Exhibit 99.1 The most efficient and most effective way to allocate capital to multi-family real estate Investor Presentation Avery Row March 2022 Arlington, VA 0

The most efficient and most effective way to allocate capital to multi-family real estate What makes AIR a compelling investment? 1 2 3 Simple, predictable Diversification, focus, Market leading AIR business model and strategy merit a Edge operating low risk premium platform drives earnings growth 4 5 6 Disciplined capital Exceptional Attractive valuation allocation enhances governance and fully FFO growth aligned Management 1

The most efficient and most effective way to allocate capital to multi-family real estate Q4 2021 & Recent Highlights Operations Portfolio Enhancement Balance Sheet • Momentum continued into Q1 2022 with • Acquired a ~1,400 apartment home • De-leveraging complete with Net Leverage (1) February same-store occupancy of 98.3%, portfolio in the Washington, DC market to EBITDA of 5.3x and signed leases up 13.4% on a blended for $510M (the “DC Portfolio”) basis Corporate Responsibility – Projecting a 4.3% NOI yield in 2022 – Similarly strong momentum at City increasing to ~6% by Year 3 with a long- • Continued refreshment of the Board with th Center on 7 and our newly acquired DC term IRR of ~9% the election of Tom Bohjalian, Kristin Portfolio where February signed blended Finney-Cooke, and Maggie Paláu- • $1.4B of property sales with another rent increases were ~44% and ~28%, Hernández $297M under contract respectively • CEO reduced compensation by $2.5M to – Pricing reflects an implied NOI cap rate – Low teens loss-to-lease across the ensure G&A target of 15 bps of GAV of 4.3%, FCF cap rate of 4.0%, and long- portfolio provides tailwinds for 2022 achieved in 2021 term expected IRR of ~6% • Affirmed 2022 pro forma FFO per share • 21% improvement on GRESB in 2021 – ~15% premium to estimated 2020 FMV guidance at $2.40 (midpoint) with our Q4 pre-COVID 2021 earnings release, up 12% from 2021 – Perfect score on ‘social’ metrics, and near perfect on ‘governance’ th City Center on 7 North Park Vaughan Place Huntington Gateway Capital Crescent Pembroke Pines, FL Chevy Chase, MD Washington, DC Alexandria, VA Bethesda, MD 2 (1) Metric pro forma for (i) $507M of January sales and (ii) the planned use of net proceeds from five properties under contract for $267M. Net Leverage is adjusted for the $534M note receivable from AIV.

The most efficient and most effective way to allocate capital to multi-family real estate What makes AIR a compelling investment? • High quality, stabilized multi-family portfolio with focus on the same for external growth; no development Simple, predictable • Emphasis on productivity: (i) the AIR Edge and (ii) G&A less than 15 bps of GAV increase organic growth 1 business model • Low debt • Diversified by geography, location (urban vs. suburban), and price point, in high quality markets where Diversification, focus, demand generates continued organic growth and strategy merit 2 • Focus on stable communities with great residents produces high retention, and revenue stability a low risk premium • Attractive growth profile with limited operating and financial risk (1) • Peer-leading track record of cost control with (i) flat onsite controllable operating expenses and (ii) G&A no Market leading AIR more than 15 bps of GAV Edge operating platform 3 (1) • Durable NOI margin advantage compounds over time, driving peer-leading flow-through with ~410 bps of drives earnings growth incremental cash flow conversion • Substantial spread (~200 bps+) over our weighted average cost of capital required for all investments – Recent investments underwritten at ~8-10% unlevered IRRs compare to 2021 property sales at a long- Disciplined capital term expected IRRs of ~6% allocation enhances 4 • Developing access to the full spectrum of debt and equity capital, both public and private, for broadest FFO growth choice with respect to the lowest WACC – Anticipate funding near-term growth through property sales and/or JVs given current trading levels Exceptional governance • Refreshed Board with diverse and relevant expertise; average independent director tenure of 3.5 years and fully aligned 5 • “At risk” compensation aligns CEO and Management in driving value for shareholders Management • Attractive absolute and relative valuation Attractive valuation 6 (1) • ~90 bps dividend yield spread to peer average, with favorable tax characteristics 3 (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.

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 Clearly articulated view of cost of capital and required returns for external growth No development (1) Organic growth through peer-leading operating efficiency of our AIR Edge 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 4 (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.

