INVESTOR PRESENTATION NOVEMBER 2019 - Irish Residential Properties REIT plc - Investor Relations
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Irish Residential Properties REIT plc
INVESTOR PRESENTATION NOVEMBER 2019
1
DISCLAIMER Cautionary Statements 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 obligation 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 or 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
Highlights 2019
Strategy Backdrop
Financial Results H1, 2019
Positive Outlook
Appendix – Portfolio Details
3
Investor Presentation Irish Residential Properties REIT plc November 2019
Highlights H1, 2019
Strong financial performance in the first six Funding Strategy
months
New Syndicated Revolving Credit Facility
o C.18% increase in Net Rental Income and Earnings
o EPRA EPS up 12.9% to 3.5 cents (30 June 2018: 3.1 o €450m Facility finalised in April 2019
cents.) o RCF increased to €600m in June 2019
o €22.5m increase in portfolio valuation, 6% gross yield at o 5 year term to 2024, with option to extend two further
fair value years
o EPRA NAV per share up 3.5% to 146.9 cents (31 o Lower costs
December 2018: 142.0 cents)
Investments in line with our Growth Equity Placing
Strategy
o 85.6m new shares issued in 2 tranches in June/July 2019
o Growth of c. 45% since Dec 2018 bringing portfolio to o At €1.55 per share
3884 units o Raised €131m (net proceeds) to fund growth strategy
o Acquisition of 815 unit Marathon Portfolio contracted
June 13th, 2019, completed August 1st, 2019
o 298 units contracted under pre-purchase contracts
o In addition development opportunity with Planning
permission received for 200 units
Investor Presentation Irish Residential Properties REIT plc November 2019
4
Strategy Backdrop Ireland’s largest private landlord with a strong track record of accretive growth since inception (
Strong track record of accretive growth since inception
Share
Refinanced Increased RCF 815 units
Established placement
New €250m Increased RCF new €450m to €600m with acquired in
CAPREIT Completed 2-year €130m €204m equity €131m,
RCF with 5 from €250m to RCF at lower uncommitted Marathon XVI
management Public Offering RCF issuance issuance of
year tenor €350m interest cost, 7 accordion of portfolio for
agreement 172m
year tenor €50m €285m
shares
Hampton
Received
Successful Wood Agreement 69
Acquired initial Acquired 866 Acquired 410 Acquired 763 173 units planning
completion of acquisition 128 units Merrion Acquisition
property apartment high-quality high-quality forward permission for
Hansfield 1, 99 units €40m Road The Coast 52
portfolio of suites for apartments for apartments for purchases for the
units for €47.2m by units €14m
338 units €271.5m €125.5m €172.4m €56.7m development
€31.6m Hansfield 2 FP 2021
of 628 units
95 units €30m
Equity financing Debt financing Portfolio events
Key highlights Total property value (€m)1
• A strong growth track record, done through
acquisitions and more recently forward
1,365
purchases and developments
• Prudently financed through a mix of equity
and debt financing
• Marathon is the largest acquisition to date 921
with 815 units for a total purchase price of
€285m 751
685
• Proven ability to integrate assets (including
large assets such as Marathon) in short-
time frames
FY16A FY17A FY18A FY19F
6
Investor Presentation Irish Residential Properties REIT plc November 2019
Growth strategy continues to be underpinned by strong economic
fundamentals
Continued Strong Economic Growth Forecast Rapid Population Growth Housing Demand Significantly Above Supply
4% 3.8% 5.5m 1.6m 40,000
35k Est. National Annual Demand
35,000
5.3m
1.4m
3%
New Dwelling Completions
30,000
2019 GDP Growth Forecast
5.0m Estimated demand still
1.2m 25,000 c. 2x supply levels
2%
4.8m
20,000
1.2% 1.0m
4.5m 15,000
1%
0.8m 10,000
4.3m
0% 5,000
4.0m 0.6m
2010 2015 2019 2020 2025 2030 2035 0
Ireland Dublin (RHS) 2011 2012 2013 2014 2015 2016 2017 2018
Source: European Commission, Spring 2019 GDP Forecasts Source: UN Population Growth Forecasts Source: CSO (Completions Data); ESRI (Est. Housing Demand)
Record-level Employment Numbers Youngest Population in Europe Record Low Rental Stock Available
