September 2017

Confidential

Scion Overview

The Scion Group Overview

2

Current Geographic Footprint

Established in 1999 as a Student Housing Consulting Practice

• Engagements for 165+ universities across the U.S., Canada, Mexico and

UK

• Advised $3+ billion in on-campus / PPP development projects

Now the Largest Private Owner/Operator of Student Housing

• Involved in acquisition, development and management of $4.5+ billion in

student housing properties

Owned Portfolio Includes 67 Properties

• 45 university markets across 20 states

• 45,972 beds / 15,079 Units; additional 2,300+ beds under management, including two university-owned,

on-campus projects

Legacy UHC DoveCap HSRE & 1237 W

Pro Forma Geographic Footprint

3

Current Portfolio: 67 communities comprising 45,972 beds located in 45 university markets across 20 states

Current Portfolio Pro Forma Portfolio

Pro Forma Portfolio: 90 communities comprising 58,566 beds located in 55 university markets across 25 states

Year Effective Acq.

Property University Beds Built Age DTC Year

37. UH on 13th Street Univ. of Florida 584 2008 2008 0.4 201638. UH Retreat at Raleigh North Carolina State 554 2012 2012 2.5 201639. The Radian Univ. of Penn 498 2008 2008 0.0 201640. UH at 14th Street Univ. Alabama - Birmingham 496 2007 2007 0.5 201641. UH Acadiana UL Lafayette 384 2008 2008 2.0 201642. UH Denver Univ. of Denver 355 2009 2009 0.1 201643. Century Hall ASU Polytechnic Campus 318 2012 2012 0.0 201644. UH TCU Texas Christian Univ. 118 2012 2012 0.5 201645. UH Midtown Georgia Tech 706 2015 2015 0.2 201646. UH Blvd UNC Charlotte 671 2015 2015 0.2 201647. UH Tuscaloosa Univ. of Alabama 592 2015 2015 0.4 201648. UH Baton Rouge Louisiana State Univ. 847 2015 2015 0.1 201649. The Venue at the Ballpark Univ. Alabama - Birmingham 327 2016 2016 0.2 201650. UH Austin Univ. of Texas 504 2016 2016 0.1 201651. Woodlands of Gainesville Univ. of Florida 781 2008 2008 1.4 201752. Woodlands of Tuscaloosa Univ. of Alabama 1,347 2010 2010 1.4 201753. Woodlands of Baton Rouge Louisiana State Univ. 903 2012 2012 1.4 201754. Woodlands of San Marcos Texas State Univ. 945 2014 2014 1.2 201755. Woodlands of Tallahassee Florida State Univ. 990 2014 2014 1.8 201756. Cottages of Clemson Clemson Univ. 688 2008 2008 3.2 201757. University Trails Tallahassee Florida State Univ. 936 2003 2003 1.5 201758. Alpha Univ. of Alabama 698 2015 2015 1.0 201759. VAMP Indiana Univ. 668 2008 2008 2.1 201760. The Foundation CSU Sacramento 725 2016 2016 0.4 201761. NXNW Western Washington Univ. 648 2016 2016 0.8 201762. Varsity Quarters Univ. of Wisconsin 209 2014 2014 0.2 201763. Uncommon Madison Univ. of Wisconsin 408 2016 2016 0.2 201764. Uncommon Tampa Univ. of South Florida 512 2016 2016 0.5 201765. Uncommon Charlottesville Univ. of Virginia 362 2016 2016 0.2 201766. LUX at Central Park Univ. North Carolina 608 2014 2014 0.3 201767. 1237 West Fullerton DePaul Univ. 596 2007 2007 0.1 2017

TOTAL CURRENT PORTFOLIO 45,972 2007 2012 1.0

PORTFOLIO TOTAL (inc. On-Campus Management) 48,297

PRO FORMA PORTFOLIO TOTAL 58,566

Year Effective Acq.

