TORONTO, Jan. 15, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”), please note that in the second paragraph, the estimated Canadian rate per Unit and Class B LP Unit is C$0.00737, not C$0.01474 as previously stated. The corrected release follows:
European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the January 2025 monthly cash distribution of €0.005 per Unit and Class B LP Unit (the “January 2025 Distribution”), being equivalent to €0.06 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the “Unitholders”) of record on January 31, 2025, with payment on February 18, 2025.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated C$0.00737 per Unit and Class B LP Unit). 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 in ERES’s press release dated December 16, 2024, the Distribution Reinvestment Plan (“DRIP”) is terminated effective January 16, 2025, and is not available for ERES’s monthly distributions paid on and after January 16, 2025. The monthly distribution in respect of December 2024, with a record date of December 31, 2024 and payment on January 15, 2025, was the last distribution eligible for the DRIP.
The final monthly cash distribution in respect of December 2024 was C$0.01474 per Unit and Class B LP Unit. The final special cash distribution, as declared in ERES’s press release dated December 16, 2024, was C$1.49426 per Unit and Class B LP Unit. The special distribution did not qualify for the DRIP. Please refer to ERES’s press release dated December 16, 2024 for additional details.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES Board of Trustees. ERES Limited Partnership will make corresponding cash distributions to holders of Class B LP Units.
About ERES
ERES is an unincorporated, open-ended real estate investment trust. ERES’s Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused multi-residential REIT, with a current portfolio of high-quality, multi-residential real estate properties in the Netherlands. As at December 31, 2024, ERES owned approximately 3,000 residential suites and ancillary retail space located in the Netherlands, and owned one commercial property in Germany and one commercial property in Belgium. For more information about ERES, its business and its investment highlights, please visit our website at www.eresreit.com and our public disclosure which can be found under our profile on SEDAR+ at www.sedarplus.ca.
ERES’s registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.
For further information
| ERES | ERES |
| Mr. Mark Kenney | Ms. Jenny Chou |
| Chief Executive Officer | Chief Financial Officer |
| 416.861.9404 | 416.354.0188 |
| [email protected] | [email protected] |
