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WHAT WOULD SUMMER & COURTNEY DO? SHOUTOUTS pg. 09 pg. 10 CASL RISE ON WEST CAMPUS AUSTIN, TX QUARTERLY HIGHLIGHTS VOL. II APR - JUN 2022

A letter from the editor co-presidents July 2022 T his past quarter has been nothing short of eventful: we’ve temporarily moved  out of our Chicago HQ to Willis Tower, acquired an exciting new property at The Ohio State University for our Income and Growth Fund investors, are experiencing a record-breaking preleasing season, and had the opportunity to congratulate many colleagues on their growth within the company.​As we hit the halfway point of 2022, we look forward to embracing this momentum and capitalizing on these successes to finish the year strong.​ ​ In late 2021, we made a conscious decision to reposition certain aspects of our business and recast our strategy to leverage our core  capabilities and expertise. Simply put, we decided to focus on the things we are really good at to reinforce the foundations for a resilient business. Our simplified strategy relies on three pillars: • Developing best in class properties in our key markets • Growing our fund business using our properties and strategic acquisitions • Excelling at managing our properties   We have also embraced a disciplined approach to goal setting and financial performance that takes into account the ups and downs of our business. Our revamped strategy and approach has allowed us to navigate the first half of 2022 with intention and unity. ​ As a result, our business is performing well. Our June FY 2022 year-to-date revenue has increased 6% over 2021, and our portfolio leasing growth continues to be strong for the FY2022/FY2023 season with pre-leasing currently at 86.1% overall and overall rate growth at 6.4%, which is approximately 2.4% ahead of budget. More impressively, our CA Student Living portfolio is 31.7% renewed which the highest in our history (our previous highest was 26%)!​   For the remainder of 2022, we look forward to turning 22,000 beds in August, delivering four new projects before the school year starts and closing two to three more new development deals in new and existing markets. The June to September period is a busy time for many of our teams, with this year being no exception.   With these successes under our belt, we are prepared for the uncertainty we are now facing with inflation at its highest in four decades. While 2022 likely  holds more unknown challenges, we will continue to be thoughtful stewards of our business. We know that with our talented and driven team, we can manage anything together.​ ​ We thank you for your continued dedication and support to our business, and more importantly, to each other.​ Sincerely, THIERRY KEABLE SEAN SPELLMAN 2

CA Student Living Portfolio At a glance January - June 2022 3.7B 55 40 24K AUM ASSETS MARKETS BEDS CA Student Living Income and Growth, LP (the \"Fund\") is focused on acquiring institutional student housing properties at large public and private universities in the United States. KEY FUND STATS (JUNE 2022 ) ACQUIRED IN Q2 Number of Investments 14 Landmark on Grand River Bed Count 6,055 Michigan State University Consolidated Gross Asset Value (GAV) $1,114.3B Consolidated Net Asset Value (NAV) $669.2M East Lansing, MI Cash (% of GAV) 1.8% Leverage (% of GAV) 39.9% View on High The Ohio State Univeristy Columbus, OH GROSS ASSET VALUE (GAV) NET ASSET VALUE (NAV) noun noun Measures the value of all assets A measurement calculated by subtracting the value of any debts related held within a property fund. to a property fund from the total value of assets held within that fund. $17.2M ADDITIONAL CONTRIBUTING FACTORS TO FINANCIAL REVENUE OPERATING PERFORMANCE Property Development Management 38.37% 11% 37.79% Reduced payroll expenses Investment *As of 06/30/22 13% Management Reduced T&E expenses 23.49% 3

Living the View on High Life T he best is worth waiting for…after thirteen months of unrelenting hard work and dedication, the acquisitions team secured the premier View on High property at The Ohio State University (OSU) in Columbus, Ohio. Arguably the best asset in the market, View on High offers 50 units totaling 176 beds directly across the street from campus and steps from local hotspots. Better still, View on High accompanies our sister property, View on Pavey Square, which CASL acquired in July 2021. View on High marks our third property at OSU, which also includes Uncommon Columbus - signaling our expanding presence in this top-tier market. VIEW ON HIGH COLUMBUS, OH

