TORONTO, Aug. 15, 2023 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the August 2023 monthly cash distribution of €0.01 per Unit and Class B LP Unit (the “August Distribution”), being equivalent to €0.12 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the “Unitholders”) of record on August 31, 2023, with payment on September 15, 2023.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated C$0.01462 per Unit and Class B LP Unit). 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. The final cash distribution in respect of July 2023 was C$0.01462 per Unit and Class B LP Unit.
To encourage participation and reward our loyal Unitholders, investors registered in our Distribution Reinvestment Plan will continue to receive an additional amount equal to 5% of their distributions paid in the form of additional Units.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES Board of Trustees. ERES continues to target a long-term 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. ERES’s Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused multi-residential REIT, with a current initial focus on investing in high-quality, multi-residential real estate properties in the Netherlands. As at June 30, 2023, ERES owns a portfolio of 158 multi-residential properties, comprised of approximately 6,900 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.
ERES’s 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. Mark Kenney||Ms. Jenny Chou|
|Chief Executive Officer||Chief Financial Officer|