Exhibit 99.1 The most efficient and most effective way to allocate capital to multi-family real estate One Canal Investor Presentation June 2022 Boston, MA 0
The most efficient and most effective way to allocate capital to multi-family real estate Key Takeaways 1 2 3 Multi-family AIR has a high-quality portfolio: AIR’s simple, fundamentals remain transparent business - Diversified across eight core markets with strong, and AIR’s model of narrow focus attractive economic growth and limited business continues to regulatory risk and low leverage perform warrants a low risk - Third highest average rents within the sector at $2,482, up $275, or 12.5%, since Separation premium 4 5 The AIR Edge is a differentiator: Experienced, deep team fully aligned with shareholders - Source of Same Store organic growth with the highest conversion of rent to FCF among peers, ~9- (1) 10% greater than the average - Driver of attractive risk-adjusted external growth through disciplined, accretive paired trades 1 (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 Simple, transparent business with a high-quality portfolio driving attractive organic growth (1) (2) April / May Operating Update Compounded SS Revenue Growth SS Revenue to FCF Conversion (%) Indexed to 2019 18.2% 17.6% 65.3% 118.1 64.7% 59.7% 14.4% 59.0% 13.5% 10.7% 10.3% 109.0 104.1 Apr 2022 May 2022 2019 2020 2021 2022 2021 Q1 2022 2021 Q1 2022 Midpoint (1) New Leases Renewals Wtd. Avg. AIR Coastal Avg. Sunbelt Avg. Peer Average Guidance (1) (+) Revenue Emphasis on “good neighbor” policies and stable (-) Operating Peer-leading COE track record • • communities continues to attract strong demand, Expense • Additional efficiency through G&A cap in place and retain high-quality, affluent residents • As a result, ~9-10% more Same Store Revenue Diversification supports stable growth over cycles • converted to FCF AIR’s business continues to perform; external • – Durable advantage in growth created by the growth demonstrates the value of the AIR Edge AIR Edge compounds over time – Class of 2021 acquisitions outperforming with blended signed leases up 26.6% at City Center and 27.3% in the DC Portfolio Expect to sustain momentum in 2022 and 2023 • given (i) earn in, (ii) low teens loss-to-lease, and (iii) current indications of sustained leasing through peak season (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 Q1 2022 and 2021 financials as reported in company filings. Free Cash Flow Conversion % defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same 2 Store Revenue. Please see appendix for additional detail.
The most efficient and most effective way to allocate capital to multi-family real estate Significant upside potential through disciplined paired trades and deployment of the AIR Edge (1) • Class of 2021 acquisitions represent ~7% of AIR’s total portfolio and is growing at ~2x the rate of the (+) Disciplined Same Store External Growth Opportunity (1) Class of 2022 completed acquisitions (see Page 4) increases the allocation to ~9% • • Target is ~15% of total portfolio in properties new to the AIR platform with NOI growth at ~2-3x market levels in Years 2-4 under AIR’s ownership Key assumption: ability to source new opportunities as Classes revert to market after Year 4 • 2022 Change In Blended Signed Lease Rates (%) Illustrative Impact at Full Deployment Class of 2021 outperforming underwriting • ~35% expected increase in rate of portfolio NOI growth at targeted ~$2B total allocation • NOI yields expected to materialize as leasing performance earns in • On track for ~50%+ higher growth in Q4 2022 relative to AIR’s SSNOI growth 27.9% 27.0% 26.6% 23.4% 22.1% 15.3% 14.4% 13.9% 13.8% 13.5% Jan Feb Mar Apr May (1) Class of 2021 AIR Same Store th (1) Class of 2021 acquisitions defined as City Center on 7 , North Park, Huntington Gateway, Vaughn Place, and Residences at Capital Crescent Trail. Class of 2022 acquisitions defined as the Reserve at 3 Coconut Point and Watermarc at Biscayne Bay.
