Irish Residential Properties REIT plc
February 2019
Preliminary Results 31 December 2018
BUILDING COMMUNITIES CREATING VALUE Preliminary Results 31 - - PowerPoint PPT Presentation
BUILDING COMMUNITIES CREATING VALUE Preliminary Results 31 December 2018 Irish Residential Properties REIT plc February 2019 D I S C L A I M E R Cautionary Statements This presentation has been prepared by Irish Residential Properties REIT
Irish Residential Properties REIT plc
February 2019
Preliminary Results 31 December 2018
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
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
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
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
D I S C L A I M E R
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Irish Residential Properties REIT plc
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2018 Highlights Financial Results Investment Case Market Backdrop Operational Structure Scaled Asset Base Growth Opportunities Growing Dividends StrongGovernance High Quality Portfolio
Net Rental Income (€ millions) Occupancy %
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98.7 99.8 99.8
80.0 85.0 90.0 95.0 100.0
2016 2017 2018
30.6 36.3 41.2 12.0 17.0 22.0 27.0 32.0 37.0 42.0 47.0
2016 2017 2018
+13.5%
Irish Residential Properties REIT plc
Revenue from Investment Properties (€ millions)
38.8 44.7 50.6 15 20 25 30 35 40 45 50 55
2016 2017 2018
Average Monthly Rent (€)
1,427 1,517 1,599
1,300 1,350 1,400 1,450 1,500 1,550 1,600
2016 2017 2018
+13.2% +5.4%
Profit for 2018: €119.8m, +84% (2017: €65.1m) EPS for 2018: 28.0 cents, +79% (2017: 15.6 cents)
EPRA NAV (€ millions) EPRA Earnings per Share (€ cents) Dividends per Share (€ cents)
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469.6 504.2 619.6
100 200 300 400 500 600 700
2016 2017 2018
4.9 6.0 6.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
2016 2017 2018
+22.9% +8.3%
4.9 5.2 5.6 1 2 3 4 5 6
2016 2017 2018 Irish Residential Properties REIT plc
EPRA Earnings EPRA Earnings €27.8m , +11.7% EPRA NAV per Share 31 December 2018; 142.0 cents, +19.8% (31 December 2017 ; 118.5 cents)
Portfolio Valuation (€ millions)
Portfolio 2679 units; Acquisitions and Developments +€77.5m; Fair value +€92.7m, +12.6%*
*Based on investment properties owned at 31 December 2017, excluding Hansfield Woods and Hampton Woods
Additional and Total Dividend Additional dividend of 3.0cents Total Dividend 2018, 5.6 cents , +7.7%
+7.7%
685.1 750.9 921.3 200 400 600 800 1000
2016 2017 2018
+22.7%
Grande Central – Sandyford, Dublin 18
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HansfieldWood – Dublin 15
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For the Year Ended 31 December 2018 31 December 2017 % Increase/ Decrease
Revenue from Investment Properties(€,000) 50,608 44,693 13.2% Net Rental Income (€,000) 41,158 36,271 13.5% Profit (€,000) 119,785 65,079 84.0% Basic Earnings Per Share (cents) 28.0 15.6 79.5% EPRA Earnings Per Share (cents) 6.5 6.0 8.3%
As at 31 December 2018 31 December 2017 % Increase/ Decrease
Occupancy 99.8% 99.8%
€1,599 €1,517 5.4% Gross Yield 6.1% 6.6%
Total Number of Apartments 2,679 2,450 9.3%
As At 31 December 2018 31 December 2017
Total Property Value € 921.3m € 750.9m Net Assets € 618.7m €504.0m EPRA Net Assets € 619.6m €504.2m Basic NAV per share (cents per share) 142.5 120.8 EPRA NAV per share (cents per share) 142.0 118.5 GroupTotal Gearing 33.6% 33.0% Acquisition Capacity (at 45% LTV)
Grande Central – Sandyford, Dublin 18
8 130.2m 354.6m 315.2m 121.4m Value of Investment Properties By Location (€’m) City Centre Prime Suburbs Secondary Suburbs Inchicore/Drimnagh
Irish Residential Properties REIT plc
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Irish Residential Properties REIT plc
Property Location Location Age # apartments owned
Value (€ millions) as at
