Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...

 
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
PRIVATE & CONFIDENTIAL

 Irish Residential Properties REIT plc
 June 2019

 EPRA CORPORATE ACCESS DAY – LONDON 26 JUNE 2019
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
I•RES REIT’s Key Investment Attractions – The Story So Far…

                     Established Operating                                     High Quality Performing                              Attractive Market Backdrop                                           Effective
                            Platform                                                 Asset Base                                      & Growth Opportunities                                          Capital Allocation

               • Leveraging knowledge,                                     • Portfolio of 2,6792 high-                            • Ireland was the fastest                                • Strategic deployment of
                 expertise and technology of                                 quality, modern assets                                 growing economy in the EU                                capital since IPO to grow our
                 CAPREIT                                                                                                            in 2018                                                  portfolio
                                                                           • Located in desirable areas in
               • Established platform with 46                                Dublin                                               • c. 20% projected population                            • Generated stable, growing
                 personnel in Dublin1                                                                                               growth by 2040                                           dividends and NAV
                                                                           • Average asset age of 9.5yrs2
                                                                                                                                                                                             appreciation
               • 81.3% Net Rental Income                                                                                          • Significant imbalance
                 margin in 2018                                                                                                     between demand and                                     • Acquisition and development
                                                                                                                                    supply, with high housing                                plans to strategically grow
                                                                                                                                    demand                                                   portfolio further

                                                                   Delivering Progress Across Key Performance Indicators Since IPO3

                                    No. of Units                                  EPRA NAV per Share                                           EPRA EPS                                       Dividend per Share

                          1,204                        2,679                      €0.995                     €1.42                  1.6 cents                   6.5 cents                 0.68 cents           5.6 cents

                         2014                           2018                      2014                      2018                      2014                        2018                      2014                 2018
1
                                                                                                                                                                                                                             2
    I•RES is serviced by I•RES Fund Management Limited, which acts as the alternative investment fund manager for I•RES. As at 31 December 2018, 46 personnel employed through I•RES Fund Management Limited
2   As at 31 December 2018   3   As at financial years ending 31 December 2014 and 2018
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
I•RES REIT Financial Performance
                                                                                                                                 Revenue from Investment Properties                     Occupancy
              For the year ended 31 December                                                               2018          2017
                                                                                                                                 €60m                                   100%
              Operating Performance
                                                                                                                                                                                           99.8%    99.8%
                                                                                                                                 €50m
                                                                                                                                                                         99%
              Revenue from Investment Properties (€m)                                                        50.6         44.7                                 €50.6m
                                                                                                                                 €40m                 €44.7m                    98.7%
              Net Rental Income (€m)                                                                         41.2         36.3              €38.8m                       98%
                                                                                                                                 €30m
              Profit (€m)                                                                                  119.8          65.1                                           97%
                                                                                                                                 €20m
              Basic EPS (cents)                                                                              28.0         15.6
                                                                                                                                                                         96%
                                                                                                                                 €10m
              EPRA Earnings (€m)                                                                             27.8         24.9
                                                                                                                                  €0m                                    95%
              EPRA Earnings per share (cents)                                                                  6.5         6.0               2016      2017     2018            2016        2017    2018

                                                                                                                                           Average Monthly Rent                         EPRA NAV
              Portfolio Performance                                                                                              €1,600                                 €650m
                                                                                                                                                               €1,599
              Total Number of Residential Units at year end                                                2,679         2,450   €1,550                                 €600m                       €620m

              Overall Portfolio Occupancy Rate2                                                           99.8%          99.8%   €1,500
                                                                                                                                                                        €550m
                                                                                                                                                      €1,517
              Overall Portfolio Average Monthly Rent (€)2                                                  1,599         1,517   €1,450
                                                                                                                                                                        €500m
                                                                                                                                                                                           €504m
                                                                                                                                                                        €450m   €470m
              Gross Yield at Fair              Value1,2                                                     6.1%         6.6%                €1,427
                                                                                                                                 €1,400
                                                                                                                                                                        €400m

                                                                                                                                 €1,350                                 €350m
              As at 31 December                                                                            2018          2017    €1,300                                 €300m
                                                                                                                                             2016      2017     2018             2016       2017    2018
              Liquidity and Leverage
                                                                                                                                          EPRA Earnings per Share                Dividends per Share
              Total Property Value (€m)                                                                    921.3         750.9
                                                                                                                                 7.0c                                   6.0c
              Net Asset Value (€m)                                                                         618.7         504.0   6.0c                           6.5c                                5.6c
                                                                                                                                                                        5.0c
                                                                                                                                                      6.0c                                 5.2c
              EPRA Net Asset Value (€m)                                                                    619.6         504.2   5.0c
                                                                                                                                                                                4.9c
                                                                                                                                                                        4.0c
                                                                                                                                            4.9c
              Basic NAV per share (cents)                                                                  142.5         120.8   4.0c
                                                                                                                                                                        3.0c
              EPRA NAV per share (cents)2                                                                  142.0         118.5   3.0c
                                                                                                                                                                        2.0c
                                                                                                                                 2.0c
              Group Total Gearing2                                                                        33.6%          33.0%
                                                                                                                                 1.0c                                   1.0c

                                                                                                                                 0.0c                                   0.0c                                3
1 Excluding fair value of development land and investment properties under development                                                      2016      2017     2018             2016       2017     2018
2 For definitions, method of calculation and other details, refer to page 27 to 28 of the Company’s 2018 Annual Report
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
Market Backdrop

