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Irish Residential Properties REIT plc (IRES) reported higher earnings for the first half of 2026, with EPRA earnings reaching EUR 15.30 million and EPRA earnings per share (EPS) increasing 5.8% year-on-year. The company also recorded a 5.4% rise in IFRS net asset value (NAV) per share to 138.8 euro cents. The results come as IRES continues to manage its residential rental portfolio in Ireland through asset recycling, portfolio investment and selective acquisitions. Its performance follows a year of improved earnings in 2025, when adjusted earnings excluding fair value movements rose 7.4% to EUR 32.8 million.
Irish Residential Properties REIT plc (IRES) reported a 5.8% increase in EPRA earnings per share for the first half of 2026, while EPRA earnings stood at EUR 15.30 million.
The residential property investment company also reported a 5.4% increase in IFRS NAV per share to 138.8 euro cents during the period. The latest results indicate continued improvement in the company’s underlying earnings and net asset value despite changes to the size and composition of its residential portfolio.
IRES is focused on the private rental residential market in Ireland, with its portfolio concentrated largely in Dublin and other major urban locations. The company has been managing its portfolio through a combination of investment in existing properties, asset recycling and selective additions to its residential holdings.
The first-half performance follows a stronger full-year 2025. IRES reported adjusted earnings, excluding fair value movements, of EUR 32.8 million for 2025, representing a 7.4% increase from EUR 30.5 million a year earlier. Adjusted EPRA earnings for the year increased 1.5%, while adjusted EPRA EPS rose 2.3% to 5.6 euro cents.
The company’s net rental income also improved in 2025. Net rental income rose to EUR 66.7 million from EUR 65.5 million, while the net rental income margin increased to 78%, compared with 76.8% in the previous year. Adjusted EBITDA stood at EUR 54.6 million, up from EUR 53.2 million.
IRES had an investment property portfolio valued at around EUR 1.25 billion at the end of 2025. The value increased 1.2% over the year, supported by property revaluations and partly offset by the disposal of 41 units under its asset recycling programme. Its IFRS NAV per share stood at 131.7 euro cents at that point, having increased 4.4% from the previous year-end.
The company has also been adjusting its portfolio in response to conditions in Ireland’s rental housing market. In 2025, IRES continued to sell selected assets while reinvesting in its remaining properties. The company had said that changes to rental regulations taking effect from March 2026 were expected to affect rental income and the embedded rental potential of its portfolio.
IRES has also returned capital to shareholders through its share buyback programme. During the first half of 2025, it used EUR 5 million of excess capital to buy back around 5.1 million shares at an average price of 97.3 euro cents per share.
The company’s latest earnings performance comes against continued demand for rental housing in Ireland. The national residential property market also recorded price growth in 2025, with the national Residential Property Price Index rising 7% over the 12 months to December, according to Ireland’s Central Statistics Office. Dublin residential prices increased 5.6% over the same period, while prices outside Dublin rose 8.1%.
IRES has remained an important institutional participant in Ireland’s residential rental sector. Its recent strategy has focused less on simply expanding the portfolio and more on managing assets, recycling capital and improving returns from existing properties.
Source Reuters
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