Form 8-K Monogram Residential For: Aug 05

Maryland

001-36750

20-5383745

(State or other jurisdiction of
incorporation or organization)

(Commission File
Number)

(I.R.S. Employer
Identification No.)

2 Monogram Residential Trust, Inc.

Forward–Looking Statements 3 Financial Information Consolidated Balance Sheets 4 Proportionate Balance Sheet Information as of June 30, 2015 5 Proportionate Balance Sheet Information as of December 31, 2014 6 Consolidated Statements of Operations 7 Funds from Operations, Core FFO and Adjusted Core Funds from Operations 8 QTD Proportionate Operating Information and Reconciliation to FFO 9 YTD Proportionate Operating Information and Reconciliation to FFO 10 EBITDA Reconciliation 11 Portfolio Overview Geographic Regions 12 Summary of Number of Units and Communities 13 Summary of Operating Communities 14 Summary of Proportionate Share of Notes Receivable 17 Operating Performance Consolidated Net Operating Income 18 Reconciliation of Consolidated Net Operating Income 19 Consolidated QTD Net Operating Income by Geographic Region and Market 20 Consolidated YTD Net Operating Income by Geographic Region and Market 22 Consolidated QTD Operating Metrics by Geographic Region and Market 24 Proportionate QTD Net Operating Income by Geographic Region and Market 26 Proportionate YTD Net Operating Income by Geographic Region and Market 28 Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market 30 Additional Operating Statistics 31 Consolidated QTD and YTD Comparisons of Same Store Operating Expenses 32 Proportionate Share QTD General Administrative and Corporate Property Management Expenses 33 Capital Deployment Summary of Developments 34 Development Cash Costs to Complete, Interest and Other Costs 35 Acquisition and Disposition Summary 36 Capital Expenditures - Same Store 37 Capitalization Debt Summary 38 Debt Detail by Multifamily Community 40 Sources of Funds Available 42 Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents 43 Net Asset Value Road Map to Net Asset Value 44 Co-Investment Venture Partners Information on Joint Ventures 46 Definitions and other Explanatory Information 47 Table of Contents Second Quarter 2015 © 2015 Monogram Residential Trust, Inc. 2

Forward– Looking Statements Second 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 and Section 21E of the Securities Exchange Act of 1934. 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental package 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 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, 2014 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. © 2015 Monogram Residential Trust, Inc. 3

(in thousands) (unaudited) June 30, 2015 December 31, 2014 Assets Real estate Land 398,108 $ 389,885 $ Buildings and improvements 2,046,896 2,033,819 2,445,004 2,423,704 Less: accumulated depreciation (304,804) (280,400) Net operating real estate 2,140,200 2,143,304 Construction in progress, including land 710,600 716,930 Total real estate, net 2,850,800 2,860,234 Assets associated with real estate held for sale 55,167 - Cash and cash equivalents 63,583 116,407 Tax like-kind exchange escrow 123,700 - Intangibles, net 18,622 21,485 Other assets, net 104,946 110,282 Total assets 3,216,818 $ 3,108,408 $ Liabilities Mortgages and notes payable 1,286,142 $ 1,186,481 $ Credit facility payable 133,000 10,000 Construction costs payable 73,744 75,623 Accounts payable and other liabilities 25,233 28,053 Deferred revenues, primarily lease revenues, net 18,230 18,955 Distributions payable 12,489 12,485 Tenant security deposits 4,800 4,586 Obligations associated with real estate held for sale 1,048 - Total liabilities 1,554,686 1,336,183 Redeemable, noncontrolling interests 29,935 32,012 Equity Preferred stock - - Common stock 17 17 1,434,461 1,492,799 Cumulative distributions and net loss (269,964) (293,350) Total equity attributable to common stockholders 1,164,514 1,199,466 Non-redeemable noncontrolling interests 467,683 540,747 Total equity 1,632,197 1,740,213 Total liabilities and equity 3,216,818 $ 3,108,408 $ Additional paid-in capital Financial Information Consolidated Balance Sheets © 2015 Monogram Residential Trust, Inc. 4

(in thousands) (unaudited) Consolidated Proportionate GAAP Noncontrolling Balance Balance Sheet Interests Sheet Assets Operating real estate 2,445,004 $ (743,863) $ 1,701,141 $ Less: accumulated depreciation (304,804) 91,754 (213,050) Net operating real estate 2,140,200 (652,109) 1,488,091 Construction in progress, including land 710,600 (305,403) 405,197 Total real estate, net 2,850,800 (957,512) 1,893,288 Assets associated with real estate held for sale 55,167 - 55,167 Cash and cash equivalents 63,583 (9,477) 54,106 Intangibles, net 18,622 (7,392) 11,230 Tax like-kind exchange escrow 123,700 - 123,700 Notes receivable 51,287 33,941 85,228 Other assets, net 53,659 (7,581) 46,078 Total assets 3,216,818 $ (948,021) $ 2,268,797 $ Liabilities Mortgages and notes payable 1,286,142 $ (421,919) $ 864,223 $ Credit facility payable 133,000 - 133,000 Construction costs payable 73,744 (31,360) 42,384 Accounts payable and other liabilities 25,233 (6,428) 18,805 Deferred revenues, primarily lease revenues, net 18,230 (8,126) 10,104 Distributions payable 12,489 - 12,489 Tenant security deposits 4,800 (1,428) 3,372 Obligations associated with real estate held for sale 1,048 - 1,048 Total liabilities 1,554,686 (469,261) 1,085,425 Redeemable, noncontrolling interests 29,935 (12,413) 17,522 Equity Preferred Stock - - - Common stock 17 - 17 Subsidiary preferred stock - 1,336 1,336 Additional paid-in capital 1,434,461 - 1,434,461 Cumulative distributions and net loss (269,964) - (269,964) Total equity attributable to common stockholders 1,164,514 1,336 1,165,850 Non-redeemable noncontrolling interests 467,683 (467,683) - Total equity 1,632,197 (466,347) 1,165,850 Total liabilities and equity 3,216,818 $ (948,021) $ 2,268,797 $ Financial Information Proportionate Balance Sheet Information As of June 30, 2015 © 2015 Monogram Residential Trust, Inc. 5

(in thousands) (unaudited) Proportionate Consolidated Share of Proportionate GAAP Unconsolidated Noncontrolling Balance Balance Sheet Joint Venture Interests Sheet Assets Operating real estate 2,423,704 $ - $ (855,954) $ 1,567,750 $ Less: accumulated depreciation (280,400) - 100,587 (179,813) Net operating real estate 2,143,304 - (755,367) 1,387,937 Construction in progress, including land 716,930 - (289,403) 427,527 Total real estate, net 2,860,234 - (1,044,770) 1,815,464 Cash and cash equivalents 116,407 11 (19,053) 97,365 Intangibles, net 21,485 - (7,834) 13,651 Investment in unconsolidated real estate joint venture 5,048 (5,048) - - Notes receivable 59,750 2,430 (4,199) 57,981 Other assets, net 45,484 387 (11,022) 34,849 Total assets 3,108,408 $ (2,220) $ (1,086,878) $ 2,019,310 $ Liabilities Mortgages and notes payable 1,186,481 $ - $ (491,494) $ 694,987 $ Credit facility payable 10,000 - - 10,000 Construction costs payable 75,623 - (31,285) 44,338 Accounts payable and other liabilities 28,053 13 (5,670) 22,396 Deferred revenues, primarily lease revenues, net 18,955 24 (8,411) 10,568 Distributions payable 12,485 - - 12,485 Tenant security deposits 4,586 - (1,625) 2,961 Total liabilities 1,336,183 37 (538,485) 797,735 Redeemable, noncontrolling interests 32,012 - (11,001) 21,011 Stockholders' Equity Preferred Stock - - - - Common stock 17 - - 17 Subsidiary preferred stock - 12 1,086 1,098 Additional paid-in capital 1,492,799 - - 1,492,799 Cumulative distributions and net loss (293,350) - - (293,350) Total equity attributable to common stockholders 1,199,466 12 1,086 1,200,564 Non-redeemable noncontrolling interests 540,747 (2,269) (538,478) - Total equity 1,740,213 (2,257) (537,392) 1,200,564 Total liabilities and equity 3,108,408 $ (2,220) $ (1,086,878) $ 2,019,310 $ Financial Information Proportionate Balance Sheet Information As of December 31, 2014 © 2015 Monogram Residential Trust, Inc. 6

(in thousands, except per share amounts) (unaudited) 2015 2014 2015 2014 Rental revenues 59,105 $ 51,048 $ 115,748 $ 101,229 $ Expenses: Property operating expenses 16,279 13,896 31,954 26,937 Real estate taxes 8,799 7,413 17,368 14,566 Asset management fees - 1,963 - 3,842 General and administrative expenses 4,708 3,549 9,484 6,910 Acquisition expenses 151 - 151 (17) Transition expenses - 5,131 - 5,650 Investment and other development expenses 3,384 218 3,615 465 Interest expense 6,673 4,939 12,670 10,270 Depreciation and amortization 26,080 23,325 51,460 46,302 Total expenses 66,074 60,434 126,702 114,925 Interest income 2,763 2,650 5,360 5,096 Loss on early extinguishment of debt - - - (230) Equity in income of investments in unconsolidated real estate joint ventures 64 189 250 393 Other income (expense) 13 (324) 38 (123) Loss from continuing operations before gain on sale of real estate (4,129) (6,871) (5,306) (8,560) Gain on sale of real estate 48,602 - 48,602 16,167 Net income (loss) 44,473 (6,871) 43,296 7,607 Net (income) loss attributable to non-redeemable noncontrolling interests 4,724 95 5,070 (6,955) Net income (loss) available to the Company 49,197 (6,776) 48,366 652 Dividends to preferred stockholders (1) (2) (3) (3) Net income (loss) attributable to common stockholders 49,196 $ (6,778) $ 48,363 $ 649 $ Weighted average number of common shares outstanding - basic 166,541 168,857 166,525 168,786 Weighted average number of common shares outstanding - diluted 167,202 169,096 167,155 169,008 Basic and diluted earnings (loss) per common share 0.29 $ (0.04) $ 0.29 $ - $ Financial Information June 30, SixMonths Ended June 30, Three Months Ended Consolidated Statements of Operations © 2015 Monogram Residential Trust, Inc. 7

