Trading Update

Irish Residential Properties REIT plc (IRES) Trading Update 03-May-2023 / 07:00 GMT/BST Irish Residential Properties REIT plc Market leading platform delivers continued growth in Q1 2023 3 May 2023, Dublin | Irish Residential Properties REIT plc (the "Company" or "I-RES"), Ireland’s leading provider of private rental accommodation with a portfolio of approximately 4,000 homes, issues a statement and trading update for the three months to 31 March 2023 (the “first quarter” or “Q1”) ahead of its AGM tomorrow. As outlined in the Company’s recently published 2022 Annual Report, the Irish market continues to exhibit strong fundamentals for private residential rental accommodation despite a challenging macroeconomic backdrop. I-RES’ market leading platform is pleased to report continued strong growth and performance in the first quarter of 2023 as highlighted below. ESG and sustainable business operations are central to the company’s strategy and our recently published 2022 ESG Report details the significant progress made by I-RES during 2022. I-RES delivered reductions in Scope 1 and 2 emissions of 41% and 26% in 2022 and continues to make progress on its carbon reduction targets in 2023. Our young, modern portfolio of assets continues to boast strong sustainability metrics, with an average age of 13 years and 86% of our properties having BER energy efficiency ratings of between A-C. Finally, we continue to scale our digital capabilities at I-RES through our recent investment in a best in class, cloud-based ERP system which has provided us with a unique integrated operating platform in the Irish market which we are leveraging to unlock operational and service efficiencies, drive revenue growth and deliver shareholder returns. Q1 2023 Performance Highlights Q1 revenue has increased by 4.9% year-on-year, driven by additions to the portfolio and organic growth, delivering strong recurring cashflows and stable rent collections. Rent collections remain strong, in excess of 99% and in line with 2022. Occupancy levels at I-RES’ properties continue to demonstrate the exceptional demand for rental accommodation in Ireland, alongside the quality of our modern portfolio, with occupancy remaining in excess of 99% throughout the quarter. We continue to deliver on our value maximising portfolio management and disciplined capital allocation strategy, identifying opportunities to selectively dispose of assets and generate accretive returns. Disposals completed year to date, including the Rockbrook development site, amount to gross proceeds of approximately €18 million. The Company maintains its focus on prudent balance sheet and capital management, particularly in light of the current challenging macroeconomic environment. The Company’s LTV decreased to 43.1% at the end of the first quarter (43.3% at 31 December 2022). Margaret Sweeney, CEO of I-RES, commented: “I-RES has continued with its sector leading performance in the first quarter of 2023 with continued growth in rental income and market leading occupancy across the portfolio. The macro-economic environment of rising interest rates and inflation continues to weigh heavily on listed real estate company valuations. However, I-RES remains well positioned to navigate this with our high-quality portfolio, disciplined capital allocation and successful execution on its strategy, delivering consistent returns to our shareholders over the long-term.” I-RES will hold its 2023 AGM tomorrow at 11:30am at the Marker Hotel, Grand Canal Quay, Docklands, Dublin, D02 CK38, Ireland. For further information please contact: For Investor Relations: Irish Residential Properties REIT plc      Michelle Ang, Director Investor Relations [e-mail]     Tel: [phone] Margaret Sweeney, Chief Executive Officer     Tel: [phone] For Media Queries: Jonathan Neilan, FTI Consulting [e-mail]       Tel: [phone]  Melanie Farrell, FTI Consulting      Tel: [phone]  About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (I-RES) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. The Group currently owns approximately 4,000 apartments and houses for private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.i-res.ie. This note applies if and to the extent that there are forward-looking statements in this Announcement. This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise, including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

ISIN:	IE00BJ34P519
Category Code:	TST
TIDM:	IRES
LEI Code:	635400EOPACLULRENY18
OAM Categories:	3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:	240859
EQS News ID:	1622641

End of Announcement	EQS News Service