Supplemental Financial Information First Quarter 2017

Table of Contents First Quarter 2017 Forward-Looking Statements 3 Consolidated Balance Sheets 4 5 6 7 8 9 Balance Sheet Information as of March 31, 2017 and December 31, 2016 Consolidated Statements of Operations YTD Funds from Operations, Core FFO and Adjusted Core FFO YTD Detail Recap of FFO AFFO Comparisons to 1Q 2017 Equity Investments by Geographic Regions 10 11 12 15 Summary of Number of Units and Communities Summary of Operating Communities Summary of Notes Receivable Reconciliation of Proportionate Net Operating Income 16 17 18 Proportionate Net Operating Income Proportionate YTD Net Operating Income by Geographic Region and Market Consolidated YTD Operating Metrics by Geographic Region and Market 20 22 23 24 Consolidated YTD Same Store Operating Expenses Consolidated Capital Expenditures - Same Store Consolidated QTD General and Administrative and Corporate Property Management Expenses Summary of Developments 25 26 Acquisition and Disposition Summary - Two Years Debt Summary 27 29 31 33 35 Debt Recap by Multifamily Community Proportionate EBITDA Other Proportionate Debt Metrics Sources of Funds Available Information on Joint Ventures 36 Common Stock and Common Stock Equivalents 37 Road Map to Net Asset Value 38 Full-Year 2017 Guidance 41 42 Guidance Reconciliations © Monogram Residential Trust, Inc. 2 Definitions and other Explanatory Information 43 Guidance Net Asset Value Equity Capitalization Co-Investment Venture Partners Capitalization Capital Deployment Operating Metrics Operating Performance Portfolio Overview Financial Information

Forward-Looking Statements First Quarter 2017 Certain statements made in the following supplemental financial information may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future events and developments and the future performance of Monogram Residential Trust, Inc. (which together with its subsidiaries may be referred to as the “Company,” “we,” “us,” or “our”), as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in the following supplemental financial information and in the Company’s outlook include, expectations regarding apartment market conditions and expectations regarding future operating conditions, including the Company’s current outlook as to expected funds from operations, core funds from operations, adjusted funds from operations, revenue, operating expenses, net operating income, capital expenditures, depreciation, gains on sales and net income and anticipated development activities (including projected construction expenditures and timing). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. The following are some of the factors that could cause the Company’s actual results and its expectations to differ materially from those described in the Company’s forward-looking statements: we may abandon or defer development opportunities for a number of reasons, including, without limitation, changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed our original estimates; we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues; we may dispose of multifamily communities due to factors including changes in local market conditions, better net earnings opportunities or capital reallocation, where the redeployment of the capital, including into properties currently in lease-up, may negatively impact our financial results, cash flows and guidance; newly acquired properties may not stabilize according to our estimated schedule, which may negatively impact our financial results, cash flows and guidance; 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 growth of our development program which could limit our pursuit of opportunities; our cash flows may be insufficient to meet required payments of principal and interest, or to make dividend payments, 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 the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and may be discussed in subsequent filings with the SEC. © Monogram Residential Trust, Inc. 3

Financial Information Consolidated Balance Sheets (in thousands) (unaudited) Assets Real estate Land Buildings and improvements Gross operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net Cash and cash equivalents Tax like-kind exchange escrow Intangibles, net Other assets, net Total assets Liabilities Mortgages and notes payable, net Credit facilities payable, net Construction costs payable Accounts payable and other liabilities Deferred revenues and other gains Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests Equity Common stock Additional paid-in capital Cumulative distributions and net income (loss) Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity $ 539,312 2,717,792 $ 527,944 2,814,221 3,257,104 (452,439) 3,342,165 (461,869) 2,804,665 133,005 2,880,296 120,423 2,937,670 59,150 110,917 16,287 54,963 3,000,719 74,396 56,762 16,977 51,248 $ 3,178,987 $ 3,200,102 $ 1,228,920 230,137 23,148 25,646 22,000 12,606 6,027 $ 1,522,207 8,023 26,859 32,707 22,077 12,512 6,205 1,548,484 29,073 1,630,590 29,073 17 1,440,003 (246,670) 17 1,439,199 (310,124) 1,193,350 408,080 1,129,092 411,347 1,601,430 1,540,439 $ 3,178,987 $ 3,200,102 © Monogram Residential Trust, Inc. 4 March 31, 2017 December 31, 2016

Financial Information Balance Sheet Information (in thousands) (unaudited) Adjustments (2) Assets Gross operating real estate Less: accumulated depreciation Net operating real estate Construction in progress, including land Total real estate, net Cash and cash equivalents Tax like-kind exchange escrow Intangibles, net Notes receivable Other assets, net Total assets Liabilities Mortgages and notes payable, net Credit facilities payable, net Construction costs payable Accounts payable and other liabilities Deferred revenues and other gains Distributions payable Tenant security deposits Total liabilities Redeemable, noncontrolling interests Stockholders’ Equity Common stock Subsidiary preferred stock Additional paid-in capital Cumulative distributions and net income (loss) Total equity attributable to common stockholders Non-redeemable noncontrolling interests Total equity Total liabilities and equity $ 3,257,104 (452,439) $ (1,057,669) 152,482 $ 3,342,165 (461,869) $ (1,054,403) 142,427 2,804,665 133,005 2,880,296 120,423 (49,405) (45,553) 2,937,670 59,150 110,917 16,287 26,820 28,143 3,000,719 74,396 56,762 16,977 26,749 24,499 (13,549) — (7,060) — (5,010) (13,707) — (7,105) — (5,756) $ 3,178,987 $ 3,200,102 $ 1,228,920 230,137 23,148 25,646 22,000 12,606 6,027 (448,484) (84,535) (8,891) (7,703) (9,763) (32) (1,870) $ 1,522,207 8,023 26,859 32,707 22,077 12,512 6,205 (529,251) — (11,128) (9,813) (9,898) — (1,805) 1,548,484 29,073 1,630,590 29,073 (12,114) (12,114) 17 — 1,440,003 (246,670) — 1,259 — — 17 — 1,439,199 (310,124) — 1,259 — — 1,193,350 408,080 1,129,092 411,347 (408,080) (411,347) 1,601,430 1,540,439 $ 3,178,987 $ 3,200,102 (1) See page 4 for our consolidated GAAP balance sheet. (2) See Noncontrolling Interests Adjustments and Proportionate Share in Definitions and Other Explanatory Information for discussion of our Proportionate Share and methodology. © Monogram Residential Trust, Inc. 5 As of December 31, 2016 Consolidated GAAP Balance Sheet (1) Noncontrolling Interests As of March 31, 2017 Consolidated GAAP Balance Sheet (1) Noncontrolling Interests Adjustments (2)

Financial Information Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Rental revenues Expenses: Property operating expenses Real estate taxes General and administrative expenses Acquisition, investment and development expenses Interest expense Amortization of deferred financing costs Depreciation and amortization Total expenses Interest income Loss on early extinguishment of debt Other expense, net Loss from continuing operations before gains on sales of real estate Gains on sales of real estate Net income (loss) Net 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 (1) Basic and diluted earnings (loss) per common share $ 73,338 $ 65,547 19,138 11,964 6,870 64 11,704 1,549 31,859 18,806 10,622 6,510 278 10,366 1,536 30,056 83,148 78,174 1,181 (3,901) (88) 1,682 — (115) (12,618) 86,723 (11,060) — 74,105 1,880 (11,060) 2,755 75,985 — (8,305) (2) $ 75,985 $ (8,307) 167,001 166,743 167,791 166,743 $ 0.45 $ (0.05) (1) Because GAAP net income was a net loss for the quarter ended March 31, 2016, we do not report dilutive common shares for GAAP reporting. © Monogram Residential Trust, Inc. 6 For the Three Months Ended March 31, 2017 2016

Financial Information YTD Funds from Operations (“FFO”), Core FFO and Adjusted Core FFO (“AFFO”) (in thousands, except per share amounts) (unaudited) Noncontrolling Noncontrolling Amounts as Defined Interests Adjustments (1) Amounts as Defined Interests Adjustments (1) FFO: Add (deduct) NAREIT defined adjustments: Add (deduct) adjustments to arrive at Core FFO: Add (deduct) adjustments to arrive at AFFO: Weighted average number of common shares outstanding - basic Weighted average number of common shares outstanding - diluted (2) Per common share amounts - basic and diluted: Net income (loss) attributable to common stockholders (2) FFO attributable to common stockholders - NAREIT Defined Core FFO attributable to common stockholders AFFO attributable to common stockholders 167,001 167,791 166,743 167,309 $ $ $ $ 0.45 0.06 0.09 0.09 $ $ $ $ (0.05) 0.07 0.08 0.08 (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (2) Because GAAP net income was a net loss for the quarter ended March 31, 2016, we do not report dilutive common shares for GAAP reporting. For the above Non-GAAP Measurements (see page 45 for definitions), we include dilutive common shares, which primarily relate to our stock compensation plans. © Monogram Residential Trust, Inc. 7 Recurring capital expenditures (594) Straight-line rents 227 Stock compensation expense 1,121 Plus: Noncontrolling Interests Adjustments 69 $172 (103) — (482) 242 580 5 $117 (112) — 69 5 AFFO $15,484 $12,897 Loss on early extinguishment of debt 3,901 Fair value adjustments (derivatives and business combinations) 70 Start up and pursuit expenses 128 Less: Noncontrolling Interests Adjustments(305) $(289) — (16) (305) — — 225 (30) $— — (30) (30) Core FFO14,66112,552 Real estate depreciation and amortization 31,721 Gains on sales of real estate (86,723) Less: Noncontrolling Interests Adjustments(10,116) $(10,116) — (10,116) 29,922 — (9,258) $(9,258) — (9,258) FFO - NAREIT defined 10,867 12,357 Net income (loss) attributable to common stockholders $75,985 $(8,307) Three Months Ended March 31, 2017 2016