                                           I•RES REIT Growth Strategy Continues to be Underpinned by Favourable Market Conditions

Continued Strong Economic Growth Forecast                                                                            Rapid Population Growth                                 Housing Demand Significantly Above Supply

                             4%     3.8%                                                              5.5m                                                          1.6m                                 40,000
                                                                                                                                                                                                                                       35k Est. National Annual Demand
                                                                                                                                                                                                         35,000
                                                                                                      5.3m
                                                                                                                                                                    1.4m
                             3%

                                                                                                                                                                            New Dwelling Completions
                                                                                                                                                                                                         30,000
  2019 GDP Growth Forecast

                                                                                                      5.0m                                                                                                                                     Estimated demand still
                                                                                                                                                                    1.2m                                 25,000                                    c. 2x supply levels
                             2%
                                                                                                      4.8m
                                                                                                                                                                                                         20,000
                                                                         1.2%                                                                                       1.0m
                                                                                                      4.5m                                                                                               15,000
                             1%
                                                                                                                                                                    0.8m                                 10,000
                                                                                                      4.3m
                             0%                                                                                                                                                                              5,000
                                                                                                      4.0m                                                          0.6m
                                                                                                               2010 2015 2019 2020 2025 2030 2035                                                                  0
                                                                                                                               Ireland         Dublin (RHS)                                                            2011 2012 2013 2014 2015 2016 2017 2018

                              Source: European Commission, Spring 2019 GDP Forecasts                  Source: UN Population Growth Forecasts                                                        Source: CSO (Completions Data); ESRI (Est. Housing Demand)

                              Record-level Employment Numbers                                                  Youngest Population in Europe                                                                       Record Low Rental Stock Available

 2500                                                                                         18%                                                                                                        9,000
                                                                                              16%    Ireland                                                  33.3%
                                                                                                                                                                                                         8,000

                                                                                                                                                                            Rental Stock in Dublin (units)
 2250                                                                                         14%    France                                                                                              7,000
                                                                                              12%
                                                                                                         UK                                                                                              6,000
                                                                                              10%
 2000                                                                                                    NL                                                                                              5,000
                                                                                              8%
                                                                                                                                                                                                         4,000
                                                                                              6%      Spain
 1750                                                                                                                                                                                                    3,000
                                                                                              4%    Germany
                                                                                                                                                                                                         2,000
                                                                                              2%
                                                                                                       Italy
 1500                                                                                         0%                                                                                                         1,000
                             2009       2011        2013        2015        2017       2019                    0%        5%      10%     15%   20%    25%     30%     35%                                      -
                                     Employment ('000)               Unemployment Rate                                                                                                                             2007         2009    2011     2013     2015    2017   2019
                                                                                                                              % Population Under 25 Years                                                                                                                       4
Source: CSO                                                                                           Source: Eurostat                                                                                        Source: Daft.ie
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
I•RES REIT Growth Strategy

                                                   Multi-Channel Growth Strategy to Deliver Sustainable Long-Term Growth

                              1                                            2                                      3
                                                   Acquisition of                       Development                            Development
                                                  Completed Assets                      Partnerships                   of Existing I•RES Properties

                                    • Continued evaluation of new              • Forward purchase agreements          • Opportunity to add approx.
                                      acquisition opportunities in               with local builders and                628 apartments at currently
                                      attractive urban locations                 developers for new supply of           owned I•RES properties1
                                                                                 multi-family and single-family
                                    • Following criteria considered:             units                                • Partially completed foundation
                                                                                                                        infrastructure (e.g. parking)
                                             Good transportation links,                                                already in place at Rockbrook
                                              community infrastructure –                                                site
                                              in particular, schools
                                                                                                                      • Infill and conversion
                                             Local employment                                                          opportunities are available on
                                                                                                                        currently owned commercial
                                             Family-friendly                                                           properties1
                                              neighbourhoods

                                          Disciplined capital allocation policy to generate value and growing dividends for I•RES shareholders

                                                                                                                                                         5
1   Subject to planning and any other approvals
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
Strong Execution on Growth Strategy

                                               Hampton Wood                                         Hansfield Wood II                                    The Coast, Baldoyle                                    Waterside, Swords                                Marathon XVI Portfolio2
Key:                                                   128 units                                               95 units                                               52 units                                              55 units                                             815 units
Completed acquisition                 • Acquisition in May 2018 for                          • Development agreement in                                                                                   • Acquisition in May ‘19 for c.
                                                                                                                                                    • Acquisition in February 2019                                                                                      • See details overleaf
                                        €40m1                                                  Nov 2018 for €30m1                                                                                           €18.5m1
                                                                                                                                                      for c. €14m1
Forward purchases /                   • Leased at gross yield of c.                          • To be handed over in mid-2020                                                                              • To be handed over in Q1 ‘20
development agreements                                                                                                                              • Expected gross yield: c. 6.1%
                                        6.6%3                                                • Expected gross yield c. 6.6%                                                                               • Expected gross yield: c. 7.0%

                                                                                                   2018                                                                                                                     2019

                                                Hansfield Wood I                                                           Merrion Road                                                 Donabate & Balbriggan                                                      Development Pipeline
                                                          99 units                                                         69 units                                                                     118 units                                                               628 units3
                                                                                                              • Pre-purchase agreement in Nov
                                      • Took delivery during 2018                                                                                                                    • Agreement entered in March
                                                                                                                2018                                                                                                                                                   • See details on slide 9
                                      • Agreement entered into with local                                                                                                              2019 for c. €38.2m1
                                                                                                              • To be handed over by Q4 ’21 for
                                        developer in Nov 2017                                                                                                                        • To be handed over in Q4 ‘19
                                                                                                                c. €47.1m1
                                      • Leased at gross yield of c. 7.9%4                                                                                                            • Expected gross yield: c. 6.7%
                                                                                                              • Expected gross yield: c. 5.6%

