Page 4 - Prosper Investor Report Q3

INDUSTRY TREND

Prosper has kept ahead of last year’s leasing pace. They closed on 12
leases over the past 2 weeks. They need 9 leases a week to reach 90%
occupancy for fall 2022. There has been minimal traffic for immediate move-
in.

However, there was a big request for June move-ins last year. Units are
made-ready to accommodate this request should the market demand it
again this summer.

INVESTMENT RETURN

The Manager will continue to suspend cash distributions to the Members
until the property achieves at least 85% occupancy, which is expected for
Fall 2022.

INVESTMENT PERFORMANCE

Traffic was slower this past week but Prosper still closed more leases than
competitors in the area. Vacant beds provide an opportunity for summer
move-ins who will need housing as they finish the semester in May.

The team continues to work with ambassadors in different programs to
promote Prosper in private group chats. In addition to providing positive
verbal reviews with peers, the ambassadors have also provided useful
information about programming deadlines and advertising opportunities.

Applicants who move-in for the summer can, get 2 months free with a
14-month contract. 10 leases have been locked in for this concession. We
decreased price on one studio plan, to entice traffic to tour. A model/mock-
up of this unit is available to tour. This concession has worked on closing
in this floorplan that struggled in the previous lease-up. 5 leases have
been locked in for the lower rate. The Prosper team was at UMMC campus
flyering and providing snacks to those who were touring the campus.