Form 8-K Monogram Residential For: Nov 04

Supplemental Financial Information Third Quarter 2015

Forward–Looking Statements Financial Information Condensed Consolidated Balance Sheets Proportionate Balance Sheet Information as of September 30, 2015 Proportionate Balance Sheet Information as of December 31, 2014 Condensed Consolidated Statements of Operations Funds from Operations, Core FFO and Adjusted Core FFO Proportionate QTD Operating Information and Reconciliation to FFO Proportionate YTD Operating Information and Reconciliation to FFO EBITDA Reconciliation Portfolio Overview Geographic Regions Summary of Number of Units and Communities Summary of Operating Communities Summary of Proportionate Share of Notes Receivable Operating Performance Consolidated Net Operating Income Reconciliation of Consolidated Net Operating Income Consolidated QTD Net Operating Income by Geographic Region and Market Consolidated YTD Net Operating Income by Geographic Region and Market Consolidated QTD and YTD Operating Metrics by Geographic Region and Market Proportionate QTD Net Operating Income by Geographic Region and Market Proportionate YTD Net Operating Income by Geographic Region and Market Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market Consolidated QTD and YTD Comparisons of Same Store Operating Expenses Proportionate Share QTD General and Administrative and Corporate Property Management Expenses Capital Deployment Summary of Developments Development Cash Costs to Complete, Interest and Other Costs Acquisition and Disposition Summary Capital Expenditures - Same Store Capitalization Debt Summary Debt Detail by Multifamily Community Sources of Funds Available Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents Net Asset Value Road Map to Net Asset Value Co-Investment Venture Partners Information on Joint Ventures Definitions and other Explanatory Information 3 4 5 6 7 8 9 10 11 12 13 14 18 19 20 21 23 25 27 29 31 32 33 34 35 36 37 38 40 42 43 44 46 47 © 2015 Monogram Residential Trust, Inc. 2 Table of Contents Third 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 Forward–Looking Statements Third Quarter 2015

(in thousands) (unaudited) Assets Real estate Land Buildings and improvements $ 475,537 2,355,555 $ 389,885 2,033,819 2,831,092 (329,310) 2,423,704 (280,400) Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net 2,501,782 549,330 2,143,304 716,930 3,051,112 2,860,234 Cash and cash equivalents Tax like-kind exchange escrow Intangibles, net Other assets, net Total assets Liabilities Mortgages and notes payable Credit facilities payable Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities 78,557 46,354 18,344 107,939 116,407 - 21,485 110,282 $ 3,302,306 $ 3,108,408 $ 1,438,563 57,000 61,349 30,917 17,853 12,578 5,364 $ 1,186,481 10,000 75,623 28,053 18,955 12,485 4,586 1,623,624 1,336,183 Redeemable, noncontrolling interests 29,969 32,012 Equity Preferred stock Common stock Additional paid-in capital Cumulative distributions and net loss Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity - 17 1,435,107 (251,091) - 17 1,492,799 (293,350) 1,184,033 464,680 1,199,466 540,747 1,648,713 1,740,213 $ 3,302,306 $ 3,108,408 © 2015 Monogram Residential Trust, Inc. 4 September 30, 2015 December 31, 2014 Financial Information Condensed Consolidated Balance Sheets

(in thousands) (unaudited) As of September 30, 2015 Assets Operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net $ 2,831,092 (329,310) $ (837,800) 99,184 $ 1,993,292 (230,126) 2,501,782 549,330 (738,616) (236,154) 1,763,166 313,176 3,051,112 (974,770) 2,076,342 Cash and cash equivalents Intangibles, net Tax like-kind exchange escrow Notes receivable Other assets, net Total assets 78,557 18,344 46,354 53,577 54,362 (19,763) (7,343) - - (7,585) 58,794 11,001 46,354 53,577 46,777 $ 3,302,306 $ (1,009,461) $ 2,292,845 Liabilities Mortgages and notes payable Credit facilities payable Construction costs payable Accounts payable and other liabilities Deferred revenues, primarily lease revenues, net Distributions payable Tenant security deposits Total liabilities $ 1,438,563 57,000 61,349 30,917 17,853 12,578 5,364 $ (489,733) - (26,036) (8,385) (7,972) (33) (1,533) $ 948,830 57,000 35,313 22,532 9,881 12,545 3,831 1,623,624 (533,692) 1,089,932 Redeemable, noncontrolling interests 29,969 (12,425) 17,544 Equity Preferred stock Common stock Subsidiary preferred stock Additional paid-in capital Cumulative distributions and net loss Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity - 17 - 1,435,107 (251,091) - - 1,336 - - - 17 1,336 1,435,107 (251,091) 1,184,033 464,680 1,336 (464,680) 1,185,369 - 1,648,713 (463,344) 1,185,369 $ 3,302,306 $ (1,009,461) $ 2,292,845 © 2015 Monogram Residential Trust, Inc. 5 ConsolidatedProportionate GAAPNoncontrollingBalance Balance SheetInterestsSheet Financial Information Proportionate Balance Sheet Information

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

(in thousands, except per share amounts) (unaudited) Rental revenues Expenses: Property operating expenses Real estate taxes Asset management fees General and administrative expenses Acquisition expenses Transition expenses Investment and other development expenses Interest expense Depreciation and amortization Total expenses Interest income Loss on early extinguishment of debt Equity in income of investments in unconsolidated real estate joint ventures Other income (expense) Loss from continuing operations before gains on sales of real estate Gains on sales of real estate $ 59,191 $ 53,091 $ 174,939 $ 154,320 16,874 8,328 - 5,199 485 - 245 8,196 25,991 14,282 7,429 - 4,486 - 1,016 375 5,068 24,278 48,828 25,696 - 14,683 636 - 3,860 20,866 77,451 41,220 21,995 3,843 11,396 (17) 6,666 840 15,339 70,580 65,318 56,934 192,020 171,862 2,596 - - 34 2,721 - 187 77 7,956 - 250 72 7,817 (230) 581 (45) (3,497) 34,373 (858) - (8,803) 82,975 (9,419) 16,167 Net income (loss) 30,876 (858) 74,172 6,748 Net (income) loss attributable to non-redeemable noncontrolling interests Net income (loss) available to the Company Dividends to preferred stockholders Net income (loss) attributable to common stockholders Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted Basic and diluted earnings (loss) per common share 488 241 5,558 (6,714) 31,364 (2) (617) (2) 79,730 (5) 34 (5) $ 31,362 $ (619) $ 79,725 $ 29 166,563 168,780 166,538 168,784 167,260 169,028 167,191 169,015 $ 0.19 $ - $ 0.48 $ - © 2015 Monogram Residential Trust, Inc. 7 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 Financial Information Condensed Consolidated Statements of Operations

(in thousands, except per share amounts) (unaudited) FFO: Net income (loss) attributable to common stockholders Add (deduct) NAREIT defined adjustments - Proportionate Share: Real estate depreciation and amortization Gains on sales of real estate Impairment expense $ 31,362 $ (619) $ 79,725 $ 29 17,300 (34,373) - 15,168 - - 50,786 (82,975) 3,128 44,316 (8,964) - FFO - NAREIT defined 14,289 14,549 50,664 35,381 Add (deduct) adjustments to arrive at Core FFO - Proportionate Share: Loss on early extinguishment of debt Transition expenses Loss on derivative fair value adjustment Acquisition expenses (including start up expenses) Fair value adjustments related to business combinations - - - 524 - - 1,016 13 69 - - - 19 707 36 128 6,666 179 53 250 Core FFO 14,813 15,647 51,426 42,657 Add (deduct) adjustments to arrive at AFFO - Proportionate Share: Recurring capital expenditures Straight-line rents Stock compensation expense (470) 128 686 (368) 67 217 (1,355) 325 1,824 (973) 333 596 AFFO $ 15,157 $ 15,563 $ 52,220 $ 42,613 Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted 166,563 167,260 168,780 169,028 166,538 167,191 168,784 169,015 Per common share amounts - basic and diluted: Net (income) loss attributable to common stockholders FFO Core FFO AFFO $ $ $ $ 0.19 0.09 0.09 0.09 $ $ $ $ - 0.09 0.09 0.09 $ $ $ $ 0.48 0.30 0.31 0.31 $ $ $ $ - 0.21 0.25 0.25 © 2015 Monogram Residential Trust, Inc. 8 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 Financial Information Funds from Operations ("FFO"), Core FFO and Adjusted Core FFO ("AFFO")

(in thousands) (unaudited) Rental revenues $ 59,425 $ - $ (17,869) $ 41,556 $ 53,267 $ - $ (18,372) $ 34,895 Property operating expenses: Property operating expenses (including real estate taxes) (23,114) - 7,245 (15,869) (20,079) - 6,928 (13,151) Net operating income - FFO Defined 36,311 - (10,624) 25,687 33,188 - (11,444) 21,744 Fee income: Asset management fees Property management fees Total fee income - - - - 364 664 364 664 - - - - 399 674 399 674 - - 1,028 1,028 - - 1,073 1,073 Other: General and administrative expenses Corporate property management expenses Acquisition expenses (including start up expenses) Transition expenses Straight-line rents Stock compensation expense Investment and other development expenses Interest expense Interest income Equity in income of investments in unconsolidated real estate joint ventures Derivative fair value adjustment Other income Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments (4,585) (1,972) (529) - (234) (686) (245) (8,196) 2,596 - - 34 (87) (1,207) - - - - - - - - - - - - - - 199 (7) 5 - 106 - 103 1,823 84 - - 110 31 231 (4,386) (1,979) (524) - (128) (686) (142) (6,373) 2,680 - - 144 (56) (976) (4,323) (1,490) (89) (1,016) (176) (217) (375) (5,068) 2,721 187 (13) 90 (79) (737) (7) - - - - - - - 102 (187) - 10 (1) - 197 4 20 - 109 - 153 1,835 (181) - - 71 35 157 (4,133) (1,486) (69) (1,016) (67) (217) (222) (3,233) 2,642 - (13) 171 (45) (580) (15,111) - 2,685 (12,426) (10,585) (83) 2,400 (8,268) FFO $ 21,200 $ - $ (6,911) $ 14,289 $ 22,603 $ (83) $ (7,971) $ 14,549 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.). © 2015 Monogram Residential Trust, Inc. 9 Three Months Ended September 30, 2014 Proportionate Share of ConsolidatedUnconsolidatedNoncontrollingProportionate AmountJoint VentureInterestsAmount Three Months Ended September 30, 2015 Proportionate Share of ConsolidatedUnconsolidatedNoncontrollingProportionate AmountJoint VentureInterestsAmount Financial Information Proportionate QTD Operating Information and Reconciliation to FFO

(in thousands) (unaudited) Rental revenues $ 175,591 $ - $ (55,322) $ 120,269 $ 154,978 $ - $ (53,086) $ 101,892 Property operating expenses: Property operating expenses (including real estate taxes) (69,214) - 22,633 (46,581) (57,479) - 19,636 (37,843) Net operating income - FFO Defined 106,377 - (32,689) 73,688 97,499 - (33,450) 64,049 Fee income: Asset management fees Property management fees Disposition fees Promoted interest payment Total fee income - - - - - - - 1,177 2,055 990 3,505 1,177 2,055 990 3,505 - - - - - - - - 1,101 674 118 - 1,101 674 118 - - - 7,727 7,727 - - 1,893 1,893 Other: General and administrative expenses Corporate property management expenses Asset management expenses Acquisition expenses (including start up expenses) Transition expenses Straight-line rents Stock compensation expense Investment and other development expenses Interest expense Interest income Loss on early extinguishment of debt Equity in income of investments in unconsolidated real estate joint ventures Fair value adjustments related to business combinations Derivative fair value adjustment Other income (expense) Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Total other adjustments (13,022) (5,457) - (733) - (652) (1,824) (732) (20,866) 7,956 - 250 (36) (23) 131 (259) (3,239) (8) 457 (46) - 26 - 327 - 306 5,572 110 - - - 4 397 101 612 (12,573) (5,503) - (707) - (325) (1,824) (426) (15,294) 8,201 - - (36) (19) 541 (159) (2,627) (10,854) (5,572) (3,843) (95) (6,666) (658) (596) (840) (15,339) 7,817 (230) 581 (250) (194) 401 (233) (1,903) (25) - - - - - - - - 321 - (581) - - 29 (3) - 547 1,401 - 42 - 325 - 283 5,558 (511) 102 - - 15 (80) 104 386 (10,332) (4,171) (3,843) (53) (6,666) (333) (596) (557) (9,781) 7,627 (128) - (250) (179) 350 (132) (1,517) - - - - - - - - 135 - (250) - 13 (1) - (38,506) (111) 7,866 (30,751) (38,474) (259) 8,172 (30,561) FFO $ 67,871 $ (111) $ (17,096) $ 50,664 $ 59,025 $ (259) $ (23,385) $ 35,381 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.). © 2015 Monogram Residential Trust, Inc. 10 Nine Months Ended September 30, 2014 Proportionate Share of ConsolidatedUnconsolidatedNoncontrollingProportionate AmountJoint VentureInterestsAmount Nine Months Ended September 30, 2015 Proportionate Share of ConsolidatedUnconsolidatedNoncontrollingProportionate AmountJoint VentureInterestsAmount Financial Information Proportionate YTD Operating Information and Reconciliation to FFO

