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
Calculation of Same Store Revenue to Free Cash Flow Conversion (1)
($in 000s, unless noted)
AIR
ESS
UDR
AVB
EQR
CPT
MAA
Q1 2022 Actuals
Same Store Revenue
$138,108
$356,273
$321,514
$546,839
$618,357
$277,838
$454,477
Same Store NOI
$100,605
$247,761
$223,502
$371,119
$408,366
$181,278
$294,642
Property Management (Net)
(5,342)
(10,172)
(10,491)
(28,113)
(30,747)
(5,939)
(16,537)
General & Administrative
(5,034)
(12,242)
(14,908)
(17,421)
(17,238)
(14,790)
(16,323)
Revenue Converted to Free Cash Flow
$90,229
$225,347
$198,103
$325,585
$360,381
$160,549
$261,782
Same Store Revenue FCF Conversion %
65%
63%
62%
60%
58%
58%
58%
Average
Implied Revenue % Increase for Breakeven with AIR
61%
8%
58%
13%
2021 Actuals
Same Store Revenue
$525,436 $1,288,238 $1,160,938
$2,046,173
Same Store NOI
Property Management (Net)
General & Administrative
$379,042
$891,404
$799,079
$1,370,282
$2,342,257
$1,538,262
$971,872
$620,662
$1,702,741
$1,064,308
(25,241)
(27,050)
(14,087)
(51,838)
(32,438)
(57,541)
(98,665)
(69,611)
(98,155)
(20,318)
(55,732)
(56,506)
(59,368)
(52,884)
Revenue Converted to Free Cash Flow
$339,714
$812,516
$709,100
$1,202,006
$1,383,601
$540,976
$955,692
Same Store Revenue FCF Conversion %
65%
63%
61%
59%
59%
56%
56%
Average
60%
56%
Implied Revenue % Increase for Breakeven with AIR
7%
16%
(1)
AIR Communities
Coastal Peer Avg.
Sunbelt Peer Avg.
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.
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