Monogram Residential Trust, Inc.

Table of Contents Fourth Quarter 2015 Forward-Looking Statements 3 4 5 6 7 8 9 10 11 Consolidated Balance Sheets Proportionate Balance Sheet Information as of December 31, 2015 Proportionate Balance Sheet Information as of December 31, 2014 Consolidated Statements of Operations Funds from Operations, Core FFO and Adjusted Core FFO Proportionate QTD Operating Information and Reconciliation to FFO Proportionate YTD Operating Information and Reconciliation to FFO EBITDA Reconciliation 12 13 14 18 Equity Investments by Geographic Regions Summary of Number of Units and Communities Summary of Operating Communities Summary of Proportionate Share of Notes Receivable 19 20 21 23 25 27 29 31 32 33 Consolidated Net Operating Income Reconciliation of Consolidated Net Operating Income Consolidated QTD Net Operating Income by Geographic Region and Market Consolidated YTD Net Operating Income by Geographic Region and Market Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Proportionate QTD Net Operating Income by Geographic Region and Market Proportionate YTD Net Operating Income by Geographic Region and Market Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market Consolidated QTD and YTD Comparisons of Same Store Operating Expenses Proportionate Share QTD General and Administrative and Corporate Property Management Expenses 34 35 36 37 Summary of Developments Development Cash Costs to Complete, Interest and Other Costs Acquisition and Disposition Summary Capital Expenditures - Same Store 38 40 42 Debt Summary Debt Detail by Multifamily Community Sources of Funds Available 43 Preferred Stock, Common Stock and Common Stock Equivalents 44 Road Map to Net Asset Value 47 Information on Joint Ventures © Monogram Residential Trust, Inc. 2 Definitions and other Explanatory Information48 Co-Investment Venture Partners Net Asset Value Equity Capitalization Capitalization Capital Deployment Operating Performance Portfolio Overview Financial Information

Forward-Looking Statements Fourth Quarter 2015 This supplemental package contains certain statements that may be considered “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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Monogram Residential Trust, Inc. (which together with its subsidiaries may be referred to as the “Company,” “we,” “us,” or “our” intends 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 them in this supplemental financial information for purposes of complying with those safe harbor provisions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental financial information is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. The following are some of the factors that could cause our actual results and its expectations to differ materially from those described in our 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 development of our pipeline 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 our Company are included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and may be discussed in subsequent filings with the SEC. We do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. © Monogram Residential Trust, Inc. 3

Financial Information Consolidated Balance Sheets (in thousands) (unaudited) Assets Real estate Land Buildings and improvements $ 497,360 2,627,693 $ 389,885 2,033,819 3,125,053 (357,036) 2,423,704 (280,400) 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 Credit facilities payable Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net 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 2,768,017 333,153 2,143,304 716,930 3,101,170 83,727 18,066 80,183 2,860,234 116,407 21,485 110,282 $ 3,283,146 $ 3,108,408 $ 1,473,034 49,000 36,975 28,922 19,451 12,494 5,616 $ 1,186,481 10,000 75,623 28,053 18,955 12,485 4,586 1,625,492 29,073 1,336,183 32,012 — 17 1,436,254 (269,523) — 17 1,492,799 (293,350) 1,166,748 461,833 1,199,466 540,747 1,628,581 1,740,213 $ 3,283,146 $ 3,108,408 © Monogram Residential Trust, Inc. 4 December 31, 2015December 31, 2014

Financial Information Proportionate Balance Sheet Information (in thousands) (unaudited) As of December 31, 2015 Assets 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 Credit facilities payable Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests 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 $ 3,125,053 (357,036) $ (963,791) 107,491 $ 2,161,262 (249,545) 2,768,017 333,153 (856,300) (122,617) 1,911,717 210,536 3,101,170 83,727 18,066 36,486 43,697 (978,917) (18,146) (7,294) — (6,951) 2,122,253 65,581 10,772 36,486 36,746 $ 3,283,146 $ (1,011,308) $ 2,271,838 $ 1,473,034 49,000 36,975 28,922 19,451 12,494 5,616 $ (504,493) — (15,553) (8,356) (8,705) — (1,590) $ 968,541 49,000 21,422 20,566 10,746 12,494 4,026 1,625,492 29,073 (538,697) (12,114) 1,086,795 16,959 — 17 — 1,436,254 (269,523) — — 1,336 — — — 17 1,336 1,436,254 (269,523) 1,166,748 461,833 1,336 (461,833) 1,168,084 — 1,628,581 (460,497) 1,168,084 $ 3,283,146 $ (1,011,308) $ 2,271,838 © Monogram Residential Trust, Inc. 5 ConsolidatedProportionate GAAPNoncontrollingBalance Balance SheetInterestsSheet

Financial Information Proportionate Balance Sheet Information (in thousands) (unaudited) As of December 31, 2014 Unconsolidated Noncontrolling Proportionate GAAP Balance Assets 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 Investment in unconsolidated real estate joint venture Notes receivable Other assets, net Total assets Liabilities Mortgages and notes payable Credit facilities payable Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net 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 $ 2,423,704 (280,400) $ — — $ (855,954) 100,587 $ 1,567,750 (179,813) 2,143,304 716,930 — — (755,367) (289,403) 1,387,937 427,527 2,860,234 116,407 21,485 5,048 59,750 45,484 — 11 — (5,048) 2,430 387 (1,044,770) (19,053) (7,834) — (4,199) (11,022) 1,815,464 97,365 13,651 — 57,981 34,849 $ 3,108,408 $ (2,220) $ (1,086,878) $ 2,019,310 $ 1,186,481 10,000 75,623 28,053 18,955 12,485 4,586 $ — — — 13 24 — — $ (491,494) — (31,285) (5,670) (8,411) — (1,625) $ 694,987 10,000 44,338 22,396 10,568 12,485 2,961 1,336,183 32,012 37 — (538,485) (11,001) 797,735 21,011 — 17 — 1,492,799 (293,350) — — 12 — — — — 1,086 — — — 17 1,098 1,492,799 (293,350) 1,199,466 540,747 12 (2,269) 1,086 (538,478) 1,200,564 — 1,740,213 (2,257) (537,392) 1,200,564 $ 3,108,408 $ (2,220) $ (1,086,878) $ 2,019,310 © Monogram Residential Trust, Inc. 6 Proportionate ConsolidatedShare of SheetJoint VentureInterestsBalance Sheet

Financial Information Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Rental revenues Expenses: Property operating expenses Real estate taxes Asset management fees General and administrative expenses Acquisition expenses Transition expenses Investment and other 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 investments in unconsolidated real estate joint ventures Other income 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 $ 63,129 $ 54,705 $ 238,068 $ 209,025 18,656 8,747 — 6,130 5 — 311 9,485 1,416 28,139 14,720 7,847 — 4,231 — 6,006 357 6,085 756 24,458 67,484 34,443 — 20,813 641 — 4,171 30,351 4,280 102,726 55,940 29,842 3,843 15,627 (17) 12,672 1,197 21,424 2,486 93,308 72,889 2,216 — — 55 64,460 2,737 — 189 108 264,909 10,172 — 250 127 236,322 10,554 (230) 770 63 (7,489) — (6,721) 244 (16,292) 82,975 (16,140) 16,411 (7,489) 1,554 (6,477) 326 66,683 7,112 271 (6,388) (5,935) (2) (6,151) (2) 73,795 (7) (6,117) (7) $ (5,937) $ (6,153) $ 73,788 $ (6,124) 166,628 168,818 166,561 168,793 167,247 169,066 167,205 169,029 $ (0.04) $ (0.04) $ 0.44 $ (0.04) © Monogram Residential Trust, Inc. 7 Three months ended December 31, Year ended December 31, 2015201420152014

Financial Information Funds from Operations (“FFO”), Core FFO and Adjusted Core FFO (“AFFO”) (in thousands, except per share amounts) (unaudited) FFO: Net income (loss) attributable to common stockholders Add (deduct) NAREIT defined adjustments - Proportionate Share: Real estate depreciation and amortization Gains on sales of real estate Impairment expense $ (5,937) $ (6,153) $ 73,788 $ (6,124) 19,640 — — 15,680 (27) — 70,426 (82,975) 3,128 59,995 (8,991) — Add (deduct) adjustments to arrive at Core FFO - Proportionate Share: Loss on early extinguishment of debt Transition expenses Loss on derivative fair value adjustment Acquisition expenses (including start up expenses) Fair value adjustments related to business combinations — — 1 211 (450) — 6,006 22 — — — — 20 918 (414) 128 12,672 201 54 250 Add (deduct) adjustments to arrive at AFFO - Proportionate Share: Recurring capital expenditures Straight-line rents Stock compensation expense (412) 153 1,373 (366) 88 219 (1,767) 478 3,197 (1,339) 421 816 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 (loss) attributable to common stockholders FFO attributable to common stockholders - NAREIT Defined Core FFO attributable to common stockholders AFFO attributable to common stockholders 166,628 167,247 168,818 169,066 166,561 167,205 168,793 169,029 $ $ $ $ (0.04) 0.08 0.08 0.09 $ $ $ $ (0.04) 0.06 0.09 0.09 $ $ $ $ 0.44 0.38 0.39 0.40 $ $ $ $ (0.04) 0.27 0.34 0.34 © Monogram Residential Trust, Inc. 8 AFFO$14,579$15,469$66,799$58,083 Core FFO13,46515,52864,89158,185 FFO - NAREIT defined13,7039,50064,36744,880 Year ended December 31, 20152014 Three months ended December 31, 20152014

Financial Information Proportionate QTD Operating Information and Reconciliation to FFO (in thousands) (unaudited) Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Net operating income - FFO Defined Fee income: Asset management fees Property management fees Total fee income Other: General and administrative expenses Corporate property management expenses Acquisition expenses (including start up expenses) Transition expenses Straight-line rents Stock compensation expense Investment and other development expenses Interest expense (1) Interest income Equity in income of investments in unconsolidated real estate joint ventures Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments FFO - NAREIT defined $ 63,393 $ — $ (19,095) $ 44,298 $ 54,907 $ — $ (18,977) $ 35,930 (24,975) — 7,841 (17,134) (21,229) — 7,250 (13,979) 38,418 — (11,254) 27,164 33,678 — (11,727) 21,951 — — — — 370 690 370 690 — — — — 425 712 425 712 — — 1,060 1,060 — — 1,137 1,137 (4,814) (2,108) (268) — (264) (1,373) (311) (10,901) 2,216 — 55 (87) (136) — — — — — — — — — — — — — 157 10 57 — 111 — 135 2,848 (7) — 127 32 — (4,657) (2,098) (211) — (153) (1,373) (176) (8,053) 2,209 — 182 (55) (136) (4,031) (1,325) 5 (6,006) (202) (219) (357) (6,841) 2,737 189 108 (72) (134) (7) — — — — — — — 103 (189) 10 (1) — 444 (312) (5) — 114 — 146 2,418 (184) — (8) 28 3 (3,594) (1,637) — (6,006) (88) (219) (211) (4,423) 2,656 — 110 (45) (131) (17,991) — 3,470 (14,521) (16,148) (84) 2,644 (13,588) $ 20,427 $ — $ (6,724) $ 13,703 $ 17,530 $ (84) $ (7,946) $ 9,500 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., straight-line rents, corporate property management expenses, stock compensation expenses, etc.) (1) See page 11 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 9 Three months ended December 31, 2014 Proportionate Share ofNon-ConsolidatedUnconsolidatedcontrollingProportionate AmountJoint VentureInterestsAmount Three months ended December 31, 2015 Proportionate Share ofNon-ConsolidatedUnconsolidatedcontrollingProportionate AmountJoint VentureInterestsAmount

