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American UniversityAmherst CollegeBabson College
Bentley UniversityBerkshire Community College
Bethel UniversityBloomsburg University of
PennsylvaniaBoston College
Bowdoin CollegeBowling Green State University
Brandeis UniversityBristol Community College (MA)
Brown UniversityBryant University
Bryn Mawr CollegeBucknell University
Bunker Hill Community College (MA)California University of PennsylvaniaCape Cod Community College (MA)
Carleton CollegeCarnegie Mellon University
Central State UniversityChamplain College
Chapman UniversityCheyney University of Pennsylvania
Cincinnati State Technical and Community College
Claremont McKenna CollegeClarion University of Pennsylvania
Clemson UniversityCleveland State University
Colgate UniversityCollege of the Holy Cross
The College of WoosterColumbus State Community College
Connecticut CollegeCornell University
Cuyahoga Community CollegeDartmouth CollegeDavidson College
Drew UniversityDrexel UniversityDuke University
Duquesne UniversityEast Stroudsburg University of
PennsylvaniaEastern Oregon University
Edinboro University of PennsylvaniaElms College
Emma Willard SchoolFairfield University
Fitchburg State CollegeFlorida Institute of Technology
Florida State UniversityFranklin & Marshall College
Franklin UniversityFranklin W. Olin College of
EngineeringGallaudet University
George Mason UniversityGeorgetown University
Georgia Institute of TechnologyGettysburg CollegeGonzaga University
Greenfield Community College (MA)Grinnell College
Gustavus Adolphus CollegeHamilton College
Hamline UniversityHampshire College
Harper CollegeHolyoke Community College
Illinois Institute of TechnologyIndiana University
Indiana University of PennsylvaniaIndiana University - Purdue University
IndianapolisIowa State University
Ithaca CollegeKansas State University
Keene State CollegeKent State University
Kutztown University of PennsylvaniaLakeland Community College
Le Moyne CollegeLebanon Valley College
Lewis & Clark CollegeLock Haven University of
PennsylvaniaLong Island University Brooklyn
CampusLong Island University C.W. Post
Lorain County Community CollegeLoyola College in Maryland
Loyola Marymount UniversityMacalester College
Manchester CollegeMansfield University of Pennsylvania
Massachusetts Bay Community College (MA)
Massachusetts Institute of TechnologyMassasoit Community College (MA)
Medical University of OhioMiami University
Michigan State UniversityMiddlebury College
Middlesex Community College (MA)Millersville University of Pennsylvania
Missouri University of Science and Technology
Mount Holyoke CollegeMount Wachusett Community College
New Mexico State UniversityThe New School
New York UniversityNorth Shore Community College (MA)
Northeastern Ohio Universities Colleges of Medicine
Northeastern UniversityNorthern Essex Community College
(MA)Northwestern University
Nova Southeastern UniversityOhio Agricultural Research and
Development CenterOhio University - Athens
Oregon Institute of TechnologyOregon State University
Owens State Community CollegePace University
Pacific Lutheran UniversityPlymouth State University
Polytechnic Institute of NYU Pomona College
Portland State UniversityPrinceton University
Purdue UniversityQuinsigamond Community College
(MA)Rensselaer Polytechnic Institute
Rider UniversityRoger Williams University
Rowan UniversityRoxbury Community College
Rutgers UniversitySaint Louis University
Saint Mary’s College (IN)Saint Mary’s College of California
Seattle Pacific UniversitySeattle University
Shawnee Sate UniversityShippensburg University of
PennsylvaniaSiena College
Sinclair Community CollegeSlippery Rock University of
PennsylvaniaSmith College
Southern Methodist University Southern Oregon University
St. Lawrence UniversitySUNY – Purchase College
Swarthmore CollegeSyracuse University
Temple UniversityTexas A&M University
The Catholic University of AmericaThe College of Saint Rose
The Johns Hopkins UniversityThe Ohio State University
The Pennsylvania State UniversityThe Sage Colleges
The University of AlabamaThe University of Alabama at
BirminghamThe University of Alabama in
HuntsvilleThe University of Dayton
The University of MississippiThe University of Oklahoma
Thomas Jefferson University Trinity College
Tufts UniversityUniversity of California San Francisco
Medical CenterUniversity of Akron
University of Alaska FairbanksUniversity of Arkansas
The University of Central ArkansasUniversity of Cincinnati
University of Colorado at BoulderUniversity of Denver
University of HartfordUniversity of Illinois at ChicagoUniversity of Illinois at Urbana-
ChampaignThe University of Maine
University of Maine at AugustaUniversity of Maine at Farmington
University of Maine at MachiasUniversity of Maine at Presque Isle
University of Maine at Fort KentUniversity of Maryland
University of Massachusetts AmherstUniversity of Massachusetts Boston
University of Massachusetts Dartmouth
University of Massachusetts LowellUniversity of Michigan
University of Minnesota University of Missouri
University of Missouri - Kansas CityUniversity of Missouri - St. Louis
University of New HampshireUniversity of New HavenUniversity of Notre Dame
University of OregonUniversity of Pennsylvania
University of PortlandUniversity of Redlands
The University of Rhode Island, Narragansett Bay
The University of Rhode Island, Feinstein Providence
The University of Rhode Island, Kingston
University of RochesterUniversity of San Diego
University of San FranciscoUniversity of St. Thomas (TX)University of Southern Maine
University of ToledoUniversity of VermontUpper Iowa University
Utica CollegeVassar College
Virginia Commonwealth UniversityVirginia Department of General
ServicesWagner College
Wellesley CollegeWesleyan University
West Chester University of Pennsylvania
West Virginia University Western Oregon University
Wheaton College (MA)Whitworth University
Widener UniversityWilkes UniversityWilliams College
Worcester Polytechnic InstituteWorcester State College
Wright State UniversityXavier University
Yeshiva UniversityYoungstown State University
P3 Connect
July 2015
P3s in Higher Education Housing
The Foundation of Campus Data to Make Informed Decisions
David A. KadamusExecutive Chairman & Founder | Sightlines
The Challenges for Higher Ed Continue
Number of high school graduates are declining in many states.
