Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE 3Q 2013 OCTOBER 21, 2013

AMERICAN CAMPUS COMMUNITIES TABLE OF CONTENTS Financial Highlights 1Consolidated Balance Sheets 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Funds from Operations 4 Wholly-owned Properties Results of Operations 5 Seasonality of Operations 6 Capital Structure 7 Portfolio Overview 8 Portfolio Overview - Detail by Property 9 Owned Development Update 15Investment Update 16 Third-party Development Update 17 Management Services Update 18 Definitions 19 Investor Information 21

AMERICAN CAMPUS COMMUNITIES | FINANCIAL HIGHLIGHTS $ in thousands, except share and per share data 1. Market capitalization is calculated based on a common share price of $34.15 and $46.13 as of September 30, 2013 and December 31, 2012, respectively, and fully diluted common shares totaling 106,730,410 and 106,488,084 as of September 30, 2013 and December 31, 2012, respectively. 2. Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $341.9 million and $96.5 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $27.3 million and $8.1 million, respectively, to reflect all acquisitions, development deliveries, dispositions, debt repayments and debt refinancings as if such transactions had occurred on the first day of the 12 month period presented. Adjusted Interest Expense includes $9.9 million of interest capitalized for GAAP purposes and excludes $12.6 million of amortization of debt premiums/discounts related to mortgage loans assumed in connection with acquisitions. 1 Operating Data 2013 2012 $ Change % Change 2013 2012 $ Change % Change Total revenues 159,031 $ 112,757 $ 46,274 $ 41.0% 476,643 $ 318,190 $ 158,453 $ 49.8% Operating income 15,195 13,364 1,831 13.7% 83,147 68,123 15,024 22.1% Net income attributable to ACC 47,176 627 46,549 76,815 32,981 43,834 Net income per share - basic 0.45 - 0.73 0.41 Net income per share - diluted 0.45 - 0.72 0.40 Funds From Operations ("FFO") 39,906 28,878 11,028 38.2% 163,961 109,882 54,079 49.2% FFO per share—diluted 0.37 0.32 1.54 1.36 Funds From Operations - Modified ("FFOM") 41,530 29,395 12,135 41.3% 166,183 107,980 58,203 53.9% FFOM per share—diluted 0.39 0.32 1.56 1.33 Market Capitalization and Unsecured Notes Covenants Debt to total market capitalization1 Net debt to EBITDA Unencumbered asset value to total asset value Total debt to total asset value Secured debt to total asset value Unencumbered asset value to unsecured debt Interest coverage2 3.5x December 31, 2012 52.4% 3.5x Three Months Ended September 30, 6.4x 6.8x 40.5% 351.8% 38.8% 474.6% 39.3% 29.5% 24.6% 27.7% Nine Months Ended September 30, September 30, 2013 55.8%

AMERICAN CAMPUS COMMUNITIES | CONSOLIDATED BALANCE SHEETS $ in thousands September 30, 2013 December 31, 2012 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 5,003,173 $ 4,871,376 $ Wholly-owned properties held for sale 23,707 - On-campus participating properties, net 62,162 57,346 Investments in real estate, net 5,089,042 4,928,722 Cash and cash equivalents 25,267 21,454 Restricted cash 37,480 36,790 Student contracts receivable, net 17,207 14,122 Other assets 151,090 117,874 Total assets 5,320,086 $ 5,118,962 $ Liabilities and equity Liabilities: Secured mortgage, construction and bond debt 1,414,943 $ 1,509,105 $ Unsecured notes 398,692 - Unsecured term loan 350,000 350,000 Unsecured revolving credit facility 175,300 258,000 Secured agency facility 95,355 104,000 Accounts payable and accrued expenses 63,895 56,046 Other liabilities 135,788 107,223 Total liabilities 2,633,973 2,384,374 Redeemable noncontrolling interests 49,790 57,534 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,043 1,043 Additional paid in capital 3,014,239 3,001,520 Accumulated earnings and dividends (382,231) (347,521) Accumulated other comprehensive loss (2,210) (6,661) 2,630,841 2,648,381 Noncontrolling interests - partially owned properties 5,482 28,673 Total equity 2,636,323 2,677,054 Total liabilities and equity 5,320,086 $ 5,118,962 $ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 2

