IRES REIT Annual al Genera ral l Sh Shar arehol olders rs' - - PowerPoint PPT Presentation

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IRES REIT Annual al Genera ral l Sh Shar arehol olders rs' - - PowerPoint PPT Presentation

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IRES REIT Annual al Genera ral l Sh Shar arehol olders rs' Meeti ting May 26, 2015 The presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information

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I•RES REIT

Annual al Genera ral l Sh Shar arehol

  • lders

rs' Meeti ting

May 26, 2015

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2

The presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed

  • r

implied by these forward-looking

  • statements. The Directors undertake no obligation to update any forward-

looking statements contained in this presentation, whether as a result of new information, future events, or otherwise.

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OBJECTIVES

Enhanced Shareholder Value

Enhance Cash Flow Build Quality Portfolio Landlord of Choice

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SI SIGNI GNIFI FICAN ANT T PROG ROGRE RESS SS SI SINC NCE IN INIT ITIA IAL OF OFFE FERI RING NG

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SOLID ORGANIC GROWTH

Average monthly rent

Initial Portfolio

Occupancy

Initial Portfolio

NRI margin

Operating performance since acquisition

Initial Portfolio Total Portfolio

Note: (1) For the period 02 July 2013 to 30 September 2014. (2) For the six months to December 2014.

81% for H2 2014(2) 77% to September 2014 (1)

Initial Portfolio as at 31 December 2014 Initial Portfolio at acquisition in September 2013 Total Portfolio

93% 100%

Initial Portfolio

€900 €1,117

Initial Portfolio

71%

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STRONG RESULTS

€ 7.9M Net Profit(1) € 0.995 EPRA NAV(2) 37.6% Loan to Value(2) € 1.032 Proforma NAV(2)(3)

Snapshot 31 December 2014

Note: (1) For the period 1 July 2013 to 31 December 2104 (2) As at 31 December 2014. (3) Excluding one-off transaction costs related to acquisitions a at 31 December 2104 .

Includes only two months of acquisitions – 68% of portfolio

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ENHANCING SHAREHOLDER VALUE

First Cash Dividend €0.48 cent per share

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CAPREIT – A PROVEN TRACK RECORD

0% 200% 400% 600% 800% 1000% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

937% (1) 244%

CAPREIT S&P TSX

Total Unitholder Return Since IPO Fully Aligned – 15.7% Ownership in IRES as of 26 March 2015

Note: (1) From November 1997 to 31 January 2015

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STRONG & GROWING PORTFOLIO

Map data: Google. Camac Crescent 90 suites Lansdowne Gate 224 suites The Laurels 19 suites Priorsgate 102 suites Kings Court 83 suites Charlestown 235 suites Bakers Yard The Marker Grande Central 85 suites 84 suites 65 suites Beacon South Quarter 217 suites Rockbrook portfolio 270 suites

* Tyrone Court expected to be acquired June 2015

Tyrone Court* 92 suites

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LO LOOKI OKING NG AH AHEAD AD

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  • 1. O

ORGANIC IC GROWTH

  • Maximize occupancy, enhance retention, minimize turnover
  • Grow ancillary revenue streams
  • Operational cost savings and efficient procurement

Benefiting from CAPREIT’s Proven Track Record

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2: P PORTFOLIO IO GROWTH

  • Consolidate fragmented Irish rental property market
  • Limited institutional ownership, historically dominated by individuals
  • Significant potential acquisition pipeline:
  • National Asset Management Agency (NAMA)
  • Banking Institutions
  • Private Equity & Off-Market Opportunities
  • Potential planning permissions for the completion of a significant number of

suites.

  • Assuming gearing in the range of 45% - 50%, I-RES has the capacity to take on

up to €315 million to €385 million of bank debt to be used to further grow its portfolio, including to be utilized to acquire Tyrone Court for €19.45 million (including VAT, but excluding other transaction costs).

A Strong and Growing Pipeline of Growth Opportunities

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Summary

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IN INVESTMENT HIG IGHLIG IGHTS

  • Fully integrated management platform
  • Experienced & majority independent Board
  • Aligned interests with Manager
  • Improving Irish economic conditions
  • Solid organic growth to date
  • Opportunity to build a substantial portfolio
  • Significant portfolio growth to date
  • Committed, long-term player

Solid Progress Since Initial Offering

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Resolution 1

To receive and consider the Director’s Report and Financial Statements for the period from 2 July 2013 (date of incorporation) to 31 December 2014

Proxy Votes held % For 258,919,327 99.94 Against Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 2(a)

To elect David Ehrlich as a Director

Proxy Votes held % For 258,914,744 99.94 Against 4,583 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 2(b)

To elect Declan Moylan as a Director

Proxy Votes held % For 258,914,744 99.94 Against 4,583 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 2(c)

To elect Aidan O’Hogan as a Director

Proxy Votes held % For 237,018,445 97.11 Against 6,900,882 2.83 Vote withheld 15,000,000 NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 2(d)

To elect Colm Ó Nualláin as a Director

Proxy Votes held % For 258,914,744 99.94 Against 4,583 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 2(e)

To elect Thomas Schwartz as a Director

Proxy Votes held % For 258,914,744 99.94 Against 4,583 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 3

To authorise the Directors to fix the remuneration of the Auditors in respect of the period expiring at the next AGM of the Company

Proxy Votes held % For 243,914,744 94.15 Against 15,000,000 5.79 Vote withheld 4,583 NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 4

Authority to allot relevant securities

Proxy Votes held % For 258,919,327 99.94 Against Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 5

Disapplication of pre-emption rights with respect to shares

Proxy Votes held % For 255,440,177 98.60 Against 3,479,150 1.34 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 6

Disapplication of pre-emption rights in relation to awards under the Company’s 2014 Long Term Incentive Plan

Proxy Votes held % For 258,914,744 99.94 Against 4,583 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 7

Authority to make market purchases of ordinary shares

Proxy Votes held % For 258,919,327 99.94 Against Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 8

Authority to re-issue treasury shares

Proxy Votes held % For 255,444,760 98.60 Against 3,474,567 1.34 Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 9(a)

Amendment to Memorandum of Association of the Company

Proxy Votes held % For 258,919,327 99.94 Against Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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Resolution 9(b)

Amendment to Articles of Association of the Company

Proxy Votes held % For 258,919,327 99.94 Against Vote withheld NA Discretion (Chairman) Discretion (Third Party) 146,666 0.06

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I•RES REIT

Annual al Genera ral l Sh Shar arehol

  • lders

rs' Meeti ting

May 26, 2015