2500 18% 9,000
16% Ireland 33.3%
8,000
Rental Stock in Dublin (units)
2250 14% France 7,000
12%
UK 6,000
10%
2000 NL 5,000
8%
4,000
6% Spain
1750 3,000
4% Germany
2,000
2%
Italy
1500 0% 1,000
2009 2011 2013 2015 2017 2019 0% 5% 10% 15% 20% 25% 30% 35% -
Employment ('000) Unemployment Rate % Population Under 25 Years 2007 2009 2011 2013 2015 2017 2019
7
Source: CSO Source: Eurostat Source: Daft.ie
High quality diversified asset base with defensive attributes
supporting strong occupancy levels and yields
• Diversified portfolio of 3903 units across Properties by location1 Distribution by age (years)2
45 high quality properties
Weighted average: c. 10.5 years
High • Young portfolio: weighted average age of 12%
quality 10.5 years 13% 14%
28% 2%
asset • Supplemented by a number of well located 8%
development sites which have a capacity to
base deliver circa 628 new units and forward 1%
commitments to bring to 4500+ units
34% 38%
• High Occupancy, low turnover
45%
City Centre Prime Suburbs 12
• Existing portfolio entirely located in the
Distribution by split of bedrooms2 Distribution by average monthly rent (€)2
Rental Pressure Zone, which (i) secures
the PRS market by avoiding market
Defensive overheating; and (ii) provides a sustainable
valuation/rent cushion in the event of a 1%
attributes market downturn
12%
23%
5% 1%
• Focus on the mid-tier affordable market
which is also the most defensive segment 40%
52%
65%
1,000 to 1,500 1,500 to 2,000
1 bed 2 bed 3 bed 4 bed 2,000 to 2,500 > 2,500
Note: (1) Portfolio including Marathon, but excluding the Cork property; (2) Portfolio including Marathon
8
Investor Presentation Irish Residential Properties REIT plc November 2019
A young and performing asset base
Key highlights Distribution by age (years)1 Distribution by value (€m)2
Weighted average: 10.5 years Average: €39.6m
• Portfolio is particularly
young with a weighted 12% 12%
average property age of 28% 2% 24%
10.5 years 8%
1%
• Value is well distributed 1%
across the portfolio with 4%
very little concentration
on any specific asset
45% 44%
• Highly performing
portfolio with the large 12 < 20 20 to 40 40 to 60 60 to 80 > 80
majority of properties
(circa 88%) generating
a gross yield above 5%
− No completed property Distribution by gross yield level2 Distribution by number of bedrooms1
is underperforming Average: 6.0%
with lowest yield at
1%
4.3% 1% 9% 12%
23%
− Gross yield 30 June
2019 6%, (Net 4.8%)
43%
• Portfolio characteristics 44%
aligned with market
demand
65%
< 5% 5% to 6% 6% to 7% > 8% 1 bed 2 bed 3 bed 4 bed
Notes: (1) Portfolio statistics including Marathon; (2) Portfolio statistics excluding Marathon
9
Investor Presentation Irish Residential Properties REIT plc November 2019
Growth Strategy with a disciplined capital allocation policy
Multi-Channel Growth Strategy to Deliver Sustainable Long-
Term Growth
1 2 3
Acquisition of Development Development
Completed Assets Partnerships of Existing I•RES Properties
• Continued evaluation of new • Forward purchase • Opportunity to add approx.
acquisition opportunities in agreements with local 628 apartments at currently
attractive urban locations builders and developers for owned I•RES properties1
new supply of multi-family
• Following criteria considered: and single-family units • Partially completed
foundation infrastructure (e.g.
Good transportation links, parking) already in place at
community infrastructure – Rockbrook site
in particular, schools
• Infill and conversion
Local employment opportunities are available on
currently owned commercial
Family-friendly properties1
neighbourhoods
Disciplined capital allocation policy to generate value and growing dividends for I•RES
shareholders
1 Subject to planning and any other approvals
Investor Presentation Irish Residential Properties REIT plc November 2019 10Strong Execution on Growth Strategy
Hampton Wood Hansfield Wood II The Coast, Baldoyle Waterside, Swords Marathon XVI Portfolio
Key: 128 units 95 units 52 units 55 units 815 units
Completed acquisition • Acquisition in May 2018 for • Development agreement in • Acquisition in May ‘19 for c.
