Monogram Residential Trust, Inc. Supplemental Financial Information First Quarter 2015

Forward–Looking Statements 3 Financial Information Consolidated Balance Sheets 4 Proportionate Balance Sheet Information as of March 31, 2015 5 Proportionate Balance Sheet Information as of December 31, 2014 6 Consolidated Statements of Operations 7 Funds from Operations, Core FFO and Adjusted Core Funds from Operations 8 Proportionate Operating Information and Reconciliation to FFO 9 EBITDA Reconciliation 10 Portfolio Overview Geographic Regions 11 Summary of Number of Units and Communities 12 Summary of Operating Communities 13 Summary of Proportionate Share of Notes Receivable 16 Operating Performance Consolidated Net Operating Income 17 Reconciliation of Consolidated Net Operating Income 18 Consolidated QTD Net Operating Income and Other Operating Metrics 19 Consolidated Operating Metrics by Geographic Region and Market 21 Proportionate QTD Net Operating Income by Geographic Region and Market 23 Consolidated QTD Comparisons of Same Store Operating Expenses 25 Proportionate Share QTD General Administrative and Corporate Property Management Expenses 26 Capital Deployment Summary of Developments 27 Development Cash Costs to Complete, Interest and Other Costs 28 Acquisition and Disposition Summary 29 Capital Expenditures - Same Store 30 Capitalization Debt Summary 31 Debt Detail byMultifamily Community 33 Sources of Funds Available 35 Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents 36 Net Asset Value Road Map to Net Asset Value 37 Co-Investment Venture Partners Information on Joint Ventures 39 Definitions and other Explanatory Information 40 Table of Contents First Quarter 2015 © 2015 Monogram Residential Trust, Inc. 2

Forward– Looking Statements First Quarter 2015 This supplemental package contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this supplemental package is published, and which are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. The following are some of the factors that could cause our actual results and its expectations to differ materially from those described in our forward-looking statements: we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed our original estimates; we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues; occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control; financing may not be available on favorable terms or at all, and our cash flows from operations and access to cost effective capital may be insufficient for the development of our pipeline which could limit our pursuit of opportunities; our cash flows may be insufficient to meet required payments of principal and interest, and we may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness; and we may be unsuccessful in managing changes in our portfolio composition. Other important risk factors regarding our company are included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and may be discussed in subsequent filings with the SEC. We do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. © 2015 Monogram Residential Trust, Inc. 3

(in thousands) (unaudited) March 31, 2015 December 31, 2014 Assets Real estate Land 379,485 $ 389,885 $ Buildings and improvements 1,972,480 2,033,819 2,351,965 2,423,704 Less: accumulated depreciation (291,366) (280,400) Net operating real estate 2,060,599 2,143,304 Construction in progress, including land 811,735 716,930 Total real estate, net 2,872,334 2,860,234 Assets associated with real estate held for sale 76,601 - Cash and cash equivalents 70,379 116,407 Intangibles, net 20,440 21,485 Other assets, net 114,496 110,282 Total assets 3,154,250 $ 3,108,408 $ Liabilities Mortgages and notes payable 1,232,200 $ 1,186,481 $ Credit facility payable 35,000 10,000 Construction costs payable 85,097 75,623 Accounts payable and other liabilities 20,893 28,053 Deferred revenues, primarily lease revenues, net 18,587 18,955 Distributions payable 12,576 12,485 Tenant security deposits 4,580 4,586 Obligations associated with real estate held for sale 741 - Total liabilities 1,409,674 1,336,183 Redeemable, noncontrolling interests 32,043 32,012 Equity Preferred stock - - Common stock 17 17 1,493,184 1,492,799 Cumulative distributions and net loss (306,671) (293,350) Total equity attributable to common stockholders 1,186,530 1,199,466 Non-redeemable noncontrolling interests 526,003 540,747 Total equity 1,712,533 1,740,213 Total liabilities and equity 3,154,250 $ 3,108,408 $ Additional paid-in capital Financial Information Consolidated Balance Sheets © 2015 Monogram Residential Trust, Inc. 4

(in thousands) (unaudited) Proportionate Consolidated Share of Proportionate GAAP Unconsolidated Noncontrolling Balance Balance Sheet Joint Venture Interests Sheet Assets Operating real estate 2,351,965 $ - $ (863,338) $ 1,488,627 $ Less: accumulated depreciation (291,366) - 109,013 (182,353) Net operating real estate 2,060,599 - (754,325) 1,306,274 Construction in progress, including land 811,735 - (328,154) 483,581 Total real estate, net 2,872,334 - (1,082,479) 1,789,855 Assets associated with real estate held for sale 76,601 - - 76,601 Cash and cash equivalents 70,379 10 (13,463) 56,926 Intangibles, net 20,440 - (7,776) 12,664 Investment in unconsolidated real estate joint venture 5,094 (5,094) - - Notes receivable 59,758 2,430 19,470 81,658 Other assets, net 49,644 418 (10,641) 39,421 Total assets 3,154,250 $ (2,236) $ (1,094,889) $ 2,057,125 $ Liabilities Mortgages and notes payable 1,232,200 $ - $ (507,156) $ 725,044 $ Credit facility payable 35,000 - - 35,000 Construction costs payable 85,097 - (36,267) 48,830 Accounts payable and other liabilities 20,893 18 (7,947) 12,964 Deferred revenues, primarily lease revenues, net 18,587 15 (8,275) 10,327 Distributions payable 12,576 - (36) 12,540 Tenant security deposits 4,580 - (1,674) 2,906 Obligations associated with real estate held for sale 741 - - 741 Total liabilities 1,409,674 33 (561,355) 848,352 Redeemable, noncontrolling interests 32,043 - (11,011) 21,032 Equity Preferred Stock - - - - Common stock 17 - - 17 Subsidiary preferred stock - 12 1,199 1,211 Additional paid-in capital 1,493,184 - - 1,493,184 Cumulative distributions and net loss (306,671) - - (306,671) Total equity attributable to common stockholders 1,186,530 12 1,199 1,187,741 Non-redeemable noncontrolling interests 526,003 (2,281) (523,722) - Total equity 1,712,533 (2,269) (522,523) 1,187,741 Total liabilities and equity 3,154,250 $ (2,236) $ (1,094,889) $ 2,057,125 $ Financial Information Proportionate Balance Sheet Information As of March 31, 2015 © 2015 Monogram Residential Trust, Inc. 5

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

(in thousands, except per share amounts) (unaudited) 2015 2014 Rental revenues 56,643 $ 50,182 $ Expenses: Property operating expenses 15,675 13,041 Real estate taxes 8,569 7,153 Asset management fees - 1,880 General and administrative expenses 4,776 3,360 Acquisition expenses - (17) Transition expenses - 520 Investment and development expenses 231 248 Interest expense 5,997 5,331 Depreciation and amortization 25,380 22,977 Total expenses 60,628 54,493 Interest income 2,597 2,446 Loss on early extinguishment of debt - (230) Equity in income of investments in unconsolidated real estate joint ventures 186 204 Other income 25 200 Loss from continuing operations before gain on sale of real estate (1,177) (1,691) Gain on sale of real estate - 16,167 Net income (loss) (1,177) 14,476 Net (income) loss attributable to non-redeemable noncontrolling interests 346 (7,051) Net income (loss) available to the Company (831) 7,425 Dividends to preferred stockholders (2) (2) Net income (loss) attributable to common stockholders (833) $ 7,423 $ Weighted average number of common shares outstanding - basic 166,509 168,714 Weighted average number of common shares outstanding - diluted 166,509 168,919 Basic and diluted earnings (loss) per common share (0.01) $ 0.04 $ Financial Information March 31, Three Months Ended Consolidated Statements of Operations © 2015 Monogram Residential Trust, Inc. 7

(in thousands, except per share amounts) (unaudited) 2015 2014 FFO: Net income (loss) attributable to common stockholders (833) $ 7,423 $ Add (deduct) NAREIT defined adjustments - our share: Real estate depreciation and amortization 15,929 14,443 Gain on sale of real estate - (8,965) FFO 15,096 12,901 Add (deduct) adjustments to arrive at Core FFO - our share: Loss on early extinguishment of debt - 128 Transition expenses - 520 Loss on derivative fair value adjustment 16 60 Acquisition expenses (including start up expenses) 10 (17) Contingent purchase price adjustment - - Core FFO 15,122 13,592 Add (deduct) adjustments to arrive at Adjusted Core FFO ("AFFO") - our share: Recurring capital expenditures (358) (240) Straight-line rents 83 131 Stock compensation expense 538 172 AFFO 15,385 $ 13,655 $ Weighted average number of common shares outstanding - basic 166,509 168,714 Weighted average number of common shares outstanding - diluted 167,109 168,919 Per common share amounts - basic and diluted: Net (income) loss attributable to common stockholders (0.01) $ 0.04 $ FFO 0.09 $ 0.08 $ Core FFO 0.09 $ 0.08 $ AFFO 0.09 $ 0.08 $ March 31, Financial Information Three Months Ended Funds from Operations ("FFO"), Core FFO and Adjusted Core Funds from Operations ("AFFO") © 2015 Monogram Residential Trust, Inc. 8