Financial Information YTD Detail Recap of FFO (in thousands) (unaudited) Noncontrolling Noncontrolling Interests Adjustments (1) Interests Adjustments (1) Amounts as Defined Amounts as Defined Revenues: Rental revenues before straight-line rents Straight-line rents Rental revenues Property operating expenses: Property operating expenses (including real estate taxes) Fee income: Asset management fees Property management fees Other: General and administrative expenses Corporate property management expenses Start up and pursuit expenses Stock compensation expense Interest expense (2) Amortization of deferred financing costs Interest income Loss on early extinguishment of debt Other expense, net Dividends to preferred stockholders Depreciation and amortization related to non-real estate assets Less: Noncontrolling Interests Adjustments FFO - NAREIT defined $ 73,565 (227) $ 65,789 (242) 73,338 65,547 (28,473) (26,725) — — — — (5,873) (2,412) (128) (1,121) (11,704) (1,549) 1,181 (3,901) (117) (83) (138) (8,153) (6,019) (2,512) (225) (580) (10,366) (1,536) 1,682 — (270) (87) (133) (6,419) $ 10,867 $ 12,357 Note: Certain amounts from the consolidated financial statements differ from the consolidated amounts above due to non-FFO items or reclassifications (e.g., corporate property management expenses, stock compensation expenses, etc.) See page 7 for reconciliation of net income attributable to common stockholders to FFO - NAREIT defined. (1) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (2) See page 32 for components of interest expense, including contractual interest, capitalized interest and other finance fees. © Monogram Residential Trust, Inc. 8 $(19,884) 112 8,417 375 754 237 — 30 — 3,089 329 (3) — 91 32 2 (6,419) $(23,343) 103 9,180 364 868 184 — 16 — 3,730 392 (3) 289 29 31 7 (8,153) Three Months Ended March 31, 2016 Three Months Ended March 31, 2017

Financial Information AFFO Comparisons to 1Q 2017 (in millions, except per share amounts) (unaudited) AFFO attributable to common stockholders - 1Q 2017 AFFO attributable to common stockholders - 1Q 2016 $ 0.09 0.08 Increase in NOI from stabilized non-comparables and lease ups Decrease in NOI from dispositions 0.03 (0.01) Weighted average number of common shares outstanding - diluted - 1Q 2017 Weighted average number of common shares outstanding - diluted - 1Q 2016 167.8 167.3 AFFO attributable to common stockholders - 1Q 2017 AFFO attributable to common stockholders - 4Q 2016 $ 0.09 0.12 Decrease in NOI from dispositions Increase in general and administrative expenses (including $0.9 million of severance expense) (1) (0.01) (0.01) Weighted average number of common shares outstanding - diluted - 1Q 2017 Weighted average number of common shares outstanding - diluted - 4Q 2016 167.8 167.7 (1) Severance amount excludes stock compensation expense of $0.3 million, which is excluded in our standard calculation of AFFO. © Monogram Residential Trust, Inc. 9 Major components of change quarter over quarter: Decrease in AFFO attributable to common stockholders - quarter over quarter$(0.03) Comparison of actual AFFO attributable to common stockholders 1Q 2017 to 4Q 2016: Major components of change quarter over quarter: Increase in AFFO attributable to common stockholders - quarter over quarter $0.01 Comparison of reported AFFO attributable to common stockholders 1Q 2017 to 1Q 2016:

Portfolio Overview Equity Investments by Geographic Regions As of March 31,2017 5 operating com unities -1:1 Northern California 5 operating communities Nevada ( Colorado 3 operating communities *•Mid-Atlantic 2 operating communities Operating communities Southern California 8 operating communities 1 development community Texas Georgia 10 operating communities * 1 operating community South Florida 5 operating communities 1 development community* *Operating 8 (45 Communities, including developments in l ease up) Development (2 communities) Note: Excludes 2 debt investments ©Monogram Residential Trust, Inc. 10

Portfolio Overview Summary of Number of Units and Communities Total Units Total Communities Equity Investments: Same Store Wholly owned Wholly owned sold in 2016 Wholly owned sold in 2017 Consolidated joint ventures Consolidated joint venture sold in 2016 1,863 — — 7,327 — 1,655 283 974 5,652 132 7 — — 28 — 6 1 3 21 1 Stabilized - Non Comparable Wholly owned Consolidated joint ventures 328 1,312 208 1,677 2 4 1 7 Lease up (including operating communities and developments in lease up) Wholly owned Wholly owned acquired in 2017 Consolidated joint ventures — 175 1,218 208 — 2,165 — 1 3 1 — 6 Developments under Construction Wholly owned Consolidated joint ventures — 656 120 1,021 — 2 1 3 N/A N/A — 1 Land held for future development - consolidated joint venture sold in 2016 Debt Investments: Mezzanine Loans - Development, Lease up, and Stabilized Wholly owned 795 1,116 2 3 Recap of Totals by Category Wholly owned Wholly owned acquired in 2017 Wholly owned sold in 2016 Wholly owned sold in 2017 Consolidated joint ventures Consolidated joint venture sold in 2016 2,986 175 — — 10,513 — 3,307 — 283 974 10,515 132 11 1 — — 37 — 12 — 1 3 38 1 © Monogram Residential Trust, Inc. 11 Total Communities - Equity and Debt Investments 13,674 15,211 49 55 Total Communities - Equity and Debt Investments 13,674 15,211 49 55 Total Communities - Debt Investments 7951,11623 Total Communities - Equity Investments 12,879 14,095 47 52 Total Developments under Construction 65 61,141 24 Total Lease up (including operating communities and developments in lease up)1,3932,37347 Total Stabilized - Non Comparable 1,640 1,885 68 Total Stabilized 10,830 10,581 41 40 Total Same Store 9,190 8,696 35 32 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016

Portfolio Overview Summary of Operating Communities As of March 31, 2017 Same Store Communities: Consolidated joint ventures 4550 Cherry Creek 7166 at Belmar Point 21 Denver, CO Lakewood, CO Denver, CO 55% 55% 55% 2004 2008 2015 288 308 212 Wholly owned The Mark Consolidated joint venture Satori The Franklin Delray Boca Raton, FL 100% 2015 208 Fort Lauderdale, FL Delray Beach, FL 55% 55% 2010 2013 279 180 Wholly owned The Cameron Consolidated joint ventures 55 Hundred Bailey's Crossing Burrough's Mill The Lofts at Park Crest Silver Spring, MD 100% 2010 325 Arlington, VA Alexandria, VA Cherry Hill, NJ McLean, VA 55% 55% 55% 55% 2010 2010 2004 2008 234 414 308 131 Consolidated joint ventures The Venue Veritas Clark County, NV Henderson, NV 55% 100% 2009 2011 168 430 Wholly owned Pembroke Woods Stone Gate Consolidated joint venture Everly West Village Pembroke, MA Marlborough, MA 100% 100% 2006 2007 240 332 Wakefield, MA Mansfield, MA 55% 55% 2014 2008 186 200 © Monogram Residential Trust, Inc. 12 New England Totals 958 11.4 % Nevada Totals 598 5.3 % Mid-Atlantic Totals 1,412 16.8 % South Florida Totals 667 8.5 % Colorado Totals 808 7.7 % Current Year of Completion or Most Percentage of Portfolio Based on Effective Recent Substantial YTD 2017 Proportionate Location Ownership Development Units Same Store NOI

Portfolio Overview Summary of Operating Communities As of March 31, 2017 Same Store Communities (continued): Wholly owned Acappella Vara Consolidated joint ventures Acacia on Santa Rosa Creek Argenta San Bruno, CA San Francisco, CA 100% 100% 2010 2013 163 202 Santa Rosa, CA San Francisco, CA 55% 55% 2003 2008 277 179 Consolidated joint ventures Blue Sol Calypso Apartments and Lofts Forty55 Lofts The Gallery at NoHo Commons San Sebastian Costa Mesa, CA Irvine, CA Marina del Rey, CA Los Angeles, CA Laguna Woods, CA 100% 55% 55% 55% 55% 2014 2008 2010 2008 2010 113 177 140 438 134 Wholly owned Allegro Consolidated joint ventures 4110 Fairmount Allusion West University Arpeggio Victory Park Briar Forest Lofts Eclipse Fitzhugh Urban Flats Muse Museum District SEVEN Addison, TX 100% 2013 393 Dallas, TX Houston, TX Dallas, TX Houston, TX Houston, TX Dallas, TX Houston, TX Austin, TX 55% 55% 55% 55% 55% 55% 55% 55% 2014 2014 2014 2008 2009 2009 2014 2015 299 231 377 352 330 452 270 220 Stabilized Non-Comparable Communities: Wholly Owned The Mile Consolidated joint venture SoMa Miami, FL 100% 2016 120 Miami, FL 55% 2016 418 © Monogram Residential Trust, Inc. 13 South Florida Totals 538 Total Same Store Communities 2010 9,190 100.0 % Texas Totals 2,924 19.5% Southern California Totals 1,002 13.5 % Northern California Totals 82117.3 % Current Year of Completion or Most Percentage of Portfolio Based on Effective Recent Substantial YTD 2017 Proportionate Location Ownership Development Units Same Store NOI

Portfolio Overview Summary of Operating Communities As of March 31, 2017 Stabilized Non-Comparable Communities (continued): Consolidated joint venture Cyan on Peachtree Atlanta, GA 55% 2015 329 Consolidated joint venture OLUME San Francisco, CA 55% 2016 121 Wholly owned Ev Consolidated joint venture Verge San Diego, CA 100% 2015 208 San Diego, CA 70% 2016 444 Lease up: Consolidated joint venture Nouvelle Tysons Corner, VA 55% 2015 461 Consolidated joint venture Zinc Cambridge, MA 55% 2015 392 Wholly Owned Desmond at Wilshire Los Angeles, CA 100% 2016 175 Consolidated joint venture The Alexan Dallas, TX 50% 2017 365 © Monogram Residential Trust, Inc. 14 Total Operating Communities 2011 12,223 Total Lease up Communities 2016 1,393 Texas Totals 365 Southern California Totals 175 New England Totals 392 Mid-Atlantic Totals 461 Total Stabilized / Non-Comparable Communities 2016 1,640 Southern California Totals 652 Northern California Totals 121 Georgia Totals 329 Current Year of Completion or Most Percentage of Portfolio Based on Effective Recent Substantial YTD 2017 Proportionate Location Ownership Development Units Same Store NOI

