INVESTOR PRESENTATION NOVEMBER 2019 1 D I S C L A I M E R - - PowerPoint PPT Presentation

Irish Residential Properties REIT plc

INVESTOR PRESENTATION NOVEMBER 2019

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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

• ffer 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

D I S C L A I M E R

Cautionary Statements

Investor Presentation Irish Residential Properties REIT plc November 2019

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Highlights 2019 Strategy Backdrop Financial Results H1, 2019 Positive Outlook Appendix – Portfolio Details

Highlights H1, 2019

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Investments in line with our Growth Strategy

• Growth of c. 45% since Dec 2018 bringing portfolio to

3884 units

• Acquisition of 815 unit Marathon Portfolio contracted

June 13th, 2019, completed August 1st, 2019

• 298 units contracted under pre-purchase contracts
• In addition development opportunity with Planning

permission received for 200 units

Funding Strategy New Syndicated Revolving Credit Facility

• €450m Facility finalised in April 2019
• RCF increased to €600m in June 2019
• 5 year term to 2024, with option to extend two further

years

• Lower costs

Equity Placing

• 85.6m new shares issued in 2 tranches in June/July 2019
• At €1.55 per share
• Raised €131m (net proceeds) to fund growth strategy

Strong financial performance in the first six months

• C.18% increase in Net Rental Income and Earnings
• EPRA EPS up 12.9% to 3.5 cents (30 June 2018: 3.1

cents.)

• €22.5m increase in portfolio valuation, 6% gross yield at

fair value

• EPRA NAV per share up 3.5% to 146.9 cents (31

December 2018: 142.0 cents)

Investor Presentation Irish Residential Properties REIT plc November 2019

Strategy Backdrop

Ireland’s largest private landlord with a strong track record of accretive growth since inception (<2% mkt) Operational excellence leveraging on ‘best-in-class’ asset and property management expertise of CAPREIT Highly attractive market underpinned by strong economic fundamentals, significant demand / supply imbalance and supportive social trends High quality asset base with defensive characteristics supporting strong occupancy levels, and yields Clearly defined and prudent financial policy supported by increased financial flexibility with execution of debt and equity strategy Acquisition and development plan associated with a disciplined capital allocation policy

5 Investor Presentation Irish Residential Properties REIT plc November 2019

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Strong track record of accretive growth since inception

Equity financing Debt financing Portfolio events

Total property value (€m)1 Key highlights

• A strong growth track record, done through

acquisitions and more recently forward purchases and developments

• Prudently financed through a mix of equity

and debt financing

• Marathon is the largest acquisition to date

with 815 units for a total purchase price of €285m

• Proven ability to integrate assets (including

large assets such as Marathon) in short- time frames

685 751 921 1,365 FY16A FY17A FY18A FY19F

Investor Presentation Irish Residential Properties REIT plc November 2019

Established CAPREIT management agreement Completed Public Offering €204m equity issuance 2-year €130m RCF Increased RCF from €250m to €350m New €250m RCF with 5 year tenor Refinanced new €450m RCF at lower interest cost, 7 year tenor Increased RCF to €600m with uncommitted accordion of €50m Share placement €131m, issuance of 172m shares 815 units acquired in Marathon XVI portfolio for €285m Acquired initial property portfolio of 338 units Acquired 866 apartment suites for €271.5m Acquired 763 high-quality apartments for €172.4m Acquired 410 high-quality apartments for €125.5m Hampton Wood acquisition 128 units €40m Hansfield 2 FP 95 units €30m Successful completion of Hansfield 1, 99 units for €31.6m Agreement 69 units Merrion Road €47.2m by 2021 Acquisition The Coast 52 units €14m 173 units forward purchases for €56.7m Received planning permission for the development

• f 628 units

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2007 2009 2011 2013 2015 2017 2019 Rental Stock in Dublin (units) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1500 1750 2000 2250 2500 2009 2011 2013 2015 2017 2019 Employment ('000) Unemployment Rate

Source: CSO Source: Daft.ie

3.8% 1.2% 0% 1% 2% 3% 4%

2019 GDP Growth Forecast

0.6m 0.8m 1.0m 1.2m 1.4m 1.6m 4.0m 4.3m 4.5m 4.8m 5.0m 5.3m 5.5m 2010 2015 2019 2020 2025 2030 2035 Ireland Dublin (RHS) 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2011 2012 2013 2014 2015 2016 2017 2018

