Investor Presentation...Current Portfolio We primarily focus on developing and owning on-campus and pedestrian-to-campus properties serving Power 5 conferences and Carnegie R1 institutions

Investor Presentation

NAREIT Investor Deck

June 2020

0

INVESTMENT HIGHLIGHTS

– Best-in-Class company with a proven track record.

– Modernizing an industry in its infancy provides strong growth potential and cash flow stability.

– Proprietary operating platform supports internal cash flow growth, margin improvement, and expansion of market share.

– Disciplined and diversified investment strategy.

– Consistent financial performance supported by a conservative investment grade balance sheet and ample liquidity.

– ACC’s modern products are desirable in the COVID-19 environment and beyond.

1

Village at Overton | Lubbock, TX

1200 W. Marshall | Richmond, VA

University Pointe | Portland, OR1

ACC pioneered the modernization of the student housing industry with over $16.4 billion in transactions since inception.

BEST-IN-CLASS

1. Developments includes both owned and third party projects, properties currently under construction, and properties expected to commence construction during the current calendar year. Dispositions includes transactions completed and under contract.

Acquisitions includes transactions completed. As of 4/20/2020.

2. Based on share price as of 3/31/2020.

3. Employees as of 12/31/2019.

4. A credit rating is not a recommendation to buy, sell or hold securities and may be changed or withdrawn at any time.

Who we are.

2004 IPO Q1 2020

Enterprise Value : $351M $7.4B2

Markets: 12 69

Properties: 16 166

Beds: 11,773 111,900

Employees: 560 3,1003

Credit Rating: Unrated BBB negative / Baa2 stable4

Comparative Statistics

American Campus Communities (ACC), founded in 1993, is the

largest developer, owner and manager of high-quality student

housing communities in the United States.

“…to be the nation’s premier provider of

quality student housing communities and

services through a unique understanding and

an unrelenting commitment to students,

parents, educational institutions and

investors. Our people are our strength,

achieving success through a dedication to

excellence and integrity.”

$8.1B in Development

$5.8B in Acquisitions

$2.5B in Dispositions

Transactions since Inception1

Founding Mission

2

University Market

AY 19-20

Enrollment

ACC

Owned

Beds

ACC Beds as

% of Total

Enrollment

% of Total

LTM NOI

1 Arizona State University 53,286 7,822 14.7% 9.3%

2 University of Texas at Austin* 51,090 4,724 9.2% 6.5%

3 Drexel University 24,205 3,192 13.2% 5.4%

4 Northern Arizona University 22,791 3,307 14.5% 3.8%

5 Florida State University 42,876 3,666 8.6% 3.6%

6 Virginia Commonwealth University 30,103 2,786 9.3% 2.9%

7 University of Central Florida 55,033 2,045 3.7% 2.8%

8 Texas A&M University 63,859 3,116 4.9% 2.7%

9 University of Kentucky 29,402 2,974 10.1% 2.4%

10 Texas Tech University 38,742 5,020 13.0% 2.3%

41,139 3,865 9.4% 41.8%

Avg Avg Avg Total

34

35%

10

6%

ACC owns the industry’s preeminent portfolio—located a median distance of only one-tenth of a mile from campus.

BEST-IN-CLASS

1. Includes owned properties, properties currently under construction, and properties expected to commence construction during the current calendar year. NOI used for percentage calculations for properties (i) open for the entire trailing 12 month period

are based upon historical data, and (ii) owned for less than the full trailing 12 month period are based upon historical data and management’s estimates. Excludes properties classified as held for sale. Actual results may vary.

*NOI represents ACC’s consolidated interest in these properties. ACC’s economic interest in the University of Texas at Austin portfolio is 55%.

Where we are.

Current Portfolio

We primarily focus on developing and owning on-campus and

pedestrian-to-campus properties serving Power 5 conferences and

Carnegie R1 institutions.

Our investment criteria focuses on differentiated properties in close

proximity to campus within submarkets with high barriers to entry.

