Caliber Business Update

We have so much to celebrate at Caliber Living right now, and I could not be more proud of our team and the organization that we are building together. Last year, our portfolio reached an average of 99.11% Pre-lease for Fall, with all but 1 property reaching the highly-celebrated achievement of 100% Pre-lease for fall 2022 Move-in.

Through our latest third-party partnership and our own development company's most recent project, we have several new beds in the pipeline that will grow our number of managed beds by 23% when they are completed next Fall. We have already pre-leased 22% of those beds for the Fall 2023 term.

At our stabilized sites, our teams have signed about two-times the number of beds for next fall as they had at this same time last year. What that tells me is that our policy of growing our business by growing our people is a winning strategy.

Since last fall, we have invested a lot in our leasing and sales training programs for our teams across the management portfolio. Our growth in third-party management business has allowed us to hire more talent and train our newer professionals into larger leadership positions. This allows all of our people to grow as leaders and our sites to run more effectively for our clients. We invested in our people, and our people's growth is fueling the growth of our company.

I am eagerly looking forward to this leasing year where I fully expect our teams to continue to lead their markets, break more records, and help us continue to grow across the southeast as a respected leader in third-party management services.