# EDGAR Filing Document

**Accession Number:** 0001820877
**File Stem:** 0001193125-23-060205
**Filing Date:** 2023-3
**Character Count:** 56057
**Document Hash:** 682654bf345bdb3c5ac39adc2320858a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-060205.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-060205

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apartment Income REIT Corp.
- **CENTRAL INDEX KEY:** 0001820877
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39686
- **FILM NUMBER:** 23705888

**BUSINESS ADDRESS:**
- **STREET 1:** 4582 S. ULSTER STREET, SUITE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (303) 757-8101

**MAIL ADDRESS:**
- **STREET 1:** 4582 S. ULSTER STREET, SUITE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIMCO-LP, Inc.
- **DATE OF NAME CHANGE:** 20200812

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): March 3, 2023

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## APARTMENT INCOME REIT CORP.

#### (Exact name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **1-39686** | **84-1299717** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer<br>Identification No.)** |

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| | |
|:---|:---|
| **4582 South Ulster Street**<br> **Suite 1700** | |
| **Denver, Colorado** | **80237** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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#### Registrant's Telephone Number, Including Area Code: (303) 757-8101

#### (Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Apartment Income REIT Corp. Class A Common Stock | AIRC | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 7.01 Regulation FD Disclosure.
From March 5-8, 2023, representatives of Apartment Income REIT Corp. ("AIR"), including Terry Considine, Chief Executive Officer, Paul Beldin, Executive Vice President and Chief Financial Officer, and Matthew O'Grady, Senior Vice President of Capital Markets, will be meeting with investors at the Citi 2023 Global Property CEO Conference. During those meetings, AIR representatives will discuss the attached presentation. The presentation is furnished herewith as Exhibit 99.1.

#### Item 9.01 Financial Statements and Exhibits.
(d) The following exhibits are furnished with this report:

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [AIR Investor Presentation – Citi 2023 Global Property CEO Conference.](d456939dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | APARTMENT INCOME REIT CORP. |
| Date: March 3, 2023 | By: | /s/ Paul Beldin |
|  |  | Paul Beldin |
|  |  | Executive Vice President and Chief Financial Officer |

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## Exhibit 99.1

![LOGO](g456939dsp001.jpg)

The most efficient and most effective way to allocate capital to multi-family real estate Investor Presentation Southgate Towers March 2023 Miami Beach, FL

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The most efficient and most effective way to allocate capital to multi-family real estate Key Takeaway: The foundation of outperformance is the AIR Edge… our comparative advantage… 1 2 3 …in operations(1): …in capital allocation(1)(3): …in implication for 2023 prospects: • Sustained Same Store blended lease • Class of 2021, now in Same Store, • More of the same… continuously growth in Q4, highest among peers, projected to contribute ~1% to total improving operations, sourcing and YTD Same Store NOI growth in 2023 accretive growth, and maintaining 9.7% 9.2% 9.5% 9.0% 8.7% already strong balance sheet 8.4% – Expected NOI growth of >20% on annualized basis in the Class of • AIR positioned to address: 2022 – Inflation that is "higher for January February New Renewal Blended • Portfolio significantly enhanced longer" through efficiency in • Controllable operating expenses through recycling of 41% of GAV operations ("COE") declined 10 bps in 2022 ($4.1B) since Separation – Possible recession through high- – -10 bps CAGR over 13-years • "A-" quality portfolio with 3rd highest credit residents with high rents among peers propensity for renewal • In combination with our commitment to low G&A, AIR – Volatile interest rates through generates ~10% higher conversion of limited repricing risk and no Same Store Revenue to Free Cash refunding risk through Q2 2025 Flow(2) ("FCF") than the peers, a Upside: Downside: considerable and durable advantage AIR • 17% of AIR GAV allocated to • Diversification reduces exposure to • Stable, motivated on-site teams with Edge properties with higher growth fluctuation in economic cycle long tenure (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. (2) Free Cash Flow Conversion defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same Store Revenue. This metric is tracked internally by AIR as a key measure of efficiency with respect to its Same Store portfolio. Comparison with peers is made difficult by differences in business models and accounting, and exact numbers are false precision. This metric is intended to observe that highest operating margins and lowest G&A result in superior conversion of Same Store Revenue to Free Cash Flow. (3) Class of 2021 acquisitions defined as City Center on 7th, North Park, Huntington Gateway, Vaughan Place, and Residences at Capital Crescent Trail. Class of 2022 acquisitions defined as the Reserve at Coconut Point, Watermarc at Biscayne Bay, Willard Towers, and The District at Flagler Village. Class of 2023 acquisitions defined as Southgate Towers. 1

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![LOGO](g456939dsp003.jpg)

The most efficient and most effective way to allocate capital to multi-family real estate 1 The AIR Edge drives attractive organic growth, and conversion of Same Store Revenue to FCF… The AIR Edge is the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management… by stable, well-paid and motivated teams on-site… resulting in AIR's comparative advantage Free Cash Flow Conversion (%)(1)(2) Free Cash Flow Growth (%)(1)(2) ~10% higher rent growth required from peers to equal Durable advantage from the AIR Edge, in combination with AIR's superior rate of conversion to Free Cash Flow commitment to low overhead, compounds over time 123.6 121.3 66.8% 63.9% 60.9% 59.1% 100.1 2021 2022 2021 2022 2019 2020 2021 2022 Peer Average AIR Coastal Sunbelt (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. (2) Free Cash Flow Conversion defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same Store Revenue. This metric is tracked internally by AIR as a key measure of efficiency with respect to its Same Store portfolio. Comparison with peers is made difficult by differences in business models and accounting, and exact numbers are false precision. This metric is intended to observe that highest operating margins and lowest G&A result in superior conversion of Same Store Revenue to Free Cash Flow. Please see appendix for additional detail. 2

