Irish Residential Properties REIT plc
Annual Report 2025
Sustainable
Business,
Connected
Communities
2025
1
Introduction
Strategic Report
Governance
Financial Statements
Supplementary Information
Introduction
I-RES at a Glance 2
Financial Highlights 4
Modern Sustainable Diverse Portfolio 6
Strategic Report
Chair Statement 10
Chief Executive’s Statement 13
Financial Review 18
Performance Measures 24
Business Strategy 28
Investment Policy 34
Senior Leadership Team 36
Sustainability Performance Snapshot 38
Risk Report 39
Corporate Governance
Board of Directors 56
Governance at a Glance 60
Corporate Governance Report 62
Report of the Nomination Committee 69
Report of the Audit Committee 76
Report of the Remuneration Committee 82
Report of the Sustainability Committee 99
Report of the Directors 103
Statement of Directors’ Responsibilities 110
Financial Statements
Independent Auditor’s Report 112
Consolidated Statement of Financial Position 119
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
120
Consolidated Statement of Changes in Equity 121
Consolidated Statement of Cash Flows 122
Notes to Consolidated Financial Statements 123
Company Statement of Financial Position 163
Company Statement of Changes in Equity 164
Notes to Company Financial Statements 165
Supplementary Information
Supplementary Information 177
Glossary of Terms 183
Forward-Looking Statements 185
Shareholder Information 186
Contents
I-RES 2
Annual Report and Accounts 2025
3,627 units
Number of properties owned
(as at 31 December 2025)
€1,247m
Value of the portfolio
(as at 31 December 2025)
99.5%
Occupancy
(as at 31 December 2025)
95%
Portfolio building energy
efficiency rated A-C
(as at 31 December 2025)
78.0%
NRI Margin
(as at 31 December 2025)
5.2%
EPRA Net Initial Yield
(as at 31 December 2025)
I-RES at a Glance
I-RES is the leading provider of quality private residential
rental accommodation in Ireland with homes in communities
across Dublin. We are committed to providing safe, secure,
sustainable homes in connected communities, with excellent
in-person and digital services and supports.
Vision
To be Ireland’s leading provider of
rental housing, recognised for quality
and value, delivering sustainable
growth while being a great place
to work, and maximising our
contribution to the wider community.
Mission
Providing high quality rental
homes and exceptional service
to our residents through our
integrated teams to generate
sustainable value for our
shareholders.
Values
Performance
We maintain high
standards and deliver
on our commitments.
Sustainable
We are committed
to long term thinking,
sustainable growth
and our communities.
Integrity
We do the right thing
when nobody is
looking.
Collaboration
We achieve more
when we work
together.
I-RES 4
Annual Report and Accounts 2025
Financial Highlights
2025 66.7
2024 65.5
2023 67.9
2022 65.7
2025 43.6%
2024 44.4%
2023
44.3%
2022 43.3%
2025 1,246.9
2024 1,232.2
2023 1,274.4
2022 1,499.0
2025 131.7
2024 126.2
2023 131.7
2022 160.0
Net Rental Income (€ millions)
€66.7m
NET LTV (%)
43.6%
Total Property Value (€ millions)
€1,246.9m
Basic NAV Per Share (cent)
131.7 cent
H eywood
39
Residential
Units
5
Introduction
Strategic Report
Governance
Financial Statements
Supplementary Information
For the year ended
31 December
2025
31 December
2024 % change
Revenue from Investment Properties (€ millions) 85.5 85.3 0.2%
Adjusted EBITDA
(1)
(€ millions) 54.6 53.2 2.5%
Financing costs (€ millions) (24.3) (23.4) (4.0%)
Adjusted EPRA Earnings (€ millions) 29.4 28.9 1.5%
EPRA Earnings (€ millions) 29.4 25.5 15.1%
Adjusted Earnings (excluding fair value movements) (€ millions) 32.8 30.5 7.4%
Increase/(Decrease) in fair value revaluation of investment properties
(€ millions) 17.0 (33.7)
Profit/(Loss) before tax (€ millions) 49.7 (6.7)
Basic EPS (cent) 9.5 (1.3)
EPRA EPS (cent) 5.6 4.8 16.0%
Adjusted EPRA EPS
(1)
(cent) 5.6 5.5 2.3%
Full Year Dividend per share (cent) 4.89 4.08 19.9%
Total Property Value (€ millions) 1,246.9 1,232.2 1.2%
Gross Yield at Fair Value
(1)
7.0% 7.0%
EPRA Net Initial Yield 5.2% 5.1%
IFRS Basic NAV per share (cent) 131.7 126.2 4.4%
Group Net LTV 43.6% 44.4%
Total Accounting Return 8.1% (1.0%)
Total Number of Residential Units 3,627 3,668 (1.1%)
Overall Portfolio Occupancy Rate
(1)
99.5% 99.4%
Overall Portfolio Average Monthly Rent (€)
(1)
1,852 1,814 2.1%
1. For definitions, method of calculation and other details, refer to the Financial Review and Glossary of Terms.
19
20
26
18
21
3
24
1
2
4
6
7
13
14
15
16
17
22
23
25
27
28
29
30
31
32
33
5
9
10
8
11
12
I-RES 6
Annual Report and Accounts 2025
Modern Sustainable
Diverse Portfolio
3,627
Total Residential
Units
9%
8%
9%
63%
11%
34%
26%
20%
11%
9%
14%
28%
28%
19%
6%
5%
95.2%
4.7%
0.1%
7
Introduction
Strategic Report
Governance
Financial Statements
Supplementary Information
Dublin City Centre
1
Xavier Court, 41 Units
2
The Marker, 85 Units
3
Richmond Gardens, 99 Units
4
Kings Court, 83 Units
5
Bakers Yard, 81 Units
6
City Square, 24 Units
7
School Yard, 61 Units
South Dublin
8
Rockbrook Estate, 335 Units
Grande Central (65),
Rockbrook Grande Central (81)
and Rockbrook South Central (189)
9
Beacon South Quarter, 213 Units
10
The Maple, 68 Units
11
Time Place, 67 Units
12
The Forum, 7 Units
13
Elm Park Green, 194 Units
14
Tara View, 64 Units
15
Bessboro, 40 Units
16
Belville Court, 17 Units
17
Beechwood Court, 87 Units
North Dublin
18
The Coast, 37 Units
19
Taylor Hill, 78 Units
20
Semple Wood, 34 Units
21
Northern Cross, 119 Units
22
Heywood Court, 39 Units
23
Charlestown, 235 Units
24
Ashbrook, 108 Units
25
Carrington Park, 142 Units
26
Waterside, 55 Units
West Dublin (including West City)
27
Coldcut Park, 91 Units
28
Tallaght Cross West, 460 Units
29
Priorsgate, 108 Units
30
Phoenix Park Racecourse, 146 Units
31
Lansdowne Gate, 224 Units
32
Tyrone Court, 95 Units
33
Camac Crescent, 90 Units
Modern Portfolio
Average age of <20 years
In Attractive locations
With Affordable Rents
Average monthly rent of €1,852
2025 Whole Portfolio BER Analysis
(excludes commercial units)
2-5 6-9 10-14
15-19 >20
South Dublin North Dublin
City Centre West Dublin
West City
<€1,500 €1,500-€1,750
€1,750-€2,000 €2,000-€2,250
€2,250-€2,500 >€2,500
A-C D-E F-G
* Analysis is shown as a percentage
of the number of units with the
specified BER rating
I-RES 10
Annual Report and Accounts 2025
It is my pleasure to address you as Chair of
Irish Residential Properties REIT plc (“I-RES”)
following a year of continued progress for I-RES,
marked by disciplined execution of strategy,
strong governance and a clear focus on doing
the right thing for shareholders. Against a
backdrop of evolving regulation and gradually
improving market conditions, the Board has
remained focused on providing direction and
oversight, whilst ensuring capital discipline
so that the Company is well positioned for
sustainable growth.
Chair Statement
Hugh Scott-Barrett
Non-Executive Chair
2025 Performance Highlights
€690.5m
Net Asset Value
2024: €668.2m
€1,246.9m
Total Property
Value
2024: €1,232.2m
5.6c
Adjusted
EPRA EPS
2024: 5.5c
4.89c
per share
total dividend
2024: 4.08c
11
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Progress on
Strategic Priorities
The Group’s strategy is clear. We
are focused on operating Ireland’s
leading professionally managed
residential rental platform,
delivering stable and growing
income, maintaining balance sheet
strength and allocating capital in
a disciplined and value accretive
manner.
The Board continues to believe
that operational excellence and a
robust financial structure are key
differentiators for I-RES in the Irish
residential market. As conditions
evolve, the Board remains focused
on preserving strategic flexibility,
recognising the need for the scaling
up of the business, while maintaining
a disciplined approach to risk and
capital deployment.
The Strategic Review was completed
in 2024, and during 2025 the Board
and Management were focused on
delivering its recommendations as
evidenced by the strong progress
against strategic priorities in the
year, shown throughout this report.
The Board continues to review
strategic options as part of its
normal governance responsibilities.
Strong operational and portfolio
performance, margin improvement
and balance sheet resilience
support the Board’s decision to
prioritise execution and capital
discipline in 2025, leaving the
Company very well positioned
for growth in 2026, should the
geopolitical situation allow.
Disciplined capital allocation
remains a central element of the
Company’s strategy. During 2025,
we continued to apply a clear
framework, prioritising balance
sheet strength, sustainable
dividends, while maintaining
flexibility for future growth, and
where it is an efficient and accretive
option, selective capital returns.
Asset recycling played a key
role within this framework. Asset
disposals were executed during the
year, disposing of selected units
at a significant premium to book
value. This allowed the Company
to crystallise value, optimise the
portfolio and redeploy capital
efficiently. Proceeds were used to
further strengthen the balance
sheet and return surplus capital
to shareholders through a share
buyback programme. The Board
believes this approach appropriately
balanced financial resilience with
shareholder returns, particularly in
the context of the Company’s share
price discount to underlying net
asset value. Looking towards 2026
the Board and management see
opportunities for growth emerging in
the Irish Private Rental Sector (“PRS”)
market. This has been demonstrated
early in 2026 with the signing of a
forward purchase for 77 residential
units in February. This acquisition
represents accretive recycling of the
capital raised through disposals.
The Board places significant
emphasis on balance sheet
strength and financial resilience.
During 2025, the successful
refinancing of the Group’s revolving
credit facility materially enhanced
financial flexibility and extended
debt maturities. The subsequent
conversion of the facility into a
sustainability linked loan further
aligned financing arrangements
with the Group’s Sustainability
priorities and governance
framework.
At year end, leverage remained
comfortably within the Board’s
target range, liquidity headroom
was substantial and the majority
of drawn debt was fixed or hedged.
The Board considers the balance
sheet to be a strategic asset and will
continue to manage leverage within
the target range through the cycle.
Regulatory
Environment
The regulatory environment
continues to be a critical factor for
the Irish residential sector and a key
focus for the Board. During 2025, the
Company and the Board welcomed
progress on rental regulation
changes, with new measures
effective as of 1 March 2026. These
changes represent a step towards
a more balanced and sustainable
rental sector framework, improving
income visibility for investors while
enhancing tenant protections.
While it will take time for regulatory
reform to translate into increased
housing supply, the Company and
Board believe the direction of travel
is positive. Early signs of renewed
investor interest are encouraging,
and the Board remains focused on
ensuring that I-RES is well positioned
to respond as the market evolves.
Governance &
Board Changes
Strong governance underpins the
long term success of the Company.
During 2025, the Board continued
to operate in a collaborative and
constructive manner within a robust
governance framework, ensuring
effective oversight, appropriate
independence and clear
accountability.
Having completed her nine year
term, Joan Garahy will not seek re-
election and will retire from her roles
as Non-Executive Director, Senior
Independent Director and Chair
of the Remuneration Committee
at the conclusion of the 2026 AGM.
I would like to take this opportunity
to express my gratitude to Joan for
her outstanding contribution and
leadership on the Board. Joan’s
experience and guidance have
been invaluable in guiding the Board
through significant change and
market challenges during her tenure.
I-RES 12
Annual Report and Accounts 2025
As announced in June 2025, Amy
Freedman tendered her resignation
as a Director following Vision Capital
reducing its holding below 3% of
the issued share capital of the
Company. In order to ensure an
orderly transition, it was agreed
that Ms Freedman would continue
to serve as a Director until the AGM
in May 2026 but would not stand
for re-election. The Board thanks
Ms Freedman for her valuable
contribution since her appointment
in 2024, including her involvement
in the 2025 refinancing.
Finally, in March 2026 Richard Nesbitt
informed the Board that he did
not intend to seek re-election at
the 2026 AGM. The Board thanks
Mr Nesbitt for his significant
contribution since his appointment
in 2024, including his involvement
in the Strategic Review.
At the conclusion of a thorough
recruitment process, the Board
announced the appointment of
Mr Gary Britton and Ms Shruthi
Chindalur to join the Board with effect
from after the AGM on 28 May 2026.
A Chartered Accountant by
background, Mr Britton brings
extensive experience in Board
Governance across several listed
entities in Ireland including most
recently as Chair of Origin Enterprises
plc and prior to that as Non-Executive
Director and Audit Committee Chair
for Cairn Homes plc. Ms Chindalur
is an established Non-Executive
Director with experience spanning
regulated, listed, private equity-
backed and charitable organisations.
Throughout her executive career, she
focused on leadership roles at major
technology companies such as
Linkedin, Oracle and Criteo, a founder
led AI-based digital advertising
company. We believe that Mr Britton
and Ms Chindalur’s skills will reinforce
and complement the skills and
experience on the Board.
In anticipation of the retirement
of Ms Garahy, the Nomination
Committee recommended, and the
Board approved, the appointment
of Mr Tom Kavanagh as Senior
Independent Director and Ms Denise
Turner as Chair of the Remuneration
Committee, each with effect from
Ms Garahy’s retirement at the
conclusion of the 2026 AGM.
Together these appointments will
support continuity and maintain
a diverse skill set across the Board
and its Committees.
These Board changes have given
us the opportunity to refresh
the skills on the Board while also
addressing the need to reduce
Board size. At the conclusion of the
AGM, the Board will be comprised of
seven Directors: the Non-Executive
Chair who was independent on
appointment; one Executive Director;
and five Independent Non-Executive
Directors.
CFO Appointment
After almost five years’ dedicated
service, Brian Fagan, Chief Financial
Officer, notified the Company of his
intention to retire during the summer
of 2026. Brian has made a significant
contribution to the Company
during a period of material change,
and the Board thanks him for his
commitment and leadership during
that period.
Following a thorough recruitment
process, Mari Hurley will join the
Company in July 2026, initially as
CFO designate before assuming
the role of CFO on Brian’s retirement.
Mari has an extensive and highly
successful track record as CFO
across private, semi-state and listed
companies, spanning a wide range
of sectors – including property –
with operations across multiple
international markets. The Board
believes that Mari’s experience
will be a strong addition to the
executive team.
Outlook
Looking forward, the Board remains
confident in the Company’s ability to
deliver long term sustainable value.
Structural demand for high quality
rental accommodation continues
to exceed supply providing strong
tailwinds for our portfolio. This is set
against a backdrop of a regulatory
environment which is becoming
more supportive to the provision of
rental accommodation. In spite of
escalating geo-political uncertainty,
including the conflict in the Middle
East, we approach the coming year
with optimism and determination,
supported by a best in class team
and a clear strategy, leaving the
business well-positioned for growth.
I would like to thank my fellow
Board members, the management
team and all employees for their
continued commitment, and our
shareholders for their ongoing
support.
Hugh Scott-Barrett
Chair
Chair Statement
continued
13
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
I’m pleased to report that 2025 marked a
major step forward in I-RES’ operational
and financial performance. The year saw the
business achieve strong progress across our
strategic priorities. We delivered improved
operational and financial performance,
strengthened our balance sheet and,
importantly, saw a material improvement
in the regulatory and policy backdrop for
residential investment in Ireland.
Chief Executive’s Statement
Eddie Byrne
Chief Executive Officer
2025 Performance Highlights
99.5%
Occupancy
2024: 99.4%
€54.6m
Adjusted EBITDA
2024: €53.2m
€85.5m
Revenue
2024: €85.3m
Disposal of
41 Units
Gross proceeds
€16.1m
I-RES 14
Annual Report and Accounts 2025
The Group’s performance in 2025
reflects the consistent execution
of a clear strategy focused on
operational excellence, disciplined
capital allocation and long term
value creation. Despite a reduction
in portfolio size through the asset
recycling programme, net rental
income margin expanded by 120
basis points to 78.0%, demonstrating
the strength of our internalised
operating platform and our
continued focus on efficiency and
cost control. We delivered strongly
on our asset disposal programme
in the year generating sales premia
significantly ahead of book values
leading to Adjusted Earnings
(excluding fair value movements)
growth of 7.4% to €32.8 million
(2024 €30.5 million).
The Irish residential market remains
structurally undersupplied,
particularly in Dublin, and demand
for rental accommodation continues
to exceed available supply. The
progress made during the year
along with an improving regulatory
backdrop and market conditions
means we enter 2026 with strong
momentum and clear confidence in
our ability to build on this progress.
Importantly, we continue to play
a vital role in addressing Ireland’s
housing needs through the provision
of high-quality, in-demand rental
accommodation, supported by a
market-leading service offering for
our residents.
Continued momentum
across key operational
metrics
The strength of our internalised
operating platform was again
evident in 2025. Direct control
over asset management, leasing,
cost structures and resident
engagement continues to provide
a competitive advantage. The
platform delivered meaningful
operational leverage during the
year, allowing the business to grow
earnings and margins despite
modest headline revenue growth
and a smaller asset base.
Portfolio occupancy remained
effectively full at 99.5% for the
year, reflecting both the continued
imbalance between housing supply
and demand, and the quality of our
assets, our operational efficiency &
resident service offering. Average
monthly rent increased by 2.1% to
€1,852, aided by our asset recycling,
retrofit programmes and focused
management of renewals.
Net rental income increased by
1.9% to €66.7 million, with margin
expansion driven by disciplined cost
management, contract negotiations
and certain cost recoveries on
new leases. Adjusted general and
administrative expenses declined
modestly to €11.7 million, reflecting
the absence of non recurring
costs incurred in the prior year and
continued focus on cost control. As a
result, adjusted EBITDA increased to
€54.6 million, further strengthening
the earnings profile of the business.
Importantly, the operating platform
is highly scalable. Investments
made in systems, data and people
over recent years mean that future
growth can be absorbed without a
commensurate increase in costs,
supporting the sustainability of
margin improvements achieved
to date.
Portfolio Optimisation,
Asset Recycling and
Disciplined Capital
Allocation
Portfolio optimisation remained a
central strategic priority throughout
2025. The Group continued
to execute its asset disposal
programme, disposing of selected
units in the portfolio. During the
year, 41 units were disposed of for
gross proceeds of €16.1 million,
achieving premia in excess of 25%
over book value and generating a
gain of €3.4 million. These disposals
form part of our multi-year asset
disposal programme targeting
315 units which has so far delivered
multiple strategic benefits. It has
allowed the Group to crystallise
value at attractive levels, which can
be recycled into higher yielding,
earnings enhancing assets, and will
over time enhance the quality and
efficiency of the portfolio.
Disciplined capital allocation
remains fundamental to our
strategy, and 2025 demonstrated
the benefits of a balanced and
consistent approach. The Board and
management remained focused on
deploying capital where it delivers
best value for shareholders, while
maintaining a robust financial
position.
Looking forward to 2026, and in
light of the improving investment
environment and increase in
attractive opportunities coming
to the market, we have in the first
instance looked to replace the
units we have disposed of over the
past 18 months whilst continuing
to manage our LTV. The Board and
Management believe this is the
most accretive use of proceeds
available to us, as demonstrated
by our announcement in February
2026 of the signing of a forward
purchase agreement to acquire 77
high-quality apartments for a total
consideration of €31.75 million. This
acquisition, generated internally
as a result of our teams’ extensive
connections and experience,
represents a very attractive
investment opportunity. With
the asset recycling programme
generating sales proceeds 25%+
above our carrying values, thus
giving us effective selling yields of
approximately 4% which, through
this acquisition, we have reinvested
at 5.25% in new, better-quality
A-rated assets. We continue
to monitor accretive potential
growth opportunities that we now
see emerging in the market. This
transaction also demonstrates the
Chief Executive’s Statement
continued
15
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
active role I-RES can play in funding
much needed new housing in
Ireland.
Where it is the most efficient and
accretive option, we are ready
and able to return capital to
shareholders by way of share
buybacks, or special dividends as
demonstrated by our share buyback
programme in 2025. The return of
surplus capital to shareholders
through the share buyback
enhanced net asset value per share
and earnings per share, contributing
to adjusted EPRA EPS growth of 2.3%
to 5.6 cent despite a reduction in
portfolio size.
Net loan to value reduced to 43.6%
at year end, comfortably within the
Group’s target range of 40% to 45%
and well below the 50% maximum
permitted under Irish REIT legislation.
IFRS NAV per share increased by 4.4%
to 131.7 cent, supported by improved
asset valuations, the impact of share
buybacks and gains on disposals.
The Group delivered a Total
Accounting Return of 8.1% for the
year, a significant improvement on
the negative return recorded in 2024
(2024: (1.0%)), primarily driven by the
strong recurring dividend paid, the
organic growth in our asset portfolio
and the gain on disposals.
Balance Sheet
Strength and Flexible
Financing
A key milestone during the year
was the successful refinancing of
the Group’s revolving credit facility
(“RCF”). In March 2025, I-RES put
in place a new €500 million RCF
with a five year term, extendible by
a further two years, alongside a
€200 million accordion facility. This
refinancing materially de-risked
the balance sheet, extended debt
maturities and enhanced financial
flexibility.
In November 2025, the facility
was converted into a sustainability
linked loan, aligning financing costs
with independently verified ESG
performance indicators. At year end,
over 85% of drawn debt was fixed or
hedged, and the weighted average
cost of interest was slightly lower at
3.71% (2024: 3.79%).
The Group has no debt maturities
before 2027 and finished the year
with €147.6 million of undrawn
committed facilities, providing
substantial liquidity and optionality.
This strong balance sheet position
underpins the Group’s ability
to pursue incremental growth
opportunities as market conditions
continue to improve.
Positive Regulatory
Changes
One of the most significant
developments during 2025 was
the Government’s proposal of
substantive reforms to Ireland’s
residential rental regulatory
framework. These new measures,
which took effect from 1 March 2026,
represent a structural turning point
for the sector and mark a clear
shift towards a more balanced and
sustainable policy environment.
These changes represent a
structural turning point for the sector
and mark a clear shift towards a
more balanced and sustainable
policy environment.
Under the revised framework,
landlords will be able to reset
rents to market levels between
tenancies for leases created after
the implementation date, while new
build apartments commenced after
June 2025 will be subject to inflation
linked rental growth rather than the
existing 2% cap. These measures
will, over time improve income
growth and stability, valuation
certainty and development viability,
while enhancing critical tenant
protections.
Early indications, following the
announcement of the revised
rent regulations, together with the
amendments to the Sustainable
Design Standards, tax changes
in Budget 2026, and the new
Government housing plan, have
resulted in improved investor
sentiment, increased transactional
activity and renewed interest from
international capital. While it will
take time for the reforms to translate
into increased housing supply,
they materially improve the long
term outlook for the private rented
sector and reinforce the role well
capitalised rental accommodation
providers such as I-RES can play in
the solution to the housing crisis.
For the business, the reforms
unlock significant embedded
value within the existing portfolio,
which is currently estimated to be
approximately 20% under rented
relative to market rents. Over time,
the ability to release this reversion
will support earnings growth and
enhance asset valuations, assuming
stable market yields.
Sustainable and
Responsible Growth
Sustainability remains embedded
within I-RES’ strategy, operating
model and governance framework.
The Board and management
continue to view responsible
ownership and long-term value
creation as intrinsically linked,
particularly in the context of Ireland’s
housing and climate challenges.
During 2025, the Group made further
progress across environmental,
social and governance priorities,
strengthening the resilience of the
business while reinforcing its role as
a long-term steward of residential
assets.
As mentioned earlier, a key milestone
during the year was the conversion
of the Group’s €500 million RCF into
a sustainability-linked loan, directly
aligning borrowing costs with
I-RES 16
Annual Report and Accounts 2025
independently verified sustainability
performance indicators, embedding
ESG outcomes within financial
decision-making and reinforcing
accountability to both lenders
and shareholders. This reflects
the growing maturity of the
Group’s Sustainability strategy and
framework and its importance to
capital providers.
We also commenced the
development of a long-term
Climate Transition Plan, which will
provide a structured roadmap for
decarbonisation across the portfolio
and support progress towards the
Group’s commitment to achieving
net zero carbon by 2050.
Operational progress continued
across the portfolio during the
year. Further solar installations
and energy-efficiency initiatives
were delivered across selected
properties. Investment in data
capture and engagement with the
national smart-meter programmes
continued, improving the quality
of energy and emissions data and
supporting more targeted future
interventions.
The Group’s approach continues to
be externally validated. In 2025, we
retained the EPRA Sustainability Best
Practices Recommendations Gold
Award for the fifth consecutive year,
we improved our MSCI ESG rating
to A and we increased our GRESB
score while maintaining a three-star
rating. The Group also maintained
a B rating from CDP, the highest
available score for companies
of its size.
Social responsibility remains central
to our approach. The launch of
the I-RES Living brand during the
year strengthened engagement
across more than 3,600 homes in
Dublin, supporting consistently high
occupancy and strong resident
satisfaction. Continued investment
in employee wellbeing, training
and responsible sourcing further
reinforced the Group’s commitment
to operating responsibly while
delivering sustainable long-term
value.
Macroeconomic and
Investment Market
At a macroeconomic level, in spite of
escalating geo-political uncertainty,
including the conflict in the Middle
East, Ireland is operating from a
position of underlying economic
strength, with a macroeconomic
backdrop that is increasingly
supportive of long-term investment
in residential rental accommodation.
Employment remains exceptionally
high, economic growth continues
to outperform European peers and
funding conditions have improved
following the peak in interest rates.
These conditions support household
formation, income visibility and
rental affordability, all of which
underpin sustained demand
and high occupancy across the
residential sector. Ireland’s superior
growth outlook relative to the EU
and Euro Area continues to reinforce
long-term population and housing
demand, particularly in urban and
commuter locations where supply
remains structurally constrained.
Chief Executive’s Statement
continued
Tara View
64
Residential
Units
17
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Importantly, the macro cycle is now
turning more supportive for real
estate assets. The shift in ECB policy
has improved funding conditions
and investor sentiment, supporting
valuations and development
viability at a time when new
housing supply is critically needed.
This is underpinned by one of the
strongest sovereign balance sheets
in Europe, providing resilience to
external shocks and reducing
macroeconomic risk relative to
many other markets.
Ireland’s housing market remains
critically undersupplied. In 2025,
housing completions reached
approximately 36,200 units, which
is the largest annual number since
2011 and an increase of 20% on
2024
(1)
, but is still well below the
levels required to meet demand.
Structural undersupply, combined
with strong employment and
demographic growth, continues to
support long term demand for rental
accommodation.
Investment activity began to recover
during the year, with residential
transaction volumes reaching
approximately €400 million, and
forecasts indicating a strong
improvement in 2026 as regulatory
certainty improves. Valuation yields
remained stable during the year,
with I-RES’ EPRA net initial yield
remaining broadly flat at 5.2%.
Against this backdrop, I-RES is well
positioned. The Group combines
a high quality portfolio valued at
€1.25 billion, a scalable operating
platform and a strong balance
sheet, enabling it to respond
selectively as opportunities begin
to emerge.
Outlook
Looking ahead, the outlook for I-RES
is materially more positive than at
any point in the recent cycle. The
business enters 2026 with improved
regulatory visibility, growing earnings
and a robust financial position.
Our priorities remain clear:
continued operational excellence;
disciplined capital allocation; and
selective reinvestment to drive
sustainable long term growth. We
intend to continue to replace units
sold under the asset recycling
programme with higher quality,
earnings accretive assets as market
conditions allow (as demonstrated
by our forward purchase of 77
units in February 2026) whilst we
will continue to manage leverage
prudently and deliver strong
shareholder returns. We also remain
very conscious of the current global
geopolitical difficulties, most notably
in the Middle East. In the event of
a prolonged conflict impacting
Capital Markets, we have a very
strong defensive investment case:
strong balance sheet; long term
debt; 85% hedged; and rent levels
significantly below market, which are
both affordable and will continue to
grow as units turnover.
Notwithstanding this uncertainty,
with strong demand fundamentals,
a more balanced regulatory
framework and a highly efficient
operating model, we are optimistic
for the future. We have confidence
that the business is well positioned
to deliver resilient earnings growth
and enhanced shareholder value
over the medium to long term.
I would like to thank those people
without whom none of this would be
possible, our residents and our staff.
Each in their own way contribute
to making our business and our
communities what they are today,
and I look forward to many more
good years together.
Finally, I would also like to take this
opportunity to give special thanks
to Brian Fagan on his retirement
as CFO. Brian has been a huge
support to me in my time here and
has played a very significant role in
formulating our business structures
post internalisation and placing
the business on the strong financial
footing that we have today. I wish
Brian the very best in his retirement.
Eddie Byrne
Chief Executive Officer
1. Source: CSO statistical release, 29 January 2026.
I-RES 18
Annual Report and Accounts 2025
The Company delivered a strong financial
and operational performance in 2025.
Incremental improvements across our key
performance indicators have been achieved.
Our high-quality portfolio of modern and
sustainable properties remained effectively
fully occupied at the end of the year at 99.5%,
reflecting the consistent efficiency of our
property management operations.
Financial Review
Brian Fagan
Chief Financial Officer
Key Highlights
Adjusted Earnings
(excluding fair value
movements) growth
of 7.4% to €32.8m in
2025
(2024: €30.5m)
Net Rental Income
(“NRI”) margin
increase of 120 bps in
2025 with a margin
of 78.0%
(2024: 76.8%)
Successful debt
refinancing in
H1 2025
Strong Total
Accounting
Return (“TAR”)
performance of 8.1%
in 2025
(2024: Negative 1.0%)
19
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Income Statement
Internalised Operating Platform
Drives Strong Operational
Performance
The Company delivered a
strong financial and operational
performance in 2025, making
progress against strategic objectives
and delivering improvements
across numerous key performance
indicators. Our high-quality
portfolio of modern and sustainable
properties remained effectively fully
occupied at 31 December 2025 at
99.5% (2024: 99.4%), reflecting the
consistent efficiency of our property
management operations, the mid-
market positioning of our assets and
the continued strength of demand in
the Irish Private Rental Sector (“PRS”)
market.
Organic rental increases in Ireland
under the existing rental regulations
are limited to the lower of 2% or the
Harmonised Index of Consumer
Prices (“HICP”). Rent increases were
impacted by the low rate of HICP
inflation in the first half of 2025 and
as a result of this, combined with
the disposal of 41 units completed
as part of our ongoing asset
recycling plan, reported revenue
increased by 0.2% in the period to
€85.5 million. During the year, 14%
of the portfolio units turned over, in
line with last year despite the fact
that a number of units where leases
ended were not turned over as they
were disposed of through the asset
recycling programme.
Net Rental Income (“NRI”) increased
by 1.9% in 2025 despite the sale of
c. 3% of the portfolio in the last 18
months as a result of NRI margin
growth of 120bps in 2025 to 78.0%
(2024: 76.8%). As highlighted by
incremental margin improvements,
we are making strong progress
implementing income generating
and cost management and
recovery initiatives to improve
the profitability of our real estate
portfolio. This includes a sustained
focus on cash collections, savings
achieved from management of
Owners’ Management Companies
(“OMCs”) and associated costs,
contract negotiations and certain
cost recoveries on new leases.
We continue to review operations
for cost efficiencies and revenue
opportunities.
Adjusted G&A expenses include
costs such as employees’ salaries,
director fees, professional fees
for audit, legal and advisory
services, depository fees, property
valuation fees, insurance costs and
other general and administrative
expenses, and excludes non-
recurring costs. Despite inflationary
pressures in some of these cost
items, we have managed to
achieve a moderate decrease
of 1.8% in Adjusted G&A expenses
to €11.7 million (2024: €11.9 million)
through focused cost control and
partly due to additional costs related
to CEO and Chair recruitment costs
expensed in 2024.
Financing costs in 2025 were slightly
ahead of 2024 at €24.3 million due
to costs incurred for the acceleration
of the deferred loan costs
associated with the refinancing of
the Revolving Credit Facility (“RCF”)
at c. €0.6 million and the termination
of the interest rate swaps associated
with the previous RCF.
The Company delivered growth of
1.5% in Adjusted EPRA earnings at
€29.4 million (2024: €28.9 million)
and 2.3% in Adjusted EPRA EPS (2024:
1.4%) driven by the increase in NRI
margin and the share buyback
programme executed during
the period.
I-RES recognises its investment
properties at fair value at each
reporting period, with any unrealised
gain or loss on re-measurement
recognised in the profit or loss
account. In the period, the fair
value gain recorded on investment
properties was €17.0 million (2024:
loss of €33.7 million), reflecting the
stabilisation of yields across the
wider Irish residential market and
positive organic growth. We are
encouraged by the continued yield
stabilisation witnessed in the market
for the last twelve months after two
years of expansion.
In 2025, the Company has
completed the disposal of 41
units in total as part of the overall
disposal target of 315 units, with an
additional 21 units held for sale at
year end which we expect to close
in the coming months. The sales
are achieving premia in excess of
25%, and gross proceeds in 2025
were €16.1 million. This takes the total
number of units disposed of under
the programme to 82. In addition, a
bulk sale of 25 units was completed
in H2 2024 taking total gross
proceeds for the sale of 107 units
to €34.9 million across 2024-2025.
As a result of these disposals in 2025
Adjusted Earnings (excluding fair
value movements) increased 7.4%
from €30.5 million to €32.8 million.
The Company continues to actively
dispose of the identified units and,
given the strong sales premia
achieved in 2025, expects that the
disposal premia in 2026 will continue
at a c. 25%.
I-RES 20
Annual Report and Accounts 2025
Financial Review
continued
Operational and Financial Results
Net rental income and profit for the year ended
31 December
2025
€’000
31 December
2024
€’000
Operating revenue
Revenue from investment properties 85,465 85,273
Operating Expenses
Property taxes (1,127) (1,110)
Property operating costs (17,651) (18,708)
(18,778) (19,818)
Net Rental Income (“NRI”) 66,687 65,455
NRI margin 78.0% 76.8%
Adjusted general and administrative expenses (11,717) (11,935)
Share-based compensation expense (415) (305)
Adjusted EBITDA 54,555 53,215
Non-recurring costs – (3,411)
Depreciation of property, plant and equipment (683) (591)
Lease interest (228) (296)
Financing costs (24,335) (23,389)
Taxation 55 (15)
EPRA Earnings 29,364 25,513
Addback: Non-recurring costs – 3,411
Adjusted EPRA Earnings 29,364 28,924
Gain on disposal of investment property 3,433 1,622
Adjusted Earnings (excluding fair value movements) 32,797 30,546
Non-recurring costs – (3,411)
Net movement in fair value of investment properties 16,991 (33,745)
Loss on derivative financial instruments (36) (104)
Taxation – 38
Profit/(Loss) for the Year 49,752 (6,676)
Balance Sheet
Our total investment property value at 31 December 2025 was €1,246.9 million. This represents a 1.2% increase
compared to 31 December 2024 driven by the revaluation of investment properties and offset by the disposal of
41 units as part of our ongoing asset recycling programme. Yields and valuations remained broadly flat in the period
with EPRA Net Initial Yield at 5.2% as at 31 December 2025, remaining flat versus 30 June 2025. We continue to reinvest
in our portfolio of assets, to ensure we maintain our exceptional levels of occupancy and tenant demand, whilst
future proofing our assets and enabling us to capture the embedded reversion in the portfolio now that the rental
regulations have been revised with effect from 1 March 2026. Our Gross Yield was 7.0% at period end, well in excess of
our weighted average cost of interest of 3.71%.
The IFRS NAV per share is 131.7 cent, up 4.4% from 126.2 cent at 31 December 2024 aided by the increased asset
valuations, the impact of the share buyback programme and the ongoing successful asset recycling programme.
In line with our capital allocation strategy and recognising the discount between the Company’s share price and its
Net Asset Value per share, the Company utilised excess capital generated through premia achieved on disposals to
execute a share buyback of €5 million in H1 2025, with approx. 5.1 million shares purchased at an average price per
share of 97.3 cents.
21
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Property Portfolio Activity
In 2025, the Company completed the disposal of 41 units in total as part of the overall disposal target of 315 units,
with an additional 21 units held for sale at year end which we expect to close in the coming months. The sales are
achieving premia in excess of 25%, and gross proceeds in 2025 were €16.1 million. This takes the total number of units
disposed of under the programme to 82. In addition, a bulk sale of 25 units was completed in H2 2024 taking total
gross proceeds for the sale of 107 units to €34.9 million across 2024-2025.
As announced in February 2026, I-RES has entered a forward purchase agreement to acquire 77 high-quality
apartments for a total consideration of €31.75 million (inclusive of VAT and excluding other transaction costs). The
property is currently under construction and is due to reach practical completion in Q4 2026. The Company will
begin to lease the apartments following practical completion. Based on the Company’s market underwrite and
assessment of market rents, the investment is projected to generate a Net Initial Yield of approximately 5.25%
and will be earnings-enhancing following the lease up period. The acquisition represents a positive step in the
Company’s strategy and will be funded using proceeds from the ongoing disposal programme. Post acquisition
and along with the ongoing asset recycling programme, we expect to maintain LTV comfortably within I-RES’
target range of 40%-45%.
Property Portfolio Overview
The following table provides details of the Group’s property portfolio as at 31 December 2025.
Property Location # of Buildings
# of Units
Owned
(1)
Commercial
Space Owned
(sq.m)
(1)
Average
Monthly Rent
Per Unit
(1)(2)(3)
Rent
(per sq.m
per month) Occupancy
(1)(2)
Total South Dublin 12 1,092 6,851 €2,068 €26.3 99.8%
Total City Centre 7 474 3,062 €2,007 €26.7 99.2%
Total West City 3 409 – €1,820 €23.9 99.5%
Total North Dublin 9 847 – €1,714 €22.2 99.3%
Total West Dublin 4 805 14,753 €1,631 €21.3 99.5%
Total Portfolio (Stabilised) 35 3,627 24,666 €1,852 €24.0 99.5%
1. As at 31 December 2025.
2. Based on residential units.
3. Refer to Average Monthly Rent section for further discussion on average monthly rent per apartment and occupancy.
The Irish Government has enacted a suite of new rental regulations, which include the ability to reset the rent
of a particular unit when a tenant vacates and a new lease is put in place from 1 March 2026. As a result of this
change and the expected increase in the income profile of our properties as we capture the embedded reversion,
we expect there to be a positive impact on valuations, assuming no market yields movement over time.
Financing and Capital Structure
I-RES seeks to use gearing to enhance shareholder returns over the long term. I-RES takes a proactive approach
to its debt strategy to ensure the Group has laddering of debt maturities and the Group’s leverage ratio and
interest coverage ratio are maintained at a sustainable level. In March 2025 the Company successfully refinanced
its existing RCF. The new facilities comprise an RCF of €500 million and an Accordion Facility of €200 million which
adds an additional element of flexibility to the Company’s debt facilities. The facilities have a five-year term expiring
in March 2030 with the option of two one-year extensions. Hedging instruments in the amount of €275 million
have been put in place until maturity, maintaining the Company’s overall level of fixed rate debt at c. 85% of drawn
facilities. Following this refinancing, the weighted average cost of interest across the Group’s facilities was 3.71% in
2025, broadly in line with the Group’s weighted average financing costs in 2024 of 3.79%.
I-RES 22
Annual Report and Accounts 2025
Financial Review
continued
In November 2025 the Company converted its €500 million RCF, signed in March 2025, into a Sustainability Linked
Loan (“SLL”) that aligns with the Loan Market Association’s March 2025 principles for sustainable finance. The SLL
ties financing costs to independently verified Sustainability Performance Indicators. This structure supports I-RES’
sustainability strategy. The RCF was arranged with four lenders: The Governor and the Company of the Bank of
Ireland; Allied Irish Banks P.L.C. (Sustainability Coordinator); ABN AMRO Bank N.V.; and Barclays Bank Ireland PLC.
Net LTV at 31 December 2025 stood at 43.6%, down from 44.4% at 31 December 2024. The decrease in LTV can be
attributed to the ongoing, successful asset recycling programme and strong premia being achieved on these
sales along with an increase in the valuation of the properties driven by organic rental growth and strong cost
optimisation initiatives. Our leverage level remains well below the 50% maximum allowed by the Irish REIT regime
and the Group’s debt financial leverage ratio covenant. I-RES is focused on managing LTV through the cycle
between the 40%-45% range.
The Private Placement Notes were issued in March 2020 and are made up of €130 million and $75 million notes.
On closing, I-RES entered into a cross-currency interest rate swap resulting in an overall weighted average fixed
interest rate of 1.92% inclusive of swap costs and excluding transaction costs for the full principal of the notes. The
maturity of the notes is laddered over circa six, nine and eleven years, with the first repayment due in March 2027.
Drawn debt facilities are predominantly hedged against interest rate volatility, with over 85% fully fixed. The Group
has a weighted average drawn debt maturity of 4.1 years and no debt maturities before 2027. The weighted average
cost of interest is 3.71% for 2025 (2024: 3.79%). The remaining undrawn committed facilities are c. €148 million.
As at
31 December
2025
€’000
31 December
2024
€’000
RCF borrowings 352,443 355,870
Euro denominated Private Placement notes 130,000 130,000
USD denominated Private Placement notes
(1)
63,890 72,415
Weighted Average Cost of Interest
(2)
3.71% 3.79%
1. The principal amount of USD notes is $75 million. The movement during the period relates to foreign exchange movements. I-RES has entered into
cross currency swaps to fix this at €68.8 million.
2. Includes commitment fee charged on the undrawn portion of the RCF facility.
Dividend
The Board declared a dividend of 2.53 cents per share for the six months ended 31 December 2025, in line with the
requirements of Irish REIT legislation and representing the Company’s dividend policy of paying out 85% of property
income from the property rental business. This brings the full year dividend to 4.89 cents and represents a 19.9%
increase on the 2024 dividend of 4.08 cents per share.
23
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Capital Allocation
The Board remains committed to
maximising value for shareholders
and addressing the discount
between the Company’s current
market capitalisation and Net Asset
Value.
In line with this objective, proceeds
from the ongoing asset recycling
programme are expected to be
deployed towards:
• Continuing to actively manage
LTV within the Board’s target range
of between 40% and 45%, and
subsequently:
- Enhancing returns through re-
investing in our own portfolio and
also exploring opportunities to
acquire strategically located/
attractive assets and/or
- An efficient return of capital
to shareholders where it is
considered the best use of
capital.
In line with the above allocation
framework, proceeds realised from
the asset recycling programme
have enabled the Company
to successfully reduce Net LTV
and execute a share buyback
programme in 2025, which
contributed to the improvement
in EPS.
Looking forward to 2026, and in
light of the improving investment
environment and increase in
attractive opportunities coming
to the market, we will in the first
instance look to replace the units
we have disposed of over the past
18 months whilst continuing to
manage our LTV. As highlighted in
February 2026, I-RES announced
the acquisition of 77 residential
apartments for €31.75 million
(inclusive of VAT and excluding
other transaction costs).
The Board will continue to monitor
the capital allocation strategy for
the Group, taking into account the
prevailing market environment
and the appropriate use of funds
to best deliver on the long-term
objective of maximising value for
shareholders. In light of the current
market environment and taking
account of the current discount
between the Company’s share price
and its Net Asset Value per share,
the Board believes it is appropriate
to continue to focus on the above
value accretive allocation strategies.
Retirement
Announcement
As announced in January, I will be
retiring from I-RES in 2026. It has
been a privilege to spend more
than five years with the Company,
and I am immensely proud of the
transformation we have achieved
together. Following internalisation,
we evolved into a fully integrated
Irish organisation with a diverse,
talented, and highly committed
team who have been central to
our success.
Today, I-RES operates with a
market-leading digital platform
supporting both our business
operations and the service we
provide to our residents. Despite
continued macroeconomic
headwinds in recent years, and
as demonstrated by our recent
performance, the Company
continues to perform strongly,
underpinned by a high-quality
portfolio, stable returns, and a robust
balance sheet.
I would like to express my sincere
thanks to our Chair, the Board,
my management colleagues,
and the entire I-RES team for your
partnership and support. It has
been an honour to work alongside
you. I am also deeply grateful to
our shareholders, banking partners,
residents, and the many other
stakeholders who support our
business. I remain confident that the
I-RES team will continue to deliver
successfully into the future.
As announced by the Board in
January 2026, Mari Hurley will
succeed me as CFO this summer.
I am delighted to welcome Mari to
the Company and wish her every
success as she joins at a very
exciting time for I-RES.
Summary
We look ahead to 2026 with
optimism. The Company expects
to continue to realise efficiencies
from its market-leading internally
managed operating platform,
supporting sustained earnings
growth and further margin
improvements. The Company will
continue to execute on its strategic
priorities and remain focused on
crystalising strong premia on the
sales programme.
The Company will continue to be
disciplined on capital allocation,
in the first instance ensuring
prudent balance sheet and LTV
management whilst ensuring
shareholder returns through the
ordinary dividend are maintained.
Where appropriate capital raised
through the asset recycling
programme will be deployed into
new assets, earnings enhancing
investments in our existing portfolio
or returned to shareholders by
way of share buybacks, or special
dividends where it is the most
efficient and accretive option. The
Company has announced its first
acquisition in a number of years
as we recycle the capital internally
generated over the past 18 months.
We will continue to monitor accretive
growth opportunities and assess
this against our capital allocation
strategy whilst ensuring our LTV is
within our desired operating range.
Brian Fagan
Chief Financial Officer
I-RES 24
Annual Report and Accounts 2025
Performance Measures
The Group, in addition to the Operational and Financial results presented
above, has defined business performance indicators to measure the
success of its operating and financial strategies.
Average Monthly Rent (“AMR”)
AMR is calculated as actual monthly residential rents, net of vacancies, as at the stated date, divided by the
total number of residential units owned in the property available to rent. Through active property management
strategies, the lease administration system and proactive capital investment programmes, I-RES increases rents
as market conditions permit and subject to applicable laws. This measure has been presented as the Company
believes it is indicative of the Group’s operational performance.
Occupancy
Occupancy rate is calculated as the total number of residential units occupied over the total number of residential
units owned and available to rent as at the reporting date. I-RES strives, through a focused, hands-on approach
to the business, to achieve occupancies that are in line with, or higher than, market conditions in each of the
locations in which it operates. Occupancy rate is used in conjunction with AMR to measure the Group’s operational
performance.
AMR and Occupancy
Total Portfolio
Properties owned prior to 31 December 2024
(Like for Like properties)
As at 31 December
2025 2024 2025 2024
AMR
Occ.