Top 10 Universities by NOI1

PROPERTIES

NOI

1mile

Portfolio NOI Composition by Distance to Campus1

1/2 mile

1+mile

115

59%

1

0%

University

0.1 miles median distance to campus

94% of NOI within ½ mile from campus

Single Property in Market

Multiple Properties in

Market

3

MODERNIZATION TO MEET PENT-UP DEMAND

Modernizing an industry.Composition of student housing should continue to transition toward more modern, purpose built supply.

Modernization is opportunity.

On-campus

– Primarily consists of residence halls built in the 1950’s-60’s designed for the Baby

Boom generation.

– The median age of existing on-campus housing exceeds 50 years old in ACC

markets.

– New purpose built living learning communities will replace these antiquated

dormitories with product meeting the needs of current students.

Off-campus

– Majority of current stock is low density alternate housing such as absentee

landlord communities and single family residences not designed for today’s

student.

– New purpose built development off-campus is replacing this sub-standard

alternate housing with modern purpose-built product.

– Current purpose built communities began in the mid 1990’s.

• The majority of early communities (pre-2010) were drive properties.

• Since 2010, the majority of development has been built pedestrian to

campus.1

Supply in 68 ACC University Markets2

1. According to the Company’s most recent annual review of overall market composition.

2. According to the Company’s analysis; estimated based on 2019 supply categories divided by academic year 2019/2020 preliminary enrollment within ACC’s 68 university markets. Purpose built reflects certain off-campus properties that may

lease by the unit rather than by the bed, but compete with ACC properties in the student housing market.

Modernization

is opportunity.

Purpose Built 23%

Pedestrian: 11%

Median Age: 8 years

On-Campus

22%

Alternate Supply

55%

Drive: 12%

Median Age: 12 years

4

Manageable new supply.New supply in individual markets can occasionally cause short-term disruption but has been manageable over time.

MODERNIZATION TO MEET PENT-UP DEMAND

Source: Company data

1. 2019 and 2020 new supply based on academic year 2019/2020 preliminary total enrollment.

New Supply in ACC Markets 2006 – 2020E1

– The new supply landscape has remained consistent in ACC markets since our IPO, amounting to only 1.3% of enrollment each year, on average.

– At the current rate of new supply, the obsolete alternate student housing stock is decades away from achieving modernization.

– 2020 new supply in ACC markets is expected to be down 20% from 2019 levels.

.

5

-40%

-30%

-20%

-10%

0%

10%

20%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Cum

ulat

ive

Enr

ollm

ent G

row

th

Public 4-year Private 4-year Nonprofit Public 2-year Private For-profit Total

Consistent enrollment growth.Enrollment growth at ACC targeted universities has remained steady throughout the economic cycle.

FUNDAMENTAL TAILWINDS

Source: National Center for Education Statistics 2018 Table 303.25 (Data through Fall 2017).

– Declining national enrollment statistics over the last decade have been driven by non-traditional students leaving private for-profit universities andcommunity colleges to return to the workforce as the economy has recovered.

– Public 4-year universities have averaged 1.6% annual enrollment growth since 1970 and have continued at these levels since the Great Recession.

Public 4-year Universities Remain in Demand

Since 1970 1.6%

Since 1980 1.5%

Since 1990 1.5%

Since 2000 2.3%

Since 2010 1.6%

Public 4-year University Enrollment Growth (CAGR)

6

$26,900 $31,450 $39,900

7% 7%

14%

0%

2%

4%

6%

8%

10%

12%

14%

16%

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

4-year Public 4-year Private Non-Profit

4-year Private For-Profit

Average Loan Balance ($) Default Rate (%)

– At four year public universities, 34% of students graduate with no debt1.

• Of those graduating with debt, the average student loan balance is only $26,9001.

– $23,000 salary differential between college graduates and high school graduates2.

– Annual average in-state tuition costs at the 60 public universities served by ACC is less than $11,000.

– Annual net tuition and fees is less than $10,000 for 77% of students at four-year public institutions (after grant aid)3.

– Student loan default rates average sub-4% at Power 5 and Carnegie R1 institutions.

Value of a college degree remains intact.Public 4-year universities still provide a good return and student debt is manageable.