New Dwelling Completions

Source: UN Population Growth Forecasts Source: European Commission, Spring 2019 GDP Forecasts Source: CSO (Completions Data); ESRI (Est. Housing Demand)

Estimated demand still

• c. 2x supply levels

35k Est. National Annual Demand

Continued Strong Economic Growth Forecast Record-level Employment Numbers Rapid Population Growth Housing Demand Significantly Above Supply Record Low Rental Stock Available Youngest Population in Europe

33.3%

0% 5% 10% 15% 20% 25% 30% 35%

Italy Germany Spain NL UK France Ireland % Population Under 25 Years

Source: Eurostat

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Growth strategy continues to be underpinned by strong economic fundamentals

High quality asset base Defensive attributes

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High quality diversified asset base with defensive attributes supporting strong occupancy levels and yields

• Diversified portfolio of 3903 units across

45 high quality properties

• Young portfolio: weighted average age of

10.5 years

• Supplemented by a number of well located

development sites which have a capacity to deliver circa 628 new units and forward commitments to bring to 4500+ units

• High Occupancy, low turnover
• Existing portfolio entirely located in the

Rental Pressure Zone, which (i) secures the PRS market by avoiding market

• verheating; and (ii) provides a sustainable

valuation/rent cushion in the event of a market downturn

• Focus on the mid-tier affordable market

which is also the most defensive segment

Note: (1) Portfolio including Marathon, but excluding the Cork property; (2) Portfolio including Marathon

Properties by location1 Distribution by age (years)2 Distribution by average monthly rent (€)2 Distribution by split of bedrooms2

2% 8% 1% 45% 28% <2 8 to 10 2 to 4 10 to 12 5 to 7 > 12 Weighted average: c. 10.5 years 12% 23% 65% 12% 1% 1 bed 2 bed 3 bed 4 bed 40% 52% 5% 1% 1,000 to 1,500 2,000 to 2,500 1,500 to 2,000 > 2,500 14% 38% 34% 13% City Centre Secondary Suburbs Prime Suburbs Inchicore / Drimnagh

Investor Presentation Irish Residential Properties REIT plc November 2019

A young and performing asset base

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• Portfolio is particularly

young with a weighted average property age of 10.5 years

• Value is well distributed

across the portfolio with very little concentration

• n any specific asset
• Highly performing

portfolio with the large majority of properties (circa 88%) generating a gross yield above 5%

−

No completed property is underperforming with lowest yield at 4.3%

−

Gross yield 30 June 2019 6%, (Net 4.8%)

• Portfolio characteristics

aligned with market demand

Notes: (1) Portfolio statistics including Marathon; (2) Portfolio statistics excluding Marathon

Key highlights Distribution by age(years)1 Distribution by value (€m)2 Distribution by gross yield level2 Distribution by number of bedrooms1

23% 65% 12% 1% 1 bed 2 bed 3 bed 4 bed Average: 6.0% 2% 8% 1% 45% 28% <2 2 to 4 5 to 7 8 to 10 10 to 12 > 12 Weighted average: 10.5 years 12% 44% 4% Average: €39.6m 12% 24% 1% < 20 20 to 40 40 to 60 60 to 80 > 80 9% 44% 43% 1% <5% 5% to 6% 6% to 7% >8%

Investor Presentation Irish Residential Properties REIT plc November 2019

Multi-Channel Growth Strategy to Deliver Sustainable Long- Term Growth

• Continued evaluation of new

acquisition opportunities in attractive urban locations

• Following criteria considered:
• Good transportation links,

community infrastructure – in particular, schools

• Local employment
• Family-friendly

neighbourhoods

• Forward purchase

agreements with local builders and developers for new supply of multi-family and single-family units

• Opportunity to add approx.

628 apartments at currently

• wned I•RES properties1
• Partially completed

foundation infrastructure (e.g. parking) already in place at Rockbrook site

• Infill and conversion
• pportunities are available on

currently owned commercial properties1

Acquisition of Completed Assets 1 Development Partnerships 2 Development

• f Existing I•RES Properties

3

Disciplined capital allocation policy to generate value and growing dividends for I•RES shareholders

1 Subject to planning and any other approvals

Growth Strategy with a disciplined capital allocation policy

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Investor Presentation Irish Residential Properties REIT plc November 2019

2018 2019

• Acquisition in February 2019

for c. €14m1

• Gross yield: c. 6.2%

The Coast, Baldoyle

52 units

• Acquisition in May ‘19 for c.

