European Residential Real Estate Investment Trust (ERE.UN) Q4 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the European Residential Real Estate Investment Trust fourth quarter and year end conference call. My name is Alex and I will be coordinating the call today. If you'd like to ask a question at the end of the presentation, you can press star one on your telephone keypads. If you'd like to withdraw your question, you may press star two. I will now hand over to your host, Philip Burns, CEO. Over to you, Philip. 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 our future financial and operating results. I direct your attention to slide two and our other regulatory filings. Joining me today is our CFO, Stephen Koh. After I provide an update on our operational progress during the quarter, Stephen will provide an overview of our financial results and positions. We are proud to be reporting to you today a third year of strong and increasingly profitable operational and financial results across all of ERES' portfolio metrics and business benchmarks. Starting with slide four, on the external growth front, ERES gathered significant momentum throughout the year and closed on five separate acquisitions of an aggregate 499 residential suites across 13 properties, which increased our suite count by 8% since the prior year end. This contributed to assets under management increasing by 26%. In addition to acquisitions and capital expenditure, this included 195 million euros in fair value gains that we recognized for the year end, December 31st, 2021, representing a 15% increase in market value on the same property basis. This was driven by steady and strong portfolio fundamentals resulting in a compression of implied capitalization...