PRIOR PERFORMANCE TABLES

EX1A-15 ADD EXHB 7 d105904dex1a15addexhb.htm PRIOR PERFORMANCE TABLES PRIOR PERFORMANCE TABLES

Exhibit 15.1

PRIOR PERFORMANCE TABLES

The following prior performance tables provide information relating to the real estate investment programs sponsored by Cottonwood Residential, Inc., Cottonwood Residential O.P., LP and their affiliates, collectively referred to herein as the “prior real estate programs.” These programs were not prior programs of Cottonwood Multifamily REIT I, Inc. Cottonwood Residential, Inc. is a real estate investment trust that, through its affiliates and subsidiaries, provides real estate investment and management services. The prior programs consisted of tenant in common offerings which had investment objectives that were generally income tax driven and that were not similar to those of Cottonwood Multifamily REIT I, Inc.

This information should be read together with the summary of information included in the “Prior Performance Summary” section of this prospectus.

INVESTORS SHOULD NOT CONSTRUE INCLUSION OF THE FOLLOWING TABLES AS IMPLYING, IN ANY MANNER, THAT WE WILL HAVE RESULTS COMPARABLE TO THOSE REFLECTED IN SUCH TABLES. DISTRIBUTABLE CASH FLOW, FEDERAL INCOME TAX DEDUCTIONS OR OTHER FACTORS COULD BE SUBSTANTIALLY DIFFERENT. INVESTORS SHOULD NOTE THAT, BY ACQUIRING OUR SHARES, THEY WILL NOT BE ACQUIRING ANY INTEREST IN ANY PRIOR PROGRAM.

Description of the Tables

All information contained in the Tables in this Exhibit 15.1 is as of December 31, 2015. The following tables are included herein:

Table III – Annual Operating Results of Prior Real Estate Programs

Table III-A – Annual Operating Results of Real Estate Owned by Cottonwood Residential O.P., LP

Table IV – Operating Results of Prior Real Estate Programs Which Have Completed Operations

We have not included in this Exhibit 15.1 Table I (Experience in Raising and Investing Funds), Table II (Compensation to Sponsor) or Table V (Sale or Disposition of Properties by Prior Real Estate Programs) because the information contained in these tables is not applicable to the prior programs.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)

Table III sets forth the annual operating results of prior real estate programs during the five years ending December 31, 2015. All figures are as of December 31, 2015 (amounts in dollars and thousands).


Pavilions
	2011			2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		28,928			29,398			29,450			29,880			30,917

Total assets (after depreciation)		28,387			27,782			26,659			25,806			25,519

Liabilities		(21,030	)		(20,780	)		(20,458	)		(20,153	)		(19,965	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		1,614			3,246			3,035			3,328			3,555

Operating expenses		(426	)		(1,021	)		(1,088	)		(1,095	)		(1,121	)


Operating income		1,188			2,224			1,946			2,233			2,433

Interest expense		(572	)		(1,109	)		(1,090	)		(1,074	)		(1,057	)
Non-operating, including depreciation and amortization		(619	)		(1,029	)		(1,190	)		(1,284	)		(1,335	)


Net income (loss)		(3	)		86			(334	)		(125	)		42

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		612			1,244			891			1,165			1,365

Cash (used in) investing activities		(17	)		(570	)		(222	)		(509	)		(291	)

Cash (used in) financing activities		(110	)		(277	)		(296	)		(312	)		(329	)


Net increase in cash		485			397			373			344			745

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		175			440			468			423			140

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Lily Flagg
	2011			2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		23,008			23,208			23,578			23,990			24,340

Total assets (after depreciation)		22,341			21,639			21,089			20,526			19,864

Liabilities		(16,438	)		(16,358	)		(16,228	)		(15,830	)		(15,547	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		2,574			3,187			3,250			3,197			3,217

Operating expenses		(1,058	)		(1,335	)		(1,380	)		(1,424	)		(1,439	)


Operating income		1,517			1,851			1,869			1,772			1,778

Interest expense		(733	)		(872	)		(854	)		(841	)		(827	)
Non-operating, including depreciation and amortization		(766	)		(964	)		(951	)		(948	)		(1,063	)


Net income (loss)		18			16			64			(16	)		(112	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		920			971			1,040			907			958

Cash (used in) investing activities		(220	)		(169	)		(553	)		(245	)		(297	)

Cash (used in) financing activities		(210	)		(223	)		(238	)		(251	)		(264	)


Net increase in cash		491			579			250			411			396

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		475			637			484			149			267

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Waterford Creek
	2011		2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		17,908			18,019			18,030			18,448

Total assets (after depreciation)		—		17,421			16,887			16,232			15,952

Liabilities		—		(12,879	)		(12,913	)		(12,832	)		(12,608	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		1,770			2,333			2,436			2,574

Operating expenses		—		(813	)		(1,080	)		(1,093	)		(1,191	)


Operating income		—		957			1,253			1,342			1,382

Interest expense		—		(416	)		(502	)		(501	)		(494	)

Non-operating, including depreciation and amortization		—		(607	)		(671	)		(679	)		(705	)


Net income (loss)		—		(66	)		80			162			183

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		597			764			844			884

Cash (used in) investing activities		—		(203	)		(109	)		(124	)		(563	)

Cash (used in) financing activities		—		—			—			(90	)		(224	)


Net increase in cash		—		394			655			631			96

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		324			610			736			239

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Appling Lakes
	2011		2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		27,955			28,226			28,787			29,326

Total assets (after depreciation)		—		27,301			26,506			25,955			25,336

Liabilities		—		(20,539	)		(20,588	)		(20,408	)		(20,109	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		2,040			3,377			3,402			3,462

Operating expenses		—		(909	)		(1,479	)		(1,396	)		(1,408	)


Operating income		—		1,131			1,898			2,006			2,054

Interest expense		—		(455	)		(720	)		(718	)		(706	)
Non-operating, including depreciation and amortization		—		(820	)		(1,181	)		(1,200	)		(1,320	)


Net income (loss)		—		(144	)		(4	)		88			28

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		1,256			1,246			1,226			1,358

Cash (used in) investing activities		—		(210	)		(308	)		(543	)		(259	)

Cash (used in) financing activities		—		—			—			(181	)		(374	)


