Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — Investor Presentation (November 2019)
30 slides from Irish Residential Properties Reit's investor presentation, November 2019
Slide 1: Investor Presentation November 2019
Irish Residential Properties REIT plc INVESTOR PRESENTATION NOVEMBER 2019 1
Slide 2: Disclaimer – 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
Highlights 2019 Strategy Backdrop Financial Results H1, 2019 Positive Outlook Appendix – Portfolio Details 3 Investor Presentation Irish Residential Properties REIT plc November 2019
Slide 4: Highlights H1, 2019
Highlights H1, 2019 Strong financial performance in the first six Funding Strategy months New Syndicated Revolving Credit Facility o C.18% increase in Net Rental Income and Earnings o EPRA EPS up 12.9% to 3.5 cents (30 June 2018: 3.1 o €450m Facility finalised in April 2019 cents.) o RCF increased t
Slide 5: Strategy Backdrop
Strategy Backdrop Ireland’s largest private landlord with a strong track record of accretive growth since inception (<2% mkt) Highly attractive market underpinned by strong economic fundamentals, significant demand / supply imbalance and supportive social trends Operational excellence leveraging on
Slide 6: Strong track record of accretive growth since inception
Strong track record of accretive growth since inception Share Refinanced Increased RCF 815 units Established placement New €250m Increased RCF new €450m to €600m with acquired in CAPREIT Completed 2-year €130m €204m equity €131m, RCF with 5 from €250m to RCF at lower uncommitted Marathon XVI managem
Slide 7: Growth strategy continues to be underpinned by strong economic fundamentals
Growth strategy continues to be underpinned by strong economic fundamentals Continued Strong Economic Growth Forecast Rapid Population Growth Housing Demand Significantly Above Supply 4% 3.8% 5.5m 1.6m 40,000 35k Est. National Annual Demand 35,000 5.3m 1.4m 3% New Dwelling Completions 30,000 2019 GD
Slide 8: High quality diversified asset base with defensive attributes
High quality diversified asset base with defensive attributes supporting strong occupancy levels and yields • Diversified portfolio of 3903 units across Properties by location1 Distribution by age (years)2 45 high quality properties Weighted average: c. 10.5 years High • Young portfolio: weighted av
Slide 9: A young and performing asset base
A young and performing asset base Key highlights Distribution by age (years)1 Distribution by value (€m)2 Weighted average: 10.5 years Average: €39.6m • Portfolio is particularly young with a weighted 12% 12% average property age of 28% 2% 24% 10.5 years 8% 1% • Value is well distributed 1% across t
Slide 10: Growth Strategy with a disciplined capital allocation policy
Growth Strategy with a disciplined capital allocation policy Multi-Channel Growth Strategy to Deliver Sustainable Long- Term Growth 1 2 3 Acquisition of Development Development Completed Assets Partnerships of Existing I•RES Properties • Continued evaluation of new • Forward purchase • Opportunity t
Slide 11: Strong Execution on Growth Strategy
Strong Execution on Growth Strategy Hampton Wood Hansfield Wood II The Coast, Baldoyle Waterside, Swords Marathon XVI Portfolio Key: 128 units 95 units 52 units 55 units 815 units Completed acquisition • Acquisition in May 2018 for • Development agreement in • Acquisition in May ‘19 for c. • Acquisi
Slide 12: Marathon XVI Portfolio Acquisition
Marathon XVI Portfolio Acquisition1 I•RES REIT Asset Locations in Dublin Portfolio Transaction Highlights Area • A significant, diversified and income producing PRS portfolio of 815 residential units M1 Existing I•RES Properties • Comprises 16 established properties in areas with strong rental deman
Slide 13: Development Pipeline
Development Pipeline Development and Intensification of Existing I•RES Properties is a Core Element of Growth Strategy Development Initiatives Planning Status • During 2018, significant progress made with No. of several planning applications for development Location Residential Units Status at Compl
Slide 14: Clearly defined and prudent financial policy
Clearly defined and prudent financial policy Well-defined and prudent financial policy… Key highlights Long-term strategic objectives • Pro-active approach to ensure maximum financial policy target (< 45%) is maintained at all times, as evidenced by previous recourse to equity financings Financial P
Slide 15: Financial Results H1, 2019