FUNDAMENTAL TAILWINDS

Student Debt Levels1 and Default Rates4

$25,980 $31,990

$35,000

$54,990

13%

7%

4%

3%

0%

2%

4%

6%

8%

10%

12%

14%

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Less than highschool

completion

High schoolcompletion

Some college,no bachelor's

degree

Bachelor's orhigher degree

Median Annual Earnings ($) Unemployment Rate (%)

Average Earnings by Level of Education2

Source: Company data

1. TICAS, “Quick Facts about Student Debt”, April 2019.

2. National Center for Education Statistics 2018 Table 502.30 and Table 501.80. For persons 25-34 years old.

3. The College Board, Trends in College Pricing 2018.

4. Federal Student Aid an Office of the U.S. Department of Education, September 26, 2018.

$23,000

incremental

earnings

Sub-4% default rates

at Power 5 and R1

institutions

7

ACC has achieved 15 consecutive years of internal growth in same store rental rate, rental revenue, and NOI.

THE ACC ADVANTAGE

Total Wholly-Owned NOI per Year1

($ millions)

1. See Appendix for the applicable definitions and reconciliation.

2. Rental revenue growth based on change in Fall occupancy plus final change in rental rate as reported in the Company’s 3Q analyst package.

Over a decade of continued value creation.

Annual Dividend Per Share

Average Fall

Occupancy

Average Rental

Rate Growth

Average Rental

Revenue Growth2

Average NOI

Growth

97.5%

2.5%

3.2%

3.8%

Same Store Performance since IPO

8

% of Beds On-Campus

2009 2019

8% 26%

Distance to Campus (% of Beds)

< 1/2 Mile 1 Mile 1+ Miles

2009 58% 22% 20%

2019 93% 7% 0%

Historically recession resistant cash flows.

THE ACC ADVANTAGE

Stable Performance Through Cycles

Portfolio Improvement Since Last Downturn

ACC’s recession resilient cash flows have produced similar same store

NOI growth to multifamily, with less volatility throughout the economic

cycle.

Strategic capital recycling has further strengthened portfolio quality relative

to last downturn.

Sources: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Fall Enrollment component final data (2002, 2003, 2006 - 2016) and provisional data (2004, 2005, 2017). ACC Research.

1. Multifamily peer group includes AVB, AIV, EQR, ESS, CPT, MAA, UDR.

Note: 2018 & 2019 enrollment growth based on ACC portfolio. NCES data not yet available.

1

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

0

20

40

60

80

100

120

140

160

180

200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Year o

ver Year G

row

thIn

dex

ed G

row

th

4 Yr Public University Enrollment Same Store NOI Growth (Indexed) Multifamily Same Store NOI Growth (Indexed) S&P 500 Annual Return

9

Innovative products and services, new ways of thinking, and continual self-evaluation maintain our competitive advantage and allow us to meet the emerging needs of an ever-changing marketplace.

THE ACC ADVANTAGE

26

Management team advantage.

Senior

Management Team

Members began

Careers as RA’s

Standard

Deviation

Grass Roots Management

Innovative Product Design

Focus on creating a unique sense of

community through shared living at a

price point that previously did not

exist.

Industry LeadershipTexan by Nature 20 Honoree

Hi, How Are You Project Sponsor

Great Place to Work® Certification

America’s 100 Most Trustworthy Companies

37 Innovator Awards

28 Pillars of the Industry Awards (NAHB)

10

ACC’s core competency lies in its proprietary operating platform built on internally developed systems and business intelligence which drives our ability to consistently outperform.

THE ACC ADVANTAGE

Operating platform advantage.

Competitors ACC

Leasing

Operations/

Revenue

Management

Investment

Decision

Making

Standard

Deviation

Traditional

Medium

Targeted

Ads / SEO

Social

Media

University

Relationships

Proprietary LAMS and

Next Gen Systems

Manual Multifamily Out-

of-the-box Apps

Lack of

Market / Industry Data

Analytics Business

Intelligence

Portfolio

Optimization

Mail Website

Centralized

Corporate Support

Brand

Value

Pushes Costs

to Field

11

6 Projects 25 Projects 16 Projects

DISCIPLINED AND DIVERSIFIED INVESTMENT STRATEGY

Creating value through development.ACC has consistently delivered accretive developments throughout the economic cycle, while also increasing portfolio quality.

