Irish Residential Properties REIT plc

INVESTOR PRESENTATION NOVEMBER 2019 1 DISCLAIMER Cautionary Statements

This presentation has been prepared by Irish Residential Properties REIT PLC (the “Company” or “I-RES”) for information purposes only.

This presentation has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. The Company is not undertaking any obligation to provide any additional information or to update this presentation or to correct any inaccuracies that become apparent. This presentation is neither a prospectus nor an offer nor an invitation to apply for securities. The information contained in this presentation is subject to material updating, completion, revision, amendment and verification. Any prospective investor must make its own investigation and assessments and consult with its own adviser concerning any evaluation of the Company and its prospects.

No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, IRES Fund Management Limited (“IRES Fund Management”) or any of their respective shareholders, directors, officers, employees, advisers, representatives, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this presentation and neither of the Company or IRES Fund Management, nor any of their employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This presentation contains forward-looking statements which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Such forward-looking statements are based on the beliefs of its management as well as assumptions made and information currently available to the Company. Forward-looking statements speak only as of the date of this presentation and the Company and IRES Fund Management expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, including any changes in its expectations or any changes in events, conditions or circumstances on which these forward-looking statements are based. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return.

To the extent indicated, certain industry, market and competitive position data contained in this presentation come from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, neither the Company nor IRES Fund Management have independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation may come from the Company’s own internal research and estimates based on the knowledge and experience of the Company and IRES Fund Management in the Irish market. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORMS THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES Highlights 2019

Strategy Backdrop

Financial Results H1, 2019

Positive Outlook

Appendix – Portfolio Details

3 Investor Presentation Irish Residential Properties REIT plc November 2019 Highlights H1, 2019

Strong financial performance in the first six Funding Strategy months New Syndicated Revolving Credit Facility o C.18% increase in Net Rental Income and Earnings EPRA EPS up 12.9% to 3.5 cents (30 June 2018: 3.1 o o €450m Facility finalised in April 2019 cents.) o RCF increased to €600m in June 2019 €22.5m increase in portfolio valuation, 6% gross yield at o o 5 year term to 2024, with option to extend two further fair value years EPRA NAV per share up 3.5% to 146.9 cents (31 o o Lower costs December 2018: 142.0 cents)

Investments in line with our Growth Equity Placing Strategy o 85.6m new shares issued in 2 tranches in June/July 2019 o Growth of c. 45% since Dec 2018 bringing portfolio to o At €1.55 per share 3884 units o Raised €131m (net proceeds) to fund growth strategy o Acquisition of 815 unit Marathon Portfolio contracted June 13th, 2019, completed August 1st, 2019 o 298 units contracted under pre-purchase contracts o In addition development opportunity with Planning permission received for 200 units

Investor Presentation Irish Residential Properties REIT plc November 2019 4 Strategy Backdrop

Ireland’s largest private landlord with a strong track record of accretive growth since inception (<2% mkt)

Highly attractive market underpinned by strong economic fundamentals, significant demand / supply imbalance and supportive social trends

Operational excellence leveraging on ‘best-in-class’ asset and property management expertise of CAPREIT

High quality asset base with defensive characteristics supporting strong occupancy levels, and yields

Acquisition and development plan associated with a disciplined capital allocation policy

Clearly defined and prudent financial policy supported by increased financial flexibility with execution of debt and equity strategy

Investor Presentation Irish Residential Properties REIT plc November 2019 5 Strong track record of accretive growth since inception

Share Refinanced Increased RCF 815 units Established placement New €250m Increased RCF new €450m to €600m with acquired in CAPREIT Completed 2-year €130m €204m equity €131m, RCF with 5 from €250m to RCF at lower uncommitted Marathon XVI management Public Offering RCF issuance issuance of year tenor €350m interest cost, 7 accordion of portfolio for agreement 172m year tenor €50m €285m shares

Hampton Received Successful Wood Agreement 69 Acquired initial Acquired 866 Acquired 410 Acquired 763 173 units planning completion of acquisition 128 units Merrion Acquisition property apartment high-quality high-quality forward permission for Hansfield 1, 99 units €40m Road The Coast 52 portfolio of suites for apartments for apartments for purchases for the units for €47.2m by units €14m 338 units €271.5m €125.5m €172.4m €56.7m development €31.6m Hansfield 2 FP 2021 of 628 units 95 units €30m

Equity financing Debt financing Portfolio events

Key highlights Total property value (€m)1 • A strong growth track record, done through acquisitions and more recently forward 1,365 purchases and developments • Prudently financed through a mix of equity and debt financing • Marathon is the largest acquisition to date 921 with 815 units for a total purchase price of €285m 751 685 • Proven ability to integrate assets (including large assets such as Marathon) in short- time frames

FY16A FY17A FY18A FY19F 6 Investor Presentation Irish Residential Properties REIT plc November 2019 Growth strategy continues to be underpinned by strong economic fundamentals

Continued Strong Economic Growth Forecast Rapid Population Growth Housing Demand Significantly Above Supply

