Irish Residential Properties Reit Plc · EURONEXT:IRES

Irish Residential Properties Reit — Investor Presentation (March 2018)

54 slides from Irish Residential Properties Reit's investor presentation, March 2018

  1. Slide 1: Irish Residential Properties REIT plc Investor Presentation 2018

    Irish Residential Properties REIT plc INVESTOR PRESENTATION - 2018

  2. 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

  3. Slide 3: Overview

    2018 Investor Presentation Irish Residential Properties REIT plc Overview OPPORTUNITES CORPORATE STRATEGIES PERFORMANCE PERFORMANCE POSITIVE HIGHLIGHTS FOR THE YEAR APPENDICES PROFILE FOR GROWTH FOR GROWTH REVIEW OUTLOOK AHEAD 3

  4. Slide 4: Corporate Profile

    2018 Investor Presentation Irish Residential Properties REIT plc Corporate Profile Irish Residential Properties REIT plc (I-RES) shares are listed on the Irish Stock Exchange I-RES became a REIT and completed an initial public offering of shares of €200 million in April 2014, followed by an offering

  5. Slide 5: Highlights - Financial

    2018 Investor Presentation Irish Residential Properties REIT plc Dividends per Share EPRA Earnings per Share EPRA NAV (€ millions) 6.00 7 520 6 500 5.00 504 5.2 5 6.0 4.90 Highlights -Financial 4.00 3.00 3.15 4 3 3.3 4.9 480 460 470 2.00 2 440 1.00 1 420 435 I-RES’ portfolio is a strong collection 0

  6. Slide 6: Highlights

    2018 Investor Presentation Irish Residential Properties REIT plc Highlights 1 High, stable occupancy rates: 99.8% (2017) 98.7% (2016) 2 Successful completion in July of “The Maple” development – 68 apartments at Beacon South Quarter, Sandyford fully leased at the 3 Acquired and commenced constructio

  7. Slide 7: Opportunities for the Year Ahead

    Opportunities for the Year Ahead

  8. Slide 8: Opportunities for the Year Ahead

    2018 Investor Presentation Irish Residential Properties REIT plc Opportunities for the Year Ahead DEMAND OUTWEIGHS ECONOMIC POPULATION SUPPLY GROWTH GROWTH  Growing apartment sector  Ireland remains the fastest-growing  Young and steadily growing population of  Housing supply shortage will not b

  9. Slide 9: Supply and Demand Imbalance

    2018 Investor Presentation Irish Residential Properties REIT plc Supply and Demand Imbalance Estimated Annual New Household Formation Significant supply / demand imbalance Increasing rental sector • Encouraged by government policy • Central bank mortgage limits • Immigrants natural apartment dweller

  10. Slide 10: Economic Growth

    2018 Investor Presentation Irish Residential Properties REIT plc Economic Growth Strong 2017 GNP growth and forecast Unemployment is dropping for 2018 9.0% 10.0% 2,150 16.0% 9.0% 2,100 14.0% 6.9% 8.0% 2,050 12.0% 2,000 5.7% 7.0% 1,950 10.0% 6.0% 4.2% 5.0% 1,900 8.0% 3.4% 3.3% 3.3% 4.0% 1,850 6.0% 3.

  11. Slide 11: Population Growth

    2018 Investor Presentation Irish Residential Properties REIT plc Population Growth Growing Irish Population Population growth is supportive by the highest birth rate in Euro 4,850 200 Change in Population (in thousands) 4,800 150 Population (in thousands) 4,750 100 4,700 42.4 51.7 52.9 50 20.1 18.8

  12. Slide 12: Strategies for Growth

    Strategies for Growth

  13. Slide 13: Accretive Planned Development

    New apartments can be built at lower cost than market • Significant Infill and infrastructure already conversion built (parking, opportunities on basement) existing properties Planning Accretive applications being prepared at various sites An Bord Pleanála (the Irish Planning Board) upheld the Count

  14. Slide 14: Strategic Direction

    2017 Investor Presentation Irish Residential Properties REIT plc STRATEGIES FOR GROWTH Strategic Direction Development of Existing Focus on Commuter I-RES Properties Markets • Opportunity to add approximately Opportunity to build the portfolio with 600(1)apartments at currently-owned I-RES houses an