                                                  Building a diverse, significant portfolio focused on Dublin area and other large cities in Ireland

                                                                                                                                                                                                                                                                                    4,511 units
                     No. of units                                            2,450                                         229             170 150 69                                      815                                                   628                               Pro Forma I•RES
                                                                                                                                                                                                                                                                                       Portfolio

                                                 I•RES Investment Properties   2018          2019       2020                                                                    2021     Acquisition of                             Opportunity for
                                                      as at 31 Dec 2017    Acquisitions & Acquisitions Forward                                                                 Forward   Marathon XVI                               Development of
                                                                           Developments & Forward Purchases                                                                   Purchases Portfolio (2019)                           Existing Properties
                                                                                           Purchases                                                                                                                                  (2019- 2022)3                                                                              6
  1 Excluding transaction costs and including VAT 2 The acquisition of the Marathon XVI Portfolio remains subject to regulatory clearance.
  3 Rockbrook (428 units, PP application submitted); Tallaght Cross West (18 units, PP granted); Bakers Yard (61 units, PP granted); Priorsgate (31 units, PP granted); BSQ (“B4”) (84 units, Decision to grant planning under appeal); Priorsgate (Conversion)(5 units, PP granted); Coldcut (Conversion)(1 unit, PP granted)
  4 Gross Yield as at 31 December 2018 (passing rent as at 31 December 2018, divided by purchase price (including VAT and excluding transaction costs))
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
Marathon XVI Portfolio Acquisition1
               Portfolio Transaction Highlights                                                                                               I•RES REIT Asset Locations in Dublin Area
                 • A significant, diversified and income producing PRS portfolio of 815 residential units                                                                                            M1
                                                                                                                                                 Existing I•RES Properties

                 • Comprises 16 established properties in areas with strong rental demand and proximity                                           Marathon XVI Portfolio
                                                                                                                                                                                    Dublin Airport

                   to local amenities and transport links
                              15 schemes in prime locations in the Dublin Area and 1 scheme in Cork                                                              M50

                                                                                                                                                                                           M50
                 • Passing rent of c. €1,4862 with estimated rental value (ERV) of €1,803
                 • Consideration payable of €285 million (including VAT and excluding transaction costs),
                   implying a gross yield of approximately 5.1% (estimated reversionary yield of 6.2%)

                  Benefits                                                                                                                                                     Dublin
                             Capital allocation into income generating assets
                    Excellent opportunity to acquire established portfolio of scale in the Dublin market
                    Complementary geographical footprint to existing portfolio – ability to leverage
                                                                                                                                                            M50

                     I•RES’ existing operating platform and infrastructure
                    Potential to capture reversionary rental income and replicate I•RES’ net rental                                                                          M50

                    income margins going forward
                     Accretive to earnings in first full year post acquisition
                                                                                                                                                   Significantly Expands Dublin Footprint

                                                                                                             Asset Highlights

                                                                                             20%+

                                                            €1,486                                  €1,803                      815                                        98.7%
                                                      Passing rent2                                  ERV2                 Residential units                             Occupied
                                                                                                                                                                                                          7
1 The   acquisition of the Marathon XVI Portfolio remains subject to regulatory clearance.
2 Per   unit, per month. As at April 2019
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
I•RES REIT Development Pipeline

                  Development and Intensification of Existing I•RES Properties is a Core Element
                                               of Growth Strategy

              Development Initiatives                                             Planning Status
  • During 2018, significant progress made with                                       No. of
    several planning applications for development     Location                   Residential Units Status
                                                                                  at Completion
    projects:
                                                      Tallaght Cross West               18        Planning Permission Granted
        planning applications have been
         submitted for 628 apartments at sites        Bakers Yard                       61        Planning Permission Granted
         currently owned
                                                      Coldcut (Conversion)               1        Planning Permission Granted
        of these, planning permissions have been
                                                      Priorsgate (Bruce House)          31        Planning Permission Granted
         received for 116 apartments
                                                      Priorsgate (Conversion)           5         Planning Permission Granted
        a planning application for the development
         of 428 residential units (including car      Beacon Square South (B4)          84
                                                                                                  Notification of Decision to Grant
         parking and commercial) at Rockbrook                                                     planning permission under appeal
         has been submitted to the Planning Board     Rockbrook                        428        Planning application submitted
         under the Strategic Housing Development
         application process                          Total                            628

                                                                                                                                      8
           Beacon Square South (B4)                    Rockbrook                                   Bakers Yard
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
Ability to Drive Value Through an Efficient Operating and Investment
             Management Model

                                                               By leveraging the global expertise, systems and technology platforms
                                                                of CAPREIT (a global market leader), I•RES REIT seeks to deliver a
                                                                   superior tenant experience and performance for shareholders

                                                                                                The “I•RES Advantage”
                                                                                      Professional Property Management Platform

                                                                                                     Technology &
                                                                                                       Systems
                                                                       Staff                                                          Resident
                                                                     Training                                                      Communications

                                                                               Knowledge &                                    Hands-On
                                                                                Experience                                    Approach