(in thousands, except per share amounts) (unaudited) Proportionate Proportionate Share of Share of Consolidated Unconsolidated Noncontrolling Proportionate Consolidated Unconsolidated Noncontrolling Proportionate Amount Joint Venture Interests Amount Amount Joint Venture Interests Amount Rental revenues 56,837 $ - $ (19,633) $ 37,204 $ 50,422 $ - $ (17,210) $ 33,212 $ Property operating expenses: Property operating expenses (including real estate taxes) 22,441 - (7,741) 14,700 18,294 - (6,177) 12,117 Net operating income 34,396 - (11,892) 22,504 32,128 - (11,033) 21,095 Fee income: Asset management fees - - 425 425 - - 330 330 Property management fees - - 728 728 - - - - Total fee income - - 1,153 1,153 - - 330 330 Other: General and administrative expenses (4,281) (7) 182 (4,106) (3,188) (5) 331 (2,862) Corporate property management expenses (1,771) - (8) (1,779) (1,900) - 687 (1,213) Asset management expenses - - - - (1,880) - - (1,880) Acquisition expenses (including start up expenses) (12) - 2 (10) 17 - - 17 Transition expenses - - - - (520) - - (520) Straight-line rents (194) - 111 (83) (240) - 109 (131) Stock compensation expense (538) - - (538) (172) - - (172) Investment and development expenses (231) - 97 (134) (248) - 43 (205) Interest expense (5,997) - 2,151 (3,846) (5,331) - 1,951 (3,380) Interest income 2,597 101 (120) 2,578 2,446 109 (159) 2,396 Equity in income of investments in unconsolidated real estate joint ventures 186 (186) - - 204 (204) - - Derivative fair value adjustment (18) - 1 (17) (64) - 4 (60) Other income 43 10 153 206 264 10 (164) 110 Dividends to preferred stockholders (85) (1) 36 (50) (75) (1) 32 (44) Depreciation and amortization related to non-real estate assets (967) - 185 (782) (554) - 102 (452) Loss on early extinguishment of debt - - - - (230) - 102 (128) Total other adjustments (11,268) (83) 2,790 (8,561) (11,471) (91) 3,038 (8,524) FFO 23,128 $ (83) $ (7,949) $ 15,096 $ 20,657 $ (91) $ (7,665) $ 12,901 $ Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., straight-line rents, corporate propertymanagement expenses, stock compensation expense, etc.). Three Months Ended March 31, 2015 Three Months Ended March 31, 2014 Financial Information Proportionate Operating Information and Reconciliation to FFO © 2015 Monogram Residential Trust, Inc. 9

(in thousands) (unaudited) 2015 2014 Reconciliation of loss from continuing operations to Adjusted EBITDA: Loss from continuing operations before gain on sale of real estate - Consolidated (1,177) $ (1,691) $ Depreciation and amortization (2) 25,624 23,221 Interest expense (1) 5,298 4,725 Loss on early extinguishment of debt - 230 Acquisition expenses - (17) Transition expenses - 520 Loss on derivative fair value adjustment 18 64 Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 85 75 Adjusted EBITDA - Consolidated 29,848 $ 27,127 $ Loss from continuing operations before gain on sale of real estate - Proportionate Share (831) $ (8,742) $ Depreciation and amortization (2) 16,847 15,239 Interest expense (1) 3,147 2,774 Loss on early extinguishment of debt - 128 Acquisition expenses - (17) Transition expenses - 520 Loss on derivative fair value adjustment 17 60 Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 50 44 Adjusted EBITDA - Proportionate Share 19,230 $ 10,006 $ (1) Reconciliation of interest expense: 2015 2014 2015 2014 Contractual interest expense 10,596 $ 9,452 $ 6,316 $ 5,728 $ Less: Capitalized interest (4,758) (4,110) (2,872) (2,614) Mortgage premium amortization (540) (617) (298) (340) Plus: Credit facility and other finance fees 699 606 699 606 Interest expense for GAAP 5,997 5,331 3,846 3,380 Less: Credit facility and other finance fees (699) (606) (699) (606) EBITDA interest adjustment 5,298 $ 4,725 $ 3,147 $ 2,774 $ (2) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP 25,380 $ 22,977 $ 16,712 $ 15,104 $ Plus: Purchase accounting intangible expense 244 244 135 135 EBITDA depreciation and amortization adjustment 25,624 $ 23,221 $ 16,847 $ 15,239 $ March 31, Consolidated Proportionate Share Three Months Ended Three Months Ended March 31, Financial Information EBITDA Reconciliation March 31, Three Months Ended © 2015 Monogram Residential Trust, Inc. 10

Southern California 5 / 2 Northern California 5 / 2 Texas 10 / 2 Nevada 2 / 0 Florida 3 / 2 New England 4 / 1 Georgia 1 / 1 Illinois 1 / 0 Operating (40 communities) Development (12 communities) Portfolio Overview Geographic Regions as of March 31, 2015 Mid-Atlantic 5 / 2 Note: Excludes 4 debt investments ©2015Monogram Residential Trust, Inc. 11 Colorado 4 / 0

March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 Equity Investments: Stabilized Wholly owned 1,971 1,971 7 7 Consolidated joint ventures 8,472 7,182 31 26 Total Stabilized 10,443 9,153 38 33 Lease up (including operating communities and developments in lease up) Consolidated joint ventures 398 608 2 2 Total Lease up (including developments in lease up) 398 608 2 2 Developments under Construction and Pre-development Consolidated joint ventures 3,772 4,221 11 14 Total Developments under Construction and Pre-development 3,772 4,221 11 14 Land Held for Future Development Consolidated Joint Venture N/A N/A 1 1 Total Communities - Equity Investments 14,613 13,982 52 50 Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly Owned 1,069 1,069 3 3 Unconsolidated joint venture 444 444 1 1 Total Communities - Debt Investments 1,513 1,513 4 4 Total Communities - Equity and Debt Investments 16,126 15,495 56 54 TotalWholly Owned 3,040 3,040 10 10 Total Consolidated Joint Ventures 12,642 12,011 45 43 Total Unconsolidated Joint Ventures 444 444 1 1 Total Communities - Equity and Debt Investments 16,126 15,495 56 54 Portfolio Overview Summary of Number of Units and Communities Total Communities Total Units © 2015 Monogram Residential Trust, Inc. 12

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Same Store Communities: Consolidated joint ventures 4550 Cherry Creek Denver, CO 55% 2004 288 7166 at Belmar Lakewood, CO 55% 2008 308 Skye 2905 (1) Denver, CO 55% 2010 400 Colorado Totals 996 12.7% Consolidated joint ventures The District Universal Boulevard (1) Orlando, FL 55% 2009 425 Satori Fort Lauderdale, FL 55% 2010 279 Florida Totals 704 7.0% Wholly owned The Reserve at La Vista Walk Atlanta, GA 100% 2008 283 Georgia Totals 283 2.6% Consolidated joint ventures 55 Hundred Arlington, VA 55% 2010 234 Bailey's Crossing Alexandria, VA 55% 2010 414 Burrough’s Mill Cherry Hill, NJ 55% 2004 308 The Cameron (1) Silver Spring, MD 55% 2010 325 The Lofts at Park Crest McLean, VA 55% 2008 131 Mid-Atlantic Totals 1,412 16.9% Wholly owned Burnham Pointe Chicago, IL 100% 2008 298 Illinois Totals 298 5.0% Consolidated joint ventures The Venue Clark County, NV 55% 2009 168 Veritas (1) Henderson, NV 52% 2011 430 Nevada Totals 598 4.0% Wholly owned Pembroke Woods Pembroke, MA 100% 2006 240 Consolidated joint ventures Stone Gate (1) Marlborough, MA 55% 2007 332 West Village Mansfield, MA 55% 2008 200 New England Totals 772 7.0% (Table continued on next page; See page 15 for footnotes) Portfolio Overview Summary of Operating Communities as of March 31, 2015 © 2015 Monogram Residential Trust, Inc. 13

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Portfolio Overview Summary of Operating Communities as of March 31, 2015 Same Store Communities (continued): Wholly owned Acappella San Bruno, CA 100% 2010 163 Consolidated joint ventures Acacia on Santa Rosa Creek Santa Rosa, CA 55% 2003 277 Argenta San Francisco, CA 55% 2008 179 Renaissance (Phase I) Concord, CA 55% 2008 132 Northern California Totals 751 13.7% Consolidated joint ventures Calypso Apartments and Lofts Irvine, CA 55% 2008 177 Forty55 Lofts Marina del Rey, CA 55% 2010 140 The Gallery at NoHo Commons Los Angeles, CA 55% 2008 438 San Sebastian Laguna Woods, CA 55% 2010 134 Southern California Totals 889 13.8% Wholly owned Uptown Post Oak Houston, TX 100% 2008 392 Allegro (2) Addison, TX 100% 2013 393 Consolidated joint ventures Briar Forest Lofts Houston, TX 55% 2008 352 Eclipse Houston, TX 55% 2009 330 Fitzhugh Urban Flats Dallas, TX 55% 2009 452 Grand Reserve (1) Dallas, TX 74% 2009 149 Texas Totals 2,068 17.4% Total Same Store Communities 2009 8,771 100% Stabilized / Non-Comparable Communities: Consolidated joint venture The Franklin Delray Delray Beach, FL 55% 2013 180 Florida Totals 180 Wholly owned Vara San Francisco, CA 100% 2013 202 Northern California Totals 202 (Table continued on next page; See page 15 for footnotes) © 2015 Monogram Residential Trust, Inc. 14