• Acquisition in February 2019 • See details overleaf
€40m1 Nov 2018 for €30m1 €18.5m1
for c. €14m1
Forward purchases / • Leased at gross yield of c. • To be handed over in mid-2020 • To be handed over in Q1 ‘20
development agreements • Gross yield: c. 6.2%
6.6%3 • Expected gross yield c. 6.6% • Expected gross yield: c. 7.0%
Development
2018 2019
Hansfield Wood I Merrion Road Donabate & Balbriggan Development Pipeline
99 units 69 units 118 units
• Agreement entered in March 2019 for 628 units
• Pre-purchase agreement in Nov
• Took delivery during 2018 c. €38.2m 1
2018
• Agreement entered into with local • To be handed over in Q4 ‘19 • See details on slide 13
• To be handed over by Q4 ’21 for
developer in Nov 2017 • Expected gross yield: c. 6.7%
c. €47.1m1
• Leased at gross yield of c. 6.7%2 • 39 units handed over at Taylor Hill as
• Expected gross yield: c. 5.6%
at 30 June 2019
Building a diverse, significant portfolio focused on Dublin area and other large cities in Ireland
4,511 units
No. of units 2,450 229 170 150 69 815 628 Pro Forma I•RES
Portfolio
I•RES Investment Properties 2018 2019 2020 2021 Acquisition of Opportunity for
as at 31 Dec 2017 Acquisitions & Acquisitions Forward Forward Marathon XVI Development of
Developments & Forward Purchases Purchases Portfolio (2019) Existing Properties
Purchases (2019- 2022)2
2 Gross Yield as at 30 June 2019 (passing rent as at 30 June 2019, divided by purchase price (including VAT and excluding transaction costs)) 11
Investor Presentation Irish Residential Properties REIT plc November 2019Marathon XVI Portfolio Acquisition1 I•RES REIT Asset Locations in Dublin
Portfolio Transaction Highlights
Area
• A significant, diversified and income producing PRS portfolio of 815 residential
units M1
Existing I•RES Properties
• Comprises 16 established properties in areas with strong rental demand and Marathon XVI Portfolio
Dublin Airport
proximity to local amenities and transport links, generating annual rental
income of €14.5m (including vacant units leased up)
M50
15 schemes in prime locations in the Dublin Area and 1 scheme in Cork M50
• Passing rent per unit of c. €1,4862 with estimated rental value (ERV) of €1,803
• Consideration €285 million (including VAT and excluding transaction costs),
estimated year 1 gross yield of 5.1% (estimated reversionary yield of 6.2%)
Dublin
Capital allocation into income generating assets
Benefits
Excellent opportunity to acquire established portfolio of scale in the Dublin
market and entry to Cork market
M50
Ability to leverage I•RES’ existing operating platform and infrastructure M50
Potential to capture reversionary rental income and replicate I•RES’ net
rental income margins going forward
Significantly Expands Dublin
Accretive to earnings in first full year post acquisition Footprint
Asset Highlights
20%+
€1,486 €1,803 815 98.7%
Passing rent2 ERV2 Residential units Occupied
12
1 The
2 Per
acquisition of the Marathon XVI Portfolio closed on august 1, 2019
Investor Presentation Irish Residential Properties REIT plc November 2019
unit, per month. As at April 2019Development Pipeline
Development and Intensification of Existing I•RES Properties is a Core Element
of Growth Strategy
Development Initiatives Planning Status
• During 2018, significant progress made with No. of
several planning applications for development Location Residential Units Status
at Completion
projects:
Tallaght Cross West 18 Under Construction
planning applications have been
submitted for 628 apartments at sites Bakers Yard 61 Planning Permission Granted
currently owned
Coldcut (Conversion) 1 Construction Completed
of these, planning permissions have been
Priorsgate (Bruce House) 31 Planning Permission Granted
received for 200 apartments
Priorsgate (Conversion) 5 Planning Permission Granted
a planning application for the development
of 428 residential units (including car Beacon Square South (B4) 84 Planning Permission Granted
parking and commercial) at Rockbrook
has been submitted to the Planning Board Rockbrook 428 Planning application submitted
under the Strategic Housing Development
application process Total 628
Beacon Square South (B4) Rockbrook Bakers Yard 13
Investor Presentation Irish Residential Properties REIT plc November 2019Clearly defined and prudent financial policy
Well-defined and prudent financial policy… Key highlights
Long-term strategic objectives
• Pro-active approach to ensure maximum financial policy target (< 45%) is
maintained at all times, as evidenced by previous recourse to equity
financings
Financial Policy
• Conservative gearing target of 45% is defensive and attractive for lenders