Net increase in cash		—		1,046			938			502			725

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		435			788			458			348

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Midtown Crossing
	2011		2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		1,020			23,934			24,398			24,706

Total assets (after depreciation)		—		999			23,828			23,424			22,814

Liabilities		—		(360	)		(11,309	)		(11,279	)		(11,009	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		707			2,170			2,257			2,365

Operating expenses		—		(317	)		(918	)		(897	)		(966	)


Operating income		—		390			1,252			1,360			1,399

Interest expense		—		(97	)		(330	)		(450	)		(441	)
Non-operating, including depreciation and amortization		—		(304	)		(975	)		(956	)		(924	)


Net income (loss)		—		(11	)		(53	)		(46	)		33

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		481			1,316			1,068			975
Cash provided by (used in) investing activities		—		42			(517	)		(347	)		(317	)

Cash (used in) financing activities		—		(88	)		(247	)		(194	)		(202	)


Net increase in cash		—		436			552			526			456

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		216			648			329			373

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Brook Highland Place
	2011		2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		1,061			27,377			27,944			28,529

Total assets (after depreciation)		—		1,042			26,816			26,440			25,987

Liabilities		—		(1,183	)		(16,626	)		(16,426	)		(16,030	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		1,226			3,799			3,822			3,840

Operating expenses		—		(611	)		(1,841	)		(1,860	)		(2,105	)


Operating income		—		615			1,958			1,962			1,735

Interest expense		—		(163	)		(346	)		(580	)		(569	)
Non-operating, including depreciation and amortization		—		(489	)		(1,564	)		(979	)		(1,084	)


Net income (loss)		—		(37	)		48			403			82

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		566			1,611			1,453			1,128
Cash provided by (used in) investing activities		—		26			(484	)		(661	)		(654	)

Cash (used in) financing activities		—		(123	)		(352	)		(314	)		(326	)


Net increase in cash		—		468			775			477			147

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		390			787			580			139

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Toscana at Valley Ridge
	2011		2012		2013		2014		2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		—		—		—		31,114

Total assets (after depreciation)		—		—		—		—		30,636

Liabilities		—		—		—		—		(19,911	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		—		—		—		1,250

Operating expenses		—		—		—		—		(630	)


Operating income		—		—		—		—		620

Interest expense		—		—		—		—		(358	)
Non-operating, including depreciation and amortization		—		—		—		—		(1,284	)


Net (loss)		—		—		—		—		(1,021	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		—		—		—		690

Cash (used in) investing activities		—		—		—		—		(13	)

Cash (used in) financing activities		—		—		—		—		(43	)


Net increase in cash		—		—		—		—		635

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		—		—		—		—

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Scott Mountain
	2011			2012			2013			2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		24,315			24,514			24,909			25,363			40,239

Total assets (after depreciation)		23,179			22,626			22,248			21,884			39,403

Liabilities		(15,983	)		(15,827	)		(15,949	)		(15,640	)		(23,837	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		2,898			2,892			2,976			3,144			3,567

Operating expenses		(1,210	)		(1,227	)		(1,363	)		(1,433	)		(1,427	)


Operating income		1,689			1,666			1,612			1,711			2,140

Interest expense		(816	)		(807	)		(792	)		(791	)		(834	)
Non-operating, including depreciation and amortization		(776	)		(799	)		(819	)		(850	)		(2,474	)


Net income (loss)		97			60			1			70			(1,168	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		889			898			850			865			1,564

Cash (used in) investing activities		(166	)		(131	)		(437	)		(354	)		(393	)
Cash provided by (used in) financing activities		(223	)		(233	)		(247	)		(260	)		7,364


Net increase in cash		499			535			165			250			8,535

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		401			455			502			125			6,692

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Courtney Oaks
	2011		2012		2013		2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		—		—		1,125			38,157

Total assets (after depreciation)		—		—		—		N/A			37,432

Liabilities		—		—		—		(238	)		(24,527	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		—		—		567			3,451

Operating expenses		—		—		—		(205	)		(1,325	)


Operating income		—		—		—		362			2,126

Interest expense		—		—		—		(138	)		(538	)
Non-operating, including depreciation and amortization		—		—		—		(353	)		(2,812	)


Net (loss)		—		—		—		(129	)		(1,224	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		—		—		418			1,604

Cash (used in) investing activities		—		—		—		(88	)		(408	)
Cash provided by (used in) financing activities		—		—		—		(57	)		7,391


Net increase in cash		—		—		—		272			8,587

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		—		—		—			7,617

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Sanctuary at Highland Oaks
	2011		2012		2013		2014		2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		—		—		—		52,703

Total assets (after depreciation)		—		—		—		—		51,870

Liabilities		—		—		—		—		(34,284	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		—		—		—		2,488

Operating expenses		—		—		—		—		(1,055	)


Operating income		—		—		—		—		1,433

Interest expense		—		—		—		—		(324	)
Non-operating, including depreciation and amortization		—		—		—		—		(2,271	)


Net (loss)		—		—		—		—		(1,161	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		—		—		—		1,860

Cash (used in) investing activities		—		—		—		—		(206	)
Cash provided by (used in) financing activities		—		—		—		—		—


Net increase in cash		—		—		—		—		1,654

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		—		—		—		48

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR PROGRAMS

(UNAUDITED)


Summer Park
	2011		2012		2013		2014			2015
Summary Balance Sheet Data at December 31,

Total assets (before depreciation)		—		—		—		40,592			41,683

Total assets (after depreciation)		—		—		—		40,226			40,322

Liabilities		—		—		—		(21,274	)		(22,965	)

Summary Income Statement Data ⁽¹⁾

Gross revenues		—		—		—		1,505			4,313

Operating expenses		—		—		—		(586	)		(1,677	)


Operating income		—		—		—		919			2,636

Interest expense		—		—		—		(403	)		(1,091	)
Non-operating, including depreciation and amortization		—		—		—		(438	)		(1,641	)

Net income (loss)		—		—		—		78			(97	)

Summary Cash Flows Data ⁽¹⁾

Cash provided by operating activities		—		—		—		418			1,565

Cash (used in) investing activities		—		—		—		(135	)		(193	)
Cash provided by (used in) financing activities		—		—		—		(164	)		1,726


Net increase in cash		—		—		—		119			3,098

Amount and Source of Distributions

Cash distributions paid to investors⁽²⁾		—		—		—		403			1,972

⁽¹⁾	Operating results and cash flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Cash distributions may exceed cash generated due to funds set aside for capital improvements.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)

Table III-A sets forth the annual operating results of real estate acquired by Cottonwood Residential O.P., LP during the five years ending December 31, 2015. All figures are as of December 31, 2015 (amounts in dollars and thousands, except for ownership percentage). All information is based on the aggregate cash flow from the property. In some instances, Cottonwood Residential O.P., LP owns less than 100% of the applicable property (see line 1 below).