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The most efficient and most effective way to allocate capital to multi-family real estate 2 …making possible the opportunity for accretive growth • AIR targets ~30% of GAV in properties new to the AIR platform Class of 2021(1) 2022 Change In Transacted Lease Rates (%) $726M acquisition cost; ~8% of AIR GAV • Outperforming initial underwriting significantly; both revenue and NOI grew ~50% faster than Same Store in Q4 2022 23.7% 22.3% • ~7% earn-in on 2022 leasing compares to ~5% in Same Store 20.9% • Expected to enhance SSNOI growth in 2023 by ~100 bps as part of Same Store portfolio 16.2% 13.8% 11.0% North Park Vaughan Place Huntington Gateway Capital Crescent City Center on 7th Chevy Chase, MD Washington, DC Alexandria, VA Bethesda, MD Pembroke Pines, FL Class of 2022(1) Class of 2023(1) New Renewal Blended $640M acquisition cost; $298M acquisition cost ~6% of AIR GAV ~3% of AIR GAV Class of 2021 Same Store • Underwritten at IRRs of >9% and performing • Southgate Towers acquired in January 2023 ahead of expectations • Property comprises 495-units and was gut • Expected NOI growth of >35% by Year 3 rehabbed in 2016; located <1-mile from through application of the AIR Edge Flamingo Point in South Beach Expectation of NOI growth rates at ~2-3x market levels in years two to four on AIR's platform before reverting to long-term trends Reserve at Coconut Point Watermarc Estero, FL Miami, FL Southgate Towers Miami Beach, FL Willard Towers District at Flagler Village Washington, D.C. Fort Lauderdale, FL (1) Class of 2021 acquisitions defined as City Center on 7th, North Park, Huntington Gateway, Vaughan Place, and Residences at Capital Crescent Trail. Class of 2022 acquisitions defined as the Reserve at Coconut Point, Watermarc at Biscayne Bay, Willard Towers, and The District at Flagler Village. Class of 2023 acquisitions defined as Southgate Towers. 3

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The most efficient and most effective way to allocate capital to multi-family real estate 2 …with potential for future growth through paired trades… • Source and cost of capital informed by $1.3B of dispositions in 2022 at long-term expected IRRs of <7% • Use of capital to acquire properties with potential for expected IRRs of >9% driven by the AIR Edge Investing at unlevered IRR spreads of >200 bps makes AIR agnostic on market conditions; by example: Sources Uses • $495M of gross proceeds from the New England • $175M required equity for Southgate Towers portfolio sale in November 2022 – $22M of OP units (neutralized through share – 1,314 units located in suburban New England repurchases) and $101M of assumed debt equates to $298M purchase price – Average revenue per apartment home of $2,300 – 495 units located on Biscayne Bay in South Beach – Average age of ~47 years – Underwritten unlevered IRR at >10% – Trailing 12-month cap rate of 4.5% • $317M of share repurchases in 2022 – Includes $22M to neutralize OP units in Southgate Towers acquisition – Average $39.49 represents unlevered IRR of >10% Paired trade considerations: Share repurchase observations: • Better markets: Economic vibrancy of South Beach vs. economic • ~15% of capital deployed since 2021 used for share growth drivers for suburban New England repurchases • Higher rents: ~$800+ higher rents at Southgate • AIR expects to maintain a balanced allocation to • Condition: Southgate average effective age of ~7 years vs. ~47 years share repurchases on new capital, subject to return in the New England portfolio hurdles • Supply: South Beach has <190 units under construction per CoStar • OP units expected to be a helpful tool for • Rule of law: Boston mayor seeking to amend state preemption on acquisitions; AIR will seek to neutralize any issuance rent control through repurchases 4

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The most efficient and most effective way to allocate capital to multi-family real estate 2 …further enhancing AIR's high-quality portfolio Additional Q4 2022 Highlights • GAV (A / B) = 55% / 45% • 41% (~$4.1B) of GAV recycled in favorable markets since the Separation • Retention (A / B): 60.1% / 62.1% • Rent-to-Income (A / B): 18.6% / 21.6% • Residents are affluent with high credit scores, and high propensity to renew with AIR Aimco All Peers Average / (Q4 2019 or 2019A) (Q4 2022 or 2022A) Change Observation(1) Average Household Income ($) $165,000 $227,000ï +38% <$150,000 in Q4 2022 Median Household Income ($) $116,000 $158,000 +36% n/a Retention (%)(2) 56.8% 61.1%ï +430 bps #1 among Peers Residents CSAT Score (out of 5) 4.30 4.26 -0.04 n/a Kingsley Index for customer satisfaction 4.09 4.09 0.00 n/a Note: AIR named Kingsley Elite Five in 2023, #2 among all operators and #1 for public REITs # Properties 124 75 -40% ~250 # Apartment Homes 32,598 22,695 -30% ~75,000 Average Revenue per Apartment Home(3) $2,272 $2,750ï +21% #3 among Peers Portfolio Activities in addition to Owner/Operator Focused Other Activities (Re-)Development ($M)(4) $230 None -$230M ~4% of TEV Mezzanine Investments ($M)(4) $280 None -$280M ~1% of TEV Estimated 2023E Same Store NOI Margin (%)(5) 73.7% 74.9%ï +120 bps #1 among Peers 2022 Same Store Revenue to FCF Conversion (%)(6) 63.8% 66.8%ï +300 bps #1 among Peers Gross G&A as % of GAV(7) AIR Commitment: <18 bps No commitment Efficiency Net G&A as % of GAV(7) AIR Commitment: <15 bpsï Corporate Governance Score (GSA) 36 68 +32 pts 57 Net Leverage / EBITDA (x) 7.6x 6.05xï -1.6x 4.6x Sheet Refunding: Next 24-Months (% Total Debt) 15% None -15% 14% Repricing: Next 24-Months (% Total Debt) 15% None -15% n/a Balance Unencumbered Properties ($B) $2.4 $7.6ï $5.2 n/a Investment Grade Ratings: S&P / Moody's BBB / n/a BBB / Baa2 A- / Baa1 (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. (2) Retention for ESS reflects the average retention in the prior four quarters. (3) Reflects average monthly rental revenue for EQR, ESS, and MAA. (4) (Re-)development for peers at total cost. Mezzanine Investments includes all commitments. TEV as of 12/31/2022. (5) Based on peer guidance. Estimated 2023E Same Store NOI Margin reflects revenue and NOI guidance as applied to Same Store Revenue in Same Store NOI for 2022. (6) Reflects 2022 GAAP 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. This metric is tracked internally by AIR as a key measure of efficiency with respect to its Same Store portfolio. Comparability with peers may be impacted by high degrees of transaction activity and/or the inclusion of net G&A related to non-Same Store portfolio segments. (7) Net G&A calculated by AIR to account for all costs, including overhead, net property management, non-real estate depreciation, and ordinary legal costs, with an offset from fees earned from providing 5 these services to JV partners.

