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| CORPORATE PRESENTATION, JUNE 6, 2023 | 21 Overview | Portfolio | ESG | Appendix Multifamily Office / Corp Total Multifamily Office / Corp Total NET INCOME (LOSS) $(11,015) $(5,215) $(16,230) $(14,791) $55,686 $40,894 DEDUCT: Real estate services income (911) — (911) (888) — (888) Interest and other investment loss (income) (29) (87) (116) (1) (101) (102) Equity in (earnings) loss of unconsolidated joint ventures 68 — 68 647 — 647 General & Administrative - property level 3 — 3 (1,184) — (1,184) Realized and unrealized (gains) losses on disposition — (780) (780) 3,000 (72,380) (69,380) (Gain) loss on disposition of developable land — 22 22 486 — 486 (Gain) loss on sale of investment in unconsolidated joint venture — — — — (7,677) (7,677) (Gain) loss from early extinguishment of debt, net (12) 12 — — 1,014 1,014 ADD: Real estate services expenses 1,897 46 1,943 2,479 35 2,514 General and administrative 1,354 8,932 10,286 2,400 9,850 12,250 Dead deal and transaction-related costs — 1,027 1,027 — 2,119 2,119 Depreciation and amortization 21,506 2,370 23,876 21,481 7,423 28,904 Interest expense 21,986 28 22,014 21,832 1,339 23,171 Property impairments — — — — 10,302 10,302 Land impairments 3,396 — 3,396 — — — NET OPERATING INCOME (NOI) $38,243 $6,355 $44,598 $35,461 $7,609 $43,070 DEFINITION OF NET OPERATING INCOME (NOI): NOI represents total revenues less total operating expenses, as reconciled to net income above. The Company considers NOI to be a meaningful non-GAAP financial measure for making decisions and assessing unlevered performance of its property types and markets as it relates to total return on assets, as opposed to levered return on equity. As properties are considered for sale and acquisition based on NOI estimates and projections, the Company utilizes this measure to make investment decisions, as well as compare the performance of its assets to those of its peers. NOI should not be considered a substitute for net income, and the Company’s use of NOI may not be comparable to similarly titled measures used by other companies. The Company calculates NOI before any allocations to noncontrolling interests, as those interests do not affect the overall performance of the individual assets being measured and assessed. Information About Net Operating Income (NOI) RECONCILIATION OF NET INCOME (LOSS) TO NET OPERATING INCOME (NOI) Q1 2023 Q4 2022 APPENDIX |