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 Capitalizing on accelerating demand with rents increasing across all markets Low-teens loss-to-lease provides tailwind for 2022 and 2023 as we work through peak leasing 2.5% Change In Signed Lease Rates (%) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Apr 2022 May 2022 5.3% 3.8% 10.7% 10.1% 9.2% 17.5% 14.2% 13.3% 10.9% 18.2% 17.6% 14.4% 14.4% 11.5% 10.3% New Leases Renewals Wtd. Avg. 13.5% 10.7% 28

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