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![LOGO](g456939dsp007.jpg)

The most efficient and most effective way to allocate capital to multi-family real estate 3 Full Year 2023 Guidance ($ Amounts represent AIR Share) 2023 Range 2022 Additional 2023 Commentary Low High Actual • Same Store Revenue Same Store Operating Components of NAREIT FFO – Earn-In from 2022 leasing activity: ~5% Revenue change compared to prior year 7.0% 9.0% 10.2% Loss-to-lease: ~2% Expense change compared to prior year 5.0% 6.5% 0.4% Contribution from capital enhancements at unlevered IRR >10%: ~1% Revenue growth: ~8% (at the midpoint) NOI change compared to prior year 7.3% 10.3% 14.0% – No assumed growth in market rents Other Earnings – Occupancy consistent with 2022 Value of property acquisitions $298M $840M – Continued improvement of bad debt, and expected return to typical levels around year-end Proceeds from dispositions, net $50M $1,300M • Gross bad debt has been at elevated amounts due to a portion of residents benefiting from AIR Share of Capital Enhancements governmental protections and court delays Capital Enhancements $80M $90M $88M • This population has been reduced from ~1,000 at the start of 2022 to ~250 currently, and expected to decline to typical levels of ~50 by year-end 2023 Balance Sheet • Gross bad debt, which excludes government assistance payments and former resident Year-end Net Leverage to Adj. EBITDAre <6.0x 6.05x payments, is trending favorably, but continues to be impacted by 2+ months delinquent Pro Forma FFO per share $2.35 $2.47 $2.41 residents • The decrease in delinquent resident population resulted in a reduction of our gross bad debt from 3.0% in Q1 2022 to 1.5% in Q4 2022 • Same Store Expense – COE expected to grow ~1%; 13-year track record of -10 bps CAGR – Higher growth in real estate tax due to (i) successful tax appeals in 2022 and (ii) catch-up in multi-year revaluations, primarily in PA and CO – Insurance premiums will be set in late Q1 2023; expect meaningful increase over 2022 • External growth – Class of 2021, now in Same Store, expected to contribute ~1% to SSNOI – Class of 2022 ahead of underwriting – Future acquisitions require a 200+ bps spread in unlevered IRR to AIR's cost of capital • G&A Expense – Commitment to low G&A at <15 bps of GAV (or ~18 bps of AUM) • Interest Expense – Committed to leverage at <6x, subject to timing of transactions 6

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The most efficient and most effective way to allocate capital to multi-family real estate 3 Full Year 2023 Guidance: Change in Pro Forma FFO per Share ~10% FFO growth in Same Store portfolio; Expect positive FFO contribution from new acquisitions in 2024+ as AIR Edge is deployed $2.41 $2.41 ($0 .02) $0.02 ($0 .02) $0.22 $0.24 Share repurchases offset $2.19 conversion of balance sheet to fixed rate and other items 2022 FFO Impact of 2022 Pro Forma Same Store Acquisitions & Share Repurchases Q2 2022 2023 Pro Forma per Share AIV Note Run Rate FFO Portfolio Dispositions, Net (incl. Leverage Balance Sheet Run Rate FFO (Actual) Repayment per Share Growth (incl. Leverage Impact) Restructuring & per Share Impact) Other (Midpoint)

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The most efficient and most effective way to allocate capital to multi-family real estate Appendix Locust on the Park Philadelphia, PA

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![LOGO](g456939dsp010.jpg)

A Investment Case for AIR Island Club Oceanside, CA

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![LOGO](g456939dsp011.jpg)

