September 2024 Distribution Announcement by ERES REIT
September 2024 Monthly Distribution Declared by ERES REIT
European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) has announced an exciting update for its unitholders. The trustees of ERES have declared a monthly cash distribution of €0.01 per Unit and Class B LP Unit for September 2024. This monthly distribution adds up to an annualized amount of €0.12 per Unit, which signifies ERES's commitment to rewarding its loyal investors.
Distribution Payment Schedule
The September Distribution will be applicable to all Unitholders on record as of September 30, 2024. Payments are set to take place on October 15, 2024. In an effort to provide flexibility, the cash distribution, which is Euro-denominated, will also be converted and available in Canadian dollars. The anticipated exchange rate for the conversion is around C$0.01501 per Unit and Class B LP Unit. For those registered Unitholders wishing to receive their payment in Euros, the option is available; however, beneficial Unitholders will receive their distributions solely in Canadian dollars.
Incentives for Loyal Unitholders
To foster engagement and gratitude toward its investors, ERES continues to support its Distribution Reinvestment Plan. Registered investors will enjoy an additional benefit of 5% on their distributions, which will be paid in the form of extra Units. This approach not only rewards investor loyalty but also ensures that unitholders can increase their holdings within the trust.
Future Distribution Strategy
Looking forward, ERES is keen on managing regular monthly distributions. This strategy is subject to the discretion of the ERES Board of Trustees, indicating that while investors can anticipate these distributions, they remain flexible to market conditions. ERES has also set a long-term target for its Adjusted Funds From Operations (AFFO) payout ratio, aimed at maintaining it within the range of 80% to 90%.
About ERES REIT
Established as an unincorporated, open-ended real estate investment trust, ERES is dedicated to the multifamily residential sector, focusing primarily on the European market. The trust’s units are listed on the TSX under the symbol ERE.UN. ERES stands out as Canada’s sole European-focused multi-residential REIT, managing a robust portfolio of high-quality properties in the Netherlands. As reported recently, ERES operates 157 multi-residential properties containing approximately 6,750 residential suites, complemented by ancillary retail spaces. Additionally, the trust possesses a commercial property located in Germany and another in Belgium.
Office and Contact Information
Headquartered at 11 Church Street, Suite 401, Toronto, Ontario, ERES's registered office serves as the primary location for its business operations. For further inquiries or detailed information, investors are encouraged to reach out to key contacts at ERES: Mark Kenney, Chief Executive Officer, can be reached at 416.861.9404 or via email at m.kenney@capreit.net, while Chief Financial Officer, Jenny Chou, is available at 416.354.0188 or j.chou@capreit.net.
Frequently Asked Questions
What is the amount of the September 2024 distribution?
The September distribution is set at €0.01 per Unit and Class B LP Unit, totaling €0.12 per Unit annually.
When will the distribution be paid?
The payment is scheduled for October 15, 2024, for unitholders on record as of September 30, 2024.
Can unitholders choose their payment currency?
Yes, registered Unitholders may elect to receive their distribution in Euros, while beneficial Unitholders will receive payments in Canadian dollars.
What incentives are provided for participating in the Distribution Reinvestment Plan?
Investors in the Distribution Reinvestment Plan will receive an extra 5% of their distributions as additional Units.
What is ERES's long-term payout strategy?
ERES aims for a long-term AFFO payout ratio between 80% to 90% to ensure sustainability and growth.
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