  15. Slide 15: Strategic Direction

    2017 Investor Presentation Irish Residential Properties REIT plc STRATEGIES FOR GROWTH Strategic Direction Local Development Accretive Partnerships Acquisitions • Partnerships with local builders and • Continued evaluation of new developers that have planning acquisition opportunities in permission

  16. Slide 16: First Intensification Development

    2018 Investor Presentation Irish Residential Properties REIT plc First Intensification Development In July 2017, the Company completed its first intensification development: 68 apartments at block B2B (Beacon South Quarter), Sandyford, Dublin 18.  Direct access via tram to Dublin City Centre in 20

  17. Slide 17: Hansfield Wood – First Partnership Development

    2018 Investor Presentation Irish Residential Properties REIT plc Hansfield Wood – First Partnership Development The Hansfield Wood transaction represents the first step in the strategy to develop the asset base through partnerships with local residential developers to deliver homes at accretive yiel

  18. Slide 18: Hansfield Wood

    2018 Investor Presentation Irish Residential Properties REIT plc Hansfield Wood On 15 November 2017, the Company made its first acquisition in partnership with a local builder at Hansfield Wood, Ongar, Dublin 15. • 4.5 acre development site with purchase price of €7 million • Partnership with Garlan

  19. Slide 19: Proven Investment Manager

    am it! Proven Investment Manager T-RES r

  20. Slide 20: Excellent Investment Manager

    2018 Investor Presentation Irish Residential Properties REIT plc Excellent Investment Manager I-RES Fund Management, an Irish subsidiary of CAPREIT, is the company’s investment manager. ABOUT CAPREIT Founded in 1997, one of first Canadian REITs High returns in rent controlled environment 50,624 apar

  21. Slide 21: Excellent Investment Management and Operating Model

    2018 Investor Presentation Irish Residential Properties REIT plc Excellent Investment Management and Operating Model Technology Staff Training Knowledge& Experience Hands-onApproach Resident andSystems Communications

  22. Slide 22: Performance Review

    PERFORMANCE REVIEW Grand Central – Sandyford, Dublin 18 22

  23. Slide 23: Strong Operating Performance

    PERFORMANCE REVIEW Strong Operating Performance 31 December 31 December Year Ended 2017 2016 Revenue from Investment Properties(€,000) 44,693 38,754 Net Rental Income (€,000) 36,271 30,555 Profit (€,000) 65,079 46,991 Basic Earnings Per Share (cents) 15.6 11.3 EPRA Earnings Per Share (cents) 6.0 4.9

  24. Slide 24: Portfolio Performance

    PERFORMANCE REVIEW Portfolio Performance 31 December 31 December As at 2017 2016 Occupancy 99.8% 98.7% Average Monthly Rent(1) €1,517 €1,427 Gross Yield 6.6% 6.6% Number of Apartments Acquired in the Period 1 763 Number of Apartments Developed/Constructed 71 1 through Intensification in the Year Tot

  25. Slide 25: Strong Financial Position

    PERFORMANCE REVIEW Strong Financial Position 31 December 31 December As At 2017 2016 Net Assets €504.0M €469.6M EPRA Net Assets €504.2M €469.6M Basic NAV per share (cents per share) (1) 120.8 112.5 EPRA NAV per share (cents per share) (1) 118.5 111.7 Group Total Gearing 33.0% 31.3% As At 31 December

  26. Slide 26: Positive Outlook

    PERFORMANCE REVIEW Positive Outlook Intensification, Developments and Accretive Acquisitions • Development and acquisition capacity of c. €150 million Strong Real Estate Fundamentals • Growing Irish Economy • Significant Supply and Demand Imbalance Sustainable Growing Dividends 26 Grand Central – Sa

  27. Slide 27: Sustainable Growing Dividends

    2018 Investor Presentation Irish Residential Properties REIT plc Sustainable Growing Dividends Dividends Per Share Residential sector with high quality assets give long-term, sustainable and steady returns (cents) 6 Sustained rental growth being achieved in the Dublin residential lettings market 5 4

