Mr. Mark Kenney reports

ERES REIT DECLARES OCTOBER 2023 MONTHLY DISTRIBUTION

European Residential Real Estate Investment Trust's trustees have declared the October, 2023, monthly cash distribution of 0.01 euro per unit and Class B LP 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 Oct. 31, 2023, with payment on Nov. 15, 2023.

The euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated at 1.434 Canadian 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 September, 2023, was 1.434 Canadian 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 a long-term AFFO (adjusted funds from operations) payout ratio in the range of 80 per cent to 90 per cent. European Residential LP 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, comprising 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.

European Residential's registered and principal business office is located at 11 Church St., Suite 401, Toronto, Ont., M5E 1W1.