Irish Residential Properties Reit Plc · EURONEXT:IRES
Irish Residential Properties Reit — FY2024 Earnings Presentation
24 slides from Irish Residential Properties Reit's earnings presentation, Feb 20, 2025
Slide 1: Irish Residential Properties REIT Plc 2024 Preliminary Results Presentation
Irish Residential Properties REIT Plc 2024 Preliminary Results Presentation Twelve Months to 31 December 2024
Slide 2: Disclaimer
Disclaimer Cautionary Statements identified by the use of terms such as "may", "will", "should", verified by any independent source for accuracy or completeness This presentation has been prepared by Irish Residential Properties "expect", "anticipate", "project", "estimate", "intend", "continue", an
Slide 3: Agenda
Agenda 1. Results Highlights 2. Strategy & Operating Model 3. Financial Results & Portfolio Overview 4. Sustainability 5. Regulatory Landscape 6. Outlook 3 I-RES REIT Plc | Preliminary Results 2024
Slide 4: Results Highlights
Results Highlights Eddie Byrne, CEO 4
Slide 5: Continued Strategic & Financial Progress In 2024
Results Highlights Continued Strategic & Financial Progress In 2024 Improvements Across Key Performance Metrics Achieved By Leveraging Market Leading Platform And Strong Operational Capabilities +1.4% +1.7% +8.7% Adj. EPRA Earnings Like-for-Like Revenue 3,668 Adj. Earnings Growth2,3 Number of proper
Slide 6: Unlocking Value For Shareholders Through Asset Recycling Programme And Efficient Capital Allocation
Results Highlights Unlocking Value For Shareholders Through Asset Recycling Programme And Efficient Capital Allocation Proceeds Deployed Via Shareholder Returns Asset Disposals Unlocking Value And Higher Yielding Opportunities As at 31 December 2024 Capital Allocation Programme Total Identified 315
Slide 7: Strategy & Operating Model
Strategy & Operating Model Eddie Byrne, CEO 7
Slide 8: Strategy Refined To Perform In Current Market
Strategy & Operating Model Strategy Refined To Perform In Current Market Everything We Do Is Creating Delivered Though Our…. Influenced By Our… Value Mission Strategic Pillars Strategic Objectives Providing high quality rental homes and exceptional service to our residents through Leverage market-le
Slide 9: Unique, Market Leading Operating Platform Structured To Perform
Strategy & Operating Model Unique, Market Leading Operating Platform Structured To Perform Operational Corporate People Property Portfolio & Property Legal, Risk & Corporate Leasing Management & Investment Finance HR IT Maintenance Compliance Team Operations Management Effective full Low turnover ra
Slide 10: Financial Results & Portfolio Overview
Financial Results & Portfolio Overview Brian Fagan, CFO 10 10
Slide 11: Operational Excellence Continues in 2024
Financial Performance & Portfolio Overview Operational Excellence Continues in 2024 Delivering Earnings Growth 31 December 31 December Income Statement (€m)1 Change (%) 2024 2023 Earnings Growth Driven By… Unit count at period end 3,668 3,734 (1.8%) - Organic Rental Growth Revenue 85.3 87.9 (2.9%) -
Slide 12: Balance Sheet – Investment Properties Valuation
Financial Performance & Portfolio Overview Balance Sheet – Investment Properties Valuation Balance Sheet 31 December 2024 30 June 2024 31 December 2023 Portfolio Yield Stable In H2 • Higher interest rate environment and low residential transaction volumes in the Total Property Value 1,232.2m 1,243.5
Slide 13: Financial Position Remains Robust
Financial Performance & Portfolio Overview Financial Position Remains Robust Total Borrowings: €556m RCF Drawn: €81m Variable Interest Cost Plus Margin Financing 31 December 2024 30 June 2024 Gross Yield 7.0% 7.0% RCF Drawn: €275m EPRA NIY 5.1% 5.1% 2.5% Interest Cost Plus Margin Cost of interest (a
Slide 14: Modern Portfolio With Strong Performance Metrics
Financial Performance & Portfolio Overview Modern Portfolio With Strong Performance Metrics €m 120 Property Portfolio Performance 31 December 2024 30 June 2024 100 18.2 80 Annualised Passing Rent (€’000) 86,461 86,354 60 18% Reversion on 104.7 % commercial 6% 6% 40 86.5 Residential Portfolio 20 Port
Slide 15: Sustainability
Sustainability Eddie Byrne, CEO 15
Slide 16: Building A Sustainable And Responsible Business
Sustainability Building A Sustainable And Responsible Business Our Strategy Is Underpinned By Our Commitment To Sustainability Sustainability Strategic Pillars • 90%+ Employee satisfaction rates • Gold Award for EPRA Sustainability Best Practices Recommendations • Board Director with responsibility
Slide 17: Regulatory Landscape
Regulatory Landscape Eddie Byrne, CEO 17
Slide 18: An Opportunity For A More Balanced Regulatory Structure
Regulatory Structure An Opportunity For A More Balanced Regulatory Structure Decline in Investment volumes in residential assets correlated with Increasing Recognition of a Need for a Fresh Approach on Rental Regulations in Ireland tightening of rent regulations Delivery Of New Supply Is The Key To
Slide 19: Outlook
Outlook Eddie Byrne, CEO 19
Slide 20: I-RES Positioned For Continued Strong Performance
Outlook I-RES Positioned For Continued Strong Performance Improving Market Environment Strong Balance Sheet Economic Conditions Improving • LTV within target range, high visibility, supported by strong cash • Inflation moderating generation • Valuations stabilised in H2 • ECB interest rate cut cycle
Slide 21: Appendix
Appendix 21 21
Slide 22: Market Fundamentals Remain Exceptionally Strong
Market Fundamentals Market Fundamentals Remain Exceptionally Strong Irish Population Growth Forecast to Continue Housing Market Remains Constrained With Completions Forecast Continuing To Lag Government Targets 6.50 120,000 Millions Housing Deliveries Fell In 2024, With Apartment Output Decreasing A
Slide 23: Ireland Remains A Compelling Location For Investment
Market Fundamentals Ireland Remains A Compelling Location For Investment Unemployment Rate Remains Close To All-time Lows Inflation Has Moderated And Is Now Below The Central Bank’s Target Level % 12 % 10 10 8 6 8 6.3%* 4 6 2 1.4% 4.2% 4 0 2 -2 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Slide 24: Thank you for your time
Thank you for your time For more information please visit: www.iresreit.ie/investors SouthXW94 Hanover DO2 www.i-res.ie Ireland Dock Quay House South Dock House Hanover Quay DO2 XW94 Ireland www.i-res.ie
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