European Residential Real Estate Investment Trust (ERE-UN) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed unitholders, outlined the meeting's virtual format, and introduced the agenda, including formal business and a management presentation followed by Q&A.

• Cautionary note on forward-looking statements was highlighted, referencing regulatory filings for risk disclosures.

• Voting procedures and technical instructions for electronic participation were explained.

Board and executive committee updates

• Six trustee nominees were presented, with no further nominations received before the deadline.

• Trustees were elected individually as required by the Toronto Stock Exchange.

• Trustees elected: Harold Burke, Gina Parvaneh Cody, Ira Gluskin, Mark Kenney, Gervais Levasseur, and Lisa Russell.

Financial performance review

• Operating revenues increased by 7.2% in 2023 due to strong rent growth and high occupancies.

• Operating expenses decreased as a percentage of revenues, aided by the abolition of landlord levy tax.

• NOI rose by 8.9%, with margin expanding to 78.5%; diluted AFFO per unit decreased by 4.7%.

• Annual distribution rate held at EUR 0.12 per unit; AFFO payout ratio was 80.1%.

• Q1 2024 occupancy at 98.5%; average monthly rent up 6.7% year-over-year.

• Same property NOI margin up 200 bps; total portfolio margin up 190 bps.

• Adjusted debt-to-market value ratio at 58% as of March 31, 2024; interest coverage ratios remain strong.

• Weighted average interest rate on debt at 2.2%; nearly all interest costs fixed.