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European Residential Real Estate Investment Trust (ERE-UN) investor relations material
European Residential Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Strategic property dispositions in Belgium, Germany, and the Netherlands generated €489 million in gross proceeds year-to-date, including the sale of 1,976 residential suites and 286,546 sq. ft. of commercial space, with all Belgian and German commercial properties sold.
Proceeds funded a special cash distribution of €0.90 per Unit in September 2025 and repaid €238–244.6 million in debt; regular monthly distributions ceased after August 2025.
Remaining portfolio as of September 30, 2025, consists of 1,033 residential suites and ancillary retail space in the Netherlands, with ongoing sale processes and active buyer interest.
Ongoing focus on maximizing value from remaining assets and distributing net proceeds to Unitholders after costs, taxes, and wind-up expenses.
No definitive guidance on the final wind-down timeline due to ongoing tax and structural matters; updates to be provided as certainty increases.
Financial highlights
Operating revenues for Q3 2025 were €10.0 million, down from €23.4 million in Q3 2024, reflecting asset sales.
Same property occupied AMR increased by 4.7% to €1,349 as of September 30, 2025.
Same property operating revenues increased by 2.1% year-over-year in Q3 2025, but same property NOI margin declined to 67.8% from 76.2% year-over-year, mainly due to higher repair and maintenance costs and lost rent.
FFO per Unit (diluted) for Q3 2025 was €0.013, down from €0.4 in the prior year period, reflecting the impact of asset sales.
NAV per Unit (diluted) at September 30, 2025, was €0.91, down from €2.07 at December 31, 2024, mainly due to the special distribution.
Capital allocation and financing
Adjusted debt to market value ratio improved to 34% from 53% year-over-year; adjusted debt to gross book value was 31.5% at September 30, 2025.
€238–244.6 million in debt repaid using disposition proceeds, with no mortgage maturities for the remainder of 2025 and 2026, supporting financial flexibility.
Weighted average mortgage effective interest rate was 2.91% with a weighted average term to maturity of 1.9 years.
Debt service coverage and interest coverage ratios remain above covenant requirements, with ratios of 3.2x and 3.8x, respectively.
Available liquidity was €24.2 million at period end, following a reduction in the revolving credit facility.
Prioritize individual vs portfolio sales for remaining assets?
Assess potential impact of Dutch tax reassessments?
How do vacant suites impact remaining portfolio value?
What drives increased repair/maintenance costs?
What are the Dutch tax reassessment implications?
Describe remaining portfolio disposition alternatives
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Next European Residential Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
Next European Residential Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
European Residential Real Estate Investment Trust is a Canadian-based real estate investment trust focused on residential rental properties in Europe, primarily the Netherlands. The company invests in mid-market apartment buildings and provides residential leasing services. European Residential REIT targets stable cash flow through its European real estate portfolio. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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