Mr. Mark Kenney reports

ERES REIT DECLARES AUGUST 2023 MONTHLY DISTRIBUTION

European Residential Real Estate Investment Trust's trustees have declared the August, 2023, monthly cash distribution of 0.01 euro per unit and Class B limited partnership unit, being equivalent to 0.12 euro per unit annualized. The distribution will be payable to holders of the units and Class B LP units of record on Aug. 31, 2023, with payment on Sept. 15, 2023.

The euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated 1.462 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 July, 2023, was 1.462 cents per unit and Class B LP unit.

To encourage participation and reward its loyal unitholders, investors registered in its 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 a long-term adjusted funds from operations payout ratio in the range of 80 per cent to 90 per cent. ERES 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 current initial focus on investing in high-quality, multiresidential real estate properties in the Netherlands. As at June 30, 2023, European Residential owns a portfolio of 158 multiresidential properties, composed of approximately 6,900 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.