(in thousands, except per share amounts) (unaudited) 2015 2014 2015 2014 FFO: Net income (loss) attributable to common stockholders 49,196 $ (6,778) $ 48,363 $ 649 $ Add (deduct) NAREIT defined adjustments - our share: Real estate depreciation and amortization 17,557 14,706 33,486 29,149 Gain on sale of real estate (48,602) - (48,602) (8,965) Impairment expense 3,128 - 3,128 - FFO 21,279 7,928 36,375 20,833 Add (deduct) adjustments to arrive at Core FFO - our share: Loss on early extinguishment of debt - - - 128 Transition expenses - 5,131 - 5,650 Loss on derivative fair value adjustment 3 106 19 167 Acquisition expenses (including start up expenses) 174 - 183 (17) Fair value adjustments related to business combinations 36 250 36 250 Core FFO 21,492 13,415 36,613 27,011 Add (deduct) adjustments to arrive at Adjusted Core FFO ("AFFO") - our share: Recurring capital expenditures (527) (365) (885) (605) Straight-line rents 113 134 197 265 Stock compensation expense 600 208 1,138 380 AFFO 21,678 $ 13,392 $ 37,063 27,051 Weighted average number of common shares outstanding - basic 166,541 168,857 166,525 168,786 Weighted average number of common shares outstanding - diluted 167,202 169,096 167,155 169,008 Per common share amounts - basic and diluted: Net (income) loss attributable to common stockholders 0.29 $ (0.04) $ 0.29 $ - $ FFO 0.13 $ 0.04 $ 0.22 $ 0.12 $ Core FFO 0.13 $ 0.08 $ 0.22 $ 0.16 $ AFFO 0.13 $ 0.08 $ 0.22 $ 0.16 $ June 30, June 30, Financial Information Three Months Ended Six Months Ended Funds from Operations ("FFO"), Core FFO and Adjusted Core Funds from Operations ("AFFO") © 2015 Monogram Residential Trust, Inc. 8

(in thousands, except per share amounts) (unaudited) Proportionate Proportionate Share of Share of Consolidated Unconsolidated Noncontrolling Proportionate Consolidated Unconsolidated Noncontrolling Proportionate Amount Joint Venture Interests Amount Amount Joint Venture Interests Amount Rental revenues 59,329 $ - $ (17,820) $ 41,509 $ 51,289 $ - $ (17,504) $ 33,785 $ Property operating expenses: Property operating expenses (including real estate taxes) 23,659 - (7,647) 16,012 19,106 - (6,531) 12,575 Net operating income - FFO Defined 35,670 - (10,173) 25,497 32,183 - (10,973) 21,210 Fee income: Asset management fees - - 388 388 - - 372 372 Property management fees - - 663 663 - - - - Disposition fee - - 990 990 - - 118 118 Promoted interest payment - - 3,505 3,505 - - - - Total fee income - - 5,546 5,546 - - 490 490 Other: General and administrative expenses (4,156) (1) 76 (4,081) (3,342) (13) 19 (3,336) Corporate property management expenses (1,714) - (31) (1,745) (2,182) - 710 (1,472) Asset management expenses - - - - (1,963) - - (1,963) Acquisition expenses (including start up expenses) (192) - 18 (174) (23) - 23 - Transition expenses - - - - (5,131) - - (5,131) Straight-line rents (224) - 111 (113) (242) - 108 (134) Stock compensation expense (600) - - (600) (208) - - (208) Investment and other development expenses (256) - 106 (150) (217) - 87 (130) Interest expense (6,673) - 1,598 (5,075) (4,939) - 1,771 (3,168) Interest income 2,763 34 146 2,943 2,650 110 (171) 2,589 Equity in income of investments in unconsolidated real estate joint ventures 64 (64) - - 189 (189) - - Fair value adjustments related to business combinations (36) - - (36) (250) - - (250) Derivative fair value adjustment (5) - 2 (3) (117) - 11 (106) Other income 54 3 135 192 45 9 11 65 Dividends to preferred stockholders (87) - 34 (53) (79) (1) 37 (43) Depreciation and amortization related to non-real estate assets (1,065) - 196 (869) (612) - 127 (485) Total other adjustments (12,127) (28) 2,391 (9,764) (16,421) (84) 2,733 (13,772) FFO 23,543 $ (28) $ (2,236) $ 21,279 $ 15,762 $ (84) $ (7,750) $ 7,928 $ 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 propertymanagement expenses, stock compensation expense, etc.). Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Financial Information Proportionate QTD Operating Information and Reconciliation to FFO © 2015 Monogram Residential Trust, Inc. 9

(in thousands, except per share amounts) (unaudited) Proportionate Proportionate Share of Share of Consolidated Unconsolidated Noncontrolling Proportionate Consolidated Unconsolidated Noncontrolling Proportionate Amount Joint Venture Interests Amount Amount Joint Venture Interests Amount Rental revenues 116,166 $ - $ (37,453) $ 78,713 $ 101,711 $ - $ (34,714) $ 66,997 $ Property operating expenses: Property operating expenses (including real estate taxes) 46,100 - (15,388) 30,712 37,400 - (12,708) 24,692 Net operating income - FFO Defined 70,066 - (22,065) 48,001 64,311 - (22,006) 42,305 Fee income: Asset management fees - - 813 813 - - 702 702 Property management fees - - 1,391 1,391 - - - - Disposition fees - - 990 990 - - 118 118 Promoted interest payment 3,505 3,505 - - - - Total fee income - - 6,699 6,699 - - 820 820 Other: General and administrative expenses (8,437) (8) 258 (8,187) (6,531) (18) 350 (6,199) Corporate property management expenses (3,485) - (39) (3,524) (4,082) - 1,397 (2,685) Asset management expenses - - - - (3,842) - - (3,842) Acquisition expenses (including start up expenses) (204) - 21 (183) (6) - 23 17 Transition expenses - - - - (5,650) - - (5,650) Straight-line rents (418) - 221 (197) (482) - 217 (265) Stock compensation expense (1,138) - - (1,138) (380) - - (380) Investment and other development expenses (487) - 203 (284) (465) - 130 (335) Interest expense (12,670) - 3,750 (8,920) (10,270) - 3,722 (6,548) Interest income 5,360 135 26 5,521 5,096 219 (330) 4,985 Loss on early extinguishment of debt - - - - (230) - 102 (128) Equity in income of investments in unconsolidated real estate joint ventures 250 (250) - - 393 (393) - - Fair value adjustments related to business combinations (36) - - (36) (250) - - (250) Derivative fair value adjustment (23) 4 (19) (181) - 14 (167) Other income (expense) 97 13 286 396 309 19 (149) 179 Dividends to preferred stockholders (172) (1) 70 (103) (154) (2) 69 (87) Depreciation and amortization related to non-real estate assets (2,032) - 381 (1,651) (1,166) - 229 (937) Total other adjustments (23,395) (111) 5,181 (18,325) (27,891) (175) 5,774 (22,292) FFO 46,671 $ (111) $ (10,185) $ 36,375 $ 36,420 $ (175) $ (15,412) $ 20,833 $ 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 expense, etc.). Financial Information Proportionate YTD Operating Information and Reconciliation to FFO Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 © 2015 Monogram Residential Trust, Inc. 10

(in thousands) (unaudited) 2015 2014 2015 2014 Reconciliation of loss from continuing operations to Adjusted EBITDA: Loss from continuing operations before gain on sale of real estate - Consolidated (4,129) $ (6,871) $ (5,306) $ (8,560) $ Depreciation and amortization (2) 26,323 23,568 51,947 46,789 Interest expense (1) 6,201 4,326 11,499 9,051 Loss on early extinguishment of debt - - - 230 Acquisition expenses 151 - 151 (17) Transition expenses - 5,131 - 5,650 Impairment related to development 3,128 - 3,128 - Fair value adjustments related to business combinations 36 250 36 250 Loss on derivative fair value adjustment 5 117 23 181 Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 87 79 172 154 Adjusted EBITDA - Consolidated 31,802 $ 26,600 $ 61,478 $ 53,574 $ Loss from continuing operations before gain on sale of real estate - Proportionate Share (3,049) $ (6,919) $ (4,027) $ (8,557) $ Depreciation and amortization (2) 18,561 15,434 35,406 30,672 Interest expense (1) 4,603 2,555 7,890 5,329 Loss on early extinguishment of debt - - - 128 Acquisition expenses 151 - 151 (17) Transition expenses - 5,131 - 5,650 Impairment related to development 3,128 - 3,128 - Fair value adjustments related to business combinations 36 250 36 250 Loss on derivative fair value adjustment 3 106 19 167 Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 53 43 103 87 Adjusted EBITDA - Proportionate Share 23,485 $ 16,600 $ 42,706 $ 33,709 $ (1) Reconciliation of interest expense: 2015 2014 2015 2014 2015 2014 2015 2014 Contractual interest expense 11,338 $ 9,606 $ 7,695 $ 5,775 $ 21,934 $ 19,059 $ 14,152 $ 11,503 $ Less: Capitalized interest (4,687) (4,663) (2,796) (2,880) (9,445) (8,773) (5,667) (5,494) Mortgage premium amortization (450) (617) (296) (340) (990) (1,234) (594) (680) Plus: Credit facility and other finance fees 472 613 472 613 1,171 1,219 1,030 1,219 Interest expense for GAAP 6,673 4,939 5,075 3,168 12,670 10,270 8,920 6,548 Less: Credit facility and other finance fees (472) (613) (472) (613) (1,171) (1,219) (1,030) (1,219) EBITDA interest adjustment 6,201 $ 4,326 $ 4,603 $ 2,555 $ 11,499 $ 9,051 $ 7,890 $ 5,329 $ (2) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP 26,080 $ 23,325 $ 18,427 $ 15,300 $ 51,460 $ 46,302 $ 35,138 $ 30,404 $ Plus: Purchase accounting intangible expense 243 243 134 134 487 487 268 268 EBITDA depreciation and amortization adjustment 26,323 $ 23,568 $ 18,561 $ 15,434 $ 51,947 $ 46,789 $ 35,406 $ 30,672 $ Financial Information EBITDA Reconciliation SixMonths Ended June 30, June 30, June 30, Three Months Ended Consolidated Three Months Ended June 30, Consolidated SixMonths Ended Proportionate Share Three Months Ended June 30, Proportionate Share SixMonths Ended June 30, © 2015 Monogram Residential Trust, Inc. 11

Southern California 5 / 2 Northern California 5 / 2 Texas 10 / 2 Nevada 2 / 0 Florida 3 / 2 New England 4 / 1 Georgia 1 / 1 Operating (39 communities) Development (11 communities) Portfolio Overview Geographic Regions as of June 30, 2015 Mid-Atlantic 5 / 1 Note: Excludes 5 debt investments © 2015 Monogram Residential Trust, Inc. 12 Colorado 4 / 0

June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Equity Investments: Stabilized Wholly owned 3,304 1,673 11 6 Wholly owned sold in 2015 - 298 - 1 Consolidated joint ventures 6,841 7,182 26 26 Total Stabilized 10,145 9,153 37 33 Lease up (including operating communities and developments in lease up) Consolidated joint ventures 1,391 907 5 3 Total Lease up (including developments in lease up) 1,391 907 5 3 Developments under Construction and Pre-development Consolidated joint ventures 2,413 4,553 7 15 Total Developments under Construction and Pre-development 2,413 4,553 7 15 Land Held for Future Development Consolidated Joint Venture N/A N/A 1 1 Total Communities - Equity Investments 13,949 14,613 50 52 Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly Owned 1,864 1,069 5 3 Unconsolidated joint venture - 444 - 1 Total Communities - Debt Investments 1,864 1,513 5 4 Total Communities - Equity and Debt Investments 15,813 16,126 55 56 Total Wholly Owned 5,168 2,742 16 9 Total Wholly Owned Sold in 2015 - 298 - 1 Total Consolidated Joint Ventures 10,645 12,642 39 45 Total Unconsolidated Joint Ventures - 444 - 1 Total Communities - Equity and Debt Investments 15,813 16,126 55 56 Portfolio Overview Summary of Number of Units and Communities Total Communities Total Units © 2015 Monogram Residential Trust, Inc. 13

