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 Significant progress in building on our longstanding commitment to corporate responsibility Board Nominating and Governance Committee reconstituted as the Governance and Corporate Responsibility Committee with responsibility expanded to include ESG strategy and oversight Patti Shwayder appointed Chief Corporate Responsibility Officer to refine how ESG is embedded and tracked at AIR 19-year veteran of AIR, and reporting directly to the CEO - Corporate Responsibility Goals published in Q1 2022 Environmental AIR ESG Highlights Social Governance Benchmarking to GRESB • Aligned with U.N. • • • AIR Gives Volunteer program Commitment to service Good Neighbor policies Professional training Internal promotion focus • Healthcare and benefits, • • including industry leading parental leave Flexible work hours Benefits for teammates deployed on active duty • Support for teammates • . seeking U.S. citizenship Scholarships for teammates and students living in affordable housing Support for teammates facing unexpected crises . • • Corporate ESG policies Strict adherence to Code of Conduct and Ethics Transparency to shareholders and the public Corporate Responsibility Task Force reporting to CEO Vendor and Supplier Code of Conduct to include ESG and adherence to ethics, health and safety measures. Board diverse in background and experience Board review of political and nonprofit contributions GRES B REAL ESTATE SUSTAINALYTICS a Morningstar company Participant in Global Real Estate Sustainability Benchmark ("GRESB") in 2020 and 2021 - 21% improvement in 2021 - Perfect score in the 'social' metrics, and a near perfect score in 'governance' "Low Risk” rating by Sustainalytics Awarded 2021 Gender Balanced Board from Boardbound by the Women's Leadership Foundation Ongoing dialogue with more than two-thirds of stockholders annually to collect feedback on ESG, among other topics "We believe our work is more than a business. It's also a mission to serve others. We are committed to further progress on the achievement, measurement, and reporting of our ESG goals." -Terry Considine, CEO, AIR Communities Sustainability Goals Established targets for energy, water and greenhouse gas reductions by 2025 Certifying buildings through third parties Performing physical and transition risk analysis on the portfolio and new acquisitions • Smart home technology to conserve energy and water . use / monitor for leaks and other issues Disaster preparedness and proactive upgrades 22 22

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