Mr. Phillip Burns reports

ERES REIT DECLARES APRIL 2021 MONTHLY DISTRIBUTION

European Residential Real Estate Investment Trust's trustees have declared the April, 2021, monthly cash distribution of 0.00917 euro per unit and Class B limited partnership unit, being equivalent to 0.110 euro per unit annualized. The distribution will be payable to holders of the units and Class B LP units of record on April 30, 2021, with payment on May 17, 2021.

The euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (1.374 cents per unit and Class B LP unit). Registered unitholders will be provided with an option to elect to receive such distribution in euros rather than Canadian dollars. If no such election is made, registered unitholders will be paid the distribution in Canadian dollars based on the above exchange rate mechanism. Beneficial unitholders will not have an option to elect to receive the distribution in euros. The final cash distribution in respect of March, 2021, was 1.374 cents per unit and Class B LP unit.

To encourage participation and reward loyal unitholders, investors registered in the trust's distribution reinvestment plan will continue to receive an additional amount equal to 5 per cent of their distributions paid in the form of additional units.

European Residential intends to continue to make regular monthly distributions, subject to the discretion of the European Residential board of trustees. European Residential continues to target an AFFO (adjusted funds from operations) payout ratio in the range of 80 per cent to 90 per cent. European Residential Limited Partnership will make corresponding cash distributions to holders of Class B LP units.

About European Residential Real Estate Investment Trust

European Residential is an unincorporated, open-ended real estate investment trust. European Residential's units are listed on the Toronto Stock Exchange under the symbol ERE.UN. European Residential is Canada's only European-focused, multiresidential REIT, with a a current initial focus on investing in high-quality, multiresidential real estate properties in the Netherlands. European Residential owns a portfolio of 139 multiresidential properties, composed of 6,047 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.