Building
Communities
and Creating
Value
_
Irish Residential
Properties REIT plc
Annual Report 2021
TEMP RD VERSION TEMP RD VERSION
Irish Residential Properties REIT plc Annual Report
2021
I-RES at a Glance 2
Financial Highlights 3
Strong Track Record of Growth 5
Market Outlook 6
Professionally Managed
Modern Accommodation 7
Modern Diverse Portfolio 9
A Place to Call Home 10
Strategic Report 11
Chairman’s Statement
12
Chief Executive Officer’s Statement
15
Manager’s Statement
20
Business Review
21
Market Update
33
Sustainability Review
35
Business Objectives and Strategy
47
Investment Policy
48
Risk Report
50
Governance 63
I-RES Board of Directors
64
Corporate Governance Statement
67
Report of the Audit Committee
78
Report of the Remuneration Committee
83
Report of the Nomination Committee
101
Report of the Sustainability Committee
105
Report of the Related Party Committee
109
Report of the Directors
111
Statement of Directors’ Responsibilities
119
Financial Statements 121
Independent Auditor’s Report to the Members
of Irish Residential Properties REIT plc
122
Consolidated Statement of Financial Position
127
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
128
Consolidated Statement of Changes in Equity
129
Consolidated Statement of Cash Flows
130
Notes to Consolidated Financial Statements
131
Company Statement of Financial Position
170
Company Statement of Profit or Loss and
Other Comprehensive Income
171
Company Statement of Changes in Equity
172
Company Statement of Cash Flows
173
Notes to Company Financial Statements
174
Supplementary Information 185
Supplementary Information
186
IRES REIT, IRES Fund Management Limited
and CAPREIT Senior Management
189
Glossary of Terms
190
Forward-Looking Statements
192
Shareholder Information
193
Chairman’s Statement
Declan Moylan
“ Strong performance
and continued growth.”
12
Page
CEO’s Statement
Margaret Sweeney
“ Resilience, underpinned
by our high quality and
diverse portfolio.”
15
Page
Corporate Profile
Irish Residential Properties REIT plc
(the “Company”, “I-RES”, together
with IRES Residential Properties
Limited, the “Group”) is a growth
oriented Real Estate Investment Trust
("REIT") that is primarily focused on
investing in, holding, manging and
developing private residential rental
December 2021, the Group owns
and manages 3,829 apartments and
houses for private rental in Ireland.
The Company’s shares are listed
on the Main Securities Market of
Euronext Dublin.