4% 3.8% 5.5m 1.6m 40,000 35k Est. National Annual Demand 35,000 5.3m 1.4m 3% 30,000 5.0m Estimated demand still 1.2m 25,000 c. 2x supply levels 2% 4.8m 20,000 1.2% 1.0m 4.5m 1% 15,000 0.8m 10,000 4.3m Completions Dwelling New

2019 GDP Growth Growth 2019GDP Forecast 0% 5,000 4.0m 0.6m 2010 2015 2019 2020 2025 2030 2035 0 Ireland (RHS) 2011 2012 2013 2014 2015 2016 2017 2018

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

Record-level Employment Numbers Youngest Population in Europe Record Low Rental Stock Available

2500 18% 9,000 Ireland 33.3% 16% 8,000

2250 14% France 7,000 12% UK 6,000 10% 2000 NL 5,000 8% 4,000 6% Spain 1750 3,000 4% Germany 2,000 2% Italy Rental Stockin Dublin (units) 1500 0% 1,000 2009 2011 2013 2015 2017 2019 0% 5% 10% 15% 20% 25% 30% 35% - Employment ('000) Unemployment Rate % Population Under 25 Years 2007 2009 2011 2013 2015 2017 2019 7 Source: CSO Source: Eurostat Source: Daft.ie High quality diversified asset base with defensive attributes supporting strong occupancy levels and yields

1 2 • Diversified portfolio of 3903 units across Properties by location Distribution by age (years) 45 high quality properties Weighted average: c. 10.5 years High • Young portfolio: weighted average age of 12% 10.5 years 13% 14% quality 28% 2% • Supplemented by a number of well located asset 8% development sites which have a capacity to base deliver circa 628 new units and forward 1% commitments to bring to 4500+ units 34% • High Occupancy, low turnover 38%

45%

City Centre Prime Suburbs < 2 2 to 4 5 to 7 Secondary Suburbs Inchicore / 8 to 10 10 to 12 > 12

• Existing portfolio entirely located in the 2 2 Rental Pressure Zone, which (i) secures Distribution by split of bedrooms Distribution by average monthly rent (€) the PRS market by avoiding market Defensive overheating; and (ii) provides a sustainable valuation/rent cushion in the event of a 1% 12% 5% 1% attributes market downturn 23% • Focus on the mid-tier affordable market which is also the most defensive segment 40%

52%

65% 1,000 to 1,500 1,500 to 2,000 1 bed 2 bed 3 bed 4 bed 2,000 to 2,500 > 2,500

Note: (1) Portfolio including Marathon, but excluding the Cork property; (2) Portfolio including Marathon 8 Investor Presentation Irish Residential Properties REIT plc November 2019 A young and performing asset base

Key highlights Distribution by age (years)1 Distribution by value (€m)2

• Portfolio is particularly Weighted average: 10.5 years Average: €39.6m young with a weighted 12% 12% average property age of 28% 2% 24% 10.5 years 8% 1% • Value is well distributed 1%

across the portfolio with 4% very little concentration on any specific asset 45% 44% • Highly performing portfolio with the large < 2 2 to 4 5 to 7 8 to 10 10 to 12 > 12 < 20 20 to 40 40 to 60 60 to 80 > 80 majority of properties (circa 88%) generating a gross yield above 5% 2 1 − No completed property Distribution by gross yield level Distribution by number of bedrooms is underperforming Average: 6.0% with lowest yield at 1% 4.3% 1% 9% 12% 23% − Gross yield 30 June 2019 6%, (Net 4.8%)

43% • Portfolio characteristics 44% aligned with market demand 65%

< 5% 5% to 6% 6% to 7% > 8% 1 bed 2 bed 3 bed 4 bed

Notes: (1) Portfolio statistics including Marathon; (2) Portfolio statistics excluding Marathon 9 Investor Presentation Irish Residential Properties REIT plc November 2019 Growth Strategy with a disciplined capital allocation policy

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

1 2 3 Acquisition of Development Development Completed Assets Partnerships of Existing I•RES Properties

• Continued evaluation of new • Forward purchase • Opportunity to add approx. acquisition opportunities in agreements with local 628 apartments at currently attractive urban locations builders and developers for owned I•RES properties1 new supply of multi-family • Following criteria considered: and single-family units • Partially completed foundation infrastructure (e.g. . Good transportation links, parking) already in place at community infrastructure – site in particular, schools • Infill and conversion . Local employment opportunities are available on currently owned commercial . Family-friendly properties1 neighbourhoods

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

Investor Presentation Irish Residential Properties REIT plc November 2019 10 1 Subject to planning and any other approvals Strong Execution on Growth Strategy

Hampton Wood Hansfield Wood II The Coast, Waterside, Swords Marathon XVI Portfolio Key: 128 units 95 units 52 units 55 units 815 units • Acquisition in May 2018 for • Development agreement in • Acquisition in May ‘19 for c. Completed acquisition • Acquisition in February 2019 €40m1 Nov 2018 for €30m1 €18.5m1 • See details overleaf for c. €14m1 Forward purchases / • Leased at gross yield of c. • To be handed over in mid-2020 • To be handed over in Q1 ‘20 • Gross yield: c. 6.2% development agreements 6.6%3 • Expected gross yield c. 6.6% • Expected gross yield: c. 7.0%