                                                                                                                                                    9
For details on the investment manager please refer to the Appendix, slide 22
Irish Residential Properties REIT plc - June 2019 EPRA CORPORATE ACCESS DAY - LONDON 26 JUNE 2019 - Ires ...
A Place to Call Home

                2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc
                                                                                   10
Prudent Balance Sheet Management
                                                                        EPRA NAV                                                                                                                                 I•RES Value Creation

                  €650m                                                                                                  €620m                  170c

                  €600m                                                                                                                         160c                        • Pipeline of opportunities across I•RES’ three growth
                                                                                                                                                                              channels
                                                                                                                                                150c
                  €550m                                                                                                    142.0
                                                                                           €504m                                                140c                        • Expected market rental growth and capture of existing
                  €500m                                            €470m                                                                                                      rent reversion
                                                                                                                                                130c
                                        €435m
                  €450m                                                                      118.5
                                                                    112.5                                                                       120c                        • Potential for strong planning gains
                  €400m                  104.3                                                                                                  110c                        • Multi-year development pipeline, timing of delivery
                  €350m                                                                                                                         100c                          subject to assessment of capital optimisation
                                         2015                       2016                        2017                       2018

                                          EPRA NAV                            EPRA NAV per share (cents)(RHS)

                                                             Total Group Gearing                                                                                                                                    Balance Sheet

                          50%                                                                                                             50%
                                                                                                                                          45%                               • Amended the financing facility to increase the limit from
                          40%                                                                                                                                                 €450m to €600m, with a 5 year term with extension
                                                                                                                                                                              available for 2 more years, with low interest rate
                          30%                                                                       33.0%                        33.6%
                                                                             31.3%                                                                                          • Recent Equity placing to provide additional financing for
                  LTV %

                                                                                                                                                                              I•RES’s growth strategy
                          20%

                                                                                                                                                                            • Pro-forma LTV post acquisition of Marathon XVI Portfolio
                          10%                                                                                                                                                 and other deals in 2019 of c. 45%2
                                           8.6%
                          0%                                                                                                                                                • No change to target LTV policy of 45%
                                           2015                         2016                         2017                         2018
                                                                LTV                 Target              Max
                                                                                                                                                                                                                                          11
2   Assumes consideration payable of €285m for Marathon XVI potrtfolio (including VAT and excluding transaction costs) and completion of placing of up to 19.95% of the Company’s current issued share capital
I•RES REIT │ Summary Conclusions

                    Attractive market backdrop with strong economic fundamentals and significant
                     demand and supply imbalance

                           Three pronged growth strategy to continue to support building a leading
                            residential rental business

                 
                         Portfolio growth strengthens I•RES’ position and ability to leverage
                         established operating and investment platform

                    Disciplined capital allocation policy generating stable and growing dividends
                     and strong shareholder returns

                                                                                                      12
Appendix
Significant, Diverse Portfolio in the
                                                                              Dublin Area
                              15   19                             Dublin City Centre                    Secondary Suburbs
                                                                  01 Kings Court                        13 Priorsgate
                                                                  Smithfield D7 (83 Units)              Tallaght D24 (103 Units)
18                                                                02 The Marker Residence               14 The Laurels
                                                                  Docklands D2 (85 Units)               Tallaght D24 (19 units)
                                                                  03 Bakers Yard                        15 Charlestown
                                                                  Portland Street North D1 (86 Units)   Finglas D11 (235 units)

                                         03                       04 City Square                        16 Tallaght Cross West
                                                                  Gloucester St D2 (23 units)           Tallaght D24 (442 Units)
                                                                                                        17 Coldcut Park
                                                                  Prime Suburbs                         Clondalkin D22 (90 Units)
                                                                  05 Beacon South Quarter
     17                                        04                 Sandyford D18 (225 Units)             18 Hansfield Wood
                         22             01            02                                                Ongar, D15 (99 Units)
                                                                  06 Grande Central
                              20                                  Sandyford D18 (65 Units)
                                                                                                        19 Hampton Wood
                                                                  07 Rockbrook Grande Central           Finglas, D11 (128 Units)
                                   12                             Sandyford D18 (81 Units)
                    21
                                                                  08 Rockbrook South Central            Inchicore Drimnagh
                                                             11   Sandyford D18 (189 units)             20 Camac Crescent
                                                                  09 The Forum                          Inchicore D8 (90 units)
                                                                  Sandyford D18 (8 units)               21 Lansdowne Gate
                                                                  10 The Maple                          Drimnagh D12 (224 Units)
                                                                  Sandyford D18 (68 Units)
          14                                                                                            22 Tyrone Court
                                                                  11 Elmpark Green                      Inchicore D8 (95 Units)
               13   16                                            Merrion Road D4 (201 Units)
                                                            06
                                                   09 10          12 Bessboro
                                                             07
                                              05       08         Terenure D6 (40 Units)

