TORONTO, Sept. 16, 2019 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (TSX-V:ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the September 2019 monthly cash distribution of €0.00875 per Unit and Class B LP Unit (the “September 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 September 30, 2019, with payment on October 15, 2019.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated C$0.01282 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.
Upon payment on September 16, 2019 of ERES’s monthly distribution in respect of August 2019, 8,845 Units were issued pursuant to the REIT’s Distribution Reinvestment Plan (“DRIP”), of which approximately 24% of such Units were issued to ERES insiders. The final cash distribution in respect of August 2019 was C$0.01282 per Unit and Class B LP Unit.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES board of trustees. ERES continues 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.
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 88 multi-residential properties, comprised of 3,859 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.
For further information
Mr. Phillip Burns
Chief Executive Officer
Mr. Scott Cryer
Chief Financial Officer
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.