Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — Investor Presentation (January 2022)
19 slides from Irish Residential Properties Reit's investor presentation, January 2022
Slide 1: Irish Residential Properties REIT plc Investor Presentation January 2022
Irish Residential Properties REIT plc Investor Presentation January 2022 Building Communities & Creating Value 1 1
Slide 2: Attractive and Growing Irish Multifamily Sector
Attractive and Growing Irish Multifamily Sector Favourable population demographics • Growing population driven by combination of positive net migration and natural increase • Ireland’s population projected to increase by 20% to 5.7 million between 2016 - 2040 Structural housing supply / • Significan
Slide 3: Irish Market - Fundamentals Supportive of Long-Term Growth
IRISH MARKET - FUNDAMENTALS SUPPORTIVE OF LONG-TERM GROWTH Strong Continuous Population Growth Low Rental Stock Available 5.5m 1.6m 18,000 Dublin Elsewhere 16,000 5.3m 1.4m 14,000 5.0m 12,000 1.2m 10,000 #units 4.8m 5.4m 5.2m 1.0m 8,000 4.5m 5.1m 4.8m 4.9m 6,000 4.7m 4.3m 4.6m 0.8m 4,000 2,000 4.0m
Slide 4: IRES Business fundamentals remain strong and well positioned for future growth
IRES Business fundamentals remain strong and well positioned for future growth Resilient performance Opportunity from Strong track record & and growth 2020 / 2021 Building a internalisation of Strong financial proven execution on despite uncertain macro Sustainable and management and position strate
Slide 5: Strong Financial Performance
Strong Financial Performance Net Rental Income (€m) Occupancy (%) Net Rental Margin (%) +45% 99.8% 98.3% 98.4% 98.6% 81.3% 81.4% 80.0% 79.5% 59.8 50.5 41.2 31.1 FY18 FY19 FY20 H121 FY18 FY19 FY20 H121 FY18 FY19 FY20 H121 Dividends per Share (cent) Gross Yield at Fair Value (%) NAV per share (cent) +
Slide 6: Modern Residential Portfolio with Strong Operating Metrics
MODERN RESIDENTIAL PORTFOLIO WITH STRONG OPERATING METRICS 4% <2 Young modern portfolio, average age of 12 years1 12% 11% 2 to 4 7% 5 to 7 ✓ 3,981 units across 37 properties (including Ashbrook) AGE 6% 8 to 10 ✓ Favourable for ongoing maintenance and CAPEX requirements 11 to 13 ✓ C.59% with BER of A
Slide 7: Internalisation of Management of REIT
INTERNALISATION OF MANAGEMENT OF REIT Notice of termination of the existing IMA on 31 March 2022; internalisation of management with the acquisition of the Manager to take effect on 31 January 2022 1 Expected to be EPS enhancing in the first full year following completion of the Internalisation Tran
Slide 8: Flexible Growth Plan Associated with a Disciplined Investment and Capital Allocation Process
FLEXIBLE GROWTH PLAN ASSOCIATED WITH A DICIPLINED INVESTMENT AND CAPITAL ALLOCATION PROCESS Multi-channel growth strategy… 1 2 3 Acquisition of completed Development of existing Development partnerships assets I-RES properties • Continued evaluation of • Forward purchase • Bakers Yard development ne
Slide 9: Continued Execution of Growth Strategy Despite Covid-19
CONTINUED EXECUTION OF GROWTH STRATEGY DESPITE COVID-19 Investment Activity Continued through 2020 and 2021 95 5 151 148 18 Entered into 25 55 year Lease to Social Housing Body on # Units 3,836 Hampton Wood 3,739 3,688 Property in 3,666 August 2021 Ashbrook FY 2019 FY 2020 Waterside Cross West Jun-2
