Exhibit 99.2
Supplemental Finacial information Third Quarter 2016
Table of Contents Third Quarter 2016 Forward-Looking Statements 3 Consolidated Balance Sheets 4 5 6 7 8 9 10 11 Balance Sheet Information as of September 30, 2016 and December 31, 2015 Consolidated Statements of Operations QTD Funds from Operations, Core FFO and Adjusted Core FFO YTD Funds from Operations, Core FFO and Adjusted Core FFO QTD Detail Recap of FFO YTD Detail Recap of FFO AFFO Comparisons to 3Q 2016 Equity Investments by Geographic Regions 12 13 14 18 Summary of Number of Units and Communities Summary of Operating Communities Summary of Notes Receivable Reconciliation of Proportionate Net Operating Income 19 20 21 23 25 Proportionate Net Operating Income Proportionate QTD Net Operating Income by Geographic Region and Market Proportionate YTD Net Operating Income by Geographic Region and Market Proportionate Same Store and Proportionate Quarterly Stabilized Same Store Net Operating Income Growth by Geographic Region and Market Consolidated QTD and YTD Operating Metrics by Geographic Region and Market 26 28 29 30 Consolidated QTD and YTD Same Store Operating Expenses Consolidated Capital Expenditures - Same Store Consolidated QTD General and Administrative and Corporate Property Management Expenses Summary of Developments 31 32 Acquisition and Disposition Summary - Three Years Debt Summary 33 35 37 39 41 Debt Recap by Multifamily Community Proportionate EBITDA Other Proportionate Debt Metrics Sources of Funds Available Preferred Stock, Common Stock and Common Stock Equivalents 42 Road Map to Net Asset Value 43 Information on Joint Ventures 46 Full-Year 2016 Guidance 47 48 Guidance Reconciliations © Monogram Residential Trust, Inc. 2 Definitions and other Explanatory Information49 Guidance Co-Investment Venture Partners Net Asset Value Equity Capitalization Capitalization Capital Deployment Operating Metrics Operating Performance Portfolio Overview Financial Information
Forward-Looking Statements Third 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 and other gains 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 $ 504,479 2,767,898 $ 497,360 2,627,693 3,272,377 (440,894) 3,125,053 (357,036) 2,831,483 212,486 2,768,017 333,153 3,043,969 65,470 17,244 64,093 3,101,170 83,727 18,066 64,993 $ 3,190,776 $ 3,267,956 $ 1,520,008 7,622 24,828 36,784 22,343 12,602 6,335 $ 1,461,349 45,495 36,975 28,922 19,451 12,494 5,616 1,630,522 29,073 1,610,302 29,073 — 17 1,438,450 (320,137) — 17 1,436,254 (269,523) 1,118,330 412,851 1,166,748 461,833 1,531,181 1,628,581 $ 3,190,776 $ 3,267,956 Note: As more fully explained in Note 2 of our financial statements included in our Form 10-Q for the nine months ended September 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 September 30, 2016December 31, 2015
Financial Information Balance Sheet Information (in thousands) (unaudited) As of September 30, 2016 As of December 31, 2015 Adjustments (2) 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 and other gains 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 $ 3,272,377 (440,894) $ (1,017,787) 132,805 $ 3,125,053 (357,036) $ (963,791) 107,491 2,831,483 212,486 2,768,017 333,153 (75,480) (122,617) 3,043,969 65,470 17,244 38,974 25,119 3,101,170 83,727 18,066 36,486 28,507 (12,737) (7,150) — (3,689) (18,146) (7,294) — (3,633) $ 3,190,776 $ 3,267,956 $ 1,520,008 7,622 24,828 36,784 22,343 12,602 6,335 (527,562) — (10,575) (10,386) (10,016) (33) (1,837) $ 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) 1,630,522 29,073 1,610,302 29,073 (12,114) (12,114) — 17 — 1,438,450 (320,137) — — 1,336 — — — 17 — 1,436,254 (269,523) — — 1,336 — — 1,118,330 412,851 1,166,748 461,833 (412,851) (461,833) 1,531,181 1,628,581 $ 3,190,776 $ 3,267,956 (1) See page 4 for our consolidated GAAP balance sheet. (2) See Noncontrolling Interests Adjustments and Proportionate Share in Definitions and Other Explanatory Information for discussion of our Proportionate Share and methodology. (3) See Note on page 4 regarding December 31, 2015 retrospective reclassifications. © Monogram Residential Trust, Inc. 5 Noncontrolling Interests Consolidated GAAP Balance Sheet (1)(3) Noncontrolling Interests Adjustments (2) Consolidated GAAP Balance Sheet (1)
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, investment and development expenses Interest expense Amortization of deferred financing costs Depreciation and amortization Total expenses Interest income Loss on early extinguishment of debt Equity in income of investment in unconsolidated real estate joint venture Other income (expense) Loss from continuing operations before gains on sales of real estate Gains on sales of real estate Net income (loss) Net (income) 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 $ 72,181 $ 59,191 $ 206,279 $ 174,939 21,311 11,866 5,248 54 11,192 1,492 31,197 16,874 8,328 5,199 730 8,196 1,087 24,904 60,518 33,105 19,111 432 32,621 4,582 92,251 48,828 25,696 14,683 4,496 20,866 2,864 74,587 82,360 65,318 242,620 192,020 2,068 (31) — (12) 2,596 — — 34 5,526 (31) — (295) 7,956 — 250 72 (8,154) 17,510 (3,497) 34,373 (31,141) 17,510 (8,803) 82,975 9,356 (4,902) 30,876 488 (13,631) 563 74,172 5,558 4,454 (2) 31,364 (2) (13,068) (5) 79,730 (5) $ 4,452 $ 31,362 $ (13,073) $ 79,725 166,876 166,563 166,807 166,538 167,649 167,260 166,807 167,191 $ 0.03 $ 0.19 $ (0.08) $ 0.48 © Monogram Residential Trust, Inc. 6 For the Nine Months Ended September 30, 20162015 For the Three Months Ended September 30, 20162015
Financial Information QTD Funds from Operations (“FFO”), Core FFO and Adjusted Core FFO (“AFFO”) (in thousands, except per share amounts) (unaudited) Noncontrolling Noncontrolling Amounts as Defined Interests Adjustments (1) Amounts as Defined Interests Adjustments (1) FFO: Add (deduct) NAREIT defined adjustments: Add (deduct) adjustments to arrive at Core FFO: Add (deduct) adjustments to arrive at AFFO: Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted Per common share amounts - basic and diluted: Net income attributable to common stockholders FFO attributable to common stockholders - NAREIT Defined Core FFO attributable to common stockholders AFFO attributable to common stockholders 166,876 167,649 166,563 167,260 $ $ $ $ 0.03 0.10 0.10 0.10 $ $ $ $ 0.19 0.09 0.09 0.09 (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. © Monogram Residential Trust, Inc. 7 Recurring capital expenditures(726) Straight-line rents 253 Stock compensation expense802 Less: Noncontrolling Interests Adjustments79 $194 (115) — (636) 233 686 61 $166 (105) — 79 61 AFFO$16,577$15,157 Loss on early extinguishment of debt31 Fair value adjustments (derivatives and business combinations)(3) Acquisition expenses (including start up expenses)136 Less: Noncontrolling Interests Adjustments(49) $(5) — (44) — — 529 (5) $— — (5) (49) (5) Core FFO16,16914,813 Real estate depreciation and amortization31,052 Gains on sales of real estate(17,510) Less: Noncontrolling Interests Adjustments(1,940) $(9,741) 7,801 24,784 (34,373) (7,484) $(7,484) — (1,940) (7,484) FFO - NAREIT defined16,05414,289 Net income attributable to common stockholders$4,452$31,362 Three Months Ended September 30, 2016 2015
Financial Information YTD Funds from Operations (“FFO”), Core FFO and Adjusted Core FFO (“AFFO”) (in thousands, except per share amounts) (unaudited) Noncontrolling Noncontrolling Amounts as Defined Interests Adjustments (1) Amounts as Defined Interests Adjustments (1) FFO: Add (deduct) NAREIT defined adjustments: Add (deduct) adjustments to arrive at Core FFO: Add (deduct) adjustments to arrive at AFFO: Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted (2) Per common share amounts - basic and diluted: Net income (loss) attributable to common stockholders (2) FFO attributable to common stockholders - NAREIT Defined Core FFO attributable to common stockholders AFFO attributable to common stockholders 166,807 167,511 166,538 167,191 $ $ $ $ (0.08) 0.24 0.26 0.26 $ $ $ $ 0.48 0.30 0.31 0.31 (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (2) Because GAAP net income was a net loss for YTD 3Q 2016, we do not report dilutive common shares for GAAP reporting. For the above Non-GAAP Measurements (see page 51 for definitions), we include dilutive common shares, which primarily relate to our stock compensation plans. © Monogram Residential Trust, Inc. 8 Recurring capital expenditures(1,895) Straight-line rents720 Stock compensation expense2,202 Less: Noncontrolling Interests Adjustments159 $498 (339) — (2,019) 652 1,824 337 $664 (327) — 159 337 AFFO$44,166$52,220 Loss on early extinguishment of debt31 Fair value adjustments (derivatives and business combinations)135 Acquisition expenses (including start up expenses)550 Workforce reduction2,044 Less: Noncontrolling Interests Adjustments(142) $(5) — (137) — — 60 733 — (31) $— (5) (26) — (142) (31) Core FFO$42,980$51,426 Real estate depreciation and amortization91,830 Gains on sales of real estate(17,510) Impairment expense— Less: Noncontrolling Interests Adjustments(20,885) $(28,686) 7,801 — 74,212 (82,975) 3,128 (23,426) $(23,426) — — (20,885) (23,426) FFO - NAREIT defined$40,362$50,664 Net income (loss) attributable to common stockholders$(13,073)$79,725 Nine Months Ended September 30, 2016 2015