AMERICAN CAMPUS COMMUNITIES | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited, $ in thousands, except share and per share data 3 2013 2012 $ Change 2013 2012 $ Change Revenues Wholly-owned properties 150,668 $ 104,062 $ 46,606 $ 449,779 $ 286,932 $ 162,847 $ On-campus participating properties 5,066 5,087 (21) 17,871 17,766 105 Third-party development services 622 1,467 (845) 1,656 7,427 (5,771) Third-party management services 1,792 1,687 105 5,425 5,083 342 Resident services 883 454 429 1,912 982 930 Total revenues 159,031 112,757 46,274 476,643 318,190 158,453 Operating expenses Wholly-owned properties1 87,189 57,941 29,248 222,768 141,772 80,996 On-campus participating properties 3,021 3,010 11 8,454 8,306 148 Third-party development and management services 3,058 2,602 456 7,786 8,013 (227) General and administrative 3,934 7,582 2 (3,648) 12,366 15,760 2 (3,394) Depreciation and amortization 45,248 27,165 18,083 138,373 73,355 65,018 Ground/facility leases 1,386 1,093 293 3,749 2,861 888 Total operating expenses 143,836 99,393 44,443 393,496 250,067 143,429 Operating income 15,195 13,364 1,831 83,147 68,123 15,024 Nonoperating income and (expenses) Interest income 792 428 364 2,165 1,355 810 Interest expense (19,819) (13,530) (6,289) (57,063) (38,742) (18,321) Amortization of deferred financing costs (1,413) (1,060) (353) (4,143) (3,012) (1,131) Income from unconsolidated joint ventures - - - - 444 (444) Other nonoperating income (expense) 134 136 (2) (2,666) 14 (2,680) Total nonoperating expenses (20,306) (14,026) (6,280) (61,707) (39,941) (21,766) (Loss) income before income taxes and discontinued operations (5,111) (662) (4,449) 21,440 28,182 (6,742) Income tax provision (255) (181) (74) (765) (493) (272) (Loss) income from continuing operations (5,366) (843) (4,523) 20,675 27,689 (7,014) Discontinued operations Income attributable to discontinued operations 367 1,865 (1,498) 5,373 7,062 (1,689) Gain from disposition of real estate 52,831 - 52,831 52,831 83 52,748 Total discontinued operations 53,198 1,865 51,333 58,204 7,145 51,059 Net income 47,832 1,022 46,810 78,879 34,834 44,045 Net income attributable to noncontrolling interests (656) (395) (261) (2,064) (1,853) (211) Net income attributable to American Campus Communities, Inc. and Subsidiaries 47,176 $ 627 $ 46,549 $ 76,815 $ 32,981 $ 43,834 $ Other comprehensive (loss) income Change in fair value of interest rate swaps (1,163) (2,386) 1,223 4,451 (4,191) 8,642 Comprehensive income (loss) 46,013 $ (1,759) $ 47,772 $ 81,266 $ 28,790 $ 52,476 $ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders Basic 0.45 $ - $ 0.73 $ 0.41 $ Diluted 0.45 $ - $ 0.72 $ 0.40 $ Weighted-average common shares outstanding Basic 104,781,431 89,169,868 104,752,982 79,404,323 Diluted 104,781,431 89,169,868 105,381,053 80,009,463 Three Months Ended September 30, Nine Months Ended September 30, 1. Wholly-owned properties operating expenses for both the three and nine month periods ended September 30, 2013 include $0.3 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees. Wholly-owned properties operating expenses for the three and nine month periods ended September 30, 2012 include $0.9 million and $1.6 million, respectively, of acquisition-related costs. 2. General and administrative expenses for the three and nine months ended September 30, 2012 include $3.8 million and $4.5 million, respectively, of acquisition-related costs such as due diligence costs and legal and accounting fees related to the acquisition of a 15-property portfolio from Campus Acquisitions in September 2012.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS Unaudited, $ in thousands, except share and per share data 1. Excludes $0 and $0.8 million for the three and nine months ended September 30, 2013, respectively, and $0.3 million and $1.1 million for the three and nine months ended September 30, 2012, respectively, of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. Effective July 1, 2013, the company acquired the minority partner’s interest and now owns 100% of the property. 2. Represents our 10% share of FFO from a joint venture with Fidelity (“Fund II”) in which we were a noncontrolling partner. In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company. 3. 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. 4. Development and construction management fees related to the West Virginia University on-campus participating property, which is currently under construction and scheduled for completion in August 2014. Although the company is including this project in its consolidated financial statements for accounting purposes, similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects. 5. On April 22, 2013, the company acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million, which are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation. The instruments carry an interest rate of 5.123 percent. The acquisition facilitated the settlement of litigation related to a third-party management agreement for the properties with a GMH entity that was acquired by the company’s 2008 merger with GMH. The acquisition resulted in a non-cash settlement charge of $2.8 million to reflect the fair market valuation of the instruments. Management believes it is appropriate to exclude this non-cash charge from FFOM in order to more accurately present the operating results of the company on a comparative basis during the periods presented. 6. In connection with our purchase of University Heights from Fund II (see Note 3), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain is reflected above as an adjustment to FFOM. 7. Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012. 4 2013 2012 $ Change 2013 2012 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries 47,176 $ 627 $ 46,549 $ 76,815 $ 32,981 $ 43,834 $ Noncontrolling interests1 656 129 527 1,273 798 475 Gain from disposition of real estate (52,831) - (52,831) (52,831) (83) (52,748) Income from unconsolidated joint ventures - - - - (444) 444 FFO from unconsolidated joint ventures2 - - - - 429 (429) Real estate related depreciation and amortization 44,905 28,122 16,783 138,704 76,201 62,503 Funds from operations ("FFO") 39,906 28,878 11,028 163,961 109,882 54,079 Elimination of operations of on-campus participating properties Net loss (income) from on-campus participating properties 1,002 919 83 (493) (535) 42 Amortization of investment in on-campus participating properties (1,197) (1,167) (30) (3,553) (3,481) (72) 39,711 28,630 11,081 159,915 105,866 54,049 Modifications to reflect operational performance of on-campus participating properties Our share of net cash flow3 627 529 98 1,686 1,602 84 Management fees 242 236 6 832 814 18 On-campus participating properties development fees4 950 - 950 950 - 950 Impact of on-campus participating properties 1,819 765 1,054 3,468 2,416 1,052 Non-cash litigation settlement expense5 - - - 2,800 - 2,800 Elimination of gain on debt restructuring - unconsolidated joint venture6 - - - - (424) 424 Loss on remeasurement of equity method investment7 - - - - 122 (122) Funds from operations-modified ("FFOM") 41,530 $ 29,395 $ 12,135 $ 166,183 $ 107,980 $ 58,203 $ FFO per share - diluted 0.37 $ 0.32 $ 1.54 $ 1.36 $ FFOM per share - diluted 0.39 $ 0.32 $ 1.56 $ 1.33 $ Weighted average common shares outstanding - diluted 106,639,825 90,764,959 106,629,998 81,011,069 Acquisition-related costs 345 $ 4,744 $ 345 $ 6,121 $ FFOM (excluding acquisition-related costs) 41,875 $ 34,139 $ 166,528 $ 114,101 $ FFOM per share (excluding acquisition-related costs) 0.39 $ 0.38 $ 1.56 $ 1.41 $ Nine Months Ended September 30, Three Months Ended September 30,

WHOLLY-OWNED PROPERTIES RESULTS OF OPERATIONS1 $ in thousands Note: The same store grouping above represents properties owned or operated for the entire comparative periods presented. The third quarter same store grouping includes properties purchased or developed prior to July 1, 2012. The year-to-date same store grouping includes properties purchased or developed prior to January 1, 2012. 1. Excludes State College Park, University Pines, Northgate Lakes, and The Village at Blacksburg, which were sold in July 2013 and are classified within discontinued operations on the accompanying consolidated statements of comprehensive income. Includes Campus Ridge Apartments, which was sold in October 2013, and University Mills, which is anticipated to be sold in the fourth quarter of 2013. These two properties are also included in discontinued operations on the accompanying consolidated statements of comprehensive income. Revenues for Campus Ridge and University Mills totaled $1.2 million for both three month periods ended September 30, 2013 and 2012 and $3.7 million for both nine month periods ended September 30, 2013 and 2012. Operating expenses for Campus Ridge and University Mills totaled $0.8 million and $0.7 million for the three months ended September 30, 2013 and 2012, respectively, and $2.0 million and $1.9 million for the nine months ended September 30, 2013 and 2012, respectively. Excluding these two properties, same store net operating income would have increased by 0.7% and 0.9% for the three and nine months ended September 30, 2013, respectively. 2. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income. 3. Operating expenses for both the three and nine month periods ended September 30, 2013 include $0.3 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees. Operating expenses for the three and nine months ended September 30, 2012 include $0.9 million and $1.6 million, respectively, of acquisition-related costs. 5 2013 2012 $ Change % Change 2013 2012 $ Change % Change Wholly-owned properties revenues Same store properties 95,917 $ 94,244 $ 1,673 $ 1.8% 278,843 $ 273,648 $ 5,195 $ 1.9% New properties 56,852 11,509 45,343 176,518 17,927 158,591 Total revenues2 152,769 $ 105,753 $ 47,016 $ 44.5% 455,361 $ 291,575 $ 163,786 $ 56.2% Wholly-owned properties operating expenses Same store properties 54,568 $ 53,100 $ 1,468 $ 2.8% 136,959 $ 132,805 $ 4,154 $ 3.1% New properties3 33,380 5,534 27,846 87,843 10,835 77,008 Total operating expenses 87,948 $ 58,634 $ 29,314 $ 50.0% 224,802 $ 143,640 $ 81,162 $ 56.5% Wholly-owned properties net operating income Same store properties 41,349 $ 41,144 $ 205 $ 0.5% 141,884 $ 140,843 $ 1,041 $ 0.7% New properties 23,472 5,975 17,497 88,675 7,092 81,583 Total net operating income 64,821 $ 47,119 $ 17,702 $ 37.6% 230,559 $ 147,935 $ 82,624 $ 55.9% Three Months Ended September 30, Nine Months Ended September 30,

