Irish Residential Properties REIT plc ESG Report 2024 Sustainable Business, Connected Communities 2024 Overview Strategy Operating Responsibly Protecting the Environment Building Communities ESG Performance Data Contents Overview Operating Responsibly ESG Performance Data I-RES at a Glance 2 Ethical Business & Employment Practices 19 EPRA Sustainability Best Practices 42 ESG Performance Snapshot 2024 3 Recommendations Guidelines (EPRA sBPR) EPRA Sustainability Performance 43 Foreword 4 Protecting the Environment Measures Reporting Chief Executive's Overview 5 Assurance Summary Statement 59 Our ESG Journey 8 Climate Change - Our Road to Net Zero 25 About This Report 10 Environmental Management 29 Welcome to the I-RES ESG Report 2024. Use the document controls located at the top of each page to help you navigate through this report. Strategy ESG Oversight 11 Continuous Evolution of Our ESG Strategy 12 Stakeholder Engagement 14 UN Sustainable Development Goals 17 (SDG's) - Driving Positive Impact Building Communities Health and Wellbeing of our Employees 32 & Residents Sustainable and Inclusive Communities 39 Back/forward one page Back to contents I-RES ESG Report 2024 1 Overview Strategy Operating Responsibly I-RES at a Glance Vision Protecting the Environment Building Communities ESG Performance Data To be Ireland's leading provider of rental housing, recognised for quality and value, delivering sustainable growth while being a great place to work, and maximising our contribution to the community. 3,668 units Number of properties owned (as at 31 December 2024) €1,232m 99.4% Value of the portfolio Occupancy % (as at 31 December 2024) (as at 31 December 2024) Mission Providing high quality rental homes and exceptional service to our residents through our integrated teams to generate sustainable value for our shareholders. 92% Portfolio building energy efficiency rated A - C (as at 31 December 2024) 76.8% 5.1% NRI Margin EPRA Net Initial Yield (as at 31 December 2024) (as at 31 December 2024) I-RES ESG Report 2024 2 Overview Strategy Operating Responsibly Protecting the Environment Building Communities ESG Performance Data ESG Performance Snapshot 2024 Operating Responsibly 3-star GRESB Rating EPRA Gold Sustainability Best Practice Recommendations Award B 42/100 Rated Score Environment 2050 Committed to Net Zero Carbon by 2050 -12.7% Decrease (y-o-y) combined Scope 1 GHG Emissions (I-RES Headquarters) and Scope 2 GHG emissions (directly managed assets) 100% Of directly managed common areas powered by renewable energy Building Communities 90% 43 hours Employee Average professional Satisfaction score development hours per employee 92% Award Adoption Rate of I-RES Living resident App 650+ hours Combined employee time spent engaging in community activities 100% Of assets reviewed & assessed for Health and Safety impacts. No incidents of non-compliance with regulations / voluntary standards Formal supplier engagement programme in place Protecting the 100% Waste diversion from landfill for directly managed assets 30+ Resident engagement events held across the portfolio I-RES ESG Report 2024 3 Overview Strategy Operating Responsibly Protecting the Environment Building Communities ESG Performance Data Foreword Note from Chair of Board Sustainability Committee "Under new leadership, we reaffirmed our ambitious sustainability goals for 2025 and beyond, including our pathway to net zero carbon emissions, our commitment to our Resident Promise and to the development and support of our I-RES team" As Chair of the Sustainability Committee, I am honoured to introduce our 2024 ESG Report, which reflects a transformative year for our business. We made more progress on our ESG journey through environmental action and social impact. This was achieved against the backdrop of a dynamic regulatory landscape and in the midst of a leadership transition within the company. The Irish residential rental market faced increasing demand, with heightened expectations for disclosure, affordability, and environmental responsibility. The Board Sustainability Committee has continued its work to embed ESG principles into our approach and are committed to aligning our efforts with stakeholder expectations, while ensuring the continued sustainability of our core business. Our vision remains steadfast - to be Ireland's leading provider of rental housing, recognised for quality and value, delivering sustainable growth while being a great place to work, and maximising our contribution to the community. Collaboration with the business and with stakeholders will remain a cornerstone of our approach as we address systemic challenges together and focus on reducing our carbon emissions. In April 2024, we welcomed Eddie Byrne as the new CEO at I-RES. Eddie brings a wealth of experience in Irish and international real estate and has significant experience in implementing ESG practices, building teams, interacting with local authorities, raising capital, executing