Location Current Effective Ownership Year of Completion or Most Recent Substantial Development Units Percentage of Portfolio Based on YTD 2015 Same Store NOI Portfolio Overview Summary of Operating Communities as of March 31, 2015 Stabilized / Non-Comparable Communities (continued): Consolidated joint venture Blue Sol Costa Mesa, CA 100% 2014 113 Southern California Totals 113 Consolidated joint ventures 4110 Fairmount Dallas, TX 55% 2014 299 Arpeggio Victory Park Dallas, TX 55% 2014 377 Muse Museum District Houston, TX 55% 2014 270 Allusion West University Houston, TX 55% 2014 231 Texas Totals 1,177 Total Stabilized / Non-Comparable Communities 2014 1,672 Lease Up (including operating communities and developments in lease up)(3) Consolidated joint venture Point 21 Denver, CO 55% N/A 212 Colorado Totals 212 Consolidated joint venture Everly Wakefield, MA 55% 2014 186 New England Totals 186 Total Lease up Communities 2014 398 Total Operating Communities 2009 10,841 (1) Acquired noncontrolling interest from PGGM in May 2015. For all but Veritas, we now own 100%. For Veritas, our effective ownership will be 100% and based on contributed capital will be 93.5%. (2) During 2013, we completed the development of the second phase of Allegro which added an additional 121 units. The property was initially completed in 2010. (3) These are communities included in the GAAP presentation in land, building and improvements except Point 21 which is 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. 15

(dollars in thousands) (unaudited) Community Location Ownership Proportionate Share Contractual Principal Balance (1)(2) Proportionate Share Contractual Accrued Interest Maturity Date Interest Rate (3) Jefferson at One Scottsdale Scottsdale, AZ 100% 22,712 $ 4,845 $ 12/7/2015 14.5% Kendall Square Miami Dade County, FL 100% 12,300 3,179 1/16/2016 15.0% Jefferson Center Richardson, TX 100% 14,989 2,163 9/4/2016 15.0% Jefferson Creekside Allen, TX 55.5% 7,837 1,344 8/15/2015 14.5% Our Proportionate Share 57,838 $ 11,531 $ 14.7% (1) Excludes certain GAAP consolidated costs, primarily related to accrued interest, deferred income and loan origination costs. (2) In addition to the note receivables presented in the table are short-term, interest bearing, bridge notes receivable made to our CO-JVs, secured by the related multifamily communities and total $23.7 million. Portfolio Overview Summary of Proportionate Share of Notes Receivable as of March 31, 2015 (3) The interest rate is calculated on a weighted average based on the contractual principal balance including only recurring interest. Excluded from the interest rate are fees paid at initial closing or final payment. © 2015 Monogram Residential Trust, Inc. 16

(dollars in thousands) (unaudited) 2015 2014 Change Rental revenue Same Store 48,439 $ 47,112 $ 2.8% Property sold in Q1 2014 - 355 N/A Acquisition 2,119 1,860 N/A Developments 6,085 855 N/A Total rental revenue 56,643 50,182 12.9% Property operating expenses, including real estate taxes Same Store 17,836 16,675 7.0% Property sold in Q1 2014 - 180 N/A Acquisition 658 623 N/A Developments 3,935 816 N/A Total property operating expenses, including real estate taxes 22,429 18,294 22.6% NOI Same Store 30,603 30,437 0.5% Property sold in 2014 - 175 N/A 2013 acquisition 1,461 1,237 N/A Developments 2,150 39 N/A Total NOI 34,214 $ 31,888 $ 7.3% Number of operating communities (including Lease ups) as of March 31 Same Store 31 31 - Acquisition 1 1 - Developments 8 3 5 Total operating communities 40 35 5 Operating Performance Consolidated Net Operating Income Three Months Ended March 31, © 2015 Monogram Residential Trust, Inc. 17

(in thousands) (unaudited) 2015 2014 Reconciliation of net income (loss) to Same Store Net Operating Income: Net income (loss) (1,177) $ 14,476 $ Adjustments to reconcile net income (loss) to Net Operating Income: Corporate property management expenses 1,814 1,900 General and administrative expenses 4,776 3,360 Asset management expenses - 1,880 Acquisition expenses - (17) Transition expenses - 520 Interest expense 5,997 5,331 Depreciation and amortization 25,380 22,977 Interest income (2,597) (2,446) Gain on sale of real estate - (16,167) Loss on early extinguishment of debt - 230 Other, net 21 (156) Net Operating Income 34,214 31,888 Less: non-comparable Rental revenue (8,204) (3,070) Property operating expenses, including real estate taxes 4,593 1,619 Same Store Net Operating Income 30,603 $ 30,437 $ March 31, Operating Performance Three Months Ended Reconciliation of Consolidated Net Operating Income © 2015 Monogram Residential Trust, Inc. 18

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change Same Store Colorado Denver 5,433 $ 5,007 $ 8.5% 1,562 $ 1,510 $ 3.4% 3,871 $ 3,497 $ 10.7% Colorado Total 5,433 5,007 8.5% 1,562 1,510 3.4% 3,871 3,497 10.7% Florida North Florida 1,650 1,572 5.0% 577 526 9.7% 1,073 1,046 2.6% South Florida 1,790 1,824 -1.9% 729 705 3.4% 1,061 1,119 -5.2% Florida Total 3,440 3,396 1.3% 1,306 1,231 6.1% 2,134 2,165 -1.4% Georgia Atlanta 1,334 1,257 6.1% 545 489 11.5% 789 768 2.7% Georgia Total 1,334 1,257 6.1% 545 489 11.5% 789 768 2.7% Mid-Atlantic Washington D.C. 7,055 7,572 -6.8% 2,664 2,513 6.0% 4,391 5,059 -13.2% Philadelphia 1,502 1,478 1.6% 725 729 -0.5% 777 749 3.7% Mid-Atlantic Total 8,557 9,050 -5.4% 3,389 3,242 4.5% 5,168 5,808 -11.0% Illinois Chicago 2,364 2,262 4.5% 790 837 -5.6% 1,574 1,425 10.5% Illinois Total 2,364 2,262 4.5% 790 837 -5.6% 1,574 1,425 10.5% Nevada Las Vegas 1,850 1,794 3.1% 637 613 3.9% 1,213 1,181 2.7% Nevada Total 1,850 1,794 3.1% 637 613 3.9% 1,213 1,181 2.7% New England Boston 3,820 3,597 6.2% 1,680 1,392 20.7% 2,140 2,205 -2.9% New England Total 3,820 3,597 6.2% 1,680 1,392 20.7% 2,140 2,205 -2.9% Northern California San Francisco 6,066 5,551 9.3% 1,891 1,743 8.5% 4,175 3,808 9.6% Northern California Total 6,066 5,551 9.3% 1,891 1,743 8.5% 4,175 3,808 9.6% Southern California Los Angeles 6,115 5,815 5.2% 1,901 1,820 4.5% 4,214 3,995 5.5% Southern California Total 6,115 5,815 5.2% 1,901 1,820 4.5% 4,214 3,995 5.5% Texas Dallas 4,523 4,427 2.2% 2,007 1,834 9.4% 2,516 2,593 -3.0% Houston 4,937 4,956 -0.4% 2,128 1,964 8.4% 2,809 2,992 -6.1% Texas Total 9,460 9,383 0.8% 4,135 3,798 8.9% 5,325 5,585 -4.7% Total Same Store 48,439 47,112 2.8% 17,836 16,675 7.0% 30,603 30,437 0.5% (Table continued on next page) Net Operating Income Operating Performance Property Operating Expenses Rental Revenue Consolidated QTD Net Operating Income by Geographic Region and Market © 2015 Monogram Residential Trust, Inc. 19

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change Net Operating Income Operating Performance Property Operating Expenses Rental Revenue Consolidated QTD Net Operating Income by Geographic Region and Market Stabilized Non-Comparable Florida South Florida 1,016 762 N/A 391 381 N/A 625 381 N/A Florida Total 1,016 762 N/A 391 381 N/A 625 381 N/A Northern California San Francisco 2,119 1,860 N/A 658 623 N/A 1,461 1,237 N/A Northern California Total 2,119 1,860 N/A 658 623 N/A 1,461 1,237 N/A Southern California Los Angeles 421 - N/A 365 - N/A 56 - N/A Southern California Total 421 - N/A 365 - N/A 56 - N/A Texas Dallas 2,200 31 N/A 1,281 219 N/A 919 (188) N/A Houston 2,060 62 N/A 1,069 194 N/A 991 (132) N/A Texas Total 4,260 93 N/A 2,350 413 N/A 1,910 (320) N/A Total Stabilized Non-Comparable 7,816 2,715 188% 3,764 1,417 166% 4,052 1,298 212% Colorado 74 - N/A 213 - N/A (139) - N/A New England 299 - N/A 368 - N/A (69) - N/A Total Lease up 373 - N/A 581 - N/A (208) - N/A 15 355 N/A 248 202 N/A (233) 153 N/A Total Portfolio 56,643 $ 50,182 $ 12.9% 22,429 $ 18,294 $ 22.6% 34,214 $ 31,888 $ 7.3% Note: Certain amounts from the Proportionate Operating Information and FFO differ from the amounts above due to adjustments for non-FFO items (e.g., straight-line rents and start up expenses). Dispositions and other non-lease up developments Lease up (includes operating and development © 2015 Monogram Residential Trust, Inc. 20

Units QTD QTD QTD QTD QTD QTD QTD QTD QTD 1Q 2015 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 Same Store Colorado Denver 71.2% 69.8% 95.2% 94.1% 95.4% 95.5% 1,762 $ 1,659 $ Colorado Total 996 71.2% 69.8% 95.2% 94.1% 95.4% 95.5% 1,762 1,659 Florida North Florida 65.0% 66.5% 97.4% 93.9% 94.9% 93.4% 1,198 1,148 South Florida 59.3% 61.3% 96.1% 95.0% 92.7% 90.7% 2,159 2,173 Florida Total 704 62.0% 63.8% 96.9% 94.3% 94.0% 92.3% 1,579 1,554 Georgia Atlanta 59.1% 61.1% 96.1% 96.1% 97.5% 95.1% 1,422 1,365 Georgia Total 283 59.1% 61.1% 96.1% 96.1% 97.5% 95.1% 1,422 1,365 Mid-Atlantic Washington D.C. 62.2% 66.8% 92.8% 93.1% 91.2% 92.5% 2,110 2,178 Philadelphia 51.7% 50.7% 92.9% 95.5% 94.7% 95.0% 1,587 1,540 Mid-Atlantic Total 1,412 60.4% 64.2% 92.9% 93.6% 94.7% 95.0% 1,996 2,039 Illinois Chicago 66.6% 63.0% 94.0% 98.3% 92.7% 95.0% 2,482 2,405 Illinois Total 298 66.6% 63.0% 94.0% 98.3% 92.7% 95.0% 2,482 2,405 Nevada Las Vegas 65.6% 65.8% 94.7% 93.6% 93.6% 94.4% 1,023 1,023 Nevada Total 598 65.6% 65.8% 94.7% 93.6% 93.6% 94.4% 1,023 1,023 New England Boston 56.0% 61.3% 97.8% 96.2% 96.2% 94.1% 1,603 1,522 New England Total 772 56.0% 61.3% 97.8% 96.2% 96.2% 94.1% 1,603 1,522 Northern California San Francisco 68.8% 68.6% 95.3% 95.7% 95.8% 95.9% 2,637 2,454 Northern California Total 751 68.8% 68.6% 95.3% 95.7% 95.8% 95.9% 2,637 2,454 Southern California Los Angeles 68.9% 68.7% 95.5% 94.6% 95.5% 95.2% 2,180 2,112 Southern California Total 889 68.9% 68.7% 95.5% 94.6% 95.5% 95.2% 2,180 2,112 Texas Dallas 55.6% 58.6% 95.1% 93.8% 94.4% 93.9% 1,553 1,509 Houston 56.9% 60.4% 93.6% 95.8% 94.5% 92.9% 1,510 1,498 Texas Total 2,068 56.3% 59.5% 94.3% 94.8% 94.4% 93.4% 1,531 1,503 Total Same Store 8,771 63.2% 64.6% 95.0% 94.8% 94.5% 94.1% 1,797 1,749 (Table continued on next page) Operating Performance Consolidated Operating Metrics by Geographic Region and Market Weighted Average Occupancy Monthly Rental Revenue Per Unit (1) Operating Margin Period End Occupancy © 2015 Monogram Residential Trust, Inc. 21

Units QTD QTD QTD QTD QTD QTD QTD QTD QTD 1Q 2015 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 Operating Performance Consolidated Operating Metrics by Geographic Region and Market Weighted Average Occupancy Monthly Rental Revenue Per Unit (1) Operating Margin Period End Occupancy Stabilized Non-Comparable Florida South Florida 61.5% N/A 96.7% 95.6% 95.0% 97.2% 1,857 N/A Florida Total 180 61.5% N/A 96.7% 95.6% 95.0% 97.2% 1,857 N/A Northern California San Francisco 68.9% N/A 97.0% 97.5% 97.0% 96.2% 3,413 N/A Northern California Total 202 68.9% N/A 97.0% 97.5% 97.0% 96.2% 3,413 N/A Southern California Los Angeles 13.3% N/A 91.2% N/A 76.1% 36.3% 2,474 N/A Southern California Total 113 13.3% N/A 91.2% N/A 76.1% 36.3% 2,474 N/A Texas Dallas 41.8% N/A 89.9% 4.7% 76.1% 64.1% 1,534 N/A Houston 48.1% N/A 90.2% 8.0% 82.2% 68.6% 1,770 N/A Texas Total 1,177 44.8% N/A 90.1% 6.1% 78.7% 66.0% 1,635 N/A Total Stabilized Non-Comparable 1,672 51.8% N/A 91.7% 26.4% 82.5% 71.0% 1,930 N/A Colorado 212 N/A N/A 24.5% N/A 13.4% 3.3% N/A N/A New England 186 N/A N/A 39.8% N/A 34.4% 12.0% N/A N/A Total Lease up 398 N/A N/A 31.7% N/A 23.2% 7.4% N/A N/A Washington DC Los Angeles San Francisco Denver Houston Dallas Boston Chicago Las Vegas North Florida South Florida Atlanta Philadelphia (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. 2.5% 100% 12.8% 12.4% 16.4% 10.9% 11.1% 9.7% 6.0% 4.6% 3.5% 3.1% 4.9% 2.1% 2.3% 100% 5.1% 4.0% 3.5% 3.5% 2.6% 13.6% 12.6% 9.2% 8.2% 7.0% QTD 1Q 2015 14.3% 13.8% QTD 1Q 2015 Market Percentage of Same Store Portfolio Based on QTD 2015 Same Store Consolidated NOI Percentage of Total Portfolio Based on QTD 2015 Consolidated NOI Lease up (includes operating and development communities) © 2015 Monogram Residential Trust, Inc. 22

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change Same Store Colorado Denver 2,998 $ 2,763 $ 8.5% 862 $ 833 $ 3.5% 2,136 $ 1,930 $ 10.7% Colorado Total 2,998 2,763 8.5% 862 833 3.5% 2,136 1,930 10.7% Florida North Florida 915 872 4.9% 320 292 9.6% 595 580 2.6% South Florida 992 1,011 -1.9% 404 391 3.3% 588 620 -5.2% Florida Total 1,907 1,883 1.3% 724 683 6.0% 1,183 1,200 -1.4% Georgia Atlanta 1,334 1,257 6.1% 545 489 11.5% 789 768 2.7% Georgia Total 1,334 1,257 6.1% 545 489 11.5% 789 768 2.7% Mid-Atlantic Washington D.C. 3,905 4,191 -6.8% 1,475 1,391 6.0% 2,430 2,800 -13.2% Philadelphia 826 813 1.6% 399 401 -0.5% 427 412 3.6% Mid-Atlantic Total 4,731 5,004 -5.5% 1,874 1,792 4.6% 2,857 3,212 -11.1% Illilnois Chicago 2,364 2,262 4.5% 790 837 -5.6% 1,574 1,425 10.5% Illinois Total 2,364 2,262 4.5% 790 837 -5.6% 1,574 1,425 10.5% Nevada Las Vegas 1,023 992 3.1% 352 339 3.8% 671 653 2.8% Nevada Total 1,023 992 3.1% 352 339 3.8% 671 653 2.8% New England Boston 2,614 2,461 6.2% 1,174 980 19.8% 1,440 1,481 -2.8% New England Total 2,614 2,461 6.2% 1,174 980 19.8% 1,440 1,481 -2.8% Northern California San Francisco 3,976 3,627 9.6% 1,246 1,141 9.2% 2,730 2,486 9.8% Northern California Total 3,976 3,627 9.6% 1,246 1,141 9.2% 2,730 2,486 9.8% Southern California Los Angeles 3,367 3,202 5.2% 1,047 1,002 4.5% 2,320 2,200 5.5% Southern California Total 3,367 3,202 5.2% 1,047 1,002 4.5% 2,320 2,200 5.5% Texas Dallas 3,483 3,430 1.5% 1,524 1,408 8.2% 1,959 2,022 -3.1% Houston 3,643 3,668 -0.7% 1,559 1,438 8.4% 2,084 2,230 -6.5% Texas Total 7,126 7,098 0.4% 3,083 2,846 8.3% 4,043 4,252 -4.9% Total Same Store 31,440 30,549 2.9% 11,697 10,942 6.9% 19,743 19,607 0.7% (Table continued on next page) Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income © 2015 Monogram Residential Trust, Inc. 23

(dollars in thousands) (unaudited) QTD QTD % QTD QTD % QTD QTD % 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change 1Q 2015 1Q 2014 Change Operating Performance Proportionate QTD Net Operating Income by Geographic Region and Market Rental Revenue Property Operating Expenses Net Operating Income Stabilized Non-Comparable Florida South Florida 563 422 N/A 216 212 N/A 347 210 N/A Florida Total 563 422 N/A 216 212 N/A 347 210 N/A Northern California San Francisco 2,119 1,860 N/A 658 623 N/A 1,461 1,237 N/A Northern California Total 2,119 1,860 N/A 658 623 N/A 1,461 1,237 N/A Southern California Los Angeles 421 - N/A 365 - N/A 56 - N/A Southern California Total 421 - N/A 365 - N/A 56 - N/A Texas Dallas 1,220 17 N/A 711 121 N/A 509 (104) N/A Houston 1,142 35 N/A 593 108 N/A 549 (73) N/A Texas Total 2,362 52 N/A 1,304 229 N/A 1,058 (177) N/A Total Stabilized Non-Comparable 5,465 2,334 134% 2,543 1,064 139% 2,922 1,270 130% Colorado 41 - N/A 118 - N/A (77) - N/A New England 166 - N/A 204 - N/A (38) - N/A Total Lease up 207 - N/A 322 - N/A (115) - N/A 9 198 N/A 142 111 N/A (133) 87 N/A Total Portfolio 37,121 $ 33,081 $ 12.2% 14,704 $ 12,117 $ 21.4% 22,417 $ 20,964 $ 6.9% 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). Lease up (includes operating and development Dispositions and other non-lease up developments © 2015 Monogram Residential Trust, Inc. 24

