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 The AIR Edge is our ability to provide exceptional service consistently due to our focus on culture, resident satisfaction, innovative technology, and continuous process improvement • The AIR Edge is a durable operating advantage in driving organic growth, and scalable as our portfolio grows Technology Staffing • Artificial Intelligence ("AI") informs decision making Resident Selection Emphasis on attracting "good neighbors" which creates stability in our communities • Use of Al to target identified market segments predisposed to be stable residents with longer than average tenure, and in turn income to pay higher rents if earned by CSAT Revenue Management Pricing every unit, every day based on pipeline of prospective residents, and balancing supply and demand within markets Active coordination between offsite expert revenue management and local property management teams • • Service technology platform allows for efficient work order completion and supports integration of robotics Smart home technology installed in all units - lowers turn, utility, and insurance costs, while boosting revenue • Work allocated to where it is most efficient and effective Proprietary in-house rapid response teams support teammates both onsite and offsite • Specialization leads to better performance, for example in offsite collections Capital Improvements • In depth and regular review of physical property conditions ⚫ Longstanding local market relationships that ensure access to contract labor • Disciplined offsite underwriting to identify capital enhancement activity increasing organic growth IT & Technology Physical Properties & Upgrades AIR COMMUNITIES Real Time Analytics & Tools LEASING CENTER Organizational Design & Staffing People & Culture Passion for continuous improvement 12 12

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