(in thousands) (unaudited) Reconciliation of loss from continuing operations to Adjusted EBITDA: Loss from continuing operations before gains on sales of real estate - Consolidated Depreciation and amortization (2) Interest expense (1) Loss on early extinguishment of debt Acquisition expenses Transition expenses Impairment related to development Fair value adjustments related to business combinations Loss on derivative fair value adjustment Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) $ (3,497) 26,235 7,543 - 485 - - - - 87 $ (858) 24,522 4,449 - - 1,016 - - 13 79 $ (8,803) 78,182 19,041 - 636 - 3,128 36 23 259 $ (9,419) 71,311 13,500 230 (17) 6,666 - 250 194 233 Adjusted EBITDA - Consolidated $ 30,853 $ 29,221 $ 92,502 $ 82,948 Loss from continuing operations before gains on sales of real estate - Proportionate Share Depreciation and amortization (2) Interest expense (1) Loss on early extinguishment of debt Acquisition expenses Transition expenses Impairment related to development Fair value adjustments related to business combinations Loss on derivative fair value adjustment Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) $ (3,126) 18,415 5,719 - 485 - - - - 56 $ (766) 16,015 2,613 - - 1,016 - - 13 45 $ (7,153) 53,821 13,610 - 636 - 3,128 36 19 159 $ (9,323) 46,687 7,942 128 (17) 6,666 - 250 179 132 Adjusted EBITDA - Proportionate Share $ 21,549 $ 18,936 $ 64,256 $ 52,644 Consolidated Proportionate Share Consolidated Proportionate Share Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (1) Reconciliation of interest expense: Contractual interest expense Less: Capitalized interest Mortgage premium amortization Plus: Credit facility and other finance fees Interest expense for GAAP Less: Credit facility and other finance fees EBITDA interest adjustment 2015 2014 2015 2014 2015 2014 2015 2014 $ 12,044 (4,088) (413) 653 $ 9,838 (4,772) (617) 619 $ 8,343 (2,324) (300) 654 $ 5,870 (2,917) (340) 620 $ 33,978 (13,533) (1,404) 1,825 $ 28,896 (13,545) (1,851) 1,839 $ 22,495 (7,991) (894) 1,684 $ 17,372 (8,410) (1,020) 1,839 8,196 (653) 5,068 (619) 6,373 (654) 3,233 (620) 20,866 (1,825) 15,339 (1,839) 15,294 (1,684) 9,781 (1,839) $ 7,543 $ 4,449 $ 5,719 $ 2,613 $ 19,041 $ 13,500 $ 13,610 $ 7,942 (2) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP Plus: Purchase accounting intangible expense EBITDA depreciation and amortization adjustment $ 25,991 244 $ 24,278 244 $ 18,281 134 $ 15,881 134 $ 77,451 731 $ 70,580 731 $ 53,419 402 $ 46,285 402 $ 26,235 $ 24,522 $ 18,415 $ 16,015 $ 78,182 $ 71,311 $ 53,821 $ 46,687 © 2015 Monogram Residential Trust, Inc. 11 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 Financial Information EBITDA Reconciliation

New England 4 / 1 Northern California 5 / 2 Colorado 4 / 0 Nevada 2 / 0 Georgia 1 / 1 Mid-Atlantic 5 / 1 Southern California 6 / 2 Texas 9 / 2 Florida 4 / 2 Operating (40 communities) Development (11 communities) Note: Excludes 5 debt investments © 2015 Monogram Residential Trust, Inc. 12 Portfolio Overview Geographic Regions as of September 30, 2015

Summary of Number of Units and Communities Total Units Total Communities Equity Investments: Stabilized Wholly owned Wholly owned acquired in 2015 (1) Wholly owned sold in 2015 Consolidated joint ventures 1,281 1,631 - 7,239 1,281 - 690 7,182 5 5 - 28 5 - 2 26 Total Stabilized 10,151 9,153 38 33 Lease up (including operating communities and developments in lease up) Wholly owned acquired in 2015 Consolidated joint ventures 416 1,846 - 1,476 2 5 - 6 Total Lease up (including operating communities and developments in lease up) 2,262 1,476 7 6 Developments under Construction and Pre-development Consolidated joint ventures Consolidated joint ventures sold in 2014 1,560 - 3,618 366 5 - 11 1 Total Developments under Construction and Pre-development 1,560 3,984 5 12 Land Held for Future Development Consolidated Joint Venture N/A N/A 1 1 Total Communities - Equity Investments 13,973 14,613 51 52 Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly owned Unconsolidated joint venture 1,864 - 1,069 444 5 - 3 1 Total Communities - Debt Investments 1,864 1,513 5 4 Total Communities - Equity and Debt Investments 15,837 16,126 56 56 Recap of Totals by Category Wholly owned Wholly owned acquired in 2015 (1) Wholly owned sold in 2015 Consolidated joint ventures Consolidated joint ventures sold in 2014 Unconsolidated joint ventures 3,145 2,047 - 10,645 - - 2,350 - 690 12,276 366 444 10 7 - 39 - - 8 - 2 44 1 1 Total Communities - Equity and Debt Investments 15,837 16,126 56 56 (1) Includes five multifamily communities and 1,631 units of noncontrolling interests acquired from PGGM in May 2015 and are now wholly owned. © 2015 Monogram Residential Trust, Inc. 13 September 30, 2015September 30, 2014 September 30, 2015September 30, 2014 Portfolio Overview

Same Store Communities: Wholly owned Skye 2905 (1) Consolidated joint ventures 4550 Cherry Creek 7166 at Belmar Denver, CO 100% 2010 400 Denver, CO Lakewood, CO 55% 55% 2004 2008 288 308 Colorado Totals 996 13.7% Wholly owned The District Universal Boulevard (1) Consolidated joint ventures Satori Orlando, FL 100% 2009 425 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 2.6% Wholly owned The Cameron (1) Consolidated joint ventures 55 Hundred Bailey's Crossing Burrough’s Mill The Lofts at Park Crest Silver Spring, MD 100% 2010 325 Arlington, VA Alexandria, VA Cherry Hill, NJ McLean, VA 55% 55% 55% 55% 2010 2010 2004 2008 234 414 308 131 Mid-Atlantic Totals 1,412 19.2% Consolidated joint ventures The Venue Veritas (1) Clark County, NV Henderson, NV 55% 100% 2009 2011 168 430 Nevada Totals 598 4.4% Wholly owned Pembroke Woods Stone Gate (1) Consolidated joint ventures West Village Pembroke, MA Marlborough, MA 100% 100% 2006 2007 240 332 Mansfield, MA 55% 2008 200 New England Totals 772 8.7% (Table continued on next page; See page 17 for footnotes) © 2015 Monogram Residential Trust, Inc. 14 Year ofPercentage of Completion orPortfolio Based on Most RecentConsolidated YTD Current EffectiveSubstantial 2015 Same Store LocationOwnershipDevelopmentUnitsNOI Portfolio Overview Summary of Operating Communities as of September 30, 2015

Same Store Communities (continued): Wholly owned Acappella Consolidated joint ventures Acacia on Santa Rosa Creek Argenta Renaissance (Phase I) San Bruno, CA 100% 2010 163 Santa Rosa, CA San Francisco, CA Concord, CA 55% 55% 55% 2003 2008 2008 277 179 132 Northern California Totals 751 14.8% Consolidated joint ventures Calypso Apartments and Lofts Forty55 Lofts The Gallery at NoHo Commons San Sebastian Irvine, CA Marina del Rey, CA Los Angeles, CA Laguna Woods, CA 55% 55% 55% 55% 2008 2010 2008 2010 177 140 438 134 Southern California Totals 889 14.6% Wholly owned Allegro (2) Grand Reserve (1) Consolidated joint ventures Briar Forest Lofts Eclipse Fitzhugh Urban Flats Addison, TX Dallas, TX 100% 100% 2013 2009 393 149 Houston, TX Houston, TX Dallas, TX 55% 55% 55% 2008 2009 2009 352 330 452 Texas Totals 1,676 14.3% Stabilized Non-Comparable Communities: Consolidated joint venture Point 21 Denver, CO 55% 2015 212 Colorado Totals 212 Consolidated joint venture The Franklin Delray Delray Beach, FL 55% 2013 180 Florida Totals 180 Consolidated joint venture Everly Wakefield, MA 55% 2014 186 New England Totals 186 (Table continued on next page; See page 17 for footnotes) © 2015 Monogram Residential Trust, Inc. 15 Total Same Store Communities20098,081100% Year ofPercentage of Completion orPortfolio Based on Most RecentConsolidated YTD Current EffectiveSubstantial 2015 Same Store LocationOwnershipDevelopmentUnitsNOI Portfolio Overview Summary of Operating Communities as of September 30, 2015

Stabilized Non-Comparable Communities (continued): Wholly owned Vara San Francisco, CA 100% 2013 202 Consolidated joint venture Blue Sol Costa Mesa, CA 100% 2014 113 Southern California Totals 113 Consolidated joint ventures 4110 Fairmount Arpeggio Victory Park Muse Museum District Allusion West University Dallas, TX Dallas, TX Houston, TX Houston, TX 55% 55% 55% 55% 2014 2014 2014 2014 299 377 270 231 Texas Totals 1,177 Lease up (including operating communities and developments in lease up) (3) Wholly owned The Mark Boca Raton, FL 100% 2015 208 Florida Totals 208 Consolidated joint venture Cyan on Peachtree Atlanta, GA 55% N/A 329 Georgia Totals 329 Consolidated joint venture Nouvelle Tysons Corner, VA 55% N/A 461 Mid-Atlantic Totals 461 Consolidated joint venture Zinc Cambridge, MA 55% N/A 392 New England Totals 392 Wholly owned Ev Consolidated joint venture Verge San Diego, CA 100% 2015 208 San Diego, CA 70% N/A 444 Southern California Totals 652 (Table continued on next page; See page 17 for footnotes) © 2015 Monogram Residential Trust, Inc. 16 Total Stabilized / Non-Comparable Communities20142,070 Northern California Totals202 Year ofPercentage of Completion orPortfolio Based on Most RecentConsolidated YTD Current EffectiveSubstantial 2015 Same Store LocationOwnershipDevelopmentUnitsNOI Portfolio Overview Summary of Operating Communities as of September 30, 2015

Lease up (including operating communities and developments in lease up) (continued): (3) Consolidated joint venture SEVEN Austin, TX 55% N/A 220 Texas Totals 220 (1) Acquired noncontrolling interests from PGGM in May 2015. For all but Veritas, we now own 100%. For Veritas, our effective ownership is 100% and based on contributed capital is 93.5%. We report all of these communities for all periods as same store. 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. (2) (3) These are communities included in the GAAP presentation in land, building and improvements where Cyan on Peachtree, Nouvelle, Zinc, Verge and SEVEN for GAAP presentation are partially included in land, buildings and improvements and the remaining balance is reflected in construction in progress on the consolidated balance sheet. © 2015 Monogram Residential Trust, Inc. 17 Total Operating Communities201012,413 Total Lease up Communities20152,262 Year ofPercentage of Completion orPortfolio Based on Most RecentConsolidated YTD Current EffectiveSubstantial 2015 Same Store LocationOwnershipDevelopmentUnitsNOI Portfolio Overview Summary of Operating Communities as of September 30, 2015