% AMR
Occ.
%
AMR
change % AMR
Occ.
% AMR
Occ.
%
AMR
change %
Residential €1,852 99.5% €1,814 99.4% 2.1% €1,852 99.5% €1,814 99.4% 2.1%
The Group’s AMR increased to €1,852 at 31 December 2025 a 2.1% increase representing an increase in line with the
regulatory cap of the lower of HICP or 2% and optimisation of the portfolio, while residential occupancy remained
consistently high at 99.5%, indicative of the strong market fundamentals in the Irish residential sector.
During the period, c. 14% of the portfolio units were turned over and where applicable we applied rental increases
in line with the regulations.
Gross Yield at Fair Value
Gross Yield is calculated as the Annualised Passing Rents as at the stated date, divided by the fair market value
of the investment properties as at the reporting date, excluding the fair value of development land. Through
generating higher revenue compared to the prior year and maintaining high occupancies, I-RES’ objective is to
increase the Annualised Passing Rent for the total portfolio, which will positively impact the Gross Yield. This measure
has been presented as the Company believes it is indicative of the rental income generating capacity of the total
portfolio.
As at
31 December
2025
(€’000)
31 December
2024
(€’000)
Annualised Passing Rent
(1)
87,556 86,461
Aggregate fair market value as at reporting date
(2)
1,241,990 1,226,995
Gross Yield at Fair Value 7.0% 7.0%
1. 31 December 2025 Annualised Passing rent consists of residential annualised passing rent of €82.1 million and commercial annualised passing rent
of €5.5 million.
2. Includes investment property classified as assets held for sale
25
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
The portfolio Gross Yield at Fair Value was 7.0% as at 31 December 2025 compared to 7.0% as at 31 December 2024,
excluding the fair value of development land and investment properties under development. EPRA Net Initial Yield
of 5.2% is broadly aligned with 2024 and represents the continuation of stabilised yields on the portfolio valuation.
EPRA Net Initial Yield
As at
31 December
2025
(€’000)
31 December
2024
(€’000)
Annualised passing rent 87,556 86,461
Less: Operating expenses
(1)
(property outgoings) (19,262) (20,059)
Annualised net rent 68,294 66,402
Completed investment properties 1,241,990 1,226,995
Add: Allowance for estimated purchaser’s cost 68,262 67,575
Gross up completed portfolio valuation 1,310,252 1,294,570
EPRA Net Initial Yield 5.2% 5.1%
EPRA topped-up Net Initial Yield 5.2% 5.1%
1. Calculated based on the net rental income to operating revenue ratio of 78.0% for 2025 (76.8% for 2024).
EPRA Earnings per Share
EPRA Earnings represents the earnings from the core operational activities (recurring items for I-RES). It is intended to
provide an indicator of the underlying performance of the property portfolio and therefore excludes all components
not relevant to the underlying and recurring performance of the portfolio, including any revaluation results and
results from the sale of properties. EPRA Earnings per share amounts are calculated by dividing EPRA Earnings for
the reporting period attributable to shareholders of I-RES by the weighted average number of ordinary shares
outstanding during the reporting period.
EPRA Earnings per Share
For the year ended 31 December 2025 31 December 2024
Profit/(Loss) for the year (€’000) 49,752 (6,676)
Adjustments to calculate EPRA Earnings exclude:
Changes in fair value on investment properties (€’000) (16,991) 33,745
Gain on disposal of investment property (3,433) (1,622)
Changes in fair value of derivative financial instruments (€’000) 36 104
Taxation on disposal of properties (€’000) – (38)
EPRA Earnings (€’000) 29,364 25,513
Non-recurring costs (€’000) – 3,411
Adjusted EPRA Earnings before non-recurring costs (€’000) 29,364 28,924
Basic weighted average number of shares 525,604,518 529,578,946
Diluted weighted average number of shares 525,604,518 529,578,946
EPRA Earnings per share (cents) 5.6 4.8
Adjusted EPRA EPS before non-recurring costs per share (cents) 5.6 5.5
EPRA Diluted Earnings per share (cents) 5.6 4.8
I-RES 26
Annual Report and Accounts 2025
Performance Measures
continued
EPRA Net Asset Value per Share
In October 2019, EPRA introduced three EPRA NAV metrics to replace the then existing EPRA NAV calculation that
was previously being presented. The three EPRA NAV metrics are EPRA Net Reinstatement Value (“EPRA NRV’’), EPRA
Net Tangible Asset (“EPRA NTA”) and EPRA Net Disposal Value (“EPRA NDV”). Each EPRA NAV metric serves a different
purpose. The EPRA NRV measure is to highlight the value of net assets on a long term basis. EPRA NTA assumes
entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. Lastly, EPRA NDV provides the
reader with a scenario where deferred tax, financial instruments and certain other adjustments are calculated to
the full extent of their liabilities. The table below presents the transition between the Group’s shareholders’ equity
derived from the consolidated financial statements and the various EPRA NAV.
EPRA NAV per Share
As at 31 December 2025
EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 690,467 690,467 690,467
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 2,828 2,828 –
Fair value adjustment for fixed interest rate debt (€’000) – – 18,488
Real estate transfer cost (€’000)
(3)
68,228 – –
EPRA net assets (€’000) 761,523 693,295 708,955
Number of shares outstanding 524,442,218 524,442,218 524,442,218
Diluted number of shares outstanding 524,442,218 524,442,218 524,442,218
Basic Net Asset Value per share (cents) 131.7 131.7 131.7
EPRA Net Asset Value per share (cents) 145.2 132.2 135.2
As at 31 December 2024
EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 668,150 668,150 668,150
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 1,554 1,554 -
Fair value adjustment for fixed interest rate debt (€’000) - - 22,470
Real estate transfer cost (€’000)
(3)
67,575 - -
EPRA net assets (€’000) 737,279 669,704 690,620
Number of shares outstanding 529,578,946 529,578,946 529,578,946
Diluted number of shares outstanding 529,578,946 529,578,946 529,578,946
Basic Net Asset Value per share (cents) 126.2 126.2 126.2
EPRA Net Asset Value per share (cents) 139.2 126.5 130.4
1. Following changes to the Irish REIT legislation introduced in October 2019, if a REIT disposes of an asset of its property rental business and does not (i)
distribute the gross disposal proceeds to shareholders by way of dividend; (ii) reinvest them into other assets of its property rental business (whether
by acquisition or capital expenditure) within a three-year window (being one year before the sale and two years after it); or (iii) use them to repay
debt specifically used to acquire, enhance or develop the property sold, then the REIT will be liable to tax at a rate of 25% on 85% of the gross disposal
proceeds, subject to having sufficient distributable reserves. For the purposes of EPRA NTA, the Group has assumed any such sales proceeds are
reinvested within the required three-year window.
2. Deferred tax is assumed as per the IFRS statement of financial position. To the extent that an orderly sale of the Group’s assets was undertaken over
a period of several years, during which time (i) the Group remained a REIT; (ii) no new assets were acquired or sales proceeds reinvested; (iii) any
developments completed were held for three years from completion; and (iv) those assets were sold at 31 December 2025 valuations, the sales
proceeds would need to be distributed to shareholders by way of dividend within the required time frame or else a tax liability amounting to up to
25% of distributable reserves plus current unrealised revaluation gains could arise for the Group.
3. This is the purchaser costs amount as provided in the valuation certificate. Purchasers’ costs consist of items such as stamp duty on legal transfer
and other purchase fees that may be incurred and which are deducted from the gross value in arriving at the fair value of investment for IFRS
purposes. Purchasers’ costs are in general estimated at 9.96% for commercial, 4.46% for residential apartment units and 17.46% for houses and
duplexes.
27
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Total Accounting Return (“TAR”)
Total Accounting Return (“TAR”) represents the change in EPRA Net Tangible Assets plus Dividends paid over the
performance period, expressed as a % of the opening EPRA Net Tangible Asset.
We delivered a Total Accounting Return for 2025 of 8.1% versus negative 1.0% in 2024. A key driver for the improved
return includes the ongoing strong dividend paid by the Company, which has increased in 2025 due to the
elimination of the non-recurring costs in 2024 and NRI Margin improvement. In addition, our EPRA Net Tangible Assets
(“NTA”) per share growth of 5.7 cent has improved due to the valuation increase of our investment property driven
by organic rental growth and cost management and the profits achieved from the asset recycling programme.
The impact of the share buyback programme has also aided the increase in EPRA NTA per share.
Total Accounting Return
31 December
2025
(€’000)
31 December
2024
(€’000)
Opening EPRA NTA per share (cents) 126.5 131.7
Closing EPRA NTA per share (cents) 132.2 126.5
Increase/(Decrease) in EPRA NTA per share (cents) 5.7 (5.2)
Dividends paid per share in the year (cents) 4.6 3.9
Total Return (cents) 10.3 (1.3)
EPRA NTA per share at the beginning of the year (cents) 126.5 131.7
Total Accounting Return 8.1% (1.0%)
Camac Cresent
90
Residential
Units
I-RES 28
Annual Report and Accounts 2025
1. Quality Portfolio
We have a clear focus on high
quality, modern, mid-market PRS
assets in great locations
2. Operational
Excellence
Our focus is on operating
our buildings efficiently
and responsibly by
leveraging our market
leading and highly
digitalised operating
platform
4. Strong Balance Sheet
Robust balance sheet, moderate
gearing, disciplined capital allocation
and financial strength
Business Strategy
Who We Are
I-RES is the leading provider of
quality private residential rental
accommodation in Ireland. A Real
Estate Investment Trust, I-RES was
established in 2013 and is listed
on the Main Securities Market of
Euronext Dublin since 2014.
Strategic Report
3. Robust
Income
High occupancy
and resilient
rental income
driving stable
dividend returns
What We Do
We own and operate 3,600+ private rental
apartments and houses across Dublin
through I-RES Living, our fully integrated,
in-house operating platform. We operate
in the mid-market providing affordable
apartments in great locations.
Investment Case
29
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Strategic Framework
Our Vision
To be Ireland’s leading provider of rental housing,
recognised for quality and value, delivering sustainable
growth while being a great place to work, and maximising
our contribution to the wider community.
Operational
Excellence
Market-leading operating
platform and technology
Robust balance sheet,
moderate gearing and
financial strength
Strong Governance &
Risk Management
Framework
See more
on pages 39 to 54
Commitment to
sustainability
See more
on page 38
Our Core Values
Generating
Sustainable
Value For all
Stakeholders
Investment
& Portfolio
Management
Capital
Allocation
Strategic Pillars
Enabled by…
Underpinned by…
Integrity Sustainability Performance Collaboration
See more
on page 32
I-RES 30
Annual Report and Accounts 2025
Business Strategy
continued
Our Business Model
We combine our operations, financial,
investment and asset management expertise
with a focused collaborative approach to add
value to our portfolio and grow income.
We aim to deliver attractive shareholder
returns though our strong operational
capabilities, portfolio optimisation, active asset
management and efficient capital allocation,
with moderate use of debt finance.
Attractive
Shareholder
Returns
Stable
Dividend
Policy
Capital
Recycling
Exceptional
Operational
Performance
Active Asset
Management
And Portfolio
Optimisation
Robust Balance
Sheet & Moderate
Gearing
Investment In
High Quality
PRS Assets
31
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Our Strategic Priorities
Key Initiatives
• Optimise occupancy across the portfolio.
• Leverage our best in class platform and
technology to realise efficiencies and drive
NRI margin performance.
• Manage turnover rates effectively.
• Maximising revenue collection.
Key Metrics For FY25
• Occupancy at 99.5% & Collections in excess of 99%
• Net Rental Income Margin increased 120bps to
78.0%
• Maintained Efficient Turnovers (FY25: 14%).
To deliver exceptional operating results
Key Initiatives
• Maintain modest gearing by managing Net LTV
ratio within target rage of 40-45% and maintain
Interest Coverage Ratio (“ICR”) above 200%.
• Manage debt maturities, whilst managing the
cost of debt and ensuring sufficient protection
against interest rate fluctuations.
• Ensuring alignment of the Group’s financing
strategy with our overall business goals, while
maintaining a healthy level of financial headroom.
Key Metrics For FY25
• Net LTV reduced to 43.6% & ICR in excess of 200%
• Average Cost of Interest 3.71% with c. 85% hedged.
• Refinanced RCF – Debt Maturity 4.1 years.
Key Initiatives
• We aim to ensure our portfolio is fit for purpose
over the long-term and continues to generate
the returns we expect.
• We strive to operate as a responsible business
with a strong governance framework in place.
• Everything we do is driven by our values.
Key Metrics For FY25
• 95% of units are BER Rated A-C.
• Converted RCF to a Sustainability Linked Loan.
• Please see Sustainability Performance
Snapshot for details on how we are delivering
on our Sustainability objectives.
To optimise and grow returns &
create value from a balanced portfolio
To maintain a robust balance sheet,
moderate gearing and strong financial
position with flexible financing
To operate our buildings responsibly
and minimise emissions
Key Initiatives
• Invest in strategically located & earnings
enhancing assets.
• Increase Net Rental Income, EPRA earnings & EPS.
• To grow dividends whilst maintaining a stable
payout policy.
• Strategically recycle assets to optimise portfolio
mix, quality, location and sustainability.
• Recycle proceeds into more attractive and
higher yielding assets. Enhancing income
profile and dividends to shareholders,
increasing total returns.
Key Metrics For FY25
• Dividend payout 85% of property rental income.
• IFRS NAV per share increased 4.4%
• Total accounting return 8.1%
• Disposed of 41 units achieving 25%+ premium
to book value (equivalent to a c.4% net yield).
• Entered into a forward purchase of 77 units post
year end.
I-RES 32
Annual Report and Accounts 2025
Business Strategy
continued
Stakeholder Engagement
Stakeholder Group Key areas of interest Key methods of engagement Outcomes
Residents
• Service & support
• Amenities and
facilities
• Resident health
and wellbeing
• Sustainability
• Annual independent resident survey
• Resident Services teams are available in person daily at
regional offices
• Service requests are made via the I-RES Living app for
efficiency with direct communication with the resident
services and maintenance team
• Regular open communication on a building-by-building
basis via our I-RES Living mobile app notice board
• Resident events, and engagement activities
• Increasing resident satisfaction scores across the portfolio.
The 2024 survey had 1,797 responses, and maintained a high
net promoter score and provides us with detailed feedback
that we can use to inform future goal setting.
• 92% of resident’s use of the I-RES Living App demonstrating
the efficiency for residents to communicate easily with I-RES
ensuring timely provision of service, and regular updates on
events and campaigns.
Employees
• Employee
engagement
• Health, safety, and
wellbeing
• Inclusion and
diversity
• Recognition and reward
• Progression and
development
• Sustainability
• Annual independent employee engagement survey
• Board Director with responsibility for Workforce Engagement
facilitates open and transparent communication
• Internal communications updates via intranet (I-RES Times)
• Diversity and Inclusion Committee
• Learning & Development programme
• Employee wellbeing programme of events
• Performance appraisals
• Sustainability campaigns
• Maintaining continuous and transparent engagement with
our employees has allowed us to develop and retain a strong
inclusive and engaged workforce which is essential for our
long-term success. This is evidenced by our high employee
engagement score of 90% and Silver Investors in Diversity
award.
• Our commitment to embedding our Sustainability strategy in
the workforce is evidenced by an employee understanding
of ESG priorities at work score of 92%
• Average training hours in 2025 was 41 per employee.
Shareholders
and lenders
• Business growth
• Business
performance
• ESG performance
• Governance
• Capital allocation
• Board and Executive
remuneration
• Inclusion and diversity
• Results presentations
• Annual General Meeting
• One-to-one and group meetings and calls
• Property tours
• Investor and ESG conferences and roadshows
• Direct enquiries and responses
• Regular reporting mechanisms
• Continuous engagement with investors helps us understand
and provide insights into investors’ expectations of the
Company.
• Strong financial results delivered in 2025.
• Very high shareholder support for all resolutions at 2025 AGM.
Local
Communities
• Social impact
• Environmental
stewardship
• Diversity & inclusion
• Youth outreach
• Events and amenities
• Education and
development
• Safety & wellbeing
• Tidy Towns volunteering and collaboration events
• Educational workshops and engagement session with local
students
• Mentorships and work experience for local students
• Sporting sponsorships for local teams and support for visually
impaired fans
• Supporting charities via events and campaigns
• Inclusion of neighbouring social block residents and refugees
in our resident and community days
• Our engagement with local communities allows us
to understand the needs and priorities of the local
communities, improve our services to residents and
to support our neighbourhoods.
• In 2025 900+ hours of combined employee time spent
engaging in community activities.
Government
& Regulations
• Effective functioning
of rental market
• Compliance with
relevant regulation
• Environment and
climate
• Participation in stakeholder fora, consultations etc.
• Public affairs outreach
• Timely participation in relevant regulatory processes
• Membership of industry bodies
• The company delivered an active engagement programme
with various industry bodies, including supporting research
and communication, to advance a balanced regulatory
model that will encourage much needed future supply,
as well as providing security for renters.
Delivering
value to our
stakeholders
33
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Stakeholder Group Key areas of interest Key methods of engagement Outcomes
Residents
• Service & support
• Amenities and
facilities
• Resident health
and wellbeing
• Sustainability
• Annual independent resident survey
• Resident Services teams are available in person daily at
regional offices
• Service requests are made via the I-RES Living app for
efficiency with direct communication with the resident
services and maintenance team
• Regular open communication on a building-by-building
basis via our I-RES Living mobile app notice board
• Resident events, and engagement activities
• Increasing resident satisfaction scores across the portfolio.
The 2024 survey had 1,797 responses, and maintained a high
net promoter score and provides us with detailed feedback
that we can use to inform future goal setting.
• 92% of resident’s use of the I-RES Living App demonstrating
the efficiency for residents to communicate easily with I-RES
ensuring timely provision of service, and regular updates on
events and campaigns.
Employees
• Employee
engagement
• Health, safety, and
wellbeing
• Inclusion and
diversity
• Recognition and reward
• Progression and
development
• Sustainability
• Annual independent employee engagement survey
• Board Director with responsibility for Workforce Engagement
facilitates open and transparent communication
• Internal communications updates via intranet (I-RES Times)
• Diversity and Inclusion Committee
• Learning & Development programme
• Employee wellbeing programme of events
• Performance appraisals
• Sustainability campaigns
• Maintaining continuous and transparent engagement with
our employees has allowed us to develop and retain a strong
inclusive and engaged workforce which is essential for our
long-term success. This is evidenced by our high employee
engagement score of 90% and Silver Investors in Diversity
award.
• Our commitment to embedding our Sustainability strategy in
the workforce is evidenced by an employee understanding
of ESG priorities at work score of 92%
• Average training hours in 2025 was 41 per employee.
Shareholders
and lenders
• Business growth
• Business
performance
• ESG performance
• Governance
• Capital allocation
• Board and Executive
remuneration
• Inclusion and diversity
• Results presentations
• Annual General Meeting
• One-to-one and group meetings and calls
• Property tours
• Investor and ESG conferences and roadshows
• Direct enquiries and responses
• Regular reporting mechanisms
• Continuous engagement with investors helps us understand
and provide insights into investors’ expectations of the
Company.
• Strong financial results delivered in 2025.
• Very high shareholder support for all resolutions at 2025 AGM.
Local
Communities
• Social impact
• Environmental
stewardship
• Diversity & inclusion
• Youth outreach
• Events and amenities
• Education and
development
• Safety & wellbeing
• Tidy Towns volunteering and collaboration events
• Educational workshops and engagement session with local
students
• Mentorships and work experience for local students
• Sporting sponsorships for local teams and support for visually
impaired fans
• Supporting charities via events and campaigns
• Inclusion of neighbouring social block residents and refugees
in our resident and community days
• Our engagement with local communities allows us
to understand the needs and priorities of the local
communities, improve our services to residents and
to support our neighbourhoods.
• In 2025 900+ hours of combined employee time spent
engaging in community activities.
Government
& Regulations
• Effective functioning
of rental market
• Compliance with
relevant regulation
• Environment and
climate
• Participation in stakeholder fora, consultations etc.
• Public affairs outreach
• Timely participation in relevant regulatory processes
• Membership of industry bodies
• The company delivered an active engagement programme
with various industry bodies, including supporting research
and communication, to advance a balanced regulatory
model that will encourage much needed future supply,
as well as providing security for renters.
I-RES 34
Annual Report and Accounts 2025
Investment Policy
The Group’s aim is to assemble a portfolio within
its focus activity of acquiring, holding, managing
and developing investments primarily focused on
residential rental accommodation.
Focus Activity
The Group’s aim is to assemble a
portfolio within its focus activity of
acquiring, holding, managing and
developing investments primarily
focused on residential rental
accommodation and ancillary and/
or strategically located commercial
property on the island of Ireland,
principally within the greater Dublin
area and other major urban centres
(the “Focus Activity”). The vast
majority of such properties will form
the Group’s property investment
portfolio for third party rental.
The Group may also acquire
indebtedness secured by properties
(including in respect of buy-to-let
properties) within its Focus Activity
where it intends to gain title to and
control over the underlying property.
There is no limit on the proportion of
the Group’s portfolio that consists of
indebtedness secured by properties.
Consistent with the Focus Activity,
the Group may consider property
development, redevelopment
or intensification opportunities,
in particular, the completion of
building out the Group’s current
development sites, where the
Directors of the Company consider
it appropriate having regard to all
relevant factors (including building
risk, lease up risk, expected returns
and time to complete).
The Group may also acquire
properties and portfolios which
include other assets outside of
the Focus Activity, subject always
to a maximum limit of 20% of the
overall gross value of the Group’s
property assets, provided there is a
disposal plan in place in connection
with such assets which have been
deemed non-strategic and do
not meet the Group’s investment
objectives or which could otherwise
have an adverse effect on the
Group’s status as an Irish real estate
investment trust.
Gearing
The Group will seek to use gearing
to enhance shareholder returns
over the long term. The Group’s
gearing, represented by the
Group’s aggregate borrowings as
a percentage of the market value
of the Group’s total assets, will not
exceed the 50% maximum permitted
under the Irish REIT Regime. The
Board of the Company (the “Board”)
reviews the Group’s gearing policy
(including the level of gearing) from
time to time in light of then-current
economic conditions, relative costs
of debt and equity capital, fair
value of the Group’s assets, growth
and acquisition opportunities and
other factors the Board may deem
appropriate, with the result that the
Group’s level of gearing may be
lower than 50%. The Board may also
from time to time consider hedging
or other strategies to mitigate
interest rate risk.
Investment Structures
The Group also has the ability to
enter into a variety of investment
structures, including joint ventures,
acquisitions of controlling interests,
acquisitions of minority interests or
other structures (whether by way
of equity or debt) including, but not
limited to, for revenue producing
purposes in the ordinary course
of business, within the parameters
stipulated in the Irish REIT Regime.
There is no limit imposed on the
proportion of the Group’s portfolio
that may be held through such
structures.
Warehousing/
Pipeline Agreements
If the Group is unable to participate
in sales processes for property
investments because it has
insufficient funds and/or debt
financing available to it, including
where its gearing is at or close to
the maximum permitted level under
the Irish REIT Regime, the Group
is permitted to acquire property
investments that meet the criteria
specified in its Investment Policy
(including the acquisition of shares
in property holding companies) from
time to time in accordance with the
terms of warehousing or pipeline
arrangements entered into or to be
entered into by it with third parties,
in each case, without shareholder
approval and for a price calculated
on a basis that has been approved
in advance by the Directors of the
Company.
35
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Restrictions
Pursuant to the Irish REIT Regime, the
Group is required, amongst other
things, to conduct a Property Rental
Business consisting of at least three
properties, with the market value
of any one property being no more
than 40% of the total market value
of the properties in the Group’s
Property Rental Business. Further,
at least 75% of the Group’s annual
Aggregate Income will need to be
derived from its Property Rental
Business and at least 75% of the
market value of its assets, including
uninvested cash, will need to relate
to its Property Rental Business. In
addition to the foregoing, the Group
will not do anything that would
cause the Group to lose its status as
a real estate investment trust under
the Irish REIT Regime.
Changes to the Investment Policy
Material changes to the Group’s
Investment Policy set out above
may only be made by ordinary
resolution of the Shareholders of
the Company in accordance with
the Listing Rules of Euronext Dublin
and notified to the market through a
Regulatory Information Service. If the
Company breaches its Investment
Policy, the Company is required to
make a notification via a Regulatory
Information Service of details of the
breach and of actions it may or may
not have taken. A material change
in the published Investment Policy
would include the consideration of
investments outside of the Focus
Activity, other than as permitted
under this Investment Policy. For as
long as the Company’s ordinary
shares remain listed on the Official
List of Euronext Dublin, any changes
to the Company’s Investment Policy
must be made in accordance with
the requirements of the Listing Rules
of Euronext Dublin. I-RES has invested
in accordance with the investment
policy. Please refer to the property
overview table in the Modern
Sustainable Diverse Portfolio section
for further details.
Phoenix Park
Racecourse
146
Residential
Units
I-RES 36
Annual Report and Accounts 2025
Senior Leadership Team
I-RES’ vision is to be Ireland’s leading provider of rental housing,
recognised for quality and value, delivering sustainable growth
while being a great place to work, and maximising our contribution
to the wider community.
Delivering on this, the I-RES Senior Leadership team is responsible for executing the Company’s strategy and
ensuring strong operational alignment on business priorities, investments and actions. The team has an extensive
track record of delivering operational excellence, digital innovation and transformational change. Leading our
97 strong entirely Irish-based employees, the leadership team is strongly committed to sustaining our inclusive
culture, underpinned by our values of Collaboration, Performance, Sustainability and Integrity.
Back row (from L-R) Michael Robinson, Jeremy O’Sullivan & Alan Kavanagh
Front row (from L-R) Pauline Houlihan, Brian Fagan, Eddie Byrne, Anna-Marie Curry & Glen Murphy
37
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Eddie Byrne
Chief Executive Officer
and Board Director
Eddie Byrne was appointed as Chief Executive Officer and Board Director
in April 2024. Eddie reports to the Board and oversees the Company’s
management ensuring alignment with Board strategy and policies.
Complete biographical information is available under Board of Directors
on pages 56 to 59.
Brian Fagan
Chief Financial Officer
Brian Fagan joined the Company as Finance Director in April 2021 and was
appointed CFO in April 2022. Brian is responsible for leading the finance, IT,
and procurement functions, overseeing their operations, and shaping their
strategic direction to align with the company’s overall goals and objectives.
Alan Kavanagh
Managing Director Operations
Alan Kavanagh joined I-RES in 2013. His focus is on driving continuous
operational efficiency improvements across the I-RES portfolio of over 3,600
residential units.
Anna-Marie Curry
Company Secretary
and General Counsel
Anna-Marie Curry joined I-RES in 2021. Her focus is on leading the in-house
professional corporate secretariat, legal, risk and compliance functions in
order to ensure I-RES’ full compliance with legal and corporate governance
requirements.
Glen Murphy
Director of Finance
Glen Murphy was appointed Director of Finance at I-RES in 2024 having
held key roles including Finance Manager and Financial Controller since he
joined I-RES in 2021. In his current role, Glen leads the day-to-day operations
of the finance function, including responsibility for financial reporting, FP&A,
treasury management and valuations.
Jeremy O’Sullivan
Managing Director – Capital Markets
and Portfolio Management
Jeremy O’Sullivan joined I-RES in 2024. In I-RES, Jeremy leads the Capital
Markets and Portfolio Management team, which is focused on optimising
the I-RES property portfolio through strategic asset management. His
team also plays a leading role in driving the company’s growth ambition
including asset acquisition, equity and debt capital strategies.
Michael Robinson
Head of IT
Michael Robinson joined I-RES in 2023. Michael leads the I-RES information
technology team with the primary goal of advancing digital transformation,
data & AI and cybersecurity throughout I-RES.
Pauline Houlihan
HR Director
Pauline Houlihan joined I-RES in 2025. She is responsible for shaping
and delivering the Company’s people strategy to ensure I-RES attracts,
develops and retains the talent required to support the delivery of the
Company’s strategic priorities. This role focuses on building leadership
capability, strengthening organisational effectiveness and fostering a
high-performance culture.
Please refer to our website for the full biographies for the Senior Leadership Team.
I-RES 38
Annual Report and Accounts 2025
Sustainability Performance Snapshot 2025
* More information is available in the Report of the Sustainability Committee on pages 99 to 102. To explore our progress, initiatives, and future
commitments in greater detail, we invite you to read our standalone Sustainability Report at https://www.iresreit.ie/investors/results-centre
Protecting the
Environment
2050
Committed to Net Zero
Carbon by 2050
95%
Portfolio building energy
efficiency rated
A-C BER rating
100%
Of directly managed
common areas powered
by renewable energy
100%
Waste diversion from
landfill for directly
managed assets
118 kWp
Increase in self-generated
renewable energy from
solar PV capacity
Over 1,400 tCO
2
e
Reduction in identified
absolute Scope 1, 2 & 3
GHG emissions
Building
Communities
90%
Employee engagement
score
41 hours
Average professional
development hours per
employee
92%
Adoption Rate of the
I-RES Living resident
app
947 hours
Combined employee
time spent engaging in
community activities
51
Resident engagement
events held across the
portfolio
Sustainability Performance Snapshot 2025*
Operating
Responsibly
3-Star
GRESB Rating
Gold Award
EPRA Sustainability
Best Practice
Recommendations
(sBPR)
B Rating
(Highest SME Rating)
Converted our Revolving Credit
Facility into a
Sustainability-Linked
Loan
100%
Of assets reviewed & assessed
for health and safety impacts. No
incidents of non-compliance with
regulations/voluntary standards
39
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Risk Report
This report outlines I-RES’ approach to risk management, the principal
risks and uncertainties facing the Group, and the strategies in place to
mitigate these risks. The report also addresses the Group’s viability and
its going concern status, providing assurance to stakeholders regarding
the resilience and sustainability of I-RES’ operations.
Risk Management Approach
Managing risk is fundamental to I-RES’ business and underpins the achievement of our long-term strategic
objectives. Our risk appetite is dynamic and reviewed regularly, but we generally maintain a conservative stance
aligned with our goal of delivering sustainable value over time.
The Board holds ultimate responsibility for risk management but delegates oversight of specific areas to its
sub-committees, as detailed in the Governance Report. Our risk management process is designed to identify,
assess, and respond to both existing and emerging risks that could affect the Group’s strategic objectives. The risk
management system is designed to identify, manage, and mitigate financial, operational and compliance risks
inherent to the Group and allow the Group to meet its strategic objectives.
Our approach to risk management is embedded across the organisation to ensure that risks to achieving our
strategic objectives are identified and mitigated. While it is not possible to eliminate all risks, our approach aims to
understand, manage, and mitigate identified risks, providing reasonable – though not absolute – assurance that
significant risks will not materialise.
We seek not only to manage risk exposure but also to capitalise on opportunities arising from a dynamic and
evolving market environment. Our risk management framework informs strategic planning at both Group and
business unit levels, including the consideration of climate-related risks.
Recognising that many external risk factors – such as macroeconomic, geopolitical, political, or regulatory changes
– are beyond our direct control, the Board actively evaluates their potential impact and determines appropriate
responses.
Internal risks are closely monitored to ensure that effective controls are in place and functioning as intended.
The Board reviews the effectiveness of the Group’s risk management and internal control systems at least annually.
Principal risks are also reviewed as part of the half-year reporting cycle. All risk commentary is subject to review and
challenge by the Senior Leadership Team before being discussed with, and approved by, the Audit Committee and
the Board.
Set out in the Principal Risk and Uncertainties section below are the 10 principal risks currently identified for I-RES
that could have a material impact on the Group’s ability to meet its strategic and financial objectives. An ongoing
monitoring process is in place so that risk can be identified wherever it arises and be managed accordingly. The
Group’s approach to viability and going concern is outlined in the Going Concern section.
I-RES 40
Annual Report and Accounts 2025
Governance, Risk Management and Internal Control Overview
Governance Overview
Shown below is how responsibility for governance and risk management is cascaded down into the Group
Board
The Board has overall responsibility for maintaining and monitoring the
Group’s system of risk management and internal control and assessing
its effectiveness.
Board Committees
I-RES’ governance and risk management responsibilities flow from the
Board, which holds ultimate accountability, through its committees and
into management.
Management
Management within I-RES is responsible for designing, implementing,
and operating an effective system of internal controls to identify,
mitigate and manage key financial, operational and compliance
risks facing the Group and allowing it to meet its strategic objectives.
All functions oversee and actively manage risks in their areas in carrying
out their day-to-day responsibilities.
Tallaght Cross
West
460
Residential
Units
Risk Report
continued
41
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Three Lines of Defence
The Group employs a three lines of defence approach to risk management in line with established best practices.
This approach ensures there is clear ownership and delegation of responsibility for the management and oversight
of risk throughout the Group.
The risk management framework informs strategic planning at both Group and Business area levels and includes
climate related risks.
1st Line
Management
& Employees
Management and employees
identify and manage risks,
maintain the risk register, and
monitor changes throughout the
year.
Key process owners are responsible for
maintaining a risk register consisting of key
strategic, operational, financial, compliance and
regulatory risks impacting the Group along with
associated mitigating controls. The process also
looks to include any new or emerging risks and
mitigating factors or controls.
2nd Line
Risk &
Compliance
Risk & Compliance teams
oversee the first line, conduct
risk assessments, and engage
adequate insurance and external
expertise when needed. This
includes Finance, Legal, Risk &
Compliance and IT & Cyber Security.
From time to time, I-RES’ risk management
function engages third party expertise to assist
it in carrying out risk assessments and to provide
risk advisory services.
3rd Line
Internal Audit Internal Audit, outsourced to EY
Ireland, independently reviews
controls and reports findings to
the Audit Committee and Board,
ensuring effectiveness.
The external auditor also reviews
internal audit findings.
The internal audit function has adequate
authority and access to personnel, processes,
and records to perform its work.
Furthermore, the Audit Committee assesses and
approves the annual internal audit plan and
reviews any significant findings resulting from
the audit work carried out under this plan.
Delivery of risk and control processes is supported by experienced personnel, clearly documented and
communicated processes and procedures, and enabling technology to support operational delivery. In addition,
Third-party expertise is engaged for valuations and advisory services. IT infrastructure is supported by leading
providers and specialist teams to ensure security and operational resilience.
I-RES 42
Annual Report and Accounts 2025
Going Concern
Statement
The Directors, after making enquiries,
reviewing assumptions, and
considering options available, have
a reasonable expectation that the
Company, and the Group have
adequate resources to continue
operating for at least 12 months from
the date of approval of the financial
statements.
For this reason, the going concern
basis of accounting continues to be
adopted in preparing the financial
statements included in this Report.
The Group’s projected financial
results and current position as set
out in the statement of profit or loss
and other comprehensive income,
statement of financial position
and statement of cash flows are
rigorously tested by management
and the Directors.
Sensitivity analysis has been applied
to reflect the potential impact of
some of the principal strategic and
commercial risks of the Group, as
described in the Principal Risks and
Uncertainties section. The principal
strategic and commercial risks
that were factored into the analysis
were the economy, inflation, and
regulation/ legislation. Sensitivity
analysis included stress testing for
a decline in revenues to ensure the
Group has sufficient cash resources
to continue in operation for at
least the next 12 months given the
ongoing volatile macroeconomic
and geopolitical landscape and
its potential impact on the overall
economy.
After reviewing assumptions
about future trading performance,
valuation projections, capital
expenditure and debt requirements
expected and the options available
to it, the Directors have a reasonable
expectation that the Group will
have sufficient funds available
to meet liabilities as well as other
planned expenditures as they fall
due in the foreseeable future. The
Directors also considered potential
business, credit, market, and liquidity
risks, including the availability and
repayment profile of bank facilities
and other debt obligations, as well
as forecast covenant compliance.
Based on the above, the Directors
continue to adopt the going
concern basis of accounting for
the preparation of the financial
statements for the year ended
31 December 2025.
Viability Statement
Assessment of Prospects
The Group’s current strategy is
outlined in the Business Strategy
section. The Board remains
committed to executing on its
strategic pillars of operational
excellence, investment & portfolio
management and capital allocation
and this is reflected in the Viability
Assessment.
The Assessment Period
The Group’s viability assessment
includes the budget for the next
financial year, together with a
forecast for the following two
financial years. Achievement of the
one-year budget has a greater
level of certainty and is used to set
near-term targets across the Group.
The achievement of the three-
year plan is less certain than the
budget but provides a longer-term
outlook against which strategic
decisions can be made. The
Directors concluded that three years
was an appropriate period for the
assessment given that this is the key
period of focus within the Group’s
strategic planning process, and it
fits well with the Group’s business
cycle. The objectives of the strategic
planning process are to consider
the key strategic choices facing the
Group and to build a consolidated
financial model with various stress
scenarios, considering the principal
risks and uncertainties facing the
Group.
The Assessment and
Key Assumptions
Detailed financial forecasts are
prepared and subjected to a rolling
forecast process throughout the
year. Subsequent years of the
forecasts are extrapolated from
the first year, based on the overall
content of the strategic plan.
Progress against financial budgets
and key objectives is reviewed
in detail monthly by the Group
and shared with the Board on a
quarterly basis. Mitigating actions
are taken, whether identified through
actual trading performance or the
rolling forecast process. The key
assumptions within the Group’s
financial forecasts include organic
revenue growth supplemented
by investment in acquisitions and
development, supported by market
trends, impact of inflation on our
cost base, projected interest rates
and valuation of our portfolio. The
new rent regulation which came
into effect on 1 March 2026 has
been factored into the viability
assessment and forecasts.
Assessment of Viability
The Viability assessment has
considered the Group’s profitability,
capital values, LTV, cash flows and
other key financial metrics over the
period. These metrics are subject
to sensitivity analysis, in which the
underlying assumptions are flexed
based on some of the principal risks
of the Group, as described in the
Principal Risks and Uncertainties
section to reflect a comprehensive
range of outcomes, particularly
assessing the Group’s REIT and
financial covenants. Under the
stressed scenarios, the Directors
believe that the Company can
mitigate for liquidity and cash flows
by a reduction in discretionary
capital expenditure, disposal
of assets and deferral of future
commitments. In addition, repair,
and maintenance expenses
and property management
expenses, which are two significant
components of the operating
expenses are, to a certain extent,
Risk Report
continued
43
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
variable expenses that can be
managed to reduce costs. The
Group’s LTV, which is required to be
maintained below 50% through its
debt facilities and REIT legislation,
is impacted by changes in the
valuation of our assets. Significant
yield expansion could cause LTV to
increase. The Company can recycle
capital through asset disposals for
the purpose of capital management
and balance sheet management,
as is outlined in the Business
Strategy section of the report.
As announced in March 2025 the
Revolving Credit Facility (“RCF”) has
been refinanced with a new maturity
date of March 2030 and therefore
the RCF has a maturity date outside
of the assessment period. A tranche
of the Private Placement Notes
are due to mature in March 2027
and there is currently sufficient
capacity in the RCF to repay this
tranche without the requirement for
additional debt facilities.
The Directors have assessed
the viability of the Group over a
three-year period to December
2028, taking account of the
Group’s current position and the
potential impact of the principal
risks. While the sensitivity analysis
is hypothetical, the Group has
control and mitigation measures
in place. Our Management team is
responsible for risk identification in
place to withstand or avoid potential
unfavourable impacts under the
scenarios, such as reducing non-
essential expenditure, disposal of
assets and deferral of acquisitions
and development. Based on this
assessment, the Directors have a
reasonable expectation that the
Group will be able to continue to
sustain its operation and meet its
liabilities as they fall due over the
period to December 2028 and meet
its financial covenants.
The Group has a strong balance
sheet, with no near-term debt
maturities, and currently has
sufficient headroom on its financial
covenants. In making this statement,
the Directors have considered the
resilience of the Group, its current
position, the principal risks facing
the business in severe but plausible
scenarios, and the effectiveness of
any mitigating actions.
Elm Park
194
Residential
Units
I-RES 44
Annual Report and Accounts 2025
Risk Report
continued
Beechwood
Court
87
Residential
Units
45
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Geopolitical Instability, Economy and Inflation
Continuing heightened levels of global instability in economic and geopolitical arenas could lead to a general
weakening of the Irish economy and increasing inflation. Of key concern are potential negative impacts on the Irish
economy generally and particularly on the residential property sector for the greater Dublin area where our portfolio
is located. Overall, while Ireland’s economy is resilient, its openness makes it vulnerable to global economic and
political shifts.
Strategic Impact High
The risk remains high. Reduced economic activity, driven by external shocks or domestic
pressures, could negatively affect business performance, asset values and net rental
income. Inflationary pressures, especially if input and payroll costs outpace rent inflation,
could further erode net rental income and earnings.
Mitigation Strategy
On an ongoing basis Management actively monitor and report to the Board on business
performance, the macro-economic and geopolitical environment and residential sector
developments. The Board regularly considers the wider economic and macro-outlook
and its impact on I-RES’ strategy and budgetary processes.
We continue to monitor the impact that changes in inflation and interest rates are
having on our sector. I-RES’ business is focused on the greater Dublin area, which
continues to be economically resilient. I-RES’ properties continue to experience
exceptional demand when units are available with occupancy of 99.5% as at
31 December 2025 (99.4% at 31 December 2024).
There is also strong continuing focus through our internal teams on active revenue
and cost control within the day-to-day business operations. I-RES retains its strong
financial position, with a robust balance sheet and ample liquidity. Hedging facilities
in the amount of €275 million have been put in place for five years, maintaining the
Company’s overall level of fixed rate debt at c. 85%. Following the 2025 RCF refinancing,
the current weighted average cost of interest across the Group’s facilities is 3.71%,
broadly in line with the Group’s weighted average financing costs in 2024.
Risk Trending Since
31 December 2024
Increasing
Uncertainty and volatility persist in the global landscape, though global trade in 2025 was
more resilient than initially anticipated. The Irish economy continues to show resilience,
but downside risks are mounting due to escalating geo-political uncertainty, including the
conflict in the Middle East, ongoing trade tariffs and the potential for economic downturns.
The Central Bank’s Q4 2025 Bulletin highlights risk from multinational concentration,
supply-side constraints, and slightly higher services inflation.
The ECB’s rate cuts throughout 2025 have stabilised. However, the geopolitical situation
is driving increases in energy prices which could have long term effects on inflation and
also potentially interest rates. Uncertainty around US tax and trade policy could further
impact the Irish economy.
Principal
Risks and
Uncertainties
Principal Risks and Uncertainties
The Directors identify the key risks and uncertainties that I-RES currently faces and that could affect its performance
in the next financial year as it delivers on its strategy. These risks, their strategic implications, and the measures in
place to mitigate them are outlined in detail. I-RES also indicates how each risk has evolved over the year ended
31 December 2025, noting whether the level of risk has increased, decreased, or remained stable.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
I-RES 46
Annual Report and Accounts 2025
Regulatory and Legislative Impacts
In recent years, changes to rental property, tax and REIT regulations in Ireland have been made which have
significantly limited revenue growth even at times of high inflation. Together these regulatory changes have
resulted in some diminution in the attractiveness of the Irish PRS sector and Irish REITs for international investors.
Strategic Impact High
The industry has faced an environment of increased costs of financing and operation,
while at the same time having legislative constraints on revenues through restrictive
rental property regulations.
Amendments to Regulatory restrictions in Ireland implemented in December 2021
limiting annual rent increases to the lower of HICP and 2% (and extended in May 2024
out to December 2025), continued to impact on I-RES’ ability to increase rents in line
with increasing costs despite high demand for properties continuing and thus
impacted on I-RES’ attractiveness as an investment vehicle.
Mitigation Strategy
I-RES actively engages with Government departments and contributes to consultations
on relevant sector policy. The Company highlights structural housing supply issues
and the continued need for well capitalised providers who can both fund large scale
developments and professionally manage these residential units upon completion.
A public affairs firm and industry groups support ongoing engagement with regulators
and policymakers as part of consultation and engagement with relevant authorities,
regulators and government departments on significant policy and regulatory matters
likely to impact on the Company’s affairs.
Strategy and investment decisions incorporate current and emerging legislation, and
training is delivered when new rules are enacted. Cost management remains a priority,
given limits on revenue growth.
Risk Trending Since
31 December 2024
Decreasing
The Government’s implementation of revised rent regulations, plus amendments to
Sustainable Design Standards, tax changes in Budget 2026, and the Delivering Homes,
Building Communities 2025–2030 plan were all positive steps toward improving viability
and attracting investment. Together with the Government’s commitment to a stable
policy environment, these factors have improved market sentiment and liquidity which
supports the ‘decreasing’ trend at this point.
Risk Report
continued
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
47
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Portfolio Management and Investment
The risk that I-RES does not achieve its performance targets due to underperformance of its portfolio management
and investment strategy. At the core of our success is the need to effectively manage the investment and portfolio
management activities we undertake.
I-RES is exposed to the risk that portfolio management or investment underperformance could prevent achievement
of financial and strategic objectives. Portfolio management focuses on value enhancing initiatives, maintenance,
energy efficiency and sustainability. Investment management covers acquisitions, developments, joint ventures and
capital recycling.
Strategic Impact High
Failure to grow and optimise the portfolio would limit the Company’s ability to meet long
term shareholder value targets.
Mitigation Strategy
I-RES leverages deep market knowledge, strong industry relationships and identified
potential joint venture partners to source opportunities.
The Company considers a three-pronged growth strategy: direct acquisitions,
development opportunities within existing assets and selective partnerships. Capital
recycling continues through targeted disposals where the transactions are value
enhancing.
Comprehensive financial, legal, operational, technical and environmental due diligence
is undertaken on all transactions, with support from subject matter experts as required.
Governance structures require Board approval for material investments.
Ongoing reviews assess income expectations and operating costs for the portfolio,
and disposal activity over the past two years has strengthened the balance sheet and
portfolio quality.
Risk Trending Since
31 December 2024
Stable
There are clear sectoral issues with the current underlying economic challenges facing
residential property developers that are significantly constraining the availability of an
active pipeline of relevant development projects. These are driven by factors such as
revenue constraints, escalating construction costs, cost inflationary pressures, ongoing
planning challenges, an inefficient rental regulation framework and a reduction in
available capital to fund acquisitions.
Standing stock assets with realistic vendor valuation expectations continue to be in
limited supply, and new supply continues to come online more slowly than expected.
Growth opportunities will exist in the medium to long term for organisations with a strong
balance sheet, access to capital and a proven record of successful acquisition and
operational integration of new assets into a professionally run portfolio. In the short to
medium term the limited supply of acquisition opportunities impacts the current growth
opportunity for I-RES. However, it is expected that the supply of potential acquisition
targets will improve as market liquidity will be stimulated by regulatory certainty
following the introduction of the changes in Irish rental regulation in March 2026.
I-RES continues to monitor and adapt to impacts on the supply of construction labour
and materials, both for development activity and any ongoing repair and maintenance
related activity.