Conservative gearing target: strictly below 45% at all times
• Successful equity raises in the past
Financial Strategy • I-RES also has full support from CAPREIT which participated in the latest
equity raise (June-2019) and increased its ownership levels to 18.3%
Capital structure Acquisition /
Dividend policy
(Target capital Development
(Distribute at least funding
structure in line with • Free cash flow generated sufficient to fund operating activities and current
85% of Property
maximum gearing (Funding structured to
Income)
target at all times) protect gearing target)
level of shareholder distributions
Secured
Equity Pipeline funding Free cash
issuance (bank/capital
Disposals
agreement1 flow
markets)
Note: (1) Subject to CAPREIT’s board reauthorisation
14
Investor Presentation Irish Residential Properties REIT plc November 2019Revenue from Investment Properties
Net Rental Income (€ millions)
(€ millions)
Financial Results H1, 2019
29 24
27 23
Operating Performance 27.8 22
25 22.7
2019 2018 21
For the period ended 30 June 23 20
24.1
21 19
Revenue from Investment Properties 21.7 18 19.3
27.8 24.1 19
(€m) 17
17 16 17.1
Net Rental Income (€m) 22.7 19.3
15 15
H1 2017 H1 2018 H1 2019 H1 2017 H1 2018 H1 2019
EPRA Earnings (€m) 15.3 13.0
Profit (€m) 34.1 69.5 Occupancy % Average Monthly Rent (€)
Basic EPS (cents) 7.8 16.5 115 2,015
95 1,515
EPRA Earnings per share (cents) 3.5 3.1 99.8 99.8 98.3 1,599 1,598
75 1,517
1,015
55
Portfolio Performance 2019 2018 35 515
15 15
2017 2018 H1 2019 2017 2018 H1 2019
Total Number of Residential Units 2,771 2608
Overall Portfolio Occupancy Rate2 98.3% 98.7% EPRA Earnings per Share (€ cents) EPRA NAV (€ millions)
Overall Portfolio Average Monthly 5.0 750
1,598 1,539
Rent (€)2 700
4.0 707
Gross Yield at Fair Value1,2 650
6.0% 6.2% 3.0 3.5
3.1 600 620
2.8 550
2.0
500
1 Excluding fair value of development land and investment properties under development
2 For definitions, method of calculation and other details, refer to page 27 to 28 of the Company’s 2018 Annual Report
1.0 504
450
0.0 400
H1 2017 H1 2018 H1 2019 2017 2018 H1 2019
15
Investor Presentation Irish Residential Properties REIT plc November 2019Strong Financial Position
30 June 2019 31 December
As At
2018
Total Property Value € 989.5m € 921.3m
Net Assets € 705.5m € 618.7m
EPRA Net Assets € 707.0m € 619.6m
Basic NAV per share (cents per
147.7 142.5
share)
EPRA NAV per share (cents
146.9 142.0
per share)
Group Total Gearing 38.6% 33.6%
Investor Presentation Irish Residential Properties REIT plc November 2019
The Coast, Baldoyle, Dublin 13 16Funding
• Successfully completed a placing of 86,550,000 new
Ordinary Shares in the Company with gross
proceeds of c. 134M
• Price : €1.55 per Placing Share,
• Tranche I: 43,415,394 issued 18 June 2019
• Tranche II: 43,134,606 issued on 10 July 2019
• Entered in a new Credit Facility
• Date: April 2019
• Amount: €450 million
• Increased to €600 million in June 2019
• Term is 5 years to 2024 with option to extend
for 2 more years
• Lower margin
• Uncommitted accordion of € 50m
Investor Presentation Irish Residential Properties REIT plc November 2019 Beacon Square South (B4 render) 17Positive Outlook
Attractive market backdrop with strong economic fundamentals and significant
demand and supply imbalance, continues
Three-pronged growth strategy continues to support building a leading
residential rental business, with a c. 45% growth in the portfolio since Dec 2018
Our H1, 2019 results demonstrate continued strong earnings and dividend growth
18
Investor Presentation Irish Residential Properties REIT plc November 2019A Place to Call Home
2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc
19
Investor Presentation Irish Residential Properties REIT plc November 2019 19IRISH RESIDENTIAL PROPERTIES REIT plc
Portfolio Details
20 20Investor Presentation Irish Residential Properties REIT plc November 2019
Significant, Diverse Portfolio
22 21
Dublin City Centre Secondary Suburbs
01 Kings Court 13 Priorsgate
Smithfield D7 (83 Units) Tallaght D24 (103 Units)
15 19
02 The Marker Residence 14 The Laurels
20 Docklands D2 (85 Units) Tallaght D24 (19 units)
03 Bakers Yard 15 Charlestown
18
Portland Street North D1 (86 Units)Finglas D11 (235 units)
04 City Square 16 Tallaght Cross West
Gloucester St D2 (23 units) Tallaght D24 (442 Units)
17 Coldcut Park
03 Prime Suburbs Clondalkin D22 (90 Units)
05 Beacon South Quarter
Sandyford D18 (225 Units) 18 Hansfield Wood
Ongar, D15 (99 Units)
06 Grande Central
Sandyford D18 (65 Units)
17 19 Hampton Wood
25 01 04
02 07 Rockbrook Grande Central Finglas, D11 (128 Units)
Sandyford D18 (81 Units)
