Monogram Residential Trust (BHORL) 8-K Monogram Residential Trust Announces Second Quarter 2016 Results and Updates 2016 Outlook

Exhibit 99.2

Supplemental Financial Information Second Quarter 2016

Table of Contents Second Quarter 2016 Forward-Looking Statements 3 Consolidated Balance Sheets 4 5 6 7 8 9 10 11 12 Proportionate Balance Sheet Information as of June 30, 2016 Proportionate Balance Sheet Information as of December 31, 2015 Consolidated Statements of Operations Funds from Operations, Core FFO and Adjusted Core FFO Proportionate QTD Operating Information and Reconciliation to FFO Proportionate YTD Operating Information and Reconciliation to FFO AFFO Comparisons to 2Q 2016 EBITDA Reconciliation Equity Investments by Geographic Regions 13 14 15 19 Summary of Number of Units and Communities Summary of Operating Communities Summary of Proportionate Share of Notes Receivable Consolidated Net Operating Income 20 21 22 24 26 28 29 31 33 34 Reconciliation of Consolidated Net Operating Income Consolidated QTD Net Operating Income by Geographic Region and Market Consolidated YTD Net Operating Income by Geographic Region and Market Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Consolidated QTD and YTD Same Store Operating Expenses Proportionate QTD Net Operating Income by Geographic Region and Market Proportionate YTD Net Operating Income by Geographic Region and Market Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market Proportionate Share QTD General and Administrative and Corporate Property Management Expenses Summary of Developments 35 36 37 38 Development Cash Costs to Complete, Interest and Other Costs Acquisition and Disposition Summary - Three Years Capital Expenditures - Same Store Debt Summary 39 42 44 Debt Detail by Multifamily Community Sources of Funds Available Preferred Stock, Common Stock and Common Stock Equivalents 45 Road Map to Net Asset Value 46 Information on Joint Ventures 49 Full-Year 2016 Guidance 50 51 Guidance Reconciliations © Monogram Residential Trust, Inc. 2 Definitions and other Explanatory Information52 Guidance Co-Investment Venture Partners Net Asset Value Equity Capitalization Capitalization Capital Deployment Operating Performance Portfolio Overview Financial Information

Forward-Looking Statements Second Quarter 2016 Certain statements made in the following supplemental financial information may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future events and developments and the future performance of Monogram Residential Trust, Inc. (which together with its subsidiaries may be referred to as the “Company,” “we,” “us,” or “our”), as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in the following supplemental financial information and in the Company’s outlook include, expectations regarding apartment market conditions and expectations regarding future operating conditions, including the Company’s current outlook as to expected funds from operations, core funds from operations, adjusted funds from operations, revenue, operating expenses, net operating income, capital expenditures, depreciation, gains on sales and net income and anticipated development activities (including projected construction expenditures and timing). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward-looking statements: we may abandon or defer development opportunities for a number of reasons, including, without limitation, changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed our original estimates; we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues; occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control; financing may not be available on favorable terms or at all, and our cash flows from operations and access to cost effective capital may be insufficient for the growth of our development program which could limit our pursuit of opportunities; our cash flows may be insufficient to meet required payments of principal and interest, and we may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness; and we may be unsuccessful in managing changes in our portfolio composition. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and may be discussed in subsequent filings with the SEC. © Monogram Residential Trust, Inc. 3

Financial Information Consolidated Balance Sheets (in thousands) (unaudited) Assets Real estate Land Buildings and improvements Gross operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net Cash and cash equivalents Intangibles, net Other assets, net Total assets Liabilities Mortgages and notes payable, net Credit facilities payable, net Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests Equity Preferred stock Common stock Additional paid-in capital Cumulative distributions and net income (loss) Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity $ 510,265 2,774,750 $ 497,360 2,627,693 3,285,015 (417,261) 3,125,053 (357,036) 2,867,754 235,524 2,768,017 333,153 3,103,278 58,244 17,514 64,834 3,101,170 83,727 18,066 64,993 $ 3,243,870 $ 3,267,956 $ 1,497,454 44,216 37,456 28,929 18,718 12,512 6,310 $ 1,461,349 45,495 36,975 28,922 19,451 12,494 5,616 1,645,595 29,073 1,610,302 29,073 — 17 1,437,684 (312,065) — 17 1,436,254 (269,523) 1,125,636 443,566 1,166,748 461,833 1,569,202 1,628,581 $ 3,243,870 $ 3,267,956 Note: As more fully explained in Note 2 of our financial statements included in our Form 10-Q for the six months ended June 30, 2016, effective January 1, 2016, we adopted the new GAAP accounting standard related to debt issuance costs. Accordingly, the December 31, 2015 financial statements include a retrospective reclassification of debt issuance costs from an asset presentation to a deduction from the carrying value of debt. © Monogram Residential Trust, Inc. 4 June 30, 2016December 31, 2015

Financial Information Proportionate Balance Sheet Information (in thousands) (unaudited) As of June 30, 2016 Assets Gross operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net Cash and cash equivalents Intangibles, net Notes receivable Other assets, net Total assets Liabilities Mortgages and notes payable, net Credit facilities payable, net Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests Equity Preferred stock Common stock Subsidiary preferred stock Additional paid-in capital Cumulative distributions and net income (loss) Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity $ 3,285,015 (417,261) $ (1,028,024) 126,309 $ 2,256,991 (290,952) 2,867,754 235,524 (901,715) (82,479) 1,966,039 153,045 3,103,278 58,244 17,514 38,782 26,052 (984,194) (10,609) (7,197) — (3,827) 2,119,084 47,635 10,317 38,782 22,225 $ 3,243,870 $ (1,005,827) $ 2,238,043 $ 1,497,454 44,216 37,456 28,929 18,718 12,512 6,310 $ (517,383) — (16,007) (7,909) (8,392) — (1,792) $ 980,071 44,216 21,449 21,020 10,326 12,512 4,518 1,645,595 29,073 (551,483) (12,114) 1,094,112 16,959 — 17 — 1,437,684 (312,065) — — 1,336 — — — 17 1,336 1,437,684 (312,065) 1,125,636 443,566 1,336 (443,566) 1,126,972 — 1,569,202 (442,230) 1,126,972 $ 3,243,870 $ (1,005,827) $ 2,238,043 © Monogram Residential Trust, Inc. 5 Consolidated GAAPNoncontrollingProportionate Balance SheetInterestsBalance Sheet

Financial Information Proportionate Balance Sheet Information (in thousands) (unaudited) As of December 31, 2015 Interests Balance Sheet Balance Sheet Assets Gross operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net Cash and cash equivalents Intangibles, net Notes receivable Other assets, net Total assets Liabilities Mortgages and notes payable, net Credit facilities payable, net Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests Stockholders’ Equity Preferred stock Common stock Subsidiary preferred stock Additional paid-in capital Cumulative distributions and net income (loss) Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity $ 3,125,053 (357,036) $ (963,791) 107,491 $ 2,161,262 (249,545) 2,768,017 333,153 (856,300) (122,617) 1,911,717 210,536 3,101,170 83,727 18,066 36,486 28,507 (978,917) (18,146) (7,294) — (3,633) 2,122,253 65,581 10,772 36,486 24,874 $ 3,267,956 $ (1,007,990) $ 2,259,966 $ 1,461,349 45,495 36,975 28,922 19,451 12,494 5,616 $ (501,175) — (15,553) (8,356) (8,705) — (1,590) $ 960,174 45,495 21,422 20,566 10,746 12,494 4,026 1,610,302 29,073 (535,379) (12,114) 1,074,923 16,959 — 17 — 1,436,254 (269,523) — — 1,336 — — — 17 1,336 1,436,254 (269,523) 1,166,748 461,833 1,336 (461,833) 1,168,084 — 1,628,581 (460,497) 1,168,084 $ 3,267,956 $ (1,007,990) $ 2,259,966 Note: See Note on page 4 regarding December 31, 2015 retrospective reclassifications. © Monogram Residential Trust, Inc. 6 Consolidated GAAPNoncontrollingProportionate

Financial Information Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Rental revenues Expenses: Property operating expenses Real estate taxes General and administrative expenses Acquisition expenses Investment and other development expenses Interest expense Amortization of deferred financing costs Depreciation and amortization Total expenses Interest income Equity in income of investment in unconsolidated real estate joint venture Other income (expense) Loss from continuing operations before gain on sale of real estate Gain on sale of real estate Net income (loss) Net loss attributable to non-redeemable noncontrolling interests Net income (loss) available to the Company Dividends to preferred stockholders Net income (loss) attributable to common stockholders Weighted average number of common shares outstanding-basic Weighted average number of common shares outstanding-diluted Basic and diluted earnings (loss) per common share $ 68,551 $ 59,105 $ 134,098 $ 115,748 20,401 10,617 7,353 5 95 11,063 1,554 30,998 16,279 8,799 4,708 151 3,384 6,673 946 25,134 39,207 21,239 13,863 128 250 21,429 3,090 61,054 31,954 17,368 9,484 151 3,615 12,670 1,777 49,683 82,086 66,074 160,260 126,702 1,776 — (168) 2,763 64 13 3,458 — (283) 5,360 250 38 (11,927) — (4,129) 48,602 (22,987) — (5,306) 48,602 (11,927) 2,710 44,473 4,724 (22,987) 5,465 43,296 5,070 (9,217) (1) 49,197 (1) (17,522) (3) 48,366 (3) $ (9,218) $ 49,196 $ (17,525) $ 48,363 166,800 166,541 166,772 166,525 166,800 167,202 166,772 167,155 $ (0.06) $ 0.29 $ (0.11) $ 0.29 © Monogram Residential Trust, Inc. 7 For the Six Months Ended June 30, 20162015 For the Three Months Ended June 30, 20162015

Financial Information Funds from Operations (“FFO”), Core FFO and Adjusted Core FFO (“AFFO”) (in thousands, except per share amounts) (unaudited) FFO: Add (deduct) NAREIT defined adjustments - Proportionate Share: Real estate depreciation and amortization Gain on sale of real estate Impairment expense 21,169 — — 17,557 (48,602) 3,128 20,664 — — 41,833 — — 33,486 (48,602) 3,128 Add (deduct) adjustments to arrive at Core FFO - Proportionate Share: Fair value adjustments (derivatives and business combinations) Acquisition expenses (including start up expenses) Workforce reduction 138 126 2,044 39 174 — — 195 — 138 321 2,044 55 183 — Add (deduct) adjustments to arrive at AFFO - Proportionate Share: Recurring capital expenditures Straight-line rents Stock compensation expense (500) 113 820 (527) 113 600 (365) 130 580 (865) 243 1,400 (885) 197 1,138 Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted (1) Per common share amounts - basic and diluted: Net income (loss) attributable to common stockholders FFO attributable to common stockholders - NAREIT Defined Core FFO attributable to common stockholders AFFO attributable to common stockholders 166,800 167,605 166,541 167,202 166,743 167,309 166,772 167,458 166,525 167,155 $ $ $ $ (0.06) 0.07 0.09 0.09 $ $ $ $ 0.29 0.13 0.13 0.13 $ $ $ $ (0.05) 0.07 0.08 0.08 $ $ $ $ (0.11) 0.15 0.16 0.16 $ $ $ $ 0.29 0.22 0.22 0.22 (1) Because GAAP net income was a net loss for 1Q and 2Q 2016 and YTD 2Q 2016, we do not report dilutive common shares for GAAP reporting. For the above Non-GAAP Measurements (see page 54 for definitions), we include dilutive common shares, which primarily relate to our stock compensation plans. © Monogram Residential Trust, Inc. 8 AFFO$14,692$21,678$12,897$27,589$37,063 Core FFO14,25921,49212,55226,81136,613 FFO - NAREIT defined11,95121,27912,35724,30836,375 Net income (loss) attributable to common stockholders$(9,218) $49,196$(8,307) $(17,525) $48,363 Six Months Ended June 30, 20162015 Three Months Ended March 31, 2016 Three Months Ended June 30, 20162015

Financial Information Proportionate QTD Operating Information and Reconciliation to FFO (in thousands) (unaudited) Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Net operating income - FFO Defined Fee income: Asset management fees Property management fees Disposition fee Promoted interest payment Total fee income Other: General and administrative expenses Corporate property management expenses Workforce reduction Acquisition expenses (including start up expenses) Straight-line rents Stock compensation expense Investment and other development expenses Interest expense (1) Interest income Equity in income of investments in unconsolidated real estate joint ventures Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments FFO - NAREIT defined $ 68,776 $ (20,903) $ 47,873 $ 59,329 $ — $ (17,820) $ 41,509 (27,429) 8,751 (18,678) (23,659) — 7,647 (16,012) 41,347 (12,152) 29,195 35,670 — (10,173) 25,497 — — — — 377 783 — — 377 783 — — — — — — — — — — 388 663 990 3,505 388 663 990 3,505 — 1,160 1,160 — — 5,546 5,546 (5,500) (2,395) (2,044) (189) (225) (820) (95) (12,617) 1,776 — (168) (87) (143) 43 — — 63 112 — 42 3,721 (3) — 90 32 3 (5,457) (2,395) (2,044) (126) (113) (820) (53) (8,896) 1,773 — (78) (55) (140) (4,156) (1,714) — (192) (224) (600) (256) (7,619) 2,763 64 13 (87) (119) (1) — — — — — — — 34 (64) 3 — — 76 (31) — 18 111 — 106 1,793 146 — 137 34 1 (4,081) (1,745) — (174) (113) (600) (150) (5,826) 2,943 — 153 (53) (118) (22,507) 4,103 (18,404) (12,127) (28) 2,391 (9,764) $ 18,840 $ (6,889) $ 11,951 $ 23,543 $ (28) $ (2,236) $ 21,279 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., straight-line rents, corporate property management expenses, stock compensation expenses, workforce reduction, etc.) (1) See page 12 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 9 Three months ended June 30, 2015 Consolidated Amount Proportionate Share of Unconsolidated Joint Venture Non-controllingProportionate InterestsAmount Three Months Ended June 30, 2016 Consolidated Amount Non-controlling Interests Proportionate Amount

