TORONTO, Aug. 16, 2019 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX-V:ERE.UN, âERESâ) is pleased to announce that the trustees of ERES have declared the August 2019 monthly cash distribution of â¬0.00875 per Unit and Class B LP Unit (the âAugust Distributionâ), being equivalent to â¬0.105 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the âUnitholdersâ) of record on August 30, 2019, with payment on September 16, 2019.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment. Registered Unitholders will be provided with an option to elect to receive such distribution in Euros rather than Canadian dollars. If no such election is made, registered Unitholders will be paid the distribution in Canadian dollars based on the above exchange rate mechanism. Beneficial Unitholders will not have an option to elect to receive the distribution in Euros.
Upon payment on August 15, 2019 of ERESâs first monthly distribution in respect of July 2019, 7,034 Units were issued pursuant to the REITâs Distribution Reinvestment Plan (âDRIPâ), of which approximately 30% of such Units were issued to ERES insiders.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES board of trustees. ERES continues to target an AFFO payout ratio in the range of 80% to 90%. ERES Limited Partnership will make corresponding cash distributions to holders of Class B LP Units.
ERES is an unincorporated, open-ended real estate investment trust. ERESâ Units are listed on the TSX Venture Exchange under the symbol ERE.UN. ERES is Canadaâs only European-focused multi-residential REIT, with a current initial focus on investing in high-quality multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 88 multi-residential properties, comprised of 3,859 suites located in the Netherlands, and owns two office properties in Germany and one office property in Belgium.
ERESâs registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.
For more information, please visit our website at www.eresreit.com.
For further information
Mr. Phillip Burns Mr. Scott Cryer
Chief Executive Officer Chief Financial Officer
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.