Development

2018 2019

Hansfield Wood I Merrion Road & Development Pipeline 118 units 99 units 69 units 628 units • Pre-purchase agreement in Nov • Agreement entered in March 2019 for • Took delivery during 2018 1 2018 c. €38.2m • Agreement entered into with local • See details on slide 13 • To be handed over by Q4 ’21 for • To be handed over in Q4 ‘19 developer in Nov 2017 c. €47.1m1 • Expected gross yield: c. 6.7% • Leased at gross yield of c. 6.7%2 • Expected gross yield: c. 5.6% • 39 units handed over at Taylor Hill as at 30 June 2019

Building a diverse, significant portfolio focused on Dublin area and other large cities in Ireland

4,511 units No. of units 2,450 229 170 150 69 815 628 Pro Forma I•RES Portfolio

I•RES Investment Properties 2018 2019 2020 2021 Acquisition of Opportunity for as at 31 Dec 2017 Acquisitions & Acquisitions Forward Forward Marathon XVI Development of Developments & Forward Purchases Purchases Portfolio (2019) Existing Properties Purchases (2019- 2022)2 2 Gross Yield as at 30 June 2019 (passing rent as at 30 June 2019, divided by purchase price (including VAT and excluding transaction costs)) 11 Investor Presentation Irish Residential Properties REIT plc November 2019 Marathon XVI Portfolio Acquisition1 Portfolio Transaction Highlights I•RES REIT Asset Locations in Dublin Area • A significant, diversified and income producing PRS portfolio of 815 residential units Existing I•RES Properties M1

• Comprises 16 established properties in areas with strong rental demand and Marathon XVI Portfolio proximity to local amenities and transport links, generating annual rental income of €14.5m (including vacant units leased up) M50

. 15 schemes in prime locations in the Dublin Area and 1 scheme in Cork M50 • Passing rent per unit of c. €1,4862 with estimated rental value (ERV) of €1,803 • Consideration €285 million (including VAT and excluding transaction costs), estimated year 1 gross yield of 5.1% (estimated reversionary yield of 6.2%) Dublin Capital allocation into income generating assets Benefits

M50  Excellent opportunity to acquire established portfolio of scale in the Dublin market and entry to Cork market  Ability to leverage I•RES’ existing operating platform and infrastructure M50  Potential to capture reversionary rental income and replicate I•RES’ net rental income margins going forward Significantly Expands Dublin  Accretive to earnings in first full year post acquisition Footprint Asset Highlights

20%+

€1,486 €1,803 815 98.7% Passing rent2 ERV2 Residential units Occupied 12 1 The acquisition of the Marathon XVI Portfolio closed on august 1, 2019 Investor Presentation Irish Residential Properties REIT plc November 2019 2 Per unit, per month. As at April 2019 Development Pipeline

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

Development Initiatives Planning Status

• During 2018, significant progress made with No. of several planning applications for development Location Residential Units Status projects: at Completion Cross West 18 Under Construction . planning applications have been submitted for 628 apartments at sites Bakers Yard 61 Planning Permission Granted currently owned Coldcut (Conversion) 1 Construction Completed . of these, planning permissions have been Priorsgate (Bruce House) 31 Planning Permission Granted received for 200 apartments Priorsgate (Conversion) 5 Planning Permission Granted . a planning application for the development of 428 residential units (including car Beacon Square South (B4) 84 Planning Permission Granted parking and commercial) at Rockbrook has been submitted to the Planning Board Rockbrook 428 Planning application submitted under the Strategic Housing Development application process Total 628

Beacon Square South (B4) Rockbrook Bakers Yard 13 Investor Presentation Irish Residential Properties REIT plc November 2019 Clearly defined and prudent financial policy

Well-defined and prudent financial policy… Key highlights

Long-term strategic objectives • Pro-active approach to ensure maximum financial policy target (< 45%) is maintained at all times, as evidenced by previous recourse to equity financings Financial Policy • Conservative gearing target of 45% is defensive and attractive for lenders Conservative gearing target: strictly below 45% at all times

• Successful equity raises in the past

Financial Strategy • I-RES also has full support from CAPREIT which participated in the latest equity raise (June-2019) and increased its ownership levels to 18.3% Capital structure Acquisition / Dividend policy (Target capital Development (Distribute at least structure in line with funding 85% of Property • Free cash flow generated sufficient to fund operating activities and current maximum gearing Income) (Funding structured to level of shareholder distributions target at all times) protect gearing target)

Secured Equity Pipeline funding Free cash Disposals issuance agreement1 (bank/capital flow markets)