SEASONALITY OF OPERATIONS1 $ in thousands, except for per bed amounts Note: The same store grouping above includes properties owned or operating for the entire year ended December 31, 2012 (i.e. properties purchased or developed on or prior to December 31, 2011.) 1. Excludes sold properties and includes two properties classified as Held For Sale as of September 30, 2013. Properties classified as Held for Sale include Campus Ridge, which was sold in October 2013, and University Mills, which is anticipated to be sold in the fourth quarter 2013. All such properties are included in discontinued operations on the accompanying consolidated statements of comprehensive income. 2. For the four most recently completed fiscal quarters. 3. Other income is all income other than Net Student Rent. This includes, but is not limited to, utility income, damages, parking income, summer conference rent, application and administration fees, income from retail tenants, etc. 4. Includes the following properties opened or acquired in 2012: University Heights-Knoxville, Avalon Heights, University Commons, The Block, The Retreat, University Edge, the 15-property Campus Acquisitions portfolio acquired in September 2012, 11 properties that completed construction and opened for operations in August and September 2012 and the 19-property Kayne Anderson portfolio acquired in November 2012. Includes the following properties opened or acquired in 2013: 7th Street Station, The Plaza Apartments (currently undergoing redevelopment activities), Townhomes at Newtown Crossing, The Lodges of East Lansing Phase II and 7 properties that completed construction and opened for operations in August and September 2013. Also includes The Plaza on University, acquired in July 2011, which is currently undergoing redevelopment activities. 6 September 30, 2012 December 31, 2012 March 31, 2013 June 30, 2013 September 30, 2013 Total/Weighted Average- Last 12 Months2 Same store properties Revenue per occupied bed Rental revenue per occupied bed per month 523 $ 552 $ 552 $ 541 $ 533 $ 544 $ Other income per occupied bed per month3 56 36 37 41 57 43 Total revenue per occupied bed 579 $ 588 $ 589 $ 582 $ 590 $ 587 $ Average number of owned beds 55,241 55,241 55,241 55,241 55,241 55,241 Average physical occupancy for the quarter 95.3% 97.3% 97.5% 94.1% 95.0% 96.0% Total revenue 91,381 $ 94,721 $ 95,161 $ 90,747 $ 92,935 $ 373,564 $ Property operating expenses 51,007 41,075 40,949 43,316 52,709 178,049 Net operating income 40,374 $ 53,646 $ 54,212 $ 47,431 $ 40,226 $ 195,515 $ Operating margin 44.2% 56.6% 57.0% 52.3% 43.3% 52.3% New properties4 Revenue per occupied bed Rental revenue per occupied bed per month 640 $ 658 $ 645 $ 649 $ 592 $ 634 $ Other income per occupied bed per month3 63 57 58 64 70 63 Total revenue per occupied bed 703 $ 715 $ 703 $ 713 $ 662 $ 697 $ Average number of owned beds 7,112 21,989 29,782 29,789 33,062 28,655 Average physical occupancy for the quarter 95.9% 95.4% 94.8% 89.6% 91.1% 92.5% Total revenue 14,372 $ 45,015 $ 59,548 $ 57,136 $ 59,834 $ 221,533 $ Property operating expenses 7,627 18,931 25,985 26,604 35,239 106,759 Net operating income 6,745 $ 26,084 $ 33,563 $ 30,532 $ 24,595 $ 114,774 $ Operating margin 46.9% 57.9% 56.4% 53.4% 41.1% 51.8% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month 536 $ 582 $ 584 $ 577 $ 555 $ 574 $ Other income per occupied bed per month3 57 42 44 49 62 50 Total revenue per occupied bed 593 $ 624 $ 628 $ 626 $ 617 $ 624 $ Average number of owned beds 62,353 77,230 85,023 85,030 88,303 83,896 Average physical occupancy for the quarter 95.3% 96.8% 96.6% 92.5% 93.5% 94.8% Total revenue 105,753 $ 139,736 $ 154,709 $ 147,883 $ 152,769 $ 595,097 $ Property operating expenses 58,634 60,006 66,934 69,920 87,948 284,808 Net operating income 47,119 $ 79,730 $ 87,775 $ 77,963 $ 64,821 $ 310,289 $ Operating margin 44.6% 57.1% 56.7% 52.7% 42.4% 52.1% Three Months Ended

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2013 $ in millions, except share and per share data Note – refer to the Definitions outlined on pages 19 and 20 for detailed definitions of terms appearing on this page. 1. Excludes net unamortized debt premiums related to mortgage loans assumed in connection with acquisitions of $76.0 million and the unamortized original issue discount on unsecured notes of $1.3 million. Includes capital lease obligations, net of accumulated amortization, of $23,000. 2. Based on share price of $34.15 and fully diluted share count of 106,730,410 as of September 30, 2013. Assumes conversion of 1,342,847 common and preferred Operating Partnership units and 604,746 unvested restricted stock awards. 3. Excludes accumulated depreciation of $546.7 million and receivables and intangible assets, net of accumulated amortization, of $27.9 million. 4. Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $341.9 million and $96.5 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $27.3 million and $8.1 million, respectively, to reflect all acquisitions, development deliveries, dispositions, debt repayments and debt refinancings as if such transactions had occurred on the first day of the 12 month period presented. Adjusted Interest Expense includes $9.9 million of interest capitalized for GAAP purposes and excludes $12.6 million of amortization of debt premiums/discounts related to mortgage loans assumed in connection with acquisitions. 5. Including the amortization of net debt premiums related to mortgage loans assumed in connection with property acquisitions, the effective interest rate for fixed rate mortgage loans is 4.2%. 7 Total Debt 5.7% 4.1% 5.2% 4.1% 3.4% 5.5% - 5.6% 5.4% 4.2% Fixed Rate Mortgage Loans 5.7% 5.5% 5.2% 5.9% 5.8% 5.5% - 5.6% 5.4% 4.4% Weighted Average Interest Rate Of Debt Maturing Each Year

