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
3 ...and driving significant flow-through for the benefit of shareholders
~8% and ~13% higher revenue required by Coastal and Sunbelt peers (1),
respectively, to equal AIR's Free Cash Flow conversion margin
Same Store Revenue to Free Cash Flow Conversion (%) (2)
Focus on efficiency results in
higher share of AIR's rent growth
being available for accretive uses
64.7%
65.3%
60.5%
60.7%
57.7%
55.9%
2021
Q1 2022
2021
Q1 2022
2021
Q1 2022
AIR
COMMUNITIES
AIR Communities
Coastal Peer Avg.
Sunbelt Peer Avg.
(1)
(2)
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.
Reflects Q1 2022 and 2021 financials as reported in company filings. Free Cash Flow Conversion % defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same
Store Revenue. Please see appendix for additional detail.
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