TORONTO, July 15 2022 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the July 2022 monthly cash distribution of €0.01 per unit and per Class B LP unit (the “July Breakdown”), i.e. €0.12 per annualized Unit. The distribution will be payable to holders of Units and Class B LP Units (the “Unitholders”) for registration on July 29, 2022, with payment on August 15, 2022.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated at C$0.01312 per Unit and per Class B LP Unit). Registered Unitholders will have the option of electing to receive such distribution in Euros rather than in Canadian dollars. If no such election is made, registered Unitholders will receive the distribution in Canadian dollars in accordance with the above exchange rate mechanism. Beneficial Unitholders will not have the option of electing to receive the Euro distribution. The final cash distribution for June 2022 was C$0.01312 per unit per LP Class B unit.
To encourage participation and reward our loyal unitholders, investors enrolled in our distribution reinvestment plan will continue to receive an additional 5% of their distributions paid in the form of additional units.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES Board of Directors. ERES continues to target an AFFO distribution rate of between 80% and 90%. ERES Limited Partnership will make corresponding cash distributions to holders of Class B Units of the Partnership.
ERES is a real estate investment company with variable capital without legal personality. ERES units are listed on the TSX under the symbol ERE.UN. ERES is the only European multi-residential REIT in Canada, with an initial current focus on investing in high-quality multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 158 multi-residential buildings, made up of 6,901 suites and ancillary shops located in the Netherlands, and owns an office building in Germany and an office building in Belgium.
The head office and registered office of ERES is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.
For more information, please visit our website at www.eresreit.com.
|For more information|
|Mr. Phillip Burns||Mr Stephen Co|
|Chief executive officer||Financial director|
|[email protected]||[email protected]|