European Residential Real Estate Investment Trust (ERE.UN) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining the European Residential Real Estate Investment Trust fourth quarter 2024 results conference call. My name is Marie, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I will now hand over to your host, Nicole Dolan of Investor Relations, to begin. Please go ahead. 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 ERAS, 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 Chao, our Chief Financial Officer. I want to get started with slide four, which provides some highlights from this past year. In 2024, we completed over €900 million in strategic dispositions that reduced our residential portfolio in the Netherlands to approximately 3,000 suites as of December 31st, 2024, down from nearly 7,000 suites at the start of the year. We were able to transact on these sales at pricing at or above previously reported fair values, generating significant capital that we used in part to strengthen our balance sheet. We repaid €544 million in mortgage debt, and we fully paid down the €103 million we had outstanding on a revolving credit facility at the start of the year. The result was a significant reduction in th...