EFTA01389059.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview iFigure 44: ACC's 3O16 results preview ACC 3016 2016 3016 2016 Earnings Actual Actual Actual Cons Pre 33 Guido Post 30 Gila Mk , Cons i rOrigsli $0 43 SO 54 5045 $043 S,2 19. 52 31 5328 I K 28 Opining PASS ASS Rabat ASA: Pa AIOn Pout 30 On Des SS NOI growth. VA 5.9% 2.5% 3.6% 2.0% - 3 8% 3 0% total SS Revenue growth, vN 3.7% 2.6% 2.7% 2 2% • 2 9% 2 6% total SS Eotense growth, yry 2.1% 24% is% 1 A% - 2 3% 2 I % total Average whollvowned Oa. in ingots reported) 913% 92.5% 92.7% 967% Develoorner4 starts an AAA's) SO S1138 $131 Owned worms under construction On MIA's) $440 $912 $912 On-campus sward pepsine In MIA's) $lEC 5407 $407 Dispositions On NW's) S32 SO so 9200 - 5600 1600 Noto caloensof inmates vs based on )Mennen compled dm es of 10/14,16 ACC spats FrOM due to accounteg rules reaur•g 4 to conschime rts oncarrous properties • Update on the 19 non•core asset portfolio that is under LOI and expected to close in 4O16. Guidance calls for $126MM to S526MM in planned 2016 dispositions. We are modeling $526MM to close during 4O. Also expect an update on ACC potentially retaining management of sold assets Comments on the conclusion of the 2016-2017 academic year lease-up and expectations for next year with $600MM of deliveries finalized for Fall 2017 • Update on the 2018 development pipeline and development yields for on-campus vs. off-campus • Color on final leasing stets for the 2016/2017 school year Update on expected SS NOI growth in 2017. ACC previously projected that +3% of rent growth, a 70.80bps pickup in occupancy, and operating expenses growing at 2% or lower would drive SS NCH growth towards the high end of 3%•6% range in 2017 Update on national supply trends vs. ACC construction (ACC accounts for 13.7% of all 2017 development deliveries in their markets, up from 5.1% in 2016) Sew • Dettlehe SW*. 000nOrly SW naMao•n Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093272 CONFIDENTIAL SDNY_GM_00239456 EFTA01389059