2019 Focus Groups White Paper

FALL 2018 RESIDENT FOCUS GROUPS How Real Peak Residents Want to Find and Experience Their Apartment Community. CONFIDENTIAL - NOT FOR DISTRIBUTION

TABLE OF CONTENTS 04 05 Background and Purpose 05 05 Background 06 Purpose 07 Benefits 08 Challenges 10 Peak Campus Focus Group Team 10 11 Methodology 12 13 Methodology 20 Demographics 21 22 Executive Summary 24 30 Overview 31 The Executive Ten 32 Leasing Strategy Committee OverviewC 33 Caution and Context Key Findings Recommendations Short-Term Recommendations Long-Term Recommendations Leasing Strategy Committee Appendix Moderator Guide Email Invitations Participants Photography & Videography Release Participant Demographic Form Budget



BACKGROUND Understanding our renter is the Resident Focus Groups were identified as an area cornerstone to the Peak Campus of opportunity for Peak Campus to gain valuable, long-term sales and marketing actionable data to make better business strategy. Many forms of feedback are decisions using qualitative data. While we already available with a variety of ratings have a high volume of quantitative data, we scales across many mediums. In 2015, needed to dive deeper than existing tools would Peak laid the foundation to monitor, allow us to see. After strategic discussion and measure, and analyze the landscape input from all departments, the first series of of all types of feedback, allowing for formal resident focus groups were conducted in trend analysis as well as fall 2017. individualized community action plans. The broader concept of centralizing SURVEYS and analyzing feedback across mediums, known internally as BETTER BBB RATINGS \"Customer Knowledge\", was BUSINESS AND introduced in 2016. A short-term and REVIEWS long-term, five-year execution plan BUREAU was launched. Customer Knowledge includes ratings and reviews, surveys, focus groups, customer experience, deep social media monitoring, as well as the Better Business Bureau. We believe satisfaction levels SOCIAL FOCUS measured from real renter feedback MONITORING GROUPS offer a direct correlation to the likelihood of community referrals, community recommendations, and rental rate tolerance. CUSTOMER EXPERIENCE CONFIDENTIAL - NOT FOR DISTRIBUTION 4

PURPOSE Focus Groups are a form of qualitative research where a small and diverse group of individuals are interviewed about a particular topic. Their responses and reactions are analyzed to determine the thoughts of a larger population. The apartment industry is unlike any other. Unlike most consumer product industries, our residents literally live in the product we sell. Conducting focus groups with them is a cost-effective solution every management company should take advantage of.. BENEFITS CHALLENGES Collect real and unfiltered feelings, Large time commitment by focus group perceptions, and opinions. team. Gather deeper and more qualitative data Required engagement and than traditional methods. participation by executive team. Conduct sessions in a cost-effective Experienced moderator selection, environment. question creation, and training. Select on-site, convenient locations with high Administrative planning and event participation rates easily, compared to other coordination. industries. Difficult to analyze and condense Inform decision-making, strategic planning, findings. and resource allocation. Incorrect conclusions with data that Add a human dynamic to otherwise does not generalize to the larger impersonal data. population, if lack of control of sampling Deepen our understanding of existing beliefs exists. and explain known statistical data. Ongoing follow-up and execution of lessons learned. CONFIDENTIAL - NOT FOR DISTRIBUTION 5

PEAK CAMPUS A team of associates was assembled across all FOCUS GROUP departments, into two key groups: 1) an execution TEAM team that would plan and facilitate the focus groups and 2) a question coordination leadership team that would contribute content suggestions. Ashly Poyer Michele Bettinazzi Kaylene Dabbs Sr.. Director of Sales Marketing Operations Manager Marketing Manager Logistics Planning / Note-Taker Moderator Project Owner/ Moderator Exectution Team Bob Clark | CEO Casey Petersen | COO Wendy Walker | CFO Jennifer Hill | CPO General Council Mandy Elmore | SVP Question Sandra Barfield | SVP Ryan Hand Coordination Maria Fillipone VP Business Development Team Director of Marketing Opal Cox Mike Costello Director of Operations Director of People Operations CONFIDENTIAL - NOT FOR DISTRIBUTION 6

