(Alliance News) - Irish Residential Properties REIT PLC on Tuesday said its financial position remained strong in the third quarter, and that its asset disposal programme was progressing "well ahead" of schedule.

The private rental accommodation provider also said Chief Executive Officer Margaret Sweeney, who has led I-Res for six years, intends to retire in April next year.

Sweeney, who joined Irish Residential as an independent director in 2016, has agreed to stay beyond her six-month notice period to ensure an orderly transition if necessary.

"I-Res continues to perform strongly as is clear from today's trading update and Margaret leaves the business well positioned for the future," Chair Declan Moyland commented.

Among indicators of that strong performance were continued high occupancy rates across the company's portfolio in the third quarter of 2023. They rose slightly to 99.6% at September 30 from 99.5% at June 30.

Dublin-based I-Res also said it "retains its strong financial position, with a robust balance sheet and ample liquidity." For example, 82% of its total drawn debt is currently fixed at a 3.27% blended interest rate.

Irish Residential furthermore noted the "successful execution" of its planned asset disposal programme, having delivered around EUR96.5 million of the EUR100 million target "well ahead of [the] expected timeframe."

Looking ahead, I-Res "remains on track" for a "broadly stable" NRI margin for 2023, which it said reflects its success in leveraging its operating platform and mitigating cost inflation. It "remains focused on delivering on its value maximising portfolio management and disciplined capital allocation strategy," and will continue reviewing potential value-accretive disposal opportunities.

Irish Residential shares were up 3.5% at EUR0.88 in Frankfurt on Tuesday afternoon.

By Emma Curzon, Alliance News reporter

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