EFTA01389059

18 October 2016 REITs US REIT 3016 Earnings Preview iFigure 44: ACC's 3O16 results preview ACC Earnings i rOrigsli Opining PASS SS NOI growth. VA SS Revenue growth, vN SS Eotense growth, yry Average whollvowned Oa. in ingots reported) Develoorner4 starts an AAA's) Owned worms under construction On MIA's) On-campus sward pepsine In MIA's) Dispositions On NW's) 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 3016 Actual $0 43 ASS 5.9% 3.7% 2.1% 913% 2016 Actual SO 54 Rabat 2.5% 2.6% 24% 92.5% S1138 $912 5407 SO $440 $lEC S32 SO 3016 Actual Cons $0 43 5045 ASA: 3.6% 2.7% is% 92.7% $131 $912 $407 so 2016 Pre 33 Guido Post 30 Gila Mk , Cons S,2 19. 52 31 5328 I K 28 Pa AI On Pout 30 On Des 2.0% - 3 8% 3 0% total 2 2% • 2 9% 2 6% total 1 A% - 2 3% 2 I % total 967% 9200 - 5600 1600 $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