Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — EPRA Conference London 2016
41 slides from Irish Residential Properties Reit's conference presentation, November 2016
Slide 1: Investor Presentation, EPRA Conference London 2016
Investor Presentation EPRA Conference London, 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 does not take into account the impact of reports of new rental and development regulations, and management awaits the introduction of le
Slide 3: Background
Background I•RES became a REIT and completed an initial offering of €200 million in April 2014 Follow on offering of €215 million completed in March 2015 Professionally managed by CAPREIT’s Irish subsidiary, IRES Fund Management, I•RES has brought professional apartment management to Ireland Focus o
Slide 4: Strong Real Estate Fundamentals = Long-term, growing, steady yield
Strong Real Estate Fundamentals = Long-term, growing, steady yield Significant supply/demand imbalance Strong rental growth since inception and further organic growth opportunities - Rental increases applied every 2 years on renewals and immediately on turnover Growing Irish economy - Upward pressur
Slide 5: Proven Investment Manager
Proven Investment Manager • IRES Fund Management, an Irish subsidiary of CAPREIT, is the company’s investment manager S&P/TSX Index & CAPREIT total return About CAPREIT 1500% • Founded in 1997, one of first Canadian REITs 1151% 1300% • High returns in rent controlled environment 1100% • 48,609 apart
Slide 6: Supply and Demand Imbalance
Supply and Demand Imbalance • Significant supply / demand imbalance Dublin • Increasing apartment sector Housing required 2014–2018 - Encouraged by government policy 5 year period - Central bank mortgage limits - Immigrants natural apartment dwellers - Strong foreign direct investment base for emplo
Slide 7: Strengthening Irish Economy
Strengthening Irish Economy Strong 2015 GNP growth and forecast for 2016 and 2017 6.9% 8.0% 5.7% 7.0% 4.6% 6.0% 5.0% 3.3% 3.3% 3.1% 4.0% 3.0% 2.0% 1.0% 0.0% 2012 2013 2014 2015 2016F 2017F Source: Central Statistics Office, Bank of Ireland Unemployment is dropping 2,150 16.0% 2,100 14.0% 2,050 12.0%
Slide 8: Population Growth
Population Growth Growing Irish population Ireland population growth (%) 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2011 2012 2013 2014 2015 2016 Source: Central Statistics Office, base year 2010 Population growth is supported by the highest birth rate in Europe Ireland net po
Slide 9: Performance Review
Grande Central | Sandyford, Dublin 18 Performance Review
Slide 10: Significant Accomplishments
Significant Accomplishments • Since initial offering, acquired 2,039 apartments, including 763 in 2016 • Arranged new credit facility with a reduced margin and 5- year term • Paid dividends of €13.1 million in 2016 in respect of the 2015 accounting period • Commenced construction of 68 apartments at
Slide 11: Strong Occupancy & AMR
Strong Occupancy & AMR As at 30 June 2016 31 Dec 2015 30 June 2015 Occupancy 98.3% 96.0% 99.5% Average Monthly Rent €1,399 €1,372 €1,364 NRI Margin(1) 78.4% 80.8% 80.6% Same Property NRI (2) +6.6% - - As at 30 June 2016 Portfolio Gross Yield at Fair Value(3) 6.5% (1) For the period 1 January 2016 to
Slide 12: Strong Operating Performance
Strong Operating Performance 6 Months Ended 30 June 2016 30 June 2015 Gross Rental Income (€,000) 17,890 11,198 Net Rental Income (€,000) 14,030 9,026 Fair Value Gain (€,000) 15,634 10,098 Profit (€,000) 24,700 14,824 12
Slide 13: EPRA Indicators
EPRA Indicators For the For the Comparison of 2015 and 2016 Interim 6 Months ended Year ended 30 June 2016 31 December 2015 EPRA Earnings EPRA Earnings (1) 9,066 12,183 EPRA Basic Earnings per Share (2) 2.2 3.3 EPRA Diluted Earnings per Share (2) 2.2 3.3 EPRA NAV EPRA Net Asset Value (1) 446,912 435
Slide 14: Appendix: Property Portfolio
APPENDIX Property Portfolio