M E T H O D O LO GY DE TAILS L OC ATION SELECTION Four (4) properties were selected The properties selected were Campus Circle to host the focus groups. (Urbana, IL), The Club at Chandler Crossings (East Lansing, Ml) Theory Raleigh (Raleigh, NC), and Two (2), 90-minute sessions were GrandMarc Clemson (Clemson, SC). conducted at each property: breaks were conducted at the halfway point, as These properties were selected to show a healthy needed. cross-section of the portfolio, with factors Planning sessions were conducted with including, but not limited to: each Property Manager and Regional Manager. Institutional asset class Invitations were delivered to current Property age residents, active prospects, and target Market density and competitiveness university lists (if provided by email with Amenity and feature range electronic enrollment forms). Category of school serviced Incentives offered included a $25 Visa Gift Range of rental rates Card per participant, and refreshments. Unit and bed count Sessions were internally co-moderated by Garden-Style vs Mid/High-Rise Peak's Marketing Operations Manager and Physical geography Sr. Director of Sales. Ownership/Regional leadership Goal attendance was set at 6-8 Eligible on-site physical meeting space participants per session with an intent to Availability of key staff and university overbook by 50%+ to allow for no-shows, schedule (holidays/events) 107 students signed up and 50 participated. The Club at Chandler Crossings All participants signed photography and marketing release forms upon check-in. Campus Circle Demographic data was also collected Focus Group GrandMarc Clemson upon check-in. Locations Gift cards were distributed upon the Theory Raleigh conclusion of each session. All participants were photographed and made aware that sessions were recorded. CONFIDENTIAL - NOT FOR DISTRIBUTION 7

DEMOGRAPHICS GREEK LIFE SCHOOL CLASSIFICATION AGE RENTAL HISTORY EMPLOYMENT STATUS GENDER UNIVERSITY ATHLETE CONFIDENTIAL - NOT FOR DISTRIBUTION 8

EXECUTIVE SUMMARY

OVERVIEW Each focus group covered a wide range of topics. but widely focused on the prospect experience. FINDING AN APARTMENT LEASING AN APARTMENT Lead Generation Lead Capture Marketing Techniques Lead Management Sales Techniques Lead Procurement & Inducements W H I L E S T U D E N T B E H AV I O R OV E R A L L M AY B E C O M P L E X , T H E F AC T O R S T H AT M OT I V AT E T H E M A R E E X T R AO R D I N A R I LY S I M P L E . W E MUST TAKE A JOURNEY BACK TO THE BASICS AND FOCUS ON THE CUSTOMER EXPERIENCE. 1. To the prospect, experience is everything. 7. Even tasks we consider non-emotional, still 2. Prospects expect us to be intentional with feel emotional to our buyers. How we market, lease, and operate translates into how we market, lease, and operate our how much we care. communities. 3. Rental rate tolerance decreases with a 8. Students want to drive their buying poor reputation, bad customer service and experience, we are simply here to help negative experiences. them along the way. How much we're able 4. Students want to experience the to help influences their decision. community brand in different ways from online, on campus, and onsite. How they 9. In a digital age, word of mouth, peer experience brand consistency across referrals, and brand reputation are the mediums matters to students. most trusted marketing sources. Investing 5. Students want to work with a consistent in your identity and reputation is valuable. leasing consultant that is empowered, knowledgeable, and cares enough about 10. Students will be your strongest advocate if them to guide the apartment buying they have an experience or moment that process. sets you apart. 6. Quality is perceived as value. You can create value for your property through intentional marketing materials, like paper weight and promotional items. CONFIDENTIAL - NOT FOR DISTRIBUTION 10

LE A S IN G S T R AT E GY COMMITTEE MEMBERS After launching focus groups in 2017, Peak created the Leasing Strategy Committee. The goal of the committee is to evolve business strategies that drive leasing performance using information gathered through Peak's Customer Knowledge platform. The Leasing Strategy Committee is made up of six key parts, each part works as link in the customer lifecycle. So a comprehensive evaluation on how Peak markets, leases, and operates apartments is crucial. Each year, the committee will evaluate focus group findings, online reputation trends, and results from satisfaction surveys to drive leasing performance. COMMITTEE MEMBERS Ashly Poyer, Sr. Director of Sales, Committee Chair TRAINING Sandra Barfield. Sr. Vice President Maria Filippone. Director of Marketing Mike Costello. Director of People Operations Opal Cox. Director of Operations Jaleesa Holman, Customer Experience Specialist Brittany Trapani. Regional Manager Michael Bennett, Regional Manager Stephanie McClanahan. Regional Manager Nick Langdon, Regional Manager PEOPLE CUSTOMER MKTG EXPERIENCE SALES OPS CONFIDENTIAL - NOT FOR DISTRIBUTION 11

