Irish Residential Properties REIT plc 2023 Annual Results

Irish Residential Properties REIT plc (I-RES), a real estate investment company specializing in residential rental housing in Ireland, has released its annual results for the year ending on December 31, 2023. Revenue increased by 3.5% to reach 87.9 million euros, supported by a 99.4% occupancy rate. The performance is attributed to the introduction of new units in 2022 and organic rent growth.

Net rental income amounts to 67.9 million euros, marking a 3.3% increase from the previous year. Despite inflationary challenges, the net rental income margin was maintained at 77.3%. Adjusted EBITDA increased to 56.0 million euros. However, financing costs rose by 58.9% due to higher interest rates, leading to a decrease in adjusted EPRA earnings to 27.6 million euros.

The company also announced a 96.5 million euros asset recycling program in 2023, impacting the portfolio valuation at 1.274 billion euros. A strategic review has been announced to explore various options to maximize value for shareholders. A dividend of 4.45 cents per share was declared for 2023, in line with the company's dividend policy.