From GlobeNewswire: 2024-05-02 17:00:00

European Residential Real Estate Investment Trust (ERES) reported strong operating results for the first quarter of 2024, with Occupied Average Monthly Rents increasing by 6.7%. Turnover was 3.1%, with NOI increasing by 7.1%. FFO per Unit decreased by 2.5% and AFFO per Unit decreased by 2.6%. Occupancy remained strong at 98.5% for residential properties.

ERES renewed mortgage financing on a commercial property, improved liquidity, and maintained debt coverage ratios within covenant thresholds. Mark Kenney, CEO, emphasized the high occupancy and rent growth, while CFO Jenny Chou highlighted the REIT’s ability to mitigate higher interest rates. Operating revenues increased by 4.5%, with NOI margin at 78.2%.

Occupied AMR for the total portfolio increased by 6.6%, while same property portfolio increased by 6.7%. Suite turnovers and renewals were outlined, demonstrating ERES’s effective management of rental revenues. Operating revenues grew by 4.5% with NOI margin at 78.2%. ERES’s financial position remains stable and supported by strong operational performance.



Read more at GlobeNewswire:: European Residential REIT Reports First Quarter 2024