CAUTION AND CONTEXT Appropriate caution and context must be applied when reviewing these results. The findings detailed in this report reflect both the strengths and the weaknesses of focus groups as a qualitative research method. These sessions were held among small groups of participants over a relatively extended period and yield rich and detailed insights into resident attitudes, behaviors, and preferences with respect to the apartment search and living experience. These relatively private and intimate settings capture more than just a snapshot of the residents' current opinions and allow us to gather experiential information, conduct role-playing and voting exercises, and test new ideas and messages. However, our focus group sessions were made up of relatively few people from our entire customer base of 50,000+ residents. This data is intended to be referenced in concert with data from surveys, ratings and reviews, and additional focus group data. CONFIDENTIAL - NOT FOR DISTRIBUTION 12

KEY FINDINGS

TIMELINE 1. The cues for searching for an apartment and deciding when to lease are dictated by market trends, i.e. \"When my friends are looking\".. 2. Only once a student knows they have been accepted into their school or program of choice, will they finalize their leasing decision. SEARCH 3. The #1 most trusted marketing source is peer referrals. 4. Brand reputation, to include word-of-mouth, are key factors in driving traffic and typically how prospects start their search. 5. Students ask friends, alumni and online groups about their feedback, insights and experiences before calling or visiting a website. 6. When searching online, students sort by location or access to campus, and then price. 7. When narrowing down their short list of apartment options, price beats location when a shuttle or bus route is available. 8. Students find sites that allow them to filter their options, like internet listing services, appealing because it allows them to filter search results based on their list of needs and sort Rresults based on decision factors. 9. Students read reviews. Specifically, longer reviews, and highest and lowest rated reviews to identify trends. 10. Students understand issues will arise, so they read responses to reviews to understand how management handles issues. \"Responses show management cares.\" 11. Students said, \"template responses to reviews are worse than no response\". 12. Taking a review off-line to address does not provide insight to consumers about how management handles issues. Ideal responses: 1) show management takes ownership 2) provide additional detail 3) are transparent and authentic WEBSITE 13. While visiting a website, the most important thing students want to see is pricing. Followed by photography, 3D floor plans and video tours. 14. Clear pricing on websites is a must knowing pricing upfront allows students to better prioritize the short-list of communities to considering. \"Call for pricing\" listed on websites is a deterrent and will prompt them to leave the website and drop you from their list. When doing initial research, students are most likely to us a laptop to initiate their search and 15. visit your website. 16. Once you'make the short list, students will visit your website several more times on their mobile device to view property photos, videos, amenities, and social sites to get to know your product. 17. If students become interested in your property while visiting the website, they will hit \"call now\" from the site to ask about availability, additional pricing questions, leasing options, etc. 18. 90% of students stated they preferred to call regarding their inquiries vs. text for information; 100% stated they preferred calling vs. using a chat box. 1) ''I'd rather have direct contact with the office and talk to an actual human who can 14 answer my questions instead of a chat box.\" 2) \"I've texted before and get an automated message or a call back.\" 3) \"I don't trust texting from a business unless the texts are promo alerts I've signed up for.\" CONTINUED CONFIDENTIAL - NOT FOR DISTRIBUTION

