FORWARD LOOKING STATEMENTS This document
contains forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements include all
statements that are not historical statements of fact and those
regarding our intent, belief, or expectations, including, but not
limited to, the statements in this document regarding future
financing plans, including the Company’s expected leverage and
capital structure; business strategies, prospects, and projected
operating and financial results (including earnings), including
facts related thereto, such as expected costs; future share
repurchases; expected investment opportunities; and our pipeline
investments and projects. We caution investors not to place undue
reliance on any such forward-looking statements. Words such as
“anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),”
“plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),”
“forecast(s),” and similar expressions, or the negative of these
terms, are intended to identify such forward-looking statements.
These statements are not guarantees of future performance,
condition or results, and involve a number of known and unknown
risks, uncertainties, assumptions and other important factors,
among others, that may affect actual results or outcomes include,
but are not limited to: (i) the risk that the 2023 preliminary
plans and goals may not be completed in a timely manner or at all,
(ii) the inability to recognize the anticipated benefits of
pipeline investments and projects, (iii) changes in general
economic conditions, including as a result of the COVID-19 pandemic. Although we believe
that the assumptions underlying the forward-looking statements,
which are based on management’s expectations and estimates, are
reasonable, we can give no assurance that our expectations will be
attained. Risks and uncertainties that could cause actual results
to differ materially from our expectations include, but are not
limited to: the effects of the coronavirus pandemic on the
Company’s business and on the global and U.S. economies generally;
real estate and operating risks, including fluctuations in real
estate values and the general economic climate in the markets in
which we operate and competition for residents in such markets;
national and local economic conditions, including the pace of job
growth and the level of unemployment; the amount, location and
quality of competitive new housing supply; the timing and effects
of acquisitions, dispositions, redevelopments and developments;
changes in operating costs, including energy costs; negative
economic conditions in our geographies of operation; loss of key
personnel; the Company’s ability to maintain current or meet
projected occupancy, rental rate and property operating results;
the Company’s ability to meet budgeted costs and timelines, and, if
applicable, achieve budgeted rental rates related to redevelopment
and development investments; expectations regarding sales of
apartment communities and the use of proceeds thereof; insurance
risks, including the cost of insurance, and natural disasters and
severe weather such as hurricanes; financing risks, including the
availability and cost of financing; the risk that cash flows from
operations may be insufficient to meet required payments of
principal and interest; the risk that earnings may not be
sufficient to maintain compliance with debt covenants, including
financial coverage ratios; legal and regulatory risks, including
costs associated with prosecuting or defending claims and any
adverse outcomes; the terms of laws and governmental regulations
that affect us and interpretations of those laws and regulations;
possible environmental liabilities, including costs, fines or
penalties that may be incurred due to necessary remediation of
contamination of apartment communities presently or previously
owned by the Company; activities by stockholder activists,
including a proxy contest; the risk of the timing of our
stockholder value enhancement review and the risk that we will not
identify any value enhancing options or that we will not
successfully execute or achieve the potential benefits of any such
options. In addition, the Company’s current and continuing
qualification as a real estate investment trust involves the
application of highly technical and complex provisions of the
Internal Revenue Code and depends on the Company’s ability to meet
the various requirements imposed by the Internal Revenue Code,
through actual operating results, distribution levels and diversity
of stock ownership. Readers should carefully review the Company’s
financial statements and the notes thereto, as well as the section
entitled “Risk Factors” in Item 1A of the Company’s Annual Report
on Form 10-K for the year
ended December 31, 2021 and in Item 1A of the Company’s
Quarterly Reports on Form 10-Q for the quarterly periods ended
March 31, 2022, June 30, 2022, and September 30,
2022, and the other documents the Company files from time to time
with the SEC. These filings identify and address important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. These forward-looking statements reflect management’s
judgment as of this date, and the Company assumes no (and disclaims
any) obligation to revise or update them to reflect future events
or circumstances. We make no representations or warranties as to
the accuracy of any projections, estimates, targets, statements or
information contained in this document. It is understood and agreed
that any such projections, estimates, targets, statements and
information are not to be viewed as facts and are subject to
significant business, financial, economic, operating, competitive
and other risks, uncertainties and contingencies many of which are
beyond our control, that no assurance can be given that any
particular financial projections or targets will be realized, that
actual results may differ from projected results and that such
differences may be material. While all financial projections,
estimates and targets are necessarily speculative, we believe that
the preparation of prospective financial information involves
increasingly higher levels of uncertainty the further out the
projection, estimate or target extends from the date of
preparation. The assumptions and estimates underlying the
projected, expected or target results are inherently uncertain and
are subject to a wide variety of significant business, economic and
competitive risks and uncertainties that could cause actual results
to differ materially from those contained in the financial
projections, estimates and targets. The inclusion of financial
projections, estimates and targets in this presentation should not
be regarded as an indication that we or our representatives,
considered or consider the financial projections, estimates and
targets to be a reliable prediction of future events. Certain
financial and operating measures found herein are used by
management and are not defined under accounting principles
generally accepted in the United States, or GAAP. These measures
are reconciled to the most comparable GAAP measures at the end of
this presentation. 1. According to SpencerStuart 2022 S&P 500
New Director Snapshot 2. Spin date as of December 14,2020; TSR
calculation as of October 31, 2022 3. Includes AHH, CLPR, CSR,
ELME, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, and VRE (per AIV
2021 10 K); represents simple average 4. Returns measured from
12/14/2020, the date of when-issued trading for AIV post-separation
from AIRC until 10/31/2022. Peer Group includes AHH, CLPR, CSR,
ELME, FOR, FPH, HHC, IRT, JBGS, JOE, STRS, TRC, and VRE (per AIV
2021 10-K); represents
simple average