% Change from 2017 31-Dec-18 30-Jun-18 31-Dec-17 City Centre 1 Kings Court Smithfield 12.5 83 € 23.7 € 21.8 € 21.3 11.3% 2 The Marker(5) Docklands 6.5 85 € 72.3 € 68.1 € 63.1 14.6% 3 Bakers Yard Dublin 11 86 € 26.2 € 23.7 € 22.5 16.4% 4 City Square Gloucester St 12.5 23 € 8.0 € 6.6 € 6.1 31.1% Total 277 € 130.2 € 120.2 € 113.0 15.2% Prime Suburbs 5 BSQ Sandyford 11 225 € 85.1 € 90.6 € 82.2 3.5% 6 Grande Central Sandyford 11.5 65 € 25.1 € 24.0 € 22.4 12.1% 7 Rockbrook Grande Central Sandyford 11.5 81 € 33.0 € 32.4 € 30.2 9.3% 8 Rockbrook South Central Sandyford 11.5 189 € 89.2 € 85.3 € 78.0 14.4% 9 Forum Sandyford 11.5 8 € 3.0 € 2.7 € 2.4 25.0% 10 The Maple Sandyford 1.5 68 € 31.5 € 28.5 € 27.7 13.7% 11 Bessboro Terenure 10.5 40 € 15.5 € 14.4 € 13.2 17.4% 12 Elmpark Green Merrion 12.5 201 € 72.2 € 67.8 € 63.7 13.3% Total 877 € 354.6 € 345.7 € 319.8 10.9% Secondary Suburbs 13 Priorsgate Tallaght 11.5 103 € 25.0 € 23.5 € 21.2 17.9% 14 The Laurels Tallaght 11.5 19 € 4.0 € 4.0 € 3.5 14.3% 15 Charlestown Finglas 11.5 235 € 65.8 € 65.2 € 59.9 9.8% 16 Tallaght Cross West Tallaght 10.5 442 € 110.1 € 102.6 € 91.0 21.0% 17 Coldcut Park Clondalkin 6.5 90 € 21.2 € 20.6 € 20.1 5.5% Total 889 € 226.1 € 215.9 € 195.7 15.5% Inchicore/Drimnagh 18 Camac Crescent Inchicore 10.5 90 € 21.7 € 21.0 € 20.4 6.4% 19 Lansdowne Gate Drimnagh 13.5 224 € 71.8 € 68.3 € 66.1 8.6% 20 Tyrone Court Inchicore 4.5 95 € 27.9 € 25.7 € 24.3 14.8% Total 409 € 121.4 € 115.0 € 110.8 9.6% Total for investment properties owned as at 31 December 2017 2,452 € 832.3 € 796.8 € 739.3 12.6% 21 Hansfield Wood I Ongar 1 99 € 37.3 € 29.8 € 11.6 221.6% Hansfield Wood II Ongar <1
n/a n/a n/a 22 Hampton Wood Finglas 1 128 € 41.2 € 41.9 n/a n/a Total for investment properties owned as at 31 December 2018 2,679 € 921.3 € 868.5 € 750.9 22.7%
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435 469.6 504.2 619.6 104.3 112.5 118.5 142.0 100 120 140 160 350 400 450 500 550 600 650 2015 2016 2017 2018 Cents per share € millions
EPRA NAV
EPRA NAV EPRA NAV per share (cents)
EPRA NAV growth through accretive acquisitions and NRI growth, while maintaining LTV%
8.6% 31.3% 33.0% 33.6% 0% 10% 20% 30% 40% 50% 2015 2016 2017 2018
Total Group Gearing
LTV Target Max
Irish Residential Properties REIT plc
2018 Acquisition & Development Highlights
Attractive Market Backdrop
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Irish Residential Properties REIT plc
Strong Operational Structure (Local & Global) Attractive & Scaled Performing Asset Base Organic & Inorganic Growth Opportunities Strong Financial Performance
Strong economic fundamentals of the Irish economy Population growth Increasing foreign direct investment Local management team implementation
Supported by CAPREIT a global market leader providing expertise, systems and technology platform 12.6% increase in the fair value of investment properties(1) As at 31 December 2018, invested c. €715m(2) in 2,679 apartments across Dublin Investments of €77.7m made in 2018 Pipeline of future asset growth of c.30% from owned sites and forward purchase transactions announced 13.5% increase in Net Rental Income to €41.2m (2017: €36.3m) 31 December 2018 Dividend yield 4.14% (31 December 2017: 3.47%)
1. Excluding the 2018’s acquisition of Hampton Woods and Hansfield Wood (phase I and phase II developments) 2. Including VAT and other transaction costs
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Demand Outweighs Supply
Ireland dwelling completions were 18,072(1) while annual new household formation is estimated at 30,000 – 50,000(2)
policy and central bank mortgage limits
rentals
(1) Source: Central Statistics Office- 2018 (2) Source: Economic and Social Research Institute (ESRI) (3) Central Statistics Office and Central Bank of Ireland (4) Central Statistics Office
Economic Growth
fastest-growing economies in Europe
estimated GDP growth of 7.5% in 2018 (3)
upward pressure on employee compensation
Irish economy from multinational corporations in the technology and services sectors
Population Growth
population of Irish-born and international workforce
2011 to 4.86m in 2018(4)
continue for the foreseeable future
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Irish Residential Properties REIT plc
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Irish Residential Properties REIT plc
Source: Central Statistics Office, Central Bank of Ireland
2 4 6 8 10 12 14 16 18 1,500 1,750 2,000 2,250 2,500 Q198 Q102 Q106 Q110 Q114 Q118 '000
Total Employment
Total Employment ('000) Unemployment % (RHS)
1.3% 8.8% 25.1% 5.0% 7.2% 7.5% 4.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2013 2014 2015 2016 2017 2018F 2019F