1070 Main
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		100.00	%		100.00	%
Initial Acquisition Date: 11/17/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			403			3,613

Operating expenses		—			—			—			(187	)		(1,652	)

Interest expense		—			—			—			(91	)		(1,038	)

Operating income		—			—			—			124			924

Net income (loss) - GAAP basis		—			—			—			(64	)		(404	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			147			1,088

Cash flows (used in) investing activities		—			—			—			(109	)		(2,101	)

Cash flows (used in) financing activities		—			—			—			(38	)		(205	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			25,008			27,026
Total assets (after depreciation/amortization)		—			—			—			24,908			26,012

Total liabilities		—			—			—			(17,365	)		(16,852	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Appling Lakes
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		74.60	%		74.60	%		74.60	%		74.60	%
Initial Acquisition Date: 5/17/2012

Selected Operating Results⁽¹⁾

Operating revenues		—			2,040			3,377			3,402			3,462

Operating expenses		—			(909	)		(1,479	)		(1,396	)		(1,408	)

Interest expense		—			(455	)		(720	)		(718	)		(706	)

Operating income		—			676			1,178			1,288			1,348

Net income (loss) - GAAP basis		—			(144	)		(4	)		88			28

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			1,256			1,246			1,226			1,358

Cash flows (used in) investing activities		—			(210	)		(308	)		(543	)		(259	)

Cash flows (used in) financing activities		—			—			—			(181	)		(374	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			27,955			28,226			28,787			29,326
Total assets (after depreciation/amortization)		—			27,301			26,506			25,955			25,336

Total liabilities		—			(20,539	)		(20,588	)		(20,408	)		(20,109	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Alicante Villa
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		30.00	%
Initial Acquisition Date: 2/2/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			2,342

Operating expenses		—			—			—			—			(971	)

Interest expense		—			—			—			—			(419	)

Operating income		—			—			—			—			952

Net income (loss) - GAAP basis		—			—			—			—			(1,155	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			1,025

Cash flows (used in) investing activities		—			—			—			—			(1,409	)

Cash flows provided by (used in) financing activities		—			—			—			—			—

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			32,507
Total assets (after depreciation/amortization)		—			—			—			—			30,511

Total liabilities		—			—			—			—			(20,664	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Arbors at Fairview
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		61.18	%
Initial Acquisition Date: 4/23/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			1,527

Operating expenses		—			—			—			—			(725	)

Interest expense		—			—			—			—			(429	)

Operating income		—			—			—			—			374

Net income (loss) - GAAP basis		—			—			—			—			(204	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			537

Cash flows (used in) investing activities		—			—			—			—			(204	)

Cash flows (used in) financing activities		—			—			—			—			(120	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			17,231
Total assets (after depreciation/amortization)		—			—			—			—			16,790

Total liabilities		—			—			—			—			(10,239	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Blue Swan
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		41.12	%		41.12	%		41.12	%		41.12	%		100.00	%
Initial Acquisition Date: 9/27/2011

Selected Operating Results⁽¹⁾

Operating revenues		2,213			2,363			2,457			2,549			2,658

Operating expenses		(1,161	)		(1,180	)		(1,244	)		(1,284	)		(1,410	)

Interest expense		(570	)		(567	)		(559	)		(551	)		(461	)

Operating income		481			616			655			714			787

Net income (loss) - GAAP basis		307			328			345			381			1

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		495			591			626			714			1,187

Cash flows provided by (used in) investing activities		(16	)		33			(58	)		108			(274	)

Cash flows (used in) financing activities		(19	)		(117	)		(125	)		(133	)		(104	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		16,496			16,552			16,569			16,629			18,486
Total assets (after depreciation/amortization)		16,143			15,663			15,123			14,609			18,364

Total liabilities		(10,932	)		(10,543	)		(10,150	)		(9,784	)		(10,645	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Bluffs at Vista Ridge
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%
Initial Acquisition Date: 9/4/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			870

Operating expenses		—			—			—			—			(593	)

Interest expense		—			—			—			—			(329	)

Operating (loss)		—			—			—			—			(52	)

Net income (loss) - GAAP basis		—			—			—			—			(933	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows (used in) operating activities		—			—			—			—			(223	)

Cash flows (used in) investing activities		—			—			—			—			(204	)

Cash flows (used in) financing activities		—			—			—			—			(73	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			27,363
Total assets (after depreciation/amortization)		—			—			—			—			27,093

Total liabilities		—			—			—			—			(17,183	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Brentridge
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		36.63	%
Initial Acquisition Date: 6/22/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			1,843

Operating expenses		—			—			—			—			(793	)

Interest expense		—			—			—			—			(473	)

Operating income		—			—			—			—			576

Net income (loss) - GAAP basis		—			—			—			—			(292	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			751

Cash flows (used in) investing activities		—			—			—			—			(152	)

Cash flows (used in) financing activities		—			—			—			—			(79	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			28,451
Total assets (after depreciation/amortization)		—			—			—			—			27,908

Total liabilities		—			—			—			—			(12,796	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Brook Highland Place
	2011			2012⁽²⁾			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		47.42	%		83.10	%		83.10	%		83.10	%
Initial Acquisition Date: 9/10/2012

Selected Operating Results⁽¹⁾

Operating revenues		—			1,226			3,799			3,822			3,840

Operating expenses		—			(611	)		(1,841	)		(1,860	)		(2,105	)

Interest expense		—			(163	)		(346	)		(580	)		(569	)

Operating income		—			452			1,611			1,382			1,166

Net income (loss) - GAAP basis		—			(37	)		48			403			82

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			566			1,611			1,453			1,128

Cash flows provided by (used in) investing activities		—			26			(484	)		(661	)		(654	)

