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15	member 12/17/24 4:55PM Special Distribution
Increased to EUR1.00 - More sales inline with NAV view available tags
14	member 11/28/24 4:24PM Re: Re: Re: Re: Re: Taxes 8
FYI - from the November 22 NR: "For Canadian income tax purposes, the Special Distribution is estimated to be comprised of a return of capital in the range of approximately 55-65%." To be honest, considering the way... login to read the rest view available tags
13	member 11/19/24 9:42AM Re: Re: Liquidation 10
Yep the management will have carte blanche to hit the bid after Jan 18. view available tags
12	member 11/19/24 9:41AM Re: Winding down costs 11
I agree I would prefer a single transaction btu it doesn't seem like that option is available at the terms they want (strategic process over, half assets sold). transaction costs were $1.5M on +$100M of asset... login to read the rest view available tags
11	member 11/08/24 10:37AM Winding down costs
If they sell the remaining properties in a few tranches and distribute the proceeds, what are the liquidation costs that we need to bake into the NAV? The cleaner option would be find a buyer for 1 view available tags
8	member 10/02/24 8:47PM Re: Re: Re: Re: Taxes 7
I can speak from the perspective of a US holder of Canadian assets in situations similar to this. The WTH is typically 25% when it applies, but you can talk to your broker about ways... login to read the rest 1 view available tags
6	member 10/02/24 10:21AM Valuation metrics
Thanks for the interesting idea. Do you know what is the discount to GAV (ie unlevered basis) and implied Rent/EV at current price pro forma for the sale? view available tags
5	member 10/02/24 9:39AM Re: Re: Taxes 3
copied answer from below... Good question - I know Canada has tax treaty with many countries to lower WHT tax to 15%. I am unsure of the exact tax ramifications inside the Trust. I assume ERES... login to read the rest view available tags
4	member 10/02/24 9:39AM Re: Taxes 1
Good question - I know Canada has tax treaty with many countries to lower WHT tax to 15%. I am unsure of the exact tax ramifications inside the Trust. I assume ERES pays Netherlands taxes... login to read the rest view available tags
3	member 10/02/24 4:23AM Re: Taxes 1
I fear a 25% WHT is applicable here and kills the thesis for non -Canadian residents, MWG Jamie please confirm? 3 view available tags
2	member 10/01/24 6:52PM Post-transaction Portfolio
Hi Jamie, Any other details about the retained portfolio in addition to being mainly focused in the Randstad region? Do you have any sense of how the buyers (or seller) chose through the portfolio as to which view available tags
1	member 10/01/24 3:34PM Taxes
Thank you for a very interesting idea. Do you by chance know if there are any withholding tax to be paid to the Netherlands and to Canada on the dividends/liquidating distributions? 1 view available tags

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			2024	2025
Price:	3.25	EPS	0.30	.12
Shares Out. (in M):	234	P/E	11	30
Market Cap (in $M):	761	P/FCF	13	25
Net Debt (in $M):	1,414	EBIT	67	35
TEV (in $M):	2,175	TEV/EBIT	30	20

Description

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