Supplemental Information

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1 Supplemental Information Third Quarter 2014 Andros Isles - Daytona Beach, FL Landmark Apartment Trust s ("Landmark") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speaks only as of the date or period indicated, and Landmark does not undertake any obligation, and disclaims any duty, to update any of this information. Landmark s future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect Landmark's future financial results are discussed more fully in our reports on Form 10-K, Form 10-Q and Form 8-K filed with the SEC. Readers are advised to refer to these reports for additional information concerning Landmark. Landmark Apartment Trust, Inc. Phone: East Frontage Road, Suite 150 Fax: Tampa, FL 33607

2 Table of Contents Company Profile 3 Financial Summary 4 Balance Sheet 5 Consolidated Statement of Operations 6 Reconciliation of Net Income to FFO and AFFO 7 Reconciliation of Net Income to NOI 8 Real Estate Portfolio Summary 9 Same-Property Results 10 Operating Expenditure Detail 11 Capital Expenditure Detail 12 Debt Maturity and Principal Amortization Schedule 13 Acquisitions and Dispositions Activity 14 Renovation and Redevelopment Activity 15 Definitions 16 Towne Crossing - Dallas, TX Landmark at West Place - Orlando, FL 2

3 Company Profile Landmark Apartment Trust ("Landmark") is a publicly registered, nontraded real estate investment trust (REIT) focused on the acquisition, renovation, management and disposition of multifamily apartment communities in geographically diverse, high-growth markets in the southern United States. As of September 30, 2014, Landmark owned interests in 88 communities with 27,667 apartment units, including 78 consolidated communities with 24,221 units, 2 communities held by unconsolidated joint ventures with 750 units, and 8 communities containing 2,696 units held by a fund in which Landmark has an unconsolidated interest. In addition, Landmark managed 16 other communities with 5,560 units owned by affiliated third parties. Landmark's owned and managed properties are located in Florida, Georgia, North Carolina, South Carolina, Alabama, Tennessee, Virginia, and Texas. Most of the properties we acquired since 2012 were built in 1990 or earlier and generally lease apartments at lower rental rates compared to our previous investments. This strategy allows us to offer housing to more qualified renters within our target markets. In addition, we initiated strategic renovations to many of these properties in order to achieve growth in rental rates exceeding market averages. As of September 30, 17 properties completed renovations and 3 properties were still under renovation. $70,000 Revenue and Occupancy Trends 100% Walker Ranch - San Antonio, TX Landmark's Markets as of September 30, 2014 (1) Owned Properties by State Texas 28 Florida 18 North Carolina 13 Georgia 8 Alabama 3 Tennessee 3 South Carolina 3 Virginia 2 Total Consolidated Properties 78 Unconsolidated / Fund Properties 10 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Revenues (in 000's) Average Occupancy 95% 90% 85% Financial Performance (000's except for share data) Quarter Ending 9/30/2014 9/30/2013 9/30/2012 Revenues $ 66,195 $ 44,415 $ 16,267 G&A $ 6,429 $ 6,524 $ 5,407 % of revenues 9.7% 14.7% 33.2% AFFO $ 12,372 $ 6,964 $ 1,673 % of revenues 18.7% 15.7% 10.3% Net loss attributable to common stockholders $ (5,088) $ (11,846) $ (20,994) % of revenues -7.7% -26.7% % EPS - basic and diluted $ (0.20) $ (0.50) $ (1.03) 3