I-RES 48
Annual Report and Accounts 2025
Operational Management Risk
A key strategic imperative is continuing with revenue optimisation and cost reduction initiatives across the
Company’s operations. Failure to effectively manage either the revenue or cost streams would negatively impact
on financial performance and the reported NRI and could damage the Company’s reputation since they are key
metrics for both our investors and providers of capital.
Strategic Impact High
I-RES may not meet its performance targets if it cannot continue to maximise the
performance of its overall portfolio, if revenues are not optimised or if there are material
cost overruns in the ongoing operation and maintenance our sites.
Poor operational asset management may also result in negative impacts on the
valuation and revenue generation capacity of the portfolio.
Mitigation Strategy
I-RES’ operations are well managed and when benchmarked across key revenue
and cost metrics, including operational expenditure and general and administrative
costs, maintain cost levels in line with its comparable European residential peers. I-RES
continues to actively control costs, reflected in ongoing focus and initiatives to mitigate
cost inflation, maximise revenues from the portfolio and to leverage its operating
platform.
As a fully integrated residential business with a strong operating platform, I-RES is in
a leading position to leverage a range of options for future growth and ensure it fully
utilises and maximises the return on all its assets including its operating platform. This
platform is a strategic asset, and we continue to leverage its data capture and analysis
capabilities to support our operations.
Risk Trending Since
31 December 2024
Stable
I-RES continues to actively and effectively manage its operational activities and,
operating within the legislative requirements, seeks to maximise rental income while
maintaining a close focus on cost management. I-RES actively controls both headcount
and other costs and continues to monitor and adapt to impacts on the supply of labour
and materials for all ongoing repair and maintenance related activity.
While there are clear sectoral issues that continue to impact, particularly on the revenue
side due to current Rent Pressure Zone (“RPZ”) regulation, the introduction of changes
in Irish rental regulation in March 2026 create an opportunity for further revenue
optimisation.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Risk Report
continued
49
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Strategic Report Governance
Financial Statements
Supplementary Information
Access to Capital
The ability to access capital may become limited, which would impact the growth strategy of I-RES.
Strategic Impact Medium
If I-RES is unable to source debt financing at attractive rates or raise equity, it may not be
able to meet its growth objectives through acquisitions and development or preserve its
existing assets through maintenance or capital expenditures.
Mitigation Strategy
The CEO and CFO have developed relationships with lenders, both in Ireland and
internationally, which provide ongoing financing possibilities for I-RES. In addition, I-RES
continues to explore possible new avenues for raising equity growth capital to support
future expansion.
The quality of I-RES’ property portfolio and the LTV target of between 40% and 45% on
total assets (particularly apartments) are attractive credit characteristics for potential
lenders, which to date have facilitated the raising of debt financing. I-RES currently
has an RCF of €500 million and an accordion facility of €200 million which adds an
additional element of flexibility to the Company’s debt facilities. The facilities have a five-
year term expiring in March 2030 with the option of two one-year extensions.
I-RES invests in properties that generate a strong rate of return for its investors and, in
turn, increases the attractiveness of its shares and dividends. I-RES actively manages its
liquidity needs and monitors capital availability.
Through pro-active capital management and maintenance of a robust financial
position, I-RES has not needed to raise new capital nor place restrictions on its dividend
policy.
Risk Trending Since
31 December 2024
Stable
As at 31 December 2025 I-RES had drawn on its credit facility in the amount of €352
million and Private Placement Notes of c. €200 million. I-RES continues to monitor
liquidity needs to ensure that future capital requirements are anticipated and met within
the limits of its leverage thresholds.
Based on its financial position and performance, as well as its relationships with
lenders and current and potential investors, I-RES can pursue opportunities should the
underlying fundamentals and current financial obligations support the business case.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
I-RES 50
Annual Report and Accounts 2025
Balance Sheet Management
A fundamental facet of I-RES’ business relates to the cost of capital it deploys and its leverage level. Interest rate
increases and/or property valuation decreases result in higher debt service costs and restriction of future leveraging
opportunities due to its regulatory requirement to maintain LTV below 50%.
Strategic Impact Medium
I-RES is exposed to risks associated with availability of capital (equity and debt) and
movements in interest rates on its floating rate bank debt, as well as movements in
property valuations.
Additionally, property valuations are inherently subjective but also driven by market
forces. A contraction in property values could make I-RES too highly geared, which could
result in higher interest costs and potential covenant breaches.
Rising interest rates, higher equity costs or valuation declines may create refinancing
challenges, reduce growth capacity or increase covenant risk.
Mitigation Strategy
I-RES has a proven record of strong financial results. Strong results, combined with being
in a residential sector with a strong underlying market, help manage our ability to meet
shareholders’ expectations and, thus, the cost of equity.
As previously noted, I-RES has developed strong relationships with lenders, both in
Ireland and internationally, which provide ongoing financing possibilities for I-RES.
I-RES completed a private placement of Notes of circa €200 million equivalent in March
2020, with a weighted average fixed interest rate of 1.92% inclusive of swap costs. The
Notes have a laddered maturity over six, nine, and eleven years, with the first repayment
due in 2027. As of 31 December 2025, I-RES has c. €7.6 million of cash and €147.6 million
of committed undrawn debt under its Revolving Credit Facility. I-RES maintains an active
programme of engagement with its debt and equity providers, including an ongoing
Investor Relations programme.
I-RES’ refinanced its €500 million revolving credit facility in March 2025 with a further
uncommitted €200 million accordion facility. The facility has two one-year extension
options available.
I-RES’ net loan to value ratio was 43.6% as at 31 December 2025, well below the 50%
maximum allowed under the Irish REIT rules and the financial covenants under I-RES’
debt agreements. I-RES also manages its headroom on its interest coverage ratio.
I-RES closely monitors property values by updating its property valuations twice annually
using two independent property valuation firms.
Risk Trending Since
31 December 2024
Stable
Capital markets improved toward late 2025, with better liquidity and sentiment despite
geopolitical uncertainties. The cost of capital is easing gradually and Ireland and Europe
remain attractive for global capital flows. The March 2025 RCF refinancing extended our
debt maturities with no near-term refinancing pressure.
Valuations rose c. 2% year-on-year due to organic rental growth and effective cost
management, and yields have stabilised over the last 18 months. Government initiatives
to support institutional residential investment further strengthen the outlook.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Risk Report
continued
51
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Cybersecurity and Data Protection
In the current environment, businesses encounter increased and persistent information security risks. Without an
adequate cybersecurity program and data governance frameworks, both internally and with service providers,
I-RES’ systems and data may be exposed to cybersecurity attacks, potentially resulting in service disruptions or the
loss of confidential commercial or personal information.
Strategic Impact Medium
I-RES faces a continuous threat to its information systems, particularly if it fails to
implement and adhere to appropriate cybersecurity and data protection requirements
and practices. Failure to maintain robust cybersecurity and data governance could
lead to service disruption, unauthorised access and regulatory penalties. Risks are
heightened if IT providers do not adhere to required standards.
Mitigation Strategy
I-RES continues to strengthen its approach to cybersecurity through ongoing risk
assessments and a comprehensive annual assurance programme, proactively addressing
threats emerging from the external cyber risk landscape. The organisation consistently
invests in controls and aligns its Information Security Management System with ISO27001
standards, ensuring a robust foundation for its security practices.
In 2025, I-RES made substantial progress in advancing its cyber capability and IT
resilience by embedding an enhanced Cyber Security Framework. This framework
forms the backbone of I-RES’ Cyber Strategy, driving strategic investments in best-
in-class technology, infrastructure upgrades and the implementation of advanced
24/7 threat detection and response tools. Regular technology security assessments,
including phishing simulations, ransomware scenario testing and vulnerability scans, are
conducted to identify and mitigate potential risks.
I-RES maintains responsibility for data privacy and protection as a data processor,
adapting its practices and those of its sub-processors to keep pace with ongoing
technological and legislative developments. The organisation demonstrates agility in
responding to new regulatory requirements, such as the Digital Operational Resilience
Act (“DORA”) and remains vigilant to evolving threats such as AI-enabled cybercrime and
sophisticated social engineering tactics.
To foster a culture of security awareness, I-RES provides employees with regular, targeted
training on cybersecurity, privacy and data protection. The training is continually
updated to reflect the latest threat intelligence, best practices, and compliance
obligations, empowering staff to recognise and respond effectively to potential cyber
risks. Additionally, I-RES encourages a proactive reporting culture and regularly reviews
its incident response and recovery plans to ensure operational continuity in the event of
a cyber incident.
Through these ongoing enhancements, I-RES demonstrates its commitment to safeguarding
stakeholder interests, maintaining regulatory compliance and protecting confidential
business and personal information in an increasingly complex digital environment.
Access to personal data is controlled through physical and administrative measures, and
IT security. I-RES ensures all software is up to date to protect against known vulnerabilities
and maintains regular backups of critical systems and data supported by recovery plans to
restore operations quickly in the event of an incident.
I-RES maintains cybersecurity insurance coverage and continues to monitor and assess
risks surrounding collection, processing, storage, disclosure, transfer, protection and
retention/destruction practices for personal data.
Risk Trending Since
31 December 2024
Increasing
Rapid technological change, evolving EU data protection and resilience requirements,
vendor dependencies and increasing AI enabled cybercrime continue to elevate risk levels.
I-RES 52
Annual Report and Accounts 2025
Compliance obligations
Potential breaches of laws and regulations could result in litigation or investigations, the imposition of significant
fines, sanctions, loss of REIT status, adverse operational impact, and reputational damage.
Strategic Impact Low
I-RES is subject to a wide variety of laws and regulations (including those applicable to it
as a listed company) which vary in complexity, application, and frequency of change.
Non-compliance with any of these laws and regulations, depending on the scale of the
incident, could result in significant impacts including penalties/loss of regulated status
and/or reputational damage.
Mitigation Strategy
There is proactive monitoring of I-RES’ compliance with the rules and regulations across
key areas of activity, including the Listing Rules, Corporate Governance Code, REIT rules,
EU and Central Bank requirements and Tax legislation.
Within the business there are legal, risk and compliance personnel who monitor both
compliance with current requirements and any impending or emerging changes in rules
and regulations or tax policies that may impact on the organisation. The results of these
compliance reviews are reported to the Board on a quarterly basis, at a minimum.
In addition, I-RES’ external audit and internal audit providers carry out a suite of regular
compliance audits, agree appropriate remediation actions with Management where
any shortcomings are identified and provide independent reporting to the Audit
Committee on the outcome of these reviews.
Risk Trending Since
31 December 2024
Stable
I-RES does not believe the risk of non-compliance has changed generally. The Audit
Committee continues its review and monitoring as well as taking expert advice when
necessary.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Risk Report
continued
53
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Climate Change and Environmental Sustainability
Failure to respond appropriately and sufficiently to climate and environmental sustainability risks or failure to benefit
from the potential opportunities could lead to adverse impact on reputation, property values and shareholder returns.
Strategic Impact Medium
The I-RES portfolio is a modern, energy efficient portfolio. However, as with all real estate
companies, there is an increasing exposure to environment and climate-related risks
across the portfolio.
The climate-related risks/opportunities include, but are not limited to, more extreme
and volatile weather events, further changes in regulations or government policies in
response to climate change targets, reputation management, developing technology,
investor pressure and expectations, and the necessity to have in place an appropriate
and effective climate adaptation strategy.
The environmental risks/opportunities include, but are not limited to, management of
resource use (energy, water), material sourcing and use, greenhouse gas emissions,
and other impacts from operating, maintaining, and renovating our properties.
Mitigation Strategy
I-RES has embedded building a sustainable business at the heart of its strategy,
providing and operating a modern residential asset portfolio with high sustainability
features.
The Board has in place a Sustainability Committee which, among other duties, is
responsible for developing and recommending to the Board the Sustainability strategy,
policies, risks, targets, and investment required to achieve the approved Sustainability
strategy.
In 2024, I-RES carried out a Double Materiality Assessment examining both the external
environmental and social impacts of the Company and the internal organisational
impacts of sustainability issues. This approach ensures we have a comprehensive
understanding of the material sustainability topics affecting the business.
In 2025, I-RES converted its RCF into a Sustainability Linked Loan (“SLL”) which ties
financing costs to independently verified Sustainability Performance Indicators.
In 2025, I-RES also began the process of preparing a formal Climate Transition Plan,
which will form a critical component of our sustainability-linked finance strategy. The
plan, which will include climate risk and opportunity identification, scenario analysis, and
governance and financing, will ultimately outline our pathway to decarbonisation and
long-term climate resilience. Once finalised, the targets in our Climate Transition Plan will
be embedded within our financial frameworks.
In order to assess progress, I-RES benchmarks its Environmental, Social and Governance
progress against several industry benchmarks.
Risk Trending Since
31 December 2024
Increasing
I-RES’ Board and Management continue to monitor the organisation’s environmental
sustainability performance and mitigating actions. While substantial progress was
made within I-RES in 2025 (further details are set out in the Report of the Sustainability
Committee), the risks associated with climate and environmental sustainability continue
to increase and evolve.
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
I-RES 54
Annual Report and Accounts 2025
Strategic Impact Risk Trending
High Increasing
Medium Stable
Low Decreasing
Major Safety, Health, Security or Asset Loss Incident
Failure to respond appropriately to a major safety, health or security incident or to the loss of a material asset could
adversely impact on reputation, property values and shareholder returns.
Strategic Impact Medium
Failure to respond appropriately to any material disruption to our operations including
a major site-based incident and in particular, failure to identify, mitigate and/or react
effectively to a major health, safety, or security incident, leading to:
• Serious injury, illness, or loss of life
• Delays to major building projects
• Access restrictions to our properties resulting in loss of income
• Inadequate response to regulatory changes
• Reputational impact
Could result in impacts in terms of loss of income, impact on share price, loss of
stakeholder confidence and criminal/civil proceedings.
Mitigation Strategy
Health and Safety is a core consideration in all management activity and the protection
of the health and safety of our tenants, staff and the public is an area of continual focus.
I-RES monitors compliance with relevant regulations in key areas such as fire safety and
housing standards.
All sites are fitted with fire detection systems which are subject to ongoing monitoring
and quarterly testing.
Emergency response arrangements are in place as part of the business continuity
and crisis management framework and are aligned to best practice procedures.
Test exercises are undertaken and lessons learned reviews completed both on those
exercises and any actual incidents that arise from normal operations.
The operations team is staffed by experienced industry professionals who are based on
site at the locations for which they are responsible. In addition to ongoing monitoring of
our sites, procedures also include an annual safety assessment at letting unit level. This
team is also supported where necessary by specialist contractor suppliers in respect of
the ongoing maintenance of our sites. There is also ongoing engagement on Health and
Safety issues with OMCs and managing agents on sites not managed by I-RES.
Risk Trending Since
31 December 2024
Stable
I-RES has a proven record of the successful management of its portfolio of properties
over an extended period. The safe management of our sites in compliance with relevant
regulations and requirements remains a key and ongoing priority for the organisation.
Risk Report
continued
55
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Governance
Board of Directors 56
Governance at a Glance 60
Corporate Governance Report 62
Report of the Nomination Committee 69
Report of the Audit Committee 76
Report of the Remuneration Committee 82
Report of the Sustainability Committee 99
Report of the Directors 103
Statement of Directors’ Responsibilities 110
School Yard
61
Residential
Units
I-RES
56
Annual Report and Accounts 2025
Board of
Directors
Hugh Scott-Barrett
Non-Executive Chair
Appointed to the Board:
29 September 2022
Date of Appointment:
Appointed Non-Executive Director
29 September 2022 and Chair
from 23 February 2024
Committee Membership:
Career and experience:
Mr Scott-Barrett has significant
Board experience across real
estate, asset management, and
banking. Most recently he was a
Non-Executive Director and Senior
Independent Director on the Board
of Balanced Commercial Property
Trust Limited. He was Non-Executive
Chairman at the UK specialist
property REIT Capital & Regional plc,
having previously served as Chief
Executive Officer of the Company, as
well as roles held as a Member of the
Board of Directors of GAM Holding AG
and as a Non-Executive Director at
Goodwood Estate Company Limited.
Other Skills Relevant to I-RES Board:
• Career as a senior executive built
within commercial and investment
banking (Swiss Bank Corporation
as Deputy CEO Europe and
ABN Amro Bank NV as COO and
subsequently CFO)
• At ABN Amro, the COO role included
responsibility for the Group HR
Function aswell as Group IT and
Operations.
Significant external appointments:
None
Nationality: British
Eddie Byrne
Executive Director and
Chief Executive Officer
Date of Appointment:
Appointed Chief Executive Officer
and Executive Director 1 May 2024
Committee Membership:
Career and experience:
Mr Byrne brings a wealth of
experience at executive level in the
real estate sector having worked
in the industry for 25 years, most
recently as Joint Managing Partner
at Quintain Developments Ireland,
where he co-established the Irish
business, growing it into one of
Ireland’s largest home builders over
a four-year period to the end of 2023.
Other Skills Relevant to I-RES Board:
• Career built within the regulated
Banking sector in Ireland, the US
and Holland
• Over 25 years of executive
leadership, navigating full
business lifecycles from expansion
to strategic restructuring and
dissolution
Significant external appointments:
Non-Executive Director of Irish
Institutional Property
Nationality: Irish
Audit Committee
Nomination Committee
Remuneration Committee
Sustainability Committee
C
Chair of a Committee
Senior Independent Director
57
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Joan Garahy
Non-Executive Director
and Senior Independent Director
Date of Appointment:
Appointed to the Board 18 April 2017
and Senior Independent Director
4 May 2023
Committee Membership:
Career and experience:
Ms Garahy brings a wealth of
experience as a Director of public
companies (Kerry Group and ICON
Plc) and non-profits, with extensive
governance experience and
knowledge of remuneration matters
in a global context gained over the
last decade.
Ms Garahy has significant financial
services and investment experience
having spent over 30 years advising
on and managing investment funds.
She has held leadership roles
in the investment and pensions
industry including with ClearView
Investments & Pensions, the National
Treasury Management Agency
(Ireland), Hibernian Investment
Managers and Goodbody
Stockbrokers.
Other Skills Relevant to I-RES Board:
• Ms Garahy has served on the I-RES
Board for over 8 years including
previously chairing the Audit
Committee and currently Chair of
the Remuneration Committee.
• Ms Garahy also serves on the Board
of UNICEF Ireland
Significant external appointments:
• Non-Executive Director of IPB
Insurance CLG, Chair of the Audit
Committee, Member of the
Remuneration Committee, Member
of the Investment Committee,
Member of the Sustainability
Committee
• Non-Executive Director of KKR
Capital Markets (Ireland) Limited
Nationality: Irish
Amy Freedman
Non-Executive Director
Date of Appointment:
Appointed 10 May 2024
Career and experience:
Ms Freedman is an experienced
advisor and Executive and
Non-Executive Director with
varied experience in corporate
governance, capital markets, asset
management and shareholder
matters. She is currently a Partner
at Longacre Square Partners, a
strategic communications and
special situations advisory firm
with offices in New York and Toronto.
Ms Freedman was previously an
advisor to Ewing Morris. She also
previously served on the Board
of Canaccord Genuity (CGF) and
ParkLawn Corporation and was
CEO of Kingsdale Advisors, a
leading shareholder services
and advisory firm.
Other Skills Relevant to I-RES Board:
• Ms Freedman previously
worked in capital markets as an
investment banker with global firms
including Stifel and Morgan Stanley
in both Toronto and
New York
Significant external appointments:
• Non-Executive Director of Metatek
(TSX: MTEK)
• Non-Executive Director of American
Hotel Income Properties (TSX:
HOT.UN). Ms Freedman chairs the
Compensation Committee
• Non-Executive Director of Bitfarms
Ltd. (TSX: BITF)
Nationality: Canadian
I-RES
58
Annual Report and Accounts 2025
Board of Directors
continued
Denise Turner
Non-Executive Director
Date of Appointment:
Appointed 4 May 2023
Committee Membership:
Career and experience:
Ms Turner has significant
international experience across
property acquisition, investments,
valuations, rent reviews and asset
sales. She was Head of Asset
Management Ireland at KanAm
Grund REAM GmbH & Co. KG, a
privately managed, German based
real estate investment specialist with
current assets under management
in excess of €6 billion. Prior to that
Ms Turner was a Director of Savills
Commercial (Ireland) Limited with
responsibility for capital markets,
risk, strategy and operations.
Other Skills Relevant to I-RES Board:
• Chartered Valuation Surveyor by
profession
• Completed the Institute of Directors
Corporate Governance Diploma in
2021
• Served on the IT Committee
at Savills, with oversight of IT
implementation and spend.
Significant external appointments:
None
Nationality: Irish
Richard Nesbitt
Non-Executive Director
Date of Appointment:
Appointed 10 May 2024
Career and experience:
Mr Nesbitt is a career banker. He is
currently a Senior Visiting Fellow,
and Chair of ‘The Inclusion Initative’
advisory board, a new research
institute at the London School of
Economics.
He has extensive senior executive
and Board experience. He was
President and CEO of the Global Risk
Institute. Previously, Mr Nesbitt served
a dual role as Chairman and CEO
of CIBC World Markets Inc. as well as
Chief Operating Officer of CIBC Bank.
Prior to that, Mr Nesbitt was the
CEO of the TMX Group.
Other Skills Relevant to I-RES Board:
• Previously served as President and
CEO of HSBC Securities
• Previously served as Non-Executive
Director of the Financial Services
Regulatory Authority
Significant external appointments:
None
Nationality: Canadian
Audit Committee
Nomination Committee
Remuneration Committee
Sustainability Committee
C
Chair of a Committee
Senior Independent Director
59
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Stefanie Frensch
Non-Executive Director
Date of Appointment:
Appointed 1 July 2021
Committee Membership:
Career and experience:
Ms Frensch has extensive Board
experience in real estate. Until early
2025, she was a Non-Executive
Director of Hapimag AG. She
was formerly a member of the
Supervisory Board of Alstria Office
REIT, as well as a member of the
Management Board of Howoge
Wohnungsbaugesellschaft GmbH.
Ms Frensch has extensive Senior
Executive experience. She is currently
a member of the Management
Board of Becker & Kries Holding.
Early in her career, Ms Frensch was
a partner of EY Real Estate and
advisory services.
Other Skills Relevant to I-RES Board:
• Chair of the CSR and Sustainability
Committee at ZIA, the leading
professional association of the
German real estate sector
• Non-Executive Director at ICG
(Institut für Corporate Governance),
a German Institute in the Real
Estate Industry with a specific focus
on Social Impact, Compliance and
Corporate Governance
• Board member qualification
degree at the German Stock
Exchange
Significant external appointments:
None
Nationality: German
Tom Kavanagh
Non-Executive Director
Date of Appointment:
Appointed 1 June 2018
Committee Membership:
Career and experience:
Mr Kavanagh brings to the Board a
wealth of experience in professional
practice as a business advisor,
having served as a partner at
Deloitte Ireland. He has wide-
ranging experience in professional
practice as a business advisor,
corporate restructuring expert
and insolvency practitioner. His
practice included advising on the
restructuring of large portfolios of
distressed Irish property assets.
Mr Kavanagh has extensive Board
experience, having served as a
Director on the Boards of a number
of private companies and was a
member of the Board of the Credit
Union Restructuring Board (REBO).
Mr. Kavanagh is a former Chair of
Chapter Zero Ireland, a community
of Non-Executive Directors that lead
Irish boardroom discussions on the
impacts of climate change.
Other Skills Relevant to I-RES Board:
• Chartered Accountant by
profession
• Has served on the Board for over 7
years including previously chairing
the Sustainability Committee
and currently Chair of the Audit
Committee
• Completed ‘Value Creation
through Effective Boards’ in Harvard
Business School/IESE Business
School in 2019
• Completed ‘Sustainability
Leadership’ in Cambridge
University in 2020
Significant external appointments:
None
Nationality: Irish
I-RES
60
Annual Report and Accounts 2025
Governance at a Glance
2025 has been a year of progress and positive momentum for the
Company. The Board remains committed to promoting the long-term
sustainable success of the Company and to ensuring that our governance
frameworks align with the expectations of our stakeholders and the
principles of the Irish Corporate Governance Code.
This Corporate Governance
Report describes our governance
arrangements, the operation of
the Board and its Committees,
and how the Board discharged
its responsibilities during 2025 in
accordance with its corporate
governance obligations, including
the Irish Corporate Governance
Code 2024.
50%
Female
4
Different
nationalities
(incl. Irish)
3 years
Average tenure
The Irish Corporate
Governance Code
Euronext Dublin published their
new Irish Corporate Governance
Code (the “Code“) in September
2024 following a consultation
process which took place from
April 2024. The Code applies to
financial years commencing
on or after 1 January 2025 for
companies such as I-RES which are
Irish incorporated with an equity
listing on Euronext Dublin (Irish
Stock Exchange). While required
to comply with the provisions of
the Code, the Board will continue
to be mindful of the requirements
of the UK Corporate Governance
Code and the guidance and best
practice that has developed based
on that Code.
Compliance with
the Irish Corporate
Governance Code
This Corporate Governance Report,
in conjunction with the Committee
reports, describe how I-RES has
applied the principles and followed
the provisions of the Code and
details any departures from their
specific provisions during 2025. The
Code sets out expected standards
of good practice in relation to
issues such as Board leadership
and company purpose, division
of responsibilities, composition,
succession and evaluation, audit,
risk and internal control, and
remuneration.
This year we complied with the
Code throughout the year with the
following exception:
Provision 37
As disclosed in prior years with
respect to the UK Corporate
Governance Code, option
awards granted as part of the
remuneration of the previous CEO
under the long-term incentive
plan (“LTIP”) prior to the 2020
financial year did not comply in
full with the holding and vesting
recommendations of Provision
37 of the Code. The last of these
options lapsed during 2025.
Although the Company is not
fully compliant in relation to
such options previously granted,
any Restricted Shares (as
defined under the rules of the
LTIP) awarded to the Executive
Directors under the LTIP as and
from 2020 are subject to the
Company’s Remuneration Policy
and arrangements described in
the Report of the Remuneration
Committee and comply with
Provision 37 of the Code.
61
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Board Meetings Attended/Eligible to Attend
(including Ad Hoc Meetings)
1 January – 31 December 2025
Members Attendance
Hugh Scott-Barrett 6/6
Eddie Byrne 6/6
Amy Freedman
(1)
5/6
Denise Turner 6/6
Joan Garahy 6/6
Phillip Burns
(2)
3/3
Richard Nesbitt 6/6
Stefanie Frensch 6/6
Tom Kavanagh 6/6
1. The Board met to consider the sale by Vision Capital of its shares in
I-RES and the implications for the Co-operation Agreement and for
Ms Freedman’s seat on the Board.
2. Mr Burns retired from the Board 15 May 2025
Board Skills and Experience
As part of the evaluation process the Nomination
Committee identified the following areas of experience,
qualifications, attributes and skills as being of particular
relevance to the Company’s business and structure and
have assessed the competency of each of the Board
members in respect of each of them:
Board skills and experience
Financial Expert
Government Relations
Irish Market Experience
Mergers and Acquisitions
Public Company Boards
Regulated Entities
Real Estate
Sustainability
Capital Markets
Risk, Health & Safety
HR/People Management
Tech/Digital/Cyber
Legal & Governance
I-RES
62
Annual Report and Accounts 2025
Corporate Governance Report
Governance Framework
Our governance framework provides a clear and comprehensive summary of the principal
aspects of our structure and the governing roles within the Company. It sets out the procedures
and guidelines we adhere to which facilitate responsive and effective decision-making,
ensuring that the Board and its Committees, with the Senior Leadership Team are able to
collaborate proactively, consider issues and respond effectively.
The Board
The role of the Board is to provide
effective leadership and oversight,
set the strategic objectives for the
Company and determine the nature
and extent of the principal risks it
is willing to take in achieving these
strategic objectives. The Board is
collectively responsible for the long-
term sustainable success of the
Company and delivery of value for
its shareholders and other principal
stakeholders, including employees,
residents, lenders and suppliers. The
Board leads the development of the
culture, purpose, values and strategy
in the Company and aims to ensure
that these are aligned. The Board
is responsible for the Company’s
dividend policy, corporate
governance, approval of financial
statements and shareholder
documents and formulating,
monitoring and reviewing the
effectiveness of the Company’s
risk management and internal
control systems.
The Board also seeks to ensure
that its obligations towards its
shareholders and other stakeholders
are understood and met. The
Board is responsible for ensuring
the accuracy of financial and
business information provided to
shareholders and for ensuring that
such information presents a fair,
balanced and understandable
assessment of the Company’s
position and prospects.
There is a clear division of
responsibilities within I-RES between
the Board and the Senior Leadership
Team. Responsibility for day-to-
day running of I-RES’ operations is
delegated by the Board to the CEO,
CFO and Senior Leadership Team,
with the Board reserving to itself a
formal schedule of matters over
which it retains control.
Beechwood
Court
87
Residential
Units
63
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Audit Committee
(For further details see report of the Audit Committee)
Sustainability Committee
(For further details see report of the Sustainability Committee)
This Committee is responsible for monitoring
the integrity of the financial statements of the
Company, including its annual and half-yearly
reports, preliminary announcements and any
other formal statements relating to its financial
performance, and reviews and reports to the
Board on significant financial reporting issues and
judgements which those statements contain. The
Committee is also responsible for reviewing the
Group’s risk framework (including IT and cyber
security) and internal controls and maintaining the
auditor relationship.
This Committee is responsible for developing
and recommending to the Board the Company’s
Sustainability strategy and ensuring it remains fit for
purpose, developing and recommending policies,
risks, targets and investment required to achieve
the Company’s Sustainability strategy as well as
ensuring any Sustainability commitments are
consistent with the Company’s business strategy
and Code of Ethics. It advises the Audit Committee
on Sustainability-related risks, including climate-
related issues and the Remuneration Committee on
performance against Sustainability related targets.
Remuneration Committee
(For further details see report of the Remuneration Committee)
Nomination Committee
(For further details see report of the Nomination Committee)
This Committee is responsible for the remuneration
policy, performance-linked pay schemes and
share based incentive plans. The Committee
has delegated responsibility for determining the
policy for Directors’ remuneration and setting
remuneration for the Company’s Chair, Executive
Directors and senior management, including
the Company Secretary, in accordance with the
Principles and Provisions of the Code.
This Committee is responsible for regularly
reviewing the structure, size and composition
(including the skills, knowledge, experience
and diversity) of the Board and making
recommendations to the Board with regard
to any changes. This includes proposing new
Board appointments and monitoring the Board’s
succession needs.
Board Committees
The Board is supported by its four
principal Board Committees in
discharging its duties. At each Board
meeting, the Chair of each of these
Committees provides an update on
their Committee’s activities.
The duties and responsibilities of
each of these Committees are
set out clearly in written terms of
reference, reviewed and approved
by the Board annually and published
on the Company’s website. The table
below provides further details on the
role of each of these Committees.
Other Committees have been and
may be established from time
to time in accordance with the
Company’s Constitution.
Senior Leadership Team
The Senior Leadership team is
responsible for executing the
strategy. It manages, monitors and
provides the senior leadership input
underlying the Company’s strategic
and operational decisions, ensuring
strong alignment on business
priorities, investments and actions
and that appropriate internal control
structures are in place to manage
risk.
I-RES
64
Annual Report and Accounts 2025
Corporate Governance Report
continued
Division of
Responsibilities
The division of responsibilities
between the Chair, the CEO and
the Senior Independent Director
has been clearly established, set
out in writing and agreed to by the
Board.
Chair of Board
The Chair leads the Board,
ensuring it operates effectively
and fulfills its role in directing the
Company.
Key responsibilities include:
• Presiding over Board and
committee meetings and the
AGM.
• Setting agendas, facilitating
discussions, and allocating
ample time for key topics,
especially strategic issues.
• Shaping expectations for
company culture, values, and the
tone of Board dialogue.
• Ensuring the Board defines
acceptable risk levels as part of
its strategy.
• Overseeing effective decision-
making and challenging major
proposals.
• Structuring Board committees
appropriately.
• Holding meetings with Non-
Executive Directors alone to
promote open discussion.
• Encouraging open debate and
the active participation of all
Board members based on their
skills and independence.
• Ensuring Board members
understand and fulfill statutory
duties.
• Building a productive relationship
with the CEO and senior
management, offering informed
support and advice.
• Consulting the Senior
Independent Director on Board
matters, as needed.
• Providing ethical leadership and
promoting strong corporate
governance.
• Supplying accurate, timely, and
clear information to the Board.
• Engaging with major
shareholders and stakeholders
to understand their perspectives
on governance, performance,
and significant matters.
• Fostering constructive relations
between Executive and Non-
Executive Directors, and
supporting new Directors with
tailored induction and ongoing
mentoring.
• Reviewing and agreeing
to Directors’ training and
development needs to maintain
Board effectiveness.
• Leading annual evaluations of
the Board, its committees, and
Directors and addressing the
results of those evaluations.
Chief Executive Officer (“CEO”)
The CEO reports to the Board
and oversees the Company’s
management, ensuring alignment
with Board policies.
Key responsibilities include:
• Collaborate with the Board to set
long-term strategy and vision.
• Develop and execute objectives,
annual plans, budgets, and
major transactions in line with
the Company’s strategy.
• Lead risk management and
ensure robust internal controls.
• Promote purpose, values,
and culture throughout the
organisation, modelling
expected standards.
• Manage daily operations
to achieve financial and
operational targets.
• Ensure compliance with legal,
regulatory, governance, social,
ethical, and environmental
standards.
• Formulate and implement key
corporate policies.
• Maintain strong Board relations
and keep members informed
of performance and significant
events.
• Act as chief spokesperson
and oversee communications
strategy.
• Recruit, lead, and develop the
Group’s Senior Leadership Team
below Board level to ensure
effective management.
• Support the Chair in maintaining
high governance standards
across the Company.
Senior Independent Director
The Senior Independent Director
acts as a sounding board for the
Chair and an intermediary for
other Directors and is available
to shareholders when normal
channels do not resolve concerns.
Duties include:
• leading at least one annual
meeting of Non-Executive
Directors to assess the Chair’s
performance,
• helping with Board evaluations,
• supporting orderly Chair
succession with the Nomination
Committee, and
• participating in Board
committees.
The role also involves working with
the Chair and other Directors, and/
or shareholders, during periods in
which the Company is undergoing
a period of stress.
65
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Financial Statements
Supplementary Information
Board Meetings and Attendance
Directors are expected to participate
in all scheduled Board meetings and
Committee Chairs are expected
to participate in each annual
general meeting. A schedule of
Board meetings for the following
year is circulated to the Board in
advance of the financial year-end.
At each quarterly meeting of the
Board, there are certain standing
agenda items (for example, strategy
discussion, update on investment
and development plans, review of
risk, operations and financial reports,
update on sustainability progress
and update on investor relations).
This agenda seeks to ensure that
the Board has the opportunity to
have in-depth discussions on key
issues across all aspects of the
Company’s activities. The Chair and
the Company Secretary ensure
that the Directors receive clear,
timely information on all relevant
matters necessary to assist them
in the performance of their duties.
Each committee also approves
a committee work plan for the
following year.
The Board meets a minimum of four
(4) times each calendar year and
otherwise as required. Prior to such
meetings taking place, an agenda
and Board papers are circulated
electronically via a secure Board
portal to the Directors to ensure that
there is adequate time for them to
be read and to facilitate constructive
challenge and robust and informed
discussions. The portal is also used
to distribute Committee agendas
and papers, reference documents
and other useful resources which
can be accessed by all Board
Directors. The Company Secretary
is responsible for the administrative
and procedural aspects of the
Board meetings. The Board held
6 meetings during 2025. All Board
members attended all scheduled
quarterly Board meetings. In
accordance with Principle 13 of the
Code, the Chair met during the year
with the Non-Executive Directors
without the presence of the CEO.
Time Commitment
The Board has adopted a formal
policy on overboarding which
states that Non-Executive Directors
may hold up to five ‘mandates’
(1)
on publicly listed companies
(including the Company). In each
case the Board will consider the
nature and scope of the various
appointments and the companies
concerned, and whether any
exceptional circumstances exist.
A copy of I-RES’ Board Overboarding
Policy is available at www.iresreit.ie/
about-us/policies.
The Board, supported by
the Nomination Committee,
carefully considered the external
commitments of the Chair and the
Executive and each of the Non-
Executive Directors. As evidenced
by the attendance levels, the Board
is satisfied that each Director has
committed enough time to be able
to fulfil their duties and has capacity
to continue doing so.
Information, Support and
Independent Advice
Directors have direct access to the
Company Secretary. The Board
has also approved a procedure
for Directors to seek independent
professional advice at the expense
of the Company, where appropriate.
Remuneration
Details of the remuneration of
Directors are set out in pages 91 to
92 of the Remuneration Committee
Report.
Independence
The independence of each of
the Non-Executive Directors is
considered upon appointment and
on an annual basis by the Board. The
Board has determined that each
of the Non-Executive Directors are
independent within the meaning of
the Code.
The Chair, Hugh Scott-Barrett, was
independent on appointment within
the meaning of the Code. The Board
also considered the independence
of Ms Freedman and Mr Nesbitt,
each of whom were proposed as
nominees to the Board of I-RES
by Vision Capital Corporation
(Vision) and each of whom were
previously considered non-
independent. Having re-assessed
the independence of each of them
the Board has concluded that, given
the fact that Vision no longer holds
any shares in the capital of the
Company, it is appropriate now to
deem Ms Freedman and Mr Nesbitt
as independent.
Therefore, as at the date of this
report, the Board is composed of
eight (8) Directors, the Non-Executive
Chair who was independent on
appointment, one (1) Executive
Director and six (6) Independent
Non-Executive Directors. The Board
therefore meets the independence
requirements of the Code.
Re-election
In accordance with the provisions of
the Code, each Director is obliged
to retire and offer themselves for
re-election at each annual general
meeting.
Conflicts of Interest
The Board reviews potential
conflicts of interest as a standing
agenda item at each Board
1. A non-executive directorship counts as one ‘mandate’, a non-executive chair counts as two ‘mandates’, and an executive director is three ‘mandates.
I-RES
66
Annual Report and Accounts 2025
Corporate Governance Report
continued
meeting. Directors have continuing
obligations to update the Board
on any changes to these conflicts.
Section 231 of the Companies Act,
2014 requires each Director who is in
any way, either directly or indirectly,
interested in a contract or proposed
contract with the Company to
declare the nature of his or her
interest at a meeting of the Directors.
The Company keeps a register of all
such declarations, which may be
inspected by any Director, secretary,
auditor or member of the Company
at the offices of the Company
(attention Company Secretary),
South Dock House, Hanover Quay,
Dublin 2, Ireland with reasonable
prior notice and during normal
business hours.
Subject to certain exceptions, the
Articles of Association generally
prohibit Directors from voting at
Board meetings or meetings of
Committees of the Board on any
resolution concerning a matter in
which they have a direct or indirect
interest which is material to, or a
duty which conflicts or may conflict
with the interests of, the Company.
Directors may not be counted in the
quorum in relation to resolutions on
which they are not entitled to vote.
Risk Management and
Internal Control
The Board has overall responsibility
for the effectiveness of the
Company’s system of risk
management and internal control.
The management of risk is critical
to the execution of the Company’s
strategy. The material risks and
uncertainties the Group faces
across its business are key areas of
Board and management focus. The
Board has delegated responsibility
for monitoring the effectiveness
of the risk management and
internal control system to the Audit
Committee. The work done by the
Audit Committee in this area is
set out in the Report of the Audit
Committee on pages 76 to 81.
The Board and the Audit Committee
have ensured that management
has maintained a robust system
of risk management and internal
control. The Board and the Audit
Committee periodically review and
consider if the risk management
and internal control systems are
operating effectively.
The Board confirms that there is
an ongoing process for identifying,
measuring and managing the
significant risks, including any
principal risks, and emerging risks,
faced by the Group in achieving
its strategic objectives, that this
process has been in place for the
year ended 31 December 2025
and up to the date of approval of
this Report, and that this process
is regularly reviewed by the Board.
For further details on the principal
risks being faced by the Group,
please see the Principal Risks and
Uncertainties Section of the Risk
Report on page 45 to 54.
The process adopted complies
with the guidance contained in the
Guidance on Risk Management,
Internal Control and Related
Financial and Business Reporting
(2014) as published by the Financial
Reporting Council.
Ashbrook
108
Residential
Units
67
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Engagement
& Culture
During 2025, we have continued our
engagement with key stakeholders
to ensure we continue to align with
their interests. We recognise the
importance of collaboration with
our shareholders, employees, the
Government and our residents as
we look toward a more sustainable
future.
Shareholders
Elected by our Shareholders to
oversee the management of the
Company, the Board recognises
the importance of effective
engagement with its shareholders
in order to obtain their views as a
whole.
I-RES’ Board ensures that the long-
term interests of shareholders
are advanced responsibly, while
balancing the interests of our other
stakeholders, including our residents
and our communities.
I-RES has a comprehensive investor
relations program including
providing detailed presentations
to both existing and prospective
institutional shareholders after
the release of the interim and
year-end results, following
significant announcements and
as part of investor days organised
by brokerage firms, EPRA and
investment banks, amongst others.
The CEO, the CFO and members of
senior management participated
in various conferences and
property tours and engaged in
ad-hoc meetings and calls with
shareholders on an ongoing basis
during 2025. The CEO provides the
Board with regular feedback from
investor meetings so that the Board
are kept up to date on all relevant
matters. In addition, the Board
receives regular market updates
and commentary from brokers and
analysts in respect of the Company.
The Chair and the other Directors
engage directly with shareholders
and also welcome the opportunity
to address shareholders’ questions
at the Company’s annual general
meeting each year. The Chair,
Senior Independent Director
and Committee Chairs arrange
meetings with shareholders to
consult on governance and other
matters and to address issues or
concerns that cannot be dealt with
through the usual investor relations
channels.
General Meetings
The 2026 Annual General Meeting
(“AGM”) will be held in May 2026 at
the Spencer Hotel, Excise Walk, IFSC,
Dublin 1. Formal notification will be
sent to shareholders in advance of
the meeting.
The AGM gives shareholders an
opportunity to hear a presentation
on the Group’s activities and
performance during the year, to ask
questions of the Chair and, through
him, the Board Committee Chairs
and to vote on each resolution put to
the meeting.
For a description of the operation of
general meetings, the key powers of
such meetings, shareholders’ rights
and the exercise of such rights at
general meetings, see pages 108 to
109 of the Report of the Directors.
Employees
Our diverse and talented team
of professionals are the drivers of
the I-RES culture. We believe that
building an inclusive culture and
making the most of the strength
and diversity of our people will
continue to be important for our
success. As a business we recognise
the importance of our employees
in maintaining our position as
Ireland’s leading provider of
private rental accommodation
and in the successful delivery of
our business strategy and strong
results. We continuously invest
in our employees, providing
them with opportunities to
improve their skills and to
attend personal development
programmes supported by good
communications and a supportive
working environment.
In developing a collaborative and
partner-focused organisation that
clearly defines how it intends to lead,
the Board and Senior Leadership
Team continue to actively
engage with all employees of the
Company to support a company
culture that promotes integrity,
openness, diversity and active
responsiveness with our Employees
as well as Shareholders and wider
stakeholders.
Workforce Engagement
Tom Kavanagh, our Workforce
Engagement Director, provides a
link between the Board and our
employees and engages with them
to gain their views on a number
of topics. The Board also actively
engages with employees and met
face to face with our people across
the business during 2025.
Since his appointment, Tom
Kavanagh has engaged directly with
all employees across I-RES. He has
visited all of the regional offices and
the head office, met with the teams
and received presentations from
team members on various projects
being undertaken such as the Green
Ambassadors programme, the
I-RES intranet, known as the ‘I-RES
Times’ and the I-RES Living app.
Mr Kavanagh reports regularly to the
Board on these engagements.
In August and November 2025, a
number of our Directors, including
our Workforce Engagement Director
undertook property tours of the
portfolio together with a number of
the employees who work at those
properties. These tours provided
informal opportunities for the
employees to meet Board members.
In September, the Workforce
Engagement Director attended
part of the Senior Management
Team away day, which allowed him
to meet with the broader senior
management team and to have a
two-way discussion on the future
strategy for the Company.
I-RES
68
Annual Report and Accounts 2025
Corporate Governance Report
continued
Employee Survey
As at 31 December 2025 the
Company had 97 employees. I-RES’
most recent employee engagement
survey, focused on a range of key
engagement dimensions designed
to explore and evaluate employee
experience whilst boosting
engagement. I-RES is pleased
to report a very strong overall
employee engagement score of
90% for 2025.
Government
The Company implemented a
comprehensive engagement
program, principally by
collaborating with industry
organisations in their research
initiatives and communications with
the Government. This effort aimed
to promote a balanced regulatory
framework that supports increased
future supply while ensuring security
for renters.
Residents
During 2025, the I-RES team
continued with its comprehensive
programme of resident and
community engagement further
details of which are set out in the
2025 Sustainability Report accessible
at www.iresreit.ie. Details of this
programme and the feedback
from residents and communities
are reported to the Board through
the Sustainability Committee and
through the results of the annual
Resident Engagement Survey.
Through our Resident Engagement
Survey we capture our residents’
views and valuable insights on the
demographics across our portfolio.
Our ambition is to build a
sustainable and responsible
business that is aligned with the
long-term approach we take to
investing, building, and maintaining
our properties, supporting and
servicing our residents, employees,
our vendor partners and the wider
community in which we operate.
We will continue working with key
stakeholders to further develop a
responsible business.
I look forward to engaging with our
Shareholders at our AGM in May
2026, full details of which can be
found in the notice of AGM.
Hugh Scott-Barrett
Chair
Beacon
South Quarter
213
Residential
Units
69
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Nomination Committee Membership
Hugh Scott-Barrett (Chair) Appointed Chair 23 February 2024
Joan Garahy Appointed 1 November 2017
Denise Turner Appointed 4 May 2023
Dear Shareholder,
it is my pleasure to
present the Report
of the Nomination
Committee for
the year ended
31 December 2025.
This report demonstrates how the
Nomination Committee fulfilled
its responsibilities during the year
in accordance with its terms of
reference and under the relevant
requirements of the Irish Corporate
Governance Code.
Composition of
the Nomination
Committee
The Nomination Committee is
chaired by Hugh Scott-Barrett,
who is also the Chair of the
Board. The Chair was considered
independent on appointment. All
other members of the Nomination
Committee were independent Non-
Executive Directors when appointed
by the Board and continue to
be independent. Accordingly,
the Nomination Committee is
constituted in compliance with
the Code.
Hugh Scott-Barrett
Chair of the Nomination Committee
All members are appointed for an
initial term of up to three (3) years,
which may be extended by the
Board.
Meetings of the
Nomination
Committee
The Nomination Committee meets
at least twice per year and as
otherwise required. The Nomination
Committee met 8 times during
the period from 1 January 2025
to 31 December 2025.
Report of the Nomination Committee
Nomination Committee Meetings Attended/Eligible to Attend
(including Ad Hoc Meetings)
1 January – 31 December 2025
Members Attendance
Hugh Scott Barrett – Chair 8/8
Joan Garahy 8/8
Denise Turner 8/8
Terms of Reference
and Principal Duties
The Nomination Committee
reviews its terms of reference on an
annual basis for best practice and
compliance with the Code and,
if necessary, proposes for formal
Board adoption, amendments to
the Committee’s terms of reference.
