European Residential Real Estate Investment Trust

hello everyone and welcome to the european residential real estate investment trust third quarter 2023 results conference call my name is emily and i'll be coordinating your call today after the presentation there will be the opportunity for any questions which you can ask by pressing start followed by the number one on your telephone keypad i'll now turn the call over to nicole dolan investor relations please go ahead thank you operator and good morning everyone

Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about expected future events and the financial and operating results of eRES, which are subject to certain risks and uncertainties. We direct your attention to slide two and our other regulatory filings for important information about these statements. I will now turn the call over to Mark Tenney, Chief Executive Officer.

Thanks, Nicole, and good morning, everyone. Joining me this morning is Jenny Chu, our Chief Financial Officer, and Karim Farouk, our Managing Director. Let's turn to slide four to get started. E-Res' operational performance was strong this quarter. Residential occupancy rose to 98.7% at period end. Structurally speaking, we are effectively at our lowest possible vacancy, with the majority of our vacant suites only offline temporarily for value-enhancing renovation. This reflects continued tightening of the rental market in the Netherlands, which is also having the effect of higher monthly rents. Our occupied AMR grew to 1,053 euro as of September 30th, 2023, which is up by 7.1% versus the prior year period. This resulted from market-driven uplifts on turnover, as well as our most recent indexation. which had a weighted average increase of 4% as compared to 3% in 2022. Slide five provides a brief business update for Q3. We're continuing work with CBRE on our previously announced strategic review, and that remains top priority for us as we seek the maximization of value for our unit holders. In the meantime, we're making progress on our suite-by-suite privatization program. Having sold three individual residences closed during this past quarter for aggregate sales price of €1 million, this represents a premium to IFRS fair value. The fair value of our total investments portfolio declined by 1.2% to €1.7 billion at quarter end, primarily due to persisting inflationary and interest rate pressures. as well as ongoing ambiguity around potential changes to Dutch rental regulations. This contributed to the decrease in our not-for-unit to €3.05 at period end. I will now turn things over to Jenny to go through our financial results in detail.