PORTFOLIO OVERVIEW Summary 1. Represents average rental revenue per occupied bed for the academic years presented. 2. Excludes properties sold in 2012 and 2013. Includes two properties classified as Held for Sale as of September 30, 2013 and included in discontinued operations on the accompanying consolidated financial statements. Excluding these properties, the same store legacy portfolio is 97.0% occupied as of September 30, 2013 as compared to 97.0% occupied as of September 30, 2012. 3. At the time of our acquisition of The Castilian in September 2012, the company underwrote occupancy at 75% due to the impact of The Callaway House Austin’s debut in the market in the same asset class. The Castilian is 71.6% occupied as of September 30, 2013. Excluding The Castilian, occupancy as of September 30, 2013 would be 94.9% for the Campus Acquisitions Portfolio as compared to 92.5% as of September 30, 2012, and the Fall 2013 rental rate change for the portfolio would have been 2.1%. 4. Includes the following properties: (1) University Heights in Knoxville, TN – acquired January 2012, (2) Avalon Heights in Tampa Bay, FL - acquired May 2012, (3) University Commons in Minneapolis, MN - acquired June 2012, (4) The Block in Austin, TX - acquired August 2012, and (5) The Retreat in San Marcos, TX - acquired September 2012. 5. Represents September 30, 2012 occupancy and rental rates per the previous portfolio owner. The company acquired this 19-property portfolio in November 2012. 6. Includes 7th Street Station in Corvallis, OR, which was acquired in July 2013. Does not include The Plaza Apartments in Tallahassee, FL, which was acquired in August 2013. The company is currently vacating tenants from this property in preparation for redevelopment activities that are expected to commence in the second or third quarter 2014. 7. Includes 7 wholly-owned properties that completed construction and opened for operations in August and September 2013. Also includes Townhomes at Newtown Crossing, a property subject to a presale agreement that completed construction in August 2013 and was purchased by the company in September 2013. 8 Units Beds 2013 2012 2013/2014 2012/2013 Q4 2013 Same Store Wholly-owned Properties Legacy Properties2 19,416 62,552 97.0% 96.9% 2.5% 1.4% 565 $ 558 $ 2012 Acquisitions-Campus Acquisitions Portfolio3 2,500 6,590 92.7% 93.8% -0.9% -0.7% 722 $ 727 $ 2012 Acquisitions-Other4 1,434 4,205 98.2% 98.7% 2.7% 1.0% 667 $ 661 $ Subtotal - Q4 2013 Same Store Wholly-owned Properties 23,350 73,347 96.7% 96.8% 2.2% 1.1% 585 $ 579 $ New Wholly-owned Properties Kayne Anderson Portfolio 4,224 12,049 96.6% 92.2%5 0.3% -1.1% 612 $ 618 $ 5 2013 Acquisitions6 82 309 100.0% n/a n/a n/a 645 $ n/a 2013 Development Deliveries7 1,233 4,553 98.1% n/a n/a n/a 810 $ n/a Subtotal - New Wholly-owned Properties 5,539 16,911 97.1% n/a n/a n/a 666 $ n/a Total - Wholly-owned Properties 28,889 90,258 96.7% n/a n/a n/a 600 $ n/a On-campus Participating Properties 1,863 4,519 98.4% 99.6% Physical Occupancyat September 30, Property Type

PORTFOLIO OVERVIEW Detail – Q4 2013 same store legacy properties with final fall 2012 occupancy of 98% or greater Fall 2013 Rental Property Units Beds 2013 2012 Rate Change 1. 26 West-Austin, TX 367 1,026 99.5% 99.5% 8.9% 2. University Crossings-Philadelphia, PA 260 1,016 99.3% 99.4% 6.9% 3. The Edge-Charlotte, NC 180 720 99.4% 98.9% 6.4% 4. Hilltop Townhomes-Flagstaff, AZ (ACE®) 144 576 99.3% 99.3% 5.7% 5. The View-Lincoln, NE 157 590 100.0% 100.0% 5.5% 6. University Walk-Charlotte, NC 120 480 99.0% 99.0% 5.4% 7. University Meadows-Mt. Pleasant, MI 184 616 97.7% 98.5% 5.3% 8. Campus Corner-Bloomington, IN 254 796 99.1% 99.2% 4.8% 9. University Greens-Norman, OK 156 516 99.0% 98.8% 4.8% 10. 2nd Ave Centre-Gainesville, FL 274 868 99.5% 99.5% 4.8% 11. University Oaks-Columbia, SC 181 662 99.1% 99.1% 4.6% 12. Royal Village-Gainesville, FL 118 448 97.8% 98.0% 4.1% 13. University Heights-Birmingham, AL 176 528 99.4% 99.4% 4.0% 14. U Club Townhomes on Marion Pugh-College Station, TX 160 640 99.4% 99.4% 3.9% 15. The Callaway House-College Station, TX 173 538 103.9% 104.1% 3.9% 16-17. Willowtree Apartments and Tower-Ann Arbor, MI 473 851 99.3% 99.5% 3.8% 18. U Club on Frey-Kennesaw, GA 114 456 98.7% 99.1% 3.8% 19. University Village at Boulder Creek-Boulder, CO 82 309 98.7% 98.7% 3.8% 20-22. University Village-Tallahassee, FL 217 716 99.4% 99.4% 3.7% 23. The Estates-Gainesville, FL 396 1,044 98.9% 98.3% 3.6% 24. Campus Edge on UTA Boulevard-Arlington, TX 128 488 99.6% 100.0% 3.5% 25. Villas on Rensch-Amherst, NY 153 610 99.0% 99.0% 3.5% 26. Chapel Ridge-Chapel Hill, NC 180 544 96.5% 98.9% 3.4% 27. Aztec Corner-San Diego, CA 180 606 97.9% 98.3% 3.3% 28. Olde Towne University Square-Toledo, OH 224 550 100.2% 100.2% 3.2% 29. University Centre-Newark, NJ 234 838 88.3% 98.2% 3.1% 30. Nittany Crossing-State College, PA 204 684 98.8% 99.3% 3.0% 31. Sunnyside Commons-Morgantown, WV 68 161 100.6% 100.6% 3.0% 32. Chapel View-Chapel Hill, NC 224 358 97.2% 98.0% 2.9% 33. University Village-Sacramento, CA 250 394 102.5% 100.5% 2.9% 34. University Village-Prairie View, TX (ACE) 36 144 100.0% 100.0% 2.8% 35. University Village at Sweethome-Amherst, NY 269 828 99.6% 99.2% 2.7% 36. The Tower at Third-Champaign, IL 188 375 98.4% 98.9% 2.4% 37. Newtown Crossing-Lexington, KY 356 942 99.2% 99.4% 2.4% 38. Callaway Villas-College Station, TX 236 704 99.7% 99.3% 2.3% 39. Sanctuary Lofts-San Marcos, TX 201 487 98.2% 98.2% 2.2% Physical Occupancy at September 30, 9

