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ERES REIT Declares Final Quarterly Distribution and Announces Transition to Monthly Distributions
ERES REIT Declares Final Quarterly Distribution and Announces Transition to Monthly Distri...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"\n\n\n\nERES REIT Declares Final Quarterly Distribution and Announces Transition to Monthly Distributions\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, June 21, 2019\n\n\n\nTORONTO, June 21, 2019 /CNW/ - European Residential Real Estate Investment Trust (TSX-V:ERE.UN, \"ERES\") is pleased to announce that the trustees of ERES have declared its quarterly cash distribution, in respect of the second quarter of 2019 of €0.02625 per Unit and Class B LP Unit (the \"Q2 Distribution\"), being equivalent to €0.105 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the \"Unitholders\") of record on June 28, 2019, with payment on July 15, 2019.\nThe 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.\nAs previously announced, the Q2 Distribution will be the final quarterly distribution declared and paid by ERES. Commencing in July 2019, ERES intends make regular monthly distributions, subject to the ongoing discretion of the ERES board of trustees. While the annual amount of the future distributions going forward has yet to be determined, ERES expects 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. The first such monthly distribution is expected to be made for the month of July, payable to Unitholders of record on July 31, 2019, with payment on or about August 15, 2019.\n\"Our second quarter distribution is fully in line with our published 2019 forecast dated March 13, 2019, and we remain confident in the forecast going forward with a monthly distribution ...