The most efficient and most effective way to allocate capital to multi-family real estate What makes AIR a compelling investment? Simple, predictable • High-quality, stabilized multi-family portfolio with focus on same for external growth; no development risk 1 • Emphasis on productivity: (i) AIR Edge and (ii) G&A at <15 bps of GAV drive highest FCF conversion rate business model • Low leverage Diversification, focus, • Diversified by geography, location (urban vs. suburban), and price point, in high-quality markets where 2 and strategy merit demand generates continued organic growth, and customer incomes support profitable property upgrades • Focus on stable communities with high credit residents results in high retention levels, and revenue stability a low risk premium • Attractive growth profile with limited operating and financial risk • Peer-leading(1) track record of cost control with (i) flat onsite controllable operating expenses and (ii) net G&A Market leading AIR at <15 bps of GAV 3 Edge operating platform • Durable advantages of (i) NOI margin and (ii) lower net G&A results in highest conversion of Same Store drives earnings growth Revenue to FCF, ~10% higher than peer average(1), which compounds over time • Substantial spread (~200 bps+) over our weighted average cost of capital ("WACC") required for investments Disciplined capital – Recent investments underwritten at ~8-11% unlevered IRRs which compare to 2021 and 2022 property 4 allocation enhances sales at expected IRRs of <7% • Access to the full spectrum of debt and equity capital, both public and private, for broadest choice with FFO growth respect to the lowest WACC – Anticipate funding near-term growth through "paired trades" (i.e., property sales and/or JVs) Exceptional governance • Refreshed and highly regarded Board is engaged in business and accessible to shareholders 5 and fully aligned • Management has substantial holdings of AIR shares and compensation, primarily "at risk" and tied to relative Management TSR aligns CEO and management to drive value for shareholders • Attractive absolute and relative valuation 6 Attractive valuation • A $100 investment in AIR by a taxable investor would have yielded $3.25 on a post-tax basis in 2022, or $0.83 (+34%) more than the peer average(1)(2) (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. (2) AIR's dividend in 2022 was ~86% characterized as capital gain and ~14% as ordinary income. Peers averaged ~19% as capital gain and ~71% as ordinary income, with ~10% as return of capital. 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 10 illustrative 6.65% state tax is added to each respective federal rate.

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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 the AIR Edge Conversion of rent to Free Cash Flow enhanced by net G&A at <15 bps of GAV Low leverage No development Active portfolio management based on clearly articulated view of cost of capital and returns required for external growth Target dividend payout ratio at ~75% of 2023 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. 11

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![LOGO](g456939dsp013.jpg)

The most efficient and most effective way to allocate capital to multi-family real estate 2 Diversification, and stability of customer base limit operating risk… even in recession • "Good neighbor" policies and stable work force promote relationship building and resident satisfaction • Use of technology to enhance customer selection process • High-quality residents (i) prefer stable communities and Customer Satisfaction compatible neighbors, (ii) value stable onsite teams, (iii) can • We ask our residents to grade our every interaction to ensure that afford higher rents (incl. for property upgrades), and (iv) reduce we are customer-focused costs to AIR through high rates of renewal – Drives financial stability and NOI margin performance • "World class" customer satisfaction ("CSAT")(1) scores of 4.26 (out of 5) in 2022 and 4.31 YTD – Positive community network effect attracts new demand • TTM retention of 61.1% • AIR fell less in 2020… recovered more in 2021… and sustained AIR named in the Kingsley Elite Five in 2022, #2 momentum in 2022… producing cumulative rent growth ~430 bps among all operators and #1 for public REITs higher than Coastal peers(2) – Guidance in 2023 suggests AIR's cumulative rent growth advantage expands to ~740 bps Year-Over-Year Same Store Revenue Growth (%)(2) Same Store Revenue Growth (%)(2) 2020 2021 2022 2023E Guidance Indexed to 2019 126.8 12.4% 11.0% Expect ~740 bps 10.2% 118.1 8.0% outperformance 5.7% relative to 4.9% 5.4% 110.7 Coastal peers 1.8% 1.7% -2.4% -3.0% -2.4% 2019 2020 2021 2022 2023 Midpoint Guidance AIR Communities Coastal Peers Sunbelt Peers (1) AIR CSAT score based on ~36K resident responses in 2022 and ~5K over the YTD. Kingsley Index is a proprietary index and is the standard for measuring customer satisfaction in the multi-family sector. (2) 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. 12

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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 Resident Selection Revenue Management Technology Staffing Capital Replacements • Marketing and leasing focus on • Pricing every unit, every day • Artificial Intelligence ("AI") • Stable and well paid service • Steady sustaining capital "good neighbor" qualities that based on pipeline of informs decision making at HQ teams contribute to stable spending funds depreciation promote community and satis- prospective residents, and communities • Service technology platform Capital Enhancements faction, and promote renewals balancing supply and demand allows for efficient work order • Work is redesigned and by high-quality residents within markets • Customer incomes support completion and supports allocated to where it is most • Use of technology to access • Pricing determined at HQ, integration of robotics efficient and effective, investment in property market segments predisposed informed by coordination • Smart home technology increasing team satisfaction upgrades (e.g., remodeled to be stable residents with between offsite expert revenue installed in all units – lowers • Shared sense of mission kitchens and baths) longer than average tenure, management team member turn, utility, and insurance contributes to team morale underwritten based on and in turn income to pay and local property costs, while boosting revenue and effectiveness incremental NOI over useful higher rents if earned by CSAT management teams and resident satisfaction lives that produce IRRs > 10% Physical Properties & Upgrades Real Time IT & Technology Analytics & Tools Organizational People & Culture Passion for continuous Design & Staffing improvement 13

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The most efficient and most effective way to allocate capital to multi-family real estate 3 AIR Edge emphasis on productivity drives operating margin performance… Same Store COE Growth (%)(1) (Indexed to 2009) Indexed to 2009 Negative 10 bps CAGR measured over 13-years(1) 100.1 100.6 100.6 100.0 99.9 99.5 99.2 99.1 98.3 98.6 98.1 95.7 95.7 95.1 COE declined 10 bps in 2022 when the CPI measured 6.5% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5-Year COE CAGR (%)(1)(2) 1-Year COE CAGR (%)(1)(2) 6.3% 4.8% 3.3% (+) Commitment to organizational 2.2% efficiency with net G&A at <15 bps of GAV 0.1% -0.1% AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. (1) Controllable operating expense ("COE") defined as total same-store operating expenses less taxes, insurance, and utilities. Peer analysis based on reported full year financials for 2017-2022. (2) 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. 14