Financial Information Proportionate YTD Operating Information and Reconciliation to FFO (in thousands) (unaudited) Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Net operating income - FFO Defined Fee income: Asset management fees Property management fees Disposition fees Promoted interest payment Total fee income Other: General and administrative expenses Corporate property management expenses Asset management expenses Acquisition expenses (including start up expenses) Transition expenses Straight-line rents Stock compensation expense Investment and other development expenses Interest expense (1) Interest income Loss on early extinguishment of debt Equity in income of investments in unconsolidated real estate joint ventures Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments FFO - NAREIT defined $ 238,984 $ — $ (74,417) $ 164,567 $ 209,884 $ — $ (72,062) $ 137,822 (93,781) — 30,066 (63,715) (78,709) — 26,885 (51,824) 145,203 — (44,351) 100,852 131,175 — (45,177) 85,998 — — — — — — — — 1,547 2,745 990 3,505 1,547 2,745 990 3,505 — — — — — — — — 1,526 1,386 118 — 1,526 1,386 118 — — — 8,787 8,787 — — 3,030 3,030 (17,837) (7,565) — (1,001) — (916) (3,197) (1,043) (34,631) 10,172 — 250 128 (346) (511) (8) — — — — — — — — 135 — (250) 13 (1) — 614 (36) — 83 — 438 — 441 9,024 103 — — 528 133 8 (17,231) (7,601) — (918) — (478) (3,197) (602) (25,607) 10,410 — — 669 (214) (503) (14,884) (6,897) (3,843) (90) (12,672) (859) (816) (1,197) (23,910) 10,554 (230) 770 63 (305) (307) (32) — — — — — — — — 424 — (770) 39 (4) — 991 1,089 — 36 — 438 — 429 8,356 (695) 102 — (70) 132 10 (13,925) (5,808) (3,843) (54) (12,672) (421) (816) (768) (15,554) 10,283 (128) — 32 (177) (297) (56,497) (111) 11,336 (45,272) (54,623) (343) 10,818 (44,148) $ 88,706 $ (111) $ (24,228) $ 64,367 $ 76,552 $ (343) $ (31,329) $ 44,880 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., straight-line rents, corporate property management expenses, stock compensation expenses, etc.) (1) See page 11 for components of interest expense, including contractual interest, capitalized interest, amortization of deferred financing costs and other finance fees. © Monogram Residential Trust, Inc. 10 Year ended December 31, 2014 Proportionate Share ofNon-ConsolidatedUnconsolidatedcontrollingProportionate AmountJoint VentureInterestsAmount Year ended December 31, 2015 Proportionate Share ofNon-ConsolidatedUnconsolidatedcontrollingProportionate AmountJoint VentureInterestsAmount

Financial Information EBITDA Reconciliation (in thousands) (unaudited) Reconciliation of loss from continuing operations to Adjusted EBITDA: Loss from continuing operations before gains on sales of real estate - Consolidated Depreciation and amortization (2) Interest expense (1) Loss on early extinguishment of debt Acquisition expenses Transition expenses Impairment related to development Fair value adjustments related to business combinations Loss on derivative fair value adjustment Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) $ (7,489) 29,798 8,900 — 5 — — (450) 1 87 $ (6,721) 25,457 5,466 — — 6,006 — — 25 72 $ (16,292) 107,980 27,942 — 641 — 3,128 (414) 23 346 $ (16,140) 96,768 18,966 230 (17) 12,672 — 250 219 305 Loss from continuing operations before gains on sales of real estate - Proportionate Share Depreciation and amortization (2) Interest expense (1) Loss on early extinguishment of debt Acquisition expenses Transition expenses Impairment related to development Fair value adjustments related to business combinations Loss on derivative fair value adjustment Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) $ (6,068) 21,038 6,347 — 5 — — (450) 1 55 $ (6,365) 16,684 3,243 — — 6,006 — — 22 45 $ (13,221) 74,860 19,957 — 641 — 3,128 (414) 20 214 $ (15,688) 63,370 11,186 128 (17) 12,672 — 250 201 177 Consolidated Proportionate Share Consolidated Proportionate Share Three months ended December 31, Three months ended December 31, Year ended December 31, Year ended December 31, (1) Reconciliation of interest expense: Contractual interest expense Less: Capitalized interest Mortgage premium amortization Plus: Credit facility and other finance fees Interest expense for GAAP Less: Credit facility and other finance fees EBITDA interest adjustment (2) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP Plus: Purchase accounting intangible expense Amortization of deferred financing costs EBITDA depreciation and amortization adjustment 2015 2014 2015 2014 2015 2014 2015 2014 $ 12,292 (2,979) (413) 2,001 $ 10,291 (4,208) (617) 1,375 $ 8,365 (1,718) (300) 1,706 $ 6,119 (2,536) (340) 1,180 $ 46,271 (16,512) (1,817) 6,689 $ 39,187 (17,753) (2,468) 4,944 $ 30,860 (9,709) (1,194) 5,650 $ 23,492 (10,946) (1,360) 4,368 10,901 (2,001) 6,841 (1,375) 8,053 (1,706) 4,423 (1,180) 34,631 (6,689) 23,910 (4,944) 25,607 (5,650) 15,554 (4,368) $ 8,900 $ 5,466 $ 6,347 $ 3,243 $ 27,942 $ 18,966 $ 19,957 $ 11,186 $ 28,139 243 1,416 $ 24,458 243 756 $ 19,782 134 1,122 $ 15,989 134 561 $ 102,726 974 4,280 $ 93,308 974 2,486 $ 70,942 536 3,382 $ 60,922 536 1,912 $ 29,798 $ 25,457 $ 21,038 $ 16,684 $ 107,980 $ 96,768 $ 74,860 $ 63,370 © Monogram Residential Trust, Inc. 11 Adjusted EBITDA - Proportionate Share$20,928$19,635$85,185$72,279 Adjusted EBITDA - Consolidated$30,852$30,305$123,354$113,253 Year ended December 31, 20152014 Three months ended December 31, 20152014

Portfolio Overview Equity Investments by Geographic Regions As of December :31, 2015 --! C_Q.Iorado 4/0 Texas 10 /1 *Operating (44 communities) *Development (8 communities) Note: Excludes 4 debt investments @ MorogramResidelllialTrost, Ire. 12

Portfolio Overview Summary of Number of Units and Communities Total Units Total Communities Equity Investments: Same Store Wholly owned Wholly owned acquired in 2015 (1) Wholly owned sold in 2015 Consolidated joint ventures 1,079 1,631 — 5,371 686 — 690 7,002 4 5 — 20 3 — 2 25 Stabilized - Non Comparable Wholly owned Wholly owned acquired in 2015 Consolidated joint ventures 202 208 2,088 595 — 411 1 1 9 2 — 2 Lease up (including operating communities and developments in lease up) Wholly owned acquired in 2015 Consolidated joint ventures 208 2,044 — 1,457 1 5 — 6 Developments under Construction and Pre-development Wholly owned acquired in 2015 Consolidated joint ventures Consolidated joint venture sold in 2015 120 1,142 — — 3,406 366 1 4 — — 10 1 Land Held for Future Development Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly owned Unconsolidated joint venture 1,476 — 1,069 444 4 — 3 1 Recap of Totals by Category Wholly owned Wholly owned acquired in 2015 Wholly owned sold in 2015 Consolidated joint ventures Consolidated joint venture sold in 2015 Unconsolidated joint ventures 2,757 2,167 — 10,645 — — 2,350 — 690 12,276 366 444 9 8 — 39 — — 8 — 2 44 1 1 (1) Includes five multifamily communities with 1,631 units of noncontrolling interests acquired from PGGM in May 2015 that are now wholly owned. © Monogram Residential Trust, Inc. 13 Total Communities - Equity and Debt Investments15,56916,1265656 Total Communities - Equity and Debt Investments15,56916,1265656 Total Communities - Debt Investments1,4761,51344 Total Communities - Equity Investments14,09314,6135252 Consolidated Joint VentureN/AN/A11 Total Developments under Construction and Pre-development1,2623,772511 Total Lease up (including operating communities and developments in lease up)2,2521,45766 Total Stabilized - Non Comparable2,4981,006114 Total Stabilized10,5799,3844034 Total Same Store8,0818,3782930 December 31, 2015December 31, 2014 December 31, 2015December 31, 2014