The most efficient and most effective way to allocate capital to multi-family real estate 2 Diversification, and focus on creating stable communities limits operating risk • Emphasis on “good neighbor” policies at the core of our offerings, which we enhance with excellent amenities • High quality residents prefer stable communities, can (1) CSAT Scores afford higher rents, and reduce costs through renewing AIR CSAT Score Kingsley Index 4.33 4.30 4.30 – Drives financial stability and NOI margin performance 4.27 4.27 – Positive network effect attracts new demand 4.12 4.09 4.06 • We ask our residents to grade our every interaction to 4.05 4.00 ensure that we are customer-focused (1) – “World class” customer satisfaction (“CSAT”) scores of 2017 2018 2019 2020 2021 4.33 (out of 5) improved during and through COVID AIR has consistently outperformed the Kingsley Index; Highly satisfied residents renew at 2x the frequency of less satisfied residents – TTM retention of 60.3% a record high for AIR (2) • Among coastal peers , AIR fell less in 2020… and (2) Year-Over-Year Same Store Revenue Growth (%) recovered more in 2021 2020 2021 – Only REIT among the group to generate positive Same Store 4.9% Revenue Growth in 2021 1.8% 1.7% -1.8% -2.4% -3.0% Lincoln Place Park Towne Place Preserve at Marin Bay Parc AIR Communities Coastal Peers Sunbelt Peers Venice, CA Philadelphia, PA Corte Madera, CA Miami, FL (1) AIR CSAT score based on ~45K resident responses in 2021. The Kingsley Index is a proprietary index and is the standard for measuring customer satisfaction in the multi-family sector. 5 (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.

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 Improvements • Emphasis on attracting “good • Pricing every unit, every day • Artificial Intelligence (“AI”) • Work allocated to where it is • In depth and regular review of neighbors” which creates based on pipeline of informs decision making most efficient and effective physical property conditions stability in our communities prospective residents, and • Service technology platform • Proprietary in-house rapid • Longstanding local market balancing supply and demand • Specialization of select tasks allows for efficient work order response teams support relationships that ensure within markets leading to better performance, completion and supports teammates both onsite and access to contract labor for example in central review of • Active coordination between integration of robotics offsite • Disciplined offsite underwriting applications, point of sale ID offsite expert revenue • Smart home technology • Specialization leads to better to determine opportune verification, and advanced management and local installed in all units – lowers performance, for example in staging of capital anti-fraud screening property management teams turn, utility, and insurance offsite collections enhancement activity techniques costs, while boosting revenue increasing organic growth Physical Properties & Upgrades Real Time IT & Technology Analytics & Tools People & Culture Organizational Passion for continuous Design & Staffing improvement 6

The most efficient and most effective way to allocate capital to multi-family real estate 3 AIR Edge emphasis on productivity drives NOI margin performance… Negative 10 bps growth CAGR in Same Store COE Peer-leading Same Store NOI Margin (1) measured over more than a decade over 18 consecutive quarters (1)(2) (2)(3) Same Store COE Growth (%) Same Store NOI Margin (%) 100.6 100.6 100.1 100.0 99.9 99.5 99.2 98.6 98.3 98.1 (3) 73.7% 95.7 95.7 95.1 69.0% Indexed to 2009 65.4% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 5-Year COE Growth CAGR (%) 1-Year COE Growth CAGR (%) 4.0% 2.1% 1.6% 1.4% -0.1% -0.3% 2016 2017 2018 2019 2020 2021 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. Based on reported full year financials for 2009-2021. (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) Same Store NOI Margin for Q4 2021 is presented net of $5.2M of utility reimbursements. Historical data is presented net of utility reimbursements as well. AIR views this metric as the best measure of 7 real estate profitability given utility costs are a pass-through to the resident.

The most efficient and most effective way to allocate capital to multi-family real estate 3 …with resulting margin advantage compounding over time, driving significant flow-through (1) Same Store NOI Margin outperformance has resulted in ~7% higher revenue required by coastal peers , (1) ~480 bps growth above the peer average since 2016 on average, to equal AIR’s cash flow conversion (1) (2) Compounded Same Store NOI Growth (Indexed to 2016) Same Store Revenue Conversion to Cash Flow (%) 109.3 64.7% 104.5 60.6% 55.9% 2021 YoY SSNOI Growth 98.3 Accelerating NOI growth out of 1.6% COVID with 2022 guidance at the Peer Avg. (1) top of the peer group -0.8% 2016 2017 2018 2019 2020 2021 AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. (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) Reflects 2021 financials as reported in company filings. Cash flow conversion defined as Same Store NOI Margin less net property management and G&A expense, and divided by Same Store Revenue. 8 Please see appendix for additional detail.

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 • Our weighted average cost of capital (“WACC”) implicit in our internal GAV expressed as an unlevered IRR is ~6% • A substantial spread to our WACC, generally ~200+ bps of IRR or more, is required for all investment activity • Each transaction is recommended first by our Investment Committee, then decided by our independent directors – Our Investment Committee – chaired by John McGrath – includes AIR’s executive leadership team External Growth Capital Enhancements • Invest where the expected rent premium (relative to • Framework for assessing quality of target opportunities: market) drives long-term value – Markets: Expected growth in local economies, submarket supply • Long-term IRR target of ~10% on average constraints, and predictable laws and regulations – Equates to >10% yield – Portfolio: Diversification across markets, type, and price point – Rents: Relative to local market averages – Operations: Ability to drive higher growth through the AIR Edge, especially when first added to our platform • Acquisitions must be accretive to near-term FFO – Underwriting reflects deployment of the AIR Edge to ensure performance levels and returns are achieved • We will use leverage only within our targeted range of ~5.0x to ~6.0x We aim to source capital from the broadest range, and develop a menu of low-cost options for AIR Debt Equity • Secured debt • Sale of lower rated properties • Bank debt: line of credit and term loans • Sale of JV interest(s) • Corporate debt: private and public • Issuance of common shares / OP units 9

