BUILDING COMMUNITIES

CREATING VALUE

Preliminary Results 31 December 2018

Irish Residential Properties REIT plc February 2019 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 PURCHASESHARES 2 Irish Residential Properties REIT plc

Overview

2018 Highlights

Financial Results Investment Case Market Backdrop Operational Structure Scaled Asset Base Growth Opportunities Growing Dividends Strong Governance High Quality Portfolio

3 Irish Residential Properties REIT plc 2018 Highlights –Strong Operating Performance

Revenue from Occupancy Net Rental Income Average Monthly Rent Investment Properties % (€ millions) (€) (€ millions) +5.4% 55 100.0 47.0 1,600 +13.2% +13.5% 1,599 50 99.8 99.8 42.0 50.6 98.7 1,550 45 95.0 37.0 41.2 40 44.7 1,500 1,517 32.0 36.3 35 38.8 90.0 1,450 27.0 30.6 30 1,400 1,427 25 85.0 22.0 1,350 20 17.0 15 80.0 12.0 1,300 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

Profit for 2018: €119.8m, +84% (2017: €65.1m)

EPS for 2018: 28.0 cents, +79% (2017: 15.6 cents)

4 Irish Residential Properties REIT plc 2018 Highlights– Growing Values & Returns for Shareholders

EPRA NAV EPRA Earnings per Share Dividends per Share Portfolio Valuation (€ millions) (€ cents) (€ cents) (€ millions)

+8.3% +7.7% +22.7% 7.0 6 1000 700 +22.9% 600 6.0 6.5 5 5.6 921.3 6.0 5.2 800 619.6 5.0 4.9 500 4 750.9 504.2 4.9 600 400 469.6 4.0 685.1 3 300 3.0 400 2 200 2.0 200 100 1.0 1 0 0.0 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

EPRA NAV per Share EPRA Earnings Additional and Total Dividend Portfolio

31 December 2018; 142.0 cents, EPRA Earnings €27.8m , +11.7% Additional dividend of 3.0cents 2679 units; +19.8% Total Dividend 2018, 5.6 cents , Acquisitions and Developments (31 December 2017 ; 118.5 cents) +7.7% +€77.5m; Fair value +€92.7m, +12.6%* Av. Gross yield 6.1%

5 *Based on investment properties owned at 31 December 2017, excluding Hansfield Woods and Hampton Woods 2018 FINANCIAL RESULTS Grande Central – , 18

6 Strong Operating Performance

31 31 % Increase/ For the Year Ended December December Decrease 2018 2017 Revenue from Investment 50,608 44,693 13.2% Properties(€,000)

Net Rental Income (€,000) 41,158 36,271 13.5%

Profit (€,000) 119,785 65,079 84.0%

Basic Earnings Per Share (cents) 28.0 15.6 79.5%

EPRA Earnings Per Share (cents) 6.5 6.0 8.3% 31 31 % Increase/ As at December December Decrease 2018 2017 Occupancy 99.8% 99.8% - Average Monthly Rent €1,599 €1,517 5.4% Gross Yield 6.1% 6.6% -0.5% Total Number of Apartments 2,679 2,450 9.3% HansfieldWood – Dublin 15 7 Irish Residential Properties REIT plc Strong Financial Position

31 December 31 December As At 2018 2017

Total Property Value € 921.3m € 750.9m Net Assets € 618.7m €504.0m EPRA Net Assets € 619.6m €504.2m Basic NAV per share (cents per share) 142.5 120.8 EPRA NAV per share (cents per share) 142.0 118.5 Group Total Gearing 33.6% 33.0% Acquisition Capacity (at 45% LTV) c. €180 m

Value of Investment Properties By Location (€’m)