Portfolio Overview Summary of Operating Communities As of December 31, 2015 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 Orlando, FL 100% 2009 425 Fort Lauderdale, FL 55% 2010 279 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 Totals7728.8% Nevada Totals5984.3% Mid-Atlantic Totals1,41219.3% Georgia Totals2832.7% Florida Totals7047.7% Colorado Totals99613.7% CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2015 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of December 31, 2015 Same Store Communities (continued): Wholly owned Acappella Consolidated joint ventures Acacia on Santa Rosa Creek Argenta Renaissance (Phase I) San Bruno, CA 100% 2010 163 Santa Rosa, CA San Francisco, CA Concord, CA 55% 55% 55% 2003 2008 2008 277 179 132 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 Briar Forest Lofts Eclipse Fitzhugh Urban Flats Addison, TX Dallas, TX 100% 100% 2013 2009 393 149 Houston, TX Houston, TX Dallas, TX 55% 55% 55% 2008 2009 2009 352 330 452 Stabilized Non-Comparable Communities: Consolidated joint venture Point 21 Denver, CO 55% 2015 212 Wholly Owned The Mark Consolidated joint venture The Franklin Delray Boca Raton, FL 100% 2015 208 Delray Beach, FL 55% 2013 180 Consolidated joint venture Everly Wakefield, MA 55% 2014 186 (Table continued on next page; See page 17 for footnotes) © Monogram Residential Trust, Inc. 15 New England Totals186 Florida Totals388 Colorado Totals212 Total Same Store Communities20098,081100.0% Texas Totals1,67614.2% Southern California Totals88914.6% Northern California Totals75114.7% CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2015 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of December 31, 2015 Stabilized Non-Comparable Communities (continued): Wholly owned Vara San Francisco, CA 100% 2013 202 Consolidated joint venture Blue Sol Costa Mesa, CA 100% 2014 113 Consolidated joint ventures 4110 Fairmount Arpeggio Victory Park Muse Museum District Allusion West University SEVEN Dallas, TX Dallas, TX Houston, TX Houston, TX Austin, TX 55% 55% 55% 55% 55% 2014 2014 2014 2014 2015 299 377 270 231 220 Lease up (including operating communities and developments in lease up): (3) Consolidated joint venture SoMa Miami, FL 55% N/A 418 Consolidated joint venture Cyan on Peachtree Atlanta, GA 55% 2015 329 Consolidated joint venture Nouvelle Tysons Corner, VA 55% 2015 461 Consolidated joint venture Zinc Cambridge, MA 55% 2015 392 (Table continued on next page; See page 17 for footnotes) © Monogram Residential Trust, Inc. 16 New England Totals392 Mid-Atlantic Totals461 Georgia Totals329 Florida Totals418 Total Stabilized / Non-Comparable Communities20142,498 Texas Totals1,397 Southern California Totals113 Northern California Totals202 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2015 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Operating Communities As of December 31, 2015 Lease up (including operating communities and developments in lease up) (continued): (3) Wholly owned Ev Consolidated joint venture Verge San Diego, CA 100% 2015 208 San Diego, CA 70% N/A 444 (1) Acquired noncontrolling interests from PGGM in May 2015. 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 where SoMa and Verge for GAAP presentation are partially included in land, buildings and improvements and the remaining balance is reflected in construction in progress on the consolidated balance sheet. © Monogram Residential Trust, Inc. 17 Total Operating Communities201012,831 Total Lease up Communities20152,252 Southern California Totals652 CurrentYear of Completion or MostPercentage of Portfolio Based on EffectiveRecent SubstantialConsolidated YTD 2015 Same LocationOwnershipDevelopmentUnitsStore NOI

Portfolio Overview Summary of Proportionate Share of Notes Receivable As of December 31, 2015 (dollars in thousands) (unaudited) Balance (1) Maturity Date (2) Interest Rate (3) Community Location Ownership Total Commitment Accrued Interest 1/16/2016 (4) Kendall Square Miami, FL 100% 12,300 12,300 4,594 15.0% Jefferson Center Richardson, TX 100% 14,989 14,989 3,546 9/4/2016 15.0% Jefferson at Stonebriar Frisco, TX 100% 16,735 8,519 95 6/25/2018 15.0% Jefferson at Riverside Irving, TX 100% 10,436 1,358 17 6/30/2018 15.0% (1) Excludes certain GAAP consolidated costs, primarily related to accrued interest, deferred income and loan origination costs. (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 January 2016, the borrower exercised the extension option and extended the maturity to April 15, 2016 resetting the interest rate to 17%. © Monogram Residential Trust, Inc. 18 Proportionate Share$54,460$37,166$8,25215.0% Proportionate ShareProportionate Contractual PrincipalShare Contractual

Operating Performance Consolidated Net Operating Income (dollars in thousands) (unaudited) Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments $ 46,071 14,747 2,289 22 $ 43,574 6,769 — 4,362 5.7 % N/A N/A N/A $ 181,106 44,712 3,308 8,942 $ 173,259 17,924 — 17,842 4.5 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments 16,288 5,384 3,417 148 15,737 3,817 5 1,665 3.5 % N/A N/A N/A 64,506 19,955 5,681 3,999 61,693 10,384 11 6,727 4.6 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments 29,783 9,363 (1,128) (126) 27,837 2,952 (5) 2,697 7.0 % N/A N/A N/A 116,600 24,757 (2,373) 4,943 111,566 7,540 (11) 11,115 4.5 % N/A N/A N/A © Monogram Residential Trust, Inc. 19 Total NOI$37,892$33,48113.2% $143,927$130,21010.5% NOI Total property operating expenses, including real estate taxes25,23721,22418.9%94,14178,81519.4% Property operating expenses, including real estate taxes Total rental revenue63,12954,70515.4%238,068209,02513.9% Rental revenue Year ended December 31, 20152014Growth Three months ended December 31, 20152014Growth

Operating Performance Reconciliation of Consolidated Net Operating Income (in thousands) (unaudited) Reconciliation of net income (loss) to Same Store Net Operating Income: Net income (loss) Adjustments to reconcile net income (loss) to Net Operating Income: Corporate property management expenses General and administrative expenses Asset management expenses Transition 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 $ (7,489) $ (6,477) $ 66,683 $ 271 2,165 6,130 — — 9,485 1,416 28,139 (2,216) — 311 (49) 1,344 4,231 — 6,006 6,085 756 24,458 (2,737) (244) 357 (298) 7,786 20,813 — — 30,351 4,280 102,726 (10,172) (82,975) 4,171 264 6,970 15,627 3,843 12,672 21,424 2,486 93,308 (10,554) (16,411) 1,197 (623) Less: non-comparable Rental revenue Property operating expenses, including real estate taxes (17,058) 8,949 (11,131) 5,487 (56,962) 29,635 (35,766) 17,122 Plus: additional same store communities effective October 1, 2014 Rental revenue Property operating expenses, including real estate taxes 3,141 (1,070) 3,052 (1,085) N/A N/A N/A N/A © Monogram Residential Trust, Inc. 20 Quarterly Stabilized Same Store Net Operating Income$31,854$29,804N/AN/A Same Store Net Operating Income$29,783$27,837$116,600$111,566 Net Operating Income$37,892$33,481$143,927$130,210 Year ended December 31, 20152014 Three months ended December 31, 20152014

Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver $ 5,644 $ 5,262 7.3 % $ 1,557 $ 1,531 1.7 % $ 4,087 $ 3,731 9.5 % Florida North Florida South Florida 1,749 1,912 1,603 1,778 9.1 % 7.5 % 499 797 535 689 (6.7 )% 15.7 % 1,250 1,115 1,068 1,089 17.0 % 2.4 % Georgia Atlanta 1,360 1,307 4.1 % 620 636 (2.5 )% 740 671 10.3 % Mid-Atlantic Washington D.C. Philadelphia 7,425 1,574 7,288 1,529 1.9 % 2.9 % 2,446 723 2,640 707 (7.3 )% 2.3 % 4,979 851 4,648 822 7.1 % 3.5 % Nevada Las Vegas 1,977 1,852 6.7 % 694 639 8.6 % 1,283 1,213 5.8 % New England Boston 4,038 3,698 9.2 % 1,364 1,346 1.3 % 2,674 2,352 13.7 % Northern California San Francisco 6,409 5,925 8.2 % 2,143 1,854 15.6 % 4,266 4,071 4.8 % Southern California Los Angeles 6,446 6,053 6.5 % 2,069 1,956 5.8 % 4,377 4,097 6.8 % Texas Dallas Houston 4,750 2,787 4,461 2,818 6.5 % (1.1)% 2,021 1,355 1,965 1,239 2.8 % 9.4 % 2,729 1,432 2,496 1,579 9.3 % (9.3)% (Table continued on next page) © Monogram Residential Trust, Inc. 21 Total Same Store46,07143,5745.7 %16,28815,7373.5 %29,78327,8377.0 % Texas Total7,5377,2793.5 %3,3763,2045.4 %4,1614,0752.1 % Southern California Total6,4466,0536.5 %2,0691,9565.8 %4,3774,0976.8 % Northern California Total6,4095,9258.2 %2,1431,85415.6 %4,2664,0714.8 % New England Total4,0383,6989.2 %1,3641,3461.3 %2,6742,35213.7 % Nevada Total1,9771,8526.7 %6946398.6 %1,2831,2135.8 % Mid-Atlantic Total8,9998,8172.1 %3,1693,347(5.3)%5,8305,4706.6 % Georgia Total1,3601,3074.1 %620636(2.5)%74067110.3 % Florida Total3,6613,3818.3 %1,2961,2245.9 %2,3652,1579.6 % Colorado Total5,6445,2627.3 %1,5571,5311.7 %4,0873,7319.5 % Same Store Net Operating Income QTDQTD% 4Q 20154Q 2014Change Property Operating Expenses QTDQTD% 4Q 20154Q 2014Change Rental Revenue QTDQTD% 4Q 20154Q 2014Change

Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 1,153 5 N/A 321 94 N/A 832 (89) N/A Florida South Florida 2,251 996 N/A 703 383 N/A 1,548 613 N/A New England Boston 1,155 74 N/A 328 196 N/A 827 (122) N/A Northern California San Francisco 2,144 2,056 N/A 735 702 N/A 1,409 1,354 N/A Southern California Los Angeles 879 202 N/A 231 238 N/A 648 (36) N/A Texas Austin Dallas Houston 1,395 3,113 2,657 4 1,762 1,670 N/A N/A N/A 730 1,265 1,071 82 1,215 907 N/A N/A N/A 665 1,848 1,586 (78) 547 763 N/A N/A N/A Florida Georgia Mid-Atlantic New England Southern California 101 1,245 99 167 677 — — — — — N/A N/A N/A N/A N/A 290 670 542 616 1,299 1 1 — 3 — N/A N/A N/A N/A N/A (189) 575 (443) (449) (622) (1) (1) — (3) — N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © Monogram Residential Trust, Inc. 22 Total Portfolio$63,129$54,70515.4 % $25,237$21,22418.9 % $37,892$33,48113.2 % Dispositions and other non-lease up developments224,362N/A1481,665N/A(126)2,697N/A Total Lease up2,289—N/A3,4175N/A(1,128)(5)N/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable14,7476,769118 %5,3843,81741 %9,3632,952217 % Texas Total7,1653,436N/A3,0662,204N/A4,0991,232N/A Southern California Total879202N/A231238N/A648(36)N/A Northern California Total2,1442,056N/A735702N/A1,4091,354N/A New England Total1,15574N/A328196N/A827(122)N/A Florida Total2,251996N/A703383N/A1,548613N/A Colorado Total1,1535N/A32194N/A832(89)N/A Stabilized Non-Comparable Net Operating Income QTDQTD% 4Q 20154Q 2014Change Property Operating Expenses QTDQTD% 4Q 20154Q 2014Change Rental Revenue QTDQTD% 4Q 20154Q 2014Change

Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver $ 22,238 $ 20,696 7.5 % $ 6,316 $ 6,138 2.9 % $ 15,922 $ 14,558 9.4 % Florida North Florida South Florida 6,800 7,461 6,392 7,223 6.4 % 3.3 % 2,209 3,041 2,138 2,845 3.3 % 6.9 % 4,591 4,420 4,254 4,378 7.9 % 1.0 % Georgia Atlanta 5,427 5,143 5.5 % 2,305 2,138 7.8 % 3,122 3,005 3.9 % Mid-Atlantic Washington D.C. Philadelphia 29,251 6,164 29,728 6,067 (1.6 )% 1.6 % 10,027 2,867 10,346 2,842 (3.1 )% 0.9 % 19,224 3,297 19,382 3,225 (0.8 )% 2.2 % Nevada Las Vegas 7,704 7,334 5.0 % 2,646 2,545 4.0 % 5,058 4,789 5.6 % New England Boston 15,850 14,751 7.5 % 5,624 5,247 7.2 % 10,226 9,504 7.6 % Northern California San Francisco 25,088 22,990 9.1 % 7,973 7,260 9.8 % 17,115 15,730 8.8 % Southern California Los Angeles 25,122 23,634 6.3 % 8,082 7,688 5.1 % 17,040 15,946 6.9 % Texas Dallas Houston 18,650 11,351 17,840 11,461 4.5 % (1.0 )% 8,057 5,359 7,667 4,839 5.1 % 10.7 % 10,593 5,992 10,173 6,622 4.1 % (9.5 )% (Table continued on next page) © Monogram Residential Trust, Inc. 23 Total Same Store181,106173,2594.5 %64,50661,6934.6 %116,600111,5664.5 % Texas Total30,00129,3012.4 %13,41612,5067.3 %16,58516,795(1.3)% Southern California Total25,12223,6346.3 %8,0827,6885.1 %17,04015,9466.9 % Northern California Total25,08822,9909.1 %7,9737,2609.8 %17,11515,7308.8 % New England Total15,85014,7517.5 %5,6245,2477.2 %10,2269,5047.6 % Nevada Total7,7047,3345.0 %2,6462,5454.0 %5,0584,7895.6 % Mid-Atlantic Total35,41535,795(1.1)%12,89413,188(2.2)%22,52122,607(0.4)% Georgia Total5,4275,1435.5 %2,3052,1387.8 %3,1223,0053.9 % Florida Total14,26113,6154.7 %5,2504,9835.4 %9,0118,6324.4 % Colorado Total22,23820,6967.5 %6,3166,1382.9 %15,92214,5589.4 % Same Store Net Operating Income YTDYTD% 4Q 20154Q 2014Change Property Operating Expenses YTDYTD% 4Q 20154Q 2014Change Rental Revenue YTDYTD% 4Q 20154Q 2014Change

Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 2,266 4 N/A 1,327 107 N/A 939 (103) N/A Florida South Florida 5,368 3,698 N/A 1,871 1,436 N/A 3,497 2,262 N/A New England Boston 2,984 77 N/A 1,386 300 N/A 1,598 (223) N/A Northern California San Francisco 8,504 7,771 N/A 2,821 2,660 N/A 5,683 5,111 N/A Southern California Los Angeles 2,871 206 N/A 1,242 333 N/A 1,629 (127) N/A Texas Austin Dallas Houston 2,186 11,075 9,458 5 3,051 3,112 N/A N/A N/A 1,889 5,147 4,272 149 3,124 2,275 N/A N/A N/A 297 5,928 5,186 (144) (73) 837 N/A N/A N/A Florida Georgia Mid-Atlantic New England Southern California 107 2,074 108 186 833 — — — — — N/A N/A N/A N/A N/A 403 1,708 784 917 1,869 1 3 1 3 3 N/A N/A N/A N/A N/A (296) 366 (676) (731) (1,036) (1) (3) (1) (3) (3) N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © Monogram Residential Trust, Inc. 24 Total Portfolio$238,068$209,02513.9 % $94,141$78,81519.4 % $143,927$130,21010.5 % Dispositions and other non-lease up developments8,94217,842N/A3,9996,727N/A4,94311,115N/A Total Lease up3,308—N/A5,68111N/A(2,373)(11)N/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable44,71217,924149 %19,95510,38492 %24,7577,540228 % Texas Total22,7196,168N/A11,3085,548N/A11,411620N/A Southern California Total2,871206N/A1,242333N/A1,629(127)N/A Northern California Total8,5047,771N/A2,8212,660N/A5,6835,111N/A New England Total2,98477N/A1,386300N/A1,598(223)N/A Florida Total5,3683,698N/A1,8711,436N/A3,4972,262N/A Colorado Total2,2664N/A1,327107N/A939(103)N/A Stabilized Non-Comparable Net Operating Income YTDYTD% 4Q 20154Q 2014Change Property Operating Expenses YTDYTD% 4Q 20154Q 2014Change Rental Revenue YTDYTD% 4Q 20154Q 2014Change

Operating Performance Consolidated QTD and YTD Net Operating Metrics by Geographic Region and Market Colorado Denver 72.4 % 70.9 % 71.6 % 70.3 % 95.1 % 94.6 % 95.4 % 95.5 % $ 1,853 $ 1,736 Florida North Florida South Florida 71.5 % 58.3 % 66.6 % 61.2 % 67.5 % 59.2 % 66.6 % 60.6 % 95.5 % 96.8 % 93.4 % 90.3 % 95.7 % 95.8 % 93.4 % 90.7 % 1,234 2,217 1,183 2,170 Georgia Atlanta 54.4 % 51.3 % 57.5 % 58.4 % 96.5 % 97.5 % 96.5 % 95.1 % 1,473 1,409 Mid-Atlantic Washington D.C. Philadelphia 67.1 % 54.1 % 63.8 % 53.8 % 65.7 % 53.5 % 65.2 % 53.2 % 94.8 % 96.4 % 89.8 % 94.2 % 95.7 % 95.7 % 92.5 % 95.0 % 2,092 1,605 2,137 1,585 Nevada Las Vegas 64.9 % 65.5 % 65.7 % 65.3 % 93.8 % 93.0 % 94.8 % 94.4 % 1,063 1,016 New England Boston 66.2 % 63.6 % 64.5 % 64.4 % 96.5 % 94.3 % 97.2 % 94.1 % 1,661 1,593 Northern California San Francisco 66.6 % 68.7 % 68.2 % 68.4 % 95.6 % 96.4 % 95.4 % 95.9 % 2,817 2,592 Southern California Los Angeles 67.9 % 67.7 % 67.8 % 67.5 % 96.1 % 94.4 % 95.8 % 95.2 % 2,276 2,156 Texas Dallas Houston 57.5 % 51.4 % 56.0 % 56.0 % 56.8 % 52.8 % 57.0 % 57.8 % 96.1 % 94.7 % 93.6 % 93.8 % 96.0 % 93.5 % 93.9 % 92.4 % 1,589 1,328 1,551 1,365 (Table continued on next page) © Monogram Residential Trust, Inc. 25 Total Same Store8,08164.6%63.9%64.4%64.4%95.5%93.6%95.6%94.1% $1,825$1,764 Texas Total1,67655.2%56.0%55.3%57.3%95.5%93.7%95.0%93.3%1,4831,475 Southern California Total88967.9%67.7%67.8%67.5%96.1%94.4%95.8%95.2%2,2762,156 Northern California Total75166.6%68.7%68.2%68.4%95.6%96.4%95.4%95.9%2,8172,592 New England Total77266.2%63.6%64.5%64.4%96.5%94.3%97.2%94.1%1,6611,593 Nevada Total59864.9%65.5%65.7%65.3%93.8%93.0%94.8%94.4%1,0631,016 Mid-Atlantic Total1,41264.8%62.0%63.6%63.2%95.2%90.7%95.7%93.0%1,9862,016 Georgia Total28354.4%51.3%57.5%58.4%96.5%97.5%96.5%95.1%1,4731,409 Florida Total70464.6%63.8%63.2%63.4%96.0%92.2%95.7%92.3%1,6241,574 Colorado Total99672.4%70.9%71.6%70.3%95.1%94.6%95.4%95.5%1,8531,736 Same Store Monthly Rental Revenue per Unit (1) QTDQTD 4Q 20154Q 2014 Weighted Average Occupancy QTDQTD 4Q 20154Q 2014 Period End Occupancy QTDQTD 4Q 20154Q 2014 Operating Margin YTDYTD 4Q 20154Q 2014 Operating Margin QTDQTD 4Q 20154Q 2014 Units QTD 4Q 2015

Operating Performance Consolidated QTD and YTD Net Operating Metrics by Geographic Region and Market Colorado Denver 72.2 % N/A 41.4 % N/A 95.3 % 6.1 % 94.7 % 3.3 % 1,900 N/A Florida South Florida 68.8 % N/A 65.1 % N/A 95.9 % 96.1 % 91.1 % 97.2 % 2,089 N/A New England Boston 71.6 % N/A 53.6 % N/A 94.6 % 22.6 % 97.8 % 12.0 % 2,003 N/A Northern California San Francisco 65.7 % N/A 66.8 % N/A 94.6 % 97.0 % 95.2 % 96.2 % 3,570 N/A Southern California Los Angeles 73.7 % N/A 56.7 % N/A 92.0 % 54.0 % 98.2 % 36.3 % 2,535 N/A Texas Austin Dallas Houston 47.7 % 59.4 % 59.7 % N/A N/A N/A 13.6 % 53.5 % 54.8 % N/A N/A N/A 94.1 % 93.9 % 96.2 % — % 70.0 % 77.1 % 80.5 % 95.3 % 96.6 % — % 64.1 % 68.6 % 2,971 1,555 1,779 N/A N/A N/A Florida Georgia Mid-Atlantic New England Southern California 418 329 461 392 652 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 14.8 % 68.7 % 7.6 % 13.3 % 31.6 % N/A N/A N/A N/A N/A 4.9 % 62.8 % 4.4 % 8.2 % 23.8 % 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. © Monogram Residential Trust, Inc. 26 Total Lease up2,252N/AN/AN/AN/A25.8%N/A19.3%N/AN/A N/A Lease up (includes operating and development communities) Total Stabilized10,57964.4%N/A62.6%N/A95.4%84.2%95.2%83.4%1,885N/A Total Stabilized Non-Comparable2,49863.5%N/A55.4%N/A94.8%53.9%93.9%48.7%2,077N/A Texas Total1,39757.2%N/A50.2%N/A94.8%61.6%93.4%55.6%1,858N/A Southern California Total11373.7%N/A56.7%N/A92.0%54.0%98.2%36.3%2,535N/A Northern California Total20265.7%N/A66.8%N/A94.6%97.0%95.2%96.2%3,570N/A New England Total18671.6%N/A53.6%N/A94.6%22.6%97.8%12.0%2,003N/A Florida Total38868.8%N/A65.1%N/A95.9%96.1%91.1%97.2%2,089N/A Colorado Total21272.2%N/A41.4%N/A95.3%6.1%94.7%3.3%1,900N/A Stabilized Non-Comparable Monthly Rental Revenue per Unit (1) QTDQTD 4Q 20154Q 2014 Weighted Average Occupancy QTDQTD 4Q 20154Q 2014 Period End Occupancy QTDQTD 4Q 20154Q 2014 Operating Margin YTDYTD 4Q 20154Q 2014 Operating Margin QTDQTD 4Q 20154Q 2014 Units QTD 4Q 2015

Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver $ 4,099 $ 3,816 7.4 % $ 1,091 $ 1,106 (1.4 )% $ 3,008 $ 2,710 11.0 % 12.6 % Florida North Florida South Florida 1,749 1,060 1,603 986 9.1 % 7.5 % 499 442 535 382 (6.7 )% 15.7 % 1,250 618 1,068 604 17.0 % 2.3 % 5.4 % 3.2 % Georgia Atlanta 1,360 1,307 4.1 % 620 636 (2.5 )% 740 671 10.3 % 4.2 % Mid-Atlantic Washington D.C. Philadelphia 5,037 866 4,935 841 2.1 % 3.0 % 1,609 398 1,770 389 (9.1 )% 2.3 % 3,428 468 3,165 452 8.3 % 3.5 % 15.4 % 2.7 % Nevada Las Vegas 1,736 1,636 6.1 % 594 547 8.6 % 1,142 1,089 4.9 % 5.3 % New England Boston 3,523 3,236 8.9 % 1,191 1,189 0.2 % 2,332 2,047 13.9 % 10.8 % Northern California San Francisco 4,215 3,876 8.7 % 1,385 1,215 14.0 % 2,830 2,661 6.4 % 12.9 % Southern California Los Angeles 3,550 3,333 6.5 % 1,139 1,077 5.8 % 2,411 2,256 6.9 % 10.9 % Texas Dallas Houston 3,928 1,532 3,677 1,550 6.8 % (1.2)% 1,651 745 1,602 682 3.1 % 9.2 % 2,277 787 2,075 868 9.7 % (9.3)% 12.0 % 4.7 % (Table continued on next page) © Monogram Residential Trust, Inc. 27 Total Same Store32,65530,7966.0 %11,36411,1302.1 %21,29119,6668.3 %100% Texas Total5,4605,2274.5 %2,3962,2844.9 %3,0642,9434.1 %16.7% Southern California Total3,5503,3336.5 %1,1391,0775.8 %2,4112,2566.9 %10.9% Northern California Total4,2153,8768.7 %1,3851,21514.0 %2,8302,6616.4 %12.9% New England Total3,5233,2368.9 %1,1911,1890.2 %2,3322,04713.9 %10.8% Nevada Total1,7361,6366.1 %5945478.6 %1,1421,0894.9 %5.3% Mid-Atlantic Total5,9035,7762.2 %2,0072,159(7.0)%3,8963,6177.7 %18.1% Georgia Total1,3601,3074.1 %620636(2.5)%74067110.3 %4.2% Florida Total2,8092,5898.5 %9419172.6 %1,8681,67211.7 %8.6% Colorado Total4,0993,8167.4 %1,0911,106(1.4)%3,0082,71011.0 %12.6% Same Store (1) % of Same Store QTD 4Q 2015 Net Operating Income QTDQTD% 4Q 20154Q 2014Change Property Operating Expenses QTDQTD% 4Q 20154Q 2014Change Rental Revenue QTDQTD% 4Q 20154Q 2014Change

Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver 639 3 N/A 178 52 N/A 461 (49) N/A N/A Florida South Florida 1,807 552 N/A 553 212 N/A 1,254 340 N/A N/A New England Boston 640 41 N/A 182 109 N/A 458 (68) N/A N/A Northern California San Francisco 2,144 2,056 N/A 735 702 N/A 1,409 1,354 N/A N/A Southern California Los Angeles 879 202 N/A 231 238 N/A 648 (36) N/A N/A Texas Austin Dallas Houston 774 1,726 1,473 2 977 926 N/A N/A N/A 405 701 594 46 673 503 N/A N/A N/A 369 1,025 879 (44) 304 423 N/A N/A N/A N/A N/A N/A Florida Georgia Mid-Atlantic New England Southern California 56 691 55 92 501 — — — — — N/A N/A N/A N/A N/A 161 371 300 342 1,132 — 1 — 2 — N/A N/A N/A N/A N/A (105) 320 (245) (250) (631) — (1) — (2) — N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from Proportionate Operating Information and FFO 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. 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. 28 Total Portfolio$ 44,145$ 39,91710.6 % $ 17,338$ 15,32313.2 % $ 26,807$ 24,5949.0 %N/A Dispositions and other non-lease up developments134,362N/A891,655N/A(76)2,707N/AN/A Total Lease up1,395—N/A2,3063N/A(911)(3)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable10,0824,759112 %3,5792,53541 %6,5032,224192 %N/A Texas Total3,9731,905N/A1,7001,222N/A2,273683N/AN/A Southern California Total879202N/A231238N/A648(36)N/AN/A Northern California Total2,1442,056N/A735702N/A1,4091,354N/AN/A New England Total64041N/A182109N/A458(68)N/AN/A Florida Total1,807552N/A553212N/A1,254340N/AN/A Colorado Total6393N/A17852N/A461(49)N/AN/A Stabilized Non-Comparable % of Same Store QTD 4Q 2015 Net Operating Income QTDQTD% 4Q 20154Q 2014Change Property Operating Expenses QTDQTD% 4Q 20154Q 2014Change Rental Revenue QTDQTD% 4Q 20154Q 2014Change

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver $ 16,139 $ 14,989 7.7 % $ 4,462 $ 4,342 2.8 % $ 11,677 $ 10,647 9.7 % 14.1 % Florida North Florida South Florida 6,800 4,137 6,392 4,005 6.4 % 3.3 % 2,209 1,686 2,138 1,578 3.3 % 6.8 % 4,591 2,451 4,254 2,427 7.9 % 1.0 % 5.4 % 3.0 % Georgia Atlanta 5,427 5,143 5.5 % 2,305 2,138 7.8 % 3,122 3,005 3.9 % 3.9 % Mid-Atlantic Washington D.C. Philadelphia 19,796 3,390 20,098 3,337 (1.5 )% 1.6 % 6,662 1,577 6,938 1,563 (4.0 )% 0.9 % 13,134 1,813 13,160 1,774 (0.2 )% 2.2 % 15.7 % 2.2 % Nevada Las Vegas 6,772 6,470 4.7 % 2,270 2,178 4.2 % 4,502 4,292 4.9 % 5.5 % New England Boston 13,820 12,879 7.3 % 4,949 4,641 6.6 % 8,871 8,238 7.7 % 10.6 % Northern California San Francisco 16,462 15,034 9.5 % 5,212 4,758 9.5 % 11,250 10,276 9.5 % 13.6 % Southern California Los Angeles 13,835 13,015 6.3 % 4,451 4,234 5.1 % 9,384 8,781 6.9 % 11.3 % Texas Dallas Houston 15,401 6,243 14,761 6,304 4.3 % (1.0 )% 6,582 2,948 6,251 2,662 5.3 % 10.7 % 8,819 3,295 8,510 3,642 3.6 % (9.5 )% 10.6 % 4.1 % (Table continued on next page) © Monogram Residential Trust, Inc. 29 Total Same Store128,222122,4274.7 %45,31343,4214.4 %82,90979,0064.9 %100.0% Texas Total21,64421,0652.7 %9,5308,9136.9 %12,11412,152(0.3)%14.7% Southern California Total13,83513,0156.3 %4,4514,2345.1 %9,3848,7816.9 %11.3% Northern California Total16,46215,0349.5 %5,2124,7589.5 %11,25010,2769.5 %13.6% New England Total13,82012,8797.3 %4,9494,6416.6 %8,8718,2387.7 %10.6% Nevada Total6,7726,4704.7 %2,2702,1784.2 %4,5024,2924.9 %5.5% Mid-Atlantic Total23,18623,435(1.1)%8,2398,501(3.1)%14,94714,9340.1 %17.9% Georgia Total5,4275,1435.5 %2,3052,1387.8 %3,1223,0053.9 %3.9% Florida Total10,93710,3975.2 %3,8953,7164.8 %7,0426,6815.4 %8.4% Colorado Total16,13914,9897.7 %4,4624,3422.8 %11,67710,6479.7 %14.1% Same Store (1) % of Same Store YTD 4Q 2015 Net Operating Income YTDYTD% 4Q 20154Q 2014Change Property Operating Expenses YTDYTD% 4Q 20154Q 2014Change Rental Revenue YTDYTD% 4Q 20154Q 2014Change

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) NOI by Market Colorado Denver 1,256 2 N/A 736 59 N/A 520 (57) N/A N/A Florida South Florida 3,545 2,050 N/A 1,205 796 N/A 2,340 1,254 N/A N/A New England Boston 1,655 43 N/A 769 167 N/A 886 (124) N/A N/A Northern California San Francisco 8,504 7,771 N/A 2,821 2,660 N/A 5,683 5,111 N/A N/A Southern California Los Angeles 2,871 206 N/A 1,242 333 N/A 1,629 (127) N/A N/A Texas Austin Dallas Houston 1,212 6,141 5,245 3 1,691 1,726 N/A N/A N/A 1,047 2,854 2,369 82 1,732 1,261 N/A N/A N/A 165 3,287 2,876 (79) (41) 465 N/A N/A N/A N/A N/A N/A Florida Georgia Mid-Atlantic New England Southern California 59 1,150 60 103 613 — — — — — N/A N/A N/A N/A N/A 223 947 435 508 1,558 — 2 1 2 2 N/A N/A N/A N/A N/A (164) 203 (375) (405) (945) — (2) (1) (2) (2) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Note: Certain amounts from the Proportionate Operating Information and FFO 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. 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. 30 Total Portfolio$ 169,568$ 153,40610.5 % $ 65,872$ 57,02615.5 % $ 103,696$ 96,3807.6 %N/A Dispositions and other non-lease up developments8,93217,487N/A3,8456,508N/A5,08710,979N/AN/A Total Lease up1,985—N/A3,6717N/A(1,686)(7)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable30,42913,492126 %13,0437,09084 %17,3866,402172 %N/A Texas Total12,5983,420N/A6,2703,075N/A6,328345N/AN/A Southern California Total2,871206N/A1,242333N/A1,629(127)N/AN/A Northern California Total8,5047,771N/A2,8212,660N/A5,6835,111N/AN/A New England Total1,65543N/A769167N/A886(124)N/AN/A Florida Total3,5452,050N/A1,205796N/A2,3401,254N/AN/A Colorado Total1,2562N/A73659N/A520(57)N/AN/A Stabilized Non-Comparable % of Same Store YTD 4Q 2015 Net Operating Income YTDYTD% 4Q 20154Q 2014Change Property Operating Expenses YTDYTD% 4Q 20154Q 2014Change Rental Revenue YTDYTD% 4Q 20154Q 2014Change