The most efficient and most effective way to allocate capital to multi-family real estate 4 Investment results demonstrates the value of the AIR Edge (1) • Recent deals were underwritten at an average 14% incremental NOI CAGR created by AIR operations • Unlevered IRRs were at significant spreads to our weighted average cost of capital Potential for a ~30% uplift in property value after generating (2) ~14% incremental NOI CAGR over two year periods 24% 15% 13% 20% 11% 10% 14% 7% 4% 4% 3% 1% Bent Tree (3) Philadelphia (3) City Center (4) DC Portfolio (4) Unlevered IRR 10% 8% 9% 9% AIR Projected Market NOI CAGR Excess NOI CAGR (1) Reflects underwritten 2-year NOI CAGR for each respective transaction adjusted for (i) cost of capital to fund improvements and (ii) expected market growth. Total weighted average NOI CAGR for the acquisitions included in this analysis would be 20%. (2) Assumes an acquisition at an illustrative 4% cap rate with NOI grown at an incremental 14% (already net of capital) over two years. (3) Market NOI CAGR for Bent Tree and Philadelphia per Costar. (4) Market NOI CAGR estimates for City Center and DC Portfolio per GSA Apartment Market Snapshot 2022-2025 projected NOI growth estimates (City Center as of June 2021, and DC Portfolio as of 10 September 2021).

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 Newly Elected Directors ü Refreshed Board with five new independent directors in the last Kristin R. Finney-Cooke, CAIA two years, with eight (of nine) independent Ms. Finney-Cooke has enjoyed a 23-year career in – Diverse and relevant expertise investment management and is currently a Managing – Average independent director tenure of 3.5 years, and age of 62 Director in JP Morgan Multi Asset Solutions Group. For the prior 11 years, Ms. Finney-Cooke was a Senior – Directors elected annually Consultant at NEPC, providing advice to large asset pools on investment policy, asset-liability modeling, – Separated position of Chairman and CEO asset allocation, manager selection, and monitoring. ü Cannot stagger the Board without shareholder approval ü Shareholder proxy access and ability to call special meetings Thomas N. Bohjalian, CFA ü Majority vote standard (including director resignation in a majority against vote) Mr. Bohjalian has over 30 years of real estate and finance experience. In June of 2021, Mr. Bohjalian ü Strong alignment by Management through “at risk” compensation retired from Cohen & Steers where he was Executive and required stock ownership VP / Senior Portfolio Manager, the Head of US Real Estate and Trading departments, and responsible for – 90% of CEO compensation linked to performance with 100% of LTI investment decisions for $40B of the firm’s assets. based on 3-year forward relative TSR performance – Other executives have 66% of LTI “at risk” based on the same 3- year forward relative TSR Margarita Paláu-Hernández ü 97% favorable on Say on Pay in 2021 Ms. Paláu-Hernández is the founder and Chief Executive Officer of Hernández Ventures, a privately held enterprise involved in Spanish-language media, Board Awards business, and real estate ventures. In September of 2018, she was nominated to serve as a Representative of the United States of America to the Seventy-third Session of the General Assembly of the United Nations with the personal rank of Ambassador. Recipient of Corporate Salute Award Recognized by the Women’s Forum of from Boardbound by Women’s New York for having at least 30% of Leadership Foundation for having three Board seats held by women or more board seats held by women 11

The most efficient and most effective way to allocate capital to multi-family real estate 5 Exceptional, long-tenured Management team strengthened with new talent Strong Management Alignment Director & President & President, Executive Vice President & Chief Executive Officer General Counsel Property Operations Chief Financial Officer ü 90% of CEO compensation linked to performance with 100% of LTI based on 3-year forward relative TSR performance – Other AIR executives have 66% of LTI “at risk” based on the same 3- year forward relative TSR Terry Considine Lisa Cohn Keith Kimmel Paul Beldin ü Required stock ownership of >5x 51+ Years AIR Experience 19+ Years of AIR Experience 20+ Years of AIR Experience 13+ Years of AIR Experience base salary for our CEO, President, and CFO, and 4x for other executive Core of executive management has spent the last 14+ years working together officers ü Peer leading “Say on Pay” Senior Vice President, Executive Vice President, performance over the last decade Executive Vice President, Senior Vice President, Chief Corporate Strategy, Capital Co-CIO Capital Markets with 97% “Say on Pay” approval in Responsibility Officer Allocation, & Co-CIO 2021 – Highest support among multi- family peers over last five years Patti Shwayder John McGrath Joshua Minix Matthew O’Grady 19+ Years AIR Experience 6+ Years of AIR Experience Joined Q3 2021 Joined Q4 2021 Identified gaps and strengthened ourselves with new talent to support transactions and external growth 12