The Board reviewed the terms
of reference of the Nomination
Committee most recently in
November 2025 and confirmed
that there were no substantive
changes required. The roles and
responsibilities delegated to the
Nomination Committee are set
out in the Committee’s terms of
reference which can be accessed
electronically at www.iresreit.ie.
I-RES
70
Annual Report and Accounts 2025
The Nomination Committee
evaluates its own performance
relative to its terms of reference.
Following the 2025 internal review,
it was concluded that the
Nomination Committee was
operating effectively.
The Nomination Committee’s
principal duties include:
• Regularly reviewing the structure,
size and composition of the Board
and making recommendations
to the Board with regard to any
changes;
• Identifying and nominating, for the
approval of the Board, candidates
to fill Board vacancies as and when
they arise;
• For new appointments to the
Board – evaluating the balance
of skills, knowledge, experience
and diversity on the Board and,
in the light of this evaluation,
preparing a description of the role
and capabilities required for a
particular appointment and the
time commitment expected. In
identifying suitable candidates,
considering candidates from a
wide range of backgrounds and
considering candidates on merit
and against objective criteria,
having due regard to the benefits
of diversity on the Board and taking
care that appointees have enough
time available to devote to the
position;
• Reviewing and recommending
the re-election by shareholders
of Directors under the annual
re–election provisions of the
Code or the retirement by rotation
provisions in the Company’s
articles of association, having due
regard to their performance and
ability, and why their contribution
is important to the Company’s
long-term sustainable success in
the light of the skills, experience
and knowledge required and the
need for progressive refreshing
of the Board, taking into account
the length of service of individual
Directors, the Chair and the Board
as a whole; and
• Ensuring plans are in place for
appointments to and orderly
succession to the Board and
key Senior Leadership roles and
overseeing the development of
a diverse pipeline for succession,
taking into account the challenges
and opportunities facing the
Company, and the skills and
expertise needed on the Board and
in key Leadership positions in the
future.
Key Areas of
Activity During 2025
While not intending to be an
exhaustive list of the Nomination
Committee’s considerations and
activities during the 2025 financial
year, a summary of the key activities
the Nomination Committee
undertook during the year is set out
below.
Board Changes
and Composition
During 2025, the Board continued
to operate in a collaborative and
constructive manner within a robust
governance framework, ensuring
effective oversight, appropriate
independence and clear
accountability.
Having completed her nine year
term, Joan Garahy will not seek
re-election and will retire from her
roles as Non-Executive Director,
Senior Independent Director
and Chair of the Remuneration
Committee at the conclusion of
the 2026 AGM. I would like to take
this opportunity to express my
gratitude to Joan for her outstanding
contribution and leadership on
the Board. Joan’s experience and
guidance have been invaluable
in guiding the Board through
significant change and market
challenges during her tenure.
As announced in June 2025, Amy
Freedman tendered her resignation
as a Director following Vision Capital
reducing its holding below 3% of
the issued share capital of the
Company. In order to ensure an
orderly transition, it was agreed that
Ms Freedman would continue to
serve as a Director until the AGM in
May 2026 but would not stand for re-
election. The Board thanks Amy for
her valuable contribution since her
appointment in 2024, including her
involvement in the 2025 refinancing.
Finally, in March 2026 Richard Nesbitt
informed the Board that he did not
intend to stand for re-election at the
2026 AGM. The Board thanks Richard
for his significant contribution since
his appointment in 2024, including
his involvement in the Strategic
Review.
As a result, the orderly succession
of the Board has been a key
focus of the Committee during
2025. The Nomination Committee
led the process for considering
appointments to the Board and its
committees during 2025 and 2026.
Before any appointment was made
by the Board, the Nomination
Committee evaluated the Board’s
size as well as the balance of
skills, knowledge, experience and
diversity on the Board. In light of
this evaluation, the Committee
prepared a description of the
roles and capabilities required
for the particular appointments,
emphasising the need for a
Board member with expertise
in accounting or auditing, in
anticipation of Tom Kavanagh
completing his nine year term
in 2027.
Report of the Nomination Committee
continued
71
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
In identifying suitable candidates,
the Nomination Committee used the
services of external advisers, Egon
Zehnder, to facilitate the detailed
search process.
As part of the search process the
Committee considered candidates
from a wide range of backgrounds
and provided the external advisers
with details of I-RES’ requirements
including its Board Diversity Policy
and future succession planning
considerations to be taken into
account as part of their search
process. Each candidate was
considered on merit and against
objective criteria, having due
regard to the benefits of diversity
on the Board and taking care that
appointees had enough time
available to devote to the position.
Suitable candidates were
interviewed by specified members
of the Nomination Committee
together with Mr Tom Kavanagh,
as Chair of the Audit Committee,
and the results of the interviews
were reviewed by the Nomination
Committee. The candidates
selected by the Nomination
Committee were recommended to
the Board for approval.
At the conclusion of this thorough
process the Board announced the
appointment of Mr Gary Britton
and Ms Shruthi Chindalur to join the
Board with effect from after the AGM
on 28 May 2026.
Mr Britton, a Chartered Accountant,
was a partner in KPMG and Head
of the firm’s audit practice. He
brings extensive commercial and
governance experience to the Board
having held Non-Executive Director
roles in KBC Bank Ireland plc, The Irish
Stock Exchange plc, Cairn Homes
plc and, most recently as Chair of
Origin Enterprises. His roles included
Board Chair, Senior Independent
Director, Audit and Risk Committee
Chair, Nominations and Governance
Committee Chair and Remuneration
Committee member.
Gary Britton
Ms Chindalur is an established Non-
Executive Director with experience
spanning regulated, listed, private
equity–backed and charitable
organisations. Throughout her
executive career, she focused on
leadership roles at major technology
companies such as LinkedIn, Oracle
and Criteo, a founder led AI-based
digital advertising company.
Shruthi Chindalur
We believe that Mr Britton and
Ms Chindalur’s skills will reinforce
and complement the skills and
experience on the Board.
These Board changes have given us
the opportunity to refresh the skills
on the Board while also addressing
the need to reduce Board size.
In line with normal process, prior to
the appointment of these Directors,
all of their other directorships,
appointments, significant
commitments and interests were
disclosed to the Board and they
each received formal letters of
appointment setting out clearly
what is expected of them in terms
of time commitment, committee
service and involvement outside
Board meetings.
Board Committees
To ensure the Board and its
Committees continue to operate at
a high standard, particularly in the
context of significant change, the
Committee recommended (and the
Board approved) the appointment
of Mr Tom Kavanagh as Senior
Independent Director and Ms Denise
Turner as Chair of the Remuneration
Committee upon Ms. Garahy’s
retirement. Both Mr Kavanagh
and Ms Turner bring significant
experience into their new roles. The
Committee also recommended
and the Board agreed that, upon
their appointment, Mr Britton and
Ms Chindalur will each become
members of the Audit Committee
while Mr Britton will also join
the Sustainability Committee
and Ms Chiundalur will join the
Remuneration Committee.
I-RES
72
Annual Report and Accounts 2025
Mari Hurley
CFO Designate
CFO Appointment
On 16 January 2026 Brian Fagan
announced his intention to retire
as CFO of the Company in 2026.
In order to identify a suitable
successor, Senior Management,
with input from the Nomination
Committee prepared a position
description for the CFO role and
engaged Egon Zehnder to carry
out an extensive search process
for suitable candidates. Suitable
candidates were interviewed
by specified members of the
Nomination Committee together
with Mr Tom Kavanagh, as Chair
of the Audit Committee, and the
feedback from the interview panel
was reviewed by the Nomination
Committee. The Committee
reviewed the background,
knowledge, skills and experience of
each candidate against the position
description and also carried out
extensive due diligence.
On completion of this suitability
assessment and based on her
extensive and highly successful
track record as a CFO across private,
semi-state and listed companies
spanning a wide range of sectors,
including property, the Nomination
Committee recommended to the
Board the appointment of Mari
Hurley as CFO. Ms Hurley will join
I-RES in July 2026 initially as CFO
designate before assuming the role
of CFO on Brian’s retirement.
Egon Zehnder have no connection
with the Company, or any individual
Director, other than their work
as advisers in respect of Board
composition, executive recruitment
and related matters.
Board Evaluation
The performance and effectiveness
of the Board and its Committees is
reviewed on an ongoing basis and
is subject to a formal and rigorous
annual evaluation according to
the principles of the Code. As the
Company is a smaller company
it is not required to engage an
external facilitator to conduct the
annual performance evaluation
process; however, it does so on
a voluntary basis every three
years. In 2025 an internal Board
evaluation was conducted. The
Nomination Committee reviewed
the composition of the Board
as a whole to ensure that the
Board maintains a balance of
knowledge and experience to
allow them to effectively discharge
their responsibilities. In addition,
they assessed the skills and
characteristics that the Board may
require in the future in light of current
and anticipated strategic plans and
operating requirements, and the
long-term interests of shareholders.
The Nomination Committee is
satisfied that the current Board
composition provides a suitable
balance of skills and experience
across a number of industry
sectors. The Board collectively has
strong experience of acquiring
and managing real estate assets,
providing the Company with a good
knowledge base. As highlighted in
the biographies of the Directors at
pages 56 to 59, each of the Directors
brings a different set of skills and
experience to the Board. The
Directors’ diverse skill sets facilitate
the consideration of issues at
meetings of the Board from a range
of perspectives.
The 2025 internal review focused
on a number of areas including
the Board structure, capturing
its composition, and that of its
Committees and the competencies
of the Board members. It also
reviewed the dynamics and
functioning of the Board, in the
areas of information availability,
interactions and communication
between the CEO, senior executives
and the Board, the Board agenda,
and the quality of participation
in Board meetings including
constructive challenge.
The evaluation also reviewed
the effectiveness of the Board in
developing the Company strategy,
the quality of the financial reporting
process, the integrity and the
robustness of the financial and
risk management processes and
reviewed the effectiveness of the
Chair.
The Internal review concluded that
the Board was performing well
in the fundamental areas of its
responsibility but that, as always,
there was scope to ensure some
priority areas were receiving
adequate focus and Board time
including:
• Risk Management – Enhancing
resilience scenario planning given
ongoing geopolitical tensions
• People & Culture – Ensuring the
I-RES culture is fully aligned to its
values, purpose and strategic
ambition
• Management Team Development
– Formalising senior management
succession planning and creating
further informal opportunities for
Board to meet wider management
team.
In response, the Board has agreed
upon actions to address the findings
it deems to be most urgent and
important in the circumstances.
In accordance with the Code, Joan
Garahy as Senior Independent
Director, also led a review of the
Report of the Nomination Committee
continued
73
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Financial Statements
Supplementary Information
Chair’s performance. Ms Garahy
spoke with each Director individually
as part of this process. Her review
concluded that the Directors
were satisfied with the Chair’s
performance and that he continues
to operate effectively.
Director Induction
The Chair, with the support of the
Company Secretary, is responsible
for preparing and coordinating
a comprehensive induction
programme for newly appointed
Directors. This is intended to give a
broad introduction to the Group’s
business, its areas of significant
risk and to enable new Directors to
understand the Company’s core
purpose and values so that they
can be effective Directors from the
outset.
Key elements of the induction
programme include tours of the
Company’s property portfolio
with senior management in order
to familiarise the new Directors
with the Company’s operations,
property management, the property
portfolio and key stakeholders.
These meetings also provide the
new Directors with an opportunity
to ask any questions they have
on the nature and operations
of the business, and on the
implementation of the Company’s
business strategy. The new Directors
are also invited to meet with other
key people at I-RES responsible
for risk, insurance, internal audit,
acquisitions and development,
operations and financial reporting.
As part of the induction programme,
new Directors receive an information
pack which includes an I-RES Group
structure overview, key policies,
historical financial reports, a
schedule of Board meetings and
information on how to access the
Company’s board portal. A number
of governance matters are also
outlined, including Directors’ duties,
conflicts of interest and Market
Abuse Regulations. The Company
Secretary is available to advise
each Board member on queries or
concerns.
Development
of Directors
The Nomination Committee, on
behalf of the Board, assesses the
training needs of the Directors
on at least an annual basis. A
combination of tailored Board and
Committee agenda items and
other Board activities, including
briefing sessions, further assist the
Directors in continually updating
their skills, and their knowledge of
and familiarity with the Company, as
required to fulfil their roles. The Board
also arranges for presentations
from senior management and
I-RES’ advisors on matters relevant
to I-RES’ business. During the year,
the Board received presentations
from external experts on the Market
Abuse Regulations, AIFMD related
requirements, cyber security, AI,
as well as property related topics
from management. They also
received regular presentations
from the Company’s two brokers
on the equity markets and from
management on the political and
regulatory landscape for residential
property in Ireland.
Diversity and Inclusion
at the Board
The Board and the Nomination
Committee recognise the
importance of and are committed
to supporting diversity and inclusion
in the boardroom where Directors
believe that their views are heard,
their concerns are addressed
and they serve in an environment
where no bias, discrimination
or harassment is tolerated on
any matter. The Board and the
Nomination Committee understand
that a diverse Board will offer
different perspectives in order to
provide effective oversight of the
Company’s business and guide the
Company towards its strategic aims.
Diversity also improves the quality
of decision making by the Board
by reducing the risk of group think
and supports the development of
a diverse pipeline of candidates to
serve on the Board.
As at 31 December 2025 the
Company continued to exceed
both its own targets and Board
gender diversity best practice in
Ireland with 50% female Board
representation, which includes the
Senior Independent Director/Chair
of the Remuneration Committee
and Chair of the Sustainability
Committee. The fact that each of
these senior roles are occupied
by women demonstrates the
Board’s commitment to ensuring
appropriate gender diversity on
the Board.
I-RES’ Board Diversity and Inclusion
Policy requires the Board to consider
a broad range of characteristics
when considering diversity including,
but not limited to:
• Age, gender, social and ethnic
background;
• Educational and professional
background, possession of
technical skills in the Company’s
field of operations, including ‘soft’
and cognitive skills necessary to be
an effective Director;
• Personal strengths such as
strength of character, experience,
knowledge and understanding;
and
• Expertise in relevant environmental,
social and governance (“ESG”)
matters.
The Nomination Committee
reviewed the Board Diversity and
Inclusion Policy in detail in 2024 and
updated the Board targets with
regard to gender diversity consistent
with the updated targets set by
the Balance for Better Business
Review Group in 2024. The Policy was
reviewed and reapproved in 2025.
The Board’s target is to maintain
at least 40% Board representation
on the Board from each gender.
I-RES
74
Annual Report and Accounts 2025
The Committee also considered
whether it was appropriate to set
measurable objectives in relation
to ethnic diversity on the Board.
Given the fact that I-RES is an Irish
company with all of its operations in
Ireland, the significant progress that
the Company is making with regard
to diversity and inclusion at a grass
roots level and the demographics
in Ireland which differ significantly
from the UK, the Board and the
Nomination Committee concluded
that setting measurable objectives
was only appropriate in relation to
gender representation on the Board
at this time.
All Board appointments are based
on a transparent selection process
using objective criteria, including
consideration of diversity (including
gender and ethnicity), necessary
experience, characteristics, skillsets
and other attributes necessary to
ensure effective oversight of the
Company’s business and to guide
the Company towards its strategic
objectives.
The Nomination Committee will
continue to consider annually
whether additional measurable
objectives are appropriate and, if
thought fit, will recommend such
measurable objectives to the
Board for adoption. The Board is
committed to having an appropriate
balance of skills and perspectives,
including gender balance on the
Board.
Diversity and inclusion
in the workforce
Maintaining continuous and
transparent engagement with
our employees has allowed us
to develop and retain a strong,
inclusive and engaged workforce
which is essential for our long-
term success. This is evidenced
by our continued high employee
satisfaction scores at or above 80%
across all metrics in 2025.
I-RES proudly holds a Silver Investors
in Diversity Award from the Irish
Centre for Diversity, reflecting
our commitment to fostering
an inclusive workplace. Our
companywide Equity, Diversity and
Inclusion Policy sets out how I-RES
is promoting equity, diversity and
inclusion as an employer and a
supplier of rental homes reflecting
our commitment to diversity and
inclusion at every level of the
organisation.
In 2025 all employees participated
in Disability Awareness &
Equality training, designed to
help employees understand the
challenges faced by people with
disabilities, and foster empathy,
encourage respectful language
and behaviour, reducing stigma
and discrimination. Mandatory
Dignity and Respect training also
took place designed to deepen
our understanding of workplace
behaviours, the importance of
respectful conduct, and the policies
that support a positive and inclusive
work environment.
As a public-facing service
organisation, respect and fairness
are at the heart of what we do,
and we have in place a range of
supports for our staff to ensure we
treat colleagues and residents in the
most inclusive way practicable.
Gender Pay Gap
Reporting
In Ireland, mandatory Gender Pay
Gap (“GPG”) reporting has been
extended to organisations with
more than fifty employees for 2025.
Therefore, in 2025 we published our
inaugural Gender Pay Gap Report.
The Report is available on our
website at https://www.iresreit.ie/
operating-platform/people-and-
culture.
The mean GPG for the Group in 2025
was 33.08%. The median GPG was
1.37% in 2025. At 31 December 2025,
our female employees made up
46% of our total workforce, while 25%
of the Senior Leadership Team was
female (which will move to 37.5%
once Mari Hurley joins as CFO).
At I-RES, we are dedicated to
fostering a diverse, equitable, and
inclusive workplace.
Our inaugural GPG Report
recognises sector-wide challenges,
particularly the underrepresentation
of women in senior and technical
roles, a legacy that continues
to influence pay gap figures in
property and real estate, both in
Ireland and internationally.
While our gender pay gap is not
a measure of equal pay for equal
work, to which we are committed,
it underscores the need to address
structural and cultural barriers
to advancement. We remain
committed to supporting flexible
working, investing in leadership
development for women, and
maintaining fair, transparent
recruitment and promotion
processes.
Over the past year, I-RES has
enhanced family-friendly policies,
launched leadership development
programs, and introduced
unconscious bias training. We
regularly review our practices to
ensure inclusivity and accessibility.
Closing the gender pay gap is
essential for our long-term success.
Diverse teams drive better decisions,
innovation, and results. We will
continue to learn from
best practices.
Hugh Scott-Barrett
Chair of the Nomination Committee
Report of the Nomination Committee
continued
I-RES
76
Annual Report and Accounts 2025
Tom Kavanagh
Chair of the Audit Committee
Report of Audit Committee
Audit Committee Membership
Tom Kavanagh (Chair) Appointed 1 June 2018
Appointed Chair 4 May 2023
Denise Turner Appointed 4 May 2023
Stefanie Frensch Appointed 1 July 2021
Dear Shareholder,
it is my pleasure to
present the Report of
the Audit Committee,
for the year ended
31December 2025.
This report demonstrates how
the Audit Committee fulfilled its
responsibilities during the year
in accordance with its terms of
reference and under the relevant
requirements of the Irish Corporate
Governance Code (the “Code”).
Composition of the
Audit Committee
The Audit Committee is chaired by
Tom Kavanagh. All members of the
Audit Committee were independent
Non-Executive Directors when
appointed by the Board and
continue to be independent.
Accordingly, the Audit Committee is
constituted in compliance with the
Code.
The Board is satisfied that the
Audit Committee members
are appropriately qualified and
experienced to fulfil their roles
and have a broad mix of skills and
experience arising from senior
roles they hold or have held with
other organisations, and that the
Audit Committee as a whole has
competence relevant to the sector
in which the Company operates. In
accordance with the requirements of
the Code, Mr Kavanagh is considered
by the Board to have competence in
accounting or auditing.
Meetings of the
Audit Committee
The Audit Committee meets at least
four times per year and otherwise
as required. The Audit Committee
met 5 times during the period from
Audit Committee Meetings Attended/Eligible to Attend
(including Ad Hoc Meetings)
1 January – 31 December 2025
Members Attendance
Tom Kavanagh – Chair 5/5
Stefanie Frensch 5/5
Denise Turner 5/5
1 January 2025 to 31 December
2025 and the external auditor was
in attendance at all 5 meetings.
The CEO and CFO attend the Audit
Committee meetings, as required.
The external valuers attend the
Audit Committee meetings when
the year-end and interim valuations
of the Group’s properties are being
considered. The Company’s tax
advisers also meet with the Audit
Committee at least bi-annually to
address any tax developments and
as otherwise required. EY, in their
capacity as providers of internal
audit services, attend at least a
portion of each quarterly Audit
Committee Meeting.
77
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Terms of Reference
and Principal Duties
The terms of reference of the Audit
Committee are reviewed at least
annually and updated for best
practice and compliance with the
Code. The Board reviewed the terms
of reference of the Audit Committee
in November 2025 and confirmed
that there were no substantive
changes required. In early 2026 the
Committee decided to change
its name to the Audit and Risk
Committee to more fully reflect its
Terms of Reference and principal
duties. The Audit Committee’s terms
of reference are available on the
Company’s website.
The Audit Committee evaluates
its own performance relative to its
terms of reference. Following the
2025 annual review which was an
internally managed evaluation this
year, it was concluded that the Audit
Committee was operating effectively.
The Chair of the Audit Committee
reports to the Board at each meeting
on the Audit Committee’s activities.
The Audit Committee’s principal
duties include:
Reporting and External Audit
• To monitor and keep under review
the scope and effectiveness of the
Group’s financial reporting;
• To monitor the integrity of the
financial statements of the Group,
including its annual and semi-
annual financial reports and any
other formal announcement
relating to its financial
performance;
• To review and report to the Board
on summary financial statements
and any financial information
contained in other documents,
such as announcements of a
price-sensitive nature;
• To review the clarity and
completeness of sustainability
related financial disclosures made
in the financial statements having
regard to ongoing legislative
requirements and to matters
communicated to it by the auditor;
• To oversee relations with the
external auditor and to consider
and make recommendations on
the appointment, reappointment
and removal of the external
auditor;
• To ensure the independence and
objectivity of the external auditor
annually;
• To ensure that the provision of
non-audit services by the external
auditor does not impair the
external auditor’s independence or
objectivity;
• To review with the external auditor
the findings of their work, including
any major issues that arose during
the course of the audit and have
subsequently been resolved; and
• To review and challenge as
appropriate the material
information presented with the
financial statements, including the
strategic report and the corporate
governance statements relating to
the audit and to risk management
Valuations
• To monitor and review the valuation
process;
• To review and challenge the
Valuers on their valuation reports,
assumptions and methodologies;
and
• To assess the independent valuers’
competence and effectiveness.
Risk and Internal Control
• To monitor and keep under review
the scope and effectiveness of the
Group’s internal financial controls,
risk management and internal
control systems;
• To assess and review regular
reports on such matters from the
Risk Manager, EY (internal auditor),
the Chief Information Security
Officer (CISO), the finance team
and management; and
• To keep under review the
Company’s internal control
systems designed to manage
information security risks including,
but not limited to, cyber risk
management controls and
technology developments.
Sustainability
• Together with the Sustainability
Committee, to review and
challenge where necessary the
integrity and completeness of
sustainability related financial
disclosures made in the financial
statements having regard to
ongoing legislative requirements.
Other
• To review the Audit Committee’s
terms of reference and monitor its
execution; and
• To consider compliance with legal
and other regulatory requirements
and accounting standards
including the Euronext Dublin Listing
Rules.
I-RES
78
Annual Report and Accounts 2025
How the Audit
Committee Discharged
its Responsibilities
in2025
The Audit Committee’s agenda is
set based on the Group’s financial
calendar and the Audit Committee’s
work plan, which allows the Audit
Committee to fulfil its role in an
efficient manner. While not intending
to be an exhaustive list of the Audit
Committee’s considerations and
activities during the 2025 financial
year, the principal activities of the
Audit Committee are set out below.
Financial Reporting
and Significant
Financial Judgements
With respect to this Report and
the financial statements included
herein, the Audit Committee
assessed whether suitable
accounting policies had been
adopted and whether management
had made appropriate judgements.
The Audit Committee paid particular
attention to matters which it
considered could have a material
impact on the Group’s results and
those matters which involve a higher
level of complexity, judgement or
estimation by management.
In early 2026, the Audit Committee
assisted the Board in determining
that the 2025 Annual Report and
Consolidated Financial Statements,
when taken as a whole, are fair,
balanced, and understandable and
provide the information necessary
for shareholders to assess the
Company’s position, performance,
business model and strategy.
The most significant matters
considered by the Audit Committee
in relation to this Report and the
financial statements contained
herein for the year were as follows:
Investment Property Valuations
The Group had investment property
with a fair value of €1,246.9 million
(including assets held for sale) as at
31 December 2025, as set out in note
5 to the Group financial statements.
The Group has appointed two
independent valuers, CBRE Unlimited
Company (“CBRE”) and Savills
Advisory Services (Ireland) Ltd.
(“Savills”). The Audit Committee
considered the investment
property valuation process carried
out by management in order to
satisfy itself that the balances
were stated appropriately. These
reviews involved an understanding
of management’s analytical
procedures, management’s
discussions with CBRE and Savills,
and an assessment of the market
inputs utilised on each property
prior to recording the valuations
obtained. For both the 30 June
and 31 December valuations, the
investment property portfolio
was divided between the two
independent external valuers for
the purposes of valuation. The
properties are rotated between the
valuation firms to ensure valuers
remain objective with their advice.
The Audit Committee assessed the
performance and independence
of the two valuers and is satisfied
with their performance and that
both valuers are independent. The
CFO has confirmed to the Audit
Committee that he is satisfied that
the valuers conducted their work in
accordance with the Royal Institution
of Chartered Surveyors’ Valuation
Standards.
In addition, the Audit Committee
met with the two independent
valuers and discussed the year-end
valuations, valuation methodology
and significant assumptions used.
The Committee reviewed in detail
with the valuers the proposed
suite of revised rent regulations
announced by the Irish Government
on 10th of June 2025. The new
regulations were not in place as
at 31 December 2025 and so did
not have a significant impact on
valuations as at that date. Now
that they are implemented and
commenced, the new regulations
will allow the Company to start
capturing the significant reversion in
our portfolio.
The Audit Committee also discussed
the current market dynamics with
both valuers, specifically focusing
on the broader macroeconomic
environment. Both valuers rely,
as part of their assumptions, on
comparable evidence from recent
market transactions to benchmark
and support their valuations of
the Group’s properties. The Audit
Committee and management
discussed with the valuers the fact
that, although the landscape is
improving, there remained a relative
lack of appropriate comparative
transactions in the period. They
also discussed the relevance
and appropriateness of those
transactions which were used for
comparison purposes and the
evidence associated with I-RES’
sales of individual units during 2025.
Following a review of the detailed
valuation analysis provided by
management and detailed
discussions with management
and the independent valuers, the
Audit Committee was satisfied
that the significant inputs used
for the valuation, any provisions
recorded against the valuation
of the investment properties and
the valuation of the investment
properties were appropriate.
The Audit Committee discussed
the valuation process with
management and each valuer and
confirmed with each of them that
they are satisfied with the quality
and accuracy of the property
information provided to them. The
external auditor also inspected the
valuers’ reports, performed test
work on the information provided by
the Company to both valuers, met
with the valuers (independent of
management) as part of their audit
procedures and communicated
to the Audit Committee their
comments and observations.
Report of Audit Committee
continued
79
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Other Matters
Other matters considered by the
Audit Committee included the
disclosure of non-IFRS measures
(“Alternative Performance
Measures”), tax compliance,
regulatory obligations and
accounting disclosures.
Risk Management
and Internal Controls
The Board has delegated
responsibility to the Audit
Committee to monitor the Group’s
risk management and internal
control systems.
In 2025, the Audit Committee
maintained a strong focus on
risk management, with particular
attention on prudent balance sheet
and capital management. This
included active oversight of the
Company’s Loan-to-Value (“LTV”)
ratio through monthly management
reporting in order to monitor actual
performance against the Board’s
target range of 40% to 45%.
In addition, members of the
Committee were actively involved
in the refinancing of the Company’s
existing Revolving Credit Facility
(“RCF”) including the associated
interest rate hedging activities
which provided the Company with
medium term capacity and flexibility
to execute on its strategic objectives.
The new facilities comprise an RCF
of €500 million and an increased
Accordion Facility of €200 million
which adds an additional element
of flexibility to the Company’s debt
facilities. The facilities have a five-
year term expiring in March 2030
with the option of two one-year
extensions. Hedging facilities in
the amount of €275 million have
been put in place for five years,
maintaining the Company’s overall
level of fixed rate drawn debt at
approximately 85%.
The Committee also continued to
support the Company’s successful
Asset Recycling Programme as
part of its capital optimisation
and shareholder value strategy.
The Committee, together with
the Board, keeps this programme
under continuous review to ensure
alignment with long-term objectives.
In addition, the Committee
carried out a detailed review of
the Company’s enterprise risk
management framework and
internal control systems and
their operating effectiveness
together with the principal risks
and uncertainties, including
any emerging risks, with the
Risk Manager. The Committee
concluded that I-RES has in place
risk and internal control frameworks
and processes to support ongoing
compliance with applicable laws
and regulations and that the 3 Lines
of Defense approach adopted is
based on well-established industry
best practice, and is in line with
normal best governance and risk
practice for a publicly listed and
regulated entity such as I-RES and
no material failings or weaknesses
were identified. For further details on
these systems, please see the Risk
Management and Internal Control
Systems section of the Risk Report.
On internal controls, the Committee
reviewed quarterly reports
from IFML (as AIFM) relating to
investment management, fund
risk management, regulatory
compliance, operational risk
management, capital and financial
management and distribution, as
well as quarterly reports from EY in
their role as internal auditor.
The Committee also meets regularly
with the Company’s tax advisers
to ensure that it is kept informed of
anticipated changes to tax laws and
regulations that may impact the
Group as well as receiving reports
on the Company’s compliance with
relevant tax laws.
Cyber Security
In 2025 the Audit Committee
continued its focus on IT and cyber
security as a key risk area. The
Committee received regular reviews
and updates from the Company’s
external Chief Information Security
Officer (“CISO”) in respect of the
Company’s Cybersecurity Risk
Management Programme. In
addition, recognising the increasing
I-RES
80
Annual Report and Accounts 2025
role of Artificial Intelligence (“AI”)
in both operational processes
and risk exposure the Committee
incorporated AI-related risks
and governance considerations
into its oversight activities to
ensure emerging technologies
are managed responsibly and
securely. The Committee is satisfied
that the IT and cyber security risk
management programme in place
in the Company is robust and
progressing well, noting that it will
continue to focus on this rapidly
changing area as it evolves.
Sustainability
Together with the Sustainability
Committee, during 2025 the
Audit Committee continued to
monitor the evolving regulatory
landscape regarding the Corporate
Sustainability Reporting Directive
(“CSRD”). These requirements
evolved significantly over the course
of 2025. On 18 March 2026 the EU
Omnibus Directive, on the changes
to the CSRD, (the ‘Omnibus’) entered
into force. While member states
have 12 months to implement the
provisions of the Omnibus, we now
have clarity that I-RES is not in scope
for reporting under the revised CSRD.
Irish implementation of the Omnibus
will be monitored closely by the Audit
Committee and the Sustainability
Committee. The proposed voluntary
reporting standard closely aligns
with EPRA Sustainability Best Practice
Reporting guidelines and the Global
Reporting Initiative (“GRI”), both of
which I-RES continues to follow in its
current Sustainability reporting. The
Audit and Sustainability Committees
will continue to support preparations
and monitor regulatory progress
throughout 2026 to ensure readiness
for any appropriate voluntary
or future mandatory reporting
requirements.
Going Concern
The Audit Committee has reviewed
and is satisfied with a presentation
from the CFO in support of the
Board’s Statement on Going
Concern as set out in the Risk Report,
on pages 42 to 43.
Viability Statement
The Audit Committee has reviewed
the assessment of the Group’s
viability by management, as stated
in the Risk Report, and is satisfied
that this assessment adequately
addresses the principal risks
disclosed in the Risk Report and that
a three-year time horizon for the
viability model is appropriate to the
Company’s business.
REIT Status
The Audit Committee reviewed a
report from the CFO demonstrating
the Company’s compliance with the
REIT requirements as at 31 December
2025. The Audit Committee has
confirmed to the Board that the
Company is compliant with the REIT
rules.
Fair, Balanced and
Understandable
The Code requires that the Board
should present a fair, balanced
and understandable assessment
of the Company’s position and
prospects, and specifically that
they consider that the annual report
and financial statements included
therein, taken as a whole, are fair,
balanced and understandable,
and provide the information
necessary for shareholders to
assess the Company’s position
and performance, business model
and strategy.
At the request of the Board, the Audit
Committee considered whether this
Report and financial statements
included herein met these
requirements.
The Audit Committee considered
the process put in place by
management for the preparation
of the annual report and financial
statements included herein,
and in particular the timetable,
co-ordination and review of
activities. The Audit Committee
discussed these arrangements with
management. Key considerations of
the Audit Committee when reflecting
on these requirements included:
• The information and reporting the
Audit Committee had received
during the course of the financial
year;
• The balance of information
included in the annual report
against the Audit Committee’s
understanding of the operations
and performance of the Group;
• The compliance of the financial
statements with all applicable
financial reporting standards and
any other required regulations; and
• The language used in the
annual report ensuring it was
understandable to a wide variety of
shareholders.
Arising from the Audit Committee’s
work in this regard, the Audit
Committee and the Board
concluded that this Report and
the financial statements included
herein, taken as a whole, are fair,
balanced and understandable,
and that they provide the necessary
information for shareholders to
assess the Company’s position,
performance, business model
and strategy. The Board statement
to this effect is in the Statement
of Directors’ Responsibilities on
page 110.
Report of Audit Committee
continued
81
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
External Audit
One of the key roles of the Audit
Committee is to monitor the
performance, objectivity and
independence of the external
auditor. Open, direct and honest
communication between the Audit
Committee, the external auditor
and management is essential in
ensuring both an effective audit and
auditor independence.
In November 2025, the Audit
Committee met with the external
auditor to agree the FY 2025 audit
plan. To ensure a quality audit, the
external auditor needs to be aware
of the business risks. Therefore,
the Audit Committee discussed
and agreed with the External
Auditor the key business, financial
statements and audit risks, and
the materiality being used for the
audit to ensure that the audit was
appropriately focused. In advance
of the commencement of the
annual audit, the Audit Committee
reviewed the external auditor’s
letter of engagement, together
with a presentation from the
external auditor confirming their
independence within the meaning
of the regulations and professional
standards.
In February 2026, in advance of
the finalisation of the Group’s
financial statements for the year
ended 31 December 2025, the
Audit Committee received a report
from the external auditor on their
key audit findings, including the
key areas of risk and significant
judgements, and noted that no
material issues arose during the
audit. The Committee discussed the
key audit findings with the auditors
in order for the Audit Committee to
form a judgement on the financial
statements. In order to assist the
Audit Committee in evaluating the
external audit process and to ensure
continuous improvement, following
the completion of the audit,
the Audit Committee members
discussed with management the
effectiveness of the external auditor
and the external audit process in
general.
At least annually, the Audit
Committee meets with the external
auditor without the presence of
management to discuss any
matters the external auditor may
wish to raise. The Audit Committee
continues to be satisfied with the
performance of the external auditor,
and has determined that KPMG
remain effective, objective and
independent.
Statutory Auditor
The Board approved the
appointment of KPMG as statutory
auditor with effect from the financial
year ended 31 December 2018. This
appointment was approved by the
shareholders at the 2019 annual
general meeting. KPMG remains the
statutory auditor for the financial
year ended 31 December 2025. The
audit partner in charge within KPMG
for the 2025 audit was Eamon Dillon.
The Audit Committee will keep the
tenure of the external auditor under
review in light of best practice and
applicable legislation. The Audit
Committee currently has no plans
for re-tendering of the statutory
auditor role.
Independence and Non-Audit
Services
To further safeguard the objectivity
and independence of the external
auditor, the Company has a policy
which requires the pre-approval
by the Audit Committee of all
non-audit services to be provided
by the external auditor. The level
of non-audit services (if any)
provided by the external auditor
is reviewed at least on an annual
basis and, in conjunction with the
external auditor, the impact on
independence and objectivity is
assessed. KPMG completes the audit
of the financial statements and
PricewaterhouseCoopers completes
the tax related reviews, ensuring that
both parties remain independent.
Details of the amounts paid to the
external auditor during the year for
audit and non-audit services are set
out in note 28 to the Group financial
statements.
Internal Audit
In February 2022, the Audit
Committee approved the
appointment of EY as the external
provider of an internal audit function
for the Group. EY continued to
provide outsourced internal audit
services to the Group during 2025.
The Committee is satisfied that
EY have sufficient experience and
expertise to provide the internal
audit services for the Group.
The Audit Committee had direct
access to EY’s internal audit team.
The Audit Committee assessed the
annual internal audit plan put forth
by EY’s internal audit function and
received periodic reports on work
performed during 2025.
Looking Ahead
Looking ahead to the 2026 financial
year, the Audit Committee will
remain focused on the audit
and assurance processes within
the business, and maintain its
oversight of risk, financial, valuation,
taxation and evolving regulatory
requirements. Focus areas of the
Audit Committee during 2026 will
include continued prudent balance
sheet management and covenant
compliance, and cyber & IT security.
I trust that you will find this report
to be useful in understanding the
operations and activities of the
Audit Committee during the year.
Tom Kavanagh
Chair of the Audit Committee
I-RES
82
Annual Report and Accounts 2025
Joan Garahy
Chair of the Remuneration
Committee
Report of the Remuneration Committee
Remuneration Committee Membership
Joan Garahy (Chair) Appointed 18 April 2017
Appointed Chair 4 May 2023
Denise Turner Appointed 4 May 2023
Hugh Scott-Barrett Appointed 4 May 2023
Denise Turner will succeed Joan Garahy as Chair of the Remuneration
Committee following the conclusion of the 2026 AGM. Ms Turner has served
as a member of the Remuneration Committee since 4 May 2023.
Dear Shareholder,
it is my pleasure to
present the Report
of the Remuneration
Committee, for
the year ended
31December 2025.
Having undertaken a thorough
review of our Remuneration Policy
and consulted extensively with
shareholders in advance of the
AGM in May 2024, our Directors’
Remuneration Policy (the “Policy”)
received very substantial backing
with 99.79% of votes in favour. The
2024 Directors’ Remuneration Report
also received overwhelming support
at the 2025 AGM, with 93.74% of
votes cast in favour. We are pleased
that these results indicate strong
and continued support from our
shareholders for the Policy and
its implementation. A copy of the
complete Policy can be found in our
2023 Annual Report on pages 126 to
132, which can be accessed on our
website at: www.iresreit.ie/investors/
results-centre
Performance Overview
2025 marked a major step forward
in I-RES’ operational and financial
performance, delivering strong
margin expansion and meaningful
earnings growth against the
backdrop of our sales programme.
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 a share buyback
programme, with our focus firmly
on creating shareholder value and
managing LTV. With an improving
regulatory backdrop and market
conditions, we enter 2026 with strong
momentum and clear confidence in
our ability to build on this progress.
For further details see the Strategic
Report at pages 28 to 33.
Remuneration
Outcomes for 2025
Salary
Our CEO Mr Byrne joined the
Company with effect from 8 April
2024 (and was appointed to the
Board on 1 May 2024) on a base
salary of €475,000. No change was
made to that base salary in 2025.
Annual bonus
Similar to the approach taken for
2024, the 2025 annual bonus was
subject to EPRA Earnings (25%), Net
Rental Income Margin (20%), Loan
to Value (10%), Net Asset Value
per share (15%) and specific and
measurable strategic objectives
30%, including the execution of
initiatives agreed under the Strategic
Review which demonstrably
create value for shareholders over
time together with strategic, ESG,
Organisation and Risk objectives.
The 2025 bonus opportunity for the
CEO was equal to 150% of salary.
Based on the outcome of the
financial and strategic measures,
Mr Byrne earned a bonus equal to
92.8% of maximum. See the Annual
Remuneration Report for 2025 on
page 86 to 94 for further details.
LTIP
On 15 March 2023, the Remuneration
Committee awarded Ms Margaret
Sweeney (former CEO) and Mr Brian
Fagan (CFO) a conditional award
over shares equivalent to 135%
and 100% of salary respectively.
Ms Sweeney’s award was pro-rated
for time served as CEO following
her retirement. These awards
were subject to EPS and relative
TSR performance measures over
a three-year performance period
which ended on 31 December 2025.
The threshold performance targets
were not achieved and therefore the
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Supplementary Information
awards lapsed in full on 15 March
2026. Mr Byrne did not participate in
the 2023 LTIP award.
In March 2025, the Committee
granted an award of 669,013
ordinary shares in the Company in
the form of a Conditional
Award to Mr Byrne. These awards
are subject to EPS (30%), TSR (30%),
TAR (30%) and ESG (10%) metrics
assessed over a three-year
performance period.
Further details are set out in the
Annual Remuneration Report for
2025.
Our CEO and Senior Leadership
Team have continued to deliver
across all key financial, operational
and strategic metrics and navigate
the business successfully through
the uncertainty and challenges of
the Irish Real Estate environment. No
discretion was applied to adjust the
formulaic outcome of the annual
bonus or LTIP awards. With regards
to provision 39 of the Irish Corporate
Governance Code (the “Code”), the
Policy operated as intended in terms
of Company performance and
quantum.
Remuneration in 2026
Salary
The Committee has agreed to
increase Mr Byrne’s base salary
by 3% to €489,250, in line with the
average increase for the workforce,
with effect from 1 January 2026.
Pension
Pension provision for Mr Byrne on
appointment was aligned with the
pension contributions available to
the majority of the workforce, which
was then 3% of base salary. The
Committee has agreed to increase
Mr Byrne’s pension contribution
from 3% to 5% of salary, in line with
the increased level available to the
majority of the workforce, with effect
from 1 January 2026.
Annual bonus
No changes are being proposed
to the annual bonus opportunity
for Mr Byrne for 2026 and so it will
remain at 150% of base salary. Similar
to the approach taken for 2024 and
2025, the 2026 annual bonus will be
subject to EPRA Earnings (25%), Net
Rental Income Margin (20%), Loan to
Value (10%), Net Asset Value per share
(15%) and specific and measurable
strategic objectives (30%) including
execution of strategic growth
initiatives and agreed ESG and
organisation initiatives. Performance
targets are considered commercially
sensitive and will be fully disclosed in
the Annual Remuneration Report for
2026.
LTIP
Since joining the Company in April
2024, Mr Byrne has led the successful
conclusion of the Strategic Review
in 2024 and has delivered a strong
performance in 2025, with earnings
growth and continued delivery on
operational and strategic objectives.
Furthermore, the Company is
cautiously optimistic that the
proposed rent regulatory changes,
along with improving market
dynamics, provide future growth
opportunities and will enable us to
deliver improved shareholder value
creation over the medium to long
term.
When the 2024 Remuneration
Policy was put to shareholders for
approval, we increased the LTIP
policy maximum from 135% to 150%
of base salary, which we considered
to be more aligned to market for
a company of our size. However,
the Committee committed not to
implement the increased award
maximum for the CEO in 2024 or 2025.
Mr Byrne’s current LTIP opportunity
(135% of base salary) and total
compensation opportunity
(€1.84m)
(1)
is positioned towards
the lower end of market when
compared to ISEQ listed companies
(excluding financial services), FTSE
Main Market companies (excluding
financial services) and FTSE Main
Market REITs of a broadly similar
market capitalisation. Given the
strong performance delivered by the
Company under the leadership of
Mr Byrne and the further long term
growth potential for the Company,
the Committee strongly believes
that Mr Byrne’s remuneration
package should be more closely
aligned to the market, with greater
weighting placed on the LTIP. This
will help ensure that Mr Byrne is
appropriately incentivised and fairly
rewarded for continuing to deliver
against the Company’s growth
ambitions.
Therefore, for 2026, the Committee
has proposed to increase Mr Byrne’s
LTIP opportunity, in line with the
shareholder approved 2024
Remuneration Policy, to 150% of
base salary. Following the change,
Mr Byrne’s LTIP opportunity and
total compensation opportunity
(€1.98m)
(1)
will be modestly
positioned between the lower end
and mid-point of the peer groups
noted above. The change would
also provide a balanced weighting
between annual bonus and LTIP
opportunity, which the Committee
considers to be appropriate.
The Committee has consulted with
the Company’s major shareholders
regarding this change and is
pleased with the level of support
received.
In line with the approach taken
in 2024 and 2025, the 2026 LTIP
award will be subject to EPS (30%),
relative TSR (30%), Total Accounting
Return (30%) and Sustainability
(10%) performance measures. The
Committee has been mindful to
ensure that the LTIP targets are
appropriately stretching, in the
context of the Company’s internal
plan and market context, and
noting the modest increase in LTIP
opportunity. Details are set out in
the Annual Remuneration Report for
2025 on pages 86 to 94.
1. Excluding Benefits, see page 86.
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Annual Report and Accounts 2025
Conclusion
We remain committed to
a responsible approach to
executive remuneration, as I trust
this Remuneration Committee
Report demonstrates. The
Committee considers that the
remuneration received by the
CEO in respect of 2025 was
appropriate, taking into account
the Group’s performance, the
CEO’s personal performance and
the experience of shareholders
and employees. We look forward
to receiving your support for the
advisory shareholder resolution
on the Annual Remuneration
Report for 2025 at the 2026 Annual
General Meeting (“AGM”).
By May of 2026 I will have
completed my nine year term
on the Board of I-RES and so I will
not stand for re-election at the
2026 AGM. I would like to take this
opportunity to thank all of the
people involved in the successful
running of this committee under
my leadership and wish them
all well in the future, including in
particular Denise Turner who is
taking on the role of Chair of the
Remuneration Committee.
Joan Garahy
Chair of the Remuneration
Committee
Report of the Remuneration Committee
continued
Composition of the Remuneration Committee
The Remuneration Committee is chaired by Joan Garahy. All members of
the Remuneration Committee were independent Non-Executive Directors
when appointed by the Board and continue to be independent. Accordingly,
the Remuneration Committee is constituted in compliance with the Code
and the Articles of Association.
No member of the Remuneration Committee has any conflicts of interest,
nor do they have any personal financial interest other than as shareholders
where relevant.
All members of the Remuneration Committee are appointed for an
initial term of up to three years, which may be extended by the Board.
As highlighted in the biographies of each member of the Remuneration
Committee in Board of Directors the members of the Remuneration
Committee bring a range of different experience and skills to the
Committee.
Meetings of the Remuneration Committee
The Remuneration Committee met seven (7) times during the period from
1 January 2025 to 31 December 2025.
Remuneration Committee Meetings Attended/Eligible to Attend (including
Ad Hoc Meetings)
1 January – 31 December 2025
Members Attendance
Joan Garahy – Chair 7/7
Hugh Scott-Barrett 7/7
Denise Turner 7/7
Terms of Reference and Principal Duties
The terms of reference of the Remuneration Committee are regularly
reviewed and updated for best practice and compliance with the Code.