(dollars in thousands) (unaudited) Same Store Properties Detailed Comparison by Major Operating Expense Categories Onsite management 492 $ 13.0% Marketing 37 6.2% Maintenance, including expensed turnover costs (2) 323 11.3% Utilities (17) -0.8% Insurance 148 25.3% Real estate taxes 175 2.6% Other 3 4.2% Total Operating Expenses 1,161 $ 7.0% (1) A positive percent change represents an increase in expense and a negative percent change represents a decrease in expense. (2) Dollar change includes snow removal and winter related expenses of $191, accounting for approximately 6.7% of the 11.3% maintenance increase and 1.1% of the 7.0% total increase. Operating Performance Dollar Change YTD Q1 2015 Compared to YTD Q1 2014 Percent Change YTD Q1 2015 Compared to YTD Q1 2014 (1) Consolidated QTD Comparisons of Same Store Operating Expenses © 2015 Monogram Residential Trust, Inc. 25

(dollars in thousands) (unaudited) Proportionate Share: Total General and administrative and corporate property management expenses 4,106 $ 1,779 $ 5,885 $ 23,540 $ Less: Asset management and property management fee income (425) (728) (1,153) (4,612) Net Expenses 3,681 1,051 4,732 18,928 Net Expenses as percentage of Total Consolidated Revenue 6.5% 1.8% 8.3% 8.3% Net Expenses as percentage of Total Consolidated Gross Assets 0.11% 0.03% 0.14% 0.56% For the Three Months Ended March 31, 2015 Operating Performance Proportionate Share QTD General Administrative and Corporate PropertyManagement Expenses General and Administrative Expenses Corporate Property Management Expenses Total Expenses Annualized Total Expenses Note: Effective June 30, 2014, we completed our transition to a fully integrated self-managed company. Accordingly, expenses and offsetting fee income are only meaningful for the current quarter and annualized. Total consolidated gross assets, which add back accumulated depreciation and amortization, is included as a benchmark as it is representative of the Company's assets under management. © 2015 Monogram Residential Trust, Inc. 26

(dollars in thousands) (unaudited) Ownership % Actual/ Estimated Units Actual/ Estimated Construction Start Date Actual/ Estimated Date First Units Actual/ Estimated Completion Date (1) Actual/ Estimated Stabilization Date (1) Estimated Economic Cost per Unit Occupancy Percent Complete Estimated Total Economic Costs Economic Costs Incurred as of 03/31/2015 Projected NOI Yield at Stabilization Operating Communities Stabilized During Current Quarter or in Lease Up (2) 55.5% 299 3Q 2012 2Q 2014 3Q 2014 1Q 2015 139,590 $ 90% 100% 23,143 $ 23,143 $ 7.8% 55.5% 377 3Q 2012 1Q 2014 3Q 2014 1Q 2015 146,398 90% 98% 30,604 30,072 6.7% 100% 113 2Q 2013 3Q 2014 3Q 2014 1Q 2015 316,203 91% 97% 35,731 34,697 6.5% 55.5% 186 2Q 2013 3Q 2014 4Q 2014 3Q 2015 258,330 40% 92% 26,644 24,605 6.1% 55.5% 270 1Q 2013 3Q 2014 4Q 2014 1Q 2015 170,339 91% 100% 25,502 25,456 7.1% Total Stabilized During the Current Qtr or in Lease Up 1,245 182,089 83% 97% 141,624 137,973 6.8% Developments in Lease Up 55.5% 212 1Q 2013 4Q 2014 2Q 2015 4Q 2015 224,280 25% 94% 26,365 24,862 5.9% Total Developments in Lease Up 212 224,280 25% 94% 26,365 24,862 5.9% Construction 55.5% 220 4Q 2012 2Q 2015 3Q 2015 1Q 2016 254,797 N/A 92% 31,083 28,642 7.9% 55.5% 329 4Q 2013 2Q 2015 3Q 2015 3Q 2016 205,713 N/A 92% 37,528 34,479 6.1% Zinc - Cambridge, MA 55.5% 392 2Q 2013 3Q 2015 4Q 2015 1Q 2017 462,316 N/A 82% 100,491 82,848 5.8% 55.5% 418 4Q 2013 3Q 2015 4Q 2015 4Q 2016 235,182 N/A 77% 54,511 42,124 6.2% 55.5% 121 2Q 2014 4Q 2015 4Q 2015 2Q 2016 537,782 N/A 61% 36,082 21,831 4.8% 49.9% 365 3Q 2013 2Q 2015 1Q 2016 4Q 2016 247,560 N/A 67% 45,098 30,270 6.4% 70.3% 444 4Q 2013 3Q 2015 1Q 2016 2Q 2017 277,322 N/A 66% 86,561 56,852 6.1% 55.5% 461 4Q 2013 3Q 2015 2Q 2016 3Q 2017 421,329 N/A 64% 107,702 69,045 6.2% Uptown Delray - Del Ray Beach, FL 55.5% 146 4Q 2014 3Q 2016 4Q 2016 2Q 2017 278,812 N/A 30% 22,572 6,719 6.3% Shady Grove - Rockville, MD 100% 366 3Q 2014 3Q 2016 1Q 2017 4Q 2017 244,683 N/A 41% 89,554 36,461 6.1% Total Construction 3,262 308,499 N/A 67% 611,182 409,271 6.1% Pre-development 65.4% 510 2Q 2015 1Q 2017 1Q 2018 3Q 2018 320,385 N/A 22% 106,779 23,725 6.4% Total Pre-development 510 320,385 N/A 22% 106,779 23,725 6.4% Land Held for Future Development 55.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A 5,462 Total Developments 5,229 276,146 $ 67% 885,950 $ 601,293 $ 6.3% (1) The estimated completion and stabilization dates are primarily based on contractual arrangements adjusted for certain events (e.g., weather delays, labor availability and change orders). (3) The ownership percentage for Huntington Beach is based upon the economics assuming completion of the development. Arpeggio Victory Park - Dallas, TX 4110 Fairmount - Dallas, TX The Verge - San Diego, CA Point 21 - Denver, CO Muse Museum District - Houston, TX Everly - Wakefield, MA Blue Sol - Costa Mesa, CA Summary of Developments (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. Capital Deployment Our Proportionate Share as of March 31, 2015 Huntington Beach - Huntington Beach, CA (3) Renaissance Phase II - Concord, CA SEVEN - Austin, TX Cyan on Peachtree - Atlanta, GA SoMa - Miami, FL On Mission Lofts - San Francisco, CA The Alexan - Dallas, TX Nouvelle - Tysons Corner, VA Community © 2015 Monogram Residential Trust, Inc. 27

(dollars in thousands) (unaudited) As of March 31, 2015 Estimated Development Cash Costs to Complete: Proportionate Share: Estimated Total Economic Costs (page 27) $ 885,950 Less: Costs incurred (excluding land held for development) (595,831) Plus: Net accrued and unpaid estimated economic costs (including retainage, construction payables and construction escrows) 49,433 Total Estimated Development Cash Costs to Complete 339,552 $ Total Estimated Development Cash Costs to Complete by Funding Source Construction loan draws (51% related to binding loan commitments) (1) 304,898 $ Other, including cash and our existing credit facilities 34,654 Total Estimated Development Cash Costs to Complete 339,552 $ (1) Expect to obtain loan commitments for the remainder. 2015 2014 Other Development Costs: Proportionate Share: Capitalized Development Costs: Interest 2,872 $ 2,614 $ Real estate taxes 832 838 Direct overhead 211 218 Total Capitalized Development Costs 3,915 $ 3,670 $ Development Related Costs (Expensed): NOI and development expenses (362) $ (232) $ Interest expense (62) - Total Development Costs (Expensed) (424) $ (232) $ Three Months Ended March 31, Capital Deployment Development Cash Costs to Complete, Interest and Other Costs © 2015 Monogram Residential Trust, Inc. 28

(dollars in thousands, except costs per unit) (unaudited) Location Vara San Francisco, CA 202 108,700 $ 538,119 $ 108,700 $ - $ Location 100% per Unit Our Share 100% Our Share Tupelo Alley Portland, OR 188 52,855 $ 281,143 $ 29,308 $ 33,379 $ 18,509 $ 39,930 $ 4.3% Grand Reserve Orange Orange, CT 168 35,300 210,119 35,300 34,273 34,273 25,747 5.2% Halstead Houston, TX 301 43,495 144,500 23,922 42,245 23,290 33,336 5.2% Cyan/PDX Portland, OR 352 95,750 272,017 52,663 95,514 52,533 81,610 3.6% The Reserve at John's Creek Walk Johns Creek, GA 210 37,250 177,381 18,400 33,263 6,600 29,753 5.2% Total 1,219 264,650 $ 217,105 $ 159,593 $ 238,674 $ 135,205 $ 210,376 $ 4.4% 2014 2013 Communities Sold Communities Acquired 2013 Cash Proceeds Capital Deployment Acquisition and Disposition Summary Gross Book Value at Time of Sale Exit Capitalization Rate as of March 31, 2015 Assumed Debt Number of Units Number of Units Purchase Price Our Share Purchase Price 100% Purchase Price per Unit Gross Sales Price © 2015 Monogram Residential Trust, Inc. 29

