Trading Update

Irish Residential Properties REIT plc (IRES) Trading Update 10-May-2024 / 07:00 GMT/BST For immediate release

10 May 2024

 

Irish Residential Properties REIT plc

 

2024 AGM Trading Update

 

Continued strong operational performance in Q1 2024

 

10 May 2024, 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 2024 (the “first quarter” or “Q1”) ahead of its AGM today. 

 

Occupancy levels remained strong during the quarter at 99.5% (31 December 2023: 99.4%), underpinned by exceptional demand for rental accommodation in Ireland and our efficient operating model, and reflecting the high quality of our modern portfolio of assets. 

 

Q1 Net Rental Income Margin, on a like-for-like basis, was approximately in line with the same period last year. Total revenue in the quarter declined by 3.9%, reflecting the impact of strategic asset disposals completed in the second half of 2023, the net effect of which were broadly neutral as the proceeds were used to repay higher cost debt and strengthen the Balance Sheet. Our business continues to be supported by highly recurring cashflows and strong rent collections, which remain in excess of 99% and in line with 2023.

 

The Company continues to maintain its focus on prudent balance sheet and capital management. LTV1 at 31 March 2024 was 44.7% (31 December 2023: 44.3%) and well within our banking covenants and Irish REIT regime rules. The increase in LTV was primarily driven by the payment of the Company’s final 2023 dividend during the period. 

 

I-RES will hold its 2024 AGM today at 11:30am at the Herbert Park Hotel, Ballsbridge, Dublin 4 D04 R2T2.