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Same Store Communities: Wholly owned Skye 2905 (1) Denver, CO 55% 2010 400 Consolidated joint ventures 4550 Cherry Creek Denver, CO 55% 2004 288 7166 at Belmar Lakewood, CO 55% 2008 308 Colorado Totals 996 13.7% Wholly owned The District Universal Boulevard (1) Orlando, FL 55% 2009 425 Consolidated joint ventures Satori Fort Lauderdale, FL 55% 2010 279 Florida Totals 704 7.7% Wholly owned The Reserve at La Vista Walk Atlanta, GA 100% 2008 283 Georgia Totals 283 2.8% Wholly owned The Cameron (1) Silver Spring, MD 55% 2010 325 Consolidated joint ventures 55 Hundred Arlington, VA 55% 2010 234 Bailey's Crossing Alexandria, VA 55% 2010 414 Burrough’s Mill Cherry Hill, NJ 55% 2004 308 The Lofts at Park Crest McLean, VA 55% 2008 131 Mid-Atlantic Totals 1,412 19.1% Consolidated joint ventures The Venue Clark County, NV 55% 2009 168 Veritas (1) Henderson, NV 52% 2011 430 Nevada Totals 598 4.4% Wholly owned Pembroke Woods Pembroke, MA 100% 2006 240 Stone Gate (1) Marlborough, MA 55% 2007 332 Consolidated joint ventures West Village Mansfield, MA 55% 2008 200 New England Totals 772 8.5% Wholly owned Acappella San Bruno, CA 100% 2010 163 Consolidated joint ventures Acacia on Santa Rosa Creek Santa Rosa, CA 55% 2003 277 Argenta San Francisco, CA 55% 2008 179 Renaissance (Phase I) Concord, CA 55% 2008 132 Northern California Totals 751 14.8% (Table continued on next page; See page 16 for footnotes) Portfolio Overview Summary of Operating Communities as of June 30, 2015 © 2015 Monogram Residential Trust, Inc. 14

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Portfolio Overview Summary of Operating Communities as of June 30, 2015 Same Store Communities (continued): Consolidated joint ventures Calypso Apartments and Lofts Irvine, CA 55% 2008 177 Forty55 Lofts Marina del Rey, CA 55% 2010 140 The Gallery at NoHo Commons Los Angeles, CA 55% 2008 438 San Sebastian Laguna Woods, CA 55% 2010 134 Southern California Totals 889 14.8% Wholly owned Allegro (2) Addison, TX 100% 2013 393 Grand Reserve (1) Dallas, TX 74% 2009 149 Consolidated joint ventures Briar Forest Lofts Houston, TX 55% 2008 352 Eclipse Houston, TX 55% 2009 330 Fitzhugh Urban Flats Dallas, TX 55% 2009 452 Texas Totals 1,676 14.5% Total Same Store Communities 2009 8,081 100% Stabilized / Non-Comparable Communities: Consolidated joint venture The Franklin Delray Delray Beach, FL 55% 2013 180 Florida Totals 180 Wholly owned Vara San Francisco, CA 100% 2013 202 Northern California Totals 202 Consolidated joint venture Blue Sol Costa Mesa, CA 100% 2014 113 Southern California Totals 113 Wholly owned Uptown Post Oak (4) Houston, TX 100% 2008 392 Consolidated joint ventures 4110 Fairmount Dallas, TX 55% 2014 299 Arpeggio Victory Park Dallas, TX 55% 2014 377 Muse Museum District Houston, TX 55% 2014 270 Allusion West University Houston, TX 55% 2014 231 Texas Totals 1,569 Total Stabilized / Non-Comparable Communities 2013 2,064 (Table continued on next page; See page 16 for footnotes) © 2015 Monogram Residential Trust, Inc. 15

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Portfolio Overview Summary of Operating Communities as of June 30, 2015 Lease Up (including operating communities and developments in lease up)(3) Consolidated joint venture Point 21 Denver, CO 55% 2015 212 Colorado Totals 212 Consolidated joint venture Everly Wakefield, MA 55% 2014 186 New England Totals 186 Consolidated joint venture Cyan on Peachtree Atlanta, GA 55% N/A 329 Georgia Totals 329 Consolidated joint ventures The Verge San Diego, CA 70% N/A 444 Southern California Totals 444 Consolidated joint venture SEVEN Austin, TX 55% N/A 220 Texas Totals 220 Total Lease up Communities 2015 1,391 Total Operating Communities 2010 11,536 (1) (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) (4) Uptown Post Oak is held for sale as of June 30, 2015 and sold in July 2015. These are communities included in the GAAP presentation in land, building and improvements except Cyan on Peachtree, The Verge and SEVEN which is partially included in land, buildings and improvements and the remaining balance is reflected in construction in progress on the consolidated balance sheet. Acquired noncontrolling interest 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 continue to report these communities as same store. © 2015 Monogram Residential Trust, Inc. 16

(dollars in thousands) (unaudited) Community Location Ownership Total Commitment Proportionate Share Contractual Principal Balance (1)(2) Proportionate Share Contractual Accrued Interest Maturity Date Interest Rate (3) Jefferson at One Scottsdale Scottsdale, AZ 100% 22,712 $ 22,712 $ 5,698 $ 12/7/2015 14.5% Kendall Square Miami Dade County, FL 100% 12,300 12,300 3,765 1/16/2016 15.0% Jefferson Center Richardson, TX 100% 14,989 14,989 2,751 9/4/2016 15.0% Jefferson at Stonebriar Frisco, TX 100% 16,735 2,114 4 6/25/2018 15.0% Jefferson at Riverside Irving, TX 100% 10,436 - - 6/30/2018 15.0% Our Proportionate Share 77,172 $ 52,115 $ 12,218 $ 14.8% (1) Excludes certain GAAP consolidated costs, primarily related to accrued interest, deferred income and loan origination costs. (2) In addition to the note receivables presented in the table are short-term, interest bearing, bridge notes receivable made to our CO-JVs, secured by the related multifamily communities and total $34 million. Portfolio Overview Summary of Proportionate Share of Notes Receivable as of June 30, 2015 (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. © 2015 Monogram Residential Trust, Inc. 17

(dollars in thousands) (unaudited) 2015 2014 Growth 2015 2014 Growth Rental revenue Same Store 45,137 $ 43,170 $ 4.6% 89,149 $ 85,924 $ 3.8% Properties sold (1) 4,096 4,392 N/A 8,523 9,104 N/A Acquisition 2,118 1,907 N/A 4,236 3,767 N/A Developments 7,754 1,579 N/A 13,840 2,434 N/A Total rental revenue 59,105 51,048 15.8% 115,748 101,229 14.3% Property operating expenses, including real estate taxes Same Store 15,943 15,400 3.5% 32,124 30,442 5.5% Properties sold (1) 1,666 1,611 N/A 3,322 3,425 N/A Acquisition 728 667 N/A 1,386 1,290 N/A Developments 4,979 1,450 N/A 8,915 2,264 N/A Total property operating expenses, including real estate taxes 23,316 19,128 21.9% 45,747 37,421 22.2% NOI Same Store 29,194 27,770 5.1% 57,025 55,482 2.8% Properties sold (1) 2,430 2,781 N/A 5,201 5,679 N/A Acquisition 1,390 1,240 N/A 2,850 2,477 N/A Developments 2,775 129 N/A 4,925 170 N/A Total NOI 35,789 $ 31,920 $ 12.1% 70,001 $ 63,808 $ 9.7% Number of operating communities (including Lease ups) as of June 30 Same Store 29 29 - Acquisition 1 1 - Properties sold (1) 1 2 (1) Developments 11 5 6 Total operating communities 42 37 5 (1) Also includes operating results related to Uptown Post Oak, the multifamily community held for sale as of June 30, 2015 and sold in July 2015. Uptown Post Oak is not included in same store for all periods. Operating Performance Consolidated Net Operating Income Three Months Ended June 30, Six Months Ended June 30, © 2015 Monogram Residential Trust, Inc. 18

(in thousands) (unaudited) 2015 2014 2015 2014 Reconciliation of net income (loss) to Same Store Net Operating Income: Net income (loss) 44,473 $ (6,871) $ 43,296 $ 7,607 $ Adjustments to reconcile net income (loss) to Net Operating Income: Corporate property management expenses 1,762 2,182 3,576 4,082 General and administrative expenses 4,708 3,549 9,484 6,910 Asset management expenses - 1,963 - 3,842 Transition expenses - 5,131 - 5,650 Interest expense 6,673 4,939 12,670 10,270 Depreciation and amortization 26,080 23,325 51,460 46,302 Interest income (2,763) (2,650) (5,360) (5,096) Gain on sale of real estate (48,602) - (48,602) (16,167) Investment and other development expenses 3,384 218 3,615 465 Other, net 74 134 (138) (57) Net Operating Income 35,789 31,920 70,001 63,808 Less: non-comparable Rental revenue (13,968) (7,878) (26,599) (15,305) Property operating expenses, including real estate taxes 7,373 3,728 13,623 6,979 Same Store Net Operating Income 29,194 $ 27,770 $ 57,025 $ 55,482 $ Plus: additional same store communities effective April 1, 2014 Rental revenue 3,175 2,865 N/A N/A Property operating expenses, including real estate taxes (1,125) (1,005) N/A N/A Quarterly Stabilized Same Store Net Operating Income 31,244 $ 29,630 $ N/A N/A June 30, June 30, Operating Performance Three Months Ended Six Months Ended Reconciliation of Consolidated Net Operating Income © 2015 Monogram Residential Trust, Inc. 19

