2012/2013 LEASING STATUS :: wholly-owned properties – summary Leases Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2011 Occupancy3 Initial Rate Increase Projected Rate Increase8 Same Store Wholly-owned Properties4 37,436 65.1% 39,119 69.0% 5 57,486 57,968 98.2% 5 3.5% 3.6% New Wholly-owned Properties6 6,138 67.1% 289 46.0% 7 9,151 9,266 90.4% 7 n/a n/a Wholly-owned Properties-Total 43,574 65.4% 39,408 68.7% 7 66,637 67,234 98.1% 7 3.5% 3.6% Current Year Prior Year 1. As of March 30, 2012 for the current year and March 30, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Includes Pirates Cove, which is classified as Held for Sale as of December 31, 2011 and is anticipated to be sold in the first half of 2012. 5. Excludes Eagles Trail, a 792-bed property purchased in September 2011, as no prior year leasing data is available for this property. 6. Includes 11 properties currently under construction that are anticipated to open for occupancy in August 2012. Also includes The Varsity and 26 West, purchased in December 2011, and University Heights, purchased from one of the Fidelity joint ventures in January 2012. Excludes Studio Green, a 448-bed property purchased in November 2011 with the intent to redevelop the property commencing in the second or third quarter 2012. 7. Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final Fall 2011 occupancy. 8. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy.