European Residential Real Estate Investment Trust

My name is Drew and I'll be the operator on today's call. After today's prepared remarks, there will be a Q&A session. If you would like to register a question, please press star followed by one on your telephone keypad. And to withdraw your question, it's star followed by two. It's now my pleasure to hand over to Nicole Dolan from Investor Relations to begin. Please go ahead when you're ready.

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 eREZ, 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 Kenney, Chief Executive Officer.

Thanks, Nicole, and good morning, everyone. Joining me this morning is Jenny Chow, our Chief Financial Officer. Let's get started on slide four, with a high-level update on the first quarter of 2025. In Q1, we completed the sale of a total of 415 residential suites in the Netherlands for combined consideration of €90 million, and we used the net sale proceeds to repay €79 million in outstanding debt. In addition, on April 2nd, we entered into an agreement to sell entities owning 1,446 residential suites in the Netherlands for the aggregate proceeds of approximately €337 million, with closing expected in the third quarter of 2025. After repaying associated mortgage debt and amounts outstanding on the revolving credit facility, net proceeds from this upcoming disposition are intended to fund a special cash distribution of an estimated €0.80. per unit, payable to unit holders of record at a date to be determined. Subject to completion, this transaction will leave a remaining portfolio made up of an attractive collection of 10 multi-residential properties in the Netherlands, along with two commercial properties, which I will expand on more in a few minutes. With the incremental debt that we've repaid using disposition proceeds, Our adjusted debt to gross book value ratio decreased further this quarter to 35.2% as of March 31, 2025, down from 39.7% as of the previous year end. Operationally, we continue to realize robust rent growth with our same property occupied AMR increasing by 6.2% to €1,248 at quarter end. And I'll let Jenny elaborate shortly on our same property NOI margin of 75% for the three months ended March 31st, 2025. Turning to slide five, you will note a decrease in our occupancies to 93.6% on both the total and same property residential portfolio. This is due to our value surfacing disposition strategy. in which we've been intentionally maintaining these elevated vacancy levels at certain properties. With that brief introduction, I will now turn the call over to Jenny to walk through our financial performance in greater detail.