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Same Store Colorado Denver 5,483 $ 5,125 $ 7.0% 1,558 $ 1,520 $ 2.5% 3,925 $ 3,605 $ 8.9% Colorado Total 5,483 5,125 7.0% 1,558 1,520 2.5% 3,925 3,605 8.9% Florida North Florida 1,680 1,594 5.4% 563 527 6.8% 1,117 1,067 4.7% South Florida 1,888 1,823 3.6% 768 717 7.1% 1,120 1,106 1.3% Florida Total 3,568 3,417 4.4% 1,331 1,244 7.0% 2,237 2,173 2.9% Georgia Atlanta 1,353 1,269 6.6% 568 495 14.7% 785 774 1.4% Georgia Total 1,353 1,269 6.6% 568 495 14.7% 785 774 1.4% Mid-Atlantic Washington D.C. 7,333 7,452 -1.6% 2,459 2,566 -4.2% 4,874 4,886 -0.2% Philadelphia 1,547 1,512 2.3% 720 733 -1.8% 827 779 6.2% Mid-Atlantic Total 8,880 8,964 -0.9% 3,179 3,299 -3.6% 5,701 5,665 0.6% Nevada Las Vegas 1,920 1,829 5.0% 644 635 1.4% 1,276 1,194 6.9% Nevada Total 1,920 1,829 5.0% 644 635 1.4% 1,276 1,194 6.9% New England Boston 3,952 3,696 6.9% 1,272 1,226 3.8% 2,680 2,470 8.5% New England Total 3,952 3,696 6.9% 1,272 1,226 3.8% 2,680 2,470 8.5% Northern California San Francisco 6,224 5,689 9.4% 1,973 1,820 8.4% 4,251 3,869 9.9% Northern California Total 6,224 5,689 9.4% 1,973 1,820 8.4% 4,251 3,869 9.9% Southern California Los Angeles 6,235 5,827 7.0% 2,024 1,925 5.1% 4,211 3,902 7.9% Southern California Total 6,235 5,827 7.0% 2,024 1,925 5.1% 4,211 3,902 7.9% Texas Dallas 4,654 4,475 4.0% 2,021 2,020 0.0% 2,633 2,455 7.3% Houston 2,868 2,879 -0.4% 1,373 1,216 12.9% 1,495 1,663 -10.1% Texas Total 7,522 7,354 2.3% 3,394 3,236 4.9% 4,128 4,118 0.2% Total Same Store 45,137 43,170 4.6% 15,943 15,400 3.5% 29,194 27,770 5.1% (Table continued on next page) Net Operating Income Operating Performance Property Operating Expenses Rental Revenue Consolidated QTD Net Operating Income by Geographic Region and Market © 2015 Monogram Residential Trust, Inc. 20

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Net Operating Income Operating Performance Property Operating Expenses Rental Revenue Consolidated QTD Net Operating Income by Geographic Region and Market Stabilized Non-Comparable Florida South Florida 1,057 958 N/A 397 338 N/A 660 620 N/A Florida Total 1,057 958 N/A 397 338 N/A 660 620 N/A Northern California San Francisco 2,118 1,907 N/A 728 667 N/A 1,390 1,240 N/A Northern California Total 2,118 1,907 N/A 728 667 N/A 1,390 1,240 N/A Southern California Los Angeles 729 - N/A 338 - N/A 391 - N/A Southern California Total 729 - N/A 338 - N/A 391 - N/A Texas Dallas 2,657 245 N/A 1,297 637 N/A 1,360 (392) N/A Houston 4,280 2,433 N/A 2,015 1,244 N/A 2,265 1,189 N/A Texas Total 6,937 2,678 N/A 3,312 1,881 N/A 3,625 797 N/A Total Stabilized Non-Comparable 10,841 5,543 96% 4,775 2,886 65% 6,066 2,657 128% Colorado 279 - N/A 374 - N/A (95) - N/A Georgia 133 - N/A 405 - N/A (272) - N/A New England 527 - N/A 351 - N/A 176 - N/A Southern California 1 - N/A 112 - N/A (111) - N/A Texas 145 - N/A 373 - N/A (228) - N/A Total Lease up 1,085 - N/A 1,615 - N/A (530) - N/A 2,042 2,335 N/A 983 842 N/A 1,059 1,493 N/A Total Portfolio 59,105 $ 51,048 $ 15.8% 23,316 $ 19,128 $ 21.9% 35,789 $ 31,920 $ 12.1% 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). Dispositions and other non-lease up developments Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 21

(dollars in thousands) (unaudited) YTD YTD % YTD YTD % YTD YTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Same Store Colorado Denver 10,916 $ 10,132 $ 7.7% 3,120 $ 3,030 $ 3.0% 7,796 $ 7,102 $ 9.8% Colorado Total 10,916 10,132 7.7% 3,120 3,030 3.0% 7,796 7,102 9.8% Florida North Florida 3,330 3,166 5.2% 1,139 1,053 8.2% 2,191 2,113 3.7% South Florida 3,678 3,647 0.9% 1,498 1,422 5.3% 2,180 2,225 -2.0% Florida Total 7,008 6,813 2.9% 2,637 2,475 6.5% 4,371 4,338 0.8% Georgia Atlanta 2,687 2,526 6.4% 1,112 984 13.0% 1,575 1,542 2.1% Georgia Total 2,687 2,526 6.4% 1,112 984 13.0% 1,575 1,542 2.1% Mid-Atlantic Washington D.C. 14,388 15,024 -4.2% 5,124 5,078 0.9% 9,264 9,946 -6.9% Philadelphia 3,049 2,989 2.0% 1,444 1,462 -1.2% 1,605 1,527 5.1% Mid-Atlantic Total 17,437 18,013 -3.2% 6,568 6,540 0.4% 10,869 11,473 -5.3% Nevada Las Vegas 3,770 3,623 4.1% 1,282 1,248 2.7% 2,488 2,375 4.8% Nevada Total 3,770 3,623 4.1% 1,282 1,248 2.7% 2,488 2,375 4.8% New England Boston 7,772 7,293 6.6% 2,952 2,617 12.8% 4,820 4,676 3.1% New England Total 7,772 7,293 6.6% 2,952 2,617 12.8% 4,820 4,676 3.1% Northern California San Francisco 12,290 11,240 9.3% 3,865 3,564 8.4% 8,425 7,676 9.8% Northern California Total 12,290 11,240 9.3% 3,865 3,564 8.4% 8,425 7,676 9.8% Southern California Los Angeles 12,350 11,642 6.1% 3,925 3,746 4.8% 8,425 7,896 6.7% Southern California Total 12,350 11,642 6.1% 3,925 3,746 4.8% 8,425 7,896 6.7% Texas Dallas 9,177 8,902 3.1% 4,028 3,853 4.5% 5,149 5,049 2.0% Houston 5,742 5,740 0.0% 2,635 2,385 10.5% 3,107 3,355 -7.4% Texas Total 14,919 14,642 1.9% 6,663 6,238 6.8% 8,256 8,404 -1.8% Total Same Store 89,149 85,924 3.8% 32,124 30,442 5.5% 57,025 55,482 2.8% (Table continued on next page) Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income © 2015 Monogram Residential Trust, Inc. 22

(dollars in thousands) (unaudited) YTD YTD % YTD YTD % YTD YTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income Stabilized Non-Comparable Florida South Florida 2,073 1,719 N/A 788 719 N/A 1,285 1,000 N/A Florida Total 2,073 1,719 N/A 788 719 N/A 1,285 1,000 N/A Northern California San Francisco 4,236 3,767 N/A 1,386 1,290 N/A 2,850 2,477 N/A Northern California Total 4,236 3,767 N/A 1,386 1,290 N/A 2,850 2,477 N/A Southern California Los Angeles 1,151 - N/A 703 - N/A 448 - N/A Southern California Total 1,151 - N/A 703 - N/A 448 - N/A Texas Dallas 4,858 276 N/A 2,579 855 N/A 2,279 (579) N/A Houston 8,402 4,591 N/A 3,949 2,234 N/A 4,453 2,357 N/A Texas Total 13,260 4,867 N/A 6,528 3,089 N/A 6,732 1,778 N/A Total Stabilized Non-Comparable 20,720 10,353 100% 9,405 5,098 84% 11,315 5,255 115% Colorado 353 - N/A 587 - N/A (234) - N/A Georgia 138 - N/A 476 - N/A (338) - N/A New England 826 - N/A 718 - N/A 108 - N/A Southern California 3 - N/A 136 - N/A (133) - N/A Texas 154 - N/A 490 - N/A (336) - N/A Total Lease up 1,474 - N/A 2,407 - N/A (933) - N/A 4,405 4,952 N/A 1,811 1,881 N/A 2,594 3,071 N/A Total Portfolio 115,748 $ 101,229 $ 14.3% 45,747 $ 37,421 $ 22.2% 70,001 $ 63,808 $ 9.7% 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). Dispositions and other non-lease up developments Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 23

Consolidated QTD Operating Metrics by Geographic Region and Market Units QTD QTD QTD YTD YTD QTD QTD QTD QTD QTD QTD 2Q 2015 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 Same Store Colorado Denver 71.6% 70.3% 71.4% 70.1% 95.7% 95.8% 94.8% 94.8% 1,797 $ 1,684 $ Colorado Total 996 71.6% 70.3% 71.4% 70.1% 95.7% 95.8% 94.8% 94.8% 1,797 1,684 Florida North Florida 66.5% 66.9% 65.8% 66.7% 96.5% 93.9% 95.7% 95.1% 1,213 1,161 South Florida 59.3% 60.7% 59.3% 61.0% 95.7% 95.3% 95.8% 94.4% 2,171 2,173 Florida Total 704 62.7% 63.6% 62.4% 63.7% 96.2% 94.5% 95.7% 94.8% 1,592 1,562 Georgia Atlanta 58.0% 61.0% 58.6% 61.0% 96.8% 94.3% 96.8% 96.5% 1,426 1,385 Georgia Total 283 58.0% 61.0% 58.6% 61.0% 96.8% 94.3% 96.8% 96.5% 1,426 1,385 Mid-Atlantic Washington D.C. 66.5% 65.6% 64.4% 66.2% 95.6% 92.7% 94.8% 92.9% 2,096 2,172 Philadelphia 53.5% 51.5% 52.6% 51.1% 95.5% 96.1% 95.8% 95.8% 1,614 1,573 Mid-Atlantic Total 1,412 64.2% 63.2% 62.3% 63.7% 95.5% 93.4% 95.0% 93.6% 1,991 2,041 Nevada Las Vegas 66.5% 65.3% 66.0% 65.6% 97.0% 92.1% 96.4% 92.8% 1,037 1,020 Nevada Total 598 66.5% 65.3% 66.0% 65.6% 97.0% 92.1% 96.4% 92.8% 1,037 1,020 New England Boston 67.8% 66.8% 62.0% 64.1% 97.3% 97.4% 98.2% 96.6% 1,625 1,551 New England Total 772 67.8% 66.8% 62.0% 64.1% 97.3% 97.4% 98.2% 96.6% 1,625 1,551 Northern California San Francisco 68.3% 68.0% 68.6% 68.3% 95.9% 95.6% 97.0% 97.2% 2,720 2,495 Northern California Total 751 68.3% 68.0% 68.6% 68.3% 95.9% 95.6% 97.0% 97.2% 2,720 2,495 Southern California Los Angeles 67.5% 67.0% 68.2% 67.8% 96.2% 94.9% 95.9% 94.9% 2,219 2,125 Southern California Total 889 67.5% 67.0% 68.2% 67.8% 96.2% 94.9% 95.9% 94.9% 2,219 2,125 Texas Dallas 56.6% 54.9% 56.1% 56.7% 95.7% 93.0% 95.8% 94.5% 1,569 1,532 Houston 52.1% 57.8% 54.1% 58.4% 94.9% 94.1% 94.0% 94.7% 1,358 1,370 Texas Total 1,676 54.9% 56.0% 55.3% 57.4% 95.4% 93.5% 95.1% 94.6% 1,483 1,466 Total Same Store 8,081 64.7% 64.3% 64.0% 64.6% 96.0% 94.5% 95.8% 94.9% 1,794 $ 1,742 $ (Table continued on next page) Operating Performance Operating Margin Period End Occupancy Operating Margin Weighted Average Occupancy Monthly Rental Revenue Per Unit (1) © 2015 Monogram Residential Trust, Inc. 24