121.4m 130.2m

City Centre Prime Suburbs 315.2m 354.6m Secondary Suburbs / Grande Central – Sandyford, Dublin 18 8 Irish Residential Properties REIT plc Investment Properties Portfolio Valuation as at 31 December 2018 Value (€ millions) as at Property Location Location Age # apartments owned % Change from 2017 31-Dec-18 30-Jun-18 31-Dec-17 City Centre 1 Kings Court Smithfield 12.5 83 € 23.7 € 21.8 € 21.3 11.3% 2 The Marker(5) Docklands 6.5 85 € 72.3 € 68.1 € 63.1 14.6% 3 Bakers Yard Dublin 11 86 € 26.2 € 23.7 € 22.5 16.4% 4 City Square Gloucester St 12.5 23 € 8.0 € 6.6 € 6.1 31.1% Total 277 € 130.2 € 120.2 € 113.0 15.2% Prime Suburbs 5 BSQ Sandyford 11 225 € 85.1 € 90.6 € 82.2 3.5% 6 Grande Central Sandyford 11.5 65 € 25.1 € 24.0 € 22.4 12.1% Grande 7 Sandyford 11.5 81 € 33.0 € 32.4 € 30.2 9.3% Central Rockbrook South 8 Sandyford 11.5 189 € 89.2 € 85.3 € 78.0 14.4% Central 9 Forum Sandyford 11.5 8 € 3.0 € 2.7 € 2.4 25.0% 10 The Maple Sandyford 1.5 68 € 31.5 € 28.5 € 27.7 13.7% 11 Bessboro 10.5 40 € 15.5 € 14.4 € 13.2 17.4% 12 Elmpark Green Merrion 12.5 201 € 72.2 € 67.8 € 63.7 13.3% Total 877 € 354.6 € 345.7 € 319.8 10.9% Secondary Suburbs 13 Priorsgate 11.5 103 € 25.0 € 23.5 € 21.2 17.9% 14 The Laurels Tallaght 11.5 19 € 4.0 € 4.0 € 3.5 14.3% 15 Charlestown 11.5 235 € 65.8 € 65.2 € 59.9 9.8% 16 Tallaght Cross West Tallaght 10.5 442 € 110.1 € 102.6 € 91.0 21.0% 17 Coldcut Park 6.5 90 € 21.2 € 20.6 € 20.1 5.5% Total 889 € 226.1 € 215.9 € 195.7 15.5% Inchicore/Drimnagh 18 Camac Crescent Inchicore 10.5 90 € 21.7 € 21.0 € 20.4 6.4% 19 Lansdowne Gate Drimnagh 13.5 224 € 71.8 € 68.3 € 66.1 8.6% 20 Tyrone Court Inchicore 4.5 95 € 27.9 € 25.7 € 24.3 14.8% Total 409 € 121.4 € 115.0 € 110.8 9.6% Total for investment properties owned as at 31 December 2017 2,452 € 832.3 € 796.8 € 739.3 12.6% 21 Hansfield Wood I Ongar 1 99 € 37.3 € 29.8 € 11.6 221.6% Hansfield Wood II Ongar <1 - € 10.5 n/a n/a n/a 22 Hampton Wood Finglas 1 128 € 41.2 € 41.9 n/a n/a Total for investment properties owned as at 31 December 2018 2,679 € 921.3 € 868.5 € 750.9 22.7% 9 Irish Residential Properties REIT plc Net Asset Value Growth EPRA NAV growth through accretive acquisitions and NRI growth, while maintaining LTV%

EPRA NAV Total Group Gearing 650 619.6 50%

600 160 shareCentsper 142.0 40% 550 504.2 140 30% 500 469.6 31.3% 33.0% 33.6% 435 118.5 20%

€ € millions 450 112.5 120 10% 400 104.3 8.6% 350 100 0% 2015 2016 2017 2018 2015 2016 2017 2018

EPRA NAV EPRA NAV per share (cents) LTV Target Max

2018 Acquisition & Development Highlights • Hampton Woods, Dublin 15 – €40m acquisition, 128 apartments and 128 car park spaces acquired May 2018 • Hansfield Wood, Dublin 15 – €30m acquisition, 99 residential units developed and delivered in 2018 • Hansfield Wood, Dublin 15 – Pre-purchase agreement for 95 units due in Q3, 2020 • Merrion Road, Dublin 4 – Pre-purchase agreement for 69 units due in Q4, 2020 (long-stop date Q4,2021) 10 Irish Residential Properties REIT plc Compelling Investment Case 1 2 3 4 5

Attractive Market Strong Operational Attractive & Scaled Organic & Inorganic Strong Financial Backdrop Structure Performing Asset Growth Performance (Local & Global) Base Opportunities