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

14 Investor Presentation Irish Residential Properties REIT plc November 2019 Revenue from Investment Properties Net Rental Income (€ millions) (€ millions) Financial Results H1, 2019 29 24 27 23 Operating Performance 27.8 22 2019 2018 25 22.7 For the period ended 30 June 21 23 24.1 20 Revenue from Investment Properties 21 19 21.7 18 19.3 27.8 24.1 19 (€m) 17 17 17.1 Net Rental Income (€m) 22.7 19.3 16 15 15 H1 2017 H1 2018 H1 2019 H1 2017 H1 2018 H1 2019 EPRA Earnings (€m) 15.3 13.0

Profit (€m) 34.1 69.5 Occupancy % Average Monthly Rent (€) Basic EPS (cents) 7.8 16.5 115 2,015 EPRA Earnings per share (cents) 3.5 3.1 95 1,515 99.8 99.8 98.3 1,599 1,598 75 1,517 1,015 55 Portfolio Performance 2019 2018 35 515 15 15 Total Number of Residential Units 2,771 2608 2017 2018 H1 2019 2017 2018 H1 2019

Overall Portfolio Occupancy Rate2 98.3% 98.7% EPRA Earnings per Share (€ cents) EPRA NAV (€ millions) Overall Portfolio Average Monthly 5.0 750 1,598 1,539 Rent (€)2 700 4.0 707 Gross Yield at Fair Value1,2 650 6.0% 6.2% 3.0 3.5 3.1 600 620 2.8 2.0 550 1 Excluding fair value of development land and investment properties under development 2 For definitions, method of calculation and other details, refer to page 27 to 28 of the Company’s 2018 Annual Report 500 1.0 504 450 0.0 400 H1 2017 H1 2018 H1 2019 2017 2018 H1 2019 15 Investor Presentation Irish Residential Properties REIT plc November 2019 Strong Financial Position

30 June 2019 31 December As At 2018

Total Property Value € 989.5m € 921.3m

Net Assets € 705.5m € 618.7m

EPRA Net Assets € 707.0m € 619.6m

Basic NAV per share (cents per 147.7 142.5 share) EPRA NAV per share (cents 146.9 142.0 per share)

Group Total Gearing 38.6% 33.6%

The Coast, Baldoyle, Dublin 13 Investor Presentation Irish Residential Properties REIT plc November 2019 16 Funding

• Successfully completed a placing of 86,550,000 new Ordinary Shares in the Company with gross proceeds of c. 134M • Price : €1.55 per Placing Share, • Tranche I: 43,415,394 issued 18 June 2019 • Tranche II: 43,134,606 issued on 10 July 2019

• Entered in a new Credit Facility • Date: April 2019 • Amount: €450 million • Increased to €600 million in June 2019 • Term is 5 years to 2024 with option to extend for 2 more years • Lower margin • Uncommitted accordion of € 50m

Investor Presentation Irish Residential Properties REIT plc November 2019 Beacon Square South (B4 render) 17 Positive Outlook

 Attractive market backdrop with strong economic fundamentals and significant demand and supply imbalance, continues

 Three-pronged growth strategy continues to support building a leading residential rental business, with a c. 45% growth in the portfolio since Dec 2018

 Our H1, 2019 results demonstrate continued strong earnings and dividend growth

18 Investor Presentation Irish Residential Properties REIT plc November 2019 A Place to Call Home

2018 Annual Shareholders’ Meeting Irish Residential Properties REIT plc 19

Investor Presentation Irish Residential Properties REIT plc November 2019 19 IRISH RESIDENTIAL PROPERTIES REIT plc Portfolio Details

20 20 Investor Presentation Irish Residential Properties REIT plc November 2019

Significant, Diverse Portfolio 22 21 Dublin City Centre Secondary Suburbs 01 Kings Court 13 Priorsgate Smithfield D7 (83 Units) Tallaght D24 (103 Units) 15 19 02 The Marker Residence 14 The Laurels 20 Docklands D2 (85 Units) Tallaght D24 (19 units) 03 Bakers Yard 15 Charlestown 18 Portland Street North D1 (86 Units) D11 (235 units) 04 City Square 16 Tallaght Cross West Gloucester St D2 (23 units) Tallaght D24 (442 Units) 17 Coldcut Park 03 Prime Suburbs D22 (90 Units) 05 Beacon South Quarter Sandyford D18 (225 Units) 18 Hansfield Wood Ongar, D15 (99 Units) 06 Grande Central Sandyford D18 (65 Units) 17 04 19 Hampton Wood 25 01 02 07 Rockbrook Grande Central Finglas, D11 (128 Units) Sandyford D18 (81 Units) 23 08 Rockbrook South Central 20 The Coast Sandyford D18 (189 units) Baldoyle, D13 (52 units) 24 12 09 The Forum 21 Waterside Sandyford D18 (8 units) 11 *UNDER CONSTRUCTION* 10 The Maple , Co. Dublin (55 units) Sandyford D18 (68 Units) 11 Elmpark Green 22 Taylor Hill Merrion Road D4 (201 Units) *UNDER CONSTRUCTION* Balbriggan, Co. Dublin (78 units) 14 12 Bessboro D6 (40 Units) Drimnagh 13 16 10 06 09 23 Camac Crescent 07 Inchicore D8 (90 units) 05 08 24 Lansdowne Gate Drimnagh D12 (224 Units) 25 Tyrone Court Inchicore D8 (95 Units) 21 Investor Presentation Irish Residential Properties REIT plc November 2019

