14 Sector Previews 15 Apartment: Slowing job growth and new supply continue to impede rent growth 15 Malls: Rising demand headwinds and slowing SS NOI growth expected 22 Shopping Centers: Store closures to hit 3Q internal growth, but progress for re- tenanting more important 27 Office: Valuation

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

s. 3O could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

a. commenced. 051 Ch WY eh 8lenled rent spread Ipeo-rma. ugned. cash New lease Spread 1pro-rata. maned. cash/ Renewal Spread dpianta. apnea cad SS NOI growth vilf Iwo-Nita cash, Note. consensus estimates are based on Thomson crumpled data as of 10/14/16 • Updated commentary from CEO, Tom August i

pment pipeline and development yields for on-campus vs. off-campus • Color on final leasing stets for the 2016/2017 school year Update on expected SS NOI growth in 2017. ACC previously projected that +3% of rent growth, a 70.80bps pickup in occupancy, and operating expenses growing at 2% or lower woul

pread (TIM. cash, 163% 161% I50% Tenant saleshol 'comparable properties, as initially reported $630 $614 YA, ch. as 'Minty repotted 7 7% 24% SS NOI gromh Wy (consolidated) 7 0% 6 5% Note consensus estimates we based on SOL compiled data as of 10/14/16 2016 Pre 30 Guide Pod 30 Guide D6o Co

iew IOW Estrines FFO/sh Operating Make Total leasing volume (100%) Total occupancy (100%) oiq ch wy ch Total gross rent spread (cash. 100%1 SS NOI growth Wy (cash, pro-rata) Note consensus estimates are based on ThomsonReuters compiled data as of 10/14/16 Update on the high end NYC market, wit

s. 30 could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

re 36: YID Apartment performance A144 nal 4,'!-1111 0 #P 4, 0- D e e wie IP 411. 4P 4P 4, 4P As of 10/14/16 Sara Dattecte SA MC 'Figure 38: SS NOI growth expected to slow in 2H18 9.0% 8.0% • 7.0% • k 8.0% 0 4.0% 2 lox • 2.0% • 1.0% - )- 50% - 0.0% AVB CPT FOR IRT FPS Awn , •20

pread (TIM. cash, 163% 161% I50% Tenant saleshol 'comparable properties, as initially reported $630 $614 YA, ch. as 'Minty repotted 7 7% 24% SS NOI gromh Wy (consolidated) 7 0% 6 5% Note consensus estimates we based on SOL compiled data as of 10/14/16 2016 Pre 30 Guide Pod 30 Guide D6o Co

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

re 36: YID Apartment performance A144 nal 4,'!-1111 0 #P 4, 0- D e e wie IP 411. 4P 4P 4, 4P As of 10/14/16 Sara Dattecte SA MC 'Figure 38: SS NOI growth expected to slow in 2H18 9.0% 8.0% • 7.0% • k 8.0% 0 4.0% 2 lox • 2.0% • 1.0% - )- 50% - 0.0% AVB CPT FOR IRT FPS Awn , •20

pment pipeline and development yields for on-campus vs. off-campus • Color on final leasing stets for the 2016/2017 school year Update on expected SS NOI growth in 2017. ACC previously projected that +3% of rent growth, a 70.80bps pickup in occupancy, and operating expenses growing at 2% or lower woul

pread (TIM. cash, 163% 161% I50% Tenant saleshol 'comparable properties, as initially reported $630 $614 YA, ch. as 'Minty repotted 7 7% 24% SS NOI gromh Wy (consolidated) 7 0% 6 5% Note consensus estimates we based on SOL compiled data as of 10/14/16 2016 Pre 30 Guide Pod 30 Guide D6o Co