23 20 The Coast
08 Rockbrook South Central
Sandyford D18 (189 units) Baldoyle, D13 (52 units)
24 12 09 The Forum
21 Waterside
Sandyford D18 (8 units)
11 *UNDER CONSTRUCTION*
10 The Maple Malahide, Co. Dublin (55 units)
Sandyford D18 (68 Units)
11 Elmpark Green 22 Taylor Hill
*UNDER CONSTRUCTION*
Merrion Road D4 (201 Units)
Balbriggan, Co. Dublin (78 units)
14 12 Bessboro
Terenure D6 (40 Units)
Inchicore Drimnagh
13 16 10 06
09 23 Camac Crescent
07 Inchicore D8 (90 units)
05 08
24 Lansdowne Gate
Drimnagh D12 (224 Units)
25 Tyrone Court
Inchicore D8 (95 Units) 21Investor Presentation Irish Residential Properties REIT plc November 2019
Existing Portfolio No of apartments Annualised Passing Value as at 30 June Gross Yield at
Property Location Year Built Date Acquired
owned1 Rent.1,2,3 20191,2 Fair Value
City Centre
1 Kings Court Smithfield 2006 10-Sept-13 83 € 1,586 25.8 6.2%
2 The Marker Docklands 2012 18-Ju-14 85 € 3,253 75.1 4.3%
3 Bakers Yard Portland Street North 2007/2008 7-Oct-14 86 € 1,646 26.7 6.8%
4 City Square4 Gloucester Street 2006 7-Apr-16 24 € 505 8.6 5.9%
Total City Centre 278 € 6,990 136.2 5.8%
Prime Suburbs
5 Beacon South Quarter Sandyford 2007/2008 7-Oct-14 225 € 5,910 86.9 7.4%
6 Grande Central Sandyford 2007 10-Sep-13 65 € 1,351 25.4 5.3%
Rockbrook Grande
7 Sandyford 2007 31-Mar-15 81 € 1,908 33.6 5.7%
Central5
5
8 Rockbrook South Central Sandyford 2007 31-Mar-15 189 € 3,931 90.3 5.5%
9 Forum Sandyford 2007 17-Feb-16 8 € 174 3.0 5.8%
10 The Maple Sandyford 2017 12-Jul-17 68 € 1,662 32.0 5.2%
11 Elmpark Green Merrion 2006 25-May-16 201 € 3,921 73.9 5.3%
12 Bessboro Terenure 2008 11-Dec-15 40 € 820 16.1 5.1%
Total Prime Suburbs 877 € 19,677 361.2 5.7%
Secondary Suburbs
13 Priorsgate Tallaght 2007 10-Sep-13 103 € 1,642 26.0 6.6%
14 The Laurels Tallaght 2007 27-Jun14 19 € 347 3.9 8.9%
15 Charlestown Finglas 2007 7-Oct-14 235 € 3,992 69.3 5.8%
16 Tallaght Cross West Tallaght 2008 15-Jan-16 442 € 7,822 117.9 6.7%
17 Coldcut Park Clondalkin 2012 31-Aug 16 90 €1,600 21.9 7.3%
18 Hansfield Wood Ongar 2018 15-Nov-17 99 € 2,525 37.6 6.7%
Hansfield Wood II6 Ongar 2018 8-Oct-18 - n/a 25.6 n/a
19 Hampton Wood Finglas 2018 21-May-18 128 € 2,631 41.6 6.3%
Total Secondary Suburbs 1,116 € 20,559 343.8 6.9%
Inchicore/Drimnagh
18 Camac Crescent Inchicore 2008 10-Sep-13 90 € 1,518 21.9 6.9%
19 Lansdowne Gate Drimnagh 2005 7-Oct-14 224 € 4,359 72.9 6.0%
20 Tyrone Court Inchicore 2014 5-Jun-15 95 € 1,808 28.4 6.4%
Total Inchicore/Drimnagh 409 € 7,685 123.2 6.4%
Total investment properties owned as at 31 December 2018 2,680 € 54,911 964.4 6.0%
21 The Coast Baldoyle 2006 20-Feb-19 52 € 863 14.0 6.2%
22 Taylor Hill Balbriggan 2018 25-Mar-19 39 € 125 11.1 1.1%
Total investment properties owned as at 30 June 2019 2,771 € 55,899 989.5 6.0%
Note: 1 As at 30 June 2019
2 In millions of euros
3 Annualised Passing Rent is defined as actual monthly rents under contract with tenants as at the stated date, multiplied by 12, to annualize the monthly rents, which is then used to calculate the Gross Yield. Actual monthly
rents under contract for the portfolio as at 30 June 2019 was €4,659 multiply by 12 is €55,899.
4 I-RES acquired an additional unit at City Square in April 2019 22
5 Total number of owned apartments at Grande Central as of 30 June 2019 is 146
6 Includes apartments under development that are valued at €25.6 million as at 30 June 2019. On 8 October 2018, I-RES acquired the land for €3.3 million. 95 residential units will be completed over the next two years.Existing Portfolio (Cont.)
City Centre
Kings Court The Marker Residences Bakers Yard City Square
83 Residential Apartments 85 Residential Apartments 86 Residential Apartments 24 Residential Apartments
Smithfield, Dublin 7 Grand Canal Dock, Dublin 2 Portland Street North, Dublin 1 Gloucester Street, Dublin 2
The Company acquired Kings Court, The Company acquired the Marker The Company acquired Bakers Yard, The Company acquired City Square,
located in Smithfield, Dublin 7, in Residences, located in the Grand an apartment development on 0.6 ha located on Gloucester Street, Dublin
September 2013. The development Canal Dock area of Dublin 2, in July (1.4 acres) adjacent to Dublin City 2, in April 2016. The development
was constructed in 2006 and is a 2014. The development was Centre in Dublin 1, in October 2014. was constructed in 2006 and
residential development consisting of constructed in 2012 and consists of The development was constructed in consists of 27 apartments, 24 of
83 residential apartments dispersed 105 luxury residential apartments, 85 2007/2008 and is within walking which are owned by the Company.