Slide 15: Property Locations
Property Locations 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 19 13 1 17 6 8 Charlestown 235 4 9 Bakers Yard 85 10 14 10 Lansdowne Gate 224 18 11 Rockbrook Grande Central 81 12 Roc
Slide 16: High Quality Portfolio
HIGH QUALITY PORTFOLIO Value as at Commercial Average monthly Property Year Date # apartments Total # of 30 June space owned rent per Occupancy Location Location Built Acquired owned(1) apartments(1) (7) 2016(1) (sqm)(1) apt.(1) (2) (3) (1) (2) 1 Kings Court Smithfield 2006 10 Sep 2013 83 83 € 18.7m
Slide 17: Kings Court
KINGS COURT North King Street, Smithfield, Dublin 7 Property details(1) Year Built: 2006 # of apartments owned: 83 Total # of apartments: 83 Valuation as at 30 June: €18.7m Passing rent as at 30 June: €1.4m (annualised) AMR per apartment as at 30 June: €1,315 Occupancy as at 30 June: 98.8% Commercia
Slide 18: Grande Central
GRANDE CENTRAL Rockbrook, Sandyford , Dublin 18 Property details(1) Year Built: 2008/20092007 Suites: # of apartments owned: 63 65 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 195 AMR Valuation per suite as atas 30at June: 31 December: €1,339 €20.4m Occupancy Passing rentas a
Slide 19: Priorsgate
PRIORSGATE Greenhills Road, Tallaght, Dublin 24 Property details(1) Year Built: 2007 # of apartments owned: 102 Total # of apartments: 198 Valuation as at 30 June: €18.4m Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,093 Occupancy as at 30 June: 100.0% Commercial
Slide 20: Camac Crescent
CAMAC CRESCENT Turvey Avenue, Inchicore, Dublin 8 Property details(1) Year Built: 2008 2008 Suites: # of apartments owned: 90 90 Passing Total # ofrent apartments: as at 30 June: €1.2m (annualized) 110 AMR Valuation per suite as atas 30at June: 30 June: €1,063 €18.9m Occupancy Passing rentas asatat3
Slide 21: The Laurels
THE LAURELS Main Street, Tallaght, Dublin 24 Property details(1) Year Built: 2007 # of apartments owned: 19 Total # of apartments: 19 Valuation as at 30 June: €3.1m Passing rent as at 30 June: €0.3m (annualised) AMR per apartment as at 30 June: €1,197 Occupancy as at 30 June: 100.0% Commercial Area:
Slide 22: The Marker
THE MARKER Grand Canal Square, Docklands, Dublin, Dublin 2 Property details(1) Year Built: 2012 # of apartments owned: 84 Total # of apartments: 105 Valuation as at 30 June: €56.9m Passing rent as at 30 June: €3.0m (annualised) AMR per apartment as at 30 June: €2,638 Occupancy as at 30 June: 97.6% C
Slide 23: Beacon South Quarter
BEACON SOUTH QUARTER Beacon South Quarter, Sandyford, Dublin 18 Property details(1) Year Built: 2007/2008 # of apartments owned: 225 Total # of apartments: 850 Valuation as at 30 June: €82.6m Passing rent as at 30 June: €5.2m (annualised) AMR per apartment as at 30 June: €1,620 Occupancy as at 30 Ju
Slide 24: Charlestown
CHARLESTOWN Charlestown Place, Finglas, Dublin 11 Property details(1) Year Built: 2007 # of apartments owned: 235 Total # of apartments: 285 Valuation as at 30 June: €57.6m Passing rent as at 30 June: €3.6m (annualised) AMR per apartment as at 30 June: €1,268 Occupancy as at 30 June: 99.1% Commercia
Slide 25: Bakers Yard
BAKERS YARD North Portland Street, Dublin, Dublin 1 Property details(1) Year Built: 2007/2008 # of apartments owned: 85 Total # of apartments: 132 Valuation as at 30 June: €20.0m Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,343 Occupancy as at 30 June: 100.0% Co
Slide 26: Lansdowne Gate
LANSDOWNE GATE Lansdowne Gate, Drimnagh, Dublin 12 Property details(1) Year Built: 2005 # of apartments owned: 224 Total # of apartments: 280 Valuation as at 30 June: €63.0m Passing rent as at 30 June: €3.8m (annualised) AMR per apartment as at 30 June: €1,423 Occupancy as at 30 June: 97.5% Commerci
Slide 27: Rockbrook Grande Central
ROCKBROOK GRANDE CENTRAL Rockbrook, Sandyford, Dublin 18 Property details(1) Year Built: 2008/20092007 Suites: # of apartments owned: 63 81 Passing Total # ofrent as at 30 June: apartments: €1.0m (annualized) 195 AMR per suite Valuation as atas 30at 30 June: June: €1,339 €27.4m(2) Occupancy Passing