The most efficient and most effective way to allocate capital to multi-family real estate 5 CEO’s commitment to G&A efficiency demonstrates further alignment with shareholders CEO Compensation Background Summary G&A Calculation • At the Separation, the Board determined that cost efficiency 2021 GAV: $13.3B x 15 bps = $20M Target G&A was an integral part of the investor offering – 15 bps of GAV (based on GSA benchmarking) was determined to $22.5M ($2.5M) $20M be best in class for a pure-play multi-family REIT • The CEO volunteered to reduce his compensation, if need be, so the market could underwrite overhead with certainty – No other REIT where the CEO has backstopped a G&A target 2021 G&A Expense 2021 G&A: Expense Reduction Actual – Our CEO remains aligned through material equity holdings GAV Methodology: G&A Definition: – Narrow impact allowed for the organization to continue spending for talent, and limited potential for broader impact to morale Market-level cap rates applied to G&A definition starts with budgeted NOI, and validated by consolidated amounts per GAAP, – No room for “gamesmanship” with the definition of G&A comparison to GSA expectations • (+) property management fees expanded from GAAP definition, no “make-ups”, and Board • Adjustments for any recent in excess of 3%; approval required for external growth acquisitions or dispositions • (+) depreciation on corporate – $2.5M reduction of CEO compensation in 2021 • Use average of quarter-end related non real-estate measurements assets; and • Not anticipated in 2022 and future years Simple, repeatable methodology • (-) fee income on JVs driven by (i) third party cap rates Conservative approach that and (ii) budgeted property NOI picks up additional expense • GSA measures G&A at ~12 (1) bps of GAV prospectively (1) GSA’s methodology differs from AIR. GSA estimates G&A expenses based on a forward 12-month estimate based on company provided guidance, historical trends, and professional judgment, which is 13 compared to a spot estimate of GAV.

The most efficient and most effective way to allocate capital to multi-family real estate 6 Highly 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 (1)(2) (1)(2) Premium / (Discount) to Implied Trading Metrics Gross Asset Value Net Asset Value Implied Cap Rate (%) 2022E FFO (x) 26.4x 24.7x 4.2% 22.0x 4.0% 3.9% -4.5% -5.4% -8.1% -10.2% -11.4% -15.9% Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Peers Peers Peers Peers Peers Peers Peers Peers AIR Communities Coastal Peers Sunbelt Peers • Target payout ratio at ~75% of FFO Attractive • ~3.4% dividend yield compares to a peer average of ~2.5% (3) Dividend • Benefits tax sensitive investors with ~67% of its 2021 dividend characterized as return of capital, and ~33% as capital gain (1) Per GSA and S&P Cap IQ as of 3/3/2022. (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 (3) AIR characterized ~67% of its 2021 dividend as return of capital, and ~33% as capital gain. Peers averaged ~62% ordinary income and ~28% capital gain during the same time period.

21 Fitzsimons Appendix Aurora, CO

Palazzo West A 2022 Outlook & Guidance Los Angeles, CA

The most efficient and most effective way to allocate capital to multi-family real estate Full Year 2022 Guidance ($ Amounts represent AIR Share) 2022 Range 2021 • Same Store Revenue anticipated to 1 Low End High End Actual grow by 9.4% at the midpoint: Same Store Operating Components of NAREIT FFO – 1.1% ADO growth, which assumes 1 Revenue change compared to prior year 8.9% 9.9% 1.7% ADO consistent with 2H 2021 Expense change compared to prior year 3.0% 2.0% 2.0% 2 result of 97.3% NOI change compared to prior year 11.0% 13.0% 1.6% – 6.0% rental rate growth based on the year-end 2021 rent roll and embedded loss-to-lease Offsite Costs (1) General and administrative expenses ~$17M $20M – 2.3% from other factors, including Other Earnings incremental market rate growth (2) and lower bad debt expense. Lease income ~$30M $27M Value of property acquisitions ~$500M $726M • Same Store Expense anticipated to 2 Proceeds from dispositions of real estate, net ~$774M $880M increase by 2.5% at the midpoint: AIR Share of Capital Investments – Controllable operating expenses Capital Enhancements $90M $110M $80M are expected to be flat, consistent with 2021 results Balance Sheet (3) Year-end Net Leverage to Adjusted EBITDAre ~5.5x 5.3x – Since 2008, AIR's controllable operating expenses have declined at a compound average annual Pro Forma FFO per share $2.36 $2.44 $2.14 growth rate of negative 10 bps (1) For the purposes of this presentation, general and administrative expenses are defined as follows: • All costs reported, in accordance with GAAP, as G&A expenses in our consolidated statements of operations; • Plus amortization of capitalized costs of corporate related non-real estate assets (included as depreciation and amortization related to non-real estate assets in Supplemental Schedule 2a for 2021 and now included in GAAP G&A); • Reduced, in 2021 and 2022, by $5.8M of payments from AIV while our CEO was working to establish AIV as an independent company; • Plus property management costs in excess of 3% of property revenues to eliminate any distortion from allocation of costs away from G&A expenses to property expenses; and • Less asset management fees from JVs earned by providing oversight services similar to G&A services provided to AIR. • Additionally, our CEO volunteered to reduce his annual compensation (without any future “make-up”) so that G&A expenses, as defined above, would be less than 15 bps of GAV. We consider AIR’s positioning with low property operating costs and a low cost of investment management to be an important feature for investors. Our CEO reasoned that he alone should bear the burden of this cost reduction in order to be able to (i) continuing attract talent for AIR’s long-term success and (ii) avoid any potential impact to morale at AIR from lower compensation. As property values have recovered from COVID’s impact, GAV has increased sufficiently so that the reduction of CEO compensation is not likely to be required in future years. (2) Presented net of FFO and Pro forma FFO adjustments. 17 (3) Metric pro forma for (i) $507M of January sales and (ii) the planned use of net proceeds from five properties under contract for $267M. Net Leverage is adjusted for the $534M note receivable from AIV.