Financial Information Proportionate YTD Operating Information and Reconciliation to FFO (in thousands) (unaudited) Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Net operating income - FFO Defined Fee income: Asset management fees Property management fees Disposition fees Promoted interest payment Total fee income Other: General and administrative expenses Corporate property management expenses Workforce reduction Acquisition expenses (including start up expenses) Straight-line rents Stock compensation expense Investment and other development expenses Interest expense (1) Interest income Equity in income of investments in unconsolidated real estate joint ventures Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments FFO - NAREIT defined $ 134,565 $ (40,787) $ 93,778 $ 116,166 $ — $ (37,453) $ 78,713 (54,154) 17,168 (36,986) (46,100) — 15,388 (30,712) 80,411 (23,619) 56,792 70,066 — (22,065) 48,001 — — — — 752 1,537 — — 752 1,537 — — — — — — — — — — 813 1,391 990 3,505 813 1,391 990 3,505 — 2,289 2,289 — — 6,699 6,699 (11,519) (4,907) (2,044) (414) (467) (1,400) (250) (24,519) 3,458 — (283) (174) (276) 280 — — 93 224 — 108 7,139 (6) — 115 64 5 (11,239) (4,907) (2,044) (321) (243) (1,400) (142) (17,380) 3,452 — (168) (110) (271) (8,437) (3,485) — (204) (418) (1,138) (487) (14,447) 5,360 250 38 (172) (255) (8) — — — — — — — 135 (250) 13 (1) — 258 (39) — 21 221 — 203 4,125 26 — 290 70 6 (8,187) (3,524) — (183) (197) (1,138) (284) (10,322) 5,521 — 341 (103) (249) (42,795) 8,022 (34,773) (23,395) (111) 5,181 (18,325) $ 37,616 $ (13,308) $ 24,308 $ 46,671 $ (111) $ (10,185) $ 36,375 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., straight-line rents, corporate property management expenses, stock compensation expenses, workforce reduction, etc.) (1) See page 12 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 10 Six Months Ended June 30, 2015 Proportionate Share ofNon-ConsolidatedUnconsolidatedcontrollingProportionate AmountJoint VentureInterestsAmount Six Months Ended June 30, 2016 Non-ConsolidatedcontrollingProportionate AmountInterestsAmount

Financial Information AFFO Comparisons to 2Q 2016 (in millions, except per share amounts) (unaudited) AFFO attributable to common stockholders - 2Q 2016 AFFO attributable to common stockholders - 2Q 2015 $ 0.09 0.13 Increase in Same Store NOI Increase in NOI from stabilized non-comparables, lease ups and developments Decrease in NOI related to properties sold in 2015 Promoted interest payment and disposition fees in 2015 Increase in interest expense, net of capitalized interest Increase in general and administrative expenses, net Decrease in interest income $ 0.01 0.02 (0.01) (0.03) (0.02) (0.01) (0.01) Weighted average number of common shares outstanding - diluted - 2Q 2016 Weighted average number of common shares outstanding - diluted - 2Q 2015 167.6 167.2 AFFO attributable to common stockholders - 2Q 2016 AFFO attributable to common stockholders - 1Q 2016 $ 0.09 0.08 AFFO for 2Q 2016 was $0.09 per fully diluted share, an increase of $0.01 from 1Q 2016. The major component for the increase was an increase in NOI from stabilized non-comparables, lease ups and developments. © Monogram Residential Trust, Inc. 11 Increase in AFFO attributable to common stockholders - quarter over quarter$0.01 Comparison of actual AFFO attributable to common stockholders 2Q 2016 to 1Q 2016: Major components of change quarter over quarter: Decrease in AFFO attributable to common stockholders - quarter over quarter$(0.04) Comparison of actual AFFO attributable to common stockholders 2Q 2016 to 2Q 2015:

Financial Information EBITDA Reconciliation (in thousands) (unaudited) Reconciliation of loss from continuing operations to Adjusted EBITDA: Loss from continuing operations before gain on sale of real estate - Consolidated Depreciation and amortization (1) Interest expense (2) Acquisition expenses Impairment related to development Fair value adjustments (derivatives and business combinations) Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Workforce reduction $ (11,927) 32,795 10,485 5 — 138 87 2,044 $ (4,129) 26,323 6,201 151 3,128 41 87 — $ (22,987) 64,631 20,259 128 — 138 174 2,044 $ (5,306) 51,947 11,499 151 3,128 59 172 — Loss from continuing operations before gain on sale of real estate - Proportionate Share Depreciation and amortization (1) Interest expense (2) Acquisition expenses Impairment related to development Fair value adjustments (derivatives and business combinations) Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Workforce reduction $ (9,278) 22,681 7,094 5 — 138 55 2,044 $ (3,049) 18,561 4,603 151 3,128 39 53 — $ (17,649) 44,831 13,779 128 — 138 110 2,044 $ (4,027) 35,406 7,891 151 3,128 55 103 — Consolidated Proportionate Share Consolidated Proportionate Share Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP Plus:Purchase accounting intangible expense Amortization of deferred financing costs EBITDA depreciation and amortization adjustment Reconciliation of interest expense: Contractual interest expense Less: Capitalized interest Mortgage premium amortization Plus: Credit facility and other finance fees Amortization of deferred financing costs Interest expense for GAAP Less: Credit facility and other finance fees Amortization of deferred financing costs EBITDA interest adjustment 2016 2015 2016 2015 2016 2015 2016 2015 (1) $ 30,998 243 1,554 $ 25,134 243 946 $ 21,324 134 1,223 $ 17,676 134 751 $ 61,054 487 3,090 $ 49,683 487 1,777 $ 42,133 268 2,430 $ 33,737 268 1,401 $ 32,795 $ 26,323 $ 22,681 $ 18,561 $ 64,631 $ 51,947 $ 44,831 $ 35,406 (2) $ 12,755 (1,857) (413) 578 1,554 $ 11,338 (4,687) (450) 472 946 $ 8,609 (1,215) (300) 578 1,223 $ 7,695 (2,796) (296) 472 751 $ 25,360 (4,274) (827) 1,170 3,090 $ 21,934 (9,445) (990) 1,171 1,777 $ 17,133 (2,754) (600) 1,170 2,431 $ 14,152 (5,667) (594) 1,030 1,401 12,617 (578) (1,554) 7,619 (472) (946) 8,895 (578) (1,223) 5,826 (472) (751) 24,519 (1,170) (3,090) 14,447 (1,171) (1,777) 17,380 (1,170) (2,431) 10,322 (1,030) (1,401) $ 10,485 $ 6,201 $ 7,094 $ 4,603 $ 20,259 $ 11,499 $ 13,779 $ 7,891 © Monogram Residential Trust, Inc. 12 Adjusted EBITDA - Proportionate Share$22,739$23,486$43,381$42,707 Adjusted EBITDA - Consolidated$33,627$31,802$64,387$61,650 Six Months Ended June 30, 20162015 Three Months Ended June 30, 20162015

Portfolio Overview Equity Investments by Geographic Regions As of June 30, 2016 New England G Northern California 6 I 1 Colorado 410 Nevada ® @Southern California 7 I 1 Texas 10 I 1 Florida 512 *Operating (47 communities) *Development (5 communities) Note: Excludes 3 debt investments ©Monogram Residential Trust, Inc. 13

Portfolio Overview Summary of Number of Units and Communities Total Units Total Communities Equity Investments: Same Store Wholly owned (1) Consolidated joint ventures 2,912 5,784 2,710 5,371 10 22 9 20 Stabilized - Non Comparable Wholly owned Consolidated joint ventures 416 2,006 594 1,470 2 8 2 6 Lease up (including operating communities and developments in lease up) Wholly owned Consolidated joint ventures 120 2,201 — 1,391 1 6 — 5 Developments under Construction and Pre-development Consolidated joint ventures 656 2,413 2 7 Land Held for Future Development Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly owned 1,116 1,864 3 5 Recap of Totals by Category Wholly owned Consolidated joint ventures 4,564 10,647 5,168 10,645 16 39 16 39 (1) Includes five multifamily communities with 1,631 units acquired from PGGM in May 2015 that became wholly owned from that date forward. © Monogram Residential Trust, Inc. 14 Total Communities - Equity and Debt Investments15,21115,8135555 Total Communities - Equity and Debt Investments15,21115,8135555 Total Communities - Debt Investments1,1161,86435 Total Communities - Equity Investments14,09513,9495250 Consolidated Joint VentureN/AN/A11 Total Developments under Construction and Pre-development6562,41327 Total Lease up (including operating communities and developments in lease up)2,3211,39175 Total Stabilized - Non Comparable2,4222,064108 Total Stabilized11,11810,1454237 Total Same Store8,6968,0813229 June 30, 2016June 30, 2015 June 30, 2016June 30, 2015

Portfolio Overview Summary of Operating Communities As of June 30, 2016 Same Store Communities: Wholly owned Skye 2905 (1) Consolidated joint ventures 4550 Cherry Creek 7166 at Belmar Denver, CO 100% 2010 400 Denver, CO Lakewood, CO 55% 55% 2004 2008 288 308 Wholly owned The District Universal Boulevard (1) Consolidated joint venture Satori The Franklin Delray Orlando, FL 100% 2009 425 Fort Lauderdale, FL Delray Beach, FL 55% 55% 2010 2013 279 180 Wholly owned The Reserve at LaVista Walk Atlanta, GA 100% 2008 283 Wholly owned The Cameron (1) Consolidated joint ventures 55 Hundred Bailey's Crossing Burrough's Mill The Lofts at Park Crest Silver Spring, MD 100% 2010 325 Arlington, VA Alexandria, VA Cherry Hill, NJ McLean, VA 55% 55% 55% 55% 2010 2010 2004 2008 234 414 308 131 Consolidated joint ventures The Venue Veritas (1) Clark County, NV Henderson, NV 55% 100% 2009 2011 168 430 Wholly owned Pembroke Woods Stone Gate (1) Consolidated joint venture West Village Pembroke, MA Marlborough, MA 100% 100% 2006 2007 240 332 Mansfield, MA 55% 2008 200 (Table continued on next page; see page 18 for footnotes) © Monogram Residential Trust, Inc. 15 New England Totals7728.2% Nevada Totals5984.0% Mid-Atlantic Totals1,41217.3% Georgia Totals2832.0% Florida Totals8849.2% Colorado Totals99612.6% CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2016 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of June 30, 2016 Same Store Communities (continued): Wholly owned Acappella Vara Consolidated joint ventures Acacia on Santa Rosa Creek Argenta Renaissance (Phase I) San Bruno, CA San Francisco, CA 100% 100% 2010 2013 163 202 Santa Rosa, CA San Francisco, CA Concord, CA 55% 55% 55% 2003 2008 2008 277 179 134 Consolidated joint ventures Calypso Apartments and Lofts Forty55 Lofts The Gallery at NoHo Commons San Sebastian Irvine, CA Marina del Rey, CA Los Angeles, CA Laguna Woods, CA 55% 55% 55% 55% 2008 2010 2008 2010 177 140 438 134 Wholly owned Allegro (2) Grand Reserve (1) Consolidated joint ventures Allusion West University Briar Forest Lofts Eclipse Fitzhugh Urban Flats Addison, TX Dallas, TX 100% 100% 2013 2009 393 149 Houston, TX Houston, TX Houston, TX Dallas, TX 55% 55% 55% 55% 2014 2008 2009 2009 231 352 330 452 Stabilized Non-Comparable Communities: Consolidated joint venture Point 21 Denver, CO 55% 2015 212 Wholly Owned The Mark Boca Raton, FL 100% 2015 208 (Table continued on next page; see page 18 for footnotes) © Monogram Residential Trust, Inc. 16 Florida Totals208 Colorado Totals212 Total Same Store Communities20098,696100.0% Texas Totals1,90714.5% Southern California Totals88913.8% Northern California Totals95518.4% CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2016 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of June 30, 2016 Stabilized Non-Comparable Communities (continued): Consolidated joint venture Cyan on Peachtree Atlanta, GA 55% 2015 329 Consolidated joint venture Everly Wakefield, MA 55% 2014 186 Wholly owned Ev Consolidated joint venture Blue Sol San Diego, CA 100% 2015 208 Costa Mesa, CA 100% 2014 113 Consolidated joint ventures 4110 Fairmount Arpeggio Victory Park Muse Museum District SEVEN Dallas, TX Dallas, TX Houston, TX Austin, TX 55% 55% 55% 55% 2014 2014 2014 2015 299 377 270 220 Lease up (including operating communities and developments in lease up): (3) Wholly owned The Mile Consolidated joint venture SoMa Miami, FL 100% N/A 120 Miami, FL 55% 2016 418 Consolidated joint venture Nouvelle Tysons Corner, VA 55% 2015 461 (Table continued on next page; see page 18 for footnotes) © Monogram Residential Trust, Inc. 17 Mid-Atlantic Totals461 Florida Totals538 Total Stabilized / Non-Comparable Communities20152,422 Texas Totals1,166 Southern California Totals321 New England Totals186 Georgia Totals329 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2016 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of June 30, 2016 Lease up (including operating communities and developments in lease up) (continued): (3) Consolidated joint venture Zinc Cambridge, MA 55% 2015 392 Consolidated joint venture OLUME San Francisco, CA 55% 2016 121 Consolidated joint venture Verge San Diego, CA 70% 2016 444 Consolidated joint venture The Alexan Dallas, TX 50% N/A 365 (1) Acquired noncontrolling interests from PGGM in May 2015. For all but Veritas, we now own 100%. For Veritas, our effective ownership is 100% and based on contributed capital is 93.5%. We report all of these communities for all periods as same store. (2) During 2013, we completed the development of the second phase of Allegro which added an additional 121 units. The property was initially completed in 2010. (3) These are communities included in the GAAP presentation in land, building and improvements except The Alexan and The Mile which for GAAP presentation are partially included in land, buildings and improvements and the remaining balances are reflected in construction in progress on the consolidated balance sheet. © Monogram Residential Trust, Inc. 18 Total Operating Communities201113,439 Total Lease up Communities20162,321 Texas Totals365 Southern California Totals444 Northern California Totals121 New England Totals392 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2016 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Proportionate Share of Notes Receivable As of June 30, 2016 (dollars in thousands) (unaudited) Balance (1) Maturity Date (2) Interest Rate (3) Community Location Ownership Total Commitment Accrued Interest Kendall Square Miami, FL 100% $ 12,300 $ 12,300 $ 4,612 10/16/16 17.0% Jefferson at Stonebriar Frisco, TX 100% 16,735 16,735 206 6/25/2018 15.0% Jefferson at Riverside (4) Irving, TX 100% 10,436 10,345 123 6/30/2018 15.0% (1) Excludes certain GAAP consolidated costs, primarily related to accrued interest, deferred income and loan origination costs. (2) The borrowers generally have options to prepay prior to maturity date or to extend the maturity date for one to two years. (3) The interest rate is calculated on a weighted average based on the contractual principal balance including only recurring interest. Excluded from the interest rate are fees paid at initial closing or final payment. (4) The total commitment was fully funded during July 2016. © Monogram Residential Trust, Inc. 19 Proportionate Share$39,471$39,380$4,94115.6% Proportionate ShareProportionate Contractual PrincipalShare Contractual