Irish GDP Growth
2,500 3,000 3,500 4,000 4,500 5,000
50 100 150
Drivers of Population Change '000
Natural increase Net migration Population
Technology and Systems Staff T raining Knowledge & Experience Hands-on Approach Resident Communications
Irish Residential Properties REIT plc
Build a growing portfolio of high- quality residential assets in desirable areas Deliver industry leading professional property management with 24/7 service and support Attract and retain high-quality clients Generate stable and growing dividends for I-RES REIT shareholders
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Irish Residential Properties REIT plc
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 48,180 residential units in Canada and 3,348 residential units in Europe
(1)
By leveraging the global expertise, systems and technology platforms of CAPREIT, IRES Fund Management delivers a superior tenant experience and performance for shareholders
subsidiary of CAPREIT, became authorised as an AIFM on November 2015 for initial term of 5 years from that date.
the IMA after 1 November, 2019.
the IMA.
“Management Fee”) equal to 0.5% of the Company’s Asset Management NAV(1) and 3% of gross rental income to IRES Fund.
administrative, financial, due diligence, marketing, IT and other services to IRES Fund pursuant to the terms of a services agreement. The fees owing to CAPREIT Limited Partnership under the services agreement are paid
under the Company’s long-term incentive plan, will have a maximum life
Investment Management Arrangements Summary
Notes: (1) 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.
Development of Existing I-RES Properties
628(1)apartments at currently-owned I-RES properties
already in place.
available on currently-owned commercial properties
Note:(1) subject to planning and any other approvals.
Development Partnerships
Forward purchase agreements with local builders and developers for new supply of multi-family and single- family units
Acquisition of Completed Assets
community infrastructure – in particular, schools
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Irish Residential Properties REIT plc
HansfieldWood , Dublin 15
I-RES made its first acquisition in partnership with a local builder at Hansfield Wood, Dublin 15.
(including VAT, but excluding other transaction costs), completed during 2018
On the 16 November 2018, I-RES announced a further agreement to acquire a 95 unit apartment building for a total consideration of €30 million in Hansfield Wood.
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Irish Residential Properties REIT plc
Hampton Wood, Dublin 11
On the 16 November 2018, I-RES entered into an agreement with a subsidiary of Dalata Hotel Group plc to acquire up to 69 residential units to be developed on the site of the Tara Towers Hotel, Merrion Road, Dublin 4 for up to €47.16m.
host of potential occupiers
2021)
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MerrionRoad, Dublin 4
Irish Residential Properties REIT plc
628(1)apartments at currently-owned I-RES properties, of which planning permission for 80 apartments had been granted in 2018
already in place
currently-owned commercial properties
Note:(1) Subject to planning and any other approvals. Irish Residential Properties REIT plc
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I-RES Development Sites
Name # Units at Completion Status
Tallaght Cross West 18 Planning permission granted Bakers Yard 61 Planning permission granted Coldcut (Conversion) 1 Planning permission granted Priorsgate (Bruce House) 31 Planning permission granted Priorsgate (Conversion) 5 Planning permission granted BSQ (B4) 84 Notification of Decision to Grant planning permission Rockbrook
Planning application submitted in Dec 2018 Total 628 BSQ (B3) 45 Pre-Planning submission issued Total 673
I R I S H R E S I D E N T I A L P R O P E R T I E S R E I T p l c
Board of Directors
Declan Moylan
Independent Non- Executive Chairman
Former Chairman of Mason Hayes & Curran and Chairman of the firm’s International Practice Group
Margaret Sweeney
I-RES CEO & Executive Director
Airport Authority) and Postbank Ireland Limited. Former Director with KPMG.
