Investor presentation Interim Results for the half year ended 30 - - PowerPoint PPT Presentation

Interim Results for the half year ended 30 June 2020

Investor presentation

2

Disclaimer & Important Notice

Thispresentation(hereinafter"thisdocument")hasbeen preparedby Yew GroveREITplc(the "Company“or “Group”)forinformationpurposes only. This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. This documentisneithera prospectusnoran offernor an invitationtoapplyfor securities. Nothing contained in this document shall form the basis of any contract or commitment whatsoever. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this document. In particular, the market data in this document has been sourced from third parties. 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 document and neither the Company and its group companies nor any of their respective 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 document or its contents or otherwise arising in connection with this document. Certain information contained in this document has been obtained from published and non- published sources prepared by other parties, which in certain cases have not been updated to the date hereof. While such information is believed to be reliable for the purpose used in this document, the Company does not assume any responsibility for the accuracy or completeness of such information and which has not been independently verified by the Company. Except where

• therwise indicated herein, the information provided in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not

be updated or otherwise revised to reflectinformation that subsequently becomes available, or circumstances existing or changes occurringafter the datehereof. Forward-lookingstatements This document contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements speak only as at the date of this document. The Group will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances,unanticipatedevents,newinformationorotherwiseexcept as requiredby lawor by anyappropriateregulatory authority. THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE OR SUBSCRIBE FOR ANYSECURITIES

3

Agenda

JonathanLaredo Chief ExecutiveOfficer CharlesPeach Chief Financial Officer MichaelGibbons Chief InvestmentOfficer

Introduction Financial Highlights Portfolio & Asset Management Summary & Outlook 4 8 15 21

4

Introduction

SECTION 1

5

Yew Grove: credit focused property specialists

▪ Specialist investors in offices and industrial buildings tenanted by, and attractive to, FDIs and governmentbodies. ▪ FDIs invest across Ireland (more than 50% outside Dublin). ▪ The shortage of suitable properties in our targeted markets mean rents are rising. ▪ Despite the rapid growth of the portfolio, the credit quality

• f the rent roll and its reversionary yield has been

maintained and even improved. ▪ Validating a strategy by the strong collection performance throughout the pandemic and the maintenance of dividend payments.

Income security and capital stability

Portfolio mix by Tenant type Collections and valuation robust Rent Roll and reversionary yields since IPO

▪ Q1: 100% rent collected ▪ Q2: 97% rent collected: 2% deferred until Oct1 ▪ Q3: 98% rent collected: 1.5% deferred until Oct1 Ongoing discussions with those retail tenants that wereshut between March andJune – less than 1% of portfolio by rent roll. In the past six months, our office & industrial properties have risen in value, accompanied by a fall of €110k in retail - leading to a net portfolio reduction of €15k*.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% IPO Dec-18 Dec-19 Jun-20 Jul-20 FDI Govt SME Large Enterprise Vacant 0% 2% 4% 6% 8% 10% 12% 20 40 60 80 100 120 140 160 IPO Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jul-20

€mm

Yld at FV GRY Portfolio (LHS)

*Millennium Park was only purchased in Feb 20 (change from purchase price)

6

YewGrove

InvestmentStrategy

✓ Goodqualityincomefroma portfolioofIrishcommercialrealestatein selectlocationsoutsideDublin’sCBD ✓ Focuson officeandindustrial assets ✓ Highqualitytenantlist:Irishgovernmententities,statebodies, large enterprises, IDA Ireland supported and other FDI companies ✓ Activeassetmanagementto drive value ✓ InternallymanagedREITwithstrongshareholder alignment: 4%+ of equity held by management

Only REIT specialising in commercial property outside of Dublin CBD Supportive marketbackdrop

✓ Irelandwasthe fastestgrowingeconomyinEuropein20191 ✓ More than50% of recent FDIjob creationhas been outsideDublin2 Project Ireland 2040 supports targeted regional growth ✓ DublinCBDrents have exceededpre crisishighs,elsewhererents are mostly still below the level required to trigger construction andare stillrising,drivenbya supplydemandmismatch ✓ Opportunitiesto acquireassetsat levels significantly below replacementcost ✓ Covid-19 resilient rent roll: 37% in life sciences, 25% with government entities and 18% in finance & business services ✓ SMEs represent less than 5% and only 1% in non-food retail ✓ 7.2% vacancy4 rate and current lease negotiations give a near term opportunity to increase the rent roll ✓ Low leverage means that we are well within banking covenants.