External resources are in decline (state support, debt, donors).
As tuition growth outpaces inflation
the value of Higher Ed. Is questioned.
As buildings continue to age, the investment need will grow
3
1880
1885
1890
1895
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
0%
2%
4%
6%
8%
10%
12%
Sightlines Database- Construction Age
% o
f C
on
str
uc
ted
Sp
ac
e
Understanding Campus Building Age Forecasts Capital NeedsP
re-W
ar Built before 1951
Durable construction
Older but typically lasts longer P
ost
-War
Built between 1951 and 1975
Lower-quality construction
Already needing more repairs and renovations
Mo
der
n Built between 1975 and 1990
Quick-flash construction
Low-quality building components
Co
mp
lex
Built in 1991 and newer
Technically complex spaces
Higher-quality, more expensive to maintain & repair
Pre-War Post-War Modern ComplexPercent of Total
Space 40%Percent of Total
Space 27%
The campus age drives the overall risk profile
4
1880
1885
1890
1895
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
0%
2%
4%
6%
8%
10%
12%
Sightlines Database- Construction Age Sightlines Database- Renovation Age
% o
f C
on
str
uc
ted
Sp
ac
e
Renovations Have Shifted the Capital PerspectiveP
re-W
ar Built before 1951
Durable construction
Older but typically lasts longer P
ost
-War
Built between 1951 and 1975
Lower-quality construction
Already needing more repairs and renovations
Mo
der
n Built between 1975 and 1990
Quick-flash construction
Low-quality building components
Co
mp
lex
Built in 1991 and newer
Technically complex spaces
Higher-quality, more expensive to maintain & repair
Pre-War Post-War Modern ComplexPercent of Total
Space 40%Percent of Total
Space 27%
The campus age drives the overall risk profile
1902 1908 1914 1920 1926 1932 1938 1944 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 20150.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
The Campus Housing Construction Profile
Pre-War15.5%
Post-War48.0%
Modern13.7%
Complex23.4%
1902 1908 1914 1920 1926 1932 1938 1944 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 20150.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Construction Age Renovation Age
Housing Has Not Seen Same Level of Renovations
Pre-War11.6%
Post-War42.0%
Modern13.9%
Complex32.3%
Pre War Post War Modern Complex0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
15.5%
48.0%
13.7%
23.4%
11.6%
42.0%
13.9%
32.3%
Constructed GSF Constructed + Reno GSF
What has Been Renovated?
> Campus housing is generally older than academic spaces.
> Campus housing has received less renovations.> The capital needs will be a growing pressure> Programmatically we suspect most campus
hosing needs to be modernized.> Most of the housing is paid for and represents a
significant asset for the campus.> Can these assets be monetized?
What Are the Issues?
1.Core Data2.Valuation3.Program Alignment4.Transparency5.Monitoring Plan
You Need the Facts
1. Core Data:>Building profile data – age, square footage, repair
history…
>Historical occupancy profiles, operating and capital costs
> Facility condition and capital investment needs
>Annual Stewardship investment requirement
2. Valuation>Most assets have limited market resale information,
therefore valuation is likely tied to future cash flow projections.
You Need the Facts
3. Program Alignment>Define how campus housing integrates with the
university mission, academic and residential objectives
>What is the impact of a change to other University Departments?
4. Transparency>Avoid the perception of “free capital”
>Constituencies will need to understand the financial terms, the reinvestment needs and the operating implications of the deal
> Impact on campus debt profile.
You Need the Facts
5. Monitoring The Plan> The program needs to be independently validated over
time to be assured that the use of the proceeds are consistent with the original plan
You Need the Facts
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