2 8 M A Y 2 0 1 9 Irish Residential Properties REIT plc 2019 Annual General Meeting
Irish Residential Properties REIT plc 2019 Annual General Meeting 2 - - PowerPoint PPT Presentation
Irish Residential Properties REIT plc 2019 Annual General Meeting 2 - - PowerPoint PPT Presentation
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
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
- bligation 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
- r 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
D I S C L A I M E R
Cautionary Statements
2018 Highlights
Profit for 2018: €119.8m, +84% (2017: €65.1m) EPS for 2018: 28.0 cents, +79% (2017: 15.6 cents)
3 2019 Annual General Meeting Irish Residential Properties REIT plc
Strong Operating Performance Growing Values & Returns for our Shareholders
EPRA NAV per share for 2018: 142.0 cents, +19.8% (2017: 118.5 cents) EPRA Earnings for 2018: €27.8m, +11.7% (2017: €24.9m)
Grande Central – Sandyford, Dublin 18
130.2m 354.6m 315.2m 121.4m
Value of Investment Properties By Location (€’m)
City Centre Prime Suburbs Secondary Suburbs Inchicore/Drimnagh
Strong Financial Position
4 2019 Annual General Meeting Irish Residential Properties REIT plc
Delivering on our Strategy:
2018 High Quality Acquisitions and Completed Developments
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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 Shareholders’ Meeting Irish Residential Properties REIT plc 2019 Annual General Meeting Irish Residential Properties REIT plc
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%
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Delivering on our Strategy:
2018 Development Partnerships and Forward Purchase Contracts
Charlestown– Finglas, Dublin 11
7
Delivering on our Strategy:
Development of Existing I-RES Properties
- Submitted planning applications for 628 apartments
at currently-owned sites
- Of these, planning permissions have been received
for 116 apartments
- Rockbrook planning application submitted to
Planning Board under SHD
2019 Annual General Meeting Irish Residential Properties REIT plc
I-RES Development Sites
Location # 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 under appeal Rockbrook 428 Planning application submitted Total 628
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
8 2019 Annual General Meeting Irish Residential Properties REIT plc
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 Acquisitions
9 2019 Annual General Meeting Irish Residential Properties REIT plc
10 2019 Annual General Meeting Irish Residential Properties REIT plc
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
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
- ver turn-key planned for Q4 2019 and to be fully leased
up by Q1 2020
- Expected gross yield of c.6.7%
11 2019 Annual General Meeting Irish Residential Properties REIT plc
2019 Development Partnerships
Positive Outlook
12
1DemandOutweighs
Supply
4Economic Growth 3 Population Growth 2 Irish Housing Market
1- Economics and Social Research Institute (ESRI) Prospects for Irish Regions and Counties: Scenarios and Implications- December 2017 as quoted in Project Ireland 2040- National Planning Framework
2019 Annual General Meeting Irish Residential Properties REIT plc
IRES Advantage – Professionally Managed Properties
Dedicated property manager for every building In-house standards for safety exceed regulations On-site team of trades and caretakers 24-hour emergency line Advanced technology platform to ensure efficiency and enhance the tenant experience
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Extensive training and development for all team members T eam of 50 experienced employees supporting our tenants
Supporting Community Engagement
2019 Annual General Meeting Irish Residential Properties REIT plc
01 Neighbouring Artists group at Bakers Yard 02 Community Cleanup at T yrone Court 03 Dragons at the Docks supporting homeless charities 04 Supporting NaomhOlaf GAA Club in Sandyford
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1
15
A Place to Call Home
2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc
Resolutions
Resolution 1
To receive and consider the Financial Statements for the year ended 31 December 2018 and the reports of the Directors and Auditors thereon Proxy Votes held % For 231,990,823 100.00 Against 0.00 Votes withheld 240,423
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 2
To elect Mark Kenney as a Director Proxy Votes held % For 204,446,172 99.78 Against 445,614 0.22 Votes withheld 27,339,460
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(a)
To re-elect Phillip Burns as a Director Proxy Votes held % For 203,307,700 99.23 Against 1,584,086 0.77 Votes withheld 27,339,460
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(b)
To re-elect Joan Garahy as a Director Proxy Votes held % For 231,908,372 99.86 Against 322,874 0.14 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(c)
To re-elect Tom Kavanagh as a Director Proxy Votes held % For 232,054,531 99.92 Against 176,715 0.08 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(d)
To re-elect Declan Moylan as a Director Proxy Votes held % For 231,776,787 99.80 Against 454,459 0.20 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(e)
To re-elect Aidan O’Hogan as a Director Proxy Votes held % For 231,908,372 99.86 Against 322,874 0.14 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 3(f)
To re-elect Margaret Sweeney as a Director Proxy Votes held % For 231,838,883 99.83 Against 392,363 0.17 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 4
Authority to call a general meeting on 14 clear days notice Proxy Votes held % For 212,768,088 91.62 Against 19,463,158 8.38 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 5
Authority to fix the remuneration of the Auditors in respect
- f the period expiring at the next Annual General Meeting of
the Company Proxy Votes held % For 232,231,246 100.00 Against 0.00 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 6
Authority to allot relevant securities up to specified limits Proxy Votes held % For 216,919,295 93.41 Against 15,311,951 6.59 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 7(a)
Authority to disapply pre-emption rights in specified circumstance Proxy Votes held % For 232,214,246 99.99 Against 17,000 0.01 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 7(b)
Additional authority to disapply pre-emption rights for an acquisition or specified capital investment Proxy Votes held % For 232,214,246 99.99 Against 17,000 0.01 Votes withheld
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 8
Authority to make market purchases of the Company’s
- wn shares
Proxy Votes held % For 232,193,422 99.99 Against 22,981 0.01 Votes withheld 14,843
- 2019 Annual General Meeting Irish Residential Properties REIT plc
Resolution 9
Authority to re-issue treasury shares at a specified price range Proxy Votes held % For 204,828,142 88.21 Against 27,388,261 11.79 Votes withheld 14,843
- 2019 Annual General Meeting Irish Residential Properties REIT plc