loan to Value (Net LTV)”
Calculated by dividing the Group’s aggregate borrowings (net of cash) by the fair value of the Group’s property portfolio,
including assets held for sale;
“Loan to Value (LTV)”
Calculated by dividing the Group’s aggregate borrowings by the fair value of the Group’s property portfolio;
“Gross Yield”
Calculated as the Annualised Passing Rent as at the stated date, divided by the fair value of the investment properties,
including units classified as assets held for sale and excluding fair value of development land as at the reporting date;
“Irish REIT Regime”
Means the provisions of the Irish laws and regulations establishing and governing real estate investment trusts, in particular,
but without limitation, section 705A of the Taxes Consolidation Act, 1997 (as inserted by section 41(c) of the Finance Act,
2013), as amended from time to time;
“LEED”
LEED stands for Leadership in Energy and Environmental Design. It is a rating system to certify sustainable buildings and
neighbourhoods;
“Like for Like”
Like-for-like amounts are presented as they measure operating performance adjusted to remove the impact of properties that were
only owned for part of the relevant period or comparative period;
“Market Capitalisation”
Calculated as the closing share price multiplied by the number of shares outstanding;
“Net Asset Value” or “NAV”
Calculated as the value of the Group’s or Company’s assets less the value of its liabilities measured in accordance with IFRS;
“Net Asset Value per share”
Calculated by dividing NAV by the basic number of ordinary shares outstanding as at the end of the reporting period;
“Net Rental Income (NRI)”
Measured as property revenue less property operating expenses;
“Net Rental Income Margin”
Calculated as the NRI over the revenue from investment properties;
“Occupancy Rate”
Calculated as the total number of apartments occupied divided by the total number of apartments owned as at the reporting date
available to rent;
“Property Income”
As defined in section 705A of the Taxes Consolidation Act, 1997. It means, in relation to a company or group, the Property
Profits of the Company or Group, as the case may be, calculated using accounting principles, as: (a) reduced by the Property Net
Gains of the Company or Group, as the case may be, where Property Net Gains arise, or (b) increased by the Property Net Losses of
the Company or Group, as the case may be, where Property Net Losses arise;
“Property Profits”
As defined in section 705A of the Taxes Consolidation Act, 1997;
“Property Net Gains”
As defined in section 705A of the Taxes Consolidation Act, 1997;
“Property Net Losses”
As defined in section 705A of the Taxes Consolidation Act, 1997;
“Property Rental Business”
As defined in section 705A of the Taxes Consolidation Act, 1997;
“Sq. ft.”
Square feet;
“Sq. m.”
Square metres;
“Stabilised NRI”
Measured as property revenue less property operating expenses adjusted for market-based assumptions such as long-term vacancy
rates, management fees, repairs and maintenance;
“Total Accounting Return”
Total Accounting Return represent the change in EPRA NTA plus dividends paid in the performance period, expressed as a % of the
opening EPRA NTA;
“Total Property Value”
Total investment property plus any property classified as assets held for sale;
“Vacancy Costs”
Defined as the value of the rent on unoccupied residential apartments and commercial units for the specified period.
Shareholder Information
Head Office
South Dock House
Hanover Quay
Dublin 2, Ireland
Tel: +353 (0)1 557 0974
Website: www.iresreit.ie
Directors
Hugh Scott-Barrett (Chair)
Eddie Byrne (CEO)
Amy Freedman
Denise Turner
Joan Garahy
Richard Nesbitt
Stefanie Frensch
Tom Kavanagh
Investor Information
Analysts, shareholders and others seeking
financial data should visit I-RES’ website at
https://investorrelations.iresreit.ie or contact:
Chief Executive Officer
Eddie Byrne
Tel: +353 (0)1 557 0974
E-mail: investors@iresreit.ie
Company Secretary
Anna-Marie Curry
Tel: +353 (0) 1 557 0974
E-mail: companysecretary@iresreit.ie
Registrar And Transfer Agent
Computershare Investor Services (Ireland) Limited
3100 Lake Drive
Citywest Business Campus
Dublin 24, Ireland
Tel: +353 (0)1 447 5566
Depositary
BNP Paribas Securities Services, Dublin Branch
Trinity Point
10-11 Leinster Street South
Dublin 2, Ireland
Auditor
KPMG
1 Stokes Place
St. Stephen’s Green
Dublin 2, Ireland
Legal Counsel
McCann FitzGerald
Riverside One
Sir John Rogerson’s Quay
Dublin 2, D02 X576 Ireland
Stock Exchange Listing
Shares of I-RES are listed on Euronext Dublin under
the trading symbol “IRES”.
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ISIN: IE00BJ34P519
Category Code: FR
TIDM: IRES
LEI Code: 635400EOPACLULRENY18
Sequence No.: 418534
EQS News ID: 2278354
End of Announcement EQS News Service
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References
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