WEBSITE 19. 3D floor plans are favored over 2D floor plans. ON-CAMPUS MARKETING 20. The #1 word to best describe the marketing and sales technique was intentional. 21. Functional promo is preferred. Students want to be able to use promo they receive in their daily lives, and if they cannot, they don’t want it. 22. Students will only use promo items outside of their home if the brand isn’t too forward facing. 23. Logo placement on promotional items matters. Small logos strategically placed are preferred. 24. Students will absolutely not wear anything with a phone number on it. 25. The #1 selected promo item was the Swell-like Water Bottle. 26. The #1 writing utensil was the highlighter/pen combo. It was described as \"the most undervalued and underutilized promo item to hand out\". 27. 100% of students are more likely to engage with interactive marketing, like tables with interactive games, information attached to tangible items, etc. 28. Quality of marketing materials matter. Standard flyers were described as \"[it feels like a standard review response\". 29. Smaller, heavier weight paper is more effective, and \"feels like you're making an effort, and it shows me you invest in your residents\". 30. The more effective flyers and collateral include 1) interior photography, 2) upfront pricing or savings, and 3) a clear, bulleted list of benefits.* 31. 4 out of 5 students are more likely to notice or pay attention to a flyer or collateral that uses photography.** 32. Bold, simple fonts were preferred for headlines, pricing, and specials. Script fonts can be easy to ignore.* 33. Focused, to-the-point messaging was preferred 100% of the time. Use a less is more approach to advertise offers, availability, and amenities.* 34. Students want to see photos of the property that benefit them, like apartment interiors or amenities. Photos of building exteriors are not as impactful or helpful.* * 35. 100% of students will call a property from google if interested after seeing a flyer.* ** example flyers can be found in Appendix, pages 35-39 CONTINUED 15 CONFIDENTIAL - NOT FOR DISTRIBUTION

TOURING 36. Touring is an investment for prospects. When prospects tour a property, they have done a lot of research and are very close to making a leasing decision. 37. Prospects expect the leasing office to be: 1) Clean 2) Clutter-free 3) Inviting 4) Well-maintained 38. The ideal leasing consultant is authentic, knowledgeable, patient, responsive, and empowered. 39. Prospects want to interact with the same leasing consultant from touring to signing. 40. Prospects want to drive their leasing experience from start to finish, we're here to help them along the way. 41. Promotional items are not a motivating factoring for leasing but are a nice gesture for touring. Offering promo during a tour can set a property visit apart from competitors. C O M M U N I C AT I O N 42. If the same leasing consultant is unavailable for the entire process, initial follow-up must be from the person they toured with. 43. In response to follow-up, a student said \"there is no need to call me over and over, I haven't forgotten I need to sign a lease\". 44. Personalized follow-up is best. Initiate follow-up, but let the prospect drive the flow. Be responsive, not obsessive. 45. Ideal follow-up was outlined as: 11)) Recap visit in a personalized email within 24-hours. Provide digital brochure and details on offer, If it's not personalized or intentional, it will appear automated and inauthentic. 2)2) Phone call within three (3) days, if no answer, leave a message. 3))Two (2) is the max number of call attempts with no answer or response. If they are interested, you will know. DECIDING/LEASING 46. The largest factors in making a buying decision are: 1) price 2) location or access to campus 3) friends or roommates input or choice 4) property reputation and management 47. Experience with a leasing consultant won't be the sole factor considered when signing a lease, but if it isn't positive, it can completely end interest and intent to sign. 48. The online perception of the property paired with the experience a student has on an in- person tour will dictate their final community selection and buying decision. 49. 100% of students prefer to pay their fees on-l ine with no incurred additional costs or fees. These same students are comfortable with the forward-facing fee being slightly higher, if it's all-inclusive of any processing fees. This feels more transparent. CONTINUED 16 CONFIDENTIAL - NOT FOR DISTRIBUTION

