Investor Presentation. CITI CEO Conference March 2018

Investor Presentation CITI CEO Conference March 2018

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 on management s current expectations and assumptions regarding markets in which American Campus Communities operates, operational strategies, anticipated events and 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 the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017 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 2018 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 ). These items 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 shares computed in accordance with GAAP, excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers FFO an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. We also believe 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 considered as 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 operating activities 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. The Summit Philadelphia, PA Plaza on University Orlando, FL 1

INVESTMENT HIGHLIGHTS Modernizing an industry in its infancy provides growth potential and cash flow stability. Best-in-Class company with a proven track record of successfully delivering high-yielding, value-creating developments. 1200 W. Marshall Richmond, VA 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. Village at Overton Lubbock, TX University Pointe Portland, OR 2

MODERNIZATION IS UNDERWAY Modernizing an industry. Composition of current housing supply creates significant opportunity for growth. 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 Markets 2 Modernization is opportunity. 1. According to the Company s most recent annual review of overall market composition. 2. According to the Company s analysis, estimated based on 2017 supply categories divided by academic year 2017/2018 enrollment. Purpose Built reflects a select few off-campus properties that may lease by the unit rather than by the bed, but compete with ACC properties in the student housing market. 3

MODERNIZATION IS UNDERWAY Value proposition. ACC provides a modern, purpose-built product at comparable price points to obsolete existing product. Existing On-Campus Housing $722 / $916 shared / private average rent per month Median age > 50 years. Functionally obsolete. Significant deferred maintenance. Lack of privacy. Limited amenities. Lack of consumer driven design. Outdated technology infrastructure. Modern accommodations. Consumer driven amenities. Focused on the customer experience. Enhanced living learning environment. Enhanced privacy. ACC Purpose Built $751 average rent per month Modern technology infrastructure. Differentiated product types. Source: ACC research; same-store rent per occupied bed as of AY 2017/2018. 4

MODERNIZATION IS UNDERWAY Limited new supply. In ACC markets, consistent levels of new supply are manageable with little to no impact expected on well-located assets. 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. 2018 new supply in our markets is expected to be down more than 10% from 2017 levels. New Supply in ACC Markets 2006 2018E 1 3.5% 100% New Supply as a % of Enrollment 3.2% 2.8% 2.5% 2.1% 1.8% 1.4% 1.1% 0.7% 0.4% 2.5% 47% 1.2% 1.9% 26% 0.6% 3.2% 49% 1.8% 3.0% 2.9% 45% 39% 1.3% 1.3% 2.2% 29% 0.8% 2.3% 41% 1.2% 2.6% 45% 1.5% 3.2% 54% 1.9% 2.7% 49% 48% 2.0% 1.5% 1.1% 2.4% 50% 1.4% 2.7% 37% 1.2% 90% 80% 70% 60% 50% 40% 30% 20% 10% % of ACC Markets Experiencing New Supply 0.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 0% Source: Company data 1. 2017 and 2018 new supply based on academic year 2017/2018 total enrollment. Off-Campus New Supply as a % of Enrollment in ACC Markets Experiencing New Supply Off-Campus New Supply as a % of Total Enrollment in all ACC Markets % of ACC Markets Experiencing New Supply 5

MODERNIZATION IS UNDERWAY Robust fundamental backdrop. Student housing sector continues to benefit from structural tailwinds. Consistent and stable revenue growth. ACC has achieved 13 consecutive years of internal growth in same store rental rate, rental revenue, and NOI, and 53 consecutive quarters of same store revenue growth. Axiometrics reported that as of January 2018, same store properties within a half mile of the university are 61bp ahead of last year, with average rent growth of 1.6%. ACC same-store leasing for AY 2017/18 resulted in opening revenue growth of 2.3%. ACC is targeting 2.9% 4.4% opening revenue growth from the AY 2018/19 lease-up. Manageable supply growth. Axiometrics currently projects national new supply for Fall 2018 at levels consistent with the preceding three years. Preliminary data indicates a decrease in supply of over 10% versus 2017 in ACC markets. Value of a college degree remains intact. At four year public universities, 40% of students graduate with no debt 1. Of those graduating with debt, the average student loan balance is only $27,000 1. $24,000 salary differential between college graduates and high school graduates 2. Annual average in-state tuition costs at the 61 public universities served by ACC is $10,000. Student loan default rates remain low, at roughly half levels from two decades ago 3. The Standard Athens, GA 1. The College Board, Trends in Student Aid 2017 2. Bureau of Labor Statistics, October 24, 2017, http://www.bls.gov/emp/ep_chart_001.htm. 3. US Dept of Education: https://www2.ed.gov/offices/osfap/defaultmanagement/defaultrates.html. Landmark Ann Arbor, MI 6

