Ireland’s largest private landlord, Irish Residential Properties REIT (I-RES) has posted its interim results for the first half of the year, saying strong operational and strategic delivery drove earning growth and shareholder returns.
The company saw a slight increase in its revenues year on year – it booked €43.1m euro in the six month period, up 1.1 percent on the same period of last year.
The group posted a profit before tax of €48 million versus €16.3 million in the prior period.
It said this was driven by the non-cash fair value movement of its assets which was underpinned by performance of the portfolio and stable yields.
According to today’s I-RES’s EPRA EPS grew by 5.8% for the period increasing EPRA Earnings to €15.3 million compared to €14.5 million in the first half of 2025.
Its IFRS NAV per share of 138.8 cent grew by 5.4% in the six months.
I-RES’s earnings are a more real reflection of the money it’s making, they were €15.3m, up 5.3 percent.
The results also tell us that IRES had 3,611 residential units at the end of June – up slightly year on year – and they were 99.4 % occupied.
The average monthly rent across those units was €1,884 euro, up 3.3%year on year.
I-RES’ Chief Executive Officer, Eddie Byrne, said the revised rental framework effective since 1 March has unlocked renewed capital flows into the sector, which should improve development viability over time and support a healthier, more sustainable rental market.
“As part of our continued focus on disciplined growth, our forward purchase agreement to acquire 77 high-quality apartments in Naas demonstrates the strategic reinvestment of capital generated through our asset recycling programme into portfolio-enhancing opportunities.
“We continue to actively consider further opportunities to reinvest and grow the business across a healthy pipeline as market activity continues to build momentum.”