over four blocks. The entire of which were acquired by the distance of many large government The Company’s 24 residential units
development is constructed over a Company, and approximately 1,218 and private sector employers, as well consist of 15 one-bedroom and nine
common basement with 65 car park sq. m. (13,111 sq. ft.) of commercial as local and national public transport two-bedroom residential units. The
spaces. The Company’s 83 space, all of which was acquired by infrastructure. The development property is located near Trinity
residential apartments consist of 25 the Company. The Company’s 85 consists of 132 residential College and the River Liffey, and
one-bedroom, 54 two-bedroom and residential apartments are all two- apartments, 86 of which are owned close to LUAS and DART lines.
four three-bedroom residential bedroom residential apartments. by the Company. The Company’s
apartments. This development also 86 residential apartments consist of
has 566 sq. m. (6,093 sq. ft.) of 13 one-bedroom, 61 two-bedroom
commercial space, all of which is and 12 three-bedroom residential
owned by the Company. apartments. The Company also
owns approximately 792 sq. m.
(8,525 sq. ft.) of ancillary commercial
space within the development. In
addition, the Company owns an
adjoining 0.18 ha (0.45 acre) site
with planning consent for a further 55
residential apartments and three
ground floor commercial units.
23
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
Prime Suburbs
Beacon South Quarter Grande Central Rockbrook Grande Central The Forum
225 Residential Apartments 65 Residential Apartments & Rockbrook South Central 8 Residential Apartments
Sandyford, Dublin 18 Sandyford, Dublin 18 270 Residential Apartments Sandyford, Dublin 18
Sandyford, Dublin 18
The Company acquired Beacon South The Company acquired Grande The Company acquired the The Company acquired The Forum,
Quarter, located in Sandyford, Dublin Central, located in Sandyford, Dublin Rockbrook Portfolio, located in located in Sandyford, Dublin 18, in
18, in October 2014. The development 18, in September 2013. The Sandyford, Dublin 18, in March 2015 February 2016. The development
was constructed in 2007/2008 and is a development was constructed in via the acquisition of I•RES was constructed in 2007 and
landmark mixed-use development on 2007 and is a residential Residential Properties Limited. The consists of 127 residential
5.3 ha (13 acres). A number of major development located within the development consists of 270 apartments, eight of which, along
employers are located in the suburb of Sandyford, Dublin 18, residential apartments and with 11 basement car parking
immediate neighbourhood, including approximately 8 km south of Dublin approximately 4,665 sq. m. (50,214 spaces, are owned by the Company.
Vodafone, Merrill Lynch and Microsoft, City Centre. The development is on a sq. ft.) of mixed-use commercial The Company’s eight residential
and the development is adjacent to 0.5 ha (1.2 acre) site and consists of space. The portfolio also includes a apartments consist of one one-
the LUAS light rail line to the city a purpose-built apartment block with development site of approximately bedroom and seven two-bedroom
centre. The development consists of 195 residential apartments, 65 of 1.13 ha (2.8 acres) and associated residential units. The Forum is
880 luxury residential apartments, 225 which are owned by the Company. basement car parking. The property located on the LUAS tram line and
of which are owned by the Company. The entire development is is located close to the Stillorgan next to the Royal College of
The Company’s 225 residential constructed over a common LUAS light rail system stop, in an Surgeons’ Sandyford facility. The
apartments consist of 26 one- basement with a single car park area serviced by numerous bus development is also adjacent to the
bedroom, 173 two-bedroom and 26 space per residential apartment. The routes. Located nearby are the Company’s Rockbrook and Beacon
three-bedroom residential apartments. Company’s 65 residential apartments UPMC Beacon Hospital and large South Quarter portfolios.
The Company also owns approx. consist of 10 one-bedroom, 34 two- employers such as Microsoft,
2,395 sq. m. of ancillary commercial bedroom and 21 three-bedroom Vodafone, Volkswagen and the
space within the development. In residential apartments. Clayton Hotel. The Company’s 270
addition, the Company owns two residential apartments consist of 46
adjacent development sites and one one-bedroom, 203 two-bedroom and
former site that has now been 21 three-bedroom residential
developed into The Maple and 6,847 apartments.
sq. m. of commercial space. 24
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
Prime Suburbs
The Maple Elmpark Green Bessboro
68 Residential Apartments 201 Residential Apartments 40 Residential Apartments
Sandyford, Dublin 18 Merrion Road, Dublin 4 Terenure, Dublin 6
The Company completed the The Company acquired Elmpark The Company acquired Bessboro,
construction of The Maple, located in Green, located in Merrion Road, located in Terenure, Dublin 6, in
Sandyford, Dublin 18, in July 2017. Dublin 4, in May 2016. The December 2015. The development
The development consists of 68 Company’s 201 residential was constructed in 2008 and
residential apartments, all of which apartments consist of 101 one- consists of 40 residential apartments,
are owned by the Company. By bedroom, 96 two-bedroom and four all of which are owned by the
apartment type, The Maple three-bedroom residential Company. The Company’s 40
comprises four one-bedroom, 55 apartments. The development was residential apartments consist of six
two-bedroom and nine three- constructed in 2006, and consists of one-bedroom, 32 two-bedroom and
bedroom apartments. The 332 apartments, 201 of which are two three-bedroom apartments.
