The document provides an overview of Greystar's operations and footprint in Charleston, South Carolina. It discusses Greystar's status as a major multifamily owner, manager, and developer in Charleston, where it employs approximately 450 people and has interests in 22 assets totaling over 5,700 units. The document also outlines Greystar's plans for a new mixed-use development in downtown Charleston at the site of a former Bi-Lo grocery store.

1. 0S T R I C T L Y C O N F I D E N T I A L
Charleston Commercial Market Forecast 2019
October 2019
S T R I C T L Y C O N F I D E N T I A LS T R I C T L Y C O N F I D E N T I A L

2. 1S T R I C T L Y C O N F I D E N T I A L
Greystar is a rental housing specialist across
geographies and sectors
MultifamilyStudent Housing Flexible Housing Active Adult
Shanghai
Tokyo
Sydney
Charleston HQ
Santiago
London
Madrid
Barcelona
Paris
Frankfurt
Dublin
The Hague
São Paulo
As of September 30, 2019

3. 2S T R I C T L Y C O N F I D E N T I A L
(1) As of 2Q 2019.
(2) Source: NMHC and Savills Research. Operations statistics based on number of units in US and number of beds in UK.
Vertically integrated business model driven by global
institutional capital
Real Estate
Operations1,2
Development & Construction1
For US Multifamily
Housing:
#3
Developer
$13.9bn
Global Developments
Underway
25,000+
Units constructed as GC
Manager of US
rental
apartments
#1
Owner of UK
student housing#3
500,000+ units globally,
representing $150bn in
total value
Investment
Management1
~$36.0 billion
Global assets under
management
2,000+
Deals underwritten annually
~$15bn
Acquisitions since 2012

4. 3S T R I C T L Y C O N F I D E N T I A L
Industry has evolved from just suburban garden
apartments
Institutional capital is driving longer term ownership thus desires higher quality, urban product
Value-Add acquisition
Anaheim, CA
Value-Add acquisition
Miami, FL
Develop-to-Hold
Charlotte, NC
Value-Add
acquisition
New York, NY
Develop-to-Hold
London
Mexico Multifamily
Development
Mexico City
UK Student housing
London
Purpose design Scale Amenities and services Cost efficiencies
US Student Housing
College Park, MD
Student Housing
Madrid
US Active Adult
Kennesaw, GA

5. 4S T R I C T L Y C O N F I D E N T I A L
Information as of September 30, 2019
Greystar’s Local Footprint
• Global headquarters since 1998
• Employee approximately 450 people in Charleston,
over 15,000 globally
• Manage 22 assets / 5,724 units
• Own 4 assets including 1 development project and
2 Active Adult assets
Greystar Managed and Owned Properties
Greystar is a large employer and active owner, manager, and developer in
Charleston
Greystar-owned asset

6. 5S T R I C T L Y C O N F I D E N T I A L
The Earth’s population has nearly tripled since 1950, a tailwind for a business driven by household
formation, rather than a dependence on economic growth
Source: United Nations
World population (in billions)
Rental housing is demographically led
0
2
4
6
8
10
12
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050
2019
7.7
9.7

7. 6S T R I C T L Y C O N F I D E N T I A L
The combination of population expansion and urbanization should result in an increase in high-
density rental housing demand
Note: Urban population refers to people living in urban areas as defined by national statistical offices.
Source: The World Bank
People are moving to cities and renting
RURAL
-0.1% CAGR from 2016-50
4.0
6.4
60%
62%
64%
66%
68%
70%
72%
74%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
US European Union
Homeownership Rate

8. 7S T R I C T L Y C O N F I D E N T I A L
Charleston’s population is growing rapidly
Source: RealPage, Oxford Economics, Green Street
Population Growth
(last 5 years)
Rent Growth
(last 5 years)
Wage Growth
(last 5 years)
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
2014 2015 2016 2017 2018
Labor Market
National Job Growth Charleston Job Growth
National Unemployment Charleston Unemployment
2.0% 1.9% 2.0%
0.7%
2.7% 2.6%
3.0%
2.4%
3.8%
4.2%
3.8%
3.6%
Charleston Nashville Charlotte National Charleston Nashville Charlotte National Charleston Nashville Charlotte National
30
35 36 35
40 39
33
28
22
14
13
6 6 6 7 7 7 7 6 7 7 7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Annual Net Migration
(per 1,000 people)
Charleston National