Cash flows (used in) financing activities		—			(123	)		(352	)		(314	)		(326	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			1,061			27,377			27,944			28,529
Total assets (after depreciation/amortization)		—			1,042			26,816			26,440			25,987

Total liabilities		—			(1,183	)		(16,626	)		(16,426	)		(16,030	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Brook Highland Place was operating under a Master Lease Agreement in 2012. Mortgage, land, building and other fixed assets were not recorded at the property.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Camelot
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		42.04	%		42.04	%		42.04	%		42.04	%		42.04	%
Initial Acquisition Date: 3/25/2011

Selected Operating Results⁽¹⁾

Operating revenues		3,724			3,875			3,878			3,836			3,901

Operating expenses		(1,718	)		(1,671	)		(1,814	)		(1,751	)		(1,874	)

Interest expense		(1,124	)		(1,110	)		(1,089	)		(1,071	)		(1,051	)

Operating income		883			1,094			974			1,014			976

Net income (loss) - GAAP basis		363			461			312			335			288

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		961			1,083			978			981			991

Cash flows (used in) investing activities		(163	)		(278	)		(303	)		(308	)		(198	)

Cash flows (used in) financing activities		(291	)		(305	)		(325	)		(344	)		(363	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		25,566			25,886			26,091			26,333			26,809
Total assets (after depreciation/amortization)		24,435			23,922			23,267			22,637			22,240

Total liabilities		(21,360	)		(20,838	)		(20,381	)		(19,744	)		(19,224	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Cason Estates
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		12.72	%		12.72	%		61.65	%		61.65	%
Initial Acquisition Date: 12/31/2012

Selected Operating Results⁽¹⁾

Operating revenues		—			244			3,038			3,190			3,339

Operating expenses		—			(90	)		(1,154	)		(1,213	)		(1,281	)

Interest expense		—			(81	)		(949	)		(938	)		(913	)

Operating income		—			72			935			1,039			1,145

Net income (loss) - GAAP basis		—			(39	)		710			693			791

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by (used in) operating activities		—			(408	)		935			1,044			1,134

Cash flows (used in) investing activities		—			(6	)		(144	)		(504	)		(239	)

Cash flows (used in) financing activities		—			(28	)		(232	)		(248	)		(265	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			22,585			22,831			23,375			23,511
Total assets (after depreciation/amortization)		—			22,473			21,998			21,775			21,114

Total liabilities		—			(16,757	)		(16,065	)		(15,735	)		(14,993	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Cottonwood
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		46.40	%		46.40	%		46.40	%		46.40	%		72.77	%
Initial Acquisition Date: 9/27/2010

Selected Operating Results⁽¹⁾

Operating revenues		2,471			2,519			2,627			2,810			2,838

Operating expenses		(979	)		(984	)		(1,041	)		(1,046	)		(1,099	)

Interest expense		(917	)		(919	)		(903	)		(891	)		(878	)

Operating income		575			616			682			873			861

Net income (loss) - GAAP basis		(79	)		(50	)		(1	)		156			141

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		616			650			695			878			1,069

Cash flows (used in) investing activities		(31	)		(60	)		(2	)		(161	)		(355	)

Cash flows (used in) financing activities		—			(128	)		(204	)		(216	)		(229	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		23,459			23,546			23,612			23,978			24,426
Total assets (after depreciation/amortization)		22,418			21,808			21,160			20,795			20,493

Total liabilities		(16,352	)		(16,259	)		(16,029	)		(15,825	)		(15,518	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Courtney Manor
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		90.45	%
Initial Acquisition Date: 6/30/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			2,280

Operating expenses		—			—			—			—			(1,027	)

Interest expense		—			—			—			—			(770	)

Operating income		—			—			—			—			484

Net income (loss) - GAAP basis		—			—			—			—			(557	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			256

Cash flows (used in) investing activities		—			—			—			—			(293	)

Cash flows (used in) financing activities		—			—			—			—			(186	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			44,516
Total assets (after depreciation/amortization)		—			—			—			—			43,714

Total liabilities		—			—			—			—			(22,225	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Courtney Oaks
	2011			2012			2013			2014⁽²⁾			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		86.88	%		91.14	%
Initial Acquisition Date: 11/7/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			567			3,451

Operating expenses		—			—			—			(205	)		(1,325	)

Interest expense		—			—			—			(138	)		(538	)

Operating income		—			—			—			224			1,588

Net income (loss) - GAAP basis		—			—			—			(129	)		(1,224	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			418			1,604

Cash flows (used in) investing activities		—			—			—			(88	)		(408	)

Cash flows provided by (used in) financing activities		—			—			—			(57	)		7,391

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			1,125			38,157
Total assets (after depreciation/amortization)⁽³⁾		—			—			—			N/A			37,432

Total liabilities		—			—			—			(238	)		(24,527	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Courtney Oaks was operating under a Master Lease Agreement in 2014. Mortgage, land, building and other fixed assets were not recorded at the property.

⁽³⁾	No depreciation calculated in 2014.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Enclave on Golden Triangle
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		43.50	%		48.75	%		48.75	%
Initial Acquisition Date: 12/27/2013

Selected Operating Results⁽¹⁾

Operating revenues		—			—			47			3,954			4,180

Operating expenses		—			—			(22	)		(1,933	)		(2,176	)

Interest expense		—			—			(11	)		(857	)		(764	)

Operating income		—			—			14			1,164			1,240

Net income (loss) - GAAP basis		—			—			(25	)		(67	)		122

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			155			1,345			1,313

Cash flows (used in) investing activities		—			—			(12	)		(131	)		(454	)

Cash flows (used in) financing activities		—			—			(28	)		(348	)		(360	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			28,461			28,766			28,911
Total assets (after depreciation/amortization)		—			—			28,423			27,814			27,011

Total liabilities		—			—			(21,319)			(21,166)			(20,995)

Share Valuation
Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Fox Point
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		32.75	%		32.75	%		36.13	%		36.13	%		36.13	%
Initial Acquisition Date: 10/20/2010

Selected Operating Results⁽¹⁾

Operating revenues		3,715			3,862			3,893			4,040			4,313

Operating expenses		(1,371	)		(1,370	)		(1,490	)		(1,501	)		(1,586	)

