Irish Residential Properties REIT

Earnings Release • May 8, 2018

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author: "Elise Lenser"
date: 2018-05-08 15:45:00+00:00
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8 May 2018

Irish Residential Properties REIT plc – Update

Irish Residential Properties REIT plc (“I•RES” or the “Company”) today issues a trading update for the Group[1] for the period from 1 January 2018 to 31 March 2018 (“Period”) as well as an update on the Group’s acquisitions and development activity.

Trading Update

Following a very successful year in 2017, trading performance in the first 3 months of 2018 has been in line with expectations. The Group generated a net income for the Period of c. €6.3 million (based on unaudited management accounts), an increase of 7% compared to the same three month period last year. The Group continues to maintain high residential occupancy levels at approximately 99%.

At 31 March 2018 the Group’s loan to value ratio was 34.7% and following completion of the Hampton Wood acquisition (detailed below) the Group’s loan to value ratio will be c. 37.4%. Investment properties were not revalued for the reported period.

Acquisitions and Development Update

• As announced today, the Company has entered into an agreement to acquire 128apartments with 128 car parking spaces located at The Square, Hampton Wood, Finglas, Dublin 11 for a total purchase price of €39.995 million(including VAT, but excluding other transaction costs), generating an expected gross yield of c. 6.25%. This acquisition will be funded by the Company’s existing credit facility and is expected to complete by the end of May 2018.
• A full grant of planning permission was received (March 2018) for the conversion of commercial spaces at Tallaght Cross West to 19 residential apartments. A full grant of planning permission was further granted for the change of use of vacant retail/foodcourt elements to educational, gym and medical uses.
• The planning and design team are progressing with the detailed design and preparation of planning applications for the Rockbrook and B4 BSQ development sites in Sandyford including consultation with the planning authority with a view to submission of applications in the second half of 2018.
• The planning application for 61 apartments at Bakers Yard site is in discussions and final submission stage to the planning authority for decision.
• Following consultation with the local planning authority, a planning application is being prepared for the development of an infill site at the Priorsgate scheme in Tallaght (Bruce House) for 31 apartments. In addition, a separate planning application will be made for the conversion of vacant commercial spaces to 5 residential apartments.

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

Margaret Sweeney, CEO

+353 (0) 1 4456386

For Media Requests:

Q4PR

Gerry O’Sullivan

• 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust (“REIT”) listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. I•RES currently owns 2,451 residential units. Further information in respect of I•RES can be obtained from I•RES’ website at www.iresreit.ie.

The details of the analysts that cover I•RES can also be found on the Company’s website at www.iresreit.ie.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain 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 Company 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 referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

1. The Company and its wholly-owned subsidiary, IRES Residential Properties Limited, are together referred to as the “Group”. ↑