European Residential Real Estate Investment Trust (ERE.UN) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thank you for attending the European Residential Real Estate Investment Trust third quarter 2024 results conference call. My name is Bridget and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to our host, Nicole Dolan, Investor Relations with European Residential REIT. Thank you, Nicole. You may proceed. 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 start with an operational update on slide four. Once again, we saw strong growth in our average monthly rent this quarter, which increased by 8.4% to €11.41 across all occupied suites on September 30th, 2024. Our vacancies did tick up with 95.1% of residential suites occupied at period end, However, this relates to our value maximization strategy as we are intentionally holding certain suites vacant as part of our strategic disposition program. That brings me to the business update on slide five. On September 16th, we announced the signing of two agreements for the sale of an aggregate 3,179 residential suites in the Netherlands for approximately €739 million. This represents about half of e...