                                                                                                                                    14
Existing Portfolio
                                                                                                                           No of apartments   Average mthly rent                   Gross Yield at
                  Property                                   Location                                  Year Built                                                  Occupancy 1,2
                                                                                                                               owned1             per apt.1,2                       Fair Value
City Centre
         1        Kings Court                                Smithfield                                   2006                   83                € 1,464           100.00%           6.6%
         2        The Marker                                 Docklands                                    2012                   85                € 2,771            97.60%           4.4%
         3        Bakers Yard                                Portland Street North                     2007/2008                 86                € 1,486           100.00%           6.8%
         4        City Square                                Gloucester Street                            2006                   23                € 1,632           100.00%           5.9%
Total City Centre                                                                                                                277               € 1,886            99.4%            5.9%
Prime Suburbs
         5        Beacon South Quarter                       Sandyford                                 2007/2008                 225               € 1,853            99.60%           7.3%
         6        Grande Central                             Sandyford                                    2007                   65                € 1,724           100.00%           5.4%
         7        Rockbrook Grande Central                   Sandyford                                    2007                   81                € 1,661           100.00%           5.7%
         8        Rockbrook South Central                    Sandyford                                    2007                   189               € 1,687           100.00%           5.5%
         9        Forum                                      Sandyford                                    2007                    8                € 1,777           100.00%           5.7%
     10           The Maple                                  Sandyford                                    2017                   68                € 2,046           100.00%           5.3%
     11           Elmpark Green                               Merrion                                     2006                   201               € 1,590            99.50%           5.3%
     12           Bessboro                                    Terenure                                    2008                   40                € 1,657           100.00%           5.1%
Total Prime Suburbs                                                                                                              877               € 1,735             99.9%           5.7%
Secondary Suburbs
     13           Priorsgate                                 Tallaght                                     2007                   103               € 1,199            99.00%           6.8%
     14           The Laurels                                Tallaght                                     2007                   19                € 1,286           100.00%           8.7%
     15           Charlestown                                Finglas                                      2007                   235               € 1,392           100.00%           6.0%
     16           Tallaght Cross West                        Tallaght                                     2008                   442               € 1,287            99.80%           6.8%
     17           Coldcut Park                                Clondalkin                                  2012                   90                € 1,457           100.00%           7.4%
Total Secondary Suburbs                                                                                                          889               € 1,322             99.8%           7.1%
Inchicore/Drimnagh
     18           Camac Crescent                             Inchicore                                    2008                   90                € 1,401           100.00%           7.0%
     19           Lansdowne Gate                             Drimnagh                                     2005                   224               € 1,604           100.00%           6.0%
     20           Tyrone Court                               Inchicore                                    2014                   95                € 1,574           100.00%           6.4%
Total Inchicore/Drimnagh                                                                                                         409               € 1,552            100.0%           6.5%
Total investment properties owned as at 31 December 2017                                                                        2,452              € 1,572            99.80%           5.9%
     21           Hansfield Wood                             Ongar                                        2018                   99                € 2,133            99.00%           6.7%
                  Hansfield Wood II3                         Ongar                                        2018                    -                   -                  -              n/a
     22           Hampton Wood                               Finglas                                      2018                   128               € 1,716           100.00%           6.4%

Total investment properties owned as at 31 December 2018                                                                        2,679              € 1,599            99.80%           6.1%
                                                                                                                                                                                                15
 Note:       1 As at 31 December 2018                                                                                                                                                                15
             2 Based on residential apartments
             3 As at 31 December 2018, Hansfield Wood II is still under construction. The expected Gross Yield is c 6.6%
Existing Portfolio (Cont.)
City Centre

Kings Court                             The Marker Residences                   Bakers Yard                               City Square
83 Residential Apartments               85 Residential Apartments               86 Residential Apartments                 23 Residential Apartments
Smithfield, Dublin 7                    Grand Canal Dock, Dublin 2              Portland Street North, Dublin 1           Gloucester Street, Dublin 2
The Company acquired Kings Court,       The Company acquired the Marker         The Company acquired Bakers Yard,         The Company acquired City Square,
located in Smithfield, Dublin 7, in     Residences, located in the Grand        an apartment development on 0.6 ha        located on Gloucester Street, Dublin
September 2013. The development         Canal Dock area of Dublin 2, in July    (1.4 acres) adjacent to Dublin City       2, in April 2016. The development
was constructed in 2006 and is a        2014. The development was               Centre in Dublin 1, in October 2014.      was constructed in 2006 and
residential development consisting of   constructed in 2012 and consists of     The development was constructed in        consists of 27 apartments, 23 of
83 residential apartments dispersed     105 luxury residential apartments, 85   2007/2008 and is within walking           which are owned by the Company.
over four blocks. The entire            of which were acquired by the           distance of many large government         The Company’s 23 residential units
development is constructed over a       Company, and approximately 1,218        and private sector employers, as well     consist of 15 one-bedroom and eight
common basement with 65 car park        sq. m. (13,111 sq. ft.) of commercial   as local and national public transport    two-bedroom residential units. The
spaces. The Company’s 83                space, all of which was acquired by     infrastructure. The development           property is located near Trinity
residential apartments consist of 25    the Company. The Company’s 85           consists of 132 residential               College and the River Liffey, and
one-bedroom, 54 two-bedroom and         residential apartments are all two-     apartments, 86 of which are owned         close to LUAS and DART lines.
four three-bedroom residential          bedroom residential apartments.         by the Company. The Company’s
apartments. This development also                                               86 residential apartments consist of
has 566 sq. m. (6,093 sq. ft.) of                                               13 one-bedroom, 61 two-bedroom
commercial space, all of which is                                               and 12 three-bedroom residential
owned by the Company.                                                           apartments. The Company also
                                                                                owns approximately 792 sq. m.
                                                                                (8,525 sq. ft.) of ancillary commercial
                                                                                space within the development. In
                                                                                addition, the Company owns an
                                                                                adjoining 0.18 ha (0.45 acre) site
                                                                                with planning consent for a further 55
                                                                                residential apartments and three
                                                                                ground floor commercial units.
                                                                                                                                                                 16
Existing Portfolio (Cont.)
Prime Suburbs