MODERNIZATION IS UNDERWAY Manageable student debt levels in ACC markets. The perception of increased student debt has been driven by private for-profit institutions. In the public four-year university markets targeted by ACC, the environment remains healthy. Loan Origination Growth Private For Profit 4yr Public Non-Flagship 4yr Non-Elite Private-NFP 4yr $1,500 Public Flagship Elite Private 3-Year Student Loan Default Rates (000s) $1,000 $500 $0 10.7% 12.8% Borrowers in Default by Institution Type Number of Borrowers (2000 = 100) 3,000 2,500 2,000 1,500 1,000 500 0 Private For Profit 4yr Public Non-Flagship 4yr Non-Elite Private-NFP 4yr Public Flagship Elite Private National Average For Profit Schools Sources: National Student Loan Data System via https://libertystreeteconomics.newyorkfed.org; Federal Student Aid Office of the U.S. Department of Education via https://libertystreeteconomics.newyorkfed.org; Company data; US Department of Education 1. Federal Reserve, Report on the Economic Well-Being of U.S. Households in 2016 7.0% 4 Year Public Schools 5.1% ACC Nearly half of adults who attended a for-profit institution say that they would attend a different school if they could make their educational decisions again. 1 7

BEST-IN-CLASS STUDENT HOUSING COMPANY Over a decade of growth since IPO. ACC has capitalized on growth opportunities with over $9 billion of external growth since its IPO. 2004 IPO Current Portfolio $5.7B Acquisitions $3.8B Development 1 $1.6B Dispositions 1 319% Total Shareholder Return 2 Comparative Statistics IPO 12/31/2017 Enterprise Value : $351M $8.7B 2 Markets: 12 68 Properties: 16 169 Beds: 11,773 104,000 Employees: 560 3,183 Credit Rating: Unrated BBB stable / Baa2 stable 1. Developments Includes owned properties, properties currently under construction, and properties expected to commence construction during the current calendar year. Dispositions includes transactions completed and under contract. 2. Based on share price as of December 29, 2017. Total shareholder return assumes dividend reinvestment. 8

BEST-IN-CLASS STUDENT HOUSING COMPANY Over a decade of continued value creation. ACC has achieved 13 consecutive years of internal growth in same store rental rate, rental revenue, and NOI. Total Wholly-Owned NOI per Year ($ millions) Same Store Performance since IPO $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 $33 Average Same-Store NOI Growth (2005-2017) 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% $48 $63 $96 1. Rental revenue growth based on change in Fall occupancy plus final change in rental rate as reported in the Company s 3Q17 analyst package. 2. Multifamily peer group includes AVB, AIV, EQR, ESS, CPT, MAA, UDR. 3. FFOM per share, excluding acquisition related costs. Average Fall Occupancy Average Rental Rate Growth Average Rental Revenue Growth 1 Average NOI Growth Operating Consistency Outpaces Multifamily Peers 2 4.1% 4.2% ACC $185 $160 $140 $239 $401 $410 $364 $376 $324 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Public Apt. REIT Avg. 97.6% 2.6% 3.4% 4.1% Compounded Annual FFO per Share Growth (2005-2017) 3 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 5.2% ACC 4.6% Public Apt. REIT Avg. 9