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The most efficient and most effective way to allocate capital to multi-family real estate 3 …producing an efficient business model for public multi-family ownership Same Store Revenue Growth (%)(1) Same Store NOI Growth (%)(1) Free Cash Flow Growth (%)(1)(2) Diversification, and emphasis on stability AIR Edge has driven peer-leading(1) SSNOI Commitment to low G&A provides ensures top-line performance across cycles margins for over 20+ consecutive quarters considerable, durable advantage for AIR 129.6 126.8 123.6 121.0 121.3 118.1 110.7 107.9 100.1 Indexed to 2019 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 Midpoint Midpoint Guidance Guidance AIR Communities Coastal Peers Sunbelt Peers Focus creates outperformance in AIR's Same Store portfolio, while making possible acquisitions with attractive returns on a risk-adjusted basis (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. (2) Free Cash Flow Conversion defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same Store Revenue. This metric is tracked internally by AIR as a key measure of efficiency with respect to its Same Store portfolio. Comparison with peers is made difficult by differences in business models and accounting, and exact numbers are false precision. This metric is intended to observe that highest operating margins and lowest G&A result in superior conversion of Same Store Revenue to Free Cash Flow. 15

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The most efficient and most effective way to allocate capital to multi-family real estate 4 We employ a highly disciplined approach to capital allocation • View of AIR's WACC, expressed as an unlevered IRR, is a range of ~7-8% informed by current markets • A substantial spread to our WACC, generally ~200+ bps of IRR or more, is required for all investment activity External Growth Capital Enhancements • Framework for assessing quality of target opportunities: • Invest where the expected rent premium (relative to market) drives long-term value – Markets: Expected growth in local economies, submarket supply constraints, and predictable laws and regulations • Long-term IRR minimum target of ~10% on average – Portfolio: Diversification across markets, type, and price point – Equates to low double digit NOI yields – Rents: Relative to local market averages Share Repurchases – Operations: Ability to drive higher growth through the AIR Edge, • $317M shares repurchased in 2022 at an average price especially when first added to our platform per share of $39.49 • Acquisitions must be accretive to near-term FFO – Represents an unlevered IRR of >10% – Underwriting reflects deployment of the AIR Edge to ensure performance • Expect to continue share repurchases with incremental levels and returns are achieved capital as part of a balanced program, and assuming • We will use leverage within a targeted range of ~5.0x to ~6.0x long-term return hurdles are satisfied We aim to source capital from the broadest range, and develop a menu of low-cost options for AIR Debt Equity • Bank debt: line of credit and term loans • Paired trades • Corporate debt: private and public – Sale of lower rated properties • Secured debt including GSEs which are a source – Sale of JV interest(s) of low cost debt not available to other sectors • Issuance of common shares / OP units 16

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The most efficient and most effective way to allocate capital to multi-family real estate 4 Investment results demonstrate the value of the AIR Edge • Class of 2021(1) trending at low double-digit IRRs (vs. underwriting at ~9%) • Execution of business plans driven by the AIR Edge expected to generate ~30% or higher uplift in property values(2) Class of 2021 / 2022 / 2023 Underwritten NOI Yields(1)(3) Projected NOI Growth (%) +20% +13% +7% +3% 5.8% 5.9% 5.4% 4.8% 4.0% Timing of NOI Year 1 Year 2 Year 3 Year 4 Year 5 Growth Impact Align Rent with Submarketï AIR Platform Onboardingïï Properties Expected to Lease Roll Optimizationïï Revert to Market Trend Growth Initial Capital Enhancementsïï Capital Enhancementsïï (1) Class of 2021 acquisitions defined as City Center on 7th, North Park, Huntington Gateway, Vaughan Place, and Residences at Capital Crescent Trail. Class of 2022 acquisitions defined as the Reserve at Coconut Point, Watermarc at Biscayne Bay, Willard Towers, and The District at Flagler Village. Class of 2023 acquisitions defined as Southgate Towers. (2) Property value uplift assumes that Year 1 NOI cap rate is used for valuation based on Year 3 NOI, net of capital. (3) Reflects aggregated underwritten Year 1 to Year 5 NOI yield for each respective acquisition, inclusive of incremental capital spend. 17