Operating Performance Consolidated Net Operating Income (dollars in thousands) (unaudited) Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) $ 50,763 13,619 4,169 — $ 49,410 5,596 2 4,097 2.7 % N/A N/A N/A $ 101,228 26,420 6,450 — $ 97,689 9,533 2 8,524 3.6 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 17,747 5,782 4,056 28 17,581 3,743 301 1,691 0.9 % N/A N/A N/A 35,571 11,323 7,494 52 35,297 6,741 338 3,371 0.8 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 33,016 7,837 113 (28) 31,829 1,853 (299) 2,406 3.7 % N/A N/A N/A 65,657 15,097 (1,044) (52) 62,392 2,792 (336) 5,153 5.2 % N/A N/A N/A (1) See page 37 for listing of communities sold in 2015. © Monogram Residential Trust, Inc. 20 Total NOI$40,938$35,78914.4% $79,658$70,00113.8% NOI Total property operating expenses, including real estate taxes27,61323,31618.4%54,44045,74719.0% Property operating expenses, including real estate taxes Total rental revenue68,55159,10516.0%134,098115,74815.9% Rental revenue Six Months Ended June 30, 20162015Growth Three Months Ended June 30, 20162015Growth

Operating Performance Reconciliation of Consolidated Net Operating Income (in thousands) (unaudited) Reconciliation of net income (loss) to Net Operating Income and Same Store Net Operating Income: Adjustments to reconcile net income (loss) to Net Operating Income: Corporate property management expenses General and administrative expenses Interest expense Amortization of deferred financing costs Depreciation and amortization Interest income Gain on sale of real estate Investment and other development expenses Other, net 3,406 7,353 11,063 1,554 30,998 (1,776) — 95 172 1,762 4,708 6,673 946 25,134 (2,763) (48,602) 3,384 74 6,007 13,863 21,429 3,090 61,054 (3,458) — 250 410 3,576 9,484 12,670 1,777 49,683 (5,360) (48,602) 3,615 (138) Less: non-comparable Rental revenue Property operating expenses, including real estate taxes (17,788) 9,866 (9,695) 5,735 (32,870) 18,869 (18,059) 10,450 Plus: additional same store communities effective April 1, 2015 Rental revenue Property operating expenses, including real estate taxes 5,340 (2,346) 4,512 (2,239) N/A N/A N/A N/A © Monogram Residential Trust, Inc. 21 Quarterly Stabilized Same Store Net Operating Income$36,010$34,102N/AN/A Same Store Net Operating Income$33,016$31,829$65,657$62,392 Net Operating Income$40,938$35,789$79,658$70,001 Net income (loss)$(11,927) $44,473$(22,987) $43,296 Six Months Ended June 30, 20162015 Three Months Ended June 30, 20162015

Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver $ 5,654 $ 5,483 3.1 % $ 1,594 $ 1,558 2.3 % $ 4,060 $ 3,925 3.4 % Florida North Florida South Florida 1,773 2,965 1,680 2,946 5.5 % 0.6 % 549 1,165 562 1,167 (2.3 )% (0.2 )% 1,224 1,800 1,118 1,779 9.5 % 1.2 % Georgia Atlanta 1,362 1,353 0.7 % 706 568 24.3 % 656 785 (16.4 )% Mid-Atlantic Washington D.C. Philadelphia 7,378 1,553 7,333 1,547 0.6 % 0.4 % 2,476 712 2,459 719 0.7 % (1.0 )% 4,902 841 4,874 828 0.6 % 1.6 % Nevada Las Vegas 2,025 1,920 5.5 % 716 645 11.0 % 1,309 1,275 2.7 % New England Boston 4,132 3,952 4.6 % 1,342 1,272 5.5 % 2,790 2,680 4.1 % Northern California San Francisco 8,730 8,341 4.7 % 2,621 2,700 (2.9 )% 6,109 5,641 8.3 % Southern California Los Angeles 6,542 6,235 4.9 % 2,002 2,024 (1.1 )% 4,540 4,211 7.8 % Texas Dallas Houston 4,756 3,893 4,654 3,966 2.2 % (1.8)% 1,903 1,961 2,021 1,886 (5.8 )% 4.0 % 2,853 1,932 2,633 2,080 8.4 % (7.1 )% (Table continued on next page) © Monogram Residential Trust, Inc. 22 Total Same Store50,76349,4102.7 %17,74717,5810.9 %33,01631,8293.7 % Texas Total8,6498,6200.3 %3,8643,907(1.1)%4,7854,7131.5 % Southern California Total6,5426,2354.9 %2,0022,024(1.1)%4,5404,2117.8 % Northern California Total8,7308,3414.7 %2,6212,700(2.9)%6,1095,6418.3 % New England Total4,1323,9524.6 %1,3421,2725.5 %2,7902,6804.1 % Nevada Total2,0251,9205.5 %71664511.0 %1,3091,2752.7 % Mid-Atlantic Total8,9318,8800.6 %3,1883,1780.3 %5,7435,7020.7 % Georgia Total1,3621,3530.7 %70656824.3 %656785(16.4)% Florida Total4,7384,6262.4 %1,7141,729(0.9)%3,0242,8974.4 % Colorado Total5,6545,4833.1 %1,5941,5582.3 %4,0603,9253.4 % Same Store Net Operating Income QTDQTD% 2Q 20162Q 2015Change Property Operating Expenses QTDQTD% 2Q 20162Q 2015Change Rental Revenue QTDQTD% 2Q 20162Q 2015Change

Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 1,194 279 N/A 389 374 N/A 805 (95) N/A Florida South Florida 1,532 — N/A 664 — N/A 868 — N/A Georgia Atlanta 1,766 133 N/A 784 405 N/A 982 (272) N/A New England Boston 1,174 527 N/A 313 351 N/A 861 176 N/A Southern California Los Angeles San Diego 858 726 729 — N/A N/A 284 556 338 — N/A N/A 574 170 391 — N/A N/A Texas Austin Dallas Houston 1,887 3,038 1,444 145 2,657 1,126 N/A N/A N/A 730 1,463 599 373 1,297 605 N/A N/A N/A 1,157 1,575 845 (228) 1,360 521 N/A N/A N/A Florida Mid-Atlantic New England Northern California Southern California Texas 1,116 744 632 326 1,325 26 — — — — 2 — N/A N/A N/A N/A N/A N/A 1,053 1,009 720 305 751 218 29 46 74 2 111 39 N/A N/A N/A N/A N/A N/A 63 (265) (88) 21 574 (192) (29) (46) (74) (2) (109) (39) N/A N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate QTD Operating Information and Reconciliation to FFO on page 9 differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © Monogram Residential Trust, Inc. 23 Total Portfolio$68,551$59,10516.0 % $27,613$23,31618.4 % $40,938$35,78914.4 % Dispositions and other non-lease up developments—4,097N/A281,691N/A(28)2,406N/A Total Lease up4,1692N/A4,056301N/A113(299)N/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable13,6195,596143 %5,7823,74354 %7,8371,853323 % Texas Total6,3693,928N/A2,7922,275N/A3,5771,653N/A Southern California Total1,584729N/A840338N/A744391N/A New England Total1,174527N/A313351N/A861176N/A Georgia Total1,766133N/A784405N/A982(272)N/A Florida Total1,532—N/A664—N/A868—N/A Colorado Total1,194279N/A389374N/A805(95)N/A Stabilized Non-Comparable Net Operating Income QTDQTD% 2Q 20162Q 2015Change Property Operating Expenses QTDQTD% 2Q 20162Q 2015Change Rental Revenue QTDQTD% 2Q 20162Q 2015Change

Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver $ 11,332 $ 10,916 3.8 % $ 3,084 $ 3,120 (1.2 )% $ 8,248 $ 7,796 5.8 % Florida North Florida South Florida 3,525 5,946 3,330 5,751 5.9 % 3.4 % 1,128 2,330 1,139 2,286 (1.0 )% 1.9 % 2,397 3,616 2,191 3,465 9.4 % 4.4 % Georgia Atlanta 2,710 2,688 0.8 % 1,364 1,113 22.6 % 1,346 1,575 (14.5 )% Mid-Atlantic Washington D.C. Philadelphia 14,684 3,094 14,387 3,049 2.1 % 1.5 % 4,954 1,426 5,124 1,444 (3.3 )% (1.2 )% 9,730 1,668 9,263 1,605 5.0 % 3.9 % Nevada Las Vegas 3,986 3,770 5.7 % 1,373 1,282 7.1 % 2,613 2,488 5.0 % New England Boston 8,151 7,772 4.9 % 2,773 2,952 (6.1 )% 5,378 4,820 11.6 % Northern California San Francisco 17,408 16,526 5.3 % 5,325 5,250 1.4 % 12,083 11,276 7.2 % Southern California Los Angeles 12,989 12,350 5.2 % 3,936 3,924 0.3 % 9,053 8,426 7.4 % Texas Dallas Houston 9,514 7,889 9,177 7,973 3.7 % (1.1)% 3,955 3,923 4,029 3,634 (1.8 )% 8.0 % 5,559 3,966 5,148 4,339 8.0 % (8.6 )% (Table continued on next page) © Monogram Residential Trust, Inc. 24 Total Same Store101,22897,6893.6 %35,57135,2970.8 %65,65762,3925.2 % Texas Total17,40317,1501.5 %7,8787,6632.8 %9,5259,4870.4 % Southern California Total12,98912,3505.2 %3,9363,9240.3 %9,0538,4267.4 % Northern California Total17,40816,5265.3 %5,3255,2501.4 %12,08311,2767.2 % New England Total8,1517,7724.9 %2,7732,952(6.1)%5,3784,82011.6 % Nevada Total3,9863,7705.7 %1,3731,2827.1 %2,6132,4885.0 % Mid-Atlantic Total17,77817,4362.0 %6,3806,568(2.9)%11,39810,8684.9 % Georgia Total2,7102,6880.8 %1,3641,11322.6 %1,3461,575(14.5)% Florida Total9,4719,0814.3 %3,4583,4251.0 %6,0135,6566.3 % Colorado Total11,33210,9163.8 %3,0843,120(1.2)%8,2487,7965.8 % Same Store Net Operating Income YTDYTD% 2Q 20162Q 2015Change Property Operating Expenses YTDYTD% 2Q 20162Q 2015Change Rental Revenue YTDYTD% 2Q 20162Q 2015Change

Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 2,386 353 N/A 753 587 N/A 1,633 (234) N/A Florida South Florida 2,986 — N/A 1,301 — N/A 1,685 — N/A Georgia Atlanta 3,226 138 N/A 1,477 476 N/A 1,749 (338) N/A New England Boston 2,312 826 N/A 635 718 N/A 1,677 108 N/A Southern California Los Angeles San Diego 1,729 1,129 1,150 — N/A N/A 575 1,114 704 — N/A N/A 1,154 15 446 — N/A N/A Texas Austin Dallas Houston 3,694 6,083 2,875 154 4,858 2,054 N/A N/A N/A 1,450 2,826 1,192 490 2,579 1,187 N/A N/A N/A 2,244 3,257 1,683 (336) 2,279 867 N/A N/A N/A Florida Mid-Atlantic New England Northern California Southern California Texas 1,755 1,044 1,025 338 2,257 31 — — — — 2 — N/A N/A N/A N/A N/A N/A 1,852 2,011 1,438 434 1,350 409 29 47 77 3 136 46 N/A N/A N/A N/A N/A N/A (97) (967) (413) (96) 907 (378) (29) (47) (77) (3) (134) (46) N/A N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate YTD Operating Information and Reconciliation to FFO on page 10 differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © Monogram Residential Trust, Inc. 25 Total Portfolio$134,098$115,74815.9 % $54,440$45,74719.0 % $79,658$70,00113.8 % Dispositions and other non-lease up developments—8,524N/A523,371N/A(52)5,153N/A Total Lease up6,4502N/A7,494338N/A(1,044)(336)N/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable26,4209,533177 %11,3236,74168 %15,0972,792441 % Texas Total12,6527,066N/A5,4684,256N/A7,1842,810N/A Southern California Total2,8581,150N/A1,689704N/A1,169446N/A New England Total2,312826N/A635718N/A1,677108N/A Georgia Total3,226138N/A1,477476N/A1,749(338)N/A Florida Total2,986—N/A1,301—N/A1,685—N/A Colorado Total2,386353N/A753587N/A1,633(234)N/A Stabilized Non-Comparable Net Operating Income YTDYTD% 2Q 20162Q 2015Change Property Operating Expenses YTDYTD% 2Q 20162Q 2015Change Rental Revenue YTDYTD% 2Q 20162Q 2015Change