Resilient rent roll3

✓ Ex-CBDmarketis verysignificant,c. €13bn ✓ Competition for assets is growing but the market is still institutionally under invested and purchase yields are still attractive,absolutelyand relatively ✓ Manyexisting owners'wantto releasecapitalto redeploy into their businesses by selling properties ✓ YewGrove has a high profilewithpropertyownersand agents and a record of transactingefficiently ✓ Detailed and analytic risk process in making any acquisition ✓ Proven track record of deploying capital swiftly

Attractive opportunity & pipeline

1 – Source: Goodbody 2– IDAdata, 2013to 2018.Approx 58% of FDIjob creation in 2018was outside Dublin 3 3 - As at 15/07/2020 4 - Vacancy rateby area 7.8%

7

2020: A resilient portfolio&high quality dividend

Going into the pandemic Yew Grove was well positioned:

• A core portfolio of institutional quality office and industrial buildings(97%)
• Let to Government, multi nationals and large corporates (96%)
• Moderate use of leverage (25% as a targeted net level)

Performance has been market leading

• Rent collection (Q1, Q2 and Q3) has been robust
• Non-retail valuation increased by €95k on a like-for-like* basis – retail making up only c. 1% of the portfolio

With a positive outlook:

• WFH and Covid-19 concerns means medium term space planning is uncertain, but many of our tenants are

still expanding.

• Vacancy rates in our geographic target market have dropped to multi-year lows. Demand remains

resilient with little speculative construction.

• Current lease negotiations, design and build activity suggest continuing pressure on space and upward

movement in rent levels

Our quarterly dividend policy remains unchanged

*Millennium Park was only purchased in Feb 20 (change from purchase price)

Our focus on credit vindicated by performance in H1

Financial Highlights

SECTION 2

9

H1 2020 highlights

Validation of the non CBD investment strategy and focus on credit quality

Over 45% of available reversionary income was captured in the period, despite lockdown slowing tenant activity Sector leading rent collection in the pandemic continues to support the dividend - 97% collected in Q2 and 98% in Q3 Robust valuation with NAV per share of 97.39c at June 2020, -1.1% since Dec 19, reflecting purchase costs for the €25.3m Millennium Park portfolio of 1.8c per share. Rent roll grew while WAULT to break was maintained. Contracted rent roll grew from €8.9m to €10.4m over H1, rising to €11.1m in July, and WAULT to break from 4.6 to 4.2 years in H1, rising to 4.6 from lettings in July Strong acquisition pipeline, with early indications suggesting improved pricing offering enhanced returns 100 million share issuance programme approved by shareholders positioning the Company well to execute the pipeline

✓ ✓ ✓ ✓ ✓ ✓

1The NAV total return measures the return according to IFRS NAV and dividends paid. It is similar to total shareholder return, except for its use of IFRS

NAV in place of share price.

NAV total return1 for the period of 1.11c per share, despite the impact of the pandemic on economic activity

✓

10

Portfolio and income growth

▪ Property portfolio grew by €25.3m (+22%) over the six month period (from €115.8m to €141.1m) ▪ Contracted rent roll grew by €1.5m (+17%) over the period (from €8.9m to €10.4m) ▪ Post period letting added a further €720k (7%) to €11.1m ▪ Portfolio is under rented with potential of additional rent of €0.6m and current vacancy could add a further €0.9m to the rent roll ▪ The Company has regularly outperformed thevaluers’ expectations of ERV on new lettings ▪ Yew Grovecontinues to demonstrateoperational leverage, which feeds through todividends. ▪ Since IPO, despite the rapid growth in the portfolio and rent roll, administrative costs have been contained and have grown more slowly than revenue. ▪ As reversionis captured, the revenue/costratio will improve ▪ As the company increases its capital base, revenue growth will continue to outpace costs and we expect continued improvement.

