Irish Residential Properties REIT

Board/Management Information • Dec 11, 2018

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11 December 2018

RETIREMENT OF DIRECTOR AND APPOINTMENT OF NEW DIRECTOR

Irish Residential Properties REIT plc (“I●RES” or the “Company”) announces that David Ehrlich, a non-executive director of the Company and IRES Fund Management Limited’s nominee on the Company’s board, has advised the Company that he will retire as a director of the Company with effect from 31 December 2018.

Mr. Ehrlich’s decision follows an announcement by Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) that Mr. Ehrlich will be retiring as Chief Executive Officer of CAPREIT with effect from 31 December 2018. Mr. Ehrlich will continue to serve as a trustee on the board of CAPREIT.

CAPREIT is indirectly the Company’s largest shareholder and, together with its subsidiary IRES Fund Management Limited, provides asset management and property management services to the Company.

The Company is delighted to announce the appointment of Mark Kenney to the board of the Company as a non-independent non-executive director with effect from 1 January 2019. Mr. Kenney will succeed Mr. Ehrlich as IRES Fund Management Limited’s nominee on the board of the Company.

Mark Kenney is currently the President and Chief Operating Officer of CAPREIT. Mr. Kenney joined CAPREIT in 1998 and, since that time, has been actively involved in creating and implementing CAPREIT's policy, directing the property management team, and overseeing the marketing, procurement, development and acquisitions departments. Mr. Kenney oversees all of CAPREIT's operations in Canada and Europe, including IRES Fund Management Limited’s operations in Ireland.

Mr. Kenney has more than 28 years of experience in the multi-family real estate sector. Prior to joining CAPREIT, Mr. Kenney held a senior position at Realstar Management Partnership, overseeing portfolios in Western Canada and Northern Ontario. He has also held various leadership roles at Greenwin Property Management and Tridel, where he managed portfolios in the Greater Toronto Area. Mr. Kenney is a former board member of the Federation of Rental-Housing Providers of Ontario and St. Hilda's Towers and was a founding board member of the Greater Toronto Apartment Association (GTAA). He holds a Bachelor of Economics degree from Carleton University.

Mr. Kenney has 1,500,000 share options in I•RES but has no other interests in any shares of I•RES.

Mr. Kenney has not held any directorships in other publicly quoted companies at any time in the previous five (5) years.

I•RES confirms that there are no other matters requiring disclosure in relation to Rule 6.6.5, 6.6.7 (1) to (6) of the Main Securities Market Listing Rules of Euronext Dublin (the trading name of The Irish Stock Exchange plc).

Declan Moylan, I●RES’ Chairman, commented:

“Since its inception in 2014, David Ehrlich has led the formation of I●RES as its first Chief Executive Officer and oversaw the development of I●RES into Ireland’s largest multi-residential apartment owner until his appointment as Chief Executive Officer of CAPREIT in 2017. On behalf of the Board, I want to thank David for his professional and personal commitment and dedication to I●RES during his tenure as Chief Executive Officer and subsequently as non-executive director and wish him well for the future.

I am very pleased to welcome Mark Kenney to the Board of I●RES. Mark brings a depth of knowledge and expertise of the Private Rented Residential sector and has been actively involved with I●RES in his capacity as Chief Operating Officer of CAPREIT. We look forward to his significant contribution to the Board.”

David Ehrlich commented: “I am enormously proud of what I●RES has accomplished, while also setting the stage for a very bright future. It has been a great privilege both to have served I●RES and to have worked with such a fine group of directors.”

Mark Kenney commented: “I am delighted for the opportunity to serve as a director of I●RES and contribute further to the success of this vibrant company.”

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

Margaret Sweeney, Chief Executive Officer

• 353 (0) 1 557 0974

For Media Requests:

Q4PR

Gerry O’Sullivan

• 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust (“REIT”) listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. The Company currently owns 2,678 residential units. Further information in respect of the Company can be obtained from the Company’s website at www.iresreit.ie.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.