PORTFOLIO OVERVIEW Detail – Q4 2013 same store legacy properties with final fall 2012 occupancy of 98% or greater, continued Fall 2013 Rental Property Units Beds 2013 2012 Rate Change 40. The Highlands-Reno, NV 216 732 99.7% 98.9% 2.2% 41. Abbott Place-East Lansing, MI 222 654 97.9% 99.4% 2.2% 42. The Outpost-San Marcos, TX 162 486 99.2% 99.0% 2.2% 43. Villas at Chestnut Ridge-Amherst, NY 196 552 99.1% 98.9% 1.9% 44. Campus Way-Tuscaloosa, AL 194 680 94.4% 98.8% 1.7% 45. GrandMarc Seven Corners-Minneapolis, MN 186 440 119.8% 126.4% 1.5% 46. Casas del Rio-Albuquerque, NM (ACE) 283 1,028 95.3% 99.5% 1.2% 47. Aggie Station-Bryan, TX 156 450 100.0% 100.0% 1.0% 48. The Club-Athens, GA 120 480 95.0% 98.1% 0.9% 49. Peninsular Place-Ypsilanti, MI 183 478 99.0% 99.4% 0.5% 50. Hawks Landing-Oxford, OH 122 484 98.8% 98.8% 0.2% 51. The Village at Overton Park-Lubbock, TX 163 612 93.3% 98.7% 0.0% 52-54. The Summit & Jacob Heights-Mankato, MN 258 930 98.2% 98.6% -0.1% 55. University Club Apartments-Gainesville, FL 94 376 98.9% 98.1% -0.1% 56. The Suites-Flagstaff, AZ (ACE) 275 550 99.5% 99.1% -0.8% 57. The Centre-Kalamazoo, MI 232 700 96.9% 99.1% -0.9% 58. Eagles Trail-Hattiesburg, MS 216 792 97.7% 98.7% -1.2% 59. Lions Crossing-State College, PA 204 696 98.6% 99.4% -1.2% 60. The Village at Science Drive-Orlando, FL 192 732 98.0% 98.0% -1.9% 61. Lobo Village-Albuquerque, NM (ACE) 216 864 89.7% 99.0% -2.5% 62. The Edge-Orlando, FL 306 930 98.9% 98.6% -2.9% 63-64. College Club Townhomes-Tallahassee, FL 136 544 89.3% 98.3% -3.2% 65. South View Apartments-Harrisonburg, VA 240 960 93.0% 98.3% -3.3% 66. The Enclave-Bowling Green, OH 120 480 96.9% 98.3% -4.4% Subtotal - Q4 2013 Same Store Legacy Properties With Final Fall 2012 Occupancy of 98% or Greater 12,009 37,739 98.2% 99.4% 2.5% Physical Occupancy at September 30, 10

PORTFOLIO OVERVIEW Detail – Q4 same store legacy properties with final fall 2012 occupancy between 95% and 98% Fall 2013 Rental Property Units Beds 2013 2012 Rate Change 1. University Manor-Greenville, NC 168 600 97.3% 97.7% 11.3% 2. Royal Lexington-Lexington, KY 94 364 100.0% 97.8% 10.6% 3. Campus Trails-Starkville, MS 156 480 98.3% 97.9% 4.0% 4. University Crescent-Baton Rouge, LA 192 612 98.5% 97.2% 2.7% 5. Barrett Honors College-Tempe, AZ (ACE) 604 1,721 97.7% 96.7% 2.7% 6. Villas on Sycamore-Huntsville, TX 170 680 99.4% 95.7% 2.3% 7. Uptown Apartments-Denton, TX 180 528 95.1% 97.0% 2.0% 8. University Village-Fresno, CA 105 406 94.8% 95.8% 1.8% 9. City Parc at Fry Street-Denton, TX 136 418 98.3% 96.7% 1.4% 10. University Trails-Lubbock, TX 240 684 93.3% 96.5% 1.0% 11. Stone Gate-Harrisonburg, VA 168 672 99.1% 96.3% 0.8% 12-13. Villas at Vista del Sol & Vista del Sol-Tempe, AZ (ACE) 717 2,266 96.6% 97.9% 0.3% 14. The Village at Alafaya Club-Orlando, FL 228 839 98.7% 96.4% -1.0% 15-16. University Club Townhomes-Tallahassee, FL 216 736 96.3% 95.8% -1.3% 17. The Woods-Murfreesboro, TN 78 276 97.8% 95.7% -1.6% 18. University Pointe-Lubbock, TX 204 682 91.8% 97.4% -2.2% 19. Villas at Babcock-San Antonio, TX 204 792 91.7% 96.5% -3.9% 20. University Mills-Cedar Falls, IA1 121 481 86.9% 96.5% -3.9% 21. Burbank Commons-Baton Rouge, LA 134 532 98.9% 97.2% -4.1% 22. Lakeside Apartments-Athens, GA 244 776 91.5% 95.9% -9.1% 23. The Commons-Harrisonburg, VA 132 528 81.4% 96.2% -11.0% Subtotal - Q4 2013 Same Store Legacy Properties With Final Fall 2012 Occupancy Between 95% and 98% 4,491 15,073 95.6% 96.8% 0.8% Physical Occupancy at September 30, 11 1. Property is classified as Held for Sale as of September 30, 2013 and is included in discontinued operations on the accompanying consolidated financial statements.

PORTFOLIO OVERVIEW Detail – Q4 2013 same store legacy properties with final fall 2012 occupancy less than 95% Fall 2013 Rental Property Units Beds 2013 2012 Rate Change 1. Pirates Place Townhomes-Greenville, NC 144 528 93.4% 91.5% 11.8% 2. The Varsity-College Park, MD1 258 901 99.4% 93.0% 1.2% 3. The Village on Sixth Avenue-Huntington, WV 248 752 94.4% 94.5% 0.2% 4. Raiders Crossing-Murfreesboro, TN 96 276 98.9% 91.3% -0.3% 5. University Edge-Kent, OH 201 608 99.3% 90.3% -0.5% 6. Campus Ridge-Johnson City, TN2 132 528 96.8% 88.8% -0.9% 7. University Place-Charlottesville, VA 144 528 95.3% 90.7% -1.3% 8. University Gables-Murfreesboro, TN 168 648 98.5% 92.0% -1.6% 9. Blanton Common-Valdosta, GA 276 860 93.7% 82.9% -1.9% 10. Raiders Pass-Lubbock, TX 264 828 94.6% 84.2% -2.9% 11. Entrada Real-Tucson, AZ 98 363 84.3% 87.1% -3.0% 12. Casa de Oro-Glendale, AZ (ACE) 109 365 58.9% 57.0% -3.7% 13. University Pointe at College Station-Portland, OR (ACE) 282 978 98.8% 87.0% -4.2% 14. The Outpost-San Antonio, TX 276 828 91.8% 90.7% -9.1% 15. University Village-Philadelphia, PA 220 749 96.9% 83.2% -10.6% Subtotal - Q4 2013 Same Store Legacy Properties With Final Fall 2012 Occupancy Less than 95% 2,916 9,740 94.4% 87.6% -2.2% Total - Q4 2013 Same Store Legacy Properties 19,416 62,552 97.0% 96.9% 1.4% Physical Occupancy at September 30, 12 1. The company previously owned a 79.5% interest in this property. Effective July 1, 2013, the Company acquired the remaining 20.5% interest in this property. As of September 30, 2013, the property is fully owned by the company. 2. Property is classified as Held for Sale as of September 30, 2013 and is included in discontinued operations on the accompanying consolidated financial statements.

