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Bullboard - Stock Discussion Forum European Residential REIT T.ERE.UN

Alternate Symbol(s):  EREUF

European Residential REIT is a Canada-based open-ended real estate investment trust (REIT). The Company owns a portfolio of 157 multi-residential properties, comprised of approximately 6,750 suites and ancillary retail space located in the Netherlands, and owned one commercial property in Germany and one commercial property in Belgium. Its Commercial properties are located in Belgium and... see more

TSX:ERE.UN - Post Discussion

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Post by retiredcf on Sep 26, 2022 9:05am

RBC

21 September, 2022

European Residential REIT
Dutch government decides to tax Dutch REITs; should be a non-event for ERES

TSX: ERE.UN | CAD 3.22 | Outperform | Price Target CAD 5.25

Sentiment: Neutral

Event: Yesterday, the Dutch government published its 2023 budget and included a few changes to tax legislation. The most noteworthy change was the announcement that effective January 2024, Dutch REITs will no longer be allowed to invest directly in real estate and will be subject to Dutch corporate income taxes.

Implications: We understand that this should be a non-event for ERES. ERES is not a Dutch REIT, is a Canadian REIT and their holdings of assets are already in taxable entities, and ERES is already paying taxes. There were other tax changes, including the abolition of the landlord levy (positive for ERES), higher RETT trade (land transfer tax to 10.4% from 8%) which means acquisition cost will be a little higher, and changes to the corporate income tax rate. All in all, it does not appear that these changes are overly material to ERES.

Importantly, there is no news on the Housing Minister’s statement of expanding rent control to the mid-market but that there will be an update on this topic in the fall of 2022.

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