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| CORPORATE PRESENTATION, SEPTEMBER 6, 2023 | 19 Overview | Portfolio | ESG | Appendix Multifamily Office / Corp Disc. Ops Total Multifamily Office / Corp Total Net Income (loss) $(12,805) $(17,330) $— $(30,135) $(11,015) $(5,215) $(16,230) Deduct: Real estate services income (644) 1 — (643) (911) — (911) Interest and other investment loss (income) (1) (3,926) — (3,927) (29) (87) (116) Equity in (earnings) loss of unconsolidated joint ventures (2,700) — — (2,700) 68 — 68 General & Administrative – property level — 3,488 (3,488) — 3 — 3 Realized and unrealized (gains) losses on disposition — — — — — (780) (780) (Gain) loss on disposition of developable land — — — — — 22 22 (Gain) loss from early extinguishment of debt, net — 2,657 — 2,657 (12) 12 — Other Income (710) (143) — (853) — — — Add: Real estate services expenses 2,352 2,037 — 4,389 1,897 46 1,943 General and administrative 660 8,932 (10) 9,582 1,354 8,932 10,286 Dead deal and transaction-related costs — 3,319 — 3,319 — 1,027 1,027 Depreciation and amortization 21,583 2,376 (275) 23,684 21,506 2,370 23,876 Interest expense 35,068 14 — 35,082 21,986 28 22,014 Land impairments — 3,396 — 3,396 3,396 — 3,396 Net Operating Income (NOI) $42,803 $4,821 $(3,773) $43,851 $38,243 $6,355 $44,598 DEFINITION OF NET OPERATING INCOME (NOI): NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed. Information About Net Operating Income (NOI) RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) Q2 2023 Q1 2023 APPENDIX |