IRISH RESIDENTIAL PROPERTIES REIT PLC INTERIM REPORT AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD 1 JANUARY 2017 TO 30 JUNE 2017 (UNAUDITED)
Contents Review ......................................................................................................................................................................................................... 3 Highlights ............................................................................................................................................................................................... 3 Chairman’s Statement .......................................................................................................................................................................... 6 Chief Executive Officer’s Statement .................................................................................................................................................. 8 Investment Manager’s Statement .................................................................................................................................................... 10 Property Valuation and Overview ................................................................................................................................................. 11 Business Review .................................................................................................................................................................................. 13 Accretive Development ............................................................................................................................................................... 13 Operational and Financial Results ............................................................................................................................................ 15 Property Capital Investments ..................................................................................................................................................... 16 Liquidity and Financial Condition .............................................................................................................................................. 16 Business Performance Measures ................................................................................................................................................ 17 Market Update .................................................................................................................................................................................. 20 Statement of Directors’ Responsibilities ......................................................................................................................................... 23 Financial Statements ............................................................................................................................................................................... 24 Independent Review Report to Irish Residential Properties REIT plc ........................................................................................ 24 Condensed Consolidated Interim Statement of Financial Position ............................................................................................ 26 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income ...................................... 27 Condensed Consolidated Interim Statement of Changes in Equity ........................................................................................... 28 Condensed Consolidated Interim Statement of Cash Flows ....................................................................................................... 29 Notes to the Condensed Consolidated Interim Financial Statements ....................................................................................... 30 Glossary of Terms ............................................................................................................................................................................. 50 Forward-Looking Statements ........................................................................................................................................................... 53 Shareholder Information .................................................................................................................................................................. 54
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC RESULTS TO 30 JUNE 2017 Review Highlights 9 August 2017 Irish Residential Properties REIT plc (“ I-RES ” or the “ Company ”), an Irish investment company focused on residential rental accommodations, today issues its Group 1 interim results for the period from 1 January 2017 to 30 June 2017. Highlights For the six months ended 30 June 2017 30 June 2016 Operating Performance Revenue from Investment Properties (€ millions) 21.7 17.9 Net Rental Income (€ millions) 17.1 14.0 Profit (€ millions) 31.0 24.7 Basic EPS (cents) 7.4 5.9 EPRA Earnings per share (cents) (2) 2.8 2.2 Portfolio Performance Overall Portfolio Occupancy Rate (2) 98.8% 98.3% Overall Portfolio Average Monthly Rent (€) (2) 1,459 1,399 Gross Yield at Fair Value (1)(2) 6.6% 6.5% Number of Apartments Acquired in the Period - 674 Total Number of Apartments 2,381 2,288 As at 30 June 2017 31 December 2016 Liquidity and Leverage Net Asset Value (€ millions) 480.3 469.6 EPRA Net Asset Value (€ millions) 480.4 469.6 Basic NAV per share (cents) 115.1 112.5 EPRA NAV per share (cents) (2) 115.1 112.5 Group Total Gearing (3) 32.1% 31.3% Other Market Capitalisation (€ millions) 567.5 488.2 Weighted Average Number of Shares - Basic 417,292,006 417,135,631 (1) Excluding fair value of development land and investment properties under development (2) For definitions, method of calculation, and other details, refer to pages 17 to 19 of the Business Performance Measures section under Business Review (3) For definitions, method of calculation, and other details, refer to pages 16 to 17 of the Liquidity and Financial Condition section under Business Review 1 This report (“ Report ”) incorporates the financial information of the Company and its wholly-owned subsidiary, IRES Residential Properties Limited, together referred to as the “ Group ”, for the period from 1 January 2017 to 30 June 2017. Irish Residential Properties REIT plc – Interim Report – 30 June 2017 - 3 -
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