Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — Shareholder Meeting (May 2016)
33 slides from Irish Residential Properties Reit's shareholder meeting presentation, May 16, 2016
Slide 1: 2016 Annual General Meeting
2016 Annual General Meeting 16 May 2016
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS This presentation has been prepared by Irish Residential Properties REIT PLC (the “Company”) 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 not purport to be compr
Slide 3: Objectives: Enhanced Shareholder Value
Objectives Sustainable and increasing dividends continuing over the long term Enhanced Continuing to build a quality portfolio Shareholder Value Consolidator of Irish apartments market 33
Slide 4: Strong, Steady and Growing Dividends
Strong, Steady and Growing Dividends €13.1M (3.15 cents per share) declared in 2016 • 2015 accounting period €1.8M paid in 2015 • 2014 accounting period Sustainable and increasing dividends Creating long-term shareholder value 4
Slide 5: Proven Acquisition Capabilities
Proven Acquisition Capabilities 2,087 apartments acquired to date Portfolio €519 million total purchase price(1) (cumulative) 2,500 Tallaght Forum City +8 Square + 442 + 23 2,000 Rockbrook Tyrone BSQ Bessboro Portfolio Court Orange +8 + 40 + 270 + 92 Portfolio 1,500 + 761 1,000 Initial Laurels Marke
Slide 6: Intensification – Highly Accretive Opportunity
Intensification – Highly Accretive Opportunity Opportunity to add approximately 600 to 650 apartments, including 68 apartments at B2B(1) • At currently-owned properties New apartments can be built at lower cost than market • Significant infrastructure already built (parking, etc.) Started firs
Slide 7: Financial Review
Grande Central | Sandyford, Dublin 18 Financial Review
Slide 8: Solid Increasing Rents
Solid Increasing Rents As at 31 Dec 2015 31 Dec 2014 Average Monthly Rent(1) €1,372 €1,250 Occupancy 96.0% 99.7% NRI Margin(2) 80.8% - As at 31 December 2015 Portfolio Gross Yield at Fair Value(4) 6.2% (1) Defined as actual residential rents, net of vacancies, divided by the total number of apartmen
Slide 9: Strong Operating Performance
Strong Operating Performance 2 July 2013 to 31 December Year Ended 31 December 2015 2014 Gross Rental Income (€,000) 24,721 9,675 Net Rental Income (€,000) 19,968 7,626 Fair Value Gain (€,000) 18,639 7,364 Profit (€,000) 30,822 7,930 9
Slide 10: Strong Financial Performance
Strong Financial Performance As At 31 Dec 2015 31 Dec 2014 Total Same Property Value +6.7% - Increase(1) Basic & EPRA Net Assets (€,000) 435,020 200,918 Basic & EPRA NAV per share (cents 104.3 99.5 per share) Pro-Forma Basic & EPRA NAV per share(2) (cents per share) 105.3 - (1) Properties owned as o
Slide 11: Looking Ahead
The Marker Residences | Grand Canal Dock, Dublin Looking Ahead
Slide 12: Modern High Quality Portfolio
Modern High Quality Portfolio Property # of Apartments 1 Kings Court 83 8 2 Grande Central 65 3 Priorsgate 102 4 Camac Crescent 90 5 The Laurels 19 6 The Marker 84 9 7 Beacon South Quarter 225 13 17 6 8 Charlestown 235 4 1 9 Bakers Yard 85 10 14 10 Lansdowne Gate 224 11 Rockbrook Grande Central 81 1
Slide 13: Proven Investment Manager
Proven Investment Manager • IRES Fund Management Limited, an Irish subsidiary S&P/TSX Index & CAPREIT total return of CAPREIT, is the company’s investment manager CAP 950% About CAPREIT • Founded in 1997, one of first Canadian REITs • High returns in rent controlled environment • 47,476 apartments a
Slide 14: Strong Real Estate Fundamentals
Strong Real Estate Fundamentals • Significant supply / demand imbalance Dublin Housing required 2014–2018 • Irish economy continues to strengthen and 5 year period wage inflation beginning to enter the economy • Positive apartment sector - Encouraged by government policy Housing completions - Centra