0.1Average miles to

campus for ACC’s

developed assets

The Summit | Philadelphia, PA

LightView | Boston, MA

Source: Company estimate of internal rate of returns (IRRs) on ACC designed developments. Terminal economic cap rate of 4.25% . Cash flows include property management fee and annual capital expenditures of $175/bed.

11%

15%

19%

0%

5%

10%

15%

20%

2005-2009 2010-2014 2015-2017

AC

C E

stim

ated

Un

leve

red

IRR

s

12


Build for the masses, not the classes.ACC’s properties are strategically positioned to target all student demographics with a focus on affordability.

ACC Effective Rental Rates versus

Competitive Set (% of ACC Properties)

Better Product at a Better Price Point

Source: Data from RealPage Axiometrics’ Student Housing Performance Time Series by Month report as of 10/24/2019. Market statistics are based on all properties tracked by RealPage in ACC’s 69 markets located within 1 mile from campus with effective rental rate data for September 2019.

13

Incremental value

creation through

long-term M&A

Year

FY SSRev

Growth1

Rental Rate

Growth

(Bps)1

Occupancy

Growth

(Bps)1

Estimated

SSNOI

Impact from

Scale (Bps)2

SSNOI

Growth1

Total

Property

Count

Growth1

Average 3.0% 229 69 2 3.9% 15.9%

2014-2018 Average 2.5% 258 (2) (58) 2.6% 0.1%

2005-2013 Average 3.3% 213 109 45 4.6% 24.7%

+80 bps (45 bps) +111 bps +103 bps +200 bps


Value creation through external growth.ACC produces stable and consistent same store NOI growth and has a proven ability to deliver accelerated results during periods of portfolio expansion.

5 Year Avg. Final Fall Occupancy3

American Campus

RealPage 175

97.2%

94.3%

During periods of M&A growth, ACC drives outsized same store revenue growth from occupancy improvement, while same store

revenue and NOI growth both benefit from platform efficiencies and scale.

Without M&A, same store revenue growth is limited to rental rate increases, which have improved with portfolio refinement, and the

benefits of occupancy, platform efficiency, and scale are lost.

As the long-term industry consolidator, ACC has significant opportunity to return to higher internal growth.

Opportunity set still

provides occupancy upside

Source: Internal company data and public filings.

1. Based on calendar year results.

2. Same store NOI (SSNOI) impact from scale estimated based on actual results versus estimated inflationary G&A expense per property, adjusted for property count growth.

3. RealPage Axiometrics’ Student Housing Supply and Demand Model.

14

Revolver Capacity $1,000.0

Drawn to Date ($609.7)

Available to Draw $390.3

Cash and Cash Equivalents $176.8

Total $567.1

1. As of March 31, 2020.

2. A credit rating is not a recommendation to buy, sell, or hold securities and may be changed or withdrawn at any time.

$168

$26$134

$330

$610

$200

$25

$12 $9

$2

$40

$400

$400

$400 $400 $400

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+

Unsecured Notes

On-Campus Participating Properties

Unsecured Term Loans

Unsecured Revolving Credit Facility

Mortgage Loans

Balance Sheet Management Balance Sheet Liquidity (in millions)1

Debt Maturity Schedule1

STRONG BALANCE SHEET

Balance sheet positioned to weather disruption.The company benefits from broad access to capital, ample liquidity and limited near-term debt maturities.

Investment Grade Credit Profile

• BBB negative / Baa2 stable2.

• Provides access to broadest set of capital options.

• Consistent cash flows and credit statistics.

Maintain a staggered debt maturity schedule

• No remaining 2020 maturities and limited mortgage

maturities in 2021.

Broad access to capital

• ACC has raised $6.0 billion from dispositions, joint

ventures and capital markets activity since the

beginning of 2015.