The most efficient and most effective way to allocate capital to multi-family real estate Strategy expected to drive significant NOI growth in AIR’s initial Class of 2022 acquisitions The Reserve at Coconut Point • Purchase price: $72M • Newly developed 180 apartment community – Located in Estero, FL – Submarket between Naples and Fort Myers that is part of a 500-acre master planned community – Short walk to Hertz’ corporate HQ • Projected 3.8% NOI yield in Year 1 with an underwritten long-term IRR of ~8% – Expected Year 1-3 NOI growth of 44% following platform onboarding Watermarc at Biscayne Bay • Purchase price: $211M • Newly developed 296 apartment community – Located in Miami, FL – Located in the Edgewater neighborhood of Miami with proximity to premier entertainment, cultural, and employment attractions of Miami-Dade County – Proximity to Bay Parc additionally benefits AIR • Projected 4.1% NOI yield in Year 1 with an underwritten long-term IRR of ~8% – Expected Year 1-3 NOI growth of 34% from following platform onboarding 4
The most efficient and most effective way to allocate capital to multi-family real estate Low, fixed cost leverage achieved in 15-months following Separation (1) Balance Sheet Progress Since Separation Key Balance Sheet Metrics (Pro Forma as of 3/31/2022) Floating Rate % No floating rate exposure -% ü Gross leverage reduced by $1.5B Wtd. Avg. Maturity (Yrs) 8.0 ü Increased pool of unencumbered properties by Debt Repricing in Next 33 Months Only 6% debt repricing through 2024 $146M $5.1B to $7.9B Attractive rate for 2022+ Wtd. Avg. Interest (%) 3.6% ü Net Leverage reduced ~2.1x to 5.4x Net & Gross Leverage to EBITDA (x) Gross and Net now equal 5.4x ü Accessed the bond market – $100M of 5-year notes – $100M of 7-year notes Share Repurchase Activity – $200M of 10-year notes • ~$72M of opportunistic share repurchases – Debentures priced at wtd. avg. YTM of 4.3% during Q2 2022 at an average $44.20 per inclusive of treasury lock purchased in (2) share, or ~5% implied cap rate anticipation of the offering • Board authorization to repurchase up to – Transaction anticipated to close in late June $500M of common shares (1) 5.4x metric pro forma for (i) $159M of April property sales and (ii) $557.5M from AIV: $534M in payment of the note and $23.5M as a prepayment penalty. 5 (2) Per GSA and S&P Cap IQ as of 6/3/2022.
The most efficient and most effective way to allocate capital to multi-family real estate Full Year 2022 Guidance: Q1 2022 Update 2022 Pro Forma Run Rate & 2023 FFO In Context Underwriting Future FFO Growth • Pro Forma Run Rate guidance of $2.19 FFO per share in 2022 as if Q1 2022 announced • Driven by ability to capture transactions were executed on 12/31/2021 submarket demand and loss-to- lease, while mitigating other factors • 2H 2022 FFO guidance of $1.16 at the midpoint includes full impact of announced Same Store (such as bad debt) transaction activity (including $500M of acquisition guidance, which includes $283M Revenue announced herein) • Capital enhancements drive additional growth (subject to IRR • 2H 2022 annualized of $2.32 provides framework by which 2023 may be underwritten hurdles) – 2H 2022 SSNOI estimated to be ~$20-25M greater than 1H 2022 • Track record of productivity in Same Store • Incremental SSNOI, at the midpoint, bridges between AIR’s guidance on 2022 Pro Forma maintaining flat to declining Operating Run Rate FFO of $2.19 and 2H 2022 FFO annualized of $2.32 controllable operating expense Expense historically – Incremental 2023 SSNOI growth may be derived from: External growth subject to disciplined • Earn in of market rental rates • capital allocation approach – Embedded within 2022 guidance is an anticipated year-end loss-to-lease of ~7-9% External • Expected to benefit from the AIR Edge – AIR would expect ~40% of loss-to-lease to earn in to 2023 revenue growth if market Growth with NOI growth at ~2-3x market rents are unchanged with the remainder in 2024 levels during the first ~2-4 years of • Further revenue growth may be achieved through higher occupancy or lower bad debt ownership – Expense growth may somewhat offset the