Financial Information QTD Detail Recap of FFO (in thousands) (unaudited) Noncontrolling Noncontrolling Interests Adjustments (1) Amounts as Defined Interests Adjustments (1) Amounts as Defined Revenues: Rental revenues before straight-line rents Straight-line rents Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Fee income: Asset management fees Property management fees Other: General and administrative expenses Corporate property management expenses Acquisition expenses (including start up expenses) Stock compensation expense Investment and other development expenses Interest expense (2) Interest income Loss on early extinguishment of debt Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Less: Noncontrolling Interests Adjustments FFO - NAREIT defined $ 72,434 (253) $ 59,424 (233) 72,181 59,191 (30,781) (23,114) — — — — (4,571) (2,138) (136) (802) (49) (12,684) 2,068 (31) (12) (87) (145) (6,759) (4,585) (1,972) (529) (686) (245) (9,283) 2,596 — 34 (87) (120) (6,911) $ 16,054 $ 14,289 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., corporate property management expenses, stock compensation expenses, workforce reduction, etc.) See page 7 for reconciliation of net income attributable to common stockholders to FFO - NAREIT defined. (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (2) See page 38 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 9 $(17,869) 105 7,245 364 664 199 (7) 5 — 103 2,053 84 — 109 31 3 (6,911) $(22,101) 115 9,965 367 815 201 — 44 — 23 3,734 (4) 5 43 32 2 (6,759) Three months ended September 30, 2015 Three Months Ended September 30, 2016
Financial Information YTD Detail Recap of FFO (in thousands) (unaudited) Proportionate Share of Noncontrolling Noncontrolling Interests Adjustments (1) Interests Adjustments (1) Unconsolidated Joint Venture (2) Amounts as Defined Amounts as Defined Revenues: Rental revenues before straight-line rents Straight-line rents Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Fee income: Asset management fees Property management fees Disposition fees Promoted interest payment Other: General and administrative expenses Corporate property management expenses Workforce reduction Acquisition expenses (including start up expenses) Stock compensation expense Investment and other development expenses Interest expense (3) Interest income Equity in income of investments in unconsolidated real estate joint ventures Loss on early extinguishment of debt Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Less: Adjustments for Unconsolidated joint ventures Less: Noncontrolling Interests Adjustments FFO - NAREIT defined $ 206,999 (720) $ 175,591 (652) 206,279 174,939 (84,935) (69,214) — — — — — — — — (16,090) (7,045) (2,044) (550) (2,202) (299) (37,203) 5,526 (13,022) (5,457) — (733) (1,824) (732) (23,730) 7,956 — (31) (295) (261) (421) — (20,067) 250 — 72 (259) (375) (111) (17,096) $ 40,362 $ 50,664 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., corporate property management expenses, stock compensation expenses, workforce reduction, etc.) See page 8 for reconciliation of net income attributable to common stockholders to FFO - NAREIT defined. (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (2) See Proportionate Share of Unconsolidated Joint Venture in Definitions and other Explanatory Information for discussion of our Proportionate Share. (3) See page 38 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 10 $(55,322) 327 22,633 1,177 2,055 990 3,505 457 (46) — 26 — 306 6,177 110 — — 400 101 8 — (17,096) $— — — — — — — (8) — — — — — — 135 (250) — 13 (1) — (111) $(62,888) 339 27,133 1,119 2,352 — — 481 — — 137 — 131 10,874 (10) — 5 157 96 7 — (20,067) Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2016
Financial Information AFFO Comparisons to 3Q 2016 (in millions, except per share amounts) (unaudited) AFFO attributable to common stockholders - 3Q 2016 AFFO attributable to common stockholders - 3Q 2015 $ 0.10 0.09 Increase in NOI from stabilized non-comparables, lease ups and developments Increase in interest expense, net of capitalized interest 0.02 (0.01) Weighted average number of common shares outstanding - diluted - 3Q 2016 Weighted average number of common shares outstanding - diluted - 3Q 2015 167.6 167.3 AFFO attributable to common stockholders - 3Q 2016 AFFO attributable to common stockholders - 2Q 2016 $ 0.10 0.09 Note: AFFO for 3Q 2016 was $0.10 per fully diluted share, an increase of $0.01 from 2Q 2016. The major components for the increase in AFFO were a decrease in general and administrative expenses primarily related to our workforce reduction in 2Q 2016 and an increase in NOI from stabilized non-comparables, lease ups and developments partially offset by reduction in Same Store NOI which includes the sale of Renaissance in 3Q 2016. © 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 3Q 2016 to 2Q 2016: Major components of change quarter over quarter: Increase in AFFO attributable to common stockholders - quarter over quarter$0.01 Comparison of reported AFFO attributable to common stockholders 3Q 2016 to 3Q 2015:
Portfolio Overview Equity Investments by Geographic Regions As of September 30, 2016 5 operating comfVunities Northern California 5 operating communities Nevada * Colorado 4 operating communities 2 operating communities Mid-Atlantic 6 perating communities Southern California 7 operating communities 1 development community Texas Geo*rgia 11 operating communities * 2 operating communities *' florida 6 operating communities * I development community * Operatin$ (48 Communities, including developments in lease up) Developn1.ent (2 communities) Note: Excludes 3 debt investments © Monogram Residential Trust, Inc. 12
Portfolio Overview Summary of Number of Units and Communities Total Units Total Communities Equity Investments: Same Store Wholly owned (1) Consolidated joint venture sold in 2016 Consolidated joint ventures 2,912 — 5,650 2,710 132 5,239 10 — 21 9 1 19 Stabilized - Non Comparable Wholly owned Consolidated joint ventures 416 2,868 202 1,868 2 10 1 8 Lease up (including operating communities and developments in lease up) Wholly owned Consolidated joint ventures 120 1,339 416 1,846 1 4 2 5 Developments under Construction and Pre-development Consolidated joint ventures 656 1,560 2 5 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 venture sold in 2016 Consolidated joint ventures 4,564 — 10,513 5,192 132 10,513 16 — 37 17 1 38 (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. 13 Total Communities - Equity and Debt Investments15,07715,8375356 Total Communities - Equity and Debt Investments15,07715,8375356 Total Communities - Debt Investments1,1161,86435 Total Communities - Equity Investments13,96113,9735051 Consolidated Joint Venture (sold in 3Q 2016)N/AN/A—1 Total Developments under Construction and Pre-development6561,56025 Total Lease up (including operating communities and developments in lease up)1,4592,26257 Total Stabilized - Non Comparable3,2842,070129 Total Stabilized11,84610,1514338 Total Same Store8,5628,0813129 September 30, 2016September 30, 2015 September 30, 2016September 30, 2015
Portfolio Overview Summary of Operating Communities As of September 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 17 for footnotes) © Monogram Residential Trust, Inc. 14 New England Totals77210.2 % Nevada Totals5985.0 % Mid-Atlantic Totals1,41216.6 % Georgia Totals2832.9 % Florida Totals8849.5 % Colorado Totals99612.9 % CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialYTD 2016 Proportionate LocationOwnershipDevelopmentUnitsSame Store NOI
Portfolio Overview Summary of Operating Communities As of September 30, 2016 Same Store Communities (continued): Wholly owned Acappella Vara Consolidated joint ventures Acacia on Santa Rosa Creek Argenta San Bruno, CA San Francisco, CA 100% 100% 2010 2013 163 202 Santa Rosa, CA San Francisco, CA 55% 55% 2003 2008 277 179 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 Consolidated joint venture Soma Boca Raton, FL 100% 2015 208 Miami, FL 55% 2016 418 (Table continued on next page; see page 17 for footnotes) © Monogram Residential Trust, Inc. 15 Florida Totals626 Colorado Totals212 Total Same Store Communities20098,562100.0 % Texas Totals1,90714.6% Southern California Totals88910.7 % Northern California Totals82117.6 % CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialYTD 2016 Proportionate LocationOwnershipDevelopmentUnitsSame Store NOI
Portfolio Overview Summary of Operating Communities As of September 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 Verge San Diego, CA 100% 2015 208 Costa Mesa, CA San Diego, CA 100% 70% 2014 2016 113 444 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 Miami, FL 100% N/A 120 Consolidated joint venture Nouvelle Tysons Corner, VA 55% 2015 461 (Table continued on next page; see page 17 for footnotes) © Monogram Residential Trust, Inc. 16 Mid-Atlantic Totals461 Florida Totals120 Total Stabilized / Non-Comparable Communities20153,284 Texas Totals1,166 Southern California Totals765 New England Totals186 Georgia Totals329 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialYTD 2016 Proportionate LocationOwnershipDevelopmentUnitsSame Store NOI
Portfolio Overview Summary of Operating Communities As of September 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 The Alexan Dallas, TX 50% N/A 365 (1) Acquired noncontrolling interests from PGGM in May 2015 (See page 32). 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. 17 Total Operating Communities201313,305 Total Lease up Communities20151,459 Texas Totals365 Northern California Totals121 New England Totals392 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialYTD 2016 Proportionate LocationOwnershipDevelopmentUnitsSame Store NOI
Portfolio Overview Summary of Notes Receivable As of September 30, 2016 (dollars in thousands) (unaudited) Balance (1) Maturity Date (2) Interest Rate (3) Community Location Ownership Total Commitment Accrued Interest Kendall Square (4) Miami, FL 100% $ 12,300 $ 12,300 $ 4,612 12/15/16 17.0% Jefferson at Stonebriar Frisco, TX 100% 16,735 16,735 757 6/25/2018 15.0% Jefferson at Riverside Irving, TX 100% 10,436 10,436 128 6/30/2018 15.0% (1) Excludes certain GAAP consolidated costs, primarily related to deferred income and loan origination costs of $0.5 million. (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) In October 2016, the note receivable was extended to December 15, 2016 and may be prepaid at any time at the borrower’s option. © Monogram Residential Trust, Inc. 18 $39,471$39,471$5,49715.6% Contractual PrincipalContractual