Operational leverage continues to drive earnings growth

Annualised administrative costs / rent roll

IPO Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jul-20 Portfolio(LHS) 25.9 56.9 77.9 90.5 115.8 141.07 141.07 Rent Roll (RHS) 2.6 4.6 6.3 7.5 8.9 10.4 11.1 2.6 4.6 6.3 7.5 8.9 10.4 2 4 6 8 10 12 120 100 80 60 40 20 160 140

€mm

Portfolio(LHS) Rent Roll(RHS)

Property value and rent roll €m

11.1 51% 48% 27% 29% 27% 0% 10% 20% 30% 40% 50% 60% Dec-18 Jun-19 Dec-19 Jun-20 Jul-20

11

Dividends

Quarterly distributions from secure income

1LTV- Dividend Yield Source – Prices at 29/06/20; Peel Hunt; ‘Yew Grove’ internal; ‘Supermarket REIT’ – RNS 27/03/20 No. 7913H; ‘Warehouse REIT’ – RNS 02/06/20 No. 6077O

▪ Dividends for 2019 equate to 98% of EPRA EPS and reflect the net income after accounting for irrecoverable capital expenditure on theportfolio. ▪ Dividends paid for Q1 and Q2 of 2020 were 1.2c and 1.25c per share respectively. Quarterly dividends are expected to increase during the rest of 2020 reflecting the increased rent roll and as reversion continues to becaptured.

5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0% 2% 4% 6% 8% 10% 12% 14% IPO Jun-18 Jul-20 Vacancy(LHS) Dec-18 Jun-19 Dec-19 Jun-20 Ordinary Div (RHS) Special Div (RHS)

▪ The Company expects to distribute its EPRA earnings quarterly after accounting for expected irrecoverable capital expenditure ▪ Leverage is modest at 28.2% LTV, equating to net debt of€30.3m, giving a net debt/value ratio of21.5%. ▪ A comparison of the Company’s headline LTV and current dividend yield against a basket of UK REIT and property stocks1, highlights the quality of that dividend yield. ▪ Yew Grove’s 2020 collections put the Company in the upper decile of all UK and Irish quoted property companies ▪ The performance of our valuations during 2020 reflect the quality

• f the portfolio

McKay Securities Workspace Tritax Big Box REIT Sirius Real Estate Landsec British Land CLS Holdings LondonMetric Property Primary Health Properties Assura Supermarket REIT Warehouse REIT 20% 25% 30% 35% 40% 45% 50% 55% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0%

LTV Dividend Yield (cents)

12

Summary balance sheet

Stable asset values, strong liquidity

Balance sheet(€’m) At 31 Dec 2019 At 30 Jun 2020 Change Comment Investment properties 115.8 141.1 22% Millennium Park purchase, €(15k) valuation change Cash and cash equivalents 14.6 9.5 (35)% Debt (20.4) (39.8) 95% Financing of Millennium Park purchase Other Asset/(Liabilities) (0.1) (2.1) Reflects quarterly rent collections paid in advance Total equity 109.9 108.7 (1.1)% IFRS NAVPS (cents) 98.52 97.39 (1.1)% EPRA NAVPS (cents) 98.52 97.39 (1.1)%

▪ NAV fell by €1.2m, if Millennium Park acquisition costs are excluded the position would have improved by €2m ▪ The Company’s revolving debt facility increased to €49.1m, of which €8.8m was undrawn at period end ▪ Net debt at period end was €30.3m ▪ The Company remained comfortably within financing covenants throughout the period

