1. Understanding The Balance Analysis

2. The Balance Analysis in this particular case will track overall property performance, recognizing those properties that are exceeding expectations and identify those with areas of opportunity for improvement. The Analysis is designed to gauge such performances by comparing each property equally. The following describes in detail how the scores for each of the five different categories are determined: Customer Service Employee Retention Net Operating Income Economic Occupancy Sequential Cash Collections.

3. PROPERTY CUSTOMER SERVICEPOINTS The Schuh on 5th9.21 Holland Meadows7.02 The highest average score receives the #1 rating If ten residents were called and the below scores were give the property rating would be 7.0 (average of total sum): CSI scores are based off of these ratings: 10 if completely satisfied 7.5 if somewhat satisfied 5 if neither satisfied nor dissatisfied 2.5 if somewhat dissatisfied 0 if completely dissatisfied *We use the last 3 mos. rolling average #1 Customer Service Resident #17.5 Resident #25 Resident #37.5 Resident #45 Resident #510 Resident #67.5 Resident #75 Resident #87.5 Resident #95 Resident #1010 Average Property Rating7.0

4. MONTHPROPERTY # OF EMPLOYEES EMPLOYEES SEPARATED THIS PERIOD BALANCE# OF EMPLOYEES RETENTION JanuaryCoppess Court1028 80% FebruaryCoppess Court9099100% MarchCoppess Court100 100% AprilCoppess Court1019 90% MayCoppess Court9099100% Turnover is the ratio of the number of Associates that had to be replaced in a given period of time, to the average number of workers. So here’s the math: *We use a cumulative year-to-date calculation Employee Retention PROPERTY EMPLOYEE RETENTION (%)POINTS Coppess Court94%1 Holland Meadows91%2 The highest % equals #1 on the rating #1 Determine number of Associates Determine how many people terminated (voluntary and involuntary term’s) Divide the number of associates left on the team by the number of associates and that is the Retention Percentage. This is a cumulative year-to-date calculation and unless the open position will not be re-filled, the separations are considered. Layoffs are not included.

5. Net Operating Income Total All Income (Total All Income on income statement) Operating Expenses (Sum of Total Controllable Expenses + Total Repair/Replacement Expenses) Net Operating Income (NOI) (MTD Actual) Net Operating Income (NOI) (MTD Budget) The highest % to budget is ranked #1 Actual to Budget NOI% *We use actual month Budget to Actual PROPERTY NOI ACTUAL TO BUDGET (%)POINTS Hanachek House19.1%1 Holland Meadows15.1%2 #1

6. Economic Occupancy MTD Total Rental Income (Actual Rent)) MTD Total Potential Rent (Actual Rent)) $_________ Sum MTD Budgeted Total Rental Income (Actual Rent)) MTD Budgeted Total Potential Rent (Actual Rent)) $_________ Sum The highest economic occupancy % is ranked #1 Economic Occupancy % *We use current monthly actual. PROPERTY ECONOMIC OCCUPANCY (%)POINTS Coppess Court95%1 Logan Landing92%2 #1

7. Sequential Cash Collections Net Rental IncomeNet Other IncomeReimbursed Utilities Total Cash Collected Through Operating Activities — The Major Categories to Focus on Cash Collection — Rents / Other Income / NWP Utility Collection — Cash Books/Income Statement for Account Period — *We compare prior month to actual month. #1

8. Total Rank Clyde CourtAdams Place Customer Service46 Employee Retention34 NOI139 Economic Occupancy713 Sequential Cash811 3543 PROPERTYTOTAL POINTSOVERALL RANKING Clyde Court351 Adams Place432 #1#2 Lowest points equals #1 on the ranking #1

9. Rank on Balance Analysis Occupancy / ATR / Renewals Market Rent Growth Delinquency / Collections Identify monthly areas of opportunities Establish monthly move-in goals and renewal goals Identify Resident Retention reach out opportunity Set-up weekly Action Plan Follow-up on move-in goals/ Renewals: Identify closing opportunity Implement appropriate Marketing Plan Delinquency and Collections action plan Mindshare and reach out to residents Made ready and work orders status Training Assess performance against next month Performance matrix Shop scores / Leasing Idol scores Delinquency/Collections Income and Expense Actual vs. Budget Performance Matrix Execution