Exhibit 99.2
SUPPLEMENTAL ANALYST
PACKAGE 4Q 2013 February 12, 2014 AMERICAN CAMPUS COMMUNITIES
TABLE OF CONTENTS Financial Highlights 1 Consolidated Balance Sheets 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Funds from Operations 4 Wholly-owned Properties Results of Operations 6 Same Store Wholly-owned Properties Operating Expenses 7 Seasonality of Operations 8 Capital Structure 10 Portfolio Overview 112014/2015 Leasing Status 1 2 Investment Update 18 Owned Development Update 19 Third-party Development Update 20 Management Services Update 21 2014 Outlook 22 Definitions 24 Investor Information 26 AMERICAN CAMPUS COMMUNITIES
FINANCIAL HIGHLIGHTS
$ in thousands, except share and per share data 1.Includes $2.1 million
and $3.3 million for the three months ended December 31, 2013 and 2012,
respectively, and $2.4 million and $9.7 million for the years ended
December 31, 2013 and 2012, respectively, of acquisition-related costs
such as broker fees, due diligence costs and legal and accounting fees.
2.Market capitalization is calculated based on a common share price of
$32.21 and $46.13 as of December 31, 2013 and December 31, 2012,
respectively, and fully diluted common shares totaling 106,727,855 and
106,488,084 as of December 31, 2013 and December 31, 2012, respectively.
3.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and
Amortization (“EBITDA”) and Adjusted Interest Expense of $350.3 million
and $107.4 million, respectively, for the four most recently completed
fiscal quarters. Includes pro forma adjustments to EBITDA and Interest
Expense of $16.2 million and $7.2 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
$14.0 million of amortization of net debt premiums related to mortgage
loans assumed in connection with acquisitions. 1 Operating Data20132012$
Change% Change20132012$ Change% Change Total revenues182,694$ 149,283$
33,411$ 22.4%657,462$ 465,655$ 191,807$ 41.2%Operating income48,967
38,127 10,840 28.4%131,753 105,846 25,907 24.5%Net income attributable
to ACC127,829 23,655 4,174 104,644 56,636 48,008 Net income per share -
basic0.26 0.23 0.99 0.66 Net income per share - diluted0.26 0.23 0.98
0.65 Funds From Operations ("FFO")172,816 58,473 14,343 24.5%236,777
168,355 68,422 40.6%FFO per share—diluted 0.68 0.57 0.11 19.3%2.22 1.95
0.27 13.8%Funds From Operations - Modified ("FFOM")170,699 57,070 13,629
23.9%236,643 165,015 71,628 43.4%FFOM per share—diluted 0.66 0.56 0.10
17.9%2.22 1.91 0.31 16.2%FFOM (excluding acquisition-related
costs)72,801 60,397 12,404 20.5%239,090 174,662 64,428 36.9%FFOM per
share (excluding acquisition-related costs) 0.68 0.59 0.09 15.3%2.24
2.02 0.22 10.9%Market Capitalization and Unsecured Notes Covenants Debt
to total market capitalization2Net 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
coverage3Year Ended December 31,December 31, 201355.8%3.3xDecember 31,
201252.4%3.5xThree Months Ended December
31,6.4x7.5x43.4%298.5%38.8%474.6%43.7%29.5%24.7%27.7% AMERICAN CAMPUS
COMMUNITIES
CONSOLIDATED BALANCE
SHEETS $ in thousands December 31, 2013December 31,
2012(unaudited)Assets Investments in real estate: Wholly-owned
properties, net5,199,008$ 4,871,376$ Wholly-owned property held for
sale14,408 - On-campus participating properties,
net73,45657,346Investments in real estate, net5,286,8724,928,722Cash and
cash equivalents38,75121,454Restricted cash 35,45136,790Student
contracts receivable, net9,23814,122Other assets227,728117,874Total
assets5,598,040$ 5,118,962$ Liabilities and equity Liabilities: Secured
mortgage, construction and bond debt1,507,216$ 1,509,105$ Secured agency
facility87,750 104,000 Unsecured notes 398,721 -Unsecured term
loans600,000 350,000 Unsecured revolving credit facility150,700 258,000
Accounts payable and accrued expenses65,08856,046Other
liabilities110,036107,223Total liabilities2,919,5112,384,374Redeemable
noncontrolling interests47,96457,534Equity:American Campus Communities,
Inc. and Subsidiaries stockholders' equity: Common
stock1,0431,043Additional paid in capital3,017,6313,001,520Accumulated
earnings and dividends(392,338)(347,521)Accumulated other comprehensive
loss(1,435)(6,661)2,624,9012,648,381Noncontrolling interests - partially
owned properties5,66428,673Total equity2,630,5652,677,054Total
liabilities and equity5,598,040$ 5,118,962$ Total American Campus
Communities, Inc. and Subsidiaries stockholders' equity2 AMERICAN CAMPUS
COMMUNITIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME $ in thousands, except share and per
share data 3 20132012$ Change20132012$ Change(unaudited)Revenues
Wholly-owned properties170,599$ 137,303$ 33,296$ 618,503$ 422,417$
196,086$ On-campus participating properties8,4778,40077 26,34826,166182
Third-party development services8271,147(320) 2,4838,574(6,091)
Third-party management services2,0891,810279 7,5146,893621 Resident
services70262379 2,6141,6051,009 Total
revenues182,694149,28333,411657,462465,655191,807Operating expenses
Wholly-owned properties174,97759,23015,747 296,794200,12696,668
On-campus participating properties2,5952,767(172) 11,04911,073(24)
Third-party development and management services3,0242,885139
10,81010,898(88) General and administrative4,3007,2052(2,905)