Slide 28: Rockbrook South Central
ROCKBROOK SOUTH CENTRAL Rockbrook, Sandyford, Dublin 18 Property details(1) Year Built: 2008/20092007 Suites: # of apartments owned: 63 189 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 224 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €69.0m(2) Occupancy Passing
Slide 29: Tyrone Court
TYRONE COURT Tyrone Court, Inchicore, Dublin 8 Property details(1) Year Built: 2008/20092014 Suites: # of apartments owned: 63 92 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 128 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €21.5m Occupancy Passing rentas asatat
Slide 30: Bessboro
BESSBORO Bessboro, Terenure, Dublin 6 Property details(1) Year Built: 2008/20092008 Suites: # of apartments owned: 63 40 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 40 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €12.3m Occupancy Passing rentas asatat30 30June:
Slide 31: Tallaght Cross West
TALLAGHT CROSS WEST Tallaght Cross West, Tallaght, Dublin 24 Property details(1) Year Built: 2008/20092008 Suites: # of apartments owned: 63 442 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 507 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €83.1m Occupancy Passin
Slide 32: Forum
FORUM Forum, Sandyford, Dublin 18 Property details(1) Year Built: 2008/20092007 Suites: # of apartments owned: 63 8 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 127 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €2.2m Occupancy Passing rentas asatat30 30June: June
Slide 33: City Square
CITY SQUARE City Square, Gloucester Street, Dublin 2 Property details(1) Year Built: 2008/20092006 Suites: # of apartments owned: 63 23 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 27 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €5.5m Occupancy Passing rentas as
Slide 34: Elmpark
ELMPARK Elmpark, Merrion Road, Dublin 4 Property details(1) Year Built: 2008/20092006 Suites: # of apartments owned: 63 201 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 332 AMR Valuation per suite as atas 30at June: 30 June: €1,339 €59.5m Occupancy Passing rentas asatat31 30D
Slide 35: Coldcut
COLDCUT Coldcut Road, Clondalkin, Dublin 22 Property details(1) Year Built: 2008/20092012 Suites: # of apartments owned: 63 89 Passing Total # ofrent apartments: as at 30 June: €1.0m (annualized) 93 AMR Purchase per suite priceasasatat30 31June: August: €1,339 €18.3m Occupancy Passing rentas asatat3
Slide 36: Appendices
APPENDICES Grande Central | Rockbrook, Sandyford, Dublin 1 36
Slide 37: Experienced and Knowledgeable Leadership Team
Experienced and Knowledgeable Leadership Team David Ehrlich – I•RES CEO Senior partner of Stikeman Elliott LLP for over ten years until 31 December 2013 Focused his practice since 1986 on the public real estate markets and was involved in creating the REIT industry in Canada, including the forma
Slide 38: Strong majority independent Board
Strong majority independent Board Colm O’Nualláin – Independent Non-Executive Chairman Over 20 years of experience as Finance Director of Grafton Group Plc, a leading builders merchant group quoted on the London Stock Exchange Qualified Chartered Accountant with international experience previous
Slide 39: Strong majority independent Board
Strong majority independent Board Margaret Sweeney – Independent Non-Executive Director Former CEO of Dublin Airport Authority plc and Postbank Ireland Limited Currently non-executive director on the boards of Dalata Hotel Group plc and a number of private companies Sits on the Council of the
Slide 40: Management Arrangements Summary
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 agreement between the Company and IRES Fund (t
Slide 41: Slide 41
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