REG-Irish Residential Properties REIT plc Trading Update

Irish Residential Properties REITAnnouncement

28/05/2026 07:00

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Irish Residential Properties REIT plc (IRES)
Trading Update

28-May-2026 / 07:00 GMT/BST

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                      Irish Residential Properties REIT plc

                                         

                              2026 Q1 Trading Update

                                         

 Continued strong operational performance in Q1; good progress against strategic
                                   initiatives

                                         

28 May 2026,  Dublin |  Irish Residential Properties  REIT plc  (“the Company”  or
“I-RES”) provides an update on  the Company’s trading for  the three months to  31
March 2026 (the “first quarter” or “Q1”) ahead of its AGM today.

 

Operating Highlights

 

  • The portfolio continued to be effectively  fully occupied in excess of 99%  at
    end of the quarter, underpinned by exceptional demand for rental accommodation
    in Ireland, our efficient operating model, and reflecting the high quality  of
    our modern portfolio of assets.
  • Following the  improved  Net  Rental Income  margin  performance  during  2025
    (+120bps), the Group’s margin remained strong  at 78% in Q1 2026. The  Company
    continues to be supported by strong  rent collections, which remain in  excess
    of 99%, in line  with 2025. The strong  occupancy and collections  performance
    together highlight  the  resilient characteristics  of  our business  and  the
    efficiency of our internally managed platform.

  • The Residential Tenancies (Miscellaneous Provisions) Act 2026 came into  force
    on 1 March 2026, introducing significant reform of Ireland’s rental framework.
    The first  month of  operation under  the  new regime  has been  in-line  with
    expectations and we are encouraged that the improved backdrop will  contribute
    positively to portfolio performance over time.

  • As announced earlier  in the  quarter, I-RES  has entered  a forward  purchase
    agreement to acquire 77 high-quality  apartments for a total consideration  of
    €31.75 million (inclusive of VAT  and excluding other transaction costs).  The
    investment is projected to generate a Net Initial Yield of approximately 5.25%
    and will be earnings enhancing following the lease-up period. Post-acquisition
    and along with the  ongoing asset recycling programme,  we expect to  maintain
    LTV comfortably  within I-RES’  target  range of  40%-45%,  with over  85%  of
    current drawn debt fixed until maturity. This acquisition will be funded  from
    our ongoing asset  recycling programme  which continues to  achieve premia  in
    excess of 25% above book value.

Market Update

The introduction of new rent regulations, together with the Government’s housing
plan, taxation changes in Budget 2026 and proposed amendments to Sustainable
Design Standards, have together driven a notable increase in market activity.
Residential investment volumes in Q1 2026, including both completed transactions
and assets brought to market, exceeded the total annual investment recorded in
each of the previous two years. This evolving market dynamic is positive for the
overall market and supportive of I-RES’s growth strategy, providing a constructive
backdrop for the ongoing development of our portfolio.

Eddie Byrne, CEO of I-RES, commented:

 

“We are pleased to  report strong trading  in the first  quarter of the  financial
year and continue to  be encouraged by  the current and  future prospects for  the
business. During the period,  we contracted our first  acquisition in a number  of
years and  leased  our  first  units  under the  new  rent  regulations.  The  new
regulations are  already  having  a  positive impact  on  market  conditions  with
improved activity in the development  space, an increase in international  capital
being allocated  to Ireland  and  a significant  increase in  transaction  volumes
relating to apartment blocks. In  highly uncertain geopolitical times, we  believe
our business has demonstrated very  strong defensive characteristics, including  a
strong balance sheet,  below market rents  and a highly  responsive and  adaptable
internally  managed  operating  platform.  We   will  continue  to  consider   all
opportunities  to   enhance  shareholder   value,  whether   through  growth   and
consolidation, accretive allocation of capital from our ongoing disposal programme
and driving operational performance and efficiencies through the platform.”

END

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

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  2 www.iresreit.ie.

This note applies if and to the extent that there are forward-looking statements
in this Announcement.

This Announcement may contain forward-looking statements, which are subject to
risks and uncertainties because they relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends, and similar expressions
concerning matters that are not historical facts. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause
the actual results, performance or achievements of the Company or the industry in
which it operates, to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. The
forward-looking statements referred to in this paragraph speak only as at the date
of this Announcement. Except as required by law or by any appropriate regulatory
authority, the Company will not undertake any obligation to release publicly any
revision or updates to these forward-looking statements to reflect future events,
circumstances, unanticipated events, new information or otherwise.

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View original content:  4 EQS News

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   ISIN:          IE00BJ34P519
   Category Code: QRF
   TIDM:          IRES
   LEI Code:      635400EOPACLULRENY18
   Sequence No.:  428865
   EQS News ID:   2334638


    
   End of Announcement EQS News Service

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References

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