Beacon South Quarter                     Grande Central                           Rockbrook Grande Central               The Forum
225 Residential Apartments               65 Residential Apartments                & Rockbrook South Central              8 Residential Apartments
Sandyford, Dublin 18                     Sandyford, Dublin 18                     270 Residential Apartments             Sandyford, Dublin 18
                                                                                  Sandyford, Dublin 18
The Company acquired Beacon South        The Company acquired Grande              The Company acquired the               The Company acquired The Forum,
Quarter, located in Sandyford, Dublin    Central, located in Sandyford, Dublin    Rockbrook Portfolio, located in        located in Sandyford, Dublin 18, in
18, in October 2014. The development     18, in September 2013. The               Sandyford, Dublin 18, in March 2015    February 2016. The development
was constructed in 2007/2008 and is a    development was constructed in           via the acquisition of I•RES           was constructed in 2007 and
landmark mixed-use development on        2007 and is a residential                Residential Properties Limited. The    consists of 127 residential
5.3 ha (13 acres). A number of major     development located within the           development consists of 270            apartments, eight of which, along
employers are located in the             suburb of Sandyford, Dublin 18,          residential apartments and             with 11 basement car parking
immediate neighbourhood, including       approximately 8 km south of Dublin       approximately 4,665 sq. m. (50,214     spaces, are owned by the Company.
Vodafone, Merrill Lynch and Microsoft,   City Centre. The development is on a     sq. ft.) of mixed-use commercial       The Company’s eight residential
and the development is adjacent to       0.5 ha (1.2 acre) site and consists of   space. The portfolio also includes a   apartments consist of one one-
the LUAS light rail line to the city     a purpose-built apartment block with     development site of approximately      bedroom and seven two-bedroom
centre. The development consists of      195 residential apartments, 65 of        1.13 ha (2.8 acres) and associated     residential units. The Forum is
880 luxury residential apartments, 225   which are owned by the Company.          basement car parking. The property     located on the LUAS tram line and
of which are owned by the Company.       The entire development is                is located close to the Stillorgan     next to the Royal College of
The Company’s 225 residential            constructed over a common                LUAS light rail system stop, in an     Surgeons’ Sandyford facility. The
apartments consist of 26 one-            basement with a single car park          area serviced by numerous bus          development is also adjacent to the
bedroom, 173 two-bedroom and 26          space per residential apartment. The     routes. Located nearby are the         Company’s Rockbrook and Beacon
three-bedroom residential apartments.    Company’s 65 residential apartments      UPMC Beacon Hospital and large         South Quarter portfolios.
The Company also owns approx.            consist of 10 one-bedroom, 34 two-       employers such as Microsoft,
2,395 sq. m. of ancillary commercial     bedroom and 21 three-bedroom             Vodafone, Volkswagen and the
space within the development. In         residential apartments.                  Clayton Hotel. The Company’s 270
addition, the Company owns two                                                    residential apartments consist of 46
adjacent development sites and one                                                one-bedroom, 203 two-bedroom and
former site that has now been                                                     21 three-bedroom residential
developed into The Maple and 6,847                                                apartments.
sq. m. of commercial space.                                                                                                                                    17
Existing Portfolio (Cont.)
Prime Suburbs

   The Maple                               Elmpark Green                          Bessboro
   68 Residential Apartments               201 Residential Apartments             40 Residential Apartments
   Sandyford, Dublin 18                    Merrion Road, Dublin 4                 Terenure, Dublin 6
   The Company completed the               The Company acquired Elmpark           The Company acquired Bessboro,
   construction of The Maple, located in   Green, located in Merrion Road,        located in Terenure, Dublin 6, in
   Sandyford, Dublin 18, in July 2017.     Dublin 4, in May 2016. The             December 2015. The development
   The development consists of 68          Company’s 201 residential              was constructed in 2008 and
   residential apartments, all of which    apartments consist of 101 one-         consists of 40 residential apartments,
   are owned by the Company. By            bedroom, 96 two-bedroom and four       all of which are owned by the
   apartment type, The Maple               three-bedroom residential              Company. The Company’s 40
   comprises four one-bedroom, 55          apartments. The development was        residential apartments consist of six
   two-bedroom and nine three-             constructed in 2006, and consists of   one-bedroom, 32 two-bedroom and
   bedroom apartments. The                 332 apartments, 201 of which are       two three-bedroom apartments.
   development is conveniently located     owned by the Company. Elmpark          Bessboro provides a strong
   near UPMC Beacon Hospital, BSQ          Green is located near Merrion,         suburban location only 7 km from
   Shopping Centre and transportation      Blackrock and Frascati Shopping        Dublin City Centre and 4.6 km from
   links such as the Stillorgan LUAS       Centres, and is also adjacent to the   the M50 motorway. The location
   stop.                                   Elm Park Golf and Sports Club, as      provides a range of amenities
                                           well as St. Vincent’s University       including shops, schools, bars and
                                           Hospital.                              restaurants, all within walking
                                                                                  distance of Bessboro and also in
                                                                                  close proximity to Bushy Park, golf
                                                                                  and rugby clubs.

