TORONTO, June 21, 2019 /CNW/ - European Residential Real
Estate Investment Trust (TSX-V:ERE.UN, "ERES") is pleased to
announce that the trustees of ERES have declared its quarterly cash
distribution, in respect of the second quarter of 2019 of €0.02625
per Unit and Class B LP Unit (the "Q2 Distribution"), being
equivalent to €0.105 per Unit annualized. The distribution will be
payable to holders of the Units and Class B LP Units (the
"Unitholders") of record on June 28,
2019, with payment on July 15,
2019.
The Euro-denominated distribution will be paid in Canadian
dollars based on the exchange rate on the date of payment.
Registered Unitholders will be provided with an option to elect to
receive such distribution in Euros rather than Canadian dollars. If
no such election is made, registered Unitholders will be paid the
distribution in Canadian dollars based on the above exchange rate
mechanism. Beneficial Unitholders will not have an option to elect
to receive the distribution in Euros.
As previously announced, the Q2 Distribution will be the final
quarterly distribution declared and paid by ERES. Commencing in
July 2019, ERES intends make regular
monthly distributions, subject to the ongoing discretion of the
ERES board of trustees. While the annual amount of the future
distributions going forward has yet to be determined, ERES expects
to target an AFFO payout ratio in the range of 80% to 90%. ERES
Limited Partnership will make corresponding cash distributions to
holders of Class B LP Units. The first such monthly distribution is
expected to be made for the month of July, payable to Unitholders
of record on July 31, 2019, with
payment on or about August 15,
2019.
"Our second quarter distribution is fully in line with our
published 2019 forecast dated March 13,
2019, and we remain confident in the forecast going forward
with a monthly distribution and target of AFFO payout ratio
between 80% and 90%," commented Phillip
Burns, Chief Executive Officer. "The new policy is also a
reflection of our confidence in the future and our commitment to
enhancing Unitholder value over the long term."
Upon payment of ERES's most recent previous quarterly
distribution on January 16, 2019,
47,721 Units were issued pursuant to the REIT's Distribution
Reinvestment Plan ("DRIP"), of which approximately 23% of
such Units were issued to ERES insiders.
About ERES
ERES is an unincorporated, open-ended real estate investment
trust. ERES' Units are listed on the TSX Venture Exchange under the
symbol ERE.UN. ERES is Canada's
only European-focused multi-residential REIT, with a current
initial focus on investing in high-quality multi-residential real
estate properties in the
Netherlands. ERES owns a portfolio of 67 multi-residential
properties, comprised of 3,348 suites located in the Netherlands, and owns two office
properties in Germany and one
office property in Belgium.
ERES's registered and principal business office is located at 11
Church Street, Suite 401, Toronto,
Ontario M5E 1W1.
For more information, please visit our website at
www.eresreit.com.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE European Residential Real Estate Investment Trust