European Residential Real Estate Investment Trust (ERE.UN) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

My name is Drew and I'll be the operator on today's call. After today's prepared remarks, there will be a Q&A session. If you would like to register a question, please press star followed by one on your telephone keypad. And to withdraw your question, it's star followed by two. It's now my pleasure to hand over to Nicole Dolan from Investor Relations to begin. Please go ahead when you're ready. Thank you, operator, and good morning, everyone. Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about expected future events and the financial and operating results of eREZ, which are subject to certain risks and uncertainties. We direct your attention to slide two and our other regulatory filings for important information about these statements. I will now turn the call over to Mark Kenney, Chief Executive Officer. Thanks, Nicole, and good morning, everyone. Joining me this morning is Jenny Chow, our Chief Financial Officer. Let's get started on slide four, with a high-level update on the first quarter of 2025. In Q1, we completed the sale of a total of 415 residential suites in the Netherlands for combined consideration of €90 million, and we used the net sale proceeds to repay €79 million in outstanding debt. In addition, on April 2nd, we entered into an agreement to sell entities owning 1,446 residential suites in the Netherlands for the aggregate proceeds of approximately €337 million, with closing expected in the third quarter of 2025. After repaying associated mortgage debt and amounts outstanding on the revolving credit facility, net proceeds from this upcoming disposition are intended to fund a special cash distribution of an estimated €0.80. per unit, payable to unit holders of record at...