development is conveniently located owned by the Company. Elmpark Bessboro provides a strong
near UPMC Beacon Hospital, BSQ Green is located near Merrion, suburban location only 7 km from
Shopping Centre and transportation Blackrock and Frascati Shopping Dublin City Centre and 4.6 km from
links such as the Stillorgan LUAS Centres, and is also adjacent to the the M50 motorway. The location
stop. Elm Park Golf and Sports Club, as provides a range of amenities
well as St. Vincent’s University including shops, schools, bars and
Hospital. restaurants, all within walking
distance of Bessboro and also in
close proximity to Bushy Park, golf
and rugby clubs.
25
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
Secondary Suburbs
Priorsgate The Laurels Charlestown Tallaght Cross West
103 Residential Apartments 19 Residential Apartments 235 Residential Apartments 442 Residential Apartments
Tallaght, Dublin 24 Tallaght, Dublin 24 Finglas, Dublin 11 Tallaght, Dublin 24
The Company acquired Priorsgate, The Company acquired The Laurels, The Company acquired Charlestown, The Company acquired Tallaght
located in Tallaght, Dublin 24, in located in Tallaght, Dublin 24, in a mixed-use development set on Cross West, located in Tallaght,
September 2013. The development June 2014. The development was 16.2 ha (40 acres) in Finglas, Dublin Dublin 24, in January 2016. The
was constructed in 2007 and is a constructed in 2007 and consists of 11, in October 2014. The development was constructed in
residential development on a 1.1 ha 19 residential apartments, all of development was constructed in 2008 and consists of 507 residential
(2.6 acre) site located approximately which are owned by the Company. 2007 and consists of 285 residential apartments, 442 of which are owned
10 km southwest of Dublin City The Laurels consists of four one- apartments, 235 of which are owned by the Company. The Company’s
Centre. The development consists of bedroom, 13 two-bedroom and two by the Company. The Company’s 442 residential apartments consist of
199 residential apartments dispersed three-bedroom residential 235 residential apartments consist of 161 one-bedroom, 237 two-bedroom
over three blocks, 103 of which are apartments. The Company also 36 one-bedroom, 164 two-bedroom and 44 three-bedroom residential
owned by the Company. The owns 190 sq. m. (2,045 sq. ft.) of and 35 three-bedroom residential apartments. The Company also
Company’s 103 residential commercial space in the form of one apartments. The overall development owns 18,344 sq. m. (197,460 sq. ft.)
apartments, which are dispersed large unit which could be split into comprises facilities for tenants of commercial space and associated
over the three blocks, consist of 49 two units. including a shopping centre, a underground car parking. The
one-bedroom, 48 two-bedroom, five medical centre and a variety of Company has received a grant of
three-bedroom and one four- leisure and restaurant facilities. The planning permission for the
bedroom residential apartments. property is located approximately 9.5 conversion of unused commercial
km from Dublin City Centre and 8 km space to 18 residential apartments.
from Dublin airport, and is adjacent
to the main M50 and M2
transportation corridors.
26
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
Secondary Suburbs
Coldcut Park Hansfield Wood Hansfield Wood II Hampton Wood
90 Residential Apartments 99 Residential Apartments 95 Residential Apartments 128 Residential Apartments
Clondalkin, Dublin 18 Ongar, Dublin 15 Ongar, Dublin 15 Finglas, Dublin 11
The Company acquired Coldcut The Company acquired Hansfield The Company acquired Hansfield The Company acquired Hampton
Park, located on Coldcut Road in Wood located in Ongar, Dublin 25, in Wood located in Ongar, Dublin 25, in Wood, located in Finglas, Dublin 11,
Clondalkin, Dublin 18, in August November 2017. The development November 2018. The development in May 2018. The development
2016. The Company’s 90 residential was constructed in 2018 and is a was By apartment type, the completed in 2018 and consists of
apartments consist of 18 one- residential development on a 1.3 apartments will comprise 10 1-bed 128 residential apartments, all of
bedroom, 22 two-bedroom, 33 three- acre site located west of Dublin City. apartments, 67 2-bed apartments which are owned by the Company.
bedroom and 17 four-bedroom Hansfield Wood consists of 99 and 18 3-bed apartments. Hampton Woods comprise 46, 1-bed
residential apartments. The residential units, all of which are Construcon of the self-contained and 82, 2-bed apartments. Located
development was constructed in owned by the Company. By apartment block commenced in July between junction 4 and junction 5 of
2012 and consists of 93 apartments, residential type, the residential units 2018. The apartments are expected the M50 motorway, the scheme is a
90 of which are owned by the will comprise two 4-bed houses, to be completed by the end of July short distance from Dublin City
Company. The property is located seven 3-bedhouses, eight 2-bed 2020. consists of 99 residential units, University (DCU), Dublin Airport,
near Liffey Valley Shopping Centre, apartments, 12 3-bed duplexes and all of which are owned by the Northwood Business Park and
LUAS Red Line and Cherry Orchard six 2-bed duplexes. Company. Hansfield Wood consists Dublin City Centre.