Existing Portfolio No of apartments Annualised Passing Value as at 30 June Gross Yield at Property Location Year Built Date Acquired owned1 Rent.1,2,3 20191,2 Fair Value City Centre 1 Kings Court Smithfield 2006 10-Sept-13 83 € 1,586 25.8 6.2% 2 The Marker Docklands 2012 18-Ju-14 85 € 3,253 75.1 4.3% 3 Bakers Yard Portland Street North 2007/2008 7-Oct-14 86 € 1,646 26.7 6.8% 4 City Square4 Gloucester Street 2006 7-Apr-16 24 € 505 8.6 5.9% Total City Centre 278 € 6,990 136.2 5.8% Prime Suburbs 5 Beacon South Quarter Sandyford 2007/2008 7-Oct-14 225 € 5,910 86.9 7.4% 6 Grande Central Sandyford 2007 10-Sep-13 65 € 1,351 25.4 5.3% Rockbrook Grande 7 Sandyford 2007 31-Mar-15 81 € 1,908 33.6 5.7% Central5 8 Rockbrook South Central5 Sandyford 2007 31-Mar-15 189 € 3,931 90.3 5.5% 9 Forum Sandyford 2007 17-Feb-16 8 € 174 3.0 5.8% 10 The Maple Sandyford 2017 12-Jul-17 68 € 1,662 32.0 5.2% 11 Elmpark Green Merrion 2006 25-May-16 201 € 3,921 73.9 5.3% 12 Bessboro Terenure 2008 11-Dec-15 40 € 820 16.1 5.1% Total Prime Suburbs 877 € 19,677 361.2 5.7% Secondary Suburbs 13 Priorsgate Tallaght 2007 10-Sep-13 103 € 1,642 26.0 6.6% 14 The Laurels Tallaght 2007 27-Jun14 19 € 347 3.9 8.9% 15 Charlestown Finglas 2007 7-Oct-14 235 € 3,992 69.3 5.8% 16 Tallaght Cross West Tallaght 2008 15-Jan-16 442 € 7,822 117.9 6.7% 17 Coldcut Park Clondalkin 2012 31-Aug 16 90 €1,600 21.9 7.3% 18 Hansfield Wood Ongar 2018 15-Nov-17 99 € 2,525 37.6 6.7% Hansfield Wood II6 Ongar 2018 8-Oct-18 - n/a 25.6 n/a 19 Hampton Wood Finglas 2018 21-May-18 128 € 2,631 41.6 6.3% Total Secondary Suburbs 1,116 € 20,559 343.8 6.9% Inchicore/Drimnagh 18 Camac Crescent Inchicore 2008 10-Sep-13 90 € 1,518 21.9 6.9% 19 Lansdowne Gate Drimnagh 2005 7-Oct-14 224 € 4,359 72.9 6.0% 20 Tyrone Court Inchicore 2014 5-Jun-15 95 € 1,808 28.4 6.4% Total Inchicore/Drimnagh 409 € 7,685 123.2 6.4% Total investment properties owned as at 31 December 2018 2,680 € 54,911 964.4 6.0% 21 The Coast Baldoyle 2006 20-Feb-19 52 € 863 14.0 6.2% 22 Taylor Hill Balbriggan 2018 25-Mar-19 39 € 125 11.1 1.1% Total investment properties owned as at 30 June 2019 2,771 € 55,899 989.5 6.0%

Note: 1 As at 30 June 2019 2 In millions of euros 3 Annualised Passing Rent is defined as actual monthly rents under contract with tenants as at the stated date, multiplied by 12, to annualize the monthly rents, which is then used to calculate the Gross Yield. Actual monthly rents under contract for the portfolio as at 30 June 2019 was €4,659 multiply by 12 is €55,899. 4 I-RES acquired an additional unit at City Square in April 2019 22 5 Total number of owned apartments at Grande Central as of 30 June 2019 is 146 6 Includes apartments under development that are valued at €25.6 million as at 30 June 2019. On 8 October 2018, I-RES acquired the land for €3.3 million. 95 residential units will be completed over the next two years. Existing Portfolio (Cont.) City Centre

Kings Court The Marker Residences Bakers Yard City Square 83 Residential Apartments 85 Residential Apartments 86 Residential Apartments 24 Residential Apartments Smithfield, Dublin 7 Dock, Dublin 2 Portland Street North, Dublin 1 Gloucester Street, Dublin 2