PORTFOLIO OVERVIEW Detail – 2012 acquisitions Fall 2013 Rental Property Units Beds 2013 2012 Rate Change 1. Landmark-Ann Arbor, MI 173 606 98.8% 101.3% 11.6% 2. Icon Plaza-Los Angeles, CA 56 253 92.5% 104.0% 9.0% 3. Avalon Heights-Tampa Bay, FL 210 754 100.0% 99.9% 4.1% 4. Campustown-Ames, IA 452 1,217 99.8% 99.8% 3.9% 5. The Block-Austin, TX 669 1,555 94.5% 98.6% 2.9% 6. Garnet River Walk-West Colombia, SC 170 476 98.7% 98.7% 1.2% 7. University Commons-Minneapolis, MN 164 480 115.8% 112.9% 1.1% 8. Union-Waco, TX 54 120 98.3% 99.2% -0.9% 9. The Retreat-San Marcos, TX 187 780 92.7% 98.6% -1.7% 10. The Castilian-Austin, TX1 371 623 71.6% 105.5% -5.0% Subtotal - 2012 Acquisitions with Final Fall 2012 Occupancy of 98% or Greater 2,506 6,864 95.9% 101.0% 0.8% 1-2. Vintage & Texan- Austin, TX 124 311 98.7% 94.9% 9.2% 3. Chauncey Square-West Lafayette, IN 158 386 99.0% 87.3% 7.1% 4. University Heights-Knoxville, TN 204 636 98.9% 86.9% 1.3% 5. Campustown Rentals-Champaign, IL 280 766 74.0% 94.9% -0.9% 6. Bishops Square-San Marcos, TX 134 315 97.1% 88.3% -1.3% 7. River Mill-Athens, GA 243 461 96.7% 84.8% -1.7% 8. 309 Green-Champaign, IL 110 416 97.1% 90.1% -7.0% 9. Lofts54-Champaign, IL 43 172 100.0% 88.4% -8.5% 10. 922 Place-Tempe, AZ 132 468 95.1% 61.1% -13.5% Subtotal - 2012 Acquisitions with Final Fall 2012 Occupancy Less than 95% 1,428 3,931 93.1% 86.3% -0.9% Total - 2012 Acquisitions 3,934 10,795 94.9% 95.7% -0.1% Total - Q4 2013 Same Store Wholly-owned Properties 23,350 73,347 96.7% 96.8% 1.1% Physical Occupancy at September 30, 13 1. At the time of our acquisition of The Castilian in September 2012, the company underwrote occupancy at 75% due to the impact of The Callaway House Austin’s debut in the market in the same asset class. Excluding The Castilian, occupancy as of September 30, 2013 for the 2012 acquisitions with final Fall 2012 occupancy of 98% or greater would have been 98.3%

PORTFOLIO OVERVIEW Detail – new wholly-owned properties Property Units Beds Physical Occupancy at September 30, 2013 1. West 27th Place-Los Angeles, CA 161 475 104.0% 2. The Province-Rochester, NY 336 816 100.7% 3. The Province-Tampa, FL 287 947 99.6% 4. Grindstone Canyon-Columbia, MO 201 384 99.5% 5. The Province-Louisville, KY 366 858 99.1% 6. U Club Cottages-Baton Rouge, LA 105 308 99.0% 7. Forest Village and Woodlake-Columbia, MO 352 704 98.9% 8. The Cottages of Baton Rouge-Baton Rouge, LA 382 1,290 98.8% 9. The Cottages of Durham-Durham, NH 141 619 98.1% 10. The Cottages of Columbia-Columbia, MO 145 513 97.3% 11. The Lofts at Capital Garage-Richmond, VA 36 144 97.2% 12. RAMZ Apts on Broad-Richmond, VA 88 172 96.5% 13-14. 5 Twenty Four & 5 Twenty Five Angliana-Lexington, KY 376 1,060 96.2% 15. 25Twenty-Lubbock, TX 249 562 95.6% 16. The Lodges of East Lansing-East Lansing, MI 364 1,049 92.8% 17. The Province-Dayton, OH 200 657 92.2% 18. U Pointe Kennesaw-Kennesaw, GA 216 795 89.1% 19. The Province-Greensboro, NC 219 696 88.4% Subtotal - Kayne Anderson Portfolio 4,224 12,049 96.6% 1. 7th Street Station-Corvallis, OR 82 309 100.0% Subtotal - 2013 Acquisitions 82 309 100.0% 1. University View-Prairie View, TX (ACE) 96 336 100.0% 2. The Callaway House & The Penthouse at Callaway-Austin, TX 219 753 99.5% 3. Chestnut Square-Philadelphia, PA (ACE) 220 861 99.3% 4. 601 Copeland-Tallahassee, FL 81 283 99.3% 5. U Club on Woodward-Tallahassee, FL 112 448 99.1% 6. The Townhomes at Newtown Crossing-Lexington, KY 152 608 99.0% 7. Manzanita-Tempe, AZ (ACE) 241 816 96.7% 8. U Club Townhomes at Overton Park-Lubbock, TX 112 448 92.0% Subtotal - 2013 Development Deliveries 1,233 4,553 98.1% Total - New Wholly-owned Properties 5,539 16,911 97.1% Total - Wholly-owned Properties 28,889 90,258 96.7% 14

OWNED DEVELOPMENT UPDATE $ in thousands 15 1. The total construction in progress (“CIP”) balance above excludes $3.4 million related to ongoing renovation projects at operating properties, as well as the CIP balance of $2.3 million related to the University Walk pre-sale property in Knoxville, TN that is discussed on page 16. 2. Consists of amounts incurred to purchase the land for off-campus development projects, as well as other development-related expenditures not included in CIP such as deposits, furniture, etc. 3. Based on costs incurred under the general construction contract as of September 30, 2013. 4. This project was purchased in July 2011. In October 2012, demolition of the existing retail center began in connection with the development of a new mixed-use community. 5. This faculty and staff community consists of two phases, with the first phase anticipated to be completed in July 2014 and the second phase anticipated to be completed in July 2015. 6. Does not include undeveloped land parcels in 5 university markets totaling $33.1 million. 7. Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. 8. Estimated project costs include land and other predevelopment costs of $4.6 million incurred as of September 30, 2013 for owned development pipeline projects. 9. This property was purchased in August 2013. The company is currently vacating tenants in preparation for redevelopment activities. RECENTLY COMPLETED PROJECTS Project Project Type Location Primary University Served Units Beds Total Project Cost Opened for Occupancy Manzanita Hall ACE Tempe, AZ Arizona State University 241 816 48,500 $ August 2013 The Callaway House Off-campus Austin, TX The University of Texas at Austin 219 753 62,500 August 2013 Chestnut Square ACE Philadelphia, PA Drexel University 220 861 100,700 September 2013 U Club on Woodward Off-campus Tallahassee, FL Florida State University 112 448 28,800 August 2013 Town. at Overton Park Off-campus Lubbock, TX Texas Tech University 112 448 29,800 August 2013 601 Copeland Off-campus Tallahassee, FL Florida State University 81 283 26,800 August 2013 University View (PVAMU Phase VII) ACE Prairie View, TX Prairie View A&M University 96 336 14,800 August 2013 1,081 3,945 311,900 $ PROJECTS UNDER CONSTRUCTION Project Project Type Location Primary University Served Units Beds CIP1 Land and Other2 Total Costs Incurred % Complete3 Scheduled Completion The Plaza on University4 Off-campus Orlando, FL Univ. of Central Florida 364 1,313 112,300 $ 32,067 $ 26,374 $ 58,441 $ 39% August 2014 Stanworth Commons Phase I5 ACE Princeton, NJ Princeton University 127 214 35,800 12,400 1,070 13,470 34% July 2014 U Club on Frey Phase II Off-campus Kennesaw, GA Kennesaw State University 102 408 25,300 4,622 5,453 10,075 23% August 2014 U Centre at Northgate ACE College Station, TX Texas A&M University 196 784 37,500 6,056 1,645 7,701 17% August 2014 The Suites Phase II ACE Flagstaff, AZ Northern Arizona University 164 328 19,300 465 - 465 3% August 2014 SUBTOTAL - 2014 DELIVERIES 953 3,047 230,200 $ 55,610 $ 34,542 $ 90,152 $ Lancaster Project ACE Philadelphia, PA Drexel University 351 1,316 170,700 $ 9,174 $ 370 $ 9,544 $ 4% September 2015 SUBTOTAL - 2015 DELIVERIES 351 1,316 170,700 $ 9,174 $ 370 $ 9,544 $ OWNED DEVELOPMENT PIPELINE6 7 Project Project Type Location Primary University Served Approx. Targeted Beds Estimated Project Cost8 Targeted Completion The Plaza Apartments9 Off-campus Tallahassee, FL Florida State University 496 36,400 $ August 2015 Stanworth Commons Phase II5 ACE Princeton, NJ Princeton University 379 42,500 July 2015 USC Health Sciences Campus ACE Los Angeles, CA University of Southern California 460 49,000 TBD Carbondale Development Off-campus Carbondale, IL Southern Illinois University 650 32,100 TBD 1,985 160,000 $ As of September 30, 2013 Estimated Project Cost TBD Q2/Q3 2014 TBD Q3 2014 Anticipated Commencement