Under Contract & Over Achieving This past quarter, the development team was focused on getting new deals under contract for CASL’s future pipeline. They secured $1.05 billion, or eight projects totaling 4,991 beds to be developed over the next two years. Arizona State University University of Southern California Tempe, AZ Los Angeles, CA $145 million $241 million 671 beds 1,242 beds Breaking ground in 2023 Breaking ground in 2024 Boise State University Texas A&M University Boise, ID College Station, TX $82 million $111 million 500 beds 567 beds Breaking ground in 2023 Breaking ground in 2023 NC State University Texas A&M University Raleigh, NC College Station, TX $53 million $81 million 291 beds 427 beds Breaking ground in 2023 Breaking ground in 2023 University of Michigan San Jose State University Ann Arbor, MI San Jose, CA $159 million $178 million 580 beds 713 beds Breaking ground in 2022/23 Breaking ground in 2022/23 WHAT’S NEXT? The last two quarters of 2022 will be laser-focused on the anticipated closings 8of our six active projects.

LEASING This leasing season has been legen – wait for it – DARY! (iykyk) For the first time in CASL history, we have surpassed 30% renewed for LEGENDS the upcoming leasing season. Thank you to our incredibly hardworking teams who have delivered impressive results across the portfolio. PRE-LEASING 100% Pre-Leased for Fall 2022 86.1% 15 PROPERTIES as a portfolio ARC at Old Colony IDENTITY Moscow EVOLVE Bloomington +15.7% Danielle DeCuir Hailey Bodewig John Tokars Yo Y 3.3% HERE Atlanta Onyx Landmark on Grand River ahead of market Jesseca Smith Joseph Stein Jessica Lowman RENEWALS HERE Champaign RISE on 9th ICON Adrienne Umbarger James \"Cortez\" Turner Javier Romero (LMM) 31.7% Uncommon Columbus IDENTITY Boise Uncommon Ft. Collins as a portfolio Brook-Lynn Lillard Jacob Muttart Alison Wells Uncommon Raleigh University Park +4.9% Dillon Wilbur Marcus McCann-Gonzales IDENTITY Miami Yo Y Brunson Ovil RATE GROWTH +40% Renewed for Fall 2022 6.4% 12 PROPERTIES Yo Y EVOLVE Carbondale EVOLVE on Main EVOLVE Tuscaloosa 2.4% Valerie Heins Hailey Bodewig Destinie Boykin HERE Atlanta HERE Minneapolis ahead of budget Jesseca Smith Willie Holloway IDENTITY Moscow Ikon at Athens RISE on Chauncey Hailey Bodewig REVENUE GROWTH Brittany Patterson The Jolly Roger Stephanie Wilkes Uncommon Ft. Collins Jeff Oatis 9.9% The View on the Square IDENTITY Miami Yo Y Alison Wells Brunson Ovil Bradley Sofonia 4.2% Rate Growth ahead of budget TOP 3 PROPERTIES 6 IDENTITY Moscow The Link Evanston Onyx 13.7% YoY 8.4% YoY 6.9% YoY 5.9% ahead of budget 8.2% ahead of budget 5.9% ahead of budget Revenue Growth TOP 3 PROPERTIES Uncommon Oxford IDENTITY Moscow Onyx 20.8% YoY 14.3% YoY 5.8% YoY 15.5% ahead of budget 12.8% ahead of budget 10.2% ahead of budget

HITTING THE MARKETING 10.69% May was an especially successful month for the $16.21 marketing team, having achieved record-breaking results in their digital advertising efforts. Overall conversion rates as a portfolio reached 10.69%, the highest ever, paired with the lowest cost-per- conversion rate (CPC) at just $16.21. FEELING PERQ-Y Q2 marked the first phase of PERQ's launch, an AI leasing assistant – or chatbot –  that operates via SMS, email, and on websites. PERQ improves engagement with our site visitors, increases conversion rates, and generates higher quality leads for our leasing teams. 35 properties are now using the PERQ platform to offer a more interactive site experience for our future and existing residents. HERE'S THE STITCH...AND DUET, LIKE, FOLLOW If your FYP is anything like ours, you've seen companies (and even buildings, landmarks, and Great Lakes) adopting TikTok into their marketing strategy, and now so has CASL. Follow our properties' accounts on ~the clock app~ to support our awesome marketing and site teams! The results are in, 90 days post-launch: 52% 185+ 95kadoption collective across views portfolio videos created CA Ventures has done it again! We were pleased to partner with them on their latest luxury student housing development in Austin, TX called RISE at West Campus. Deemed the tallest student apartment high-rise coming to Austin in 2023, this community features studios, two, four, five, and even six-bedroom apartments. – uForis, June Newsletter 7