above Property • Net expense expected to decline with Management growth – Every 100 bps of SSNOI growth increases FFO per share by ~$0.025 • Expected to convert into Same Store NOI upon leasehold repurchase Includes ~$0.14 per Lease Income share from expected Future projects expected to include • $2.41 prepayment penalty similar lease support through redevelopment period $1.16 • Growth limited with 15 bps of GAV G&A Expense cap backstopped by CEO $0.57 $0.68 Interest Expected ~3.6% weighted average • Expense fixed cost from 2H 2022 forward Q1 2022 Q2 2022 2H 2022 2022 FFO FFO per Share FFO per Share FFO per Share per Share (Actual) (Midpoint) (Midpoint) (Midpoint) 6
The most efficient and most effective way to allocate capital to multi-family real estate th City Center on 7 Appendix Pembroke Pines, FL 7
The Sterling A Investment Case for AIR Philadelphia, PA
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 at less than 15 bps of GAV drive higher FCF conversion 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 at Market leading AIR less than 15 bps of GAV Edge operating platform 3 • Durable advantage through (i) NOI margin performance and (ii) conversion of Same Store Revenue to FCF at drives earnings growth (1) ~9-10% higher than the peer average compounds over time • 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 and 2022 property sales at Disciplined capital a long-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; elected annually; average tenure of ~4 years and fully aligned 5 • “At risk” compensation, primarily tied to TSR, aligns CEO and Management in driving value for shareholders Management • Attractive absolute and relative valuation Attractive valuation • A $100 investment in AIR by a retail investor today would yield $3.67 on a post-tax basis, or $1.78 (+95%) 6 (1)(2)(3) more than peer average (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) Assumes AIR’s dividend in 2021 was ~67% return of capital and ~33% capital gain. Peers averaged ~62% ordinary income and ~28% capital gain. Analysis assumes similar dividend treatment. (3) 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 9 illustrative 6.65% state tax is added to each respective federal rate.
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 (1) Organic growth through peer-leading operating efficiency of our AIR Edge Clearly articulated view of cost of capital and required returns for external growth No development Cash flow conversion enhanced by G&A cap at less than 15 bps of GAV Low leverage Target dividend payout ratio at ~75% of FFO 10 (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 4.30 (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 61.3% a record high for AIR (2) • Among Coastal peers , AIR fell less in 2020… recovered (2) Year-Over-Year Same Store Revenue Growth (%) more in 2021… and has sustained momentum in 2022 2020 2021 2022 Midpoint Guidance (2) – Only REIT among Coastal peers to generate positive Same 10.6% 9.8% 9.2% Store Revenue Growth in 2021 4.9% 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. Kingsley Index is a proprietary index and is the standard for measuring customer satisfaction in the multi-family sector. 11 (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 • Use of AI to target identified allows for efficient work order response teams support relationships that ensure within markets market segments predisposed completion and supports teammates both onsite and access to contract labor to be stable residents with • Active coordination between integration of robotics offsite • Disciplined offsite underwriting longer than average tenure, offsite expert revenue • Smart home technology • Specialization leads to better to identify capital and in turn income to pay management and local installed in all units – lowers performance, for example in enhancement activity higher rents if earned by CSAT property management teams turn, utility, and insurance offsite collections increasing organic growth costs, while boosting revenue Physical Properties & Upgrades Real Time IT & Technology Analytics & Tools People & Culture Organizational Passion for continuous Design & Staffing improvement 12