The Company acquired Kings Court, The Company acquired the Marker The Company acquired Bakers Yard, The Company acquired City Square, located in Smithfield, Dublin 7, in Residences, located in the Grand an apartment development on 0.6 ha located on Gloucester Street, Dublin September 2013. The development Canal Dock area of Dublin 2, in July (1.4 acres) adjacent to Dublin City 2, in April 2016. The development was constructed in 2006 and is a 2014. The development was Centre in Dublin 1, in October 2014. was constructed in 2006 and residential development consisting of constructed in 2012 and consists of The development was constructed in consists of 27 apartments, 24 of 83 residential apartments dispersed 105 luxury residential apartments, 85 2007/2008 and is within walking which are owned by the Company. over four blocks. The entire of which were acquired by the distance of many large government The Company’s 24 residential units development is constructed over a Company, and approximately 1,218 and private sector employers, as well consist of 15 one-bedroom and nine common basement with 65 car park sq. m. (13,111 sq. ft.) of commercial as local and national public transport two-bedroom residential units. The spaces. The Company’s 83 space, all of which was acquired by infrastructure. The development property is located near Trinity residential apartments consist of 25 the Company. The Company’s 85 consists of 132 residential College and the , and one-bedroom, 54 two-bedroom and residential apartments are all two- apartments, 86 of which are owned close to and DART lines. four three-bedroom residential bedroom residential apartments. by the Company. The Company’s apartments. This development also 86 residential apartments consist of has 566 sq. m. (6,093 sq. ft.) of 13 one-bedroom, 61 two-bedroom commercial space, all of which is and 12 three-bedroom residential owned by the Company. apartments. The Company also owns approximately 792 sq. m. (8,525 sq. ft.) of ancillary commercial space within the development. In addition, the Company owns an adjoining 0.18 ha (0.45 acre) site with planning consent for a further 55 residential apartments and three ground floor commercial units. 23 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) Prime Suburbs

Beacon South Quarter Grande Central Rockbrook Grande Central The Forum 225 Residential Apartments 65 Residential Apartments & Rockbrook South Central 8 Residential Apartments Sandyford, Dublin 18 Sandyford, Dublin 18 270 Residential Apartments Sandyford, Dublin 18 Sandyford, Dublin 18 The Company acquired Beacon South The Company acquired Grande The Company acquired the The Company acquired The Forum, Quarter, located in Sandyford, Dublin Central, located in Sandyford, Dublin Rockbrook Portfolio, located in located in Sandyford, Dublin 18, in 18, in October 2014. The development 18, in September 2013. The Sandyford, Dublin 18, in March 2015 February 2016. The development was constructed in 2007/2008 and is a development was constructed in via the acquisition of I•RES was constructed in 2007 and landmark mixed-use development on 2007 and is a residential Residential Properties Limited. The consists of 127 residential 5.3 ha (13 acres). A number of major development located within the development consists of 270 apartments, eight of which, along employers are located in the suburb of Sandyford, Dublin 18, residential apartments and with 11 basement car parking immediate neighbourhood, including approximately 8 km south of Dublin approximately 4,665 sq. m. (50,214 spaces, are owned by the Company. Vodafone, Merrill Lynch and Microsoft, City Centre. The development is on a sq. ft.) of mixed-use commercial The Company’s eight residential and the development is adjacent to 0.5 ha (1.2 acre) site and consists of space. The portfolio also includes a apartments consist of one one- the LUAS light rail line to the city a purpose-built apartment block with development site of approximately bedroom and seven two-bedroom centre. The development consists of 195 residential apartments, 65 of 1.13 ha (2.8 acres) and associated residential units. The Forum is 880 luxury residential apartments, 225 which are owned by the Company. basement car parking. The property located on the LUAS tram line and of which are owned by the Company. The entire development is is located close to the next to the Royal College of The Company’s 225 residential constructed over a common LUAS light rail system stop, in an Surgeons’ Sandyford facility. The apartments consist of 26 one- basement with a single car park area serviced by numerous bus development is also adjacent to the bedroom, 173 two-bedroom and 26 space per residential apartment. The routes. Located nearby are the Company’s Rockbrook and Beacon three-bedroom residential apartments. Company’s 65 residential apartments UPMC Beacon Hospital and large South Quarter portfolios. The Company also owns approx. consist of 10 one-bedroom, 34 two- employers such as Microsoft, 2,395 sq. m. of ancillary commercial bedroom and 21 three-bedroom Vodafone, Volkswagen and the space within the development. In residential apartments. Clayton Hotel. The Company’s 270 addition, the Company owns two residential apartments consist of 46 adjacent development sites and one one-bedroom, 203 two-bedroom and former site that has now been 21 three-bedroom residential developed into The Maple and 6,847 apartments. sq. m. of commercial space. 24 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) Prime Suburbs

The Maple Elmpark Green Bessboro 68 Residential Apartments 201 Residential Apartments 40 Residential Apartments Sandyford, Dublin 18 Merrion Road, Dublin 4 Terenure, Dublin 6

