Investor Presentaiton

COVID Outcomes and Key Takeaways Proactive Communication: Ongoing communication strategy with Operating Partners sharing strategies around resident communication and best practices during uncertain times Collections & Payment Plans: Proactive communication and compassionate approach to help residents impacted by unemployment secure financial assistance, implement payment plans and remain in their homes OPERATIONAL RESULTS: MARCH 2020 THROUGH MARCH 2021 Consistent occupancy levels and higher retention rates¹ Rent collections slightly behind historical trend 3/20-3/212 Helped financially impacted residents access govt assistance or provided flexible payment plans Minor concessions for new leases and reversion to normal Fall 2020 Dip in leasing traffic reverting to normal in June 2020 OPERATIONAL PERFORMANCE THROUGH 2020 REMAINED STEADY WITH MINIMAL IMPACT ON THE PORTFOLIO 23 23 1 Occupancy figures for the Fund IV and Fund V portfolios as of the first Monday of each month for January 2020 through March 2021. 2 Represents the total actual collections (less bad debt and any outstanding rent payments over 90 days+ past due) over total billings for March 2020 through March 2021. Please refer to the performance disclosures on slide 2 and the Footnotes and Definitions. Investors should bear in mind that the past performance shown for these investments is not necessarily indicative of future results and there can be no assurance that the Fund will achieve comparable results. L.E.M CAPITAL

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