Irish Residential Properties REIT plc - November 2018
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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 2
Irish Residential Properties REIT plc Overview Highlights Financial Results Operational Excellence and Portfolio Management Portfolio Overview Acquisitions and Developments Market Update Opportunities Ahead Positive Outlook 3
Irish Residential Properties REIT plc Highlights H1 2018 – Deliveringgrowthinvalueanddividendsforshareholders 1 Profits and EPS Profit for H1 18 : €69.5m, +124.2% (30June 2017: €31m) EPS 16.5 cents, +123% 2 Net Rental Income (‘NRI’) €19.3m, + 12.9% (June 2017: €17.1m) 3 EPRA Earnings and ERPA EPS EPRA Earnings €13.0m , +9.8% EPRA EPS of 3.1 cents, +10.7% (30 June 2017: 7.4 cents) 4 Portfolio 2608 units; €868.5m +15.7% (on Dec 2017); Acquisitions and Developments +€58.5m; Fair value +€57m, +7.8%* Av. Gross yield 6.2% (Dec 17, 6.6%) 5 EPRA NAV per Share 30 June 2018; 133.0 cents, +12.2% (31 December 2017 ; 118.5 cents) 6 Gearing (LTV) 30 June 2018; €277m; LTV 33.1% ( LTV policy of 45.0% ) 4 *Based on investment properties owned at 31 December 2017, excluding Hansfield Woods and Hampton Woods
Irish Residential Properties REIT plc StrongOperating Performance Occupancy % Average Monthly Rent /€ Revenue from Net Rental Income /€m Investment Properties /€m +5.5% +11.1% +12.9% 100.0 1,550 25 20.0 99.8 19.0 98.7 98.7 1,500 1,539 23 24.1 19.3 95.0 18.0 1,450 21 17.0 21.7 17.1 90.0 1,459 16.0 1,400 19 15.0 85.0 1,350 1,399 14.0 17 17.9 13.0 14.0 80.0 1,300 15 12.0 2016 2017 H1 2018* H1 2016 H1 2017 H1 2018 H1 2016 H1 2017 H1 2018 H1 2016 H1 2017 H1 2018 * Portfolio occupancy as at 30 June 2018 of 99.6% for properties owned at 31 December 2017 5
Irish Residential Properties REIT plc Net Asset Value Growth EPRA NAV growth through accretive acquisitions and NRI growth, while maintaining LTV% EPRA NAV 600 576.5 150 550 504.2 140 Cents per share 480.4 133.0 500 469.6 € millions 435 446.9 130 450 419.5 118.5 112.5 115.1 120 400 107.2 104.3 110 350 100.6 300 100 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 EPRA NAV EPRA NAV per share (cents) Total Group Gearing 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 LTV Target Max 6
Irish Residential Properties REIT plc GrowingValues and Portfolio Returns for Shareholders EPRA NAV EPRA Earnings per Share Dividends per Share (€ millions) € cents € cents 3.5 +10.7% 6 700 +14.2% 600 3 5 3.1 5.2 500 576 2.5 2.8 4.9 4 504 2 400 470 2.2 3 300 1.5 3.15 2 2.6 200 1 100 0.5 1 0 0 0 2016 2017 H1 2018 H1 2016 H1 2017 H1 2018 2015 2016 2017 H1 2018 7
Strong Operating Performance 30 June 30 June % Increase/ For the Six Month Period Ended 2018 2017 Decrease Revenue from Investment 24,058 21,666 11.0% Properties(€,000) Net Rental Income (€,000) 19,321 17,134 12.8% Profit (€,000) 69,529 31,024 124.1% Basic Earnings Per Share (cents) 16.5 7.4 30.1% EPRA Earnings Per Share (cents) 3.1 2.8 10.7% 30 June 31 December % Increase/ As at 2018 2017 Decrease Occupancy 98.7% 99.8% -1.1% Average Monthly Rent €1,539 €1,517 1.5% Gross Yield 6.2% 6.6% -0.4% Total Number of Apartments 2,608 2,450 6.5% Grande Central – Sandyford, Dublin 18 9
Irish Residential Properties REIT plc Excellent Investment Manager I-RES Fund Management, an Irish subsidiary of CAPREIT, is the company’s investment manager. ABOUT CAPREIT Founded in 1997, a Canadian leader in the professional property management of rental accommodation, owns interest in 48,272 residential units in Canada and 2,088 residential units in Europe (1) Attract and retain By leveraging the global expertise, systems high-quality clients Generate stable and technology platforms of CAPREIT, IRES and growing Fund Management delivers a superior tenant dividends for experience I-RES REIT shareholders Build a growing portfolio of high-quality residential assets in desirable areas Deliver industry leading professional property management with 24/7 service and support Note: (1) As at 30 June 2018 11
Irish Residential Properties REIT plc Excellent Investment Management and Operating Model Technology Staff Training Knowledge& Experience Hands-onApproach Resident andSystems Communications 12
Financial Position and Portfolio overview 13
Irish Residential Properties REIT plc Strong Financial Position As At 30 June 2018 31 December 2017 Total Property Value €868.5m € 750.9m Net Assets €575.8m €504.0m EPRA Net Assets €576.5m €504.2m Basic NAV per share (cents per share) 133.8 120.8 EPRA NAV per share (cents per share) 133.0 118.5 Group Total Gearing 33.1% 33.0% Acquisition Capacity (at 45% LTV) c. €160m Value of Investment Properties By Region (€) 132.7m Sandyford Tallaght 263.4m Finglas 120.4m Inchicore/Drimnagh Dublin City Centre 115.0m 130.0m Other 107.1m Grande Central – Sandyford, Dublin 18 14