4 Financial Summary 4 Quarter Ending Year Ending December 31 9/30/2014 9/30/ Company profile (1) Market capitalization (2) $ 553,000 $ 411,000 $ 484,000 $ 324,000 $ 162,000 $ 160,000 Outstanding common shares, OP units, and share equivalents 67,817 50,461 59,354 39,710 19,936 19,633 Wtd avg outstanding common shares, OP units, and share equivalents 67,803 49,471 47,862 24,300 19,813 18,357 Estimated share price (3) $ 8.15 $ 8.15 $ 8.15 $ 8.15 $ 8.15 $ 8.15 Per share data Net income/(loss) attributable to common stockholders $ (0.20) $ (0.50) $ (1.44) $ (1.72) $ (0.45) $ (0.59) FFO per common share and limited partnership unit basic 0.08 (0.16) (0.19) (0.89) FFO per common share, LP unit, and common stock equivalent diluted 0.08 (0.16) (0.19) (0.89) AFFO per common share and limited partnership unit basic AFFO per common share, LP unit, and common stock equivalent diluted Dividend declared Portfolio Owned properties - consolidated Owned poperty interests - unconsolidated Leased and managed properties (4) Managed only properties Total properties Owned portfolio (5) Units 24,221 16,928 19,594 9,021 3,973 3,973 Average Occupancy (6) 92.9% 94.7% 94.3% 94.6% 94.2% 94.5% Average Total Revenue per Occupied Unit (7) $ 908 $ 867 $ 862 $ 887 $ 966 $ 929 Capital expenditures (in 000's) (1) Acquisitions $ 37,193 $ 369,165 $ 764,823 $ 400,206 $ - $ 37,257 Redevelopment 3,406 2,018 8, Recurring capital expenditures 1,690 3,386 7,677 2,671 1,328 1,521 Total capital expenditures $ 42,289 $ 374,569 $ 780,910 $ 402,877 $ 1,328 $ 38,778 (1) Amounts in 000's, except price per share. (2) Total number of common shares, OP units, and share equivalents outstanding multiplied by the most recent issuance price of $8.15 per share. (3) Landmark's shares are not publicy traded. The estimated share price is the price at which the company most recently issued shares and OP Units. (4) Refers to properties formerly leased on a triple net basis to and managed by Landmark. (5) Reflects consolidated properties only. (6) Occupancy is as of the end of each period. (7) Revenue includes all rental income, utility reimbursement income, and ancillary income in the last month of the period. Revenue per unit is obtained by dividing total revenue by the number of occupied units as of the last day of the period. For Q3-2013, this calculation omits four properties purchased during September 2013.

5 Balance Sheet Quarter Ending Year Ending December 31 Assets 9/30/2014 9/30/ Real estate investments Operating properties, net $ 1,752,911 $ 1,226,540 $ 1,410,513 $ 725,568 $ 338,846 $ 350,670 Operating property held for sale, net Total real estate investments 1,752,911 1,226,540 1,410, , , ,670 Cash and cash equivalents 4,685 18,632 4,349 2,447 1,091 3,274 Accounts receivable 1,134 1,382 1,085 1,879 1,210 1,289 Other receivables due from affiliates 1,195 5,272 2,544 1, Restricted cash 32,455 36,904 29,690 9,889 6,745 4,943 Goodwill 9,198 10,710 9,679-3,751 3,751 Real estate and escrow deposits 29 1,840 2, Investments in unconsolidated entities 9,325-11, Identified intangible assets, net 18,327 41,162 35,849 7,548 3,595 2,521 Other assets, net 19,753 17,901 19,289 5,543 1,457 2,036 Other assets - operating property held for sale Total assets $ 1,849,012 $ 1,360,343 $ 1,526,690 $ 755,016 $ 356,695 $ 368,534 Liabilities and equity Liabilities Mortgage loan payables, net $ 1,032,641 $ 740,113 $ 838,434 $ 479,494 $ 243,332 $ 244,072 Mortgage loan payable - operating property held for sale Total mortgage loan payables 1,032, , , , , ,072 Unsecured notes payable 5,950 10,784 5, ,750 7,750 Secured credit facility 159, , , Line of credit 3, Series A cumulative non-convertible redeemable preferred stock , Series B cumulative non-convertible redeemable preferred stock , Series D cumulative non-convertible redeemable preferred stock with derivative 204, , , Series E cumulative non-convertible redeemable preferred stock with derivative 72, Accounts payable and accrued liabilities 47,889 28,914 31,488 16,054 9,954 9,044 Other payables due to affiliates 439 5, Acquisition contingent consideration 2,700 3,823 4, Security deposits, prepaid rent and other liabilities 6,796 9,597 6,954 5,970 2,521 1,401 Other liabilities - operating property held for sale - Total liabilities $ 1,537,331 $ 1,118,557 $ 1,242,099 $ 549,956 $ 263,572 $ 262,376 Equity Common stock $ 254 $ 239 $ 252 $ 207 $ 199 $ 196 Additional paid-in capital 227, , , , , ,704 Accumulated other comprehensive operations, net (241) (421) (178) (260) - - Accumulated deficit (190,021) (151,586) (165,216) (125,572) (84,592) (68,742) Total stockholders' equity $ 37,455 $ 61,940 $ 59,198 $ 60,921 $ 93,123 $ 106,158 Redeemable non-controlling interests in operating partnership $ 247,084 $ 175,448 $ 221,497 $ 144,139 $ - $ - Non-controlling interest partner(s) 27,142 4,398 3, Total equity $ 311,681 $ 241,786 $ 284,591 $ 205,060 $ 93,123 $ 106,158 Total liabilities and equity $ 1,849,012 $ 1,360,343 $ 1,526,690 $ 755,016 $ 356,695 $ 368,534 (1) All amounts in 000's 5