9. 8S T R I C T L Y C O N F I D E N T I A L
0%
2%
4%
6%
8%
10%
12%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
500
700
900
1,100
1,300
1,500
1,700
AverageRent($)
Charleston Average Monthly Rents
Downtown Growth Metro Growth Downtown Rent Metro Rent
Multifamily development continue across metro
Source: RealPage
Note: Downtown submarkets are classified by RealPage. “Downtown Charleston” includes the Peninsula, Mount Pleasant, and James Island.
• Since 2010, over 16,500 apartment units have delivered in the Charleston metro
• Over 7,500 these units were added across the Peninsula, Mount Pleasant, and the islands
• Class B/C rents have far outperformed Class A rents over the past 5 years (4.25% vs 2.6%)

10. 9S T R I C T L Y C O N F I D E N T I A L
Elevated new supply on the peninsula
Over 2,400 units in the development pipeline for downtown Charleston
Note: The existing supply and pipeline are represented with institutional quality conventional and student stock with 100+ units.
Existing Supply
# Conventional Properties Units
1 10 WestEdge 350
2 Meeting Street Lofts 274
3 The Caroline 237
4 The Guild 226
5 Elan Midtown 200
6 Foundry Point 275
7 The Merchant 231
8 511 Meeting Apartments 221
9 New Market Square 198
# Student Properties Beds
A 930 NoMo 430
B Hoffler Place 258
C SkyGarden 312
D Sterling Campus Center 413
E My House 156
Total Existing Supply (units + beds): 3,781
Development Pipeline
# Conventional Properties Units
10 The Jasper 219
11 MoJo 370
12 The Porter 118
13 Atlantic 55 260
14 Meeting Street Apartments 303
15 411 Meeting Street 159
16 Society at Laurens 148
17 LC Line Street 250
18 52 Line Street 100
19 Line Street 100
20 695 Meeting Street 100
# Student Properties Beds
F Summit Place 361
Total Pipeline (units + beds): 2,488
1
2
3
4
5
6
8
F
A
B
C
D
7
10
11
12
13
14
15
E
16
17
18
19
20

11. 10S T R I C T L Y C O N F I D E N T I A L
Downtown Charleston: Case Study
• Average rent among new deliveries is approximately
$1,900 per unit ($2.27 psf) in line with in-fill properties in
Atlanta and Nashville
• New deliveries have increased competition and leasing
incentives
• Estimated yield for new development = 5.5% to 6%+
The Guild: Case Study
– The Guild is a 226-unit, 8-story community located on
upper Meeting Street
– Focus on best in class product, amenities and service
– Residents are predominately new to Charleston, young and
single. Highest concentration of 22-37 year olds
– High concentration of healthcare, technology, sales and
students
– 50% female and 50% male
– Current occupancy is 87%
– Achieved rents of $2,690 / $2.97 psf
– Studios: $2,090 [$3.05 psf]
– 1-Bedroom: $2,666 [$3.11 psf]
– 2-Bedroom: $3,394 [$2.79 psf]
Elan Midtown
The Guild
930 NoMo

12. 11S T R I C T L Y C O N F I D E N T I A L
Greystar’s next downtown project
• Ex Bi-Lo site in planning stages as a mixed use project
featuring rental housing, ground-level food hall, co-working
space, and multiple retail concepts
• Focus on innovation – sustainability, building technology,
product design, and neighborhood integration
• The apartments will target renters seeking flexibility in length
of stay, furnished units and extensive amenities.
• Global institutional capital partner with very long-term hold
intentions
New development site at 445 Meeting Street

13. 12S T R I C T L Y C O N F I D E N T I A L