Operating Performance Reconciliation of Proportionate Net Operating Income (“NOI”) (in thousands) (unaudited) September 30, Reconciliation of net income (loss) to Proportionate NOI and Proportionate Same Store NOI: Adjustments to reconcile net income (loss) to Proportionate NOI: Corporate property management expenses General and administrative expenses Interest expense Amortization of deferred financing costs Depreciation and amortization Interest income Gains on sales of real estate Investment and other development expenses Other, net Less: Noncontrolling Interests Adjustments (1) 2,263 5,248 11,192 1,492 31,197 (2,068) (17,510) 49 48 (11,975) 2,044 5,199 8,196 1,087 24,904 (2,596) (34,373) 245 453 (10,515) 8,270 19,111 32,621 4,582 92,251 (5,526) (17,510) 299 460 (35,280) 5,620 14,683 20,866 2,864 74,587 (7,956) (82,975) 3,860 314 (29,147) Less: non-comparable Rental revenue Property operating expenses, including real estate taxes (14,220) 8,019 (6,125) 3,623 (36,581) 20,511 (21,538) 11,625 Plus: additional same store communities effective July 1, 2015 Rental revenue Property operating expenses, including real estate taxes 3,387 (1,449) 3,298 (1,316) N/A N/A N/A N/A (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. © Monogram Residential Trust, Inc. 19 Proportionate Quarterly Stabilized Same Store NOI$25,029$25,000N/AN/A Proportionate Same Store NOI$23,091$23,018$69,577$66,975 Proportionate NOI$29,292$25,520$85,647$76,888 Net income (loss)$9,356$30,876$(13,631)$74,172 Nine Months Ended 20162015 Three Months Ended September 30, 20162015
Operating Performance Proportionate Net Operating Income (dollars in thousands) (unaudited) Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) $ 35,975 11,884 2,044 292 $ 35,302 5,148 15 962 1.9 % N/A N/A N/A $ 107,149 31,687 3,413 1,481 $ 103,885 10,948 16 10,574 3.1 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 12,884 5,783 2,056 180 12,284 2,803 269 551 4.9 % N/A N/A N/A 37,572 15,241 4,646 624 36,910 6,966 363 4,296 1.8 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 23,091 6,101 (12) 112 23,018 2,345 (254) 411 0.3 % N/A N/A N/A 69,577 16,446 (1,233) 857 66,975 3,982 (347) 6,278 3.9 % N/A N/A N/A See Reconciliation of Proportionate NOI to net income (loss) on page 19. (1) See page 32 for listing of communities sold in 2016 and 2015. © Monogram Residential Trust, Inc. 20 Total Proportionate NOI$29,292$25,52014.8% $85,647$76,88811.4% Proportionate NOI Total proportionate property operating expenses, including real estate taxes20,90315,90731.4%58,08348,53519.7% Proportionate property operating expenses, including real estate taxes Total proportionate rental revenue50,19541,42721.2%143,730125,42314.6% Proportionate rental revenue Nine Months Ended September 30, 20162015Growth Three Months Ended September 30, 20162015Growth
Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 996 $ 4,161 $ 4,119 1.0 % $ 1,206 $ 1,171 3.0 % $ 2,955 $ 2,948 0.2 % 12.8 % Florida North Florida South Florida 425 459 1,785 1,633 1,721 1,604 3.7 % 1.8 % 574 655 570 621 0.7 % 5.5 % 1,211 978 1,151 983 5.2 % (0.5 )% 5.2 % 4.2 % Georgia Atlanta 283 1,340 1,379 (2.8 )% 646 572 12.9 % 694 807 (14.0 )% 3.0 % Mid-Atlantic Washington D.C. Philadelphia 1,104 308 5,171 864 5,047 848 2.5 % 1.9 % 1,731 369 1,631 385 6.1 % (4.2)% 3,440 495 3,416 463 0.7 % 6.9 % 14.9 % 2.1 % Nevada Las Vegas 598 1,794 1,722 4.2 % 614 578 6.2 % 1,180 1,144 3.1 % 5.1 % New England Boston 772 3,635 3,513 3.5 % 1,183 1,148 3.0 % 2,452 2,365 3.7 % 10.6 % Northern California San Francisco 821 5,873 5,752 2.1 % 1,813 1,780 1.9 % 4,060 3,972 2.2 % 17.6 % Southern California Los Angeles 889 3,629 3,484 4.2 % 1,158 1,151 0.6 % 2,471 2,333 5.9 % 10.7 % Texas Dallas Houston 994 913 4,009 2,081 3,900 2,213 2.8 % (6.0 )% 1,785 1,150 1,646 1,031 8.4 % 11.5 % 2,224 931 2,254 1,182 (1.3 )% (21.2 )% 9.6 % 4.2 % (Table continued on next page) © Monogram Residential Trust, Inc. 21 Total Same Store8,56235,97535,3021.9 %12,88412,2844.9 %23,09123,0180.3 %100% Texas Total1,9076,0906,113(0.4)%2,9352,6779.6 %3,1553,436(8.2)%13.8% Southern California Total8893,6293,4844.2 %1,1581,1510.6 %2,4712,3335.9 %10.7% Northern California Total8215,8735,7522.1 %1,8131,7801.9 %4,0603,9722.2 %17.6% New England Total7723,6353,5133.5 %1,1831,1483.0 %2,4522,3653.7 %10.6% Nevada Total5981,7941,7224.2 %6145786.2 %1,1801,1443.1 %5.1% Mid-Atlantic Total1,4126,0355,8952.4 %2,1002,0164.2 %3,9353,8791.4 %17.0% Georgia Total2831,3401,379(2.8)%64657212.9 %694807(14.0)%3.0% Florida Total8843,4183,3252.8 %1,2291,1913.2 %2,1892,1342.6 %9.4% Colorado Total9964,1614,1191.0 %1,2061,1713.0 %2,9552,9480.2 %12.8% Same Store (1) % of Same Store NOI by Market QTD 3Q 2016 Net Operating Income QTDQTD% 3Q 20163Q 2015Change Property Operating Expenses QTDQTD% 3Q 20163Q 2015Change Rental Revenue QTDQTD% 3Q 20163Q 2015Change Units QTD 3Q 2016
Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 212 627 422 N/A 216 232 N/A 411 190 N/A N/A Florida South Florida 626 2,619 26 N/A 1,402 55 N/A 1,217 (29) N/A N/A Georgia Atlanta 329 992 383 N/A 492 312 N/A 500 71 N/A N/A New England Boston 186 653 556 N/A 142 188 N/A 511 368 N/A N/A Southern California Los Angeles San Diego 113 652 885 2,572 842 110 N/A N/A 306 1,447 307 330 N/A N/A 579 1,125 535 (220) N/A N/A N/A N/A Texas Austin Dallas Houston 220 676 270 1,033 1,710 793 353 1,721 735 N/A N/A N/A 634 802 342 371 723 285 N/A N/A N/A 399 908 451 (18) 998 450 N/A N/A N/A N/A N/A N/A Florida Mid-Atlantic New England Northern California Texas 120 461 392 121 365 128 785 678 341 112 — 5 10 — — N/A N/A N/A N/A N/A 284 632 628 321 191 — 109 124 1 35 N/A N/A N/A N/A N/A (156) 153 50 20 (79) — (104) (114) (1) (35) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from QTD Detail Recap of 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 (See page 32). 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. 22 Total Portfolio13,305$ 50,195$ 41,42721.2 % $ 20,903$ 15,90731.4 % $ 29,292$ 25,52014.8 %N/A Dispositions and other non-lease up developments—292962N/A180551N/A112411N/AN/A Total Lease up1,4592,04415N/A2,056269N/A(12)(254)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable3,28411,8845,148131 %5,7832,803106 %6,1012,345160 %N/A Texas Total1,1663,5362,809N/A1,7781,379N/A1,7581,430N/AN/A Southern California Total7653,457952N/A1,753637N/A1,704315N/AN/A New England Total186653556N/A142188N/A511368N/AN/A Georgia Total329992383N/A492312N/A50071N/AN/A Florida Total6262,61926N/A1,40255N/A1,217(29)N/AN/A Colorado Total212627422N/A216232N/A411190N/AN/A Stabilized Non-Comparable % of Same Store NOI by Market QTD 3Q 2016 Net Operating Income QTDQTD% 3Q 20163Q 2015Change Property Operating Expenses QTDQTD% 3Q 20163Q 2015Change Rental Revenue QTDQTD% 3Q 20163Q 2015Change Units QTD 3Q 2016
Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 996 $ 12,383 $ 12,040 2.8 % $ 3,408 $ 3,371 1.1 % $ 8,975 $ 8,669 3.5 % 12.9 % Florida North Florida South Florida 425 459 5,310 4,930 5,051 4,793 5.1 % 2.9 % 1,703 1,946 1,710 1,887 (0.4 )% 3.1 % 3,607 2,984 3,341 2,906 8.0 % 2.7 % 5.2 % 4.3 % Georgia Atlanta 283 4,050 4,067 (0.4 )% 2,009 1,685 19.2 % 2,041 2,382 (14.3 )% 2.9 % Mid-Atlantic Washington D.C. Philadelphia 1,104 308 15,154 2,565 14,758 2,525 2.7 % 1.6 % 4,989 1,153 5,053 1,179 (1.3 )% (2.2 )% 10,165 1,412 9,705 1,346 4.7 % 4.9 % 14.6 % 2.0 % Nevada Las Vegas 598 5,294 5,036 5.1 % 1,784 1,676 6.4 % 3,510 3,360 4.5 % 5.0 % New England Boston 772 10,755 10,297 4.4 % 3,630 3,758 (3.4 )% 7,125 6,539 9.0 % 10.2 % Northern California San Francisco 821 17,606 16,952 3.9 % 5,346 5,314 0.6 % 12,260 11,638 5.3 % 17.6 % Southern California Los Angeles 889 10,782 10,285 4.8 % 3,325 3,312 0.4 % 7,457 6,973 6.9 % 10.7 % Texas Dallas Houston 994 913 11,889 6,431 11,473 6,608 3.6 % (2.7 )% 4,966 3,313 4,931 3,034 0.7 % 9.2 % 6,923 3,118 6,542 3,574 5.8 % (12.8 )% 10.0 % 4.6 % (Table continued on next page) © Monogram Residential Trust, Inc. 23 Total Same Store8,562107,149103,8853.1 %37,57236,9101.8 %69,57766,9753.9 %100.0% Texas Total1,90718,32018,0811.3 %8,2797,9653.9 %10,04110,116(0.7)%14.6% Southern California Total88910,78210,2854.8 %3,3253,3120.4 %7,4576,9736.9 %10.7% Northern California Total82117,60616,9523.9 %5,3465,3140.6 %12,26011,6385.3 %17.6% New England Total77210,75510,2974.4 %3,6303,758(3.4)%7,1256,5399.0 %10.2% Nevada Total5985,2945,0365.1 %1,7841,6766.4 %3,5103,3604.5 %5.0% Mid-Atlantic Total1,41217,71917,2832.5 %6,1426,232(1.4)%11,57711,0514.8 %16.6% Georgia Total2834,0504,067(0.4)%2,0091,68519.2 %2,0412,382(14.3)%2.9% Florida Total88410,2409,8444.0 %3,6493,5971.4 %6,5916,2475.5 %9.5% Colorado Total99612,38312,0402.8 %3,4083,3711.1 %8,9758,6693.5 %12.9% Same Store (1) % of Same Store NOI by Market YTD 3Q 2016 Net Operating Income YTDYTD% 3Q 20163Q 2015Change Property Operating Expenses YTDYTD% 3Q 20163Q 2015Change Rental Revenue YTDYTD% 3Q 20163Q 2015Change Units YTD 3Q 2016
Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 212 1,950 617 N/A 633 558 N/A 1,317 59 N/A N/A Florida South Florida 626 6,567 26 N/A 3,600 71 N/A 2,967 (45) N/A N/A Georgia Atlanta 329 2,781 460 N/A 1,311 576 N/A 1,470 (116) N/A N/A New England Boston 186 1,936 1,014 N/A 495 586 N/A 1,441 428 N/A N/A Southern California Los Angeles San Diego 113 652 2,614 5,288 1,992 112 N/A N/A 881 3,511 1,011 426 N/A N/A 1,733 1,777 981 (314) N/A N/A N/A N/A Texas Austin Dallas Houston 220 676 270 3,081 5,083 2,387 438 4,415 1,874 N/A N/A N/A 1,438 2,369 1,003 643 2,152 943 N/A N/A N/A 1,643 2,714 1,384 (205) 2,263 931 N/A N/A N/A N/A N/A N/A Florida Mid-Atlantic New England Northern California Texas 120 461 392 121 365 147 1,364 1,247 528 127 — 5 11 — — N/A N/A N/A N/A N/A 517 1,747 1,425 562 395 — 135 167 3 58 N/A N/A N/A N/A N/A (370) (383) (178) (34) (268) — (130) (156) (3) (58) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from YTD Detail Recap of 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 (See page 32). 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. 24 Total Portfolio13,305$ 143,730$ 125,42314.6 % $ 58,083$ 48,53519.7 % $ 85,647$ 76,88811.4 %N/A Dispositions and other non-lease up developments—1,48110,574N/A6244,296N/A8576,278N/AN/A Total Lease up1,4593,41316N/A4,646363N/A(1,233)(347)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable3,28431,68710,948189 %15,2416,966119 %16,4463,982313 %N/A Texas Total1,16610,5516,727N/A4,8103,738N/A5,7412,989N/AN/A Southern California Total7657,9022,104N/A4,3921,437N/A3,510667N/AN/A New England Total1861,9361,014N/A495586N/A1,441428N/AN/A Georgia Total3292,781460N/A1,311576N/A1,470(116)N/AN/A Florida Total6266,56726N/A3,60071N/A2,967(45)N/AN/A Colorado Total2121,950617N/A633558N/A1,31759N/AN/A Stabilized Non-Comparable % of Same Store NOI by Market YTD 3Q 2016 Net Operating Income YTDYTD% 3Q 20163Q 2015Change Property Operating Expenses YTDYTD% 3Q 20163Q 2015Change Rental Revenue YTDYTD% 3Q 20163Q 2015Change Units YTD 3Q 2016