Mark Kenney
Non- Independent and Non-Executive Director, (Investment Manager Nominee) (Joined the Board 1 January 2019)
Operating Officer of CAPREIT
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Aidan O’Hogan
Independent Non-Executive and Senior Independent Director
Surveyors Ireland and past president of Irish Auctioneers and Valuers Institute
Joan Garahy
Independent Non-Executive Director
directors of Kerry Group plc (ISE: KRZ)
Phillip Burns
Non-Independent and Non-Executive Director
experience in professional practice as a business advisor, corporate restructuring expert and insolvency practitioner
Tom Kavanagh
Independent Non-Executive Director
European Commercial Real Estate Investment Trust (TSXV:ERE.UN)
3.15 2.50 4.90 3.15 2.50
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Irish Residential Properties REIT plc
Sustainable Growing Asset Values, Earnings & Dividends Strong Growth Pipeline and Opportunities
current owned sites (subject to successful planning permissions), and forward purchase contracts
for €14 million (including VAT but excluding other transaction costs) in February 2019 at an expected gross yield of 6.1% .
Strong Real Estate Fundamentals
IRISH RESIDENTIAL PROPERTIES REIT plc
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Note: (1) As at 31 December 2018 (2) Based on residential apartments
Irish Residential Properties REIT plc Property Location Year Built # apartments owned(1) Value as at 31 December 2018(1) Commercial space owned (sqm)(1) Average mthly rent per apt.(1) (2) Occupancy (1) (2) City Centre 1 Kings Court Smithfield 2006 83 € 23.7m 566 € 1,464 100.00% 2 The Marker Docklands 2012 85 € 72.3m 1,218 € 2,771 97.60% 3 Bakers Yard Portland Street North 2007/2008 86 € 26.2m 792 € 1,486 100.00% 4 City Square Gloucester Street 2006 23 € 8.0m 57 € 1,632 100.00% Total 277 € 130.2m 2,633 € 1,886 Prime Suburbs 5 BSQ Sandyford 2007/2008 225 € 85.1m 2,395 € 1,853 99.60% 6 Grande Central Sandyford 2007 65 € 25.1m
100.00% 7 Rockbrook Grande Central Sandyford 2007 81 € 33.0m 3,529 € 1,661 100.00% 8 Rockbrook South Central Sandyford 2007 189 € 89.2m 1,136 € 1,687 100.00% 9 Forum Sandyford 2007 8 € 3.0m
100.00% 10 The Maple Sandyford 2017 68 € 31.5m
100.00% 11 Elmpark Green Merrion 2006 201 € 72.2m
99.50% 12 Bessboro Terenure 2008 40 € 15.5m
100.00% Total 877 € 354.6m 7,060 € 1,735 Secondary Suburbs 13 Priorsgate Tallaght 2007 103 € 25.0m 2,538 € 1,199 99.00% 14 The Laurels Tallaght 2007 19 € 4.0m 190 € 1,286 100.00% 15 Charlestown Finglas 2007 235 € 65.8m
100.00% 16 Tallaght Cross West Tallaght 2008 442 € 110.1m 18,344 € 1,287 99.80% 17 Coldcut Park Clondalkin 2012 90 € 21.2m
100.00% Total 889 € 226.1m 21,072 € 1,322 Inchicore/Drimnagh 18 Camac Crescent Inchicore 2008 90 € 21.7m
100.00% 19 Lansdowne Gate Drimnagh 2005 224 € 71.8m
100.00% 20 Tyrone Court Inchicore 2014 95 € 27.9m
100.00% Total 409 € 121.4m
Total investment properties owned as at 31 December 2017 2,452 €832.2m 30,765 € 1,572 99.80% 21 Hansfield Wood Ongar 2018 99 € 37.3m
99.00% Hansfield Wood II Ongar 2018
Hampton Wood Finglas 2018 128 € 41.3m
100.00% Total investment properties owned as at 31 December 2018 2,679 € 921.3m 30,765 € 1,599 99.80%
15 03 02 12 11 04 16 05 01 21 23 22 07 08 06 13 17 14 09 10 18 20