Portfolio Overview Summary of Notes Receivable As of March 31, 2017 (dollars in thousands) (unaudited) Balance (1) Maturity Date (2) Interest Rate (3) Community Location Ownership Total Commitment Accrued Interest Jefferson at Stonebriar Frisco, TX 100% $ 16,735 $ 16,735 $ 2,105 6/25/2018 15.0% Jefferson at Riverside Irving, TX 100% 10,436 10,436 446 6/30/2018 15.0% (1) Excludes certain GAAP consolidated costs, primarily related to deferred income and loan origination costs of $0.4 million. (2) The borrowers generally have options to prepay prior to maturity date or to extend the maturity date for one to two years. (3) The interest rate is calculated on a weighted average based on the contractual principal balance including only recurring interest. Excluded from the interest rate are fees paid at initial closing or final payment. © Monogram Residential Trust, Inc. 15 $27,171 $27,171 $2,551 15.0% Contractual Principal Contractual

Operating Performance Reconciliation of Proportionate Net Operating Income (“NOI”) (in thousands) (unaudited) March 31, Reconciliation of net income (loss) to Proportionate NOI and Proportionate Same Store NOI: Adjustments to reconcile net income (loss) to Proportionate NOI: Corporate property management expenses (1) General and administrative expenses (1) Interest expense Amortization of deferred financing costs Depreciation and amortization Interest income Gains on sales of real estate Loss on early extinguishment of debt Other, net Less: Noncontrolling Interests Adjustments (2) 2,536 6,870 11,704 1,549 31,859 (1,181) (86,723) 3,901 152 (14,045) 2,601 6,510 10,366 1,536 30,056 (1,682) — — 393 (11,325) Less: non-comparable Rental revenue Property operating expenses, including real estate taxes (13,711) 6,159 (9,531) 5,387 (1) Includes related stock compensation expense. (2) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. © Monogram Residential Trust, Inc. 16 Proportionate Same Store NOI $23,175 $23,251 Proportionate NOI $30,727 $27,395 Net income (loss) $74,105 $(11,060) Three Months Ended 20172016

Operating Performance Proportionate Net Operating Income (dollars in thousands) (unaudited) Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) $ 36,387 7,087 2,870 3,754 $ 36,244 2,231 387 6,913 0.4 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 13,212 2,917 1,889 1,353 12,993 1,910 1,049 2,428 1.7 % N/A N/A N/A Same Store Stabilized Non-Comparable Lease Up Dispositions and other non-lease up developments (1) 23,175 4,170 981 2,401 23,251 321 (662) 4,485 (0.3)% N/A N/A N/A See Reconciliation of Proportionate NOI to net income (loss) on page 16. (1) See page 26 for listing of communities sold in 2017 and 2016. © Monogram Residential Trust, Inc. 17 Total Proportionate NOI $30,727 $27,395 12.2 % Proportionate NOI Total proportionate property operating expenses, including real estate taxes 19,371 18,380 5.4 % Proportionate property operating expenses, including real estate taxes Total proportionate rental revenue 50,098 45,775 9.4 % Proportionate rental revenue Three Months Ended March 31, 2017 2016 Growth

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) Colorado Denver 808 $ 2,446 $ 2,568 (4.8 )% $ 653 $ 717 (8.9 )% $ 1,793 $ 1,851 (3.1 )% 7.7 % South Florida 667 3,242 3,106 4.4 % 1,269 1,282 (1.0 )% 1,973 1,824 8.2 % 8.5 % Mid-Atlantic Washington D.C. Philadelphia 1,104 308 5,018 835 4,963 848 1.1 % (1.5 )% 1,588 379 1,627 393 (2.4 )% (3.6 )% 3,430 456 3,336 455 2.8 % 0.2 % 14.8 % 2.0 % Nevada Las Vegas 598 1,806 1,723 4.8 % 576 559 3.0 % 1,230 1,164 5.7 % 5.3 % New England Boston 958 4,211 4,146 1.6 % 1,558 1,440 8.2 % 2,653 2,706 (2.0 )% 11.4 % Northern California San Francisco 821 5,863 5,865 — % 1,851 1,792 3.3 % 4,012 4,073 (1.5 )% 17.3 % Southern California Los Angeles 1,002 4,539 4,420 2.7 % 1,420 1,355 4.8 % 3,119 3,065 1.8 % 13.5 % Texas Austin Dallas Houston 220 1,521 1,183 954 4,660 2,813 1,001 4,607 2,997 (4.7 )% 1.2 % (6.1 )% 484 2,054 1,380 400 2,017 1,411 21.0 % 1.8 % (2.2 )% 470 2,606 1,433 601 2,590 1,586 (21.8 )% 0.6 % (9.6 )% 2.0 % 11.2 % 6.2 % (Table continued on next page) © Monogram Residential Trust, Inc. 18 Total Same Store 9,190 36,387 36,244 0.4%13,212 12,993 1.7 % 23,175 23,251 (0.3)% 100.0% Texas Total 2,924 8,427 8,605 (2.1)% 3,918 3,828 2.4% 4,509 4,777 (5.6)% 19.5% Southern California Total 1,002 4,539 4,420 2.7 % 1,420 1,355 4.8% 3,119 3,065 1.8 % 13.5% Northern California Total 82 15,86 35,865— %1,8511,7923.3 %4,0124,073(1.5)%17.3% New England Total 95 84,211 4,146 1.6 % 1,5581,4408.2% 2,653 2,706 (2.0)% 11.4% Nevada Total 598 1,806 1,723 4.8% 576559 3.0 %1,2301,1645.7 %5.3% Mid-Atlantic Total 1,4125,8535,8110.7 %1,9672,020(2.6)%3,8863,7912.5 %16.8% South Florida Total 66 73,242 3,1064.4 %1,2691,282(1.0)%1,9731,8248.2 %8.5% Colorado Total 8082,4462,568(4.8)%653717(8.9)%1,7931,851(3.1)%7.7% Same Store % of Same Store NOI by Market YTD 1Q 2017 Net Operating Income YTD YTD% 1Q 2017 1Q 2016 Change Property Operating Expenses YTD YTD% 1Q 2017 1Q 2016 Change Rental Revenue YTD YTD% 1Q 2017 1Q 2016 Change Units YTD 1Q 2017

Operating Performance Proportionate YTD Net Operating Income by Geographic Region and Market (dollars in thousands) (unaudited) South Florida 538 2,130 355 N/A 912 475 N/A 1,218 (120) N/A N/A Georgia Atlanta 329 1,082 810 N/A 403 384 N/A 679 426 N/A N/A Northern California San Francisco 121 654 7 N/A 312 72 N/A 342 (65) N/A N/A Southern California San Diego 652 3,221 1,059 N/A 1,290 979 N/A 1,931 80 N/A N/A Mid-Atlantic New England Southern California Texas 461 392 175 365 1,234 1,236 77 323 166 218 — 3 N/A N/A N/A N/A 576 465 409 439 556 398 — 95 N/A N/A N/A N/A 658 771 (332) (116) (390) (180) — (92) N/A N/A N/A N/A N/A N/A N/A N/A Note: Property operating expenses (including real estate taxes) from YTD Detail Recap of FFO on page 8 differ from the amounts above due to reclasses between FFO line items (e.g., start up expenses). © Monogram Residential Trust, Inc. 19 Total Portfolio12,223$ 50,098$ 45,7759.4 % $ 19,371$ 18,3805.4 % $ 30,727$ 27,39512.2 %N/A Dispositions and other non-lease up developments—3,7546,913 N/A1,3532,428 N/A 2,4014,485 N/AN/A Total Lease up 1,3932,870387 N/A 1,8891,049 N/A 981(662)N/AN/A Lease up (includes operating and development communities) Total Stabilized Non-Comparable 1,6407,0872,231218 %2,9171,91053 %4,1703211,199 %N/A Southern California Total 6523,2211,059 N/A 1,290979 N/A 1,93180 N/AN/A Northern California Total 1216547 N/A 31272 N/A 342(65)N/AN/A Georgia Total 3291,082810 N/A 403384 N/A 679426 N/A N/A South Florida Total 5382,130355 N/A 912475N/A1,218(120) N/AN/A Stabilized Non-Comparable % of Same Store NOI by Market YTD 1Q 2017 Net Operating Income YTD YTD% 1Q 2017 1Q 2016 Change Property Operating Expenses YTD YTD% 1Q 2017 1Q 2016 Change Rental Revenue YTD YTD% 1Q 2017 1Q 2016 Change Units YTD 1Q 2017