Operating Performance Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) 29 8,081 $ 46,071 $ 43,574 5.7 % $ 16,288 $ 15,737 3.5 % $ 29,783 $ 27,837 7.0 % Same Store (per page 21) Additional Same Store Communities effective October 1, 2014 Florida South Florida Northern California San Francisco 1 180 997 996 0.1 % 335 383 (12.5)% 662 613 8.0 % 1 202 2,144 2,056 4.3 % 735 702 4.7 % 1,409 1,354 4.1 % 29 8,081 $ 32,655 $ 30,796 6.0 % $ 11,364 $ 11,130 2.1 % $ 21,291 $ 19,666 8.3 % Same Store (per page 27) Additional Same Store Communities effective October 1, 2014 Florida South Florida Northern California San Francisco 1 180 553 552 0.2 % 185 212 (12.7)% 368 340 8.2 % 1 202 2,144 2,056 4.3 % 735 702 4.7 % 1,409 1,354 4.1 % Note: The data presented above displays the results of our Same Store portfolio for Same Store communities as of October 1, 2014. For 4Q 2015, we added two additional multifamily communities to our Quarterly Same Store communities increasing the total to 31. © Monogram Residential Trust, Inc. 31 Total Proportionate Quarterly Stabilized Same Store318,463$ 35,352$ 33,4045.8% $ 12,284$ 12,0442.0 % $ 23,068$ 21,3608.0% Proportionate Total Consolidated Quarterly Stabilized Same Store318,463$ 49,212$ 46,6265.5% $ 17,358$ 16,8223.2 % $ 31,854$ 29,8046.9% Consolidated Property Operating ExpensesNet Operating Income QTDQTD% 4Q 20154Q 2014Change QTDQTD% 4Q 20154Q 2014Change Rental Revenue QTDQTD% 4Q 20154Q 2014Change Units Communities

Operating Performance Consolidated QTD and YTD Comparisons of Same Store Operating Expenses (dollars in thousands) (unaudited) YTD 4Q 2015 YTD 4Q 2015 Same Store Properties Detailed Comparison by Major Operating Expense Categories Onsite management Marketing Maintenance, including expensed turnover costs (2) Utilities Insurance Real estate taxes Other $ 415 (36) 358 (65) (219) 3 95 10.8 % (5.5)% 13.8 % (3.6)% (32.5)% — % 72.2 % $ 1,677 178 966 (114) (353) 427 32 11.4 % 7.7 % 9.2 % (1.6)% (14.2)% 1.8 % 6.3 % (1) A positive percent change represents an increase in expense and a negative percent change represents a decrease in expense. (2) YTD dollar change includes snow removal and winter related expenses of $197, accounting for approximately 1.9% of the 9.2% maintenance increase and 0.3% of the 4.6% total increase. © Monogram Residential Trust, Inc. 32 Total Operating Expenses$5513.5 % $2,8134.6 % Dollar ChangePercent Change Compared to YTDCompared to 4Q 2014YTD 4Q 2014 (1) Dollar ChangePercent Change 4Q 20154Q 2015 Compared toCompared to 4Q 20144Q 2014 (1)

Operating Performance Proportionate Share QTD General and Administrative and Corporate Property Management Expenses (dollars in thousands) (unaudited) For the Three Months Ended December 31, 2015 Expenses (1) Proportionate Share: Total General and administrative and corporate property management expenses (2) Less: Asset management and property management fee income $ 4,657 (370) $ 2,098 (690) $ 6,755 (1,060) $ 27,020 (4,240) (1) Effective June 30, 2014, we completed our transition to a fully integrated self-managed company. Accordingly, expenses and offsetting fee income are only meaningful for the current quarter and annualized. (2) Amounts are net of stock compensation expense of $1.3 million and $0.1 million, respectively. (3) Total consolidated gross assets, which adds back accumulated depreciation and amortization, is included as a benchmark 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 $ 3,283,146 357,036 737 43,227 $ 3,684,146 © Monogram Residential Trust, Inc. 33 Net Expenses as percentage of Total Consolidated Gross Assets (3)0.12%0.04%0.15%0.62% Net Expenses as percentage of Total Consolidated Revenue6.8%2.2%9.0%9.0% Net Expenses$4,287$1,408$5,695$22,780 Annualized Total General andCorporate Property AdministrativeManagementTotal ExpensesExpensesExpenses (1)

Capital Deployment Summary of Developments As of December 31, 2015 (dollars in thousands, except costs per unit) (unaudited) Proportionate Share Costs 12/31/2015 Stabilization SEVEN - Austin, TX Cyan on Peachtree - Atlanta, GA Zinc - Cambridge, MA Nouvelle - Tysons Corner, VA 55% 55% 55% 55% 220 329 392 461 4Q 2012 4Q 2013 2Q 2013 4Q 2013 2Q 2015 2Q 2015 3Q 2015 3Q 2015 4Q 2015 4Q 2015 4Q 2015 4Q 2015 4Q 2015 2Q 2016 1Q 2017 3Q 2017 $261,699 205,713 463,808 399,637 94 % 68 % 13 % 8 % 99% 98% 97% 85% $ 31,925 37,528 100,815 102,157 $ 31,661 36,841 97,825 86,560 8.1% 8.6% 6.2% 5.6% SoMa - Miami, FL Verge - San Diego, CA 55% 70% 418 444 4Q 2013 4Q 2013 4Q 2015 3Q 2015 1Q 2016 1Q 2016 4Q 2016 4Q 2016 235,182 276,653 15 % 36 % 95% 94% 54,511 86,352 51,617 80,945 6.2% 6.2% OLUME - San Francisco, CA The Alexan - Dallas, TX Caspian Delray Beach - Delray Beach, FL(3) Huntington Beach - Huntington Beach, CA 55% 50% 55% 65% 121 365 146 510 2Q 2014 3Q 2013 4Q 2014 4Q 2015 1Q 2016 1Q 2016 3Q 2016 1Q 2018 1Q 2016 3Q 2016 1Q 2017 3Q 2018 2Q 2016 2Q 2017 2Q 2017 2Q 2019 537,782 250,685 278,812 342,185 N/A N/A N/A N/A 93% 89% 54% 23% 36,082 45,668 22,572 114,045 33,647 40,432 12,109 26,149 4.8% 6.3% 6.3% 6.7% Renaissance Phase II - Concord, CA 55% N/A N/A N/A N/A N/A N/A N/A N/A N/A 6,206 N/A (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) Formerly known as Uptown Delray. (4) This schedule does not include 2015 acquisitions, which includes one development, The Mile, acquired in December 2015 and as of December 31, 2015, was approximately 96% complete. © Monogram Residential Trust, Inc. 34 Total Developments3,406$318,33079%$ 631,655$ 503,9926.4% Land Held for Future Development Total Construction1,142325,563N/A51%218,367112,3376.2% Construction Total Developments in Lease up862256,54326%94%140,863132,5626.2% Developments in Lease up Total Stabilized During Current Quarter or in Lease up1,402350,42737%93%272,425252,8876.5% Operating Communities Stabilized During Current Quarter or in Lease up (2) Economic EstimatedCosts TotalIncurredProjected Economicas ofNOI Yield at Actual/Actual/Actual/Actual/Estimated EffectiveActual/EstimatedEstimatedEstimatedEstimatedEconomic OwnershipEstimatedConstructionDate FirstCompletionStabilizationCosts perPercent Community%UnitsStart DateUnitsDate (1) Date (1) UnitOccupancyComplete

Capital Deployment Development Cash Costs to Complete, Interest and Other Costs (dollars in thousands) (unaudited) Estimated development cash costs to complete: Proportionate Share: Estimated total Economic Costs (page 34) (1) Less: Costs incurred (excluding land held for development) Plus: Net accrued and unpaid estimated Economic Costs (including retainage, construction payables and construction escrows) $ 631,655 (497,786) 23,739 Total estimated development cash costs to complete by funding source (2) Construction loan draws under binding loan commitments Other, including cash and existing credit facilities (1) $ 45,876 111,732 (1) The amount does not include The Mile, a development acquired in December 2015 that as of December 31, 2015, was approximately 96% complete. Costs to complete of $1.6 million have been deposited in escrow. (2) The sources identified may be supplemented with other capital sources. Other Development Costs: Proportionate Share: Capitalized development costs: Interest Real estate taxes Direct overhead $ 1,718 376 97 $ 2,536 317 194 $ 9,709 2,311 600 $ 10,946 2,413 789 Development related costs (expensed): (3) NOI and development expenses Interest expense $ (1,561) (269) $ (467) (110) $ (3,363) (574) $ (1,969) (317) (3) These amounts represent NOI, development and interest expenses incurred during the period of operating deficits. © Monogram Residential Trust, Inc. 35 Total Development Costs (Expensed)$(1,830) $(577) $(3,937) $(2,286) Total Capitalized Development Costs$2,191$3,047$12,620$14,148 Year Ended December 31, 20152014 Three months ended December 31, 20152014 Total Estimated Development Cash Costs to Complete$157,608 Total Estimated Development Cash Costs to Complete$157,608 As of December 31, 2015

Capital Deployment Acquisition and Disposition Summary As of December 31, 2015 (dollars in thousands, except per unit data) (unaudited) Number of Purchase Price Purchase Price Proportionate Debt Proportionate The Mile (1) Miami, FL San Diego, CA Boca Raton, FL Various 120 208 208 2,061 $ 400,000 403,606 392,981 253,194 $ 48,000 83,950 81,740 521,833 $ 48,000 83,950 81,740 224,629 $ — — — 249,357 $ — — — 106,944 Ev (2) The Mark (2) PGGM Buyout (3) Vara San Francisco, CA 202 538,119 108,700 108,700 — — Number of Gross Sales Gross Sales Proportionate Value at Time Post Oak Burnham Pointe Shady Grove (4) Houston, TX Chicago, IL Rockville, MD 392 298 366 $ 229,745 422,819 N/A $ 90,060 126,000 38,465 $ 90,060 126,000 38,465 $ 64,745 88,533 38,415 Tupelo Alley Portland, OR 188 281,144 52,855 29,308 39,930 Grand Reserve Orange Halstead Cyan/PDX The Reserve at John's Creek Walk Orange, CT Houston, TX Portland, OR Johns Creek, GA 168 301 352 210 210,119 144,502 272,017 177,381 35,300 43,495 95,750 37,250 35,300 23,922 52,663 18,400 25,747 33,336 81,610 29,753 (1) Development was acquired through like-kind tax exchange in December 2015 and has been classified as construction in progress (96% complete) as of December 31, 2015. (2) Communities were acquired in lease up through like-kind tax exchanges in September 2015. As of December 31, 2015, EV and The Mark were 23% and 96%, respectively, occupied. (3) In May 2015, we acquired noncontrolling interests in six co-investment ventures with PGGM related to equity investments in the following six multifamily communities: The District Universal Boulevard (Orlando, FL), Veritas (Henderson, NV), The Cameron (Silver Springs, MD), Skye 2905 (Denver, CO), Grand Reserve (Dallas, TX), and Stone Gate (Marlborough, MA). Additionally, we acquired a controlling interest in the Jefferson Creekside debt investment (Allen, TX). (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 recorded during 2Q 2015. © Monogram Residential Trust, Inc. 36 Total2,275$251,812$519,175$414,118$402,069 2013 2014 2015 Sales PriceGross Book Communities SoldLocationUnitsPrice per UnitPrice 100%Shareof Sale 100% Total2,799$301,616$844,223$547,019$249,357$106,944 2013 2015 Purchase PriceAssumedAssumed Debt Communities AcquiredLocationUnitsper Unit100%Share100%Share