BEST-IN-CLASS STUDENT HOUSING COMPANY Sector-leading risk-adjusted NOI growth. ACC s risk-adjusted same store NOI growth is the highest among both the student housing and apartment sector peers since going public. 6.0% Average Annual Same Store NOI Growth & Standard Deviation Since IPO (2004) Risk-Adjusted Growth: Average SS NOI Growth/Std. Deviation Since IPO 1.6x 1.4x 1.5x 1.4x 1.4x 1.4x Standard Deviation 5.0% 4.0% CPT AVB Avg. EQR AIV ESS 1.2x 1.0x 0.8x 0.6x 1.2x 1.1x 1.1x 0.9x 0.8x 0.8x 3.0% EDR MAA ACC UDR 0.4x 0.2x 2.0% 2.0% 3.0% 4.0% 5.0% 6.0% Average Annual Same Store NOI Growth 0.0x ACC UDR AIV MAA EQR ESS Avg. AVB EDR CPT Source: Public company filings as of December 31, 2017. Note: EDR did not go public until 2005 and therefore did not have year-over-year stats available for 2005. 10

PREMIER PROPRIETARY OPERATING PLATFORM Continued internal growth. ACC s multi-asset market presence and asset management program drive opportunity for margin expansion. Revenue maximization. Continue to employ our proprietary Leasing Administration and Marketing System (LAMS) to maximize revenue through an optimal combination of occupancy and rental rate growth. Expense control. Multiple property markets. Marketing efficiencies unlocked through branding. Margin expansion through staffing refinement. Utilities management including lighting, water, cable and internet. Process and contract standardization. Top 10 Universities by NOI1 Wholly-owned Market ACC ACC Beds as Owned a % of Total Beds Enrollment % of Total LTM NOI 1 Arizona State University 51,164 7,822 15.3% 8.5% 2 University of Texas at Austin 51,525 4,980 9.7% 7.4% 3 Drexel University (Philadelphia) 24,190 3,192 13.2% 5.0% 4 Northern Arizona University 22,740 3,307 14.5% 3.8% 5 Florida State University 41,900 3,325 7.9% 3.7% 6 Texas Tech University 36,996 5,020 13.6% 2.5% 7 Texas A&M University 62,916 3,116 5.0% 3.0% 8 University of Michigan 46,002 1,767 3.8% 2.8% 9 Virginia Commonwealth University 31,033 2,786 9.0% 2.7% 29,509 2,974 10.1% 2.5% 39,798 3,829 9.6% 41.9% Avg Avg Avg Total 10 University of Kentucky NOI Margin History Total Portfolio 57.0% 56.0% Utilizing scale to achieve purchasing efficiencies. 55.0% Property management incentive refinements designed to drive margin. 53.0% Next Gen systems investment to yield longer term efficiencies. AY 17-18 Enrollment 54.9% 54.0% 53.2% 55.3% 53.2% 52.6% 52.2% 52.5% 52.0% 51.0% 50.0% 2011 2012 2013 2014 2015 2016 2017 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 historicaldata and management s estimates. Actual results may vary. 11

DISCIPLINED AND DIVERSIFIED INVESTMENT STRATEGY Diversified investment options. When external growth is appropriate, ACC s diversified investment mediums provide flexibility to pursue the best risk-adjusted opportunities based on the capital environment. Disciplined investment criteria. Current Portfolio NOI Composition 1 Proximity to campus. Product differentiation and strategic positioning. Student housing submarkets with barriers to entry. Diversified investment strategy. Acquisitions $5.7 billion in properties acquired since IPO. 4.25%-5.25% cap rates on core pedestrian properties. Off-campus development and presale development $1.8 billion in off-campus developments since IPO. 1 6.25%-7.0% year 1 stabilized yields off-campus development. 5.7%-6.25% year 1 stabilized yield presale development. On-campus development American Campus Equity (ACE ) $2.0 billion of investment in 32 ACE developments. 1 6.25%-7.0% year 1 stabilized yields. ACC s in-place NOI composition is 76% off-campus and 24% on-campus (ACE). 2 PROPERTIES NOI University Distance to Campus 151 95% 11 5% 0.1 miles median distance to campus Developed versus Acquired % NOI from Development and Presales 53% % NOI from Acquisitions 47% 1/2 mile 1 mile 1 0% 1+ mile Source: Company data through 12/31/2017. 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 12 month period ended 12/31/17 are based upon historical data, and (ii) owned for less than the full12 month period ended 09/30/17 are based upon historical data and management s estimates. Actual results may vary. 2. Includes only owned properties currently in operation. 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 assets held for sale as of 12/31/17. Actual results may vary. 12