€18.5m1

• To be handed over in Q1 ‘20
• Expected gross yield: c. 7.0%

Waterside, Swords

55 units

• Agreement entered in March 2019 for
• c. €38.2m1
• To be handed over in Q4 ‘19
• Expected gross yield: c. 6.7%
• 39 units handed over at Taylor Hill as

at 30 June 2019

Donabate & Balbriggan

118 units

• Pre-purchase agreement in Nov

2018

• To be handed over by Q4 ’21 for
• c. €47.1m1
• Expected gross yield: c. 5.6%

Merrion Road

69 units

• Development agreement in

Nov 2018 for €30m1

• To be handed over in mid-2020
• Expected gross yield c. 6.6%

Hansfield Wood II

95 units

• Took delivery during 2018
• Agreement entered into with local

developer in Nov 2017

• Leased at gross yield of c. 6.7%2

Hansfield Wood I

99 units

• Acquisition in May 2018 for

€40m1

• Leased at gross yield of c.

6.6%3

Hampton Wood

128 units

Completed acquisition

Key:

Forward purchases / development agreements

Building a diverse, significant portfolio focused on Dublin area and other large cities in Ireland 628 815 150 170 229 2,450 4,511 units

I•RES Investment Properties as at 31 Dec 2017 2018 Acquisitions & Developments 2019 Acquisitions & Forward Purchases 2020 Forward Purchases Acquisition of Marathon XVI Portfolio (2019) Opportunity for Development of Existing Properties (2019- 2022)2 Pro Forma I•RES Portfolio

• No. of units
• See details on slide 13

Development Pipeline

628 units

• See details overleaf

Marathon XVI Portfolio

815 units

69

2021 Forward Purchases

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))

Development

Strong Execution on Growth Strategy

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Investor Presentation Irish Residential Properties REIT plc November 2019

Marathon XVI Portfolio Acquisition1

Portfolio Transaction Highlights

• A significant, diversified and income producing PRS portfolio of 815 residential

units

• Comprises 16 established properties in areas with strong rental demand and

proximity to local amenities and transport links, generating annual rental income of €14.5m (including vacant units leased up)

• 15 schemes in prime locations in the Dublin Area and 1 scheme in Cork
• 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%) Capital allocation into income generating assets Excellent opportunity to acquire established portfolio of scale in the Dublin market and entry to Cork market Ability to leverage I•RES’ existing operating platform and infrastructure Potential to capture reversionary rental income and replicate I•RES’ net rental income margins going forward Accretive to earnings in first full year post acquisition

I•RES REIT Asset Locations in Dublin Area

M50 M50 M1

Dublin Airport

M50 M50

Asset Highlights

815

Residential units

€1,486

Passing rent2

€1,803

ERV2

98.7%

Occupied

Significantly Expands Dublin Footprint

Dublin

1 The acquisition of the Marathon XVI Portfolio closed on august 1, 2019

20%+

Existing I•RES Properties Marathon XVI Portfolio

   

Benefits

2 Per unit, per month. As at April 2019

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Investor Presentation Irish Residential Properties REIT plc November 2019

Development Pipeline

Development and Intensification of Existing I•RES Properties is a Core Element

• f Growth Strategy
• During 2018, significant progress made with

several planning applications for development projects:

• planning applications have been

submitted for 628 apartments at sites currently owned

• f these, planning permissions have been

received for 200 apartments

• a planning application for the development
• f 428 residential units (including car

parking and commercial) at Rockbrook has been submitted to the Planning Board under the Strategic Housing Development application process

Location

• No. of

Residential Units at Completion Status Tallaght Cross West 18 Under Construction Bakers Yard 61 Planning Permission Granted Coldcut (Conversion) 1 Construction Completed Priorsgate (Bruce House) 31 Planning Permission Granted Priorsgate (Conversion) 5 Planning Permission Granted Beacon Square South (B4) 84 Planning Permission Granted Rockbrook 428 Planning application submitted Total 628