Jefferson at One Scottsdale Kendall Square Jefferson Center Jefferson at Stonebriar Jefferson at Riverside Scottsdale, AZ Miami Dade County, FL Richardson, TX Frisco, TX Irving, TX 100% 100% 100% 100% 100% $ 22,712 12,300 14,989 16,735 10,436 $ 22,712 12,300 14,989 4,328 - $ 6,579 4,381 3,184 42 - 12/7/2015 1/16/2016 9/4/2016 6/25/2018 6/30/2018 14.5% 15.0% 15.0% 15.0% 15.0% (1) Excludes certain GAAP consolidated costs, primarily related to accrued interest, deferred income and loan origination costs. (2) The borrowers generally have options to prepay prior to maturity or to extend the maturity for one to two years. (3) The interest rate is calculated on a weighted average based on the contractual principal balance including only recurring interest. Excluded from the interest rate are fees paid at initial closing or final payment. © 2015 Monogram Residential Trust, Inc. 18 Proportionate Share$77,172$54,329$14,18614.8% Proportionate ShareProportionate Share Contractual PrincipalContractual AccruedMaturityInterest CommunityLocationOwnershipTotal CommitmentBalance (1) InterestDate (2) Rate (3) Portfolio Overview Summary of Proportionate Share of Notes Receivable (dollars in thousands) (unaudited) as of September 30, 2015

(dollars in thousands) (unaudited) Rental revenue Same Store Properties sold Acquisitions (1) Developments $ 45,886 396 2,152 10,757 $ 43,761 4,376 1,947 3,007 4.9% N/A N/A N/A $ 135,035 8,919 6,389 24,596 $ 129,685 13,480 5,714 5,441 4.1% N/A N/A N/A Total rental revenue 59,191 53,091 11.5% 174,939 154,320 13.4% Property operating expenses, including real estate taxes Same Store Properties sold Acquisitions (1) Developments 16,094 333 793 5,936 15,514 1,574 669 2,411 3.7% N/A N/A N/A 48,218 3,655 2,179 14,852 45,956 4,999 1,959 4,676 4.9% N/A N/A N/A Total property operating expenses, including real estate taxes 23,156 20,168 14.8% 68,904 57,590 19.6% NOI Same Store Properties sold Acquisitions (1) Developments 29,792 63 1,359 4,821 28,247 2,802 1,278 596 5.5% N/A N/A N/A 86,817 5,264 4,210 9,744 83,729 8,481 3,755 765 3.7% N/A N/A N/A Total NOI $ 36,035 $ 32,923 9.5% $ 106,035 $ 96,730 9.6% Number of operating communities (including Lease ups) as of September 30, Same Store Properties sold Acquisitions (1) Developments 29 29 2 1 7 - - (2) 2 6 3 13 Total operating communities (including Lease ups) 45 39 6 (1) Includes two communities in lease up as of September 30, 2015. © 2015 Monogram Residential Trust, Inc. 19 Nine Months Ended September 30, 2015 2014 Growth Three Months Ended September 30, 2015 2014 Growth Operating Performance Consolidated Net Operating Income

(in thousands) (unaudited) Reconciliation of net income (loss) to Same Store Net Operating Income: Net income (loss) $ 30,876 $ (858) $ 74,172 $ 6,748 Adjustments to reconcile net income (loss) to Net Operating Income: Corporate property management expenses General and administrative expenses Asset management expenses Transition expenses Interest expense Depreciation and amortization Interest income Gains on sales of real estate Investment and other development expenses Other, net 2,044 5,199 - - 8,196 25,991 (2,596) (34,373) 245 453 1,544 4,486 - 1,016 5,068 24,278 (2,721) - 375 (265) 5,620 14,683 - - 20,866 77,451 (7,956) (82,975) 3,860 314 5,626 11,396 3,843 6,666 15,339 70,580 (7,817) (16,167) 840 (324) Net Operating Income $ 36,035 $ 32,923 $ 106,035 $ 96,730 Less: non-comparable Rental revenue Property operating expenses, including real estate taxes (13,305) 7,062 (9,330) 4,654 (39,904) 20,686 (24,635) 11,634 Same Store Net Operating Income $ 29,792 $ 28,247 $ 86,817 $ 83,729 Plus: additional same store communities effective July 1, 2014 Rental revenue Property operating expenses, including real estate taxes 3,145 (1,072) 2,929 (1,003) N/A N/A N/A N/A Quarterly Stabilized Same Store Net Operating Income $ 31,865 $ 30,173 N/A N/A © 2015 Monogram Residential Trust, Inc. 20 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 Operating Performance Reconciliation of Consolidated Net Operating Income

(dollars in thousands) (unaudited) Colorado Denver $ 5,678 $ 5,302 7.1% $ 1,639 $ 1,576 4.0%$ 4,039 $ 3,726 8.4% Colorado Total 5,678 5,302 7.1% 1,639 1,576 4.0% 4,039 3,726 8.4% Florida North Florida South Florida 1,721 1,871 1,622 1,798 6.1% 4.1% 570 747 549 735 3.8% 1.6% 1,151 1,124 1,073 1,063 7.3% 5.7% Florida Total 3,592 3,420 5.0% 1,317 1,284 2.6% 2,275 2,136 6.5% Georgia Atlanta 1,379 1,311 5.2% 572 518 10.4% 807 793 1.8% Mid-Atlantic Washington D.C. Philadelphia 7,438 1,542 7,415 1,549 0.3% -0.5% 2,457 700 2,628 673 -6.5% 4.0% 4,981 842 4,787 876 4.1% -3.9% Mid-Atlantic Total 8,980 8,964 0.2% 3,157 3,301 -4.4% 5,823 5,663 2.8% Nevada Las Vegas 1,956 1,860 5.2% 670 659 1.7% 1,286 1,201 7.1% Nevada Total 1,956 1,860 5.2% 670 659 1.7% 1,286 1,201 7.1% New England Boston 4,040 3,760 7.4% 1,307 1,283 1.9% 2,733 2,477 10.3% New England Total 4,040 3,760 7.4% 1,307 1,283 1.9% 2,733 2,477 10.3% Northern California San Francisco 6,389 5,824 9.7% 1,966 1,842 6.7% 4,423 3,982 11.1% Northern California Total 6,389 5,824 9.7% 1,966 1,842 6.7% 4,423 3,982 11.1% Southern California Los Angeles 6,327 5,939 6.5% 2,089 1,987 5.1% 4,238 3,952 7.2% Southern California Total 6,327 5,939 6.5% 2,089 1,987 5.1% 4,238 3,952 7.2% Texas Dallas Houston 4,722 2,823 4,477 2,904 5.5% -2.8% 2,007 1,370 1,849 1,215 8.5% 12.8% 2,715 1,453 2,628 1,689 3.3% -14.0% Texas Total 7,545 7,381 2.2% 3,377 3,064 10.2% 4,168 4,317 -3.5% Total Same Store 45,886 43,761 4.9% 16,094 15,514 3.7% 29,792 28,247 5.5% (Table continued on next page) © 2015 Monogram Residential Trust, Inc. 21 Georgia Total1,3791,3115.2%57251810.4%8077931.8% Same Store Net Operating Income QTD QTD % 3Q 2015 3Q 2014 Change Property Operating Expenses QTD QTD % 3Q 2015 3Q 2014 Change Rental Revenue QTD QTD % 3Q 2015 3Q 2014 Change Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Stabilized Non-Comparable Colorado Denver 760 - 419 12 341 (12) N/A N/A N/A Colorado Total 760 - N/A Florida 419 12 N/A 341 (12) N/A South Florida 1,021 982 372 334 649 648 N/A N/A N/A Florida Total 1,021 982 N/A New England 372 334 N/A 649 648 N/A Boston 1,003 3 339 87 664 (84) N/A N/A N/A New England Total 1,003 3 N/A Northern California 339 87 N/A 664 (84) N/A San Francisco 2,124 1,947 700 669 1,424 1,278 N/A N/A N/A Northern California Total 2,124 1,947 N/A Southern California 700 669 N/A 1,424 1,278 N/A Los Angeles 842 4 307 85 535 (81) N/A N/A N/A Southern California Total 842 4 N/A Texas 307 85 N/A 535 (81) N/A Dallas Houston 3,104 2,517 1,013 1,004 1,303 1,015 1,054 749 1,801 1,502 (41) 255 N/A N/A N/A N/A N/A N/A Texas Total 5,621 2,017 N/A 2,318 1,803 N/A 3,303 214 N/A Total Stabilized Non-Comparable 11,371 4,953 130% 4,455 2,990 49% 6,916 1,963 252% Lease up (includes operating and development communities) Florida Georgia Mid-Atlantic New England Southern California Texas 23 691 9 19 154 636 - - - - - - 8 563 196 224 434 669 - - - - - - 15 128 (187) (205) (280) (33) - - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Total Lease up 1,532 - N/A 2,094 - N/A (562) - N/A Dispositions and other non-lease up developments 402 4,377 N/A 513 1,664 N/A (111) 2,713 N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © 2015 Monogram Residential Trust, Inc. 22 Total Portfolio $ 59,191$ 53,09111.5%$ 23,156$ 20,16814.8%$ 36,035$ 32,9239.5% Net Operating Income QTD QTD % 3Q 2015 3Q 2014 Change Property Operating Expenses QTD QTD % 3Q 2015 3Q 2014 Change Rental Revenue QTD QTD % 3Q 2015 3Q 2014 Change Operating Performance Consolidated QTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Colorado Denver $ 16,594 $ 15,434 7.5% $ 4,759 $ 4,606 3.3% $ 11,835 $ 10,828 9.3% Colorado Total 16,594 15,434 7.5% 4,759 4,606 3.3% 11,835 10,828 9.3% Florida North Florida South Florida 5,051 5,549 4,789 5,445 5.5% 1.9% 1,710 2,244 1,603 2,156 6.7% 4.1% 3,341 3,305 3,186 3,289 4.9% 0.5% Florida Total 10,600 10,234 3.6% 3,954 3,759 5.2% 6,646 6,475 2.6% Georgia Atlanta 4,067 3,837 6.0% 1,685 1,502 12.2% 2,382 2,335 2.0% Mid-Atlantic Washington D.C. Philadelphia 21,826 4,590 22,439 4,538 -2.7% 1.1% 7,581 2,143 7,707 2,135 -1.6% 0.4% 14,245 2,447 14,732 2,403 -3.3% 1.8% Mid-Atlantic Total 26,416 26,977 -2.1% 9,724 9,842 -1.2% 16,692 17,135 -2.6% Nevada Las Vegas 5,726 5,482 4.5% 1,952 1,906 2.4% 3,774 3,576 5.5% Nevada Total 5,726 5,482 4.5% 1,952 1,906 2.4% 3,774 3,576 5.5% New England Boston 11,812 11,053 6.9% 4,260 3,901 9.2% 7,552 7,152 5.6% New England Total 11,812 11,053 6.9% 4,260 3,901 9.2% 7,552 7,152 5.6% Northern California San Francisco 18,679 17,065 9.5% 5,830 5,406 7.8% 12,849 11,659 10.2% Northern California Total 18,679 17,065 9.5% 5,830 5,406 7.8% 12,849 11,659 10.2% Southern California Los Angeles 18,677 17,581 6.2% 6,014 5,732 4.9% 12,663 11,849 6.9% Southern California Total 18,677 17,581 6.2% 6,014 5,732 4.9% 12,663 11,849 6.9% Texas Dallas Houston 13,899 8,565 13,379 8,643 3.9% -0.9% 6,035 4,005 5,702 3,600 5.8% 11.3% 7,864 4,560 7,677 5,043 2.4% -9.6% Texas Total 22,464 22,022 2.0% 10,040 9,302 7.9% 12,424 12,720 -2.3% Total Same Store 135,035 129,685 4.1% 48,218 45,956 4.9% 86,817 83,729 3.7% (Table continued on next page) © 2015 Monogram Residential Trust, Inc. 23 Georgia Total 4,067 3,837 6.0% 1,685 1,502 12.2% 2,382 2,335 2.0% Same Store Net Operating Income YTDYTD% 3Q 20153Q 2014Change Property Operating Expenses YTDYTD% 3Q 20153Q 2014Change Rental Revenue YTDYTD% 3Q 20153Q 2014Change Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Stabilized Non-Comparable Colorado Denver 1,113 - 1,006 13 107 (13) N/A N/A N/A Colorado Total 1,113 - N/A Florida 1,006 13 N/A 107 (13) N/A South Florida 3,094 2,701 1,160 1,053 1,934 1,648 N/A N/A N/A Florida Total 3,094 2,701 N/A New England 1,160 1,053 N/A 1,934 1,648 N/A Boston 1,829 3 1,058 104 771 (101) N/A N/A N/A New England Total 1,829 3 N/A Northern California 1,058 104 N/A 771 (101) N/A San Francisco 6,360 5,714 2,086 1,959 4,274 3,755 N/A N/A N/A Northern California Total 6,360 5,714 N/A Southern California 2,086 1,959 N/A 4,274 3,755 N/A Los Angeles 1,992 4 1,011 94 981 (90) N/A N/A N/A Southern California Total 1,992 4 N/A Texas 1,011 94 N/A 981 (90) N/A Dallas Houston 7,962 6,802 1,289 1,443 3,882 3,201 1,909 1,368 4,080 3,601 (620) 75 N/A N/A N/A N/A N/A N/A Texas Total 14,764 2,732 N/A 7,083 3,277 N/A 7,681 (545) N/A Total Stabilized Non-Comparable 29,152 11,154 161% 13,404 6,500 106% 15,748 4,654 238% Lease up (includes operating and development communities) Florida Georgia Mid-Atlantic New England Southern California Texas 23 829 9 19 156 790 - - - - - - 9 1,038 243 300 570 1,159 - - - - - - 14 (209) (234) (281) (414) (369) - - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Total Lease up 1,826 - N/A 3,319 - N/A (1,493) - N/A Dispositions and other non-lease up developments 8,926 13,481 N/A 3,963 5,134 N/A 4,963 8,347 N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). © 2015 Monogram Residential Trust, Inc. 24 Total Portfolio$ 174,939 $ 154,320 13.4% $ 68,904 $ 57,590 19.6% $ 106,035 $ 96,730 9.6% Net Operating Income YTDYTD% 3Q 20153Q 2014Change Property Operating Expenses YTDYTD% 3Q 20153Q 2014Change Rental Revenue YTDYTD% 3Q 20153Q 2014Change Operating Performance Consolidated YTD Net Operating Income by Geographic Region and Market