Consolidated QTD Operating Metrics by Geographic Region and Market Units QTD QTD QTD YTD YTD QTD QTD QTD QTD QTD QTD 2Q 2015 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 Operating Performance Operating Margin Period End Occupancy Operating Margin Weighted Average Occupancy Monthly Rental Revenue Per Unit (1) Stabilized Non-Comparable Florida South Florida 62.4% N/A 62.0% N/A 97.8% 99.4% 97.8% 98.1% 1,816 N/A Florida Total 180 62.4% N/A 62.0% N/A 97.8% 99.4% 97.8% 98.1% 1,816 N/A Northern California San Francisco 65.6% N/A 67.3% N/A 97.0% 97.0% 97.5% 96.5% 3,473 N/A Northern California Total 202 65.6% N/A 67.3% N/A 97.0% 97.0% 97.5% 96.5% 3,473 N/A Southern California Los Angeles 53.6% N/A 38.9% N/A 97.4% N/A 95.9% N/A 2,479 N/A Southern California Total 113 53.6% N/A 38.9% N/A 97.4% N/A 95.9% N/A 2,479 N/A Texas Dallas 51.2% N/A 46.9% N/A 97.3% 27.8% 92.2% 12.2% 1,542 N/A Houston 52.9% N/A 53.0% N/A 95.3% 55.8% 93.5% 49.9% 1,764 N/A Texas Total 1,569 52.3% N/A 50.8% N/A 96.2% 43.7% 92.9% 33.7% 1,668 N/A Total Stabilized Non-Comparable 2,064 56.0% N/A 54.6% N/A 96.5% 51.4% 94.0% 43.6% 1,902 N/A Colorado 212 N/A N/A N/A N/A 60.4% N/A 40.9% 0.0% N/A N/A New England 186 N/A N/A N/A N/A 81.7% N/A 58.4% 0.0% N/A N/A Georgia 329 N/A N/A N/A N/A 24.6% N/A 8.9% 0.0% N/A N/A Southern California 444 N/A N/A N/A N/A 1.6% N/A 0.0% 0.0% N/A N/A Texas 220 N/A N/A N/A N/A 26.8% N/A 13.9% 0.0% N/A N/A Total Lease up 1,391 N/A N/A N/A N/A 30.7% N/A 18.4% 0.0% 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. Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 25

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Same Store (1) Colorado Denver 3,970 $ 3,710 $ 7.0% 1,100 $ 1,071 $ 2.7% 2,870 $ 2,639 $ 8.8% Colorado Total 3,970 3,710 7.0% 1,100 1,071 2.7% 2,870 2,639 8.8% Florida North Florida 1,680 1,594 5.4% 563 527 6.8% 1,117 1,067 4.7% South Florida 1,047 1,011 3.6% 426 397 7.3% 621 614 1.1% Florida Total 2,727 2,605 4.7% 989 924 7.0% 1,738 1,681 3.4% Georgia Atlanta 1,353 1,269 6.6% 568 495 14.7% 785 774 1.4% Georgia Total 1,353 1,269 6.6% 568 495 14.7% 785 774 1.4% Mid-Atlantic Washington D.C. 4,967 5,032 -1.3% 1,629 1,718 -5.2% 3,338 3,314 0.7% Philadelphia 851 831 2.4% 396 403 -1.7% 455 428 6.3% Mid-Atlantic Total 5,818 5,863 -0.8% 2,025 2,121 -4.5% 3,793 3,742 1.4% Nevada Las Vegas 1,689 1,614 4.6% 551 543 1.5% 1,138 1,071 6.3% Nevada Total 1,689 1,614 4.6% 551 543 1.5% 1,138 1,071 6.3% New England Boston 3,449 3,221 7.1% 1,116 1,074 3.9% 2,333 2,147 8.7% New England Total 3,449 3,221 7.1% 1,116 1,074 3.9% 2,333 2,147 8.7% Northern California San Francisco 4,077 3,718 9.7% 1,296 1,192 8.7% 2,781 2,526 10.1% Northern California Total 4,077 3,718 9.7% 1,296 1,192 8.7% 2,781 2,526 10.1% Southern California Los Angeles 3,434 3,209 7.0% 1,115 1,061 5.1% 2,319 2,148 8.0% Southern California Total 3,434 3,209 7.0% 1,115 1,061 5.1% 2,319 2,148 8.0% Texas Dallas 3,846 3,711 3.6% 1,656 1,645 0.7% 2,190 2,066 6.0% Houston 1,577 1,584 -0.4% 755 669 12.9% 822 915 -10.2% Texas Total 5,423 5,295 2.4% 2,411 2,314 4.2% 3,012 2,981 1.0% Total Same Store 31,940 30,504 4.7% 11,171 10,795 3.5% 20,769 19,709 5.4% (Table continued on next page) Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income © 2015 Monogram Residential Trust, Inc. 26

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income Stabilized Non-Comparable Florida South Florida 586 531 N/A 220 188 N/A 366 343 N/A Florida Total 586 531 N/A 220 188 N/A 366 343 N/A Northern California San Francisco 2,118 1,907 N/A 728 667 N/A 1,390 1,240 N/A Northern California Total 2,118 1,907 N/A 728 667 N/A 1,390 1,240 N/A Southern California Los Angeles 729 - N/A 338 - N/A 391 - N/A Southern California Total 729 - N/A 338 - N/A 391 - N/A Texas Dallas 1,473 136 N/A 719 353 N/A 754 (217) N/A Houston 3,289 2,265 N/A 1,517 1,055 N/A 1,772 1,210 N/A Texas Total 4,762 2,401 N/A 2,236 1,408 N/A 2,526 993 N/A Total Stabilized Non-Comparable 8,195 4,839 69% 3,522 2,263 56% 4,673 2,576 81% Colorado 154 - N/A 207 - N/A (53) - N/A New England 292 - N/A 195 - N/A 97 - N/A Georgia 74 - N/A 225 - N/A (151) - N/A Southern California 2 - N/A 78 - N/A (76) - N/A Texas 80 - N/A 207 - N/A (127) - N/A Total Lease up 602 - N/A 912 - N/A (310) - N/A 2,042 2,335 N/A 886 824 N/A 1,156 1,511 N/A Total Portfolio 42,779 $ 37,678 $ 13.5% 16,491 $ 13,882 $ 18.8% 26,288 $ 23,796 $ 10.5% 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). (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. Dispositions and other non-lease up developments Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 27

(dollars in thousands) (unaudited) YTD YTD % YTD YTD % YTD YTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Same Store (1) Colorado Denver 7,921 $ 7,338 $ 7.9% 2,200 $ 2,122 $ 3.7% 5,721 $ 5,216 $ 9.7% Colorado Total 7,921 7,338 7.9% 2,200 2,122 3.7% 5,721 5,216 9.7% Florida North Florida 3,330 3,166 5.2% 1,139 1,053 8.2% 2,191 2,113 3.7% South Florida 2,039 2,022 0.8% 831 788 5.5% 1,208 1,234 -2.1% Florida Total 5,369 5,188 3.5% 1,970 1,841 7.0% 3,399 3,347 1.6% Georgia Atlanta 2,687 2,526 6.4% 1,112 984 13.0% 1,575 1,542 2.1% Georgia Total 2,687 2,526 6.4% 1,112 984 13.0% 1,575 1,542 2.1% Mid-Atlantic Washington D.C. 9,711 10,132 -4.2% 3,421 3,406 0.4% 6,290 6,726 -6.5% Philadelphia 1,677 1,644 2.0% 794 804 -1.2% 883 840 5.1% Mid-Atlantic Total 11,388 11,776 -3.3% 4,215 4,210 0.1% 7,173 7,566 -5.2% Nevada Las Vegas 3,314 3,197 3.7% 1,098 1,067 2.9% 2,216 2,130 4.0% Nevada Total 3,314 3,197 3.7% 1,098 1,067 2.9% 2,216 2,130 4.0% New England Boston 6,784 6,364 6.6% 2,610 2,321 12.5% 4,174 4,043 3.2% New England Total 6,784 6,364 6.6% 2,610 2,321 12.5% 4,174 4,043 3.2% Northern California San Francisco 8,054 7,346 9.6% 2,544 2,332 9.1% 5,510 5,014 9.9% Northern California Total 8,054 7,346 9.6% 2,544 2,332 9.1% 5,510 5,014 9.9% Southern California Los Angeles 6,801 6,411 6.1% 2,161 2,063 4.8% 4,640 4,348 6.7% Southern California Total 6,801 6,411 6.1% 2,161 2,063 4.8% 4,640 4,348 6.7% Texas Dallas 7,574 7,379 2.6% 3,285 3,151 4.3% 4,289 4,228 1.4% Houston 3,158 3,157 0.0% 1,449 1,312 10.4% 1,709 1,845 -7.4% Texas Total 10,732 10,536 1.9% 4,734 4,463 6.1% 5,998 6,073 -1.2% Total Same Store 63,050 60,682 3.9% 22,644 21,403 5.8% 40,406 39,279 2.9% (Table continued on next page) Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income © 2015 Monogram Residential Trust, Inc. 28

(dollars in thousands) (unaudited) YTD YTD % YTD YTD % YTD YTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income Stabilized Non-Comparable Florida South Florida 1,150 954 N/A 437 399 N/A 713 555 N/A Florida Total 1,150 954 N/A 437 399 N/A 713 555 N/A Northern California San Francisco 4,236 3,767 N/A 1,386 1,290 N/A 2,850 2,477 N/A Northern California Total 4,236 3,767 N/A 1,386 1,290 N/A 2,850 2,477 N/A Southern California Los Angeles 1,150 - N/A 703 - N/A 447 - N/A Southern California Total 1,150 - N/A 703 - N/A 447 - N/A Texas Dallas 2,694 153 N/A 1,430 474 N/A 1,264 (321) N/A Houston 6,494 4,395 N/A 2,975 1,958 N/A 3,519 2,437 N/A Texas Total 9,188 4,548 N/A 4,405 2,432 N/A 4,783 2,116 N/A Total Stabilized Non-Comparable 15,724 9,269 70% 6,931 4,121 68% 8,793 5,148 71% Colorado 195 - N/A 326 - N/A (131) - N/A New England 458 - N/A 398 - N/A 60 - N/A Georgia 77 - N/A 264 - N/A (187) - N/A Southern California 2 - N/A 96 - N/A (94) - N/A Texas 85 - N/A 272 - N/A (187) - N/A Total Lease up 817 - N/A 1,356 - N/A (539) - N/A 4,405 4,597 N/A 1,697 1,673 N/A 2,708 2,924 N/A Total Portfolio 83,996 $ 74,548 $ 12.7% 32,628 $ 27,197 $ 20.0% 51,368 $ 47,351 $ 8.5% 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). (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. Dispositions and other non-lease up developments Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 29