Irish Residential Properties REIT plc Investment Properties Portfolio* as at 30 June 2018 – Increasing Valuation # apartments Value (€ millions) as at Property Location Location Age % Change from 2017 owned(1) 30 June 2018 31 December 2017 31 December 2016 Sandyford 1 BSQ Sandyford 10.5 225 € 90.6 € 82.2 € 82.0 10.2% 2 Grande Central(4) Sandyford 11 65 € 24.0 € 22.4 € 20.9 7.1% 3 Rockbrook Grande Central(4) Sandyford 11 81 € 32.4 € 30.2 € 28.0 7.3% 4 Rockbrook South Central Sandyford 11 189 € 85.3 € 78.0 € 71.1 9.4% 5 Forum Sandyford 11 8 € 2.7 € 2.4 € 2.3 12.5% 6 The Maple Sandyford 1 68 € 28.5 € 27.7 € 11.4 2.9% Total 636 € 263.5 € 242.9 € 215.7 8.5% Dublin City Centre 7 Kings Court Smithfield 12 83 € 21.8 € 21.3 € 19.9 2.3% 8 The Marker(5) Docklands 6 85 € 68.1 € 63.1 € 58.1 7.9% 9 Bakers Yard Dublin 10.5 85 € 23.7 € 22.5 € 21.0 5.3% 10 City Square Gloucester St 12 23 € 6.6 € 6.1 € 5.7 8.2% Total 276 € 120.2 € 113.0 € 104.7 6.4% Tallaght 11 Priorsgate Tallaght 11 103 € 23.5 € 21.2 € 19.2 10.8% 12 The Laurels Tallaght 11 19 € 4.0 € 3.5 € 3.2 14.3% 13 Tallaght Cross West Tallaght 10 442 € 102.6 € 91.0 € 85.8 12.7% Total 564 € 130.1 € 115.7 € 108.2 12.4% Inchicore/Drimnagh 14 Camac Crescent Inchicore 10 90 € 21.0 € 20.4 € 19.6 2.9% 15 Lansdowne Gate Drimnagh 13 224 € 68.3 € 66.1 € 64.1 3.3% 16 Tyrone Court Inchicore 4 95 € 25.7 € 24.3 € 23.5 5.8% Total 409 € 115.0 € 110.8 € 107.2 3.8% Finglas 17Charlestown Finglas 11 235 € 65.2 € 59.9 € 57.8 8.8% Total 235 € 65.2 € 59.9 € 57.8 8.8% Other 18 Bessboro Terenure 10 40 € 14.4 € 13.2 € 12.4 9.1% 19 Elmpark Green Merrion 12 201 € 67.8 € 63.7 € 59.7 6.4% 20 Coldcut Park Clondalkin 6 90 € 20.6 € 20.1 € 19.4 2.5% Total 331 € 102.8 € 97.0 € 91.5 6.0% Total for investment properties owned as at 31 December 2017 2,451 € 796.8 € 739.3 € 685.1 7.8% 21 Hansfield Wood(8) Ongar
Acquisitions and Developments 2018 16
Irish Residential Properties REIT plc Strategies For Future Growth Acquisition of Completed Development Development of Existing Assets Partnerships I-RES Properties • Continued evaluation of new acquisition Forward purchase agreements with • Opportunity to add approximately opportunities in attractive urban locations local builders and developers for new 600(1)apartments at currently-owned I-RES supply of multi-family and single- properties • Following criteria considered: family units • Foundation infrastructure (e.g. parking) Good transportation links and already in place. community infrastructure – in particular, schools • Infill and conversion opportunities are available on currently-owned commercial Local employment properties Note:(1) subject to planning and any other approvals. Family-friendly neighbourhoods 17
Acquisitions and Developments 2018 Hansfield Wood , Dublin 15 I-RES made its first acquisition in partnership with a local builder at Hansfield Wood, Dublin 15. • Development of 99 residential units for total consideration of €30 million (including VAT, but excluding other transaction costs), completed during 2018 • 30-minute travel time via regular rail link to Dublin City Centre • Expected gross yield of c. 7% On the 16 November 2018, I-RES announced a further agreement to acquire a 95 unit apartment building for a total consideration of €30 million in Hansfield Wood. • Practical completion of 95 units expected in Q3 2020 • Expected gross yield is in the range of circa 6.58% - 7.11% 18
Acquisitions and Developments 2018 Hampton Wood, Dublin 11 • Acquisition completed on 21 May 2018, fully leased up by July 2018 • A new block of 128 apartments, with 128 car parking spaces • Investment anticipated to generate gross yields of c. 6.25% Merrion Road, Dublin 4 On the 16 November 2018, I-RES entered into an agreement with a subsidiary of Dalata Hotel Group plc to acquire up to 69 residential units to be developed on the site of the Tara Towers Hotel, Merrion Road, Dublin 4 for up to €47.16m. • Dublin’s premier residential address where the high end units will appeal to a host of potential occupiers • Completion of the residential units is expected in Q4 2020 (long-stop date Q4 2021) • Expected gross yield is in the range of 5.6% - 6.09% 19
Irish Residential Properties REIT plc Development of Existing I-RES Properties • Opportunity to add approximately 600(1)apartments I-RES Development Sites at currently-owned I-RES properties # Units at Name Status Completion • Significant infrastructure (e.g. parking) already in place Tallaght Cross West 18 Planning permission granted • Infill and conversion opportunities on currently- Bakers Yard 61 Planning permission granted owned commercial properties Coldcut 1 Planning permission granted • I-RES is submitting planning applications for all sites (Conversion) during 2018. Planning permission granted. Decision appealed to Priorsgate (Bruce House) 31 ABP Priorsgate Note:(1) Subject to planning and any other approvals. 5 Planning application submitted (Conversion) BSQ (B4) 84 Planning application submitted Rockbrook c. 430 Planning application to be submitted late 2018 20
Market Update 21
