IR October 2016 REITs US REIT 3O16 Earnings Preview [Figure 43: PPS's 3O16 results preview PPS Enrage FFOrsh Operating Motive SS NOt growth. V,' SS Revenue growth. vN 5$ Etpree growth yN Average SS Occtopancv les totally msg. WY Ch Gas initially reporexto Average SS Roma Rase alas nosily norsech Ms ch (as ireiallv reprox9 Note COMefK *EDWIN Are bowl on Thomson poop lad 014 as 01 1004/16 3016 Mud SO 76 ASS 2 2% 28% 38% 970% date 91.459 2 0% 34216 Paul 5082 mom 24% 3 2% 4 5% 962% 20bp St 483 2 7% 3016 ASS D. Cone 50 80 SCSI Anal CIllo 3 14% total 2 90% total 2 50% total 96 0% 105bp 2016 Pro 30 Guido Poet 30 thido Dote Cafe 53 20 53 24 £3 21 5323 Pro 30 Guido Poet 30 Guide MS 2 50% - 3 30% 2 9% total 300% - 3 30% 3 2% told 3 30% - 3 70% 3 5% total 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