The most efficient and most effective way to allocate capital to multi-family real estate Full Year 2022 Guidance: Change in Pro Forma FFO per Share $0.30 $0.45 $0.14 $2.40 $0.02 $0.29 $2.14 2021 FFO Same Store Acquisitions Interest Dispositions Other 2022 FFO per Share Portfolio Savings per Share (Actual) Growth (Midpoint) 18

Waterways Village B Committed to Corporate Responsibility Aventura, FL

The most efficient and most effective way to allocate capital to multi-family real estate Significant progress in building on our longstanding commitment to corporate responsibility • Board Nominating and Governance Committee reconstituted as the Governance and Corporate Responsibility Committee with responsibility expanded to include ESG strategy and oversight • Patti Shwayder appointed Chief Corporate Responsibility Officer to refine how ESG is embedded and tracked at AIR – 19-year veteran of AIR, and reporting directly to the CEO • Corporate Responsibility Report published annually AIR ESG Highlights Environmental Social Governance • Benchmarking to GRESB • AIR Gives Volunteer program • Corporate ESG policies • Aligned with U.N. • Commitment to service • Strict adherence to Code of • Participant in Global Real Estate Sustainability Sustainability Goals Conduct and Ethics • Good Neighbor policies Benchmark (“GRESB”) in 2020 and 2021 • Established targets for energy, • Transparency to shareholders • Professional training water and greenhouse gas and the public – 21% improvement in 2021 • Internal promotion focus reductions by 2025 • Corporate Responsibility Task – Perfect score in the ‘social’ metrics, and a • Healthcare and benefits, • Certifying buildings Force reporting to CEO near perfect score in ‘governance’ including industry leading • Performing physical and • Vendor and Supplier Code of parental leave • “Low Risk” rating by Sustainalytics transition risk analysis on the Conduct to include ESG and • Flexible work hours portfolio and new adherence to ethics, health • Ongoing dialogue with more than two-thirds of acquisitions and safety measures. • Benefits for teammates stockholders annually to collect feedback on deployed on active duty • Smart home technology to • Board diverse in gender, ESG, among other topics conserve energy and water background, and experience • Support for teammates use / monitor for leaks and seeking U.S. citizenship • Board review of political and other issues nonprofit contributions “We believe our work is more than a business. It's also a • Scholarships for teammates • Disaster preparedness and mission to serve others. We are committed to further and students living in progress on the achievement, measurement, and proactive upgrades affordable housing reporting of our ESG goals.” • Support for teammates facing unexpected crises -Terry Considine, CEO, AIR Communities 20

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… (1) CSAT Scores AIR CSAT Score Kingsley Index • AIR is home to 55K+ residents across the US 4.33 4.30 4.30 4.27 4.27 • 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 4.06 4.05 • Our CSAT scores increased in 2021 while the Kingsley Index 4.00 decreased 2017 2018 2019 2020 2021 and to provide a great workplace for our 750+ teammates • Recognition by Energage as a Top Workplace in the US – One of only six companies to be 2013 2014 2015 2016 2017 2018 2019 2020 2021 recognized as a Denver Post Top Workplace for nine consecutive years AIR Gives – Top Workplace recognition also received Highly Engaged Team in the San Francisco Bay Area and Washington, D.C. • AIR Gives provides teammates with 15 $1,305,000 $67,500+ $412,000 paid hours each year to apply to volunteer Nationwide team engagement score AIR Gives scholarship AIR Gives scholarship Raised in 2021 benefiting in 2021 was 4.35 (out of 5 stars). funds to 630 children of funds to 26 students in veterans and providing activities of their choosing, and matches teammates since 2006 2020 scholarships for students charitable giving up to $15 per hour in affordable housing volunteered 21 (1) AIR CSAT score based on ~45K resident responses in 2021. The Kingsley Index is a proprietary index representing the industry standard for measuring customer satisfaction in the multi-family sector.

