EX-99.2 3 exhibit99220142015preleasi.htm EXHIBIT 99.2 PRELEASING SUMMARY EXHIBIT 99.2 2014/2015 Preleasing May 28 2014
PRELEASING SUMMARY

 
 
 
 
 
 
 
 
Preleasing at May 28,
 
 
 
 
Community Type
 
Design Beds
 
% of NOI
 
2013 Opening Occupancy
 
2014
 
2013
 
Preleasing Ahead/(Behind)
 
Projected Rate Growth
Same-Communities - by Tier
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior Year Occupancy Below 90% (Tier 1)
 
4,173

 
12.9
%
 
82.7
%
 
69.1
%
 
56.6
%
 
12.5
 %
 
(0.8
)%
       Prior Year Occupancy 90% to 94.9% (Tier 2)
 
5,992

 
26.7
%
 
92.3
%
 
72.5
%
 
65.7
%
 
6.8
 %
 
1.0
 %
       Prior Year Occupancy 95% to 97.9% (Tier 3)
 
5,514

 
21.2
%
 
96.4
%
 
78.3
%
 
78.0
%
 
0.3
 %
 
2.9
 %
          Subtotal - Tiers 1 - 3
 
15,679

 
60.8
%
 
91.2
%
 
73.6
%
 
67.6
%
 
6.0
 %
 
 
Prior Year Occupancy 98% and Above (Tier 4)
 
8,235

 
39.2
%
 
99.8
%
 
93.4
%
 
94.3
%
 
(0.9
)%
 
3.0
 %
Total Same-Communities (1)
 
23,914

 
100.0
%
 
94.2
%
 
80.4
%
 
76.8
%
 
3.6
 %
 
2.0
 %
Total New-Communities
 
3,024

 


 
 
 
77.8
%
 
 
 
 
 
 
Total Communities
 
26,938

 
 
 
 
 
80.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Projected Fall Revenue:    
 
Based on current leasing velocity shown above and individual market conditions, we are projecting fall revenue to be up 3% to 4%, including a 1% to 2% increase in occupancy and an approximate 2% growth in net rental rates.
 
 
 


NOTE: Leasing update does not include 601 same-community and 2,381 new-community beds at the University of Kentucky. The university's assignment process is underway with all 2,982 beds currently 189% applied for this fall.

(1) The same-community designation for leasing purposes is different than for financial statement purposes. A community is considered same-community for leasing when the Company has managed the leasing process for at least two leasing cycles, including the Fall 2014 lease cycle.