Development Initiatives Planning Status

Beacon Square South (B4) Rockbrook Bakers Yard

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Investor Presentation Irish Residential Properties REIT plc November 2019

Well-defined and prudent financial policy…

Long-term strategic objectives Financial Policy

Conservative gearing target: strictly below 45% at all times

Financial Strategy

Dividend policy

(Distribute at least 85% of Property Income)

Acquisition / Development funding

(Funding structured to protect gearing target)

Capital structure

(Target capital structure in line with maximum gearing target at all times) Equity issuance

Pipeline agreement1 Free cash flow

Clearly defined and prudent financial policy

• Pro-active approach to ensure maximum financial policy target (< 45%) is

maintained at all times, as evidenced by previous recourse to equity financings

• Conservative gearing target of 45% is defensive and attractive for lenders
• Successful equity raises in the past
• 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%

• Free cash flow generated sufficient to fund operating activities and current

level of shareholder distributions

Secured funding

(bank/capital markets)

Disposals

Note: (1) Subject to CAPREIT’s board reauthorisation

Key highlights Investor Presentation Irish Residential Properties REIT plc November 2019 14

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

Revenue from Investment Properties (€ millions) Occupancy % Average Monthly Rent (€) EPRA NAV (€ millions) EPRA Earnings per Share (€ cents) Net Rental Income (€ millions)

Operating Performance For the period ended 30 June 2019 2018

Revenue from Investment Properties (€m) 27.8 24.1 Net Rental Income (€m) 22.7 19.3 EPRA Earnings (€m) 15.3 13.0 Profit (€m) 34.1 69.5 Basic EPS (cents) 7.8 16.5 EPRA Earnings per share (cents) 3.5 3.1

Portfolio Performance 2019 2018

Total Number of Residential Units 2,771 2608 Overall Portfolio Occupancy Rate2 98.3% 98.7% Overall Portfolio Average Monthly Rent (€)2 1,598 1,539 Gross Yield at Fair Value1,2 6.0% 6.2%

21.7 24.1 27.8 15 17 19 21 23 25 27 29

H1 2017 H1 2018 H1 2019

17.1 19.3 22.7 15 16 17 18 19 20 21 22 23 24

H1 2017 H1 2018 H1 2019

99.8 99.8 98.3 15 35 55 75 95 115

2017 2018 H1 2019

1,517 1,599 1,598 15 515 1,015 1,515 2,015

2017 2018 H1 2019

2.8 3.1 3.5 0.0 1.0 2.0 3.0 4.0 5.0

H1 2017 H1 2018 H1 2019

504 620 707

400 450 500 550 600 650 700 750

2017 2018 H1 2019

Financial Results H1, 2019

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Investor Presentation Irish Residential Properties REIT plc November 2019

Strong Financial Position

The Coast, Baldoyle, Dublin 13

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As At 30 June 2019 31 December 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 share) 147.7 142.5 EPRA NAV per share (cents per share) 146.9 142.0 Group Total Gearing 38.6% 33.6%

Investor Presentation Irish Residential Properties REIT plc November 2019

• 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

Funding

Beacon Square South (B4 render)

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Investor Presentation Irish Residential Properties REIT plc November 2019

Positive 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



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Investor Presentation Irish Residential Properties REIT plc November 2019

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A Place to Call Home

2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc 19

Investor Presentation Irish Residential Properties REIT plc November 2019

Portfolio Details

IRISH RESIDENTIAL PROPERTIES REIT plc

20 20

Significant, Diverse Portfolio

15 03 02 12 11 04 16 05 01 23 25 24 07 08 06 13 17 14 09 10 18 19 Dublin City Centre

01 Kings Court Smithfield D7 (83 Units) 02 The Marker Residence Docklands D2 (85 Units) 03 Bakers Yard Portland Street North D1 (86 Units) 04 City Square Gloucester St D2 (23 units)

Prime Suburbs

05 Beacon South Quarter Sandyford D18 (225 Units) 06 Grande Central Sandyford D18 (65 Units) 07 Rockbrook Grande Central Sandyford D18 (81 Units) 08 Rockbrook South Central Sandyford D18 (189 units) 09 The Forum Sandyford D18 (8 units) 10 The Maple Sandyford D18 (68 Units) 11 Elmpark Green Merrion Road D4 (201 Units) 12 Bessboro Terenure D6 (40 Units)