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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 Experienced Board of Directors ✓ Refreshed Board with five new Terry Considine Margarita Paláu-Hernández • Director since 1994 • Director since 2021 independent directors in the last two • CEO, AIR Communities • Founder and CEO, Hernández Ventures • Prior experience includes Chairman & CEO of Aimco • Nominated to serve as Representative of the US to the years, with eight (of nine) independent through the December 2020 Separation 73rd Session of the General Assembly of the UN with the • In 1975, founded and managed predecessor companies personal rank of Ambassador – Diverse and relevant expertise that became Aimco at its IPO in 1994 • Member of the Boards of Occidental, Xerox and Conduent • Member of the Boards of Reagan UCLA Medical Center & – Average independent director tenure of Nat'l Museum of the American Latino at the Smithsonian ~5 years, and age of 63 Thomas Keltner John Rayis • Director since 2007 • Director since 2020 – Directors elected annually • Prior experience includes EVP and CEO-Americas and • Senior Strategic Advisor, Lockton Global Brands at Hilton Hotels, various leadership roles • Prior experience includes Partner, Tax, Skadden, Arps, – Chairman and CEO separated (incl. President, Brand Performance & Development) with Slate, Meagher & Flom LLP Promus Hotels, various leadership roles with Holiday Inn • Adjunct Professor of Law at Stetson University College of Worldwide, President of Saudi Marriott Company, and Law and Member ✓ Cannot stagger the Board without management consulting with Cresap, McCormick & Paget • Member of the Board of The University of Chicago Medical shareholder approval Center ✓ Shareholders will vote in 2023 on a Thomas Bohjalian Ann Sperling charter amendment to reduce to a • Director since 2021 • Director since 2018 • Prior experience incudes EVP and Senior Portfolio • Prior experience includes Senior Director of Trammell simple majority the threshold required Manager, as well as Head of US Real Estate and Trading Crow, President, Markets West of JLL, Managing Director departments at Cohen & Steers where he was of Catellus, and Senior Managing Director & Area Director to amend AIR's bylaws consistently ranked in the top decile of all real estate fund of Trammell Crow managers • Member of the Board of SmartRent, and Advisory Boards ✓ Shareholder proxy access and ability to of Cadence Capital and the Gates Center for Regenerative Medicine call special meetings Kristin Finney-Cooke Nina Tran ✓ Majority vote standard (incl. director • Director since 2021 • Director since 2016 resignation in a majority against vote) • Managing Director, JP Morgan Multi Asset Solutions Group • CFO of Pacaso • Prior experience includes Senior Consultant and Co-Chair • Prior experience includes CFO of Veritas Investments, of Diverse Manager Advisory Committee at NEPC, CFO of Starwood Waypoint Residential Trust, various ✓ Peer-leading(1) "Say on Pay" with Principal at Mercer, and Credit Suisse First Boston leadership roles focused on the merger integration of AMB highest level of support among multi- • Member of the Boards of Chicago State University and Prologis, and PricewaterhouseCoopers Foundation and Ann & Robert Lurie Children's Hospital of • Member of the Board of American Assets Trust, and family peers over the last six years Chicago Medical Center Advisory Board of the Asian Pacific Fund ✓ Direct engagement with ~70% of Devin Murphy shareholders in 2022 • Director since 2020 • President, Phillips Edison & Company • Prior experience includes Vice Chairman, Morgan Stanley, Recognized by Women's Recipient of 2022 Gender Global Head of Real Estate Investment Banking, Deutsche Bank, and various leadership roles at Morgan Stanley Forum of New York for Balanced Board award from including Co-Head of US Real Estate Investment Banking having at least 30% of Board Boardbound by Women's and Head of Real Estate Private Capital Markets seats held by women Leadership Foundation • Member of the Board of CoreCivic (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. 18

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The most efficient and most effective way to allocate capital to multi-family real estate 6 Attractive valuation for AIR in current market environment • Common equity not currently an attractive source of capital for near-term growth – Paired trades through 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 (%) 2023E FFO (x) 5.7% 5.8% 5.9% 16.1x 16.8x 15.3x -11.1% -13.6% -16.2% -16.4% -16.8% -20.8% Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Peers Peers Peers Peers Peers Peers Peers Peers AIR Communities Coastal Peers Sunbelt Peers (1) Per GSA and S&P Cap IQ as of 3/2/2023. (2) 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. 20

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The most efficient and most effective way to allocate capital to multi-family real estate 6 Attractive dividend characteristics for tax sensitive investors • Target payout ratio for 2023 at ~75% of FFO – Currently project a majority of the dividend will be taxed at capital gain rates, with remainder at ordinary income rates Annualized Dividend Yield(1)(2) Illustrative Dividend Analysis(2)(3) Peer Average Illustrative Investment $100 $100 4.8% Average Dividend Yield 4.8% 3.8% 3.9% 3.5% Pre-Tax Dividend $4.81 $3.76 2022 Ordinary / Capital Gain / 14% / 86% / -% 71% / 19% / 10% Return of Capital Split Illustrative Tax Impact ($) (1.56) (1.33) Post-Tax Dividend $3.25 $2.42 Coastal Sunbelt Peers Peers $3.25 $2.42 Peer Average $0.83 higher yield (+34%) on a post-tax basis (1) Per S&P Cap IQ as of 3/2/2023. (2) 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. (3) AIR's dividend in 2022 was ~86% characterized as capital gain and ~14% as ordinary income. Peers averaged ~19% as capital gain and ~71% as ordinary income, with ~10% as return of capital. 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 21 illustrative 6.65% state tax is added to each respective federal rate.

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B Committed to Corporate Responsibility Township Residences Centennial, CO

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The most efficient and most effective way to allocate capital to multi-family real estate Commitment to corporate responsibility • AIR's 2021-2022 Corporate Responsibility Report is posted to our updated corporate responsibility site AIR ESG Highlights Recent Awards / Updates Environmental Social Governance GRESB score of 78 • "A" grade for ESG public • Benchmarking to GRESB • AIR Gives volunteer program and • Corporate ESG policies disclosure and alignment with TCFD • UN Sustainability Goals alignment commitment to service • Strict adherence to Code of • "Green Star" for overall • Established targets for energy, • Good Neighbor policies Conduct and Ethics water and GHG reduction by 2025 • Professional training and focus on • Transparency to shareholders and Management and Performance • Perfect score in social • Goal to certify 95% of portfolio internal promotion the public with third parties by 2024 • Healthcare and benefits, • Corporate Responsibility Task responsibility; near-perfect score in corporate governance • Performing physical and transition including industry leading Force risk analysis on the portfolio and parental leave and flexible hours • Vendor and Supplier Code of 2023 new acquisitions • Benefits for teammates deployed Conduct to include ESG and Elite Five Multifamily Company; on active military duty adherence to ethics, health and 2nd consecutive year • Smart home technology to safety measures. conserve energy and water use / • Support for teammates seeking 2022 monitor for leaks and other issues US citizenship • Board diverse in background and • Disaster preparedness and • Scholarships for children of experience Gender Balanced Board proactive upgrades teammates and for students living • Board review of political and 2023 in affordable housing nonprofit contributions • Support for teammates facing National Top Workplace Award; unexpected crises 2nd consecutive year 2022 Select Corporate Responsibility Goals Healthiest Employer in Colorado Select targets and goals include: "We believe our work is more than a business. It's a • Reduction in energy consumed – 15% energy intensive savings by 2025 over 2019 baseline high calling to serve others. The AIR Communities team • Reduction in water consumed – 10% savings by 2025 over 2019 baseline • 15% GHG savings over 2019 baseline by 2025 takes seriously its responsibility to respect and care for our customers as neighbors, and each other as • Materiality Assessment of key stakeholders conducted in alignment with SASB teammates. Our corporate DNA is defined by this • Investment in teammates – promoting within and internal mobility at a minimum of 50% mindset." • Ongoing assessment of ESG priorities through training, annual surveys, and outreach -Terry Considine, CEO, AIR Communities • Continuing to achieve 4.25 or better annually for CSAT scores