Operating Metrics Consolidated YTD Operating Metrics by Geographic Region and Market (1) Colorado Denver 808 73.3 % 72.1 % 93.3 % 95.3 % 92.3 % 95.0 % $ 1,849 $ 1,884 South Florida 667 61.0 % 59.4 % 94.5 % 95.8 % 96.3 % 96.9 % 2,217 2,159 Mid-Atlantic Washington D.C. Philadelphia 1,104 308 67.5 % 54.6 % 66.1 % 53.6 % 95.4 % 93.5 % 93.9 % 94.8 % 94.3 % 94.8 % 94.0 % 96.2 % 2,083 1,635 2,083 1,609 Nevada Las Vegas 598 67.2 % 66.5 % 97.0 % 95.2 % 95.4 % 95.6 % 1,111 1,080 New England Boston 958 63.8 % 66.0 % 96.1 % 96.7 % 94.5 % 96.4 % 1,767 1,736 Northern California San Francisco 821 68.7 % 69.6 % 95.6 % 94.3 % 94.6 % 95.4 % 3,066 3,063 Southern California Los Angeles 1,002 69.0 % 69.6 % 95.2 % 96.1 % 95.7 % 95.8 % 2,387 2,324 Texas Austin Dallas Houston 220 1,521 1,183 49.2 % 55.1 % 50.9 % 60.1 % 55.7 % 52.9 % 93.2 % 94.7 % 94.7 % 94.1 % 93.8 % 93.7 % 93.2 % 94.7 % 94.7 % 94.2 % 94.7 % 95.6 % 2,732 1,535 1,450 2,961 1,518 1,506 (Table continued on next page) © Monogram Residential Trust, Inc. 20 Total Same Store 9,19063.4 %63.9 %95.0 %94.8 %94.6 %95.4 % $1,925$1,921 Texas Total 2,92452.8 %55.2 %94.6 %93.8 %94.6 %95.0 %1,5911,622 Southern California Total 1,00269.0 %69.6 %95.2 %96.1 %95.7 %95.8 %2,3872,324 Northern California Total 82168.7 %69.6 %95.6 %94.3 %94.6 %95.4 %3,0663,063 New England Total 95863.8 %66.0 %96.1 %96.7 %94.5 %96.4 %1,7671,736 Nevada Total 59867.2 %66.5 %97.0 %95.2 %95.4 %95.6 %1,1111,080 Mid-Atlantic Total 1,41265.3 %63.9 %95.0 %94.1 %94.4 %94.5 %1,9851,980 South Florida Total 66761.0 %59.4 %94.5 %95.8 %96.3 %96.9 %2,2172,159 Colorado Total 80873.3 %72.1 %93.3 %95.3 %92.3 %95.0 %1,8491,884 Same Store Monthly Rental Revenue per Unit QTD QTD 1Q 2017 1Q 2016 Weighted Average Occupancy QTD QTD 1Q 2017 1Q 2016 Period End Occupancy QTD QTD 1Q 2017 1Q 2016 Operating Margin YTD YTD 1Q 2017 1Q 2016 Units QTD 1Q 2017

Operating Metrics Consolidated YTD Operating Metrics by Geographic Region and Market (1) South Florida 538 59.4 % N/A 94.2 % 25.3 % 94.4 % 20.0 % 2,157 N/A Georgia Atlanta 329 62.7 % N/A 94.8 % 82.1 % 92.5 % 73.9 % 2,031 N/A Northern California San Francisco 121 52.3 % N/A 91.7 % 12.4 % 92.6 % 1.4 % 3,443 N/A Southern California San Diego 652 59.9 % N/A 94.9 % 49.8 % 94.7 % 41.9 % 2,085 N/A Mid-Atlantic New England Southern California Texas 461 392 175 365 N/A N/A N/A N/A N/A N/A N/A N/A 77.4 % 73.7 % 18.3 % 45.2 % N/A N/A N/A N/A 71.2 % 71.5 % 3.8 % 34.5 % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (1) Operating margin and monthly rental revenue per unit are only provided for communities that are stabilized as of the end of the period. Such metrics are not meaningful prior to stabilization. © Monogram Residential Trust, Inc. 21 Total Lease up 1,393N/AN/A60.5 %N/A 53.2 %N/AN/AN/A Lease up (includes operating and development communities) Total Stabilized 10,83062.7 % N/A 94.9 %87.3 %94.5 %86.7 %1,967 N/A Total Stabilized Non-Comparable 1,64059.4 %N/A 94.5 %45.5 %94.0 %38.1% 2,198 N/A Southern California Total 65259.9 %N/A94.9 %49.8 %94.7 %41.9 %2,085 N/A Northern California Total 12152.3 %N/A91.7 %12.4 %92.6 %1.4 %3,443N/A Georgia Total 32962.7 %N/A94.8 %82.1 %92.5 %73.9 %2,031N/A South Florida Total53859.4 %N/A94.2 %25.3 %94.4 %20.0 % 2,157 N/A Stabilized Non-Comparable Monthly Rental Revenue per Unit QTD QTD 1Q 2017 1Q 2016 Weighted Average Occupancy QTD QTD 1Q 2017 1Q 2016 Period End Occupancy QTD QTD 1Q 2017 1Q 2016 Operating Margin YTD YTD 1Q 2017 1Q 2016 Units QTD 1Q 2017

Operating Metrics Consolidated YTD Same Store Operating Expenses (dollars in thousands) (unaudited) Same Store Properties - Consolidated Detailed Comparison by Major Operating Expense Categories Onsite management Marketing Repairs and maintenance, including expensed turnover costs Utilities Insurance Real estate taxes Other $ 4,999 707 3,081 1,941 499 8,416 146 $ 5,105 659 3,057 1,924 522 8,118 143 $ (106) 48 24 17 (23) 298 3 (2.1)% 7.3 % 0.8 % 0.9 % (4.4)% 3.7 % 2.1 % Same Store Properties - Consolidated Percentage of Total Operating Expenses Onsite management Marketing Repairs and maintenance, including expensed turnover costs Utilities Insurance Real estate taxes Other 25.3 % 3.6 % 15.6 % 9.8 % 2.5 % 42.5 % 0.7 % 26.1 % 3.4 % 15.7 % 9.9 % 2.7 % 41.6 % 0.6 % © Monogram Residential Trust, Inc. 22 Total Operating Expenses 100%100% Three Months Ended March 31, 20172016 Total Operating Expenses $19,789 $19,528 $2611.3 % Three Months Ended March 31, 2017 2016 $ Change % Change

Operating Metrics Consolidated Capital Expenditures-Same Store (dollars in thousands, except per unit amounts) (unaudited) Recurring Non-Recurring Revenue Producing $ 521 1,372 346 $ 373 689 559 39.7 % 99.1 % (38.1)% Recurring Non-Recurring Revenue Producing $ 57 149 38 $ 41 74 61 39.0 % 101.4 % (37.7)% Recurring Non-Recurring Revenue Producing 1.0 % 2.5 % 0.6 % 0.7 % 1.3 % 1.0 % © Monogram Residential Trust, Inc. 23 Total capital expenditures as a percentage of rental revenue - Same Store 4.1% 3.0% Capital Expenditures as a Percentage of Rental Revenue - Same Store Total capital expenditures per unit - Same Store $244$17638.6 % Capital Expenditures per Unit - Same Store Total capital expenditures - Same Store $2,239 $1,621 38.1% Capital Expenditures - Same Store Three Months Ended March 31, 20172016% Change

Operating Metrics Consolidated QTD General and Administrative and Corporate Property Management Expenses (dollars in thousands) (unaudited) For the Three Months Ended March 31, 2017 Total General and administrative and corporate property management expenses (1) Less: Asset management and property management fee income (2) $ 4,974 (364) $ 2,412 (868) $ 7,386 (1,232) $ 29,544 (4,928) Assets under management: Note: A common financial metric to present general and administrative expense efficiency is to calculate general and administrative expenses as a percent of assets under management for revenues and gross asset costs (costs prior to accumulated depreciation and amortization). We believe calculating these ratios is useful to our investors and analysts as it reflects performance related to the general and administrative expenses on a consolidated basis, which includes enterprise-wide results and our economic share of fee income. Our presentation also reflects expenses net of stock compensation expense and annualized amounts, which we believe provides for a more consistent comparison to other real estate companies. We also include annualized calculations from the latest quarter; however, the last quarter may not be reflective in all cases of full year results. (1) General and administrative expenses exclude stock compensation expense of $1.0 million and severance of $0.9 million. Corporate property management expenses exclude stock compensation expense of $0.1 million. (2) Asset management and property management fee income represent fee income earned by the Company and the noncontrolling interests’ share of revenues. As all of our joint ventures are consolidated, this fee income is eliminated upon consolidation. (3) Total consolidated gross assets, which adds back accumulated depreciation and amortization, is included as a benchmark metric as it is representative of the Company’s assets under management, and is calculated as follows: Total assets per page 4 Accumulated depreciation per page 4 Accumulated depreciation of corporate assets Accumulated amortization of intangibles Total gross assets under management $ 3,178,987 452,439 1,373 32,240 $ 3,665,039 © Monogram Residential Trust, Inc. 24 Net Expenses as percentage of Total Consolidated Gross Assets (3)0.13%0.04%0.17%0.67% Net Expenses as percentage of Total Consolidated Revenue 6.3% 2.1% 8.4% 8.4% Net Expenses $4,610 $1,544 $6,154$24,616 Annualized Expenses Total Expenses Corporate Property Management Expenses General and Administrative Expenses

Capital Deployment Summary of Developments As of March 31, 2017 (dollars in thousands, except costs per unit) (unaudited) Proportionate Share by Property (3) Estimated Economic Costs March 31, NOI Yield at Zinc - Cambridge, MA Nouvelle - Tysons Corner, VA The Alexan - Dallas, TX 55% 55% 50% 392 461 365 2Q 2013 4Q 2013 3Q 2013 3Q 2015 3Q 2015 2Q 2016 4Q 2015 4Q 2015 2Q 2017 3Q 2017 3Q 2017 4Q 2017 $465,403 370,908 266,522 74 % 77 % 45 % 99% 99% 96% $ 101,162 94,813 48,553 $ 100,084 93,764 46,788 5.2% 5.5% 5.6% Caspian Delray Beach - Delray Beach, FL Lucé - Huntington Beach, CA 55% 65% 146 510 4Q 2014 4Q 2015 2Q 2017 1Q 2018 2Q 2017 3Q 2018 4Q 2017 2Q 2019 278,812 344,377 N/A N/A 96% 48% 22,572 114,776 21,764 55,397 6.3% 6.6% (1) The estimated completion and stabilization dates are primarily based on contractual arrangements adjusted for certain events (e.g., weather delays, labor availability and change orders). (2) These communities are included in the GAAP presentation in land, buildings and improvements but are still in lease up and still have some remaining development costs. (3) These amounts are our Proportionate Share by property. See Proportionate Share in Definitions and other Explanatory Information for discussion of our methodology for calculating and presenting our Proportionate Share. This information is used by management and may be helpful to investors and lenders in determining our share of development costs projected and incurred and the projected NOI yield at stabilization attributable to our shareholders. The corresponding consolidated amounts are included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, Item 2. and should be reviewed in conjunction with that information. Accordingly, users are cautioned that such information excludes the full consolidated GAAP amounts. (4) Estimated development cash costs to complete: Proportionate Share: Estimated total Economic Costs Less: Costs incurred Plus: Net accrued and unpaid estimated Economic Costs (including stabilized development communities not included in the schedule above, retainage, construction payables and construction escrows) Total Estimated Development Cash Costs to Complete As of March 31, 2017 $ 381,876 (317,797) 9,695 $ 73,774 Total estimated development cash costs to complete by funding source: Construction loan draws under binding loan commitments Other, including cash and credit facilities (a) Total Estimated Development Cash Costs to Complete $ 56,944 16,830 $ 73,774 (a) The sources identified may be supplemented with other capital sources. © Monogram Residential Trust, Inc. 25 Total Developments 1,874 $355,948 83% $ 381,876 $317,797 5.8% Total Construction 656329,785 N/A 56%137,34877,1616.5% Construction Total in Lease up 1,218 370,03966%98%244,528240,6365.4% Operating Communities in Lease up (2) Economic Total Incurred as of Projected Costs (4) 2017 Stabilization Actual/Actual/Actual/Actual/Estimated Effective Actual/Estimated Estimated Estimated Estimated Economic Ownership Estimated Construction Date First Completion Stabilization Costs per Percent Community % Units Start Date Units Date (1) Date (1) Unit Occupancy Complete

