Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — H1 2023 Earnings Presentation
22 slides from Irish Residential Properties Reit's earnings presentation, Aug 3, 2023
Slide 1: Interim Results Presentation 2023
Sustainable Business, Connected Communities Irish Residential Properties REIT Plc Interim Results Presentation 2023 Six Months to 30 June 2023 1
Slide 2: Disclaimer
Disclaimer Cautionary Statements Certain financial and statistical information contained in this To the extent indicated, certain industry, market and competitive This presentation has been prepared by Irish Residential presentation is subject to rounding adjustments. Accordingly, position data cont
Slide 3: Contents
Contents 1 Highlights 2 Financial & Portfolio Overview 3 Sustainability & ESG 4 Market Fundamentals 5 Outlook 3
Slide 4: Delivering on Our Strategy – Another Strong Performance
Highlights Delivering on Our Strategy – Another Strong Performance Operational Excellence Asset Management Capital Management Sustainability Carbon emissions reduction programme2 Revenue +5.2% to €44.3m Disposal programme of circa €100m LTV of 43.2%1 Scope 1: ↓ 41% (FY2022) (30 June 2022: €42.1m) as
Slide 5: Improving Cost Management, Efficiencies and Value Creation
Transformation & Innovation Improving Cost Management, Efficiencies and Value Creation NRI margin stable at 77.5% - despite inflationary cost increases Cost Management Process efficiency Ancillary revenue Innovation: Review of all business operations and I-RES Living: Fully digitalised onboarding, V
Slide 6: Market Leading, Customer-facing & Vertically Integrated Digital Platform
Transformation & Innovation Market Leading, Customer-facing & Vertically Integrated Digital Platform Secure, user-friendly Vertically integrated platform paperless onboarding process Streamlined and integrated processes driving efficiency and operating leverage Document portal: access to Resident Li
Slide 7: Financial & Portfolio Overview
2 Financial & Portfolio Overview 7 7
Slide 8: Continued Increase in Income and Cash Flow Underpinned by Exceptional Operational Performance
Financial & Portfolio Overview Continued Increase in Income and Cash Flow Underpinned by Exceptional Operational Performance 0.2% 5.2% For the twelve months ended 30 Jun 2023 30 Jun 2022 % change 99.3% 99.5% €44.3m €42.1m Income Statement (€m) 98.6% €39.4m Revenue 44.3 42.1 5.2% Net Rental Inc
Slide 9: Balance Sheet – Investment Properties
Financial & Portfolio Overview Balance Sheet – Investment Properties EPRA NTA Per Share (cents) Balance Sheet 30 June 2023 31 December 2022 Total Property Value (€m) 1,426.3 1,499.0 2.8 159.1 NIY (%) 4.6 4.4 147.9 0.0 Net Asset Value (€m) 793.6 847.4 (10.7) (2.8) (0.1) (0.3) IFRS NAV per share (cent
Slide 10: Disciplined Capital Management Strategy
Financial & Portfolio Overview Disciplined Capital Management Strategy Asset Disposal Programme Capital Management Successfully delivered c.€96.5 million of €100 million assets disposal programme Excess funds generated from asset disposals Completed to date will be used to further strengthen the bal
Slide 11: Balance Sheet – Funding & Debt Management
Financial & Portfolio Overview Balance Sheet – Funding & Debt Management 30 June 2023 Source RCF Private Placement Notes €644m Impact of West Quantum €600 million €200 million (euro equivalent) Dublin contract RCF Drawn €575.5m1 Funding sources Syndicate of 4 banks Institutional investors €1
Slide 12: Modern Portfolio With Strong Income and Operating Metrics
Financial & Portfolio Overview High-Quality Accommodation and Service; Attractively Priced Modern Portfolio With Strong Income and Operating Metrics 26% 5% €1,000 to €1,500 €1,500 to €2,000 ↓ 41% ↓ 26% c.€350k 17% Average 86% Monthly Rent €2,000 to €2,500 Reduction in Scope Per unit valuation5 Build
Slide 13: Sustainability & ESG
3 Sustainability & ESG 13 13
Slide 14: Building a Sustainable and Responsible Business
Sustainability & ESG Building a Sustainable and Responsible Business Operating Protecting the Building Responsibly Environment Communities GHG emissions reduction ESG strategy and ↓ 41% (wholly-managed buildings) 49% Employee gender diversity materiality refreshed female Achieved Investors in ↓ 26%
Slide 15: Sustainability in Action – The School Yard, Dublin 1
Sustainability & ESG Sustainability in Action – The School Yard, Dublin 1 Green credentials Supporting local communities ▪ LEED Gold certified ▪ BER A rating ▪ Commercial leasing - local bakery ▪ Responsible trading for 15 years, bringing local sourcing employment and new amenity to the area Ameniti
Slide 16: Continued Progress on ESG Strategy
Sustainability & ESG Continued Progress on ESG Strategy Maintaining the Highest Levels of Transparency & Disclosure Customer Engagement Community Engagement Agencies 2022 2021 Annual resident survey completed with 1,200+ respondents; 59/100 53/100 • Increasing levels of resident satisfaction • Stron
Slide 17: Market Fundamentals
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Slide 18: Economic Outlook Supportive
Market Fundamentals Economic Outlook Supportive Source: CSO, ECB Forecast Irish & EU Countries GDP Growth Source: European Commission Spring 2023 Forecasts Low Unemployment Rate 14 % 11 % 12 10 10 9 8 8 6 5.9% 7 May 23 4 2 6 3.8% 0 5 June 23 -2 4 3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2022 2
Slide 19: Why The Irish Multifamily Sector?
Market Fundamentals Why The Irish Multifamily Sector? Irish Population Growth Forecast Source: CSO; UN Population Growth Forecasts New Dwelling Completions Below Target Level (units) Source: CSO; Gov; CBI 2023 6.0m 60,000 5.5m 50,000 40,000 5.0m 30,000 4.5m 5.4m 5.5m 20,000 5.1m 5.3m 4.0m 4.8m 4.6m
Slide 20: Outlook
5 Outlook 20 20
Slide 21: Continued Performance & Execution of Our Strategy
Outlook Continued Performance & Execution of Our Strategy Operational excellence Asset Management Capital Management Market-wide supply-demand imbalance coupled Young, modern portfolio with an average age Strong financial position and active capital with best-in-class portfolio and operating platfor
Slide 22: Thank you for your time
Thank you for your time For more information please visit: www.iresreit.ie/investors South Dock House Hanover Quay DO2 XW94 Ireland www.i-res.ie I-RES REIT Plc | H1-23 Results Presentation | August 2023 22 22
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