Core Viewpoint - CAPREIT has announced the completion of significant asset dispositions by ERES, resulting in substantial cash inflow for reinvestment in the Canadian housing market [1][2][4]. Group 1: Dispositions and Financial Impact - ERES has closed the sale of entities owning 1,446 residential suites in the Netherlands for approximately $543 million, alongside the sale of commercial properties in Brussels and Landshut for about $51 million, totaling around $594 million in closed dispositions [1][2]. - CAPREIT expects to receive approximately $222 million from a special cash distribution declared by ERES, which amounts to an estimated $1.46 per ERES unit [2][4]. Group 2: Utilization of Proceeds - CAPREIT plans to utilize the proceeds from the ERES Special Distribution for debt repayment, funding future acquisitions of rental properties in Canada, and for general business purposes [3][4]. Group 3: Strategic Direction - The company aims to reinvest the capital back into the Canadian housing market, aligning with federal initiatives on housing and infrastructure, and is focused on acquiring high-performing Canadian apartment properties [4]. - CAPREIT's effective interest in ERES is approximately 65%, indicating a strong financial connection and potential for growth through strategic investments [2][4]. Group 4: Company Overview - As of June 30, 2025, CAPREIT owns around 45,400 residential apartment suites and townhomes across Canada and the Netherlands, with a total fair value of approximately $14.5 billion [5].

Group 1 - Markus Hofmann will resign from the Supervisory Board of DEMIRE Deutsche Mittelstand Real Estate AG and his position as Chairman effective September 15, 2025 [1] - Hofmann has been a member of the board since early 2023 and took over as Chairman in the same year [1] - The Management Board and Supervisory Board expressed gratitude for Hofmann's commitment and leadership during his tenure [2] Group 2 - DEMIRE Deutsche Mittelstand Real Estate AG focuses on acquiring and holding commercial properties in medium-sized cities and emerging peripheral locations in metropolitan areas across Germany [3] - As of June 30, 2025, DEMIRE's real estate portfolio consists of 48 properties with a lettable area of approximately 582,000 square meters, with a market value of around EUR 0.9 billion [3] - The company's portfolio emphasizes office properties, supplemented by retail and hotel properties, aiming for stable rental income and solid value growth [4] Group 3 - DEMIRE plans to significantly expand its portfolio in the medium term, focusing on assets with strong funds from operations (FFO) potential while strategically selling properties that do not align with its strategy [4] - The company is committed to improving operational performance through active asset and portfolio management, alongside maintaining cost discipline [4] - DEMIRE's shares are listed in the Prime Standard of the German Stock Exchange in Frankfurt [5]

Financial Data and Key Metrics Changes - The company reported a strong revenue growth with rental income increasing by 38% to €38,800,000 [4] - The EBIT reached €95,700,000, reflecting a solid performance [9] - The net profit stood at €80,000,000, excluding revaluation effects [22] - The company maintained a conservative loan-to-value (LTV) ratio of around 30% [4] - The NAV per share, excluding deferred tax, increased due to significant revaluation gains of €71,000,000 [10][26] Business Line Data and Key Metrics Changes - The company divested its service division and focused on its property portfolio, successfully replacing lost EBIT through organic growth and acquisitions [4] - The vacancy rate decreased to 1.4%, indicating strong demand for rental properties [20] - The like-for-like rental growth over the last five years was 2.1%, with expectations of 1% to 2% growth going forward [23] Market Data and Key Metrics Changes - The population in the Geneva region increased by 4,360 inhabitants in the first half of the year, contributing to strong demand for housing [10] - Construction activity remains insufficient, with only 1,800 new units added annually against an average of 6,000 new inhabitants [11] - The rental market is characterized by low vacancy rates and rising rents, with a projected continuation of rental growth in 2025 [10][12] Company Strategy and Development Direction - The company aims to create long-term value for shareholders by focusing on residential properties in the Lake Geneva region [7] - The strategy includes active asset management, renovations, and redevelopment opportunities while maintaining a low-risk profile [8] - The company plans to remain prudent in its acquisition strategy, focusing on properties that can be transformed into residential units [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the acquisition environment has become more competitive since spring 2024, leading to a slowdown in portfolio expansion [6] - The outlook remains positive, with expectations to exceed the previously issued 21% full-year guidance for rental income growth in 2025 [31] - Management expressed confidence in the company's ability to navigate market cycles and maintain a strong balance sheet [7][29] Other Important Information - The company has a strong equity position of 62%, with financial debts amounting to €639,000,000 [29] - The dividend is well covered by recurring income, with potential for future growth [8] Q&A Session Summary Question: Details on the July acquisitions - The acquisition involved a commercial building purchased for €50,000,000, with a full occupancy rent potential of €3,800,000 [33] Question: Acquisition strategy regarding commercial properties - The company is open to acquiring commercial properties only if they can be transformed into residential units [36] Question: Potential purchases blocked by municipality rights - Currently, there are no signed acquisition contracts under review by the authority, and past acquisitions have generally received clearance within the deadlines [38]