Railway Station. of one, one-bedroom apartment,
nine, two bedroom apartments, one,
three-bedroom apartment, three two
bedroom houses, two, four bedroom
houses and 86 three-bedroom
houses.
27
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
Secondary Suburbs Inchicore/Drimnagh
Camac Crescent Lansdowne Gate Tyrone Court
90 Residential Apartments 224 Residential Apartments 95 Residential Apartments
Inchicore, Dublin 8 Drimnagh, Dublin 12 Inchicore, Dublin 8
The Company acquired Camac The Company acquired Lansdowne The Company acquired Tyrone
Crescent, located in Inchicore, Gate, a superior quality development Court, located in Inchicore, Dublin 8,
Dublin 8, in September 2013. The on 2.2 ha (5.5 acres) in Drimnagh, in June 2015. The development was
development was constructed in Dublin 12, in October 2014. The constructed in 2014 and consists of
2008 and is a residential development consists of 280 131 apartments across four
development on a 0.56 ha (1.4 acre) residential apartments, 224 of which residential apartment blocks, 95 of
site located in Inchicore, Dublin 8, are owned by the Company, set in which are owned by the Company.
approximately 3 km west of Dublin 11 blocks over semi-basement car The Company’s 95 residential
City Centre. The development parking, with the benefit of a apartments consist of four three-
consists of 110 residential centralised district heating system, bedroom duplex units, three three-
apartments dispersed over six landscaped gardens and a children’s bedroom, 64 two-bedroom and 24
blocks, 90 of which are owned by the playground. The Company’s 224 one-bedroom apartments. The
Company. The entire development is residential apartments consist of 23 property is located in an established
constructed over a common one-bedroom, 146 two-bedroom and residential area close to Drimnagh
basement with a single car park 55 three-bedroom residential Station, which is a 15-minute
space per residential apartment. The apartments. The development was commute to City Centre. Located
Company’s 90 residential apartments constructed in 2005 and is located nearby are St. James’s Hospital,
consist of 21 one-bedroom, 49 two- adjacent to the LUAS light rail Inchicore College, the Central
bedroom and 20 three-bedroom system, 5 km from the City Centre Criminal Court and Heuston Station,
residential apartments. and within walking distance of all of which provide a strong
numerous large employers, as well employment centre and tenant
as shopping and leisure facilities. market.
28
Investor Presentation Irish Residential Properties REIT plc November 2019Existing Portfolio (Cont.)
2019 Acquisitions
The Coast Taylor Hill Semple Woods Waterside
52 Residential Units 78 Residential Homes 40 Residential Homes 55 Residential Units
Baldoyle, Dublin 13 Balbriggan, Co. Dublin Balbriggan, Co. Dublin Malahide, Co. Dublin
The Company acquired the Coast, The Company entered into contracts Semple Woods: The Company The Company entered into contract
located at the Coast, Baldoyle, for the forward purchase of 78 entered into contracts for the forward for the forward purchase of 55
Dublin 13 in February 2019. The homes at Taylor Hill, Balbrriggan, purchase of 40 homes at Semple apartments and duplexes at
residential units acquired comprise a Co. Dublin in March 2019. Taylor Hill Woods, Balbriggan, Co. Dublin in Waterside, Malahide, Co Dublin.
mix of houses, apartments and is located off the Castlemill Link March 2019. Semple Woods is Waterside is ideally located on the
duplex units (18 x 1 bed, 16 x 2 bed, Road on the western edge of located on the southern edge of Swords Road between the
12 x 3 bed and 6 x 4 bed). The Balbriggan (population approximately Donabate (population approximately picturesque village of Malahide and
development was constructed in 22,000 people) in North County 7,500 people) in North County Swords village (population
2006 by Helsignor Limited. The Dublin. To date, the Company has Dublin. Semple Woods is situated approximately 42,000 people) on the
Coast is located in the north Dublin received 39 residential units that close to excellent infrastructure north side of Dublin City. By
suburb of Baldoyle on the site of the consist of 20, three-bedroom houses including transport, schools and residential unit type, the acquisition
former Baldoyle Racecourse in a and 19, two-bedroom houses. The employment, with an Irish Rail will comprise 3 x 1 bed, 30 x 2 bed
popular residential location providing scheme is situated close to excellent Station in the town and Dublin Airport and 22 x 3 bed residential units.
excellent amenities and connectivity infrastructure including transport, approximately 15 minutes drive away
to Dublin City Centre. schools and employment, with an
Irish Rail Station in the town, and
Dublin Airport approximately 20
minutes drive away.
29
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