13

Summary income statement

Solid collections and contained costs

Income statement(€’m) 6 months to 30 June 2019 6 months to 30 June 2020 Total Revenue Rental Income 3.69 5.46 Lease surrender income 2.00 0.15 PropertyExpenses (0.28) (0.33) Net RentalIncome 5.41 5.28 Gains on investmentproperties 1.03 (1.77) Total income 6.44 3.51 Administration and AIFM (1.82) (1.53) Financecosts (0.26) (0.67) Total Expenditure (2.08) (2.20) Profit for the period 4.36 1.31 Total comprehensive income 4.36 1.31 Basic EPS (cents) 5.81 1.18 EPRA EPS 4.44 2.76 Dividends declared for period 4.33 2.45 Over the period the Group paid costs of €2.05m purchasing properties Of the 2.76c of EPRA earnings (having excluded lease surrender dilapidations and valuation adjustments) for the period, 89% has been distributed via ordinary dividends giving 113% EPRA EPS dividend cover. Revenue in 2020 includes €0.15m of lease surrender payments. In 2019 there was a surrender of €2m at the Cork Airport property. On an annualised basis and excluding lease surrender payments, the Company’s revenue increased by 27% on 2019

1Please note that the 31 Dec 19 figures are unaudited and may change as part of the audit process

Costs excluding financing fell 16%

14

Reversionary potential in portfolio

▪ Despite significant growth in the portfolio the Company has maintained the reversionary yield over the last two years while increasing rental income by 2.4x. ▪ At today’s ERV and given the current lease timetable the portfolio rent roll should increase by 5.1% (€0.6m) over the next four years. ▪ As existing vacancy is let so the portfolio WAULT should continue to improve and the contracted rent roll willincrease. At current ERV levels that should increase the rent roll by €0.9m. ▪ Given record (low) levels for vacancy across our target market and the relative health of the businesses that need property, we expect to continue to fill vacancy despite the delays caused byCovid-19. ▪ The portfolio and the various buildings that make it up are currently valued at below replacement cost, and are let at rents that do not justify new construction, insulating Yew Grove from the risk that speculative construction could reduce the pressure on rentalgrowth.

The portfolio is currently under rented and underlying rent levels are still rising

WAULTprogression Reversionprogression

▪ We expect supply demand metrics in our markets to continue to increase rents thus increasing the reversionary potential within the portfolio.

8.0% 8.2% 8.4% 8.6% 8.8% 9.0% 9.2% 9.4% 9.6% 9.8% 10.0% 2 4 6 8 10 12 14 IPO Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jul-20

€mm

Rent Roll Rev rent GRY

Purchase of Gateway buildings Cork Airport surrender Athlone portfolio MP portfolio New Aldi lease €700k

3 4 5 6 7 8 9 10 IPO Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jul-20 Lease to break Lease to end

15

Portfolio & Asset Management

SECTION 3

16

Overview of currentportfolio

1- Letterkenny is treated as one business park but comprises 3 buildings 2 - Vacancy by area 7.8% Figures as at 15/07/20

Cork (2) Waterford (1) Letterkenny1 (1) Athlone (5) Dublin (15) Listowel (1) Tullamore (1) Portlaoise (1)

Portfolio value

€141.1m

Lettable Space

848,300 sq. ft

Number of buildings

27

Vacancy rate

7.2%2

Value of investment properties in Dublin

€78.6m

Government & FDI tenants

91.5%

Acquisitions in 2020 (6 buildings)

€25.3m

WAULT Expiry/Break

7.7/4.6

Rent Roll

€11.11m

Gateway 1,3 Airways 7+8 Ashtown B,C Centrepoint Naas Holly Avenue

Dublin

Company % of annual rent roll Home Country

12.9% USA 12.4% Ireland (Government) 10.0% USA 8.5% USA 6.9% Ireland (Government) 6.3% Germany 5.3% USA 3.4% USA 2.9% Germany 2.9% UK

17

• 1. – Equivalent rating of 1 company (3.7%) on Niac
• 2. - As a percentage of Revenue as at 15/07/20