SOCIAL MEDIA 50. Students aren't likely going to follow social pages unless they are a resident but will scroll through them during their initial search to evaluate community engagement. 51. Students will most likely follow your property on social media once becoming a resident to keep up with ongoing events, resident communications, etc. 52. Organic content is king. Your social media pages are an extension of your community, not sales tools, students want to see resident and community driven content. 53. Paid social ads are most effective with strong photography and no stock photos. 54. If students see paid social ads they will only stop scrolling on their timelines they are actively searching for an apartment. 55. Students will actively participate in social media contests if they are hosted consistently and the prize seems obtainable. Smaller, weekly giveaways are low risk and seem easier or more likely to win. 56. lnstagram is the most-used social media platform for students, followed by Facebook. Twitter and Snapchat have smaller audiences. International students primarily use WeChat and Facebook Groups. R E F E R R A L S / R O O M M AT E M AT C H I N G 57. No amount of money will motivate referrals from residents if they had a negative experience. 58. Most students prefer to live with their friends, but one stated \"I can't control my friends budget. I can only Tell them about the property, but can't make them lease\". 59. For referrals, students would prefer smaller incentives to bring leads to the property instead of larger amounts for friends that lease because they do not control the final decision for their friends. 60. 100% of students agree that a poor roommate experience will negate their overall living experience, no matter how good maintenance or management is. 61. 100% of students agree if they are relying on the office to roommate match them, they need to know the assigned roommate information at least 30-days before move-in, preferably with options that allow the student to make the final selection. 62. Minimum roommate information needed is their name, phone number, and email. But if they could review their roommate profile, that would be preferred too. 63. Students suggested hosting events, creating groups on Facebook or providing access to a resident app to meet potential roommates. INCENTIVES/INDUCEMENTS 64. 100% of students prefer a lower monthly rate over any other leasing incentive. 65. Leasing incentives are preferred in the following order 1) lower monthly rate, 2) gift card, 3) tangible item or other leasing incentive. 66. Enter-to-win inducements are not desirable for leasing, no matter the value. 67. If given the choice between a smaller, instant inducement or a larger inducement paid at move-in, the greatest value was preferred. 68. Students want clear deadlines for offer end dates that create urgency without stress. The most preferred way to accomplish this is through a time-line that clearly communicates the end date, i.e. sale ends 3/15/19 69. Using limited quantities or availability does create urgency but is more stressful to the student and is less believable and seems less authentic. 70. Students do not feel they have enough time to make an educated leasing decision if specials last less than one full week. CONTINUED 17 CONFIDENTIAL - NOT FOR DISTRIBUTION

MISCELLANEOUS 71. 100% of participants agreed they would download, utilize, and keep an apartment app on their phone if it combined social and operational features. Here's why: 1) An app would increase engagement through marketing events and sharing relative community content. 2) The functionality to pay rent, enter maintenance requests, receive property notifications, and reminders would improve the resident experience. C O N C LU S I O N S The Leasing Strategy Committee should review all key findings and provide recommendations to the Executive Committee for both short and long-term recommendations. Recommendations should include considerations for budgets, timeline to execute, and cross-departmental initiatives. The committee should present all recommendations at the annual Strategic Leasing Summit. CONFIDENTIAL - NOT FOR DISTRIBUTION 18

R E C OMME N DATI ON S

REC OMMENDATIONS 10 SHORT-TERM RECOMMENDATIONS These items require no or low budgetary impact. no special training, and can be activated or researched immediately. 1. Review each property website and ensure pricing by floor plan is listed, and \"call for pricing\" is removed. 2. Revisit inducement strategy where “enter-to-win” specials are the only offering. 3. Revisit templated responses for online reviews to restructure for more transparency and detail. 4. Reduce sales content on social media pages, instead use social as an extension of your community to showcase the lifestyle and brand in action. 5. Stop unintentional marketing on campus. Consider the experience students have with your brand on campus and create moments that drive them to the property or website. 6. Relax property tour process to allow students to drive their experience. The Peak Leasing Experience sales training introduces a more authentic approach to the buying process. Teams should invest in hands-on training and ensuring their team is comfortable with this method. 7. Evaluate how promotional item budgets are allocated to buy more intentional items students want and will use. 8. Revisit process for assigning roommates and communication before move-in day for more lead time, and options before assignments are final. 9. Variety in the digital experience is important, especially for students who cannot visit in person. Students want strong photography, videography and virtual tours. Live video tours are also appreciated. 10. Eliminate distractions in how we communicate with prospects. Texting and chat are not trusted means of communication for prospects. Students want to ask questions on the phone, and receive a follow-up recap email, and experience the property in person. CONFIDENTIAL - NOT FOR DISTRIBUTION 20

