Irish Residential Properties REIT, one of the largest private landlords in the country, has reported continued strength in its rental portfolio, supported by high occupancy levels and a steady pipeline of asset sales.

In its latest trading update covering the three months to the end of September, the company noted that portfolio occupancy reached 99.5 percent. Demand for rental accommodation remains resilient and the business continues to place emphasis on financial stability and disciplined capital management.

A key driver of performance has been its strategy of recycling assets. I-RES has completed 36 unit sales so far this year, with a further 12 sales agreed. These disposals place the company on track to reach its 2025 target of 50 units sold. The business highlighted that sale prices achieved have exceeded initial expectations. Premiums above book value are now surpassing 25 percent, signalling both strong asset quality and ongoing market confidence.

The company also expects its full year 2025 Net Rental Income margin to remain in line with the 78 percent margin recorded in the first half of the year. Management attributes this stability to a combination of disciplined operations and the performance of its rental assets.

Leverage levels have been easing as a result of continued disposals. Loan to value stood at 44.8 percent at the end of October, compared with 45 percent at the end of June. This remains comfortably below the 50 percent threshold set by both debt covenants and Irish REIT rules.

I-RES has welcomed the Government’s proposed updates to rent regulations, announced earlier in the year. Although the changes are not expected to take effect until March 2026, the company has already observed signs of increased liquidity in the development market and a more positive attitude among developers. It anticipates that these conditions will support future growth, initially through reinvesting internally generated funds into selective acquisitions that strengthen the portfolio.

Management believes that the combination of revised regulatory measures and a more supportive market environment will enhance opportunities for expansion and help deliver sustained value for shareholders in the medium and long term.

Eddie Byrne, CEO of I-RES, commented that the business has delivered another strong quarter and continues to benefit from positive momentum. He emphasised the success of the asset recycling strategy, noting that the premiums achieved have exceeded early expectations and have contributed to an improved financial position. The company intends to continue exploring opportunities that enhance asset quality, income resilience and long term value creation.

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