Secondary Suburbs

13 Priorsgate Tallaght D24 (103 Units) 14 The Laurels Tallaght D24 (19 units) 15 Charlestown Finglas D11 (235 units) 16 Tallaght Cross West Tallaght D24 (442 Units) 17 Coldcut Park Clondalkin D22 (90 Units) 18 Hansfield Wood Ongar, D15 (99 Units) 19 Hampton Wood Finglas, D11 (128 Units) 20 The Coast Baldoyle, D13 (52 units) 21 Waterside

*UNDER CONSTRUCTION*

Malahide, Co. Dublin (55 units) 22 Taylor Hill

*UNDER CONSTRUCTION*

Balbriggan, Co. Dublin (78 units)

Inchicore Drimnagh

23 Camac Crescent Inchicore D8 (90 units) 24 Lansdowne Gate Drimnagh D12 (224 Units) 25 Tyrone Court Inchicore D8 (95 Units) 21

20 21 22

Investor Presentation Irish Residential Properties REIT plc November 2019

Property Location Year Built Date Acquired No of apartments

• wned1

Annualised Passing Rent.1,2,3 Value as at 30 June 20191,2 Gross Yield at 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% 7 Rockbrook Grande Central5 Sandyford 2007 31-Mar-15 81 € 1,908 33.6 5.7% 8 Rockbrook South Central5 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 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.

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Existing Portfolio

Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

City Centre

Kings Court 83 Residential Apartments Smithfield, Dublin 7

The Company acquired Kings Court, located in Smithfield, Dublin 7, in September 2013. The development was constructed in 2006 and is a residential development consisting of 83 residential apartments dispersed

• ver four blocks. The entire

development is constructed over a common basement with 65 car park

• spaces. The Company’s 83

residential apartments consist of 25

• ne-bedroom, 54 two-bedroom and

four three-bedroom residential

• apartments. This development also

has 566 sq. m. (6,093 sq. ft.) of commercial space, all of which is

• wned by the Company.

The Marker Residences 85 Residential Apartments Grand Canal Dock, Dublin 2

The Company acquired the Marker Residences, located in the Grand Canal Dock area of Dublin 2, in July

• 2014. The development was

constructed in 2012 and consists of 105 luxury residential apartments, 85

• f which were acquired by the

Company, and approximately 1,218

• sq. m. (13,111 sq. ft.) of commercial

space, all of which was acquired by the Company. The Company’s 85 residential apartments are all two- bedroom residential apartments.

Bakers Yard 86 Residential Apartments Portland Street North, Dublin 1

The Company acquired Bakers Yard, an apartment development on 0.6 ha (1.4 acres) adjacent to Dublin City Centre in Dublin 1, in October 2014. The development was constructed in 2007/2008 and is within walking distance of many large government and private sector employers, as well as local and national public transport

• infrastructure. The development

consists of 132 residential apartments, 86 of which are owned by the Company. The Company’s 86 residential apartments consist of 13 one-bedroom, 61 two-bedroom and 12 three-bedroom residential

• apartments. The Company also
• wns 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.

City Square 24 Residential Apartments Gloucester Street, Dublin 2

The Company acquired City Square, located on Gloucester Street, Dublin 2, in April 2016. The development was constructed in 2006 and consists of 27 apartments, 24 of which are owned by the Company. The Company’s 24 residential units consist of 15 one-bedroom and nine two-bedroom residential units. The property is located near Trinity College and the River Liffey, and close to LUAS and DART lines.

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Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

Prime Suburbs

Beacon South Quarter 225 Residential Apartments Sandyford, Dublin 18

The Company acquired Beacon South Quarter, located in Sandyford, Dublin 18, in October 2014. The development was constructed in 2007/2008 and is a landmark mixed-use development on 5.3 ha (13 acres). A number of major employers are located in the immediate neighbourhood, including Vodafone, Merrill Lynch and Microsoft, and the development is adjacent to the LUAS light rail line to the city

• centre. The development consists of

880 luxury residential apartments, 225

• f which are owned by the Company.