WHATCHU TALKIN’ ‘BOUT, Willis Our lease at OneTwoPru is ended in late May 2022 and with construction at our LaSalle HQ still underway we recognized the importance of having a space where our teams can remain connected, engaged, and productive – enter, Willis Tower! Willis Tower will serve as our temporary landing spot while we await completion of construction at our new HQ, expected for fall 2022. Our new space in Willis - although temporary – requires our team to work a bit differently than we’re used to. In order for our business to run smoothly and for our teams to experience as few disruptions as possible, everyone needs to operate from the same playbook, to have the best chance of being successful in our temporary digs. Guiding principles will serve as our true north when navigating our transition to Willis Tower. These principles will act as a framework for how we’ll adapt to and operate within our new environment; and will also provide direction when challenges arise and decisions need to be made.​ Regardless of where we work, we believe Connection, Adaptability, and Engagement are critical to the success of our people and our business. All decisions we make should intend to meet the guiding principles outlined below. CONNECTION: Being together matters ADAPTABILITY: Embracing the new, as a team ENGAGEMENT: Enable energized interactions 8

It was perhaps my most anticipated leaving me in the hospital for 16 days and call of the week – Courtney Daisey, a NICU stay with my son, Hayes, for 3.5 regional manager, was already weeks. Luckily, we're both very h ealthy on hour two of her workday when now but managing homework alongside we connected at 9am. Her energy birth trauma is something you can’t prepare was infectious, and I couldn’t wait to for! learn more about the woman behind the LinkedIn post that had caught my WHAT WAS THE MOST REWARDING? attention in May. Getting my degree was rewarding in itself but having a great partner by my side throughout this journey made it that much WHY DID YOU DECIDE TO PURSUE YOUR MBA? sweeter. I‘m grateful to have Casey, my I knew I wanted to get a degree that would be applicable husband, as my support system. We’re very to my current career but also provide opportunity for my 50/50 in everything we do in our marriage, future. An MBA felt like the right path to broaden my skills but he’s gone above and beyond; he’s taken and ensure that there would be no limit to my advancement. care of Hayes on his own since I returned I had thought on it for several years to work and began traveling again. He’s a and eventually, I lit a fire under my own pro dad. seat to find an affordable, accredited I’ve also had tremendous teams at my program, seek out approval for tuition properties. They've been so eager to reimbursement, and get it done. learn, grow, and support each other. The relationships between myself and my SO, WHY NOW? teams, and amongst each other, have been I had been in the regional manager really special to witness. If that wasn’t role for about two years, had a stable enough, as a birthday gift, past and present region, and was ready for team members another challenge. The CWOHUARTTNWEOYUDLOD? from all 18 timing felt right to start properties I something new and advance oversee had my career. My initial thought “What Would was, \"Why not now?\" I had A lot. All at once. And well. That’s what. Courtney Do” t-shirts made nothing but time - or so I - a phrase that started as an thought! I wasn’t expecting inside joke but quickly took COVID to happen and I wasn’t BY MARISA DISARNO on a life of its own. To say I expecting to get pregnant. was blown away would be an Ultimately, I came to the realization that even with having understatement. This is the biggest honor I could have a lot on your plate (both in your personal and professional ever received and I’m so proud of all we’ve accomplished life), there are ways to manage your time and prioritize together. obligations to make magic happen. DO YOU HAVE ADVICE FOR THOSE INTERESTED IN WHAT WAS THE MOST CHALLENGING PART? ADDITIONAL EDUCATION WHILE WORKING? A month before I started my program, I unexpectedly Really do your research. Understand what's going to switched regions. I went from a highly stabilized region of work for you in every sense; no program is particularly six properties to a completely new region which included cheap, but also you need to be self-aware about your four new development properties opening in the middle ability to be disciplined. Working full-time while pursuing of COVID. I was working 12-hour days, just trying to stay a degree is 100% on top of these properties and the issues that arise with doable but you must opening sites, all while getting back into the swing of be willing to commit doing homework, managing a courseload, and just re- and manage your learning how to be a student. On top of that, I learned time. To get started, Courtney Daisey I was pregnant my first search was, four months into “low-cost accredited TITLE: Regional Manager the program and online MBA programs” SCHOOL: Fitchburg State University, MA delivered seven and the rest was DEGREE: MBA weeks early with history. CONCENTRATION: Accounting early on-set GRADUATION DATE: May 12, 2022 pre-eclampsia, INTERVIEW: June 24, 2022 9

