Irish Residential Properties REIT Plc (ISE:IRES) announced that the Board of Directors of I-RES (the ?Board?) has decided to commence a strategic review to consider and evaluate all strategic options that may be available to maximise and unlock value for shareholders in the Company (the ?Strategic Review?). This Strategic Review will commence as soon as practicable in First Quarter 2024, following the release of the Company?s 2023 Full Year Financial Results. The Strategic Review will comprise a comprehensive consideration of all strategic options available to the Company to maximise value for Shareholders, with the potential to unlock the inherent value contained within the IRES portfolio of high-quality residential assets and the operating platform.

This will include, but not be limited to, new strategic initiatives, consolidation, combinations, mergers or other corporate action, a review of the Company?s status as a listed REIT, the sale of the entire issued share capital of the Company, and selling the Company?s assets and returning value to Shareholders. The I-RES Board has, following extensive and considered discussions internally and over the last couple of months with a number of Shareholders, including Vision Capital Corporation (?Vision?), concluded that now is an appropriate time to commence a strategic review. Moreover, there are early signs that 2024 may see moderating inflation, improved interest rate expectations and greater financial market stability which offers the Group more flexibility in considering options.

This follows a period in which external macro factors have resulted in challenging conditions in the real estate sector which the Board believes have led to the current I-RES share price and discount to NAV failing to reflect the underlying value of its assets, platform, and business of the Company. Declan Moylan, I-RES Chair, commented ?As a Board, we believe now is the appropriate time to commence a strategic review which will evaluate the broad range of options to enhance shareholder value and capitalise on the opportunities inherent in our market leading portfolio and operating platform. As we undertake this review, the Company remains fully focused on continuing to deliver our strong operational and financial performance, as well as our market leading services to all of our residents in seeking to deliver value and establish alignment across our shareholders.?

The Board will establish a Special Committee to initiate the Strategic Review process to consider and evaluate strategic alternatives that may be available to I-RES to unlock and maximise value for shareholders. The Special Committee will retain specialist international financial and real estate advice to assist with the Strategic Review. There is no certainty that any change will result from the Strategic Review or that any sale, strategic investment or other transaction will be concluded, nor as to the terms on which any offer, strategic investment or other transaction may be made.

The Company confirms it is not in receipt of any approach nor in any discussion with any offeror or in talks with any potential counterparty generally in connection with a transaction.