Operating Performance Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Colorado Denver 71.8 % 71.6 % 72.8 % 71.4 % 94.5 % 95.7 % 94.3 % 94.8 % $ 1,869 $ 1,797 Florida North Florida South Florida 69.0 % 60.7 % 66.5 % 60.4 % 68.0 % 60.8 % 65.8 % 60.3 % 97.4 % 96.1 % 96.5 % 96.5 % 96.5 % 96.2 % 95.7 % 96.6 % 1,252 2,083 1,213 2,032 Georgia Atlanta 48.2 % 58.0 % 49.7 % 58.6 % 96.5 % 96.8 % 95.2 % 96.8 % 1,458 1,426 Mid-Atlantic Washington D.C. Philadelphia 66.4 % 54.2 % 66.5 % 53.5 % 66.3 % 53.9 % 64.4 % 52.6 % 95.0 % 95.5 % 95.6 % 95.5 % 95.2 % 95.5 % 94.8 % 95.8 % 2,083 1,619 2,096 1,614 Nevada Las Vegas 64.6 % 66.4 % 65.6 % 66.0 % 96.0 % 97.0 % 95.8 % 96.4 % 1,085 1,037 New England Boston 67.5 % 67.8 % 66.0 % 62.0 % 97.4 % 97.3 % 97.5 % 98.2 % 1,702 1,625 Northern California San Francisco 70.0 % 67.6 % 69.4 % 68.2 % 96.9 % 95.9 % 96.0 % 96.9 % 3,006 2,873 Southern California Los Angeles 69.4 % 67.5 % 69.7 % 68.2 % 95.7 % 96.2 % 96.4 % 95.9 % 2,317 2,219 Texas Dallas Houston 60.0 % 49.6 % 56.6 % 52.4 % 58.4 % 50.3 % 56.1 % 54.4 % 94.8 % 93.9 % 95.7 % 94.5 % 94.3 % 93.2 % 95.8 % 93.5 % 1,614 1,407 1,569 1,469 (Table continued on next page) © Monogram Residential Trust, Inc. 26 Total Same Store8,69665.0 %64.4 %64.9 %63.9 %95.6 %96.0 %95.4 %95.8 % $1,879$1,834 Texas Total1,90755.3 %54.7 %54.7 %55.3 %94.3 %95.1 %93.8 %94.7 %1,5151,521 Southern California Total88969.4 %67.5 %69.7 %68.2 %95.7 %96.2 %96.4 %95.9 %2,3172,219 Northern California Total95570.0 %67.6 %69.4 %68.2 %96.9 %95.9 %96.0 %96.9 %3,0062,873 New England Total77267.5 %67.8 %66.0 %62.0 %97.4 %97.3 %97.5 %98.2 %1,7021,625 Nevada Total59864.6 %66.4 %65.6 %66.0 %96.0 %97.0 %95.8 %96.4 %1,0851,037 Mid-Atlantic Total1,41264.3 %64.2 %64.1 %62.3 %95.1 %95.5 %95.3 %95.0 %1,9821,991 Georgia Total28348.2 %58.0 %49.7 %58.6 %96.5 %96.8 %95.2 %96.8 %1,4581,426 Florida Total88463.8 %62.6 %63.5 %62.3 %96.7 %96.5 %96.3 %96.2 %1,6831,638 Colorado Total99671.8 %71.6 %72.8 %71.4 %94.5 %95.7 %94.3 %94.8 %1,8691,797 Same Store Monthly Rental Revenue per Unit (1) QTDQTD 2Q 20162Q 2015 Weighted Average Occupancy QTDQTD 2Q 20162Q 2015 Period End Occupancy QTDQTD 2Q 20162Q 2015 Operating Margin YTDYTD 2Q 20162Q 2015 Operating Margin QTDQTD 2Q 20162Q 2015 Units QTD 2Q 2016

Operating Performance Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Colorado Denver 67.4 % N/A 68.4 % N/A 93.9 % 60.4 % 95.4 % 40.9 % 1,835 N/A Florida South Florida 56.7 % N/A 56.4 % N/A 96.2 % N/A 97.6 % N/A 2,381 N/A Georgia Atlanta (2) N/A N/A N/A N/A 92.4 % 24.6 % 88.0 % 8.9 % 2,089 N/A New England Boston 73.3 % N/A 72.5 % N/A 96.2 % 81.7 % 98.0 % 58.4 % 2,043 N/A Southern California Los Angeles San Diego (2) 66.9 % N/A N/A N/A 66.7 % N/A N/A N/A 98.2 % 95.7 % 97.3 % N/A 95.9 % 67.1 % 95.9 % N/A 2,574 2,196 N/A N/A Texas Austin Dallas Houston 61.3 % 51.8 % 58.5 % N/A N/A N/A 60.7 % 53.5 % 58.5 % N/A N/A N/A 94.6 % 94.5 % 95.2 % 26.8 % 97.3 % 95.2 % 94.4 % 93.8 % 96.8 % 13.9 % 92.2 % 91.6 % 2,983 1,551 1,781 N/A N/A N/A Florida Mid-Atlantic New England Northern California Southern California Texas 538 461 392 121 444 365 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 51.1 % 39.5 % 39.3 % 44.6 % 73.7 % 6.6 % N/A N/A N/A N/A N/A N/A 32.8 % 28.5 % 28.2 % 30.3 % 60.9 % 2.6 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (1) Monthly rental revenue per unit is only provided for communities that are stabilized as of the end of the period. Monthly rental revenue per unit is not meaningful prior to stabilization. (2) Includes a community that was not stabilized for the full quarter, thus the operating margin for the partial period was not provided as it is not meaningful. The operating margins reported for QTD and YTD for Total Stabilized Non-Comparable and Total Stabilized exclude results for this community. © Monogram Residential Trust, Inc. 27 Total Lease up2,321N/AN/AN/AN/A43.8 %N/A31.7 %N/AN/AN/A Lease up (includes operating and development communities) Total Stabilized11,11864.1 %N/A64.1 %N/A95.4 %88.1 %94.6 %86.0 %1,909N/A Total Stabilized Non-Comparable2,42260.1 %N/A60.4 %N/A94.8 %59.7 %92.0 %51.0 %2,017N/A Texas Total1,16656.2 %N/A56.8 %N/A94.7 %83.5 %94.6 %77.3 %1,875N/A Southern California Total32166.9 %N/A66.7 %N/A96.6 %34.3 %77.3 %33.7 %2,329N/A New England Total18673.3 %N/A72.5 %N/A96.2 %81.7 %98.0 %58.4 %2,043N/A Georgia Total329N/AN/AN/AN/A92.4 %24.6 %88.0 %8.9 %2,089N/A Florida Total20856.7 %N/A56.4 %N/A96.2 %N/A97.6 %N/A2,381N/A Colorado Total21267.4 %N/A68.4 %N/A93.9 %60.4 %95.4 %40.9 %1,835N/A Stabilized Non-Comparable Monthly Rental Revenue per Unit (1) QTDQTD 2Q 20162Q 2015 Weighted Average Occupancy QTDQTD 2Q 20162Q 2015 Period End Occupancy QTDQTD 2Q 20162Q 2015 Operating Margin YTDYTD 2Q 20162Q 2015 Operating Margin QTDQTD 2Q 20162Q 2015 Units QTD 2Q 2016

Operating Performance Consolidated QTD and YTD Same Store Operating Expenses (dollars in thousands) (unaudited) Same Store Properties Detailed Comparison by Major Operating Expense Categories Onsite management Marketing Repairs and maintenance, including expensed turnover costs Utilities Insurance Real estate taxes Other $ 4,673 610 3,156 1,837 487 6,875 109 $ 4,572 744 2,953 1,799 624 6,799 90 $ 101 (134) 203 38 (137) 76 19 2.2 % (18.0)% 6.9 % 2.1 % (22.0)% 1.1 % 21.1 % $ 9,338 1,167 6,080 3,696 984 14,044 262 $ 8,869 1,372 5,938 3,787 1,371 13,764 196 $ 469 (205) 142 (91) (387) 280 66 5.3 % (14.9)% 2.4 % (2.4)% (28.2)% 2.0 % 33.7 % © Monogram Residential Trust, Inc. 28 Total Operating Expenses$17,747$17,581$1660.9 % $35,571$35,297$2740.8 % Six Months Ended June 30, 20162015$ Change% Change Three Months Ended June 30, 20162015$ Change% Change

Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver $ 4,105 $ 3,970 3.4 % $ 1,134 $ 1,100 3.1 % $ 2,971 $ 2,870 3.5 % 12.5 % Florida North Florida South Florida 1,773 1,644 1,680 1,633 5.5 % 0.7 % 549 646 562 647 (2.3 )% (0.2 )% 1,224 998 1,118 986 9.5 % 1.2 % 5.1 % 4.2 % Georgia Atlanta 1,362 1,353 0.7 % 706 568 24.3 % 656 785 (16.4 )% 2.8 % Mid-Atlantic Washington D.C. Philadelphia 5,020 854 4,967 851 1.1 % 0.4 % 1,632 391 1,629 396 0.2 % (1.3 )% 3,388 463 3,338 455 1.5 % 1.8 % 14.2 % 1.9 % Nevada Las Vegas 1,777 1,689 5.2 % 611 551 10.9 % 1,166 1,138 2.5 % 4.9 % New England Boston 3,605 3,449 4.5 % 1,186 1,116 6.3 % 2,419 2,333 3.7 % 10.2 % Northern California San Francisco 6,475 6,195 4.5 % 1,942 2,024 (4.1 )% 4,533 4,171 8.7 % 19.0 % Southern California Los Angeles 3,603 3,434 4.9 % 1,103 1,115 (1.1 )% 2,500 2,319 7.8 % 10.5 % Texas Dallas Houston 3,941 2,147 3,846 2,187 2.5 % (1.8)% 1,507 1,081 1,656 1,040 (9.0 )% 3.9 % 2,434 1,066 2,190 1,147 11.1 % (7.1 )% 10.2 % 4.5 % (Table continued on next page) © Monogram Residential Trust, Inc. 29 Total Same Store36,30635,2543.0 %12,48812,4040.7 %23,81822,8504.2 %100% Texas Total6,0886,0330.9 %2,5882,696(4.0)%3,5003,3374.9 %14.7% Southern California Total3,6033,4344.9 %1,1031,115(1.1)%2,5002,3197.8 %10.5% Northern California Total6,4756,1954.5 %1,9422,024(4.1)%4,5334,1718.7 %19.0% New England Total3,6053,4494.5 %1,1861,1166.3 %2,4192,3333.7 %10.2% Nevada Total1,7771,6895.2 %61155110.9 %1,1661,1382.5 %4.9% Mid-Atlantic Total5,8745,8181.0 %2,0232,025(0.1)%3,8513,7931.5 %16.1% Georgia Total1,3621,3530.7 %70656824.3 %656785(16.4)%2.8% Florida Total3,4173,3133.1 %1,1951,209(1.2)%2,2222,1045.6 %9.3% Colorado Total4,1053,9703.4 %1,1341,1003.1 %2,9712,8703.5 %12.5% Same Store (1) % of Same Store NOI by Market QTD 2Q 2016 Net Operating Income QTDQTD% 2Q 20162Q 2015Change Property Operating Expenses QTDQTD% 2Q 20162Q 2015Change Rental Revenue QTDQTD% 2Q 20162Q 2015Change

Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 662 155 N/A 216 207 N/A 446 (52) N/A N/A Florida South Florida 1,532 — N/A 664 — N/A 868 — N/A N/A Georgia Atlanta 979 74 N/A 435 224 N/A 544 (150) N/A N/A New England Boston 651 292 N/A 173 195 N/A 478 97 N/A N/A Southern California Los Angeles San Diego 858 726 729 — N/A N/A 284 556 338 — N/A N/A 574 170 391 — N/A N/A N/A N/A Texas Austin Dallas Houston 1,047 1,685 800 80 1,474 624 N/A N/A N/A 405 811 332 207 720 335 N/A N/A N/A 642 874 468 (127) 754 289 N/A N/A N/A N/A N/A N/A Florida Mid-Atlantic New England Northern California Southern California Texas 626 413 350 181 931 13 — — — — 2 — N/A N/A N/A N/A N/A N/A 656 559 399 169 528 109 16 25 41 1 79 19 N/A N/A N/A N/A N/A N/A (30) (146) (49) 12 403 (96) (16) (25) (41) (1) (77) (19) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from Proportionate QTD Operating Information and Reconciliation to FFO on page 9 differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). (1) In May 2015, we acquired the noncontrolling interests in six joint ventures from PGGM. As we already owned these multifamily communities, we continue to report them as Same Store. The numbers above are presented as if we had owned them 100% for both reporting years. © Monogram Residential Trust, Inc. 30 Total Portfolio$47,760$42,77911.6 % $18,799$16,49214.0 % $28,961$26,28710.2 %N/A Dispositions and other non-lease up developments—4,095N/A151,681N/A(15)2,414N/AN/A Total Lease up2,5142N/A2,420181N/A94(179)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable8,9403,428161 %3,8762,22674 %5,0641,202321 %N/A Texas Total3,5322,178N/A1,5481,262N/A1,984916N/AN/A Southern California Total1,584729N/A840338N/A744391N/AN/A New England Total651292N/A173195N/A47897N/AN/A Georgia Total97974N/A435224N/A544(150)N/AN/A Florida Total1,532—N/A664—N/A868—N/AN/A Colorado Total662155N/A216207N/A446(52)N/AN/A Stabilized Non-Comparable % of Same Store NOI by Market QTD 2Q 2016 Net Operating Income QTDQTD% 2Q 20162Q 2015Change Property Operating Expenses QTDQTD% 2Q 20162Q 2015Change Rental Revenue QTDQTD% 2Q 20162Q 2015Change

