The following calculations are used throughout the offering:

• Effective Gross Income (EGI) = The sum of all revenue items across all properties in the portfolio
• Operating Expenses (OpEx) = The sum of all operating expense line items in the portfolio
• Net Operating Income (NOI) = Effective Gross Income - Operating Expenses
• Per Unit = Metric / total number of units (or square feet)
• Physical Occupancy = Average of occupancy percentage
• Economic Occupancy = SUM (Gross Potential Rent + Vacancy Loss + Concessions + Loss Gain to Lease + Model Units + Subsidy Income + Commercial Income + Commercial Vacancy + Percentage Rent + Bad Debt) / Gross Potential Rent