Capital Deployment Acquisition and Disposition Summary - Two Years (dollars in thousands, except per unit data) (unaudited) Number of Purchase Price Purchase Price Ownership % Debt Desmond at Wilshire (1) 100% Los Angeles, CA 175 $ 600,000 $ 105,000 $ — Number of Gross Sales Gross Sales Ownership % Value at Time The District Universal Boulevard Grand Reserve Skye 2905 100% 100% 100% Orlando, FL Dallas, TX Denver, CO 425 149 400 $ 184,706 281,879 315,000 $ 78,500 42,000 126,000 $ 63,779 31,679 101,987 Renaissance (2) The Reserve at La Vista Walk 55.5% 100% Concord, CA Atlanta, GA 134 283 487,709 202,120 65,353 57,200 52,809 40,190 (1) Acquisition of a multifamily community in lease up. As of March 31, 2017, Desmond at Wilshire was 18% occupied. (2) The sale in August 2016 included the operating property as well as land held for future development. As of March 31, 2017, $2.0 million of net profit was deferred. © Monogram Residential Trust, Inc. 26 Total1 ,391$265,315$369,053$290,444 2016 2017 Effective Gross Book Communities Sold Sold Location Units Price per Unit Price 100% of Sale 100% Total 175 $600,000 $105,000 $— 2017 Effective Assumed Communities Acquired Acquired Location Units per Unit 100%1 00%

Capitalization Debt Summary (dollars in thousands) (unaudited) As of March 31, 2017 Consolidated Balance (1)(2)(4) Weighted Average Rate Share of Balance (1)(4) Percent of Total Share Debt Weighted Average (3) Recourse Debt (5) Company Level Debt Fixed Rate - Mortgages Payable $200 Million Credit Facility $ 181,143 42,000 2.4 years 1.8 years 3.71% 3.48% $ 181,143 42,000 19.4% 4.5% $ — — Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable Variable Rate - Mortgage Payable Fixed Rate - Construction Notes Payable - Operating Variable Rate - Construction Notes Payable - Operating Variable Rate - Construction Notes Payable - In Construction Unsecured Credit Facility: Revolver Term loan 635,225 35,483 52,325 311,995 19,734 2.8 years 0.3 years 1.3 years 1.4 years 2.0 years 3.23% 2.92% 4.00% 3.05% 3.13% 365,509 19,516 26,113 182,020 10,943 39.1% 2.1% 2.8% 19.5% 1.2% — — — 63,417 4,934 93,000 100,000 4.0 years 5.0 years 3.23% 3.23% 51,568 55,450 5.5% 5.9% Plus: unamortized adjustments from business combinations (6) 1 (11,849) — (8,224) Less: Deferred Financing Costs, net (7) (1) The amounts listed are the contractual amounts on each loan at the consolidated or Proportionate Share amount. Total net deferred financing costs and unamortized GAAP adjustments from business combinations are provided in total to reconcile to total debt per the consolidated/proportionate reported amounts. (2) As of March 31, 2017, 13 communities with a gross GAAP carrying value of $741.6 million were unsecured. (3) Information provided is before any extension options, weighted using the consolidated contractual balances. (4) As more fully explained on page 34, our $200 million Credit Facility contains material financial covenants. This schedule, in conjunction with page 34, provides information related to those financial covenants that management uses in managing our business and we believe could be helpful for investors, lenders and analysts in evaluating our covenants. As noted on page 34, substantially all of that information is presented on our Proportionate Share. Such amounts are not calculated using amounts in accordance with GAAP. Accordingly the results and the presentations should only be used in connections with a supplemental review of our covenants and debt and not as a substitute for GAAP reported amounts. See definition of Proportionate Share for additional information on our methodology for deriving these amounts. As further explained in (1) above, the presentation shows contractual balances where unamortized GAAP adjustments from business combinations and deferred finance costs are presented in total to reconcile to total debt as used in our covenants. Reconciliation of total debt per Consolidated Balance Sheet to Proportionate Share of Company Level and Co-Investment Venture Level Contractual Debt: Total Debt per Consolidated Balance Sheet Less: unamortized adjustments from business combinations Plus: Deferred financing costs, net Less: Noncontrolling Interests Adjustments Proportionate Share of Company Level and Co-Investment Venture Level Contractual Debt Footnotes continued on following page $ 1,459,057 (1) 11,849 (536,643) $ 934,262 © Monogram Residential Trust, Inc. 27 Total Debt per Consolidated Balance Sheet $1,459,057 Total Co-Investment Venture Level Debt 1,247,7622.5 years 3.11% 711,11976.1%68,351 Total Company Level and Co-Investment Venture Level Debt 1,470,9052.5 years 3.28% 934,262100.0%$68,351 Total Company Level Debt 223,1432.3 years 3.67% 223,14323.9% Total Consolidated Proportionate Contractual Time to Maturity Contractual Interest Contractual Proportionate Company Portion of

Capitalization Debt Summary (dollars in thousands) (unaudited) Footnotes continued from previous page (5) Reflects the amount of the contractual debt balance that is recourse to the Company. In the case of Co-Investment Venture Level Debt, this represents portions of construction debt that the Company has recourse, usually a portion of each construction loan until certain operating benchmarks are achieved (usually a minimum fixed charge coverage). (6) Unamortized adjustments from business combinations are added to debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (7) Deferred financing costs, net are deducted from debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (8) Recap of fixed and floating rate components, including interest rate caps: Weighted Average Contractual Interest Rate (b) Contractual Balance Percent of Total Debt Fixed Rate - Contractual Interest Rate Caps - Notional Amounts (a) Fixed Rate and Interest Rate Caps $ 572,765 155,000 3.41 % 727,765 78% Floating Rate: Construction Notes Payable Credit Facilities Payable Mortgage Payable Interest Rate Caps - Notional (a) Floating Rate, Net of Interest Rate Caps Total Debt - Contractual 192,963 149,018 19,516 (155,000) 3.05 % 3.30 % 2.92 % 206,497 22% $ 934,262 3.30 % 100% (a) As a hedge against interest rate increases, the Company has $100.0 million notional amount of interest rate caps as of March 31, 2017. Subsequent to March 31, 2017, we entered into an additional $55.0 million notional amount of interest rate caps. The interest rate caps are effective at 30-day LIBOR above weighted average of 1.93%. (9) Aggregate debt maturities by year: Contractual Repayments Weighted Average Rate on Principal Maturities Principal Maturities Adjusted for Extended Maturities (a) Regular Principal Amortization Principal Maturities (b) Total Contractual Repayments 2017 2018 2019 2020 2021 Thereafter Total Debt Maturities 3.43 % 3.37 % 3.20 % 3.11 % 3.32 % 3.39 % $ 5,139 6,026 3,886 2,049 844 516 97,436 268,815 202,473 94,295 163,247 89,536 $ 102,575 274,841 206,359 96,344 164,091 90,052 $ 84,125 60,682 323,173 184,097 122,621 141,104 3.30 % $ 18,460 $ 915,802 $ 934,262 $ 915,802 (a) Amounts reflect maturities and regular principal payments as if all extension options are exercised (extensions at our option). Accordingly, we may also refinance or retire debt at or prior to the scheduled maturity date. (b) Presentation is as of March 31, 2017. Debt that was refinanced is included in the column “Principal Maturities for Extended Maturities.” © Monogram Residential Trust, Inc. 28 Proportionate Share (4) Proportionate Share (4)

Capitalization Debt Recap by Multifamily Community (dollars in thousands) (unaudited) As of March 31, 2017 Contractual Company Portion of Contractual of Contractual Company Level Debt Fixed Rate - Mortgages Payable Acappella The Cameron Stone Gate Vara $ 29,376 61,849 33,082 56,836 August-2018 July-2019 July-2018 January-2021 3.86% 3.09% 4.24% 4.00% $ 29,376 61,849 33,082 56,836 $200 Million Credit Facility (5) 42,000 January-2019 Monthly LIBOR + 2.50% 42,000 Co-Investment Venture Level Debt Fixed Rate - Mortgages Payable 55 Hundred Acacia on Santa Rosa Creek Argenta Arpeggio Victory Park Bailey's Crossing Belmar Briar Forest Lofts Calypso Cherry Creek Eclipse Fitzhugh Urban Flats Forty 55 Lofts The Gallery at NoHo Commons The Lofts at Park Crest - multifamily San Sebastian Satori The Venue Veritas West Village 40,327 29,000 52,000 28,839 76,000 28,500 19,736 29,500 39,500 19,591 26,240 25,500 55,000 30,740 20,689 51,000 10,276 33,688 19,099 January-2022 March-2020 August-2021 June-2023 July-2017 August-2020 September-2017 August-2020 August-2020 September-2017 August-2017 October-2020 August-2021 January-2019 June-2020 January-2019 January-2019 November-2019 October-2019 3.17% 3.17% 2.78% 4.31% 2.82% 2.82% 4.46% 2.82% 2.82% 4.46% 4.35% 3.90% 2.78% 3.42% 3.31% 3.54% 3.66% 2.77% 2.48% 22,361 15,950 28,600 15,991 42,142 15,675 10,855 16,225 21,725 10,775 14,432 14,025 30,250 16,907 11,472 28,280 5,652 33,688 10,504 Variable Rate - Mortgages Payable The Lofts at Park Crest - retail Burrough’s Mill (7) April 2018 (6) September-2017 11,283 24,200 Monthly LIBOR + 2.35% Monthly LIBOR + 1.75% 6,206 13,310 Fixed Rate - Construction Notes Payable (7) The Alexan 52,325 August-2018 4.00% 26,113 (Table continued on next page) © Monogram Residential Trust, Inc. 29 Total Fixed Rate - Construction Notes Payable 52,3254.00%26,113 Total Variable Rate - Mortgages Payable 35,4832.92%19,516 Total Fixed Rate - Mortgages Payable 635,2253.23%365,509 Total Company Level Debt 223,1433.67%223,143 Total Credit Facilities 42,0003.48% 42,000 Total Fixed Rate - Mortgages Payable 181,1433.71%181,143 Total Consolidated Proportionate Share Balance (1)Maturity Date Interest Rate (2) Balance (1)(3) Recourse Debt (4)

