Capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
Communities
No. %
|
|
Developed Sites
No. %
|
|
Avg.
Occup.(1)
|
|
Avg.
Monthly Rent ($)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PA
|
|
42
|
44.2%
|
|
6,528
|
39.4%
|
|
79.8%
|
|
$409
|
OH
|
|
25
|
26.3%
|
|
3,627
|
21.9%
|
|
78.2%
|
|
$321
|
TN
|
|
7
|
7.4%
|
|
1,822
|
11.0%
|
|
83.1%
|
|
$407
|
NY
|
|
7
|
7.4%
|
|
1,132
|
6.8%
|
|
79.6%
|
|
$466
|
IN
|
|
6
|
6.3%
|
|
1,396
|
8.4%
|
|
81.9%
|
|
$381
|
NJ
|
|
4
|
4.2%
|
|
1,006
|
6.1%
|
|
95.3%
|
|
$570
|
MI
|
|
1
|
1.1%
|
|
143
|
0.9%
|
|
73.4%
|
|
$386
|
Total (2)
|
|
92
|
96.8%
|
|
15,654
|
94.6%
|
|
82.0%
|
|
$400
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions (3)
|
|
3
|
3.2%
|
|
897
|
5.4%
|
|
69.2%
|
|
$443
|
Grand Total
|
|
95
|
100%
|
|
16,551
|
100%
|
|
81.3%
|
|
$402
|
Historical Investments
|
|
|
|
|
|
|
||
($ in MM except per unit data)
|
2010
|
2011
|
2012
|
2013
|
2014
|
6/30/15
|
||
|
|
|
|
|
|
|
|
|
Rental Units
|
|
800
|
900
|
1,100
|
1,700
|
2,600
|
2,900
|
|
Investment
|
|
$23.1
|
$26.6
|
$37.8
|
$61.7
|
$91.7
|
$107.0
|
|
Average Investment Per Unit
|
$28,885
|
$29,567
|
$34,389
|
$36,322
|
$35,277
|
$36,897
|
||
Average Monthly Rents per Unit
|
$615
|
$615
|
$634
|
$664
|
$704
|
$739
|
||
End of Period Occupancy
|
87.9%
|
84.7%
|
92.2%
|
89.5%
|
91.5%
|
95.0%
|
||
|
|
|
|
|
|
|
|
|
Illustrative Rental Unit Economics - 700 New Units per Year
|
|
|
|
|
||||
|
|
|
|
Year 1
|
Year 2
|
Year 3
|
Year 4
|
Year 5
|
Rental Units
|
|
|
700
|
1,400
|
2,100
|
2,800
|
3,500
|
|
Cost per Unit (1)
|
|
|
$40,000
|
$42,000
|
$44,100
|
$46,305
|
$48,620
|
|
Average Monthly Rent per Unit (2)
|
|
$700
|
$714
|
$728
|
$743
|
$758
|
||
Total Investment ($MM)
|
|
$28.0
|
$57.4
|
$88.3
|
$120.7
|
$154.7
|
||
|
|
|
|
|
|
|
|
|
Rental Revenue from Units (2)
|
|
$5.3
|
$10.8
|
$16.5
|
$22.5
|
$28.6
|
||
|
|
|
|
|
||||
Net Contribution from New Rental Units
|
$4.2
|
$8.6
|
$13.2
|
$18.0
|
$22.9
|
|||
Assumed Interest Expense
|
|
(0.7)
|
(1.4)
|
(2.2)
|
(3.0)
|
(3.9)
|
||
Incremental FFO
|
|
|
$3.5
|
$7.2
|
$11.0
|
$15.0
|
$19.0
|
|
|
|
|
|
|
|
|
|
|
Gross Unlevered Return on Investment
|
15.1%
|
15.0%
|
15.0%
|
14.9%
|
14.8%
|
|||
Illustrative Levered Return (4)
|
|
25.2%
|
25.1%
|
24.9%
|
24.8%
|
24.6%
|
||
|
|
|
|
|
|
|
|
|
(1) Assumes 5% annual construction cost inflation
|
|
|
|
|
|
|||
(2) Assumes 90% occupancy and 2% annual rent growth
|
|
|
|
|
|
|||
(3) Assumes 20% of revenues
|
|
|
|
|
|
|
||
(4) Assumes 50% leverage with 5% weighted average cost of debt
|
|
|
|
|
|