EFTA01388597

18 October 2016 REITs US REIT 3016 Earnings Preview iFigure 44: ACC's 3016 results preview ACC Earnings i rOrigsli Opining Mono SS Is/Oicoperth. WY SS Revenue growth, vN SS Eotense growth, yry Average whollvowned Oa. In inner reported) Develoorner4 stets an AAA's) Owned worms under construction On MIA's) On-campus sward mein. Iii WA's) Dispositions On NW's) Nots canonises inmates es based on Mannar compled dm es of I0/1,VI6 ACC moats FrOM due to accounorg rules requarg 4 to consaciato rts oncornous properties • Update on the 19 non-core asset portfolio that is under LOI and expected to close in 4016. Guidance calls for 3016 Actual $0 43 Patna 5.9% 3.7% 2.1% 913% 2016 Actual SO 54 ASS 2.5% 25% 24% 92.6% S1138 $912 5407 SO $440 SIEC 532 SO 3016 Actual Cons $0 43 5045 ASA: 3.6% 2.7% fa% 92.7% $131 $912 $407 SO 2016 Pre 33 Guido Post 30 Grids Mk , Cons S,2 19. 52 31 52 28 I K 2D Pa Alan Pout 30 On Des 2.0% - 3 8% 3 0% total 2 2% • 2 9% 2 5% total 113% - 2 3% 2 i % totei 967% S200 - 5600 5600 $126MM to S526MM in planned 2016 dispositions. We are modeling $526MM to close during 40. 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 • DettlehO &•*. 000 \ Orly St Thomson Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092241 CONFIDENTIAL SDNY_GM_00238425 EFTA01388597