Irish Residential Properties REIT plc Market Update DEMAND OUTWEIGHS ECONOMIC POPULATION SUPPLY GROWTH GROWTH Growing apartment sector Ireland remains the fastest-growing Young and steadily growing population of Housing supply shortage will not be resolved economy in Europe Irish-born and international workforce for many years: 2017 Ireland housing 66,800 new jobs created and 7.8% GDP Population grew from 4.57M in 2011 to 4.79M completions were 14,446(1) while annual new growth in 2017(3) in 2017 (4) household formation is estimated at 30,000- Falling unemployment and upward pressure These trends are predicted to continue for the 50,000(2) on employee compensation foreseeable future Renting is stimulated by government policy Significant investment in the Irish economy and central bank mortgage limits from multinational corporations in the Brexit has a positive effect for rentals technology and services sector Ireland is a strong foreign direct investment base for employers (1) Source: Department of Housing (2) Source: Economic and Social Research Institute and Daft.ie (3) Source: Central Statistics Office- Q4 2017 Labor Force Survey 22 (4) Source: Central Statistics Office - CSO statistical release, 28 September 2017
Irish Residential Properties REIT plc Economic Growth Strong 2017 GNP growth and forecast Unemployment is dropping for 2018 9.0% 10.0% 2,150 16.0% 9.0% 2,100 14.0% 6.9% 2,050 6.6% 8.0% 12.0% 2,000 5.7% 7.0% 1,950 10.0% 6.0% 4.2% 5.0% 1,900 8.0% 3.3% 3.3% 4.0% 1,850 6.0% 3.0% 1,800 4.0% 2.0% 1,750 1,700 2.0% 1.0% 0.0% 1,650 - Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q2 2012 2015 2013 2014 2016 2017 2018F 09 09 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 18 Total employment ('000) Source: Central Statistics Office, Central Bank of Ireland Source: Central Statistics Office 23
Irish Residential Properties REIT plc Population Growth Growing Irish Population Population growth is supportive by the highest birth rate in Euro 4,850 200 Change in Population (in thousands) 4,800 150 Population (in thousands) 4,750 100 4,700 42.4 51.7 52.9 50 20.1 18.8 21 30.7 4,650 0 4,600 4,550 -50 4,500 -100 4,450 -150 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Births Deaths Immigrants Emigrants Net Population Change Source: Central Statistics Office Source: Central Statistics Office 24
Positive Outlook Intensification, Developments and Accretive Acquisitions • Opportunity to increase portfolio units by c. 25% from current owned sites, subject to successful planning permission • Development and acquisition capacity of c. €160 million Strong Real Estate Fundamentals • Growing Irish Economy • Significant Supply and Demand Imbalance Sustainable Growing Asset Values, Earnings & Dividends Grand Central – Sandyford, Dublin 18 25
Irish Residential Properties REIT plc Sustainable Growing Dividends Dividends Per Share Residential sector with high quality assets give long-term, sustainable and steady returns (cents) 6.0 Sustained rental growth being achieved in the Dublin residential lettings market 5.0 5.2 4.90 4.9 + 4.0 3.15 3.0 2.50 Strong development pipeline for I-RES 3.15 2.0 2.6 2.50 = 1.0 2016 2017 H1 2018 Growing dividends for I-RES Shareholders Dividends Per Share(cents) 26
IRISH RESIDENTIAL PROPERTIES REIT plc Strong Governance Board of Directors Declan Moylan Margaret Sweeney David Ehrlich Independent Non-Executive Chairman I-RES CEO & Executive Director Non-Executive Director, CEO of CAPREIT (Investment Manager Nominee) • Former Managing Partner and Former Chairman • Former CEO of daa plc (Dublin Airport Authority) • Former Chief Executive Officer of I-RES from its flotation of Mason Hayes & Curran and Chairman of the and Postbank Ireland Limited on the Irish Stock Exchange in April 2014 to 1 November firm’s International Practice Group 2017 • Led the development of commercial property • Represented and advised a large number of high portfolio at Dublin and Cork Airports, including • Senior partner at Stikeman Elliott LLP for over ten years profile public and private sector clients including Dublin Airport Horizon Logistics Business Park until 31 December 2013 assisting multinationals in establishing and Cork Airport Business Park headquarters in or entering the market in Ireland • Focused his practice since 1986 on the public real estate markets and was involved in creating the REIT industry in • Currently non-executive director on the board of Canada, including the formation of CAPREIT Dalata Hotel Group plc • Currently a trustee of European Commercial Real Estate • Sits on the Council of the Institute of Chartered Investment Trust (TSXV:ERE.UN) Accountants in Ireland and formerly sat on the Governing Body of Dublin City University 27
IRISH RESIDENTIAL PROPERTIES REIT plc Strong Board Aidan O’Hogan Joan Garahy Phillip Burns Tom Kavanagh Independent Non- Independent Non-Executive Director Non-Executive Director Independent Non-Executive Director Executive and Senior Independent • Former CEO of Corestate Capital, • Former Partner at Deloitte Director an investment manager focused Ireland, experience in professional • Former Managing Director of on distressed real estate • Fellow of the Society of HBCL Investments & Pensions practice as a business advisor, transactions in Europe and corporate restructuring expert Chartered Surveyors Ireland and (now Wellesley Investments and Former Managing Director at and insolvency practitioner past president of Irish Pensions Limited) and Director Terra Firma Capital Partners Association of Valuers Institute of Investments at HC Financial Services • Has advised on the restructuring • Founder and Principal of Maple • Retired as Chairman of Savills of