Operating Performance Proportionate Same Store and Proportionate Quarterly Stabilized Same Store Net Operating Income Growth by Geographic Region and Market Rental Net Operating Operating QTD % Change (2) QTD % Change (3) Colorado Denver 3 996 1.0 % 3.0 % 0.2 % 3 996 1.0 % 3.0 % 0.2 % Florida North Florida South Florida 1 2 425 459 3.7 % 1.8 % 0.7 % 5.5 % 5.2 % (0.5 )% 1 2 425 459 3.7 % 1.8 % 0.7 % 5.5 % 5.2 % (0.5 )% Georgia Atlanta 1 283 (2.8 )% 12.9 % (14.0 )% 1 283 (2.8 )% 12.9 % (14.0 )% Mid-Atlantic Washington D.C. Philadelphia 4 1 1,104 308 2.5 % 1.9 % 6.1 % (4.2)% 0.7 % 6.9 % 4 1 1,104 308 2.5 % 1.9 % 6.1 % (4.2)% 0.7 % 6.9 % Nevada Las Vegas 2 598 4.2 % 6.2 % 3.1 % 2 598 4.2 % 6.2 % 3.1 % New England Boston 3 772 3.5 % 3.0 % 3.7 % 3 772 3.5 % 3.0 % 3.7 % Northern California San Francisco 4 821 2.1 % 1.9 % 2.2 % 4 821 2.1 % 1.9 % 2.2 % Southern California Los Angeles 4 889 4.2 % 0.6 % 5.9 % 5 1,002 4.4 % 0.4 % 6.4 % Texas Dallas Houston 3 3 994 913 2.8 % (6.0 )% 8.4 % 11.5 % (1.3 )% (21.2 )% 5 4 1,670 1,183 1.7 % (2.5 )% 9.2 % 13.4 % (3.7 )% (15.3 )% (1) Quarterly Stabilized Same Store includes multifamily communities stabilized effective July 1, 2015. For 3Q 2016, we added four additional multifamily communities to our Quarterly Same Store communities increasing the total to 35. (2) QTD % change from page 21 for 31 communities stabilized as of January 1, 2015. (3) QTD % change for 35 communities stabilized as of July 1, 2015. © Monogram Residential Trust, Inc. 25 Total Same Store318,5621.9 %4.9 %0.3 %359,6212.0 %5.4 %0.1 % Texas Total61,907(0.4)%9.6 %(8.2)%92,8530.3 %10.7 %(7.6)% Southern California Total48894.2 %0.6 %5.9 %51,0024.4 %0.4 %6.4 % Northern California Total48212.1 %1.9 %2.2 %48212.1 %1.9 %2.2 % New England Total37723.5 %3.0 %3.7 %37723.5 %3.0 %3.7 % Nevada Total25984.2 %6.2 %3.1 %25984.2 %6.2 %3.1 % Mid-Atlantic Total51,4122.4 %4.2 %1.4 %51,4122.4 %4.2 %1.4 % Georgia Total1283(2.8)%12.9 %(14.0)%1283(2.8)%12.9 %(14.0)% Florida Total38842.8 %3.2 %2.6 %38842.8 %3.2 %2.6 % Colorado Total39961.0 %3.0 %0.2 %39961.0 %3.0 %0.2 % Same Store Quarterly Stabilized Same Store (1) Same Store - Effective July 1, 2015 Property CommunitiesUnitsRevenueExpensesIncome Calendar Year Same Store Same Store - Effective January 1, 2015 Property RentalOperatingNet Operating CommunitiesUnitsRevenueExpensesIncome
Operating Metrics Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Colorado Denver 996 69.7 % 71.1 % 71.8 % 71.3 % 95.1 % 96.6 % 95.6 % 96.2 % $ 1,865 $ 1,833 Florida North Florida South Florida 425 459 67.8 % 59.9 % 66.9 % 61.3 % 67.9 % 60.5 % 66.2 % 60.6 % 94.4 % 96.1 % 93.2 % 96.3 % 95.6 % 96.4 % 95.5 % 95.4 % 1,264 2,088 1,228 2,048 Georgia Atlanta 283 51.8 % 58.5 % 50.4 % 58.6 % 94.7 % 97.2 % 94.8 % 97.4 % 1,461 1,458 Mid-Atlantic Washington D.C. Philadelphia 1,104 308 65.8 % 57.3 % 67.0 % 54.6 % 66.1 % 55.1 % 65.3 % 53.3 % 95.0 % 94.5 % 94.9 % 95.5 % 96.2 % 96.3 % 96.4 % 94.3 % 2,088 1,621 2,099 1,624 Nevada Las Vegas 598 64.6 % 65.8 % 65.2 % 65.9 % 94.8 % 95.8 % 96.3 % 96.3 % 1,101 1,055 New England Boston 772 68.0 % 67.6 % 66.7 % 63.9 % 95.6 % 97.3 % 96.9 % 97.5 % 1,712 1,652 Northern California San Francisco 821 69.5 % 69.3 % 69.8 % 69.0 % 94.6 % 95.6 % 95.9 % 96.1 % 3,071 3,008 Southern California Los Angeles 889 68.1 % 67.0 % 69.2 % 67.8 % 95.7 % 96.0 % 95.8 % 95.9 % 2,343 2,260 Texas Dallas Houston 994 913 54.6 % 44.7 % 57.5 % 53.4 % 57.1 % 48.5 % 56.6 % 54.1 % 95.8 % 92.3 % 95.6 % 93.9 % 95.1 % 93.1 % 96.1 % 94.0 % 1,624 1,390 1,583 1,463 (Table continued on next page) © Monogram Residential Trust, Inc. 26 Total Same Store8,56263.7 %64.8 %64.5 %64.2 %94.9 %95.6 %95.6 %96.0 % $1,873$1,847 Texas Total1,90750.3 %55.6 %53.3 %55.4 %94.1 %94.8 %94.1 %95.1 %1,5121,526 Southern California Total88968.1 %67.0 %69.2 %67.8 %95.7 %96.0 %95.8 %95.9 %2,3432,260 Northern California Total82169.5 %69.3 %69.8 %69.0 %94.6 %95.6 %95.9 %96.1 %3,0713,008 New England Total77268.0 %67.6 %66.7 %63.9 %95.6 %97.3 %96.9 %97.5 %1,7121,652 Nevada Total59864.6 %65.8 %65.2 %65.9 %94.8 %95.8 %96.3 %96.3 %1,1011,055 Mid-Atlantic Total1,41264.3 %64.8 %64.2 %63.2 %94.9 %95.0 %96.2 %95.9 %1,9861,995 Georgia Total28351.8 %58.5 %50.4 %58.6 %94.7 %97.2 %94.8 %97.4 %1,4611,458 Florida Total88462.9 %63.4 %63.3 %62.7 %95.3 %94.8 %96.0 %95.5 %1,6921,654 Colorado Total99669.7 %71.1 %71.8 %71.3 %95.1 %96.6 %95.6 %96.2 %1,8651,833 Same Store Monthly Rental Revenue per Unit (1) QTDQTD 3Q 20163Q 2015 Weighted Average Occupancy QTDQTD 3Q 20163Q 2015 Period End Occupancy QTDQTD 3Q 20163Q 2015 Operating Margin YTDYTD 3Q 20163Q 2015 Operating Margin QTDQTD 3Q 20163Q 2015 Units QTD 3Q 2016
Operating Metrics Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Colorado Denver 212 65.7 % N/A 67.5 % N/A 98.6 % 91.5 % 94.8 % 85.4 % 1,804 N/A Florida South Florida (2) 626 59.6 % N/A 57.5 % N/A 97.0 % 24.4 % 87.3 % 20.1 % 2,237 N/A Georgia Atlanta 329 50.4 % N/A 52.9 % N/A 91.5 % 55.0 % 92.8 % 41.9 % 2,089 N/A New England Boston 186 78.1 % N/A 74.4 % N/A 95.2 % 99.5 % 96.2 % 94.1 % 2,087 N/A Southern California Los Angeles San Diego (2) 113 652 65.4 % 50.3 % N/A N/A 66.3 % 26.6 % N/A N/A 95.6 % 94.8 % 98.2 % 16.7 % 96.8 % 89.4 % 97.3 % 7.9 % 2,586 2,077 N/A N/A Texas Austin Dallas Houston 220 676 270 38.6 % 53.1 % 56.9 % N/A N/A N/A 53.3 % 53.4 % 58.0 % N/A N/A N/A 92.7 % 94.4 % 95.9 % 65.5 % 95.7 % 99.3 % 93.5 % 94.5 % 97.0 % 47.0 % 97.1 % 97.4 % 2,976 1,552 1,763 N/A N/A N/A Florida Mid-Atlantic New England Northern California Texas 120 461 392 121 365 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 40.0 % 59.0 % 63.5 % 76.0 % 23.0 % N/A N/A N/A N/A N/A 21.1 % 51.0 % 50.9 % 63.1 % 15.3 % 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 up1,459N/AN/AN/AN/A51.1 %N/A40.6 %N/AN/AN/A Lease up (includes operating and development communities) Total Stabilized11,84661.9 %N/A62.8 %N/A94.9 %85.9 %94.7 %84.6 %1,918N/A Total Stabilized Non-Comparable3,28455.6 %N/A56.6 %N/A95.0 %60.7 %92.3 %54.9 %2,035N/A Texas Total1,16649.7 %N/A54.4 %N/A94.4 %90.8 %94.9 %87.7 %1,869N/A Southern California Total76556.7 %N/A47.6 %N/A94.9 %28.8 %90.5 %21.1 %2,152N/A New England Total18678.1 %N/A74.4 %N/A95.2 %99.5 %96.2 %94.1 %2,087N/A Georgia Total32950.4 %N/A52.9 %N/A91.5 %55.0 %92.8 %41.9 %2,089N/A Florida Total62659.6 %N/A57.5 %N/A97.0 %24.4 %87.3 %20.1 %2,237N/A Colorado Total21265.7 %N/A67.5 %N/A98.6 %91.5 %94.8 %85.4 %1,804N/A Stabilized Non-Comparable Monthly Rental Revenue per Unit (1) QTDQTD 3Q 20163Q 2015 Weighted Average Occupancy QTDQTD 3Q 20163Q 2015 Period End Occupancy QTDQTD 3Q 20163Q 2015 Operating Margin YTDYTD 3Q 20163Q 2015 Operating Margin QTDQTD 3Q 20163Q 2015 Units QTD 3Q 2016
Operating Metrics 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 $ 4,641 715 3,147 1,999 487 7,019 184 $ 4,280 678 3,058 1,939 463 6,748 133 $ 361 37 89 60 24 271 51 8.4 % 5.5 % 2.9 % 3.1 % 5.2 % 4.0 % 38.3 % $ 13,768 1,871 9,100 5,628 1,441 20,786 423 $ 12,963 2,033 8,858 5,668 1,799 20,250 312 $ 805 (162) 242 (40) (358) 536 111 6.2 % (8.0)% 2.7 % (0.7)% (19.9)% 2.6 % 35.6 % Same Store Properties Percentage of Total Operating Expenses Onsite management Marketing Repairs and maintenance, including expensed turnover costs Utilities Insurance Real estate taxes Other 25.5 % 3.9 % 17.3 % 11.0 % 2.7 % 38.6 % 1.0 % 24.7 % 3.9 % 17.7 % 11.2 % 2.7 % 39.0 % 0.8 % 26.0 % 3.5 % 17.2 % 10.6 % 2.7 % 39.2 % 0.8 % 25.0 % 3.9 % 17.1 % 10.9 % 3.5 % 39.0 % 0.6 % © Monogram Residential Trust, Inc. 28 Total Operating Expenses100%100%100%100% Nine Months Ended September 30, 20162015 Three Months Ended September 30, 20162015 Total Operating Expenses$18,192$17,299$8935.2% $53,017$51,883$1,1342.2 % Nine Months Ended September 30, 20162015$ Change% Change Three Months Ended September 30, 20162015$ Change% Change
Operating Metrics Consolidated Capital Expenditures-Same Store (dollars in thousands, except per unit amounts) (unaudited) Recurring Non-Recurring Revenue Producing $ 656 1,207 350 $ 616 1,187 541 6.5 % 1.7 % (35.3 )% $ 1,706 3,411 1,258 $ 1,409 3,773 1,138 21.1 % (9.6)% 10.5 % Recurring Non-Recurring Revenue Producing $ 77 140 41 $ 72 139 63 6.9 % 0.7 % (34.9 )% $ 199 399 147 $ 164 441 133 21.3 % (9.5)% 10.5 % Recurring Non-Recurring Revenue Producing 1.3 % 2.4 % 0.7 % 1.3 % 2.4 % 1.1 % 1.1 % 2.3 % 0.9 % 1.0 % 2.6 % 0.8 % © Monogram Residential Trust, Inc. 29 Total capital expenditures as a percentage of rental revenue - Same Store4.4%4.8%4.3%4.4% Capital Expenditures as a Percentage of Rental Revenue - Same Store Total capital expenditures per unit - Same Store$258$274(5.8)% $745$7380.9 % Capital Expenditures per Unit - Same Store Total capital expenditures - Same Store$2,213$2,344(5.6)% $6,375$6,3200.9 % Capital Expenditures - Same Store Nine Months Ended September 30, 20162015% Change Three Months Ended September 30, 20162015% Change