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… Focus creates outperformance in AIR’s Same Store portfolio, while making possible acquisitions with attractive returns on a risk-adjusted basis (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) 95.7 95.7 72.8% 95.1 Negative 10 bps growth CAGR in Same Store COE measured (1) over more than a decade 68.2% Indexed to 2009 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 65.0% 5-Year COE Growth CAGR (%) 1-Year COE Growth CAGR (%) 4.0% 2.1% (2) 1.6% Peer-leading Same Store NOI Margin 1.4% over 20+ consecutive quarters -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 Q1 2022 is presented net of $7.1M of utility reimbursements. Historical data is presented net of utility reimbursements as well. AIR views this metric as the best measure of 13 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 NOI margin advantage compounding over time… Same Store NOI Margin outperformance has resulted in ~550 bps cumulative (1) growth above the peer average since 2016 (1) Compounded Same Store NOI Growth (Indexed to 2016) 132.3 Accelerating NOI growth out of COVID with 2022 NOI guidance at (1) the top end of the peer group 123.0 Peer Avg.: 117.4 110.1 2016 2017 2018 2019 2020 2021 2022 Midpoint Guidance AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. 14 (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 3 …and driving significant flow-through for the benefit of shareholders (1) ~8% and ~13% higher revenue required by Coastal and Sunbelt peers , respectively, to equal AIR’s Free Cash Flow conversion margin (2) Same Store Revenue to Free Cash Flow Conversion (%) Focus on efficiency results in higher share of AIR’s rent growth being available for accretive uses 65.3% 64.7% 60.7% 60.5% 57.7% 55.9% 2021 Q1 2022 2021 Q1 2022 2021 Q1 2022 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 Q1 2022 and 2021 financials as reported in company filings. Free Cash Flow Conversion % defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same 15 Store Revenue. 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 minimum target of ~10% on average constraints, and predictable laws and regulations – Equates to low double digit NOI yields – 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 • Bank debt: line of credit and term loans • Sale of lower rated properties • Corporate debt: private and public • Sale of JV interest(s) • Secured debt • Issuance of common shares / OP units 16
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 • Acquisitions consistently underwritten to drive significant near-term NOI growth (1) – Class of 2021 acquisitions outperforming initial underwriting (2) • Execution of business plans driven by the AIR Edge can generate a ~30% uplift in property value (1)(3) (1)(3) Acquisition Underwriting: Class of 2021 Acquisition Underwriting: Class of 2022 Key Growth Drivers: • Bringing rents in line with submarket demand • Implementation of “good neighbor” policies and improved 5.6% resident selection 5.5% 5.5% 5.2% 4.2% 4.1% 4.1% • Physical upgrades and 3.8% introduction of new amenities • AIR platform onboarding • Culture • Staffing model and work flow Year 1 Year 3 Year 1 Year 3 Year 1 Year 3 Year 1 Year 3 both onsite and corporate HQ City Center DC Portfolio Coconut Point Biscayne Bay • Deployment of technology suite Year 1 – Year 3 +22% +37% +44% +34% NOI Growth (%) Underwritten 9% 9% 8% 8% (4) Unlevered IRR Q1 2022 blended lease growth of 24.0% for the Class of 2021 acquisitions compares to 14.4% for AIR’s Same Store portfolio th (1) Class of 2021 acquisitions defined as City Center on 7 , North Park, Huntington Gateway, Vaughn Place, and Residences at Capital Crescent Trail. Class of 2022 acquisitions defined as the Reserve at Coconut Point and Watermarc at Biscayne Bay. (2) Property value assumed at Year 1 NOI cap rate based on Year 3 NOI, net of capital. (3) Reflects underwritten Year 1 and Year 3 normalized NOI yield for each respective acquisition inclusive of incremental capital enhancement spend. 17 (4) Underwritten IRR assumes a 10-year hold period.
