Ires Reit returns to €49.7m profit as rents rise to €1,852 and occupancy holds at 99.5%
Asset disposals, margin expansion and stabilised valuations drive earnings rebound in 2025
19 February 2026 | editor@irishrealestate.news
Irish Residential Properties REIT (Ires Reit), the State’s largest private residential landlord, reported a pre-tax profit of €49.7m for 2025, reversing a loss of €6.7m in 2024.
The Dublin-listed company said the turnaround was driven by improved operational performance, margin expansion and stabilised valuation yields, alongside gains from its ongoing asset recycling programme. The group recorded a €17m revaluation gain on its investment properties during the year.
Adjusted earnings increased by 7.4% to €32.8m. EPRA earnings, which exclude fair value movements and disposals, rose by 1.5%, while EPRA earnings per share increased by 2.3% to 5.6 cent. Revenues were broadly stable at €85.5m, up 0.2% year on year.
Net rental income rose 1.9% to €66.7m, despite the disposal of 3% of the portfolio over the past 18 months. The net rental income margin increased by 120 basis points to 78%, reflecting cost management and operational efficiencies.
Average monthly rent increased by 2.1% to €1,852 in 2025. The company attributed the uplift to asset sales, its retrofit programme and management of lease renewals. Portfolio occupancy remained high at 99.5%, reflecting continued demand for rental accommodation in Dublin.
Ires disposed of 41 units during 2025, achieving a €3.4m premium to book value, representing a sales premium of more than 25% on those assets. By year-end, 82 units had been sold under its wider disposal programme, which targets the sale of 315 units. Proceeds of approximately €30m are expected to be reinvested under the group’s capital allocation framework, including potential acquisitions.
The company’s portfolio comprises approximately 3,600 units, primarily apartments in Dublin, with a total value of €1.24bn. Its loan-to-value ratio reduced to 43.6% following refinancing during the year, including new five-year debt facilities and a sustainability-linked loan structure. The total dividend for 2025 increased by almost 20% to 4.89 cent per share.
Chief executive Eddie Byrne said 2025 marked a significant step forward in operational and financial performance. He said Ireland is “back on the radar” for foreign sovereign wealth funds and insurance companies following rental reforms due to take effect on 1 March.
Under the revised framework, landlords will be permitted to reset rents to market levels when properties become vacant where the previous rent was below market rate. Thereafter, increases will be capped at the lower of inflation, as measured by the consumer price index, or 2%. New tenancies will be subject to minimum six-year terms.
Mr Byrne said discussions with international capital providers indicate renewed interest in Ireland under the updated regime. He described such investors as long-term and low-risk, adding that this type of capital is required to support supply.
Ires expects approximately 10% of its portfolio to turn over annually, limiting the proportion of units affected by rent resets in any given year.
The company also reiterated its support for proposed changes to apartment design standards, currently subject to legal challenge, arguing that greater flexibility is required to deliver more one-bedroom units in response to demographic demand.
Shares in Ires Reit were trading at €1.09 on Thursday morning, compared with a reported net asset value per share of almost €1.32.
