Good morning, all, and thank you for joining us on today's European Residential Real Estate Investment Trust Fourth Quarter 2025 Results Conference Call. My name is Drew, and I'll be the operator on the call today. After today's prepared remarks, we will have a Q&A session. If you wish to ask a question during that time, please press star followed by one on your telephone keypad. To withdraw your question, it's star followed by two. With that, it's my pleasure to hand over to Nicole Dolan, Investor Relations, to begin. Please go ahead when you're ready.
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 two 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 good morning, everyone. Joining me this morning is Jenny Chou, our Chief Financial Officer. Let's start on slide 4 with some highlights from the past year. In 2025, we completed the sale of nearly 2,000 residential suites in the Netherlands and close to 300,000 sq ft of commercial GLA in Belgium and Germany for a total consideration of EUR 490 million. With net proceeds, we repaid EUR 245 million in mortgage debt, reducing our leverage ratio to a record low of 30.5% at year-end. We also paid a special cash distribution of EUR 0.90 per unit, in line with our commitment to return capital to unitholders.
We also sold or entered into agreements to sell an additional 410 suites for EUR 89 million so far in 2026. This brings ERES's portfolio down from approximately 3,000 units at the beginning of 2025 to a final remaining 619 residential suites and just over 100,000 sq ft of ancillary retail space in the Netherlands, together representing an attractive integrated portfolio for sale. Operationally, that portfolio produced 5.9% growth in same property occupied AMR to 1,458 EUR as of year-end, while our same property NOI margin was 72.3% in 2025. Turning to slide 5, you will see that our total residential occupancy was down to 90.6% as of December 31, 2025.
This is the deliberate result of elevated vacancies associated with our value surfacing disposition strategy. With that introduction, I will now turn the call over to Jenny to highlight our financial position.
Thanks, Mark. On slide 7, we summarize our conservative financial metrics. You can see that we've been actively managing leverage and coverage ratios to ensure compliance with all covenants, and we have EUR 37 million in available liquidity at year-end. Turning to slide 8, we also have no mortgages maturing in 2026. This provides us with the financial flexibility needed to continue advancing our disposition strategy while managing tax and structural matters prudently. With that, I will now hand the call back over to Mark.
Thanks, Jenny. With the majority of the portfolio now sold or under contract, ERES is well-positioned to pursue a potential final transaction for the remaining assets, which you can see listed on slide 10. And we're continuing to work with BMO Capital Markets as the REIT's financial advisor to achieve that. Moving forward, we reaffirm our commitment to completing this wind down with discipline and transparency, and always with the interests of our unitholders at the forefront. With that, we would now be pleased to take any questions that you may have.
Thank you. We'll now start today's Q&A session. If you would like to ask a question during today's call, please press star followed by one on your telephone keypad. To withdraw your question, it's star followed by two. As a reminder, if you would like to ask a question on the call, please press star followed by one on your telephone keypad. To withdraw your question, it is star followed by two. It looks like we have no questions at this time, so I'll hand back over to Mark Kenney for closing remarks.
Thank you, operator, and thank you to everyone joining us this morning. If you have any further questions, please do not hesitate to contact any of us at any time. Thank you again, and have a great day.
Thank you all for joining. That concludes today's call. You may now disconnect your line.