Property University Beds Built Age DTC Year

Current Portfolio

1. Campus Point Illinois State Univ. 352 2004 2006 1.3 20062. River Club Apartments University of Georgia 794 1996 2012 1.4 20113. River Club Townhomes University of Georgia 340 1998 1998 1.5 20114. The Lofts at Wolf Pen Creek Texas A&M University 683 2010 2010 1.0 20115. Cambridge - Palms Georgia Southern Univ. 564 2006 2006 0.1 20116. The Republic at Lubbock Texas Tech University 853 2011 2011 0.9 20117. The Republic at Denton Univ. of North Texas 492 2011 2011 0.9 20118. 33 East East Carolina University 1,056 2000 2013 1.8 20129. The Avenue North Purdue University 756 2008 2008 2.2 2012

10. ONE North University of Illinois 864 1998 2013 0.9 201211. ONE South University of Illinois 711 1999 2013 0.7 201212. Reserve on Third Indiana University 528 2000 2014 1.6 201213. Cambridge - Pines Georgia Southern Univ. 552 2001 2001 0.1 201314. The Park at State College Penn State University 752 1991 2014 0.8 201315. Village at Blacksburg Virginia Tech Univ. 1,056 1990 2014 0.8 201316. 58 West Western Michigan Univ. 876 2000 2014 1.6 201317. The Avenue South Purdue University 960 2001 2014 1.9 201418. The Reserve at Clemson Clemson University 590 1999 2011 2.5 201419. Riverside Univ. of South Carolina 700 1999 2010 0.7 201420. Avenue East Oklahoma State Univ. 612 2012 2012 0.8 201521. Woodlands of Columbia Univ. of South Carolina 1,209 2009 2009 2.3 201522. University Edge Louisiana State Univ. 472 2013 2013 0.4 201523. The Hills of Harrisonburg - Southview James Madison Univ. 672 1998 2015 1.0 201524. The Hills of Harrisonburg - Stonegate James Madison Univ. 960 2000 2015 0.3 201525. The Hills of Harrisonburg - Northview James Madison Univ. 480 1991 2015 0.4 201526. West 20 Univ. of Florida 1,044 2002 2015 0.8 201527. The Park at Athens - Hillside University of Georgia 772 1989 2015 1.0 201528. The Park at Athens - Lakeside University of Georgia 480 1991 2015 1.0 201529. The Heights of Knoxville Univ. of Tennessee 636 1999 2015 1.3 201530. Boulevard 1900 Arizona State Univ. 959 2009 2009 1.3 201531. Crimson Park Univ. of Oklahoma 792 2005 2005 1.0 201632. UH Fullerton Cal State Fullerton 1,189 2013 2013 0.2 201633. UH Central Florida Univ. of Central Florida 995 2012 2012 0.5 201634. UH Tempe Arizona State Univ. 879 2015 2015 0.0 201635. UH Retreat at Tallahassee Florida State 710 2012 2012 2.3 201636. UH Fayetteville Univ. of Arkansas 654 2013 2013 0.1 2016

Portfolio Detail

4

YoY Market

Rank Owner Beds Change Share

1) American Campus Communities (ACC) 85,755 10.6% 2.0%

2) The Scion Group LLC 45,972 69.2% 1.1%

3) Harrison Street Real Estate Capital 45,895 870.4% 1.1%

4) Education Realty Trust (EDR) 32,729 6.0% 0.8%

5) The Collier Companies 25,248 6.3% 0.6%

6) Campus Advantage 20,801 70.9% 0.5%

7) The Preiss Company 16,864 (0.1%) 0.4%

8) Blue Vista Capital Management, LLC 16,287 (15.7%) 0.4%

9) Aspen Heights 16,044 50.6% 0.4%

10) Vesper Holdings 15,563 48.3% 0.4%

11) CA Student Living 14,151 N/A 0.3%

12) Horizon Realty Advisors 13,680 3.7% 0.3%

13) Campus Apartments 13,259 0.0% 0.3%

14) Campus Living Villages 12,853 (4.8%) 0.3%

15) Pierce Education Properties 12,817 35.2% 0.3%Top 15 Owners 387,918 9.2%All Remaining Addressable Students 3,812,082 90.8%

TOTAL 4,200,000 100.0%

Industry Leading Position

5

2.0%

1.1%

1.1%

0.8%

4.2%

Top 15 Student Housing Owners Market Share

Remaining Top 15 Owners

4.2 million addressable

students

Top Tier Market Focus

6

Market Selection Criteria

Public Universities

Enrollment Size 20k+

Top 150 National

Rank

Flagship Univ.