distressed Irish property assets Knoll Capital and has been and has served as a director on Ireland in 2009 after 40 years as a • Currently a member of the board involved as a principal or advisor the boards of a number of private real estate professional of directors of Kerry Group plc in transactions with an aggregate companies as well as a member of (ISE: KRZ) value of over €20.0 billion, with • Currently Council Member of the board of the Credit Union over 70% centred around real Restructuring Board from 2012- Property Industry Ireland having • Has 28 years of experience of estate 2014 been its Chair from 2012 to 2015 advising on and managing investment funds • Currently CEO and a trustee of • Former non-executive director of • Continues to provide consulting European Commercial Real Estate services to Deloitte Ireland until Cairn Homes plc Investment Trust (TSXV:ERE.UN) December 31, 2018 28
IRISH RESIDENTIAL PROPERTIES REIT plc Management Arrangements Summary • IRES Fund Management Limited (“IRES Fund”), an indirect wholly owned subsidiary of CAPREIT, became authorised as an AIFM on November 2015 for initial term of 5 years from that date. • The Company may internalise at no cost after the initial term of the IMA. • Pursuant to the IMA, the Company pays annual management fees (the “Management Fee”) equal to 0.5% of the Company’s Asset Management NAV(1) and 3% of gross rental income to IRES Fund. This is the total fee to the Company. • CAPREIT Limited Partnership provides property management, administrative, financial, due diligence, marketing, IT and other services to IRES Fund pursuant to the terms of a services agreement. The fees owing to CAPREIT Limited Partnership under the services agreement are paid out of the Management Fees. • Options up to a maximum of 10% of shares outstanding may be issued under the Company’s long-term incentive plan • Options will have a maximum life of 7 years and vest at a rate of 1/3rd each year Notes: (1) The Company’s Asset Management NAV is the figure used for the purpose of calculating the annual fees under the AIFM agreement and the IMA, which from January to June in each year is based on the prior 31 December independent valuation adjusted for acquisitions and/or disposals in January to June of that year, and which from July to December in each year is based on the prior 30 June independent and/or Board valuation (as applicable) adjusted for acquisition and/or disposals in July to December of that year. 29
IRISH RESIDENTIAL PROPERTIES REIT plc Appendix 1 Portfolio Details 30
Irish Residential Properties REIT plc HighQuality Portfolio Value as at Commercial space owned Property Location Year Built # apartments owned(1) Average mthly rent per apt.(1) (2) Occupancy (1) (2) 30 June 2018(1) (sqm)(1) Sandyford 1 BSQ 2007/2008 225 € 90.6m 2,395 € 1,800 91.10% 2 Grande Central 2007 65 € 24m - € 1,691 100.00% 3 Rockbrook Grande Central 2007 81 € 32.4m 3,529 € 1,631 100.00% 4 Rockbrook South Central 2007 189 € 85.3m 1,136 € 1,647 100.00% 5 Forum 2007 8 € 2.7m - € 1,737 100.00% 6 The Maple 2017 68 € 28.5m - € 2,022 100.00% Total 636 € 263.5m 7,060 € 1,745 Dublin City Centre 7 Kings Court 2006 83 € 21.8m 566 € 1,421 98.80% 8 The Marker 2012 85 € 68.1m 1,218 € 2,779 98.80% 9 Bakers Yard 2007/2008 85 (3) € 23.7m 792 € 1,426 98.80% 10 City Square 2006 23 € 6.6m 57 € 1,527 95.70% Total 276 € 120.2m 2633 € 1,850 Tallaght 11 Priorsgate 2007 103 € 23.5m 2,538 € 1,178 100.00% 12 The Laurels 2007 19 € 4.0m 190 € 1,252 100.00% 13 Tallaght Cross West 2008 442 € 102.6m 18,344 € 1,267 99.80% Total 564 € 130.1m 21,072 € 1,250 Inchicore/Drimnagh 14 Camac Crescent 2008 90 € 21.0m - € 1,361 100.00% 15 Lansdowne Gate 2005 224 € 68.3m - € 1,570 99.60% 16 Tyrone Court 2014 95 € 25.7m - € 1,521 98.90% Total 409 € 115m - € 1,513 Finglas 17 Charlestown 2007 235 € 65.2m - € 1,359 100.00% Total 235 € 65.2m - € 1,359 Other 18 Bessboro – Terenure 2008 40 € 14.4m - € 1,637 100.00% 19 Elmpark Green – Merrion 2006 201 € 67.8m - € 1,558 99.50% 20 Coldcut Park – Clondalkin 2012 90 € 20.6m - € 1,434 100.00% Total Other 331 € 102.8m - € 1,534 Total investment properties owned as at 31 December 2017 2,451 €796.8m 30,765 €1,539 99.6% 21 Hansfield Wood - Ongar 2018 29 (4) € 29.8m - € 1,972 89.70% 22 Hampton Wood - Finglas 2018 128 € 41.9m € 1,454 83.60% Total investment properties owned as at 30 June 2018 2,608 (5) € 868.5m 30,765 €1,539 98.7% Note: (1) As at 30 June 2018 (2) Based on residential apartments (3) November 2018, 86 units owned (4) November 2018, 98 units owned 31 (5) November 2018, Total unit count: 2,678 units
Superior Dublin Locations SANDYFORD 22 01 BEACON SOUTH QUARTER 12 THE LAURELS 17 Tallaght D24 (19 units) Sandyford D18 (225 Units) 02 GRANDE CENTRAL 13 TALLAGHT Sandyford D18 (65 Units) CROSS WEST 21 Tallaght D24 (442 Units) 03 ROCKBROOK GRANDE CENTRAL INCHICORE DRIMNAGH Sandyford D18 (81 Units) 14 CAMAC CRESCENT Inchicore D8 (90 units) 09 04 ROCKBROOK SOUTH CENTRAL 15 LANSDOWNE GATE Sandyford D18 (189 units) Drimnagh D12 (224 Units) 05 THE FORUM 16 TYRONE COURT 20 07 10 Sandyford D18 (8 units) Inchicore D8 (95 Units) 16 08 06 THE MAPLE FINGLAS 14 17 CHARLESTOWN Sandyford D18 (68 Untis) Finglas D11 (235 Units) 18 DUBLIN CITY CENTRE 15 07 KINGS COURT 22 HAMPTON WOOD Sandyford D7 (83 Units) Finglas, D11 (128 Units) 19 08 THE MARKER OTHER Docklands D2 (84 Units) 18 BESSBORO Terenure D6 (40 Units) 09 BAKERS YARD 12 Portland Street North D1 (85 19 ELMPARK GREEN Units) Merrion Road D4 (201 Units) 11 13 02 05 06 10 CITY SQUARE 20 COLDCUT PARK 03 Gloucester St D2 (23 units) Clondalkin D22 (90 Units) 01 04 TALLAGHT 21 HANSFIELD WOOD 11 PRIORSGATE *Under Construction* Ongar, D15 (99 Units) 32 Tallaght D24 (103 Units)