DUBLIN CITY CENTRE 01 KINGS COURT Sandyford D7 (83 Units) 02 THE MARKER Docklands D2 (84 Units) 03 BAKERS YARD Portland Street North D1 (85 Units) 04 CITY SQUARE Gloucester St D2 (23 units) PRIME SUBURBS 05 BEACON SOUTH QUARTER Sandyford D18 (225 Units) 06 GRANDE CENTRAL Sandyford D18 (65 Units) 07 ROCKBROOK GRANDE CENTRAL Sandyford D18 (81 Units) 08 ROCKBROOK SOUTH CENTRAL Sandyford D18 (189 units) 09 THE FORUM Sandyford D18 (8 units) 10 THE MAPLE Sandyford D18 (68 Units) 11 ELMPARK GREEN Merrion Road D4 (201 Units) 12 BESSBORO Terenure D6 (40 Units) SECONDARY SUBURBS 13 PRIORSGATE Tallaght D24 (103 Units) 14 THE LAURELS Tallaght D24 (19 units) 15 CHARLESTOWN Finglas D11 (235 units) 16 TALLAGHT CROSS WEST Tallaght D24 (442 Units) 17 COLDCUT PARK Clondalkin D22 (90 Units) 18 HANSFIELD WOOD Ongar, D15 (99 Units) 19 HANSFIELD WOOD (II) Ongar, D15 (95 Units) 20 HAMPTON WOOD Finglas, D11 (128 Units) INCHICORE DRIMNAGH 21 CAMAC CRESCENT Inchicore D8 (90 units) 22 LANSDOWNE GATE Drimnagh D12 (224 Units) 23 TYRONE COURT Inchicore D8 (95 Units)
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IRISH RESIDENTIAL PROPERTIES REIT plc
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North King Street, Smithfield, Dublin 7
Building Features:
with secure access through electronic gates
Neighbourhood Features:
Smithfield and Four Courts stops within 500m
The Law Society of Ireland, The Four Courts, Smithfield Market, Phoenix Park and Rotunda Hospital
1,700 acres of activities
Property Details(1)
Year Built: 2006 # of apartments owned: 83 Total # of apartments: 83 Valuation as at 31 Dec: €23.7m Passing rent as at 31 Dec: € 1,553m (annualised) AMR per apartment as at 31 Dec: € 1,464 Occupancy as at 31 Dec: 100% Commercial Area: 566sqm (6,092 sq.ft.)
Apartment Breakdown
One Bedroom 25 Two Bedroom 54 Three Bedroom 4
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Grand Canal Square, Docklands, Dublin, Dublin 2
Building Features:
integrated appliances and worktops
to ceiling marble walls and underfloor heating
pond
hotel leisure facilities
Neighbourhood Features:
Convention Centre, The 3Arena, Aviva Stadium and Croke Park and Grafton Street
Street and the LUAS tram line in the North Docklands
Property Details(1)
Year Built: 2012 # of apartments owned: 85 Total # of apartments: 105 Valuation as at 31 Dec: €72.3m Passing rent as at 31 Dec: €3,179m (annualised) AMR per apartment as at 31 Dec: € 2,771 Occupancy as at 31 Dec: 97.6% Commercial Area: 1,218 sqm (13,111 sq.ft.)
Apartment Breakdown
One Bedroom Two Bedroom 85 Three Bedroom
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
North Portland Street, Dublin, Dublin 1
Building Features:
bedrooms in all apartments
tiles to bathrooms and ensuites throughout
Neighbourhood Features:
Road quality Bus Corridor and Drumcondra suburban rail station with access to the LUAS, DART, suburban rail services
Property Details(1)
Year Built: 2007/2008 # of apartments owned: 86 Total # of apartments: 132 Valuation as at 31 Dec: €26.2m Passing rent as at 31 Dec: € 1,626m (annualised) AMR per apartment as at 31 Dec: € 1,486 Occupancy as at 31 Dec: 100% Commercial Area: 792 sqm (8,525 sq.ft.)
Apartment Breakdown
One Bedroom 13 Two Bedroom 61 Three Bedroom 12
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
City Square, Gloucester Street, Dublin 2
Building Features:
underground car parking
tenant on 2-year FRI lease
Neighbourhood Features:
Trinity College, College Green, Tara Street, Custom House Quay and O’Connell Bridge
IFSC, Grand Canal Dock, the LUAS, DART
restaurants, leisure facilities, cinemas, hotels, colleges & universities, business and office hubs
Property Details(1)
Year Built: 2006 # of apartments owned: 23 Total # of apartments: 27 Valuation as at 31 Dec: €8.0m Passing rent as at 31 Dec: € 468m (annualised) AMR per apartment as at 31 Dec: € 1,632 Occupancy as at 31 Dec: 100% Commercial Area: 57 sqm (614 sq.ft.)