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver $ 8,223 $ 7,921 3.8 % $ 2,203 $ 2,200 0.1 % $ 6,020 $ 5,721 5.2 % 12.7 % Florida North Florida South Florida 3,525 3,297 3,330 3,189 5.9 % 3.4 % 1,128 1,292 1,139 1,267 (1.0 )% 2.0 % 2,397 2,005 2,191 1,922 9.4 % 4.3 % 5.1 % 4.2 % Georgia Atlanta 2,710 2,688 0.8 % 1,364 1,113 22.6 % 1,346 1,575 (14.5 )% 2.8 % Mid-Atlantic Washington D.C. Philadelphia 9,983 1,702 9,711 1,677 2.8 % 1.5 % 3,258 785 3,422 794 (4.8 )% (1.1 )% 6,725 917 6,289 883 6.9 % 3.9 % 14.3 % 1.9 % Nevada Las Vegas 3,500 3,314 5.6 % 1,170 1,098 6.6 % 2,330 2,216 5.1 % 4.9 % New England Boston 7,120 6,784 5.0 % 2,447 2,610 (6.2 )% 4,673 4,174 12.0 % 9.9 % Northern California San Francisco 12,921 12,290 5.1 % 3,946 3,929 0.4 % 8,975 8,361 7.3 % 19.0 % Southern California Los Angeles 7,153 6,801 5.2 % 2,167 2,161 0.3 % 4,986 4,640 7.5 % 10.6 % Texas Dallas Houston 7,879 4,350 7,572 4,395 4.1 % (1.0)% 3,180 2,163 3,285 2,003 (3.2 )% 8.0 % 4,699 2,187 4,287 2,392 9.6 % (8.6 )% 9.9 % 4.7 % (Table continued on next page) © Monogram Residential Trust, Inc. 31 Total Same Store72,36369,6723.9 %25,10325,0210.3 %47,26044,6515.8 %100.0% Texas Total12,22911,9672.2 %5,3435,2881.0 %6,8866,6793.1 %14.6% Southern California Total7,1536,8015.2 %2,1672,1610.3 %4,9864,6407.5 %10.6% Northern California Total12,92112,2905.1 %3,9463,9290.4 %8,9758,3617.3 %19.0% New England Total7,1206,7845.0 %2,4472,610(6.2)%4,6734,17412.0 %9.9% Nevada Total3,5003,3145.6 %1,1701,0986.6 %2,3302,2165.1 %4.9% Mid-Atlantic Total11,68511,3882.6 %4,0434,216(4.1)%7,6427,1726.6 %16.2% Georgia Total2,7102,6880.8 %1,3641,11322.6 %1,3461,575(14.5)%2.8% Florida Total6,8226,5194.6 %2,4202,4060.6 %4,4024,1137.0 %9.3% Colorado Total8,2237,9213.8 %2,2032,2000.1 %6,0205,7215.2 %12.7% Same Store (1) % of Same Store YTD 2Q 2016 Net Operating Income YTDYTD% 2Q 20162Q 2015Change Property Operating Expenses YTDYTD% 2Q 20162Q 2015Change Rental Revenue YTDYTD% 2Q 20162Q 2015Change

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver 1,323 196 N/A 417 326 N/A 906 (130) N/A N/A Florida South Florida 2,986 — N/A 1,301 — N/A 1,685 — N/A N/A Georgia Atlanta 1,789 77 N/A 819 264 N/A 970 (187) N/A N/A New England Boston 1,282 458 N/A 352 398 N/A 930 60 N/A N/A Southern California Los Angeles San Diego 1,729 1,129 1,150 — N/A N/A 575 1,114 704 — N/A N/A 1,154 15 446 — N/A N/A N/A N/A Texas Austin Dallas Houston 2,048 3,373 1,594 85 2,694 1,139 N/A N/A N/A 804 1,567 661 272 1,430 658 N/A N/A N/A 1,244 1,806 933 (187) 1,264 481 N/A N/A N/A N/A N/A N/A Florida Mid-Atlantic New England Northern California Southern California Texas 981 579 569 188 1,586 16 — — — — 2 — N/A N/A N/A N/A N/A N/A 1,131 1,115 797 241 949 204 16 26 42 2 96 23 N/A N/A N/A N/A N/A N/A (150) (536) (228) (53) 637 (188) (16) (26) (42) (2) (94) (23) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate YTD Operating Information and Reconciliation to FFO on page 10 differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rent and start up expenses). (1) In May 2015, we acquired the noncontrolling interests in six joint ventures from PGGM. As we already owned these multifamily communities, we continue to report them as Same Store. The numbers above are presented as if we had owned them 100% for both reporting years. © Monogram Residential Trust, Inc. 32 Total Portfolio$ 93,535$ 83,99611.4 % $ 37,180$ 32,62814.0 % $ 56,355$ 51,3689.7 %N/A Dispositions and other non-lease up developments—8,523N/A303,350N/A(30)5,173N/AN/A Total Lease up3,9192N/A4,437205N/A(518)(203)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable17,2535,799198 %7,6104,05288 %9,6431,747452 %N/A Texas Total7,0153,918N/A3,0322,360N/A3,9831,558N/AN/A Southern California Total2,8581,150N/A1,689704N/A1,169446N/AN/A New England Total1,282458N/A352398N/A93060N/AN/A Georgia Total1,78977N/A819264N/A970(187)N/AN/A Florida Total2,986—N/A1,301—N/A1,685—N/AN/A Colorado Total1,323196N/A417326N/A906(130)N/AN/A Stabilized Non-Comparable % of Same Store YTD 2Q 2016 Net Operating Income YTDYTD% 2Q 20162Q 2015Change Property Operating Expenses YTDYTD% 2Q 20162Q 2015Change Rental Revenue YTDYTD% 2Q 20162Q 2015Change

Operating Performance Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) 32 8,696 $ 50,763 $ 49,410 2.7% $ 17,747 $ 17,581 0.9 % $ 33,016 $ 31,829 3.7% Same Store (per page 22) Additional Same Store Communities effective April 1, 2015 Texas Dallas Houston 2 1 676 270 3,038 1,444 2,657 1,126 14.3 % 28.2 % 1,463 599 1,297 604 12.8 % (0.8)% 1,575 845 1,360 522 15.8 % 61.9 % Southern California Los Angeles 1 113 858 729 17.7 % 284 338 (16.0)% 574 391 46.8 % 32 8,696 $ 36,306 $ 35,254 3.0% $ 12,488 $ 12,404 0.7 % $ 23,818 $ 22,850 4.2% Same Store (per page 29) Additional Same Store Communities effective April 1, 2015 Texas Dallas Houston 2 1 676 270 1,685 801 1,474 624 14.3 % 28.4 % 811 332 720 335 12.6 % (0.9)% 874 469 754 289 15.9 % 62.3 % Southern California Los Angeles 1 113 858 729 17.7 % 284 338 (16.0)% 574 391 46.8 % Note: The data presented above displays the results of our Same Store portfolio for Same Store communities as of April 1, 2015. For 2Q 2016, we added four additional multifamily communities to our Quarterly Same Store communities increasing the total to 36. © Monogram Residential Trust, Inc. 33 Total Proportionate Quarterly Stabilized Same Store369,755$ 39,650$ 38,0814.1% $ 13,915$ 13,7970.9 % $ 25,735$ 24,2846.0% Proportionate Total Consolidated Quarterly Stabilized Same Store369,755$ 56,103$ 53,9224.0% $ 20,093$ 19,8201.4 % $ 36,010$ 34,1025.6% Consolidated Net Operating Income QTDQTD% 2Q 20162Q 2015Change Property Operating Expenses QTDQTD% 2Q 20162Q 2015Change Rental Revenue QTDQTD% 2Q 20162Q 2015Change Units Communities

Operating Performance Proportionate Share QTD General and Administrative and Corporate Property Management Expenses (dollars in thousands) (unaudited) For the Three Months Ended June 30, 2016 Proportionate Share: Total General and administrative and corporate property management expenses (1) Less: Asset management and property management fee income $ 5,457 (377) $ 2,395 (783) $ 7,852$ (1,160) 31,408 (4,640) (1) Amounts exclude stock compensation expense of $0.7 million and $0.1 million, respectively, and expenses related to workforce reduction of $1.2 million and $0.8 million, respectively. (2) Total consolidated gross assets, which adds back accumulated depreciation and amortization, is included as a benchmark as it is representative of the Company’s assets under management, and is calculated as follows: Total assets per page 4 Accumulated depreciation per page 4 Accumulated depreciation of corporate assets Accumulated amortization of intangibles Total gross assets $ 3,243,870 417,261 992 42,775 $ 3,704,898 © Monogram Residential Trust, Inc. 34 Net Expenses as percentage of Total Consolidated Gross Assets (2)0.14%0.04%0.18%0.72% Net Expenses as percentage of Total Consolidated Revenue7.4%2.4%9.8%9.8% Net Expenses$5,080$1,612$6,692$26,768 Annualized Total Expenses General andCorporate Property AdministrativeManagementTotal ExpensesExpensesExpenses

Capital Deployment Summary of Developments As of June 30, 2016 (dollars in thousands, except costs per unit) (unaudited) Proportionate Share Costs 30, 2016 Stabilization Cyan on Peachtree - Atlanta, GA OLUME - San Francisco, CA SoMa - Miami, FL Verge - San Diego, CA Zinc - Cambridge, MA Nouvelle - Tysons Corner, VA 55% 55% 55% 70% 55% 55% 329 121 418 444 392 461 4Q 2013 2Q 2014 4Q 2013 4Q 2013 2Q 2013 4Q 2013 2Q 2015 1Q 2016 4Q 2015 3Q 2015 3Q 2015 3Q 2015 4Q 2015 1Q 2016 1Q 2016 2Q 2016 4Q 2015 4Q 2015 2Q 2016 3Q 2016 3Q 2016 3Q 2016 2Q 2017 3Q 2017 $205,713 537,782 235,182 272,748 464,446 369,848 92 % 45 % 64 % 74 % 39 % 39 % 98% 97% 97% 99% 98% 99% $ 37,528 36,082 54,511 85,133 100,954 94,542 $ 36,898 34,850 53,136 84,471 99,355 93,403 7.9% 5.5% 7.2% 6.3% 6.0% 5.6% The Alexan - Dallas, TX 50% 365 3Q 2013 2Q 2016 4Q 2016 3Q 2017 259,352 7 % 94% 47,246 44,640 6.3% Caspian Delray Beach - Delray Beach, FL Lucé - Huntington Beach, CA 55% 65% 146 510 4Q 2014 4Q 2015 3Q 2016 1Q 2018 1Q 2017 3Q 2018 2Q 2017 2Q 2019 278,812 342,185 N/A N/A 75% 31% 22,572 114,045 16,997 35,313 6.3% 6.7% Renaissance Phase II - Concord, CA 55% N/A N/A N/A N/A N/A N/A N/A N/A N/A 6,420 N/A (1) The estimated completion and stabilization dates are primarily based on contractual arrangements adjusted for certain events (e.g., weather delays, labor availability and change orders). (2) These communities are included in the GAAP presentation in land, buildings and improvements but are still in lease up or stabilized during the current quarter and still have some remaining development costs. (3) This schedule does not include 2015 acquisitions, which includes a development, The Mile, acquired in December 2015 that was approximately 99% complete as of June 30, 2016. © Monogram Residential Trust, Inc. 35 Total Developments3,186$318,45784%$ 592,613$ 505,4836.3% Land Held for Future Development Total Construction656328,081N/A38%136,61752,3106.6% Construction Total Developments in Lease up365259,3527%94%47,24644,6406.3% Developments in Lease up Total Stabilized During Current Quarter or in Lease up2,165325,50659%98%408,750402,1136.3% Operating Communities Stabilized During Current Quarter or in Lease up (2) Economic EstimatedCosts TotalIncurredProjected Economicas of JuneNOI Yield at Actual/Actual/Actual/Actual/Estimated EffectiveActual/EstimatedEstimatedEstimatedEstimatedEconomic OwnershipEstimatedConstructionDate FirstCompletionStabilizationCosts perPercent Community%UnitsStart DateUnitsDate (1) Date (1) UnitOccupancyComplete

Capital Deployment Development Cash Costs to Complete, Interest and Other Costs (dollars in thousands) (unaudited) Estimated development cash costs to complete: Proportionate Share: Estimated total Economic Costs (page 35) (1) Less: Costs incurred (excluding land held for development) Plus: Net accrued and unpaid estimated Economic Costs (including retainage, construction payables and construction escrows) $ 592,613 (499,063) 19,734 Total estimated development cash costs to complete by funding source (2) Construction loan draws under binding loan commitments Other, including cash, construction loans and existing credit facilities (1) (3) $ 25,057 88,227 (1) The amount does not include The Mile, a development acquired in December 2015 that was approximately 99% complete as of June 30, 2016. (2) The sources identified may be supplemented with other capital sources, including other construction loans. (3) May also include other capital sources. Other Development Costs: Proportionate Share: Capitalized development costs: Interest (4) Real estate taxes Direct overhead $ 1,215 401 146 $ 2,796 678 172 $ 2,754 762 282 $ 5,667 1,510 383 Development related costs (expensed): (5) NOI (operating deficits) and development expenses Interest expense $ (357) (519) $ (699) (72) $ (1,557) (1,144) $ (1,141) (134) (4) Of $1.2 million of capitalized interest for the three months ended June 30, 2016, $0.9 million relates to developments that are anticipated to become operational during the remainder of 2016. (5) These amounts represent NOI, development and interest expenses incurred during the period of operating deficits. © Monogram Residential Trust, Inc. 36 Total Development Costs (Expensed)$(876) $(771) $(2,701) $(1,275) Total Capitalized Development Costs$1,762$3,646$3,798$7,560 Six Months Ended June 30, 20162015 Three Months Ended June 30, 20162015 Total Estimated Development Cash Costs to Complete$113,284 Total Estimated Development Cash Costs to Complete$113,284 As of June 30, 2016