The Board reviewed the terms of reference of the Remuneration Committee
on 19 November 2025 and confirmed that there was no material change
required. The roles and responsibilities delegated to the Remuneration
Committee under the terms of reference can be accessed electronically at
www.iresreit.ie.
In 2025, an internally managed Board and Committee evaluation took place,
and it was concluded that the Remuneration Committee was performing
well.
The Remuneration Committee’s principal duties include:
• Set policies for Directors’ pay and determine remuneration for the Chair,
Executive Directors, senior management, and Company Secretary per Code
guidelines.
• Establish long-term shareholding schemes for Executive Directors to align
with shareholder interests.
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Supplementary Information
• Design executive pay policies
supporting company strategy,
values, and sustainable success,
allowing discretion in awarding
compensation.
• Ensure pay practices meet Code
requirements for clarity, simplicity,
risk mitigation, predictability,
proportionality, and cultural
alignment.
• Consider legal, regulatory, and
Code provisions when setting
remuneration policy.
• Regularly review the relevance of
the Remuneration Policy.
• Decide individual remuneration
packages for the Company’s
Chair and Executive Directors and
senior management, including the
Company Secretary – including
bonuses and shares – in line with
policy and after consulting the
Chair/CEO.
• Appoint and monitor independent
remuneration consultants.
• Oversee all share incentive plans,
annual award decisions, and
performance targets.
• Review workforce pay and related
policies and the alignment of
incentives and rewards with culture,
taking these into account when
setting the policy for Executive
Director remuneration.
• Coordinate with other Board
committees to ensure regular
collaboration and review.
Considerations of conditions
and pay levels for workforce
and workforce engagement on
executive pay
The Committee was mindful of
the remuneration arrangements,
including fixed and variable pay
structures, in place for the workforce
when determining the Policy in 2024
and during its implementation in
2025.
The Committee continues to
regularly review the remuneration of
the workforce to ensure it is attuned
to general pay and conditions
when considering remuneration
for Executive Directors (for example,
the Committee considers salary
increases for the workforce when
determining salary increases for the
Executive Directors).
While the Committee does not
consult directly with employees
when setting remuneration for
Executive Directors, it does take
into account the remuneration
structures, policies and practices in
the Group as a whole, the feedback
from employee engagement
activities and the information
provided by our external advisors.
In addition, matters relating to
remuneration which come to the
attention of Mr. Tom Kavanagh,
in his capacity as the Workforce
Engagement Director, are reported
to the Committee.
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86
Annual Report and Accounts 2025
Annual Remuneration Report For 2025
This report will be submitted as an advisory vote to shareholders
at the 2026 AGM. The report complies with the European Union
(Shareholders’ Rights) Regulations 2020.
Total Remuneration received for 2025
All elements of the remuneration received by the Directors for 2025 were consistent with the Directors’ Remuneration
Policy as approved by shareholders at the 2024 AGM.
During the financial year ended 31 December 2025:
• There were no deviations from the procedure for implementing the Remuneration Policy.
• There were no derogations from the Remuneration Policy.
• No use was made of the possibility to reclaim variable remuneration using the malus and clawback mechanisms
described in the Remuneration Policy.
The Remuneration Committee report for 2024 was the subject of an advisory shareholder vote at the AGM in 2025.
The resolution received the support of 93.74% of those shareholders who voted.
Base Salary for 2025
Our CEO Mr Byrne joined the Company with effect from 8 April 2024 (and was appointed to the Board on 1 May 2024)
on a base salary of €475,000. No change was made to that base salary in 2025.
Benefits for 2025
The CEO received an annual taxable cash allowance of €25,000 towards car and health cover.
Total Remuneration of the Executive Director in 2025
The table below sets forth the total remuneration received by the CEO in respect of 2025 (and a comparison to 2024).
The table includes all emoluments paid to or receivable by the CEO in respect of qualifying services during the
review period. No compensation for loss of office, payments for breach of contract or other termination payments
were paid to any current or former Director in the period under review.
Fixed Remuneration Variable Remuneration
Name Year
Basic
Salary
(€’000)
Fees
(€’000)
Benefits
(€’000)
Pension
(€’000)
Annual
Bonus
(€’000)
Deferred
Bonus
(€’000)
Long-
Term
Incentive
(€’000)
(1)
Total
Remuneration
(€’000)
Proportion
of fixed and
variable
Executive Directors
Eddie Byrne 2025 475 – 25 14
(2)
529 132 – 1,175 44%/56%
2024 348
(1)
– 18 10
(2)
284 71 – 732 51%/49%
1. Mr Byrne joined the Company on 8 April 2024 and was appointed to the Board on 1 May 2024.
2. In accordance with the Remuneration Policy, the Committee determined that part of the cash portion of the CEO’s bonus would be provided as an
employer pension contribution.
Report of the Remuneration Committee
continued
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Supplementary Information
Pension for 2025
The CEO participates in a defined contribution pension arrangement. Pension provision for Mr Byrne was aligned
with the pension contributions available to the majority of the workforce 3%.
Annual Bonus for 2025
The CEO’s annual bonus maximum opportunity level for 2025 was 150% of base salary. A bonus deferral
arrangement is in place such that 20% of any bonus paid is deferred into Company shares for a period of three
years to promote sustainable performance and provide additional alignment of the CEO with shareholder interests.
For 2025, 70% of the annual bonus was determined by financial performance metrics and 30% was based on
specific and measurable strategic objectives. The weightings, targets and performance against each are
summarised in the tables below:
2025 Financial Metrics for CEO
Measure
Weighting
(% of Maximum
Bonus)
Threshold
Performance
(25% of
Maximum
Payout)
Target
Performance
(50% of
Maximum
Payout)
Stretch
Performance
(100% of
Maximum
Payout)
Performance
Achieved
Amount
Earned by
CEO (% of Max
Weighting)
EPRA Earnings 25% €27.31m €28.01m €28.71m €29.36m 100%
Net Rental Income Margin 20% 76.5% 77.0% 77.5% 78.0% 100%
Net LTV 10% 45% 44% 43% 43.6% 70.0%
Net Asset Value 15% 119.9c 126.2c 132.5c 131.7c 93.7%
Based on performance against these metrics 94.4% of maximum of the financial element of the annual bonus
was payable.
Northern Cross
119
Residential
Units
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88
Annual Report and Accounts 2025
2025 Strategic Objectives
CEO – 30% total weighting
Area Aims and Measures Commentary
Strategic Review
Percentage Opportunity:
15%
Execution of initiatives agreed
under the Strategic Review
which demonstrably create
value for shareholders
over time.
Significant progress on Strategic initiatives as
evidenced by financial performance.
41 individual units disposed of – Gross proceeds
€16.1 million – Premia in excess of 25% over book
value generating a gain of €3.4 million.
ESG
Percentage Opportunity:
5%
Begin preparation of a
time-bound credible
Climate Transition Plan.
Significant progress made on a draft Climate
Transition Plan – will be further refined in 2026
and 2027 to ensure alignment with our broader
business strategy and investment priorities.
Hold score as per 2024 for
each of GRESB, MSCI, CDP,
S&P and improve at least one.
MSCI rating improved from BBB to A. Increased
GRESB score by 4 points maintaining 3-star
rating, S&P increased by 2 points. Maintained
CDP B rating (max rating for SMEs).
Aligned with SLL targets –
reduce identified absolute
Scope 1, 2 & 3 GHG emissions.
Achieved a 1,400 tCO
2
reduction in identified
Scope 1, 2 & 3 GHG emissions, well in excess of
the SLL target.
Organisation
Percentage Opportunity:
5%
Ensure Performance and
Objectives plans in place for
all staff.
Performance framework rolled out for all staff.
Continue to hold over 80%
Employee satisfaction scores
across range of metrics in 2025.
Employee satisfaction at or above 80% across
all metrics.
Put in place an executive
development programme
for SLT members.
Programme for SLT underway. Individual plans
partially completed.
Ensure timely CFO succession
plan.
CFO designate appointed with provision for
orderly handover.
Risk
Percentage Opportunity:
5%
Successfully oversee risk
management strategy to
ensure no material avoidable
and within our control risks.
No occurrence of significant risk events.
The Remuneration Committee assessed performance against each of the specific and measurable strategic
objectives. The Committee determined that, for the CEO 89.2% of maximum of the strategic element would be
payable.
Report of the Remuneration Committee
continued
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90
Annual Report and Accounts 2025
Report of the Remuneration Committee
continued
Total Bonus and Bonus Deferral for 2025
Having carried out a thorough review the Committee was satisfied that the 2025 annual bonus outcome
was aligned with overall Company and individual performance as well as stakeholder experience during the
performance period.
Therefore, the total bonus earned by Mr Byrne in respect of 2025 was 92.8% of maximum (equivalent to 139% of base
salary) In line with this, on 19 February 2026, the Remuneration Committee awarded Mr Byrne a performance-related
bonus of €661,176. €528,941 (representing 80%) was paid, half as an employer pension contribution and half in cash,
as determined by the Committee in accordance with the terms of the CEO’s contract and the Remuneration Policy.
€132,235 (representing 20%), was settled as a restricted entitlement to the beneficial interest in 121,523 ordinary
shares in the capital of the Company.
LTIP Awards Granted During 2025
On 21 March 2025 Mr Byrne was granted conditional awards over 669,013 shares (representing 135% of salary). The
targets for the 2025 LTIP are set out in the table across.
As regards the EPS and TAR performance metrics, the targets for maximum vesting (EPS: 3% growth p.a., TAR: 8% p.a.)
are consistent with the targets for the 2024 LTIP awards. As noted in the 2024 Remuneration Report, the Committee
was mindful of the need to set challenging targets whilst motivating the CEO and senior management team to
deliver sustained performance in difficult and uncertain economic conditions. After careful consideration, the
Committee considered it appropriate to broaden the target range between threshold and maximum vesting, by
way of a reduction to the threshold targets compared to the 2024 LTIP awards. The threshold EPS growth target was
set at 1% p.a. (2024 LTIP: 2% p.a.) and the threshold TAR target was set at 2% p.a. (2024 LTIP: 3% p.a.). To recognise the
reduction to the threshold targets, the threshold vesting level was also reduced to 10% of maximum for the EPS and
TAR performance metrics (2024 LTIP: 25% of maximum vesting for threshold performance). The Committee believes
that this was a fair and equitable approach.
In November 2025, I-RES converted its €500m Revolving Credit Facility (“RCF”), signed in March 2025, into a
Sustainability Linked Loan (“SLL”) that aligns with the Loan Market Association’s March 2025 principles for sustainable
finance. The SLL ties financing costs to five independently verified Sustainability Performance Indicators, including
reduction of identified absolute Scope 1, 2 and 3 GreenHouse Gas (“GHG”) emissions. Therefore, the Committee
aligned the 2025 LTIP ESG target with the 3 year GHG reduction target agreed as part of the SLL.
In the event of vesting at the end of the three-year performance period, awards will be held for a further period of at
least two years.
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LTIP Criteria Allocation 0% 10%/25%
(1)
100%
Pro Rata between
10%/25%
(1)
and 100%
EPS (Percentage growth in EPS 2026
compared to base year of 2023)
30% Below
1% p.a.
1% p.a. 3% p.a. Between 1%
and 3% p.a.
Total Shareholder Return (“TSR”)
relative to constituents of the
residential subsector of the FTSE
EPRA NAREIT Europe Developed
Index)
30% Below
Median
Median Upper
Quartile
Between median and
upper quartile
Total Accounting Return (TAR over
the performance period)
30% Below 2%
p.a.
2% p.a. 8% p.a. Between 2%
and 8% p.a.
Aligned to the SLL – Specific to the
identified GHG emissions, reduce
absolute Scope 1, 2 & 3 GHG
emissions by 1.03% by 2027 from
the 2024 base year
10% Below
0.34%
0.34% 1.03% Between 0.34% and
1.03%
1. For the EPS and TAR performance metrics, threshold vesting is set at 10% of maximum. For the relative TSR and GHG emissions reduction performance
metrics, threshold vesting is set at 25% of maximum.
Name
Number of shares awarded in
2025 VWAP at Date of Award Face Value at Date of Award
Eddie Byrne 669,013 €0.9585 €641,249
Non-Executive Director Fees in 2025
Non-Executive Directors (“NEDs”) have letters of appointment which set out their duties and responsibilities.
The appointments are initially for a three-year term but are terminable on three months’ notice.
In 2025, the NEDs were paid a fee of €65,000 per annum with additional fees paid to the Senior Independent Director
(€15,000 per annum) and Committee Chairs (€25,000 per annum). Hugh Scott-Barrett received an annual fee of
€175,000 for the position of Chair. The Board has agreed to increase the NED fee and the Chair fee by 3% to €66,950
and €180,250, in line with the average increase for the workforce both with effect from 1 January 2026.
The table overleaf sets forth the total remuneration received by each NED in respect of 2025 (and a comparison
to 2024).
I-RES
92
Annual Report and Accounts 2025
Base Fee Committee Chair Fee SID Fee Total
Non-Executive Directors
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
2025
€’000
2024
€’000
Hugh Scott-Barrett
(1)
175 159 – – – – 175 159
Amy Freedman
(2)
65 42 – – – – 65 42
Denise Turner 65 65 – – – – 65 65
Joan Garahy 65 65 25 25 15 15 105 105
Phillip Burns
(3)
24 65 – – – – 24 65
Richard Nesbitt
(2)
65 42 – – – – 65 42
Stefanie Frensch 65 65 25 25 – – 90 90
Tom Kavanagh 65 65 25 25 – – 90 90
1. Hugh Scott-Barrett took over as Chair on 23 February 2024, at a Chair Fee of €175,000 per annum, which was a reduction from the previous Chair.
2. Amy Freedman and Richard Nesbitt joined the Board on 10 May 2024
3. Phillip Burns retired from the Board on 15 May 2025
Comparative information on the change of remuneration and company
performance
The table below compares the year-on-year change in total remuneration of each of the Directors over the past
five years with company performance over the same period.
Name Role 2021
(11)
2022 2023 2024 2025
Executive Directors’ Remuneration
Eddie Byrne
(1)
Remuneration – – – 732 1,175
% Change – – – N/A 61%
Non-Executive Directors’ Remuneration
Hugh Scott-Barrett Remuneration – 17 65 159 175
% Change – 282%
(2)
145%
(3)
10%
Amy Freedman
(4)
Remuneration – – – 42 65
% Change – – – N/A 54.8%
Denise Turner Remuneration – – 43 65 65
% Change – – N/A 51%
(5)
0%
Joan Garahy Remuneration 83 90 100 105 105
% Change 11% 8% 11% 5% 0%
Phillip Burns
(6)
Remuneration 58 65 65 65 27
% Change 16% 12% 0% 0% 58.5%
Richard Nesbitt
(7)
Remuneration – – – 42 65
% Change – – – N/A 54.8%
Report of the Remuneration Committee
continued
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Financial Statements
Supplementary Information
Name Role 2021
(11)
2022 2023 2024 2025
Stefanie Frensch Remuneration 33 65 82 90 90
% Change – 97%
(8)
26%
(9)
10% 0%
Tom Kavanagh
Remuneration 71 90 90 90 90
% Change 42%
(10)
27% 0% 0% 0%
Company Performance
EPRA Earnings
Total (€ millions) 31.6 30.9 27.6 25.5 29.4
% change from
previous year
(7%) (2%) (11%) (7.5%) 15.1%
EPRA EPS
Total (cents) 6 5.8 5.2 4.8 5.6
% change from
previous year
(8%) (3%) (11%) (7.5%) 16.0%
Total Number of Residential Units
Total 3,829 3,938 3,734 3,668 3,627
% change from
previous year
4% 3% (5%) (2%) (1.1%)
Additional Numbers
Adjusted EPRA Earnings
Total (€ millions) 37.08 37 28.5 28.9 29.4
% change from
previous year
2% 0% (22%) 1.4% 1.5%
Adjusted EPRA EPS
Total (€ millions) 7 6.9 5.4 5.5 5.6
% change from
previous year
0% (1%) (22%) 1.4% 2.3%
Average remuneration on a full time
equivalent basis of employees of the
Group
Remuneration 149 62 65 69 73
% change from
previous year
(58%)
(12)
4% 6% 6%
1. On 1 May 2024, Eddie Byrne was appointed CEO and Executive Director. Therefore the 2024 disclosure is for part of the year only.
2. Hugh Scott-Barrett was appointed to the Board on 29 September 2022. Therefore the disclosure for 2022 was for part of the year only.
3. Hugh Scott-Barrett took over as Chair of the Board on 23 Feb 2024 on a Chair Fee of €175,000 per annum, which was a reduction from the previous Chair.
4. Amy Freedman was appointed to the Board on 10 May 2024. Therefore the disclosure for 2024 is for part of the year only.
5. Denise Turner joined the Board on 4 May 2023. Therefore the disclosure for 2023 is for part of the year only.
6. Phillip Burns retired from the Board in May 2025.
7. Richard Nesbitt was appointed to the Board on 10 May 2024. Therefore the disclosure for 2024 is for part of the year only.
8. Stefanie Frensch was appointed to the Board on 1 July 2021. The increase of 97% in 2022 was due to Ms Frensch being part of the Board for a full year.
9. Stefanie Frensch became Chair of the Sustainability Committee on 4 May 2023.
10. Tom Kavanagh was appointed a Committee Chair on 11 May 2021.
11. As of 1 July 2021, the annual fee for all Non-Executive Director roles was increased to €65,000.
12. On 31 January 2021, the Company had 11 employees (one of whom was the CEO). On 31 January 2022, the Company acquired I-RES Fund Management
Limited. As a result, on 31 December 2022 the Company had 95 employees. The comparative figure for 2022 therefore is not a like for like workforce.
I-RES
94
Annual Report and Accounts 2025
Interests of Directors and the Secretary in the share capital
As of 31 December 2025, Mr Byrne maintained a ‘shareholding interest’ of 157% of base salary based on a market
price of €0.94 being the closing price of the Company’s shares on 31 December 2025.
The movement in Directors’ and Company Secretary’s shares during 2025 is set out below:
Name
Ordinary
Shares at
1 January
2025
Ordinary
Shares at
31 December
2025
% of Company
as at 31
December
2025
Outstanding
Option Awards
as at 1 January
2025
Outstanding
Restricted Shares
pursuant
to the LTIP
at 31 December
2025
Ordinary
Shares as at
19 March
2026
Hugh Scott-Barrett 125,000 125,000 0.02% – – 125,000
Eddie Byrne 500,303 670,742 0.13% – 1,311,934 792,265
Denise Turner 100,000 100,000 0.02% – – 100,000
Joan Garahy 34,850 34,850 0.01% – – 34,850
Phillip Burns – – – – – –
Stefanie Frensch 45,000 45,000 0.01% – – 45,000
Tom Kavanagh 181,129 181,129 0.03% – – 181,129
Richard Nesbitt – – – – – –
Amy Freedman – – – – – –
Anna-Marie Curry 27,859 48,694 0.01% – 156,890 71,913
Totals 1,014,141 1,205,415 0.23% – 1,468,824 1,350,157
The interests disclosed above include both direct and indirect legal and beneficial interests in shares. Other than
as noted above, there were no movements in Directors’ shareholdings or Restricted Shares pursuant to the LTIP
between 31 December 2025 and 19 March 2026.
The Directors and the Company Secretary have no beneficial interests in any of the Group’s subsidiary or associated
undertakings.
The Company is not aware of any other arrangements between its shareholders which may result in restrictions on
the transfer of securities or voting rights.
Report of the Remuneration Committee
continued
95
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
CEO Remuneration in 2026
Basic salary and pension
Mr Byrne was appointed on a base salary of €475,000. This base salary was maintained for 2025. The Committee
agreed to increase Mr Byrne’s base salary by 3% to €489,250, in line with the average increase for the workforce and
to increase his pension contribution from 3% to 5% of salary, in line with the level now available to the majority of the
workforce, both with effect from 1 January 2026.
Annual Bonus
The 2026 bonus opportunity for Mr Byrne is equal to 150% of base salary.
20% of any bonus payment will be deferred for three years into shares in line with the Remuneration Policy.
Consistent with the approach taken for 2024 and 2025, the 2026 annual bonus will be subject to EPRA Earnings (25%),
Net Rental Income Margin (20%), Loan to Value (10%), Net Asset Value per share (15%) and specific and measurable
strategic objectives (30%) (including the execution of strategic growth initiatives and agreed ESG and organisation
initiatives).
The table below sets out the performance metrics and weightings, together with the rationale for the metrics.
Due to matters of commercial sensitivity, it would not be in the interests of the Company to disclose the precise
operational targets for the annual bonus at the date of production of this report. Full details of targets and
performance against each will be set out on a retrospective basis in the 2026 Remuneration Report.
Strategic Focus Area Objective/Selection Rationale
Measure/KPIs linked to
strategic focus area Weighting
Operational Excellence
Incentivise management to
focus on growing rental and
ancillary income and reducing
operating expenses
Net Rental Income Margin 20%
Operational Excellence
Incentivise management to
maximise profitability from
operations and focus on
interest cost management
EPRA Earnings 25%
Investment &
Portfolio Management
Incentivise management to
maintain Loan to Value at a
sustainable level
Net Loan to Value 10%
Capital Allocation
Operational Excellence
Incentivise management to
actively manage the assets
throughout the prevailing
economic conditions
Net Asset Value per share 15%
Investment &
Portfolio Management
Capital Allocation
Implementation of Remuneration Policy In 2026
I-RES
96
Annual Report and Accounts 2025
Report of the Remuneration Committee
continued
Strategic Focus Area Objective/Selection Rationale
Measure/KPIs linked to
strategic focus area Weighting
Operational Excellence
Incentivise management to
deliver against key strategic
priorities during 2026
Strategic measures – specific
and measurable strategic
objectives (including the
execution of strategic growth
initiatives and agreed ESG
and organisation initiatives)
Full details will be disclosed in
the 2026 Remuneration Report
30%
Investment &
Portfolio Management
Sustainability
Long Term Incentives
As noted on page 95, it is proposed that in 2026 Mr Byrne is granted conditional awards over shares representing
150% of base salary.
In line with the approach taken in 2025, the 2026 LTIP awards are subject to EPS (30%), Total Accounting Return (30%),
relative Total Shareholder Return (30%), and Sustainability (10%) performance measures.
The table below sets out the performance metrics and weightings, together with a rationale for the metrics.
Strategic Focus Area Objective/Selection Rationale
Measure/KPIs linked to
strategic focus area Weighting
Operational Excellence
Incentivise management to
deliver growth in bottom line
for shareholders over the
longer-term
EPS 30%
Operational Excellence
Incentivise management
to deliver growth in NAV and
deliver a sustained dividend
over the longer-term
Total Accounting Return 30%
Investment &
Portfolio Management
Operational Excellence
Aligned with shareholder
value creation – Incentivise
management to outperform
peers over the longer-term
Total Shareholder Return 30%
Investment &
Portfolio Management
Capital Allocation
Sustainability
Incentivise management
to deliver on the SLL Targets
which is aligned with the
Sustainability Strategy
Achievement of Sustainability
targets under the SLL
10%
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Strategic Report Governance
Financial Statements
Supplementary Information
The targets for the 2026 LTIP are set out in the table below.
The Company is cautiously optimistic that the proposed rent regulatory changes, along with improving market
dynamics, provide future growth opportunities, and the EPS and TAR performance targets have been set taking into
account the Company’s ambitious internal plan. The targets for threshold and maximum vesting are positioned
above the targets for the 2024 and 2025 LTIP awards:
• EPS: 3% to 6% growth p.a. (2026) vs 1% to 3% growth p.a. (2025) and 2% to 3% growth p.a. (2024).
• TAR: 4% to 10% growth p.a. (2026) vs 2% to 8% growth p.a. (2025) and 3% to 8% growth p.a. (2024).
The threshold vesting level was reduced to 10% of maximum for the EPS and TAR performance metrics under the
2025 LTIP awards on a one-off basis, to reflect the reduction in threshold targets. Given the threshold targets under
the 2026 LTIP have increased vs the 2025 LTIP (and are also positioned above the 2024 LTIP threshold targets), the
Committee considered it appropriate to re-establish the threshold vesting level at 25% of maximum for the EPS and
TAR performance metrics.
In November 2025 I-RES converted its €500m RCF, signed in March 2025, into an SLL. The SLL ties financing costs
to five independently verified Sustainability Performance Indicators (BER Improvement for the portfolio, Retrofit
programme, PV Solar Installations, Reduction of identified absolute GHG emissions and Social targets (Employee
Training, Resident Engagement & Community Engagement)). The Committee considers it appropriate to align the
2026 LTIP sustainability target to compliance with the SLL Sustainability Performance Indicators (“SPTs”) over the
3-year performance period, recognising that the Indicators are independently verified. This LTIP performance metric
will assess the Company’s broader sustainability performance, and achieving the Indicators results in a direct cost
saving for the Company through interest rate reductions. Threshold is based on meeting at least 1 SPT in each of the
3 years (to maintain the interest rate reduction achieved in converting the RCF to an SLL), and stretch is based on
full delivery of all SPT’s in each of the 3 years (and therefore achieving the maximum further interest rate reduction
across each of the 3 years under the SLL).
No changes have been made to the Total Shareholder Return targets.
Vesting Level
LTIP Criteria Allocation O% 25% 100%
Pro Rata between 25% and
100%
EPS (Percentage growth in EPS
2028 compared to base year
of 2025)
30% Below 3%
p.a.
3% p.a. 6% p.a. Between 3% and 6% p.a.
Total Accounting Return (TAR
over the performance period)
30% Below 4%
p.a.
4% p.a. 10% p.a. Between 4% and 10% p.a.
Total Shareholder Return (TSR
relative to constituents of the
residential subsector of the FTSE
EPRA NAREIT Europe Developed
Index)
30% Below
Median
Median Upper
Quartile
Between median and
upper quartile
Sustainability (achievement
of SPTs under each of the 5 KPIs
in the SLL)
10% No SPTs
achieved
1 SPT
achieved
5 SPTs
achieved
Between 1 and 5 SPTs
achieved
I-RES
98
Annual Report and Accounts 2025
Report of the Remuneration Committee
continued
Executives’ external appointments
The Executive Director is permitted to take on external appointments with other publicly listed companies with the
prior approval of the Board. The Board recognises that there are benefits to both the Company and the Executive
Director, for the Executive Director to serve as a Non-Executive Board member of other companies. The Executive
Director is permitted to retain any payments received in respect of such appointments.
External Services
The Remuneration Committee has engaged remuneration consultants, Deloitte LLP, who have no other relationship
with the Group or any individual Director, to provide advice in relation to executive remuneration. Deloitte is a founder
member of the Remuneration Consultants Group and as such voluntarily operates under its Code of Conduct in
relation to executive remuneration. Deloitte’s fees for advice to the Committee during 2025 was €26,000.
Disclosures required under the provisions of the Alternative Investment
Fund Managers Directive (Directive 2011/61/EU) as amended
I-RES Fund Management Limited (IFML) is the Alternative Investment Fund Manager for the Company. The total
remuneration paid in the period to the staff of IFML, all of whom are engaged in managing the Group’s activities,
was €5.1 million, of which €4.6 million comprised fixed remuneration and €0.5 million comprised variable
remuneration. The number of staff employed by IFML as at 31 December 2025 was 74 (76 as at 31 December 2024).
There were no senior managers or members of staff of IFML whose actions had a material impact on the risk profile
of the Company.
99
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Stefanie Frensch
Chair Sustainability Committee
Report of the Sustainability Committee
Sustainability Committee Membership
Stefanie Frensch
(Chair)
Appointed to Committee 1 July 2021
Appointed Chair 4 May 2023
Tom Kavanagh Appointed to Committee 11 May 2021
Committee Chair 11 May 2021 – 4 May 2023
Phillip Burns Appointed 24 May 2023
Retired 15 May 2025
Eddie Byrne Appointed 1 May 2024
Dear Shareholder,
it is my pleasure to
present the Report
of the Sustainability
Committee for
the year ended
31December 2025.
As Chair of the Sustainability
Committee, I am proud to reflect
on the continued progress I-RES is
making in embedding sustainability
at the heart of our business. For us,
sustainability is not a peripheral
issue; it is a strategic imperative that
shapes every decision we make.
The Board’s role is clear: to provide
oversight, challenge, and direction,
ensuring that our commitments
translate into measurable action.
This year, we achieved significant
milestones.
Building on this strategic foundation,
we also strengthened our financial
resilience through sustainability-
linked financing, agreeing
environmental and social KPIs
with our banking consortia. These
commitments not only support
our decarbonisation path but
also reduce our interest burden.
The Climate Transition plan will
form a critical component of our
sustainability-linked financing
going forward, ensuring alignment
between our environmental
ambitions and financial strategy.
This positions I-RES as a front-runner
in green finance and prepares
us for a future where access to
capital will increasingly depend on
sustainability performance. In my
view, this is the only way forward for
our industry.
Governance remains central to
our approach. Our Sustainability
Committee meets quarterly, driving
accountability and transparency.
We have set executive KPIs that
are aligned with sustainability
objectives, and remuneration
reflects performance against these
targets. Sustainability risks are fully
integrated into our risk management
framework, ensuring they carry equal
weight with other strategic risks.
The year started with a focus
on meeting CSRD disclosure
requirements. Given the approval
of the Omnibus Proposals I-RES
will no longer be in scope for
CSRD. However, the double
materiality assessment carried
out in preparation for CSRD has
been a very valuable exercise.
The knowledge we gained about
which topics are important to our
business, as well as the effects, risks,
and opportunities posed by climate
change, have guided the updating
of our Sustainability Strategy.
In addition, it has all formed the
basis for the ongoing work on
the development of our Climate
Transition Plan. This marks a defining
moment for I-RES. This plan will
provide us with a long-term direction
for decarbonisation, guiding us step
by step over the next 25 years. This
plan will not be static; it will evolve as
we balance ambition with practical
realities, including budgets and
investments. It is the foundation for
a future where our portfolio delivers
meaningful carbon reductions,
firmly positioning I-RES on the
pathway to net zero.
I-RES
100
Annual Report and Accounts 2025
Looking ahead, our vision is
clear. I-RES will continue to be
a leader in Ireland’s residential
property sector, not only as
its largest landlord but as a
benchmark for environmental
and social sustainability. We are
already seeing the benefits of
this leadership. Our ESG ratings
continue to improve, and our
residents, particularly younger
generations, value and embrace
our efforts.
Challenges remain. Regulatory
changes and rising costs linked
to sustainability will test our
resilience. Yet, I am confident
that our strategy, governance,
and commitment position us
to navigate these pressures
successfully.
Finally, I want to acknowledge
the strength of our Board, the
management of our executive
team and the actions of the
entire I-RES team. We maintain
a strong gender balance, invest
in ongoing sustainability training
and support, ensuring we remain
informed and equipped to
guide the company through this
transition. Our success is built on
their actions, and together, we will
continue to deliver meaningful
progress toward a sustainable
future.
Sustainability is a journey, and
while much remains to be done,
I-RES is firmly on the right path,
one that delivers value for our
stakeholders and contributes
to a more sustainable future for
Ireland.
Stefanie Frensch
Chair, Sustainability Committee
The Sustainability Committee is chaired by Stefanie Frensch, an
Independent Non-Executive Director. The Board is satisfied that the
Sustainability Committee members are appropriately qualified and
experienced to fulfil their roles and have a broad mix of skills and experience
arising from senior roles they hold or have held with other organisations, and
that the Sustainability Committee as a whole has competence relevant to
the sector in which the Company operates.
Meetings of the Sustainability Committee
The Sustainability Committee meet at least four (4) times per year and
otherwise as required. The Committee met six (6) times during 2025.
Sustainability Committee Meetings Attended/Eligible to Attend
(including Ad Hoc Meetings)
1 January – 31 December 2025
Members
Attendance
Stefanie Frensch – Chair 6/6
Tom Kavanagh 6/6
Eddie Byrne (CEO) 6/6
Phillip Burns
(1)
3/3
1. Phillip Burns retired from the Board and the Sustainability Committee on 15 May 2025.
Terms of Reference and Principal Duties
The Sustainability Committee
reviews its terms of reference on
an annual basis and, if necessary,
proposes for formal Board adoption
amendments to the Committee’s
terms of reference. The Board
reviewed the terms of reference
of the Sustainability Committee in
November 2025 and noted that no
material changes were required.
A copy of the Committee’s Terms
of Reference is available on the
Company’s website www.iresreit.ie.
The Sustainability Committee
evaluates its own performance
relative to its terms of reference.
Following the 2025 annual
review, it was concluded that the
Sustainability Committee was
operating effectively.
The Sustainability Committee’s
principal duties include:
• Developing and recommending
to the Board the Company’s
Sustainability strategy, policies,
risk targets and investment
required to achieve the Company’s
Sustainability strategy
• Ensuring any Sustainability
commitments are consistent with
the Company’s business strategy
and Code of Ethics
• Making recommendations to the
Board on effective engagement
with stakeholders, including
employees, and ensuring
stakeholder views are taken into
account in Board decisions
• Providing oversight in relation to
building Sustainability competency
at the Board and Management
level
Report of the Sustainability Committee
continued
101
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
• Ensuring appropriate assurance
has been provided in relation
to any Sustainability related
disclosure or data to be made
publicly available
• Reviewing and recommending
to the Board the approval of the
annual Sustainability Report
• Reviewing any submissions by the
Company to any benchmark or
rating agency and the results of
any benchmark assessment
• Liaising with the Company’s other
Board Committees on relevant
matters as determined from time
to time including:
- the Audit Committee – in respect
of the exercise by the Audit
Committee of its duties
in respect of sustainability related
financial disclosures
- the Nomination Committee –
in the exercise of its duties
relating to Diversity and Inclusion
on the Board
- the Remuneration Committee –
in respect of the adoption
of short and long-term
performance measures
that support the Company’s
Sustainability Strategy
How the Sustainability
Committee Discharged
its Responsibilities in
2025
While not intending to be an
exhaustive list of the Sustainability
Committee’s considerations
and activities during the 2025
financial year, below are the key
activities that the Sustainability
Committee undertook during that
period. Further details on I-RES’
Sustainability Strategy and our
progress during 2025 can be found
in I-RES’ 2025 Sustainability Report
which is available in the Reports
and Presentations section on
www.iresreit.ie.
Sustainable Finance
As part of our commitment to
embedding sustainability across
our operations and financial
decision-making, we have made
significant progress in establishing
sustainability-linked financing
mechanisms in 2025. Over the
past year, we have aligned our
sustainability performance
indicators with credible, measurable
targets that reflect our strategic
priorities – particularly in areas
such as carbon reduction, resource
efficiency, and social impact.
These targets have been formally
integrated into our financing
frameworks to ensure accountability
and transparency. A key milestone
in this journey was the conversion
of our €500m Revolving Credit
Facility (“RCF”), signed in March
2025, into a Sustainability-Linked
Loan (“SLL”) that aligns with the Loan
Market Association’s March 2025
principles for sustainable finance.
The SLL ties financing costs to
independently verified Sustainability
Performance Indicators, reinforcing
our commitment to sustainability
while reducing our interest burden.
By embedding these commitments
into our financial structure, we
reinforce accountability and ensure
sustainability remains central to our
business strategy and position I-RES
as a front-runner in green finance
– a critical advantage as access
to capital increasingly depends on
sustainability performance.
Climate Transition
Planning
Building on the strategic foundation
laid through our double materiality
assessment, in 2025, I-RES also
started the process of preparing
a credible Climate Transition
Plan (“CTP”) which will serve as a
cornerstone of our sustainability
strategy and financing frameworks
going forward. This will include a
time-bound action plan outlining
how I-RES will achieve its strategy
to reach net zero emissions by
2050. Key steps already completed
include:
• Externally certified carbon footprint
across Scope 1, 2 & 3, establishing
a robust 2024 Greenhouse Gas
emissions baseline
• Identification of climate risks and
opportunities
• Climate scenario modelling – As
part of this process, we conducted
a climate resilience scenario
analysis, building on the climate-
related risks identified through our
double materiality assessment
• Development of an outline for
governance, financing, and
integration of I-RES’ current
sustainability policy and reporting
• High level decarbonisation
pathway modelling outlining
emission reductions profiles across
I-RES’ Scope 1, 2 and 3 emissions.
As part of developing our Climate
Transition Plan, I-RES are leveraging
the data available from the pilot
energy efficiency measures
implemented over the last few
years, such as PV panel installations,
apartment retrofits and district
heating upgrades, as well as the
availability now of 100% of our Scope
3 residential emissions data. Once
finalised, this plan will set I-RES
firmly on a pathway toward net zero,
ensuring resilience and leadership in
sustainable housing. The transition
planning work will be further refined
in 2026 to align with our broader
business strategy. This plan will not
be static; it will evolve as we balance
ambition with practical realities,
including budgets and investments.
Together, our Climate Transition Plan
and sustainability-linked financing
framework provide the strategic and
financial foundation for a future where
our portfolio delivers strengthened
financial resilience and demonstrates
leadership in an industry where
sustainability is no longer optional –
it is the only way forward.
I-RES
102
Annual Report and Accounts 2025
Report of the Sustainability Committee
continued
Regulatory
Environment
Together with the Audit Committee,
during 2025 the Sustainability
Committee continued to monitor
the evolving regulatory landscape
regarding the Corporate
Sustainability Reporting Directive
(“CSRD”). These requirements
evolved significantly over the course
of 2025. On 18 March 2026 the EU
Omnibus Directive, on the changes
to the CSRD, (the “Omnibus”) entered
into force. While member states
have 12 months to implement the
provisions of the Omnibus, we now
have clarity that I-RES is not in scope
for reporting under the revised CSRD.
Irish implementation of the Omnibus
will be monitored closely by the Audit
Committee and the Sustainability
Committee. The proposed voluntary
reporting standard closely aligns
with EPRA Sustainability Best Practice
Reporting guidelines and the Global
Reporting Initiative (“GRI”), both of
which I-RES continues to follow in its
current Sustainability reporting. The
Audit and Sustainability Committees
will continue to support preparations
and monitor regulatory progress
throughout 2026 to ensure readiness
for any appropriate voluntary
or future mandatory reporting
requirements.
As is evident from this report and
from the details set out in our 2025
Sustainability Report (available at
www.iresreit.ie), I-RES is committed
to best practice in relation to
Sustainability matters in the conduct
of its affairs. From the perspective
of Regulation (EU) 2019/2099 on
Sustainability Related Disclosures
in the Financial Services Sector (the
“SFDR”), I-RES is classified as being
within the scope of Article 6 of SFDR.
The Committee will also continue to
monitor progress at a European level
with regard to the proposed “SFDR
2.0” and, once available will evaluate
the implications of these proposed
changes (if any).
We are also closely monitoring
Ireland’s implementation of the
EU’s revised Energy Performance of
Buildings Directive (“EPBD”) which
aims to decarbonise the built
environment by 2050. The directive is
due to be transposed into Irish Law
by May 2026. As the Government’s
drafting develops we will be
assessing the implications (if any) for
I-RES and our sustainability strategy.
Governance
Throughout the year, governance
continued to be a central priority
for I-RES. Under the direction of our
CEO, Eddie Byrne, and with ongoing
oversight from the Sustainability
Committee, sustainability
considerations have become
an integral part of our decision-
making processes and day-to-day
operations.
The Sustainability Committee advised
the Remuneration Committee on
the incorporation of both short
and long-term sustainability-
linked performance metrics for
the entire Senior Leadership Team.
These performance metrics are
closely aligned with the Company’s
overarching Sustainability
Strategy, as well as with the targets
established under the SLL.
Progress against these sustainability
metrics is monitored on a quarterly
basis through discussions between
the Committee and management,
ensuring ongoing accountability
and alignment with the Company’s
sustainability objectives.
Ratings Agencies
Our progress has also been
recognised externally. In 2025, we were
delighted to maintain our European
Public Real Estate Association
(“EPRA”) Sustainability Best Practices
Recommendations (“sBPR”) Gold
Award for the fifth consecutive year.
We also maintained our 3-star Global
Real Estate Sustainability Benchmark
(“GRESB”) rating and improved our
score by 4 points. We submitted to the
Carbon Disclosure Project (“CDP”) for
the fourth consecutive year, improving
our score from a C to a B rating in 2024
and maintaining this maximum SME
rating in 2025.
Social Impact
Social impact has remained central
to our approach. We recognise
that our success depends on our
people. Employee engagement
remained strong in 2025, with
satisfaction scores above 80%
across all metrics, supported by the
successful rollout of our refreshed
Mission, Vision, and Values. We
enhanced employee supports and
expanded training opportunities
across the organisation, reinforcing
our commitment to a positive and
inclusive workplace culture.
Our Resident Promise, supported by
our resident teams and an annual
schedule of events throughout our
portfolio, continues to shape how we
connect with our communities. The
fact that our Net Promoter Scores
stayed within target ranges shows
that residents remain satisfied as a
result.
Our community engagement
programme continues to support
those in need in the communities
in which we operate. Our teams
actively engage with local
educational, sports and charitable
organisations.
These outcomes demonstrate that
our social impact strategy is not
only about meeting expectations –
it is about creating lasting value for
employees, residents, and the wider
community.
103
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Strategic Report Governance
Financial Statements
Supplementary Information
Report of the Directors
The Directors of the Company present their report and the audited
financial statements for the financial period from 1 January 2025 to
31 December 2025.
Principal Activity
The Company is an Irish real estate
company, focused on the private
residential rental property market on
the Island of Ireland. The Company
owns interests primarily in residential
rental accommodations and
ancillary and/or strategically located
commercial properties located
in and near major urban centres
in Ireland, in particular Dublin. The
Company purchased its first real
estate assets on 10 September 2013
and is now one of the largest private
residential landlords in Ireland.
The Company’s net assets and
operating results are derived from
real estate located in Ireland.
Review of Activities,
Business Performance
Measures, and Events
since the Year-End
The Strategic Report contains a
review of the development and
performance of the business during
the year, the state of affairs of the
business at 31 December 2025,
recent events and likely future
developments. Information in
respect of events since the year end
as required by the Companies Act,
2014 is included in these sections
and in note 30 of the Group financial
statements.
The Governance Report and the
Strategic Report are deemed to
be included in this Report of the
Directors for the purposes of the
Companies Act, 2014.
This Report, the documents
referred to therein, which include a
description of the principal risks and
uncertainties facing the Company,
the Chief Executive’s Statement,
the Financial Review, the Business
Performance Measures, the Business
Strategy and the Risk Report are
deemed to be the management
report as required by the
Transparency (Directive 2004/109/EC)
Regulations 2007 (the “Transparency
Regulations”).
Revenue for the financial period
amounted to €85.5 million
(€85.3 million for the 2024 year).
The profit before tax for the year
attributable to Shareholders
amounted to €49.7 million (loss
of €6.7 million for the 2024 year)
which was aided by a €17.0 million
fair value revaluation increase and
strong operational performance
and margin improvement (2024:
€33.7 million fair value revaluation
reduction).
EPRA Earnings per Share were 5.6
cents (4.8 cents for the 2024 year),
and IFRS NAV per share was 131.7
cents (126.2 cents as at 31 December
2024). Further details of the results
for the year are set out in the
consolidated statement of profit
or loss and other comprehensive
income.
REIT Status
I-RES elected for REIT status on
31 March 2014 under section 705 E of
the Taxes Consolidation Act, 1997. As
a result, the Company does not pay
Irish corporation tax on the profits
and gains from qualifying rental
business in Ireland from that date,
provided it meets certain conditions.
The primary requirements to
maintaining REIT status relates to LTV
and distributions to Shareholders.
As an Irish REIT, I-RES is required to
distribute to its Shareholders (by
way of dividend), on or before the
filing date for its tax return for the
accounting period in question, at
least 85% of the Property Income
of the Property Rental Business
arising in each accounting
period (provided it has sufficient
distributable reserves). In addition,
under the Irish REIT legislation, I-RES is
required to maintain an LTV of below
50%. If I-RES were to fail in meeting
these conditions in a period and,
within a reasonable timeframe as
determined by the Irish Revenue
Commissioner, failed to secure that
the condition was subsequently met,
then the Revenue Commissioner
could treat I-RES as no longer
qualifying as a REIT. The implication
of such would be that I-RES could
be deemed to have ceased to be a
REIT or Group REIT at the end of the
accounting period immediately prior
to the accounting period in which
the failure to meet the condition
was present and Irish corporation
tax would be due on the profits and
gains from qualifying rental business
in Ireland from that period.
The Directors confirm that the Group
complied with all the above REIT
requirements for the period from
1 January 2025 to 31 December 2025.
I-RES
104
Annual Report and Accounts 2025
Dividends
Under the Irish REIT Regime, subject
to having sufficient distributable
reserves, the Company is required
to distribute to Shareholders at least
85% of the Property Income of its
Property Rental Business for each
accounting period. Each year it is
the Board’s intention to propose
semi-annual dividends payable
in March and September.
Accordingly, the Board paid
dividends of approximately €24.0
million in the 2025 accounting period
and approximately €12.4 million in
respect of the period from 1 January
2025 to 30 June 2025.
On 18 February 2026, the Directors
approved an additional dividend of
€13.3 million (dividends per share
of 2.53 cents) for the year ended
31 December 2025, to be paid on
27 March 2026 to Shareholders
on record as of 27 February 2026.
This dividend was made up of a
Property Income Distribution (“PID”),
as defined in the Irish REIT Legislation.
Therefore, the total dividend paid
in respect of the 2025 accounting
period was 4.89 cent per share
(4.08 cent for the 2024 year).
Share Capital
The authorised share capital of the
Company is 1,000,000,000 ordinary
shares of €0.10 each, of which
524,442,218 shares were in issue
at 31 December 2025. All of these
shares are of the same class. They
all carry equal voting rights and rank
equally for dividends. During the
financial period ended 31 December
2025, the Company undertook a
€5m share buyback. There are no
securities holding special rights with
regard to control of the Company.
Particulars of the authorised and
issued share capital of the Company
as at 31 December 2025 are set out
in note 13 of the Group financial
statements.
During the financial period ended
31 December 2025 and as at
19 March 2026, the Company held no
shares in treasury, and no subsidiary
undertaking of the Company
held shares in the Company. Save
for restrictions imposed by the
Company on relevant persons in
order to comply with its obligations
under the Market Abuse Regulation
(596/2014), for example under its
share dealing code, there are
no restrictions on the transfer of
shares in the Company and no
requirements to obtain approval of
the Company, or of other holders
of securities in the Company, for a
transfer of shares in the Company,
save that the Directors may decline
to register any transfer of a share:
• To or by a minor or a person with a
mental disorder (as defined by the
Mental Health Act, 2001);
• In certain circumstances where
the Directors have given notice
to a shareholder under the
Articles of Association requiring
such shareholder to notify the
Company of his or her interest in
any shares in the Company (and/
or the interests of all persons
having a beneficial interest in
any shares in the Company held
by such shareholder and/or any
arrangement entered into by such
shareholder or any such person
regarding a transfer of any such
share or acting in relation to any
meeting of the Company) and
such shareholder is in default for
a prescribed period in supplying
such information to the Company;
and
• If the transfer is in favour of any
person, as determined by the
Directors, to whom a sale or
transfer of shares, or whose direct,
indirect or beneficial ownership
of shares would or might cause a
specific regulatory burden to be
imposed on the Company, such as
under the US Securities Exchange
Act of 1934.