Interest expense		(1,366	)		(1,353	)		(1,331	)		(1,312	)		(1,292	)

Operating income		978			1,140			1,072			1,227			1,435

Net income (loss) - GAAP basis		(103	)		39			(45	)		93			259

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		1,030			1,190			1,073			1,192			1,428

Cash flows (used in) investing activities		(263	)		(356	)		(328	)		(403	)		(449	)

Cash flows (used in) financing activities		(273	)		(286	)		(307	)		(326	)		(346	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		36,461			36,935			37,347			37,776			38,354
Total assets (after depreciation/amortization)		34,231			33,514			32,717			31,921			31,248

Total liabilities		(23,475	)		(23,147	)		(22,803	)		(22,290	)		(21,947	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Gables
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		39.91	%		39.91	%		39.91	%		39.91	%		39.91	%
Initial Acquisition Date: 9/14/2011

Selected Operating Results⁽¹⁾

Operating revenues		1,578			1,701			1,774			1,802			1,843

Operating expenses		(871	)		(877	)		(933	)		(1,008	)		(1,026	)

Interest expense		(462	)		(464	)		(452	)		(458	)		(458	)

Operating income		244			361			389			336			359

Net income (loss) - GAAP basis		76			113			144			72			77

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		475			123			349			339			348

Cash flows provided by (used in) investing activities		(191	)		(51	)		(309	)		(229	)		94
Cash flows provided by/(used in) financing activities		—			—			—			—			—

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		11,453			11,468			11,615			12,054			12,373
Total assets (after depreciation/amortization)		11,042			10,650			10,370			10,357			10,209

Total liabilities		(8,932	)		(8,562	)		(8,353	)		(8,423	)		(8,273	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Heights at Meridian
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%
Initial Acquisition Date: 4/30/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			2,882

Operating expenses		—			—			—			—			(1,242	)

Interest expense		—			—			—			—			(388	)

Operating income		—			—			—			—			1,252

Net income (loss) - GAAP basis		—			—			—			—			(1,469	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			1,636

Cash flows (used in) investing activities		—			—			—			—			(45	)

Cash flows (used in) financing activities		—			—			—			—			—

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			57,435
Total assets (after depreciation/amortization)		—			—			—			—			56,033

Total liabilities		—			—			—			—			(40,404	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Legacy Heights
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		100.00	%		100.00	%
Initial Acquisition Date: 12/16/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			176			4,137

Operating expenses		—			—			—			(81	)		(2,070	)

Interest expense		—			—			—			(40	)		(910	)

Operating income		—			—			—			54			1,157

Net income (loss) - GAAP basis		—			—			—			(46	)		(591	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			62			1,199

Cash flows (used in) investing activities		—			—			—			—			(162	)

Cash flows (used in) financing activities		—			—			—			(13	)		(310	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			37,691			37,719
Total assets (after depreciation/amortization)		—			—			—			37,646			36,575

Total liabilities		—			—			—			(21,646	)		(21,264	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Lily Flagg
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		90.38	%		90.38	%		90.38	%		90.38	%		90.38	%
Initial Acquisition Date: 3/2/2011

Selected Operating Results⁽¹⁾

Operating revenues		2,574			3,187			3,250			3,197			3,217

Operating expenses		(1,058	)		(1,335	)		(1,380	)		(1,424	)		(1,439	)

Interest expense		(733	)		(872	)		(854	)		(841	)		(827	)

Operating income		784			980			1,015			931			951

Net income (loss) - GAAP basis		18			16			64			(16	)		(112	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		920			971			1,040			907			958

Cash flows (used in) investing activities		(220	)		(169	)		(553	)		(245	)		(297	)

Cash flows (used in) financing activities		(210	)		(223	)		(238	)		(251	)		(264	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		23,008			23,208			23,578			23,990			24,340
Total assets (after depreciation/amortization)		22,341			21,639			21,089			20,526			19,864

Total liabilities		(16,438	)		(16,358	)		(16,228	)		(15,830	)		(15,547	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Midtown Crossing
	2011			2012⁽²⁾			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		34.07	%		68.56	%		68.56	%		68.56	%
Initial Acquisition Date: 9/10/2012

Selected Operating Results⁽¹⁾

Operating revenues		—			707			2,170			2,257			2,365

Operating expenses		—			(317	)		(918	)		(897	)		(966	)

Interest expense		—			(97	)		(330	)		(450	)		(441	)

Operating income		—			293			922			910			958

Net income (loss) - GAAP basis		—			(11	)		(53	)		(46	)		33

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			481			1,316			1,068			975

Cash flows provided by (used in) investing activities		—			42			(517	)		(347	)		(317	)

Cash flows (used in) financing activities		—			(88	)		(247	)		(194	)		(202	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			1,020			23,934			24,398			24,706
Total assets (after depreciation/amortization)		—			999			23,828			23,424			22,814

Total liabilities		—			(360	)		(11,309	)		(11,279	)		(11,009	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Midtown Crossing during 2012 was operating under a Master Lease Agreement in 2012. Mortgage, land, building and other fixed assets were not recorded at the property.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Oak Ridge
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		43.74	%		43.74	%		43.74	%		43.74	%		48.44	%
Initial Acquisition Date: 9/27/2010

Selected Operating Results⁽¹⁾

Operating revenues		2,159			2,417			2,596			2,699			2,798

Operating expenses		(1,194	)		(1,242	)		(1,355	)		(1,440	)		(1,549	)

Interest expense		(761	)		(763	)		(759	)		(751	)		(743	)

Operating income		204			412			483			507			506

Net income (loss) - GAAP basis		(131	)		58			104			116			87

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		242			395			536			573			529

Cash flows provided by (used in) investing activities		(93	)		(89	)		70			1			(291	)

Cash flows (used in) financing activities		—			—			(82	)		(120	)		(128	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		16,085			16,331			16,513			16,767			17,048
Total assets (after depreciation/amortization)		15,357			15,136			14,827			14,576			14,328

Total liabilities		(12,754	)		(12,598	)		(12,441	)		(12,328	)		(12,134	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Parkway Crossing
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%
Initial Acquisition Date: 4/16/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			1,715

Operating expenses		—			—			—			—			(710	)

Interest expense		—			—			—			—			(214	)