The Company’s 225 residential apartments consist of 26 one- bedroom, 173 two-bedroom and 26 three-bedroom residential apartments. The Company also owns approx. 2,395 sq. m. of ancillary commercial space within the development. In addition, the Company owns two adjacent development sites and one former site that has now been developed into The Maple and 6,847

• sq. m. of commercial space.

Grande Central 65 Residential Apartments Sandyford, Dublin 18

The Company acquired Grande Central, located in Sandyford, Dublin 18, in September 2013. The development was constructed in 2007 and is a residential development located within the suburb of Sandyford, Dublin 18, approximately 8 km south of Dublin City Centre. The development is on a 0.5 ha (1.2 acre) site and consists of a purpose-built apartment block with 195 residential apartments, 65 of which are owned by the Company. The entire development is constructed over a common basement with a single car park space per residential apartment. The Company’s 65 residential apartments consist of 10 one-bedroom, 34 two- bedroom and 21 three-bedroom residential apartments.

Rockbrook Grande Central & Rockbrook South Central 270 Residential Apartments Sandyford, Dublin 18

The Company acquired the Rockbrook Portfolio, located in Sandyford, Dublin 18, in March 2015 via the acquisition of I•RES Residential Properties Limited. The development consists of 270 residential apartments and approximately 4,665 sq. m. (50,214

• sq. ft.) of mixed-use commercial
• space. The portfolio also includes a

development site of approximately 1.13 ha (2.8 acres) and associated basement car parking. The property is located close to the Stillorgan LUAS light rail system stop, in an area serviced by numerous bus

• routes. Located nearby are the

UPMC Beacon Hospital and large employers such as Microsoft, Vodafone, Volkswagen and the Clayton Hotel. The Company’s 270 residential apartments consist of 46

• ne-bedroom, 203 two-bedroom and

21 three-bedroom residential apartments.

The Forum 8 Residential Apartments Sandyford, Dublin 18

The Company acquired The Forum, located in Sandyford, Dublin 18, in February 2016. The development was constructed in 2007 and consists of 127 residential apartments, eight of which, along with 11 basement car parking spaces, are owned by the Company. The Company’s eight residential apartments consist of one one- bedroom and seven two-bedroom residential units. The Forum is located on the LUAS tram line and next to the Royal College of Surgeons’ Sandyford facility. The development is also adjacent to the Company’s Rockbrook and Beacon South Quarter portfolios.

24

Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

Prime Suburbs

The Maple 68 Residential Apartments Sandyford, Dublin 18

The Company completed the construction of The Maple, located in Sandyford, Dublin 18, in July 2017. The development consists of 68 residential apartments, all of which are owned by the Company. By apartment type, The Maple comprises four one-bedroom, 55 two-bedroom and nine three- bedroom apartments. The development is conveniently located near UPMC Beacon Hospital, BSQ Shopping Centre and transportation links such as the Stillorgan LUAS stop.

Elmpark Green 201 Residential Apartments Merrion Road, Dublin 4

The Company acquired Elmpark Green, located in Merrion Road, Dublin 4, in May 2016. The Company’s 201 residential apartments consist of 101 one- bedroom, 96 two-bedroom and four three-bedroom residential

• apartments. The development was

constructed in 2006, and consists of 332 apartments, 201 of which are

• wned by the Company. Elmpark

Green is located near Merrion, Blackrock and Frascati Shopping Centres, and is also adjacent to the Elm Park Golf and Sports Club, as well as St. Vincent’s University Hospital.

Bessboro 40 Residential Apartments Terenure, Dublin 6

The Company acquired Bessboro, located in Terenure, Dublin 6, in December 2015. The development was constructed in 2008 and consists of 40 residential apartments, all of which are owned by the

• Company. The Company’s 40

residential apartments consist of six

• ne-bedroom, 32 two-bedroom and

two three-bedroom apartments. Bessboro provides a strong suburban location only 7 km from Dublin City Centre and 4.6 km from the M50 motorway. The location provides a range of amenities including shops, schools, bars and 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 2019

Existing Portfolio (Cont.)