6 Consolidated Statement of Operations Quarter Ending Year Ending December 31 9/30/2014 9/30/ Revenues Rental income $ 53,364 $ 35,062 $ 125,399 $ 49,822 $ 35,587 $ 35,568 Other property revenue 8,144 4,254 15,919 6,530 4,424 4,006 Management fee income 917 1,360 4,167 2,645 2, Reimbursed income 3,770 3,739 11,504 10,407 11,207 2,082 Total revenues 66,195 44, ,989 69,404 54,083 42,121 Expenses Rental expenses 28,794 17,546 63,661 25,735 18,223 18,871 Property lease expense ,678 4,208 2,402 - Reimbursed expense 3,770 3,739 11,504 10,407 11,207 2,082 General, administrative and other expense 6,429 6,524 15,791 13,029 8,198 1,809 Change in fair value (4,709) (1,463) Acquisition-related expenses 200 9,327 13,736 19,894 1,270 5,394 Loss from unconsolidated entities (38) Depreciation and amortization 18,671 20,576 72,491 17,596 11,109 12,861 Impairment loss , Total expenses 53,133 56, ,020 96,266 52,858 41,017 Other income/(expense): Interest income/(expense), net (15,627) (10,321) (35,651) (13,369) (10,287) (11,869) Preferred dividends classified as interest expense (10,872) (5,519) (15,854) (2,023) - - Gain on the sale of operating properties Disposition right income - - 1, Loss on debt and preferred stock extinguishment - - (10,220) Income/(loss) from continuing operations before income tax (12,950) (28,338) (82,999) (42,254) (9,062) (10,765) Income tax benefit / (expense) (388) (41) 3, Income/(loss) from continuing operations (13,338) (28,379) (79,467) (42,254) (9,062) (10,765) Income from discontinued operations - 3,471 10, Net income/(loss) (13,338) (24,908) $ (68,912) $ (41,595) $ (8,946) $ (10,765) Less net (income)/loss attributable to redeemable non-controlling interest in OP 8,308 12,640 35,285 6, Less net (income)/loss attributable to non-controlling interest partner (58) 422 1, Net income/(loss) attributable to common stockholders $ (5,088) $ (11,846) $ (32,606) $ (34,860) $ (8,946) $ (10,765) Other comprehensive income/(loss) Change in hedges attributable to redeemable non-contolling interests in OP (99) Change in hedges attributable to non-controlling interest partners (77) Change in cash flow hedges 240 (844) (40) (310) - - Comprehensive income/(loss) attributable to common stockholders $ (5,024) $ (12,267) $ (32,472) $ (35,120) $ (8,946) $ (10,765) Earnings per weighted average common share - basic and diluted Income/(loss) from continuing operations attributable to common stockholders $ (0.20) $ (0.57) $ (1.66) $ (1.75) $ (0.46) $ (0.59) Income/(loss) from discontinued operations Net income/(loss) attributable to common stockholders - basic and diluted $ (0.20) $ (0.50) $ (1.44) $ (1.72) $ (0.45) $ (0.59) Weighted average common shares outstanding - basic and diluted 25,358 23,848 22,690 20,244 19,813 18,357 Weighted average common units held by non-controlling interests - basic and diluted 40,542 23,650 23,526 3, Dividends declared per common share $ $ $ 0.30 $ 0.30 $ 0.35 $ 0.60 (1) All amounts in 000's except per share data 6