The Directors and the Company
Secretary have no beneficial
interests in any of the Group’s
subsidiary or associated
undertakings.
The Company is not aware of any
other arrangements between its
shareholders which may result
in restrictions on the transfer of
securities or voting rights.
Powers of the Board
The Directors are responsible for the
management of the business of the
Company and may exercise all the
power of the Company subject to
applicable legislation and regulation
and the Company’s Constitution.
The Directors’ powers to allot, issue,
repurchase and reissue ordinary
shares are dependent on the terms
of the resolutions from time to
time in force so empowering the
Directors. At the Company’s 2025
annual general meeting (“AGM”), the
Directors were given the power:
• To call a general meeting on 14
clear days’ notice
• To consider the continuation in
office of KPMG as Auditor
• To fix the remuneration of the
Auditor
• To allot relevant securities up to
specified limits
• To disapply pre-emption rights
to make market purchases of the
Company’s own shares
• To re-issue treasury shares at a
specified price range
The authorities described above
are due to expire at the earlier of
the conclusion of the 2026 AGM of
the Company or 15 months from
the passing of the resolution.
Details of the resolutions to be
considered at the next annual
general meeting of the Company
will be sent to shareholders in
advance of the 2026 AGM.
Report of the Directors
continued
105
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Strategic Report Governance
Financial Statements
Supplementary Information
Rules Concerning
the Appointment and
Removal of Directors
of the Company
Directors are appointed on a
resolution of the Shareholders at
a general meeting, usually the
annual general meeting, either to
fill a vacancy or as an additional
Director. The Directors have the
power to fill a casual vacancy or
to appoint an additional Director
(within the maximum number of
Directors fixed by the Company in a
general meeting), and any Director
so appointed holds office only until
the conclusion of the next annual
general meeting following his or
her appointment, when the Director
concerned shall retire, but shall be
eligible for reappointment at that
meeting.
Directors
As at the date of this Report, there
are eight (8) Directors on the
Board. The CEO, Eddie Byrne is an
Executive Director. Hugh Scott-
Barrett (the Chair), Joan Garahy
(Senior Independent Director), Amy
Freedman, Denise Turner, Richard
Nesbitt, Stefanie Frensch, and
Tom Kavanagh are Non-Executive
Directors. A short biographical note
on each Director appears in the
Board of Directors section of the
Governance Report.
In accordance with Provision 18
of the Code and the Company’s
Constitution, all Directors of the
Company are subject to election
by shareholders at the first annual
general meeting after their
appointment, and to annual
re-election thereafter.
In accordance with this provision,
each of the Directors will retire and,
with the exception of Joan Garahy,
Amy Freedman and Richard Nesbitt,
being eligible, will offer themselves
for re-election at the Company’s
2026 AGM.
Non-Executive
Directors Agreements
for Service
Other than Eddie Byrne, the Directors
do not have service contracts but do
have letters of appointment which
reflect their responsibilities and
commitments. Each Director has the
same general legal responsibilities
to the Company as any other
Director and the Board as a whole
is collectively responsible for the
overall success of the Company.
The details of the Non-Executive
Directors’ current terms of office and
dates of current service contracts
are set out below:
Name
Date of Appointment
to Board
Date of most recent
letter of appointment
Year term expires (on
conclusion of the AGM) Notice Period
Hugh Scott-Barrett 29 September 2022 7 August 2025 2028 AGM 3 months
Joan Garahy 18 April 2017 21 March 2023 2026 AGM 3 months
Amy Freedman 10 May 2024 10 May 2024 2027 AGM 3 months
Denise Turner 2 May 2023 5 March 2023 2026 AGM 3 months
Richard Nesbitt 10 May 2024 10 May 2024 2027 AGM 3 months
Stefanie Frensch 1 July 2021 22 February 2024 2027 AGM 3 months
Tom Kavanagh 1 June 2018 22 February 2024 2027 AGM 3 months
I-RES
106
Annual Report and Accounts 2025
Report of the Directors
continued
The letter of appointment for each
Non-Executive Director provides
that the Company may terminate
that Director’s appointment
with immediate effect in certain
circumstances, including where a
Director commits a material breach
of his or her obligations under their
letter of appointment or otherwise
at the discretion of the Director or
the Company on three months’ prior
written notice. No compensation
is payable to any Director in the
event of any such termination.
In addition to their general legal
responsibilities, the Directors have
responsibility for the Company’s
strategy, performance, financial and
risk control, and personnel.
With effect from 1 May 2024, Eddie
Byrne has served on the Board
of the Company as an Executive
Director. Eddie Byrne entered into
an employment agreement with
the Company effective 8 April 2024.
The terms of Mr Byrne’s contract of
employment are summarised in the
Remuneration Committee Report.
There are no agreements between
the Company and its Directors
or employees providing for
compensation for loss of office
or employment, whether through
resignation, purported redundancy
or otherwise, that occurs as a result
of a takeover of the Company,
except under the terms of the LTIP.
Conflicts of Interest –
Directors
Section 231 of the Companies Act,
2014 requires each Director who is in
any way, either directly or indirectly,
interested in a contract or proposed
contract with the Company to declare
the nature of his or her interest at
a meeting of the Directors. The
Company keeps a register of all such
declarations, which may be inspected
by any Director, secretary, auditor
or member of the Company at the
offices of the Company (attention
Company Secretary), South Dock
House, Hanover Quay, Dublin 2, Ireland
on reasonable prior notice and during
normal business hours.
Subject to certain exceptions, the
Articles of Association generally
prohibit Directors from voting at
Board meetings or meetings of
committees of the Board on any
resolution concerning a matter in
which they have a direct or indirect
interest which is material to, or a
duty which conflicts or may conflict
with the interests of, the Company.
Directors may not be counted in the
quorum in relation to resolutions on
which they are not entitled to vote.
Corporate Governance
The Company has complied, from
1 January 2025 to 31 December 2025,
with the provisions set out in the
Irish Corporate Governance Code,
which applied to the Company
for the financial period ended
31 December 2025, except as
disclosed in the Governance Report.
The Governance Report and the
Risk Report set out the Company’s
application of the principles and
compliance with the provisions
of the Code and the Company’s
system of risk management and
internal control.
Alternative Investment
Fund Manager
IRES Fund Management Limited
(“IFML”), which is wholly owned by the
Company, continues to serve as the
Company’s Alternative Investment
Fund Manager (“AIFM”) under
the Alternative Investment Fund
Managers’ Regulations 2013 (the
“AIFM Regulations”). IFML continues
to be authorised as an alternative
investment fund manager by
the Central Bank of Ireland (“CBI”)
under the AIFM Regulations. The
Company continues to have in
place an alternative investment
fund manager’s agreement
(“Management Agreement”) with
IFML under the terms of which IFML
carries out certain portfolio, property
management and other functions
on behalf of the Company.
Pursuant to the Management
Agreement, the Company pays 3.0%
per annum of its gross rental income
as property management fees and
0.5% per annum of its net asset value
as asset management fees to IFML.
Management continues to engage
with the CBI in respect of the transfer
to the Company of all aspects of
IFML’s business and the Company’s
application to become authorised
as an internally managed
Alternative Investment Fund.
Review of the Manager
The Board has reviewed the
performance of the Manager and is
satisfied with its overall performance
for the year ended 31 December
2025.
Principal Risks
and Uncertainties
A description of the principal risks
and uncertainties facing the Group
is set out in the Risk Report.
Political Contributions
There were no political contributions
which are required to be disclosed
under the Electoral Act, 1997 or the
Irish Companies Act, 2014.
107
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Substantial Shareholdings
The Company has been notified of the following interests of 3% or more of the voting rights over the share capital of
the Company as at 31 December 2025 and 19 March 2026:
Holder
31-Dec-25 19-Mar-26
Number of Shares % Number of Shares %
FMR LLC 51,866,334 9.89% 51,866,334 9.89%
Ameriprise Financial, Inc. 37,518,522 7.15% 46,501,118 8.87%
Irish Life Investment Mgrs (Dublin) 33,572,849 6.40% 33,572,849 6.40%
APG Asset Management N.V 23,995,104 4.53% 15,481,991 2.95%
(1)
BlackRock, Inc. 20,732,892 3.95% 20,775,762 3.96%
Zürcher Kantonalbank 15,923,787 3.01% 15,923,787 3.01%
1. As of 15 January 2026, APG Asset Management N.V. reduced its stake to 2.95% dropping below the 3% notification threshold.
Except as disclosed above, the Company has not been notified as at 19 March 2026 of any other interest of 3% or
more of the voting rights in its share capital nor is it aware of any person who directly or indirectly, jointly or severally,
exercises or could exercise control over the Company. The table above summarises the various notifications that the
Company has received for shareholders with 3% or more of the voting rights. The percentage ownership is based on
the number of shares outstanding at the time the Company was notified.
Employee Share Schemes
Options and Restricted Shares are issuable pursuant to I-RES’ share-based compensation plan, namely, the LTIP.
Eligible participants include employees or Executive Directors of the Company. Further details on the LTIP are
included in note 12 of the Group financial statements and the Remuneration Committee Report.
Principal Subsidiaries and Joint Ventures
Details of the Company’s principal subsidiaries as at 31 December 2025, which include IRES Fund Management
Limited, IRES Residential Properties Limited, IRES Residential Properties (Tara View) Limited, IRES Residential Properties
(Orion) Limited and certain owners’ management companies in which the Company holds a majority of the voting
rights, are set out in note 23 of the Group financial statements, found on page 155. All of the Company’s principal
subsidiaries are incorporated in Ireland.
Financial Instruments
Financial instruments are set out in note 19 of the Group financial statements on page 144.
Financial Risk Management
The financial risks include market risk, liquidity risk, credit risk and capital management risk. The financial risk
management objectives and policies of the Group are set out in note 19 of the Group financial statements and are
included in this report by cross reference.
I-RES
108
Annual Report and Accounts 2025
Report of the Directors
continued
Subsequent Events
Information in respect of events
since the year end is contained
in note 30 to the Group financial
statements and are included in
this report by cross reference.
Accounting Records
The Directors are responsible for
ensuring accounting records,
as required by Sections 281 to
285 of the Companies Act, 2014,
are kept by the Company. The
Directors believe that they have
complied with this requirement by
employing accounting personnel
with appropriate expertise and by
providing adequate resources to the
finance function. The accounting
records of the Company are
maintained at its registered office
located at South Dock House,
Hanover Quay, Dublin 2, Ireland.
Relevant Audit
Information
The Directors believe that they
have taken all steps necessary to
make themselves aware of any
relevant audit information and have
established that the Company’s
statutory auditors are aware of that
information. Insofar as they are
aware, there is no relevant audit
information of which the Company’s
statutory auditors are unaware.
Directors’ Compliance
Statement
The Directors, in accordance with
Section 225(2) of the Companies
Act, 2014, acknowledge that they
are responsible for securing the
Company’s compliance with its
“Relevant Obligations” within the
meaning of Section 225 of the
Companies Act, 2014 (described
below as “Relevant Obligations”).
The Directors confirm that:
• A compliance policy statement
has been drawn up setting out the
Company’s policy (that is in the
opinion of the Directors appropriate
to the Company) with regard to
compliance by the Company with
its Relevant Obligations;
• Appropriate arrangements and
structures that, in the Directors’
opinion, are designed to ensure
material compliance with the
Company’s Relevant Obligations,
have been put in place; and
• A review has been conducted
during the financial year of the
arrangements and structures that
have been put in place to secure
the Company’s compliance with its
Relevant Obligations.
Regulation 21 of
SI255/2006 European
Communities
(Takeover Bids
(Directive (2004/25/
EC)) Regulations 2006
Each of the Company and its
subsidiary, I-RES Residential
Properties Limited has certain
financial indebtedness arising under
a private placement of loan notes
and, banking facilities, which may
require repayment and (in respect
of the banking facilities) cancellation
of the commitments thereunder in
the event that a change of control
occurs with respect to the Company
(or, in the case of I-RES Residential
Properties Limited’s financial
indebtedness, I-RES Residential
Properties Limited), which may have
the effect of also terminating (in
whole or part) hedges transacted
under the International Swaps and
Derivative Association, Inc. (“ISDA”)
documentation entered into by
I-RES Residential Properties Limited.
In addition, the LTIP contains change
of control provisions which allow for
the acceleration of the exercisability
of share options or awards in the
event that a change of control
occurs with respect to the Company.
There are no other significant
agreements to which the Company
is a party that take effect, alter or
terminate upon a change of control
of the Company following a bid.
For the purposes of Regulation 21
of the European Communities
(Takeover Bids (Directive 2004/25/
EC)) Regulations 2006, the
information on Directors in the
Board of Directors Section and
the disclosures on Directors’
Remuneration in the Remuneration
Committee Report cover the
information required and are
deemed to be incorporated in the
Report of the Directors.
Auditor
KPMG, Chartered Accountants,
were appointed statutory auditor
on 17 July 2018 and have been
reappointed annually since that
date, and pursuant to section 383(2)
will continue in office. A resolution
authorising the Directors to set their
remuneration will be proposed at
the Company’s 2026 AGM.
Audit Committee
The Board has established an
Audit Committee in compliance
with the Code to assist with certain
responsibilities relating to internal
controls, risk management and
reporting. Refer to the Report of the
Audit Committee for the procedures
established by the Audit Committee
to discharge these responsibilities.
General Meetings
The Company holds a general
meeting each year as its annual
general meeting in addition to
any other meeting in that year. Not
more than 15 months shall elapse
between the date of one AGM and
that of the next. The Directors are
responsible for the convening of
109
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
general meetings. Information is
distributed to Shareholders at least
20 working days prior to the annual
general meeting.
No business other than the
appointment of a Chair shall be
transacted at any general meeting
unless a quorum of members
is present at the time when the
meeting proceeds to business.
Except as provided in relation to an
adjourned meeting, two (2) persons
entitled to vote upon the business
to be transacted, each being a
member or proxy for a member or
a duly authorised representative
of a corporate member, shall be a
quorum.
Votes may be given either
personally or by proxy or a duly
authorised representative of a
corporate member. Subject to rights
or restrictions for the time being
attached to any class or classes
of shares, on a show of hands,
every member present in person
and every proxy or duly authorised
representative of a corporate body
shall have one vote. No individual
shall have more than one vote, and
on a poll, every member present
in person or by proxy or a duly
authorised representative of a
corporate body shall have one vote
for every share carrying voting rights
of which the individual is the holder.
Resolutions are categorised as
either ordinary or special resolutions.
A bare majority of 50% of the votes
cast by members voting on the
relevant resolution is required for the
passing of an ordinary resolution,
whereas a qualified majority of 75%
of the votes cast by members voting
on the relevant resolution is required
in order to pass a special resolution.
Matters requiring a special
resolution include, for example:
altering the objects of the Company;
altering the Articles of Association
of the Company; and approving a
change of the Company’s name.
Constitution
The Company’s Constitution
sets out the objects and powers
of the Company. The Articles
of Association detail the rights
attaching to shares in the
Company, the method by which
such shares can be purchased
or re-issued, the provisions which
apply to the holding and voting at
general meetings and the rules
relating to Directors, including their
appointment, retirement, re-election,
duties and powers. The Articles of
Association may be amended by
special resolution of the Company’s
shareholders, being a resolution
proposed on not less than 21 days’
notice as a special resolution and
passed by a 75% majority of those
voting on the resolution.
The Directors’ Report was approved
by the Board of Directors on
8 April 2026 and is signed on their
behalf by:
Directors
Hugh Scott-Barrett
Chair
Eddie Byrne
CEO and Executive Director
I-RES
110
Annual Report and Accounts 2025
The Directors are responsible for preparing the
Annual Report and the financial statements in
accordance with applicable laws and regulations.
Company law requires the Directors
to prepare Group and Company
financial statements for each
financial year. Under that law, the
Directors are required to prepare
the Group’s financial statements
in accordance with International
Financial Reporting Standards (“IFRS”)
as adopted by the European Union
(“EU”) and applicable law including
Article 4 of the IAS Regulation.
Under company law, the Directors
must not approve the Group and
Company financial statements
unless they are satisfied that they
give a true and fair view of the assets,
liabilities and financial position of
the Group and Company and of the
Group’s profit or loss for that year.
In preparing the financial statements,
the Directors are required to:
• Select suitable accounting policies
and then apply them consistently;
• Make judgements and estimates
that are reasonable and prudent;
• State whether applicable
accounting standards have
been followed, subject to any
material departures disclosed
and explained in the financial
statements;
• Assess the Group’s and Company’s
ability to continue as a going
concern, disclosing, as applicable,
matters related to going concern;
and
• Use the going concern basis of
accounting unless they either
intend to liquidate the Group or
Company or to cease operations
or have no realistic alternative but
to do so.
The Directors are responsible for
keeping adequate accounting
records which disclose with
reasonable accuracy at any time the
assets, liabilities, financial position
and profit or loss of the Company
and which enable them to ensure
that the financial statements comply
with the provisions of the Companies
Act 2014.
The Directors are also responsible
for taking all reasonable steps to
ensure such records are kept by its
subsidiaries which enable them to
ensure that the financial statements
of the Group comply with the
provisions of the Companies Act
2014 including Article 4 of the IAS
Regulation.
They are responsible for such internal
controls as they determine are
necessary to enable the preparation
of financial statements that are
free from material misstatement,
whether due to fraud or error,
and have general responsibility
for safeguarding the assets of
the Group, and hence for taking
reasonable steps for the prevention
and detection of fraud and other
irregularities. The Directors are also
responsible for preparing a Directors’
Report that complies with the
requirements of the Companies Act
2014.
Responsibility statement as
required by the Transparency
Directive and Irish Corporate
Governance Code
Each of the Directors, whose names
and functions are listed on the Board
of Directors, confirms that to the best
of each Director’s knowledge and
belief:
• The Group financial statements,
prepared in accordance with
IFRS as adopted by the EU, give a
true and fair view of the assets,
liabilities and financial position of
the Group and the Company as at
31 December 2025 and of the results
of the Group, taken as a whole,
for the period 1 January 2025 to
31 December 2025;
• The management report,
comprising the Report of the
Directors and the Strategic
Report include a fair review of the
development and performance of
the business and the position of the
Company and the Group taken as
a whole as at 31 December 2025,
together with a description of the
principal risks and uncertainties that
the Company and the Group faces;
• The financial statements use the
going concern basis of accounting
unless they either intend to liquidate
the Group or Company or to cease
operations or have no realistic
alternative but to do so; and
• The Annual Report and financial
statements contained therein,
taken as a whole, are fair, balanced
and understandable and provide
the information necessary for
shareholders to assess the Group’s
and the Company’s position and
performance, business model
and strategy.
Signed on behalf of the Board:
Hugh Scott-Barrett
Chair
Eddie Byrne
CEO and Executive Director
Dated 8 April 2026.
Statement of Directors’ Responsibilities
in respect of the annual report and the financial statements
111
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
The Maple
68
Residential
Units
Financial
Statements
Independent Auditor’s Report 112
Consolidated Statement of Financial Position 119
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
120
Consolidated Statement of Changes in Equity 121
Consolidated Statement of Cash Flows 122
Notes to Consolidated Financial Statements 123
Company Statement of Financial Position 163
Company Statement of Changes in Equity 164
Notes to Company Financial Statements 165
I-RES
112
Annual Report and Accounts 2025
Independent Auditor’s Report
to the Members of Irish Residential Properties REIT plc
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Irish Residential Properties REIT plc (“the Company”) and its
consolidated undertakings (“the Group”) for the year ended 31 December 2025, contained within the reporting
package 635400EOPACLULRENY18-2025-12-31-1-en.xbri, which comprise the Consolidated and Company
Statement of Financial Position, the Consolidated Statement of Profit or Loss and Other Comprehensive Income,
the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, and
related notes, including the material accounting policies set out in note 2.
The financial reporting framework that has been applied in the preparation of the Group financial statements is Irish
Law, including the Commission Delegated Regulation 2019/815 regarding the single electronic reporting format (ESEF)
and International Financial Reporting Standards (“IFRS”) as adopted by the European Union and, as regards the
Company financial statements, Irish Law and FRS 101 Reduced Disclosure Framework issued in the United Kingdom
by the Financial Reporting Council.
In our opinion:
• the financial statements give a true and fair view of the assets, liabilities and financial position of the Group and
Company as at 31 December 2025 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European
Union;
• the Company financial statements have been properly prepared in accordance with FRS 101 Reduced Disclosure
Framework issued by the UK’s Financial Reporting Council; and
• the Group and Company financial statements have been properly prepared in accordance with the requirements
of the Companies Act 2014 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities
section of our report. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for
our opinion. Our audit opinion is consistent with our report to the audit committee.
We were appointed as auditor by the Directors on 17 July 2018. The period of total uninterrupted engagement is the
8 years ended 31 December 2025. We have fulfilled our ethical responsibilities under, and we remained independent
of the Group in accordance with, ethical requirements applicable in Ireland, including the Ethical Standard issued by
the Irish Auditing and Accounting Supervisory Authority (“IAASA”) as applied to public interest entities. No non-audit
services prohibited by that standard were provided.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment
of the Group’s and Company’s ability to continue to adopt the going concern basis of accounting included:
• Using our knowledge of the Group, its industry, and the general economic environment to identify inherent risks to its
business model and analysing how those risks might affect the Group’s and Company’s financial resources or ability
to continue operations over the going concern period. The risks that we considered were most likely to adversely
affect the Group’s and Company’s available financial resources over this period were the impact of a significant
decrease in occupancy levels and decline in rental collection allied to increases in inflation and interest rates
potentially impacting on asset values during the going concern period.
• Considering whether these risks could plausibly affect the availability of financial resources in the going concern period
by comparing severe, but plausible downside scenarios that could arise from these risks individually and collectively
against the level of available financial resources indicated by the Group’s and Company’s financial forecasts.
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Supplementary Information
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Group’s or the Company’s ability to
continue as a going concern for a period of at least twelve months from the date when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the
relevant sections of this report.
In relation to the Group’s and the Company’s reporting on how they have applied the Irish Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial
statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on
the financial statements and risks of material misstatement due to fraud, using our understanding of the entity’s
industry, regulatory environment and other external factors and inquiry with the Directors. In addition, our risk
assessment procedures included:
• Inquiring with the Directors and other management as to the Group’s and Company’s policies and procedures
regarding compliance with laws and regulations, identifying, evaluating and accounting for litigation and claims,
as well as whether they have knowledge of non-compliance or instances of litigation or claims.
• Inquiring of directors, the audit committee, and internal audit as to the Group’s and Company’s policies and
procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or
alleged fraud.
• Inquiring of directors, the audit committee, and internal audit regarding their assessment of the risk that the financial
statements may be materially misstated due to irregularities, including fraud.
• Inspecting the Group’s and Company’s regulatory and legal correspondence.
• Reading Board and subcommittee minutes.
• Considering remuneration incentive schemes and performance targets including the EPRA earnings, Net Rental
Income, Loan to Value, Net Asset Value per share targets for management remuneration.
• Performing planning analytical procedures to identify any unusual or unexpected relationships.
• Using our own forensic specialists to assist us in determining the only identified fraud risk for the group was
management override of controls.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.
Firstly, the Group and Company are subject to laws and regulations that directly affect the financial statements
including companies and financial reporting legislation. We assessed the extent of compliance with these laws
and regulations as part of our procedures on the related financial statement items, including assessing the financial
statement disclosures and agreeing them to supporting documentation when necessary.
Secondly, the Group and Company are subject to many other laws and regulations where the consequences of
non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance
through the imposition of fines or litigation. We identified the following areas as those most likely to have such
an effect: health and safety, anti-bribery, employment law, environmental law, and certain aspects of company
legislation recognising the financial and regulated nature of the Group’s activities and its legal form.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws
and regulations to inquiry of the directors and other management and inspection of regulatory and legal
correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
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We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an
opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of
management override of controls. On this audit we do not believe there is a fraud risk related to revenue recognition.
In response to the fraud risks, we also performed procedures including:
• Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting
documentation.
• Evaluating the business purpose of significant unusual transactions, if any.
• Assessing significant accounting estimates for bias.
• Assessing the disclosures in the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and
regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely
the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible
for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit
of the financial statements and include the most significant assessed risks of material misstatement (whether or
not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team. This matter was addressed
in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on this matter.
In arriving at our audit opinion above, the key audit matter was as follows (unchanged from 2024):
Group and Company key audit matters
Valuation of Investment Property: Consolidated €1,240 million (2024: €1,228 million), Company €1,093 million
(2024: €1,087 million).
Refer to Note 2 (c) to the consolidated financial statements (accounting policy for Investment Properties and
Properties under development), Note 5 to the consolidated financial statements (financial disclosures – Investment
Properties) and Note III to the company financial statements (financial disclosures – Investment Properties).
Independent Auditor’s Report
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Supplementary Information
The key audit matter How the matter was addressed in our audit
The Group’s investment property portfolio (including
development land) comprises a portfolio of mainly
residential property assets, all of which are located
in Dublin. The Group’s investment property portfolio is
valued at €1,240 million (Company: €1,093 million) at
31 December 2025 and represents 98% of the Group’s
total assets and 87% of the Company’s total assets.
The valuation of the Group’s and Company’s
investment property portfolio is inherently subjective,
as it requires, amongst other factors, consideration
of the specific characteristics of each property, the
location and nature of each property, consideration
of prevailing property market conditions and in
respect of income generating properties, estimation
of future rentals beyond current lease terms.
In respect of development land, further factors
include market comparables.
The Directors engage external valuers to value
the Group’s and Company’s investment property
portfolio in accordance with the Royal Institution of
Chartered Surveyors (“RICS”) Valuation – Professional
Standards. The valuation experts used by the Group
have considerable experience of the market in which
the Group operates. In determining the valuation of
the Group’s investment properties, the valuers take
into account the above considerations and rely on
the accuracy of the underlying lease and related
information provided to the valuers by the Group.
We regard this area as a key audit matter due to
the significance of the estimates and judgements
involved in the valuation of the Group’s and
Company’s investment property portfolio.
For the reasons outlined above the engagement
team determine this matter to be a key audit matter.
Our audit procedures included:
• We understood and documented the investment
property valuation process, identified the key control
over the capitalisation rates used in the valuations
and tested the design and implementation of this
control.
• We assessed the qualifications and expertise of
the Independent Valuers (CBRE and Savills) and
inspected the independent property valuations
prepared for the property portfolio in accordance
with RICS valuation methodologies.
• We separately met with management and the
Independent Valuers to understand the valuation
process, and the key assumption employed in the
valuations. The significant assumption identified in
the valuations is the capitalisation rate. We critically
assessed and challenged the appropriateness
of such assumptions by both comparing the
assumptions employed across properties within the
portfolio and to external information where available.
• We tested the data submitted to the Independent
Valuers which forms the basis for their valuation.
• We have understood the impact of the proposed
rental legislation on the year end valuations.
• We obtained an understanding of the impact that
any macro-economic factors such as inflation,
employment levels and shortage of rental supply
have on the year end valuations.
• Using auditor judgement, to evaluate the
appropriateness of the key assumptions adopted
in the valuations and consider the appropriateness
of such assumptions in light of market evidence
available, we compared the yields to external
benchmark data.
• We carried out a retrospective review of the
valuations by reviewing a sample of investment
properties disposed of during the year.
• We agreed the fair value adjustments to the
31 December 2025 financials and the related
disclosures to ensure they are in accordance
with IFRS.
• Using auditor judgement, we engaged an internal
Valuation Specialist to examine a sample of
properties to assess the method applied and the
capitalisation rate used by the external valuers.
• We found no evidence to suggest that the
objectivity of the valuers in their performance of the
valuations was compromised. Based on evidence
obtained, we found the significant assumption used
in the valuations to be appropriate.
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Our application of materiality and an overview of the scope of our audit
Materiality for the Group financial statements and Company financial statements as a whole was set at €6.6 million
(2024: €6.7 million) and €6.5 million (2024: €6.6 million) respectively, determined with reference to benchmarks of net
assets (of which it represents 1% (2024: 1%) and 1% (2024: 1%) respectively.
In addition, we applied a lower materiality of €1.6 million (2024: €1.3 million) for testing profit or loss items excluding
the net movement in fair value of investment properties and derivatives. In our judgement, the application of this
specific materiality is appropriate due to key performance indicators of the Group driven by profit or loss items.
Performance materiality for the Group financial statements and Company financial statements as a whole was
set at €4.9 million (2024: €5.0 million) and €4.8 million (2024: €4.9 million) respectively, determined with reference
to benchmarks of net assets (of which it represents 75% (2024: 75%) and 75% (2024: 75%) of financial statement
materiality respectively.
We consider net assets to be the most appropriate benchmark as this is what the readers of the financial
statements place most importance on.
In applying our judgement in determining performance materiality, we considered a number of factors including;
the low number and value of misstatements detected and the low number of severity of deficiencies in control
activities identified in the prior year financial statement audit.
In our judgement, the application of this specific materiality is appropriate due to key performance indicators of the
Group driven by profit or loss items. We applied materiality to assist us determine what risks were significant risks
and the procedures to be performed. We reported to the Audit Committee any corrected or uncorrected identified
misstatements exceeding €0.3 million (2024: €0.3 million), in addition to other identified misstatements that
warranted reporting on qualitative grounds.
Our audit of the Group and Company was undertaken to the materiality and performance materiality level
specified above and was all performed by a single engagement team in Dublin. In total, we identified 4 (2024: 4)
components, having considered the Group’s legal and operational structure and all components were subject
to audit procedures.
Other information
The Directors are responsible for the other information presented in the Annual Report together with the financial
statements. The other information comprises the information included in the Directors’ Report, Chair’s Statement,
Chief Executive Officer’s Statement, Financial Review, Business Performance Measures, Market Update, Business
Strategy, Sustainability Review, Investment Policy, Risk Report, Corporate Governance Report, Report of the
Audit Committee, Report of the Remuneration Committee, Report of the Nomination Committee, Report of the
Sustainability Committee and Report of the Directors. The financial statements and our auditor’s report thereon
do not comprise part of the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form
of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial
statements audit work, the information therein is materially misstated or inconsistent with the financial statements
or our audit knowledge. Based solely on that work we have not identified material misstatements in the other
information.
Based solely on our work on the other information undertaken during the course of the audit, we report that:
• we have not identified material misstatements in the Directors’ Report;
• in our opinion, the information given in the Directors’ Report is consistent with the financial statements;
• in our opinion, the Directors’ Report has been prepared in accordance with the Companies Act 2014.
Corporate governance statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability, that part of the Corporate
Governance Statement relating to the Company’s compliance with the provisions of the Irish Corporate Governance
Code specified for our review by the Listing Rules of Euronext Dublin.
Independent Auditor’s Report
continued
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Financial Statements
Supplementary Information
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of
the Corporate Governance Statement is materially consistent with the financial statements and our knowledge
obtained during the audit:
• Directors’ statement with regard to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified;
• Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why
the period is appropriate;
• Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue in operation
and meets its liabilities;
• Directors’ statement on fair, balanced and understandable and the information necessary for shareholders to
assess the Group’s position and performance, business model and strategy;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks and the
disclosures in the annual report that describe the principal risks and explain how they are being managed or
mitigated and that explain the procedures in place to identify and manage emerging risks;
• Section of the annual report that describes the review of effectiveness of risk management and internal control
systems; and;
• Section describing the work of the audit committee.
The Listing Rules of Euronext Dublin also require us to review certain elements of disclosures in the report to
shareholders by the Board of Directors’ remuneration committee.
We have nothing to report in this regard.
In addition as required by the Companies Act 2014, we report, in relation to information given in the Corporate
Governance Statement on pages 62 to 68, that:
• based on the work undertaken for our audit, in our opinion, the description of the main features of internal control
and risk management systems in relation to the financial reporting process and information relating to voting rights
and other matters required by the European Communities (Takeover Bids (Directive 2004/EC) Regulations 2006 and
specified for our consideration, is consistent with the financial statements and has been prepared in accordance
with the Act;
• based on our knowledge and understanding of the Company and its environment obtained in the course of our
audit, we have not identified any material misstatements in that information; and
• the Corporate Governance Statement contains the information required by the European Union (Disclosure of
Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017.
We also report that, based on work undertaken for our audit, the information required by the Act is contained in the
Corporate Governance Statement.
Our opinions on other matters prescribed by the Companies Act 2014 are unmodified
We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
In our opinion the accounting records of the Company were sufficient to permit the financial statements to be
readily and properly audited and the financial statements are in agreement with the accounting records.
We have nothing to report on other matters on which we are required to report by exception
The Companies Act 2014 requires us to report to you if, in our opinion:
• the disclosures of directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made;
• the Company has not provided the information required by Section 1110N in relation to its remuneration report for the
financial year 31 December 2025.
We have nothing to report in this regard.
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Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities on page 110, the Directors are responsible
for: the preparation of the financial statements including being satisfied that they give a true and fair view; such
internal control as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error; assessing the Group’s and Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis
of accounting unless they either intend to liquidate the Group or the Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A fuller description of our responsibilities is provided on IAASA’s website at https://iaasa.ie/publications/description-
of-the-auditors-responsibilities-for-the-audit-of-the-financial-statements/.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies
Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we
are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company and the Company’s members,
as a body, for our audit work, for this report, or for the opinions we have formed.
8 April 2026
Eamon Dillon
For and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
1 Stokes Place
St. Stephen’s Green
Dublin 2
Independent Auditor’s Report
continued
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Financial Statements
Supplementary Information
Consolidated Statement of Financial Position
As at 31 December 2025
| 31 December | 31 December | ||
| 2025 | 2024 | ||
| Note | €’000 | €’000 | |
| Assets | |||
| Non-Current Assets | |||
Investment properties | 5 | ||
Property, plant and equipment | 7 | ||
Derivative financial instruments | 18 | ||
| Current Assets | |||
Other current assets | 8 | ||
Derivative financial instruments | 18 | ||
Cash and cash equivalents | 14 | ||
Assets held for sale | 5 | ||
Total Assets | |||
| Liabilities | |||
| Non-Current Liabilities | |||
Bank indebtedness | 10 | ||
Private placement notes | 11 | ||
Lease liability | 22 | ||
Derivative financial instruments | 18 | ||
| Current Liabilities | |||
Accounts payable and accrued liabilities | 9 | ||
Derivative financial instruments | 18 | ||
Security deposits | |||
Lease liability | 22 | ||
Total Liabilities | |||
| Shareholders’ Equity | |||
Share capital | 13 | ||
Share premium | |||
Undenominated Capital | |||
Share-based payment reserve | |||
Cashflow hedge reserve | 19 | ( | ( |
Retained earnings | |||
Total Shareholders’ Equity | |||
Total Shareholders’ Equity and Liabilities | |||
IFRS Basic NAV per share | 27 |
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| 31 December | 31 December | ||
| 2025 | 2024 | ||
| Note | €’000 | €’000 | |
| Operating Revenue | |||
Revenue from investment properties | 15 | ||
| Operating Expenses | |||
Property taxes | ( | ( | |
Property operating costs | ( | ( | |
Net Rental Income (“NRI”) | |||
General and administrative expenses | 16 | ( | ( |
Share-based compensation expense | 12 | ( | ( |
Net movement in fair value of investment properties | 5 | ( | |
Gain on disposal of investment property | |||
Loss on derivative financial instruments | 18 | ( | ( |
Depreciation of property, plant and equipment | 7 | ( | ( |
Lease interest | 6 | ( | ( |
Financing costs | 17 | ( | ( |
Profit/(Loss) before taxation | ( | ||
Taxation | 20 | ||
Profit/(Loss) for the Year | ( | ||
| Other comprehensive income | |||
| Items that are or may be reclassified subsequently to profit or loss: | |||
Cash flow hedges – effective portion of changes in fair value | ( | ||
Cash flow hedges – cost of hedging deferred | ( | ||
Cash flow hedges – reclassified to profit or loss | ( | ||
Other Comprehensive Income/(Loss) for the year | ( | ||
Total Comprehensive Income/(Loss) for the Year Attributable to Shareholders | ( | ||
Basic Earnings/(Loss) per Share (cents) | 26 | ( | |
Diluted Earnings/(Loss) per Share (cents) | 26 | ( |
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
For the year ended 31 December 2025
121
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Financial Statements
Supplementary Information
| Share- | ||||||||
| Undenom- | based | Cashflow | ||||||
| Share | Share | inated | Retained | payments | hedge | |||
| Capital | Premium | Capital | Earnings | Reserve | Reserve | Total | ||
| Note | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Shareholders’ Equity at 1 January 2025 | ( | |||||||
| Comprehensive income | ||||||||
| for the year | ||||||||
Profit for the year | ||||||||
| Other comprehensive income | ||||||||
for the year | ||||||||
Total Comprehensive Income for the year | ||||||||
Transactions with owners, recognised directly in equity | ||||||||
Long-term incentive plan | 12 | |||||||
Purchase and cancellation of own shares | 13 | ( | ( | ( | ||||
Dividends paid | 21 | ( | ( | |||||
Total transactions with owners, recognised directly | ||||||||
in equity | ( | ( | ( | |||||
Shareholders’ Equity at 31 December 2025 | ( |
For the year ended 31 December 2024
| Share- | ||||||||
| Undenom- | based | Cashflow | ||||||
| Share | Share | inated | Retained | payments | hedge | |||
| Capital | Premium | Capital | Earnings | Reserve | Reserve | Total | ||
| Note | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Shareholders’ Equity at 1 January 2024 | ( | |||||||
Comprehensive loss for the year | ||||||||
Loss for the year | ( | ( | ||||||
Other comprehensive loss for the year | ( | ( | ||||||
| Total comprehensive loss | ||||||||
for the year | ( | ( | ( | |||||
Transactions with owners, recognised directly in equity | ||||||||
Long-term incentive plan | 12 | |||||||
Dividends paid | 21 | ( | ( | |||||
Transactions with owners, recognised directly in equity | ( | ( | ||||||
Shareholders’ Equity at 31 December 2024 | ( |
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
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| 31 December | 31 December | ||
| 2025 | 2024 | ||
| Note | €’000 | €’000 | |
| Cash Flows from Operating Activities: | |||
| Operating Activities | |||
Profit/(Loss) for the Year | ( | ||
| Adjustments for non-cash items: | |||
Fair value adjustment – investment properties | 5 | ( | |
Gain on disposal of investment property | ( | ( | |
Depreciation of property, plant and equipment | 7 | ||
Amortisation of financing costs | 22 | ||
Share-based compensation expense | 12 | ||
Loss on derivative financial instruments | 18 | ||
Allowance for expected credit loss | |||
Capitalised leasing costs | 5 | ||
Taxation | 20 | ( | ( |
Profit adjusted for non-cash items | |||
Interest expense | 22 | ||
Changes in operating assets and liabilities | 22 | ||
Income taxes received/(paid) | ( | ||
Net Cash Generated from Operating Activities | |||
| Cash Flows from Investing Activities | |||
Net proceeds from disposal of investment property | 4 | ||
Property capital investments | 5 | ( | ( |
Purchase of property, plant and equipment | 7 | ( | ( |
Net Cash Generated from Investing Activities | |||
| Cash Flows from Financing Activities | |||
Financing fees | 22 | ( | ( |
Interest paid | 22 | ( | ( |
Credit Facility drawdown | 22 | ||
Credit Facility repayment | 22 | ( | ( |
Purchase of own shares | 13 | ( | |
Lease payment | 6 | ( | ( |
Dividends paid to shareholders | 21 | ( | ( |
Net Cash Used in Financing Activities | ( | ( | |
Changes in Cash and Cash Equivalents during the Year | ( | ||
Cash and Cash Equivalents, Beginning of the Year | |||
Cash and Cash Equivalents, End of the Year |
The accompanying notes form an integral part of these consolidated financial statements
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
123
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Financial Statements
Supplementary Information
1. General Information
16 April 2014, I-RES obtained admission of its ordinary shares to the primary listing segment of the Official List of
Euronext Dublin and to trading on the main market for listed securities of Euronext Dublin. I-RES’ registered office
is South Dock House, Hanover Quay, Dublin 2, Ireland . The ordinary shares of I-RES are traded on the main market
for listed securities of Euronext Dublin under the symbol “IRES”. The Group owns interests in residential rental
2. Material Accounting Policies
Notes to Consolidated Financial Statements
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Annual Report and Accounts 2025
2. Material Accounting Policies continued
Notes to Consolidated Financial Statements
continued
125
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
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2. Material Accounting Policies continued
f) IFRS 9, Financial Instruments (“IFRS 9”) continued
Type | Classification | Measurement |
| Financial assets | ||
Cash and cash equivalents | Held to Collect | Amortised cost |
Other receivables | Held to Collect | Amortised cost |
| Derivative financial instruments | FVTPL designated as | Fair value |
| (designated as hedges) | Cashflow Hedge | |
| Financial liabilities | ||
Bank indebtedness | Other financial liabilities | Amortised cost |
Private placement notes | Other financial liabilities | Amortised cost |
Accounts payable and accrued liabilities | Other financial liabilities | Amortised cost |
Security deposits | Other financial liabilities | Amortised cost |
| Derivative financial instruments | FVTPL designated as | Fair value |
| (designated as hedges) | Cashflow Hedge |
Notes to Consolidated Financial Statements
continued
127
Introduction
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Financial Statements
Supplementary Information
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2. Material Accounting Policies continued
g) IFRS 16, Leases continued
Notes to Consolidated Financial Statements
continued
129
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
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2. Material Accounting Policies continued
Notes to Consolidated Financial Statements
continued
131
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Financial Statements
Supplementary Information
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3. Critical Accounting Estimates, Assumptions and Judgements
The preparation of the consolidated financial statements in accordance with IFRS requires the use of estimates,
assumptions and judgements that in some cases relate to matters that are inherently uncertain and which affect
the amounts reported in the consolidated financial statements and accompanying notes. Areas of such estimation
include, but are not limited to, valuation of investment properties and valuation of financial instruments. Changes
to estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported
amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates
under different assumptions and conditions.
The valuation estimate of investment properties is deemed to be significant. See note 19(a) and note 5 for a detailed
discussion of valuation methods and the significant assumptions and estimates used.
4. Recent Investment Property Acquisitions, Developments and Disposals
For the year 1 January 2025 to 31 December 2025
Disposals
| Net proceeds | |||
| from disposal | |||
Name | Unit Count | Region | €’000 |
Individual units | 41 | South Dublin, North Dublin | 15,656 |
Total | 41 | 15,656 |
For the year 1 January 2024 to 31 December 2024
Disposals
| Net proceeds | |||
| from disposal | |||
Name | Unit Count | Region | €’000 |
Harty’s Quay | 45 | Cork | 10,675 |
Individual units | 21 | South Dublin, North Dublin, Cork | 7,728 |
Total | 66 | 18,403 |
Notes to Consolidated Financial Statements
continued
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Supplementary Information
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5. Investment Properties continued
Quantitative information
A summary of the Equivalent Yields and ranges along with the fair value of the total portfolio of the Group as at
31 December 2025 is presented below:
As at 31 December 2025
| WA Stabilised | ||||||
| Fair Value | NRI (1) | Weighted | ||||
| Type of Interest | €’000 | €’000 | Rate Type (2) | Max. | Min. | Average |
Income properties (4) | 1,241,990 | 3,409 | Equivalent Yield | 6.92% | 4.90% | 6.06% |
| Market | ||||||
| Comparable | ||||||
Development land (3) | 4,875 | n/a | (per sq ft.) | €89.4 | €44.5 | €76.8 |
| Total investment properties | 1,246,865 |
1. WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment properties (“WA NRI”). The WA Stabilised
NRI is an input to determine the fair value of the investment properties.
2. The Equivalent Yield disclosed above is provided by the external valuers.
3. Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning permission.
4. Including assets held for sale.
Notes to Consolidated Financial Statements
continued
135
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Supplementary Information
As at 31 December 2024
| WA Stabilised | ||||||
| Fair Value | NRI (1) | Weighted | ||||
| Type of Interest | €’000 | €’000 | Rate Type (2) | Max. | Min. | Average |
Income properties (4) | 1,226,995 | 3,273 | Equivalent Yield | 6.54% | 4.77% | 5.89% |
| Market | ||||||
| Comparable | ||||||
Development land (3) | 5,200 | n/a | (per sq ft.) | €95.4 | €44.5 | €82.2 |
Total investment properties | 1,232,195 |
1. WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment properties (“WA NRI”). The WA
Stabilised NRI is an input to determine the fair value of the investment properties.
2. The Equivalent Yield disclosed above is provided by the external valuers.
3. Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning permission.
4. Including assets held for sale.
The following table summarises the changes in the investment properties portfolio during the periods:
Reconciliation of carrying amounts of investment properties
| Properties | ||||
| Income | Under | Development | ||
| Properties | Development | Land | Total | |
| For the year ended 31 December 2025 | €’000 | €’000 | €’000 | €’000 |
| Balance at the beginning of the year | 1,223,038 | – | 5,200 | 1,228,238 |
Transfer (2) | (6,481) | – | – | (6,481) |
Property capital investments | 10,708 | – | – | 10,708 |
Capitalised leasing costs (1) | (807) | – | – | (807) |
Disposals | (8,265) | – | – | (8,265) |
Unrealised fair value movements | 17,316 | – | (325) | 16,991 |
Balance at the end of the year | 1,235,509 | – | 4,875 | 1,240,384 |
| Properties | ||||
| Income | Under | Development | ||
| Properties | Development | Land | Total | |
| For the year ended 31 December 2024 | €’000 | €’000 | €’000 | €’000 |
Balance at the beginning of the year | 1,268,550 | – | 5,810 | 1,274,360 |
Transfer (2) | (3,957) | – | – | (3,957) |
Property capital investments | 9,156 | – | – | 9,156 |
Capitalised leasing costs (1) | (795) | – | – | (795) |
Disposals | (16,781) | – | – | (16,781) |
Unrealised fair value movements | (33,135) | – | (610) | (33,745) |
| Balance at the end of the year | 1,223,038 | – | 5,200 | 1,228,238 |
1. Straight-line rent adjustment for commercial leasing.
2. Assets held for sale amounting to €6.5 million were transferred from investment properties during the period (2024: €4.0 million).
The vast majority of the residential leases are for one year or less.
The carrying value of the Group investment properties of €1,240.4 million at 31 December 2025 (€1,228.2 million at
31 December 2024) was based on external valuations carried out as at that date. The valuations were prepared in
accordance with the RICS Valuation – Global Standards, 2020 (Red Book) and IFRS 13.