 Same Store Colorado Denver 71.1% 70.3% 71.3% 70.2% 96.6% 96.4% 96.2% 96.1% $ 1,833 $ 1,718 Colorado Total 996 71.1% 70.3% 71.3% 70.2% 96.6% 96.4% 96.2% 96.1% 1,833 1,718 Florida North Florida South Florida 66.9% 60.1% 66.2% 59.1% 66.1% 59.6% 66.5% 60.4% 93.2% 95.7% 94.1% 90.7% 95.5% 94.7% 95.5% 92.8% 1,228 2,198 1,170 2,175 Florida Total 704 63.3% 62.5% 62.7% 63.3% 94.2% 92.8% 95.2% 94.4% 1,612 1,569 Georgia Atlanta 58.5% 60.5% 58.6% 60.9% 97.2% 94.7% 97.4% 95.9% 1,458 1,416 Georgia Total 283 58.5% 60.5% 58.6% 60.9% 97.2% 94.7% 97.4% 95.9% 1,458 1,416 Mid-Atlantic Washington D.C. Philadelphia 67.0% 54.6% 64.6% 56.6% 65.3% 53.3% 65.7% 53.0% 94.9% 95.5% 93.1% 95.5% 96.4% 94.3% 93.2% 95.7% 2,099 1,624 2,157 1,586 Mid-Atlantic Total 1,412 64.8% 63.2% 63.2% 63.5% 95.0% 93.6% 95.9% 93.7% 1,995 2,032 Nevada Las Vegas 65.7% 64.6% 65.9% 65.2% 95.8% 95.0% 96.3% 94.1% 1,055 1,015 Nevada Total 598 65.7% 64.6% 65.9% 65.2% 95.8% 95.0% 96.3% 94.1% 1,055 1,015 New England Boston 67.6% 65.9% 63.9% 64.7% 97.3% 93.9% 97.5% 96.6% 1,652 1,589 New England Total 772 67.6% 65.9% 63.9% 64.7% 97.3% 93.9% 97.5% 96.6% 1,652 1,589 Northern California San Francisco 69.2% 68.4% 68.8% 68.3% 95.5% 95.5% 96.1% 97.2% 2,788 2,564 Northern California Total 751 69.2% 68.4% 68.8% 68.3% 95.5% 95.5% 96.1% 97.2% 2,788 2,564 Southern California Los Angeles 67.0% 66.5% 67.8% 67.4% 96.0% 95.7% 95.9% 95.2% 2,260 2,134 Southern California Total 889 67.0% 66.5% 67.8% 67.4% 96.0% 95.7% 95.9% 95.2% 2,260 2,134 Texas Dallas Houston 57.5% 51.5% 58.7% 58.2% 56.6% 53.2% 57.4% 58.3% 95.6% 93.3% 94.3% 91.5% 96.1% 93.5% 92.4% 94.6% 1,583 1,353 1,546 1,378 Texas Total 1,676 55.2% 58.5% 55.3% 57.8% 94.6% 93.1% 95.0% 93.3% 1,490 1,477 Total Same Store 8,081 64.9% 64.5% 64.3% 64.6% 95.6% 94.4% 96.0% 94.8% $ 1,819 $ 1,759 (Table continued on next page) © 2015 Monogram Residential Trust, Inc. 25 Monthly Rental Revenue Per Unit (1) QTD QTD 3Q 2015 3Q 2014 Weighted Average Occupancy QTD QTD 3Q 2015 3Q 2014 Period End Occupancy QTD QTD 3Q 2015 3Q 2014 Operating Margin YTD YTD 3Q 2015 3Q 2014 Operating Margin QTD QTD 3Q 2015 3Q 2014 Units QTD 3Q 2015 Operating Performance Consolidated QTD and YTD Operating Metrics by Geographic Region and Market

 Stabilized Non-Comparable Colorado Denver 44.9% 9.6% 91.5% 85.4% 1,900 N/A N/A N/A N/A N/A Colorado Total 212 44.9% N/A 9.6% N/A 91.5% N/A 85.4% N/A 1,900 N/A Florida South Florida 63.6% 62.5% 97.2% 98.3% 96.5% 97.6% 1,816 N/A N/A N/A Florida Total 180 63.6% N/A 62.5% N/A 97.2% 98.3% 96.5% 97.6% 1,816 N/A New England Boston 66.2% 42.2% 99.5% 1.1% 94.1% 0.2% 1,999 N/A N/A N/A New England Total 186 66.2% N/A 42.2% N/A 99.5% 1.1% 94.1% 0.2% 1,999 N/A Northern California San Francisco 67.0% 67.2% 95.5% 96.0% 96.2% 95.2% 3,550 N/A N/A N/A Northern California Total 202 67.0% N/A 67.2% N/A 95.5% 96.0% 96.2% 95.2% 3,550 N/A Southern California Los Angeles 63.5% 49.2% 98.2% 15.9% 97.3% 3.8% 2,512 N/A N/A N/A Southern California Total 113 63.5% N/A 49.2% N/A 98.2% 15.9% 97.3% 3.8% 2,512 N/A Texas Dallas Houston 58.0% 59.7% 51.2% 52.9% 95.7% 97.6% 57.7% 58.3% 97.1% 96.6% 43.7% 40.9% 1,551 1,780 N/A N/A N/A N/A N/A N/A Texas Total 1,177 58.8% N/A 52.0% N/A 96.5% 57.9% 96.9% 42.5% 1,648 N/A Total Stabilized Non-Comparable 2,070 60.8% N/A 54.0% N/A 96.3% 51.8% 95.4% 42.2% 1,953 N/A Lease up (includes operating and development communities) Florida Georgia Mid-Atlantic New England Southern California Texas 208 329 461 392 652 220 72.6% 55.0% 1.1% 4.9% 16.7% 65.5% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 41.9% 0.1% 1.1% 7.9% 47.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Total Lease up 2,262 N/A N/A N/A N/A 26.9% N/A 14.5% N/A N/A N/A (1) Monthly rental revenue per unit is only provided for communities that are stabilized as of the end of the period. Monthly rental revenue per unit is not meaningful prior to stabilization. © 2015 Monogram Residential Trust, Inc. 26 Monthly Rental Revenue Per Unit (1) QTD QTD 3Q 2015 3Q 2014 Weighted Average Occupancy QTD QTD 3Q 2015 3Q 2014 Period End Occupancy QTD QTD 3Q 2015 3Q 2014 Operating Margin YTD YTD 3Q 2015 3Q 2014 Operating Margin QTD QTD 3Q 2015 3Q 2014 Units QTD 3Q 2015 Operating Performance Consolidated QTD and YTD Operating Metrics by Geographic Region and Market