7 Reconciliation of Net Income to FFO and AFFO Quarter Ending Year Ending December 31 9/30/2014 9/30/ Net income/(loss) attributable to common stockholders $ (5,088) $ (11,846) $ (32,606) $ (34,860) $ (8,946) Add: Redeemable non-controlling interest (8,308) (12,640) (35,285) (6,735) - Non-controlling interest 58 (422) (1,021) - - Depreciation and amortization, including discontinued operations 18,671 20,742 73,518 20,056 13,541 Net gain on the sale of depreciable property in discontinued operations (487) (3,399) (10,034) - - Income tax expense/(benefit) (3,532) - - FFO $ 5,234 $ (7,524) $ (8,960) $ (21,539) $ 4,595 Add: Acquisition related expenses $ 200 $ 9,327 $ 13,736 $ 19,894 $ 1,270 Litigation expenses ,132 1,321 Incentive compensation - LTIP units ,322 2,984 - Fair value changes / Impairment loss (5,190) (1,222) (3,797) 5, Disposition right income - - (1,757) - - Loss on debt and preferred stock extinguishment , Expenses for preferred stock 13,004 6,858 19,692 3,035 - Amortization of debt (premium)/discount (852) (595) (2,536) (290) 135 Amortization of above/(below) market leases (198) (854) (3,062) (410) (251) AFFO $ 12,372 $ 6,964 $ 25,072 $ 10,943 $ 7,460 Weighted average common shares, limited partnership units, and 67,803 49,471 47,862 24,300 19,813 common stock equivalents outstanding - diluted FFO per common share and limited partnership unit - diluted $ 0.08 $ (0.16) $ (0.19) $ (0.89) $ 0.23 AFFO per common share and limited partnership unit - diluted $ 0.18 $ 0.14 $ 0.52 $ 0.45 $ 0.38 Dividend declared per common stock, OP unit, and common stock equivalent $ $ $ 0.30 $ 0.30 $ 0.35 (1) All amounts in 000's except per share data 7

8 Reconciliation of Net Income to NOI Quarter Ending Year Ending December 31 9/30/2014 9/30/ Net income/(loss) $ (13,338) $ (24,908) $ (68,912) $ (41,595) $ (8,946) General and administrative expenses 6,429 6,524 15,791 13,029 8,198 Change in fair value (4,709) (1,463) Acquisition-related expenses 200 9,327 13,736 19,894 1,270 Depreciation and amortization, including discontinued operations 18,671 20,742 73,518 20,056 13,541 Impairment loss , Interest expense including preferred dividends and discontinued operations 26,499 16,090 52,536 17,519 12,493 Loss on debt and preferred stock extinguishment , (Income)/Loss from unconsolidated joint ventures (38) Management fee income (917) (1,360) (4,167) (2,645) (2,865) Income tax expense/(benefit) (3,532) - - Disposition right income - - (1,757) - - Net gain on the sale of operating properties (487) (3,399) (10,034) - - Net operating income $ 32,698 $ 21,594 $ 77,558 $ 31,655 $ 24,140 (1) All amounts in 000's 8

9 Portfolio Summary as of September 30, 2014 Average Total Number of Number of Revenue Per Market Properties (1) Units (1) Occupied Unit (2) Occupancy Dallas, TX 21 6,241 $ % Tampa, FL 7 2, % Charlotte, NC 9 2, % Birmingham, AL 3 1, % Atlanta, GA 8 2, % Orlando, FL 4 1, % Nashville, TN 3 1, % Austin, TX , % Raleigh, NC % San Antonio, TX , % Melbourne, FL % Houston, TX , % Jacksonville, FL % Columbia, SC % Other Markets (3) 5 1,227 1, % Total / Weighted Average 78 24,221 $ % (1) Includes the consolidated properties as of 9/30/2014 (2) Revenue includes all rental income, utility reimbursement income, and ancillary income in September Revenue per unit is obtained by dividing total revenue by the number of occupied units as of 9/30/2014. (3) Other markets include Portsmouth, VA; Daytona Beach, FL; and Greensboro, NC 9