INVESTMENT UPDATE $ in thousands 1. In July 2012, the company provided mezzanine financing to a private developer and was obligated to purchase the property as long as certain construction completion deadlines and other closing conditions were met. The company was responsible for leasing, management, and initial operations of the project while the third-party developer retained the development risk during the construction period. Construction completed in August 2013 and the company closed on the purchase of this property in September 2013. 2. As part of the purchase of the Kayne Anderson Portfolio in November 2012, the company was obligated to purchase a second phase of an existing property, which was under construction at the time of purchase, as long as certain construction completion deadlines and other closing conditions were met. In connection with the closing of the Kayne Anderson Portfolio, the company deposited $8.3 million towards the purchase of this second phase, and the remaining $24.0 million of the purchase price was paid upon construction completion and closing of the purchase in July 2013. 3. In July 2013, the company provided mezzanine financing to a private developer and is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The company is responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. In accordance with accounting guidance, the company is including this property in its consolidated financial statements. Therefore, as of September 30, 2013, the company has included the following amounts in its consolidated balance sheet: land of $3.4 million, and construction in progress of $2.3 million. 4. The company is currently vacating tenants from this property in preparation for redevelopment activities, which are anticipated to commence in the second or third quarter 2014 (see slide 15). 5. These properties were included in the Collateral Pool which secures the company’s Agency Facility. Concurrent with the sale of these properties, $23.1 million of the Secured Agency Facility was paid down. 16 MEZZANINE INVESTMENTS Location Primary University Served Units Beds Mezzanine Investment/ Deposit Transaction Structure Purchase Price Actual or Targeted Completion Status Lexington, KY Univ. of Kentucky 152 608 2,000 $ Pre-sale 38,750 $ August 2013 Purchased September 2013 East Lansing, MI Michigan State Univ. 144 366 8,300 Pre-sale 32,300 July 2013 Purchased July 2013 University Walk3 Knoxville, TN Univ. of Tennessee 177 526 8,750 Pre-sale 32,300 August 2014 Under construction 473 1,500 19,050 $ 103,350 $ ACQUISITIONS Location Primary University Served Units Beds Closing Date Contract Sales Price Assumed Mortgage Debt 7th Street Station Corvallis, OR Oregon State Univ. 82 309 July 25, 2013 26,500 $ - $ The Plaza Apartments4 Tallahassee, FL Florida State Univ. 289 359 August 20, 2013 10,400 - Park Point Rochester, NY Rochester Inst. Of Tech. 300 924 October 8, 2013 100,250 70,000 671 1,592 137,150 $ 70,000 $ DISPOSITIONS Location Primary University Served Units Beds Closing Date Contract Sales Price Outstanding Mortgage Debt The Village at Blacksburg Blacksburg, VA Virginia Tech Univ. 288 1,056 July 10, 2013 56,000 $ - $ State College Park State College, PA Penn State Univ. 196 752 July 10, 2013 42,750 - University Pines Statesboro, GA Georgia Southern Univ. 144 552 July 10, 2013 19,100 - Northgate Lakes Orlando, FL Univ. of Central Florida 194 710 July 24, 2013 39,550 15,500 5 Campus Ridge Johnson City, TN East Tennessee State Univ. 132 528 October 4, 2013 12,250 7,600 5 954 3,598 169,650 $ 23,100 $ Project Townhomes at Newtown Crossing1 The Lodges of East Lansing (Phase II)2 Project Project

THIRD-PARTY DEVELOPMENT UPDATE $ in thousands 17 1. The Company earned a fee to assist the University in building a dining hall that is located adjacent to the student housing project. The dining hall is owned by the University and is operated by a third-party food service operator. 2. In July 2013, the company entered into long-term ground and facility leases with the University to finance, construct, and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Similar to our other on-campus participating properties, for purposes of calculating FFOM, we are recognizing the fees as received. 3. These awards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, and fluctuations in the construction and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions. RECENTLY COMPLETED PROJECTS Project Location Primary University Served Units Beds Total Fees Completed Dolphin Cove Staten Island, NY City University of New York 133 454 2,620 $ August 2013 North Campus Village - Housing Ashland, OR Southern Oregon University 206 702 1,925 August 2013 North Campus Village - Dining Hall1 Ashland, OR Southern Oregon University n/a n/a 350 August 2013 339 1,156 4,895 $ CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of September 30, 2013 Fees Earned in Current Year Remaining Fees as of September 30, 2013 Scheduled Completion West Virginia University Project2 Morgantown, WV West Virginia University 224 567 2,374 $ 950 $ 950 $ 1,424 $ August 2014 Lakeside Graduate Community Princeton, NJ Princeton University 329 715 3,200 1,785 347 1,415 August 2014 553 1,282 5,574 $ 2,735 $ 1,297 $ 2,839 $ ON-CAMPUS AWARD PIPELINE3 Project Location Anticipated Financing Structure Estimated Fees University of Toledo Toledo, OH Third-party 2,100 $ Anticipated Commencement Q2 2014 2013 2012 $ Change 2013 2012 $ Change Development services revenue 622 $ 1,467 $ (845) $ 1,656 $ 7,427 $ (5,771) $ % of total revenue 0.4% 1.3% 0.3% 2.3% Three Months Ended September 30, Nine Months Ended September 30,

