Irish Residential Properties (IRES) Q1 2025 TU earnings summary

Executive summary

• Achieved 99.7% portfolio occupancy in Q1 2025, up from 99.4% at year-end 2024, driven by strong rental demand and efficient operations.

• Net Rental Income margin improved compared to H2 2024, supported by new income and cost reduction initiatives.

• Rent collections remained robust, exceeding 99% and consistent with 2024 levels.

Financial highlights

• LTV increased to 45.4% at 31 March 2025 from 44.4% at 31 December 2024, reflecting one-off refinancing costs and dividend payments, but remains well below the 50% covenant limit.

• Weighted average cost of interest is approximately 3.8%, in line with 2024.

Outlook and guidance

• Confident in completing at least 50 unit disposals in 2025, targeting average sales premia of 15–20%, with early 2025 disposals exceeding this range.

• Positive long-term market outlook, underpinned by a high-quality portfolio and strong operating platform.