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 5 Our Board has depth in expertise, and reflects a best-in-class approach to governance Governance Highlights Refreshed Board with five new independent directors in the last two years, with eight (of nine) independent - Diverse and relevant expertise Average independent director tenure of ~4 years, and age of 63 Directors elected annually - Chairman and CEO separated Terry Considine • . . . Director since 1994 CEO, AIR Communities Experienced Board of Directors Prior experience includes Chairman & CEO of Aimco through the December 2020 Separation In 1975, founded and managed predecessor companies that became Aimco at its IPO in 1994 Member of the Board of Aimco Margarita Paláu-Hernández Director since 2021 ⚫ Founder and CEO, Hernández Ventures Nominated to serve as Representative of the US to the 73rd Session of the General Assembly of the UN with the personal rank of Ambassador Member of the Board of Occidental, Xerox, and Conduent Member of the Board of Reagan UCLA Medical Center and Nat'l Museum of the American Latino at the Smithsonian Thomas Keltner • Director since 2007 • Prior experience includes EVP and CEO-Americas and Global Brands at Hilton Hotels, various leadership roles (incl. President, Brand Performance & Development) with Promus Hotels, various leadership roles with Holiday Inn Worldwide, President of Saudi Marriott Company, and management consulting with Cresap, McCormick & Paget John Rayis • Director since 2020 . Prior experience includes Partner, Tax, Skadden, Arps, Slate, Meagher & Flom LLP Currently an Adjunct Professor of Law at Stetson University College of Law Member of the Board of The University of Chicago Medical Center Cannot stagger the Board without shareholder approval Shareholder proxy access and ability to call special meetings Majority vote standard (incl. director resignation in a majority against vote) ✓ Peer-leading(1) "Say on Pay" with highest level of support among multi- family peers over the last five years ✓ Directors actively making open market purchases of AIR shares - 6.7K+ shares acquired over YTD Thomas Bohjalian • Director since 2021 . . • Prior experience incudes EVP and Senior Portfolio Manager, as well as Head of US Real Estate and Trading departments at Cohen & Steers where he was consistently ranked in the top decile of all real estate fund managers Ann Sperling Director since 2018 Prior experience includes Senior Director of Trammell Crow, President, Markets West of JLL, Managing Director of Catellus, and Senior Managing Director & Area Director of Trammell Crow Member of the Board of SmartRent, and Advisory Boards of Cadence Capital and the Gates Center for Regenerative Medicine Kristin Finney-Cooke . Director since 2021 Managing Director, JP Morgan Multi Asset Solutions Group. Prior experience includes Senior Consultant and Co-Chair of Diverse Manager Advisory Committee at NEPC, Principal at Mercer, and Credit Suisse First Boston Member of the Boards of Chicago State University Foundation and Ann & Robert Lurie Children's Hospital of Chicago Medical Center Nina Tran IDirector since 2016 CFO of Pacaso Prior experience includes CFO of Veritas Investments, CFO of Starwood Waypoint Residential Trust, various leadership roles focused on the merger integration of AMB and Prologis, and PricewaterhouseCoopers Member of the Board of American Assets Trust, and Advisory Board of the Asian Pacific Fund (1) Devin Murphy . • . Director since 2020 President, Phillips Edison & Company Prior experience includes Vice Chairman, Morgan Stanley, Global Head of Real Estate Investment Banking, Deutsche Bank, and various leadership roles at Morgan Stanley including Co-Head of US Real Estate Investment Banking and Head of Real Estate Private Capital Markets • Member of the Board of CoreCivic WOMEN'S FORUM OF NEW YORK Recognized by Women's Forum of New York for having at least 30% of Board seats held by women 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. boardbound BY WOMEN'S LEADERSHIP FOUNDATION Recipient of 2021 Gender Balanced Board award from Boardbound by Women's Leadership Foundation 18

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