ERES REIT Announces September Distribution for 2024
The European Residential Real Estate Investment Trust (TSX: ERE.UN) is excited to announce that its trustees have declared the cash distribution for September 2024. This amount is set at €0.01 per Unit and Class B LP Unit, which translates to a total annualized distribution of €0.12 per Unit. This distribution highlights ERES's ongoing commitment to rewarding Unitholders.
Details on the Upcoming Distribution
This September distribution is available to all holders of Units and Class B LP Units. The record date is scheduled for September 30, 2024, and the payments will be made on October 15, 2024. While the cash distribution will be in Euros, the payouts will be converted to Canadian dollars based on the exchange rate on the payment date, which is expected to be C$0.01501 per Unit.
Options for Unitholders
Registered Unitholders can choose to receive their distribution in Euros instead of Canadian dollars. If they don’t make this choice, the payment will automatically default to Canadian dollars. Unfortunately, beneficial unitholders do not have this option. The cash distribution recorded in August 2024 was also C$0.01501 per Unit.
Incentives for Loyal Investors
To nurture a sense of community and gratitude among its Unitholders, those who participate in ERES's Distribution Reinvestment Plan will receive an additional 5% of their distributions. This bonus comes in the form of extra Units, aimed at boosting investor confidence and encouraging retention.
Continued Commitment to Distributions
ERES is committed to providing steady monthly distributions, which are determined at the discretion of its Board of Trustees. The company aims for a long-term AFFO payout ratio in the range of 80% to 90%. To support this target, ERES Limited Partnership will ensure timely cash distributions to holders of Class B LP Units.
About European Residential REIT
ERES operates as an open-ended, unincorporated real estate investment trust, and its Units are listed on the TSX under the ticker ERE.UN. It proudly holds the distinction of being Canada’s only European-focused multi-residential REIT. ERES owns and manages a diverse portfolio of high-quality, multi-residential properties primarily located in the Netherlands. Currently, ERES oversees an impressive range of 157 multi-residential properties, encompassing about 6,750 residential suites and accompanying retail spaces within the Netherlands. Furthermore, ERES has expanded its portfolio internationally, owning commercial properties in both Germany and Belgium.
Contact Information for Further Inquiries
The vice president team at ERES includes Mr. Mark Kenney, the Chief Executive Officer, and Ms. Jenny Chou, the Chief Financial Officer.
If you have any questions, please feel free to reach out:
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.
