Irish Residential Properties REIT Plc Reports Strong Q1 2024 Performance

Irish Residential Properties REIT plc (I-RES) reported a robust operational performance for the first quarter of 2024 with sustained high occupancy rates and strategic financial management. As announced on May 10, 2024, in their AGM update, the company maintained an impressive 99.5% occupancy rate, slightly increasing from 99.4% at the end of 2023.

The net rental income margin remained steady compared to the previous year. However, total revenue for the quarter saw a slight decline of 3.9%, attributed mainly to asset disposals in late 2023. These disposals, despite reducing revenue, helped in lowering higher-cost debt, thus maintaining a balanced financial position.

The company's capital management strategies appear to be effective, as evidenced by a slight increase in loan-to-value (LTV) ratio to 44.7%, still within the acceptable ranges of banking covenants and Irish REIT regulations. This increase was primarily due to the payout of the final dividend for 2023.

CEO Eddie Byrne expressed positivity about the future, noting strong demand in the Irish PRS sector which continues to exceed supply. I-RES is also actively undertaking a strategic review to enhance shareholder value.