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 • Smart home technology installed in substantially all properties to manage energy and water usage, and provide early detection of wasteful use for loss control • $16.7M invested in energy conservation between 2018-2020 driving an estimated $5.6M of cost savings in 2020 Clean Energy Energy Efficiency Water Conservation Climate Risk & Resilience • EV charging stations being • Tracking whole building • Low flow plumbing has been • Disaster preparedness program installed across the portfolio performance data for 66% of the standard for the last decade that prepares and provides a portfolio in ENERGY STAR guide for all site teams should a • Electric golf carts for leasing and • Water leak sensors integrated as wildfire, hurricane, earthquake, service teams • High efficiency LED lighting in part of the SmartRent solution or other natural disaster occur nearly all communities • Actively testing potential solar • All communities in California, • Proactive renovations to include energy and fuel cell installations • Weatherization projects to Denver, and other arid locations protections for storm and other as substitutes for high-cost gas reduce heat/cooling loss; central have smart irrigation systems impacts (e.g., Flamingo Point) and electric utilities monitoring of HVAC installed • Excellent bottom line metric is • Conversion of all central plant that casualty claims are rare heating equipment to natural gas 6,690,852 235,005,148 923,922,393 169,730 Therms of natural kWh of electricity saved Gallons of water Metric tons of GHG gas conserved through efficient fixtures saved through efficiency emissions avoided 22

Township Residences C Additional AIR Background Centennial, CO

The most efficient and most effective way to allocate capital to multi-family real estate Apartment Income REIT Corp. (“AIR”) Company Snapshot 78 25,618 14.3% (1) (1) # of Properties # of Units 4Q 2021 Same Store NOI Growth $2,459 98.1% 73.7% 4Q 2021 4Q 2021 4Q 2021 Same Store Average Same Store Average Same Store (2) Revenue per Unit Daily Occupancy NOI Margin 46% / 54% 5.3x $1.80 Class A / B Net Leverage to 2022 Expected (1)(3) (4) Properties EBITDA Dividend per Share Bay Parc Miami, FL Note: Reflects Q4 2021 portfolio metrics, unless noted. (1) Reflects AIR’s 65 properties in Same Store, nine in Other Real Estate, and four properties leased to Apartment Investment and Management Company (“Aimco” or “AIV”). Held for Sale properties are expected to be sold in Q1 2022. (2) Same Store NOI Margin is presented net of $5.2M of utility reimbursements. AIR views this metric as the best measure of real estate profitability given utility costs are a pass-through to the resident. (3) Metric reflects percentage contribution of Q4 2021 NOI. AIR classifies as “A” quality those communities with rents greater than 125% of local market average, as “B” quality those with rents between 90% and 125% of local market average, and as “C” quality those with rents lower than 90% of local market average. 12% of NOI is classified as “C” quality and is included within “B” for presentation purposes. 24 (4) Metric pro forma for (i) $507M of January sales and (ii) the planned use of net proceeds from five properties under contract for $267M. Net Leverage is adjusted for the $534M note receivable from AIV.

The most efficient and most effective way to allocate capital to multi-family real estate AIR is a pure-play REIT with one of the largest, highest quality multi-family portfolios in the US • Diversified across eight core markets by type, location, and price point Boston Bay Area # Units @ Share 2,462 # Units @ Share 1,657 % Q4 21 AIR NOI 10.9% % Q4 21 AIR NOI 8.8% A / B Mix by NOI 29% / 71% A / B Mix by NOI 33% / 67% Philadelphia Los Angeles # Units @ Share 2,669 # Units @ Share 3,498 % Q4 21 AIR NOI 11.4% % Q4 21 AIR NOI 20.8% A / B Mix by NOI 95% / 5% A / B Mix by NOI 76% / 24% Greater D.C. San Diego # Units @ Share 4,223 # Units @ Share 2,876 % Q4 21 AIR NOI 13.7% % Q4 21 AIR NOI 12.7% A / B Mix by NOI 17% / 83% A / B Mix by NOI 7% / 93% Greater DC South Florida 14.4% of NOI Denver 2,425 2022 Rental Growth Expectations # Units @ Share # Units @ Share 1,987 % Q4 21 AIR NOI 9.7% Double Digit High Single Digit Mid Single Digit % Q4 21 AIR NOI 7.6% A / B Mix by NOI 60% / 40% A / B Mix by NOI 27% / 73% Additional Portfolio Highlights (1) (3) • AIR NOI (Class A / B) = 46% / 54% Other Markets • Q4 2021 Same Store Metrics (Class A / B): # Units @ Share 1,494 o Resident Turnover: 39.9% / 39.6% % Q4 21 AIR NOI 4.4% o Rent-to-Income Ratio: 18.7% / 21.2% A / B Mix by NOI 44% / 56% Note: Reflects Q4 2021 total portfolio data, unless noted. (1) 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) Metric reflects percentage contribution of Q4 2021 NOI. AIR classifies as “A” quality those communities with rents greater than 125% of local market average, as “B” quality those with rents between 90% and 125% of local market average, and as “C” quality those with rents lower than 90% of local market average. 12% of NOI is classified as “C” quality and is included within “B” for presentation purposes. 25 (3) Other Markets include Atlanta, Minneapolis and New York.