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6. Leases
Leases as lessee (IFRS 16)
The Group has used an incremental borrowing rate of 2.48% to determine the lease liability. Information about
leases for which the Group is a lessee is presented below.
| Land and | |
| Buildings | |
| For the year ended 31 December 2025 | (€’000) |
Balance at the beginning of the period | 9,711 |
| Depreciation charge for the year | (607) |
Lease reassessment | (600) |
Balance at the end of the year (Note 7) | 8,504 |
| Land and | |
| Buildings | |
| For the year ended 31 December 2024 | (€’000) |
Balance at the beginning of the period | 8,058 |
Depreciation charge for the year | (548) |
Lease reassessment | 2,201 |
| Balance at the end of the year (Note 7) | 9,711 |
For the year ended 31 December 2025, I-RES recognised interest on lease liabilities of €228,000 (31 December 2024:
€296,000).
Amounts recognised in statement of cash flows
For the year ended 31 December 2025, I-RES’ total cash outflow for leases was €544,000 (31 December 2024:
€471,000). Refer to note 22 for movements in the lease liability.
Lease as lessor
The Group leases out its investment property consisting of its owned residential and commercial properties as
well as a portion of the leased property. All leases are classified as operating leases from a lessor perspective.
See note 15 for an analysis of the Group’s rental income.
Notes to Consolidated Financial Statements
continued
137
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Supplementary Information
| Land and | Furniture | ||
| Buildings | and | ||
| (Note 6) | Fixtures | Total | |
| €’000 | €’000 | €’000 | |
| At cost | |||
| As at 1 January 2025 | 12,315 | 226 | 12,541 |
| Additions | – | 632 | 632 |
Disposals (1) | – | (34) | (34) |
| Lease reassessment | (600) | – | (600) |
| As at 31 December 2025 | 11,715 | 824 | 12,539 |
| Accumulated depreciation | |||
| As at 1 January 2025 | (2,604) | (83) | (2,687) |
| Charge for the year | (607) | (76) | (683) |
Disposals (1) | – | 34 | 34 |
| As at 31 December 2025 | (3,211) | (125) | (3,336) |
As at 31 December 2025 | 8,504 | 699 | 9,203 |
| Land and | Furniture | ||
| Buildings | and | ||
| (Note 6) | Fixtures | Total | |
| €’000 | €’000 | €’000 | |
| At cost | |||
As at 1 January 2024 | 10,114 | 257 | 10,371 |
Additions | – | 36 | 36 |
Disposals (1) | – | (67) | (67) |
Lease reassessment | 2,201 | – | 2,201 |
As at 31 December 2024 | 12,315 | 226 | 12,541 |
| Accumulated depreciation | |||
As at 1 January 2024 | (2,056) | (107) | (2,163) |
Charge for the year | (548) | (43) | (591) |
Disposals (1) | – | 67 | 67 |
As at 31 December 2024 | (2,604) | (83) | (2,687) |
| As at 31 December 2024 | 9,711 | 143 | 9,854 |
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31 December | 31 December | |
2025 | 2024 | |
As at Other Current Assets | €’000 | €’000 |
Prepayments (1) | 3,469 | 3,481 |
| Trade receivables | 1,031 | 1,395 |
Total | 4,500 | 4,876 |
31 December | 31 December | |
2025 | 2024 | |
As at Accounts Payable and Accrued Liabilities (1) | €’000 | €’000 |
| Rent – early payments | 3,054 | 3,849 |
| Trade creditors | 2,357 | 975 |
Accruals (2) | 9,196 | 8,962 |
| Value Added Tax | 275 | 329 |
Total | 14,882 | 14,115 |
31 December | 31 December | |
2025 | 2024 | |
As at Bank Indebtedness | €’000 | €’000 |
| Loan drawn down | 352,443 | 355,870 |
| Deferred loan costs | (5,414) | (673) |
Total | 347,029 | 355,197 |
Notes to Consolidated Financial Statements
continued
139
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Strategic Report Governance
Financial Statements
Supplementary Information
11. Private Placement Notes
On 11 March 2020, I-RES successfully closed the issue of €130 million notes and IRES Residential Properties Limited,
its subsidiary, closed the issue of USD $75 million notes on a private placement basis (collectively, the “Notes”).
The Notes have a weighted average fixed interest rate of 1.92% inclusive of a USD/Euro swap and an effective interest
rate of 1.92%. Interest is paid semi-annually on 10 March and 10 September.
The Notes have been placed in four tranches:
| 31 December | 31 December | ||||
| As at | 2025 | 2024 | |||
| Contractual | Derivative | ||||
| Maturity | interest rate | Rates | €’000 | €’000 | |
EUR Series A Senior Secured Notes | 10 March 2030 | 1.83% | n/a | 90,000 | 90,000 |
EUR Series B Senior Secured Notes | 10 March 2032 | 1.98% | n/a | 40,000 | 40,000 |
USD Series A Senior Secured Notes | 10 March 2027 | 3.44% | 1.87% | 42,593 | 48,277 |
USD Series B Senior Secured Notes | 10 March 2030 | 3.63% | 2.25% | 21,297 | 24,138 |
| 193,890 | 202,415 | ||||
| Deferred financing costs, net | (1,080) | (1,424) | |||
Total | 192,810 | 200,991 |
1. The principal amount of the USD Series A Senior Secured Notes is USD $50 million.
2. The principal amount of the USD Series B Senior Secured Notes is USD $25 million.
The Notes are secured by a floating charge over the assets of the Group and a fixed charge over the shares held by
the Company in IRES Residential Properties Limited on a pari passu basis. The financial covenants in place in relation
to the Private Placement Notes are aligned with the RCF. See note 10 for further details.
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Notes to Consolidated Financial Statements
continued
For the year ended | WA exercise price | 31 December 2025 | 31 December 2024 |
Share Options outstanding as at 1 January | 1.61 | 4,596,499 | 4,596,499 |
| Issued, cancelled or granted during the period | – | – | |
| Expired in the year | (4,596,499) | – | |
Share Options outstanding as at 31 December (1) | 1.61 | – | 4,596,499 |
| % Reduction | |||||
| in Scope 1 and | |||||
| Total Accounting | Scope 2 combined | ||||
| EPS Growth | TSR Performance | Return | greenhouse gas | ||
Date of award | Number of awards | (% of award) | (% of award) | (% of award) | emissions |
15 March 2023 | 1,245,172 | 50% | 50% | – | – |
28 May 2024 | 1,166,544 | 30% | 30% | 30% | 10% |
21 March 2025 | 1,303,386 | 30% | 30% | 30% | 10% |
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Non-market-based conditions: The fair value of the shares to be issued is determined using the grant-date market
price. The expected number of shares is calculated based on the expectations of the number of shares which
may vest at the vesting date and amortised over the vesting period. At each reporting date, the calculation of the
number of shares is revised according to current expectations or performance.
The awards are subject to various criteria as outlined in the table above. The TSR measure is relative to constituents
of the FTSE EPRA/NAREIT Europe Developed Index for the 2022 awards. The 2023-2025 awards are relative to the
residential subsector of this index for TSR. Results and inputs are summarised in the table below:
2025 | RSU Awards | 2024 | RSU Awards | 2023 | RSU Awards | 2022 | RSU Awards | |
| Fair value per award | €0.64 | €0.44 | €0.48 | €0.70 | ||||
| (TSR tranche) (per share) | ||||||||
| Inputs | ||||||||
| Three year Risk free interest rate (%) | 2.30% | 3.01% | 2.63% | 0.87% | ||||
| Three year Historical volatility | 23.18% | 24.09% | 24.13% | 28.26% | ||||
| Fair value per award | €0.83 | €0.84 | €0.87 | €1.24 | ||||
| (EPS tranche) (per share) | ||||||||
| Inputs | ||||||||
| Two year Risk free interest rate (%) | 2.21% | 3.08% | 2.66% | 0.70% | ||||
| Two year Expected volatility | 21.72% | 24.13% | 23.98% | 23.42% |
The expected volatility is based on historic market volatility prior to the issuance.
The total share-based compensation expense relating to options for the year ended 31 December 2025 was €nil
(31 December 2024: €nil) and total share-based compensation expense relating to restricted stock unit awards for
the year ended 31 December 2025 was €415,000 (31 December 2024: €305,000).
For the year ended | 31 December 2025 | 31 December 2024 |
| Authorised Share Capital | 1,000,000,000 | 1,000,000,000 |
| Ordinary shares of €0.10 each |
For year ended | 31 December 2025 | 31 December 2024 |
| Ordinary shares outstanding, beginning of year | 529,578,946 | 529,578,946 |
Purchase and cancellation of own shares (1) | (5,136,728) | — |
Ordinary shares outstanding, end of year | 524,442,218 | 529,578,946 |
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Notes to Consolidated Financial Statements
continued
14. Cash and Cash Equivalents
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
Cash and cash equivalents | 7,614 | 7,350 |
Cash and cash equivalents include cash at bank held in current accounts. The management of cash is discussed
in note 19. The Group holds funds in excess of its regulatory minimum capital requirement at all times.
15. Revenue from Investment Properties
I-RES generates revenue primarily from the rental income from investment properties. Rental income represents
lease revenue earned from the conveyance of the right to use the property, including access to common areas,
to a lessee for an agreed period of time. The rental contract also contains an undertaking that common areas and
amenities will be maintained to a certain standard. This right of use of the property and maintenance performance
obligation is governed by a single rental contract with the tenant. I-RES has evaluated the lease and non-lease
components of its rental revenue and has determined that common area maintenance services constitute a
single non-lease element, which is accounted for as one performance obligation under IFRS 15 and is recognised
separately to Rental Income.
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Rental Income | 74,263 | 73,210 |
| Revenue from services | 9,069 | 10,185 |
| Car park income | 2,133 | 1,878 |
| Revenue from contracts with customers | 11,202 | 12,063 |
Total Revenue | 85,465 | 85,273 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| General and administrative expenses | 11,717 | 11,935 |
Total recurring general and administrative expenses | 11,717 | 11,935 |
| Non-recurring costs | – | 3,411 |
Total General and administrative expenses | 11,717 | 15,346 |
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| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Financing costs on RCF | 17,962 | 22,200 |
| Financing costs on private placement debt | 5,115 | 5,171 |
| Foreign exchange (gain)/loss on private placement debt | (8,525) | 4,523 |
| Reclassified from OCI | 9,783 | (8,505) |
Total Financing costs | 24,335 | 23,389 |
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Notes to Consolidated Financial Statements
continued
Level 1 | Level 2 | Level 3 | ||
| Quoted prices in | ||||
| active markets for | Significant | |||
| identical assets and | Significant other | unobservable | ||
| liabilities | observable inputs | inputs (1) | Total | |
| As at 31 December 2025 | €’000 | €’000 | €’000 | €’000 |
| Recurring Measurements – Assets | ||||
| Investment properties | – | – | 1,240,384 | 1,240,384 |
| Assets held for sale | – | – | 6,481 | 6,481 |
| Derivative financial instruments | – | 952 | – | 952 |
| Recurring Measurements – Liability | – | 952 | 1,246,865 | 1,247,817 |
Derivative financial instruments (2)(3) | – | (8,173) | – | (8,173) |
Total | – | (7,221) | 1,246,865 | 1,239,644 |
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Level 1 | Level 2 | Level 3 | ||
| Quoted prices in | ||||
| active markets for | Significant | |||
| identical assets and | Significant other | unobservable | ||
| liabilities | observable inputs | inputs (1) | Total | |
| As at 31 December 2024 | €’000 | €’000 | €’000 | €’000 |
| Recurring Measurements – Assets | ||||
Investment properties | – | – | 1,228,238 | 1,228,238 |
Assets held for sale | – | – | 3,957 | 3,957 |
Derivative financial instruments | – | 2,770 | – | 2,770 |
| Recurring Measurements – Liability | – | 2,770 | 1,232,195 | 1,234,965 |
Derivative financial instruments (2)(3) | – | (1,557) | – | (1,557) |
Total | – | 1,213 | 1,232,195 | 1,233,408 |
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Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
19. Financial Instruments, Investment Properties and Risk Management
continued
| 31 December | 31 December | 31 December | 31 December | |
| As at | 2025 | 2026 | 2027 | 2030 |
| Cross Currency Swaps | ||||
| Net exposure (€’000) | 68,852 | 68,852 | 22,951 | – |
| Average fixed interest rate | 2.00% | 2.00% | 2.25% | – |
| Interest Rate Swaps | ||||
| Net exposure (€’000) | 29,429 | 29,429 | 29,429 | – |
| Average fixed interest rate | 2.52% | 2.52% | 2.52% | – |
| Change in value used | Cashflow | |
| for calculating hedge | hedge | |
| ineffectiveness | reserve | |
| As at 31 December 2025 | (€’000) | (€’000) |
| Cross currency swaps | 6,172 | 303 |
| Interest rate swaps | 2,424 | (2,060) |
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As at 31 December 2025 | For the year ended 31 December 2025 | |||||||
| Changes in | ||||||||
| the value | Hedge | Line items in | Amount | |||||
| of hedging | ineffectiveness | Statement of | reclassed | Line items in | ||||
| instrument | recognised in | profit or loss that | from hedging | profit or loss | ||||
| recognised | Statement of | includes hedge | reserve to | affected by | ||||
| Nominal | Carrying amount | in OCI | profit or loss | ineffectiveness | profit or loss | reclassification | ||
| amount | Liability | Assets | ||||||
| (€’000) | (€’000) | (€’000) | (€’000) | (€’000) | (€’000) | |||
| Loss on | ||||||||
| Cross | derivative | |||||||
| Currency | financial | Financing | ||||||
Swaps | 68,852 | (5,234) | 841 | 6,172 | (17) | instruments | (7,656) | costs |
| Loss on | ||||||||
| Interest | derivative | |||||||
| Rate | financial | Financing | ||||||
Swaps | 275,000 | (2,939) | 111 | 2,424 | (19) | instruments | (2,127) | costs |
As at 31 December 2024 | For the year ended 31 December 2024 | |||||||
| Changes in | ||||||||
| the value | Hedge | Line items in | Amount | |||||
| of hedging | ineffectiveness | Statement of | reclassed | Line items in | ||||
| instrument | recognised in | profit or loss that | from hedging | profit or loss | ||||
| recognised | Statement of | includes hedge | reserve to | affected by | ||||
| Nominal | Carrying amount | in OCI | profit or loss | ineffectiveness | profit or loss | reclassification | ||
| amount | Liability | Assets | ||||||
| (€’000) | (€’000) | (€’000) | (€’000) | (€’000) | (€’000) | |||
| Loss on | ||||||||
| Cross | derivative | |||||||
| Currency | financial | Financing | ||||||
Swaps | 68,852 | — | 2,767 | (4,095) | (104) | instruments | 5,592 | costs |
| Loss on | ||||||||
| Interest | derivative | |||||||
| Rate | financial | Financing | ||||||
Swaps | 275,000 | (1,557) | 3 | (1,730) | — | instruments | 2,913 | costs |
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Notes to Consolidated Financial Statements
continued
19. Financial Instruments, Investment Properties and Risk Management
continued
| Gross amounts of | ||||
| financial instruments | Related financial | |||
| in the statement of | instruments that are | |||
| financial position | not offset | Net amount | ||
As at 31 December 2025 | Note | (€’000) | (€’000) | (€’000) |
| Financial assets | ||||
Derivative financial instruments | 18 | 952 | – | 952 |
| Financial liabilities | ||||
Derivative financial instruments | 18 | (8,173) | – | (8,173) |
| Change in | Increase/(decrease) | |
| interest rates | in net income | |
| As at 31 December 2025 | Basis Points | €’000 |
EURIBOR rate debt (1) | +100 | (941) |
EURIBOR rate debt (1) | -100 | 941 |
| Change in | Increase/(decrease) | |
| interest rates | in net income | |
| As at 31 December 2024 | Basis Points | €’000 |
EURIBOR rate debt (1) | +100 | (968) |
EURIBOR rate debt (1) | -100 | 968 |
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| 6 months | 6 to 12 | 1 to 2 | 2 to 5 | More than 5 | ||
| Total | or less (1) | months (1) | years (1) | years (1) | years (1) | |
| As at 31 December 2025 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 |
| Non-derivative financial liabilities | ||||||
| Loan drawn down | 352,443 | – | – | – | 352,443 | – |
Bank indebtedness interest (2) | 63,215 | 6,922 | 6,922 | 14,314 | 35,057 | – |
Private placement debt (3) | 193,890 | – | – | 42,593 | 111,297 | 40,000 |
| Private placement debt interest | 18,246 | 2,340 | 2,340 | 3,947 | 8,431 | 1,188 |
| Lease liability | 10,342 | 161 | 386 | 772 | 2,123 | 6,900 |
| Other liabilities | 11,553 | 11,553 | – | – | – | – |
| Security deposits | 6,919 | 6,919 | – | – | – | – |
656,608 | 27,895 | 9,648 | 61,626 | 509,351 | 48,088 | |
| Derivative financial liabilities | ||||||
| Foreign currency swap: | ||||||
| Outflow | (3,613) | (687) | (687) | (946) | (1,293) | – |
Inflow (3) | 5,682 | 1,120 | 1,120 | 1,507 | 1,935 | – |
2,069 | 433 | 433 | 561 | 642 | – | |
| Interest rate swap: | ||||||
Outflow (4) | (29,429) | (3,462) | (3,462) | (6,925) | (15,580) | – |
| Inflow | 25,950 | 2,651 | 2,651 | 5,669 | 14,979 | – |
(3,479) | (811) | (811) | (1,256) | (601) | – |
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Notes to Consolidated Financial Statements
continued
19. Financial Instruments, Investment Properties and Risk Management
continued
| 6 months | 6 to 12 | 1 to 2 | 2 to 5 | More than 5 | ||
| Total | or less (1) | months (1) | years (1) | years (1) | years (1) | |
| As at 31 December 2024 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 |
| Non-derivative financial liabilities | ||||||
Loan drawn down | 355,870 | – | – | 355,870 | – | – |
Bank indebtedness interest (2) | 17,544 | 7,571 | 6,661 | 3,312 | – | – |
Private placement debt (3) | 202,415 | – | – | – | 48,277 | 154,138 |
Private placement debt interest | 23,972 | 2,488 | 2,488 | 4,976 | 10,778 | 3,242 |
Lease liability | 11,990 | 401 | 401 | 803 | 2,408 | 7,977 |
Other liabilities | 9,936 | 9,936 | – | – | – | – |
Security deposits | 7,037 | 7,037 | – | – | – | – |
628,764 | 27,433 | 9,550 | 364,961 | 61,463 | 165,357 | |
| Derivative financial liabilities | ||||||
| Foreign currency swap: | ||||||
Outflow | (4,987) | (687) | (687) | (1,374) | (1,980) | (259) |
Inflow (3) | 8,968 | 1,268 | 1,268 | 2,536 | 3,458 | 438 |
3,981 | 581 | 581 | 1,162 | 1,478 | 179 | |
| Interest rate swap: | ||||||
Outflow (4) | (8,595) | (3,438) | (3,438) | (1,719) | – | – |
Inflow | 7,541 | 3,444 | 2,741 | 1,356 | – | – |
(1,054) | 6 | (697) | (363) | – | – |
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Supplementary Information
20. Taxation
I-RES elected for REIT status on 31 March 2014. As a result, from that date the Group is exempt from paying Irish
corporation tax on the profits and gains it makes from qualifying rental businesses in Ireland provided it meets
certain conditions.
Instead, dividends paid to shareholders in respect of the Property Rental Business are treated for Irish tax purposes
as income in the hands of shareholders. Corporation tax is still payable in the normal way in respect of income and
gains from any residual business (generally including any property trading business) not included in the Property
Rental Business. I-RES is also liable to pay other taxes such as VAT, stamp duty, local property tax and payroll taxes
in the normal way.
Within the Irish REIT Regime, for corporation tax purposes the Property Rental Business is treated as a separate
business from the residual business. A loss incurred by the Property Rental Business cannot be offset against profits
of the residual business.
An Irish REIT is required, subject to having sufficient distributable reserves, to distribute to its shareholders (by way
of dividend), on or before the filing date for its tax return for the accounting period in question, at least 85% of the
Property Income of the Property Rental Business arising in each accounting period. Failure to meet this requirement
would result in a tax charge calculated by reference to the extent of the shortfall in the dividend paid. A dividend paid
by an Irish REIT from its Property Rental Business is referred to as a property income distribution. Any normal dividend
paid from the residual business by the Irish REIT is referred to as a non-property income distribution dividend.
The Directors confirm that the Group has remained in compliance with the Irish REIT Regime up to and including
the date of this Report.
Income tax expense recognised in the consolidated statement of profit or loss and other comprehensive income
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Current Taxation | ||
| Irish corporation tax expense | – | – |
| Income tax withheld | 11 | 8 |
| Adjustment in respect of prior years | (66) | (31) |
Total Current Taxation | (55) | (23) |
I-RES
152
Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
20. Taxation continued
Reconciliation of the effective tax rate
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Profit/(loss) before taxation | 49,697 | (6,699) |
| At the standard rate of corporation tax in Ireland of 12.5% | 6,212 | (837) |
| Tax effect of amounts which are not deductible | ||
| (taxable in calculating taxable income) | ||
| Tax exempt property rental profit/(loss) | (6,215) | 744 |
| Current year losses for which no deferred tax is recognised | 3 | 95 |
| Prior year losses utilised | – | – |
| Other items | – | (2) |
Income tax expense | – | – |
The unrecognised deferred tax asset is €19,800 at 31 December 2025 (31 December 2024: €19,800), which is not
related to the property rental business.
21. Dividends
Under the Irish REIT Regime, subject to having sufficient distributable reserves, I-RES is required to distribute to
shareholders at least 85% of the Property Income of its Property Rental Business for each accounting period.
On 8 August 2025, the Directors resolved to pay an additional dividend of €12.4 million for the six months ended
30 June 2025. The dividend of 2.36 cents per share was paid on 12 September 2025 to shareholders on record as at
22 August 2025.
On 20 February 2025, the Directors resolved to pay an additional dividend of €11.7 million for the year ended 31 December
2024. The dividend of 2.20 cents per share was paid on 27 March 2025 to shareholders on record as at 28 February 2025.
On 8 August 2024, the Directors resolved to pay an additional dividend of €10.0 million for the six months ended
30 June 2024. The dividend of 1.88 cents per share was paid on 13 September 2024 to shareholders on record as at
23 August 2024.
On 23 February 2024, the Directors resolved to pay an additional dividend of €10.6 million for the year ended 31 December
2023. The dividend of 2.00 cents per share was paid on 28 March 2024 to shareholders on record as at 8 March 2024.
Distributable reserves in accordance with the Irish REIT Regime were calculated as follows:
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Profit/(Loss) for the year | 49,752 | (6,676) |
| Adjusted for: | ||
| Gain on disposal of investment properties | (3,433) | (1,622) |
| Taxation on disposal of properties | – | (38) |
| Unrealised (gain)/loss on net movement in fair value of investment properties | (16,991) | 33,745 |
Property Income of the Property Rental Business | 29,328 | 25,409 |
| Add back: | ||
| Share-based compensation expense | 415 | 305 |
| Unrealised change in fair value of derivatives | 36 | 104 |
Distributable Reserves | 29,779 | 25,818 |
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Supplementary Information
22. Supplemental Cash Flow Information
Breakdown of operating income items related to financing and investing activities
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
Financing costs as per the consolidated statement of profit or loss and other comprehensive income | 24,335 | 23,389 |
| Interest expense accrual | (824) | (45) |
| Lease interest | 228 | 296 |
| Less: amortisation of financing fees | (2,004) | (1,356) |
Interest Paid | 21,735 | 22,284 |
Interest expense
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Financing costs on Credit Facility | 24,335 | 23,389 |
| Amortisation of other financing costs | (2,004) | (1,356) |
| Lease interest | 228 | 296 |
Interest Expense | 22,559 | 22,329 |
Changes in operating assets and liabilities
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Prepayments | (114) | 1,865 |
| Trade receivables | 364 | (429) |
| Accounts payable and other liabilities | 767 | (77) |
| Security deposits | (118) | (165) |
Changes in operating assets and liabilities | 899 | 1,194 |
I-RES
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Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
22. Supplemental Cash Flow Information continued
Changes from Financing Cash Flows | Non-cash changes | |||||||||
| Revolving | Revolving | Amortisation | Change in | |||||||
| Credit | Credit | of other | Lease | fair value | 31 | |||||
| 1 January | Facility | Facility | Lease | Financing | financing | Foreign | reassess- | of hedging | December | |
| Liabilities | 2025 | drawdown | repayment | payments | fees | costs | exchange | ment | instruments | 2025 |
Bank indebtedness | 355,870 | 373,143 | (376,570) | – | – | – | – | – | – | 352,443 |
Deferred loan costs, net | (673) | – | – | – | (6,401) | 1,660 | – | – | – | (5,414) |
Private placement debt | 202,415 | – | – | – | – | – | (8,525) | – | – | 193,890 |
Deferred loan costs, net | (1,424) | – | – | – | – | 344 | – | – | – | (1,080) |
| Derivative financial | ||||||||||
instruments | 1,557 | – | – | – | – | – | – | – | 6,616 | 8,173 |
Lease liability | 9,998 | – | – | (544) | – | – | – | (600) | – | 8,854 |
Total liabilities from financing activities | 567,743 | 373,143 | (376,570) | (544) | (6,401) | 2,004 | (8,525) | (600) | 6,616 | 556,866 |
Changes from Financing Cash Flows | Non-cash changes | |||||||||
| Revolving | Revolving | Amortisation | Change in | |||||||
| Credit | Credit | of other | Lease | fair value | 31 | |||||
| 1 January | Facility | Facility | Lease | Financing | financing | Foreign | reassess- | of hedging | December | |
| Liabilities | 2024 | drawdown | repayment | payments | fees | costs | exchange | ment | instruments | 2024 |
Bank indebtedness | 373,020 | 12,800 | (29,950) | – | – | – | – | – | – | 355,870 |
Deferred loan costs, net | (1,665) | – | – | – | (20) | 1,012 | – | – | – | (673) |
Private placement debt | 197,892 | – | – | – | – | – | 4,523 | – | – | 202,415 |
Deferred loan costs, net | (1,767) | – | – | – | (1) | 344 | – | – | – | (1,424) |
| Derivative financial | ||||||||||
instruments | 3,667 | – | – | – | – | – | – | – | (2,110) | 1,557 |
Lease liability | 8,268 | – | – | (471) | – | – | – | 2,201 | – | 9,998 |
Total liabilities from financing activities | 579,415 | 12,800 | (29,950) | (471) | (21) | 1,356 | 4,523 | 2,201 | (2,110) | 567,743 |
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Supplementary Information
23. Related Party Transactions
Owners’ management companies not consolidated
As a result of the acquisition by the Group of apartments or commercial space in certain residential rental
properties, the Group holds voting rights in the relevant owners’ management companies (“OMCs”) associated with
those developments. Where the Group holds the majority of those voting rights, this entitles it, inter alia, to control
the composition of such OMCs’ boards of directors. However, as each of those OMCs is incorporated as a company
limited by guarantee for the purpose of owning the common areas in residential or mixed-use developments, they
are not intended to be traded for gains. I-RES does not consider these OMCs to be material for consolidation as the
total assets of the OMCs is less than 1% of the Group’s total assets.
I-RES has considered the latest available financial statements of these owners’ management companies in making
this assessment.
| Percentage of | ||||||
| Voting Rights | Service Fees | Payable by | Prepaid by | |||
| Registered Official | Development | Held | Incurred in | I-RES | I-RES | |
| Owners’ Management Entity | Address | Managed | % of total (1) | the Period | €’000 | €’000 |
| Majority voting rights held | ||||||
| Priorsgate Estate Owners' | 5th Floor, | Priorsgate | 52.6 | 274 | – | – |
| Management Company | St Stephens Green | |||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| GC Square (Residential) | 5th Floor, | The Marker | 81.0 | 396 | – | – |
| Owners' Management | St Stephens Green | Residences | ||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 | |||||
| Lansdowne Valley | 5th Floor, | Lansdowne | 79.0 | 729 | – | 319 |
| Owners’ Management | St Stephens Green | Gate | ||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 | |||||
| Charlestown Apartments | Unit 4B | Charlestown | 82.5 | 730 | – | 61 |
| Owners’ Management | Lazer Lane, | |||||
| Company Limited by | Grand Canal Square, | |||||
| Guarantee | Dublin 2 | |||||
| Bakers Yard Owners’ | 5th Floor, | Bakers Yard | 62.5 | 227 | – | – |
| Management Company | St Stephens Green | |||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| Rockbrook Grande | 5th Floor, | Grande | 73.0 | 376 | – | – |
| Central Owners' | St Stephens Green | Central | ||||
| Management Company | Earlsfort Terrace, | |||||
| Limited by Guarantee | Dublin 2 | |||||
| Rockbrook South Central | 5th Floor, | South Central | 83.0 | 554 | – | – |
| Owners' Management | St Stephens Green | |||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 |
I-RES
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Notes to Consolidated Financial Statements
continued
| Percentage of | ||||||
| Voting Rights | Service Fees | Payable by | Prepaid by | |||
| Registered Official | Development | Held | Incurred in | I-RES | I-RES | |
| Owners’ Management Entity | Address | Managed | % of total (1) | the Period | €’000 | €’000 |
| Rockbrook Estate | 5th Floor, | Rockbrook | 72.7 (2) | 38 | – | – |
| Management Company | St Stephens Green | Commercial | ||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| TC West Estate | 5th Floor, | Tallaght | 65.0 | 501 | – | – |
| Management Company | St Stephens Green | Commercial | ||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| TC West Residential | 5th Floor, | Tallaght | 87.2 | 1,125 | – | – |
| Owners' Management | St Stephens Green | Residential | ||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 | |||||
| Gloucester Maple | 5th Floor, | City Square | 89.3 | 71 | – | 38 |
| Owners’ Management | St Stephens Green | |||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 | |||||
| Elmpark Green | 5th Floor, | Elmpark | 60.5 | 566 | – | 140 |
| Residential Owners’ | St Stephens Green | Green | ||||
| Management Company | Earlsfort Terrace, | |||||
| Limited by Guarantee | Dublin 2 | |||||
| Coldcut Owners’ | 5th Floor, | Coldcut Park | 97.7 | 212 | – | – |
| Management Company | St Stephens Green | |||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| Burnell Green | 7a Saint Kieran’s | Burnell Green | 87.0 | 162 | – | – |
| Management Company | Enterprise Centre, | Northern | ||||
| Limited by Guarantee | Furze Road, | Cross | ||||
| Sandyford Business | Dublin 17 | |||||
| Park, Dublin 18 | ||||||
| Blocks ABC Ashbrook | 5th Floor, | Ashbrook | 100.0 | 440 | – | – |
| Owners’ Management | St Stephens Green | Blocks ABC | ||||
| Company Limited by | Earlsfort Terrace, | |||||
| Guarantee | Dublin 2 | |||||
| Block D Ashbrook Owners’ | 5th Floor, | Ashbrook | 100.0 | 69 | – | – |
| Management Company | St Stephens Green | Block D | ||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| Ashcourt Management | Unit 12, | Ashbrook | 56.3 | – | – | – |
| Company Limited by | The Seapoint | Estate | ||||
| Guarantee | Building, 44/45 | |||||
| Clontarf Road, | ||||||
| Dublin 3 |
23. Related Party Transactions continued
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| Percentage of | ||||||
| Voting Rights | Service Fees | Payable by | Prepaid by | |||
| Registered Official | Development | Held | Incurred in | I-RES | I-RES | |
| Owners’ Management Entity | Address | Managed | % of total (1) | the Period | €’000 | €’000 |
| Minority voting rights held | ||||||
| BSQ Owners' | 5th Floor, | Beacon South | 30.3 | 766 | – | – |
| Management Company | St Stephens Green | Quarter | ||||
| Limited by Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| Time Place Property | RF Property | Time Place | 37.2 | 191 | – | – |
| Management Company | Management, | Dublin 18 | ||||
| Limited by Guarantee | Ground Floor Ulysses | |||||
| House, 23/24 Foley | ||||||
| Street, Dublin 1 | ||||||
| GC Square Management | 5th Floor, | The Marker | 48.0 | – | – | – |
| Company Limited by | St Stephens Green | Commercial | ||||
| Guarantee | Earlsfort Terrace, | |||||
| Dublin 2 | ||||||
| Sandyford Forum | 28/30 Burlington | The Forum | 5.5 | 21 | – | 8 |
| Management Company | Road, Dublin 4 | |||||
| Limited by Guarantee | ||||||
| Stapolin Management | 11 Burrow Road, | Stapolin | 7.0 | 74 | – | 18 |
| Company Limited by | Sutton, | |||||
| Guarantee | Dublin 13 | |||||
| Red Arches Management | 16 Adelaide Street, | Red Arches | 6.6 | 28 | – | 7 |
| Company Limited by | Dun Laoghaire, | |||||
| Guarantee | Co. Dublin | |||||
| Stillbeach Management | Unit 1, Aspen Court, | Beechwood | 27.6 | 266 | – | 142 |
| Company Limited by | Bray Road, | Court | ||||
| Guarantee | Dublin 18 | Stillorgan | ||||
| Co Dublin | ||||||
| Burnell Court | City Junction | Burnell Court | 20.2 | 114 | – | – |
| Management Company | Business Park, | Northern | ||||
| Limited by Guarantee | Northern Cross, | Cross | ||||
| Malahide Road | Dublin 17 | |||||
| Dublin 17 | ||||||
| Carrington Park | Rfpm, | Carrington | 40.8 | 363 | – | – |
| Residential Property | Ulysses House, | Park | ||||
| Management Company | Foley Street, | Dublin 9 | ||||
| Limited by Guarantee | Dublin 1 | |||||
| Heywood Court | Lansdowne | Heywood | 43.3 | 104 | – | 80 |
| Management Company | Partnership, | Court | ||||
| (Dublin) Company | 21 Mespil Road, | Dublin 9 | ||||
| Limited by Guarantee | Dublin 4 | |||||
| Belville Court | Unit 1, Aspen Court, | Belville Court | 28.3 | 50 | – | 23 |
| Management Company | Bray Road, | Dublin 18 | ||||
| Limited by Guarantee | Dublin 18 |
I-RES
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Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
| Percentage of | ||||||
| Voting Rights | Service Fees | Payable by | Prepaid by | |||
| Registered Official | Development | Held | Incurred in | I-RES | I-RES | |
| Owners’ Management Entity | Address | Managed | % of total (1) | the Period | €’000 | €’000 |
| Malahide Waterside | Office 3 The Eden | Waterside | 9.6 | 22 | – | 7 |
| Management Company | Business Centre, | |||||
| Limited by Guarantee | Grange Road, | |||||
| Rathfarnham, | ||||||
| Dublin 16 | ||||||
| PPRD Management | Wyse Property | Phoenix Park 1 | 21.8 | 303 | – | 181 |
| Company CLG | Management Ltd., | |||||
| 94 Baggot Street | ||||||
| Lower, Dublin 2 | ||||||
| PPRD 2 Management | 21 Pembroke Road, | Phoenix Park 2 | 30.2 | 65 | – | 38 |
| Company CLG | Dublin 4 | |||||
| Oak Lodge Management | c/o Dalata Hotel | Tara View | 49.0 | 52 | 58 | – |
| Company Limited by | Group, Burton Court, | |||||
| Guarantee | Burton Hall Drive, | |||||
| Sandyford, | ||||||
| Dublin 18 | ||||||
Total | 8,889 | 58 | 1,062 |
1. For residential apartments, the voting rights are calculated based on one vote per apartment regardless of the size of that apartment. For
commercial, it is based on square footage of the units or the memorandum and articles of the particular management company.
2. Includes voting rights controlled directly and indirectly.
All of the owners’ management companies are incorporated in Ireland and are property management companies.
As noted above, the total service fees billed by OMCs for the year ended 31 December 2025 were €8.9 million (2024
€9.5 million). As at 31 December 2025, €0.1 million was payable and €1.1 million was prepaid by the Group to the
OMCs. As at 31 December 2024, €0.1 million was payable and €1.0 million was prepaid by the Group to the OMCs.
23. Related Party Transactions continued
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Financial Statements
Supplementary Information
26. Earnings per Share
Earnings per share amounts are calculated by dividing profit for the reporting period attributable to ordinary
shareholders of I-RES by the weighted average number of ordinary shares outstanding during the reporting period.
For the year ended | 31 December 2025 | 31 December 2024 |
| Profit/(Loss) attributable to shareholders of I-RES (€’000) | 49,752 | (6,676) |
| Basic weighted average number of shares | 525,604,518 | 529,578,946 |
Diluted weighted average number of shares (1)(2) | 525,604,518 | 529,578,946 |
Basic Earnings/(Loss) per share (cents) | 9.5 | (1.3) |
Diluted Earnings/(Loss) per share (cents) | 9.5 | (1.3) |
1. Diluted weighted average number of shares includes the additional shares resulting from dilution of the long-term incentive plan options as of the
reporting period date.
2. At 31 December 2025, nil options (31 December 2024: 4,596,499) were excluded from the diluted weighted average number of ordinary shares
because their effect would have been anti-dilutive.
EPRA Earnings represents the earnings from the core operational activities (recurring items for I-RES). It is intended to
provide an indicator of the underlying performance of the property portfolio and therefore excludes all components
not relevant to the underlying and recurring performance of the portfolio, including any revaluation results and
results from the sale of properties. EPRA Earnings per share amounts are calculated by dividing EPRA Earnings for
the reporting period attributable to shareholders of I-RES by the weighted average number of ordinary shares
outstanding during the reporting period.
EPRA Earnings per Share
For the year ended | 31 December 2025 | 31 December 2024 |
Profit/(Loss) for the year (€’000) | 49,752 | (6,676) |
| Adjustments to calculate EPRA Earnings exclude: | ||
Changes in fair value on investment properties (€’000) | (16,991) | 33,745 |
Gain on disposal of investment property | (3,433) | (1,622) |
Changes in fair value of derivative financial instruments (€’000) | 36 | 104 |
| Taxation on disposal of properties (€’000) | – | (38) |
EPRA Earnings (€’000) | 29,364 | 25,513 |
| Non-recurring costs (€’000) | – | 3,411 |
| Adjusted EPRA Earnings before non-recurring costs (€’000) | 29,364 | 28,924 |
Basic weighted average number of shares | 525,604,518 | 529,578,946 |
| Diluted weighted average number of shares | 525,604,518 | 529,578,946 |
| EPRA Earnings per share (cents) | 5.6 | 4.8 |
| Adjusted EPRA EPS before non-recurring costs per share (cents) | 5.6 | 5.5 |
EPRA Diluted Earnings per share (cents) | 5.6 | 4.8 |
I-RES
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Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
27. Net Asset Value per Share
In October 2019, EPRA introduced three EPRA NAV metrics to replace the then existing EPRA NAV calculation that
was previously being presented. The three EPRA NAV metrics are EPRA Net Reinstatement Value (“EPRA NRV’’), EPRA
Net Tangible Asset (“EPRA NTA”) and EPRA Net Disposal Value (“EPRA NDV”). Each EPRA NAV metric serves a different
purpose. The EPRA NRV measure is to highlight the value of net assets on a long term basis. EPRA NTA assumes
entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. Lastly, EPRA NDV provides the
reader with a scenario where deferred tax, financial instruments and certain other adjustments are calculated to
the full extent of their liabilities. The table below presents the transition between the Group’s shareholders’ equity
derived from the consolidated financial statements and the various EPRA NAV.
EPRA NAV per Share
As at | 31 December 2025 | ||
EPRA NRV | EPRA NTA (1) | EPRA NDV (2) | |
Net assets (€’000) | 690,467 | 690,467 | 690,467 |
| Adjustments to calculate EPRA net assets exclude: | |||
Fair value of derivative financial instruments (€’000) | 2,828 | 2,828 | – |
Fair value adjustment for fixed interest rate debt (€’000) | – | – | 18,488 |
Real estate transfer cost (€’000) (3) | 68,228 | – | – |
EPRA net assets (€’000) | 761,523 | 693,295 | 708,955 |
Number of shares outstanding | 524,442,218 | 524,442,218 | 524,442,218 |
Diluted number of shares outstanding | 524,442,218 | 524,442,218 | 524,442,218 |
| Basic Net Asset Value per share (cents) | 131.7 | 131.7 | 131.7 |
EPRA Net Asset Value per share (cents) | 145.2 | 132.2 | 135.2 |
As at | 31 December 2024 | ||
EPRA NRV | EPRA NTA (1) | EPRA NDV (2) | |
Net assets (€’000) | 668,150 | 668,150 | 668,150 |
| Adjustments to calculate EPRA net assets exclude: | |||
Fair value of derivative financial instruments (€’000) | 1,554 | 1,554 | – |
Fair value adjustment for fixed interest rate debt (€’000) | – | – | 22,470 |
Real estate transfer cost (€’000) (3) | 67,575 | – | – |
| EPRA net assets (€’000) | 737,279 | 669,704 | 690,620 |
Number of shares outstanding | 529,578,946 | 529,578,946 | 529,578,946 |
Diluted number of shares outstanding | 529,578,946 | 529,578,946 | 529,578,946 |
| Basic Net Asset Value per share (cents) | 126.2 | 126.2 | 126.2 |
| EPRA Net Asset Value per share (cents) | 139.2 | 126.5 | 130.4 |
1. Following changes to the Irish REIT legislation introduced in October 2019, if a REIT disposes of an asset of its property rental business and does not
(i) distribute the gross disposal proceeds to shareholders by way of dividend; (ii) reinvest them into other assets of its property rental business
(whether by acquisition or capital expenditure) within a three-year window (being one year before the sale and two years after it); or (iii) use them to
repay debt specifically used to acquire, enhance or develop the property sold, then the REIT will be liable to tax at a rate of 25% on 85% of the gross
disposal proceeds, subject to having sufficient distributable reserves. For the purposes of EPRA NTA, the Group has assumed any such sales proceeds
are reinvested within the required three-year window.
2. Deferred tax is assumed as per the IFRS statement of financial position. To the extent that an orderly sale of the Group’s assets was undertaken over
a period of several years, during which time (i) the Group remained a REIT; (ii) no new assets were acquired or sales proceeds reinvested; (iii) any
developments completed were held for three years from completion; and (iv) those assets were sold at 31 December 2025 valuations, the sales
proceeds would need to be distributed to shareholders by way of dividend within the required time frame or else a tax liability amounting to up to
25% of distributable reserves plus current unrealised revaluation gains could arise for the Group.
3. This is the purchaser costs amount as provided in the valuation certificate. Purchasers’ costs consist of items such as stamp duty on legal transfer and
other purchase fees that may be incurred and which are deducted from the gross value in arriving at the fair value of investment for IFRS purposes.
Purchasers’ costs are in general estimated at 9.96% for commercial, 4.46% for residential apartment units and 17.46% for houses and duplexes.
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Supplementary Information
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
Directors’ remuneration (1) | ||
Short-term employee benefits | 1,815 | 2,042 |
Pension costs | 14 | 45 |
Other benefits (2) | 172 | 223 |
Share-based payments | 214 | 181 |
Total | 2,215 | 2,491 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
| Employee costs | ||
Salaries, benefits and bonus | 9,173 | 9,201 |
Social insurance costs | 936 | 923 |
Pension costs | 498 | 224 |
Share-based payments | 415 | 305 |
Total | 11,022 | 10,653 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| For the year ended | €’000 | €’000 |
Auditor remuneration (including expenses) (1) | ||
Audit of Group accounts | 221 | 220 |
Other assurance services (2) | 15 | 15 |
Non-assurance services (3) | 9 | 6 |
Total | 245 | 241 |
I-RES
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Annual Report and Accounts 2025
Notes to Consolidated Financial Statements
continued
29. Holding Company Details
The name of the holding company of the Group is Irish Residential Properties REIT plc. The legal form of the Company
is a public limited company. The place of registration of the holding company is Dublin, Ireland and its registration
number is 529737. The address of the registered office is South Dock House, Hanover Quay, Dublin 2, Ireland.
30. Subsequent Events
On 24 February 2026, I-RES announced that it has executed a forward purchase agreement to acquire 77 residential
units in Naas, Co. Kildare for a total consideration of €31.75 million (including VAT but excluding other transaction
costs). The property is currently under construction and is due to reach practical completion in Q4 2026.
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Supplementary Information
As at 31 December 2025 Note
31 December
2025
€’000
31 December
2024
€’000
Assets
Non-Current Assets
Investment properties III 1,092,984 1,087,188
Investment in subsidiaries VI 2,240 2,240
Property, plant and equipment V 9,203 9,854
Derivative financial instruments XV 111 –
1,104,538 1,099,282
Current Assets
Loan advances to subsidiaries VII 130,058 130,112
Other current assets IX 4,518 4,820
Derivative financial instruments XV – 3
Cash and cash equivalents 4,727 4,439
Assets held for sale III 6,481 3,957
145,784 143,331
Total Assets 1,250,322 1,242,613
Liabilities
Non-Current Liabilities
Bank indebtedness XI 347,029 355,197
Private placement notes XII 129,300 129,054
Loan advances from subsidiary VIII 68,852 68,852
Lease liability 8,527 9,438
Derivative financial instruments XV 1,304 555
555,012 563,096
Current Liabilities
Accounts payable and accrued liabilities X 14,868 14,082
Derivative financial instruments XV 1,634 1,002
Security deposits 6,191 6,314
Lease liability 328 560
23,021 21,958
Total Liabilities 578,033 585,054
Share capital 52,444 52,958
Share premium 504,583 504,583
Undenominated Capital 514 –
Share-based payment reserve 2,074 1,659
Cashflow hedge reserve XVI (2,060) (1,763)
Retained earnings 114,734 100,122
Total Shareholders’ Equity 672,289 657,559
Total Shareholders’ Equity and Liabilities 1,250,322 1,242,613
The Company’s profit after tax for the year ended 31 December 2025 is €43.6 million (2024 loss €2.7 million).
The accompanying notes form an integral part of these financial statements.
Hugh Scott-Barrett
Chair
Eddie Byrne
Executive Director
Company Statement of Financial Position
As at 31 December 2025
I-RES
164
Annual Report and Accounts 2025
Company Statement of Changes in Equity
for the year ended 31 December 2025
Note
Share
Capital
€’000
Share
Premium
€’000
Undenom-
inated
Capital
€’000
Retained
Earnings
€’000
Share-
based
payments
Reserve
€’000
Cashflow
hedge
Reserve
€’000
Total
€’000
Shareholders’ Equity at
1 January 2025 52,958 504,583 – 100,122 1,659 (1,763) 657,559
Comprehensive income for
the year
Profit for the year – – – 43,639 – – 43,639
Other comprehensive loss for
the year – – – – – (297) (297)
Total Comprehensive
Income/(loss) for the year – – – 43,639 – (297) 43,342
Transactions with owners,
recognised directly in equity
Long-term incentive plan XIII – – – – 415 – 415
Purchase and cancellation of
own shares XIV (514) – 514 (5,000) – – (5,000)
Dividends paid XVIII – – – (24,027) – – (24,027)
Transactions with owners,
recognised directly in equity (514) – 514 (29,027) 415 – (28,612)
Shareholders’ Equity at
31 December 2025 52,444 504,583 514 114,734 2,074 (2,060) 672,289
For the year ended 31 December 2024
Note
Share
Capital
€’000
Share
Premium
€’000
Undenom-
inated
Capital
€’000
Retained
Earnings
€’000
Share-
based
payments
Reserve
€’000
Cashflow
hedge
Reserve
€’000
Total
€’000
Shareholders’ Equity at 1
January 2024 52,958 504,583 – 123,363 1,354 (580) 681,678
Total comprehensive loss for
the year
Loss for the year – – – (2,693) – – (2,693)
Other comprehensive loss for
the year – – – – – (1,183) (1,183)
Total comprehensive loss for
the year – – – (2,693) – (1,183) (3,876)
Transactions with owners,
recognised directly in equity
Long-term incentive plan XIII – – – – 305 – 305
Dividends paid XVIII – – – (20,548) – – (20,548)
Transactions with owners,
recognised directly in equity – – – (20,548) 305 – (20,243)
Shareholders’ Equity at 31
December 2024 52,958 504,583 – 100,122 1,659 (1,763) 657,559
The accompanying notes form an integral part of these financial statements.