Slide 10: Investment: 146 Units at Castleknock, Dublin 15
ACQUISITION DEVELOPMENT PARTNERSHIPS DEVELOPMENT EXISTING ASSETS INVESTMENT: 146 UNITS AT CASTLEKNOCK, DUBLIN 15 M50 Phoenix Park Racecourse, Castleknock, Dublin 15 Purchase Price1 €60 million Gross Initial Yield 5.3% Year built Phased 2002-2020 Closing date January 2021 Total units 1 bed 20 3 bed 1
Slide 11: Investment: 152 Units at Clontarf, Dublin 3
ACQUISITION DEVELOPMENT PARTNERSHIPS DEVELOPMENT EXISTING ASSETS INVESTMENT: 152 UNITS AT CLONTARF, DUBLIN 3 M50 Ashbrook, Clontarf, Dublin 3 Purchase Price1 €66 million Gross Initial Yield 4.93% Acquisition 108 Units built in early Forward commit 44 Units due in H2 1990s 2023 Total units 152 Closin
Slide 12: Pipeline of Future Growth
PIPELINE OF FUTURE GROWTH DEVELOPMENT SITE IN PROGRESS FORWARD PURCHASE IN PROGRESS FUTURE DEVELOPMENT M50 Bakers Yard, Dublin City Centre Merrion Road, Dublin 4 M50 Rockbrook, Sandyford M50 › 61 units, designed to LEED Gold standard › 69 units, South Dublin coastal location › 428 units, at Sandyfor
Slide 13: IRES Development: Bakers Yard, Dublin City Centre
ACQUISITION DEVELOPMENT PARTNERSHIPS DEVELOPMENT EXISTING ASSETS IRES DEVELOPMENT : BAKERS YARD, DUBLIN CITY CENTRE Bakers Yard, North Portland Street, City Centre, Dublin M50 Development Costs €16 million Gross Yield 6.1%1 (Year 1) Expected Completion2 2022 Total units3 1 bed 19 3 bed - 61 2 bed 42
Slide 14: Forward Purchase: Development at Merrion Road, Dublin 4
ACQUISITION DEVELOPMENT DEVELOPMENT EXISTING ASSETS PARTNERSHIPS FORWARD PURCHASE: DEVELOPMENT AT MERRION ROAD, DUBLIN 4 Merrion Road, Dublin 4 M50 Acquisition €47.16m Gross Yield 5.1%2 (Apr-21) Contract Price1 (Year 1) 5.6% (Nov-18) Contracted date November 2018 Expected closing date3 H1 2022 Total
Slide 15: IRES Future Development at Rockbrook, Sandyford
IRES Future development at Rockbrook, Sandyford 2022-2024/5 428 RESIDENTIAL EXPECTED UNITS TIMELINE2 › Planning permission granted for 428 residential units and 1,346 Sq M of commercial space at Sandyford site › Located adjacent to light rail and existing IRES performing assets. › Excellent sustaina
Slide 16: Building a Sustainable and Responsible Business
BUILDING A SUSTAINABLE AND RESPONSIBLE BUSINESS OUR ESG JOURNEY & PRIORITIES › Board Sustainability Committee Access the Reports here: BPR https://prodapp.epra.com/media/EPRA_BPR_Survey_Report_2021_FINAL_1632145123801.pdf sBPR https://prodapp.epra.com/media/EPRA_sBPR_Report_2021_Final_1631885806255.
Slide 17: Diverse Portfolio in the Dublin Area
DIVERSE PORTFOLIO IN THE DUBLIN AREA IRESREITl INVESTORPRESENTATIONl JANUARY 2022 17
Slide 18: Disclaimer
DISCLAIMER Cautionary Statements of this presentation or its contents or otherwise arising in To the extent indicated, certain industry, market and This presentation has been prepared by Irish Residential connection with this presentation. Certain financial and competitive position data contained in
Slide 19: Irish Residential Properties REIT plc contact details
Irish Residential Properties REIT plc South Dock House Hanover Quay DO2 XW94 Ireland www.investorrelations.iresreit.ie 19
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