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The most efficient and most effective way to allocate capital to multi-family real estate We invest in our communities to create superior experiences for our residents… CSAT Scores(1) AIR CSAT Score Kingsley Index 4.33 • AIR is home to 55K+ residents across the US 4.30 4.30 4.27 4.27 4.26 • In 2020, AIR created a Resident Healthy Living Guide customized for each property to help support our residents live a healthy, balanced lifestyle 4.12 4.09 4.09 4.06 4.05 4.00 AIR named in the Kingsley Elite Five in 2023 at #2 among all operators and #1 for public REITs 2017 2018 2019 2020 2021 2022 for the 2nd consecutive year … and to provide a great workplace for our 750+ teammates • Recognition by Energage as a Top Workplace in US for 11 consecutive years 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 – Top Workplace recognition received nationally, as well as in Denver, San Francisco Bay Area and Washington, AIR Gives D.C. markets Highly Engaged Team • AIR Gives provides teammates with 15 paid hours each year to apply to volunteer activities of their choosing, $1.4M 68% $0.4M+ and matches with charitable giving up Nationwide team engagement score AIR Gives scholarship Increase in AIR Gives Raised in 2022 benefiting in 2022 was 4.42 (out of 5 stars) with to $15 per hour volunteered funds to 630 children of volunteerism in 2022 veterans and providing 72% of teammates participating teammates since 2006 scholarships for students in affordable housing (1) AIR CSAT score based on ~36K resident responses in 2022. The Kingsley Index is a proprietary index representing the industry standard for measuring customer satisfaction in the multi-family sector. 24

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The most efficient and most effective way to allocate capital to multi-family real estate And we are committed to making our environmental impacts positive • AIR has always operated our communities with a focus on cost optimization, efficiency, and customer experience • 100% of all AIR apartment homes are equipped with smart home technology Solar Energy Energy Efficiency Water Conservation Climate Risk & Resilience • Pursuing solar electric • Tracking whole building • Low flow plumbing fixtures have • Disaster preparedness program generation across the portfolio performance data for ~60% of been the standard for more than that guides all site teams on how the portfolio in ENERGY STAR a decade to manage their property should • Over 380 EV charging ports have a natural disaster occur been installed across the • High efficiency LED lighting in all • Water leak sensors included in portfolio, with another 1,076 AIR communities the smart home technology • Upgrades during renovations that underway installed in all apartment homes include protections from storm • Building automation systems damage and other impacts of installed at all high- and mid-rise • All cooling towers in high-rise natural disasters buildings to optimize efficiency buildings are controlled to and reduce energy consumption minimize evaporation • MSCI analysis of portfolio and acquisitions for physical and • All communities in California and transition risks Denver have smart irrigation systems installed • Excellent bottom line metric is that casualty claims are rare LEED® Certified 65% of properties Ten buildings; 897,266 SF certified as sustainable IREM® Certified Sustainable Goal to certify 46 properties; 11,622,584 SF 95% of portfolio 6,690,852 235,005,148 923,922,393 169,730 by the end of 2024 therms of natural kWh of electricity gallons of water Metric tons of GHG NGBS Green CertifiedTM gas conserved saved through saved through emissions avoided efficient fixtures efficiency Four buildings; 398,069 SF

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C Additional AIR Background Avery Row Arlington, VA

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The most efficient and most effective way to allocate capital to multi-family real estate AIR perspective on macroeconomic factors • 2022 has shown the ability of apartment owners (including AIR) to reprice rents in a high inflationary environment • AIR's focus on efficiency expected to maintain stability in expenses – Expect ~1% increase COE in 2023 Inflation – Track record of negative 10 bps annual growth in COE over 13-years – Commitment to net G&A expense at <15 bps of GAV (~18 bps based on AUM) • Relative outperformance expected for apartment owners, and AIR in particular should inflation remain "higher for longer" • AIR's high-quality, diversified portfolio, and high credit resident base are well positioned should recession impact the US economy GFC – Average and median household income of $227,000 and $158,000, respectively, in Q4 AIR Coastal Avg. (1) Sunbelt Avg. (1) Average Year SSRev SSNOI SSRev SSNOI SSRev SSNOI Unemployment – Rent-to-income ratio of 19% in the "A" portfolio (55% of GAV) and 22% in "B" in Q4 2008 2.1% 3.5% 3.6% 4.1% 1.8% 0.3% 5.8% 2009 -2.5% -4.2% -2.9% -4.7% -2.2% -3.8% 9.3% le on – Resident FICO scores average 90 points higher than the national renter average 2010 -0.2% 0.2% -1.3% -2.5% -1.3% -2.4% 9.6% – "B" portfolio positioned to attract price sensitive residents 2011 2.8% 5.3% 4.5% 6.8% 4.8% 6.0% 8.9% Possib Pandemic • Experience of the Great Financial Crisis ("GFC") and pandemic provides context, but such Recessi AIR Coastal Avg. (1) Sunbelt Avg. (1) Average severity is not expected Year SSRev SSNOI SSRev SSNOI SSRev SSNOI Unemployment 2019 3.8% 4.3% 3.3% 3.5% 3.6% 4.3% 3.7% – In GFC, bad debt increased 50 bps before reverting to then long-term trend of 60 bps in 17 months 2020 -2.4% -4.0% -3.0% -5.5% 1.8% 0.4% 8.1% 2021 1.7% 1.6% -2.4% -4.8% 4.9% 5.5% 5.4% 2022E 10.3% 13.9% 11.0% 14.0% 12.4% 15.9% 3.6% – Now returning to a new normal of <50 bps outside CA, and expected inside CA subject to sunset of eviction moratoria and timing of eviction proceedings • Exposure to Federal Reserve policies, and their broad market impact, mitigated through low leverage Interest Rates • AIR has limited refunding and repricing risk with no maturities until Q2 2025 • Floating rate exposure measured at 4% of total leverage (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. 27