10 Same-Property Results Quarter ending September 30, 2014 compared to quarter ending September 30, 2013 Average Total Revenue # of # of Revenues (1) Expenses (1) (2) Net Operating Income (1) Occupancy Per Occupied Unit Properties Units Q3-14 Q3-13 Change Q3-14 Q3-13 Change Q3-14 Q3-13 Change 9/30/14 9/30/13 Change 9/30/14 9/30/13 Change Southeast Markets Atlanta, GA 5 1,865 $ 4,444 $ 4, % $ 1,868 $ 1, % $ 2,576 $ 2, % 94.4% 90.5% 3.9% $ 907 $ % Birmingham, AL 3 1,640 3,269 3, % 1,474 1, % 1,795 1, % 87.8% 92.1% -4.3% % Charlotte, NC 6 1,606 3,277 3, % 1,404 1, % 1,873 1, % 92.2% 95.3% -3.1% % Columbia, SC ,130 1, % % % 92.7% 95.4% -2.7% % Jacksonville, FL ,057 1, % % % 91.2% 93.9% -2.7% % Melbourne, FL % % % 93.1% 91.5% 1.6% % Orlando, FL ,357 1, % % % 90.2% 93.5% -3.3% % Raleigh, NC ,121 2, % % 1,207 1, % 92.0% 95.1% -3.2% % Tampa, FL 4 1,342 3,086 3, % 1,278 1, % 1,808 1, % 92.3% 95.4% -3.1% % Other Markets ,832 1, % % 1, % 92.0% 92.5% -0.5% 1,083 1, % Total / Weighted Average 31 10,047 $ 22,367 $ 21, % $ 9,729 $ 9, % $ 12,638 $ 12, % 91.8% 93.4% -1.6% $ 870 $ % Texas Markets Austin, TX $ 824 $ % $ 346 $ % $ 478 $ % 89.1% 93.3% -4.2% $ 1,057 $ % Dallas-Fort Worth, TX 16 4,489 10,030 9, % 4,691 4, % 5,339 5, % 93.8% 95.0% -1.2% % Houston, TX ,811 1, % % 1, % 96.2% 97.2% -1.0% 1,157 1, % San Antonio, TX ,985 1, % % 1,092 1, % 94.0% 95.3% -1.3% 1,079 1, % Total / Weighted Average 21 6,108 $ 14,649 $ 14, % $ 6,740 $ 6, % $ 7,909 $ 7, % 93.8% 95.2% -1.4% $ 930 $ % GRAND TOTAL 52 16,155 $ 37,016 $ 35, % $ 16,469 $ 15, % $ 20,547 $ 19, % 92.5% 94.1% -1.5% $ 893 $ % (1) $ amounts in 000's (2) The same-property portfolio consists of (a) properties owned by Landmark since 1/1/2013; (b) properties contributed wholly to Landmark by Elco Landmark and its joint venture partners following 1/1/2013 but continuously managed by Elco Landmark or Landmark since 1/1/2013; and (c) properties that Landmark purchased from unaffiliated sellers since 1/1/2013 that it previously managed under triple net lease arrangements in which it was the tenant. (3) Same store operating expenses reflect a 2% property management fee for both periods 10

11 Property Operating Expenses Quarter Ending 9/30/2014 9/30/2013 Total (000's) per Unit (1) Total (000's) per Unit (1) % Change Same Store Revenues $ 37,016 $ 35, % Same Store Operating Expenses Onsite payroll $ 4,346 $ 1,076 $ 4,426 $ 1, % Office operations % Repairs and maintenance 2, , % Marketing % Utilities 1, , % Real estate taxes 4,436 1,098 4,454 1, % Insurance % Property management fees % Other Expenses % Total Same Store Operating Expenses $ 16,469 $ 4,078 $ 15,988 $ 3, % Same Store Net Operating Income $ 20,547 $ 19, % Same Store Net Operating Income Margin 56% 55% (1) Expenses per unit are annualized figures. (2) Same store operating expenses reflect a 2% property management fee $1,200 $1,000 $800 $600 $400 $200 Property Operating Expenses Per Unit - Q compared to Q Q Q % 75% 50% 25% % of Total Property Operating Expenses - Q compared to Q % 4% 4% 6% 28% 27% 2% 2% 10% 7% 3% 5% 14% 18% 6% 5% 28% 26% Property management fees Insurance Real estate taxes Other Expenses Utilities Marketing Repairs and maintenance Office operations 11 $0 Onsite payroll Office operations Repairs and maintenance Marketing Utilities Real estate taxes Insurance Property management fees Other Expenses 0% Q Q Onsite payroll

12 Capital Expenditures Quarter Ending 9/30/2014 9/30/2013 % Change Acquisitions $ 37,193 $ 369, % Redevelopment 3,406 2,018 n/a Recurring capital expenditures 1,690 3, % Total capital expenditures $ 42,289 $ 374, % (1) Amounts in 000's $350 Capital Expenditures (in 000's) $300 $250 $200 $150 $100 $50 $0 3Q Q Q Q Q Q Q Q Q

