European Residential Real Estate Invt Tr
European Residential Real Estate Invt Tr — European Residential Real Estate Investment Trust — Q4 2023 Earnings Presentation
14 slides from European Residential Real Estate Invt Tr's earnings presentation, Feb 22, 2024
Slide 1: Canada's only European-focused multi-residential REIT
Canada’s only European-focused multi-residential REIT Fourth Quarter & Year End 2023 Conference Call 1 | THIRD QUARTER CONFERENCE CALL
Slide 2: Disclaimer
Disclaimer This presentation and our answers to questions in today’s session contain statements that constitute forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements may relate to current expectations and projections about future results of
Slide 3: Presenters
Presenters • President, CEO and Trustee at CAPREIT Mark Kenney • CAPREIT since 1998 CEO and Trustee • Director on Board of REALPAC • Former Board member & Chair of the Fed. of Rental Housing Providers of Ontario • Former founding Board member of the Greater Toronto Apartment Association • Vice Presi
Slide 4: Strong Operational Performance
Strong Operational Performance 98.5% €1,050 ERES has achieved €1,000 strong growth in AMR alongside consistently €950 high occupancy, even within the continuously changing regulatory €900 framework. €850 €800 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q
Slide 5: Fourth Quarter Update
Fourth Quarter Update Strategic Update • On December 20, 2023, the REIT announced the conclusion of the strategic review process. Business Update • Ten single-suite dispositions closed during Q4’23 for an aggregate sales price of €3.7 million. Investment Update • Fair value of the REIT’s property po
Slide 6: Financial Performance
Financial Performance Jenny Chou Chief Financial Officer 6 | THIRD QUARTER CONFERENCE CALL
Slide 7: Fourth Quarter Financial Results
Fourth Quarter Financial Results Three Months Ended December 31, 2023 2022 %∆ Operating Revenues (000s) €24,717 €22,932 7.8% Net Operating Income (NOI) (000s) €19,505 €17,546 11.2% Net Operating Income Margin1,2 78.9% 76.5% 2.4% Funds From Operations (FFO) €8,879 €9,334 4.9% FFO per Unit (Diluted) €
Slide 8: 2023 Annual Financial Results
2023 Annual Financial Results Residential Occupied Same Property Occupancy AMR Growth NOI 98.5% +7.2% +7.8% Same Property FFO per Unit AFFO Payout NOI Margin (diluted) Ratio 78.6% 0.161 82.3% 8 | FOURTH QUARTER CONFERENCE CALL
Slide 9: Financial Position and Liquidity
Financial Position and Liquidity 60% 57% 58% 54% 56% 51% 49% 49% 49% ERES actively €165 €160 €156 €177 €190 €188 €189 €133 monitors Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 leverage and 1 Available Liquidity (€M) Ratio of Adjusted Debt to Market Value of Portfolio Covenant coverage ratios to
Slide 10: Staggered Mortgage Renewal Profile
Staggered Mortgage Renewal Profile Weighted Average Mortgage Term of 2.9 Years 400.0 4.75% 3.29% 2.07% 1.87% 300.0 1.39% 1.47% 1.38% 100% of ERES’s Mortgage Renewal (€) mortgages are financed 200.0 with terms and arrangements that result in fixed interest 227.0 100.0 187.8 200.9 payments, mitigating
Slide 11: Closing Remarks
Closing Remarks Mark Kenney Chief Executive Officer 11 | FOURTH QUARTER CONFERENCE CALL
Slide 12: Maximizing Value for Unitholders
Maximizing Value for Unitholders Value Maximization Rent Maximization Turnover Indexation Conversion Individual Suite Suite Reletting Privatization 12 | FOURTH QUARTER CONFERENCE CALL
Slide 13: Investment Highlights
Investment Highlights 1. Opportunity to invest in unique Canadian-listed European multi-residential REIT with initial focus on the attractive Netherlands market ERES has strong 2. Strong sponsorship by CAPREIT, Canada’s largest and best-in-class residential landlord sponsorship by CAPREIT, 3. Establ
Slide 14: Contact Us
Contact Us European Residential REIT 11 Church Street, Suite 401 Toronto, Ontario M5E 1W1 Canada m.kenney@capreit.net j.chou@capreit.net www.eresreit.com 14 | FOURTH QUARTER CONFERENCE CALL
European Residential Real Estate Investment Trust — Q4 2023 Earnings Presentation on 6ix