(dollars in thousands) (unaudited) Same Store (1) Colorado Denver $ 4,119 $ 3,836 7.4% $ 1,171 $ 1,115 5.0% $ 2,948 $ 2,721 8.3% 13.9% Colorado Total 4,119 3,836 7.4% 1,171 1,115 5.0% 2,948 2,721 8.3% 13.9% Florida North Florida South Florida 1,721 1,037 1,622 997 6.1% 4.0% 570 414 549 408 3.8% 1.5% 1,151 623 1,073 589 7.3% 5.8% 5.4% 2.9% Florida Total 2,758 2,619 5.3% 984 957 2.8% 1,774 1,662 6.7% 8.3% Georgia Atlanta 1,379 1,311 5.2% 572 518 10.4% 807 793 1.8% 3.8% Georgia Total 1,379 1,311 5.2% 572 518 10.4% 807 793 1.8% 3.8% Mid-Atlantic Washington D.C. Philadelphia 5,047 848 5,031 852 0.3% -0.5% 1,631 385 1,761 370 -7.4% 4.1% 3,416 463 3,270 482 4.5% -3.9% 16.1% 2.2% Mid-Atlantic Total 5,895 5,883 0.2% 2,016 2,131 -5.4% 3,879 3,752 3.4% 18.3% Nevada Las Vegas 1,722 1,636 5.3% 578 564 2.5% 1,144 1,072 6.7% 5.4% Nevada Total 1,722 1,636 5.3% 578 564 2.5% 1,144 1,072 6.7% 5.4% New England Boston 3,513 3,279 7.1% 1,148 1,131 1.5% 2,365 2,148 10.1% 11.2% New England Total 3,513 3,279 7.1% 1,148 1,131 1.5% 2,365 2,148 10.1% 11.2% Northern California San Francisco 4,194 3,812 10.0% 1,284 1,211 6.0% 2,910 2,601 11.9% 13.7% Northern California Total 4,194 3,812 10.0% 1,284 1,211 6.0% 2,910 2,601 11.9% 13.7% Southern California Los Angeles 3,484 3,271 6.5% 1,151 1,094 5.2% 2,333 2,177 7.2% 11.0% Southern California Total 3,484 3,271 6.5% 1,151 1,094 5.2% 2,333 2,177 7.2% 11.0% Texas Dallas Houston 3,900 1,553 3,705 1,597 5.3% -2.8% 1,646 754 1,499 668 9.8% 12.9% 2,254 799 2,206 929 2.2% -14.0% 10.6% 3.8% Texas Total 5,453 5,302 2.8% 2,400 2,167 10.8% 3,053 3,135 -2.6% 14.4% Total Same Store 32,517 30,949 5.1% 11,304 10,888 3.8% 21,213 20,061 5.7% 100% (Table continued on next page) © 2015 Monogram Residential Trust, Inc. 27 Percentage of Same Store NOI Net Operating Incomeby Market QTD QTD % QTD 3Q 2015 3Q 2014 Change 3Q 2015 Property Operating Expenses QTD QTD % 3Q 2015 3Q 2014 Change Rental Revenue QTD QTD % 3Q 2015 3Q 2014 Change Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Stabilized Non-Comparable Colorado Denver 422 - 232 7 190 (7) N/A N/A N/A N/A Colorado Total 422 - N/A 232 7 N/A 190 (7) N/A N/A Florida South Florida 566 545 206 185 360 360 N/A N/A N/A N/A Florida Total 566 545 N/A 206 185 N/A 360 360 N/A N/A New England Boston 556 1 188 48 368 (47) N/A N/A N/A N/A New England Total 556 1 N/A 188 48 N/A 368 (47) N/A N/A Northern California San Francisco 2,124 1,947 700 669 1,424 1,278 N/A N/A N/A N/A Northern California Total 2,124 1,947 N/A 700 669 N/A 1,424 1,278 N/A N/A Southern California Los Angeles 842 4 307 85 535 (81) N/A N/A N/A N/A Southern California Total 842 4 N/A 307 85 N/A 535 (81) N/A N/A Texas Dallas Houston 1,721 1,396 562 557 722 563 584 416 999 833 (22) 141 N/A N/A N/A N/A N/A N/A N/A N/A Texas Total 3,117 1,119 N/A 1,285 1,000 N/A 1,832 119 N/A N/A Total Stabilized Non-Comparable 7,627 3,616 111% 2,918 1,994 46% 4,709 1,622 190% N/A Lease up (includes operating and development communities) Florida Georgia Mid-Atlantic New England Southern California Texas 23 383 5 10 110 353 - - - - - - 8 312 109 124 330 371 - - - - - - 15 71 (104) (114) (220) (18) - - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Total Lease up 884 - N/A 1,254 - N/A (370) - N/A N/A Dispositions and other non-lease up developments 399 4,376 N/A 431 1,624 N/A (32) 2,752 N/A N/A Total Portfolio $ 41,427 $ 38,941 6.4% $ 15,907 $ 14,506 9.7% $ 25,520 $ 24,435 4.4% N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). (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. © 2015 Monogram Residential Trust, Inc. 28 Percentage of Same Store NOI Net Operating Incomeby Market QTD QTD % QTD 3Q 2015 3Q 2014 Change 3Q 2015 Property Operating Expenses QTD QTD % 3Q 2015 3Q 2014 Change Rental Revenue QTD QTD % 3Q 2015 3Q 2014 Change Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Same Store (1) Colorado Denver $ 12,040 $ 11,173 7.8% $ 3,371 $ 3,236 4.2% $ 8,669 $ 7,937 9.2% 14.1% Colorado Total 12,040 11,173 7.8% 3,371 3,236 4.2% 8,669 7,937 9.2% 14.1% Florida North Florida South Florida 5,051 3,077 4,789 3,019 5.5% 1.9% 1,710 1,244 1,603 1,196 6.7% 4.0% 3,341 1,833 3,186 1,823 4.9% 0.5% 5.4% 3.0% Florida Total 8,128 7,808 4.1% 2,954 2,799 5.5% 5,174 5,009 3.3% 8.4% Georgia Atlanta 4,067 3,837 6.0% 1,685 1,502 12.2% 2,382 2,335 2.0% 3.9% Mid-Atlantic Washington D.C. Philadelphia 14,758 2,525 15,163 2,496 -2.7% 1.2% 5,053 1,179 5,167 1,174 -2.2% 0.4% 9,705 1,346 9,996 1,322 -2.9% 1.8% 15.7% 2.2% Mid-Atlantic Total 17,283 17,659 -2.1% 6,232 6,341 -1.7% 11,051 11,318 -2.4% 17.9% Nevada Las Vegas 5,036 4,834 4.2% 1,676 1,632 2.7% 3,360 3,202 4.9% 5.5% Nevada Total 5,036 4,834 4.2% 1,676 1,632 2.7% 3,360 3,202 4.9% 5.5% New England Boston 10,297 9,643 6.8% 3,758 3,452 8.9% 6,539 6,191 5.6% 10.6% New England Total 10,297 9,643 6.8% 3,758 3,452 8.9% 6,539 6,191 5.6% 10.6% Northern California San Francisco 12,247 11,157 9.8% 3,827 3,543 8.0% 8,420 7,614 10.6% 13.6% Northern California Total 12,247 11,157 9.8% 3,827 3,543 8.0% 8,420 7,614 10.6% 13.6% Southern California Los Angeles 10,285 9,682 6.2% 3,312 3,157 4.9% 6,973 6,525 6.9% 11.3% Southern California Total 10,285 9,682 6.2% 3,312 3,157 4.9% 6,973 6,525 6.9% 11.3% Texas Dallas Houston 11,473 4,711 11,084 4,754 3.5% -0.9% 4,931 2,203 4,649 1,980 6.1% 11.3% 6,542 2,508 6,435 2,774 1.7% -9.6% 10.6% 4.1% Texas Total 16,184 15,838 2.2% 7,134 6,629 7.6% 9,050 9,209 -1.7% 14.7% Total Same Store 95,567 91,631 4.3% 33,949 32,291 5.1% 61,618 59,340 3.8% 100% (Table continued on next page) © 2015 Monogram Residential Trust, Inc. 29 Georgia Total 4,067 3,837 6.0% 1,685 1,502 12.2% 2,382 2,335 2.0% 3.9% Percentage of Same Store NOI by Net Operating Income Market YTD YTD % YTD 3Q 2015 3Q 2014 Change 3Q 2015 Property Operating Expenses YTD YTD % 3Q 2015 3Q 2014 Change Rental Revenue YTD YTD % 3Q 2015 3Q 2014 Change Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Stabilized Non-Comparable Colorado Denver 617 - 558 7 59 (7) N/A N/A N/A N/A Colorado Total 617 - N/A 558 7 N/A 59 (7) N/A N/A Florida South Florida 1,716 1,498 643 584 1,073 914 N/A N/A N/A N/A Florida Total 1,716 1,498 N/A 643 584 N/A 1,073 914 N/A N/A New England Boston 1,014 2 587 58 427 (56) N/A N/A N/A N/A New England Total 1,014 2 N/A 587 58 N/A 427 (56) N/A N/A Northern California San Francisco 6,360 5,714 2,086 1,959 4,274 3,755 N/A N/A N/A N/A Northern California Total 6,360 5,714 N/A 2,086 1,959 N/A 4,274 3,755 N/A N/A Southern California Los Angeles 1,992 4 1,011 94 981 (90) N/A N/A N/A N/A Southern California Total 1,992 4 N/A 1,011 94 N/A 981 (90) N/A N/A Texas Dallas Houston 4,415 3,772 715 800 2,152 1,775 1,059 758 2,263 1,997 (344) 42 N/A N/A N/A N/A N/A N/A N/A N/A Texas Total 8,187 1,515 N/A 3,927 1,817 N/A 4,260 (302) N/A N/A Total Stabilized Non-Comparable 19,886 8,733 128% 8,812 4,519 95% 11,074 4,214 163% N/A Lease up (includes operating and development communities) Florida Georgia Mid-Atlantic New England Southern California Texas 23 460 5 11 111 438 - - - - - - 9 576 134 167 425 643 - - - - - - 14 (116) (129) (156) (314) (205) - - - - - - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Total Lease up 1,048 - N/A 1,954 - N/A (906) - N/A N/A Dispositions and other non-lease up developments 8,922 13,124 N/A 3,820 4,893 N/A 5,102 8,231 N/A N/A Total Portfolio $ 125,423 $ 113,488 10.5% $ 48,535 $ 41,703 16.4% $ 76,888 $ 71,785 7.1% N/A Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). (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. © 2015 Monogram Residential Trust, Inc. 30 Percentage of Same Store NOI by Net Operating Income Market YTD YTD % YTD 3Q 2015 3Q 2014 Change 3Q 2015 Property Operating Expenses YTD YTD % 3Q 2015 3Q 2014 Change Rental Revenue YTD YTD % 3Q 2015 3Q 2014 Change Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Same Store (per page 21) 8,081 $ 45,886 $ 43,761 4.9% $ 16,094 $ 15,514 3.7% $ 29,792 $ 28,247 5.5% Additional Same Store Communities effective July 1, 2014 Florida South Florida Northern California San Francisco 180 1,021 982 4.0% 372 334 11.4% 649 648 0.2% 202 2,124 1,947 9.1% 700 669 4.6% 1,424 1,278 11.4% Total Consolidated Quarterly Stabilized Same Store 8,463 $ 49,031 $ 46,690 5.0% $ 17,166 $ 16,517 3.9% $ 31,865 $ 30,173 5.6% Same Store (per page 27) 8,081 $ 32,517 $ 30,949 5.1% $ 11,304 $ 10,888 3.8% $ 21,213 $ 20,061 5.7% Additional Same Store Communities effective July 1, 2014 Florida South Florida Northern California San Francisco 180 566 545 3.9% 206 185 11.4% 360 360 0.0% 202 2,124 1,947 9.1% 700 669 4.6% 1,424 1,278 11.4% Total Proportionate Quarterly Stabilized Same Store 8,463 $ 35,207 $ 33,441 5.3% $ 12,210 $ 11,742 4.0% $ 22,997 $ 21,699 6.0% Note: The data presented above displays the results of our Same Store portfolio for Same Store communities as of July 1, 2014. For 3Q 2015, we added two additional multifamily communities to our Same Store communities increasing the total to 31. © 2015 Monogram Residential Trust, Inc. 31 Proportionate Consolidated Net Operating Income QTD QTD % 3Q 20153Q 2014Change Property Operating Expenses QTD QTD % 3Q 20153Q 2014Change Rental Revenue QTD QTD % 3Q 20153Q 2014Change Units Operating Performance Consolidated and Proportionate Quarterly Stabilized Same Store Net Operating Income by Geographic Region and Market

(dollars in thousands) (unaudited) Same Store Properties Detailed Comparison by Major Operating Expense Categories Onsite management Marketing Maintenance, including expensed turnover costs (2) Utilities Insurance Real estate taxes Other $ 318 50 124 3 (258) 373 (30) 8.6% 8.7% 4.5% 0.2% -37.5% 6.5% -16.7% $ 1,262 214 608 (49) (134) 425 (64) 11.6% 12.9% 7.7% -0.9% -7.4% 2.4% -16.9% Total Operating Expenses $ 580 3.7% $ 2,262 4.9% . (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 2.2% of the 7.7% maintenance increase and 0.4% of the 4.9% total increase. © 2015 Monogram Residential Trust, Inc. 32 Dollar Change Percent Change YTD Q3 2015 YTD Q3 2015 Compared to Compared to YTD Q3 2014 YTD Q3 2014 (1) Dollar Change Percent Change Q3 2015 Q3 2015 Compared to Compared to Q3 2014 Q3 2014 (1) Operating Performance Consolidated QTD and YTD Comparisons of Same Store Operating Expenses

(dollars in thousands) (unaudited) For the Three Months Ended September 30, 2015 Proportionate Share: Total General and administrative and corporate property management expenses Less: Asset management and property management fee income $ 4,386 (364) $ 1,979 (664) $ 6,365 (1,028) $ 25,460 (4,112) Net Expenses 4,022 1,315 5,337 21,348 Net Expenses as percentage of Total Consolidated Revenue 6.8% 2.2% 9.0% 9.0% 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 Net Expenses as percentage of Total Consolidated Gross Assets 0.11% 0.03% 0.14% 0.58% Annualized Total Expenses General andCorporate Property AdministrativeManagement ExpensesExpensesTotal Expenses Operating Performance Proportionate Share QTD General and Administrative and Corporate Property Management Expenses