Operating income		—			—			—			—			791

Net income (loss) - GAAP basis		—			—			—			—			(116	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			1,016

Cash flows (used in) investing activities		—			—			—			—			(233	)

Cash flows provided by (used in) financing activities		—			—			—			—			—

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			15,077
Total assets (after depreciation/amortization)		—			—			—			—			14,724

Total liabilities		—			—			—			—			(12,596	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Pavilions
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		92.40	%		93.26	%		93.26	%		93.26	%		96.35	%
Initial Acquisition Date: 6/28/2011

Selected Operating Results⁽¹⁾

Operating revenues		1,614			3,246			3,035			3,328			3,555

Operating expenses		(426	)		(1,021	)		(1,088	)		(1,095	)		(1,121	)

Interest expense		(572	)		(1,109	)		(1,090	)		(1,074	)		(1,057	)

Operating income		615			1,115			856			1,159			1,376

Net income (loss) - GAAP basis		(3	)		86			(334	)		(125	)		42

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		612			1,244			891			1,165			1,365

Cash flows (used in) investing activities		(17	)		(570	)		(222	)		(509	)		(291	)

Cash flows (used in) financing activities		(110	)		(277	)		(296	)		(312	)		(329	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		28,928			29,398			29,450			29,880			30,917
Total assets (after depreciation/amortization)		28,387			27,782			26,659			25,806			25,519

Total liabilities		(21,030	)		(20,780	)		(20,458	)		(20,153	)		(19,965	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Plantations at Haywood
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		41.13	%		41.27	%		41.27	%
Initial Acquisition Date: 4/8/2013

Selected Operating Results⁽¹⁾

Operating revenues		—			—			3,629			5,262			5,763

Operating expenses		—			—			(1,737	)		(2,481	)		(2,520	)

Interest expense		—			—			(1,163	)		(1,375	)		(1,080	)

Operating income		—			—			729			1,406			2,162

Net income (loss) - GAAP basis		—			—			(449	)		(934	)		290

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			556			1,369			2,688

Cash flows (used in) investing activities		—			—			(653	)		(2,117	)		(243	)

Cash flows (used in) financing activities		—			—			—			(144	)		(442	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			36,743			38,501			39,670
Total assets (after depreciation/amortization)		—			—			35,834			36,121			35,727

Total liabilities		—			—			(27,094	)		(28,563	)		(28,693	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Regatta
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		78.63	%		78.63	%		78.63	%		78.63	%		78.63	%
Initial Acquisition Date: 10/22/2010

Selected Operating Results⁽¹⁾

Operating revenues		4,031			4,288			4,430			4,622			4,962

Operating expenses		(2,197	)		(2,298	)		(2,320	)		(2,443	)		(2,584	)

Interest expense		(1,285	)		(1,288	)		(1,281	)		(1,268	)		(1,254	)

Operating income		549			702			828			911			1,124

Net income (loss) - GAAP basis		(56	)		56			198			164			320

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		1,174			779			250			893			1,062

Cash flows (used in) investing activities		(70	)		(221	)		(280	)		(197	)		(58	)

Cash flows (used in) financing activities		—			—			(149	)		(216	)		(220	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		27,769			28,053			27,631			27,639			28,422
Total assets (after depreciation/amortization)		26,596			26,083			24,821			23,920			23,741

Total liabilities		(21,673	)		(21,689	)		(20,870	)		(20,352	)		(19,986	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Retreat at Peachtree City
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		16.32	%		100.00	%
Initial Acquisition Date: 8/15/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			1,831			4,773

Operating expenses		—			—			—			(639	)		(1,793	)

Interest expense		—			—			—			(509	)		(1,227	)

Operating income		—			—			—			683			1,753

Net income (loss) - GAAP basis		—			—			—			89			(442	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			561			2,001

Cash flows (used in) investing activities		—			—			—			(129	)		(111	)

Cash flows (used in) financing activities		—			—			—			(150	)		(280	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			43,126			45,222
Total assets (after depreciation/amortization)		—			—			—			42,569			44,789

Total liabilities		—			—			—			(22,971	)		(24,985	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Retreat at Stafford
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		71.07	%		71.07	%		71.07	%		71.07	%		75.43	%
Initial Acquisition Date: 10/7/2011

Selected Operating Results⁽¹⁾

Operating revenues		737			3,155			3,282			3,487			3,693

Operating expenses		(285	)		(1,407	)		(1,478	)		(1,589	)		(1,693	)

Interest expense		(166	)		(746	)		(669	)		(670	)		(662	)

Operating income		286			1,002			1,135			1,228			1,339

Net income (loss) - GAAP basis		93			114			306			412			325

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		382			1,071			1,145			1,350			1,394

Cash flows (used in) investing activities		(14	)		(77	)		(146	)		(81	)		(194	)

Cash flows provided by (used in) financing activities		(70	)		(281	)		(296	)		(306	)		1,042

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		22,536			22,651			22,849			23,083			23,927
Total assets (after depreciation/amortization)		22,379			21,703			21,097			20,515			20,495

Total liabilities		(16,979	)		(16,790	)		(16,486	)		(16,315	)		(19,188	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Runaway Bay
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		30.00	%
Initial Acquisition Date: 11/12/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			371

Operating expenses		—			—			—			—			(175	)

Interest expense		—			—			—			—			(62	)

Operating income		—			—			—			—			134

Net (loss) - GAAP basis		—			—			—			—			29

Summary Statements of Cash Flows ⁽¹⁾

Cash flows (used in) operating activities		—			—			—			—			(58	)

Cash flows provided by investing activities		—			—			—			—			5

Cash flows (used in) financing activities		—			—			—			—			(31	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			14,514
Total assets (after depreciation/amortization)		—			—			—			—			12,370

Total liabilities		—			—			—			—			(9,956	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


San Marin
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		78.20	%		91.54	%
Initial Acquisition Date: 11/19/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			307			2,808

Operating expenses		—			—			—			(127	)		(1,279	)

Interest expense		—			—			—			(73	)		(619	)

Operating income		—			—			—			107			910

Net income (loss) - GAAP basis		—			—			—			(66	)		41

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			217			888

Cash flows (used in) investing activities		—			—			—			(21	)		(401	)

Cash flows (used in) financing activities		—			—			—			(29	)		(181	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			21,986			22,075
Total assets (after depreciation/amortization)		—			—			—			21,894			21,225