165
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
I. Material Accounting Policies
These Company financial statements have been prepared in accordance with Financial Reporting Standard 101
Reduced Disclosure Framework (“FRS 101”).
In preparing these financial statements, the Company applies the recognition, measurement and disclosure
requirements of International Financial Reporting Standards as adopted by the EU (“EU IFRS”) but makes
amendments where necessary in order to comply with the Companies Act 2014 and has set out below where
advantage of the FRS 101 disclosure exemptions has been taken.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the
following disclosures:
• A Cash Flow Statement and related notes;
• Disclosures in respect of capital management;
• The effects of new but not yet effective IFRS.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods
presented in these financial statements.
The financial statements of the Company are prepared on a going concern basis and under the historical cost
convention, as modified by the revaluation of investment properties and derivatives at fair value through profit
or loss and the measurement of share options at fair value at the date of grant. The financial statements of the
Company have been presented in Euro, which is the Company’s functional currency.
In accordance with section 304(2) of the Companies Act, 2014, the Company is availing of the exemption from
presenting its individual income statement to the Annual General Meeting and from filing its individual income
statement with the Registrar of Companies.
For Company details, refer to note 29 of the consolidated financial statements.
The significant accounting policies of the Company are the same as those of the Group, which are set out in note 2
of the consolidated financial statements.
Investment in subsidiaries
Investment in subsidiaries is shown at cost less provision for any impairment or diminution in value.
Intercompany loan
The intercompany loan is recognised at amortised cost using the effective interest rate method. Under the effective
interest rate method, any transaction fees, costs and discounts directly related to the intercompany loan were
recognised within interest expense on intercompany loan in the statement of profit or loss and other comprehensive
income over the expected term of the intercompany loan.
II. Critical Accounting Estimates, Assumptions and Judgements
For further information on critical accounting estimates, assumptions and judgements, refer to note 3 of the
consolidated financial statements.
Notes to the Company Financial Statements
I-RES
166
Annual Report and Accounts 2025
Notes to the Company Financial Statements
continued
III. Investment Properties
For further information on investment properties, refer to note 5 of the consolidated financial statements.
For the Company, an increase of 1% in the Equivalent Capitalisation Rate would have the impact of a €155.3 million
reduction in fair value while a decrease of 1% in the Equivalent Capitalisation Rate would result in a fair value increase
of €217.4 million. An increase between 1% – 4% in Stabilised NRI would result in a fair value increase extending from
€10.9 million to €43.8 million respectively in fair value, while a decrease between 1% – 4% in Stabilised NRI would have
an impact ranging from €10.9 million to €43.8 million reduction respectively. I-RES believes that this range of change
in Stabilised NRI is a reasonable estimate in the next twelve months based on expected changes in Stabilised NRI.
A summary of the Equivalent Capitalisation Rates and ranges along with the fair value of the total portfolio of the
Company as at 31 December 2025 and 2024 is presented below:
As at 31 December 2025
Type of Interest
Fair Value
€’000
WA
Stabilised
NRI
(1)
€’000 Rate Type
(2)
Max. Min.
Weighted
Average
Income properties
(4)
1,094,590 3,435 Equivalent Yield 6.92% 4.90% 6.08%
Development land
(3)
4,875 n/a
Market
Comparable
(per sq ft.) €89.42 €44.48 €76.80
Total investment properties 1,099,465
1. WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment properties (“WA NRI”). The WA
Stabilised NRI is an input to determine the fair value of the investment properties.
2. The Equivalent Yield disclosed above is provided by the external valuers.
3. Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning permission.
4. Including assets held for sale.
As at 31 December 2024
Type of Interest
Fair Value
€’000
WA
Stabilised
NRI
(1)
€’000 Rate Type
(2)
Max. Min.
Weighted
Average
Income properties
(4)
1,085,945 2,955 Equivalent Yield 6.54% 5.02% 5.93%
Development land
(3)
5,200 n/a
Market
Comparable
(per sq ft.) €95.43 €44.48 €82.21
Total investment properties 1,091,145
1. WA Stabilised NRI is the NRI of each property weighted by its fair value over the total fair value of the investment properties (“WA NRI”). The WA
Stabilised NRI is an input to determine the fair value of the investment properties.
2. The Equivalent Yield disclosed above is provided by the external valuers.
3. Development land is fair valued based on the value of the undeveloped site per square foot or per unit of planning permission.
4. Including assets held for sale.
167
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
The following table summarises the changes in the investment properties portfolio during the periods:
Reconciliation of carrying amounts of investment properties
For the year ended 31 December 2025
Income
Properties
€’000
Properties
Under
Development
€’000
Development
Land
€’000
Total
€’000
Balance at the beginning of the year 1,081,988 – 5,200 1,087,188
Transfer
(2)
(6,481) – – (6,481)
Property capital investments 9,404 – – 9,404
Capitalised leasing costs
(1)
(799) – – (799)
Disposal (8,265) – – (8,265)
Unrealised fair value movements 12,262 – (325) 11,937
Balance at the end of the year 1,088,109 – 4,875 1,092,984
For the year ended 31 December 2024
Income
Properties
€’000
Properties
Under
Development
€’000
Development
Land
€’000
Total
€’000
Balance at the beginning of the year 1,124,425 - 5,810 1,130,235
Transfer
(2)
(3,957) - - (3,957)
Property capital investments 8,123 - - 8,123
Capitalised leasing costs
(1)
(788) - - (788)
Disposal (16,781) - - (16,781)
Unrealised fair value movements (29,034) - (610) (29,644)
Balance at the end of the year 1,081,988 - 5,200 1,087,188
1. Straight-line rent adjustment for commercial leasing.
2. Assets held for sale amounting to €6.5 million were transferred from investment properties during the period (2024: €4.0 million).
IV. Leases
For further information on the Leases, refer to note 6 of the consolidated financial statements.
V. Property, Plant and Equipment
For further information on the property, plant and equipment, refer to note 7 of the consolidated financial statements.
VI. Investment in Subsidiaries
As at
31 December
2025
€’000
31 December
2024
€’000
Balance at the beginning of the year 2,240 2,240
Additions – –
Disposals – –
Balance at the end of the year 2,240 2,240
I-RES
168
Annual Report and Accounts 2025
Notes to the Company Financial Statements
continued
VII. Loan Advances to Subsidiaries
As at
31 December
2025
€’000
31 December
2024
€’000
Balance at the beginning of the year 130,112 129,320
Interest income 6,042 5,988
Interest received (5,749) (4,986)
Repayments from subsidiaries (347) (210)
Balance at the end of the year 130,058 130,112
On 31 March 2015, the Company acquired the entire issued share capital of IRES Residential Properties Limited
for €0.8 million and provided financing to IRES Residential Properties Limited to repay the loan on the Rockbrook
Portfolio to CAPREIT LP. The total amount in aggregate receivable from its subsidiary amounted to €86.7 million as at
31 December 2025 (€86.5 million as at 31 December 2024), net of repayments. This receivable is interest bearing at
4.94% per annum fixed and repayable on demand.
On 10 August 2022, the Company acquired 100% of the issued share capital of IRES Residential Properties (Tara View)
Limited and provided financing to IRES Residential Properties (Tara View) Limited to pay the development costs for
the Tara View portfolio. The total amount in aggregate receivable from the subsidiary amounted to €43.3 million as
at 31 December 2025 (€43.6 million as at 31 December 2024), net of repayments. This receivable is interest bearing
at 4.25% per annum fixed and repayable on demand.
As these receivables are repayable on demand, the carrying value is considered to be materially in line with the
fair value.
VIII. Loan Advances from Subsidiary
On 10 March 2020, IRES Residential Properties Limited provided the following facilities to the Company. Interest is paid
semi-annually on 9 March and 9 September of each year.
As at
31 December 2025
Maturity
Contractual
interest rate €’000
Series A Facility 9 March 2027 1.87% 45,901
Series B Facility 9 March 2030 2.25% 22,951
Total 68,852
IX. Other Current Assets
As at
31 December
2025
€’000
31 December
2024
€’000
Other Current Assets
Prepayments
(1)
3,262 3,357
Trade receivables 1,014 1,389
Intercompany receivable 242 74
Total 4,518 4,820
1. Includes prepaid costs such as OMC Service charges, insurance and costs associated with ongoing transactions.
169
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
X. Accounts Payable and Accrued Liabilities
As at
31 December
2025
€’000
31 December
2024
€’000
Accounts Payable and Accrued Liabilities
(1)
Rent – early payments 2,937 3,699
Trade creditors 2,222 912
Accruals
(2)
7,158 6,751
Value Added Tax 256 307
Intercompany payable 2,295 2,413
Total 14,868 14,082
1. The carrying value of all accounts payable and accrued liabilities approximates their fair value.
2. Includes property related accruals, development accruals and professional fee accruals.
XI. Bank Indebtedness
For further information on the Revolving Credit Facility, refer to note 10 of the consolidated financial statements.
XII. Private Placement Notes
On 11 March 2020, I-RES successfully closed the issue of €130 million notes on a private placement basis (collectively,
the “Notes”). Interest is paid semi-annually on 10 March and 10 September.
The Notes have been placed in two tranches:
As at Maturity
Contractual
interest rate
31 December
2025
€’000
31 December
2024
€’000
EUR Series A Senior Secured Notes 10 March 2030 1.83% 90,000 90,000
EUR Series B Senior Secured Notes 10 March 2032 1.98% 40,000 40,000
130,000 130,000
Deferred financing costs, net (700) (946)
Total 129,300 129,054
The Notes are secured by a floating charge over the assets of the Group and a fixed charge over the shares held by
the Company in IRES Residential Properties Limited.
XIII. Share-based Compensation
For further information on share-based compensation, refer to note 12 of the consolidated financial statements.
XIV. Shareholders’ Equity
For further information on shareholders’ equity, refer to note 13 of the consolidated financial statements.
XV. Realised and Unrealised Gains and Losses on Derivative Financial
Instruments
The derivative financial instruments consist of the interest rate swap entered into on 13 March 2025. For further
information on the derivative financial instruments of the Company refer to note 18 of the consolidated financial
statements.
I-RES
170
Annual Report and Accounts 2025
Notes to the Company Financial Statements
continued
XVI. Financial Instruments, Investment Properties and Risk Management
a) Fair Value of Financial Instruments and Investment Properties
For further information on the fair value of financial instruments and investment properties, refer to note 19(a) of
the consolidated financial statements. The following table presents the Company’s estimates of the fair value on a
recurring basis based on information available as at 31 December 2025 and aggregated by the level in the fair value
hierarchy within which those measurements fall.
As at 31 December 2025, the fair value of the Company’s private placement debt is estimated to be €111.6 million
(31 December 2024: €111.4 million). The fair value of the Company’s loan advances from subsidiary is estimated to
be €70.2 million (31 December 2024: €70.1 million). The change in fair value is due to changes in interest rates since
the private placement debt was issued and the impact of the passage of time on the fixed rate of the private
placement debt. The fair value of the private placement debt is based on discounted future cash flows using rates
that reflect current rates for similar financial instruments with similar duration, terms and conditions, which are
considered Level 2 inputs.
As at 31 December 2025
Level 1 Level 2 Level 3
Quoted prices in
active markets for
identical assets
and liabilities
€’000
Significant other
observable inputs
€’000
Significant
unobservable
inputs
(1)
€’000
Total
€’000
Recurring Measurements – Assets
Investment properties – – 1,092,984 1,092,984
Assets held for sale – – 6,481 6,481
Derivative financial instruments – 111 – 111
– 111 1,099,465 1,096,576
Recurring Measurements – Liability
Derivative financial instruments
(2)
– (2,940) – (2,940)
Total – (2,829) 1,099,465 1,096,636
As at 31 December 2024
Level 1 Level 2 Level 3
Quoted prices in
active markets for
identical assets
and liabilities
€’000
Significant other
observable inputs
€’000
Significant
unobservable
inputs
(1)
€’000
Total
€’000
Recurring Measurements – Assets
Investment properties - - 1,087,188 1,087,188
Assets held for sale - - 3,957 3,957
Derivative financial instruments - 3 - 3
- 3 1,091,145 1,091,148
Recurring Measurements – Liability
Derivative financial instruments
(2)
- (1,557) - (1,557)
Total - (1,554) 1,091,145 1,089,591
1. See note 5 of the consolidated financial statements for detailed information on the valuation methodologies and fair value reconciliation.
2. The valuation of the interest rate swap instrument is determined using widely accepted valuation techniques including discounted cash flow analysis
on the expected cash flows of the derivatives. The fair value is determined using the market-standard methodology of netting the discounted future
fixed cash payments and the discounted variable cash receipts of the derivatives. The variable cash receipts are based on an expectation of future
interest rates (forward curves) derived from observable market interest rates. If the total mark-to-market value is positive, I-RES will include a current
value adjustment to reflect the credit risk of the counterparty, and if the total mark-to-market value is negative, I-RES will include a current value
adjustment to reflect I-RES’ own credit risk in the fair value measurement of the interest rate swap agreements.
171
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
b) Risk Management
For further information on risk management, refer to note 19(b) of the consolidated financial statements.
Cash flow hedges
At 31 December 2025, the Company held the following instruments to hedge exposures to changes in interest rates:
As at
31 December
2025
31 December
2026
31 December
2027
31 December
2030
Interest Rate Swaps
Net exposure (€’000) 29,429 29,429 29,429 –
Average fixed interest rate 2.52% 2.52% 2.52% –
The amounts at the reporting date relating to items designated as hedged items were as follows:
Change in value used for calculating
hedge ineffectiveness
(€’000)
Cashflow hedge reserve
(€’000)
Interest rate swap 2,424 (2,060)
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
As at 31 December 2025 For the year ended 31 December 2025
Carrying amount
Changes in
the value
of hedging
instrument
recognised
in OCI
Hedge
ineffectiveness
recognised in
profit or loss
Line items
in profit or
loss that
includes hedge
ineffectiveness
Amount
reclassed
from
hedging
reserve to
profit or loss
Line items in
profit or loss
affected by
reclassification
Nominal
amount
(€’000)
Assets
(€’000)
Liability
(€’000) (€’000) (€’000) (€’000)
Interest Rate
Swaps 275,000 111 (2,939) 2,424 (19)
Gain on
derivative
financial
instruments (2,127)
Financing
costs
Master netting or similar agreements
For further information on risk management, refer to note 19(b) of the consolidated financial statements.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above
agreements.
31 December 2025 Note
Gross amounts of
financial instruments
in the statement of
financial position
(€’000)
Related financial
instruments that
are not offset
(€’000)
Net amount
(€’000)
Financial assets
Derivative financial instruments XV 111 – 111
Financial liabilities
Derivative financial instruments XV (2,939) – (2,939)
I-RES
172
Annual Report and Accounts 2025
Notes to the Company Financial Statements
continued
XVI. Financial Instruments, Investment Properties and Risk Management
continued
Liquidity risk
As at 31 December 2025
Total
€’000
6 months or
less
(1)
€’000
6 to 12
months
(1)
€’000
1 to 2
years
(1)
€’000
2 to 5
years
(1)
€’000
More than 5
years
(1)
€’000
Non-derivative financial liabilities
Loan drawn down 352,443 – – – 352,443 –
Bank indebtedness interest
(2)
63,215 6,922 6,922 14,314 35,057 –
Private placement debt 130,000 – – – 90,000 40,000
Private placement debt interest 12,564 1,220 1,220 2,440 6,496 1,188
Loan advance from subsidiary 68,852 – – 45,901 22,951 –
Loan advance from subsidiary interest 3,153 687 687 660 1,119 –
Lease liability 10,342 161 386 772 2,123 6,900
Other liabilities 9,380 9,380 – – – –
Security deposits 6,191 6,191 – – – –
656,140 24,561 9,215 64,087 510,189 48,088
Derivative financial liabilities
Interest rate swap:
Outflow
(3)
(29,429) (3,462) (3,462) (6,925) (15,580) –
Inflow 25,950 2,651 2,651 5,669 14,979 –
(3,479) (811) (811) (1,256) (601) –
1. Based on carrying value at maturity dates.
2. Based on current in-place interest rate for the remaining term to maturity.
3. Based on 1 month EURIBOR forward curve as at 31 December 2025.
As at 31 December 2024
Total
€’000
6 months or
less
(1)
€’000
6 to 12
months
(1)
€’000
1 to 2
years
(1)
€’000
2 to 5
years
(1)
€’000
More than 5
years
(1)
€’000
Non-derivative financial liabilities
Loan drawn down 355,870 – – 355,870 – –
Bank indebtedness interest
(2)
17,544 7,571 6,661 3,312 – –
Private placement debt 130,000 – – – – 130,000
Private placement debt interest 15,004 1,220 1,220 2,440 7,320 2,804
Loan advance from subsidiary 68,852 – – – 45,901 22,951
Loan advance from subsidiary interest 4,643 687 687 1,374 1,766 129
Lease liability 11,990 401 401 803 2,408 7,977
Other liabilities 7,663 7,663 – – – –
Security deposits 6,314 6,314 – – – –
617,880 23,856 8,969 363,799 57,395 163,861
Derivative financial liabilities
Interest rate swap:
Outflow
(3)
(8,595) (3,438) (3,438) (1,719) – –
Inflow 7,541 3,444 2,741 1,356 – –
(1,054) 6 (697) (363) – –
1. Based on carrying value at maturity dates.
2. Based on current in-place interest rate for the remaining term to maturity.
3. Based on 1 month EURIBOR forward curve as at 31 December 2024.
173
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
XVII. Profit attributable to Irish Residential Properties REIT plc
In accordance with section 304(2) of the Companies Act, 2014, the Company is availing of the exemption from
presenting its individual income statement to the Annual General Meeting and from filing its individual income
statement with the Registrar of Companies. The Company’s profit after tax for the year ended 31 December 2025
is €43.6 million (2024 loss €2.7 million).
XVIII. Dividends
For further information on dividends, refer to note 21 of the consolidated financial statements.
XIX. Related Party Transactions
During 2015, the Company financed the purchase of the Rockbrook Portfolio on behalf of its subsidiary, IRES Residential
Properties Limited. The total amount receivable from IRES Residential Properties Limited amounted to €86.6 million as
at 31 December 2025 (31 December 2024: €86.5 million). The total amount payable by the Company to IRES Residential
Properties Limited amounted to €70.2 million as at 31 December 2025 (31 December 2024: €70.1 million). The loans are
interest bearing and repayable on demand.
On 31 January 2022, the Company acquired 100% of the shares in IRES Fund Management Limited. The subsidiary
provides asset management and property management services to the Company. For the year ended
31 December 2025 the asset management and property management fees totalled €3.3 million and €2.6 million
respectively (31 December 2024: €3.3 million and €2.7 million). As at 31 December 2025, the total amount payable to
IRES Fund Management Limited was €0.7 million (31 December 2024: €1.2 million) and the amount receivable was
€23 thousand (31 December 2024: €14 thousand).
On 10 August 2022, the Company completed the acquisition of 100% of the shares of IRES Residential Properties
(Tara View) Limited, formerly Bayvan Limited, and financed the development of the Tara View portfolio. The total
amount receivable from IRES Residential Properties (Tara View) Limited was €43.5 million as at 31 December 2025
(31 December 2024: €43.7 million). The total amount payable to the subsidiary was €60 thousand as at 31 December
2025 (31 December 2024: €0.1 million).
For further information on related party transactions, refer to note 23 of the consolidated financial statements.
XX. Contingencies
For further information on contingent liabilities of the Company, refer to note 24 of the consolidated financial
statements.
XXI. Commitments
For further information on Commitments, refer to note 25 of the consolidated financial statements.
I-RES
174
Annual Report and Accounts 2025
Notes to the Company Financial Statements
continued
XXII. Earnings per Share
For further information on earnings per share, refer to note 26 of the consolidated financial statements.
For the year ended
31 December
2025
31 December
2024
Profit/(loss) attributable to shareholders (€’000) 43,641 (2,693)
Basic weighted average number of shares 525,604,518 529,578,946
Diluted weighted average number of shares
(1)(2)
525,604,518 529,578,946
Basic Earnings/(Loss) per share (cents) 8.3 (0.5)
Basic Earnings/(Loss) per share (cents) 8.3 (0.5)
1. Diluted weighted average number of shares includes the additional shares resulting from dilution of the long-term incentive plan options as of the
reporting period date.
2. At 31 December 2025, nil options (31 December 2024: 4,596,499) were excluded from the diluted weighted average number of ordinary shares
because their effect would have been anti-dilutive.
For further information on EPRA Earnings per share, refer to note 26 of the consolidated financial statements.
EPRA Earnings per Share
For the year ended
31 December
2025
31 December
2024
Profit/(loss) for the period (€’000) 43,641 (2,693)
Adjustments to calculate EPRA Earnings exclude:
Changes in fair value on investment properties (€’000) (11,937) 29,644
Gain on disposal of investment property (3,433) (1,622)
Changes in fair value of derivative financial instruments 19 –
EPRA Earnings (€’000) 28,290 25,329
Non-recurring costs (€’000) – 3,411
Adjusted EPRA Earnings before non-recurring costs 28,290 28,740
Basic weighted average number of shares 525,604,518 529,578,946
Diluted weighted average number of shares 525,604,518 529,578,946
EPRA Earnings per share (cents) 5.4 4.8
Adjusted EPRA EPS before non-recurring costs per share 5.4 5.4
EPRA Diluted Earnings per share (cents) 5.4 4.8
175
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Strategic Report Governance
Financial Statements
Supplementary Information
XXIII. Net Asset Value per Share
For further information on net asset value per share, refer to note 27 of the consolidated financial statements.
31 December 2025
As at EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 672,289 672,289 672,289
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 2,828 2,828 –
Fair value adjustment for fixed interest rate debt (€’000) – – 15,319
Real estate transfer cost (€’000)
(3)
61,404 – –
EPRA net assets (€’000) 736,521 675,117 687,608
Number of shares outstanding 524,442,218 524,442,218 524,442,218
Diluted number of shares outstanding 524,442,218 524,442,218 524,442,218
Basic Net Asset Value per share (cents) 128.2 128.2 128.2
EPRA Net Asset Value per share (cents) 140.4 128.7 131.1
31 December 2024
As at EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 657,559 657,559 657,559
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 1,554 1,554 –
Fair value adjustment for fixed interest rate debt (€’000) – – 17,504
Real estate transfer cost (€’000)
(3)
61,019 – –
EPRA net assets (€’000) 720,132 659,113 675,063
Number of shares outstanding 529,578,946 529,578,946 529,578,946
Diluted number of shares outstanding 529,578,946 529,578,946 529,578,946
Basic Net Asset Value per share (cents) 124.2 124.2 124.2
EPRA Net Asset Value per share (cents) 136.0 124.5 127.5
1. Following changes to the Irish REIT legislation introduced in October 2019, if a REIT disposes of an asset of its property rental business and does not
(i) distribute the gross disposal proceeds to shareholders by way of dividend; (ii) reinvest them into other assets of its property rental business
(whether by acquisition or capital expenditure) within a three-year window (being one year before the sale and two years after it); or (iii) use them to
repay debt specifically used to acquire, enhance or develop the property sold, then the REIT will be liable to tax at a rate of 25% on 85% of the gross
disposal proceeds, subject to having sufficient distributable reserves. For the purposes of EPRA NTA, the Group has assumed any such sales proceeds
are reinvested within the required three-year window.
2. Deferred tax is assumed as per the IFRS statement of financial position. To the extent that an orderly sale of the Group’s assets was undertaken over
a period of several years, during which time (i) the Group remained a REIT; (ii) no new assets were acquired or sales proceeds reinvested; (iii) any
developments completed were held for three years from completion; and (iv) those assets were sold at 31 December 2025 valuations, the sales
proceeds would need to be distributed to shareholders by way of dividend within the required time frame or else a tax liability amounting to up to
25% of distributable reserves plus current unrealised revaluation gains could arise for the Group.
3. This is the purchaser costs amount as provided in the valuation certificate. Purchasers’ costs consist of items such as stamp duty on legal transfer and
other purchase fees that may be incurred and which are deducted from the gross value in arriving at the fair value of investment for IFRS purposes.
Purchasers’ costs are in general estimated at 9.96% for commercial, 4.46% for residential apartment units and 17.46% for houses and duplexes.
XXIV. Directors’ Remuneration, Employee Costs and Auditor Remuneration
For further information on Directors’ remuneration and employee costs, refer to note 28 of the consolidated financial
statements.
XXV. Subsequent Events
For further information on subsequent events, refer to note 30 of the consolidated financial statements.
177
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Supplementary Information
Alternative performance measures
The Group has applied the European Securities and Markets Authority (“ESMA”) ‘Guidelines on Alternative
Performance Measures’ in this document. An alternative performance measure (“APM”) is a measure of financial or
future performance, position or cash flows of the Group which is not a measure defined by International Financial
Reporting Standards (“IFRS”). The main APMs presented are European Public Real Estate Association (“EPRA”)
performance measures as set out in EPRA’s Best Practices Recommendations Guidelines 2024 (“BPR”). These
measures are defined by EPRA in order to encourage comparability with the real estate sector in Europe.
APM Reconciled to IFRS measure Reference Definition
EPRA earnings IFRS profit/(loss) for
the financial year
attributable to owners
of the parent.
179 As EPRA earnings is used to measure the
operational performance of the Group, it
excludes all components not relevant to the
underlying net income performance of the
portfolio, such as the change in value of the
underlying investments and any gains or losses
from the sales of investment properties.
Adjusted EPRA
earnings
IFRS profit/(loss) for
the financial year
attributable to owners
of the parent.
20 As EPRA earnings is used to measure the
operational performance of the Group, it
excludes all components not relevant to the
underlying net income performance of the
portfolio, such one-off non-recurring costs
and all the costs referenced above.
EPRA earnings per
share (“EPS”)
IFRS earnings per share 179 EPRA earnings per share (“EPS”).
Adjusted EPRA
earnings per
share
IFRS earnings per share 25 Adjusted EPRA earnings per share.
Adjusted EBITDA IFRS profit/(loss) for
the financial year
attributable to owners
of the parent.
20 Earnings before interest, tax, depreciation and
amortisation adjusted for non-recurring costs.
EPRA Net
Reinstatement
Value (“NRV”)
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 This assumes that entities never sell assets
and aims to represent the value required to
rebuild the entity.
EPRA Net
Reinstatement
Value (“NRV”) per
share
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 EPRA NRV calculated on a diluted basis.
EPRA Net Tangible
Assets (“NTA”)
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 Assumes that entities buy and sell assets,
thereby crystallising certain levels of
unavoidable deferred tax.
EPRA Net Tangible
Assets (“NTA”) per
share
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 EPRA NTA calculated on a diluted basis.
EPRA Net Disposal
Value (“NDV”)
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 Represents the shareholders’ value under a
disposal scenario, where deferred tax, financial
instruments and certain other adjustments
are calculated to the full extent of their liability,
net of any resulting tax.
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Annual Report and Accounts 2025
APM Reconciled to IFRS measure Reference Definition
EPRA Net Disposal
Value (“NDV”) per
share
Total assets less total
liabilities as calculated
under IFRS (IFRS NAV)
180 EPRA NDV calculated on a diluted basis.
EPRA Net Initial
Yield (“EPRA NIY”)
n/a 181 Inherent yield of the completed portfolio using
passing rent at the reporting date.
EPRA vacancy rate n/a 181 ERV of the vacant space over the total ERV of
the completed portfolio.
IFRS net asset
value (“IFRS NAV”)
Total equity per the
consolidated statement
of financial position)
26 Total assets less total liabilities as calculated
under IFRS.
Loan to value
(“LTV”)/Group Total
Gearing
n/a 5 Net debt as a proportion of the value of
investment properties.
EPRA Loan to value
(“LTV”)
n/a 182 Net debt as a proportion of total assets.
EPRA net debt Financial liabilities 182 Financial liabilities net of cash balances
(as reduced by the amounts collected from
tenants for deposits, sinking funds and similar)
available.
Annualised
Passing rent
n/a 181 Annualised gross property rent receivable on
a cash basis as at the reporting date.
Average Monthly
Rent (“AMR”)
n/a 5 Actual monthly residential rents, net of
vacancies, divided by the total number of
residential units owned as at the reporting date.
Occupancy n/a 5 Total number of residential units occupied over
the total number of residential units owned as
at the reporting date.
Gross Yield at
Fair Value
n/a 24 Annualised passing rent at the reporting
date divided by the fair market value of the
investment properties, excluding development
land and investment properties under
development, as at the reporting date.
EPRA Capital
Expenditure
Disclosure
Amounts expended on
investment property,
i.e. property purchases
and development
and refurbishment
expenditure
182 Property-related capital expenditure analysed
so as to illustrate the element of such
expenditure that is ‘maintenance’ rather than
investment.
Supplementary Information
continued
Alternative performance measures continued
179
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
EPRA Performance Measure
Measure Unit
31 December
2025
31 December
2024
EPRA Earnings €’000 29,364 25,513
EPRA EPS € cents/share 5.6 4.8
Diluted EPRA EPS € cents/share 5.6 4.8
EPRA NRV €’000 761,523 737,279
EPRA NRV per share € cents/share 145.2 139.2
EPRA NTA €’000 693,295 669,704
EPRA NTA per share € cents/share 132.2 126.5
EPRA NDV €’000 708,955 690,620
EPRA NDV per share € cents/share 135.2 130.4
EPRA NIY % 5.2 5.1
EPRA topped up NIY % 5.2 5.1
EPRA vacancy rate % 0.5 1.1
EPRA LTV % 44.9 45.8
EPRA Earnings per Share
For the year ended
31 December
2025
31 December
2024
Profit/(loss) for the year (€’000) 49,752 (6,676)
Adjustments to calculate EPRA Earnings exclude:
Changes in fair value on investment properties (€’000) (16,991) 33,745
Gain on disposal of investment property (3,433) (1,622)
Changes in fair value of derivative financial instruments (€’000) 36 104
Taxation on disposal of properties – (38)
EPRA Earnings (€’000) 29,364 25,513
Basic weighted average number of shares 525,604,518 529,758,946
Diluted weighted average number of shares 525,604,518 529,758,946
EPRA Earnings per share (cents) 5.6 4.8
EPRA Diluted Earnings per share (cents) 5.6 4.8
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Annual Report and Accounts 2025
EPRA NAV per Share
As at 31 December 2025 EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 690,467 690,467 690,467
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 2,828 2,828 –
Fair value adjustment for fixed interest rate debt (€’000) – – 18,488
Real estate transfer tax (€’000)
(3)
68,228 – –
EPRA net assets (€’000) 761,523 693,295 708,955
Number of shares outstanding 524,442,218 524,442,218 524,442,218
Diluted number of shares outstanding 524,442,218 524,442,218 524,442,218
Basic Net Asset Value per share (cents) 131.7 131.7 131.7
EPRA Net Asset Value per share (cents) 145.2 132.2 135.2
As at 31 December 2024 EPRA NRV EPRA NTA
(1)
EPRA NDV
(2)
Net assets (€’000) 668,150 668,150 668,150
Adjustments to calculate EPRA net assets exclude:
Fair value of derivative financial instruments (€’000) 1,554 1,554 –
Fair value adjustment for fixed interest rate debt (€’000) – – 22,470
Real estate transfer tax (€’000)
(3)
67,575 – –
EPRA net assets (€’000) 737,279 669,704 690,620
Number of shares outstanding 529,578,946 529,578,946 529,578,946
Diluted number of shares outstanding 529,578,946 529,578,946 529,578,946
Basic Net Asset Value per share (cents) 126.2 126.2 126.2
EPRA Net Asset Value per share (cents) 139.2 126.5 130.4
1. Following changes to the Irish REIT legislation introduced in October 2019, if a REIT disposes of an asset of its property rental business and does not
(i) distribute the gross disposal proceeds to shareholders by way of dividend; (ii) reinvest them into other assets of its property rental business
(whether by acquisition or capital expenditure) within a three-year window (being one year before the sale and two years after it); or (iii) use them to
repay debt specifically used to acquire, enhance or develop the property sold, then the REIT will be liable to tax at a rate of 25% on 85% of the gross
disposal proceeds, subject to having sufficient distributable reserves. For the purposes of EPRA NTA, the Group has assumed any such sales proceeds
are reinvested within the required three-year window.
2. Deferred tax is assumed as per the IFRS statement of financial position. To the extent that an orderly sale of the Group’s assets was undertaken over
a period of several years, during which time (i) the Group remained a REIT; (ii) no new assets were acquired or sales proceeds reinvested; (iii) any
developments completed were held for three years from completion; and (iv) those assets were sold at 31 December 2025 valuations, the sales
proceeds would need to be distributed to shareholders by way of dividend within the required time frame or else a tax liability amounting to up to
25% of distributable reserves plus current unrealised revaluation gains could arise for the Group.
3. This is the purchaser costs amount as provided in the valuation certificate. Purchasers’ costs consist of items such as stamp duty on legal transfer and
other purchase fees that may be incurred, and which are deducted from the gross value in arriving at the fair value of investment for IFRS purposes.
Purchasers’ costs are in general estimated at 9.96% for commercial, 4.46% for residential apartment units and 17.46% for houses and duplexes.
Supplementary Information
continued
181
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
EPRA Net Initial Yield (NIY)
As at
31 December
2025
€’000
31 December
2024
€’000
Annualised passing rent 87,556 86,461
Less: Operating expenses
(1)
(property outgoings) (19,262) (20,059)
Annualised net rent 68,294 66,402
Notional rent expiration of rent-free periods
(2)
– –
Topped-up net annualised rent 68,294 66,402
Completed investment properties 1,241,990 1,226,995
Add: Allowance for estimated purchaser’s cost 68,228 67,575
Gross up completed portfolio valuation 1,310,218 1,294,570
EPRA Net Initial Yield 5.2% 5.1%
EPRA topped-up Net Initial Yield 5.2% 5.1%
1. Calculated based on the net rental income to operating revenue ratio of 78.0% for 2025 (76.8% for 2024).
2. For the year ended 31 December 2025.
EPRA Vacancy Rate
(1)
As at
31 December
2025
€’000
31 December
2024
€’000
Estimated rental value of vacant space 397 880
Estimated rental value of the portfolio 82,053 80,817
EPRA Vacancy Rate 0.5% 1.1%
1. Based on the residential portfolio.
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EPRA Capital Expenditure Disclosure
EPRA recommends that capital expenditure, as stated on the financial statements, be split into four components
based on the nature of the expenditure to allow for enhanced comparability. Namely, the categories are
acquisitions, development, investment properties and capitalised interest.
For the year ended
31 December
2025
€’000
31 December
2024
€’000
Acquisitions – –
Development – –
Investment Properties
Incremental lettable space – –
No incremental lettable space 10,708 9,156
Tenant incentives – –
Capitalised interest – –
Total Capital Expenditure 10,708 9,156
EPRA LTV
As at
31 December
2025
€’000
31 December
2024
€’000
Loans and Borrowings 546,333 558,285
Foreign currency derivatives 4,393 (2,767)
Net payables 17,301 16,276
Exclude Cash and cash equivalents (7,614) (7,350)
Net debt 560,413 564,444
Investment properties at fair value 1,240,384 1,228,238
Properties held for sale 6,481 3,957
Total Property Value 1,246,865 1,232,195
EPRA LTV 44.9% 45.8%
Supplementary Information
continued
183
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Glossary of Terms
The following explanations are not intended as
technical definitions but rather are intended to assist
the reader in understanding terms used in this report.
“Adjusted Earnings (excluding
fair value movements)”
Adjusted EPRA Earnings plus Gain/
(Loss) on Disposal of investment
property;
“Adjusted General and
Administrative Expenses”
General and administrative
expenses adjusted to remove
non-recurring costs;
“Annualised Passing Rent”
Defined as the actual monthly
residential and commercial rents
under contract with residents as
at the stated date, multiplied by 12,
to annualise the monthly rent;
“Assets Held For Sale (AHFS)”
Investment properties being held
for sale which are expected to be
disposed on within the next 12 months;
“Average Monthly Rent (AMR)”
Actual monthly residential rents,
net of vacancies, as at the stated
date, divided by the total number of
apartments owned in the property;
“Basic Earnings per share
(Basic EPS)”
Calculated by dividing the profit/
(loss) for the reporting period
attributable to ordinary shareholders
of the Company in accordance
with IFRS by the weighted average
number of ordinary shares
outstanding during the reporting
period;
“Companies Act, 2014”
The Irish Companies Act, 2014;
“Diluted weighted average
number of shares”
Includes the additional shares
resulting from dilution of the long-
term incentive plan options as of
the reporting period date;
“Adjusted EBITDA”
Represents earnings before
lease interest, financing costs,
depreciation of property, plant
and equipment, gain or loss on
disposal of investment property,
net movement in fair value of
investment properties and gain
or loss on derivative financial
instruments and non-recurring costs
to show the underlying operating
performance of the Group;
“EPRA”
The European Public Real Estate
Association;
“EPRA Diluted EPS”
Calculated by dividing EPRA
Earnings for the reporting period
attributable to shareholders
of the Company by the diluted
weighted average number of
ordinary shares outstanding
during the reporting period. EPRA
Earnings measures the level of
income arising from operational
activities. It is intended to provide
an indicator of the underlying
income performance generated
from leasing and management of
the property portfolio, while taking
into account dilutive effects and
therefore excludes all components
not relevant to the underlying net
income performance of the portfolio,
such as unrealised changes in
valuation and any gains or losses
on disposals of properties;
“EPRA Earnings”
EPRA Earnings is the profit after
tax excluding revaluations and
gains and losses on disposals
and associated taxation (if any);
“Adjusted EPRA Earnings”
Represents EPRA Earnings adjusted
for non-recurring costs to show the
underlying EPRA Earnings of the Group;
“EPRA EPS”
Calculated by dividing EPRA Earnings
for the reporting period attributable
to shareholders of the Company by
the weighted average number of
ordinary shares outstanding during
the reporting period. EPRA Earnings
measures the level of income arising
from operational activities. It is
intended to provide an indicator of
the underlying income performance
generated from leasing and
management of the property
portfolio and therefore excludes
all components not relevant to the
underlying net income performance
of the portfolio, such as unrealised
changes in valuation and any gains
or losses on disposals of properties;
“Adjusted EPRA EPS”
EPRA EPS calculated using Adjusted
EPRA Earnings;
“EPRA NAV”
EPRA introduced three EPRA NAV
metrics to replace the existing EPRA
NAV calculation that was previously
being presented. The three EPRA NAV
metrics are EPRA Net Reinstatement
Value (“EPRA NRV’), EPRA Net Tangible
Asset (“EPRA NTA”) and EPRA Net
Disposal Value (“EPRA NDV”). Each
EPRA NAV metric serves a different
purpose. The EPRA NRV measure is to
highlight the value of net assets on a
long-term basis. EPRA NTA assumes
entities buy and sell assets, thereby
crystallising certain levels of deferred
tax liability. Any gains arising from the
sale of a property are expected either
to be reinvested for growth or 85%
of the net proceeds are distributed
to the shareholders to maintain the
REIT status. Lastly, EPRA NDV provides
the reader with a scenario where
deferred tax, financial instruments
and certain other adjustments are
calculated to the full extent of their
liabilities;
I-RES
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Annual Report and Accounts 2025
“EPRA NAV per share”
Calculated by dividing each
of the EPRA NAV metric by the
diluted number of ordinary shares
outstanding as at the end of the
reporting period;
“Equivalent Yields (formerly referred
as Capitalisation Rate)”
The rate of return on a property
investment based on current and
projected future income streams
that such property investment will
generate. This is derived by the
external valuers and is used to
estimate the term and reversionary
yields;
“Group Total Gearing or Net Loan
to Value (Net LTV)”
Calculated by dividing the Group’s
aggregate borrowings (net of cash)
by the fair value of the Group’s
property portfolio, including assets
held for sale;
“Loan to Value (LTV)”
Calculated by dividing the Group’s
aggregate borrowings by the fair
value of the Group’s property portfolio;
“Gross Yield”
Calculated as the Annualised
Passing Rent as at the stated date,
divided by the fair value of the
investment properties, including units
classified as assets held for sale and
excluding fair value of development
land as at the reporting date;
“Irish REIT Regime”
Means the provisions of the Irish laws
and regulations establishing and
governing real estate investment
trusts, in particular, but without
limitation, section 705A of the Taxes
Consolidation Act, 1997 (as inserted
by section 41(c) of the Finance Act,
2013), as amended from time to time;
“LEED”
LEED stands for Leadership in Energy
and Environmental Design. It is a
rating system to certify sustainable
buildings and neighbourhoods;
“Like for Like”
Like-for-like amounts are presented
as they measure operating
performance adjusted to remove
the impact of properties that were
only owned for part of the relevant
period or comparative period;
“Market Capitalisation”
Calculated as the closing share
price multiplied by the number
of shares outstanding;
“Net Asset Value” or “NAV”
Calculated as the value of the
Group’s or Company’s assets less
the value of its liabilities measured
in accordance with IFRS;
“Net Asset Value per share”
Calculated by dividing NAV by the
basic number of ordinary shares
outstanding as at the end of the
reporting period;
“Net Rental Income (NRI)”
Measured as property revenue less
property operating expenses;
“Net Rental Income Margin”
Calculated as the NRI over the
revenue from investment properties;
“Occupancy Rate”
Calculated as the total number of
apartments occupied divided by
the total number of apartments
owned as at the reporting date
available to rent;
“Property Income”
As defined in section 705A of the
Taxes Consolidation Act, 1997. It
means, in relation to a company
or group, the Property Profits of the
Company or Group, as the case may
be, calculated using accounting
principles, as: (a) reduced by the
Property Net Gains of the Company
or Group, as the case may be,
where Property Net Gains arise,
or (b) increased by the Property
Net Losses of the Company or Group,
as the case may be, where Property
Net Losses arise;
“Property Profits”
As defined in section 705A of the
Taxes Consolidation Act, 1997;
“Property Net Gains”
As defined in section 705A of the
Taxes Consolidation Act, 1997;
“Property Net Losses”
As defined in section 705A of the
Taxes Consolidation Act, 1997;
“Property Rental Business”
As defined in section 705A of the
Taxes Consolidation Act, 1997;
“Sq. ft.”
Square feet;
“Sq. m.”
Square metres;
“Stabilised NRI”
Measured as property revenue
less property operating expenses
adjusted for market-based
assumptions such as long-term
vacancy rates, management fees,
repairs and maintenance;
“Total Accounting Return”
Total Accounting Return represent
the change in EPRA NTA plus
dividends paid in the performance
period, expressed as a % of the
opening EPRA NTA;
“Total Property Value”
Total investment property plus any
property classified as assets held
for sale;
“Vacancy Costs”
Defined as the value of the rent on
unoccupied residential apartments
and commercial units for the
specified period.
Glossary of Terms continued
185
Introduction
Strategic Report Governance
Financial Statements
Supplementary Information
Forward-Looking Statements
This Report includes statements
that are, or may be deemed to be,
forward-looking statements. These
forward-looking statements can
be identified by the use of forward-
looking terminology, including the
terms “may”, “will”, “should”, “expect”,
“anticipate”, “project”, “estimate”,
“intend”, “continue”, “maintain”,
“forecast”, “potential”, “target” or
“believe”, or, in each case, their
negative or other comparable
terminology, or by discussions of
strategy, plans, objectives, trends,
goals, projections, future events or
intentions. Such forward-looking
statements are based on the
beliefs of management as well as
assumptions made and information
currently available to the Company.
Forward-looking statements speak
only as of the date of this report
and save as required by law, the
Irish Takeover Rules, the Euronext
Dublin Listing Rules and/or by
the rules of any other securities
regulatory authority, the Company
expressly disclaims any obligation or
undertaking to release any update
of, or revisions to, any forward-
looking statements or risk factors in
this report, including any changes
in its expectations, new information,
or any changes in events, conditions
or circumstances on which these
forward-looking statements are
based.
Due to various risks and
uncertainties, actual events or
results or actual performance of the
Company may differ materially from
those reflected or contemplated in
such forward-looking statements.
No representation or warranty is
made as to the achievement or
reasonableness of and no reliance
should be placed on, such forward-
looking statements. There is no
guarantee that the Company will
generate a particular rate of return.
I-RES Disclaimer
I-RES
186
Annual Report and Accounts 2025
Head Office
South Dock House
Hanover Quay
Dublin 2
Ireland
D02 XW94
Tel: +353 (0)1 557 0974
www.iresreit.ie
Directors
Hugh Scott-Barrett (Chair)
Eddie Byrne (CEO)
Amy Freedman
Denise Turner
Joan Garahy
Richard Nesbitt
Stefanie Frensch
Tom Kavanagh
Investor Information
Analysts, shareholders and others seeking
financial data should visit I-RES’ website at
https://investorrelations.iresreit.ie
or contact:
Chief Executive Officer
Eddie Byrne
Tel: +353 (0)1 557 0974
E-mail: investors@iresreit.ie
Company Secretary
Anna-Marie Curry
Tel: +353 (0) 1 557 0974
E-mail: companysecretary@iresreit.ie
Registrar And Transfer Agent
Computershare Investor Services
(Ireland) Limited
3100 Lake Drive
Citywest Business Campus
Dublin 24, Ireland
Tel: +353 (0)1 447 5566
Depositary
BNP Paribas Securities Services,
Dublin Branch
Trinity Point
10-11 Leinster Street South
Dublin 2, Ireland
Auditor
KPMG 1 Stokes Place
St. Stephen’s Green
Dublin 2, Ireland
Legal Counsel
McCann FitzGerald LLP
Riverside One
Sir John Rogerson’s Quay
Dublin 2, D02 X576 Ireland
Sponsor and Corporate Broker
Davy
Davy House
49 Dawson Street
Dublin 2, D02 PY05 Ireland
Corporate Broker
Barclays Investment Bank
1 Churchill Place
Canary Wharf
London, E14 5HP
United Kingdom
Stock Exchange Listing
Shares of I-RES are listed on Euronext Dublin
under the trading symbol “IRES”
Shareholder Information
I-RES
188
Annual Report and Accounts 2025