Source: Goodbody, MSCI, Cushman & Wakefield

FDI /Large enterprise 70.3% SME 4.5% Government 25.2%

Overview of current portfolio Key tenant overview

High quality diversified portfolio

• Number of tenants: 44
• 49% of rent roll is in the Dublin catchment area
• 51% of rent roll is in the regions
• 53% of rent roll is rated A3 or above
• Weighted average rating of our rated companies (79%) is above Baa11
• Public companies make up 75% of non-Government rent roll
• Yield to company: 7.9%
• Reversionary yield: 8.9%

Tenant profile2

Life Sciences, 36.5% Government, 25.2% Finance & Business Services, 18.3% Grocery, 7.4% Tech, 6.7% Packaging, 4.4% Other, 1.4%

18

Our approach to portfolio & assetmanagement

Yew Grove buys well…

1 2 3 4

…while managing our pipeline to deploy new capital, profitably, consistently and rapidly

5

…and engage with them to improve their property and assist their growthplans We focus on growing tenants with a long term commitment to theirlocation …with a focus on strong covenants, institutional buildings and locations with FDI clusters, in resilient industries, limited vacancy and excess demand.

19

.

A B F E D C G

Key:

• A -Teleflex
• B -PPD
• C - KCICarpark
• D - KCIBuilding 1
• E - KCIBuilding 2
• F - Signature
• G - M6 Motorway interchange

Acquisition Price: €29m Size: 206,514 sq ft Tenants: Teleflex, KCI, PPD Present Value: €29.4m Occupancy: 100%

Yew Grove is committed to tenants that are expanding their operations

IDA Business & Technology Park, Athlone

• Many FDI tenants, especially in Life Sciences,

are expanding operations, despite the pandemic

• The level of investment in existing properties, the

lack of vacancy in suitable alternatives, plus the importance of existing supply chains, work force and local 3rd level education make staying in situ the preferred solution. ProjectA

• Temporary office/canteen development
• Temporary car park expansion
• 30ksq ft office extension
• New 175 space car park

ProjectB

• Expanded an existing car park
• Helped with improvements to power and

water supply

• Facilitated expansion in neighbouring

building

• Planning for a new warehouse and resiting a

car park.

Yield at fair value: 8.53%1

1 - At 30/06/20

20

Acquisition Price: €25.3m

Yield at fair value:

6.53%1 (9.28%)2

Size:

140,000 sq ft Tenants:

Multi- tenanted Present Value: €25.3m

Occupancy:

• c. 70%1

(c. 100%)2

Focus on value, income and reversionary potential

1 – At 30/06/20 2 – At 15/07/20 (post Aldi)

Millennium Park, Naas

• We had tracked this portfolio since 2018, and agreed

heads of terms in the midst of our Q4 equity raise in 2019, exchanging within 2 weeks of drawdown.

• The portfolio consisted of 6 buildings, 140,000 sq. ft, 5 fully let

and one, Birch House, an HQ style 40,000 sq ft building, vacant.

• We completed the purchase in February, 2020 paying

€25.3 million plus costs.

• A new motorway directly connecting the park to Dublin (40

minutes) and the airport (40 minutes) had just been completed, making it much more attractive as a suburban location for FDI businesses.

• Before completion we identified potential lessees for Birch

House and despite delays caused by the Covid-19 lockdown, signed a 15 year lease with Aldi in early July.

• The June valuation kept the properties broadly at their

purchase value.

• The 2020 rent reviews on the Park and Birch House lease,

should increase rents from €1.6m to c.€2.4m this year, and more next year, have already increased the WAULT and should drive an increase in valuation at year end and beyond…

Naas M7/N7 interchange Millennium Park

Classified asConfidential

Pipeline & Outlook

SECTION 4

22

Attractive Pipeline

8.5 5.2

DublinCBD office market Yew Grove target market Non-Dublin CBD office market Irish industrial market

Value€bn

The target market has relatively few competitors

Office 56% Industrial 44%

13.8 13.7

• The Company’s target market is large and under serviced
• Current pipeline of 11 properties (including two forward

funding projects)

• Number of asset management opportunities across the

pipeline to drive capital and income value.

