Page 4 - Anthem House Investor Report Q3

INDUSTRY TREND

Anthem House has been able to keep to previous year strategy. Not aiming
to be the first to lease-up in the market, but to build the asset value and push
rates. Anthem House is currently 61% preleased. With just 73 beds left to
lease, closing on 4 leases a week will bring us to a 100% occupancy for
Fall 2022. Our Gainesville market competitors are 88% pre-leased to-date.

For the 22 |23 lease up, we implemented price increases and internet fees.
Despite changes for in-place leases, the team was still able to capture
42% of the in-place beds for 12-month renewals. One-bedroom floorplans
continue to be in high demand. There are a few more signatures to capture,
but overall, all 1-bedrooms have approved applications by mid-April.

We saw an increase in traffic after the UF Housing Fair. 1000s of UF
students visited our booth and our social media pages to enter to win an
Oculus virtual reality headset. Traffic increased to 17 tours a week since
the event that was held March 17th; the team has closed an average of 10
leases per week. eBlasts have been sent to all students enrolled. These
communications will continue routinely through the remainder of the lease-
up.

INVESTMENT RETURN

Recently, the Manager approved the cash distribution to the Members for
Q3 in the amount of $290,000. The distribution will be split according to the
90/10 membership interest as outlined in the operating agreement.

The refinance with Seacoast Bank occurred in March 2022.

INVESTMENT PERFORMANCE

We saw an increase in traffic after the UF Housing Fair. 1000s of UF
students visited our booth and our social media pages to enter to
win an Oculus virtual reality headset. Traffic increased to 17 tours a week
since the event that was held March 17th; the team has
closed an average of 10 leases per week. eBlasts have been sent to all
students enrolled. These communications will continue
routinely through the remainder of the lease-up.

Other recent marketing ventures include:
•Contract with GRO (geo-targeted, social, google adwords)
•Contract with SwapRentals.comILS
•eBlasts to UF directory
•Partnership with The Scholar for Bulk Lease