B e a c o n S o u t h Q u a r t e r, S a n d y f o r d , D u b l i n 1 8 Beacon South Quarter Property Details(1) Building Features: Dedicated residential concierge Year Built: 2007/2008 reception and underground car parking spaces # of apartments owned: 225 High specification kitchens with Total # of apartments: 880 fully fitted integrated appliances Gas fired central heating Valuation as at 30 June: €90.6m CCTV security systems with security Passing rent as at 30 June: €5.7m (annualised) intercom Extensive landscaped grounds AMR per apartment as at 30 June: €1,800 Occupancy as at 30 June: 99.1% Commercial Area: 2,395 sqm (25,777 sq.ft.) Neighbourhood Features: 10km to Dublin city centre Transport links include: The Apartment Breakdown Stillorgan LUAS stop, Close to the M50 interchange One Bedroom 26 Close to UPMC Beacon Hospital Two Bedroom 173 Close to BSQ Shopping Centre Three Bedroom 26 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 33
Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Grande Central Property Details(1) Building Features: Central heating and internet Year Built: 2007 Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 65 Large balconies and basement Total # of apartments: 195 parking Ensuite bathrooms Valuation as at 30 June: €24.0m Passing rent as at 30 June: €1.3m (annualised) AMR per apartment as at 30 June: €1,691 Neighbourhood Features: Opposite the Stillorgan LUAS rail Occupancy as at 30 June: 100.0% system stop Commercial Area: N/A Area is serviced by numerous bus routes Near UPMC Beacon Hospital and Apartment Breakdown other area amenities Microsoft, Vodafone, Volkswagen, One Bedroom 10 Bewleys and other large employers in the area Two Bedroom 34 Three Bedroom 21 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 34
Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Rockbrook Grande Central Property Details(1) Building Features: Central heating and internet Year Built: 2007 Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 81 Large balconies and basement Total # of apartments: 195 parking Ensuite bathrooms Valuation as at 30 June: €32.4m Passing rent as at 3o June: €1.8m (annualised) AMR per apartment as at 30 June: €1,631 Neighbourhood Features: Opposite the Stillorgan LUAS rail Occupancy as at 30 June: 100.0% system stop Commercial Area: 3,529sqm (37,986 sq.ft.) Area is serviced by numerous bus routes Near UPMC Beacon Hospital and Apartment Breakdown other area amenities Microsoft, Vodafone, Volkswagen, One Bedroom 13 Bewleys and other large employers in the area Two Bedroom 65 Three Bedroom 3 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 35
Ro c k b r o o k , S a n d y f o r d , D u b l i n 1 8 Rockbrook South Central Property Details(1) Building Features: Central heating and internet Year Built: 2007 Modern furniture and finishes with dishwashers, dryers and washers # of apartments owned: 189 Large balconies and basement Total # of apartments: 224 parking Ensuite bathrooms Valuation as at 30 June: €85.3m Passing rent as at 30 June: €3.8m (annualised) AMR per apartment as at 30 June: €1,647 Neighbourhood Features: Opposite the Stillorgan LUAS rail Occupancy as at 30 June: 100.0% system stop Commercial Area: 1,136sqm (12,228 sq.ft.) Area is serviced by numerous bus routes Near UPMC Beacon Hospital and Apartment Breakdown other area amenities Microsoft, Vodafone, Volkswagen, One Bedroom 33 Bewleys and other large employers in the area Two Bedroom 138 Three Bedroom 18 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 36
Forum, Sandyford, Dublin 18 The Forum Property Details(1) Building Features: Modern residential development Year Built: 2007 with 11 secure underground car parking # of apartments owned: 8 Video-com secure entrance system Total # of apartments: 127 to lobbies Balconies with decking from Valuation as at 30 June: €2.7m apartments Passing rent as at 30 June: €0.2m (annualised) Natural stone and fully tiled bathrooms AMR per apartment as at 30 June: €1,737 Occupancy as at 30 June: 100.0% Neighbourhood Features: Highly accessible suburban location with good transport links to the city Apartment Breakdown centre, M50 and airport Adjacent to the Institute of One Bedroom 1 Leadership, Royal College of Surgeons in Ireland, Reservoir Two Bedroom 7 House and the LUAS Green line Three Bedroom 0 Adjacent to the Rockbrook and Beacon South Quarter portfolios Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 37
