I-RES Reports H1 2024 Financial and Operational Performance

Irish Residential Properties REIT plc (I-RES) announced its results for the first half of 2024, revealing a 2.1% increase in underlying revenue and a strong occupancy rate of 99.6%. The company's reported revenue for the period was €42.8 million, a 3.3% decrease from the previous year due to asset disposals.

Net rental income (NRI) remained stable despite a slight reduction to €32.7 million. Financing costs dropped by 10%, benefiting from reduced debt. Adjusted EPRA earnings fell to €14.2 million. The company faced non-recurring costs of €2.4 million related to shareholder activism and strategic review activities.

I-RES' portfolio was valued at €1,243 million as of June 30, 2024, reflecting a 2.4% decrease due to yield expansion. A strategic review identified 315 units for potential disposal, expected to generate €110-115 million over 3 to 5 years. The interim dividend declared was 1.88 cents per share.

New CEO Eddie Byrne emphasized the robust operational performance and noted the impact of Ireland's rental regulations on the market. Initiatives to optimize the portfolio and engage in regulatory reforms are underway, promising to drive shareholder value.