Operating Metrics Consolidated QTD General and Administrative and Corporate Property Management Expenses (dollars in thousands) (unaudited) For the Three Months Ended September 30, 2016 Total General and administrative and corporate property management expenses (1) Less: Asset management and property management fee income (2) $ 4,571 (367) $ 2,138 (815) $ 6,709 (1,182) $ 26,836 (4,728) Assets under management: Note: A common financial metric to present general and administrative expense efficiency is to calculate general and administrative expenses as a percent of assets under management for revenues and gross asset costs (costs prior to accumulated depreciation and amortization). We believe calculating these ratios is useful to our investors and analysts as it reflects performance related to the general and administrative expenses on a consolidated basis, which includes enterprise-wide results and our economic share of fee income. Our presentation also reflects expenses net of stock compensation expense and annualized amounts, which we believe provides for a more consistent comparison to other real estate companies. (1) General and administrative expenses exclude stock compensation expense of $0.7 million and corporate property management expenses exclude stock compensation expense of $0.1 million. (2) Asset management and property management fee income represent fee income earned by the Company and the noncontrolling interests’ share of revenues. As all of our joint ventures are consolidated, this fee income is eliminated upon consolidation. (3) Total consolidated gross assets, which adds back accumulated depreciation and amortization, is included as a benchmark metric 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 under management $ 3,190,776 440,894 1,126 42,568 $ 3,675,364 © Monogram Residential Trust, Inc. 30 Net Expenses as percentage of Total Consolidated Gross Assets (3)0.11%0.04%0.15%0.60% Net Expenses as percentage of Total Consolidated Revenue5.8%1.8%7.7%7.7% Net Expenses$4,204$1,323$5,527$22,108 Annualized Expenses Total Expenses Corporate Property Management Expenses General and Administrative Expenses
Capital Deployment Summary of Developments As of September 30, 2016 (dollars in thousands, except costs per unit) (unaudited) Proportionate Share by Property (4) Estimated Economic Costs September 30, NOI Yield at SoMa - Miami, FL Verge - San Diego, CA OLUME - San Francisco, CA Zinc - Cambridge, MA Nouvelle - Tysons Corner, VA 55% 70% 55% 55% 55% 418 444 121 392 461 4Q 2013 4Q 2013 2Q 2014 2Q 2013 4Q 2013 4Q 2015 3Q 2015 1Q 2016 3Q 2015 3Q 2015 1Q 2016 2Q 2016 1Q 2016 4Q 2015 4Q 2015 3Q 2016 3Q 2016 4Q 2016 2Q 2017 3Q 2017 $230,656 272,748 537,782 464,446 369,848 97 % 94 % 76 % 64 % 59 % 99% 99% 97% 99% 99% $ 53,462 85,133 36,082 100,954 94,542 $ 53,262 84,621 35,130 99,697 93,479 7.0% 6.0% 5.3% 5.9% 5.6% 1,836 345,941 78% 99% 370,173 366,189 5.9% Lease up The Alexan - Dallas, TX 50% 365 3Q 2013 2Q 2016 4Q 2016 3Q 2017 262,133 23 % 95% 47,753 45,372 6.1% Caspian Delray Beach - Delray Beach, FL Lucé - Huntington Beach, CA 55% 65% 146 510 4Q 2014 4Q 2015 1Q 2017 1Q 2018 1Q 2017 3Q 2018 3Q 2017 2Q 2019 278,812 343,808 N/A N/A 83% 35% 22,572 114,586 18,720 39,984 6.3% 6.7% (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 September 30, 2016. (4) These amounts are our Proportionate Share by property. See Proportionate Share in Definitions and other Explanatory Information for discussion of our methodology for calculating and presenting our Proportionate Share. This information is used by management and may be helpful to investors and lenders in determining our share of development costs projected and incurred and the projected NOI yield at stabilization attributable to our shareholders. The corresponding consolidated amounts are included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, Item 2. and should be reviewed in conjunction with that information. Accordingly, users are cautioned that such information excludes the full consolidated GAAP amounts. (5) Estimated development cash costs to complete: Proportionate Share: Estimated total Economic Costs (a) Less: Costs incurred Plus: Net accrued and unpaid estimated Economic Costs (including retainage, construction payables and construction escrows) Total Estimated Development Cash Costs to Complete As of September 30, 2016 $ 555,084 (470,265) 10,405 $ 95,224 Total estimated development cash costs to complete by funding source Construction loan draws under binding loan commitments Other, including cash, construction loans and existing credit facilities (a) (b) Total Estimated Development Cash Costs to Complete $ 12,935 82,289 $ 95,224 (a) The amount does not include The Mile, a development acquired in December 2015 that was approximately 99% complete as of September 30, 2016. (b) The sources identified may be supplemented with other capital sources, including other construction loans. © Monogram Residential Trust, Inc. 31 Total Developments2,857$331,42385%$ 555,084$470,2656.1% Total Construction656329,342N/A43%137,15858,7046.6% Construction Total Developments in Lease up365262,13323%95%47,75345,3726.1% Developments in Lease up Total Stabilized During Current Quarter or in Operating Communities Stabilized During Current Quarter or in Lease up (2) Economic TotalIncurred as ofProjected Costs2016Stabilization Actual/Actual/Actual/Actual/Estimated EffectiveActual/EstimatedEstimatedEstimatedEstimatedEconomic OwnershipEstimatedConstructionDate FirstCompletionStabilizationCosts perPercent Community%UnitsStart DateUnitsDate (1) Date (1) UnitOccupancyComplete
Capital Deployment Acquisition and Disposition Summary - Three Years (dollars in thousands, except per unit data) (unaudited) Number of Purchase Price Purchase Price Ownership % Debt The Mile (1) Ev The Mark PGGM Buyout: (2) The District Universal Boulevard Veritas The Cameron Skye 2905 Grand Reserve Stone Gate 100% 100% 100% Miami, FL San Diego, CA Boca Raton, FL 120 208 208 $ 400,000 403,606 392,981 $ 48,000 83,950 81,740 $ — — — 44.5% 41.6% 44.5% 44.5% 25.6% 44.5% Orlando, FL Henderson, NV Silver Spring, MD Denver, CO Dallas, TX Marlborough, MA 425 430 325 400 149 332 176,471 144,186 400,000 302,500 279,866 234,940 75,000 62,000 130,000 121,000 41,700 78,000 37,203 35,618 64,914 56,100 20,771 34,751 Number of Gross Sales Gross Sales Ownership % Value at Time Renaissance (3) 55.5% Concord, CA 134 $ 487,709 $ 65,353 $ 52,809 Post Oak Burnham Pointe Shady Grove (4) 100% 100% 100% Houston, TX Chicago, IL Rockville, MD 392 298 366 229,745 422,819 N/A 90,060 126,000 38,465 64,745 88,533 38,415 Tupelo Alley 55.5% Portland, OR 188 281,144 52,855 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 September 30, 2016. (2) In May 2015, we acquired noncontrolling interests in six co-investment ventures with PGGM related to equity investments. (3) The sale in August 2016 included the operating property as well as land held for future development. As of September 30, 2016, $2.0 million of net profit was deferred. (4) 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. 32 Total1,378$330,304$372,733$284,432 2014 2015 2016 EffectiveGross Book Communities SoldSoldLocationUnitsPrice per UnitPrice 100%of Sale 100% Total2,597$277,778$721,390$249,357 2015 EffectiveAssumed Communities AcquiredAcquiredLocationUnitsper Unit100%100%
Capitalization Debt Summary (dollars in thousands) (unaudited) As of September 30, 2016 Balance (1)(2)(4) to Maturity (3) Balance (4) Recourse Debt (5) Rate Share Debt Company Level Debt Fixed Rate - Mortgages Payable $150 Million Credit Facility $200 Million Credit Facility $ 293,794 10,000 — 2.5 years 0.5 years — 3.88% 2.61% 3.03% $ 293,794 10,000 — 29.1% 0.9% —% $ — — — 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 637,639 35,627 49,681 497,739 13,508 2.9 years 0.5 years 1.8 years 1.6 years 2.5 years 3.27% 2.47% 4.00% 2.62% 2.68% 367,039 19,595 24,796 285,016 7,490 36.4% 1.9% 2.5% 28.5% 0.7% — — — 71,461 3,377 Plus: unamortized adjustments from business combinations (6) 1,250 (11,608) 1,148 (8,810) Less: Deferred Financing Costs, net (7) (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 September 30, 2016, four communities with a gross GAAP carrying value of $179.3 million were unsecured. (3) Information provided is before any extension options. (4) As more fully explained on page 40, our $200 million Credit Facility contains material financial covenants. This schedule, in conjunction with page 40, provides information related to those financial covenants that management uses in managing our business and we believe could be helpful for investors, lenders and analysts in evaluating our covenants. As noted on page 40, substantially all of that information is presented on our Proportionated Share. Such amounts are not calculated using amounts in accordance with GAAP. Accordingly the results and the presentations should only be used in connections with a supplemental review of our covenants and debt and not as a substitute for GAAP reported amounts. See definition of Proportionate Share for additional information on our methodology for deriving these amounts. As further explained in (1) above, the presentation shows contractual balances where unamortized GAAP adjustments from business combinations and deferred finance costs are presented in total to reconcile to total debt as used in our covenants. Reconciliation of total debt per Consolidated Balance Sheet to Proportionate Share of Company Level and Co-Investment Venture Level Contractual Debt: Total Debt per Consolidated Balance Sheet Less: unamortized adjustments from business combinations Plus: Deferred financing costs, net Less: Noncontrolling Interests Adjustments Proportionate Share of Company Level and Co-Investment Venture Level Contractual Debt $ 1,527,630 (1,250) 11,608 (530,258) $ 1,007,730 Footnotes continued on following page © Monogram Residential Trust, Inc. 33 Total Debt per Consolidated Balance Sheet$1,527,630 Total Co-Investment Venture Level Debt1,234,1942.3 years3.01%703,93670.0%74,838 Total Company Level and Co-Investment Venture Level Debt1,537,9882.3 years3.17%1,007,730100.0%$74,838 Total Company Level Debt303,7942.4 years3.84%303,79430.0% ConsolidatedProportionatePercent of TotalWeightedWeighted AverageShare ofTotal ContractualAverage TimeContractual InterestContractualProportionateCompany Portion of
