Royal Properties’ student housing portfolio has consistently produced steadily increasing rental revenue over time. During the past 10 years, the company has been able to achieve these results by increasing rents annually at existing properties while developing new student housing with 400 to 500 new bedrooms each year. Royal Properties’ entire portfolio has maintained over 98% occupancy since the company began developing apartments in 1984.

The company has experienced rental revenue increases from $10,700,000 in 1994 to more than $26,100,000 (projected) for the school year beginning in August 2004.

Royal Properties has experienced rapid growth in both the revenues and number of units without a significant increase in its expense ratios. The company has been able to keep its total expenses (as a percent of the total revenues) to approximately 37%, while increasing the number of rental bedrooms between 1994 and 2005 from 716 to 5,729 (projected).