(dollars in thousands, except per unit amounts) (unaudited) 2015 2014 % Change Capital Expenditures - Same Store Recurring 420 $ 354 $ 18.6% Non-Recurring 1,170 899 30.1% Revenue Producing 178 159 11.9% Total capital expenditures - Same Store 1,768 $ 1,412 $ 25.2% Capital Expenditures per Unit - Same Store Recurring 48 $ 40 $ 20.0% Non-Recurring 133 102 30.4% Revenue Producing 21 19 10.5% Total capital expenditures per unit - Same Store 202 $ 161 $ 25.5% Capital Expenditures as a Percentage of Rental Revenue - Same Store Recurring 0.9% 0.8% Non-Recurring 2.4% 1.9% Revenue Producing 0.4% 0.3% Total capital expenditures as a percentage of rental revenue - Same Store 3.7% 3.0% Capital Deployment Capital Expenditures - Same Store Three Months Ended March 31, © 2015 Monogram Residential Trust, Inc. 30

(dollars in thousands) (unaudited) Total Consolidated Balance (1) (2) Weighted Average Time to Maturity Weighted Average Contractual Interest Rate Proportionate Share of Contractual Balance (3) Percent of Total Debt Company Level Debt Fixed Rate - Mortgages Payable 87,250 $ 4.9 years 3.95% 87,250 $ 11.2% Variable Rate - Construction Notes Payable - Recourse Debt (4) 50,013 3.1 years 2.30% 50,013 6.4% $150 Million Credit Facility 35,000 2.0 years 2.26% 35,000 4.5% $200 Million Credit Facility - 4.8 years 2.68% - 0.0% Total Company Level Debt 172,263 3.8 years 3.66% 172,263 22.1% Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 777,049 3.1 years 3.70% 431,184 55.3% Variable Rate - Mortgages Payable 11,859 2.0 years 2.53% 6,523 0.8% Fixed Rate - Construction Notes Payable 63,170 2.4 years 4.14% 33,144 4.2% Variable Rate - Construction Notes Payable 242,859 2.9 years 2.28% 136,760 17.5% Total Co-Investment Venture Level Debt 1,094,937 3.0 years 3.39% 607,611 77.9% Total Debt 1,267,200 $ 3.1 years 3.36% 779,874 $ 100.0% Aggregate Debt Maturities by Year April through December 2015 (5) 4.00% 16,251 $ 2016 4.00% 102,906 2017 3.00% 197,344 2018 3.20% 242,567 2019 3.20% 126,072 Thereafter 3.69% 94,734 Total Debt Maturities 3.36% 779,874 $ (5) In Q2 2015, $12.6 million of the 2015 maturities were paid off and funded from draws on our credit facilities. Capitalization Debt Summary As of March 31, 2015 Debt Maturities As of March 31, 2015 (4) The portion for which the Company has provided recourse guarantees. As of March 31, 2015, $103.9 million (19%) of the maximum loan commitment is guaranteed. Non-guaranteed portion is included in Co-Investment Venture level. (2) All of the Company's debt is secured debt. (3) Excludes certain GAAP consolidated costs, primarily related to unamortized adjustments from business combinations. Our proportionate share includes 100% of the recourse guarantees discussed in (4) below regardless of our actual effective ownership percentage. Weighted Average Rate on Debt Maturities Proportionate Share of Contractual Balance (3) (1) The amounts listed below are the contractual amounts on each loan at 100% regardless of the Companys's ownership plus the unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. © 2015 Monogram Residential Trust, Inc. 31

(dollars in thousands) (unaudited) Capitalization Debt Summary 2015 2014 Fixed Charge coverage ratio 2.79x 2.85x Debt to EBITDA (1) 10.58x 9.55x Net Debt to EBITDA (1) 9.99x 6.77x Adjusted Financial Ratios - Excluding Development Activity Fixed Charge coverage ratio 3.53x 3.04x Debt to EBITDA (1)(2) 7.44x 8.76x Net Debt to EBITDA(1)(2) 6.86x 6.02x (1) EBITDA is annualized for last quarter for the respective reporting periods. Fixed charges: 2015 2014 Contractual interest expense 10,596 $ 9,452 $ Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) 85 75 Fixed charges 10,681 9,527 Less: Development related fixed charges (2,033) (465) Fixed charges, excluding development activity 8,648 $ 9,062 $ Debt: March 31, 2015 March 31, 2014 Mortgages, notes payable and credit facilities 1,267,200 $ 1,042,468 $ Less: Mortgage premium - GAAP (3,768) (6,159) Contractual debt 1,263,432 1,036,309 Less: Cash and cash equivalents (70,379) (302,077) Net debt 1,193,053 734,232 Less: Development related debt (356,042) (70,965) Net debt, excluding development activity 837,012 $ 663,267 $ (2) Adjusted EBITDA, excluding development activity 2015 2014 EBITDA (page 10) 29,848 $ 27,127 $ Plus: NOI and Developments costs expensed (page 28), consolidated 653 418 Adjusted EBITDA, excluding development activity 30,501 $ 27,545 Annualized EBITDA, excluding development activity 122,003 $ 110,182 $ Consolidated Leverage Ratios Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, © 2015 Monogram Residential Trust, Inc. 32

(dollars in thousands) (unaudited) Total Contractual Balance (1) (2) Maturity Date Contractual Interest Rate (3) Proportionate Share of Contractual Balance (4) Company Level Debt Fixed Rate - Mortgages Payable Acappella 30,250 $ August-2018 3.86% 30,250 $ Vara 57,000 December-2020 4.00% 57,000 Total Fixed Rate - Mortgages Payable 87,250 3.95% 87,250 Variable Rate - Construction Notes Payable - Recourse Debt (4) 4110 Fairmount 6,206 April-2017 Monthly Libor + 2.25% 6,206 Muse Museum District 4,005 February-2018 Monthly Libor + 1.95% 4,005 Everly 3,203 June-2018 Monthly Libor + 2.00% 3,203 Point 21 2,404 December-2017 Monthly Libor + 2.00% 2,404 Nouvelle 5,418 August-2018 Monthly Libor + 2.10% 5,418 SEVEN 3,590 August-2018 Monthly Libor + 2.15% 3,590 The Verge 2,490 October-2018 Monthly Libor + 1.95% 2,490 SoMa 4,566 October-2017 Monthly Libor + 2.10% 4,566 Zinc 14,321 October-2018 Monthly Libor + 2.25% 14,321 Cyan on Peachtree 3,810 February-2018 Monthly Libor + 1.90% 3,810 Total Variable Rate - Construction Notes Payable - Recourse Debt 50,013 2.30% 50,013 $150 Million Credit Facility (5) 35,000 April-2017 Monthly Libor + 2.08% 35,000 Total Company Level Debt 172,263 3.66% 172,263 Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 55 Hundred 41,624 January-2017 3.75% 23,081 7166 at Belmar 22,825 June-2015 4.11% 12,554 Acacia on Santa Rosa Creek 29,000 March-2020 3.17% 15,950 Argenta 51,000 August-2016 3.19% 28,050 Bailey's Crossing 76,000 July-2017 2.82% 42,142 Briar Forest Lofts 20,482 September-2017 4.46% 11,265 Burrough’s Mill 24,743 October-2016 5.29% 13,609 The Cameron 64,577 July-2019 3.09% 35,808 The District Universal Boulevard 37,052 June-2018 4.54% 20,545 Eclipse 20,331 September-2017 4.46% 11,182 Fitzhugh Urban Flats 27,256 August-2017 4.35% 14,991 Forty 55 Lofts 25,500 October-2020 3.90% 14,025 The Gallery at NoHo Commons 51,300 November-2016 4.72% 28,215 Grand Reserve 20,668 May-2019 3.41% 15,369 The Lofts at Park Crest 32,218 January-2019 3.42% 17,720 San Sebastian 21,000 June-2020 3.31% 11,645 Satori 51,000 January-2019 3.54% 28,280 Skye 2905 56,100 June-2018 4.19% 31,107 Stone Gate 34,574 July-2018 4.24% 19,171 The Venue 10,500 January-2019 3.66% 5,775 Veritas 35,406 November-2019 2.77% 19,633 West Village 20,124 October-2019 2.48% 11,068 Total Fixed Rate - Mortgages Payable 773,280 3.70% 431,184 (Table continued on next page) Capitalization Debt Detail byMultifamily Community As of March 31, 2015 © 2015 Monogram Residential Trust, Inc. 33