Capitalization Debt Summary (dollars in thousands) (unaudited) Footnotes continued from previous page (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 reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (7) Deferred financing costs, net are deducted from debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (8) Recap of fixed and floating rate components, including interest rate caps: Proportionate Share Weighted Average Contractual Interest Rate Proportionate Share of Contractual Balance (b) Weighted Average Contractual Balance Contractual Interest Rate (b) Percent of Total Debt Percent of Total Debt Fixed Rate - Contractual Interest Rate Caps - Notional Amounts (a) Fixed Rate and Interest Rate Caps $ 981,114 112,700 3.49% $ 685,629 112,700 3.55 % 1,093,814 71% 798,329 79% Floating Rate: Construction Notes Payable Credit Facilities Payable Mortgage Payable Interest Rate Caps - Notional Amounts Floating Rate, Net of Interest Rate Caps Total Debt - Contractual 511,247 10,000 35,627 (112,700) 2.62% 2.61% 2.47% 292,506 10,000 19,595 (112,700) 2.62 % 2.61 % 2.47 % 444,174 29% 209,401 21% $ 1,537,988 3.17% 100% $ 1,007,730 3.25 % 100% (a) 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%. (b) See footnote (4) for information regarding Proportionate Share. (9) Aggregate debt maturities by year: Proportionate Weighted Average Rate on Debt Maturities (b) Proportionate Share of Contractual Balance (b) Proportionate Share of Contractual Balance Adjusted for Extended Maturities (a)(b) Weighted Average Rate on Debt Maturities Contractual Balance Adjusted for Extended Maturities (a) Contractual Balance October through December 2016 2017 2018 2019 2020 Thereafter Total Debt Maturities 3.61% 3.14% 3.16% 3.17% 3.31% 3.09% $ 2,676 364,977 575,982 234,507 226,001 133,845 $ 2,676 212,805 201,794 575,426 397,934 147,353 3.62% 3.13% 3.32% 3.14% 3.42% 3.09% $ 2,110 209,349 394,387 179,477 148,671 73,736 $ 2,110 125,078 180,633 377,427 241,256 81,226 3.17% $ 1,537,988 $ 1,537,988 3.25% $ 1,007,730 $ 1,007,730 (a) Amounts reflect maturities and regular principal payments as if all extension options are exercised. (b) See footnote (4) for information regarding Proportionate Share. © Monogram Residential Trust, Inc. 34
Capitalization Debt Recap by Multifamily Community (dollars in thousands) (unaudited) As of September 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 $ 29,658 62,557 36,109 20,051 54,952 33,467 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% $ 29,658 62,557 36,109 20,051 54,952 33,467 57,000 10,000 — April-2017 January-2019 Monthly LIBOR + 2.08% Monthly LIBOR + 2.50% 10,000 — $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 Arpeggio Victory Park Bailey's Crossing Belmar Briar Forest Lofts Calypso Cherry Creek Eclipse Fitzhugh Urban Flats Forty 55 Lofts The Gallery at NoHo Commons The Lofts at Park Crest - multifamily San Sebastian Satori The Venue Veritas West Village 40,454 29,000 52,000 29,081 76,000 28,500 19,929 29,500 39,500 19,782 26,503 25,500 55,000 31,124 20,897 51,000 10,375 34,131 19,363 January-2017 March-2020 August-2021 June-2023 July-2017 August-2020 September-2017 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% 2.78% 4.31% 2.82% 2.82% 4.46% 2.82% 2.82% 4.46% 4.35% 3.90% 2.78% 3.42% 3.31% 3.54% 3.66% 2.77% 2.48% 22,432 15,950 28,600 16,126 42,142 15,675 10,961 16,225 21,725 10,880 14,576 14,025 30,250 17,118 11,588 28,280 5,706 34,131 10,649 Variable Rate - Mortgages Payable The Lofts at Park Crest - retail Burrough’s Mill 11,427 24,200 April-2017 September-2017 Monthly LIBOR + 2.35% Monthly LIBOR + 1.75% 6,285 13,310 (Table continued on next page) © Monogram Residential Trust, Inc. 35 Total Variable Rate - Mortgages Payable35,6272.47%19,595 Total Fixed Rate - Mortgages Payable637,6393.27%367,039 Total Company Level Debt303,7943.84%303,794 Total Credit Facilities10,0002.61%10,000 Total Fixed Rate - Mortgages Payable293,7943.88%293,794 Proportionate Share Balance (1)Maturity DateInterest Rate (2) Balance (3) Recourse Debt (4)
Capitalization Debt Recap by Multifamily Community (dollars in thousands) (unaudited) As of September 30, 2016 Contractual Company Portion of Total Contractual of Contractual Fixed Rate - Construction Notes Payable (5) The Alexan Total - In Construction 49,681 August-2018 4.00% 24,796 49,681 24,796 Variable Rate - Construction Notes Payable (5) 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 - In Construction 24,703 20,557 39,114 22,982 26,700 82,425 26,552 32,483 56,438 105,049 60,736 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% 13,698 11,399 21,689 12,743 14,805 45,705 14,723 18,012 31,295 58,250 — — 5,867 1,149 — 20,606 — — 8,466 26,262 Monthly LIBOR + 1.95% 42,697 9,111 497,739 13,508 2.62% 285,016 71,461 April-2019 Monthly LIBOR + 2.15% 7,490 3,377 13,508 2.68% 7,490 3,377 Plus: unamortized adjustments from business combinations (6) Less: deferred financing costs, net (7) 1,250 (11,608) 1,148 (8,810) (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 September 30, 2016. Monthly LIBOR as of September 30, 2016 is 0.53%. (3) As more fully explained on page 40, our $200 million Credit Facility contains material financial covenants. This schedule, in conjunction with page 40, provides information related to those financial covenants that management uses in managing our business and we believe could be helpful for investors and analysts in evaluating our covenants. As noted on page 40, substantially all of that information is presented on our Proportionated Share. Such amounts are not calculated using amounts in accordance with GAAP. Accordingly the results and the presentations should only be used in connections with a supplemental review of our covenants and debt and not as a substitute for GAAP reported amounts. See definition of Proportionate Share for additional information on our methodology for deriving these amounts. As further explained in (1) above, the presentation shows contractual balances with unamortized GAAP adjustments from business combinations and deferred finance costs are presented in total to reconcile to total debt per our covenants. See reconciliation of total debt per consolidated balance sheet to total Proportionate Share of Company Level and Co-Investment Venture Level debt on page 33. (4) 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). (5) 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. (6) Unamortized adjustments from business combinations are added to debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (7) Deferred financing costs, net are deducted from debt to reconcile to the GAAP amounts on the consolidated balance sheet. © Monogram Residential Trust, Inc. 36 Total Debt per Consolidated Balance Sheet$1,527,630 Total Company Level and Co-Investment Venture Level Debt1,537,9883.17%1,007,730$74,838 Total Co-Investment Venture Level Debt1,234,1943.01%703,93674,838 Total Variable Rate - Construction Notes Payable511,2472.62%292,50674,838 Total Fixed Rate - Construction Notes Payable49,6814.00%24,796 Proportionate Share Balance (1)Maturity DateInterest Rate (2) Balance (3) Recourse Debt (4)
Capitalization Proportionate EBITDA (in thousands) (unaudited) Noncontrolling Interests Adjustments (1) Noncontrolling Interests Adjustments (1) Amounts as Defined Amounts as Defined Reconciliation of loss from continuing operations to EBITDA and Adjusted EBITDA: Net income available to the Company $ 4,454 $ 31,364 Adjustments to arrive at Adjusted EBITDA: Noncontrolling Interests Adjustments (1) Noncontrolling Interests Adjustments (1) Amounts as Defined Amounts as Defined Net income (loss) available to the Company $ (13,068) $ 79,730 Adjustments to arrive at Adjusted EBITDA: Note: EBITDA is a non-GAAP measurement. See following page for footnotes and see Definitions and Other Explanatory Information for definitions. © Monogram Residential Trust, Inc. 37 Loss on early extinguishment of debt31 Impairment related to development — Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends)261 Workforce reduction2,044 Less: noncontrolling interests share of adjustments(101) (5) — (96) — — 3,128 259 — (100) — — (100) — (101) (100) Adjusted Proportionate EBITDA$67,962$67,333 Less: Gains on sales of real estate(17,510) Depreciation and amortization (1) 97,564 Interest expense (2) 30,829 Less: noncontrolling interests share of adjustments(32,088) $7,801 (29,994) (9,895) (82,975) 78,182 19,041 (29,932) $— (24,360) (5,572) (32,088) (29,932) Proportionate EBITDA65,72764,046 Nine Months Ended September 30, 2016 2015 Loss on early extinguishment of debt31 Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends)87 Less: noncontrolling interests share of adjustments(37) (5) (32) (37) — 87 (31) — (31) (31) Adjusted Proportionate EBITDA$24,744$21,178 Less: Gains on sales of real estate(17,510) Depreciation and amortization (1) 32,933 Interest expense (2) 10,570 Less: noncontrolling interests share of adjustments(5,784) $7,801 (10,170) (3,415) (34,373) 26,235 7,543 (9,647) $— (7,823) (1,824) (5,784) (9,647) Proportionate EBITDA24,66321,122 Three Months Ended September 30, 2016 2015
