Irish Residential Properties REIT plc - November 2018

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Irish Residential Properties REIT plc - November 2018
Irish Residential Properties REIT plc
November 2018
Irish Residential Properties REIT plc - November 2018
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 - November 2018
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 - November 2018
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 - November 2018
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 - November 2018
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 - November 2018
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
Irish Residential Properties REIT plc - November 2018
PERFORMANCE – Operational Excellence
Grand Central – Sandyford, Dublin 18

                                       8
Irish Residential Properties REIT plc - November 2018
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 - November 2018
Proven Investment Manager

                            10
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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