The Company completed the The Company acquired Elmpark The Company acquired Bessboro, construction of The Maple, located in Green, located in Merrion Road, located in Terenure, Dublin 6, in Sandyford, Dublin 18, in July 2017. Dublin 4, in May 2016. The December 2015. The development The development consists of 68 Company’s 201 residential was constructed in 2008 and residential apartments, all of which apartments consist of 101 one- consists of 40 residential apartments, are owned by the Company. By bedroom, 96 two-bedroom and four all of which are owned by the apartment type, The Maple three-bedroom residential Company. The Company’s 40 comprises four one-bedroom, 55 apartments. The development was residential apartments consist of six two-bedroom and nine three- constructed in 2006, and consists of one-bedroom, 32 two-bedroom and bedroom apartments. The 332 apartments, 201 of which are two three-bedroom apartments. development is conveniently located owned by the Company. Elmpark Bessboro provides a strong near UPMC Beacon Hospital, BSQ Green is located near Merrion, suburban location only 7 km from Shopping Centre and transportation Blackrock and Frascati Shopping Dublin City Centre and 4.6 km from links such as the Stillorgan LUAS Centres, and is also adjacent to the the . The location stop. Elm Park Golf and Sports Club, as provides a range of amenities well as St. Vincent’s University including shops, schools, bars and Hospital. restaurants, all within walking distance of Bessboro and also in close proximity to Bushy Park, golf and rugby clubs.

25 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) Secondary Suburbs

Priorsgate The Laurels Charlestown Tallaght Cross West 103 Residential Apartments 19 Residential Apartments 235 Residential Apartments 442 Residential Apartments Tallaght, Dublin 24 Tallaght, Dublin 24 Finglas, Dublin 11 Tallaght, Dublin 24

The Company acquired Priorsgate, The Company acquired The Laurels, The Company acquired Charlestown, The Company acquired Tallaght located in Tallaght, Dublin 24, in located in Tallaght, Dublin 24, in a mixed-use development set on Cross West, located in Tallaght, September 2013. The development June 2014. The development was 16.2 ha (40 acres) in Finglas, Dublin Dublin 24, in January 2016. The was constructed in 2007 and is a constructed in 2007 and consists of 11, in October 2014. The development was constructed in residential development on a 1.1 ha 19 residential apartments, all of development was constructed in 2008 and consists of 507 residential (2.6 acre) site located approximately which are owned by the Company. 2007 and consists of 285 residential apartments, 442 of which are owned 10 km southwest of Dublin City The Laurels consists of four one- apartments, 235 of which are owned by the Company. The Company’s Centre. The development consists of bedroom, 13 two-bedroom and two by the Company. The Company’s 442 residential apartments consist of 199 residential apartments dispersed three-bedroom residential 235 residential apartments consist of 161 one-bedroom, 237 two-bedroom over three blocks, 103 of which are apartments. The Company also 36 one-bedroom, 164 two-bedroom and 44 three-bedroom residential owned by the Company. The owns 190 sq. m. (2,045 sq. ft.) of and 35 three-bedroom residential apartments. The Company also Company’s 103 residential commercial space in the form of one apartments. The overall development owns 18,344 sq. m. (197,460 sq. ft.) apartments, which are dispersed large unit which could be split into comprises facilities for tenants of commercial space and associated over the three blocks, consist of 49 two units. including a shopping centre, a underground car parking. The one-bedroom, 48 two-bedroom, five medical centre and a variety of Company has received a grant of three-bedroom and one four- leisure and restaurant facilities. The planning permission for the bedroom residential apartments. property is located approximately 9.5 conversion of unused commercial km from Dublin City Centre and 8 km space to 18 residential apartments. from Dublin airport, and is adjacent to the main M50 and M2 transportation corridors.

26 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) Secondary Suburbs

Coldcut Park Hansfield Wood Hansfield Wood II Hampton Wood 90 Residential Apartments 99 Residential Apartments 95 Residential Apartments 128 Residential Apartments Clondalkin, Dublin 18 Ongar, Dublin 15 Ongar, Dublin 15 Finglas, Dublin 11

The Company acquired Coldcut The Company acquired Hansfield The Company acquired Hansfield The Company acquired Hampton Park, located on Coldcut Road in Wood located in Ongar, Dublin 25, in Wood located in Ongar, Dublin 25, in Wood, located in Finglas, Dublin 11, Clondalkin, Dublin 18, in August November 2017. The development November 2018. The development in May 2018. The development 2016. The Company’s 90 residential was constructed in 2018 and is a was By apartment type, the completed in 2018 and consists of apartments consist of 18 one- residential development on a 1.3 apartments will comprise 10 1-bed 128 residential apartments, all of bedroom, 22 two-bedroom, 33 three- acre site located west of Dublin City. apartments, 67 2-bed apartments which are owned by the Company. bedroom and 17 four-bedroom Hansfield Wood consists of 99 and 18 3-bed apartments. Hampton Woods comprise 46, 1-bed residential apartments. The residential units, all of which are Construcon of the self-contained and 82, 2-bed apartments. Located development was constructed in owned by the Company. By apartment block commenced in July between junction 4 and junction 5 of 2012 and consists of 93 apartments, residential type, the residential units 2018. The apartments are expected the M50 motorway, the scheme is a 90 of which are owned by the will comprise two 4-bed houses, to be completed by the end of July short distance from Dublin City Company. The property is located seven 3-bedhouses, eight 2-bed 2020. consists of 99 residential units, University (DCU), Dublin Airport, near Liffey Valley Shopping Centre, apartments, 12 3-bed duplexes and all of which are owned by the Northwood Business Park and LUAS and Cherry Orchard six 2-bed duplexes. Company. Hansfield Wood consists Dublin City Centre. Railway Station. of one, one-bedroom apartment, nine, two bedroom apartments, one, three-bedroom apartment, three two bedroom houses, two, four bedroom houses and 86 three-bedroom houses.