Total Costs NIY RY WAULT break Office €77.0m 8.03% 8.70% 4.64 Industrial €60.9m 8.08% 8.57% 8.47 Overall €137.8m 8.05% 8.64% 6.34

Dublin Core + 43% Suburban Dublin 30% Regional 27%

Location of Asset Type of Asset

FDI 68% Government 30% SME 2%

Tenant Type

23

Summary & Outlook

▪ The Company’s focuson credit quality has been reflectedin a robustperformancein H1 against the backdrop of the Covid-19 crisis ▪ The portfolio is reversionary at today’s ERV with the underlying rent still increasing; active asset management will improve earnings and distributable income and should improve valuations ▪ Today’s market offers opportunity to a credit focused,diligent,professionalproperty investor. We have an attractive pipeline spanning both office and industrial assets ▪ Continued growth will enable the Company to benefit from operating leverage and boost shareholder returns ▪ Shareholderswill continueto enjoyconsistentquarterlydividendsunderpinnedby stable and growing capital values

24

About Yew Grove

JonathanLaredo Chief ExecutiveOfficer

• Over 30 years’ experience in investment markets, including running the

European and Asian structured finance business at JPMorgan

• Previous owner and director of the Pepper Group, an Australian

based mortgage lender and servicer which built the largest third- party servicing business in Ireland

• Co-Founder of the Yew Tree Fund, the Company’s seedPortfolio
• Sits on the Company’s InvestmentCommittee
• Previously Senior Vice President of IDAIreland

acting as Global Head of two key operating divisions

• Member of the Instituteof Directorsof Ireland
• Qualified Barrister at Lawfrom University

College Dublin & KingsInns

BarryO’Dowd Non-executiveChairman CharlesPeach Chief FinancialOfficer

• Over 25 years’ experience in investment markets,structuring

and raising capital for companiesand funds

• Previously a member of the Financial Analytics andStructured

Transactions Group at Bear Stearns, before developing and running managed vehicle issuance and risk management programmesat Nomura

• Co-Founder of the Yew TreeFund
• Sits on the Company’s InvestmentCommittee
• Former Finance Director of IrishContinental

Companyplc (“ICG”)for 27 years

• Priorto joiningICG,he workedin a numberof

financial roles at CRH plc. Mr O’Dea is currently an independent trustee of theRTE

GarryO’Dea

SuperannuationScheme

IndependentNon-executive

• Qualified CharteredAccountant

Director, Senior

• Chairs the AuditCommittee

IndependentDirector

• Over 31 years’experiencein investmentmarketsspanninghigh

yield, distressed debt and real estatebusinesses

• He started his career in corporate finance at Bankers Trust,

followed by Sumitomo Finance, Commerzbank, BNP Paribas, Aladdin Capital ManagementLLP

• Co-Founder of the Yew TreeFund

Eimear Moloney Independent Non- executiveDirector

• Previously a Senior Fund Manager atZurich

Life Assurance Ireland plc where she had responsibility for equity and regional asset allocation

• Currently NED of Hostelworld Groupplc
• Qualified CharteredAccountant
• Chairs the RemunerationCommittee

MichaelGibbons Chief InvestmentOfficer Richard Mully Adviser to managementteam

• Significant Board and property experience as Chairman of Great

Portland Estates, Deputy Chairman of the supervisory board of Alstria Office REIT-AG, Senior Advisor to TPG Real Estate LLC and previously served as NED at Standard Life Aberdeen, and a Senior IndependentDirector at St Modwen Properties, ISG and Hansteen Holdings

• 12 years’bankingexperiencein propertyat CountyBankand

Bankers Trust

• 13 yearsas a principalrealestateinvestorwithSorosReal Estate
• PriorChairmanand ChiefExecutiveof Hardwic

Property Group for 18 years currently Partner Beresford RealEstate

• A 30-yearveteranof the Irishrealestate

industry,priorto whichhe wasat Deloitte

• Fellowof the CharteredAccountantsIreland
• Member of the Societyof CharteredSurveyors