Apartment Breakdown
One Bedroom 15 Two Bedroom 8 Three Bedroom
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Beacon South Quarter, Sandyford, Dublin 18
Building Features:
reception and underground car parking spaces
fully fitted integrated appliances
intercom
Neighbourhood Features:
Stillorgan LUAS stop, Close to the M50 interchange
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
Property Details(1)
Year Built: 2007/2008 # of apartments owned: 225 Total # of apartments: 880 Valuation as at 31 Dec: €85.1m Passing rent as at 31 Dec: €5,799m (annualised) AMR per apartment as at 31 Dec: €1,853 Occupancy as at 31 Dec: 99.6% Commercial Area: 2,395 sqm (25,777 sq.ft.)
Apartment Breakdown
One Bedroom 26 Two Bedroom 173 Three Bedroom 26
Irish Residential Properties REIT plc
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Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
Rockbrook, Sandyford , Dublin 18
Building Features:
dishwashers, dryers and washers
parking
Neighbourhood Features:
system stop
routes
Bewleys and other large employers in the area
Property Details(1)
Year Built: 2007 # of apartments owned: 65 Total # of apartments: 195 Valuation as at 31 Dec: €25.1m Passing rent as at 31 Dec: €1,345m (annualised) AMR per apartment as at 31 Dec: € 1,724 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 10 Two Bedroom 34 Three Bedroom 21 32
Irish Residential Properties REIT plc
Rockbrook, Sandyford, Dublin 18
Building Features:
dishwashers, dryers and washers
parking
Neighbourhood Features:
system stop
routes
Bewleys and other large employers in the area
Property Details(1)
Year Built: 2007 # of apartments owned: 81 Total # of apartments: 195 Valuation as at 31 Dec: €33.0m Passing rent as at 31 Dec: €1,875m (annualised) AMR per apartment as at 31 Dec: € 1,661 Occupancy as at 31 Dec: 100% Commercial Area: 3,529sqm (37,986sq.ft.)
Apartment Breakdown
One Bedroom 13 Two Bedroom 65 Three Bedroom 3
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Rockbrook, Sandyford, Dublin 18
Building Features:
dishwashers, dryers and washers
parking
Neighbourhood Features:
system stop
routes
Bewleys and other large employers in the area
Property Details(1)
Year Built: 2007 # of apartments owned: 189 Total # of apartments: 224 Valuation as at 31 Dec: €89.2m Passing rent as at 31 Dec: € 3,685m (annualised) AMR per apartment as at 31 Dec: € 1,687 Occupancy as at 31 Dec: 100% Commercial Area: 1,136sqm (12,228 sq.ft.)
Apartment Breakdown
One Bedroom 33 Two Bedroom 138 Three Bedroom 18
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Forum, Sandyford, Dublin 18
Building Features:
with 11 secure underground car parking
to lobbies
apartments
bathrooms
Neighbourhood Features:
with good transport links to the city centre, M50 and airport
Leadership, Royal College of Surgeons in Ireland, Reservoir House and the LUAS Green line
Beacon South Quarter portfolios
Property Details(1)
Year Built: 2007 # of apartments owned: 8 Total # of apartments: 127 Valuation as at 31 Dec: €3.0m Passing rent as at 31 Dec: € 171m (annualised) AMR per apartment as at 31 Dec: € 1,777 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 1 Two Bedroom 7 Three Bedroom
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Beacon South Quarter, Sandyford, Dublin 18
Building Features:
and state-of-the-art kitchens
reception
landscaped grounds
flooring
Neighbourhood Features:
approximately 10 km south of Dublin City Centre
LUAS stop and other transportation links, such as the M50 interchange
BSQ Shopping Centre
Apartment Breakdown
One Bedroom 4 Two Bedroom 55 Three Bedroom 9
Property Details(1)
Year Built: 2017 # of apartments owned: 68 Total # of apartments: 68 Valuation as at 31 Dec: €31.5m Passing rent as at 31 Dec: €1,670m (annualised) AMR per apartment as at 31 Dec: € 2,046 Occupancy as at 31 Dec: 100%
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
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Irish Residential Properties REIT plc