  28. Slide 28: Appendix 1

    IRISH RESIDENTIAL PROPERTIES REIT plc Appendix 1

  29. Slide 29: Superior Dublin Locations

    Superior Dublin Locations 08 01 KINGS COURT 12 ROCKBROOK Sandyford D7 (83 Units) SOUTH CENTRAL 21 Sandyford D18 (189 Units) 02 GRANDE CENTRAL Sandyford D18 (65 Units) 13 TYRONE COURT Inchicore D8 (95 Units) 03 PRIORSGATE 09 Tallaght D24 (103 Units) 14 BESSBORO Terenure D6 (40 Units) 04 CAMAC CRESCEN

  30. Slide 30: High Quality Portfolio

    2018 Investor Presentation Irish Residential Properties REIT plc HighQuality Portfolio # apartments Total # of Value as at 31 Commercial space Average mthly rent per Property Location Location Year Built Date Acquired owned(1) apartments(1) (7) December 2017(1) owned (sqm)(1) apt.(1) (2) (3) Occupan

  31. Slide 31: Kings Court

    North King Street, Smithfield, Dublin 7 Kings Court Property Details(1) Building Features:  Basement car park Year Built: 2006  Fully furnished with modern finishes # of apartments owned: 83  Balconies and communal garden with secure access through Total # of apartments: 83 electronic gates  Int

  32. Slide 32: Grande Central

    Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Grande Central Property Details(1) Building Features:  Central heating and internet Year Built: 2007  Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 65  Large balconies and basement Total # of apartm

  33. Slide 33: Priorsgate

    G r e e n h i l l s Ro a d , Ta l l a g h t , D u b l i n 2 4 Priorsgate Property Details(1) Building Features:  Courtyard garden Year Built: 2007  Spar and Unicare Pharmacy on site # of apartments owned: 103  Fully furnished bright and spacious accommodation with balconies Total # of apartments:

  34. Slide 34: Camac Crescent

    Tu r v e y Av e n u e , I n c h i c o r e , D u b l i n 8 Camac Crescent Property Details(1) Building Features:  Laminate wood flooring Year Built: 2008  High gloss kitchens with washer/dryers and microwaves # of apartments owned: 90  Large balconies and courtyard Total # of apartments: 110 garde

  35. Slide 35: The Laurels

    M a i n S t r e e t , Ta l l a g h t , D u b l i n 2 4 The Laurels Property Details(1) Building Features:  Underground parking Year Built: 2007  Central heating # of apartments owned: 19  Fully furnished  Terraces or balconies in all Total # of apartments: 19 apartments Valuation as at 31 Dec: €

  36. Slide 36: The Marker

    Grand Canal Square, Docklands, Dublin, Dublin 2 The Marker Property Details(1) Building Features:  State-of-the-art kitchens with Year Built: 2012 integrated appliances and worktops  Stylish ensuite bathrooms with floor # of apartments owned: 84 to ceiling marble walls and Total # of apartments: 1

  37. Slide 37: Beacon South Quarter

    B e a c o n S o u t h Q u a r t e r, S a n d y f o r d , D u b l i n 1 8 Beacon South Quarter Property Details(1) Building Features:  Dedicated residential concierge Year Built: 2007/2008 reception and underground car parking spaces # of apartments owned: 225  High specification kitchens with Tota

  38. Slide 38: Charlestown

    Charlestown Place, Finglas, Dublin 11 Charlestown Property Details(1) Building Features:  CCTV security system with intercom Year Built: 2007 system  Fully tiled bathrooms with # of apartments owned: 235 contemporary sanitary ware Total # of apartments: 285  Cherry wood finished floors in kitchen

  39. Slide 39: Bakers Yard

    N o r t h Po r t l a n d S t r e e t , D u b l i n , D u b l i n 1 Bakers Yard Property Details(1) Building Features:  Private landscaped courtyards Year Built: 2007/2008  Fully fitted kitchen, living room and bedrooms in all apartments # of apartments owned: 85  High quality ceramic wall and flo

  40. Slide 40: Lansdowne Gate

    Lansdowne Gate, Drimnagh, Dublin 12 Lansdowne Gate Property Details(1) Building Features:  Spacious landscaped courtyard Year Built: 2005 including: playground, a number of cascading water features, seating # of apartments owned: 224 areas, landscaped river garden and Total # of apartments: 280 fea