transactions and developing strategic initiatives. We would like to express a deep appreciation to Margaret Sweeney, our previous CEO. Over Margaret's seven-year tenure, she was a keen initiator and promoter of the I-RES ESG agenda. She was instrumental in the establishment and execution of our ESG strategy. The arrival of our new CEO marked a turning point for our organisation. While we celebrated the achievements of our outgoing leader, we embraced fresh perspectives and renewed energy for the challenges ahead. Under new leadership, we reaffirmed our ambitious sustainability goals for 2025 and beyond, including our pathway to net zero carbon emissions, our commitment to our Resident Promise and to the development and support for our I-RES team. We look forward to working with Eddie on evolving and delivering on our ESG strategy and ambitions. We continue to address current and emerging regulatory requirements including stricter energy efficiency standards and disclosure requirements. We are keeping the emerging regulatory landscape with regard to the Corporate Sustainability Reporting Directive (CSRD) under close review. The Board, in particular through the Sustainability Committee and the Audit Committee, has played an active role in the CSRD process to date by inputting into the double materiality process and, on the recommendation of those two Committees, the Board has endorsed the output. We will further support the preparations for reporting throughout 2025. As we reflect on 2024, we are proud of the progress made but remain acutely aware of the work ahead. With a clear strategic vision, strong leadership, and unwavering commitment to sustainability, we are confident in our ability to meet the challenges of 2025 and beyond while continuing to deliver value for our residents, investors, and communities. On behalf of the Sustainability Committee and the Board, I would like to acknowledge our outgoing CEO, for her dedicated service and commitment to sustainability. We look forward to working with our new CEO as we deliver on our commitment to sustainability as a cornerstone of our strategy, through focused action, and to shaping a sustainable future at I-RES and for the Irish residential rental market. Stefanie Frensch Chair, Sustainability Committee I-RES ESG Report 2024 4 Overview Strategy Operating Responsibly Protecting the Environment Building Communities ESG Performance Data Chief Executive's Overview "Our ESG efforts will continue to underpin our broader organisational goals and align with our stakeholder needs. We all share a common purpose to improve the environment and deliver social value. We invite our stakeholders to continue collaborating with I-RES on our journey and look forward to future co-operation and delivering impactful ESG solutions in the Irish residential property sector" When researching I-RES, before I joined as CEO, I was struck by how unique the organisation is within the Irish property industry. I-RES not only owns quality residential rental properties, but I-RES also manages those properties fully internally through its own dedicated maintenance, leasing, operations and revenue teams, providing an exceptional service to its residents. It is a services business with an excellent team of people at its core. Since joining I-RES in April 2024, I have seen that I-RES is people centric with evidence of very effective cross departmental collaboration, especially when it comes to ESG. I-RES' commitment to ESG extends beyond the properties, to the wellbeing of our employees, residents and communities. I have had the opportunity to develop a full understanding of our progress in ESG and the numerous milestones that were achieved by our dedicated team under the stewardship of our former CEO, Margaret Sweeney. I look forward to building on that progress. I believe that we can only achieve our ESG strategy and ambitions if ESG is fully embedded into the Company through a collective vision and goal, shared by our Board, our senior leadership team, across our employee base and with our wider stakeholders. As we reflect on 2024, we have witnessed unprecedented adverse weather events across every geographic region and closer to home, which have left us under no illusion that climate change is one of the greatest challenges that has ever faced humanity. For this reason, I will continue to put an emphasis on ESG as one of our core strategic priorities so that we are doing everything in our power to play a leadership role, while working collaboratively with all stakeholders across the industry. 2025 will be both an exciting and challenging year of E, S and G implementation, regulatory reporting preparedness, and financial security. This report reflects our commitment to addressing these priorities while positioning ourselves to thrive in the coming years. Our three ESG pillars of Operating Responsibly, Protecting the Environment and Building Communities will continue to shape our effort