Proportionate Share Operating Communities Stabilized During Current Quarter or in Lease up (2) Everly - Wakefield, MA Point 21 - Denver, CO 55.5% 55.5% 186 212 2Q 2013 1Q 2013 3Q 2014 4Q 2014 4Q 2014 2Q 2015 3Q 2015 3Q 2015 $ 239,825 219,340 100% 92% 100% 99% $ 24,735 25,784 $ 24,696 25,543 7.1% 6.2% SEVEN - Austin, TX Cyan on Peachtree - Atlanta, GA Verge - San Diego, CA Zinc - Cambridge, MA Nouvelle - Tysons Corner, VA 55.5% 55.5% 70.3% 55.5% 55.5% 220 329 444 392 461 4Q 2012 4Q 2013 4Q 2013 2Q 2013 4Q 2013 2Q 2015 2Q 2015 3Q 2015 3Q 2015 3Q 2015 3Q 2015 3Q 2015 1Q 2016 4Q 2015 1Q 2016 1Q 2016 1Q 2016 4Q 2016 1Q 2017 3Q 2017 261,699 205,713 276,653 463,808 399,637 66% 55% 23% 5% 1% 98% 98% 88% 96% 83% 31,925 37,528 86,352 100,815 102,157 31,344 36,609 76,116 96,562 85,144 7.3% 8.5% 6.2% 6.2% 5.6% Total Developments in Lease up 1,846 332,683 25% 91% 358,777 325,775 6.4% Construction OLUME - San Francisco, CA (3) SoMa - Miami, FL The Alexan - Dallas, TX Uptown Delray - Del Ray Beach, FL 55.5% 55.5% 49.9% 55.5% 121 418 365 146 2Q 2014 4Q 2013 3Q 2013 4Q 2014 4Q 2015 4Q 2015 1Q 2016 3Q 2016 4Q 2015 1Q 2016 3Q 2016 1Q 2017 2Q 2016 4Q 2016 2Q 2017 2Q 2017 537,782 235,182 250,685 278,812 N/A N/A N/A N/A 88% 92% 84% 45% 36,082 54,511 45,668 22,572 31,876 50,004 38,411 10,213 4.8% 6.2% 6.3% 6.3% Total Construction 1,050 281,509 N/A 82% 158,833 130,504 5.9% Pre-development Huntington Beach - Huntington Beach, CA (4) 65.4% 510 4Q 2015 2Q 2017 2Q 2018 3Q 2018 320,385 N/A 23% 106,780 24,241 6.4% Land Held for Future Development Renaissance Phase II - Concord, CA 55.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A 6,020 N/A (1) The estimated completion and stabilization dates are primarily based on contractual arrangements adjusted for certain events (e.g., weather delays, labor availability and change orders). (2) These 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. (3) Formerly known as 1401 Mission. (4) The effective ownership percentage for Huntington Beach is based upon the economics assuming completion of the development. © 2015 Monogram Residential Trust, Inc. 34 Total Developments 3,804 $ 306,052 79% $ 674,909 $ 536,779 6.3% Total Pre-development 510 320,385 N/A23% 106,780 24,241 6.4% Developments in Lease up Total Stabilized During Current Quarter or in Lease up 398 228,913 96% 99% 50,519 50,239 6.6% Estimated TotalEconomic CostsProjected NOI EconomicIncurred as ofYield at Costs09/30/2015Stabilization Actual/Actual/Actual/Actual/ EffectiveActual/EstimatedEstimatedEstimatedEstimatedEstimated OwnershipEstimatedConstructionDate FirstCompletionStabilizationEconomicPercent Community%UnitsStart DateUnitsDate (1) Date (1) Costs per UnitOccupancyComplete Capital Deployment Summary of Developments (dollars in thousands, except costs per unit) (unaudited) as of September 30, 2015

(dollars in thousands) (unaudited) Estimated development cash costs to complete: Proportionate Share: Estimated total Economic Costs (page 34) Less: Costs incurred (excluding land held for development) Plus: Net accrued and unpaid estimated Economic Costs (including retainage, construction payables and construction escrows) $ 674,909 (530,759) 44,559 Total Estimated Development Cash Costs to Complete $ 188,709 Total estimated development cash costs to complete by funding source (1) Construction loan draws (45% related to binding loan commitments) Other, including cash and existing credit facilities $ 172,945 15,764 Total Estimated Development Cash Costs to Complete $ 188,709 (1) The sources identified, including future construction loan commitments, may be supplemented with other capital sources. Other Development Costs: Proportionate Share: Capitalized development costs: Interest Real estate taxes Direct overhead $ 2,324 426 120 $ 2,917 488 274 $ 7,991 1,935 503 $ $ 8,410 2,096 595 Total Capitalized Development Costs $ 2,870 $ 3,679 $ 10,429 $ 11,101 Development related costs (expensed): (2) NOI and development expenses Interest expense $ (578) (171) $ (267) (239) $ (1,596) (305) $ (878) (270) Total Development Costs (Expensed) $ (749) $ (506) $ (1,901) $ (1,148) (2) These amounts represent NOI, development and interest expenses incurred during the period of operating deficits. © 2015 Monogram Residential Trust, Inc. 35 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 As of September 30, 2015 Capital Deployment Development Cash Costs to Complete, Interest and Other Costs

 2015 Ev (1) The Mark (1) PGGM Buyout (2) San Diego, CA Boca Raton, FL Various (1) 208 208 2,061 $ 403,606 392,981 253,194 $ 83,950 81,740 521,833 $ 83,950 81,740 224,629 $ - - 249,357 $ - - 106,944 2013 Vara San Francisco, CA 202 538,119 108,700 108,700 - - Total 2,679 $ 297,209 $ 796,223 $ 499,019 $ 249,357 $ 106,944 2015 Post Oak Burnham Pointe Shady Grove (3) Houston, TX Chicago, IL Rockville, MD 392 298 366 $ 229,745 422,819 N/A $ 90,060 126,000 38,465 $ 90,060 126,000 38,465 $ 64,745 88,533 38,415 2014 Tupelo Alley Portland, OR 188 281,144 52,855 29,308 39,930 2013 Grand Reserve Orange Halstead Cyan/PDX The Reserve at John's Creek Walk Orange, CT Houston, TX Portland, OR Johns Creek, GA 168 301 352 210 210,119 144,502 272,017 177,381 35,300 43,495 95,750 37,250 35,300 23,922 52,663 18,400 25,747 33,336 81,610 29,753 Total 2,275 $ 251,812 $ 519,175 $ 414,118 $ 402,069 (1) Communities were acquired in lease up in September 2015. (2) 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 in the Jefferson Creekside debt investment (Allen, TX). (3) In June 2015, we sold the development to a group led by the developer partner. The gross book value at time of sale is net of an impairment of $3.1 million recorded during 2Q 2015. © 2015 Monogram Residential Trust, Inc. 36 Gross SalesSales PriceGross Book NumberPrice perGross SalesProportionateValue at Time Communities SoldLocationof UnitsUnitPrice 100%Shareof Sale 100% PurchasePurchase PriceAssumedAssumed Debt NumberPrice perPurchaseProportionateDebtProportionate Communities AcquiredLocationof UnitsUnitPrice 100%Share100%Share Capital Deployment Acquisition and Disposition Summary (dollars in thousands, except per unit) (unaudited) as of September 30, 2015

(dollars in thousands, except per unit amounts) (unaudited) Capital Expenditures - Same Store Recurring Non-Recurring Revenue Producing $ 616 1,168 585 $ 495 698 232 24.4% 67.3% 152.2% $ 1,416 3,779 1,148 $ 1,353 2,366 340 4.7% 59.7% 237.6% Total capital expenditures - Same Store $ 2,369 $ 1,425 66.2% $ 6,343 $ 4,059 56.3% Capital Expenditures per Unit - Same Store Recurring $ 76 $ 61 24.6% $ 175 $ 167 4.8% Non-Recurring Revenue Producing 145 72 86 29 68.6% 148.3% 468 142 293 42 59.7% 238.1% Total capital expenditures per unit - Same Store $ 293 $ 176 66.5% $ 785 $ 502 56.4% Capital Expenditures as a Percentage of Rental Revenue - Same Store Recurring Non-Recurring Revenue Producing 1.4% 2.5% 1.3% 1.2% 1.6% 0.5% 1.0% 2.8% 0.9% 1.0% 1.8% 0.3% Total capital expenditures as a percentage of rental revenue - Same Store 5.2% 3.3% 4.7% 3.1% © 2015 Monogram Residential Trust, Inc. 37 Nine Months Ended September 30, 20152014% Change Three Months Ended September 30, 20152014% Change Capital Deployment Capital Expenditures - Same Store

(dollars in thousands) (unaudited) As of September 30, 2015 Company Level Debt Fixed Rate - Mortgages Payable Variable Rate - Construction Notes Payable - Recourse Debt - Operating (4) Variable Rate - Construction Notes Payable - Recourse Debt - In Construction (4) $150 Million Credit Facility $200 Million Credit Facility $ 300,095 16,313 59,617 30,000 27,000 3.5 years 2.1 years 2.8 years 1.5 years 3.3 years 3.88% 2.28% 2.32% 2.35% 2.70% $ 298,426 16,313 59,617 30,000 27,000 28.8% 1.6% 5.8% 2.9% 2.6% Total Company Level Debt 433,025 3.2 years 3.42% 431,356 41.6% Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable Variable Rate - Mortgages Payable Fixed Rate - Construction Notes Payable - Operating Fixed Rate - Construction Notes Payable - In Construction Variable Rate - Construction Notes Payable - Operating Variable Rate - Construction Notes Payable - In Construction 634,011 11,715 29,161 41,809 105,368 240,474 2.8 years 1.5 years 0.7 years 2.9 years 1.9 years 2.8 years 3.49% 2.54% 4.31% 4.00% 2.28% 2.29% 364,623 6,443 16,170 20,867 58,427 138,511 35.2% 0.6% 1.6% 2.0% 5.6% 13.4% Total Co-Investment Venture Level Debt 1,062,538 2.6 years 3.13% 605,041 58.4% Total Debt $ 1,495,563 2.8 years 3.22% $ 1,036,397 100.0% Debt Maturities As of September 30, 2015 Aggregate Debt Maturities by Year October through December 2015 2016 2017 2018 2019 Thereafter 3.62% 4.00% 2.98% 3.01% 3.15% 2.46% $ 1,873 105,048 205,784 376,646 198,687 148,359 Total Debt Maturities 3.09% $ 1,036,397 (1) The amounts listed below are the contractual amounts on each loan at 100% regardless of the Company's ownership plus the unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. (2) As of September 30, 2015, five communities with a gross GAAP carrying value of $278.5 million were unsecured. Effective subsequent to September 30, 2015, three communities with a gross carrying value of $113.1 million were unsecured. (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. (4) The portion for which the Company has provided recourse guarantees. As of September 30, 2015, $103.9 million (19%) of the maximum loan commitment is guaranteed by the Company. Non-guaranteed portion is included in Co-Investment Venture level. © 2015 Monogram Residential Trust, Inc. 38 Proportionate Weighted Average Share of Rate on Debt Contractual Maturities Balance (3) Proportionate Total Weighted Weighted Average Share of Consolidated Average Time to Contractual Interest Contractual Percent of Total Balance (1)(2) Maturity Rate Balance (3) Debt Capitalization Debt Summary

(dollars in thousands) (unaudited) Consolidated Leverage Ratios Fixed Charge coverage ratio Debt to EBITDA (1) Net Debt to EBITDA (1) 2.54x 12.09x 11.46x 2.95x 9.39x 8.05x 2.70x 12.10x 11.47x 2.85x 9.92x 8.51x Adjusted Financial Ratios - Excluding Development Activity Fixed Charge coverage ratio Debt to EBITDA (1)(2) Net Debt to EBITDA (1)(2) 3.20x 7.78x 7.17x 3.33x 7.79x 6.49x 3.29x 7.83x 7.21x 3.14x 8.28x 6.90x (1) EBITDA is annualized for last quarter for the respective reporting periods. (2) Adjusted EBITDA, excluding development activity Three Months Ended September 30, Nine Months Ended September 30, Fixed Charges: Contractual interest expense Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Fixed Charges Less: Development related fixed charges (3) Fixed Charges, excluding development activity Debt: Mortgages, notes payable and credit facilities Less: Mortgage premium - GAAP Contractual debt Less: Cash and cash equivalents Net debt Less: Development related debt Net debt, excluding development activity 2015 2014 2015 2014 $ 12,044 87 $ 9,838 79 $ 33,978 259 $ 28,896 233 12,131 (2,087) 9,917 (865) 34,237 (5,137) 29,129 (2,055) $ 10,044 $ 9,052 $ 29,100 $ 27,074 September 30, 2015 September 30, 2014 $ 1,495,563 (2,904) $ 1,101,873 (4,925) 1,492,659 (78,557) 1,096,948 (156,137) 1,414,102 (492,742) 940,811 (158,340) $ 921,360 $ 782,471 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 EBITDA (page 11) Plus: NOI and developments costs expensed (page 35), consolidated Adjusted EBITDA, excluding development activity $ 30,853 1,292 $ 29,221 909 $ 92,502 3,318 $ 82,948 2,045 $ 32,145 30,130 $ 95,820 84,993 Annualized EBITDA Annualized EBITDA, excluding development activity $ 123,414 $ 116,882 $ 123,337 $ 110,597 $ 128,582 $ 120,518 $ 127,761 $ 113,324 (3) Represents interest expense related to developments during periods of operating deficits. © 2015 Monogram Residential Trust, Inc. 39 Nine Months Ended September 30, 2015 2014 Three Months Ended September 30, 2015 2014 Capitalization Debt Summary