DISCIPLINED AND DIVERSIFIED INVESTMENT STRATEGY Capital allocation long-term funding plan. ACC is well-positioned to execute on the growth pipeline. 1. Includes owned development and presale projects under construction, and management s Estimated Project Cost for future development deliveries that are expected to commence construction during the current year, as disclosed on pages S-10 and S-11 of the 4Q17 analyst package. 2. Includes the additional investment in the joint venture with Core Spaces/DRW Real Estate Investments to be made upon delivery of the assets, as disclosed on page S-11 of the 4Q17 analyst package. 3. Includes the exercise of the option to purchase the remaining interest in the joint ventures with Core Spaces/DRW Real Estate Investments as disclosed on pages S-9 and S-11 of the 4Q17 analyst package. 4. Available cash flow is derived from disclosures in our 2016 Form 10-K and is calculated as net cash provided by operating activities of $308.1 million less dividend payments of $218.7 million, less principal payments on debt of $15.1 million, less recurring capital expenditures of $16.4 million. Calculation results in available cash flow for investment in 2016 of $57.9 million, which is then annualized over the remaining 8 quarters through the end of 2019. 5. Estimated proceeds from dispositions or the sale of joint venture interests in core assets. 6. Remaining capital needs are expected to come from a mix of debt, equity, and joint ventures. 7. Refer to definitions outlined on pages S-20 and S-21 of the 4Q17 analyst package for detailed definitions of terms appearing on this page. 8. Ratios represent the pro forma impact of development deliveries and funding alternatives assumed in the Sources and Uses table. The lower end of the pro forma leverage ranges assumes remaining capital needs are funded with equity, while the higher end assumes funding with debt. Actual ratios will vary based on the timing of construction funding, future cash flow available for investment, and the ultimate mix of sources from debt, equity, joint ventures, or dispositions. 9. Refer to page S-15 of the 4Q17 analyst package for a reconciliation of EBITDA to net income, the most directly comparable GAAP measure. 13

CONSISTENT AND CONSERVATIVE BALANCE SHEET Capital structure. The Company targets the lowest cost sources of available capital to maintain balance sheet health. Balance Sheet Management Total Debt / Total Asset Value 1 Investment Grade Credit Profile BBB stable / Baa2 stable. Provides access to broadest set of capital options. Consistent cash flows and credit statistics. Maintain a staggered debt maturity schedule Manage liquidity to fund capital needs ACC has raised $3.8 billion from capital markets activity and dispositions since the beginning of 2015. Existing portfolio of core assets provides source of low-cost capital via JV and/or disposition opportunities to fund future investment. Debt Maturity Schedule ($ in millions) Net Debt 2 / Adjusted EBITDA 3 $1,800 $1,500 $1,200 $900 $600 $300 $0 $485 $444 $391 $1,706 $0 2018 2019 2020 2021 2022+ 60% 50% 40% 30% 20% 10% 0% 9.0x 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x 43.8% 38.8% 43.4% 44.4% 42.8% 31.3% 38.0% 2011 2012 2013 2014 2015 2016 2017 6.4x 6.1x 7.5x 7.6x 7.4x 5.4x 6.8x 2011 2012 2013 2014 2015 2016 2017 1. Total Asset Value is undepreciated book value of real estate assets and all other assets, excluding receivables and intangibles, of our consolidated subsidiaries, all determined in accordance with GAAP. 2. Net debt is calculated as Total Debt less Cash. 3. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization ( EBITDA ) for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA to reflect all acquisitions, development deliveries, and dispositions as if such transactions had occurred on the first day of the 12 month period presented. 14