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| Fall 2017 Preleasing Summary | | | | | | | | |
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| | Design Beds | | % of NOI | | 2016 Opening Occupancy | | Preleasing at May 30, | | Preleasing Ahead/(Behind) | | Projected Rate Growth (1) |
| 2017 | | 2016 |
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| Same-Communities - by Tier | | | | | | | | | | | | | |
| Prior Year Occupancy Below 90% (Tier 1) | 4,046 |
| | 12.5 | % | | 81.2 | % | | 67.3 | % | | 60.5 | % | | 6.8 | % | | (1.4 | )% |
| Prior Year Occupancy 90% to 96.9% (Tier 2) | 3,697 |
| | 14.1 | % | | 94.0 | % | | 77.8 | % | | 76.7 | % | | 1.1 | % | | 1.8 | % |
| Prior Year Occupancy 97% and Above (Tier 3) | 16,911 |
| | 73.4 | % | | 99.7 | % | | 91.1 | % | | 91.9 | % | | (0.8 | )% | | 3.7 | % |
Total Same-Communities (2) | 24,654 |
| | 100.0 | % | | 95.8 | % | | 85.2 | % | | 84.5 | % | | 0.7 | % | | 3.0 | % |
Total Other-Communities (3) | 889 |
| | | | | | 35.5 | % | | 77.4 | % | | (41.9 | )% | | |
Total New-Communities (4) | 3,196 |
| | | | | | 58.6 | % | | | | | | |
| Total Communities | 28,739 |
| | | | | | 80.7 | % | | | | | | |
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| | Projected 2017-2018 Opening Revenue: | | | | | | | | | |
| | The same-community portfolio is projected to open the 2017-2018 lease-term with occupancy flat and a 2.5% to 3.5% increase in rates, resulting in rental revenue growth in the range of 2.5% to 3.5%.
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| | NOTE: The leasing velocity in the above preleasing summary by tier does not include 6,850 same and new-community beds at the University of Kentucky, 656 new-community beds at Boise State University and 417 new-community beds at Northern Michigan University, since each university's assignment process has not yet occurred. The University of Kentucky beds are currently 103% applied for this fall compared to 109% in the prior year. The beds at Boise State and Northern Michigan University are currently 97% and 154% applied for the fall, respectively. Players Club is not included, as the community is being redeveloped for 2018 delivery and is not leasing for the 2017-2018 lease-term.
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| | (1) The projected rate growth represents the midpoint of the range for the same-community leasing portfolio, including the same-community beds at Kentucky. |
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| | (2) The same-community designation for leasing purposes is different than for financial reporting 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 2017/2018 leasing cycle. |
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| | (3) Other-communities includes University Towers, serving North Carolina State University. As previously disclosed, University Towers will be reported in other communities in 2017 due to the University implementing a freshman live-on requirement starting this fall. As a result of the new live-on requirements, we are changing the way we market and operate the community in 2017, making year over year results incomparable.
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| | (4) The new-community designation for leasing purposes is different than for financial statement purposes. A community is considered new-community for leasing when the Company has not previously managed the leasing process. Design beds for Total New-Communities include the following: (1) our 2016 acquisitions of Pura Vida Place (100 beds), Carriage House (94 beds) and Urbane (311 beds), plus (2) beds at our 2017 development deliveries including The Local: Downtown (304 beds), Oklahoma State University (242 beds) and SkyVue (824 beds), plus (3) our 2017 acquisitions of Retreat at Corvallis (1,016 beds) and 319 Bragg (305 beds). |