Secondary Suburbs

Priorsgate 103 Residential Apartments Tallaght, Dublin 24

The Company acquired Priorsgate, located in Tallaght, Dublin 24, in September 2013. The development was constructed in 2007 and is a residential development on a 1.1 ha (2.6 acre) site located approximately 10 km southwest of Dublin City

• Centre. The development consists of

199 residential apartments dispersed

• ver three blocks, 103 of which are
• wned by the Company. The

Company’s 103 residential apartments, which are dispersed

• ver the three blocks, consist of 49
• ne-bedroom, 48 two-bedroom, five

three-bedroom and one four- bedroom residential apartments.

The Laurels 19 Residential Apartments Tallaght, Dublin 24

The Company acquired The Laurels, located in Tallaght, Dublin 24, in June 2014. The development was constructed in 2007 and consists of 19 residential apartments, all of which are owned by the Company. The Laurels consists of four one- bedroom, 13 two-bedroom and two three-bedroom residential

• apartments. The Company also
• wns 190 sq. m. (2,045 sq. ft.) of

commercial space in the form of one large unit which could be split into two units.

Charlestown 235 Residential Apartments Finglas, Dublin 11

The Company acquired Charlestown, a mixed-use development set on 16.2 ha (40 acres) in Finglas, Dublin 11, in October 2014. The development was constructed in 2007 and consists of 285 residential apartments, 235 of which are owned by the Company. The Company’s 235 residential apartments consist of 36 one-bedroom, 164 two-bedroom and 35 three-bedroom residential

• apartments. The overall development

comprises facilities for tenants including a shopping centre, a medical centre and a variety of leisure and restaurant facilities. The property is located approximately 9.5 km from Dublin City Centre and 8 km from Dublin airport, and is adjacent to the main M50 and M2 transportation corridors.

Tallaght Cross West 442 Residential Apartments Tallaght, Dublin 24

The Company acquired Tallaght Cross West, located in Tallaght, Dublin 24, in January 2016. The development was constructed in 2008 and consists of 507 residential apartments, 442 of which are owned by the Company. The Company’s 442 residential apartments consist of 161 one-bedroom, 237 two-bedroom and 44 three-bedroom residential

• apartments. The Company also
• wns 18,344 sq. m. (197,460 sq. ft.)
• f commercial space and associated

underground car parking. The Company has received a grant of planning permission for the conversion of unused commercial space to 18 residential apartments.

26

Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

Secondary Suburbs

Hansfield Wood 99 Residential Apartments Ongar, Dublin 15

The Company acquired Hansfield Wood located in Ongar, Dublin 25, in November 2017. The development was constructed in 2018 and is a residential development on a 1.3 acre site located west of Dublin City. Hansfield Wood consists of 99 residential units, all of which are

• wned by the Company. By

residential type, the residential units will comprise two 4-bed houses, seven 3-bedhouses, eight 2-bed apartments, 12 3-bed duplexes and six 2-bed duplexes.

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The Company acquired Hampton Wood, located in Finglas, Dublin 11, in May 2018. The development completed in 2018 and consists of 128 residential apartments, all of which are owned by the Company. Hampton Woods comprise 46, 1-bed and 82, 2-bed apartments. Located between junction 4 and junction 5 of the M50 motorway, the scheme is a short distance from Dublin City University (DCU), Dublin Airport, Northwood Business Park and Dublin City Centre.

Hampton Wood 128 Residential Apartments Finglas, Dublin 11 Hansfield Wood II 95 Residential Apartments Ongar, Dublin 15

The Company acquired Hansfield Wood located in Ongar, Dublin 25, in November 2018. The development was By apartment type, the apartments will comprise 10 1-bed apartments, 67 2-bed apartments and 18 3-bed apartments. Construcon of the self-contained apartment block commenced in July

• 2018. The apartments are expected

to be completed by the end of July

• 2020. consists of 99 residential units,

all of which are owned by the

• Company. Hansfield Wood consists
• f 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.

