Irish Residential Properties (IRES) Q3 2024 TU earnings summary

Executive summary

• Achieved strong operational performance with 99.4% occupancy at 30 September 2024, reflecting high demand and efficient operations.

• Advanced strategic review initiatives, including asset disposals and a strategic exit from the Cork market to focus on Dublin.

Financial highlights

• Net Rental Income (NRI) margin for full-year 2024 expected to align with H1 2024's 76.5%, despite disposals.

• Disposals to date expected to generate €35–€37 million in gross sales proceeds.

• Loan-to-Value (LTV) reduced to 45.0% as of 21 November 2024, below the 50% covenant limit.

Outlook and guidance

• At least 50 additional unit disposals planned for 2025, targeting sales premiums of 15–20%.

• Further update on capital deployment and excess capital expected with FY 2024 results in February 2025.