(dollars in thousands) (unaudited) Units QTD QTD % QTD QTD % QTD QTD % 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change 2Q 2015 2Q 2014 Change Consolidated Same Store (per page 20) 8,081 45,137 $ 43,170 $ 4.6% 15,943 $ 15,400 $ 3.5% 29,194 $ 27,770 $ 5.1% Additional Same Store Communities effective April 1, 2014 Florida South Florida 180 1,057 958 10.3% 397 338 17.5% 660 620 6.5% Northern California San Francisco 202 2,118 1,907 11.1% 728 667 9.1% 1,390 1,240 12.1% 8,463 48,312 $ 46,035 $ 4.9% 17,068 $ 16,405 $ 4.0% 31,244 $ 29,630 $ 5.4% Proportionate Same Store (per page 26) 8,081 31,940 $ 30,504 $ 4.7% 11,171 $ 10,795 $ 3.5% 20,769 $ 19,709 $ 5.4% Additional Same Store Communities effective April 1, 2014 Florida South Florida 180 586 531 10.4% 220 188 17.0% 366 343 6.7% Northern California San Francisco 202 2,118 1,907 11.1% 728 667 9.1% 1,390 1,240 12.1% Total Proportionate Quarterly Stabilized Same Store 8,463 34,644 $ 32,942 $ 5.2% 12,119 $ 11,650 $ 4.0% 22,525 $ 21,292 $ 5.8% Note: The data presented above displays the results of our Same Store portfolio for Same Store communities as of April 1, 2014. For 2Q, we added two additional multifamily communities to our Same Store communities increasing the total to 31. Operating Performance Rental Revenue Property Operating Expenses Net Operating Income Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market Total Consolidated Quarterly Stabilized Same Store © 2015 Monogram Residential Trust, Inc. 30

QTD YTD 2Q 2015 2Q 2015 Washington DC 16.1% 15.6% Los Angeles 11.2% 11.5% San Francisco 13.4% 13.6% Denver 13.8% 14.2% Houston 4.0% 4.2% Dallas 10.5% 10.6% Boston 11.2% 10.3% Las Vegas 5.4% 5.5% North Florida 5.4% 5.4% South Florida 3.0% 3.0% Atlanta 3.8% 3.9% Philadelphia 2.2% 2.2% 100% 100% Operating Performance Additional Operating Statistics Percentage of Same Store Portfolio Based on Same Store Proportionate NOI by Market © 2015 Monogram Residential Trust, Inc. 31

(dollars in thousands) (unaudited) Same Store -Calendar Year Properties Detailed Comparison by Major Operating Expense Categories Onsite management 513 $ 14.0% 945 $ 13.1% Marketing 144 27.1% 164 15.2% Maintenance, including expensed turnover costs (2) 104 3.9% 484 9.5% Utilities (61) -3.6% (52) -1.5% Insurance (12) -2.2% 123 11.0% Real estate taxes (111) -1.8% 52 0.4% Other (34) -31.5% (34) -17.1% Total Operating Expenses 543 $ 3.5% 1,682 $ 5.5% (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 $191, accounting for approximately 3.7% of the 9.5% maintenance increase and 0.6% of the 5.5% total increase. Operating Performance Dollar Change Q2 2015 Compared to Q2 2014 Percent Change Q2 2015 Compared to Q2 2014 (1) Dollar Change YTD Q2 2015 Compared to YTD Q2 2014 Percent Change YTD Q2 2015 Compared to YTD Q2 2014 (1) Consolidated QTD and YTD Comparisons of Same Store Operating Expenses © 2015 Monogram Residential Trust, Inc. 32

(dollars in thousands) (unaudited) Proportionate Share: Total General and administrative and corporate property management expenses 4,081 $ 1,745 $ 5,826 $ 23,304 $ Less: Asset management and property management fee income (388) (663) (1,051) (4,204) Net Expenses 3,693 1,082 4,775 19,100 Net Expenses as percentage of Total Consolidated Revenue 6.2% 1.8% 8.1% 8.0% Net Expenses as percentage of Total Consolidated Gross Assets 0.10% 0.03% 0.13% 0.53% For the Three Months Ended June 30, 2015 Operating Performance Proportionate Share QTD General Administrative and Corporate Property Management Expenses General and Administrative Expenses Corporate Property Management Expenses Total Expenses Annualized Total Expenses Note: 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. Total consolidated gross assets, which add back accumulated depreciation and amortization, is included as a benchmark as it is representative of the Company's assets under management. © 2015 Monogram Residential Trust, Inc. 33

(dollars in thousands) (unaudited) Ownership % Actual/ Estimated Units Actual/ Estimated Construction Start Date Actual/ Estimated Date First Units Actual/ Estimated Completion Date (1) Actual/ Estimated Stabilization Date (1) Estimated Economic Cost per Unit Occupancy Percent Complete Estimated Total Economic Costs Economic Costs Incurred as of 06/30/2015 Projected NOI Yield at Stabilization Operating Communities Stabilized During Current Quarter or in Lease Up (2) 55.5% 186 2Q 2013 3Q 2014 4Q 2014 3Q 2015 239,785 $ 82% 100% 24,731 $ 24,669 $ 7.1% 55.5% 212 1Q 2013 4Q 2014 2Q 2015 4Q 2015 224,280 60% 95% 26,365 25,139 5.9% Total Stabilized During the Current Qtr or in Lease Up 398 231,526 70% 97% 51,096 49,808 6.5% Developments in Lease Up 55.5% 220 4Q 2012 2Q 2015 3Q 2015 1Q 2016 260,706 27% 95% 31,804 30,256 7.0% 55.5% 329 4Q 2013 2Q 2015 3Q 2015 3Q 2016 205,713 25% 97% 37,528 36,440 7.9% 70.3% 444 4Q 2013 3Q 2015 1Q 2016 2Q 2017 276,653 2% 80% 86,352 68,755 6.1% Total Developments in Lease Up 993 249,616 37% 87% 155,684 135,451 6.8% Construction Zinc - Cambridge, MA 55.5% 392 2Q 2013 3Q 2015 4Q 2015 1Q 2017 462,316 N/A 93% 100,491 93,456 5.8% 55.5% 418 4Q 2013 3Q 2015 4Q 2015 4Q 2016 235,182 N/A 86% 54,511 46,939 6.2% 55.5% 121 2Q 2014 4Q 2015 4Q 2015 2Q 2016 537,782 N/A 74% 36,082 26,850 4.8% 49.9% 365 3Q 2013 3Q 2015 1Q 2016 4Q 2016 247,560 N/A 78% 45,098 34,993 6.4% 55.5% 461 4Q 2013 3Q 2015 2Q 2016 2Q 2017 421,329 N/A 74% 107,702 79,903 6.2% Uptown Delray - Del Ray Beach, FL 55.5% 146 4Q 2014 3Q 2016 4Q 2016 2Q 2017 278,812 N/A 36% 22,572 8,188 6.3% Total Construction 1,903 352,025 N/A 79% 366,456 290,329 6.0% Pre-development 65.4% 510 3Q 2015 1Q 2017 1Q 2018 3Q 2018 320,385 N/A 22% 106,780 24,024 6.4% Total Pre-development 510 320,385 N/A 22% 106,780 24,024 6.4% Land Held for Future Development 55.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A 5,462 N/A Total Developments 3,804 317,431 $ 73% 680,016 $ 505,074 $ 6.3% (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). (3) The ownership percentage for Huntington Beach is based upon the economics assuming completion of the development. Our Proportionate Share SEVEN - Austin, TX Capital Deployment Summary of Developments as of June 30, 2015 Community Everly - Wakefield, MA Point 21 - Denver, CO Nouvelle - Tysons Corner, VA Huntington Beach - Huntington Beach, CA (3) Renaissance Phase II - Concord, CA (2) These are communities included in the GAAP presentation in land, buildings and improvements but that are still in lease up or stabilized during the current quarter and still have some remaining development costs. Cyan on Peachtree - Atlanta, GA The Verge - San Diego, CA SoMa - Miami, FL On Mission Lofts - San Francisco, CA The Alexan - Dallas, TX © 2015 Monogram Residential Trust, Inc. 34

(dollars in thousands) (unaudited) As of June 30, 2015 Estimated Development Cash Costs to Complete: Proportionate Share: Estimated Total Economic Costs (page 34) $ 680,016 Less: Costs incurred (excluding land held for development) (499,612) Plus: Net accrued and unpaid estimated economic costs (including retainage, construction payables and construction escrows) 47,097 Total Estimated Development Cash Costs to Complete 227,501 $ Total Estimated Development Cash Costs to Complete by Funding Source Construction loan draws (53% related to binding loan commitments) (1) 203,928 $ Other, including cash and our existing credit facilities 23,573 Total Estimated Development Cash Costs to Complete 227,501 $ (1) Expect to obtain loan commitments for the remainder. 2015 2014 2015 2014 Other Development Costs: Proportionate Share: Capitalized Development Costs: Interest 2,796 $ 2,880 $ 5,667 $ 5,494 $ Real estate taxes 678 1,407 1,510 1,608 Direct overhead 172 103 383 321 Total Capitalized Development Costs 3,646 $ 4,390 $ 7,560 $ 7,423 $ Development Related Costs (Expensed): NOI and development expenses (604) $ (379) $ (967) $ (611) $ Interest expense (106) - (168) - Total Development Costs (Expensed) (710) $ (379) $ (1,135) $ (611) $ Six Months Ended June 30, Capital Deployment Development Cash Costs to Complete, Interest and Other Costs Three Months Ended June 30, © 2015 Monogram Residential Trust, Inc. 35

(dollars in thousands, except costs per unit) (unaudited) Location PGGM Buyout (1) Various (1) 2,061 253,194 $ 521,833 $ 224,629 $ 249,357 $ 106,944 $ Vara San Francisco, CA 202 538,119 108,700 108,700 - - Total 2,263 278,627 $ 630,533 $ 333,329 $ 249,357 $ 106,944 $ Location per Unit 100% Burnham Pointe Chicago, IL 298 422,819 $ 126,000 $ 126,000 $ 88,533 $ Shady Grove (2) Rockville, MD 366 N/A 38,465 38,465 38,415 Tupelo Alley Portland, OR 188 281,144 52,855 29,308 39,930 Grand Reserve Orange Orange, CT 168 210,119 35,300 35,300 25,747 Halstead Houston, TX 301 144,502 43,495 23,922 33,336 Cyan/PDX Portland, OR 352 272,017 95,750 52,663 81,610 The Reserve at John's Creek Walk Johns Creek, GA 210 177,381 37,250 18,400 29,753 Total 1,883 227,889 $ 429,115 $ 324,058 $ 337,324 $ (2) 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 Q2 2015. Number of Units Gross Sales Price Our Share Acquisition and Disposition Summary Purchase Price 100% Purchase Price Our Share Purchase Price per Unit Capital Deployment Number of Units (1) 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 Spring, MD), Skye 2905 (Denver, CO), Grand Reserve (Dallas, TX), and Stone Gate (Marlborough, MA). Additionally we acquired a controlling interest the Jefferson Creekside debt investment (Allen, TX). Gross Book Value at Time of Sale as of June 30, 2015 Assumed Debt Our Share Assumed Debt Communities Sold Communities Acquired 2014 2013 2015 2013 2015 © 2015 Monogram Residential Trust, Inc. 36