Access to GSE’s and other secured debt provides flexibility

Manageable development exposure with only 1.5-3.2% of

gross assets in annual developments through 2023

• $355 million development cost remaining to fund is

covered by current liquidity.

15

16

Current Business Update

Manzanita | Tempe, Arizona16

CURRENT BUSINESS UPDATE

Recent highlights.

– First quarter 2020 summary.

• 1Q 2020 FFOM per share of $0.70 versus initial guidance of $0.67-$0.69, outperforming

budgeted results every month of the quarter.

• Completed the disposition of The Varsity located in College Park, Maryland for proceeds

of $148 million, representing a 4.1% economic cap rate.

• Announced future on-campus developments at MIT and Virginia Commonwealth

University.

• Development properties have incurred no disruption in construction and are expected to

be delivered on-time and on-budget.

– June 1st NAREIT update summary.

• Same store owned portfolio was 82.6% preleased compared to 84.9% preleased for the

same date prior year.

• 94.8% of residents have made their April rent payments, representing $3.0 million of

delinquency, of which $1.7 million has been abated through the company’s Resident

Hardship Program.

• 93.3% of residents have made their May rent payments, representing $3.8 million of

delinquency, of which $2.6 million has been abated through the company’s Resident

Hardship Program.

• 47 of the 68 universities the company serves have confirmed plans for a return to in-

person classes this fall.

ACC reported a solid start to the year on its first quarter call.

Tooker House | Tempe, AZ

Lightview | Boston, MA

17

Pre-Leasing Status % of

Leases

Current

Year %

Prior

Year %

Variance

%

Design

Beds

Same

Store

Beds

2021 Same Store Owned Properties

Planning for In-Person 83.1% 83.8% (0.7% ) 74,086 78%

Planning for Online 89.7% 95.7% (6.0% ) 1,012 1%

Proposing Hybrid Model 68.5% 70.9% (2.4% ) 4,877 5%

Still Considering a Range of Scenarios 86.7% 95.9% (9.2%) 8,489 9%

Waiting to Decide 81.5% 91.0% (9.5%) 6,890 7%

Total 2021 Same Store Owned Properties 82.6% 84.9% (2.3%) 95,354 100%

– 47 of the 68 universities served by ACC are already planning for in-person classes in the fall, while 12 are still considering

a range of scenarios or a hybrid model.

– 78% of same store beds are located at universities planning for in-person classes in the fall.

• These beds are 83.1% preleased, roughly inline with the prior year’s pace.

– Only two same store properties are at universities currently planning for mostly online classes, one of which is under a

three-year master lease.

Fall picture starting to become more clear.Students are leasing beds for this fall, especially as schools clarify plans.


COVID-19 Leasing Update2Fall Curriculum Plans for ACC’s 68 University Markets 1

1. Source: The Chronicle of Higher Education data as of May 31, 2020. Note: The Chronicle of Higher Education currently does not track the University of Central Florida which is considering a range of scenarios and is included as such in the above chart.

2. Company Data as of May 31, 2020.18

Planning for In-Person, 47,

69%

Waiting to Decide, 6, 9%

Planning for Online, 3, 5%

Proposing Hybrid Model,

5, 7%

Still Considering a

Range of Scenarios, 7,

10%


COVID-19 strategic response.In response to COVID-19, ACC adopted eight guiding principles to “do the right thing” by all stakeholders.

1) Maintain a healthy and academically oriented environment by implementing CDC guidelines in regard to cleaning,

sanitizing and social distancing.

2) Be compassionate and provide financial support to residents and their families financially impacted by the COVID-19 crisis.

3) Strive to ensure all ACC team members have a safe, healthy and productive work environment.

4) Work with ACE university partners to understand their individual unique challenges during the pandemic in an effort to help

them implement their plans and accommodate their decisions with regard to housing refunds.

5) Attempt to limit negative financial and operational impacts to the period directly associated with this crisis.

6) Adapt marketing and leasing strategies to successfully complete the 2020/2021 academic year lease-up.

7) Maintain ample balance sheet liquidity to withstand the duration of the crisis.