                                                                                                                           18
Existing Portfolio (Cont.)
Secondary Suburbs

Priorsgate                              The Laurels                            Charlestown                              Tallaght Cross West
103 Residential Apartments              19 Residential Apartments              235 Residential Apartments               442 Residential Apartments
Tallaght, Dublin 24                     Tallaght, Dublin 24                    Finglas, Dublin 11                       Tallaght, Dublin 24
The Company acquired Priorsgate,        The Company acquired The Laurels,      The Company acquired Charlestown,        The Company acquired Tallaght
located in Tallaght, Dublin 24, in      located in Tallaght, Dublin 24, in     a mixed-use development set on           Cross West, located in Tallaght,
September 2013. The development         June 2014. The development was         16.2 ha (40 acres) in Finglas, Dublin    Dublin 24, in January 2016. The
was constructed in 2007 and is a        constructed in 2007 and consists of    11, in October 2014. The                 development was constructed in
residential development on a 1.1 ha     19 residential apartments, all of      development was constructed in           2008 and consists of 507 residential
(2.6 acre) site located approximately   which are owned by the Company.        2007 and consists of 285 residential     apartments, 442 of which are owned
10 km southwest of Dublin City          The Laurels consists of four one-      apartments, 235 of which are owned       by the Company. The Company’s
Centre. The development consists of     bedroom, 13 two-bedroom and two        by the Company. The Company’s            442 residential apartments consist of
199 residential apartments dispersed    three-bedroom residential              235 residential apartments consist of    161 one-bedroom, 237 two-bedroom
over three blocks, 103 of which are     apartments. The Company also           36 one-bedroom, 164 two-bedroom          and 44 three-bedroom residential
owned by the Company. The               owns 190 sq. m. (2,045 sq. ft.) of     and 35 three-bedroom residential         apartments. The Company also
Company’s 103 residential               commercial space in the form of one    apartments. The overall development      owns 18,344 sq. m. (197,460 sq. ft.)
apartments, which are dispersed         large unit which could be split into   comprises facilities for tenants         of commercial space and associated
over the three blocks, consist of 49    two units.                             including a shopping centre, a           underground car parking. The
one-bedroom, 48 two-bedroom, five                                              medical centre and a variety of          Company has received a grant of
three-bedroom and one four-                                                    leisure and restaurant facilities. The   planning permission for the
bedroom residential apartments.                                                property is located approximately 9.5    conversion of unused commercial
                                                                               km from Dublin City Centre and 8 km      space to 18 residential apartments.
                                                                               from Dublin airport, and is adjacent
                                                                               to the main M50 and M2
                                                                               transportation corridors.

                                                                                                                                                                19
Existing Portfolio (Cont.)
Secondary Suburbs                     Inchicore/Drimnagh

Coldcut Park                          Camac Crescent                         Lansdowne Gate                         Tyrone Court
90 Residential Apartments             90 Residential Apartments              224 Residential Apartments             95 Residential Apartments
Clondalkin, Dublin 18                 Inchicore, Dublin 8                    Drimnagh, Dublin 12                    Inchicore, Dublin 8
The Company acquired Coldcut          The Company acquired Camac             The Company acquired Lansdowne         The Company acquired Tyrone
Park, located on Coldcut Road in      Crescent, located in Inchicore,        Gate, a superior quality development   Court, located in Inchicore, Dublin 8,
Clondalkin, Dublin 18, in August      Dublin 8, in September 2013. The       on 2.2 ha (5.5 acres) in Drimnagh,     in June 2015. The development was
2016. The Company’s 90 residential    development was constructed in         Dublin 12, in October 2014. The        constructed in 2014 and consists of
apartments consist of 18 one-         2008 and is a residential              development consists of 280            131 apartments across four
bedroom, 22 two-bedroom, 33 three-    development on a 0.56 ha (1.4 acre)    residential apartments, 224 of which   residential apartment blocks, 95 of
bedroom and 17 four-bedroom           site located in Inchicore, Dublin 8,   are owned by the Company, set in       which are owned by the Company.
residential apartments. The           approximately 3 km west of Dublin      11 blocks over semi-basement car       The Company’s 95 residential
development was constructed in        City Centre. The development           parking, with the benefit of a         apartments consist of four three-
2012 and consists of 93 apartments,   consists of 110 residential            centralised district heating system,   bedroom duplex units, three three-
90 of which are owned by the          apartments dispersed over six          landscaped gardens and a children’s    bedroom, 64 two-bedroom and 24
Company. The property is located      blocks, 90 of which are owned by the   playground. The Company’s 224          one-bedroom apartments. The
near Liffey Valley Shopping Centre,   Company. The entire development is     residential apartments consist of 23   property is located in an established
LUAS Red Line and Cherry Orchard      constructed over a common              one-bedroom, 146 two-bedroom and       residential area close to Drimnagh
Railway Station.                      basement with a single car park        55 three-bedroom residential           Station, which is a 15-minute
                                      space per residential apartment. The   apartments. The development was        commute to City Centre. Located
                                      Company’s 90 residential apartments    constructed in 2005 and is located     nearby are St. James’s Hospital,
                                      consist of 21 one-bedroom, 49 two-     adjacent to the LUAS light rail        Inchicore College, the Central
                                      bedroom and 20 three-bedroom           system, 5 km from the City Centre      Criminal Court and Heuston Station,
                                      residential apartments.                and within walking distance of         all of which provide a strong
                                                                             numerous large employers, as well      employment centre and tenant
                                                                             as shopping and leisure facilities.    market.