Division I Athletics

STEM Focus

International Students

Strong Grad. Rates

Low Loan Default %

Tier I Schools Offer Best Investment Opportunity

• Superior student demographics and enrollment trends

• Greatest out-of-state and international student demand

• Better relative tuition value proposition to students

─ Stronger graduation rates

─ Lower student loan default rates

Students & Parents Seek Highest Value in the Face of Rising Enrollment Costs & Weakening Job Prospects

Small, Lower-Rated Universities Face Most Enrollment Pressure and Highest Student Loan Default

University of Wisconsin

Madison

University of Alabama

Tuscaloosa

The University of Texas

Austin

University of Tennessee

Knoxville

Management Team

7

R o b e r t D . B r o n s t e i nP r e s i d e n t

• Co-founder of The Scion Group

• 17+ years of student housing

experience

• Served as General Partner for $4.5bn

of private student housing

investments across the United States

E r i c S . B r o n s t e i nE x e c u t i v e V i c e P r e s i d e n t

& G e n e r a l C o u n s e l

• Co-founder of The Scion Group

• 20+ years of legal practice in finance,

real estate and commercial fields

• 15+ years advising business

operations & conflict management

• 5+ years as in-house counsel for

Fortune 100 company

A v i L e w i t t e sS e n i o r V i c e P r e s i d e n t

& C h i e f I n v e s t m e n t O f f i c e r

• Chief Investment Officer of Aviv REIT

from 2010 to 2012

• Managing Director in the M&A group

at UBS from 2002 to 2009 and at JP

Morgan from 1996 to 2002

• 16+ years of investment banking

experience

• 5 years at Scion

M i t c h e l l G . S m i t hS e n i o r V i c e P r e s i d e n t

& C h i e f O p e r a t i n g O f f i c e r

• 15+ years of student housing

experience

• Architect of Scion’s operating

platform, infrastructure & reporting

systems

• Has overseen Scion’s growth from

eight properties and 4,000 beds to

the current portfolio.

Scion management team has an average of 21+ years of experience in student housing, real estate and finance

• Focused exclusively on student housing since 1999

• Proven investment track record

• Unparalleled network of industry relationships

• Supported by 1,100 employees

Industry Overview

U.S. Student Housing Offers Significant Investment Opportunity

9

On-Campus Dorms, 15%

Off-Campus Student

Housing, 20%

Other Off Campus, 35%

Parents / Relatives, 30%

Nation-Wide

21+ Million Students4,000+ Schools

Target Markets Tier I & Tier II

3+ Million Students105 Schools

Purpose-Built, Off-Campus

Dorms & Residence Halls

Shadow & Other Off-Campus 4.2mm beds

Modernization Driving Increased Sector Investment

Campus Housing Distribution

Source(s): Department of Education, National Center of Educational Statistics

Highly Attractive Demand Fundamentals

10

• 35% enrollment growth between 2000 – 2014

• 7% forecasted enrollment growth between 2014 – 2019

• Students taking longer to graduate

‒ 31% within 4 years

‒ 56% within 6 years

U.S. Student Enrollment Approximately 21mm Students

6mm

8mm

10mm

12mm

14mm

16mm

18mm

20mm

22mm

24mm

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15E

20

16E

20

17E

20

18E

20

19E

U.S. College Total Enrollment

Actual Estimate

Source(s): Department of Education, National Center of Educational Statistics

Need for Additional, Newer Supply

11

Reduced Capital Allocations to Housing by Universities

POSH Displacing Aging On-Campus and Shadow Housing

0

15,000

30,000

45,000

60,000

19

80

19

85

19

90

19

95

20

00

20

05

20

10

20

15

Supply ofPurpose-Built

Relatively Limited

• Total of 595k private purpose-built beds delivered between 2000 – 2016; 9% of total enrollment growth (4.9mm students)

• Captive stable pool of potential occupants; every 1% of national enrollment growth equates to 220k students

• Fall ’14 private purpose-built deliveries of 65k, declined by 29% to 48k in 2015 and remained flat at 45k in 2016

• Average POSH occupancy increased 1.9% in 2015 vs. 2014, to 95.8%

32.2% 30.9%

24.8%

15.0%

1990 2000 2004 2013

Universities Facing Budget

Constraints

• Construction costs rising rapidly

• Focus spending on education and athletics

National POSH Bed Deliveries

On-Campus Housing Capacity as % of Undergraduate Enrollment

Actual Estimate

Source(s): Department of Education, National Center of Educational Statistics, Axiometrics

Continued Shift Toward “Knowledge Economy”

