Irish Residential Properties REIT Plc Shows Earnings Growth in 2024

Irish Residential Properties REIT Plc (I-RES) has announced its financial results for the year ending December 31, 2024. The company demonstrated earnings growth, with Adjusted EPRA earnings increasing by 1.4% to €28.9 million and a notable 8.7% rise in Adjusted Earnings, excluding fair value movements, reaching €30.5 million.

Despite a reduction in revenue due to asset disposals, the portfolio maintained a high occupancy rate of 99.4%. The strategic asset recycling program contributed to substantial gains, with 66 disposals generating approximately €19 million. This allowed the company to plan a share buyback program with a consideration of up to €5 million.

CEO Eddie Byrne emphasized I-RES's focus on shareholder value and strategic growth amidst evolving market dynamics. Looking forward, the company aims to further enhance its portfolio, navigated by a favorable economic environment and consistent engagement with government on rental regulations.