Capital Deployment Capital Expenditures-Same Store (dollars in thousands, except per unit amounts) (unaudited) Recurring Non-Recurring Revenue Producing $ 547 500 548 $ 453 458 109 20.8 % 9.2 % 402.8 % $ 1,963 4,280 1,696 $ 1,805 2,824 450 8.8 % 51.6 % 276.9 % Recurring Non-Recurring Revenue Producing $ 68 62 68 $ 56 57 14 21.4 % 8.8 % 385.7 % $ 243 530 210 $ 223 349 56 9.0 % 51.9 % 275.0 % Recurring Non-Recurring Revenue Producing 1.2 % 1.1 % 1.2 % 1.0 % 1.1 % 0.2 % 1.1 % 2.4 % 0.9 % 1.0 % 1.6 % 0.3 % © Monogram Residential Trust, Inc. 37 Total capital expenditures as a percentage of rental revenue - Same Store3.5%2.3%4.4%2.9% Capital Expenditures as a Percentage of Rental Revenue - Same Store Total capital expenditures per unit - Same Store$198$12755.9%$983$62856.5% Capital Expenditures per Unit - Same Store Total capital expenditures - Same Store$1,595$1,02056.4%$7,939$5,07956.3% Capital Expenditures - Same Store Year Ended December 31, 20152014% Change Three months ended December 31, 20152014% Change

Capital Deployment Debt Summary (dollars in thousands) (unaudited) As of December 31, 2015 Balance (1)(2) Maturity (3) Balance (4) Recourse Debt (5) Interest Rate Debt Company Level Debt Fixed Rate - Mortgages Payable $150 Million Credit Facility $200 Million Credit Facility $ 298,786 49,000 — 3.2 years 1.3 years — 3.88% 2.48% 2.93% $ 297,278 49,000 — 29.3% 4.8% —% $ — — — Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable Variable Rate - Mortgage Payable Fixed Rate - Construction Notes Payable - Operating Fixed Rate - Construction Notes Payable - In Construction Variable Rate - Construction Notes Payable - Operating Variable Rate - Construction Notes Payable - In Construction 632,627 11,643 29,161 44,540 355,327 100,950 2.6 years 1.3 years 0.5 years 2.6 years 2.3 years 2.3 years 3.49% 2.78% 4.31% 4.00% 2.55% 2.45% 363,904 6,404 16,170 22,230 197,028 63,479 35.8% 0.6% 1.6% 2.2% 19.4% 6.3% — — — — 67,672 15,143 Debt Maturities As of December 31, 2015 Weighted Average Share of Contractual Balance Aggregate Debt Maturities by Year 2016 4.03 % 3.02 % 3.13 % 3.20 % 2.82 % — % $ 105,015 220,179 370,253 171,687 148,359 — $ 77,409 163,727 180,605 342,537 235,046 16,169 2017 2018 2019 2020 Thereafter (1) The amounts listed are the contractual amounts on each loan at 100% regardless of the Company’s ownership plus the unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. (2) As of December 31, 2015, three communities with a gross GAAP carrying value of $112.7 million were unsecured. (3) Information provided is before any extension options. (4) Excludes certain GAAP consolidated costs, primarily related to unamortized adjustments from business combinations. (5) Reflects the amount of the contractual balance that the Company has recourse liability. 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) Amounts reflect maturities as if all extension options are exercised. © Monogram Residential Trust, Inc. 38 Total Debt Maturities3.20% $1,015,493$1,015,493 ProportionateProportionate Share of Rate on DebtContractualAdjusted for Extended Maturities (3) Balance (3)(4) Maturities (6) Total Debt$1,522,0342.5 years3.27%$1,015,493100.0%$82,815 Total Co-Investment Venture Level Debt1,174,2482.4 years3.15%669,21565.9%82,815 Total Company Level Debt347,7863.0 years3.68%346,27834.1% WeightedProportionate TotalWeightedAverageShare of ConsolidatedAverage Time toContractualContractualPercent of TotalCompany Portion of

Capital Deployment Debt Summary (dollars in thousands) (unaudited) Consolidated Leverage Ratios Fixed Charge coverage ratio Debt to EBITDA (1) Net Debt to EBITDA (1) Adjusted Financial Ratios - Excluding Development Activity Fixed Charge coverage ratio Debt to EBITDA (1)(2) Net Debt to EBITDA (1)(2) 2.49x 12.31x 11.63x 2.92x 9.83x 8.87x 2.65x 12.32x 11.64x 2.87x 10.53x 9.50x 3.18x 7.47x 6.84x 3.23x 7.54x 6.60x 3.26x 7.69x 7.04x 3.18x 8.04x 7.04x (1) EBITDA is annualized for last quarter for the respective reporting periods. (2) Adjusted EBITDA, excluding development activity Three months ended December 31, Year Ended December 31, Fixed Charges: Contractual interest expense Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Fixed Charges Less: Development related fixed charges (3) Fixed Charges, excluding development activity Debt: Mortgages, notes payable and credit facilities Less: Mortgage premium - GAAP Contractual debt Less: Cash and cash equivalents Net debt Less: Development related debt Net debt, excluding development activity 2015 2014 2015 2014 $ 12,292 87 $ 10,291 72 $ 46,271 346 $ 39,187 305 12,379 (1,963) 10,363 (749) 46,617 (7,100) 39,492 (2,804) $ 10,416 $ 9,614 $ 39,517 $ 36,688 December 31, 2015 December 31, 2014 $ 1,522,034 (2,490) $ 1,196,481 (4,307) 1,519,544 (83,727) 1,192,174 (116,407) 1,435,817 (529,978) 1,075,767 (255,294) $ 905,839 $ 820,473 Three months ended December 31, Year Ended December 31, 2015 2014 2015 2014 EBITDA (page 11) Plus: NOI and development costs expensed (page 35), consolidated Adjusted EBITDA, excluding development activity Annualized EBITDA Annualized EBITDA, excluding development activity (3) Represents interest expense related to developments during periods of operating deficits. $ 30,852 2,250 $ 30,305 767 $ 123,354 5,377 $ 113,253 3,302 $ 33,102 $ 31,072 $ 128,731 $ 116,555 $ 123,408 $ 121,220 $ 123,354 $ 113,253 $ 132,408 $ 124,288 $ 128,731 $ 116,555 © Monogram Residential Trust, Inc. 39 Year ended December 31, 2015 20152014 Three months ended December 31, 20152014

Capital Deployment Debt Detail by Multifamily Community (dollars in thousands) (unaudited) As of December 31, 2015 Contractual Company Portion of Total Contractual of Contractual Company Level Debt Fixed Rate - Mortgages Payable Acappella Vara The Cameron The District Universal Boulevard Grand Reserve Skye 2905 Stone Gate $30,070 57,000 63,579 36,589 20,364 55,647 34,029 August-2018 December-2020 July-2019 June-2018 May-2019 June-2018 July-2018 3.86% 4.00% 3.09% 4.54% 3.41% 4.19% 4.24% $30,070 57,000 63,579 36,589 20,364 55,647 34,029 49,000 — April-2017 January-2019 Monthly Libor + 2.08% Monthly Libor + 2.50% 49,000 — $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 Bailey's Crossing Belmar Briar Forest Lofts Burrough’s Mill 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 41,047 29,000 51,000 76,000 28,500 20,211 24,440 29,500 39,500 20,061 26,886 25,500 51,300 31,678 21,000 51,000 10,500 34,775 19,747 January-2017 March-2020 August-2016 July-2017 August-2020 September-2017 October-2016 August-2020 August-2020 September-2017 August-2017 October-2020 November-2016 January-2019 June-2020 January-2019 January-2019 November-2019 October-2019 3.75% 3.17% 3.19% 2.82% 2.82% 4.46% 5.29% 2.82% 2.82% 4.46% 4.35% 3.90% 4.72% 3.42% 3.31% 3.54% 3.66% 2.77% 2.48% 22,761 15,950 28,050 42,142 15,675 11,116 13,442 16,225 21,725 11,034 14,787 14,025 28,215 17,423 11,644 28,279 5,775 34,775 10,861 Variable Rate - Mortgages Payable The Lofts at Park Crest - retail 11,643 April-2017 Monthly Libor + 2.35% 6,404 (Table continued on next page) © Monogram Residential Trust, Inc. 40 Total Variable Rate - Mortgages Payable11,6432.78%6,404 Total Fixed Rate - Mortgages Payable631,6453.49%363,904 Total Company Level Debt346,2783.68%346,278 Total Credit Facilities49,0002.48%49,000 Total Fixed Rate - Mortgages Payable297,2783.88%297,278 Proportionate Share Balance (1)Maturity DateInterest Rate (2) Balance (1) Recourse Debt

Capital Deployment Debt Detail by Multifamily Community (dollars in thousands) (unaudited) As of December 31, 2015 Contractual Company Portion of Total Contractual of Contractual Fixed Rate - Construction Notes Payable (3) Arpeggio Victory Park Total - Operating The Alexan Total - Under Construction 29,161 June-2016 4.31% 16,170 29,161 44,540 16,170 22,230 August-2018 4.00% 44,540 22,230 Variable Rate - Construction Notes Payable (3) 4110 Fairmount Muse Museum District Everly Point 21 SEVEN Nouvelle Zinc Cyan on Peachtree Allusion West University Total - Operating Verge SoMa Total - Under Construction 24,825 26,700 22,982 26,552 31,407 64,406 98,718 39,114 20,623 April-2017 February-2018 June-2018 December-2017 August-2018 August-2018 October-2018 February-2018 April-2016 Monthly Libor + 2.25% Monthly Libor + 1.95% Monthly Libor + 2.00% Monthly Libor + 2.00% Monthly Libor + 2.15% Monthly Libor + 2.10% Monthly Libor + 2.25% Monthly Libor + 1.90% Monthly Libor + 2.25% 13,765 14,805 12,743 14,723 17,415 35,713 54,739 21,689 11,436 6,206 4,005 3,447 2,655 4,711 16,101 24,680 5,867 — 355,327 50,519 50,431 2.55% Monthly Libor + 1.95% 197,028 35,515 67,672 7,578 October-2018 October-2017 Monthly Libor + 2.10% 27,964 7,565 100,950 2.45% 63,479 15,143 Unamortized adjustments from business combinations (4) 2,490 2,048 (1) The amounts listed below by multifamily community are the contractual amounts on each loan at 100% regardless of the Company’s ownership and exclude any unamortized GAAP adjustments from business combinations. (2) Total and sub-totals represent the weighted-average interest rates as of December 31, 2015. Monthly LIBOR as of December 31, 2015 is 0.43%. (3) The maturity dates provided for these loans do not include any extension options. These loans include one to two year extension options with the exception of Arpeggio Victory Park which includes an option to convert the loan into a permanent loan and extend the maturity to 2023. (4) The unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. The proportionate amount presented above by multifamily community excludes the unamortized adjustments as presented on page 38. © Monogram Residential Trust, Inc. 41 Total Debt$1,522,0343.27%$1,017,541 Total Co-Investment Venture Level Debt1,173,2663.15%669,21582,815 Total Variable Rate - Construction Notes Payable456,2772.53%260,50782,815 Total Fixed Rate - Construction Notes Payable73,7014.12%38,400 Proportionate Share Balance (1)Maturity DateInterest Rate (2) Balance (1) Recourse Debt