MANAGEMENT SERVICES UPDATE $ in thousands NEW/PENDING MANAGEMENT CONTRACTS Property Location Approximate Beds Stabilized Annual Fees1 Luxe Phase I Waterloo, ON, Canada 536 125 $ San Juan Village Portales, NM 267 60 Sierra Vista Village Roswell, NM 258 60 Richardson, TX The University of Texas at Dallas 1,140 275 Piedra del Sol2 San Diego, CA San Diego State University 240 50 Dekalb, IL Northern Illinois University 360 75 Richardson, TX The University of Texas at Dallas 400 75 Dolphin Cove Staten Island, NY City University of New York 454 255 Jaguar Suites Victoria, TX University of Houston-Victoria 220 35 Luxe Phase II Waterloo, ON, Canada University of Waterloo & Laurier University 418 100 Fraternity Row San Diego, CA San Diego State University 260 56 4,553 1,166 $ DISCONTINUED MANAGEMENT CONTRACTS Property Location Beds 2013 Fee Contribution Prior to Termination Discontinued As Of Bayou Oaks Houston, TX University of Houston 490 90 $ July 2013 Primary University Served Actual or Anticipated Commencement University of Waterloo & Laurier University Waterview Park July 2013 July 2013 February 2013 Primary University Served April 2013 Eastern New Mexico University at Roswell November 2013 Ridgebrook Court July 2013 August 2013 September 2013 Eastern New Mexico University at Portales University Village Phase IV August 2013 August 2013 March 2013 18 1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2. Facilities management only. 2013 2012 $ Change 2013 2012 $ Change Management services revenue 1,792 $ 1,687 $ 105 $ 5,425 $ 5,083 $ 342 $ % of total revenue 1.1% 1.5% 1.1% 1.6% Three Months Ended September 30, Nine Months Ended September 30,

DEFINITIONS 19 ACE The company’s American Campus Equity program, whereby the company enters into long-term ground/facility lease agreements with Universities to finance, construct, and operate on-campus student housing communities. Properties under this structure are considered to be wholly-owned and are included in the company's consolidated financial statements. Adjusted EBITDA* EBITDA, including pro forma adjustments to reflect acquisitions, development deliveries, and dispositions as if such transactions had occurred on the first day of the 12-month period presented. Adjusted Interest Expense* Interest Expense, including pro forma adjustments to reflect acquisitions, development deliveries, dispositions, debt repayments, and debt refinancings as if such transactions had occurred on the first day of the 12-month period presented. Cash Cash and cash equivalents, determined on a consolidated basis in accordance with GAAP. Design Beds Total beds based on the original property design, generally as specified in the construction documents. EBITDA* Consolidated net income calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) interest expense; (ii) provision for income taxes; (iii) depreciation, amortization and all other non-cash items; (iv) provision for gains and losses; (v) noncontrolling interests; and (vi) extraordinary and other non-recurring items, as we determine in good faith. Funds from Operations (“FFO”) Determined based on the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Calculated as consolidated 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. Also excludes non-cash impairment charges. FFO Modified (“FFOM”) FFO modified to reflect certain adjustments related to the economic performance of our on-campus participating properties and other non-cash items, as we determine in good faith. The company believes it is meaningful to eliminate the FFO generated from the on-campus participating properties and instead to reflect the company's 50% share of the properties' net cash flow and management fees received, as this measure better reflects the economic benefit derived from the company's involvement in the operation of these properties. GAAP Accounting principles generally accepted in the United States of America. Interest Coverage* Adjusted EBITDA / Adjusted Interest Expense. Interest Expense* Consolidated interest expense calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) the amortization of mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions; (ii) capitalized interest; (iii) the change in accrued interest during the period presented; and (iv) interest expense associated with properties classified within discontinued operations, as adjusted for the items previously mentioned. Net Debt* Total Debt less Cash. * These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios.

DEFINITIONS, CONTINUED 20 Net Debt to EBITDA* Net Debt divided by Adjusted EBITDA. Net Operating Income “NOI” Property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses. On-campus Participating Properties A transaction structure whereby the company enters into long-term ground/facility lease agreements with Universities to develop, construct, and operate student housing communities. Under the terms of the leases, title to the constructed facilities is held by the University/lessor and such lessor receives 50% of net cash flows, as defined, on an annual basis through the term of the lease. Physical Occupancy Occupied beds, including staff accommodations, divided by Design Beds. Rentable Beds Design beds less beds used by on-site staff. Secured Debt* The portion of Total Debt that is secured by a mortgage, trust, deed of trust, deed to secure indebtedness, pledge, security interest, assignment of collateral, or any other security agreement. Total Asset Value* 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. Total Debt* Total consolidated debt calculated in accordance with GAAP, including capital leases and excluding mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions. Total Equity Market Value Fully diluted common shares times the company’s stock price at period-end. Unencumbered Asset Value* The sum of (i) the undepreciated book value of real estate assets which are not subject to secured debt; and (ii) all other assets, excluding accounts receivable and intangibles, for such properties. Does not include assets of unconsolidated joint ventures. Unsecured Debt* The portion of Total Debt that is not Secured Debt. * These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios.

Executive Management Bill Bayless Chief Executive Officer Greg Dowell Chief Operating Officer Jon Graf Chief Financial Officer William Talbot Chief Investment Officer Research Coverage Jeffery Spector / Jana Galan Bank of America / Merrill Lynch (646) 855-1363 / (646) 855-3081 jeff.spector@baml.com / jana.galan@baml.com Michael Bilerman / Nick Joseph Citigroup Equity Research (212) 816-1383 / (212) 816-1909 michael.bilerman@citi.com / eric.wolfe@citi.com Vincent Chao / Jeremy Metz Deutsche Bank Securities, Inc. (212) 250-6799 / (212) 250-4667 vincent.chao@db.com / jeremy.metz@db.com Dave Bragg / Ryan Burke Green Street Advisors (949) 640-9780 / (949) 640-8780 dbragg@greenst.com / rburke@greenst.com Carol Kemple Hilliard Lyons (502) 588-1839 ckemple@hilliard.com Steve Sakwa / Derek Bower ISI Group Inc. (212) 446-9462 / (212) 888-3842 ssakwa@isigrp.com / dbower@isigrp.com Anthony Paolone J.P. Morgan Securities (212) 622-6682 anthony.paolone@jpmorgan.com Jordan Sadler / Karin Ford KeyBanc Capital Markets (917) 368-2280 / (917) 368-2293 jsadler@keybanccm.com / kford@keybanccm.com Ryan Meliker / Jonathan Petersen MLV & Co (212) 542-5872 / (646) 556-9185 rmeliker@mlvco.com / jpetersen@mlvco.com Paula Poskon Robert W. Baird & Co., Inc. (571) 203-1677 pposkon@rwbaird.com Alexander Goldfarb / Andrew Schaffer Sandler O'Neill + Partners, L.P. (212) 466-7937 / (212) 466-8062 agoldfarb@sandleroneill.com / aschaffer@sandleroneill.com Ross Nussbaum / Nick Yulico UBS Investment Research (212) 713-2484 / (212) 713-3402 ross.nussbaum@ubs.com / nick.yulico@ubs.com Investor Relations: Ryan Dennison VP, Investor Relations (512) 732-1000 rdennison@americancampus.com 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampus.com American Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Additional Information Corporate Headquarters: American Campus Communities, Inc. INVESTOR INFORMATION 21

In addition to historical information, this supplemental package contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.