Total liabilities		—			—			—			(12,211	)		(11,814	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Sanctuary at Highland Oaks
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		74.16	%
Initial Acquisition Date: 4/21/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			2,488

Operating expenses		—			—			—			—			(1,055	)

Interest expense		—			—			—			—			(324	)

Operating income		—			—			—			—			1,110

Net income (loss) - GAAP basis		—			—			—			—			(1,161	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			1,860

Cash flows (used in) investing activities		—			—			—			—			(206	)

Cash flows provided by (used in) financing activities		—			—			—			—			—

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			52,703
Total assets (after depreciation/amortization)		—			—			—			—			51,870

Total liabilities		—			—			—			—			(34,284	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Scott Mountain
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		77.60	%		77.60	%		77.60	%		77.60	%		95.80	%
Initial Acquisition Date: 10/20/2010

Selected Operating Results⁽¹⁾

Operating revenues		2,898			2,892			2,976			3,144			3,567

Operating expenses		(1,210	)		(1,227	)		(1,363	)		(1,433	)		(1,427	)

Interest expense		(816	)		(807	)		(792	)		(791	)		(834	)

Operating income		873			859			820			920			1,306

Net income (loss) - GAAP basis		97			60			1			70			(1,168	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		889			898			850			865			1,564

Cash flows (used in) investing activities		(166	)		(131	)		(437	)		(354	)		(393	)

Cash flows provided by (used in) financing activities		(223	)		(233	)		(247	)		(260	)		7,364

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		24,315			24,514			24,909			25,363			40,239
Total assets (after depreciation/amortization)		23,179			22,626			22,248			21,884			39,403

Total liabilities		(15,983	)		(15,827	)		(15,949	)		(15,640	)		(23,837	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Spring Forest
	2011			2012			2013⁽²⁾			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		42.39	%		44.49	%		44.49	%
Initial Acquisition Date: 12/27/2013

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			1,919			2,002

Operating expenses		—			—			—			(774	)		(799	)

Interest expense		—			—			—			(523	)		(513	)

Operating income		—			—			—			623			689

Net income (loss) - GAAP basis		—			—			—			363			477

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			652			689

Cash flows (used in) investing activities		—			—			—			(198	)		(19	)

Cash flows (used in) financing activities		—			—			—			(157	)		(166	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			16,549			16,108			16,311
Total assets (after depreciation/amortization)		—			—			16,548			15,701			15,460

Total liabilities		—			—			(9,307	)		(9,539	)		(9,081	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

⁽²⁾	Operating and Cash Flow data not significant for the period presented.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Spring Pointe
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		2.60	%		2.60	%		74.51	%		74.51	%
Initial Acquisition Date: 10/1/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			638			2,399			2,506			2,689

Operating expenses		—			(257	)		(1,155	)		(1,167	)		(1,259	)

Interest expense		—			(204	)		(820	)		(814	)		(807	)

Operating income		—			177			424			525			623

Net income (loss) - GAAP basis		—			29			(161	)		(72	)		(18	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by (used in) operating activities		—			(81	)		398			539			609

Cash flows (used in) investing activities		—			(31	)		(170	)		(108	)		(288	)

Cash flows (used in) financing activities		—			(26	)		(94	)		(101	)		(108	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			21,570			21,817			22,171			22,548
Total assets (after depreciation/amortization)		—			21,072			20,798			20,618			20,434

Total liabilities		—			(12,383	)		(12,270	)		(12,163	)		(12,061	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Stonebriar of Frisco
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		48.70	%		48.70	%		70.40	%
Initial Acquisition Date: 9/27/2013

Selected Operating Results⁽¹⁾

Operating revenues		—			—			974			3,811			4,014

Operating expenses		—			—			(452	)		(1,864	)		(2,026	)

Interest expense		—			—			(337	)		(613	)		(1,252	)

Operating income		—			—			186			1,335			736

Net income (loss) - GAAP basis		—			—			62			298			(266	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			429			747			777

Cash flows (used in) investing activities		—			—			(131	)		(284	)		(472	)

Cash flows (used in) financing activities		—			—			(84	)		(266	)		(284	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			27,336			27,620			28,114
Total assets (after depreciation/amortization)		—			—			27,068			26,408			25,914

Total liabilities		—			—			(23,040	)		(22,083	)		(21,207	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Summer Park
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		52.46	%		79.99	%
Initial Acquisition Date: 8/19/2014

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			1,505			4,313

Operating expenses		—			—			—			(586	)		(1,677	)

Interest expense		—			—			—			(403	)		(1,091	)

Operating income		—			—			—			516			1,545

Net income (loss) - GAAP basis		—			—			—			78			(97	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			418			1,565

Cash flows (used in) investing activities		—			—			—			(135	)		(193	)

Cash flows provided by (used in) financing activities		—			—			—			(164	)		1,726

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			40,592			41,683
Total assets (after depreciation/amortization)		—			—			—			40,226			40,322

Total liabilities		—			—			—			(21,274	)		(22,965	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Three60 North
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		30.00	%
Initial Acquisition Date: 11/3/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			526

Operating expenses		—			—			—			—			(407	)

Interest expense		—			—			—			—			(94	)

Operating income		—			—			—			—			24

Net income (loss) - GAAP basis		—			—			—			—			392

Summary Statements of Cash Flows ⁽¹⁾

Cash flows (used in) operating activities		—			—			—			—			(274	)

Cash flows (used in) investing activities		—			—			—			—			(33	)

Cash flows (used in) financing activities		—			—			—			—			(42	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			23,250
Total assets (after depreciation/amortization)		—			—			—			—			21,506

Total liabilities		—			—			—			—			(14,553	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Toscana at Valley Ridge
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		58.62	%
Initial Acquisition Date: 7/30/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			1,250

Operating expenses		—			—			—			—			(630	)

Interest expense		—			—			—			—			(358	)

Operating income		—			—			—			—			262

Net income (loss) - GAAP basis		—			—			—			—			(1,021	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			690

Cash flows (used in) investing activities		—			—			—			—			(13	)

Cash flows (used in) financing activities		—			—			—			—			(43	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			31,114
Total assets (after depreciation/amortization)		—			—			—			—			30,636

