European REIT ERES Confirms Monthly Distribution for September
ERES REIT Announces September Distribution for 2024
European Residential Real Estate Investment Trust (TSX: ERE.UN) is thrilled to share that its trustees have declared the monthly cash distribution for September 2024. The announced amount is €0.01 per Unit and Class B LP Unit, reflecting a total annualized distribution of €0.12 per Unit. This monthly distribution continues to emphasize ERES's commitment to rewarding its Unitholders.
Details on the Upcoming Distribution
The September distribution will be applicable to all holders of Units and Class B LP Units, with the record date set for September 30, 2024. Payments are scheduled for October 15, 2024. This cash distribution will be Euro-denominated, but payouts will be converted to Canadian dollars based on the prevailing exchange rate on payment day, which is anticipated to be C$0.01501 per Unit.
Options for Unitholders
Registered Unitholders have the option to receive their distribution in Euros instead of Canadian dollars. If no election is made, the payment will default to Canadian dollars. Unfortunately, beneficial unitholders do not possess this choice. In August 2024, the final cash distribution was similarly recorded at C$0.01501 per Unit.
Incentives for Loyal Investors
To foster a sense of community and appreciation among its Unitholders, those enrolled in ERES's Distribution Reinvestment Plan will receive an additional 5% of their distributions, compensated in the form of additional Units. This program aims to enhance investor confidence and retention.
Continued Commitment to Distributions
ERES remains dedicated to providing consistent monthly distributions as determined by the discretions of its Board of Trustees. The company is also focused on achieving a long-term AFFO payout ratio between 80% to 90%. In support of this, ERES Limited Partnership will ensure timely cash distributions to Class B LP Unit holders.
About European Residential REIT
ERES operates as an unincorporated, open-ended real estate investment trust. Its Units are prominently listed on the TSX under the ticker ERE.UN. ERES proudly stands as Canada's sole European-focused multi-residential REIT, owning and managing a diverse collection of high-quality, multi-residential real estate properties concentrated in the Netherlands. As of recent reports, ERES manages an impressive portfolio consisting of 157 multi-residential properties, which collectively encompass approximately 6,750 residential suites along with ancillary retail spaces in the Netherlands. Additionally, ERES has ventured into the international market with ownership of a commercial property in Germany and another in Belgium.
Contact Information for Further Inquiries
ERES vice president team includes Mr. Mark Kenney as the Chief Executive Officer and Ms. Jenny Chou as the Chief Financial Officer.
For further inquiries, please reach out via:
Mark Kenney
Chief Executive Officer
Phone: 416.861.9404
Email: m.kenney@capreit.net
Jenny Chou
Chief Financial Officer
Phone: 416.354.0188
Email: j.chou@capreit.net
Frequently Asked Questions
What is the amount of the September distribution?
The September distribution is €0.01 per Unit and Class B LP Unit.
When is the payment date for the September distribution?
Payments will be made on October 15, 2024.
Can unitholders choose to receive payments in Euros?
Yes, registered unitholders can elect to receive their distributions in Euros.
What is ERES's focus in property management?
ERES is focused on managing high-quality, multi-residential properties, primarily in the Netherlands.
What additional benefit do unitholders have in the reinvestment plan?
Unitholders in the Distribution Reinvestment Plan receive an additional 5% of their distributions in the form of extra Units.
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