Strong economic Local management 12.6% increase in the Investments of 13.5% increase in Net fundamentals of the team implementation fair value of €77.7m made in 2018 Rental Income to Irish economy of growth strategy investment €41.2m (2017: properties(1) Pipeline of future €36.3m) Population growth Supported by CAPREIT asset growth of c.30% a global market leader As at 31 December from owned sites and 31 December 2018 Increasing foreign providing expertise, 2018, invested c. forward purchase Dividend yield 4.14% (2) direct investment systems and €715m in 2,679 transactions (31 December 2017: technology platform apartments across announced 3.47%) Dublin

1. Excluding the 2018’s acquisition of Hampton Woods and Hansfield Wood (phase I and phase II developments) 11 2. Including VAT and other transaction costs Market Update

12 Irish Residential Properties REIT plc Market Update

Demand Outweighs Economic Population Supply Growth Growth

• Growing apartment sector • Ireland remains among the • Young and steadily growing • Housing supply shortage – 2018 fastest-growing economies in population of Irish-born and Ireland dwelling completions were Europe international workforce 18,072(1) while annual new household • 50,500 new jobs created and • Population grew from 4.57m in formation is estimated at 30,000 – estimated GDP growth of 7.5% 2011 to 4.86m in 2018(4) 50,000(2) in 2018 (3) • These trends are predicted to • Renting is stimulated by government • Falling unemployment and continue for the foreseeable policy and central bank mortgage upward pressure on employee future limits compensation • Brexit is having a positive effect for • Significant investment in the rentals Irish economy from multinational corporations in the (1) Source: Central Statistics Office- 2018 technology and services sectors (2) Source: Economic and Social Research Institute (ESRI) (3) Central Statistics Office and (4) Central Statistics Office

13 Irish Residential Properties REIT plc Economic Growth

Drivers of Population Change '000 150 5,000

4,500 100 4,000 50 Irish GDP Growth 3,500 0 30.0% 3,000 25.1% 25.0% -50 2,500 0 0 0 0 20.0% Natural increase Net migration Population 15.0%

10.0% 8.8% 7.2% 7.5% 5.0% 4.4% Total Employment 5.0% 1.3% 2,500 18 0.0% 16 2013 2014 2015 2016 2017 2018F 2019F 2,250 14 12 2,000 10 '000 8 1,750 6 4 1,500 2 Q198 Q102 Q106 Q110 Q114 Q118

Total Employment ('000) Unemployment % (RHS) 14 Source: Central Statistics Office, Central Bank of Ireland Irish Residential Properties REIT plc Strong Operating and Investment Management Model

Technology and Systems Attract and retain high-quality clients Build a growing Generate portfolio of high- stable and Resident quality residential Staff Training growing Communications assets in desirable dividends for areas I-RES REIT shareholders

Deliver industry leading professional property management with 24/7 Knowledge Hands-on service and support & Experience Approach 15 Irish Residential Properties REIT plc Investment Management Investment Management Arrangements Summary

I-RES Fund Management, an Irish subsidiary of • IRES Fund Management Limited (“IRES Fund”), an indirect wholly owned CAPREIT, is the company’s investment manager. subsidiary of CAPREIT, became authorised as an AIFM on November 2015 for initial term of 5 years from that date. ABOUT CAPREIT • I-RES Fund has the ability to serve 12 months notice of the termination of Founded in 1997, a Canadian leader in the the IMA after 1 November, 2019. professional property management of rental • accommodation, owns interest in 48,180 residential Ires REIT (the Company) may internalise at no cost after the initial term of units in Canada and 3,348 residential units in Europe the IMA. (1) • Pursuant to the IMA, the Company pays annual management fees (the “Management Fee”) equal to 0.5% of the Company’s Asset Management By leveraging the global expertise, systems and NAV(1) and 3% of gross rental income to IRES Fund. technology platforms of CAPREIT, IRES Fund Management delivers a superior tenant experience • CAPREIT Limited Partnership provides property management, and performance for shareholders 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, 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. 16 Irish Residential Properties REIT plc Strategies For 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 628(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 Irish Residential Properties REIT plc Acquisitions and Development Partnerships 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 • Based on passing rents as at 31 December 2018, gross yield is 6.7%