REC O M M E N DATI O N S LONG-TERM RECOMMENDATIONS As detailed in the \"Executive Summary\", long-term solutions should address all key points outlined in \"The Executive 10\" section, repeated below. While student behavior overall may be complex, the factors that motivate them are extraordinarily simple. We must take a journey back to the basics and focus on the customer experience. 1. To the prospect, experience is everything. 2. Prospects expect us to be intentional with how we market, lease and operate our ` communities. 3. Rental rate tolerance decreases with a poor reputation, bad customer service and negative experiences. 4. Students want to experience the community brand in different ways from online, on campus and onsite. How they experience brand consistency, across many mediums matters to students. 5. Students want to work with a consistent leasing consultant that is empowered, knowledgeable and cares enough about them to guide the apartment buying process. 6. Quality is perceived as value. You can create value for your property through intentional marketing materials, like paper weight and promotion items. 7. Even tasks we consider non-emotional, still feel emotional to our buyers. How we market, lease and operate translates into how much we care. 8. Students want to drive their buying experience, we are simply here to help them along the way. How much we’re able to help them along the way influences their decision. 9. In a digital age, word of mouth, peer referrals and brand reputation are the most trusted marketing sources. Investing in your identity and reputation is valuable. 10. Students will be your strongest advocate if they have an experience or moment that sets you apart. CONFIDENTIAL - NOT FOR DISTRIBUTION 21



20 1 8 L EAS I N G S TR AT E GY C OM M I T T EE I M P L E M E N T ATI ON S PEOPLE Created and launched the Arrive program. The Arrive program strives to engage, inspire, and empower college students to connect with the Peak Community and launch into a career. Through Arrive: Defined key characteristics of top sales talent based on who our customers want to buy from. Created intentional tools to help hiring managers recruit for sales team members, conduct group and individual interviews, and onboard new hires. Introduced \"orientation\" to allow newly hired leasing consultants to begin compliance training and paperwork before their first day experience. TRAINING Launched a new sales training program, The Peak Leasing Experience. Shifted focus from the score of shops to the experience customers have with teams. Introduced a 'build-your-own-tour· training to allow prospects to drive their leasing experience. Reduced leasing consultant training to four (4) weeks to get new leasing consultants trained more efficiently for a better customer and employee experience. Built out Leasing Consultant training checklist to navigate the process easier.. Built out all-in-one training document to help hiring managers prepare for training. SALES Updated check-in process for tours and retired paper guest cards for a better customer experience. Began monthly cost conversion analysis by Regional Sales Manager during Sales Diagnostic reporting. Updated timeline to conduct prospect follow-up after initial contact to 24-hours for a more thoughtful customer experience. CONFIDENTIAL - NOT FOR DISTRIBUTION 23

MARKETING I nt r o du c e d B r a n d Tr a i n i n g fo r ev e r y a s s et u n d e r Pe a k m a n a g em e nt a n d b u i l t out a plan to train new hires from management to leasing consultants moving forward. • Benson 2019 Strategy Rolled out Benson 2.0, a custom-built platform to get branded marketing materials at a low cost and fast pace. Removed credits to buy what you need, when you need. Price-checked all materials purchased through Benson to continue our focus on lowest cost per lead and lease. Refreshed marketing tools to allow stronger photos, clear headlines, deadlines, and call-to-actions based on feedback. Began Social Media strategy for stronger community presence and brand awareness. Shifted focus from quantity to quality of marketing through a stronger focus on brand in, and the experience customers have with the brand. L aunched Verified Resid ent Program with Apar tmentRatings.c om to get more transparency and consistency in reviews. Launched Modern Message Community Rewards Program in a larger pool of properties to focus on reputation brand with sites that need it most. O P E R AT I O N S Create a comprehensive Welcome Experience that bridges the gap between move- in and renewal launch that includes: Pre-move in communication Made it easier to complete move-in letters Updated move-in day process Shift move-in day focus from the theme to add a streamlined process that moves quickly and seamlessly. Created process for same-day maintenance requests vs. requests that should be entered into the system software Move-in follow up Better process for move-in condition form review once completed and returned to office. Better process for reviewing move-in service requests to prioritize and handle all within the Peak service standard timeframe. CONFIDENTIAL - NOT FOR DISTRIBUTION 24

APPENDIX

MOD E RAT O R G U I D E The below list of verbatim questions targeted by the moderator and customized for each group based on conversation flow and timing. TIMELINE When do you start looking for an apartment? When is your personal deadline to have your apartment selected? SEARCH How do you begin your search for apartments? When searching for an apartment online, what did you search? How did you decide which one(s) to click? What search engines do you use to search for apartments? What do you look at first on Google? (maps. website. social. reviews) Paid ads, or organic ads? Do you use pages like Apartments.com, ForRent, Yelp, Apartment Ratings? In what part of the search process do you consider reviews? How important are reviews in your search process? Do you read owner responses to reviews? What are you looking for in responses? What is your ideal star rating? Does volume of reviews matter? Do you ever use Craigslist as a source for apartment searching? How do you decide which apartments you want to tour? WEBSITE When interacting with our website what information do you want to see first? What do you look for on our website? Do you visit the website from your phone or computer? How many times do you visit a property's website before touring? When looking at our property website, do you read through the text or are you just focused on photos and larger, condensed text? If a website had a chat box, would you use it? What's the first thing you look for on a website? CONFIDENTIAL - NOT FOR DISTRIBUTION 26