Capitalization Proportionate EBITDA (in thousands) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Noncontrolling Interests Adjustments (a) Noncontrolling Interests Adjustments (a) Noncontrolling Interests Adjustments (a) Noncontrolling Interests Adjustments (a) Amounts as Defined Amounts as Defined Amounts as Defined Amounts as Defined (1) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP $ 31,197 244 1,492 $ 24,904 244 1,087 $ 92,251 731 4,582 $ 74,587 731 2,864 Plus: Purchase accounting intangible expense Amortization of deferred financing costs 32,933 (10,170) 26,235 (7,823) 97,564 (29,994) 78,182 (24,360) Less: Noncontrolling Interests Adjustments EBITDA depreciation and amortization $ 22,763 $ 18,412 $ 67,570 $ 53,822 (2) Reconciliation of interest expense: Contractual interest expense $ 12,778 (1,795) (413) 622 $ 12,044 (4,088) (413) 653 $ 38,138 (6,069) (1,240) 1,792 $ 33,978 (13,533) (1,404) 1,825 Less: Capitalized interest Mortgage premium amortization Credit facility and other finance fees Plus: Interest expense for GAAP 11,192 (622) 8,196 (653) 32,621 (1,792) 20,866 (1,825) Less: Credit facility and other finance fees 10,570 (3,415) 7,543 (1,824) 30,829 (9,895) 19,041 (5,572) Less: Noncontrolling Interests Adjustments EBITDA interest $ 7,155 $ 5,719 $ 20,934 $ 13,469 (a) See Noncontrolling Interests Adjustments in Definitions and other Explanatory Information for discussion of our Proportionate Share. © Monogram Residential Trust, Inc. 38 $(11,483) 5,542 369 — — — — (5,572) $(12,397) 2,162 340 — — — — (9,895) $(3,701) 1,764 113 — — — — (1,824) $(4,170) 642 113 — — — — (3,415) $(23,426) (329) (605) — (24,360) $(28,686) (329) (979) — (29,994) $(7,484) (110) (229) — (7,823) $(9,741) (110) (319) — (10,170)
Capitalization Other Proportionate Debt Metrics (dollars in thousands) (unaudited) Leverage Ratios Fixed Charge coverage ratio Debt to EBITDA (1) Net Debt to EBITDA (1) Adjusted Ratios - Excluding Development Activity, Proportionate Share Fixed Charge coverage ratio Debt to EBITDA (1) Net Debt to EBITDA (1) 2.86x 10.18x 9.65x 2.52x 12.23x 11.54x 3.25x 8.27x 7.74x 3.03x 8.91x 8.24x Supporting Calculations for Debt Metrics: Three Months Ended September 30, 2016 2015 Proportionate Fixed Charges: Contractual interest expense Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Fixed Charges Less: Development related fixed charges (2) Fixed Charges, excluding development activity $ 8,608 55 $ 8,343 56 8,663 (1,002) 8,399 (1,166) $ 7,661 $ 7,233 September 30, 2016 September 30, 2015 Proportionate Net Debt: Contractual debt (page 33) Less: Cash and cash equivalents Net debt Less: Development related debt Net debt, excluding development activity $ 1,007,730 (52,733) $ 1,036,397 (58,794) 954,997 (184,477) 977,603 (256,307) $ 770,520 $ 721,296 Three Months Ended September 30, 2016 2015 Annualized Proportionate EBITDA: Adjusted Proportionate EBITDA (page 37) Plus: NOI and development costs expensed, net of NOI for developments not fully stabilized Adjusted Proportionate EBITDA, excluding development activity Annualized Proportionate EBITDA Annualized Proportionate EBITDA, excluding development activity $ 24,744 143 $ 21,178 702 $ 24,887 $ 21,880 $ 98,976 $ 84,712 $ 99,548 $ 87,520 See following page for footnotes © Monogram Residential Trust, Inc. 39 Three Months Ended September 30, 20162015
Capitalization Other Proportionate Debt Metrics (dollars in thousands) (unaudited) (1) Proportionate EBITDA is annualized for last quarter for the respective reporting periods. (2) Represents interest expense related to developments during periods of operating deficits. (3) Our $200 million Credit Facility covenants, which constitute a material agreement and are included in our filed exhibits, are prepared on a Proportionate Share basis. We are in compliance with all of our debt covenants, including our $200 million Credit Facility. To assist in evaluating our covenant position, we have provided certain Proportionate Share information. We believe this information is useful to management, lenders and investors to evaluate our covenant compliance. However, this information differs from our reported consolidated GAAP amounts and users are cautioned to use such information in the limited content of covenant compliance. See page 33 for additional information concerning certain details of our debt. Assets (Liabilities) as of September 30, 2016 Cash Gross operating real estate Construction in progress Notes receivable Other tangible assets Mortgages and notes payable (contractual balances) Credit facility payable Construction costs payable Accounts payable and other liabilities Distributions payable Tenant security deposits Redeemable noncontrolling interests Subsidiary preferred stock $ 52,733 2,254,590 137,006 38,974 20,675 (997,730) (10,000) (14,253) (26,398) (12,569) (4,498) (16,959) (1,336) Selected Operating Data For the Three Months Ended September 30, 2016 Contractual interest expense Capitalized interest Principal payments $ 8,608 1,153 2,143 © Monogram Residential Trust, Inc. 40
Capitalization Sources of Funds Available As of September 30, 2016 (dollars in thousands) (unaudited) Capacity (1) Commitment Outstanding Commitments Commitments $150 Million Credit Facility - 100% our share (2) $ 150,000 $ 116,160 $ 10,000 $ 106,160 $ 33,840 $200 Million Credit Facility - 100% our share $ 200,000 $ 200,000 $ — $ 200,000 $ — Construction notes payable - Proportionate Share (3) $ 346,369 $ 346,369 $ 317,302 $ 29,067 $ — PGGM commitments (4) $ 300,000 $ 300,000 $ 247,282 $ 8,255 $ 44,463 Developer partner commitment $ 4,218 $ 4,218 $ 3,616 $ 602 $ — Note: This schedule presents certain sources of capital available to the Company, exclusive of the sources available to our joint venture partners. Accordingly, all information, unless otherwise noted, is presented on our Proportionate Share. (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 elect to not draw all amounts available to draw, and we may use other sources to fund our developments. Details of the balance outstanding are provided below and can also be found on the Debt Recap by Multifamily Community schedule on page 36: Noncontrolling Interests Adjustments Amounts as Defined Proportionate Share Construction notes payable - balance outstanding: Fixed rate - in construction Variable rate - operating Variable rate - in construction Total $ 49,681 497,739 13,508 $ (24,885) (212,723) (6,018) $ 24,796 285,016 7,490 $ 560,928 $ (243,626) $ 317,302 (4) PGGM’s remaining commitment would apply to future investments. © Monogram Residential Trust, Inc. 41 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) 166,835,631 — 806,568 167,642,199 (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 October 31, 2016, we estimate the minimum common stock price for a conversion of the Series A Preferred Stock to be approximately $11.60 per share. As of October 31, 2016, the closing market price for the Company’s closing stock was $10.54 per common share. (2) The distribution for the third 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. 42 Shares/Units September 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) $ 47,859 (18,667) (1,436) $ (3,647) 2,225 109 $ 44,212 (16,442) (1,327) 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) $ 27,756 $ (1,313) $ 26,443 $ 111,024 367 815 $ (5,252) — — $ 105,772 367 815 Adjustments As Adjusted 2016 Acquisition in lease up and stabilized non-comparable(3) Development - total Economic Costs incurred (4) Acquisition in lease up and development - total potential value creation (5) Master Partnership promote due to the Company (6) Developer promotes and put options, net (due by the Company) (7) $ 132,608 470,265 151,641 7,600 (39,440) $ — — — — — $ 132,608 470,265 151,641 7,600 (39,440) Net tangible assets/(liabilities) $ (953,905) $ (4,800) Common stock outstanding Convertible preferred stock (14) Restricted stock units outstanding Fully diluted shares outstanding (See Notes to Road Map to Net Asset Value on next page) 166,835,631 — 806,568 167,642,199 © Monogram Residential Trust, Inc. 43 Fully Diluted Share Data Amounts as Defined Noncontrolling Interests Adjustments (8) Other Adjustments Selected Other Tangible Balance Sheet Data - Assets (Liabilities) Cash and cash equivalents$65,470 Notes receivable (9) 39,471 Other tangible assets (10) 24,077 Mortgages and notes payable (11) (1,527,988) Credit facilities payable (9) (10,000) Convertible and subsidiary preferred stock (12) — Other tangible liabilities (13) (80,549) Less: Noncontrolling Interests Adjustments535,614 $(12,737) — (3,402) 530,258 — (1,336) 22,831 $— — — (4,700) — (100) — — 535,614 As of September 30, Acquisitions in Lease Up, Development and Joint Venture Data (Proportionate Share) Three Months Ended September 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 43: Note: Estimating net asset value of our Company can be useful to both management and investors. While we do not provide any specific assumptions or methodologies, we have provided certain information we believe could be useful in calculating our net asset value as of September 30, 2016. (1) Property revenue and property operating expenses-stabilized portfolio includes: Rental Revenue Property Operating Expenses Same Store per page 21 Stabilized Non-Comparable per page 22 Less: Three multifamily communities not stabilized for the full third quarter of 2016 (a) $ 35,975 11,884 (3,647) $ 12,884 5,783 (2,225) $ 44,212 $ 16,442 (a) Includes SoMa, Verge and Ev, which due to lease up and concessions were not at full stabilized operations for all of 3Q 2016. (2) Represents property and asset management revenue associated with third party joint venture assets per page 9. (3) Includes 2015 acquisition of The Mile (development in lease up) and EV (stabilized non-comparable). Amounts represent costs as of September 30, 2016. See page 32. Total potential value creation is included below. See note 5. (4) Total Developments per page 31. (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) Projected promote due to the Company by PGGM based on current estimated portfolio value. (7) Developer’s put options and amounts attributable to developer promotes. The amount included for developer promotes is calculated based on estimated valuations as of September 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. (8) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (9) Notes receivable is the contractual principal balance as presented on page 18. (10) Other tangible assets, which are prepared on a basis consistent with our financial covenants include: Consolidated GAAP Amounts Noncontrolling Interests Adjustments Escrows and restricted cash Resident, tenant and other receivables Prepaid assets, deposits and other Total (Notes continued on next page) $ 9,076 8,010 6,991 $ (1,245) (406) (1,751) $ 24,077 $ (3,402) © Monogram Residential Trust, Inc. 44
Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 43 (continued from previous page): (11) Amounts in “amounts as defined” and “Noncontrolling Interests Adjustments” represent the contractual amounts. Mark-to-market adjustment to mortgages and notes payable are included in the Other Adjustments column. (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 14), and subsidiary preferred stock of $1.3 million as of September 30, 2016. (13) Other tangible liabilities, which are prepared on a basis consistent with our financial covenants include: Noncontrolling Interests Adjustments Consolidated GAAP Amounts Construction costs payable Accounts payable and other liabilities Distributions payable Tenants security deposits Total $ (24,828) (36,784) (12,602) (6,335) $ 10,575 10,386 33 1,837 $ (80,549) $ 22,831 (14) 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 September 30, 2016. As more fully discussed in note 1, page 42, the Series A Preferred Stock does not have a convertible value based on the October 31, 2016 closing stock market price. © Monogram Residential Trust, Inc. 45
Co-Investment Venture Partners Information on Joint Ventures As of September 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 - includes other developer partners 3 15 3 45% 0% to 45% 0% to 45% $ 43,365 204,735 50,068 $ — 22,259 5,699 Milky Way Partners, L.P. (“NPS”) Developer partners Stabilized operating portfolio with developer partner (3) 2 —% (172) 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 September 30, 2016 in the consolidated balance sheet. (3) Interest ownership is primarily a back-end interest. © Monogram Residential Trust, Inc. 46 Total all joint venture partners37$412,851$29,073$8,857 Subsidiary preferred units2,121—— Total developer partners2—%(172)1,115— Stabilized operating portfolio1445%112,734—— Total PGGM related joint ventures210% to 45%298,16827,958$8,857 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% 2.4% 1.0% 3.0% to to to 2.7% 1.5% 3.5% FFO Core FFO AFFO $ $ $ 0.31 0.34 0.35 to to to $ $ $ 0.34 0.37 0.38 $ $ $ 0.32 0.35 0.36 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 $ $ $ 18 2 3 to to to $ $ $ 20 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 $ 9 5 2 to to to to $ 10 5 3 $ 12 $ 13 $ 12 $ 12 Mezzanine loan investment net repayments/fundings Construction loan proceeds Credit facility and debt refinancing proceeds, net $ $ $ — 15 10 to to to $ $ $ 17 20 20 $ $ $ — 15 10 to to to $ $ $ 17 20 20 Debt maturities inclusive of principal amortization Development funding $ $ 3 25 to to $ $ 5 35 $ $ 3 25 to to $ $ 5 35 (1) Amounts exclude stock compensation expense. © Monogram Residential Trust, Inc. 47 Proportionate Uses of FundsProportionate ShareProportionate Share Second Half 2016 Second Half 2016 Proportionate Sources of FundsProportionate ShareProportionate Share Second Half 2016 Second Half 2016 Other Proportionate FFO ComponentsProportionate ShareProportionate Share FFO, Core FFO, and AFFO GuidancePer Share RangePer Share Range Previous Guidance Full Year 2016 Revised Guidance Full Year 2016 Proportionate Same-Store GuidancePercent RangePercent Range
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 - reported for the nine months ended September 30, 2016 $ 0.36 0.26 $ 0.38 0.26 Major components of proforma AFFO anticipated for fourth quarter of 2016 (all amounts are net of Noncontrolling Interests Adjustments): 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 $ 0.14 0.05 (0.07) (0.04) 0.01 $ 0.14 0.06 (0.05) (0.03) 0.01 Proforma weighted average number of common shares outstanding - diluted 167.6 167.6 Add (deduct) NAREIT defined adjustments: Real estate depreciation and amortization Gains on sales of real estate Less: Noncontrolling Interests Adjustments 0.73 (0.10) (0.19) 0.74 (0.10) (0.19) Add (deduct) adjustments to arrive at Proforma Core FFO annualized: Other (primarily workforce reduction) Less: Noncontrolling Interests Adjustments 0.04 (0.01) 0.04 (0.01) Add (deduct) adjustments to arrive at Proforma AFFO annualized: Other (primarily stock compensation expense and recurring capital expenditures) Less: Noncontrolling Interests Adjustments 0.01 — 0.01 — Proforma weighted average number of common shares outstanding - diluted (in millions) 167.6 167.6 © Monogram Residential Trust, Inc. 48 Proforma AFFO annualized$0.36$0.38 Proforma Core FFO annualized0.350.37 Proforma FFO annualized - NAREIT defined0.320.34 Proforma annualized net income (loss) attributable to common stockholders$(0.12)$(0.11) Guidance Range - Per Share Reconciliation of full-year 2016 guidance Proforma AFFO attributable to common stockholders anticipated for fourth quarter of 2016$0.10$0.12 Guidance Range - Per Share Reported AFFO attributable to common stockholders YTD 3Q 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, minor 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. As of September 30, 2016, we did not have any 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 September 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. 49
Definitions and other Explanatory Information EBITDA A non-GAAP measurement of earnings before interest, taxes, depreciation, amortization, and other non-recurring items. Similar to other non-GAAP measurements, EBITDA is presented on our Proportionate Share. 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. We also present adjusted EBITDA which includes adjustments for gains or losses on early extinguishment of debt, impairment, workforce reduction and similar activities. 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. Our presentation is based on our Proportionate Share. 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 gains on sales 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. Our presentation is 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 $225 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 are also entitled to receive promoted interests after PGGM realizes defined returns. We and, under certain circumstances, PGGM also 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 $491 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 generally 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. 50
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. Noncontrolling Interests Adjustments As further discussed in the Ownership Presentations section of Definitions and other Explanatory Information, our Proportionate Share information could be useful to investors in analyzing our financial information and our loan covenant compliance. Where the Noncontrolling Interests Adjustments are presented side by side with the GAAP amount, our Proportionate Share can be calculated by adding the Noncontrolling Interests Adjustments amount to the GAAP amount. For example, if the following information was presented: Noncontrolling Interests Adjustments GAAP Amount GAAP account A GAAP account B $ $ 100 (200) $ $ (25) 50 The Proportionate Share amount for GAAP account A would be $75 and the Proportionate Share amount for GAAP account B would be ($150). 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, gains, revenues or expenses, we caution that these measurements may not be representative of our current or future performance 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 7, 8 and 19. Unless otherwise noted, our presentation is based on our Proportionate Share. 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. 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. Adjusted Core FFO (“AFFO”) AFFO is calculated starting from Core FFO adjusted for Recurring capital expenditures, Straight-line rents and stock compensation expense. 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 our Proportionate Share. 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. © Monogram Residential Trust, Inc. 51
Definitions and other Explanatory Information 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 current participation in distributable operating cash. The amounts include our share of Unconsolidated Joint Ventures and exclude Noncontrolling Interest in consolidated joint ventures. As of 2016, all interests are consolidated, where we are the controlling interest. (See Note 1 of our financial statements for further discussion of our relationship to the unconsolidated investees.) Proportionate Share presentations may be useful in analyzing our financial information by providing revenues, expenses, assets and liabilities attributable only to our shareholders. Management uses this information to allocate resources and evaluate investments. 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 and reconciling adjustments. 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 current effective cash share based on our current participation in distributable operating cash. In May 2015, we acquired our remaining unconsolidated joint venture. Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. Proportionate Share of Unconsolidated Joint Venture As further discussed in the Ownership Presentations section of Definitions and other Explanatory Information, our Proportionate Share information could be useful to investors in analyzing our financial information and our loan covenant compliance. Where the Proportionate Share of Unconsolidated Joint Venture are presented side by side with the GAAP amount, our Proportionate Share can be calculated by adding the Noncontrolling Interests Adjustments amount to the GAAP amount. For example, if the following information was presented: Proportionate Share of Unconsolidated Joint Venture Adjustments GAAP Amount GAAP account A GAAP account B $ $ 100 (200) $ $ (25) 50 The Proportionate Share amount for GAAP account A would be $75 and the Proportionate Share amount for GAAP account B would be ($150). © Monogram Residential Trust, Inc. 52
Definitions and other Explanatory Information 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. 53