B e a c o n S o u t h Q u a r t e r, S a n d y f o r d , D u b l i n 1 8 The Maple Property Details(1) Building Features: Fully fitted integrated appliances Year Built: 2017 and state-of-the-art kitchens # of apartments owned: 68 Dedicated residential concierge reception Total # of apartments: 68 Private garden area with extensive Valuation as at 30 June: €28.5m landscaped grounds Timber interior doors with laminate Passing rent as at 30 June: €1.7m (annualised) flooring AMR per apartment as at 30 June: €2,022 Occupancy as at 30 June: 100.0% Neighbourhood Features: Prime suburban location approximately 10 km south of Dublin City Centre Apartment Breakdown Conveniently located near Stillorgan LUAS stop and other transportation One Bedroom 4 links, such as the M50 interchange Close to UPMC Beacon Hospital and Two Bedroom 55 BSQ Shopping Centre Three Bedroom 9 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 38
North King Street, Smithfield, Dublin 7 Kings Court Property Details(1) Building Features: Basement car park Year Built: 2006 Fully furnished with modern finishes # of apartments owned: 83 Balconies and communal garden with secure access through Total # of apartments: 83 electronic gates Intercom access Valuation as at 30 June: €22.0m Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,421 Neighbourhood Features: Walk to LUAS red line with Occupancy as at 30 June: 98.8% Smithfield and Four Courts stops Commercial Area: 566sqm (6,092 sq.ft.) within 500m Near Dublin Institute of Technology, The Law Society of Ireland, The Four Apartment Breakdown Courts, Smithfield Market, Phoenix Park and Rotunda Hospital One Bedroom 25 Phoenix Park close by with over 1,700 acres of activities Two Bedroom 54 Three Bedroom 4 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 39
Grand Canal Square, Docklands, Dublin, Dublin 2 The Marker Property Details(1) Building Features: State-of-the-art kitchens with Year Built: 2012 integrated appliances and worktops Stylish ensuite bathrooms with floor # of apartments owned: 85 to ceiling marble walls and Total # of apartments: 105 underfloor heating Internal courtyard with stylish rock Valuation as at 30 June: €68.1m pond Passing rent as at 30 June: €3.2m (annualised) Exclusive membership access to the hotel leisure facilities AMR per apartment as at 30 June: €2,779 Occupancy as at 30 June: 98.8% Commercial Area: 1,218 sqm (13,111 sq.ft.) Neighbourhood Features: Walking distance from the Dublin Convention Centre, The 3Arena, Apartment Breakdown Aviva Stadium and Croke Park and Grafton Street One Bedroom 0 Access to the DART at Barrow Street and the LUAS tram line in the Two Bedroom 85 North Docklands Three Bedroom 0 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 40
N o r t h Po r t l a n d S t r e e t , D u b l i n , D u b l i n 1 Bakers Yard Property Details(1) Building Features: Private landscaped courtyards Year Built: 2007/2008 Fully fitted kitchen, living room and bedrooms in all apartments # of apartments owned: 86 High quality ceramic wall and floor Total # of apartments: 132 tiles to bathrooms and ensuites throughout Valuation as at 30 June: €23.7m Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,426 Neighbourhood Features: Walking distance to city centre Occupancy as at 30 June: 98.8% Overlooking Croke Park Stadium Commercial Area: 792 sqm (8,525 sq.ft.) Close to Dorset Street / Drumcondra Road quality Bus Corridor and Drumcondra suburban rail station Apartment Breakdown with access to the LUAS, DART, suburban rail services One Bedroom 13 Close to Mater Hospital, IFSC, DIT Two Bedroom 61 Three Bedroom 12 Note: (1) As at 26 November 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 41
City Square, Gloucester Street, Dublin 2 City Square Property Details(1) Building Features: Modern development with 6 secure Year Built: 2006 underground car parking Ground floor office suite is let to # of apartments owned: 23 tenant on 2-year FRI lease Total # of apartments: 27 Valuation as at 30 June: €6.6m Neighbourhood Features: Passing rent as at 30 June: €0.4m (annualised) Excellent Liffey side location near AMR per apartment as at 30 June: €1,527 Trinity College, College Green, Tara Street, Custom House Quay and Occupancy as at 30 June: 95.7% O’Connell Bridge Commercial Area: 57 sqm (613 sq.ft.) Convenient to Grafton Street, the IFSC, Grand Canal Dock, the LUAS, DART Apartment Breakdown Close to bus routes, shops, restaurants, leisure facilities, One Bedroom 15 cinemas, hotels, colleges & universities, business and office Two Bedroom 8 hubs Three Bedroom 0 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 42
G r e e n h i l l s Ro a d , Ta l l a g h t , D u b l i n 2 4 Priorsgate Property Details(1) Building Features: Courtyard garden Year Built: 2007 Spar and Unicare Pharmacy on site # of apartments owned: 103 Fully furnished bright and spacious accommodation with balconies Total # of apartments: 199 Underground parking intercom access Valuation as at 30 June: €23.5m Passing rent as at 30 June: €1.6m (annualised) AMR per apartment as at 30 June: €1,178 Neighbourhood Features: Connected to the city via the LUAS Occupancy as at 30 June: 100.0% rail system, and bus links Commercial Area: 2,538sqm (27,316 sq.ft.) Tallaght Hospital and Tallaght Institute of Technology and IDA Technology Park in the area Apartment Breakdown The Square Shopping Centre located nearby One Bedroom 49 Two Bedroom 48 Three Bedroom 5 Four Bedroom 1 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 43