It Ain't A Hassle For CASL You Make Me Personal Achievements Wanna Shout(out) ZELENA JONES (PM, Uncommon Reno) received her CPM “Shoutout to our Leasing and Marketing certification and is now a Certified Property Manager! Manager, Laura Babson, who has consistently gone above and beyond MAX HESTER (Senior Director, Technology) is now Microsoft 365 here at the Jolly Roger. Because of her certified: Security Administrator Associate! efforts, we have been getting a lot of interest from East Carolina University's KIM MUGHAL (Director, Investments) completed the Nike Chicago athletics teams, all of which are excited Half Marathon and set a personal record with an average pace of to have their recruits live here this Fall.” 7:56 per mile! - Ethan Brooks CHRIS BARTLETT (Director, Marketing) Community Assistant has been coaching Team Brightside, a racing team & charity organization The Jolly Roger raising money for pediatric cancer research. They are currently training “Kudos to my entire leasing staff at to run the Chicago Triathlon on August Uncommon Wilmington for crushing 28th! Support Chris and his team by it! Since March 1st, we have increased visiting teambrightside.com! our pre-lease for the 22-23 lease term by over 50%. Our market has been Awards tough and the team has stayed strong through all the ups and downs by NAA EXCELLENCE AWARDS providing the best experience for all Student Community of the Year prospects and current residents.” Uncommon Athens - Grant Berman STUDENT HOUSING BUSINESS INNOVATOR AWARDS Property Manager Best In-House Management Innovation Uncommon Wilmington Market Survey “HUGE thank you and shoutout to Best Bandwidth/Connectivity/IoT Solution Brooke Hardin for assisting the Google Orion Uncommon Reno team onsite during a staffing shortage and going above Culture Committee & beyond by leading by example and always pushing our team to think National Autism Awareness Month (April) creatively and outside the box! She Ramadan (April 2 - May 2) is a leasing and marketing rockstar National Pet Day (April 11) who is always finding ways to improve Earth Day (April 22) our reach and engage efforts to AAPI Heritage Month (May) maximize rental revenue and resident Pride Month (June) experience!” Juneteenth (June 19) - Zelana Jones $2,358 Property Manager DONATED TO THE TREVOR PROJECT Uncommon Reno 10

Outstanding Interns We welcomed four amazing interns this year! Throughout their 10-week remote program, each intern will gain vast exposure to CA Student Living, meet various executives through virtual lunch and learns, and delve deep into the business with their individual teams. AUTUMN MOSES AVERY ELLIOTT MARCUS MATHERIN HANNAH MAIDMAN Training & Support Intern New Development Intern Project Management Intern Acquisitions Intern U of I Urbana - Champaign University of Chicago Kent State University UT Austin Sweet Summertime \"Fridays off spent at Lake Tahoe with my loved ones!\" \"I spent the day in Key West with some friends ZELENA JONES for my birthday. Peep my PM, Uncommon Reno CA backpack!\" ALLISON CANNING APM, University Park \"We spent our first Summer Friday \"Had a howling great time planting flowers and playing in the checking out 'Dog Day Saturday dirt!\" Afternoon' at Side Track!\" JENNIFER TERRELL MARISA DISARNO PM, Uncommon Oxford Sr. Manager, Communications 11

Q3: what's to come JULY AUGUST Culture Committee Turn Begins National Parks & Recreation Are you ready?! Our property Month teams are preparing for the busiest season of the year, turning 11 - 17 nearly 13,000 units in preparation for the school year. Human Resources Employee Engagement Survey Culture Committee Launch Apartment Onsite Teams Day JUNE 15 - JULY 21 1 - 12 Human Resources Human Resources Mid-Year Performance Review Employee Engagement Focus Go-Life (Property) Groups JULY 5 - AUGUST 5 Human Resources Mid-Year Performance Review Go-Life (Corporate) SEPTEMBER SEPT 15 - OCT 15 Human Resources Culture Committee Engagement Results & Action National Hispanic Heritage Month Plan Community Meeting 12

Ad: W Collective Comms Corner - summer friday call for content - reminder to send us team, individual, and personal events/ acheivements for future highlights - contact info 13