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European Residential REIT Reports First Quarter 2025 Results
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust ("ERE...
About this update from European Residential Real Estate Invt Tr
[{"type":"text","content":"European Residential REIT Reports First Quarter 2025 Results\n\n\n\n TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (\"ERES\" or the \"REIT\") (TSX: ERE.UN) announced today its results for the three months ended March 31, 2025.\n \n\n ERES’s unaudited condensed consolidated interim financial statements and management's discussion and analysis (\"MD&A\") for the three months ended March 31, 2025 can be found at\n \n\n www.eresreit.com\n \n\n or under ERES's profile at SEDAR+ at www.sedarplus.ca.\n \n\n\n SIGNIFICANT EVENTS AND HIGHLIGHTS\n \n\n\n\n Strategic Initiatives Update\n \n\n\n\n During the three months ended March 31, 2025, through a number of transactions, the REIT disposed of ten residential properties in the Netherlands, which included the assets held for sale as at December 31, 2024, for total gross proceeds of €90.0 million.\n \n\n On April 2, 2025, the REIT announced that it has entered into an agreement to sell entities owning 1,446 residential suites in the Netherlands for gross proceeds, net of estimated adjustments, of approximately €337.3 million. The proceeds will be paid in cash, with a portion to be used to repay associated mortgage principal outstanding and amounts outstanding on the Revolving Credit Facility. Remaining net proceeds will be used for the payment of a special cash distribution of an estimated €0.80 per Unit. Subject to the receipt of any regulatory approvals and satisfaction of closing conditions, the announced disposition is anticipated to close between early August and mid-September 2025.\n \n\n Furthermore, the REIT is currently working with CBRE and Rubens Capital Partners, as financial and real estate advisors, to advise the REIT in connection with the launch of a bid process for the balance of the portfolio, whether in part or in full. Proposals are due to be received in the third quarter of 2025, and the Board, with assistance from its advisors, will determine which proposal(s), if any, achieve the objective of uncovering the maximum value of the REIT's remaining portfolio, and distributing the proceeds, net of wind-up costs, to Unitholders.\n \n\n\n\n Operating Metrics\n \n\n\n\n Strong operating results continued into 2025, fuelled by strong rental growth. Same property portfolio Occupied Average Monthly Re...