2018 INTERIM RESULTS Irish Residential Properties REIT plc INTERIM RESULTS
D I S C L A I M E R 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
2018 Interim Results Irish Residential Properties REIT plc Overview Highlights Financial Results Operational Excellence and Portfolio Management Portfolio Overview Acquisitions and Developments Market Update Opportunities Ahead Positive Outlook 3
2018 Interim Results Irish Residential Properties REIT plc Highlights H1 2018 – Delivering growth in value and dividends for shareholders 3 1 2 EPRA Earnings and Profits and EPS Net Rental Income ERPA EPS (‘NRI’) Profit for H1 18 : EPRA Earnings €69.5m, + 124.2% €19.3m, + 12.9% €13.0m , +9.8% (30June 2017: €31m) (June 2017: €17.1m) EPRA EPS of 3.1 EPS 16.5 cents, +123% cents, +10.7% (30 June 2017: 7.4 cents) 5 4 6 Portfolio 2608 units; Gearing (LTV) EPRA NAV per Share €868.5m +15.7% ( on Dec 2017); 30 June 2018; 30 June 2018; 133.0 Acquisitions and €277m; LTV 33.1% cents, +12.2% Developments +€58.5m; (31 December 2017 ; 118.5 Fair value +€57m, +7.8%* ( LTV policy of cents) Av. Gross yield 6.2% (Dec 45.0% ) 17, 6.6%) 4 *Based on investment properties owned at 31 December 2017, excluding Hansfield Woods and Hampton Woods
2018 Interim Results Irish Residential Properties REIT plc Strong Operating Performance Revenue from Occupancy % Average Monthly Rent /€ Net Rental Income /€m Investment Properties /€m +5.5% +11.1% +12.9% 1,550 25 20.0 100.0 99.8 19.0 98.7 98.7 1,500 24.1 19.3 23 1,539 95.0 18.0 1,450 17.0 21 21.7 17.1 90.0 16.0 1,459 1,400 19 15.0 85.0 14.0 1,399 1,350 17 17.9 14.0 13.0 80.0 1,300 15 12.0 H1 2016 H1 2017 H1 2018 2016 2017 H1 2018* H1 2016 H1 2017 H1 2018 H1 2016 H1 2017 H1 2018 * Portfolio occupancy as at 30 June 2018 of 99.6% for properties owned at 31 December 2017 5
2018 Interim Results Irish Residential Properties REIT plc Net Asset Value Growth EPRA NAV growth through accretive acquisitions and NRI growth, while maintaining LTV% EPRA NAV 600 150 576.5 550 504.2 140 Cents per share 133.0 480.4 469.6 500 € millions 446.9 130 435 419.5 118.5 450 115.1 120 112.5 400 107.2 104.3 110 350 100.6 300 100 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 EPRA NAV EPRA NAV per share (cents) Total Group Gearing 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 6 LTV Target Max
2018 Interim Results Irish Residential Properties REIT plc Growing Values and Portfolio Returns for Shareholders EPRA NAV EPRA Earnings per Share Dividends per Share ( € millions) € cents € cents 6 3.5 +10.7% 700 +14.2% 3 5 600 3.1 5.2 4.9 2.5 2.8 576 500 4 504 2 400 470 2.2 3 3.15 1.5 300 2.6 2 200 1 1 100 0.5 0 0 0 2016 2017 H1 2018 2015 2016 2017 H1 2018 H1 2016 H1 2017 H1 2018 7
PERFORMANCE – Operational Excellence Grand Central – Sandyford, Dublin 18 8
Strong Operating Performance 30 June 30 June % Increase/ For the Six Month Period Ended 2018 2017 Decrease Revenue from Investment 24,058 21,666 11.0% Properties (€,000) Net Rental Income (€,000) 19,321 17,134 12.8% Profit (€,000) 69,529 31,024 124.1% Basic Earnings Per Share (cents) 16.5 7.4 30.1% EPRA Earnings Per Share (cents) 3.1 2.8 10.7% 30 June 31 December % Increase/ As at 2018 2017 Decrease Occupancy 98.7% 99.8% -1.1% Average Monthly Rent €1,539 €1,517 1.5% Gross Yield 6.2% 6.6% -0.4% Total Number of Apartments 2,608 2,450 6.5% Grand Central – Sandyford, Dublin 18 9
Proven Investment Manager
2018 Interim Results Irish Residential Properties REIT plc Excellent Investment Manager I-RES Fund Management, an Irish subsidiary of CAPREIT , is the company’s investment manager. ABOUT CAPREIT Founded in 1997 , a Canadian leader in the professional property management of rental accommodation, owns interest in 48,272 residential units in Canada and 2,088 residential units in Europe (1) Attract and retain By leveraging the global expertise, systems Generate stable high-quality clients and technology platforms of CAPREIT, IRES and growing Fund Management delivers a superior tenant dividends for experience I-RES REIT shareholders Build a growing portfolio of high-quality residential assets in desirable areas Deliver industry leading professional property management with 24/7 service and support Note: (1) As at 30 June 2018
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