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 Irish Residential Properties REIT plc Acquisitions and Development Partnerships 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 • Based on passing rents as at 31 December 2018, gross yield is 6.4%

MerrionRoad, 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

I-RES Development Sites

# Units at Name Status Completion • Submitted planning applications for 628(1)apartments at currently-owned I-RES Tallaght Cross West 18 Planning permission granted properties, of which planning permission for Bakers Yard 61 Planning permission granted 80 apartments had been granted in 2018 Coldcut 1 Planning permission granted • Foundation infrastructure (e.g. parking) (Conversion)

already in place Priorsgate (Bruce House) 31 Planning permission granted

Priorsgate • Infill and conversion opportunities on 5 Planning permission granted currently-owned commercial properties (Conversion) Notification of Decision to Grant planning BSQ (B4) 84 permission

Rockbrook c. 428 Planning application submitted in Dec 2018 Note:(1) Subject to planning and any other approvals.

Total 628

BSQ (B3) 45 Pre-Planning submission issued

Total 673

20 IRISH RESIDENTIAL PROPERTIES REIT plc Strong Governance Board of Directors

Declan Moylan Margaret Sweeney Mark Kenney Aidan O’Hogan Independent Non- I-RES CEO & Executive Non- Independent and Non-Executive Independent Non-Executive Executive Chairman Director Director, (Investment Manager and Senior Independent Director • Former Managing Partner and • Former CEO of daa plc (Dublin Nominee) (Joined the Board 1 January • Fellow of the Society of Chartered Former Chairman of Mason Hayes & Airport Authority) and Postbank 2019) Surveyors Ireland and past Curran and Chairman of the firm’s Ireland Limited. Former Director • Currently the President and Chief president of Irish Auctioneers and International Practice Group with KPMG. Operating Officer of CAPREIT Valuers Institute • Former Chairman of Savills Ireland

Joan Garahy Phillip Burns Tom Kavanagh Independent Non-Executive Director Non-Independent and Non-Executive Independent Non-Executive Director • Currently a member of the board of Director • Former Partner at Deloitte Ireland, directors of Kerry Group plc (ISE: KRZ) experience in professional practice as a • Chief Executive Officer and trustee of business advisor, corporate restructuring European Commercial Real Estate • Has 28 years of experience of advising expert and insolvency practitioner 21 on and managing investment funds Investment Trust (TSXV:ERE.UN) Irish Residential Properties REIT plc Positive Outlook

Sustainable Growing Asset Values, Earnings & Dividends

Strong Growth Pipeline and Opportunities Strong Real Estate Fundamentals

• Opportunity to increase portfolio units by c. 30% from • Growing Irish Economy current owned sites (subject to successful planning • Growing Population 4.90 permissions), and forward purchase contracts • Significant Housing Supply and Demand Imbalance • Development and acquisition capacity of c.€180 million 3.15 2.50 • Completed acquisition of 52 residential units, The Coast, 3.15 for €14 million (including VAT but excluding other 2.50 transaction costs) in February 2019 at an expected gross yield of 6.1% .