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 Terry Considine Margarita Paláu-Hernández ü Refreshed Board with five new • Director since 1994 • Director since 2021 • CEO, AIR Communities • Founder and CEO, Hernández Ventures independent directors in the last two • Prior experience includes Chairman & CEO of Aimco • Nominated to serve as Representative of the US to the years, with eight (of nine) independent rd through the December 2020 Separation 73 Session of the General Assembly of the UN with the • In 1975, founded and managed predecessor companies personal rank of Ambassador that became Aimco at its IPO in 1994 • Member of the Board of Occidental, Xerox, and Conduent – Diverse and relevant expertise • Member of the Board of Aimco • Member of the Board of Reagan UCLA Medical Center and Nat’l Museum of the American Latino at the Smithsonian – Average independent director tenure of ~4 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 • Prior experience includes Partner, Tax, Skadden, Arps, Global Brands at Hilton Hotels, various leadership roles Slate, Meagher & Flom LLP (incl. President, Brand Performance & Development) with • Currently an Adjunct Professor of Law at Stetson – Chairman and CEO separated Promus Hotels, various leadership roles with Holiday Inn University College of Law Worldwide, President of Saudi Marriott Company, and • Member of the Board of The University of Chicago Medical ü Cannot stagger the Board without management consulting with Cresap, McCormick & Paget Center shareholder approval Thomas Bohjalian Ann Sperling ü Shareholder proxy access and ability to • Director since 2021 • Director since 2018 call special meetings • Prior experience incudes EVP and Senior Portfolio • Prior experience includes Senior Director of Trammell 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 ü Majority vote standard (incl. director consistently ranked in the top decile of all real estate fund of Trammell Crow resignation in a majority against vote) managers • Member of the Board of SmartRent, and Advisory Boards of Cadence Capital and the Gates Center for Regenerative Medicine (1) ü Peer-leading “Say on Pay” with highest level of support among multi- Kristin Finney-Cooke Nina Tran family peers over the last five years • Director since 2021 • IDirector since 2016 • 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, ü Directors actively making open market of Diverse Manager Advisory Committee at NEPC, CFO of Starwood Waypoint Residential Trust, various purchases of AIR shares Principal at Mercer, and Credit Suisse First Boston leadership roles focused on the merger integration of AMB • 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 – 6.7K+ shares acquired over YTD Chicago Medical Center Advisory Board of the Asian Pacific Fund Devin Murphy • Director since 2020 • President, Phillips Edison & Company • Prior experience includes Vice Chairman, Morgan Stanley, Recognized by Women’s Recipient of 2021 Gender Global Head of Real Estate Investment Banking, Deutsche Forum of New York for Balanced Board award from Bank, and various leadership roles at Morgan Stanley having at least 30% of Board Boardbound by Women’s including Co-Head of US Real Estate Investment Banking and Head of Real Estate Private Capital Markets seats held by women Leadership Foundation • Member of the Board of CoreCivic 18 (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 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 ü Required stock ownership of >5x base salary for our CEO, President, and CFO, Terry Considine Lisa Cohn Keith Kimmel Paul Beldin 51+ Years of 20+ Years of 20+ Years of 14+ Years of and 4x for other executive officers AIR Experience AIR Experience AIR Experience AIR Experience (1) ü Peer-leading “Say on Pay” with highest level of support among multi- Core of executive management has spent the last 14+ years working together family peers over the last five years (1) Historical “Say On Pay” Shareholder Support % Senior Vice President, Executive Vice President, Executive Vice President, Senior Vice President, Chief Corporate Strategy, Capital Co-CIO Capital Markets Responsibility Officer Allocation, & Co-CIO 98.7% 98.5% 97.8% 97.9% 97.0% 93.2% 92.6% 92.6% 92.4% 92.0% Patti Shwayder John McGrath Joshua Minix Matthew O’Grady 2017 2018 2019 2020 2021 19+ Years AIR Experience 6+ Years of AIR Experience Joined Q3 2021 Joined Q4 2021 AIR Peer Avg. Identified gaps created by the Separation and strengthened ourselves with new talent to support transactions and external growth 19 (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 6 Attractive valuation for AIR on an absolute and relative basis • Common equity not currently an attractive source of capital for near-term growth – Property sales and/or joint ventures expected to provide the most attractive WACC – We will not pursue investments unless accretive to near-term FFO, and at a substantial IRR spread to our WACC (1)(2) (1)(2) Premium / (Discount) to Implied Trading Metrics Gross Asset Value Net Asset Value Implied Cap Rate (%) 2022E FFO (x) 22.0x 5.0% 21.1x 4.9% 4.9% 20.1x -18.0% -19.2% -19.5% -21.3% -23.7% -24.4% Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Coastal Sunbelt Peers Peers Peers Peers Peers Peers Peers Peers At $2.19 Pro Forma Run Rate AIR Communities Coastal Peers Sunbelt Peers Guidance • Target payout ratio at ~75% of FFO (2) Attractive • ~4.1% dividend yield compares to a peer average of ~3.0% (3) Dividend • A $100 investment in AIR by a retail investor today would yield $3.67 on a post- (2)(3) tax basis, or $1.78 (+95%) more than peer average (1) Per GSA and S&P Cap IQ as of 6/3/2022. (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. (3) Assumes AIR’s dividend in 2021 was ~67% return of capital and ~33% capital gain. Peers averaged ~62% ordinary income and ~28% capital gain. Analysis assumes similar dividend treatment. (4) Assumed tax rates: (i) federal ordinary income of 37% (29.6% for qualified 199A income), (ii) federal LTCG of 20%, and (iii) federal 1250 recapture of 25%. A 3.8% Net Investment Income Tax and 20 illustrative 6.65% state tax is added to each respective federal rate.