Total liabilities		—			—			—			—			(19,911	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Tramore Village
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		5.13	%		5.13	%		100.00	%
Initial Acquisition Date: 3/1/2013

Selected Operating Results⁽¹⁾

Operating revenues		—			—			2,572			3,242			3,459

Operating expenses		—			—			(1,124	)		(1,368	)		(1,417	)

Interest expense		—			—			(874	)		(1,027	)		(703	)

Operating income		—			—			574			848			1,339

Net income (loss) - GAAP basis		—			—			274			433			779

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			495			849			1,572

Cash flows (used in) investing activities		—			—			(226	)		(255	)		(202	)

Cash flows provided by (used in) financing activities		—			—			(276	)		(344	)		1,548

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			24,028			24,497			28,971
Total assets (after depreciation/amortization)		—			—			22,801			22,443			28,948

Total liabilities		—			—			(20,755	)		(19,964	)		(20,304	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Vineyard Springs
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		0.00	%		0.00	%		0.00	%		38.01	%
Initial Acquisition Date: 3/24/2015

Selected Operating Results⁽¹⁾

Operating revenues		—			—			—			—			3,532

Operating expenses		—			—			—			—			(2,035	)

Interest expense		—			—			—			—			(940	)

Operating income		—			—			—			—			558

Net income (loss) - GAAP basis		—			—			—			—			(652	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			—			—			—			387

Cash flows (used in) investing activities		—			—			—			—			(301	)

Cash flows (used in) financing activities		—			—			—			—			(282	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			—			—			—			34,850
Total assets (after depreciation/amortization)		—			—			—			—			33,929

Total liabilities		—			—			—			—			(21,846	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


Waterford Creek
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		0.00	%		62.52	%		62.52	%		62.52	%		62.52	%
Initial Acquisition Date: 3/23/2012

Selected Operating Results⁽¹⁾

Operating revenues		—			1,770			2,333			2,436			2,574

Operating expenses		—			(813	)		(1,080	)		(1,093	)		(1,191	)

Interest expense		—			(416	)		(502	)		(501	)		(494	)

Operating income		—			541			751			841			888

Net income (loss) - GAAP basis		—			(66	)		80			162			183

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		—			597			764			844			884

Cash flows (used in) investing activities		—			(203	)		(109	)		(124	)		(563	)

Cash flows (used in) financing activities		—			—			—			(90	)		(224	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		—			17,908			18,019			18,030			18,448
Total assets (after depreciation/amortization)		—			17,421			16,887			16,232			15,952

Total liabilities		—			(12,879	)		(12,913	)		(12,832	)		(12,608	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE III-A

ANNUAL OPERATING RESULTS OF REAL ESTATE OWNED

BY COTTONWOOD RESIDENTIAL O.P., LP

(UNAUDITED)


West Town
	2011			2012			2013			2014			2015
Cottonwood Residential O.P., LP ownership at year end		49.21	%		49.21	%		49.21	%		49.21	%		49.21	%
Initial Acquisition Date: 4/8/2011

Selected Operating Results⁽¹⁾

Operating revenues		1,551			2,063			1,931			1,958			1,953

Operating expenses		(763	)		(999	)		(969	)		(956	)		(993	)

Interest expense		(395	)		(525	)		(517	)		(511	)		(504	)

Operating income		393			539			445			492			457

Net income (loss) - GAAP basis		128			144			19			40			(14	)

Summary Statements of Cash Flows ⁽¹⁾

Cash flows provided by operating activities		519			535			452			463			486

Cash flows provided by (used in) investing activities		(139	)		50			(171	)		(208	)		(229	)

Cash flows (used in) financing activities		—			(53	)		(112	)		(118	)		(126	)

Amount and Source of Distributions
Amount of cash distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A
Amount of reinvested distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A

Total distributions paid to common stockholders		N/A			N/A			N/A			N/A			N/A


Source of Distributions (per $1,000 invested):
From operations		N/A			N/A			N/A			N/A			N/A
From sales of properties		N/A			N/A			N/A			N/A			N/A
From debt financing		N/A			N/A			N/A			N/A			N/A
From all other sources		N/A			N/A			N/A			N/A			N/A

Summary Balance Sheet at December 31,
Total assets (before depreciation/amortization)		13,384			13,500			13,470			13,770			14,086
Total assets (after depreciation/amortization)		12,910			12,580			12,074			11,871			11,666

Total liabilities		(9,690	)		(9,643	)		(9,421	)		(9,212	)		(9,063	)

Share Valuation

Estimated per share at December 31,		N/A			N/A			N/A			N/A			N/A

⁽¹⁾	Operating Results and Cash Flow data represent 100% of the property results from Cottonwood Residential O.P., LP’s initial acquisition date forward.

TABLE IV

OPERATING RESULTS OF COMPLETED PRIOR PROGRAMS

(UNAUDITED)

Table IV presents information regarding the operating results of prior real estate programs that have completed operations (no longer hold properties) during the five years ended December 31, 2015. All amounts presented are as of December 31, 2015.


	Blue Swan			Copperfield			Northwest Corners			Scott Mountain			Tramore Village			Valencia Park			Water Song

Aggregate Dollar Amount Raised	$	8,818,000		$	7,815,000		$	8,140,000		$	10,020,000		$	11,410,000		$	12,530,000		$	6,510,000
Duration of Program (Months)		85			77			114			116			114			108			93
Date of Program Closing		10/10/2015			2//122015			3/26/2015			6/5/2015			6/19/2015			3/24/2015			11/13/2014
Total Compensation Paid to Sponsor ⁽¹⁾	$	907,843		$	1,594,983		$	3,006,664		$	2,170,770		$	3,531,866		$	1,985,768		$	1,528,435
Initial Leverage		53	%		53	%		60	%		61	%		65	%		68	%		55	%
Annualized Return on Investment⁽²⁾		4.06	%		-0.98	%		2.89	%		10.01	%		-0.63	%		-9.96	%		0.42	%

⁽¹⁾	Includes acquisition fees, property and asset management fees, disposition fees, financing fees, and other ancillary services. A portion of these fees are used to reimburse costs incurred by the Sponsor.

⁽²⁾	Annualized return on investment is the internal rate of return over the program period using the respective cash flows from invested capital, distributions received, and proceeds from sale.