BrianOwens

Irelandandthe RoyalInstitutionofChartered

IndependentNon-

Surveyors

executiveDirector

• Chairs the ValuationCommittee

ke in

Proven management team supported by vastly experienced non-executive directors and advisers

25

Geographic overview of existing assets

Building Type Location Value (€'000) Current Rent (€'000) Gross Yield atFair Value Reversionary Rent Roll (€'000) Gross Reversionar y Yield WAULT to leasebreak (years) WAULT to leaseend (years) Portfolio vacancy 1 One Gateway Office Dublin 19,030 1,306 6.9% 1,495 7.9% 2.0 3.1 0% 2 Letterkenny Office North West 15,670 1,437 9.2% 1,458 9.3% 7.7 7.7 0% 3 Three Gateway Office Dublin 14,490 913 6.3% 1,181 8.2% 1.5 1.5 0% 4 Teleflex Office Midlands 11,580 948 8.2% 851 7.3% 8.2 11.2 0% 5 IDA Athlone Block B Industrial Midlands 6,075 530 8.7% 530 8.7% 2.6 12.6 0% 6 Unit 2600, CorkAirport Office Cork 6,200 0.0% 633 10.2% 0.0 0.0 100% 7 Ashtown Gate Block C Office Dublin 5,080 391 7.7% 401 7.9% 3.7 5.4 0% 8 IDA Athlone Unit B2 Industrial Midlands 5,050 483 9.6% 483 9.6% 3.2 14.2 0% 9 Ashtown Gate Block B Office Dublin 4,890 405 8.3% 380 7.8% 2.6 8.9 0% 10IDA Waterford Block A Office South East 4,100 353 8.6% 424 10.3% 3.1 14.5 0% 11IDA Athlone Block A Industrial Midlands 3,590 270 7.5% 313 8.7% 5.3 8.5 0% 12IDA Athlone Block C Industrial Midlands 3,140 280 8.9% 253 8.0% 4.2 9.2 0% 13Blackwater House Office Cork 2,750 235 8.5% 317 11.5% 4.9 4.9 29% 14Airways Unit 7 Industrial Dublin 2,700 160 5.9% 258 9.6% 5.0 10.0 0% 15Airways Unit 8 Industrial Dublin 3,000 160 5.3% 291 9.7% 5.5 10.5 0% 16Bridge Centre Retail Midlands 1,730 254 14.7% 181 10.5% 1.8 2.3 0% 17Holly Avenue Industrial Dublin 1,350 0.0% 153 11.3% 0.0 0.0 100% 18Unit L2 Toughers Industrial Dublin Catchment 1,855 170 9.2% 211 11.4% 2.6 2.6 0% 19Old Mill Lane Mixed Use South West 1,690 247 14.6% 154 9.1% 6.2 8.5 0% 20Canal House Mixed Use Midlands 920 107 11.6% 60 6.5% 6.5 6.5 0% 21Centre Point Industrial Dublin 855 110 12.9% 51 6.0% 6.1 6.1 0% 22Ash Hse, Millennium Park Office Dublin Catchment 3,200 326 10.2% 331 10.4% 1.0 6.0 0% 23Beech Hse, Millennium Park Office Dublin Catchment 2,170 222 10.2% 221 10.2% 4.0 7.2 0% 24Birch Hse, Millennium Park Office Dublin Catchment 7,000 697 10.0% 697 10.0% 10.0 15.0 0% 25 Chestnut Hse, Millennium Park Office Dublin Catchment 6,200 507 8.2% 586 9.5% 3.3 3.3 2% 26Hazel Hse, Millennium Park Office Dublin Catchment 3,460 341 9.8% 335 9.7% 3.2 4.8 0% 27Willow Hse, Millennium Park Office Dublin Catchment 3,300 259 7.8% 316 9.6% 3.6 4.5 0% Total 141,075 11,109 7.9% 12,566 8.9% 4.6 7.7 7.2%