Parc Mosaic B Committed to Corporate Responsibility Boulder, CO
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 Goals published in Q1 2022 AIR ESG Highlights Environmental Social Governance • Benchmarking to GRESB • AIR Gives Volunteer program • Corporate ESG policies • Participant in Global Real Estate Sustainability • Aligned with U.N. • Commitment to service • Strict adherence to Code of Benchmark (“GRESB”) in 2020 and 2021 Sustainability Goals Conduct and Ethics • Good Neighbor policies – 21% improvement in 2021 • Established targets for energy, • Transparency to shareholders • Professional training water and greenhouse gas and the public – Perfect score in the ‘social’ metrics, and a • Internal promotion focus reductions by 2025 near perfect score in ‘governance’ • Corporate Responsibility Task • Healthcare and benefits, • Certifying buildings through Force reporting to CEO • “Low Risk” rating by Sustainalytics including industry leading third parties • Vendor and Supplier Code of parental leave • Awarded 2021 Gender Balanced Board from • Performing physical and Conduct to include ESG and • Flexible work hours Boardbound by the Women’s Leadership transition risk analysis on the adherence to ethics, health portfolio and new acquisitions and safety measures. Foundation • Benefits for teammates deployed on active duty • Smart home technology to • Board diverse in background • Ongoing dialogue with more than two-thirds of conserve energy and water and experience • Support for teammates stockholders annually to collect feedback on use / monitor for leaks and seeking U.S. citizenship • Board review of political and ESG, among other topics other issues nonprofit contributions • Scholarships for teammates • Disaster preparedness and and students living in “We believe our work is more than a business. It's also a proactive upgrades affordable housing mission to serve others. We are committed to further progress on the achievement, measurement, and • Support for teammates facing reporting of our ESG goals.” unexpected crises -Terry Considine, CEO, AIR Communities 22
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 201320142015201620172018201920202021 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 Nationwide team engagement score paid hours each year to apply to volunteer AIR Gives scholarship AIR Gives scholarship Raised in 2021 benefiting in 2022 was 4.42 (out of 5 stars) with funds to 630 children of funds to 26 students in veterans and providing activities of their choosing, and matches 72% of teammates participating teammates since 2006 2020 scholarships for students charitable giving up to $15 per hour in affordable housing volunteered 23 (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 all properties to manage energy usage, and provide early detection of wasteful use of water leak detection 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 • 1,100 EV charging stations being • Tracking whole building • Low-flow plumbing fixtures have • Disaster preparedness program installed 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 • Aggressively pursuing solar a natural disaster occur electric generation across the • High efficiency LED lighting in all • Water leak sensors included in portfolio: three projects AIR communities the smart home technology • Upgrades during renovations that underway, two more in final installed in all apartment homes include protections from storm • Building automation systems review for immediate execution, damage and other impacts of installed at all high- and mid-rise • All communities in California and and six additional projects are natural disasters buildings to optimize efficiency Denver have smart irrigation under evaluation and preliminary and reduce energy consumption systems installed • MSCI analysis of portfolio and design acquisitions for physical and • All cooling towers in high-rise transition risks buildings are controlled to minimize evaporation • Excellent bottom line metric is that casualty claims are rare 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 24