(dollars in thousands, except per unit amounts) (unaudited) 2015 2014 % Change 2015 2014 % Change Capital Expenditures - Same Store Recurring 398 $ 516 $ -22.9% 799 $ 857 $ -6.8% Non-Recurring 1,456 839 73.5% 2,611 1,668 56.5% Revenue Producing 406 76 434.2% 564 109 417.4% Total capital expenditures - Same Store 2,260 $ 1,431 $ 57.9% 3,974 $ 2,634 $ 50.9% Capital Expenditures per Unit - Same Store Recurring 49 $ 64 $ -23.4% 99 $ 106 $ -6.6% Non-Recurring 180 104 73.1% 323 206 56.8% Revenue Producing 51 9 466.7% 70 14 400.0% Total capital expenditures per unit - Same Store 280 $ 177 $ 58.2% 492 $ 326 $ 50.9% Capital Expenditures as a Percentage of Rental Revenue - Same Store Recurring 0.9% 1.2% 0.9% 1.0% Non-Recurring 3.2% 1.9% 2.9% 1.9% Revenue Producing 0.9% 0.2% 0.6% 0.1% Total capital expenditures as a percentage of rental revenue - Same Store 5.0% 3.3% 4.5% 3.1% Three Months Ended June 30, Capital Deployment Capital Expenditures - Same Store Six Months Ended June 30, © 2015 Monogram Residential Trust, Inc. 37

(dollars in thousands) (unaudited) Total Consolidated Balance (1) (2) Weighted Average Time to Maturity Weighted Average Contractual Interest Rate Proportionate Share of Contractual Balance (3) Percent of Total Debt Company Level Debt Fixed Rate - Mortgages Payable 301,292 $ 3.7 years 2.67% 299,460 $ 29.3% Variable Rate - Construction Notes Payable - Recourse Debt (4) 64,408 2.9 years 2.30% 64,408 6.3% $150 Million Credit Facility 75,000 1.8 years 2.30% 75,000 7.3% $200 Million Credit Facility 58,000 3.5 years 2.67% 58,000 5.7% Total Company Level Debt 498,700 3.3 years 3.30% 496,868 48.6% Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 537,872 2.7 years 3.62% 311,704 30.5% Variable Rate -Mortgages Payable 11,787 1.8 years 2.54% 6,483 0.6% Fixed Rate - Construction Notes Payable 68,469 2.2 years 4.13% 35,789 3.5% Variable Rate - Construction Notes Payable 302,314 2.7 years 2.28% 171,706 16.8% Total Co-Investment Venture Level Debt 920,442 2.7 years 3.20% 525,682 51.4% Total Debt 1,419,142 $ 2.9 years 3.24% 1,022,550 $ 100.0% Aggregate Debt Maturities by Year July through December 2015 3.62% 3,653 $ 2016 4.00% 105,048 2017 2.91% 246,599 2018 3.08% 342,829 2019 3.09% 229,687 Thereafter 3.69% 94,734 Total Debt Maturities 3.24% 1,022,550 $ Capitalization Debt Summary As of June 30, 2015 Debt Maturities As of June 30, 2015 (4) The portion for which the Company has provided recourse guarantees. As of June 30, 2015, $103.9 million (19%) of the maximum loan commitment is guaranteed. Non-guaranteed portion is included in Co-Investment Venture level. (2) All of the Company's debt is secured debt. (3) Excludes certain GAAP consolidated costs, primarily related to unamortized adjustments from business combinations. Our proportionate share includes 100% of the recourse guarantees discussed in (4) below regardless of our actual effective ownership percentage. (1) The amounts listed below are the contractual amounts on each loan at 100% regardless of the Companys's ownership plus the unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. Weighted Average Rate on Debt Maturities Proportionate Share of Contractual Balance (3) © 2015 Monogram Residential Trust, Inc. 38

(dollars in thousands) (unaudited) Capitalization Debt Summary 2015 2014 2015 2014 Fixed Charge coverage ratio 2.78x 2.75x 2.78x 2.79x Debt to EBITDA (1) 11.13x 9.89x 11.51x 9.82x Net Debt to EBITDA(1) 10.63x 8.00x 11.00x 7.94x Adjusted Financial Ratios - Excluding Development Activity Fixed Charge coverage ratio 3.73x 3.05x 3.62x 3.03x Debt to EBITDA (1)(2) 7.45x 8.62x 7.76x 8.60x Net Debt to EBITDA(1)(2) 6.97x 6.77x 7.25x 6.76x (1) EBITDA is annualized for last quarter for the respective reporting periods. Fixed charges: 2015 2014 2015 2014 Contractual interest expense 11,338 $ 9,606 $ 21,934 $ 19,059 $ Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 87 79 172 154 Fixed charges 11,425 9,685 22,106 19,213 Less: Development related fixed charges (2,601) (726) (4,634) (1,190) Fixed charges, excluding development activity 8,824 $ 8,960 $ 17,472 $ 18,023 $ Debt: June 30, 2015 June 30, 2014 Mortgages, notes payable and credit facilities 1,419,142 $ 1,057,624 $ Less: Mortgage premium - GAAP (3,318) (5,542) Contractual debt 1,415,824 1,052,082 Less: Cash and cash equivalents (63,583) (200,925) Net debt 1,352,241 851,157 Less: Development related debt (435,191) (111,888) Net debt, excluding development activity 917,050 $ 739,269 $ (2) Adjusted EBITDA, excluding development activity 2015 2014 2015 2014 EBITDA (page 11) 31,802 $ 26,600 $ 61,478 $ 53,574 $ Plus: NOI and Developments costs expensed (page 35), consolidated 1,089 683 1,744 1,102 Adjusted EBITDA, excluding development activity 32,891 $ 27,283 63,222 $ 54,676 Annualized EBITDA 127,207 $ 106,401 $ 122,956 $ 107,149 $ Annualized EBITDA, excluding development activity 131,564 $ 109,131 $ 126,444 $ 109,353 $ Consolidated Leverage Ratios Three Months Ended June 30, SixMonths Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, © 2015 Monogram Residential Trust, Inc. 39

(dollars in thousands) (unaudited) Total Contractual Balance (1) (2) Maturity Date Contractual Interest Rate (3) Proportionate Share of Contractual Balance (4) Company Level Debt Fixed Rate - Mortgages Payable Acappella 30,250 $ August-2018 3.86% 30,250 $ Vara 57,000 December-2020 4.00% 57,000 The Cameron 64,249 July-2019 3.09% 64,249 The District Universal Boulevard 36,899 June-2018 4.54% 36,899 Grand Reserve 20,568 May-2019 3.41% 20,568 Skye 2905 56,100 June-2018 4.19% 56,100 Stone Gate 34,394 July-2018 4.24% 34,394 Total Fixed Rate - Mortgages Payable 299,460 2.67% 299,460 Variable Rate - Construction Notes Payable - Recourse Debt (4) 4110 Fairmount 6,206 April-2017 Monthly Libor + 2.25% 6,206 Muse Museum District 4,005 February-2018 Monthly Libor + 1.95% 4,005 Everly 3,406 June-2018 Monthly Libor + 2.00% 3,406 Point 21 2,627 December-2017 Monthly Libor + 2.00% 2,627 Nouvelle 9,423 August-2018 Monthly Libor + 2.10% 9,423 SEVEN 4,131 August-2018 Monthly Libor + 2.15% 4,131 The Verge 4,840 October-2018 Monthly Libor + 1.95% 4,840 SoMa 5,939 October-2017 Monthly Libor + 2.10% 5,939 Zinc 18,890 October-2018 Monthly Libor + 2.25% 18,890 Cyan on Peachtree 4,941 February-2018 Monthly Libor + 1.90% 4,941 Total Variable Rate - Construction Notes Payable - Recourse Debt 64,408 2.30% 64,408 $150 Million Credit Facility (5) 75,000 April-2017 Monthly Libor + 2.16% 75,000 $200 Million Credit Facility 58,000 January-2019 Monthly Libor + 2.50% 58,000 Total Company Level Debt 496,868 3.30% 496,868 Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 55 Hundred 41,434 January-2017 3.75% 22,975 Acacia on Santa Rosa Creek 29,000 March-2020 3.17% 15,950 Argenta 51,000 August-2016 3.19% 28,050 Bailey's Crossing 76,000 July-2017 2.82% 42,142 Briar Forest Lofts 20,393 September-2017 4.46% 11,216 Burrough’s Mill 24,645 October-2016 5.29% 13,555 Eclipse 20,242 September-2017 4.46% 11,133 Fitzhugh Urban Flats 27,134 August-2017 4.35% 14,924 Forty 55 Lofts 25,500 October-2020 3.90% 14,025 The Gallery at NoHo Commons 51,300 November-2016 4.72% 28,215 The Lofts at Park Crest 32,040 January-2019 3.42% 17,622 San Sebastian 21,000 June-2020 3.31% 11,645 Satori 51,000 January-2019 3.54% 28,279 The Venue 10,500 January-2019 3.66% 5,775 Veritas 35,198 November-2019 2.77% 35,198 West Village 20,000 October-2019 2.48% 11,000 Total Fixed Rate - Mortgages Payable 536,386 3.62% 311,704 (Table continued on next page) Capitalization Debt Detail by Multifamily Community As of June 30, 2015 © 2015 Monogram Residential Trust, Inc. 40

(dollars in thousands) (unaudited) Total Contractual Balance (1) (2) Maturity Date Contractual Interest Rate (3) Proportionate Share of Contractual Balance (4) Capitalization Debt Detail by Multifamily Community As of June 30, 2015 Variable Rate - Mortgages Payable The Lofts at Park Crest Retail 11,787 April-2017 Monthly Libor + 2.35% 6,483 Fixed Rate - Construction Notes Payable The Alexan 39,308 August-2018 4.00% 19,619 Arpeggio Victory Park 29,161 June-2016 4.31% 16,170 Total Fixed Rate - Construction Notes Payable 68,469 4.13% 35,789 Variable Rate - Construction Notes Payable 4110 Fairmount 18,619 April-2017 Monthly Libor + 2.25% 10,324 Muse Museum District 22,695 February-2018 Monthly Libor + 1.95% 12,584 Everly 19,299 June-2018 Monthly Libor + 2.00% 10,701 Point 21 23,648 December-2017 Monthly Libor + 2.00% 13,113 Allusion West University 20,623 February-2016 Monthly Libor + 2.25% 11,436 Nouvelle (4) 28,268 August-2018 Monthly Libor + 2.10% 15,674 SEVEN 23,408 August-2018 Monthly Libor + 2.15% 12,980 The Verge 27,428 October-2018 Monthly Libor + 1.95% 19,282 SoMa 33,657 October-2017 Monthly Libor + 2.10% 18,663 Zinc 56,669 October-2018 Monthly Libor + 2.25% 31,423 Cyan on Peachtree 28,001 February-2018 Monthly Libor + 1.90% 15,526 Total Variable Rate - Construction Notes Payable 302,314 2.28% 171,706 Unamortized adjustments from business combinations (6) 3,318 2,649 Total Co-Investment Venture Level Debt 922,274 3.20% 528,331 Total Debt 1,419,142 $ 3.24% 1,025,199 $ (2) All of the Company's debt is secured debt. (3) Total and sub-totals represent the weighted-average interest rates as of June 30, 2015. Monthly LIBOR as of June 30, 2015 is 0.19%. (4) The portion for which the Company has provided recourse guarantees. Non-guaranteed portion is included in Co-Investment Venture level below. (5) The $150 million credit facility is collateralized by the following multifamily communities: The Reserve at LaVista Walk and Uptown Post Oak. (1) The amounts listed below by multifamily community are the contractual amounts on each loan at 100% regardless of the Companys's ownership and exclude any unamortized GAAP adjustments from business combinations. (6) 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 adjustment as presented on the Capitalization - Debt Summary page. © 2015 Monogram Residential Trust, Inc. 41