The most efficient and most effective way to allocate capital to multi-family real estate Capitalizing on accelerating demand with rents increasing across all markets • Low-teens loss-to-lease provides tailwind for balance of 2022 Change In Signed Lease Rates (%) Average Daily Occupancy (%) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Jan 2022 Feb 2022 95.5% 95.4% 96.5% 98.1% 98.4% 98.4% 18.1% 13.9% 13.5% 13.4% 13.0% 12.8% 12.0% 11.2% 11.1% 11.0% 10.3% 9.2% 5.2% 3.7% 2.6% 2.1% -2.1% -5.8% New Leases Renewals Wtd. Avg. (1) Controllable operating expense (“COE”) defined as total same-store operating expenses less taxes, insurance, and utilities. Based on reported full year financials for 2010-2021. 26 (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.

The most efficient and most effective way to allocate capital to multi-family real estate NOI margin remains at the top of our peer group even where utility reimbursements are considered as rental revenue • AIR is committed to driving market leading operating efficiencies across all KPIs (1) Q4 2021 Same Store NOI Margin (incl. Utility Reimbursements) • Strong NOI margin performance inclusive of 73.7% utility reimbursements in property revenue Peer 70.9% Average: 69.7% 69.6% 69.2% – ~280 bps impact to NOI margin including 67.8% 67.5% 66.6% $5.2M of utility reimbursements in Q4 2021 64.2% • AIR has historically excluded utility reimbursements given their pass-through nature, with the view they are better considered as a contra-expense Reported Adjusted ESS UDR AVB EQR CPT MAA (1) AIR Adjusted reflects a $5.2M add back to Same Store Revenue and Same Store Operating Expense. CPT, EQR, ESS, and MAA include utility reimbursements in total revenue. Utility reimbursements are assumed to be included in UDR’s financials given the immaterial difference in revenue as reported under GAAP vs. non-GAAP. AVB includes utility reimbursements as an offset to expense, but does 27 not break out the amount and so NOI Margin is presented as reported.

The most efficient and most effective way to allocate capital to multi-family real estate (1) Calculation of Same Store Revenue to Cash Flow Conversion AIR ESS UDR AVB EQR MAA CPT ($ in 000s, unless noted) Same Store Revenue $525,436 $1,288,238 $1,160,938 $2,046,173 $2,342,257 $1,702,741 $971,872 Same Store NOI $379,042 $891,404 $790,498 $1,370,282 $1,538,262 $1,064,308 $620,662 Same Store NOI Margin (%) 72% 69% 68% 67% 66% 63% 64% Property Management (Net) (25,241) (27,050) (32,438) (98,646) (98,155) (55,732) (20,318) General & Administrative (14,087) (51,838) (57,541) (69,611) (56,506) (52,884) (59,368) Revenue Converted to Cash Flow $339,714 $812,516 $700,519 $1,202,025 $1,383,601 $955,692 $540,976 Same Store Revenue Conversion % 65% 63% 60% 59% 59% 56% 56% 60% 56% Ave rage Ave rage AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. (1) Reflects 2021 financials as reported in company filings. Cash flow conversion defined as Same Store NOI Margin less net property management and G&A expense, and divided by Same Store Revenue. 28 Please see appendix for additional detail.

The most efficient and most effective way to allocate capital to multi-family real estate Capital enhancements drive additional long-term value creation for our portfolio • Invest only where expected rent premium generates a long-term IRR of ~10% on average • Generally equates to >10% yield on cost 2022 Capital Enhancement Commentary 2022 Capital Enhancement Guidance: ~$90M to ~$110M • Increase over 2021 driven primarily by: Short Life Long Life Fashion Risk – Investment in energy projects at four properties in California to secure lower cost, environmentally • Capital Enhancement underwritten based on a useful life range of ~5 to friendly energy; and ~20 years with an average of 10 years – Accelerated K&B work at Flamingo Center Tower and • No growth assumed in expected rent premium Bay Parc to gain incremental rent growth in the booming Miami market • Residual value assumed only with K&B upgrades, where the rent premium continues after ten years, as confirmed by experience, but is valued at a – Both projects expected to improve property quality 100 bps spread to a market cap rate and long-term financial performance • Obsolescence / fashion risk addressed through design processes focused • Balance of Capital Enhancement lower than 2021, but on long-term resident tastes and preferences consistent with the typical cadence of unit upgrade activity • Historical experience as to which upgrades have continuing value beyond underwritten useful life • Substantial capital being invested across our portfolio in efficiency, conservation, and safety projects (e.g., water meters, EV chargers, access points, etc.) – Increased resident satisfaction, reduced costs, and lower insurance premiums (1) Capital enhancements (“CE”) may include kitchen and bath remodeling; energy conservation projects; and investments in longer-lived materials designed to reduce costs. CE does not significantly disrupt 29 property operations.

