European Residential Real Estate Investment Trust

Hello and welcome to the European Residential REITs second quarter 2025 results conference call. My name is Alex and I'll be coordinating today's call. If you'd like to ask a question at the end of the presentation, please press star followed by 1 on your telephone keypad. I'll now hand it over to Nicole Dolan, Investor Relations, to begin. 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 ERAS, 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 with an update on the year so far, as highlighted on slide four. In 2025, we've completed the sale of an aggregate 417 residential suites and one commercial property for combined gross proceeds of €115 million. And we've committed to an additional €366 million in dispositions. expected to close later in the third quarter. We've been using part of the net proceeds to repay debt and have maintained a low adjusted debt to gross book value ratio of 35.8% as of June 30th, 2025. We've also using net proceeds to return capital to investors and we've announced and anticipated special cash distribution of an estimated 90 Euro cent per unit payable in September 2025, subject to the completion of certain pending dispositions. Operationally, we continue to realize robust rent growth with our same property occupied AMR increasing by 6.8% to 1,303 Euro on June 30th, 2025. Despite that, our same property NOI margin was down to 73.9% for the six months ended June 30th, 2025, which Jenny will speak to shortly. Turning to slide five, you will note a further decrease in our occupancies to 91% on the total residential portfolio as of period end. This continues to be driven by our disposition strategy as we're intentionally maintaining elevated vacancy levels at certain buildings. With that introduction, I will now turn the call over to Jenny to walk through our financial performance in greater detail.