Landlord Irish Residential Properties REIT (IRES) has seen its pre-tax profits rise to €49.7m (£43.4m), up from a loss the year before, with rental income standing in line with expectations.
In its preliminary results for the year ending 31 December 2025, IRES reported the massive jump in profits following 2024’s loss of €6.7m (£5.8m), which itself was better than 2023’s loss of €114.5m (£99.9m).
The REIT attributed the increase to improved operational performance of the assets and stabilised valuation yields. It also disposed of 41 units across the year.
The REIT’s rental income stood at €66.7m (£58.2m), up 1.9% from 2024’s €65.5m (£57.2m), in line with full-year expectations. Total revenue for the year stood at €85.5m (£74.6m), up 0.2% from €85.3m (£74.5m) the year before.
IRES added that its average monthly rent increased 2.5% year on year from €1,774 (£1,549) in 2024 to €1,814 (£1,583).
In total, the REIT owns around 3,600 units, primarily apartments, most of which are in Dublin.
Chief executive Eddie Byrne said 2025 marked a “a major step forward” in the REIT’s performance, delivering “strong margin expansion and meaningful earnings growth against the backdrop of our sales programme”.
He added: “We advanced our strategic priorities at pace, leveraging our operational platform to drive significant efficiency gains and achieving asset disposals at more than a 25% premium to book value.
“Throughout the year, we remained disciplined in our capital allocation decisions, executing on a share buyback programme, with our focus firmly on creating shareholder value and managing LTV. We are now actively pursuing re-investment opportunities to enhance the portfolio by investing in higher-quality and higher-yielding assets.”
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