Full occupancy and further margin expansion saw the State’s largest private residential landlord Irish Residential Properties (Ires) Reit return to profit last year, the company said on Thursday.
Publishing its preliminary results for 2025, the company welcomed the success of its asset recycling programme in generating sales premia significantly ahead of book values.
The group said its profit before tax of €49.7m, versus a loss of €6.7m in 2024, was driven by an improved operational performance and stabilised valuation yields in 2025.
The company’s adjusted earnings grew by over 7% to almost €33m, while its EPRA earnings – a measure of its underlying operating performance that excludes fair value gains, property disposals and other noncore items – was up 1.5% for the year.
Meanwhile, its net rental income (NRI) margin increased by 120 bps in 2025 with a margin of 78%, up slightly on the previous year. Ires said this was due to its continued focus on operational efficiency and successful implementation of cost management and recovery initiatives.
The company also welcomed new rental regulation which will take effect from March, along with other measures implemented by government which it says has “strengthened the outlook for the market and for the business.”
Ires also disposed a total of 41 units in the period for a gain of €3.4m versus book value. The company said proceeds will be directed towards enhancing shareholder value through its capital allocation framework, which also includes exploring opportunities to grow its portfolio through the acquisition of new assets to replace the units it sold.
“Given the positive market dynamics, the company’s pipeline of opportunities is strong,” Ires said.
The landlord said the average monthly rent (AMR) charged increased by 2.1% to €1,852 , which was aided by its asset sales, retrofit programme and focused management of renewals.
It said its portfolio continues to be effectively fully occupied at 99.5%, which reflects the continued strong underlying demand for high quality rental properties in Dublin.
“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,” said chief executive Eddie Byrne.
“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.”
