Strategies for Multi-Family Real Estate Capital Allocation
AIR
COMMUNITIES
The most efficient and most effective way to allocate capital to multi-family real estate
AIR is a focused REIT with one of the largest, highest quality multi-family portfolios in the US
Diversified across eight core markets by type, location, and price point
Bay Area
# Units @ Share
% Q1 22 AIR NOI
A/B Mix by NOI
1,579
9.2%
34% / 66%
Los Angeles
# Units @ Share
% Q1 22 AIR NOI
A / B Mix by NOI
2,966
20.0%
82% / 18%
San Diego
# Units @ Share
% Q1 22 AIR NOI
2,388
11.4%
A/B Mix by NOI
4% / 96%
Denver
Boston
# Units @ Share
% Q1 22 AIR NOI
A/B Mix by NOI
2,462
11.7%
33% / 67%
Philadelphia
#Units @ Share
% Q1 22 AIR NOI
A/B Mix by NOI
2,669
12.4%
95% / 5%
Greater D.C.
#Units @ Share
% Q1 22 AIR NOI
A/B Mix by NOI
4,223
14.0%
16% / 84%
#Units @ Share
% Q1 22 AIR NOI
South Florida
2,425
10.0%
Mid Single Digit
A/B Mix by NOI
58% / 42%
2022 Rental Growth Expectations
# Units @ Share
% Q1 22 AIR NOI
A / B Mix by NOI
1,987
7.8%
26% / 74%
Double Digit
High Single Digit
Additional Portfolio Highlights
•
AIR NOI (Class A/B)(1) = 48% / 52%
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Q1 2022 Same Store Metrics (Class A/B):
Resident Retention: 60.4% / 61.9%
Rent-to-Income Ratio: 19.2% / 20.7%
Other Markets (3)
#Units @Share
1,260
% Q1 22 AIR NOI
3.5%
A/B Mix by NOI
54% / 46%
Note: Reflects Q1 2022 total portfolio data, unless noted.
(1)
(2)
Metric reflects percentage contribution of Q1 2022 NOI. AIR classifies as "A" quality those communities with rents greater than 125% of local market average, as "B" quality those with rents between 90%
and 125% of local market average, and as "C" quality those with rents lower than 90% of local market average. 13% of NOI is classified as "C" quality and is included within "B" for presentation purposes.
Other Markets include Atlanta, Minneapolis and New York.
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