Bent Tree C Additional AIR Background Centreville, VA
The most efficient and most effective way to allocate capital to multi-family real estate Apartment Income REIT Corp. Company Snapshot 77 25,384 11.7% (1) (1) # of Properties # of Apartment Homes Q1 2022 Same Store NOI Growth $2,482 6.2% 98.1% 72.8% Q1 2022 Same Store Q1 2022 Same Store Q1 2022 Same Store Q1 2022 Same Store (2) Average Revenue per Average Revenue per Average Daily NOI Margin Apartment Home Apartment Home Growth Occupancy 48% / 52% 5.4x $1.80 Class A / B Net Leverage 2022 Expected (1)(3) (4) Properties to EBITDA Dividend per Share Bay Parc Miami, FL Note: Reflects Q1 2022 portfolio metrics, unless noted. (1) Reflects AIR’s 64 properties in Same Store, nine in Other Real Estate, and four properties leased to Apartment Investment and Management Company (“Aimco” or “AIV”) at 100%. Held for Sale properties are expected to be sold in Q2 2022. (2) Same Store NOI Margin is presented net of $7.1M 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 Q1 2022 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. 13% of NOI is classified as “C” quality and is included within “B” for presentation purposes. 26 (4) 5.4x metric pro forma for (i) $159M of April property sales and (ii) $557.5M from AIV: $534M in payment of the note and $23.5M as a prepayment penalty.
The most efficient and most effective way to allocate capital to multi-family real estate AIR is a focused 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 1,579 % Q1 22 AIR NOI 11.7% % Q1 22 AIR NOI 9.2% A / B Mix by NOI 33% / 67% A / B Mix by NOI 34% / 66% Philadelphia Los Angeles # Units @ Share 2,669 # Units @ Share 2,966 % Q1 22 AIR NOI 12.4% % Q1 22 AIR NOI 20.0% A / B Mix by NOI 95% / 5% A / B Mix by NOI 82% / 18% Greater D.C. San Diego # Units @ Share 4,223 # Units @ Share 2,388 % Q1 22 AIR NOI 14.0% % Q1 22 AIR NOI 11.4% A / B Mix by NOI 16% / 84% A / B Mix by NOI 4% / 96% Greater DC South Florida 14.4% of NOI Denver 2,425 2022 Rental Growth Expectations # Units @ Share # Units @ Share 1,987 % Q1 22 AIR NOI 10.0% Double Digit High Single Digit Mid Single Digit % Q1 22 AIR NOI 7.8% A / B Mix by NOI 58% / 42% A / B Mix by NOI 26% / 74% Additional Portfolio Highlights (1) (3) • AIR NOI (Class A / B) = 48% / 52% Other Markets • Q1 2022 Same Store Metrics (Class A / B): # Units @ Share 1,260 o Resident Retention: 60.4% / 61.9% % Q1 22 AIR NOI 3.5% o Rent-to-Income Ratio: 19.2% / 20.7% A / B Mix by NOI 54% / 46% Note: Reflects Q1 2022 total portfolio data, unless noted. (1) Metric reflects percentage contribution of Q1 2022 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. 13% of NOI is classified as “C” quality and is included within “B” for presentation purposes. 27 (2) 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 2022 and 2023 as we work through peak leasing Change In Signed Lease Rates (%) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Apr 2022 May 2022 18.2% 17.6% 17.5% 14.4% 14.4% 14.2% 13.5% 13.3% 11.5% 10.9% 10.7% 10.7% 10.3% 10.1% 9.2% 5.3% 3.8% 2.5% New Leases Renewals Wtd. Avg. 28