Elmpark, Merrion Road, Dublin 4
Building Features:
height oak finished internal doors
individual thermostat
with polished stone worktops and integrated appliances
glazed balustrading and timber decking
Neighbourhood Features:
Blackrock and Frascati Shopping Centres)
the immediate vicinity
Park Golf and Sports Club, Railway Union Sports Club and Blackrock Park on its doorstep
Property Details(1)
Year Built: 2006 # of apartments owned: 201 Total # of apartments: 332 Valuation as at 31 Dec: €72.2m Passing rent as at 31 Dec: € 3,835m (annualised) AMR per apartment as at 31 Dec: € 1,590 Occupancy as at 31 Dec: 99.5%
Apartment Breakdown
One Bedroom 101 Two Bedroom 96 Three Bedroom 4
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
37
Irish Residential Properties REIT plc
Bessboro, Terenure, Dublin 6
Building Features:
pressurised water system
and have high electrical specification
kitchens
Neighbourhood Features:
Centre
bars and restaurants
golf and rugby clubs
Property Details(1)
Year Built: 2008 # of apartments owned: 40 Total # of apartments: 40 Valuation as at 31 Dec: €15.5m Passing rent as at 31 Dec: € 796 m (annualised) AMR per apartment as at 31 Dec: € 1,657 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 6 Two Bedroom 32 Three Bedroom 2
Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment
38
Irish Residential Properties REIT plc
Greenhills Road, Tallaght, Dublin 24
Building Features:
accommodation with balconies
access
Neighbourhood Features:
rail system, and bus links
Institute of Technology and IDA Technology Park in the area
located nearby
Property Details(1)
Year Built: 2007 # of apartments owned: 103 Total # of apartments: 199 Valuation as at 31 Dec: €25.0m Passing rent as at 31 Dec: € 1,627 (annualised) AMR per apartment as at 31 Dec: € 1,199 Occupancy as at 31 Dec: 99% Commercial Area: 2,538sqm (21,827 sq.ft.)
Apartment Breakdown
One Bedroom 49 Two Bedroom 48 Three Bedroom 5 Four Bedroom 1
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
39
Irish Residential Properties REIT plc
Main Street, Tallaght, Dublin 24
Building Features:
apartments
Neighbourhood Features:
Shopping Centre and Tallaght Institute of Technology
and other bus routes
south west of Dublin City Centre
Tallaght Hospital
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
Property Details(1)
Year Built: 2007 # of apartments owned: 19 Total # of apartments: 19 Valuation as at 31 Dec: €4.0m Passing rent as at 31 Dec: € 343 (annualised) AMR per apartment as at 31 Dec: € 1,286 Occupancy as at 31 Dec: 100% Commercial Area: 190 sqm (2,046 sq.ft.)
Apartment Breakdown
One Bedroom 4 Two Bedroom 13 Three Bedroom 2 40
Irish Residential Properties REIT plc
Charlestown Place, Finglas, Dublin 11
Building Features:
system
contemporary sanitary ware
kitchen, living, bedroom areas
children’s playground
Neighbourhood Features:
to Dublin Airport
and in close proximity to IKEA
Property Details(1)
Year Built: 2007 # of apartments owned: 235 Total # of apartments: 285 Valuation as at 31 Dec: €65.8m Passing rent as at 31 Dec: € 3,927 m (annualised) AMR per apartment as at 31 Dec: € 1,392 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 36 Two Bedroom 164 Three Bedroom 35
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
41
Irish Residential Properties REIT plc
Tallaght Cross West, Tallaght, Dublin 24
Building Features:
with fully fitted kitchens and bathrooms
throughout and video entry phone system
Neighbourhood Features:
centre after Dublin City and Cork
Centre and approx. 3km from the M50 motorway
South Dublin County Council, The Square Shopping Centre, and Tallaght IT (3rd level education institute)
Campus, City West Hotel, and Tallaght Stadium
Property Details(1)
Year Built: 2008 # of apartments owned: 442 Total # of apartments: 507 Valuation as at 31 Dec: €110.1m Passing rent as at 31 Dec: € 7,470m (annualised) AMR per apartment as at 31 Dec: € 1,287 Occupancy as at 31 Dec: 99.8% Commercial Area: 18,344sqm (197,453 sq.ft.)
