Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — H1 2017 Earnings Presentation
19 slides from Irish Residential Properties Reit's earnings presentation, Aug 9, 2017
Slide 1: 2017 Interim Results Conference Call
IRISH RESIDENTIAL PROPERTIES REIT plc 2017 Interim Results CONFERENCE CALL 9 August 2017
Slide 2: Cautionary Statements
DISCLAIMER Cautionary Statements This presentation has been prepared by Irish Residential Properties REIT PLC (the “Company” or “I•RES”) for information purposes only. This presentation has been prepared in good faith but the information contained in it has not been independently verified and does n
Slide 3: Agenda
INTRODUCTION Agenda Profile Highlights Performance Review Positive Outlook Appendix 1 3
Slide 4: Profile
INTRODUCTION Profile I•RES became a REIT and completed an initial offering of €200 million in April 2014, followed by an offering of €215 million completed in March 2015 Mission Management Provide shareholders with sustainable, Professionally managed by CAPREIT’s long-term and growing dividends. Iri
Slide 5: Highlights
IRISH RESIDENTIAL PROPERTIES REIT plc Highlights Completion of accretive Strong operating development results supported by strong market fundamentals Delivering shareholder • Completed construction of 68 • Strong occupancies value through apartments at Beacon South Quarter in July 2017 • Strong same
Slide 6: Performance Review
G R A N D C E N T R A L – S A N DY F O R D, D U B L I N 1 8 Performance Review 6
Slide 7: Strong Operating Performance
PERFORMANCE REVIEW Strong Operating Performance Period Ended 30 June 2017 30 June 2016 Revenue from Investment Properties(€,000) 21,666 17,890 Net Rental Income (€,000) 17,134 14,030 Profit (€,000) 31,024 24,700 Basic Earnings Per Share (cents) 7.4 5.9 EPRA Earnings Per Share (cents) 2.8 2.2 7
Slide 8: Portfolio Performance
PERFORMANCE REVIEW Portfolio Performance As at 30 June 2017 30 June 2016 Occupancy 98.8% 98.3% Average Monthly Rent(1) €1,459 €1,399 Gross Yield 6.6% 6.5% Number of Apartments Acquired in the Period - 674 Total Number of Apartments 2,381 2,288 (1) Average monthly rent for stabilised residential prop
Slide 9: Strong Financial Position
PERFORMANCE REVIEW Strong Financial Position As At 30 June 2017 31 Dec 2016 Net Assets €480.3M €469.6M EPRA Net Assets €480.4M €469.6M Basic & EPRA NAV per share (cents per share) (1) 115.1 112.5 Group Total Gearing 32.1% 31.3% As At 30 June 2017 Acquisition / Development Capacity (2) c. €140.0M (1)
Slide 10: Positive Outlook
Positive Outlook Intensification and Accretive Developments Strong Real Estate Fundamentals • Growing Irish Economy • Significant Supply and Demand Imbalance Sustainable Growing Dividends 10 GRAND CENTRAL – SANDYFORD, DUBLIN 18
Slide 11: Intensification and Development Opportunities
Intensification and Development Opportunities Opportunity to add approximately 530(1) apartments at currently-owned I RES properties New apartments can be built at lower cost than market - Significant infrastructure already built (parking, etc.) Submitted an appeal in respect of the planning permi
Slide 12: First Intensification Development
First Intensification Development 68 apartments at block B2B (Beacon South Quarter), Sandyford Dublin 18 completed on 12 July 2017 • Direct access via tram to Dublin City Centre in 20 minutes • Home to high profile employers • Cost of completed of c. €19.6 million • Fair value as of 30 June 2017 of
Slide 13: Strong Real Estate Fundamentals
Strong Real Estate Fundamentals Growing Significant Favourable Strong Rental Irish Supply/Demand Interest Rate Growth Economy Imbalance Environment Opportunities Upward pressure is being Brexit uncertainty will • New legislation with 4% applied on employee affect Irish economic rental increases annu
Slide 14: Supply and Demand Imbalance
Supply and Demand Imbalance Significant supply / demand imbalance Increasing apartment sector • Encouraged by government policy Dublin • Central bank mortgage limits • Immigrants natural apartment dwellers • Strong foreign direct investment base for Housing required employers 2014–2018 5 year period
Slide 15: Sustainable Growing Dividends
Sustainable Growing Dividends Residential sector with high quality assets give long-term, sustainable and steady returns Sustained rental growth being achieved in the Dublin residential lettings market + Strong development pipeline for I RES = Growing dividends for I RES 13.1M Dividends Per Shar
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Slide 17: Appendix 1
IRISH RESIDENTIAL PROPERTIES REIT plc 2017 Interim Results CONFERENCE CALL Appendix 1
Slide 18: Property Locations
IRISH RESIDENTIAL PROPERTIES REIT plc Property Locations # of Property Apartments(1) 1 Kings Court 83 2 Grande Central 65 8 3 Priorsgate 103 4 Camac Crescent 90 5 The Laurels 19 6 The Marker 84 Beacon South Quarter 225 9 7 8 Charlestown 235 19 13 17 6 Bakers Yard 85 4 1 9 10 Lansdowne Gate 224 10 14
Slide 19: High Quality Portfolio
IRISH RESIDENTIAL PROPERTIES REIT plc High Quality Portfolio Commercial # apartments Total # of Value as at 30 space owned Average mthly Property Location Location Year Built Date Acquired owned(1) apartments(1) (7) June 2017(1) (sqm)(1) rent per apt.(1) (2) (3) Occupancy (1) (2) 1 Kings Court Smith
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