8) Reflect on lessons learned to improve future products, services and operational policies, as well as our investment

strategies and standards.

19


Universities’ initial response to COVID-19.Universities’ decisions had unintended consequences that might have been avoidable with more time and data.

– Nearly all universities that ACC serves moved to some form of online education for the remainder of the Spring 2020

semester and urged students to vacate on-campus residence halls due in part to their inability to accomplish CDC

guidelines and meet social distancing standards in their older residence halls containing community restrooms.

– The universities’ decisions, made in crisis with a great sense of urgency and little time to fully assess the future

impact, had four unintended consequences:

1) For many students, their college housing is their only home, leaving them with nowhere to go;

2) Many students did not want to go home and risk exposing parents and grandparents who are likely in a higher risk category

for complications from COVID-19;

3) The manner in which universities, as landlords, required or “highly suggested” students leave on-campus housing fueled

demand for student refunds; and

4) The universities’ actions put public relations, media and, at times, political pressure on private, off-campus landlords to

consider giving refunds.

20


Universities’ plan moving forward.University administrators are developing plans to resume in-person classes for the fall.

– To assist in reopening plans, ACC has reached out to its partner universities to provide student housing assessments and

market data regarding the availability of total student housing supply in their markets and how each product type enables

implementation of CDC social distancing guidelines.

– The majority of the 68 universities within ACC’s owned markets have publicized on their websites that they are working

towards holding in-person classes in the fall with some universities even working towards holding in-person classes for some

portion of the summer term.

– To more align their housing with CDC guidelines and consumer preferences, universities are considering de-densifying older,

community bath residence halls, which could increase the number of students requiring private off-campus housing.

– University administrators are implementing plans to accommodate remote work for at-risk students and staff and lower

overall classroom and on-campus facilities density.

– Universities are adjusting admittance ratios and deadlines to accomplish originally targeted enrollment levels.

21


A return to campus is appropriate.

1. Brookings Institute, “Promises and pitfalls of online education, June 9, 2017.

2. BLS, “Employment Situation News Release”, May 8, 2020.

In-person education leads to best student outcome.

– Benefits of in-person education.

• Active learning as a result of mentoring from instructors, tutoring from grad students,

and in-person experiences from labs and group projects.

• The exposure, debate, and collaboration with students of different belief systems and

socioeconomic backgrounds.

• The personal growth and life experiences that come from beyond the classroom.

– Drawbacks of online education.1

• Increases the probability that a student will drop out of school.

• Students average almost half a letter grade lower in online classes.

• Disproportionately negatively impacts the students struggling the most.

– 4-year graduates have been less impacted by the financial fallout

from COVID-19.

• Since December 2019, the unemployment rate for non-degree earners has increased

over 1,400 basis points while the labor force fell 9%.

• The unemployment rate spread between degree earners and non-degree earners

increased from 210 basis points to 970 basis points from December 2019 to April 2020.

“77% of students say distance learning is worse or much worse than in-personclasses.”

-College Reaction/Axios Poll April 10-12th

The Pandemic has Reinforced the Importance of a Degree2

1.9%

4.0%

8.4%

18.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Bachelor's degree and higher No college education

Un

emp

loym

ent

Rat

e

Dec-19 Apr-20

22


ACC’s modern properties are a solution.ACC’s student housing properties remain desirable to students and parents.

– Modern student housing product types fulfill CDC social distancing

guidelines.

• Resident’s ability to personally control their environment and sanitization while performing

basic living functions.

• Ability of residents within a unit to effectively isolate within their residence and mitigate

interaction with larger groups.

• Spatial comfort during times of desired extended isolation.

– Student housing can be divided into three general product types

that meet these objectives to varying degrees.

• Apartment-style student housing.

• In-suite bathroom residence halls.

• Community bath residence halls.

– ACC’s modern housing remains desirable and continues to lease

under the premise that students will reside in their college

apartments whether classes are in-person or online.

• In the months of March and April, ACC experienced an increase in move-ins, welcoming

almost 1,500 new residents, many of which were displaced as a result of universities

closing on-campus housing.