M a i n S t r e e t , Ta l l a g h t , D u b l i n 2 4 The Laurels Property Details(1) Building Features: Underground parking Year Built: 2007 Central heating # of apartments owned: 19 Fully furnished Terraces or balconies in all Total # of apartments: 19 apartments Valuation as at 30 June: €4.0m Passing rent as at 30 June: €0.3m (annualised) Neighbourhood Features: AMR per apartment as at 30 June: €1,252 Close proximity to The Square Shopping Centre and Tallaght Occupancy as at 30 June: 100.0% Institute of Technology Commercial Area: 190 sqm (2,045 sq.ft.) Well serviced by the LUAS RED Line and other bus routes Close to N81 Tallaght bypass 12km Apartment Breakdown south west of Dublin City Centre Close to Tallaght Stadium and One Bedroom 4 Tallaght Hospital Two Bedroom 13 Three Bedroom 2 Note: (1) As at 31 December 2017 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 44
Ta l l a g h t C r o s s We s t , Ta l l a g h t , D u b l i n 2 4 Tallaght Cross West Property Details(1) Building Features: Bright and spacious accommodation Year Built: 2008 with fully fitted kitchens and bathrooms # of apartments owned: 442 Secure underground parking Total # of apartments: 507 Monitored CCTV security system throughout and video entry phone Valuation as at 3o June: €102.6m system Passing rent as at 30 June: €7.4m (annualised) AMR per apartment as at 30 June: €1,267 Neighbourhood Features: Occupancy as at 30 June: 99.8% Ireland’s third largest population Commercial Area: 18,344sqm (197,453 sq.ft.) centre after Dublin City and Cork Approx. 11km from Dublin City Centre and approx. 3km from the Apartment Breakdown M50 motorway In proximity to Tallaght Hospital, One Bedroom 161 South Dublin County Council, The Square Shopping Centre, and Two Bedroom 237 Tallaght IT (3rd level education Three Bedroom 44 institute) Close to City West Business Campus, City West Hotel, and Tallaght Stadium Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 45
Tu r v e y Av e n u e , I n c h i c o r e , D u b l i n 8 Camac Crescent Property Details(1) Building Features: Laminate wood flooring Year Built: 2008 High gloss kitchens with washer/dryers and microwaves # of apartments owned: 90 Large balconies and courtyard Total # of apartments: 110 garden Intercom access Valuation as at 30 June: €21.0m Secure underground parking Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,361 Neighbourhood Features: Occupancy as at 30 June: 100.0% Close to LUAS rail system St James's Hospital, Irish Museum of Modern Art and Inchicore College are nearby Apartment Breakdown Major employers such as Amazon and Guinness are in the area One Bedroom 21 Two Bedroom 49 Three Bedroom 20 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 46
Lansdowne Gate, Drimnagh, Dublin 12 Lansdowne Gate Property Details(1) Building Features: Spacious landscaped courtyard Year Built: 2005 including: playground, a number of cascading water features, seating # of apartments owned: 224 areas, landscaped river garden and Total # of apartments: 280 feature suspension cable pedestrian bridge Valuation as at 30 June: €68.3m Playground features high-end play Passing rent as at 30 June: €4.2m (annualised) equipment and incorporates outdoor gym equipment for adults AMR per apartment as at 30 June: €1,570 Occupancy as at 30 June: 99.6% Neighbourhood Features: 5km to Dublin city centre Nestled between Lansdowne Valley Apartment Breakdown Park and Pitch Putt Course Close to Our Lady's Children One Bedroom 23 Hospital, Excellent transportation links including: Bluebell Redline Two Bedroom 146 LUAS stop Three Bedroom 55 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 47
Ty r o n e C o u r t , I n c h i c o r e , D u b l i n 8 Tyrone Court Property Details(1) Building Features: Underground car parking Year Built: 2014 Each apartment has its own private balcony # of apartments owned: 95 Attractive fully tiled bathrooms Total # of apartments: 131 Stylish kitchens with integrated appliances Valuation as at 3o June: €25.7m Passing rent as at 30 June: €1.7m (annualised) AMR per apartment as at 30 June: €1,521 Neighbourhood Features: 500m from Drimnagh Station (LUAS Occupancy as at 30 June: 98.9% Red Line) Area is serviced by numerous bus stops AOL, Health Service Executive, Apartment Breakdown Eircom and Guinness are other large employers in the area One Bedroom 24 Two Bedroom 64 Three Bedroom 3 Duplex 4 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 48
Charlestown Place, Finglas, Dublin 11 Charlestown Property Details(1) Building Features: CCTV security system with intercom Year Built: 2007 system Fully tiled bathrooms with # of apartments owned: 235 contemporary sanitary ware Total # of apartments: 285 Cherry wood finished floors in kitchen, living, bedroom areas Valuation as at 3o June: €65.2m Central heating Passing rent as at 30 June: €3.8m (annualised) Central landscaped garden and children’s playground AMR per apartment as at 30 June: €1,359 Occupancy as at 30 June: 100.0% Neighbourhood Features: 7km to Dublin city centre and 5km to Dublin Airport Apartment Breakdown Close to Dublin City University Bus routes One Bedroom 36 Located above a shopping centre and in close proximity to IKEA Two Bedroom 164 Three Bedroom 35 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 49