ON-CAMPUS MARKETING What items make you stop at a marketing booth? What takeaways do you want to walk away with that you use later? Would you attend an event at a property you do not live at? Why? How do you find out about local shows or events in your area? Would you attend an off-property event? What would entice you to attend? When someone approaches you, what is the first thing you notice or are looking for before engaging with that person? When you are on campus, name the organizations/clubs/groups you remember seeing. What makes them stand out? What item(s) being handed out would make you engage with someone marketing on campus? What is your favorite thing you've received on campus or at a housing fair? Do you take flyers that are left at businesses? What are your favorite promo items, giveaways, brands, and why? Interactive Activity: promotional item comparison If you were given a flyer for an apartment complex, what information is most important for you to see? Interactive Activity: flyer and design comparison Are you more likely to call or text the number on a flyer, visit their website or google the property? While on campus, what makes you go the other way when you see people promoting a product? SEARCH What is the \"cool\" property in this market? What sets them apart, and why? Discuss property brand, amenities, etc. What would it take for you to live somewhere other than your ideal property? TOURING When you've decided you want to tour somewhere, how do you establish the tour (schedule appointment, text/call/email, or walk-in)? What time of day would you call or text for information, etc.? What time of day would you be inclined to take a tour? If you decide where to tour by driving around, what attracts you to pull into a property? When you pull up to a property, what is the first thing you notice? When visiting apartment communities during your search for housing, describe the best experience you encountered. Is it important to you that the leasing consultant stands up and greets you? Is it important that they shake your hand? CONFIDENTIAL - NOT FOR DISTRIBUTION 27

TOURING Regarding the tour, would you rather see everything or tell the leasing consultant what you want to see? How important is it for you to \"connect\" with the leasing consultant (likeability factor)? Describe your ideal leasing consultant. Do you prefer to work with a peer orcollege student or a full-time leasing consultant? What do you want them to wear? How influential is the leasing consultant on your final decision? How many of you called the community before visiting? What questions are you trying to get answered via phone before visiting? What information are you looking to receive during your tour of a community? When touring, where would you like to spend the most time (office, amenities, or model)? What's the most important thing for you to see when on the tour? How much time do you expect to spend at a tour? How much of a tour do you want presented to you? How much do you want to be self-service? How much time would you like to \"explore\" on your own? Would you prefer a self-guided, a presented tour or a combination of both? • What percentage of each would you like? What kind of refreshments do you prefer to receive while on a tour? If we offered refreshments during tours, what types of snacks orbeverages would you most likely take? High-end (sparkling water, fresh bagels, etc.) or low-end (chips, candy, soda)? If you were not able to tour in person, what solution is most comparable to a property visit? Videos, virtual reality, 3D floorplans, photos, Facetime/Skype tour? Are these sufficient to make a buying decision. Give an example of something a leasing consultant has done (or can do) that will completely turn you off? When touring prospective apartment communities, what is the likelihood you'll make a final decision and sign the same day? Give an example of somewhere you toured and didn't go back. Why? What has been a memorable experience while touring or leasing? Describe the person who helped you sign your current lease. Who do you typically bring along when taking property tours? What amenities are the most appealing when touring? What amenities are least appealing? What amenities do you actually use? What items do you want to see in the gym? What do you remember from the last apartment tour you went on? How long ago was it? If you do not lease the day of your tour, what takeaways would help you with your leasing decision (brochure, specials, offer deadlines. photos, digital follow-up, etc.)? MAKING A LEASING DECISION What factors are important when deciding on an apartment? Organize list by importance (allow write ins): online reputation, price, amenities, features, location, bus or shuttle. Are you more likely to lease immediately after touring, or allow time to think about your decision? How long do you think it would take to decide? CONFIDENTIAL - NOT FOR DISTRIBUTION 28