Revenue from Investment Properties Net Rental Income (€ millions) (€ millions) Financial Results H1, 2019 29 24 27 23 Operating Performance 27.8 22 25 22.7 2019 2018 21 For the period ended 30 June 23 20 24.1 21 19 Revenue from Investment Properties 21.7 18 19.3 27.8 24.1 19 (€m) 17 17 16 17.1 Net R
Slide 16: Strong Financial Position
Strong Financial Position 30 June 2019 31 December As At 2018 Total Property Value € 989.5m € 921.3m Net Assets € 705.5m € 618.7m EPRA Net Assets € 707.0m € 619.6m Basic NAV per share (cents per 147.7 142.5 share) EPRA NAV per share (cents 146.9 142.0 per share) Group Total Gearing 38.6% 33.6% Inves
Slide 17: Funding
Funding • Successfully completed a placing of 86,550,000 new Ordinary Shares in the Company with gross proceeds of c. 134M • Price : €1.55 per Placing Share, • Tranche I: 43,415,394 issued 18 June 2019 • Tranche II: 43,134,606 issued on 10 July 2019 • Entered in a new Credit Facility • Date: April 2
Slide 18: Positive Outlook
Positive Outlook Attractive market backdrop with strong economic fundamentals and significant demand and supply imbalance, continues Three-pronged growth strategy continues to support building a leading residential rental business, with a c. 45% growth in the portfolio since Dec 2018 Our H1, 2
Slide 19: A Place to Call Home
A Place to Call Home 2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc 19 Investor Presentation Irish Residential Properties REIT plc November 2019 19
Slide 20: Portfolio Details
IRISH RESIDENTIAL PROPERTIES REIT plc Portfolio Details 20 20
Slide 21: Significant, Diverse Portfolio
Investor Presentation Irish Residential Properties REIT plc November 2019 Significant, Diverse Portfolio 22 21 Dublin City Centre Secondary Suburbs 01 Kings Court 13 Priorsgate Smithfield D7 (83 Units) Tallaght D24 (103 Units) 15 19 02 The Marker Residence 14 The Laurels 20 Docklands D2 (85 Units) T
Slide 22: Existing Portfolio
Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio No of apartments Annualised Passing Value as at 30 June Gross Yield at Property Location Year Built Date Acquired owned1 Rent.1,2,3 20191,2 Fair Value City Centre 1 Kings Court Smithfield 2006 10-Sept-13 83
Slide 23: Existing Portfolio (Cont.) – City Centre
Existing Portfolio (Cont.) City Centre Kings Court The Marker Residences Bakers Yard City Square 83 Residential Apartments 85 Residential Apartments 86 Residential Apartments 24 Residential Apartments Smithfield, Dublin 7 Grand Canal Dock, Dublin 2 Portland Street North, Dublin 1 Gloucester Street,
Slide 24: Existing Portfolio (Cont.) – Prime Suburbs
Existing Portfolio (Cont.) Prime Suburbs Beacon South Quarter Grande Central Rockbrook Grande Central The Forum 225 Residential Apartments 65 Residential Apartments & Rockbrook South Central 8 Residential Apartments Sandyford, Dublin 18 Sandyford, Dublin 18 270 Residential Apartments Sandyford, Dubl
Slide 25: Existing Portfolio (Cont.) – Prime Suburbs
Existing Portfolio (Cont.) Prime Suburbs The Maple Elmpark Green Bessboro 68 Residential Apartments 201 Residential Apartments 40 Residential Apartments Sandyford, Dublin 18 Merrion Road, Dublin 4 Terenure, Dublin 6 The Company completed the The Company acquired Elmpark The Company acquired Bessboro
Slide 26: Existing Portfolio (Cont.) – Secondary Suburbs
Existing Portfolio (Cont.) Secondary Suburbs Priorsgate The Laurels Charlestown Tallaght Cross West 103 Residential Apartments 19 Residential Apartments 235 Residential Apartments 442 Residential Apartments Tallaght, Dublin 24 Tallaght, Dublin 24 Finglas, Dublin 11 Tallaght, Dublin 24 The Company ac
Slide 27: Existing Portfolio (Cont.) – Secondary Suburbs
Existing Portfolio (Cont.) Secondary Suburbs Coldcut Park Hansfield Wood Hansfield Wood II Hampton Wood 90 Residential Apartments 99 Residential Apartments 95 Residential Apartments 128 Residential Apartments Clondalkin, Dublin 18 Ongar, Dublin 15 Ongar, Dublin 15 Finglas, Dublin 11 The Company acqu
Slide 28: Existing Portfolio (Cont.) – Inchicore/Drimnagh
Existing Portfolio (Cont.) Secondary Suburbs Inchicore/Drimnagh Camac Crescent Lansdowne Gate Tyrone Court 90 Residential Apartments 224 Residential Apartments 95 Residential Apartments Inchicore, Dublin 8 Drimnagh, Dublin 12 Inchicore, Dublin 8 The Company acquired Camac The Company acquired Lansdo
Slide 29: Existing Portfolio (Cont.) – 2019 Acquisitions
Existing Portfolio (Cont.) 2019 Acquisitions The Coast Taylor Hill Semple Woods Waterside 52 Residential Units 78 Residential Homes 40 Residential Homes 55 Residential Units Baldoyle, Dublin 13 Balbriggan, Co. Dublin Balbriggan, Co. Dublin Malahide, Co. Dublin The Company acquired the Coast, The Com
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