Capital Deployment Acquisition and Disposition Summary - Three Years As of June 30, 2016 (dollars in thousands, except per unit data) (unaudited) Number of Purchase Price Purchase Price Proportionate Debt Proportionate The Mile (1) Miami, FL San Diego, CA Boca Raton, FL Various 120 208 208 2,061 $ 400,000 403,606 392,981 253,194 $ 48,000 83,950 81,740 521,833 $ 48,000 83,950 81,740 224,629 $ — — — 249,357 $ — — — 106,944 Ev The Mark PGGM Buyout (2) Number of Gross Sales Gross Sales Proportionate Value at Time Post Oak Burnham Pointe Shady Grove (3) Houston, TX Chicago, IL Rockville, MD 392 298 366 $ 229,745 422,819 N/A $ 90,060 126,000 38,465 $ 90,060 126,000 38,465 $ 64,745 88,533 38,415 Tupelo Alley Portland, OR 188 281,144 52,855 29,308 39,930 (1) Development was acquired through like-kind tax exchange in December 2015 and has been classified as construction in progress (99% complete) as of June 30, 2016. (2) In May 2015, we acquired noncontrolling interests in six co-investment ventures with PGGM related to equity investments in the following six multifamily communities: The District Universal Boulevard (Orlando, FL), Veritas (Henderson, NV), The Cameron (Silver Spring, MD), Skye 2905 (Denver, CO), Grand Reserve (Dallas, TX), and Stone Gate (Marlborough, MA). Additionally, we acquired a controlling interest in the Jefferson Creekside debt investment (Allen, TX). (3) In June 2015, we sold the development to a group led by the developer partner. The gross book value at time of sale is net of an impairment of $3.1 million (primarily related to non-recovery of certain non-cash GAAP capitalized costs) recorded during 2Q 2015. © Monogram Residential Trust, Inc. 37 Total1,244$306,281$307,380$283,833$231,623 2014 2015 Sales PriceGross Book Communities SoldLocationUnitsPrice per UnitPrice 100%Shareof Sale 100% Total2,597$283,220$735,523$438,319$249,357$106,944 2015 Purchase PriceAssumedAssumed Debt Communities AcquiredLocationUnitsper Unit100%Share100%Share

Capital Deployment Capital Expenditures-Same Store (dollars in thousands, except per unit amounts) (unaudited) Recurring Non-Recurring Revenue Producing $ 634 1,427 447 $ 403 1,472 471 57.3 % (3.1)% (5.1)% $ 1,043 2,218 967 $ 809 2,646 628 28.9 % (16.2)% 54.0 % Recurring Non-Recurring Revenue Producing $ 73 164 51 $ 46 169 55 58.7 % (3.0)% (7.3)% $ 120 255 111 $ 93 304 72 29.0 % (16.1)% 54.2 % Recurring Non-Recurring Revenue Producing 1.2 % 2.8 % 0.9 % 0.8 % 3.0 % 0.9 % 1.0 % 2.2 % 1.0 % 0.8 % 2.7 % 0.7 % © Monogram Residential Trust, Inc. 38 Total capital expenditures as a percentage of rental revenue - Same Store4.9%4.7%4.2%4.2% Capital Expenditures as a Percentage of Rental Revenue - Same Store (Consolidated) Total capital expenditures per unit - Same Store$288$2706.7 % $486$4693.6 % Capital Expenditures per Unit - Same Store (Consolidated) Total capital expenditures - Same Store$2,508$2,3466.9 % $4,228$4,0833.6 % Capital Expenditures - Same Store (Consolidated) Six Months Ended June 30, 20162015% Change Three Months Ended June 30, 20162015% Change

Capitalization Debt Summary (dollars in thousands) (unaudited) As of June 30, 2016 Weighted Contractual Proportionate Contractual Contractual Average Time to Proportionate Company Portion of Company Level Debt Fixed Rate - Mortgages Payable $150 Million Credit Facility $200 Million Credit Facility $ 294,962 47,000 — 2.7 years 0.8 years — 3.88% 2.53% 2.97% $ 294,962 47,000 — 28.5% 4.5% —% $ — — — Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable Variable Rate - Mortgage Payable Fixed Rate - Construction Notes Payable - In Construction Variable Rate - Construction Notes Payable - Operating Variable Rate - Construction Notes Payable - In Construction 658,443 11,499 49,169 481,079 10,382 2.3 years 0.8 years 2.1 years 1.9 years 2.8 years 3.53% 2.82% 4.00% 2.56% 2.62% 378,581 6,325 24,541 275,347 5,757 36.7% 0.6% 2.4% 26.7% 0.6% — — — 72,533 2,596 Plus: unamortized adjustments from business combinations (6) 1,664 (12,528) 1,448 (9,674) Less: Deferred Financing Costs, net (7) Recap of Proportionate Share of Debt - Fixed and Floating Rate Components Fixed Rate - Contractual Interest Rate Caps - Notional Amounts (8) $ 698,084 112,700 3.68 % Floating Rate: Construction Notes Payable Credit Facilities Payable Mortgage Payable Interest Rate Caps - Notional Amounts 281,104 47,000 6,325 (112,700) 2.55 % 2.53 % 2.82 % (see page 40 for footnotes) © Monogram Residential Trust, Inc. 39 Floating Rate, Net of Interest Rate Caps221,72921% Total Debt - Contractual$1,032,5133.31%100% Fixed Rate and Interest Rate Caps810,78479% Percent of Total Debt Proportionate Share Weighted Average Contractual Interest Rate Proportionate Share of Contractual Balance (4) Total Debt per Consolidated/Proportionate Balance Sheets$1,541,670$1,024,287 Total Co-Investment Venture Level Debt1,210,5722.1 years3.15%690,55167.0%75,129 Total Company Level and Co-Investment Venture Level Debt1,552,5342.2 years3.27%1,032,513100.0%$75,129 Total Company Level Debt341,9622.5 years3.70%341,96233.0% Consolidated TotalWeightedAverageShare ofPercent of Total Balance (1)(2)(4) Maturity (3) Interest RateBalance (4) Share DebtRecourse Debt (5)

Capitalization Debt Summary (dollars in thousands) (unaudited) Debt Maturities As of June 30, 2016 Aggregate Debt Maturities by Year July through December 2016 4.18 % 3.06 % 3.30 % 3.14 % 3.42 % 4.31 % $ 73,786 232,422 385,004 177,744 148,671 14,886 $ 17,521 162,078 180,633 354,989 240,384 76,908 2017 2018 2019 2020 Thereafter (1) The amounts listed are the contractual amounts on each loan at 100% regardless of the Company’s ownership. Total net deferred financing costs and unamortized GAAP adjustments from business combinations are provided in total to reconcile to total debt per the consolidated/proportionate balance sheets. (2) As of June 30, 2016, five communities with a gross GAAP carrying value of $225.3 million were unsecured. (3) Information provided is before any extension options. (4) Excludes certain GAAP consolidated costs, primarily related to unamortized adjustments from business combinations and deferred financing costs, net. (5) Reflects the amount of the contractual debt balance that is recourse to the Company. In the case of Co-Investment Venture Level Debt, this represents portions of construction debt that the Company has recourse, usually a portion of each construction loan until certain operating benchmarks are achieved (usually a minimum fixed charge coverage). (6) Unamortized adjustments from business combinations are added to debt to agree to the GAAP amounts on the consolidated/proportionate balance sheets. (7) Deferred financing costs, net are deducted from debt to agree to the GAAP amounts on the consolidated/proportionate balance sheets. (8) As a hedge against interest rate increases, the Company has $112.7 million notional amount of interest rate caps. The interest rate caps are effective at 30-day LIBOR above 1.75% to 4.00%. (9) Amounts reflect maturities and regular principal payments as if all extension options are exercised. Subsequent to June 30, 2016, we refinanced $102.3 million of debt maturing in 2016 extending the maturities to 2021. The new maturity dates are reflected in the table above. © Monogram Residential Trust, Inc. 40 Total Debt Maturities3.31% $1,032,513$1,032,513 ProportionateProportionateProportionate Share of Weighted AverageShare ofContractual Balance Rate on DebtContractualAdjusted for Extended Maturities (3) Balance (3)(4) Maturities (8)

Capitalization Debt Summary (dollars in thousands) (unaudited) Consolidated Leverage Ratios Fixed Charge coverage ratio Debt to EBITDA (1) Net Debt to EBITDA (1) Adjusted Financial Ratios - Excluding Development Activity Fixed Charge coverage ratio Debt to EBITDA (1)(2) Net Debt to EBITDA (1)(2) 2.62x 11.54x 11.11x 2.78x 11.13x 10.63x 2.52x 12.06x 11.60x 2.79x 11.48x 10.97x 3.12x 7.97x 7.54x 3.40x 8.64x 8.16x 3.08x 8.20x 7.75x 3.30x 9.03x 8.53x (1) EBITDA is annualized for last quarter for the respective reporting periods. (2) Adjusted EBITDA, excluding development activity. Three Months Ended June 30, Six Months Ended June 30, Fixed Charges: Contractual interest expense Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Fixed Charges Less: Development related fixed charges (3) Fixed Charges, excluding development activity Debt: Contractual debt (page 39) Less: Cash and cash equivalents Net debt Less: Development related debt Net debt, excluding development activity 2016 2015 2016 2015 $ 12,755 87 $ 11,338 87 $ 25,360 174 $ 21,934 172 12,842 (2,048) 11,425 (1,743) 25,534 (4,299) 22,106 (3,050) $ 10,794 $ 9,682 $ 21,235 $ 19,056 June 30, 2016 June 30, 2015 1,552,534 (58,244) 1,415,824 (63,583) 1,494,290 (479,650) 1,352,241 (279,685) $ 1,014,640 $ 1,072,556 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 EBITDA (page 12) Plus: NOI and development costs expensed, consolidated for non-stabilized developments Adjusted EBITDA, excluding development activity Annualized EBITDA Annualized EBITDA, excluding development activity (3) Represents interest expense related to developments during periods of operating deficits. $ 33,627 33 $ 31,802 1,078 $ 64,387 1,038 $ 61,650 1,235 $ 33,660 $ 32,880 $ 65,425 $ 62,885 $ 134,508 $ 127,208 $ 128,774 $ 123,300 $ 134,640 $ 131,520 $ 130,850 $ 125,770 © Monogram Residential Trust, Inc. 41 Six Months Ended June 30, 20162015 Three Months Ended June 30, 20162015

Capitalization Debt Detail by Multifamily Community (dollars in thousands) (unaudited) As of June 30, 2016 Contractual Company Portion of Total Contractual of Contractual Company Level Debt Fixed Rate - Mortgages Payable Acappella The Cameron The District Universal Boulevard Grand Reserve Skye 2905 Stone Gate Vara $ 29,797 62,898 36,271 20,156 55,184 33,656 57,000 August-2018 July-2019 June-2018 May-2019 June-2018 July-2018 December-2020 3.86% 3.09% 4.54% 3.41% 4.19% 4.24% 4.00% $ 29,797 62,898 36,271 20,156 55,184 33,656 57,000 47,000 — April-2017 January-2019 Monthly LIBOR + 2.08% Monthly LIBOR + 2.50% 47,000 — $150 Million Credit Facility $200 Million Credit Facility Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 55 Hundred Acacia on Santa Rosa Creek Argenta (3) Arpeggio Victory Park Bailey's Crossing Belmar Briar Forest Lofts Burrough’s Mill Calypso Cherry Creek Eclipse Fitzhugh Urban Flats Forty 55 Lofts The Gallery at NoHo Commons (3) The Lofts at Park Crest - multifamily San Sebastian Satori The Venue Veritas West Village 40,654 29,000 51,000 29,161 76,000 28,500 20,024 24,229 29,500 39,500 19,876 26,632 25,500 51,300 31,309 21,000 51,000 10,421 34,346 19,491 January-2017 March-2020 August-2021 June-2023 July-2017 August-2020 September-2017 October-2016 August-2020 August-2020 September-2017 August-2017 October-2020 August-2021 January-2019 June-2020 January-2019 January-2019 November-2019 October-2019 3.75% 3.17% 3.19% 4.31% 2.82% 2.82% 4.46% 5.29% 2.82% 2.82% 4.46% 4.35% 3.90% 4.72% 3.42% 3.31% 3.54% 3.66% 2.77% 2.48% 22,543 15,950 28,050 16,170 42,142 15,675 11,013 13,326 16,225 21,725 10,932 14,647 14,025 28,215 17,220 11,645 28,280 5,732 34,346 10,720 Variable Rate - Mortgages Payable The Lofts at Park Crest - retail 11,499 April-2017 Monthly LIBOR + 2.35% 6,325 (Table continued on next page) © Monogram Residential Trust, Inc. 42 Total Variable Rate - Mortgages Payable11,4992.82%6,325 Total Fixed Rate - Mortgages Payable658,4433.53%378,581 Total Company Level Debt341,9623.70%341,962 Total Credit Facilities47,0002.53%47,000 Total Fixed Rate - Mortgages Payable294,9623.88%294,962 Proportionate Share Balance (1)Maturity DateInterest Rate (2) BalanceRecourse Debt

