WHO WE ARE 1 Core Principles Give back to the communities we serve. 270 scholarships and grants awarded since 2006 totaling $5.2 Million; over 20,000 hours of community service Be the best provider of service. Ranked FIRST nationally for five years running in resident satisfaction for portfolios with at least 10,000 units Be the best place to work. When surveyed, 95% of our employees feel that our company is more than just a place to work is a solutions oriented development, construction and property management firm.

SOLUTIONS THROUGH PARTNERSHIPS 2 Our Partnership Solution A unique, customized, holistic solution that offers the following benefits to our partners: – 100% of Net Cash Flow – Institution retains control – Long-term reinvestment in housing – Incentive-based, fee-for-service model – Alignment with Institutional mission

UNIVERSITY SYSTEM OF GEORGIA USG Phase 1 Summary Total Project$548M9,948 Beds 65 Year Ground Lease Defeasance/ Prepaid rent $300M6,195 Beds Commence July 2015 New Construction $165M3,753BedsDelivery July 2016 BOR Principal Objectives: Affordable, safe, quality housing Reduced BOR capital lease obligations Market-based alternatives for the construction and operations Private-sector innovation and efficiencies Long-term relationship between institutions and Concessionaire

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In excess of $8 Billion provided to BOR in Contingent Rent/Reinvestment Reserve Funds/Capital Reserve/Retained Services over the 65 year term of the Partnership 5