1. USA Overview Douglas S. Culkin, CAE President and CEO, NAA November 04, 2015 Managing Build to Rent/PRS The U.S. Experience

2. Annual Rent Growth for New Residents by Region for Year Ending in Q3 2015 METROCURRENT RENT GROWTH YEAR-AGO RENT GROWTH West8.4%5.4% South4.7%2.9% Northeast4.5%2.3% Midwest3.6%2.4% Source: MPF Research

3. Leaders in Annual Rent Growth for New Residents for Year Ending Q3 2015 RANKMETRORENT GROWTH 1Portland14.3% 2Oakland12.1% 3San Francisco11.7% 4Denver-Boulder10.1% 5Sacramento9.9% 6San Jose9.7% 7San Diego8.6% 8 (tie)Atlanta8.3% 8 (tie)Seattle-Tacoma8.3% 10Nashville7.9% 11Phoenix7.6% 12 (tie)Charlotte7.3% 12 (tie)Fort Worth7.3% 14 (tie)Los Angeles7.0% 14 (tie)Orlando7.0% Source: MPF Research

4. Quarterly Volume & Cap Rate Trends Cap Rates and Mortgage Rates Source: Real Capital Analytics

5. Transaction Volume Source: Real Capital Analytics

6. Apartment Lender Composition Source: Real Capital Analytics

7. Price Per Unit: Mid/High-Rise Source: Real Capital Analytics

8. Price Per Unit: Garden Source: Real Capital Analytics

9. Investments in the U.S. Over 10 Years Source: Real Capital Analytics CountryNumber of Properties Total Volume in Millions Canada701$21,404.8 Switzerland66$4,527.2 Israel154$3,980.3 UK129$3,219.3 Australia155$2,326.1 Netherlands72$2,1260 Bahrain37$1,354.4 Kuwait18$1,336.8 China39$1,242.1 Other255$6,661.2 Total1,626$48,178.4 MarketNumber of Properties Total Volume in Millions Manhattan121$9,809.3 Dallas129$2,755.6 Houston123$2,639.4 Atlanta100$2,305.5 Phoenix147$2,157.5 D.C.-VA suburbs18$1,573.9 Los Angeles30$1,384.6 Raleigh-Durham42$1,339.0 Chicago19$1,225.2 Other897$22,988.3 Total$48,178.4 Top Origins of Capital Top Market Destinations

10. Investments From U.S. to Europe Over 10 Years Source: Real Capital Analytics MarketNumber of Properties Total Volume in Millions London42$3,551.3 Dresden7$1,323.4 Madrid82$1,050.1 Berlin128$866.1 Moscow2$643.0 Dublin11$379.9 East Midlands Other7$353.3 Amsterdam27$293.2 South West Other6$266.7 Other603$12,026.3 Total915$20,753.4 U.S. Investments to Europe