22 IRISH RESIDENTIAL PROPERTIES REIT plc Portfolio Details

23 Irish Residential Properties REIT plc High Quality Portfolio

Value as at Commercial space owned Average mthly rent per Property Year Built # apartments owned(1) Occupancy (1) (2) Location 31 December 2018(1) (sqm)(1) apt.(1) (2) City Centre 1 Kings Court Smithfield 2006 83 € 23.7m 566 € 1,464 100.00% 2 The Marker Docklands 2012 85 € 72.3m 1,218 € 2,771 97.60% 3 Bakers Yard Portland Street North 2007/2008 86 € 26.2m 792 € 1,486 100.00% 4 City Square Gloucester Street 2006 23 € 8.0m 57 € 1,632 100.00% Total 277 € 130.2m 2,633 € 1,886 Prime Suburbs 5 BSQ Sandyford 2007/2008 225 € 85.1m 2,395 € 1,853 99.60% 6 Grande Central Sandyford 2007 65 € 25.1m - € 1,724 100.00% 7 Rockbrook Grande Central Sandyford 2007 81 € 33.0m 3,529 € 1,661 100.00% 8 Rockbrook South Central Sandyford 2007 189 € 89.2m 1,136 € 1,687 100.00% 9 Forum Sandyford 2007 8 € 3.0m - € 1,777 100.00% 10 The Maple Sandyford 2017 68 € 31.5m - € 2,046 100.00% 11 Elmpark Green Merrion 2006 201 € 72.2m - € 1,590 99.50% 12 Bessboro Terenure 2008 40 € 15.5m - € 1,657 100.00% Total 877 € 354.6m 7,060 € 1,735 Secondary Suburbs 13 Priorsgate Tallaght 2007 103 € 25.0m 2,538 € 1,199 99.00% 14 The Laurels Tallaght 2007 19 € 4.0m 190 € 1,286 100.00% 15 Charlestown Finglas 2007 235 € 65.8m - € 1,392 100.00% 16 Tallaght Cross West Tallaght 2008 442 € 110.1m 18,344 € 1,287 99.80% 17 Coldcut Park Clondalkin 2012 90 € 21.2m - € 1,457 100.00% Total 889 € 226.1m 21,072 € 1,322 Inchicore/Drimnagh 18 Camac Crescent Inchicore 2008 90 € 21.7m - € 1,401 100.00% 19 Lansdowne Gate Drimnagh 2005 224 € 71.8m - € 1,604 100.00% 20 Tyrone Court Inchicore 2014 95 € 27.9m - € 1,574 100.00% Total 409 € 121.4m - € 1,552 Total investment properties owned as at 31 December 2017 2,452 €832.2m 30,765 € 1,572 99.80% 21 Hansfield Wood Ongar 2018 99 € 37.3m - € 2,133 99.00% Hansfield Wood II Ongar 2018 - € 10.5m - - - 22 Hampton Wood Finglas 2018 128 € 41.3m - € 1,716 100.00% Total investment properties owned as at 31 December 2018 2,679 € 921.3m 30,765 € 1,599 99.80% Note: (1) As at 31 December 2018 (2) Based on residential apartments 24 Superior Dublin Locations

15 20 DUBLIN CITY CENTRE SECONDARY SUBURBS 01 KINGS COURT 13 PRIORSGATE Sandyford D7 (83 Units) Tallaght D24 (103 Units) 19 18 02 THE MARKER 14 THE LAURELS Docklands D2 (84 Units) Tallaght D24 (19 units) 03 BAKERS YARD 15 CHARLESTOWN Portland Street North D1 (85 Units) Finglas D11 (235 units) 04 CITY SQUARE 03 16 TALLAGHT Gloucester St D2 (23 units) CROSS WEST Tallaght D24 (442 Units) PRIME SUBURBS 05 BEACON SOUTH QUARTER 17 COLDCUT PARK Sandyford D18 (225 Units) Clondalkin D22 (90 Units) 17 04 23 01 02 06 GRANDE CENTRAL 18 HANSFIELD WOOD Sandyford D18 (65 Units) Ongar, D15 (99 Units) 21 07 ROCKBROOK GRANDE CENTRAL 19 HANSFIELD WOOD (II) Ongar, D15 (95 Units) 22 12 Sandyford D18 (81 Units) 08 ROCKBROOK 20 HAMPTON WOOD 11 SOUTH CENTRAL Finglas, D11 (128 Units) Sandyford D18 (189 units) 09 THE FORUM INCHICORE DRIMNAGH Sandyford D18 (8 units) 21 CAMAC CRESCENT Inchicore D8 (90 units) 10 THE MAPLE 14 Sandyford D18 (68 Units) 22 LANSDOWNE GATE Drimnagh D12 (224 Units) 13 16 06 11 ELMPARK GREEN 09 10 Merrion Road D4 (201 Units) 23 TYRONE COURT 07 05 08 12 BESSBORO Inchicore D8 (95 Units) Terenure D6 (40 Units)