Coldcut Park 90 Residential Apartments Clondalkin, Dublin 18

The Company acquired Coldcut Park, located on Coldcut Road in Clondalkin, Dublin 18, in August

• 2016. The Company’s 90 residential

apartments consist of 18 one- bedroom, 22 two-bedroom, 33 three- bedroom and 17 four-bedroom residential apartments. The development was constructed in 2012 and consists of 93 apartments, 90 of which are owned by the

• Company. The property is located

near Liffey Valley Shopping Centre, LUAS Red Line and Cherry Orchard Railway Station. Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

Secondary Suburbs

Camac Crescent 90 Residential Apartments Inchicore, Dublin 8

The Company acquired Camac Crescent, located in Inchicore, Dublin 8, in September 2013. The development was constructed in 2008 and is a residential development on a 0.56 ha (1.4 acre) site located in Inchicore, Dublin 8, approximately 3 km west of Dublin City Centre. The development consists of 110 residential apartments dispersed over six blocks, 90 of which are owned by the

• Company. The entire development is

constructed over a common basement with a single car park space per residential apartment. The Company’s 90 residential apartments consist of 21 one-bedroom, 49 two- bedroom and 20 three-bedroom residential apartments. The Company acquired Lansdowne Gate, a superior quality development

• n 2.2 ha (5.5 acres) in Drimnagh,

Dublin 12, in October 2014. The development consists of 280 residential apartments, 224 of which are owned by the Company, set in 11 blocks over semi-basement car parking, with the benefit of a centralised district heating system, landscaped gardens and a children’s

• playground. The Company’s 224

residential apartments consist of 23

• ne-bedroom, 146 two-bedroom and

55 three-bedroom residential

• apartments. The development was

constructed in 2005 and is located adjacent to the LUAS light rail system, 5 km from the City Centre and within walking distance of numerous large employers, as well as shopping and leisure facilities.

Lansdowne Gate 224 Residential Apartments Drimnagh, Dublin 12 Tyrone Court 95 Residential Apartments Inchicore, Dublin 8

The Company acquired Tyrone Court, located in Inchicore, Dublin 8, in June 2015. The development was constructed in 2014 and consists of 131 apartments across four residential apartment blocks, 95 of which are owned by the Company. The Company’s 95 residential apartments consist of four three- bedroom duplex units, three three- bedroom, 64 two-bedroom and 24

• ne-bedroom apartments. The

property is located in an established residential area close to Drimnagh Station, which is a 15-minute commute to City Centre. Located nearby are St. James’s Hospital, Inchicore College, the Central Criminal Court and Heuston Station, all of which provide a strong employment centre and tenant market.

Inchicore/Drimnagh

28

Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio (Cont.)

Taylor Hill 78 Residential Homes Balbriggan, Co. Dublin

The Company entered into contracts for the forward purchase of 78 homes at Taylor Hill, Balbrriggan,

• Co. Dublin in March 2019. Taylor Hill

is located off the Castlemill Link Road on the western edge of Balbriggan (population approximately 22,000 people) in North County

• Dublin. To date, the Company has

received 39 residential units that consist of 20, three-bedroom houses and 19, two-bedroom houses. The scheme is situated close to excellent infrastructure including transport, schools and employment, with an Irish Rail Station in the town, and Dublin Airport approximately 20 minutes drive away.

Semple Woods 40 Residential Homes Balbriggan, Co. Dublin

Semple Woods: The Company entered into contracts for the forward purchase of 40 homes at Semple Woods, Balbriggan, Co. Dublin in March 2019. Semple Woods is located on the southern edge of Donabate (population approximately 7,500 people) in North County

• Dublin. Semple Woods is situated

close to excellent infrastructure including transport, schools and employment, with an Irish Rail Station in the town and Dublin Airport approximately 15 minutes drive away

29

Waterside 55 Residential Units Malahide, Co. Dublin

The Company entered into contract for the forward purchase of 55 apartments and duplexes at Waterside, Malahide, Co Dublin. Waterside is ideally located on the Swords Road between the picturesque village of Malahide and Swords village (population approximately 42,000 people) on the north side of Dublin City. By residential unit type, the acquisition will comprise 3 x 1 bed, 30 x 2 bed and 22 x 3 bed residential units.

2019 Acquisitions

The Coast 52 Residential Units Baldoyle, Dublin 13

The Company acquired the Coast, located at the Coast, Baldoyle, Dublin 13 in February 2019. The residential units acquired comprise a mix of houses, apartments and duplex units (18 x 1 bed, 16 x 2 bed, 12 x 3 bed and 6 x 4 bed). The development was constructed in 2006 by Helsignor Limited. The Coast is located in the north Dublin suburb of Baldoyle on the site of the former Baldoyle Racecourse in a popular residential location providing excellent amenities and connectivity to Dublin City Centre. Investor Presentation Irish Residential Properties REIT plc November 2019