European Residential Real Estate Investment Trust (ERE-UN) Q4 2025 earnings summary

Executive summary

• Completed sale of nearly 2,000 residential suites in the Netherlands and 300,000 sq ft of commercial GLA in Belgium and Germany for EUR 490 million in 2025, with an additional EUR 89 million in committed dispositions expected to close in early 2026.

• Paid a special cash distribution of EUR 0.90 per unit to unitholders and ceased regular monthly distributions in September 2025.

• Portfolio reduced to 619 residential suites and 100,000 sq ft of retail space in the Netherlands by year-end 2025, with the majority of the portfolio now sold or under contract.

• Actively pursuing a final transaction for remaining assets with BMO Capital Markets as advisor.

• Actively managing Dutch tax authority reassessments and related structural matters during the wind down.

Financial highlights

• Net proceeds from asset sales used to repay EUR 245 million in mortgage debt, strengthening the balance sheet.

• Leverage ratio reduced to a record low of 30.5% at year-end 2025.

• Available liquidity at year-end was EUR 36.7 million, reflecting a reduced credit facility.

• No mortgages maturing in 2026, supporting financial flexibility.

• NAV per unit (diluted) was EUR 0.89 at year-end 2025, down from EUR 2.07 in 2024.

Outlook and guidance

• Majority of portfolio now sold or under contract; focus is on maximizing value from remaining assets and completing wind-down.

• Actively working with BMO Capital Markets on a sale process for the remaining portfolio, with no assurance of successful or value-accretive sales.

• Commitment to disciplined and transparent wind down in the interests of unitholders.