H a m p t o n Wo o d s , F i n g l a s , D u b l i n 1 1 Hampton Wood Property Details(1) Building Features: Year Built: 2018 Quality kitchen with quartz counter tops and timber flooring tiles # of apartments owned: 128 Maximized storage with extensive Total # of apartments: 128 wall units Large balconies and air to water Valuation as at 30 June: €41.9m central heating Passing rent as at 30 June: €2.2m (annualised) Allocated car parking space for each home with generous visitor parking AMR per apartment as at 30 June: €1,454 Occupancy as at 30 June: 83.6% Neighbourhood Features: Short distance from Dublin City University, Dublin Airport with a Apartment Breakdown regular bus service to Dublin City Centre One Bedroom 46 Conveniently located near excellent retail and leisure amenities for Two Bedroom 82 tenants including IKEA, Charlestown Shopping Centre and Morton Three Bedroom 0 Stadium Major local employers in the areas include: DCU, Bristol Myers Squibb, DHL and Dublin Airport Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 50
B e s s b o r o , Te r e n u r e , D u b l i n 6 Bessboro Property Details(1) Building Features: 64 underground car parking Year Built: 2008 Gas fired central heating system and pressurised water system # of apartments owned: 40 All apartments are fully furnished Total # of apartments: 40 and have high electrical specification Valuation as at 3o June: €14.4m Fully tiled bathrooms & ensuites Passing rent as at 30 June: €0.8m (annualised) Stainless steel appliances filled to all kitchens AMR per apartment as at 30 June: €1,637 Occupancy as at 30 June: 100.0% Neighbourhood Features: Only 7 kilometres from Dublin’s City Centre Apartment Breakdown Walking distance to schools, shops, bars and restaurants One Bedroom 6 In close proximity to Bushy Park, Two Bedroom 32 golf and rugby clubs Three Bedroom 2 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 51
E l m p a r k , M e r r i o n Ro a d , D u b l i n 4 Elmpark Green Property Details(1) Building Features: Solid oak entrance doors and full Year Built: 2006 height oak finished internal doors Under floor heating throughout with # of apartments owned: 201 individual thermostat Total # of apartments: 332 Custom designed fitted kitchens with polished stone worktops and Valuation as at 30 June: €67.8m integrated appliances Passing rent as at 30 June: €3.8m (annualised) Large winter gardens/balconies with glazed balustrading and timber AMR per apartment as at 30 June: €1,558 decking Occupancy as at 30 June: 99.5% Neighbourhood Features: 3 nearby shopping centres (Merrion, Apartment Breakdown Blackrock and Frascati Shopping Centres) One Bedroom 101 Numerous hospitals and colleges in the immediate vicinity Two Bedroom 96 Leisure facilities in the area with Elm Three Bedroom 4 Park Golf and Sports Club, Railway Union Sports Club and Blackrock Park on its doorstep Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 52
C o l d c u t Ro a d , C l o n d a l k i n , D u b l i n 22 Coldcut Park Property Details(1) Building Features: High energy efficiency gas fired Year Built: 2012 central heating Painted timber framed double # of apartments owned: 90 glazed windows and doors Total # of apartments: 93 Stylish fully fitted kitchens with all modern appliances Valuation as at 30 June: €20.6m Passing rent as at 30 June: €1.5m (annualised) AMR per apartment as at 30 June: €1,434 Neighbourhood Features: Extensive local amenities and leisure Occupancy as at 30 June: 100.0% facilities including Liffey Valley Shopping Centre Approximately 9km from Dublin city centre, 1.6km to Park West and Apartment Breakdown Cherry Orchard railway station, 5.4km to LUAS red line, close to One Bedroom 18 M50 motorway Significant employers nearby Two Bedroom 22 include Cherry Orchard Hospital, Three Bedroom 33 Allianz, Applegreen, C&C Group plc and Diageo Four Bedroom 17 Note: (1) As at 30 June 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 53
H a n s f i e l d Wo o d , O n g a r, D u b l i n 1 5 Hansfield Wood Property Details(1) Building Features: Year Built: 2018 Attractive modern design with high ceilings and large windows # of residential units owned: 98 (2) Bright and spacious kitchens Total # of residential units: 99 (2) High pressure pump-fed showers and air to water central heating system Valuation as at 30 June: €29.8m Built in wardrobes Passing rent as at 30 June: €0.7m (annualised) AMR per apartment as at 30 June: €1,972 Neighbourhood Features: Occupancy as at 30 June: 89.7% Inner suburban commuter market near Dublin Neighbourhood includes local employment, good transportation Unit Breakdown links, good infrastructure (schools) and family friendly amenities Close to employers such as eBay, Apartments 26 Paypal, Xerox Houses 73 Note: (1) As at 26 November 2018 (2) Final apartment to be handed over Q1 2019 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 54
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