                                                                                                                                                             20
IRISH RESIDENTIAL PROPERTIES REIT plc                                                                                                       2018 Investor Presentation Irish Residential Properties REIT plc

Strong Governance
Board of Directors

                                                           Margaret                                  Mark Kenney                                         Aidan O’Hogan
   Declan Moylan                                           Sweeney                                                                                     Independent Non-Executive
       Independent Non-                                                                      Non- Independent and Non-Executive
                                                I-RES CEO & Executive Director                 Director, (Investment Manager                         and Senior Independent Director
      Executive Chairman
• Former Managing Partner and                  • Former CEO of daa plc (Dublin               Nominee) (Joined the Board 1 January                  • Fellow of the Society of Chartered
  Former Chairman of Mason Hayes &               Airport Authority) and Postbank                             2019)                                   Surveyors Ireland and past
  Curran and Chairman of the firm’s              Ireland Limited. Former Director                • Currently the President and Chief                 president of Irish Auctioneers and
  International Practice Group                   with KPMG.                                        Operating Officer of CAPREIT                      Valuers Institute
                                                                                                                                                   • Former Chairman of Savills Ireland

                        Joan Garahy                                        Phillip Burns                                  Tom Kavanagh
                Independent Non-Executive Director                Non-Independent and Non-Executive                 Independent Non-Executive Director
               • Currently a member of the board of                           Director                            • Former Partner at Deloitte Ireland,
                 directors of Kerry Group plc (ISE: KRZ)                                                            experience in professional practice as a
                                                                   • Chief Executive Officer and trustee of         business advisor, corporate restructuring
               • Has 28 years of experience of advising              European Commercial Real Estate                expert and insolvency practitioner
                                                                     Investment Trust (TSXV:ERE.UN)
                                                                                                                                                                                                           21
                 on and managing investment funds

                                                                                                                                                                                                     21
2018 Investor Presentation Irish Residential Properties REIT plc

 Investment Management
                                                               Investment Management Arrangements Summary

        I-RES Fund Management, an Irish subsidiary of      • IRES Fund Management Limited (“IRES Fund”), an indirect wholly
        CAPREIT, is the company’s investment                 owned subsidiary of CAPREIT, became authorised as an AIFM on
        manager.                                             November 2015 for initial term of 5 years from that date.
                                                           • I-RES Fund has the ability to serve 12 months notice of the
        ABOUT CAPREIT                                        termination of the IMA after 1 November, 2019.
        Founded in 1997, a Canadian leader in the
        professional property management of rental         • IRES REIT (the Company) may internalise at no cost after the initial
        accommodation, owns interest in 57,476               term of the IMA.
        residential units, comprising 45,800 residential   • Pursuant to the IMA, the Company pays annual management fees
        suites and 72 manufactured home communities          (the “Management Fee”) equal to 0.5% of the Company’s Asset
        comprising 11,676 land lease sites located in        Management NAV(1) and 3% of gross rental income to IRES Fund.
        and near major urban centres across Canada         • CAPREIT Limited Partnership provides property management,
        and The Netherlands (1)                              administrative, financial, due diligence, marketing, IT and other
                                                             services to IRES Fund pursuant to the terms of a services
        By leveraging the global expertise, systems
                                                             agreement. The fees owing to CAPREIT Limited Partnership under
        and technology platforms of CAPREIT, IRES
                                                             the services agreement are paid out of the Management Fees.
        Fund Management delivers a superior tenant
        experience and performance for                     • Options up to a maximum of 10% of shares outstanding may be
        shareholders                                         issued under the Company’s long-term incentive plan, will have a
                                                             maximum life of 7 years and vest at a rate of 1/3rd each year
                                                            Notes: The Company’s Asset Management NAV is the figure used for the purpose of calculating the
                                                            annual fees under the AIFM agreement and the IMA, which from January to June in each year is
                                                            based on the prior 31 December independent valuation adjusted for acquisitions and/or disposals in
                                                            January to June of that year, and which from July to December in each year is based on the prior 30
                                                            June independent and/or Board valuation (as applicable) adjusted for acquisition and/or disposals in
                                                            July to December of that year.

                                                                                                                                                           22
1 As at June 20, 2019
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 not purport to be comprehensive. The Company is not undertaking any
obligation to provide any additional information or to update this presentation or to correct any inaccuracies that become apparent. This presentation is neither a prospectus nor an offer nor an invitation to
apply for securities. The information contained in this presentation is subject to material updating, completion, revision, amendment and verification. Any prospective investor must make its own investigation
and assessments and consult with its own adviser concerning any evaluation of the Company and its prospects.

No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, IRES Fund Management Limited (“IRES Fund Management”) or any of their respective
shareholders, directors, officers, employees, advisers, representatives, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions
contained in this presentation. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this presentation and neither of the Company or
IRES Fund Management, nor any of their employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in
contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain financial and statistical information
contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This presentation contains forward-looking statements which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or
"believe" (or the negatives thereof) or other variations thereon or comparable terminology. Such forward-looking statements are based on the beliefs of its management as well as assumptions made and
information currently available to the Company. Forward-looking statements speak only as of the date of this presentation and the Company and IRES Fund Management expressly disclaim any obligation or
undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, including any changes in its expectations or any changes in events, conditions or circumstances on which
these forward-looking statements are based. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in
such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. There is no
guarantee that the Company will generate a particular rate of return.

To the extent indicated, certain industry, market and competitive position data contained in this presentation come from third party sources. Third party industry publications, studies and surveys generally state
that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of
these publications, studies and surveys has been prepared by a reputable source, neither the Company nor IRES Fund Management have independently verified the data contained therein. In addition, certain of
the industry, market and competitive position data contained in this presentation may come from the Company’s own internal research and estimates based on the knowledge and experience of the Company
and IRES Fund Management in the Irish market. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not
been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data
contained in this presentation.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORMS THE BASIS OF OR BE
RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES
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