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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 EQR AVB CPT MAA 2022 Actuals Same Store Revenue (GAAP) $544,538 $1,479,975 $1,330,981 $2,533,577 $2,224,125 $1,144,659 $1,924,709 Same Store NOI (GAAP) $404,949 $1,047,379 $926,831 $1,731,286 $1,540,390 $753,204 $1,242,695 Property Management, Net (22,895) (29,565) (44,130) (110,304) (114,292) (25,929) (65,463) General & Administrative (18,481) (56,577) (64,144) (58,710) (74,064) (60,413) (58,833) SS Revenue Converted to Free Cash Flow $363,573 $961,237 $818,557 $1,562,272 $1,352,034 $666,862 $1,118,399 SS Revenue FCF Conversion % 67% 65% 62% 62% 61% 58% 58% Average 62% 58% Implied Revenue % Increase for Breakeven with AIR 7% 15% 2021 Actuals Same Store Revenue (GAAP) $494,328 $1,336,080 $1,193,540 $2,291,604 $2,005,433 $1,029,585 $1,695,234 Same Store NOI (GAAP) $355,300 $919,315 $811,314 $1,517,100 $1,360,449 $656,985 $1,061,572 Property Management, Net (25,241) (27,073) (32,438) (98,155) (98,646) (20,318) (55,732) General & Administrative (14,087) (51,838) (57,541) (56,506) (69,611) (59,368) (52,884) SS Revenue Converted to Free Cash Flow $315,972 $840,404 $721,335 $1,362,439 $1,192,192 $577,299 $952,956 SS Revenue FCF Conversion % 64% 63% 60% 59% 59% 56% 56% Average 61% 56% Implied Revenue % Increase for Breakeven with AIR 6% 14% AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. (1) Free Cash Flow Conversion defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same Store Revenue. This metric is tracked internally by AIR as a key measure of efficiency with respect to its Same Store portfolio. Comparison with peers is made difficult by differences in business models and accounting, and exact numbers are false precision. This metric is intended to observe that highest operating margins and lowest G&A result in superior conversion of Same Store Revenue to Free Cash Flow.

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The most efficient and most effective way to allocate capital to multi-family real estate Financial risk reduced by a flexible, low leverage balance sheet Balance Sheet Highlights AIR Debt Profile ($M)(1) • De-leveraging fully achieved Repricing Schedule (1) • Wtd. avg. repricing duration of 6.8 years after $830M of interest rate – 4% floating rate exposure swaps placed in Q2 2022 – Weighted average refunding and repricing $569 risk of 6.3 and 6.8 years, respectively $399 $438 $377 $286 $350 $268 $267 – 4.1% weighted average interest rate $- $100 $149 – $7.6B of unencumbered properties 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ Refunding Schedule • $814M of available liquidity • $600M of 2025 maturities relate to term loans with repricing risk extended to 2027 through interest rate swaps – Significant cushion under LoC covenants • To extend wtd. avg. maturity and better balance its refunding ladder, $886 • No debt maturing AIR is considering extending the duration, or refinancing the term loans before Q2 2025 maturing in 2025 • Awarded first-time Baa2 investment grade $479 issuer rating in Q4 2022 from Moody's $377 $228 $200 $268 $267 $- $- $129 $149 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ BBB / Baa2 6.05x $7.6B 28% S&P / Moody's Net Leverage Unencumbered Net Leverage Ratings to EBITDA(1) Property Pool to GAV(2) (1) Floating rate exposure excludes leverage subject to interest rate caps. 29 (2) Reflects AIR total asset value assuming GSA Total Assets as of 12/31/2022.

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The most efficient and most effective way to allocate capital to multi-family real estate Forward-Looking Statements / Non-GAAP Measures This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding projected results and specifically forecasts of 2023 results, including but not limited to: Pro forma FFO and selected components thereof; AIR's ability to maintain current or meet projected occupancy, rental rate, and property operating results; operating performance of acquisition communities; expectations regarding dispositions and the use of proceeds thereof; expectations regarding acquisitions; and liquidity and leverage metrics. We caution investors not to place undue reliance on any such forward-looking statements. These forward-looking statements are based on management's judgment as of this date, which is subject to risks and uncertainties. Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to, real estate and operating risks, including fluctuations in real estate values and the general economic climate in the markets in which we operate and competition for residents in such markets; national and local economic conditions, including inflation, the pace of job growth and the level of unemployment; the timing and effects of acquisitions and dispositions; changes in operating costs, insurance risks, including the cost of insurance, and those described from time to time in filings by AIR with the Securities and Exchange Commission ("SEC"), including in the section entitled "Risk Factors" in Item 1A of AIR's Annual Report on Form 10-K for the year ended December 31, 2021, and the "Risk Factors" section of registration statements filed with the Securities and Exchange Commission. Readers should carefully review AIRs financial statements and the notes thereto, as well as the documents AIR files from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These forward-looking statements reflect management's judgment as of this date, and AIR assumes no obligation to revise or update them to reflect future events or circumstances.