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 1 Simple, predictable business model... Focus on high-quality, stabilized multi-family properties Eight core, high-quality US markets Organic growth through peer-leading (1) operating efficiency of our AIR Edge Clearly articulated view of cost of capital and required returns for external growth No development Cash flow conversion enhanced by G&A cap at less than 15 bps of GAV Low leverage Target dividend payout ratio at ~75% of FFO (1) 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. 10 10

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