(dollars in thousands) (unaudited) As of September 30, 2015 Company Level Debt Fixed Rate - Mortgages Payable Acappella Vara The Cameron The District Universal Boulevard Grand Reserve Skye 2905 Stone Gate $ 30,205 57,000 63,918 36,745 20,467 55,878 34,213 August-2018 December-2020 July-2019 June-2018 May-2019 June-2018 July-2018 3.86% 4.00% 3.09% 4.54% 3.41% 4.19% 4.24% $ 30,205 57,000 63,918 36,745 20,467 55,878 34,213 Variable Rate - Construction Notes Payable - Recourse Debt (3) 4110 Fairmount Muse Museum District Everly Point 21 Total - Operating Nouvelle SEVEN Verge SoMa Zinc Cyan on Peachtree Total - Under Construction 6,206 4,005 3,447 2,655 16,313 April-2017 February-2018 June-2018 December-2017 Monthly Libor + 2.25% Monthly Libor + 1.95% Monthly Libor + 2.00% Monthly Libor + 2.00% 2.28% 6,206 4,005 3,447 2,655 16,313 13,953 4,406 6,142 6,910 22,554 5,652 August-2018 August-2018 October-2018 October-2017 October-2018 February-2018 Monthly Libor + 2.10% Monthly Libor + 2.15% Monthly Libor + 1.95% Monthly Libor + 2.10% Monthly Libor + 2.25% Monthly Libor + 1.90% 13,953 4,406 6,142 6,910 22,554 5,652 59,617 2.32% 59,617 $150 Million Credit Facility $200 Million Credit Facility 30,000 27,000 April-2017 January-2019 Monthly Libor + 2.16% Monthly Libor + 2.50% 30,000 27,000 Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 55 Hundred Acacia on Santa Rosa Creek Argenta Bailey's Crossing Belmar Briar Forest Lofts Burrough’s Mill Calypso Cherry Creek Eclipse Fitzhugh Urban Flats Forty 55 Lofts The Gallery at NoHo Commons The Lofts at Park Crest - multifamily San Sebastian (Table continued on next page) 41,241 29,000 51,000 76,000 28,500 20,302 24,545 29,500 39,500 20,152 27,010 25,500 51,300 31,862 21,000 January-2017 March-2020 August-2016 July-2017 August-2020 September-2017 October-2016 August-2020 August-2020 September-2017 August-2017 October-2020 November-2016 January-2019 June-2020 3.75% 3.17% 3.19% 2.82% 2.82% 4.46% 5.29% 2.82% 2.82% 4.46% 4.35% 3.90% 4.72% 3.42% 3.31% 22,868 15,950 28,050 42,142 15,675 11,166 13,500 16,225 21,725 11,084 14,856 14,025 28,215 17,524 11,644 © 2015 Monogram Residential Trust, Inc. 40 Total Company Level Debt431,3563.42%431,356 Total Credit Facilities57,0002.52%57,000 Total Variable Rate - Construction Notes Payable - Recourse Debt75,9302.31%75,930 Total Fixed Rate - Mortgages Payable298,4263.88%298,426 Proportionate Share of Total ContractualContractualContractual Balance (1) Maturity DateInterest Rate (2) Balance (1) Capitalization Debt Detail by Multifamily Community

(dollars in thousands) (unaudited) As of September 30, 2015 Satori The Venue Veritas West Village 51,000 10,500 34,989 19,875 January-2019 January-2019 November-2019 October-2019 3.54% 3.66% 2.77% 2.48% 28,279 5,775 34,989 10,931 Variable Rate - Mortgages Payable The Lofts at Park Crest - retail 11,715 April-2017 Monthly Libor + 2.35% 6,443 Fixed Rate - Construction Notes Payable Arpeggio Victory Park Total - Operating The Alexan Total - Under Construction 29,161 29,161 June-2016 4.31% 16,170 16,170 41,809 August-2018 4.00% 20,867 41,809 20,867 Variable Rate - Construction Notes Payable 4110 Fairmount Muse Museum District Everly Point 21 Allusion West University Total - Operating Nouvelle SEVEN Verge SoMa Zinc Cyan on Peachtree Total - Under Construction 18,619 22,695 19,534 23,897 20,623 April-2017 February-2018 June-2018 December-2017 February-2016 Monthly Libor + 2.25% Monthly Libor + 1.95% Monthly Libor + 2.00% Monthly Libor + 2.00% Monthly Libor + 2.25% 10,324 12,584 10,832 13,251 11,436 105,368 41,861 24,966 34,803 39,155 67,662 32,027 2.28% Monthly Libor + 2.10% Monthly Libor + 2.15% Monthly Libor + 1.95% Monthly Libor + 2.10% Monthly Libor + 2.25% Monthly Libor + 1.90% 58,427 23,212 13,844 24,466 21,711 37,519 17,759 August-2018 August-2018 October-2018 October-2017 October-2018 February-2018 240,474 2.29% 138,511 Total Variable Rate - Construction Notes Payable 345,842 2.29% 196,938 Unamortized adjustments from business combinations (4) 2,904 2,349 (1) The amounts listed below by multifamily community are the contractual amounts on each loan at 100% regardless of the Company's ownership and exclude any unamortized GAAP adjustments from business combinations. (2) Total and sub-totals represent the weighted-average interest rates as of September 30, 2015. Monthly LIBOR as of September 30, 2015 is 0.19%. (3) The portion for which the Company has provided recourse guarantees. Non-guaranteed portion is included in Co-Investment Venture level below. (4) The unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. The proportionate amount presented above by multifamily community excludes the unamortized adjustment as presented on the Capitalization - Debt Summary page. © 2015 Monogram Residential Trust, Inc. 41 Total Debt$1,495,5633.22%$1,038,746 Total Co-Investment Venture Level Debt1,061,3033.13%605,041 Total Fixed Rate - Construction Notes Payable70,9704.13%37,037 Total Variable Rate - Mortgages Payable11,7156,443 Total Fixed Rate - Mortgages Payable632,7763.49%364,623 Proportionate Share of Total ContractualContractualContractual Balance (1) Maturity DateInterest Rate (2) Balance (1) Capitalization Debt Detail by Multifamily Community

Balance Commitment Capacity Commitments Commitments $150 Million Credit Facility - 100% our share (1) $ 150,000 $ 108,200 $ 30,000 $ 78,200 $ - $200 Million Credit Facility - 100% our share $ 200,000 $ 200,000 $ 27,000 $ 173,000 $ - Construction notes payable - Proportionate Share $ 362,604 N/A $ 276,990 $ 85,614 $ - PGGM commitments (2) $ 300,000 N/A $ 270,074 $ 13,214 $ 16,712 Developer partner commitment $ 3,800 N/A $ 2,808 $ 992 $ - (1) Subsequent to September 30, 2015, additional properties were added to the collateral pool, increasing the available capacity of the facility from $34.0 million to $108.2 million. (2) PGGM's remaining commitment would apply to future investments. © 2015 Monogram Residential Trust, Inc. 42 Maximum Available Unfunded Remaining Capitalization Sources of Funds Available (dollars in thousands) (unaudited) as of September 30, 2015

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

(dollars in thousands) (unaudited) Property revenue - stabilized portfolio (1) Less: Property operating expenses, excluding property management expenses (1) Less: Assumed market rate property management fee @ 3% of revenue Adjusted property Net Operating Income Annualized adjusted property Net Operating Income Third party property management revenue (2) Third party asset management revenue (2) $ 40,144 (14,222) $ (978) 421 $ 39,166 (13,801) (1,204) 29 (1,175) $ 24,718 $ (528) $ 24,190 $ $ $ 98,871 664 364 $ $ $ (2,111) - - $ $ $ 96,760 664 364 Acquisitions in lease up Development (excludes land held for future development presented below) - total Economic Costs incurred (3) Acquisitions in lease up and development - total potential value creation (4) $ $ $ 165,677 530,759 187,731 $ $ $ - - - $ $ $ 165,677 530,759 187,731 Cash and cash equivalents Land Held for Future Development (5) Master partnership promote due to the Company (6) Notes receivable (7) Tax like-kind exchange escrow Other tangible assets (8) Total Other Assets $ 58,794 6,020 8,381 54,329 46,354 33,629 $ - - - - - - $ 58,794 6,020 8,381 54,329 46,354 33,629 $ 207,507 $ - $ 207,507 Mortgages and notes payable (9) Credit facility payable Convertible preferred stock (10) Developer promotes and put options, net (11) Other tangible liabilities (12) Total Liabilities $ 948,830 57,000 - 17,544 74,221 $ 7,987 - 100 - - $ 956,817 57,000 100 17,544 74,221 $ 1,097,595 $ 8,087 $ 1,105,682 Other Data Common stock outstanding Convertible preferred stock (13) Restricted stock units outstanding Fully diluted shares outstanding 166,516,021 - 681,952 167,197,973 (See Notes to Road Map to Net Asset Value on next page) © 2015 Monogram Residential Trust, Inc. 44 Balance Sheet Data - Liabilities (Proportionate Share) Balance Sheet Data - Other Assets (Proportionate Share) As of September 30, 2015 Adjustments As Adjusted Acquisitions in Lease Up and Development Data (Proportionate Share) Three Months Ended September 30, 2015 Adjustments As Adjusted Income Statement Data (Proportionate Share) Net Asset Value Road Map to Net Asset Value

(dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 44: (1) Property revenue and property operating expenses - stabilized portfolio includes: Property Operating Expenses Rental Revenue $ 11,304 2,918 (421) Same Store per page 27 Stabilized Non-Comparable per page 28 Less: Two multifamily communities not stabilized for the full third quarter of 2015 $ 32,517 7,627 (978) $ 13,801 $ 39,166 (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 9/30/2015 Total Developments per page 34 Less: Land Held for Future Development per page 34 $ 536,779 (6,020) $ 530,759 (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 an estimated future capitalization rate, which includes a premium from the current capitalization rate to adjust for the period until stabilization. Total potential value creation represents the undiscounted total future value to be created at the stabilization date. (5) Land Held for Future Development per page 34. (6) Projected promote due to the Company by PGGM based on current estimated portfolio value. (7) Notes receivable is our proportionate share of the contractual principal balance as presented on page 18. (8) Other tangible assets include: Escrows and restricted cash Resident, tenant and other receivables Prepaid assets and deposits Total (9) Includes mark-to-market adjustment to mortgages and notes payable. $ 6,034 17,441 10,154 $ 33,629 (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 Accounts payable and other liabilites Distributions payable Tenants security deposits Total $ 35,313 22,532 12,545 3,831 $ 74,221 (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 September 30, 2015. © 2015 Monogram Residential Trust, Inc. 45 Net Asset Value Road Map to Net Asset Value

Stichting Depositary PGGM Private Real Estate Fund ("PGGM") Stabilized operating portfolio - PGGM only Stabilized operating portfolio - includes other developer partners Development portfolio - PGGM only Development portfolio - includes other developer partners 3 9 2 9 45% 0% to 45% 45% 0% to 45% $ 38,908 89,425 23,837 183,629 $ - 7,507 - 21,347 Total PGGM related joint ventures 23 0% to 45% 335,799 28,854 $ 14,206 Milky Way Partners, L.P. ("NPS") Stabilized operating portfolio 14 45% 126,944 - - Developer partners Stabilized operating portfolio with developer partner 2 0% (184) 1,115 Subsidiary preferred units 2,121 - - Total all joint venture partners 39 $ 464,680 $ 29,969 $ 14,206 (1) Certain multifamily communities include multiple joint venture partners that include PGGM and an additional developer partner. For purposes of the presentation in this table, the number of multifamily communities is included under PGGM and not under developer partners to avoid double counting of those multifamily communities. (2) Includes developer partner put options of $28.0 million which have been recorded as of September 30, 2015 in the consolidated balance sheet. © 2015 Monogram Residential Trust, Inc. 46 Total developer partners 2 0% (184) 1,115 - Range of GAAP GAAP Number of Noncontrolling Non -redeemable Redeemable Multifamily Interest Noncontrolling Noncontrolling Unfunded Joint Venture Partner Communities (1) Ownership % Interests Interests (2) Commitments Co-Investment Venture Partners Information on Joint Ventures (dollars in thousands) (unaudited) as of September 30, 2015

