AUGUST 2016 2 3 741 464 277 4 Leading Demographics A Focus on - PowerPoint PPT Presentation

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4 Leading Demographics A Focus on Supply Constrained Markets Leading Demographics A Focus on Supply Constrained Markets (in ‘000) (in ‘000) 1 1 ($ in ‘000) ($ in ‘000)

5 100.0% 93.2% 90.0% 80.0% 68.6% 70.0% 60.0% 50.0% 40.0% 33.3% 30.0% 20.0% 10.0% 0.0%

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EXTERNAL GROWTH: FOCUSED INVESTMENT STRATEGY 18

EXTERNAL GROWTH: FOCUSED INVESTMENT STRATEGY 19 Ac Acquis uisitio tions ns 2008 08 – June ne 2016 16 2 Tota tal Port ortfol folio io 1 June ne 2016 16 2 Tota tal Port ortfol folio io Janu nuary ary 2008 08 Dis ispos position tions , , 2008 08 – June ne 2016 16 2

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25 1) Based on annualized 2Q16 EBITDA and average debt outstanding during 2Q16. (in thousands)

26 7.0 60% EBITDA / Interest Expense 6.0 50% % of Gross Assets 5.0 40% 4.0 30% 3.0 20% 10% 2.0 0% 1.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 0.0 S ecured Debt Unsecured Debt 2010 2011 2012 2013 2014 2015 $0.80 100.0% 3,500 $0.70 Dividend Payout Ratio Dividend per Share 80.0% 3,000 $0.60 $0.50 2,500 60.0% $0.40 2,000 40.0% $0.30 1,500 $0.20 20.0% 1,000 $0.10 $- 0.0% 500 2010 2011 2012 2013 2014 2015 0 3 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3 Dividend per Share Dividend Payout Ratio REIT Avg. Payout Ratio

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28 Same-Store Performance 1 2010 2011 2012 2013 2014 2015 Revenue Growth 0.3% 3.6% 3.8% 7.4% 7.2% 7.3% NOI Growth 1.0% 5.7% 6.0% 9.3% 9.6% 9.6% YOY Occupancy Growth (BPS) 0.6% 2.0% 3.4% 5.3% 2.6% 1.5% Annual Avg. Occupancy 76.8% 78.8% 82.6% 88.4% 90.8% 92.3% E xternal Growth # Acquired Properties 12 27 37 20 53 29 Acquisition Value ($MM) $85.1 $467.1 $432.3 $189.8 $568.2 $292.4 # of Disposed Properties 16 19 26 35 0 8 Disposition Value ($MM) $38.1 $45.2 $60.0 $126.4 $0.0 $37.8 Trading & Valuation Metrics Market Equity Value 2 $965 $1,277 $2,049 $2,335 $3,752 $5,496 Total Market Capitalization 2 $1,580 $2,035 $3,073 $3,474 $4,926 $6,758 Total Gross Assets 2 $1,793 $2,195 $2,504 $2,757 $3,278 $3,709 P / FFO (Trailing) 3 18.7x 16.4x 19.7x 17.5x 20.4x 24.5x FFO Payout Ratio 4 28.4% 44.6% 47.3% 50.5% 50.9% 55.2% Dividend Yield 5 1.5% 2.7% 2.4% 2.9% 2.5% 2.7%

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