European Residential Real Estate Investment Trust

Good morning all and thank you for joining us on today's European Residential Real Estate Investment Trust Fourth Quarter 2025 Results Conference Call. My name is Drew and I'll be the operator on the call today. After today's prepared remarks, we will have a Q&A session. If you wish to ask a question during that time, please press Start followed by 1 on your telephone keypad and to withdraw your question, it's Start followed by 2. With that, it's my pleasure to hand over to Nicole Doden, 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 start on slide four with some highlights from the past year. In 2025, we completed the sale of nearly 2,000 residential suites in the Netherlands and close to 300,000 square feet of commercial GLA in Belgium and Germany for a total consideration of 490 million euros. With net proceeds, we repaid 245 million in mortgage debt, reducing our leverage ratio to a record low of 30.5% at year end. We also paid a special cash distribution of 90 euro cents per unit in line with our commitment to return capital to unit holders. We also sold or entered into agreements to sell an additional 410 suites for 89 million euro so far in 2026. This brings e-Res's portfolio down from approximately 3,000 units at the beginning of 2025 to a final remaining 619 residential suites and just over 100,000 square feet of ancillary retail space in the Netherlands, together representing an attractive integrated portfolio for sale. Operationally, that portfolio produced 5.9% growth in same property occupied AMR to €1,458 as of year end. while our same property NOI margin was 72.3% in 2025. Turning to slide five, you will see that our total residential occupancy was down to 90.6% as of December 31st, 2025. This is the deliberate result of elevated vacancies associated with our value surfacing disposition strategy. With that introduction, I will now turn the call over to Jenny to highlight our financial position.