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 • De-leveraging fully achieved at 5.3x Net (1) Leverage to EBITDA 5.5x BBB/Stable $8.4B 16% Target Net S&P Global Unencumbered Net Leverage • 2.6% weighted average cost of debt and Leverage to (3) (1)(2) Ratings Asset Pool to GAV 6.5 year weighted average maturity (1) EBITDA – Net weighted average cost of 2.0% adjusting for the AIV note receivable (1)(2) • $366M of available liquidity 12/31/2021 Debt Maturity Profile ($M) – $81M cash and restricted cash at share – $285M capacity on our line of credit $886 • Limited near-term debt maturities – Significant cushion under LoC covenants $378 • Committed to using proceeds from $344 repayment of AIV’s note receivable at $229 maturity to reduce debt $144 $128 $94 $89 $84 $67 $53 • Flexibility to approach public bond market when doing so makes sense 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+ (1) Metric pro forma for (i) $507M of January sales and (ii) the planned use of net proceeds from five properties under contract for $267M. Net Leverage is adjusted for the $534M note receivable from AIV. (2) Weighted average metrics assume exercise of all extension options and a weighted average maturity of approximately ten years for preferred equity. Interest rates are based on data measured as of 12/31/2021, and so may change quarter-over-quarter. 30 (3) Reflects AIR total asset value assuming GSA NAV per share of $62.51.

The most efficient and most effective way to allocate capital to multi-family real estate Strategic partnerships provide an attractive capital source in today’s market Strategic Partnerships Overview Existing Partnerships • Significant depth of institutional interest in US multifamily • Our two existing JVs were highly strategic, and allowed AIR continues to drive a meaningful public-private differential to redeploy capital into accretive uses with respect to asset pricing • California JV • AIR has formed and will continue to evaluate potential JVs – $2.4B transaction across 12 properties in California as a path to improve our portfolio by selling down interests in selected properties and securing a favorable cost of – 39% interest sold in exchange for (i) $461M proceeds, (ii) capital $24M for redevelopment, and (iii) $475M of property debt assumption – Limited number of partners expected given our focus on building strategic relationships (but likely more than two) – Pricing validated property values at the height of COVID • JVs add some complexity; our reporting will be transparent – Reduced exposure to California and proportional • Blackstone JV • We are comfortable with the trade-off where AIR: – $510M transaction across three properties in Virginia – Retains GP and operating control on attractive terms; and – $408M in proceeds in exchange for an 80% interest – Can redeploy the capital accretively, and drive incremental growth in FFO for shareholders – Allowed AIR to trade into relatively higher growth properties within attractive DC submarkets • AIR is committed to a simple, efficient business model… full stop 31

The most efficient and most effective way to allocate capital to multi-family real estate AIR and AIV are independent, and operate as such • Given the shared history and relationship as described below, great care is taken that any transactions between the two companies are commercially reasonable, and on market terms • The AIR-AIV Transactions Committee is responsible for reviewing all transactions involving AIV, and is comprised of three independent directors – Thomas Keltner, Nina Tran, and John Rayis AIV Note Receivable Master Leasing Agreement • $534M note receivable from AIV • Properties leased by AIV: Flamingo North, Prism, The Fremont and 707 Leahy – 5.2% interest rate per annum – Lease payments to AIR based on FMV and determined at inception – 1/31/2024 maturity and lock-out date • At stabilization after redevelopment by AIV: – Customary protections for AIR on property – AIV has the option to terminate the lease on each property sales, debt issuances, casualty loss, etc. – AIR then has the right to acquire the improvements at a 5% discount to FMV; or • AIR has committed to use proceeds of debt – AIV may (i) acquire the fee or (ii) cause a sale to a third party (AIR would receive repayment to reduce outstanding debt consideration based on the FMV of the fee prior to redevelopment at lease inception with the balance to AIV) AIR Service Agreements • All four properties approaching stabilization over 2022 and 2023 • Property Management • No obligation to lease additional properties to AIV – Market-based contract for AIR on AIV-owned – Master Leasing Agreement expires in June 2022 properties renewable annually – AIV is one of several strategic partners – future projects may be considered if – Terminable at any time on 60-days’ notice value enhancing for AIR shareholders without fee or penalty • Additional AIR rights to limit conflicts: • Master Services – Purchase Option at FMV on stabilized properties owned by AIV; and – Administrative and support services by AIR charged at fully-burdened cost with no – ROFO on stabilized properties where AIV is under contract to purchase (AIV additional margin receives a 1% fee on GAV if AIR exercises) – Terminable by AIR after 12/31/2023 on 60-days’ notice; terminable by AIV at any time 32

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 2022 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, 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. 33