Capitalization Debt Detail by Multifamily Community (dollars in thousands) (unaudited) As of June 30, 2016 Contractual Company Portion of Total Contractual of Contractual Fixed Rate - Construction Notes Payable (4) The Alexan Total - Under Construction 49,169 August-2018 4.00% 24,541 49,169 24,541 Variable Rate - Construction Notes Payable (4) 4110 Fairmount Allusion West University Cyan on Peachtree Everly Muse Museum District Nouvelle Point 21 SEVEN SoMa Zinc Verge Total - Operating Caspian Delray Beach Total - Under Construction 24,776 20,623 39,114 22,982 26,700 69,860 26,552 32,483 55,326 104,818 57,845 April-2017 April-2017 February-2018 June-2018 February-2018 August-2018 December-2017 August-2018 October-2017 October-2018 October-2018 Monthly LIBOR + 2.25% Monthly LIBOR + 2.25% Monthly LIBOR + 1.90% Monthly LIBOR + 1.85% Monthly LIBOR + 1.95% Monthly LIBOR + 2.10% Monthly LIBOR + 2.00% Monthly LIBOR + 2.15% Monthly LIBOR + 2.10% Monthly LIBOR + 2.25% 13,738 11,436 21,689 12,743 14,805 38,737 14,723 18,012 30,678 58,121 — — 5,867 1,149 — 17,465 — 4,872 8,299 26,204 Monthly LIBOR + 1.95% 40,665 8,677 481,079 10,382 2.56% 275,347 72,533 April-2019 Monthly LIBOR + 2.15% 5,757 2,596 10,382 2.62% 5,757 2,596 Plus: unamortized adjustments from business combinations (5) Less: deferred financing costs, net (6) 1,664 (12,528) 1,448 (9,674) (1) The amounts listed by multifamily community are the contractual amounts on each loan at 100% regardless of the Company’s ownership. Total net deferred financing costs and unamortized GAAP adjustments from business combinations are provided in total to reconcile to total debt per the consolidated/proportionate balance sheets. (2) Total and sub-totals represent the weighted-average interest rates as of June 30, 2016. Monthly LIBOR as of June 30, 2016 is 0.47%. (3) In July 2016, the loans were refinanced with a maturity date of August 15, 2021, contractual interest rate of 2.78%. (4) The maturity dates provided for these loans in the table do not include any extension options. These loans include one to two year extension options generally available at the stated maturity date. (5) Unamortized adjustments from business combinations are added to debt to agree to the GAAP amounts on the consolidated/proportionate balance sheets. (6) Deferred financing costs, net are deducted from debt to agree to the GAAP amounts on the consolidated/proportionate balance sheets. © Monogram Residential Trust, Inc. 43 Total Debt per Consolidated/Proportionate Balance Sheets$1,541,670$1,024,287 Total Company Level and Co-Investment Venture Level Debt1,552,5343.27%1,032,513$75,129 Total Co-Investment Venture Level Debt1,210,5723.15%690,55175,129 Total Variable Rate - Construction Notes Payable491,4612.56%281,10475,129 Total Fixed Rate - Construction Notes Payable49,1694.00%24,541 Proportionate Share Balance (1)Maturity DateInterest Rate (2) BalanceRecourse Debt

Capitalization Sources of Funds Available As of June 30, 2016 (dollars in thousands) (unaudited) Capacity (1) Commitment Outstanding Commitments Commitments $150 Million Credit Facility - 100% our share (2) $ 150,000 $ 108,214 $ 47,000 $ 61,214 $ 41,786 $200 Million Credit Facility - 100% our share $ 200,000 $ 200,000 $ — $ 200,000 $ — Construction notes payable - Proportionate Share (3) $ 346,446 $ 346,446 $ 305,645 $ 40,801 $ — PGGM commitments (4) $ 300,000 $ 300,000 $ 274,301 $ 10,838 $ 14,861 Developer partner commitment $ 4,116 $ 4,116 $ 3,433 $ 683 $ — (1) Available capacity represents the amount of the maximum commitment that is available to be drawn based on current loan requirements (e.g. collateral, borrowing base). The amount currently drawn is reflected in the balance outstanding column. (2) The remaining commitments are available if additional multifamily communities are added to the collateral pool or increases in value of the collateral pool pursuant to provisions under the credit facility agreement. (3) We may not draw all amounts available to draw, and we may use other sources to fund our developments. (4) PGGM’s remaining commitment would apply to future investments. © Monogram Residential Trust, Inc. 44 MaximumAvailableBalanceUnfundedRemaining

Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents (unaudited) Outstanding as of Preferred Securities: Series A Preferred Stock (1) 10,000 7% $0.0001 $10.00 Common Stock and Common Stock Equivalents: Common stock (2) Dilutive securities: Series A Preferred Stock Restricted stock units Total common stock and common stock equivalents (3) 166,785,233 — 823,106 167,608,339 (1) As more fully explained in the notes to the financial statements (stockholders’ equity - capitalization) the Series A Preferred Stock can be converted into common stock on or before December 31, 2016. The conversion ratio is based on a formula set forth in the Company’s charter. As of July 29, 2016, we estimate the minimum common stock price for a conversion of the Series A Preferred Stock to be approximately $11.50 per share. As of July 29, 2016, the closing market price for the Company’s closing stock was $10.71 per common share. (2) The distribution for the second quarter of 2016 was $0.075 per share. (3) 0.7% of total common stock and common stock equivalents are held by employees and directors. © Monogram Residential Trust, Inc. 45 Shares/Units June 30, 2016CouponPar Value per ShareLiquidation Preference per Share

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Property revenue - stabilized portfolio (1) $ 45,246 (16,364) (1,357) $ (1,704) 991 51 $ 43,542 (15,373) (1,306) Less: Property operating expenses, excluding property management expenses (1) Less: Assumed market rate property management fee @ 3% of revenue Adjusted property Net Operating Income Annualized adjusted property Net Operating Income Third party asset management revenue (2) Third party property management revenue (2) $ 27,525 $ (662) $ 26,863 $ $ $ 110,100 377 783 $ $ $ (2,648) — — $ $ $ 107,452 377 783 Acquisitions in lease up and stabilized non-comparable(3) Development (excludes land held for future development presented below) - total Economic Costs incurred (4) Acquisitions in lease up and development - total potential value creation (5) $ $ $ 132,326 499,063 174,554 $ $ $ — — — $ $ $ 132,326 499,063 174,554 Cash and cash equivalents Land Held for Future Development (6) Master Partnership promote due to the Company (7) Notes receivable (8) Other tangible assets (9) Total Other Assets $ 47,635 6,420 8,540 39,380 21,467 $ — — — — — $ 47,635 6,420 8,540 39,380 21,467 $ 123,442 $ — $ 123,442 Mortgages and notes payable (10) (11) $ 985,513 47,000 1,336 33,432 59,499 $ 5,446 — 100 — — $ 990,959 47,000 1,436 33,432 59,499 Credit facilities payable (10) Convertible and subsidiary preferred stock (12) Developer promotes and put options, net (13) Other tangible liabilities (14) Total Liabilities $ 1,126,780 $ 5,546 $ 1,132,326 Common stock outstanding Convertible preferred stock (15) Restricted stock units outstanding Fully diluted shares outstanding (See Notes to Road Map to Net Asset Value on next page) 166,785,233 — 823,106 167,608,339 © Monogram Residential Trust, Inc. 46 Other Data Balance Sheet Data - Liabilities (Proportionate Share) Balance Sheet Data - Other Assets (Proportionate Share) As of June 30, 2016AdjustmentsAs Adjusted Acquisitions in Lease Up and Development Data (Proportionate Share) Three Months Ended June 30, 2016AdjustmentsAs Adjusted Income Statement Data (Proportionate Share)

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 46: (1) Property revenue and property operating expenses-stabilized portfolio includes: Rental Revenue Property Operating Expenses Same Store per page 29 Stabilized Non-Comparable per page 30 Less: Two multifamily communities not stabilized for the full second quarter of 2016 $ 36,306 8,940 (1,704) $ 12,488 3,876 (991) $ 43,542 $ 15,373 (2) Represents property and asset management revenue associated with third party joint venture assets per page 9. (3) Includes 2015 acquisitions: The Mile (development in lease up) and EV (stabilized non-comparable). Amounts represent costs as of June 30, 2016. See page 37. Total potential value creation is included below. See note 5. (4) Development-total Economic Costs incurred: Economic Costs Incurred as of June 30, 2016 Total Developments per page 35 Less: Land Held for Future Development per page 35 (See note 6) $ 505,483 (6,420) $ 499,063 (5) Value creation is equal to projected future stabilized value less total Economic Costs. The projected future stabilized value is based on the projected annual NOI at stabilization, less capital reserves divided by an estimated future capitalization rate, which includes a premium from the current capitalization rate to adjust for the period until stabilization. Total potential value creation represents the projected undiscounted total future value to be created at the stabilization date, before any selling expenses. (6) Land Held for Future Development, per page 35 (7) Projected promote due to the Company by PGGM based on current estimated portfolio value. (8) Notes receivable is our proportionate share of the contractual principal balance as presented on page 19. (9) Other tangible assets include: Escrows and restricted cash Resident, tenant and other receivables Prepaid assets, deposits and other Total $ 7,605 8,552 5,310 $ 21,467 (Notes continued on next page) © Monogram Residential Trust, Inc. 47

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 46 (continued from previous page): (10) Represents our proportionate share of contractual balance outstanding as of June 30, 2016. See page 39. (11) Includes mark-to-market adjustment to mortgages and notes payable. (12) Convertible and subsidiary preferred stock includes the liquidation value of convertible preferred stock calculated as 10,000 shares at a contractual liquidation value of $10.00 per share (see note 15), and subsidiary preferred stock of $1.3 million as of June 30, 2016. (13) Developer’s put options and amounts attributable to developer promotes. The amount included for developer promotes is calculated based on estimated valuations as of June 30, 2016. The developer promotes are not currently payable, where actual amounts, if any, are subject to future property sales prices, net of selling expenses, our capital account and our preferred return at the time of the property sale. (14) Other tangible liabilities include: Construction costs payable Accounts payable and other liabilities Distributions payable Tenants security deposits Total $ 21,449 21,020 12,512 4,518 $ 59,499 (15) Potential dilution associated with the conversion of the outstanding Series A Preferred Stock utilizing the treasury stock method and common stock market price as of June 30, 2016. As more fully discussed in note 1, page 45, the Series A Preferred Stock does not have a convertible value based on the July 29, 2016 closing stock market price. © Monogram Residential Trust, Inc. 48

Co-Investment Venture Partners Information on Joint Ventures As of June 30, 2016 (dollars in thousands) (unaudited) Communities (1) Interests (2) Joint Venture Partner % Interests Commitments Stichting Depositary PGGM Private Real Estate Fund (“PGGM”) Stabilized operating portfolio - PGGM only Stabilized operating portfolio - includes other developer partners Development portfolio - PGGM only (3) Development portfolio - includes other developer partners 4 15 1 3 45% 0% to 45% 45% 0% to 45% $ 65,044 211,288 — 47,258 $ — 22,259 — 5,699 Milky Way Partners, L.P. (“NPS”) Developer partners Stabilized operating portfolio with developer partner (4) 2 —% (176) 1,115 (1) Certain multifamily communities include multiple joint venture partners that include PGGM and an additional developer partner. For purposes of the presentation in this table, the number of multifamily communities is included under PGGM and not under developer partners to avoid double counting of those multifamily communities. (2) Includes developer partner put options of $28.8 million which have been recorded as of June 30, 2016 in the consolidated balance sheet. (3) The Renaissance venture includes two investments, one of which is stabilized, and the other is land held for future development which is included in this caption. Amounts relating to noncontrolling interests for this venture are included above in “Stabilized operating portfolio - PGGM only.” (4) Interest ownership is primarily a back-end interest. © Monogram Residential Trust, Inc. 49 Total all joint venture partners39$443,566$29,073$11,521 Subsidiary preferred units2,121—— Total developer partners2—%(176)1,115— Stabilized operating portfolio1445%118,031—— Total PGGM related joint ventures230% to 45%323,59027,958$11,521 Range ofGAAPGAAP Number ofNoncontrollingNon -redeemableRedeemable MultifamilyInterest OwnershipNoncontrollingNoncontrollingUnfunded

Guidance Full-Year 2016 Guidance (dollars in millions, except per share amounts) (unaudited) Revenue growth Expense growth NOI growth 3.3% 1.0% 4.25% to to to 3.6% 1.5% 5.0% FFO Core FFO AFFO $ $ $ 0.31 0.34 0.35 to to to $ $ $ 0.34 0.37 0.38 Interest expense, net of capitalized interest Capitalized interest Interest income $ $ $ 18 1 2 to to to $ $ $ 21 2 3 General and administrative expense (1): Corporate Corporate property management Less: Asset management and property management fee income Net general and administrative expenses $ 9 5 2 to to to to $ 11 5 3 $ 12 $ 13 Mezzanine loan investment net repayments/fundings Construction loan proceeds Credit facility and debt refinancing proceeds, net $ $ $ — 15 10 to to to $ $ $ 17 20 20 Debt maturities inclusive of principal amortization Development funding $ $ 3 25 to to $ $ 5 35 (1) Amounts exclude stock compensation expense. © Monogram Residential Trust, Inc. 50 Proportionate Uses of FundsProportionate Share Proportionate Sources of FundsProportionate Share Second Half 2016 Other Proportionate FFO ComponentsProportionate Share Second Half 2016 FFO, Core FFO, and AFFO GuidancePer Share Range Proportionate Same-Store GuidancePercent Range Full Year 2016

Guidance Guidance Reconciliations (in millions, except per share amounts) (unaudited) AFFO attributable to common stockholders - proforma for the year ended December 31, 2016 AFFO attributable to common stockholders - actual for the six months ended June 30, 2016 $ 0.35 0.16 $ 0.38 0.16 Major components of proforma AFFO anticipated for second half of 2016: Same Store NOI NOI from stabilized non-comparables, lease ups and developments Interest expense, net of capitalized interest General and administrative expenses, net Interest income $ 0.29 0.09 (0.13) (0.08) 0.02 $ 0.29 0.10 (0.11) (0.07) 0.02 Proforma weighted average number of common shares outstanding - diluted 167.6 167.6 Add (deduct) NAREIT defined adjustments - Proportionate Share: Real estate depreciation and amortization 0.52 0.50 Add (deduct) adjustments to arrive at Proforma Core FFO annualized - Proportionate Share: Other (primarily workforce reduction) 0.03 0.03 Add (deduct) adjustments to arrive at Proforma AFFO annualized - Proportionate Share: Other (primarily stock compensation expense and recurring capital expenditures) 0.01 0.01 Proforma weighted average number of common shares outstanding - diluted (in millions) 167.6 167.6 © Monogram Residential Trust, Inc. 51 Proforma AFFO annualized$0.35$0.38 Proforma Core FFO annualized0.340.37 Proforma FFO annualized - NAREIT defined0.310.34 Proforma annualized net income (loss) attributable to common stockholders$(0.21)$(0.16) Guidance Range - Per Share Reconciliation of full-year 2016 guidance Proforma AFFO attributable to common stockholders anticipated for second half of 2016$0.19$0.22 Guidance Range - Per Share Actual AFFO attributable to common stockholders YTD 2Q 2016 compared to Proforma AFFO attributable to common stockholders full-year 2016:

