Irish Residential Properties REIT plc 2019 Annual General Meeting 2 8 M A Y 2 0 1 9
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 Highlights Growing Values & Returns for our Strong Operating Performance Shareholders EPRA NAV per share for 2018: 142.0 cents, Profit for 2018: €119.8m, +84% (2017: +19.8% (2017: 118.5 cents) €65.1m) EPRA Earnings for 2018: €27.8m, +11.7% EPS for 2018: 28.0 cents, +79% (2017: (2017: €24.9m ) 15.6 cents ) 2019 Annual General Meeting Irish Residential Properties REIT plc 3
Strong Financial Position Value of Investment Properties By Location (€’m) City Centre 121.4m 130.2m Prime Suburbs Secondary Suburbs 315.2m 354.6m Inchicore/Drimnagh Grande Central – Sandyford, Dublin 18 2019 Annual General Meeting Irish Residential Properties REIT plc 4
Delivering on our Strategy: 2018 High Quality Acquisitions and Completed Developments Hampton Wood • On 21 May 2018, completed the acquisition of 128 apartments with 128 car park spaces • Total purchase price €40.0 million • Gross yield of c.6.3% Hansfield Wood Phase I • Completed first acquisition in partnership with a local builder at Hansfield Wood • Development of 99 residential units for total consideration of €30 million, completed during 2018 • Townhouses successfully leased at a gross yield of c 7% 2019 Annual General Meeting Irish Residential Properties REIT plc 2019 Annual Shareholders’ Meeting Irish Residential Properties REIT plc 7
Delivering on our Strategy: 2018 Development Partnerships and Forward Purchase Contracts Hansfield Wood II, Dublin 15 Agreement to acquire 95 unit apartment building for a total consideration of €30 million in Hansfield Wood. • Completion of 95 units expected in Q3 2020 • Expected gross yield is in the range of 6.6% - 7.1% Merrion Road, Dublin 14 Agreement to acquire 69 residential units to be developed on the site of the Tara Towers Hotel, Merrion Road, Dublin 4 for up to €47.2m • Completion expected in Q4 2020 (long-stop date Q4 2021) • Expected gross yield in the range of 5.6% - 6.1% 2019 Annual General Meeting Irish Residential Properties REIT plc 6
I-RES Development Sites Delivering on our Strategy: Development of Existing I-RES Properties # Units at Location Status Completion Tallaght Cross West 18 Planning permission granted Bakers Yard 61 Planning permission granted Coldcut 1 Planning permission granted • Submitted planning applications for 628 apartments (Conversion) at currently-owned sites Priorsgate (Bruce House) 31 Planning permission granted • Of these, planning permissions have been received Priorsgate for 116 apartments 5 Planning permission granted (Conversion) • Rockbrook planning application submitted to Notification of Decision to Grant planning BSQ (B4) 84 Planning Board under SHD permission under appeal Rockbrook 428 Planning application submitted Total 628 Charlestown– Finglas, Dublin 11 2019 Annual General Meeting Irish Residential Properties REIT plc 7
Year-To-Date 2019 Highlights • Entered into a new Credit Facility of €450 million with a syndicate of five banks, which can be extended to €600 million • Acquisition for €14 million of 52 units at the Coast • Entered into forward purchase agreements, €56.7 million for 173 units at Balbriggan, Donabate and Waterside • This brings our Portfolio to 3069 units with an additional 628 units in planning pipeline 2019 Annual General Meeting Irish Residential Properties REIT plc 8
2019 Acquisitions The Coast, Baldoyle • On 20 February 2019, completed the acquisition of 52 residential units and 61 car spaces for a price of €13.95m • Expected gross yield c.6.1% • Amenities include golf clubs, hotels, shops and restaurants 2019 Annual General Meeting Irish Residential Properties REIT plc 9
2019 Development Partnerships Waterside, Swords, Co Dublin • Development of 55 completed apartments and duplexes with 120 surface car parking spaces • Units will be handed over turnkey and available for leasing by Q4 2019 • Expected gross yield c.6.5% • Amenities include Malahide Castle, golf, sailing, Pavilions Shopping Centre 2019 Annual General Meeting Irish Residential Properties REIT plc 10
2019 Development Partnerships Donabate and Balbriggan, Co Dublin • 78 Houses in Taylor Hill, Balbriggan • 40 Houses in Semple Woods, Donabate • Construction of the houses is well advanced with hand over turn-key planned for Q4 2019 and to be fully leased up by Q1 2020 • Expected gross yield of c.6.7% 2019 Annual General Meeting Irish Residential Properties REIT plc 11
Recommend
More recommend