Capitalization Debt Recap by Multifamily Community (dollars in thousands) (unaudited) As of March 31, 2017 Contractual Company Portion of Contractual of Contractual Variable Rate - Construction Notes Payable (7) Cyan on Peachtree Everly Nouvelle Zinc Verge Total - Operating Caspian Delray Beach Luce Total - In Construction 39,114 22,982 82,566 106,597 60,736 February-2018 June-2018 August-2018 October-2018 October-2018 Monthly LIBOR + 1.80% Monthly LIBOR + 1.85% Monthly LIBOR + 2.10% Monthly LIBOR + 2.25% 21,689 12,743 45,783 59,108 5,867 1,149 20,642 26,649 Monthly LIBOR + 1.95% 42,697 9,110 311,995 19,734 — 3.05% Monthly LIBOR + 2.15% Monthly LIBOR + 2.65% 182,020 10,943 — 63,417 4,934 — April-2019 June-2020 19,734 3.13% 10,943 4,934 Unsecured Credit Facility: Revolver Term loan March-2021 March-2022 Monthly LIBOR + 2.25% Monthly LIBOR + 2.25% 51,568 55,450 93,000 100,000 Plus: unamortized adjustments from business combinations (8) Less: deferred financing costs, net (9) 1 (11,849) — (8,224) (1) The amounts listed by multifamily community are the contractual amounts on each loan at the consolidated or Proportionate Share amount. Total net deferred financing costs and unamortized GAAP adjustments from business combinations are provided in total to reconcile to total debt per the consolidated/proportionate reported amounts. (2) Total and sub-totals represent the weighted-average interest rates as of March 31, 2017, weighted using the consolidated contractual balances. Monthly LIBOR as of March 31, 2017 is 0.98%. (3) As more fully explained on page 34, our $200 million Credit Facility contains material financial covenants. This schedule, in conjunction with page 34, provides information related to those financial covenants that management uses in managing our business and we believe could be helpful for investors and analysts in evaluating our covenants. As noted on page 34, substantially all of that information is presented on our Proportionate Share. Such amounts are not calculated using amounts in accordance with GAAP. Accordingly the results and the presentations should only be used in connections with a supplemental review of our covenants and debt and not as a substitute for GAAP reported amounts. See definition of Proportionate Share for additional information on our methodology for deriving these amounts. As further explained in (1) above, the presentation shows contractual balances with unamortized GAAP adjustments from business combinations and deferred finance costs are presented in total to reconcile to total debt per our covenants. See reconciliation of total debt per consolidated balance sheet to total Proportionate Share of Company Level and Co-Investment Venture Level debt on page 27. (4) Reflects the amount of the contractual debt balance that is recourse to the Company. In the case of Co-Investment Venture Level Debt, this represents portions of construction debt that the Company has recourse, usually a portion of each construction loan until certain operating benchmarks are achieved (usually a minimum fixed charge coverage). (5) Subsequent to March 31, 2017, in conjunction with our acquisition of a multifamily community and draws for working capital, our balance outstanding is currently $110 million. (6) Subsequent to March 31, 2017, this mortgage was refinanced with a new mortgage of $11.5 million. The maturity date reported above is the maturity date of the new mortgage loan. The original loan matured in April 2017. (7) The maturity dates provided for these loans in the table do not include any extension options. These loans include one to two year extension options generally available at the stated maturity date. (8) Unamortized adjustments from business combinations are added to debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. (9) Deferred financing costs, net are deducted from debt to reconcile to the GAAP amounts on the consolidated balance sheet and the covenant amounts. © Monogram Residential Trust, Inc. 30 Total Debt per Consolidated Balance Sheet$1,459,057 Total Company Level and Co-Investment Venture Level Debt1,470,9053.28%934,262$68,351 Total Co-Investment Venture Level Debt1,247,7623.11%711,11968,351 Total Unsecured Credit Facility193,0003.23%107,018 Total Variable Rate - Construction Notes Payable331,7293.05%192,96368,351 Total ConsolidatedProportionate Share Balance (1)Maturity DateInterest Rate (2) Balance (1)(3) Recourse Debt (4)

Capitalization Proportionate EBITDA (in thousands) (unaudited) Noncontrolling Interests Adjustments (1) Noncontrolling Interests Adjustments (1) Amounts as Defined Amounts as Defined Net income (loss) available to the Company $ 75,985 $ (8,305) Adjustments to arrive at Adjusted EBITDA: Note: EBITDA is a non-GAAP measurement. See following page for footnotes and see Definitions and Other Explanatory Information for definitions. © Monogram Residential Trust, Inc. 31 Loss on early extinguishment of debt3,901 Other (includes pursuit expenses, fair value adjustments and subsidiary preferred units dividends)188 Less: noncontrolling interests share of adjustments(320) (289) (31) — 210 (32) — (32) (320) (32) Adjusted Proportionate EBITDA$23,563$20,697 Less: Gains on sales of real estate(86,723) Depreciation and amortization (1) 33,652 Interest expense (2) 11,228 Less: noncontrolling interests share of adjustments(14,348) $— (10,618) (3,730) — 31,836 9,774 (12,786) $— (9,697) (3,089) (14,348) (12,786) Proportionate EBITDA19,79420,519 Three Months Ended March 31, 2017 2016

Capitalization Proportionate EBITDA (in thousands) (unaudited) Three Months Ended March 31, 2017 2016 Noncontrolling Interests Adjustments (a) Noncontrolling Interests Adjustments (a) Amounts as Defined Amounts as Defined (1) Reconciliation of depreciation and amortization expense: Depreciation and amortization expense for GAAP $ 31,859 244 1,549 $ 30,056 244 1,536 Plus: Purchase accounting intangible expense Amortization of deferred financing costs 33,652 (10,618) 31,836 (9,697) Less: Noncontrolling Interests Adjustments EBITDA depreciation and amortization $ 23,034 $ 22,139 (2) Reconciliation of interest expense: Contractual interest expense $ 12,455 (980) (247) 476 $ 12,604 (2,417) (413) 592 Less: Capitalized interest Mortgage premium amortization Credit facility and other finance fees Plus: Interest expense for GAAP 11,704 (476) 10,366 (592) Less: Credit facility and other finance fees 11,228 (3,730) 9,774 (3,089) Less: Noncontrolling Interests Adjustments EBITDA interest $ 7,498 $ 6,685 (a) See Noncontrolling Interests Adjustments in Definitions and other Explanatory Information for discussion of our Proportionate Share. © Monogram Residential Trust, Inc. 32 $(4,080) 878 113 — — (3,089) $(4,151) 370 51 — — (3,730) $(9,258) (110) (329) (9,697) $(10,116) (110) (392) (10,618)

Capitalization Other Proportionate Debt Metrics (dollars in thousands) (unaudited) Leverage Ratios Fixed Charge coverage ratio Debt to annualized adjusted EBITDA (1) Net Debt to annualized adjusted EBITDA (1) Adjusted Ratios - Excluding Development and Lease up Activity, Proportionate Share Fixed Charge coverage ratio Debt to annualized adjusted EBITDA (1) Net Debt to annualized adjusted EBITDA (1) 2.82x 9.91x 9.43x 2.41x 12.28x 11.64x 2.84x 8.39x 7.89x 2.92x 7.91x 7.28x Supporting Calculations for Debt Metrics: Three Months Ended March 31, 2017 2016 Proportionate Fixed Charges: Contractual interest expense (page 32) Non-redeemable noncontrolling interests expense (subsidiary preferred units dividends) Fixed Charges Less: Development related fixed charges (2) Fixed Charges, excluding development activity $ 8,304 52 $ 8,524 55 8,356 (325) 8,579 (1,271) $ 8,031 $ 7,308 March 31, 2017 March 31, 2016 Proportionate Net Debt: Contractual debt (page 27) Less: Cash and cash equivalents Net debt Less: Development and lease up related debt Net debt, excluding development activity $ 934,262 (45,601) $ 1,017,047 (53,439) 888,661 (169,147) 963,608 (342,999) $ 719,514 $ 620,609 Three Months Ended March 31, 2017 2016 Annualized Adjusted Proportionate EBITDA: Adjusted Proportionate EBITDA (page 31) Plus (less): NOI and development costs expensed, net of NOI for developments not fully stabilized Adjusted Proportionate EBITDA, excluding development activity Annualized Adjusted Proportionate EBITDA Annualized Adjusted Proportionate EBITDA, excluding development activity $ 23,563 (778) $ 20,697 616 $ 22,785 $ 21,313 $ 94,252 $ 82,788 $ 91,140 $ 85,252 © Monogram Residential Trust, Inc. 33 Three Months Ended March 31, 20172016