(dollars in thousands) (unaudited) Maximum Commitment Available Capacity Balance Unfunded Commitments Remaining Commitments $150 Million Credit facility - 100% our share 150,000 $ 86,300 $ 75,000 $ 11,300 $ - $ $200 Million Credit facility - 100% our share 200,000 $ 200,000 $ 58,000 $ 142,000 $ - $ Construction notes payable - Proportionate Share 362,604 $ N/A 243,928 $ 118,676 $ - $ PGGM commitments (1) 300,000 $ N/A 257,291 $ 22,152 $ 20,557 $ Developer partner commitment 3,668 $ N/A 2,607 $ 1,061 $ - $ (1) PGGM's remaining commitment would apply to future investments. Capitalization Sources of Funds Available as of June 30, 2015 © 2015 Monogram Residential Trust, Inc. 42

(unaudited) Shares/Units Outstanding as of June 30, 2015 Coupon Par Value per Share Liquidation Preference per Share Preferred Securities: Series A Preferred Stock 10,000 7.0% 0.0001 $ 10.00 $ Common Stock and Common Stock Equivalents: Common stock (1) 166,516,021 Dilutive securities: Series A Preferred Stock - Restricted stock units 681,952 Total common stock and common stock equivalents 167,197,973 Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents (1) The distribution for the second quarter of 2015 was $0.075 per share. © 2015 Monogram Residential Trust, Inc. 43

(dollars in thousands) (unaudited) Three Months Ended June 30, 2015 Adjustments As Adjusted Income Statement Data (Proportionate Share) Property revenue - stabilized portfolio (1) 40,135 $ - $ 40,135 $ Less: Property operating expenses, excluding property management expenses (1) (14,693) - (14,693) Less: Assumed market rate property management fee @ 3% of revenue (1,204) - (1,204) Adjusted property Net Operating Income 24,238 $ - $ 24,238 $ Annualized adjusted property Net Operating Income 96,952 $ - $ 96,952 $ Third party property management revenue (2) 663 $ - $ 663 $ Third party asset management revenue (2) 388 $ - $ 388 $ As of June 30, 2015 Adjustments As Adjusted Development Data (Proportionate Share) Development - Total Potential Value Creation (4) 163,003 $ - $ 163,003 $ Balance Sheet Data - Other Assets (Proportionate Share) Cash and cash equivalents 54,106 $ - $ 54,106 $ Land Held for Future Development (5) 5,462 - 5,462 Master partnership promote due to the company (6) 5,114 - 5,114 Notes receivable (7) 86,056 - 86,056 Tax like-kind exchange escrow 123,700 - 123,700 Other tangible assets (8) 29,555 - 29,555 Total Other Assets 303,993 $ - $ 303,993 $ Balance Sheet Data - Liabilities (Proportionate Share) Mortgages and notes payable (9) 864,223 $ 9,268 $ 873,491 $ Credit facility payable 133,000 - 133,000 Convertible preferred stock (10) - 100 100 Development promote and put options, net (11) 17,522 - 17,522 Other tangible liabilities (12) 78,098 - 78,098 Total Liabilities 1,092,843 $ 9,368 $ 1,102,211 $ Other Data Common stock outstanding 166,516,021 Convertible preferred stock (13) - Restricted stock units outstanding 681,952 Fully diluted shares outstanding 167,197,973 (See Notes to Road Map to Net Asset Value on next page) Net Asset Value Road Map to Net Asset Value Development (excludes land held for future development presented below) - Total Economic Costs incurred (3) 499,612 $ - $ 499,612 $ © 2015Monogram Residential Trust, Inc. 44

(dollars in thousands) (unaudited) Net Asset Value Road Map to Net Asset Value Notes to Road Map to Net Asset Value on page 44: (1) Property revenue and property operating expenses - stabilized portfolio includes: Rental Revenue Same Store - Calendar Year per page 26 31,940 $ Stabilized Non-Comparable per page 27 8,195 40,135 $ (2) Represents property and asset management revenue associated with third party joint venture assets per page 9. (3) Development - Total Potential Value Creation is calculated as: Economic Costs Incurred as of 6/30/2015 Total Developments per page 34 505,074 $ Less: Land held for future development per page 34 (5,462) 499,612 $ (6) Projected promote due to the company by PGGM based on estimated portfolio value. (7) Notes receivable is our proportionate share of the contractual principal balance as well as the $34 million bridge note receivable discussed in footnote 2 as presented on page 17. (8) Other tangible assets include: Escrows and restricted cash 7,250 $ Resident, tenant and other receivables 13,122 Prepaid assets and deposits 9,182 Interest rate caps 1 Total 29,555 $ (9) Includes mark-to-market adjustment to mortgages and notes payable. (10) Liquidation value of convertible preferred stock calculated as 10,000 shares at a liquidation value of $10.00 per share. (11) Developer's put options. No amounts currently attributable to developer promotes. (12) Other tangible liabilities include: Construction costs payable 42,384 $ Accounts payable and other liabilites 19,853 Distributions payable 12,489 Tenants security deposits 3,372 Total 78,098 $ (5) Land Held for Future Development per page 34. (4) 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 the estimated current capitalization rate, increased by 10 bps for each year until stabilization. Total potential value creation represents the undiscounted total future value to be created at the stabilization date. (13) 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 June 30, 2015. Property Operating Expenses 11,171 $ 3,522 14,693 $ © 2015Monogram Residential Trust, Inc. 45

(dollars in thousands) (unaudited) Number of Multifamily Communities (1) Range of Noncontrolling Interest Ownership % GAAP Non -redeemable Noncontrolling Interest Balance GAAP Redeemable Noncontrolling Interest Balance (2) Unfunded Commitments Stichting Depositary PGGM Private Real Estate Fund ("PGGM") Stabilized operating portfolio - PGGM only 3 45.0% 38,878 $ - $ Stabilized operating portfolio - includes other developer partners 7 0% to 45% 73,448 5,277 Lease up operating portfolio - includes other developer partners 2 0% to 45% 18,214 4,853 Development portfolio - PGGM only 1 45% 20,490 - Development portfolio - includes other developer partners 9 0% to 45% 174,792 18,690 Total PGGM related joint ventures 22 0% to 45% 325,822 28,820 23,213 $ Milky Way Partners, L.P. ("NPS") Stabilized operating portfolio 14 45% 139,921 - - Developer partners Stabilized operating portfolio with developer partner 2 0% (181) 1,115 Total developer partners 2 0% (181) 1,115 - Subsidiary preferred units 2,121 - - Total all joint venture partners 38 467,683 $ 29,935 $ 23,213 $ (2) Includes developer partner put options of $28.0 million which have been recorded as of June 30, 2015 in the consolidated balance sheet. Co-Investment Venture Partners Information on Joint Ventures Joint Venture Partner (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. as of June 30, 2015 © 2015 Monogram Residential Trust, Inc. 46

Capital Expenditures Community Classifications Debt Classifications Definitions and other Explanatory Information Recurring Amounts capitalized in accordance with GAAP that help preserve but generally 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. Construction A multifamily community is considered under development and construction once we have signed a general contractors 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. 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. 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. Same Store Our Same Store - Calendar Year multifamily communities are defined as those that are stabilized and comparable for both the current and the prior calendar reporting year. Coastal Markets We consider the following markets to be coastal: Boston, Houston, Los Angeles, North Florida, Philadelphia, San Diego, San Francisco, South Florida and Washington D.C. Quarterly Stabilized Same Store Our Quarterly Stabilized Same Store multifamily communities are defined as those that are stabilized and comparable for both the current quarter and the prior year quarter. 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. 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 for which the Company has provided recourse guarantees. The non-guaranteed portion is separately presented, usually as Co-Investment Venture Level. Normal “bad boy” provisions, e.g. bankruptcy, environmental, are not included as Recourse Debt. © 2015Monogram Residential Trust, Inc. 47

Definitions and other Explanatory Information Financial Ratios Operating Margin NOI divided by total revenue. Joint Venture Partners 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 (e.g., transition expenses). May be calculated on a consolidated basis or based on our proportionate share. Monthly Rental Revenue Per Unit Monthly 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. 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. Exit Capitalization Rate Related to dispositions of a community, calculated by dividing the trailing 12 month NOI by the effective gross sales price. Fee Income Our revenue collected from joint ventures related to property management, asset management and dispositions. 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 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. 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 $429 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. 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. 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. 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. © 2015Monogram Residential Trust, Inc. 48

Definitions and other Explanatory Information Non-GAAP Measurements QTD 2Q 2015 QTD 2Q 2014 YTD 2Q 2015 YTD 2Q 2014 Net income (loss) attributable to common stockholders 49,196 $ (6,778) $ 48,363 $ 649 $ 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) 17,557 14,706 33,486 29,149 Less: gain on sale of real estate (page 8) (48,602) - (48,602) (8,965) Less: total fee income (page 9 - QTD; page 10 - YTD) (5,546) (490) (6,699) (490) Less: total other adjustments (page 9 - QTD; page 10 - YTD) 9,764 13,772 18,325 22,292 Less: net of straight-line rents, start up expenses, etc. (1) 3,919 2,586 6,495 4,716 Proportionate Share of Net Operating Income (page 27 - QTD; page 29 YTD) 26,288 $ 23,796 $ 51,368 $ 47,351 $ 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. 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”) Adjusted Core FFO 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”) Net Operating Income 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 reconcilation of income (loss) from continuing operations to NOI is provided on page 18. The reconciliation of net income (loss) attributable to common stockholders to proportionate share of NOI is provided below for all periods presented: 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 reality that real estate generally appreciates over time, which is not reflective in most depreciation methods, and focuses 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 18. (1) Also includes the effect of presenting the NOI related the entities acquired in the PGGM acquisition of noncontrolling interests at 100% ownership for all reporting periods presented. © 2015Monogram Residential Trust, Inc. 49

Definitions and other Explanatory Information Ownership Presentations Ownership Presentations, continued Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. PGGM Stichting Depositary PGGM Private Real Estate Fund ("PGGM"), a $203 billion Dutch foundation. Year Built The date the community is substantially completed or renovated and ready for its intended use. 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. 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 interest 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 their interest to 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 excludes 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 venture 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. 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 (the “Special Committee”), 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. © 2015Monogram Residential Trust, Inc. 50