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
2 Diversification, and focus on creating stable communities limits operating risk
Emphasis on "good neighbor" policies at the core of our offerings, which we enhance with excellent amenities
High-quality residents prefer stable communities, can
afford higher rents, and reduce costs through renewing
CSAT Scores (1)
AIR CSAT Score
Kingsley Index
4.33
4.30
4.30
4.27
4.27
-
Drives financial stability and NOI margin performance
-
Positive network effect attracts new demand
4.12
4.09
•
We ask our residents to grade our every interaction to
ensure that we are customer-focused
4.06
4.05
4.00
"World class" customer satisfaction ("CSAT") (1) scores of
4.30 (out of 5) improved during and through COVID
2017
2018
2019
2020
2021
.
-
TTM retention of 61.3% a record high for AIR
Among Coastal peers (2), AIR fell less in 2020... recovered
more in 2021... and has sustained momentum in 2022
-
Only REIT among Coastal peers (2) to generate positive Same
Store Revenue Growth in 2021
AIR has consistently outperformed the Kingsley Index;
Highly satisfied residents renew at 2x the frequency of less satisfied residents
Year-Over-Year Same Store Revenue Growth (%) (2)
2020
2021
2022 Midpoint Guidance
10.6%
9.8%
9.2%
-2.4%
-3.0%
AIR
COMMUNITIES
1.8%
1.7%
AIR
COMMUNITIES
4.9%
-1.8%
AIR
COMMUNITIES
Lincoln Place
Venice, CA
Park Towne Place
Philadelphia, PA
Preserve at Marin
Corte Madera, CA
Bay Parc
Miami, FL
AIR Communities Coastal Peers
Sunbelt Peers
(1)
(2)
AIR CSAT score based on ~45K resident responses in 2021. Kingsley Index is a proprietary index and is the standard for measuring customer satisfaction in the multi-family sector.
Per company filings. Peers defined as AVB, CPT, EQR, ESS, MAA, and UDR. Coastal peers defined as AVB, EQR, ESS, and UDR. Sunbelt peers defined as CPT and MAA.
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