EFTA01388596.pdf

IR October 2016 REITs US REIT 3O16 Earnings Preview [Figure 43: PPS's 3O16 results preview PPS 3016 34216 3016 2016 Enrage Mud Paul ASS D. Cone Pro 30 Guido Poet 30 thido Dote Cafe FFOrsh SO 76 5082 50 80 SCSI 53 20 53 24 £3 21 5323 Operating Motive ASS mom Anal CIllo Pro 30 Guido Poet 30 Guide MS SS NOt growth. V,' 2 2% 24% 3 14% total 2 50% - 3 30% 2 9% total SS Revenue growth. vN 28% 3 2% 2 90% total 300% - 3 30% 3 2% told 5$ Etpree growth yN 38% 4 5% 2 50% total 3 30% - 3 70% 3 5% total Average SS Occtopancv les totally msg. 970% 962% 96 0% WY Ch Gas initially reporexto date 20bp 105bp Average SS Roma Rase alas nosily norsech 91.459 St 483 Ms ch (as ireiallv reprox9 2 0% 2 7% Note COMefK *EDWIN Are bowl on Thomson poop lad 014 as 01 1004/16 Expect SS NOI growth to accelerate o +3.1% in 3O with slower expense growth more than o (setting a q/q decline in SS rev growth • Looking for an update on the merger with MAA in terms of timing and any new details management can discuss • Update on new lease rates and renewals which tracked +2.0% and +4.5%, respectively, in early August; Update on move outs due to price (I0% in 2Q) and move outs to buy (19% in 2Q) Lease-up progress at Parkside at Wade (Raleigh) development (avg. of 34 units per month in 2O); Update on the planned 3O 16 completion of Post Afton Oaks (Houston) and any leasing so far vs. budget Update on PPS's top four markets: Atlanta, DC, Dallas, and Tampa with particular focus on submarkets pressured by supply this year (Buckhead in Atlanta, Alexandria in DC, & Uptown Dallas) Sovc• Danchro Bank carprry dote. mane, Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092240 CONFIDENTIAL SDNY_GM_00238424 EFTA01388596