Stock · Euronext Dublin
Should you buy Irish Residential Properties REIT stock?
Ireland's largest listed residential landlord, with a high-occupancy rental portfolio and a real dividend, but a reported net loss and meaningful debt. Here is our rating, the real trade-offs, and how to buy it.
Key points
- Euronext Dublin: IRES. Irish residential REIT, held in an ordinary brokerage account.
- 3,668 residential units, portfolio value ≈ €1.23bn, occupancy ≈ 99.4%.
- Dividend yield ≈ 3.78%; adjusted EPRA earnings ≈ €28.9m (FY2024).
- Reported a net loss of ≈ €6.68m (FY2024); debt/equity ≈ 84.97%.
01Our review
Irish Residential Properties REIT at a glance
Irish Residential Properties REIT (IRES) is Ireland's largest listed residential landlord, owning around 3,668 units with a portfolio valued at about €1.23bn and a high occupancy rate near 99.4%, at a gross yield of around 7%. For FY2024 the group reported revenue of about €85.27m and EBITDA near €52.67m, with adjusted EPRA earnings of around €28.9m (adjusted EPRA EPS of about 5.5 cents). However, it reported a net loss of roughly €6.68m, a common feature for REITs when property revaluations turn negative. The dividend is real, with a yield around 3.78% and a 2024 dividend of about €0.022 per share, and the company has run a share buyback programme of up to 15% of issued capital. Debt is meaningful, with a debt/equity ratio around 84.97%. Because of the reported loss, a trailing P/E is not meaningful. For an investor this is an income-oriented way to own Irish residential property at scale, but with a leveraged balance sheet and sensitivity to interest rates and property values.
Strengths
- Scale and occupancy: around 3,668 units at roughly 99.4% occupancy.
- Real dividend: a yield around 3.78%, backed by rental income.
- Recurring earnings: adjusted EPRA earnings of around €28.9m (FY2024).
- Buyback support: a programme of up to 15% of issued capital.
Watch-outs
- Reported net loss: a FY2024 net loss of around €6.68m, so a trailing P/E is not meaningful.
- Leverage and rate sensitivity: debt/equity around 84.97%, exposed to interest rates and property values.
02Snapshot
Irish Residential Properties REIT in brief
Fundamentals verified as of 22 July 2026.
04Our verdict
Our verdict, backed by sources
Income-oriented, but leveraged and rate-sensitive
Ireland's largest listed residential landlord offers scale, high occupancy and a real dividend, but reported a net loss and carries meaningful debt. A reasonable income holding for investors comfortable with leverage and rate sensitivity.
This is analysis, not advice. The bull case: IRES is Ireland's largest listed residential landlord, with around 3,668 units at roughly 99.4% occupancy, a portfolio worth about €1.23bn, adjusted EPRA earnings near €28.9m and a real dividend (yield around 3.78%). A share buyback of up to 15% of issued capital adds support.
The bear case: the group reported a FY2024 net loss of around €6.68m, so a trailing P/E is not meaningful, and debt/equity of about 84.97% leaves it sensitive to interest rates and property values. Rental regulation is an added variable.
Our take: a scaled, income-oriented way to own Irish residential property, but with a leveraged balance sheet and real rate sensitivity. Treat it as an income holding, not a growth story. As always, no invented price target.
05Get started
How to buy Irish Residential Properties REIT stock
Two routes, both from regulated brokers serving the Irish market. A broker comparison is further down.
Cash / spot
Buy the real share (cash)
You own the share and benefit from dividends and any long-term appreciation. Cost is a small commission per order; there is no FX conversion for an Irish investor, since IRES trades in EUR on Euronext Dublin. Best for income-focused, buy-and-hold investors. Check how dividend income and capital gains are taxed in your situation.
CFD (leveraged)
Trade via CFD (leverage)
A CFD tracks the price with leverage that amplifies gains and losses; costs are the spread plus overnight financing. Short-term, risk-aware traders only; most retail CFD accounts lose money.
For most investors, buying the real share in a brokerage account is simplest for the long term. Compare brokers on Irish and European commissions below.
06Playbook
6 practical tips for buying Irish Residential Properties REIT
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Read it as income
The case rests on the dividend (yield around 3.78%), not on earnings growth.
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Look past the net loss
REIT earnings can turn negative on revaluations; check adjusted EPRA earnings too.
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Watch the debt
Debt/equity around 84.97% makes the shares sensitive to interest rates.
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Follow rental rules
Rental regulation in Ireland can affect rents, values and the dividend.
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Mind property values
The share price tracks the portfolio value (around €1.23bn), which can fall.
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Mind tax
Check how Irish tax treats REIT dividends and your capital gains before you buy.
08Where to invest
Where to buy Irish Residential Properties REIT stock
For Irish Residential Properties REIT, prioritise a regulated broker with low commissions on Euronext Dublin. Compare regulated brokers side by side.
Compare brokersIrish Residential Properties REIT stock FAQ
- Yes. The dividend yield is around 3.78%, with a 2024 dividend of about €0.022 per share, funded by rental income. As a REIT, distributing income to shareholders is central to its model.
- The FY2024 net loss of around €6.68m largely reflects property revaluations, which flow through a REIT's reported earnings. That is why a trailing P/E is not meaningful and why investors also look at adjusted EPRA earnings (around €28.9m).
- We don't publish one. We refuse to invent a figure or a fake consensus. When a credible, sourced analyst consensus exists we may cite it with its date; otherwise we say we don't have one.
Why trust HelloBrokers on this
Independent editorial team. We are not paid by Irish Residential Properties REIT, and we don't publish invented price targets or a fake bank consensus. Ratings follow our methodology; broker referrals (disclosed on each page) fund our work and never change our verdict.
This content is for information only and is not investment advice, a recommendation or a solicitation. Past performance does not predict future returns. Investing carries a risk of capital loss; CFDs amplify that risk. Do your own research and consider professional advice before investing.