13 Debt Maturity and Principal Amortization Schedule Scheduled Debt Maturities and Principal Amortization as of September 30, 2014 (in 000's) 2014 (Q4) (1) Thereafter Total Fixed Rate Debt Mortgage Payable $ 10,140 $ 105,250 $ 163,477 $ 107,489 $ 111,446 $ 77,973 $ 194,581 $ 770,356 Unsecured Payable , ,450 Total Fixed Rate Debt 10, , , , ,896 77, , ,806 Floating Rate Debt Mortgage Payable $ 619 $ 51,989 $ 71,026 $ 2,348 $ 2,398 $ 2,542 $ 122,313 $ 253,235 Secured Credit Facility , ,932 Line of Credit - 3, ,902 Unsecured Note Payable Total Floating Rate Debt 1, ,567 71,026 2,348 2,398 2, , ,569 Total Consolidated Debt $ 11,515 $ 320,817 $ 234,503 $ 109,837 $ 119,294 $ 80,515 $ 316,894 $ 1,193,375 Principal Amortization and Maturities by Year Amortization $ 3,876 $ 12,850 $ 11,385 $ 10,111 $ 9,085 $ 7,237 $ 39,997 $ 94,541 Maturities $ 7,639 $ 307,967 $ 223,118 $ 99,726 $ 110,210 $ 73,278 $ 276,897 $ 1,098,834 GAAP Weighted Average Interest Rate Consolidated - Fixed 5.21% 5.18% 4.99% 4.89% 4.82% 4.73% Consolidated - Floating 2.80% 2.60% 2.70% 2.71% 2.71% 2.71% Total 4.36% 4.58% 4.51% 4.36% 4.16% 3.95% 0.5% 13.4% 21.2% 0.3% Debt Profile 64.6% Scheduled Loan Maturities ($000,000's) 400 Fixed Rate Mortgages % Floating Rate % Mortgages Unsecured % % 10.0% Secured Credit % Facility Line of Credit % 2014 (Q2 Q4) Thereafter (1) The loan that was scheduled to mature in Q was refinanced subsequent to the end of the third quarter. 13

14 Acquisition and Disposition Activity 2014 Acquisition Activity Property Closing Purchase Price Location # Units Ownership % Date Price (1) (2) Per Unit First Quarter Landmark at Chesterfield Charlotte, NC % 1/7/2014 $ 19,451 $ 77,804 Landmark at Coventry Pointe Atlanta, GA % 1/7/ , ,304 Landmark at Grand Oasis Atlanta, GA % 1/7/ , ,267 Landmark at Rosewood Dallas, TX % 1/7/ ,902 55,612 Landmark at Lake Village East Dallas, TX % 1/9/ ,547 56,374 Landmark at Lake Village North Dallas, TX % 1/9/ ,147 69,749 Landmark at Lake Village West Dallas, TX % 1/9/ ,221 65,378 Landmark at Laurel Heights Dallas, TX % 1/9/ ,709 72,409 Landmark at Bella Vista Atlanta, GA % 1/15/ ,277 55,456 Landmark at Maple Glen Jacksonville, FL % 1/15/ ,246 90,073 Landmark at Pine Court Columbia, SC % 1/23/ ,300 64,241 Landmark at Spring Creek (3) Dallas, TX % 2/6/ ,267 43,504 Second Quarter Andros Isles (4) Daytona Beach, FL % 6/4/ , ,500 Third Quarter Landmark at West Place Orlando, FL % 9/4/ , ,573 Total / Weighted Average 5,099 $ 406,383 $ 79, Disposition Activity Closing Sales Price Property Location # Units Ownership % Date Price (2) Per Unit Manchester Park Dallas, TX % 5/28/2014 5,150 40,873 Bay Breeze Villas Fort Myers, FL % 6/30/ , ,167 Lofton Meadows Bradenton, FL % 8/28/ ,200 Total / Weighted Average 472 $ 40,500 $ 62,076 (1) The purchase prices represent the price for 100% of each property including investments in which Landmark acquired partial ownership interests. (2) Amounts in 000's. (3) The remaining interest in Landmark at Spring Creek was purchased on November 7, (4) The purchase price of Andros Isles includes the fair market value of the potential future earnout. 14

