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 6 Attractive valuation for AIR on an absolute and relative basis Common equity not currently an attractive source of capital for near-term growth - Property sales and/or joint ventures expected to provide the most attractive WACC - We will not pursue investments unless accretive to near-term FFO, and at a substantial IRR spread to our WACC Premium / (Discount) to (¹)(2) Implied Trading Metrics (1)(2) Gross Asset Value Net Asset Value Implied Cap Rate (%) 2022E FFO (x) 22.0x -18.0% -19.5% -19.2% -21.3% -24.4% -23.7% 5.0% 4.9% 4.9% 21.1x 20.1x AIR Coastal Peers Sunbelt Peers AIR Coastal Peers Sunbelt Peers AIR Coastal Peers Sunbelt Peers AIR Coastal Peers Sunbelt Peers COMMUNITIES COMMUNITIES COMMUNITIES COMMUNITIES AIR Communities Coastal Peers Sunbelt Peers • Target payout ratio at ~75% of FFO • ~4.1% dividend yield compares to a peer average (2) of ~3.0% A $100 investment in AIR by a retail investor today would yield $3.67 on a post- tax basis, or $1.78 (+95%) more than peer average (2)(3) Attractive Dividend (3) • At $2.19 Pro Forma Run Rate Guidance (1) Per GSA and S&P Cap IQ as of 6/3/2022. (3) 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. Assumes AIR's dividend in 2021 was ~67% return of capital and -33% capital gain. Peers averaged -62% ordinary income and -28% capital gain. Analysis assumes similar dividend treatment. (4) Assumed tax rates: (i) federal ordinary income of 37% (29.6% for qualified 199A income), (ii) federal LTCG of 20%, and (iii) federal 1250 recapture of 25%. A 3.8% Net Investment Income Tax and illustrative 6.65% state tax is added to each respective federal rate. 20 20

View entire presentation