Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — Shareholder Meeting (May 2015)
29 slides from Irish Residential Properties Reit's shareholder meeting presentation, May 26, 2015
Slide 1: I-RES REIT Annual General Shareholders' Meeting
I•RES REIT Annual General Shareholders' Meeting May 26, 2015
Slide 2: Forward-looking statements
The presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to the inherent uncertainties, including both economic and business risk factors
Slide 3: Objectives
OBJECTIVES Enhance Cash Flow Enhanced Build Quality Portfolio Shareholder Value Landlord of Choice 3
Slide 4: Significant Progress Since Initial Offering
SIGNIFICANT PROGRESS SINCE INITIAL OFFERING
Slide 5: Solid Organic Growth
SOLID ORGANIC GROWTH Operating performance since acquisition Average monthly rent Occupancy NRI margin Initial Portfolio Initial Portfolio 81% for H2 2014(2) €1,117 100% 77% to €900 93% September 2014 (1) 71% Initial Portfolio Initial Portfolio Initial Total Portfolio Portfolio Initial Portfolio at
Slide 6: Strong Results
STRONG RESULTS Snapshot 31 December 2014 Net Profit(1) € 7.9M Loan to Value(2) 37.6% EPRA NAV(2) € 0.995 Proforma NAV(2)(3) € 1.032 Includes only two months of acquisitions – 68% of portfolio Note: (1) For the period 1 July 2013 to 31 December 2104 (2) As at 31 December 2014. (3) Excluding one-off t
Slide 7: Enhancing Shareholder Value
ENHANCING SHAREHOLDER VALUE €0.48 cent per share First Cash Dividend 7
Slide 8: CAPREIT – A Proven Track Record
CAPREIT – A PROVEN TRACK RECORD Total Unitholder Return Since IPO 1000% 937% (1) CAPREIT 800% 600% 400% 244% S&P TSX 200% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Fully Aligned – 15.7% Ownership in IRES as of 26 March 2015 Note: (1) From November 1
Slide 9: Strong & Growing Portfolio
STRONG & GROWING PORTFOLIO Tyrone Court* Charlestown Kings Court Camac Crescent 92 suites 235 suites 83 suites 90 suites Bakers Yard 85 suites Lansdowne Gate 224 suites The Marker 84 suites The Laurels 19 suites Grande Central 65 suites Priorsgate Beacon South Quarter 102 suites 217 suites Rockbrook
Slide 10: Looking Ahead
LOOKING AHEAD
Slide 11: 1. Organic Growth
1. ORGANIC GROWTH Maximize occupancy, enhance retention, minimize turnover Grow ancillary revenue streams Operational cost savings and efficient procurement Benefiting from CAPREIT’s Proven Track Record 11
Slide 12: 2: Portfolio Growth
2: PORTFOLIO GROWTH Consolidate fragmented Irish rental property market • Limited institutional ownership, historically dominated by individuals Significant potential acquisition pipeline: • National Asset Management Agency (NAMA) • Banking Institutions • Private Equity & Off-Market Opportunitie
Slide 13: Summary
Summary
Slide 14: Investment Highlights
INVESTMENT HIGHLIGHTS Fully integrated management platform Experienced & majority independent Board Aligned interests with Manager Improving Irish economic conditions Solid Solid organic growth to date Progress Opportunity to build a substantial portfolio Since Initial Offering Signifi
Slide 15: Resolution 1
Resolution 1 To receive and consider the Director’s Report and Financial Statements for the period from 2 July 2013 (date of incorporation) to 31 December 2014 % Proxy Votes held For 258,919,327 99.94 Against 0 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 16: Resolution 2(a)
Resolution 2(a) To elect David Ehrlich as a Director % Proxy Votes held For 258,914,744 99.94 Against 4,583 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 17: Resolution 2(b)
Resolution 2(b) To elect Declan Moylan as a Director % Proxy Votes held For 258,914,744 99.94 Against 4,583 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 18: Resolution 2(c)
Resolution 2(c) To elect Aidan O’Hogan as a Director % Proxy Votes held For 237,018,445 97.11 Against 6,900,882 2.83 Vote withheld 15,000,000 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 19: Resolution 2(d)
Resolution 2(d) To elect Colm Ó Nualláin as a Director % Proxy Votes held For 258,914,744 99.94 Against 4,583 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 20: Resolution 2(e)
Resolution 2(e) To elect Thomas Schwartz as a Director % Proxy Votes held For 258,914,744 99.94 Against 4,583 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 21: 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 243,914,744 94.15 Against 15,000,000 5.79 Vote withheld 4,583 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 22: Resolution 4
Resolution 4 Authority to allot relevant securities % Proxy Votes held For 258,919,327 99.94 Against 0 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 23: Resolution 5
Resolution 5 Disapplication of pre-emption rights with respect to shares % Proxy Votes held For 255,440,177 98.60 Against 3,479,150 1.34 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 24: Resolution 6
Resolution 6 Disapplication of pre-emption rights in relation to awards under the Company’s 2014 Long Term Incentive Plan % Proxy Votes held For 258,914,744 99.94 Against 4,583 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 25: Resolution 7
Resolution 7 Authority to make market purchases of ordinary shares % Proxy Votes held For 258,919,327 99.94 Against 0 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 26: Resolution 8
Resolution 8 Authority to re-issue treasury shares % Proxy Votes held For 255,444,760 98.60 Against 3,474,567 1.34 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 27: Resolution 9(a)
Resolution 9(a) Amendment to Memorandum of Association of the Company % Proxy Votes held For 258,919,327 99.94 Against 0 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 28: Resolution 9(b)
Resolution 9(b) Amendment to Articles of Association of the Company % Proxy Votes held For 258,919,327 99.94 Against 0 0 Vote withheld 0 NA Discretion (Chairman) 0 0 Discretion (Third Party) 146,666 0.06
Slide 29: I-RES REIT Annual General Shareholders' Meeting
I•RES REIT Annual General Shareholders' Meeting May 26, 2015
Irish Residential Properties REIT — Shareholder Meeting (May 2015) on 6ix