Q2 2024 European Residential REIT Earnings Call Transcript
Key Points
- Residential occupancies were high at 97.7% at period end.
- Occupied average rent for the residential portfolio increased by 6.2% compared to June 30, 2023.
- The REIT disposed of an additional 56 suites for EUR 15.1 million in gross proceeds since Q1.
- Fair value gain of EUR 11.1 million for Q2 due to higher forward NOI and a recovering transactional market in the Netherlands.
- Diluted NAV per unit increased modestly to EUR 2.94 at period end.
- Residential occupancy slightly decreased from the first quarter due to the optimization program.
- Total portfolio operating costs increased by 4.8% versus the comparative period, impacting margins.
- Diluted FFO per unit was down by 4.9% versus the comparative period to EUR 0.39 for the three months ended June 30, 2024.
- Higher interest rates incurred on credit facilities and mortgages payable, leading to a decrease in FFO and AFFO per unit diluted by 3.7% and 3.9%, respectively.
- The fair value of the property portfolio was down overall due to the disposition program.
Good morning, ladies and gentlemen. Welcome to the European Residential Real Estate Investment Trust second quarter 2024 Conference Call. My name is [Jaquita], I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to your host, Nicole Dolan with European Residential Real Estate Trust. Nicole, 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 2 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
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