15 Renovation and Redevelopment Activity Renovation Projects in Progress as of September 30, 2014 Landmark Targeted Total Average Total Revenue # Ownership Start Completion Budget per Occupied Unit (2) ROI Property Location Units % Date Date (1) Pre-rehab Sept-14 % Change (3) Landmark at Spring Creek Garland, TX % 1Q-14 4Q-14 $ 1,800 $ 793 $ % 8.9% Landmark at Pine Court Columbia, SC % 1Q-14 4Q-14 1, % 6.9% Landmark at Stafford Landing Orlando, FL % 3Q-13 4Q-14 2, % 29.3% Total / Weighted Average 1,074 $ 5,421 $ 750 $ % 18.3% Renovation Projects Completed in 2014 Landmark Total Average Total Revenue # Ownership Start Completion Cost per Occupied Unit (2) ROI Property Location Units % Date Date (1) Pre-rehab Sept-14 % Change (3) Fountain Oaks Jacksonville, FL % 4Q-13 3Q-14 $ 499 $ 667 $ % 34.3% Landmark at Barton Creek Austin, TX % 4Q-13 3Q-14 1,161 1,194 1, % 29.8% Landmark at Battleground Park Greensboro, NC % 4Q-13 3Q % 28.4% Landmark at Collin Creek Plano, TX % 4Q-13 3Q-14 1, % 27.4% Landmark at Courtyard Villas Dallas, TX % 4Q-13 3Q-14 1, % 22.5% Landmark at Gleneagles Dallas, TX % 3Q-13 3Q-14 2, % 37.2% Landmark at Glenview Reserve Nashville, TN % 4Q-13 3Q-14 2, % 11.7% Landmark at Lyncrest Reserve Nashville, TN % 4Q-13 3Q-14 1, % 22.1% Landmark at Mallard Creek Charlotte, NC % 3Q-13 3Q % 22.6% Landmark at Monaco Gardens Charlotte, NC % 4Q-13 3Q-14 1, % 22.4% Landmark at Prescott Woods Austin, TX % 3Q-13 3Q-14 1, % 43.5% Landmark at Preston Wood Dallas, TX % 4Q-13 3Q % 31.5% Landmark at Sutherland Park Dallas, TX % 4Q-13 3Q-14 1, % 29.3% Landmark at Wynton Pointe Nashville, TN % 4Q-13 3Q-14 1, % 29.6% Lexington on the Green Raleigh, NC % 4Q-13 3Q % 56.4% Richmond on the Fairway Atlanta, GA % 4Q-13 3Q-14 1, % 26.7% Stanford Reserve Charlotte, NC % 3Q-13 3Q % 13.6% Total / Weighted Average 5,349 $ 21,045 $ 814 $ % 29.7% (1) Amounts in 000's (2) Revenue includes all rental income, utility reimbursement income, and ancillary income. Revenue per unit is obtained by dividing total revenue by the number of occupied units at the end of the month. (3) ROI calculated as change in average monthly revenue per unit times total number of units times 12 months, divided by the budgeted project cost 15

16 Definitions Funds from Operations (FFO) FFO is a non-gaap financial performance measure defined by the National Association of Real Estate Investment Trusts and widely recognized by investors and analysts as one measure of operating performance of a REIT. The FFO calculation excludes items such as real estate depreciation and amortization, gains and losses on the sale of real estate assets and impairment on depreciable assets. Historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for a REIT using the historical accounting for depreciation is insufficient. In addition, FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general, administrative and other expenses, and interest expenses. Adjusted Funds from Operations (AFFO) AFFO, as defined by our company, excludes from FFO acquisition-related expenses, litigation related expenses, incentive compensation (LTIP units), fair value changes, disposition right income, loss on debt and preferred stock extinguishments, expenses for preferred stock, amortization of debt (premium)/discount and amortization of below/above market leases. In evaluating the performance of our real estate portfolio over time, management employs business models and analyses that differentiate the costs to acquire investments from the investments revenues and expenses. Management believes that excluding acquisition-related expenses from AFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time, including after the time we cease to acquire properties on a frequent and regular basis. In calculating AFFO, we also exclude amortization of debt (premium)/discount and amortization of below/above market leases in accordance with the practice guidelines of the Investment Program Association, an industry trade group. We believe that AFFO enables investors to compare the performance of our portfolio with other REITs that have not recently engaged in acquisitions, as well as a comparison of our performance with that of other non-traded REITs, as AFFO, or an equivalent measure is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes. 16