• For the upcoming academic year, which includes the period during shelter-in-place orders,

ACC has had fewer cancellations than the prior year.

23


Apartment-style student housing.Apartment-style beds make up 86% of ACC’s total portfolio.

Apartment-style student housing

represents the most desirable product

with in-unit bathrooms, living rooms

and full kitchens. This permits students

to easily control and sanitize their

overall environment.

During the pandemic, all of the

ACC student apartment

communities have remained open

and defined as essential

housing services by all

governmental entities that issued

shelter-in-place orders.

During the period of March 16th to April

17th, one of the greatest periods of

pandemic uncertainty,

we executed nearly 5,000 leases for Fall

2020 demonstrating the continued

desirability for ACC’s modern product

type among students and parents.

4 Bedroom – 2 Bathroom

Apartment

26 West, Austin, TX


Apartment

Vista del Sol, Tempe, AZ

24


In-suite bathroom residence halls.In-suite bathroom residence hall beds make up 12% of ACC’s total portfolio.

In-suite bathroom residence halls (regardless of single or

double occupancy) are desirable in that students can

control and sanitize their unit and bathroom and they

provide some dining flexibility with microwaves and mini-

refrigerators.

For each meal service, residents rely upon the housing

provider to implement social distancing seating as well as

to adjust service operations to ensure touch contamination

amongst the diners is mitigated.


Double Occupancy

The Suites, Flagstaff, AZ


Single Occupancy

Barret Honors College Residential Complex, Tempe, AZ


Double Occupancy

Fairview House, Indianapolis, IN

25


Community bath residence halls.Community bath residence hall beds make up only 2% of ACC’s total portfolio.

Community bath residence halls are

usually defined

as a series of double-occupancy

accommodations that share

communal bathrooms located outside

of the actual living unit

with as many as a dozen to several

dozen other floor residents.

These residence halls are

the least desirable in light of the

coronavirus, and offer the biggest

challenge in mitigating

the spread of infectious disease given

the need to use and share

facilities outside of your living unit with

a large number of students

outside of your unit household.

There are several ways to address the

challenges posed by this product type

including, but not limited to, unit

dedensification, installing automated

fixtures and antimicrobial surfaces and

extensive on-going cleaning and

sanitization by a full-time attendant.

Traditional Residence Hall

Community Bath

Gladding Residential Center, Richmond, VA

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FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES

In addition to historical information, this presentation contains forward-looking statements under the applicable federal securities law. These statements are based onmanagement’s current expectations and assumptions regarding markets in which American Campus Communities operates, operational strategies, anticipated eventsand trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties,which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by theforward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year endedDecember 31, 2019 under the heading “Risk Factors” and under the heading “Business - Forward-looking Statements” and subsequent quarterly reports on Form 10-Q.We undertake no obligation to publicly update any forward-looking statements, including our expected 2020 operating results, whether as a result of new information,future events, or otherwise.

This presentation contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). Theseitems include earnings before interest, tax, depreciation and amortization (“EBITDA”), net operating income (“NOI”), funds from operations (“FFO”) and FFO-Modified(“FFOM”). The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income or loss attributable to common sharescomputed in accordance with GAAP, excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, andafter adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers FFO an important supplementalmeasure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. We alsobelieve it is meaningful to present FFOM, which reflects certain adjustments related to the economic performance of its on-campus participating properties,impairment charges, losses on early extinguishment of debt related to property dispositions, and other non-cash charges. FFO and FFOM should not be consideredas alternatives to net income or loss computed in accordance with GAAP as an indicator of the Company's financial performance or to cash flow from operatingactivities computed in accordance with GAAP as an indicator of its liquidity, nor are these measures indicative of funds available to fund its cash needs,including its ability to pay dividends or make distributions. The Company defines property NOI as property revenues less direct property operating expenses,excluding depreciation, but including allocated corporate general and administrative expenses.

Plaza on University | Orlando, FL13

The Summit | Philadelphia, PA27

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Investor Presentation...Current Portfolio We primarily focus on developing and owning on-campus and pedestrian-to-campus properties serving Power 5 conferences and Carnegie R1 institutions