The most efficient and most effective way to allocate capital to multi-family real estate (1) Calculation of Same Store Revenue to Free Cash Flow Conversion ($ in 000s, unless noted) AIR ESS UDR AVB EQR CPT MAA Q1 2022 Actuals Same Store Revenue $138,108 $356,273 $321,514 $546,839 $618,357 $277,838 $454,477 Same Store NOI $100,605 $247,761 $223,502 $371,119 $408,366 $181,278 $294,642 Property Management (Net) (5,342) (10,172) (10,491) (28,113) ( 30,747) (5,939) (16,537) General & Administrative (5,034) (12,242) (14,908) (17,421) ( 17,238) (14,790) (16,323) Revenue Converted to Free Cash Flow $90,229 $225,347 $198,103 $325,585 $360,381 $160,549 $261,782 Same Store Revenue FCF Conversion % 65% 63% 62% 60% 58% 58% 58% Average 61% 58% Implied Revenue % Increase for Breakeven with AIR 8% 13% 2021 Actuals Same Store Revenue $525,436 $1,288,238 $1,160,938 $2,046,173 $2,342,257 $971,872 $1,702,741 Same Store NOI $379,042 $891,404 $799,079 $1,370,282 $1,538,262 $620,662 $1,064,308 Property Management (Net) (25,241) (27,050) (32,438) (98,665) ( 98,155) (20,318) (55,732) General & Administrative (14,087) (51,838) (57,541) (69,611) ( 56,506) (59,368) (52,884) Revenue Converted to Free Cash Flow $339,714 $812,516 $709,100 $1,202,006 $1,383,601 $540,976 $955,692 Same Store Revenue FCF Conversion % 65% 63% 61% 59% 59% 56% 56% Average 60% 56% Implied Revenue % Increase for Breakeven with AIR 7% 16% AIR Communities Coastal Peer Avg. Sunbelt Peer Avg. (1) Reflects Q1 2022 and 2021 financials as reported in company filings. Free Cash Flow Conversion % defined as Same Store NOI less Net Property Management and G&A Expense, and divided by Same 29 Store Revenue.
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 (1) Balance Sheet Highlights • De-leveraging fully achieved at 5.4x Net Leverage to EBITDA BBB/Stable 5.4x $7.9B 19% S&P Global Net Leverage Unencumbered Net Leverage • 3.6% weighted average cost of debt and (1) (2) Ratings to EBITDA Asset Pool to GAV 8.0 year weighted average maturity • $1B+ of available liquidity pro forma – $111M expected cash and restricted cash (1) at share Pro Forma Debt Repricing Profile ($M) – $1B capacity on AIR’s line of credit Only $146M of debt subject to repricing through 2024 • Only 6% of pro forma debt repricing through the end of 2024 – Significant cushion under LoC covenants $286 $268 $267 $238 $228 $227 $210 $100 $99 $46 $- 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+ (1) 5.4x metric pro forma for (i) $159M of April property sales and (ii) $557.5M from AIV: $534M in payment of the note and $23.5M as a prepayment penalty. All metrics pro forma for announced Q1 2022 balance sheet transaction activity. 30 (2) Reflects AIR total asset value assuming GSA GAV as of 6/3/2022.
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 • Expected to be repaid in Q2 2022 plus a – AIV may (i) acquire the fee or (ii) cause a sale to a third party (AIR would receive ~$23.5M prepayment penalty consideration based on the FMV of the fee prior to redevelopment at lease – Proceeds will be used to pay down debt inception with the balance to AIV) • All four properties approaching stabilization over 2022 and 2023 AIR Service Agreements – Expect to repurchase properties prior to lease expiration • Property Management • No obligation to lease additional properties to AIV – Market-based contract for AIR on AIV-owned – Master Leasing Agreement subject to renewal 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 – ROFO on stabilized properties where AIV is under contract to purchase (AIV charged at fully-burdened cost with no receives a 1% fee on GAV if AIR exercises) additional margin – Terminable by AIR after 12/31/2023 on 60-days’ notice; terminable by AIV at any time 31
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. 32