IRES pushes on with strategic review ‘at pace’

Irish Residential Properties REIT said its strategic review continues “at pace” as it looks to unlock value for shareholders. In a quarterly trading update ahead of today’s AGM, chief executive Eddie Byrne said: “IRES has continued its momentum from 2023 into the first quarter of 2024, delivering another strong operational performance. “We continue to believe the medium-term outlook for both the PRS sector in Ireland and the IRES portfolio remains positive, underpinned by strong levels of demand which far outstrip supply.” He added: “We are continuing to conduct a thorough and comprehensive strategic review at pace, which is attempting to unlock the inherent value contained with the IRES operating platform and maximise value for shareholders.” The company said occupancy levels were stable over the first three months of the year at 99.5%. The REIT said the performance was “underpinned by exceptional demand for rental accommodation in Ireland and our efficient operating model”. Quarterly net rental income margin was stable despite a 3.9% fall in revenue. The REIT said the drop was due to disposals in the second half of 2023.