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Overview Corporate Governance Governance Documents AIR Leadership Team Insider Filings Corporate Responsibility Press Releases Events & Presentations Filings & Financials Quarterly Reports SEC Filings Investor Resources Dividends Tax Information Information Request Form Manage Alerts Contact Us Investor Relations One Canal | Boston, MA Overview Corporate Governance Governance Documents AIR Leadership Team Insider Filings Corporate Responsibility Press Releases Events & Presentations Filings & Financials Quarterly Reports SEC Filings Investor Resources Dividends Tax Information Information Request Form Manage Alerts Contact Us Latest Financial Reports View All Financial ReportsAIR’s Point of Comparative Advantage AIR provides the most efficient and most effective way to allocate capital to multi-family real estate AIR emphasizes good neighbor” policies and stable communities to attract strong demand, and retain high-quality residents 62.3% TTM Resident Retention We are committed to efficiency through the AIR Edge which has produced a peer-leading track record in cost control and operating margin -10 BPS 14-year CAGR in Controllable Operating Expense Cost discipline further extends across the AIR platform with overhead targeted at15 basis points of GAV 15 BPS Net G&A15 Basis Points of GAV As a result, AIR converts ~10% more Same Store Revenue to Property EBITDA as compared to our peers creating a durable advantage that compounds over time 67.4% 2023 Same Store Revenue Conversion To Property EBITDA Public filings as of 12/31/2023Flamingo | Miami, FL Diversified Portfolio Portfolio diversified by geography, location, and price point, in high quality markets where demand generates continued organic growth 8 Core Markets with Attractive Growth Prospects 26,626 Total Apartment Homes 47% / 53% Class A/B Properties by Q4 2023 GAV $1.2K-$25k+ Range of Average RentsDiversification supports stable growth over cycles Great submarkets driving attractive growth prospects Broad range of average rents serve a diverse resident base Constructed with aim of limiting regulatory exposure Public filings as of 12/31/2023 Avery Row | Arlington, VADisciplined Capital Allocation Significant opportunity for AIR to enhance its portfolio and attract new residents at highly attractive returns 10%+ Targeted IRR on Capital Enhancements 200+ basis point IRR spread required from new acquisitions as compared to AIR’s stabilized portfolio to enhance near-term NOI growth 30% Allocation Target to New Properties Benefitting From the AIR Edge Targeted dividend level of approximately 75% of full year FFO per share $1.80 Annualized Dividend Per ShareFlexible, Low Leverage Balance Sheet Low leverage and significant liquidity enhance AIR’s ability to focus on operations and allocate capital accretively $1.9B Available Liquidity ~6.0x Targeted Net Leverage to EBITDAre Gross Leverage to EBITDA33% Net Leverage to GAV 4.3% Pro FormaWeighted Average Interest Rate 6.5 Years Pro Forma Weighted Average Maturity BBB / Baa2 StableS&P / Moody’s Issuer Rating BBB Stable Moody’s RatingPublic filings as of 12/31/2023 Best-In-Class Corporate Governance AIR’s Board is comprised of directors with diverse and relevant experience Eight of nine directors are independent, and average tenure is ~5 years Directors are subject to annual elections The roles of Chairman and CEO are separate AIR is committed to maximizing value for shareholders and to corporate responsibility, both of which start in the Board room. The members of AIR’s Board bring deep real estate, investment, and governance expertise, and offer a broad and diverse range of perspectives. We consider our track record in governance to be a key differentiator for AIR. -Tom Keltner, Chairman of the Board AIR’s Board is fully engaged. Each director is focused on making us better. I am thankful for the Board input and guidance in shaping AIR’s strategy and executing our business plan. -Terry Considine, Chief Executive Officer Serving Others Organization of great people with a mission to serve others Corporate Responsibility View More Behind The Scenes View More Latest Press Releases View all press releases Latest Presentation Latest Events View All Events Contact Us 4582 S. Ulster Street Suite 1700 Denver, CO 80237 (303) 691-4566 investors@aircommunities.com Quick Links SEC Filings Information Request Form Investor Email Alerts To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. After submitting your request, you will receive an activation email to the requested email address. You must click the activation link in order to complete your subscription. You can sign up for additional alert options at any time. At Apartment Income REIT Corp. (Air Communities), we promise to treat your data with respect and will not share your information with any third party. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to Apartment Income REIT Corp. 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