(dollars in thousands) (unaudited) Total Contractual Balance (1) (2) Maturity Date Contractual Interest Rate (3) Proportionate Share of Contractual Balance (4) Capitalization Debt Detail byMultifamily Community As of March 31, 2015 Variable Rate - Mortgages Payable The Lofts at Park Crest Retail 11,859 April-2017 Monthly Libor + 2.35% 6,523 Fixed Rate - Construction Notes Payable The Alexan 34,009 August-2018 4.00% 16,974 Arpeggio Victory Park 29,161 June-2016 4.31% 16,170 Total Fixed Rate - Construction Notes Payable 63,170 4.14% 33,144 Variable Rate - Construction Notes Payable 4110 Fairmount 18,619 April-2017 Monthly Libor + 2.25% 10,324 Muse Museum District 22,695 February-2018 Monthly Libor + 1.95% 12,584 Everly 18,149 June-2018 Monthly Libor + 2.00% 10,063 Point 21 21,640 December-2017 Monthly Libor + 2.00% 11,999 Allusion West University 20,623 February-2016 Monthly Libor + 2.25% 11,436 Nouvelle (4) 16,253 August-2018 Monthly Libor + 2.10% 9,012 SEVEN 20,344 August-2018 Monthly Libor + 2.15% 11,281 The Verge 14,110 October-2018 Monthly Libor + 1.95% 9,919 SoMa 25,874 October-2017 Monthly Libor + 2.10% 14,347 Zinc 42,963 October-2018 Monthly Libor + 2.25% 23,823 Cyan on Peachtree 21,588 February-2018 Monthly Libor + 1.90% 11,971 Total Variable Rate - Construction Notes Payable 242,859 2.28% 136,760 Unamortized adjustments from business combinations (6) 3,769 2,081 Total Co-Investment Venture Level Debt 1,094,937 3.39% 609,692 Total Debt 1,267,200 $ 3.36% 781,955 $ (2) All of the Company's debt is secured debt. (3) Total and sub-totals represent the weighted-average interest rates as of March 31, 2015. Monthly LIBOR as of March 31, 2015 is 0.18%. (4) The portion for which the Company has provided recourse guarantees. Non-guaranteed portion is included in Co-Investment Venture level below. (5) The $150 million credit facility is collateralized by the following multifamily communities: Burnham Pointe, The Reserve at LaVista Walk and Uptown Post Oak. (1) The amounts listed below by multifamily community are the contractual amounts on each loan at 100% regardless of the Companys's ownership and exclude any unamortized GAAP adjustments from business combinations. (6) The unamortized adjustments from business combinations included in the GAAP amounts listed on the consolidated balance sheet. The proportionate amount presented above by multifamily community excludes the unamortized adjustment as presented on the Capitalization - Debt Summary page. © 2015 Monogram Residential Trust, Inc. 34

(dollars in thousands) (unaudited) Maximum Commitment Balance Unfunded Commitments Remaining Commitments $150 Million Credit facility - 100% our share 150,000 $ 35,000 $ 115,000 $ - $ $200 Million Credit facility - 100% our share 200,000 $ - $ 200,000 $ - $ Construction notes payable - Proportionate Share 362,604 $ 198,006 $ 164,598 $ - $ PGGM commitments (1) 300,000 $ 250,300 $ 23,785 $ 25,915 $ Developer partner commitment 3,668 $ 2,067 $ 1,601 $ - $ (1) PGGM's remaining commitment would apply to future investments. Capitalization Sources of Funds Available as of March 31, 2015 © 2015 Monogram Residential Trust, Inc. 35

(unaudited) Shares/Units Outstanding as of March 31, 2015 Coupon Par Value per Share Liquidation Preference per Share Preferred Securities: Series A Preferred Stock 10,000 7.0% 0.0001 $ 10.00 $ Common Stock and Common Stock Equivalents: Common stock (1) 166,517,649 Dilutive securities: Series A Preferred Stock - Restricted stock units 638,800 Total common stock and common stock equivalents 167,156,449 Equity Capitalization Preferred Stock, Common Stock and Common Stock Equivalents (1) The distribution for the first quarter of 2015 was $0.075 per share. © 2015 Monogram Residential Trust, Inc. 36

(dollars in thousands) (unaudited) Three Months Ended March 31, 2015 Adjustments As Adjusted Income Statement Data (Proportionate Share) Property revenue - stabilized portfolio (1) 36,905 $ (2,155) $ 34,750 $ Less: Property operating expenses, excluding property management expenses (1) (14,240) 1,399 (12,841) Less: Assumed market rate property management fee @ 3% of revenue (1,107) 65 (1,043) Adjusted property Net Operating Income 21,558 $ (691) $ 20,867 $ Annualized adjusted property Net Operating Income 86,231 $ (2,765) $ 83,465 $ Third party property management revenue (2) 728 $ - $ 728 $ Third party asset management revenue (2) 425 $ - $ 425 $ As of March 31, 2015 Adjustments As Adjusted Development Data (Proportionate Share) Development - Total Potential Value Creation (4) 231,677 $ - $ 231,677 $ Balance Sheet Data - Other Assets (Proportionate Share) Cash and cash equivalents 56,926 $ - $ 56,926 $ Land Held for Future Development (5) 5,462 - 5,462 Master partnership promote due to the company (6) 21,647 - 21,647 Notes receivable (7) 81,508 81,508 Other tangible assets (8) 22,604 - 22,604 Total Other Assets 188,147 $ - $ 188,147 $ Balance Sheet Data - Liabilities (Proportionate Share) Mortgages and notes payable (9) 725,044 $ 10,646 $ 735,690 $ Credit facility payable 35,000 - 35,000 Convertible preferred stock (10) - 100 100 Development promote and put options, net (11) 20,478 - 20,478 Other tangible liabilities (12) 77,240 - 77,240 Total Liabilities 857,762 $ 10,746 $ 868,508 $ Other Data Common stock outstanding 166,517,649 Convertible preferred stock (13) - Restricted stock units outstanding 638,800 Fully diluted shares outstanding 167,156,449 (See Notes to Road Map to Net Asset Value on next page) Net Asset Value Road Map to Net Asset Value Development (excludes land held for future development presented below) - Total Economic Costs incurred (3) 595,831 $ - $ 595,831 $ © 2015 Monogram Residential Trust, Inc. 37

(dollars in thousands) (unaudited) Net Asset Value Road Map to Net Asset Value Notes to Road Map to Net Asset Value on page 37: (1) Property revenue and property operating expenses - stabilized portfolio includes: Rental Revenue Same Store per page 23 31,440 $ Stabilized Non-Comparable per page 24 5,465 Less: Four multifamily communities not stabilized for the full 1st quarter of 2015 (2,155) 34,750 $ (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 3/31/2015 Total Developments per page 27 601,293 $ Less: Land held for future development per page 27 (5,462) 595,831 $ (6) Projected promote due to the company by PGGM based on estimated portfolio value. (7) Notes receivable is our proportionate share of the contractual principal balance as well as the $23.7 million bridge note receivable discussed in footnote 2 as presented on page 16. (8) Other tangible assets include: Escrows and restricted cash 5,440 $ Resident, tenant and other receivables 12,407 Prepaid assets and deposits 4,753 Interest rate caps 4 Total 22,604 $ (9) Includes mark-to-market adjustment to mortgages and notes payable. (10) Liquidation value of convertible preferred stock calculated as 10,000 shares at a liquidation value of $10.00 per share. (11) Developer's put options. No amounts currently attributable to developer promotes. (12) Other tangible liabilities include: Construction costs payable 48,830 $ Accounts payable and other liabilites 12,964 Distributions payable 12,540 Tenants security deposits 2,906 Total 77,240 $ (5) Land Held for Future Development per page 27. (4) Value creation is equal to projected future stabilized value less total Economic Costs. The projected future stabilized value is based on the projected annual NOI at stabilization, less capital reserves divided by the estimated current capitalization rate, increased by 10 bps for each year until stabilization. Total potential value creation represents the undiscounted total future value to be created at the stabilization date. (13) Potential dilution associated with the conversion of the outstanding Series A Preferred Stock utilizing the treasury stock method and common stock market price as of March 31, 2015. Property Operating Expenses 11,697 $ 2,543 (1,399) 12,841 $ © 2015 Monogram Residential Trust, Inc. 38

(dollars in thousands) (unaudited) Number of Multifamily Communities (1) Range of Noncontrolling Interest Ownership % GAAP Non -redeemable Noncontrolling Interest Balance GAAP Redeemable Noncontrolling Interest Balance (2) Unfunded Commitments Stichting Depositary PGGM Private Real Estate Fund ("PGGM") (3) Stabilized operating portfolio - PGGM only 8 26% to 45% 84,739 $ - $ Stabilized operating portfolio - includes other developer partners 8 0% to 45% 85,281 5,277 Lease up operating portfolio - includes other developer partners 1 0% to 45% 9,837 1,344 Development portfolio - PGGM only 2 45% 22,312 - Development portfolio - includes other developer partners 10 0% to 45% 179,097 22,166 Total PGGM related joint ventures 29 0% to 45% 381,266 28,787 25,386 $ MilkyWay Partners, L.P. ("NPS") (4) Stabilized operating portfolio 14 45% 142,615 - - Developer partners (5) Development portfolio with developer partners only 2 0% - 3,256 - Total developer partners 2 0% - 3,256 - Subsidiary preferred units (6) 2,122 - - Total all joint venture partners 45 526,003 $ 32,043 $ 25,386 $ (6) 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. Co-Investment Venture Partners (4) MilkyWay Partners, L.P. ("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. (5) Developer partners include national or regional real estate developer/owners. Generally, the developer partners have initial capital requirements until certain milestones are achieved, at which point their initial capital contributions are returned to them. The developer partners have a back-end interest generally only attributable to distributions related to a property sale or financings. The developer partners also have put options, one year after completion of the development where we (and in most cases PGGM) would be required to acquire their back-end interest at a set price as well as options to trigger a mark-to-market process after the seventh year after completion and a buy/sell after the tenth year. The amount of the put options range from $0.8 million to $6.4 million. Information on Joint Ventures (3) Stichting Depositary PGGM Private Real Estate Fund ("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. Joint Venture Partner (1) Certain multifamily communities include multiple joint venture partners that include PGGM and an additional developer partner. For purposes of the presentation in this table, the number of multifamily communities is included under PGGM and not under developer partners to avoid double counting of those multifamily communities. (2) Includes developer partner put options of $30.2 million which have been recorded as of March 31, 2015 in the consolidated balance sheet. as of March 31, 2015 © 2015 Monogram Residential Trust, Inc. 39