27 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) Secondary Suburbs Inchicore/Drimnagh

Camac Crescent Lansdowne Gate Tyrone Court 90 Residential Apartments 224 Residential Apartments 95 Residential Apartments Inchicore, Dublin 8 Drimnagh, Dublin 12 Inchicore, Dublin 8

The Company acquired Camac The Company acquired Lansdowne The Company acquired Tyrone Crescent, located in Inchicore, Gate, a superior quality development Court, located in Inchicore, Dublin 8, Dublin 8, in September 2013. The on 2.2 ha (5.5 acres) in Drimnagh, in June 2015. The development was development was constructed in Dublin 12, in October 2014. The constructed in 2014 and consists of 2008 and is a residential development consists of 280 131 apartments across four development on a 0.56 ha (1.4 acre) residential apartments, 224 of which residential apartment blocks, 95 of site located in Inchicore, Dublin 8, are owned by the Company, set in which are owned by the Company. approximately 3 km west of Dublin 11 blocks over semi-basement car The Company’s 95 residential City Centre. The development parking, with the benefit of a apartments consist of four three- consists of 110 residential centralised district heating system, bedroom duplex units, three three- apartments dispersed over six landscaped gardens and a children’s bedroom, 64 two-bedroom and 24 blocks, 90 of which are owned by the playground. The Company’s 224 one-bedroom apartments. The Company. The entire development is residential apartments consist of 23 property is located in an established constructed over a common one-bedroom, 146 two-bedroom and residential area close to Drimnagh basement with a single car park 55 three-bedroom residential Station, which is a 15-minute space per residential apartment. The apartments. The development was commute to City Centre. Located Company’s 90 residential apartments constructed in 2005 and is located nearby are St. James’s Hospital, consist of 21 one-bedroom, 49 two- adjacent to the LUAS light rail Inchicore College, the Central bedroom and 20 three-bedroom system, 5 km from the City Centre Criminal Court and Heuston Station, residential apartments. and within walking distance of all of which provide a strong numerous large employers, as well employment centre and tenant as shopping and leisure facilities. market.

28 Investor Presentation Irish Residential Properties REIT plc November 2019 Existing Portfolio (Cont.) 2019 Acquisitions

The Coast Taylor Hill Semple Woods Waterside 52 Residential Units 78 Residential Homes 40 Residential Homes 55 Residential Units Baldoyle, Dublin 13 Balbriggan, Co. Dublin Balbriggan, Co. Dublin Malahide, Co. Dublin The Company acquired the Coast, The Company entered into contracts Semple Woods: The Company The Company entered into contract located at the Coast, Baldoyle, for the forward purchase of 78 entered into contracts for the forward for the forward purchase of 55 Dublin 13 in February 2019. The homes at Taylor Hill, Balbrriggan, purchase of 40 homes at Semple apartments and duplexes at residential units acquired comprise a Co. Dublin in March 2019. Taylor Hill Woods, Balbriggan, Co. Dublin in Waterside, Malahide, Co Dublin. mix of houses, apartments and is located off the Castlemill Link March 2019. Semple Woods is Waterside is ideally located on the duplex units (18 x 1 bed, 16 x 2 bed, Road on the western edge of located on the southern edge of Swords Road between the 12 x 3 bed and 6 x 4 bed). The Balbriggan (population approximately Donabate (population approximately picturesque village of Malahide and development was constructed in 22,000 people) in North County 7,500 people) in North County Swords village (population 2006 by Helsignor Limited. The Dublin. To date, the Company has Dublin. Semple Woods is situated approximately 42,000 people) on the Coast is located in the north Dublin received 39 residential units that close to excellent infrastructure north side of Dublin City. By suburb of Baldoyle on the site of the consist of 20, three-bedroom houses including transport, schools and residential unit type, the acquisition former Baldoyle Racecourse in a and 19, two-bedroom houses. The employment, with an Irish Rail will comprise 3 x 1 bed, 30 x 2 bed popular residential location providing scheme is situated close to excellent Station in the town and Dublin Airport and 22 x 3 bed residential units. excellent amenities and connectivity infrastructure including transport, approximately 15 minutes drive away to Dublin City Centre. schools and employment, with an Irish Rail Station in the town, and Dublin Airport approximately 20 minutes drive away.

29 Investor Presentation Irish Residential Properties REIT plc November 2019