  41. Slide 41: Rockbrook Grande Central

    Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Rockbrook Grande Central Property Details(1) Building Features:  Central heating and internet Year Built: 2007  Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 81  Large balconies and basement Total #

  42. Slide 42: Rockbrook South Central

    Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Rockbrook South Central Property Details(1) Building Features:  Central heating and internet Year Built: 2007  Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 189  Large balconies and basement Total #

  43. Slide 43: Tyrone Court

    Ty r o n e C o u r t , I n c h i c o r e , D u b l i n 8 Tyrone Court Property Details(1) Building Features:  Underground car parking Year Built: 2014  Elevators within each block serving all floors # of apartments owned: 95  Each apartment has its own private Total # of apartments: 131 balcony 

  44. Slide 44: Bessboro

    B e s s b o r o , Te r e n u r e , D u b l i n 6 Bessboro Property Details(1) Building Features:  64 underground car parking Year Built: 2008  Gas fired central heating system and pressurised water system # of apartments owned: 40  All apartments are fully furnished Total # of apartments: 40 and

  45. Slide 45: Tallaght Cross West

    Ta l l a g h t C r o s s We s t , Ta l l a g h t , D u b l i n 2 4 Tallaght Cross West Property Details(1) Building Features:  Bright and spacious accommodation Year Built: 2008 with fully fitted kitchens and bathrooms # of apartments owned: 442  Secure underground parking Total # of apartments: 5

  46. Slide 46: The Forum

    Forum, Sandyford, Dublin 18 The Forum Property Details(1) Building Features:  Modern residential development Year Built: 2007 with 11 secure underground car parking # of apartments owned: 8  Video-com secure entrance system Total # of apartments: 127 to lobbies  Balconies with decking from Valuat

  47. Slide 47: City Square

    City Square, Gloucester Street, Dublin 2 City Square Property Details(1) Building Features:  Modern development with 6 secure Year Built: 2006 underground car parking  Ground floor office suite is let to # of apartments owned: 23 tenant on 2-year IRI lease Total # of apartments: 27 Valuation as at

  48. Slide 48: Elmpark Green

    E l m p a r k , M e r r i o n Ro a d , D u b l i n 4 Elmpark Green Property Details(1) Building Features:  Solid oak entrance doors and full Year Built: 2006 height oak finished internal doors  Under floor heating throughout with # of apartments owned: 201 individual thermostat Total # of apartmen

  49. Slide 49: Coldcut Park

    C o l d c u t Ro a d , C l o n d a l k i n , D u b l i n 22 Coldcut Park Property Details(1) Building Features:  High energy efficiency gas fired Year Built: 2012 central heating  Painted timber framed double # of apartments owned: 90 glazed windows and doors Total # of apartments: 93  Stylish fu

  50. Slide 50: The Maple

    B e a c o n S o u t h Q u a r t e r, S a n d y f o r d , D u b l i n 1 8 The Maple Property Details(1) Building Features:  Fully fitted integrated appliances Year Built: 2017 and state-of-the-art kitchens # of apartments owned: 68  Dedicated residential concierge reception Total # of apartments: 6

  51. Slide 51: Appendix 2

    IRISH RESIDENTIAL PROPERTIES REIT plc Appendix 2

  52. Slide 52: Strong Governance

    IRISH RESIDENTIAL PROPERTIES REIT plc Strong Governance Board of Directors Declan Moylan Margaret Sweeney David Ehrlich Independent Non-Executive Chairman I-RES CEO & Executive Director Non-Executive Director, President and CEO of CAPREIT (Investment Manager Nominee) • Former Managing Partner and Fo

  53. Slide 53: Strong Board

    IRISH RESIDENTIAL PROPERTIES REIT plc Strong Board Aidan O’Hogan Joan Garahy Phillip Burns Independent Non-Executive Independent Non-Executive Director Non-Executive Director and Senior Independent Director • Fellow of the Society of Chartered Surveyors • Former Managing Director of HBCL Investments

  54. Slide 54: Management Arrangements Summary

    IRISH RESIDENTIAL PROPERTIES REIT plc Management Arrangements Summary • IRES Fund Management Limited (“IRES Fund”), an indirect wholly owned subsidiary of CAPREIT, became authorised as an AIFM on 28 October 2015. • As disclosed in the Company’s recent prospectuses, the investment management agreemen

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