Capital Expenditures Community Classifications Debt Classifications Definitions and other Explanatory Information Recurring Amounts capitalized in accordance with GAAP that help preserve but generally not increase the value and functionality of the community, such as replacements for appliances, carpeting and floorings, HVAC equipment and individual unit turnover costs. Repairs and maintenance amounts are expensed as incurred. Revenue Producing Amounts capitalized in accordance with GAAP that are expected to directly increase rental rates, such as major renovations and rehabilitations of units and common areas, improvements to leasable areas, retail tenant improvements and leasing. Costs related to developments and entire community rehabilitations are not included in Revenue Producing. Construction A multifamily community is considered under development and construction once we have signed a general contractors agreement and vertical construction has begun and ends once lease up has started. Communities under construction are classified as construction in progress for GAAP presentation. Land Held for Future Development Land held with no current significant development activity but may include development in the future is considered land held for future development. Stabilized We consider a property to be Stabilized generally once achieving 90% occupancy. Stabilized communities that are not Same Store are described as stabilized non-comparable communities. Co-Investment Venture Level Debt Co-Investment Venture level debt is defined as debt that is an obligation of the joint venture and is not an obligation or contingency for us but does allow us to increase our access to capital. Company Level Debt Company level debt is defined as debt that is a direct or indirect obligation of the Company or its wholly owned subsidiaries. Recourse Debt The portion for which the Company has provided recourse guarantees. The non-guaranteed portion is separately presented, usually as Co-Investment Venture Level. Normal “bad boy” provisions, e.g. bankruptcy, environmental, are not included as Recourse Debt. Non-Recurring Amounts capitalized in accordance with GAAP related to property upgrades and building improvements, such as remodeling, investments in longer-lived assets and infrequent or unscheduled expenditures that are not considered Revenue Producing such as roofs, lobby renovations and parking lots. Lease up A multifamily community is considered in lease up when the community has begun leasing. A temporary certificate of occupancy may be obtained as units are completed in phases, and accordingly, lease up may occur prior to final completion of the building. Lease up communities are generally classified in construction in progress for GAAP presentation prior to substantial completion and are generally classified in land, buildings and improvements once substantially complete. Operating A multifamily community is considered operating when substantially constructed and capable of generating all significant revenue sources. At such time, the community is classified as land, buildings and improvements for GAAP presentation. Pre-development A multifamily community is considered in pre-development during finalization of budgets, permits and plans and ends once a general contractor agreement has been signed and vertical construction has begun. Same Store Our Same Store multifamily communities are defined as those that are stabilized and comparable for both the current and the prior reporting year. © 2015 Monogram Residential Trust, Inc. 40

Definitions and other Explanatory Information Financial Ratios Operating Margin NOI divided by total revenue. Non-GAAP Measurements 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. Fixed Charge Income/loss from continuing operations, before gain on sale of real estate, adjusted for depreciation, amortization, federal and state income taxes, early extinguishment of debt, acquisition expenses, fair value adjustments, non cash and non-recurring (e.g., transition expenses). May be calculated on a consolidated basis or based on our proportionate share. Monthly Rental Revenue Per Unit Monthly rental revenue per unit is calculated based on the leases in effect as of the indicated date, including in-place base rents for the occupied units and the current market rate for vacant units, including the effects of any rental concessions and affordable housing payments and subsidies, plus other charges for storage, parking, pets, trash or other recurring resident charges. EBITDA Earnings before interest, taxes, depreciation, amortization, transition expenses and other related non-recurring items. Deduction for interest expense only includes stated interest expense. Fees and other charges are included as an expense in EBITDA. Amortization expense adjustments include amortization of deferred finance fees and all purchase accounting intangibles. We use the following non-GAAP measurements to present different components of our performance. We believe this information is also useful to our investors in comparing our results to other real estate companies and trusts because they provide characteristics of our performance that reflect reality that real estate generally appreciates over time, which is not reflective in most depreciation methods, and focuses on operating results widely used by real estate investors. These non-GAAP measurements should not be considered as alternatives to net income (loss) presented in accordance with GAAP but as a supplemental performance measurement. Because these measurements may exclude certain cash flows or expenses, we caution that these measurements may not be representative of our current or future liquidity as presented in accordance with GAAP. There can be no assurance that our methods for computing these non-GAAP measurements is comparable with that of other real estate companies and trusts in all respects. A reconciliation for each non-GAAP measurement to the most applicable GAAP measurement is provided on pages 8 and 18. Exit Capitalization Rate Related to dispositions of a community, calculated by dividing the trailing 12 month NOI by the effective gross sales price. Fee Income Our revenue collected from joint ventures related to property management, asset management and dispositions. 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. 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. © 2015 Monogram Residential Trust, Inc. 41

Definitions and other Explanatory Information Non-GAAP Measurements, continued QTD 1Q 2015 QTD 1Q 2014 Net income (loss) attributable to common stockholders (833) $ 7,423 $ 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) 15,929 14,443 Less: gain on sale of real estate (page 8) - (8,965) Less: total fee income (page 9 - QTD) (1,153) (330) Less: total other adjustments (page 9 - QTD) 8,561 8,524 Less: net of straight-line rents, start up expenses, etc. (87) (131) Proportionate Share of Net Operating Income (page 24 - QTD) 22,417 $ 20,964 $ Ownership Presentations Core FFO Core FFO is calculated starting from FFO adjusted for loss on early extinguishment of debt, acquisition expenses, contingent purchase price adjustments, gain or loss on derivative fair value adjustments and non-recurring expenses, such as transition expenses. May be calculated on a consolidated basis or based on our Proportionate Share. Adjusted Core FFO (“AFFO”) Adjusted Core FFO is calculated starting from Core FFO adjusted for Recurring Capital Expenditures, Straight-line rents and stock compensation expense. May be calculated on a consolidated basis or based on our Proportionate Share. Net Operating Income (“NOI”) Net Operating Income is calculated as total rental revenue less direct property operating expenses including real estate taxes. NOI does not include property management revenues, interest income, property management expenses, depreciation, interest and other finance expense, corporate general and administrative expenses, overhead allocations and other non-onsite operations. We provide NOI on a consolidated and proportional basis. The reconcilation of income (loss) from continuing operations to NOI is provided on page 18. The reconciliation of net income (loss) attributable to common stockholders to proportionate share of NOI is provided below for all periods presented: Projected NOI Yield at Stabilization Projected NOI from the date the community is first stabilized for the following 12 months divided by the projected Economic Costs. Occupancy Physical occupancy is defined as the residential units occupied for multifamily communities divided by the total number of residential units. All occupancy is presented on a consolidated basis. Consolidated Presentation in accordance with GAAP, where ownership interests that generally provide us the ability to control the operation are presented at 100% of the assets, liabilities and operations. Amounts related to Noncontrolling Interests are aggregated and adjusted in summary. In Proportionate Share presentations, the Noncontrolling Interest amounts are eliminated and replaced with our share. Noncontrolling Interest The amounts attributable in a consolidation presentation to minority equity interests or owners without a controlling interest. In a proportionate presentation, these amounts are eliminated. GAAP recognizes two types of noncontrolling interests. Non-redeemable Noncontrolling Interest represents ownership interest that are not redeemable by the equity holders and are presented as part of permanent equity. Redeemable Noncontrolling Interest represents temporary equity not within our control, where the equity holder has the right to require their interest to be redeemed in cash. Our primary Redeemable Noncontrolling Interest is the put options exercisable by developer partners. Redeemable Noncontrolling Interests are presented in our consolidated balance sheet outside of permanent equity between debt and equity. © 2015 Monogram Residential Trust, Inc. 42

Definitions and other Explanatory Information Ownership Presentations, continued Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. PGGM Stichting Depositary PGGM Private Real Estate Fund ("PGGM"), a $203 billion Dutch foundation. Year Built The date the community is substantially completed or renovated and ready for its intended use. Proportionate Share A non-GAAP presentation of financial amounts at our effective cash share based on our participation in distributable operating cash. The amounts include our share of Unconsolidated Joint Ventures and excludes Noncontrolling Interest in consolidated joint ventures. Proportionate share presentations may be useful in analyzing our financial information by providing revenues, expenses, assets and liabilities attributable only to our shareholders. Unconsolidated Joint Venture In accordance with GAAP, investments in joint venture that are presented on the equity method of accounting, reporting net assets as a single net investment and operations as a single equity in earnings. In Proportionate Share presentations, the investment and the equity in earnings are eliminated and replaced with our share. Straight-line rents In accordance with GAAP, rental revenues are recorded evenly over the contractual period, irrespective of the timing of cash collections. The difference between the amount actually collected for a period and the straight-line amount is referred to as the Straight-line rent adjustment. This adjustment amount is reversed in presenting AFFO. Transition expenses Transition expenses include expenses related to our transition to self-management, primarily including legal, financial advisors, consultants, costs of the Company’s special committee of the board of directors, comprised of all of the Company’s independent directors (the “Special Committee”), general transition services (primarily related to staffing, name change, notices, transition-related insurance, information technology and facilities), expenses related to a listing on a national securities exchange and payments to our former advisor in connection with the transition to self-management. In accordance with GAAP, transition expenses not related to assets with a recoverable value are expensed as the service is performed. Unfunded Commitments Amounts under a contractual commitment that have not been funded. Unfunded Commitments do not include amounts related to fundings that are contingent on future events that are within our control. Remaining commitments do not include amounts that are contingent on future events. © 2015 Monogram Residential Trust, Inc. 43