If you don't sign immediately, what are your next steps? How can we assist in solving any obstacles? Do your parents influence your decision on where to live? At what point do you include them in the process? If you had a grace period to be released from your contract how much time would you want? Would you want to try before you buy? (Amenities, the tour pass)?) How many properties do you expect to tour before making a choice? C O M M U N I C AT I O N After tour, how do you want to be followed up with? In what scenario are you ok with a business texting you? Do you like to receive text from businesses? What is your preferred method of communication from apartment communities when looking for housing? Do deadlines or quantities communicate urgency more? Describe a unique follow-up method that stood out to you. Do you listen to voicemails that are left from follow-ups? After continued contact, such as multiple follow-up and emails, what would make you call or respond to email follow-up?? LEASING Do you prefer signing a lease on-line or on paper? Why are you comfortable or uncomfortable with each of these options? Do you prefer to sign an on-line lease in the office with access to leasing staff or would you prefer to sign in the privacy of your home? How long do you expect the leasing process to take? Are you comfortable touring and then signing with different leasing consultants? How important is it to you to have same leasing consultant drive the prospect to applicant process, start to finish? When leasing, how do you want to pay your fees? SOCIAL MEDIA What kind of social media posts do you pay attention to from apartment communities? Are you likely to follow, like or post responses to apartment communities? Do you skip orrscroll past more ads on Facebook, Twitter, Snapchat, or lnstagram? Do you follow property social media accounts? If so, which properties and what platforms? Why are you following those properties? What content are you looking for? Do your parents follow property social media pages? What types of social media contests would you participate in? If your community offered a property app where you could pay rent, submit maintenance requests, participate in activities, and earn rewards, would you download the app and keep it on your phone? CONFIDENTIAL - NOT FOR DISTRIBUTION 29

R E F E R R A L S / R O O M M AT E M AT C H I N G What would motivate you to refer a friend to sign a lease? What dollar amount or item(s) would motivate you to refer a friend to a community? On a scale of 1-10, how important is it to choose your roommates? On a scale of 1-10, how important is it to know your roommates? What is your expectation from a community to share with you who your roommates will be? Interactive Activity: Roommate profile review INCENTIVES/INDUCEMENTS If you sign a lease the same day youtour or call, what incentive would you prefer? How would you expect your incentive to be different from someone who waited to lease? Would you prefer a lower rental rate installment or a gift card? Would you prefer a gift card or a tangible item, like headphones? Would you opt for an immediate incentive worth less or an incentive after move-in worth more? MISCELLANEOUS What is the most uncomfortable or stressful part of the apartment hunting process? What are your favorite brands, and why? What brands feel authentic to you? Can you see yourself using \"smart apartments\" or homes that come with Alexa's or Google Homes? How much more a month would you pay for a smart apartment? CONFIDENTIAL - NOT FOR DISTRIBUTION 30

E M A I L C O M M U N I C AT I O N S CONFIDENTIAL - NOT FOR DISTRIBUTION 31

PARTICIPANT PHOTOGRAPHY & VIDEOGRAPHY RELEASE FORM CONFIDENTIAL - NOT FOR DISTRIBUTION 32

PARTICIPANT DEMOGRAPHIC COLLECTION FORM CONFIDENTIAL - NOT FOR DISTRIBUTION 33

BUDGET A detailed allocation by budget category is provided below based on the number of participating properties in the portfolio at the time of the sessions. Allocated amounts were billed in Q4 2018 as planned and approved. Additional focus groups are budgeted for and recommended in 2019. TRAVEL/CAR/FOOD 67% FURNITURE RENTALS/SUPPLIES 2% REFRESHMENTS 8% GIFT CARD INCENTIVES 23% Travel/Car/Food - $4,797.08 Furniture Rentals/Supplies - $176.59 Refreshments - $594.50 Gift Card Incentives - $1,623.35 TOTAL: $7,191.52 AVERAGE/PROPERTY: $91.03 BUDGET Additional digital assets are stored for future focus groups, including: Session Templates and Guides Session Notes Session Video Recordings Session Photography Session Preparation Guidelines CONFIDENTIAL - NOT FOR DISTRIBUTION 34

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