See following page for footnotes Capitalization Other Proportionate Debt Metrics (dollars in thousands) (unaudited) (1) Adjusted Proportionate EBITDA is annualized for last quarter for the respective reporting periods. (2) Represents interest expense related to developments and acquisitions in lease up during periods of operating deficits. (3) Our $200 million Credit Facility covenants, which constitute a material agreement and are included in our filed exhibits, are prepared on a Proportionate Share basis. We are in compliance with all of our debt covenants, including our $200 million Credit Facility. To assist in evaluating our covenant position, we have provided certain Proportionate Share information. We believe this information is useful to management, lenders and investors to evaluate our covenant compliance. However, this information differs from our reported consolidated GAAP amounts and users are cautioned to use such information in the limited content of covenant compliance. See page 27 for additional information concerning certain details of our debt. Assets (Liabilities) As of March 31, 2017 Cash Gross operating real estate Construction in progress Notes receivable Other tangible assets Mortgages and notes payable (contractual balances) Credit facility payable (contractual balance) Construction costs payable Accounts payable and other liabilities Distributions payable Tenant security deposits Redeemable noncontrolling interests Subsidiary preferred stock $ 45,601 2,199,435 83,600 26,820 21,942 (785,244) (149,018) (14,257) (17,943) (12,574) (4,157) (16,959) (1,259) Selected Operating Data For the Three Months Ended March 31, 2017 Contractual interest expense Capitalized interest Principal payments $ 8,304 610 2,094 © Monogram Residential Trust, Inc. 34

Capitalization Sources of Funds Available As of March 31, 2017 (dollars in thousands) (unaudited) Capacity (1) Commitment Outstanding Commitments Commitments $200 Million Credit Facility - 100% our share (2) $ 200,000 $ 200,000 $ 42,000 $ 158,000 $ — Unsecured Credit Facility - Proportionate Share (3) 166,350 121,684 107,018 14,666 — Construction notes payable - Proportionate Share (4) 284,067 284,067 219,076 64,991 — PGGM commitments (5) 300,000 300,000 257,880 8,582 33,538 Developer partner commitment 4,378 4,378 4,076 302 — Note: This schedule presents certain sources of capital available to the Company, exclusive of the sources available to our joint venture partners. Accordingly, all information, unless otherwise noted, is presented on our Proportionate Share. (1) Available capacity represents the amount of the maximum commitment that is available to be drawn based on current loan requirements (e.g. collateral, borrowing base). The amount currently drawn is reflected in the balance outstanding column. (2) The credit facility has an accordion feature, at our election, to increase the size of the facility to up to $400 million (proportionate share). Subsequent to March 31, 2017, in conjunction with our acquisition of a multifamily community and draws for working capital, our balance outstanding is currently $110 million. (3) The credit facility has an accordion feature to increase the size of the facility up to $277.3 million (Proportionate Share). Details of the balance outstanding are provided below and can also be found on the Debt Recap by Multifamily Community schedule on page 29: Consolidated Amounts as Defined Noncontrolling Interests Adjustments Proportionate Share Unsecured Credit Facility balance outstanding $ 193,000 $ (85,982) $ 107,018 (4) We may elect to not draw all amounts available to draw, and we may use other sources to fund our developments. Details of the reconciliation of the GAAP balance outstanding are provided below and can also be found on the Debt Recap by Multifamily Community schedule on page 29: Consolidated Amounts as Defined Noncontrolling Interests Adjustments Proportionate Share Construction notes payable - balance outstanding: Fixed rate - operating Variable rate - operating Variable rate - in construction Total $ 52,325 311,995 19,734 $ (26,212) (129,975) (8,791) $ 26,113 182,020 10,943 $ 384,054 $ (164,978) $ 219,076 (5) PGGM’s remaining commitment would apply to future investments. © Monogram Residential Trust, Inc. 35 MaximumAvailableBalanceUnfundedRemaining

Co-Investment Venture Partners Information on Joint Ventures As of March 31, 2017 (dollars in thousands) (unaudited) Communities (1) Interests (2) Joint Venture Partner % Interests Commitments Stichting Depositary PGGM Private Real Estate Fund (“PGGM”) Operating portfolio - PGGM only Operating portfolio - includes other developer partners Development portfolio - includes other developer partners 3 16 2 45% 0% to 45% 0% to 45% $ 42,610 215,433 41,019 $ — 22,259 5,699 Milky Way Partners, L.P. (“NPS”) Developer partners Operating portfolio with developer partner (3) 2 —% (159) 1,115 (1) Certain multifamily communities are held through joint ventures with both PGGM and a developer partner which, for purposes of the presentation in this table, is included under the PGGM heading as one community. (2) Includes developer partner put options of $28.8 million which have been recorded as of March 31, 2017 in the consolidated balance sheet. (3) Interest ownership is primarily a back-end interest. © Monogram Residential Trust, Inc. 36 Total all joint venture partners37$408,080$29,073$8,884 Subsidiary preferred units2,031—— Total developer partners2—%(159)1,115— Operating portfolio1445%107,146—— Total PGGM related joint ventures210% to 45%299,06227,958$8,884 Range ofGAAPGAAP Number ofNoncontrollingNon -redeemableRedeemable MultifamilyInterest OwnershipNoncontrollingNoncontrollingUnfunded

Equity Capitalization Common Stock and Common Stock Equivalents (unaudited) Common Stock and Common Stock Equivalents: Common stock (1) Dilutive securities: Restricted stock units Total common stock and common stock equivalents (2) - diluted 166,963,812 1,281,922 168,245,734 (1) The distribution for the first and declared for the second quarter of 2017 was $0.075 per share. (2) 1.0% of total common stock and common stock equivalents are held by employees and directors. © Monogram Residential Trust, Inc. 37 Shares/Units Outstanding as of March 31, 2017

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Property revenue - stabilized portfolio (1) $ 43,474 (16,129) (1,304) $ — — — $ 43,474 (16,129) (1,304) Less: Property operating expenses, excluding property management expenses (1) Less: Assumed market rate property management fee at 3% of revenue Adjusted property Net Operating Income Annualized adjusted property Net Operating Income Third party asset management revenue (2) Third party property management revenue (2) $ 26,041 $ — $ 26,041 $ 104,164 364 868 $ — — — $ 104,164 364 868 Acquisition in lease up (3) Development - total Economic Costs incurred (4) Acquisition in lease up and development - total potential value creation (5) Master Partnership promote due to the Company (6) Developer promotes and put options, net (due by the Company) (7) $ 105,000 317,797 88,366 6,850 (42,222) $ — — — — — $ 105,000 317,797 88,366 6,850 (42,222) Net tangible assets/(liabilities) $ (778,821) $ 1,118 Common stock outstanding Restricted stock units outstanding Total common stock and common stock equivalents - diluted (See Notes to Road Map to Net Asset Value on next page) 166,963,812 1,281,922 168,245,734 © Monogram Residential Trust, Inc. 38 Fully Diluted Share Data Amounts as Defined Noncontrolling Interests Adjustments (8) Other Adjustments Selected Other Tangible Balance Sheet Data - Assets (Liabilities) Cash and cash equivalents$59,150 Notes receivable (9) 27,171 Tax like-kind exchange escrow110,917 Other tangible assets (10) 26,656 Mortgages and notes payable (11) (1,235,905) Credit facilities payable (11) (235,000) Subsidiary preferred stock— Other tangible liabilities (12) (67,427) Less: Noncontrolling Interests Adjustments535,617 $(13,549) — — (4,714) 450,661 85,982 (1,259) 18,496 $— — — 1,118 — — — — 535,617 As of March 31, 2017 Adjustments As Adjusted Acquisitions in Lease Up, Development and Joint Venture Data (Proportionate Share) Three Months Ended March 31, 2017 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 38: Note: Estimating net asset value of our Company can be useful to both management and investors. While we do not provide any specific assumptions or methodologies, we have provided certain information we believe could be useful in calculating our net asset value as of March 31, 2017. (1) Property revenue and property operating expenses-stabilized portfolio includes: Rental Revenue Property Operating Expenses Same Store per page 18 Stabilized Non-Comparable per page 19 $ 36,387 7,087 $ 13,212 2,917 $ 43,474 $ 16,129 (2) Represents our Proportionate Share of property and asset management revenue associated with third party joint venture assets per page 8. (3) Includes 2017 acquisition of Desmond at Wilshire (acquisition in lease up). Amount represents cost as of March 31, 2017. See page 26. See note 5. (4) Total Developments per page 25. (5) Value creation is equal to projected future stabilized value less total Economic Costs. The projected future stabilized value is based on the projected annual NOI at stabilization, less capital reserves divided by an estimated future capitalization rate, which includes a premium from the current capitalization rate to adjust for the period until stabilization. Total potential value creation represents the projected undiscounted total future value to be created at the stabilization date, before any selling expenses. (6) Projected promote due to the Company by PGGM based on current estimated portfolio value. (7) Our Proportionate Share of developers’ put options and amounts attributable to developer promotes. The amount included for developer promotes is calculated based on estimated valuations as of March 31, 2017. The developer promotes are not currently payable, where actual amounts, if any, are subject to future property sales prices, net of selling expenses, our capital account and our preferred return at the time of the property sale. (8) See Noncontrolling Interests Adjustments and Non-GAAP Measurements in Definitions and other Explanatory Information for discussion of our Proportionate Share and Non-GAAP Measurements. (9) Notes receivable is the contractual principal balance as presented on page 15. (10) Other tangible assets, which are prepared on a basis consistent with our financial covenants include: Consolidated GAAP Amounts Noncontrolling Interests Adjustments Escrows and restricted cash Resident, tenant and other receivables Prepaid assets, deposits and other Total $ 9,838 6,513 10,305 $ (2,390) (816) (1,508) $ 26,656 $ (4,714) (Notes continued on next page) © Monogram Residential Trust, Inc. 39

Net Asset Value Road Map to Net Asset Value (dollars in thousands) (unaudited) Notes to Road Map to Net Asset Value on page 38 (continued from previous page): (11) Amounts in “amounts as defined” and “Noncontrolling Interests Adjustments” represent the contractual amounts. Mark-to-market adjustment to mortgages and notes payable are included in the Other Adjustments column. (12) Other tangible liabilities, which are prepared on a basis consistent with our financial covenants include: Consolidated GAAP Amounts Noncontrolling Interests Adjustments Construction costs payable Accounts payable and other liabilities Distributions payable Tenants security deposits Total $ (23,148) (25,646) (12,606) (6,027) $ 8,891 7,703 32 1,870 $ (67,427) $ 18,496 © Monogram Residential Trust, Inc. 40

Guidance Full-Year 2017 Guidance (dollars in millions, except per share amounts) (unaudited) Rental revenue growth Property operating expense growth NOI growth 1.25% 3.5% 0.0% to to to 2.75% 4.5% 2.0% Core FFO AFFO $ $ 0.37 0.39 to to $ $ 0.42 0.44 Interest expense, net of capitalized interest (1) Capitalized interest Interest income $ $ $ 31 1 3 to to to $ $ $ 35 3 5 General and administrative expense: (2) Corporate Corporate property management Less: Asset management and property management fee income Net general and administrative expenses $ 18 8 5 to to to to $ 20 10 5 $ 21 $ 25 Dispositions Acquisitions Development funding (3) $ $ $ 246 248 45 to to to $ $ $ 300 300 65 Note: We are reconfirming the same guidance as provided in our Supplemental Financial Information - Fourth Quarter 2016. The only update was to reset the lower range of the dispositions and acquisitions to current actual activity. (1) Amounts exclude amortization of deferred financing costs. (2) Amounts exclude stock compensation expense. (3) Primary source of funds is expected to be from committed construction loans and may also include other capital sources, including cash, credit facilities and disposition proceeds. © Monogram Residential Trust, Inc. 41 Full Year 2017 Key Capital ItemsProportionate Share Full Year 2017 Other Proportionate FFO ComponentsProportionate Share FFO, Core FFO, and AFFO GuidancePer Share Range Current Guidance Full Year 2017 Proportionate Same-Store GuidancePercent Range

Guidance Guidance Reconciliations (in millions, except per share amounts) (unaudited) Add (deduct) NAREIT defined adjustments: Real estate depreciation and amortization Gains on sales of real estate Less: Noncontrolling Interests Adjustments 0.77 (0.52) (0.25) 0.79 (0.57) (0.24) Add (deduct) adjustments to arrive at Proforma Core FFO annualized: Other Less: Noncontrolling Interests Adjustments 0.04 — 0.04 — Add (deduct) adjustments to arrive at Proforma AFFO annualized: Other (primarily stock compensation expense and recurring capital expenditures) Less: Noncontrolling Interests Adjustments 0.02 — 0.02 — Proforma weighted average number of common shares outstanding - diluted (in millions) 168.4 168.4 © Monogram Residential Trust, Inc. 42 Proforma AFFO annualized$0.39$0.44 Proforma Core FFO annualized0.370.42 Proforma FFO annualized - NAREIT defined0.330.38 Proforma annualized net income (loss) attributable to common stockholders$0.33$0.40 Guidance Range - Per Share Reconciliation of full-year 2017 guidance

Definitions and other Explanatory Information Capital Expenditures Non-Recurring Amounts capitalized in accordance with GAAP related to property upgrades and building improvements, such as remodeling, investments in longer-lived assets and infrequent or unscheduled expenditures that are not considered Revenue Producing such as roofs, minor lobby renovations and parking lots. Recurring Amounts capitalized in accordance with GAAP that help preserve but generally do not increase the value and functionality of the community, such as replacements for appliances, carpeting and floorings, HVAC equipment, and individual unit turnover costs. Repairs and maintenance amounts are expensed as incurred. Revenue Producing Amounts capitalized in accordance with GAAP that are expected to directly increase rental rates, such as major renovations and rehabilitations of units and common areas, improvements to leasable areas, retail tenant improvements and leasing. Costs related to developments and entire community rehabilitations are not included in Revenue Producing. Community Classifications Construction A multifamily community is considered under development and construction once we have signed a general contractor’s agreement and vertical construction has begun and ends once lease up has started. Communities under construction are classified as construction in progress for GAAP presentation. 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. 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 multifamily community to be Stabilized generally when the multifamily community achieves 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 consolidated 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 one of its wholly owned subsidiaries. Recourse Debt The portion of debt for which the Company has provided recourse guarantees. Normal “bad boy” provisions, e.g. bankruptcy and environmental, are not included as Recourse Debt. EBITDA A non-GAAP measurement of earnings before interest, taxes, depreciation, amortization, and other non-recurring items. Similar to other non-GAAP measurements, EBITDA is presented on our Proportionate Share. 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 also present adjusted EBITDA which includes adjustments for gains or losses on early extinguishment of debt, impairment, pursuit expenses and similar activities. Its purpose is to highlight earnings without finance, depreciation and certain amortization expenses and its use is limited to specialized analysis. Our presentation may be different than other companies. © Monogram Residential Trust, Inc. 43

Definitions and other Explanatory Information 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 and asset management. Financial Ratios Debt (or Net Debt) to EBITDA Total contractual debt divided by annualized EBITDA based on respective reporting period. Contractual debt excludes debt associated with multifamily communities in development and/or lease up prior to stabilization and certain GAAP adjustments, primarily purchased discounts and premiums and deferred financing costs. Net debt presentations deduct cash and cash equivalents from the total debt amounts. Our presentation is based on our Proportionate Share. 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 (directly or indirectly), we also present certain ratios without the related NOI deficit, associated development debt, interest and other finance charges. Fixed Charge Coverage EBITDA or adjusted EBITDA divided by total of contractual interest and parent (if any) and subsidiary preferred stock dividends. We may also present less fixed charges net of development activity. Our presentation is based on our Proportionate Share. Monthly Rental Revenue Per UnitMonthly rental revenue per unit is calculated based on the leases in effect as of the indicated date, including in-place base rents for the occupied units and the current market rate for vacant residential units, including the effects of any rental concessions and affordable housing payments and subsidies, plus other recurring occupancy related 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 $218 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 are also entitled to receive promoted interests after PGGM realizes defined returns. We and, under certain circumstances, PGGM also 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 $502 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 generally after the seventh year after completion and a buy/sell after the tenth year. The amount of the individual developer put options range from $0.8 million to $6.4 million and as of March 31, 2017 total $28.8 million. Subsidiary preferred units Subsidiary preferred units issued in order for PGGM and NPS investments to qualify as a REIT. Units are callable at our option, paying an annual distribution of 12.5% on the face amount of $500 per unit. © Monogram Residential Trust, Inc. 44

Definitions and other Explanatory Information Noncontrolling Interests Adjustments As further discussed in the Ownership Presentations section of Definitions and other Explanatory Information, our Proportionate Share information could be useful to investors in analyzing our financial information and our loan covenant compliance. Where the Noncontrolling Interests Adjustments are presented side by side with the GAAP amount, our Proportionate Share can be calculated by adding the Noncontrolling Interests Adjustments amount to the GAAP amount. For example, if the following information was presented: Noncontrolling Interests Adjustments GAAP Amount GAAP account A GAAP account B $ $ 100 (200) $ $ (25) 50 The Proportionate Share amount for GAAP account A would be $75 and the Proportionate Share amount for GAAP account B would be ($150). 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. We also use FFO as adjusted for straight-line rents, stock compensation expense, and recurring capital expenditures as a basis for certain of our debt covenant calculations. 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, gains, revenues or expenses, we caution that these measurements may not be representative of our current or future performance 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 7, 16 and 27. Unless otherwise noted, our presentation is based on our Proportionate Share. 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. FFO is the amount attributable to our common stockholders. Core FFO Core FFO is calculated starting from FFO adjusted for loss on early extinguishment of debt, start up and pursuit expenses, fair value adjustments and non-recurring expenses. Core FFO is the amount attributable to our common stockholders. Adjusted Core FFO (“AFFO”) AFFO is calculated starting from Core FFO adjusted for Recurring capital expenditures, Straight-line rents and stock compensation expense. AFFO is the amount attributable to our common stockholders. 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 our Proportionate Share. 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. © Monogram Residential Trust, Inc. 45

Definitions and other Explanatory Information 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 current participation in distributable operating cash. The amounts exclude Noncontrolling Interest in consolidated joint ventures. All interests are consolidated, where we are the controlling interest. Proportionate Share presentations may be useful in analyzing our financial information by providing revenues, expenses, assets and liabilities attributable only to our shareholders. Management uses this information to allocate resources and evaluate investments. Proportionate Share presentations are also relevant to our investors and lenders as it highlights operations and capital available for our lenders and investors and is the basis used for several of our loan covenants. However, our Proportionate Share does not include amounts related to our consolidated operations and financial position and should not be considered a replacement for corresponding GAAP amounts presented on a consolidated basis. Investors are cautioned that our Proportionate Share amounts should only be used to assess financial information in the limited context of evaluating amounts attributable to shareholders. We present our Proportionate Share and Proportionate amounts along with the corresponding GAAP balance and reconciling adjustments. Percent Complete To provide one measure of development status, calculated as Economic Costs incurred divided by total Economic Costs. QTD Amounts for the applicable quarter for the indicated year (Quarter to date). Start up and pursuit expenses Start up expenses associated with the lease up of newly acquired or developed multifamily communities, primarily marketing costs which are expensed for GAAP. Pursuit expenses are the write off of direct expenses, primarily third party due-diligence costs and travel expenses, associated with acquisitions that were not consummated. Prior to October 1, 2016, pursuit expenses also included all acquisition costs expensed in accordance with GAAP. Subsequent to October 1, 2016, all acquisition costs associated with a completed acquisition are capitalized to the cost of the real estate. 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. Unfunded Commitments Amounts under a contractual commitment that have not been funded and are reasonably within our control. Unfunded Commitments do not include amounts related to fundings that are contingent on future events. Remaining commitments do not include amounts that are contingent on future events that are not within our full control. Year Built The date the community is substantially completed or renovated and ready for its intended use. YTD Amounts for the entire period of the applicable year (Year to date). © Monogram Residential Trust, Inc. 46