Apartment Breakdown
One Bedroom 161 Two Bedroom 237 Three Bedroom 44
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
42
Irish Residential Properties REIT plc
Coldcut Road, Clondalkin, Dublin 22
Building Features:
central heating
glazed windows and doors
modern appliances
Neighbourhood Features:
facilities including Liffey Valley Shopping Centre
centre, 1.6km to Park West and Cherry Orchard railway station, 5.4km to LUAS red line, close to M50 motorway
include Cherry Orchard Hospital, Allianz, Applegreen, C&C Group plc and Diageo
Property Details(1)
Year Built: 2012 # of apartments owned: 90 Total # of apartments: 94 Valuation as at 31 Dec: €21.2m Passing rent as at 31 Dec: € 1,574m (annualised) AMR per apartment as at 30 June: € 1,457 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 18 Two Bedroom 22 Three Bedroom 33 Four Bedroom 17
Note: (1) As 31 Dec 2018 AMR = Average monthly rent per apartment
43
Irish Residential Properties REIT plc
Turvey Avenue, Inchicore, Dublin 8
Building Features:
washer/dryers and microwaves
garden
Neighbourhood Features:
Modern Art and Inchicore College are nearby
and Guinness are in the area
Property Details(1)
Year Built: 2008 # of apartments owned: 90 Total # of apartments: 110 Valuation as at 31 Dec: €21.7m Passing rent as at 31 Dec: € 1,514 (annualised) AMR per apartment as at 31 Dec: € 1,401 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 21 Two Bedroom 49 Three Bedroom 20
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
44
Irish Residential Properties REIT plc
Lansdowne Gate, Drimnagh, Dublin 12
Building Features:
including: playground, a number of cascading water features, seating areas, landscaped river garden and feature suspension cable pedestrian bridge
equipment and incorporates
Neighbourhood Features:
Park and Pitch Putt Course
Hospital, Excellent transportation links including: Bluebell Redline LUAS stop
Property Details(1)
Year Built: 2005 # of apartments owned: 224 Total # of apartments: 280 Valuation as at 31 Dec: €71.8m Passing rent as at 31 Dec: € 4,310 m (annualised) AMR per apartment as at 31 Dec: € 1,604 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 23 Two Bedroom 146 Three Bedroom 55
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
45
Irish Residential Properties REIT plc
Tyrone Court, Inchicore, Dublin 8
Building Features:
balcony
appliances
Neighbourhood Features:
Red Line)
stops
Eircom and Guinness are other large employers in the area
Property Details(1)
Year Built: 2014 # of apartments owned: 95 Total # of apartments: 131 Valuation as at 31 Dec: €27.9m Passing rent as at 31 Dec: € 1,795m (annualised) AMR per apartment as at 31 Dec: € 1,574 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 24 Two Bedroom 64 Three Bedroom 3 Duplex 4
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
46
Irish Residential Properties REIT plc
Hansfield Wood, Ongar, Dublin 15
Property Details(1)
Year Built: 2018 # of residential units owned: 99 Total # of residential units: 99 Valuation as at 31 Dec: €47.8m Passing rent as at 31 Dec: €2,508 (annualised) AMR per apartment as at 31 Dec: € 2,133 Occupancy as at 31 Dec: 99%
Unit Breakdown
Apartments 8 Houses 91
Building Features:
ceilings and large windows
air to water central heating system
Neighbourhood Features:
Dublin
employment, good transportation links, good infrastructure (schools) and family friendly amenities
Paypal, Xerox
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
47
Irish Residential Properties REIT plc
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
48
Hampton Woods, Finglas, Dublin 11
Property Details(1)
Year Built: 2018 # of apartments owned: 128 Total # of apartments: 128 Valuation as at 31 Dec: €41.3m Passing rent as at 31 Dec: € 2,635 m (annualised) AMR per apartment as at 31 Dec: € 1,716 Occupancy as at 31 Dec: 100%
Apartment Breakdown
One Bedroom 46 Two Bedroom 82 Three Bedroom
Building Features:
tops and timber flooring tiles
wall units
central heating
home with generous visitor parking
Neighbourhood Features:
University, Dublin Airport with a regular bus service to Dublin City Centre
retail and leisure amenities for tenants including IKEA, Charlestown Shopping Centre and Morton Stadium
include: DCU, Bristol Myers Squibb, DHL and Dublin Airport
Irish Residential Properties REIT plc
Hansfield Wood, Ongar, Dublin 15
Property Details(1)
Year Built: Under construction # of residential units owned: 95 Total # of residential units: 95 Valuation as at 31 Dec: €10.5m Passing rent as at 31 Dec: N/A AMR per apartment as at 31 Dec: N/A Occupancy as at 31 Dec: N/A
Apartment Breakdown
One bedroom 10 Two bedroom 64 Three bedroom 18 Two bedroom duplex 3
Building Features:
ceilings and large windows
air to water central heating system
Neighbourhood Features:
Dublin
employment, good transportation links, good infrastructure (schools) and family friendly amenities
Paypal, Xerox
Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment
49
Irish Residential Properties REIT plc