Capitalization Sources of Funds Available As of December 31, 2015 (dollars in thousands) (unaudited) $150 Million Credit Facility - 100% our share $ 150,000 $ 108,214 $ 49,000 $ 59,214 $ — $200 Million Credit Facility - 100% our share $ 200,000 $ 200,000 $ — $ 200,000 $ — Construction notes payable - Proportionate Share $ 357,058 $ 357,058 $ 298,907 $ 58,151 $ — PGGM commitments (2) $ 300,000 $ 300,000 $ 274,551 $ 13,412 $ 12,037 Developer partner commitment $ 3,800 $ 3,800 $ 3,040 $ 760 $ — (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 column. (2) PGGM’s remaining commitment would apply to future investments. © Monogram Residential Trust, Inc. 42 MaximumAvailableUnfundedRemaining CommitmentCapacity (1)BalanceCommitmentsCommitments

Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents (unaudited) Outstanding as of Preferred Securities: Series A Preferred Stock 10,000 7% $0.0001 $10.00 Common Stock and Common Stock Equivalents: Common stock (1) Dilutive securities: Series A Preferred Stock Restricted stock units Total common stock and common stock equivalents (2) 166,611,549 — 549,496 167,161,045 (1) The distribution for the fourth quarter of 2015 was $0.075 per share. (2) 0.4% of total common stock and common stock equivalents are held by employees and directors. © Monogram Residential Trust, Inc. 43 Shares/Units December 31, 2015CouponPar Value per ShareLiquidation Preference per Share

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Property revenue - stabilized portfolio (1) $ 42,737 (14,943) (1,282) $ (774) 405 23 $ 41,963 (14,538) (1,259) 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 property management revenue (2) Third party asset management revenue (2) $ 26,512 $ (346) $ 26,166 $ $ $ 106,048 690 370 $ $ $ (1,384) — — $ $ $ 104,664 690 370 Acquisitions in development, lease up and stabilized non-comparable (3) Development (excludes land held for future development presented below) - total Economic Costs incurred (4) Acquisitions in lease up and development - total potential value creation (5) $ $ $ 214,277 497,786 204,018 $ $ $ — — — $ $ $ 214,277 497,786 204,018 Cash and cash equivalents Land Held for Future Development (6) Master partnership promote due to the Company (7) Notes receivable (8) Other tangible assets (9) Total Other Assets $ 65,581 6,206 9,751 37,166 21,186 $ — — — — — $ 65,581 6,206 9,751 37,166 21,186 $ 139,890 $ — $ 139,890 Mortgages and notes payable (10) $ 968,541 49,000 1,336 33,054 58,508 $ 2,132 — 100 — — $ 970,673 49,000 1,436 33,054 58,508 Credit facilities payable Convertible and subsidiary preferred stock (11) Developer promotes and put options, net (12) Other tangible liabilities (13) Total Liabilities $ 1,110,439 $ 2,232 $ 1,112,671 Common stock outstanding Convertible preferred stock (14) Restricted stock units outstanding Fully diluted shares outstanding 166,611,549 — 549,496 167,161,045 (See Notes to Road Map to Net Asset Value on next page) © Monogram Residential Trust, Inc. 44 Other Data Balance Sheet Data - Liabilities (Proportionate Share) Balance Sheet Data - Other Assets (Proportionate Share) As of December 31, 2015AdjustmentsAs Adjusted Acquisitions in Lease Up and Development Data (Proportionate Share) Three months ended December 31, 2015AdjustmentsAs 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 44: (1) Property revenue and property operating expenses-stabilized portfolio includes: Rental Revenue Property Operating Expenses Same Store per page 27 Stabilized Non-Comparable per page 28 Less: One multifamily community not stabilized for the full fourth quarter of 2015 $ 32,655 10,082 (774) $ 11,364 3,579 (405) $ 41,963 $ 14,538 (2) Represents property and asset management revenue associated with third party joint venture assets per page 9. (3) Includes 2015 acquisitions which were not stabilized for the full quarter: The Mile, Ev and The Mark. Amounts represent cost as of December 31, 2015. See page 36. Total potential value creation is included below. See note 5. (4) Development-total potential value creating is calculated as: Economic Costs Incurred as of 12/31/2015 Total Developments per page 34 Less: Land Held for Future Development per page 34 $ 503,992 (6,206) $ 497,786 (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 undiscounted total future value to be created at the stabilization date, before any selling expenses. (6) Land Held for Future Development per page 34. (7) Projected promote due to the Company by PGGM based on current estimated portfolio value. (8) Notes receivable is our proportionate share of the contractual principal balance as presented on page 18. (9) Other tangible assets include: Escrows and restricted cash Resident, tenant and other receivables Prepaid assets and deposits Total (10) Includes mark-to-market adjustment to mortgages and notes payable. $ 6,456 11,067 3,663 $ 21,186 (Notes continued on next page) © Monogram Residential Trust, Inc. 45

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 44 (continued from previous page): (11) 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, and subsidiary preferred stock of $1.3 million as of December 31, 2015. (12) Developer’s put options and amounts attributable to developer promotes. The amount included for developer promotes is calculated based on estimated valuations as of December 31, 2015. 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. (13) Other tangible liabilities include: Construction costs payable Accounts payable and other liabilities Distributions payable Tenants security deposits Total $ 21,422 20,566 12,494 4,026 $ 58,508 (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 December 31, 2015. © Monogram Residential Trust, Inc. 46

Co-Investment Venture Partners Information on Joint Ventures As of December 31, 2015 (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 - PGGM only Development portfolio - includes other developer partners 3 13 2 5 45% 0% to 45% 45% 0% to 45% $ 38,730 188,216 26,904 82,309 $ — 16,544 — 11,414 Milky Way Partners, L.P. (“NPS”) Developer partners Stabilized operating portfolio with developer partner 2 —% (183) 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 December 31, 2015 in the consolidated balance sheet. © Monogram Residential Trust, Inc. 47 Total all joint venture partners39$461,833$29,073$14,172 Subsidiary preferred units2,121—— Total developer partners2—%(183)1,115— Stabilized operating portfolio1445%123,736—— Total PGGM related joint ventures230% to 45%336,15927,958$14,172 Range ofGAAPGAAP Number ofNoncontrollingNon -redeemableRedeemable MultifamilyInterest OwnershipNoncontrollingNoncontrollingUnfunded

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, 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. 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. 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 property to be Stabilized generally once achieving 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 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. 48

Definitions and other Explanatory Information EBITDA Earnings before interest, taxes, depreciation, amortization, transition expenses and other related non-recurring items. 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. 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. 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, we also present certain ratios without the related NOI deficit, development debt, interest and other finance charges. Fixed Charge Income/loss from continuing operations, before gain on sale 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 (e.g., transition expenses). May be calculated on a consolidated basis or 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 $203 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 and, under certain circumstances, PGGM 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 $430 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 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. 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. © Monogram Residential Trust, Inc. 49

Definitions and other Explanatory Information 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. 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 or expenses, we caution that these measurements may not be representative of our current or future liquidity 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 8 and 20. 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. May be calculated on a consolidated basis or based on our Proportionate Share. 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 transition expenses. May be calculated on a consolidated basis or based on our Proportionate Share. Adjusted Core FFO (“AFFO”) AFFO is calculated starting from Core FFO adjusted for Recurring capital expenditures, Straight-line rents and stock compensation expense. May be calculated on a consolidated basis or based on our Proportionate Share. 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 a consolidated and proportional basis. The reconciliation of net income (loss) to NOI is provided on page 20. The reconciliation of net income (loss) attributable to common stockholders to proportionate share of NOI is provided below for all periods presented (amounts in thousands): QTD QTD YTD YTD 4Q 2015 4Q 2014 4Q 2015 4Q 2014 Net income (loss) attributable to common stockholders Adjustments to reconcile Net income (loss) attributable to common stockholders to Proportionate Share of Net Operating Income: Add: real estate depreciation and amortization (page 8) Less: gains on sales of real estate (page 8) Less: total fee income (page 9-QTD; page 10-YTD) Less: total other adjustments (page 9-QTD; page 10-YTD) Less: net of straight-line rents, start up expenses, etc. (1) Proportionate Share of Net Operating Income (page 28-QTD; page 30-YTD) $ (5,937) $ (6,153) $ 73,788 $ (6,124) 19,640 — (1,060) 14,521 (357) 15,680 (27) (1,137) 13,588 2,643 70,426 (82,975) (8,787) 45,272 5,972 59,995 (8,991) (3,030) 44,148 10,382 $ 26,807 $ 24,594 $ 103,696 $ 96,380 (1) Also includes the effect of presenting the NOI related the entities acquired in the PGGM acquisitions of noncontrolling interests at 100% ownership for all reporting periods presented. © Monogram Residential Trust, Inc. 50

Definitions and other Explanatory Information Net Operating Income - FFO Defined Net Operating Income - FFO Defined represents NOI adjusted for certain FFO adjustments such as straight-line rents, start-up costs, etc. 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. 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 participation in distributable operating cash. The amounts include our share of Unconsolidated Joint Ventures and exclude Noncontrolling Interest in consolidated joint ventures. Proportionate Share presentations may be useful in analyzing our financial information by providing revenues, expenses, assets and liabilities attributable only to our shareholders. 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 share. Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. 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. Transition expenses Transition expenses include expenses related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors, comprised of all of the Company’s independent directors, general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to a listing on a national securities exchange and payments to our former advisor in connection with the transition to self-management. In accordance with GAAP, transition expenses not related to assets with a recoverable value are expensed as the service is performed. 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. © Monogram Residential Trust, Inc. 51