Slide 15: Significant Acquisition Capacity from Gearing
Significant Acquisition Capacity from Gearing Gearing at only 23%(1) Acquisition capacity over €200 million(1) At target gearing of 45% Enhancing Attractive low interest rates Portfolio Value Acquisitions accretive to EPRA EPS (1) As of 31 March 2016 15
Slide 16: Growth & Performance to Continue
Growth & Performance to Continue Continuing rent increases Strong acquisition pipeline Accretive intensification opportunities Accretion through gearing and low interest rates 16
Slide 17: Resolution 1
Resolution 1 To receive and consider the Director’s Report and Financial Statements for the period ended 31 December 2015 % Proxy Votes held For 271,521,297 96.17 Against 10,812,927 3.83 Vote withheld 0 0 17
Slide 18: Resolution 2(a)
Resolution 2(a) To re-elect David Ehrlich as a Director % Proxy Votes held For 282,329,641 100.00 Against 4,583 0.00 Vote withheld 0 0.00 18
Slide 19: Resolution 2(b)
Resolution 2(b) To re-elect Declan Moylan as a Director % Proxy Votes held For 267,822,818 94.94 Against 14,280,368 5.06 Vote withheld 231,038 0.00 19
Slide 20: Resolution 2(c)
Resolution 2(c) To re-elect Aidan O’Hogan as a Director % Proxy Votes held For 271,516,714 96.17 Against 10,817,510 3.83 Vote withheld 0 0.00 20
Slide 21: Resolution 2(d)
Resolution 2(d) To re-elect Colm Ó Nualláin as a Director % Proxy Votes held For 282,329,641 100.00 Against 4,583 0.00 Vote withheld 0 0.00 21
Slide 22: Resolution 2(e)
Resolution 2(e) To re-elect Thomas Schwartz as a Director % Proxy Votes held For 282,329,641 100.00 Against 4,583 0.00 Vote withheld 0 0.00 22
Slide 23: Resolution 2(f)
Resolution 2(f) To elect Phillip Burns as a Director % Proxy Votes held For 282,329,641 100.00 Against 4,583 0.00 Vote withheld 0 0.00 23
Slide 24: Resolution 2(g)
Resolution 2(g) To elect Margaret Sweeney as a Director % Proxy Votes held For 282,329,641 100.00 Against 4,583 0.00 Vote withheld 0 0.00 24
Slide 25: Resolution 3
Resolution 3 To authorise the Directors to fix the remuneration of the Auditors in respect of the period expiring at the next AGM of the Company % Proxy Votes held For 268,976,372 95.27 Against 13,357,852 4.73 Vote withheld 0 0.00 25
Slide 26: Resolution 4
Resolution 4 Authority to allot relevant securities % Proxy Votes held For 282,320,326 100.00 Against 13,898 0.00 Vote withheld 0 0.00 26
Slide 27: Resolution 5
Resolution 5 Disapplication of pre-emption rights in connection with issues of equity securities % Proxy Votes held For 282,320,326 100.00 Against 13,898 0.00 Vote withheld 0 0.00 27
Slide 28: Resolution 6
Resolution 6 Authority to allot relevant securities for the purpose of the Company’s 2014 Long Term Incentive Plan % Proxy Votes held For 281,206,022 99.60 Against 1,128,202 0.40 Vote withheld 0 0.00 28
Slide 29: Resolution 7
Resolution 7 Disapplication of pre-emption rights with respect to equity securities in accordance with the Company’s 2014 Long Term Incentive Plan % Proxy Votes held For 281,206,022 99.60 Against 1,128,202 0.40 Vote withheld 0 0.00 29
Slide 30: Resolution 8
Resolution 8 Authority to make market purchases of ordinary shares % Proxy Votes held For 282,334,224 100.00 Against 0 0.00 Vote withheld 0 0.00 30
Slide 31: Resolution 9
Resolution 9 Authority to re-issue treasury shares % Proxy Votes held For 275,809,786 97.69 Against 6,524,438 2.31 Vote withheld 0 0.00 31
Slide 32: Resolution 10
Resolution 10 Amendment to Investment Policy of the Company % Proxy Votes held For 282,089,288 100.00 Against 13,898 0.00 Vote withheld 231,038 0.00 32
Slide 33: Slide 33
Irish Residential Properties REIT — Shareholder Meeting (May 2016) on 6ix