Definitions and other Explanatory Information Capital Expenditures Non-Recurring Amounts capitalized in accordance with GAAP related to property upgrades and building improvements, such as remodeling, investments in longer-lived assets and infrequent or unscheduled expenditures that are not considered Revenue Producing such as roofs, lobby renovations and parking lots. Recurring Amounts capitalized in accordance with GAAP that help preserve but generally do not increase the value and functionality of the community, such as replacements for appliances, carpeting and floorings, HVAC equipment, and individual unit turnover costs. Repairs and maintenance amounts are expensed as incurred. Revenue Producing Amounts capitalized in accordance with GAAP that are expected to directly increase rental rates, such as major renovations and rehabilitations of units and common areas, improvements to leasable areas, retail tenant improvements and leasing. Costs related to developments and entire community rehabilitations are not included in Revenue Producing. Community Classifications Construction A multifamily community is considered under development and construction once we have signed a general contractor’s agreement and vertical construction has begun and ends once lease up has started. Communities under construction are classified as construction in progress for GAAP presentation. Land Held for Future Development Land held with no current significant development activity but may include development in the future is considered land held for future development. Lease up A multifamily community is considered in lease up when the community has begun leasing. A temporary certificate of occupancy may be obtained as units are completed in phases, and accordingly, lease up may occur prior to final completion of the building. Lease up communities are generally classified in construction in progress for GAAP presentation prior to substantial completion and are generally classified in land, buildings and improvements once substantially complete. Operating A multifamily community is considered operating when substantially constructed and capable of generating all significant revenue sources. At such time, the community is classified as land, buildings and improvements for GAAP presentation. Pre-development A multifamily community is considered in pre-development during finalization of budgets, permits and plans and ends once a general contractor agreement has been signed and vertical construction has begun. As of June 30, 2016, we did not have any developments classified as pre-developments. Quarterly Stabilized Same Store Our Quarterly Stabilized Same Store multifamily communities are defined as those that are stabilized and comparable for both the current and prior year quarters. Same Store Our Same Store multifamily communities are defined as those that are stabilized and comparable for both the current and the prior calendar reporting year. Stabilized We consider a multifamily community to be Stabilized generally when the multifamily community achieves 90% occupancy. Stabilized communities that are not Same Store are described as stabilized non-comparable communities. Non-comparable stabilized communities are stabilized as of the latest quarter end, but may not be stabilized for the entire quarter or year to date. Debt Classifications Co-Investment Venture Level Debt Co-Investment Venture Level Debt is defined as debt that is an obligation of the joint venture and is not an obligation or contingency for us but does allow us to increase our access to capital. Company Level Debt Company Level Debt is defined as debt that is a direct or indirect obligation of the Company or one of its wholly owned subsidiaries. Recourse Debt The portion of debt for which the Company has provided recourse guarantees. Normal “bad boy” provisions, e.g. bankruptcy and environmental, are not included as Recourse Debt. © Monogram Residential Trust, Inc. 52

Definitions and other Explanatory Information EBITDA Earnings before interest, taxes, depreciation, amortization, and other non-recurring items. Deduction for interest expense only includes stated interest expense. Fees and other charges are included as an expense in EBITDA. Amortization expense adjustments include amortization of deferred finance fees and all purchase accounting intangibles. Economic Costs Represents costs for all on-site development and construction costs recognized for GAAP, but including certain items expensed for GAAP (primarily specific financing and operating expenses incurred during lease up) and excluding certain GAAP costs related to consolidated allocated costs, former sponsor-related fees and other non-cash capitalized cost items. Effective Ownership Effective ownership represents our participation in the distributable operating cash and may change over time as certain milestones related to budgets, plans and completion are achieved. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. Fee Income Our revenue collected from joint ventures related to property management, asset management and dispositions. Financial Ratios Debt (or Net Debt) to EBITDA Total contractual debt divided by annualized EBITDA based on respective reporting period. Contractual debt excludes certain GAAP adjustments, primarily purchased discounts and premiums. Net debt presentations deduct cash and cash equivalents from the total debt amounts. Excluding Development Activity As developments prior to stabilization are not yet producing expected operating results but may have outstanding debt and related interest and other finance charges (directly or indirectly), we also present certain ratios without the related NOI deficit, associated development debt, interest and other finance charges. Fixed Charge Income/loss from continuing operations, before gain on sale of real estate, adjusted for depreciation, amortization, federal and state income taxes, early extinguishment of debt, acquisition expenses, fair value adjustments, non cash and non-recurring expenses. May be calculated on a consolidated basis or based on our proportionate share. Monthly Rental Revenue Per UnitMonthly rental revenue per unit is calculated based on the leases in effect as of the indicated date, including in-place base rents for the occupied units and the current market rate for vacant units, including the effects of any rental concessions and affordable housing payments and subsidies, plus other charges for storage, parking, pets, trash or other recurring resident charges. Operating Margin NOI divided by total revenue. Joint Venture Partners Stichting Depositary PGGM Private Real Estate Fund (“PGGM”) PGGM is a $204 billion Dutch foundation acting in its capacity as title holder of and for the account of PGGM Private Real Estate Funds and its affiliates, a real estate investment vehicle for Dutch pension funds. Ten year (through 2023) - $300 million commitment including operating and development properties. We and, under certain circumstances, PGGM have buy/sell rights, which if exercised by us, may require us to acquire PGGM’s respective ownership interest or if exercised by PGGM, may require us to sell our respective ownership interest. Milky Way Partners, L.P. (“NPS”) NPS, the primary partner of which is Korea Exchange Bank, as Trustee for and on behalf of National Pension Service (acting for and on behalf of the National Pension Fund of the Republic of Korea Government, a $457 billion fund). We and, under certain circumstances, NPS have buy/sell rights, which if exercised by us, may require us to acquire NPS’s respective ownership interest or if exercised by NPS, may require us to sell our respective ownership interest. Developer partners Developer partners include national or regional real estate developer/owners. Generally, the developer partners have initial capital requirements until certain milestones are achieved, at which point their initial capital contributions are returned to them. The developer partners have a back-end interest generally only attributable to distributions related to a property sale or financings. The developer partners also have put options, one year after completion of the development where we (and in most cases PGGM) would be required to acquire their back-end interest at a set price as well as options to trigger a mark-to-market process after the seventh year after completion and a buy/sell after the tenth year. The amount of the individual put options range from $0.8 million to $6.4 million. © Monogram Residential Trust, Inc. 53

Definitions and other Explanatory Information Subsidiary preferred units Subsidiary preferred units issued in order for PGGM and NPS investments to qualify as a REIT. Units are callable at our option, paying an annual distribution of 12.5% on the face amount of $500 per unit. Non-GAAP Measurements We use the following non-GAAP measurements to present different components of our performance. We believe this information is also useful to our investors in comparing our results to other real estate companies and trusts because they provide characteristics of our performance that reflect the reality that real estate generally appreciates over time, which is not reflected in most depreciation methods, and focus on operating results widely used by real estate investors. We also use FFO as adjusted for straight-line rents, stock compensation expense, and recurring capital expenditures as a basis for certain of our debt covenant calculations. These non-GAAP measurements should not be considered as alternatives to net income (loss) presented in accordance with GAAP but as a supplemental performance measurement. Because these measurements may exclude certain cash flows or expenses, we caution that these measurements may not be representative of our current or future liquidity as presented in accordance with GAAP. There can be no assurance that our methods for computing these non-GAAP measurements is comparable with that of other real estate companies and trusts in all respects. A reconciliation for each non-GAAP measurement to the most applicable GAAP measurement is provided on pages 8 and 21. Funds from Operations (“FFO”) FFO is a non-GAAP performance financial measure that is widely recognized as a measure of REIT operating performance. We use FFO as currently defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be net income (loss), computed in accordance with GAAP, excluding gains (or losses) from sales of property (including deemed sales (if any) and settlements of pre-existing relationships), plus depreciation and amortization on real estate assets, impairment write-downs of depreciable real estate or of investments in unconsolidated real estate partnerships, joint ventures and subsidiaries (if any) that are driven by measurable decreases in the fair value of depreciable real estate assets, and after related adjustments for unconsolidated partnerships, joint ventures and subsidiaries and noncontrolling interests. May be calculated on a consolidated basis or based on our Proportionate Share. Core FFO Core FFO is calculated starting from FFO adjusted for loss on early extinguishment of debt, acquisition expenses, contingent purchase price adjustments, gain or loss on derivative fair value adjustments and non-recurring expenses, such as workforce reduction. May be calculated on a consolidated basis or based on our Proportionate Share. Adjusted Core FFO (“AFFO”) AFFO is calculated starting from Core FFO adjusted for Recurring capital expenditures, Straight-line rents and stock compensation expense. May be calculated on a consolidated basis or based on our Proportionate Share. Net Operating Income (“NOI”) NOI is calculated as total rental revenue less direct property operating expenses including real estate taxes. NOI does not include property management revenues, interest income, property management expenses, depreciation, interest and other finance expense, corporate general and administrative expenses, overhead allocations and other non-onsite operations. We provide NOI on a consolidated and proportional basis. The reconciliation of net income (loss) to NOI is provided on page 21. The reconciliation of net income (loss) attributable to common stockholders to proportionate share of NOI is provided below for all periods presented (amounts in thousands): 2Q 2016 2Q 2015 YTD 2016 YTD 2015 Net income (loss) attributable to common stockholders Adjustments to reconcile Net income (loss) attributable to common stockholders to Proportionate Share of Net Operating Income: Add: real estate depreciation and amortization (page 8) Less: gain on sale of real estate (page 8) Less: total fee income (page 9 - QTD; page 10-YTD) Less: total other adjustments (page 9 -QTD; page 10-YTD) Less: net of straight-line rents, start up expenses, etc. (1) Proportionate Share of Net Operating Income (page 30-QTD; page 32-YTD) $ (9,218) $ 49,196 $ (17,525) $ 48,363 21,169 — (1,160) 18,404 (234) 17,557 (48,602) (5,546) 9,764 3,918 41,833 — (2,289) 34,773 (437) 33,486 (48,602) (6,699) 18,325 6,495 $ 28,961 $ 26,287 $ 56,355 $ 51,368 (1) Also includes the effect of presenting the NOI related the entities acquired in the PGGM acquisitions of noncontrolling interests at 100% ownership for all reporting periods presented. © Monogram Residential Trust, Inc. 54

Definitions and other Explanatory Information Net Operating Income - FFO Defined Net Operating Income - FFO Defined represents NOI adjusted for certain FFO adjustments such as straight-line rents, start-up costs, etc. Projected NOI Yield at Stabilization Projected NOI from the date the community is first stabilized for the following 12 months divided by the projected Economic Costs. Occupancy Physical occupancy is defined as the residential units occupied for multifamily communities divided by the total number of residential units. All occupancy is presented on a consolidated basis. Ownership Presentations Consolidated Presentation in accordance with GAAP, where ownership interests that generally provide us the ability to control the operation are presented at 100% of the assets, liabilities and operations. Amounts related to Noncontrolling Interests are aggregated and adjusted in summary. In Proportionate Share presentations, the Noncontrolling Interest amounts are eliminated and replaced with our share. Noncontrolling Interest The amounts attributable in a consolidation presentation to minority equity interests or owners without a controlling interest. In a proportionate presentation, these amounts are eliminated. GAAP recognizes two types of noncontrolling interests. Non-redeemable Noncontrolling Interest represents ownership interests that are not redeemable by the equity holders and are presented as part of permanent equity. Redeemable Noncontrolling Interest represents temporary equity not within our control, where the equity holder has the right to require that their interest be redeemed in cash. Our primary Redeemable Noncontrolling Interest is the put options exercisable by developer partners. Redeemable Noncontrolling Interests are presented in our consolidated balance sheet outside of permanent equity between debt and equity. Proportionate Share A non-GAAP presentation of financial amounts at our effective cash share based on our participation in distributable operating cash. The amounts include our share of Unconsolidated Joint Ventures and exclude Noncontrolling Interest in consolidated joint ventures. Proportionate Share presentations may be useful in analyzing our financial information by providing revenues, expenses, assets and liabilities attributable only to our shareholders. Proportionate Share presentations are also relevant to our investors and lenders as it highlights operations and capital available for our lenders and investors and is the basis used for several of our loan covenants. However, our proportionate share does not include amounts related to our consolidated operations and should not be considered a replacement for corresponding GAAP amounts presented on a consolidated basis. Investors are cautioned that our proportionate share amounts should only be used to assess financial information in the limited context of evaluating amounts attributable to shareholders. We present our proportionate share along with the corresponding GAAP balance. Unconsolidated Joint Venture In accordance with GAAP, investments in joint ventures that are presented on the equity method of accounting, reporting net assets as a single net investment and operations as a single equity in earnings. In Proportionate Share presentations, the investment and the equity in earnings are eliminated and replaced with our share. Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. QTD Amounts for the applicable quarter for the indicated year (Quarter to date). Straight-line rents In accordance with GAAP, rental revenues are recorded evenly over the contractual period, irrespective of the timing of cash collections. The difference between the amount actually collected for a period and the straight-line amount is referred to as the Straight-line rent adjustment. This adjustment amount is reversed in presenting AFFO. Unfunded Commitments Amounts under a contractual commitment that have not been funded. Unfunded Commitments do not include amounts related to fundings that are contingent on future events that are within our control. Remaining commitments do not include amounts that are contingent on future events. Year Built The date the community is substantially completed or renovated and ready for its intended use. YTD Amounts for the entire period of the applicable year (Year to date). © Monogram Residential Trust, Inc. 55