12

Approximately 40% Salary Premium for College Graduates

College Degree More Important Than Ever

10%

15%

20%

25%

30%

35%

40%

45%

50%

0mm

5mm

10mm

15mm

20mm

25mm

1980 1984 1988 1992 1996 2000 2004 2008

3.8%

8.1%

12.2%

5.8%

14.7%

21.8%

38.8k

42.0k44.8k 43.7k 45.5k

33.7k36.5k 34.6k

32.2k30.0k

31.4k 32.2k30.5k

27.9k 28.0k

Silents(1965)

EarlyBoomers

(1979)

LateBoomers

(1986)

Gen Xers(1995)

Millenials(2013)

Greater % of High School Graduates Attending College

Total Enrollment % of HS Grads Attending CollegeBachelors Degree Or More Two-Yr Degree or Some College High School Degree

Median Salary (full-time ages

25-32)

Unemployment Rate

% Living in Poverty

Source(s): U.S. Bureau of Labor Statistics, Department of Education, National Center of Educational Statistics

0% 2% 4% 6% 8% 10% 12% 14%

Lodging

Office High B.

Mall

Office Low B.

Industrial

Strip

Apartment

Senior Housing

Self Storage

Net Lease

Student Housing

Man Home

Among Most Recession Resilient Asset Classes

13

• Student housing REIT revenue growth consistently positive

Stanford economist Caroline Hoxby:

• “…Students were more likely to enroll in college and were more likely to stay in college during the Great Recession”

• “…College-going has increased in every recession since the 1960s”

• “…Opportunity cost of going to college drops very dramatically during recessions”

Increased Enrollment During Economic Downturns

(5%)

(3%)

(1%)

1%

3%

5%

7%

9%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

U.S. Apartment REITs U.S. Student Housing REITs

Reported Revenue Growth – Public Residential REITs

Net Risk Exposure

Sensitivity of Value to 1% D in GDP

Source(s)(s): 1. Green Street Advisors: Class is in Session: Student Housing 101 – June 28, 2013 2. Green Street Advisors: Heard on the Beach – February 25, 2016

(1)

(2)

• Student housing among least economically sensitive asset classes

• 12-month lease contracts further reduce relative risk exposure

Transaction Volume 2010 – Q1 2017Properties Traded 2010 – Q1 2017

Continued Strength Demonstrated through Q1 2017

Unprecedented Growth in Sector Transaction Activity

14Source(s): (1) CBRE National Student Housing Overviews 2012 – 2016; (2) FourPointsNote(s): $ in Billions except per bed

68

90

152

120134

212

339

38

2010 2011 2012 2013 2014 2015 2016 Thru Q12017

$1.1

$2.1

$3.9

$2.9 $3.1

$5.6

$10.4

$1.9

2010 2011 2012 2013 2014 2015 2016 Thru Q12017

182

144

Properties Traded $ Transaction Volume

$7.2

$9.1

Supported by Highly Liquid Debt Markets

15

Fannie Mae Freddie Mac Non-GSE

Source(s): (1) Walker & Dunlop; (2) FNMA; (3) FMACNote(s): $ in Billions except per bed

26% 33%39%

36%58%

54%

47%

22%

16%

13%

13%

42%

$1.9

$2.4

$3.8

$7.2

2013 2014 2015 2016

Student Housing Lending Volume 2013 – 2016

…and Significant Cap Rate Compression

16

5.3%

5.3%

4.5%

5.0%

5.5%

6.0%

6.5%

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17

REITs vs. Multi-family Cap Rates 2016 – Q1 2017

Multifamily MF REIT Peers(1)

17.0%

10.5%

(1.8%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17

REIT Share Prices 2016 – Q1 2017

Historica l Average

ACC EDR Multi fam i ly

Current 5.3% 5.3% 5.0%

2017 YTD Avg . 5.2% 5.2% 5.1%

2016-2017 YTD 5.3% 5.1% 5.1%

2016 Avg . 5.3% 5.1% 5.1%

Share Price Percentage Change

ACC EDR MF REIT Peers

2017 YTD (2.5%) (2.6%) 1.7%

2016-2017 YTD 17.0% 10.5% (1.8%)

Source(s): Citi Bank(1) As of 3/31/17 – Multifamily Peers comprise AIV, AVB, CPT, EQR, ESS, MAA & UDR: average weighted by market capitalization