Capital Expenditures Non-Recurring Amounts capitalized in accordance with GAAP related to property upgrades and building improvements, such as remodeling, investments in longer-lived assets and infrequent or unscheduled expenditures that are not considered Revenue Producing such as roofs, lobby renovations and parking lots. Recurring Amounts capitalized in accordance with GAAP that help preserve but generally do not increase the value and functionality of the community, such as replacements for appliances, carpeting and floorings, HVAC equipment, and individual unit turnover costs. Repairs and maintenance amounts are expensed as incurred. Revenue Producing Amounts capitalized in accordance with GAAP that are expected to directly increase rental rates, such as major renovations and rehabilitations of units and common areas, improvements to leasable areas, retail tenant improvements and leasing. Costs related to developments and entire community rehabilitations are not included in Revenue Producing. Community Classifications 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. 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. Lease up A multifamily community is considered in lease up when the community has begun leasing. A temporary certificate of occupancy may be obtained as units are completed in phases, and accordingly, lease up may occur prior to final completion of the building. Lease up communities are generally classified in construction in progress for GAAP presentation prior to substantial completion and are generally classified in land, buildings and improvements once substantially complete. Operating A multifamily community is considered operating when substantially constructed and capable of generating all significant revenue sources. At such time, the community is classified as land, buildings and improvements for GAAP presentation. Pre-development A multifamily community is considered in pre-development during finalization of budgets, permits and plans and ends once a general contractor agreement has been signed and vertical construction has begun. Quarterly Stabilized Same Store Our Quarterly Stabilized Same Store multifamily communities are defined as those that are stabilized and comparable for both the current and prior year quarters. Same Store Our Same Store multifamily communities are defined as those that are stabilized and comparable for both the current and the prior calendar reporting year. Stabilized We consider a property to be Stabilized generally once achieving 90% occupancy. Stabilized communities that are not Same Store are described as stabilized non-comparable communities. Non-comparable stabilized communities are stabilized as of the latest quarter end, but may not be stabilized for the entire quarter or year to date. Debt Classifications Co-Investment Venture Level Debt Co-Investment Venture level debt is defined as debt that is an obligation of the joint venture and is not an obligation or contingency for us but does allow us to increase our access to capital. Company Level Debt Company level debt is defined as debt that is a direct or indirect obligation of the Company or its wholly owned subsidiaries. Recourse Debt The portion of debt for which the Company has provided recourse guarantees. The non-guaranteed portion is separately presented, usually as Co-Investment Venture Level. Normal “bad boy” provisions, e.g. bankruptcy and environmental, are not included as Recourse Debt. © 2015 Monogram Residential Trust, Inc. 47 Definitions and other Explanatory Information

EBITDA Earnings before interest, taxes, depreciation, amortization, transition expenses and other related non-recurring items. Deduction for interest expense only includes stated interest expense. Fees and other charges are included as an expense in EBITDA. Amortization expense adjustments include amortization of deferred finance fees and all purchase accounting intangibles. Economic Costs Represents costs for all on-site development and construction costs recognized for GAAP, but including certain items expensed for GAAP (primarily specific financing and operating expenses incurred during lease up) and excluding certain GAAP costs related to consolidated allocated costs, former sponsor-related fees and other non-cash capitalized cost items. Effective Ownership Effective ownership represents our participation in the distributable operating cash and may change over time as certain milestones related to budgets, plans and completion are achieved. This effective ownership is indicative of, but may differ from, percentages for distributions, contributions or financing requirements. Fee Income Our revenue collected from joint ventures related to property management, asset management and dispositions. Financial Ratios Debt (or Net Debt) to EBITDA Total contractual debt divided by annualized EBITDA based on respective reporting period. Contractual debt excludes certain GAAP adjustments, primarily purchased discounts and premiums. Net debt presentations deduct cash and cash equivalents from the total debt amounts. Excluding Development Activity As developments prior to stabilization are not yet producing expected operating results but may have outstanding debt and related interest and other finance charges, we also present certain ratios without the related NOI deficit, development debt, interest and other finance charges. Fixed Charge Income/loss from continuing operations, before gain on sale of real estate, adjusted for depreciation, amortization, federal and state income taxes, early extinguishment of debt, acquisition expenses, fair value adjustments, non cash and non-recurring (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. Operating Margin NOI divided by total revenue. Joint Venture Partners Stichting Depositary PGGM Private Real Estate Fund ("PGGM") PGGM is a $203 billion Dutch foundation acting in its capacity as title holder of and for the account of PGGM Private Real Estate Funds and its affiliates, a real estate investment vehicle for Dutch pension funds. Ten year (through 2023) - $300 million commitment including operating and development properties. We and, under certain circumstances, PGGM have buy/sell rights, which if exercised by us, may require us to acquire PGGM's respective ownership interest or if exercised by PGGM, may require us to sell our respective ownership interest. Milky Way Partners, L.P. ("NPS") NPS, the primary partner of which is Korea Exchange Bank, as Trustee for and on behalf of National Pension Service (acting for and on behalf of the National Pension Fund of the Republic of Korea Government, a $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. Developer partners Developer partners include national or regional real estate developer/owners. Generally, the developer partners have initial capital requirements until certain milestones are achieved, at which point their initial capital contributions are returned to them. The developer partners have a back-end interest generally only attributable to distributions related to a property sale or financings. The developer partners also have put options, one year after completion of the development where we (and in most cases PGGM) would be required to acquire their back-end interest at a set price as well as options to trigger a mark-to-market process after the seventh year after completion and a buy/sell after the tenth year. The amount of the individual put options range from $0.8 million to $6.4 million. Subsidiary preferred units Subsidiary preferred units issued in order for PGGM and NPS investments to qualify as a REIT. Units are callable at our option, paying an annual distribution of 12.5% on the face amount of $500 per unit. © 2015 Monogram Residential Trust, Inc. 48 Definitions and other Explanatory Information

Non-GAAP Measurements We use the following non-GAAP measurements to present different components of our performance. We believe this information is also useful to our investors in comparing our results to other real estate companies and trusts because they provide characteristics of our performance that reflect the reality that real estate generally appreciates over time, which is not reflected in most depreciation methods, and focus on operating results widely used by real estate investors. These non-GAAP measurements should not be considered as alternatives to net income (loss) presented in accordance with GAAP but as a supplemental performance measurement. Because these measurements may exclude certain cash flows or expenses, we caution that these measurements may not be representative of our current or future liquidity as presented in accordance with GAAP. There can be no assurance that our methods for computing these non-GAAP measurements is comparable with that of other real estate companies and trusts in all respects. A reconciliation for each non-GAAP measurement to the most applicable GAAP measurement is provided on pages 8 and 20. Funds from Operations (“FFO”) FFO is a non-GAAP performance financial measure that is widely recognized as a measure of REIT operating performance. We use FFO as currently defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be net income (loss), computed in accordance with GAAP excluding gains (or losses) from sales of property (including deemed sales (if any) and settlements of pre-existing relationships), plus depreciation and amortization on real estate assets, impairment write-downs of depreciable real estate or of investments in unconsolidated real estate partnerships, joint ventures and subsidiaries (if any) that are driven by measurable decreases in the fair value of depreciable real estate assets, and after related adjustments for unconsolidated partnerships, joint ventures and subsidiaries and noncontrolling interests. May be calculated on a consolidated basis or based on our Proportionate Share. Core FFO Core FFO is calculated starting from FFO adjusted for loss on early extinguishment of debt, acquisition expenses, contingent purchase price adjustments, gain or loss on derivative fair value adjustments and non-recurring expenses, such as transition expenses. May be calculated on a consolidated basis or based on our Proportionate Share. Adjusted Core FFO (“AFFO”) AFFO is calculated starting from Core FFO adjusted for Recurring Capital Expenditures, Straight-line rents and stock compensation expense. May be calculated on a consolidated basis or based on our Proportionate Share. Net Operating Income (“NOI”) NOI is calculated as total rental revenue less direct property operating expenses including real estate taxes. NOI does not include property management revenues, interest income, property management expenses, depreciation, interest and other finance expense, corporate general and administrative expenses, overhead allocations and other non-onsite operations. We provide NOI on a consolidated and proportional basis. The reconcilation of income (loss) from continuing operations to NOI is provided on page 20. The reconciliation of net income (loss) attributable to common stockholders to proportionate share of NOI is provided below for all periods presented (amounts in thousands): QTD 3Q 2015 QTD 3Q 2014 YTD 3Q 2015 YTD 3Q 2014 Net income (loss) attributable to common stockholders Adjustments to reconcile Net income (loss) attributable to common stockholders to Proportionate Share of Net Operating Income: Add: real estate depreciation and amortization (page 8) Less: gains on sales of real estate (page 8) Less: total fee income (page 9 - QTD; page 10 - YTD) Less: total other adjustments (page 9 - QTD; page 10 - YTD) Less: net of straight-line rents, start up expenses, etc. (1) Proportionate Share of Net Operating Income (page 28 - QTD; page 30 - YTD) $ 31,362 $ (619) $ 79,725 $ 29 17,300 (34,373) (1,028) 12,426 (167) 15,168 - (1,073) 8,268 2,691 50,786 (82,975) (7,727) 30,751 6,328 44,316 (8,964) (1,893) 30,561 7,736 $ 25,520 $24,435 $ 76,888 $ 71,785 (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. © 2015 Monogram Residential Trust, Inc. 49 Definitions and other Explanatory Information

Net Operating Income - FFO Defined Net Operating Income - FFO Defined represents NOI adjusted for certain FFO adjustments such as straight-line rents, start-up costs, etc. Projected NOI Yield at Stabilization Projected NOI from the date the community is first stabilized for the following 12 months divided by the projected Economic Costs. Occupancy Physical occupancy is defined as the residential units occupied for multifamily communities divided by the total number of residential units. All occupancy is presented on a consolidated basis. Ownership Presentations Consolidated Presentation in accordance with GAAP, where ownership interests that generally provide us the ability to control the operation are presented at 100% of the assets, liabilities and operations. Amounts related to Noncontrolling Interests are aggregated and adjusted in summary. In Proportionate Share presentations, the Noncontrolling Interest amounts are eliminated and replaced with our share. Noncontrolling Interest The amounts attributable in a consolidation presentation to minority equity interests or owners without a controlling interest. In a proportionate presentation, these amounts are eliminated. GAAP recognizes two types of noncontrolling interests. Non-redeemable Noncontrolling Interest represents ownership interests that are not redeemable by the equity holders and are presented as part of permanent equity. Redeemable Noncontrolling Interest represents temporary equity not within our control, where the equity holder has the right to require that their interest be redeemed in cash. Our primary Redeemable Noncontrolling Interest is the put options exercisable by developer partners. Redeemable Noncontrolling Interests are presented in our consolidated balance sheet outside of permanent equity between debt and equity. Proportionate Share A non-GAAP presentation of financial amounts at our effective cash share based on our participation in distributable operating cash. The amounts include our share of Unconsolidated Joint Ventures and 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 ventures that are presented on the equity method of accounting, reporting net assets as a single net investment and operations as a single equity in earnings. In Proportionate Share presentations, the investment and the equity in earnings are eliminated and replaced with our share. Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. Straight-line rents In accordance with GAAP, rental revenues are recorded evenly over the contractual period, irrespective of the timing of cash collections. The difference between the amount actually collected for a period and the straight-line amount is referred to as the Straight-line rent adjustment. This adjustment amount is reversed in presenting AFFO. Transition expenses Transition expenses include expenses related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors, comprised of all of the Company’s independent directors, general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to a listing on a national securities exchange and payments to our former advisor in connection with the transition to self-management. In accordance with GAAP, transition expenses not related to assets with a recoverable value are expensed as the service is performed. Unfunded Commitments Amounts under a contractual commitment that have not been funded. Unfunded Commitments do not include amounts related to fundings that are contingent on future events that are within our control. Remaining commitments do not include amounts that are contingent on future events. Year Built The date the community is substantially completed or renovated and ready for its intended use. © 2015 Monogram Residential Trust, Inc. 50 Definitions and other Explanatory Information