25 IRISH RESIDENTIAL PROPERTIES REIT plc Appendix 1 Portfolio Details

26 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 31 Dec: €23.7m Passing rent as at 31 Dec: € 1,553m (annualised) AMR per apartment as at 31 Dec: € 1,464 Neighbourhood Features: . Walk to with Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 27 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 31 Dec: €72.3m pond Passing rent as at 31 Dec: €3,179m (annualised) . Exclusive membership access to the hotel leisure facilities AMR per apartment as at 31 Dec: € 2,771 Occupancy as at 31 Dec: 97.6% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 28 North Portland Street, Dublin, Dublin 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 31 Dec: €26.2m Passing rent as at 31 Dec: € 1,626m (annualised) AMR per apartment as at 31 Dec: € 1,486 Neighbourhood Features: . Walking distance to city centre Occupancy as at 31 Dec: 100% . 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 29 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 31 Dec: €8.0m Neighbourhood Features: Passing rent as at 31 Dec: € 468m (annualised) . Excellent Liffey side location near AMR per apartment as at 31 Dec: € 1,632 Trinity College, College Green, Tara Street, Custom House Quay and Occupancy as at 31 Dec: 100% O’Connell Bridge Commercial Area: 57 sqm (614 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 30 Beacon South Quarter, Sandyford, Dublin 18 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 31 Dec: €85.1m . CCTV security systems with security Passing rent as at 31 Dec: €5,799m (annualised) intercom . Extensive landscaped grounds AMR per apartment as at 31 Dec: €1,853 Occupancy as at 31 Dec: 99.6% Commercial Area: 2,395 sqm (25,777 sq.ft.) Neighbourhood Features: . 10km to Dublin city centre . Transport links include: The Apartment Breakdown 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 31 Rockbrook, Sandyford , Dublin 18 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 31 Dec: €25.1m Passing rent as at 31 Dec: €1,345m (annualised) AMR per apartment as at 31 Dec: € 1,724 Neighbourhood Features: . Opposite the Stillorgan LUAS rail Occupancy as at 31 Dec: 100% system stop . 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 32 Rockbrook, Sandyford, Dublin 18 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 31 Dec: €33.0m Passing rent as at 31 Dec: €1,875m (annualised) AMR per apartment as at 31 Dec: € 1,661 Neighbourhood Features: . Opposite the Stillorgan LUAS rail Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 33 Rockbrook, Sandyford, Dublin 18 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 31 Dec: €89.2m Passing rent as at 31 Dec: € 3,685m (annualised) AMR per apartment as at 31 Dec: € 1,687 Neighbourhood Features: . Opposite the Stillorgan LUAS rail Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 34 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 31 Dec: €3.0m apartments Passing rent as at 31 Dec: € 171m (annualised) . Natural stone and fully tiled bathrooms AMR per apartment as at 31 Dec: € 1,777 Occupancy as at 31 Dec: 100% 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 Three Bedroom 0 . Adjacent to the Rockbrook and Beacon South Quarter portfolios

Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 35 Beacon South Quarter, Sandyford, Dublin 18 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 31 Dec: €31.5m landscaped grounds . Timber interior doors with laminate Passing rent as at 31 Dec: €1,670m (annualised) flooring AMR per apartment as at 31 Dec: € 2,046 Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 36 Elmpark, Merrion Road, Dublin 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 31 Dec: €72.2m integrated appliances Passing rent as at 31 Dec: € 3,835m (annualised) . Large winter gardens/balconies with glazed balustrading and timber AMR per apartment as at 31 Dec: € 1,590 decking Occupancy as at 31 Dec: 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 37 Bessboro, Terenure, Dublin 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 31 Dec: €15.5m . Fully tiled bathrooms & ensuites Passing rent as at 31 Dec: € 796 m (annualised) . Stainless steel appliances filled to all kitchens AMR per apartment as at 31 Dec: € 1,657 Occupancy as at 31 Dec: 100% 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 38 Greenhills Road, Tallaght, Dublin 24 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 31 Dec: €25.0m Passing rent as at 31 Dec: € 1,627 (annualised) AMR per apartment as at 31 Dec: € 1,199 Neighbourhood Features: . Connected to the city via the LUAS Occupancy as at 31 Dec: 99% rail system, and bus links Commercial Area: 2,538sqm (21,827 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 39 Main Street, Tallaght, Dublin 24 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 31 Dec: €4.0m Passing rent as at 31 Dec: € 343 (annualised) Neighbourhood Features: AMR per apartment as at 31 Dec: € 1,286 . Close proximity to The Square Shopping Centre and Tallaght Occupancy as at 31 Dec: 100% Institute of Technology Commercial Area: 190 sqm (2,046 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 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 40 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 31 Dec: €65.8m . Central heating Passing rent as at 31 Dec: € 3,927 m (annualised) . Central landscaped garden and children’s playground AMR per apartment as at 31 Dec: € 1,392 Occupancy as at 31 Dec: 100% Neighbourhood Features: . 7km to Dublin city centre and 5km to 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 41 Tallaght Cross West, Tallaght, Dublin 24 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 31 Dec: €110.1m system Passing rent as at 31 Dec: € 7,470m (annualised) AMR per apartment as at 31 Dec: € 1,287 Neighbourhood Features: Occupancy as at 31 Dec: 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 . 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 42 Coldcut Road, Clondalkin, Dublin 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: 94 . Stylish fully fitted kitchens with all modern appliances Valuation as at 31 Dec: €21.2m Passing rent as at 31 Dec: € 1,574m (annualised) AMR per apartment as at 30 June: € 1,457 Neighbourhood Features: . Extensive local amenities and leisure Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 43 Turvey Avenue, Inchicore, Dublin 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 31 Dec: €21.7m . Secure underground parking Passing rent as at 31 Dec: € 1,514 (annualised) AMR per apartment as at 31 Dec: € 1,401 Neighbourhood Features: Occupancy as at 31 Dec: 100% . 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 44 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 31 Dec: €71.8m . Playground features high-end play Passing rent as at 31 Dec: € 4,310 m (annualised) equipment and incorporates outdoor gym equipment for adults AMR per apartment as at 31 Dec: € 1,604 Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 45 Tyrone Court, Inchicore, Dublin 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 31 Dec: €27.9m Passing rent as at 31 Dec: € 1,795m (annualised) AMR per apartment as at 31 Dec: € 1,574 Neighbourhood Features: . 500m from Drimnagh Station (LUAS Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 46 Hansfield Wood, Ongar, Dublin 15 Hansfield Wood

Property Details(1) Building Features: Year Built: 2018 . Attractive modern design with high ceilings and large windows # of residential units owned: 99 . Bright and spacious kitchens Total # of residential units: 99 . High pressure pump-fed showers and air to water central heating system Valuation as at 31 Dec: €47.8m . Built in wardrobes Passing rent as at 31 Dec: €2,508 (annualised) AMR per apartment as at 31 Dec: € 2,133 Neighbourhood Features: Occupancy as at 31 Dec: 99% . 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 8 Paypal, Xerox Houses 91

Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment

Irish Residential Properties REIT plc 47 Hampton Woods, Finglas, Dublin 11 Hampton Wood

(1) Property Details 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 31 Dec: €41.3m central heating Passing rent as at 31 Dec: € 2,635 m (annualised) . Allocated car parking space for each home with generous visitor parking AMR per apartment as at 31 Dec: € 1,716 Occupancy as at 31 Dec: 100% 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 31 Dec 2018 AMR = Average monthly rent per apartment Irish Residential Properties REIT plc 48 Hansfield Wood, Ongar, Dublin 15 Hansfield Wood Phase II

Property Details(1) Building Features: Year Built: Under construction . Attractive modern design with high ceilings and large windows # of residential units owned: 95 . Bright and spacious kitchens Total # of residential units: 95 . High pressure pump-fed showers and air to water central heating system Valuation as at 31 Dec: €10.5m . Built in wardrobes Passing rent as at 31 Dec: N/A AMR per apartment as at 31 Dec: N/A Neighbourhood Features: Occupancy as at 31 Dec: N/A . Inner suburban commuter market near Dublin . Neighbourhood includes local employment, good transportation Apartment Breakdown links, good infrastructure (schools) and family friendly amenities One bedroom 10 . Close to employers such as eBay, Two bedroom 64 Paypal, Xerox Three bedroom 18 Two bedroom 3 duplex

Note: (1) As at 31 Dec 2018 AMR = Average monthly rent per apartment

Irish Residential Properties REIT plc 49