16,66622,9652(6,299) Depreciation and amortization47,17837,6829,496
184,988110,49974,489 Ground/facility leases1,6531,387266 5,4024,2481,154
Total operating
expenses133,727111,15622,571525,709359,809165,900Operating income
48,96738,12710,840131,753105,84625,907Nonoperating income and (expenses)
Interest income840400440 3,0051,7561,249 Interest
expense(21,664)(16,478)3(5,186) (78,028)(54,518)3(23,510) Amortization
of deferred financing costs(1,474)(1,420)(54) (5,608)(4,425)(1,183)
Income from unconsolidated joint ventures- - - - 444(444) Other
nonoperating income (expense)- 397 (397) (2,666) 411(3,077) Total
nonoperating
expenses(22,298)(17,101)(5,197)(83,297)(56,332)(26,965)Income before
income taxes and discontinued
operations26,66921,0265,64348,45649,514(1,058)Income tax provision(255)
(232) (23) (1,020) (725) (295) Income from continuing
operations26,41420,7945,620 47,43648,789(1,353) Discontinued operations
(Loss) income attributable to discontinued operations(202) 1,972(2,174)
4,824 8,728(3,904) Loss from early extinguishment of debt(332)
(1,591)1,259 (332) (1,591)1,259 Gain from disposition of real estate
2,432 4,229 (1,797) 55,263 4,31250,951 Total discontinued
operations1,8984,610(2,712)59,75511,44948,306Net
income28,31225,4042,908107,19160,23846,953 Net income attributable to
noncontrolling interests(483) (1,749) 1,266 (2,547) (3,602) 1,055 Net
income attributable to American Campus Communities, Inc. and
Subsidiaries27,829$ 23,655$ 4,174$ 104,644$ 56,636$ 48,008$ Other
comprehensive income (loss) Change in fair value of interest rate
swaps775890 (115) 5,226(3,301) 8,527 Comprehensive income 28,604$
24,545$ 4,059$ 109,870$ 53,335$ 56,535$ Net income per share
attributable to American Campus Communities, Inc. and Subsidiaries
common stockholders Basic0.26$ 0.23$ 0.99$ 0.66$ Diluted0.26$ 0.23$
0.98$ 0.65$ Weighted-average common shares outstanding Basic104,782,817
100,517,983 104,760,502 84,711,584
Diluted105,386,079102,248,249105,382,32085,309,451 Three Months Ended
December 31,(unaudited)Year Ended December 31,1.Wholly-owned properties
operating expenses for the three months and year ended December 31, 2013
include $2.1 million and $2.4 million, respectively, of
acquisition-related costs such as broker fees, due diligence costs and
legal and accounting fees. Wholly-owned properties operating expenses
for the three months and year ended December 31, 2012 include $0.3
million and $1.8 million, respectively, of acquisition-related costs.
2.General and administrative expenses for the three months and year
ended December 31, 2012 include $2.8 million and $7.5 million,
respectively, of acquisition-related costs such as due diligence costs
and legal and accounting fees related to portfolio acquisitions in
September 2012 and November 2012. 3.Interest expense for the three
months and year ended December 31, 2012 include $0.2 million and $0.4
million, respectively, of acquisition-related costs associated with
bridge loan commitments obtained in connection with our portfolio
acquisitions in September 2012 and November 2012. AMERICAN CAMPUS
COMMUNITIES
CONSOLIDATED
STATEMENTS OF FUNDS FROM OPERATIONS Notes 1.Excludes $0 and $0.8 million
for the three months and year ended December 31, 2013, respectively, and
$0.4 million and $1.4 million for the three months and year ended
December 31, 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
noncontrolling partner’s interest and now owns 100% of the property.
Also excludes $1.0 million for both the three months and year ended
December 31, 2012, of income attributable to the seller of University
Edge, a property subject to a pre-sale arrangement that was consolidated
for financial reporting purposes prior to our purchase of the property
in December 2012. 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
actual cash received for the year-to-date periods and amounts accrued
for the interim periods. 4.Represents 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. Represents losses associated with the early
pay-off of mortgage loans for University Mills in connection with the
sale of the property in November 2013 and Brookstone Village and Campus
Walk in connection with the sale of those properties in October 2012.
Such costs are excluded from gains from disposition of real estate
reported in accordance with GAAP. However, we view the losses from early
extinguishment of debt associated with the sales of real estate as an
incremental cost of the sale transactions because we extinguished the
debt in connection with the consummation of the sale transactions and we
had no intent to extinguish the debt absent such transactions. We
believe that adjusting FFO to exclude these losses more appropriately
reflects the results of our operations exclusive of the impact of our
disposition transactions. 7.In connection with our purchase of
University Heights from Fund II (see Note 2), 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. 8.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. 5 AMERICAN CAMPUS COMMUNITIES
CONSOLIDATED
STATEMENTS OF FUNDS FROM OPERATIONS Notes 1.Excludes $0 and $0.8 million
for the three months and year ended December 31, 2013, respectively, and
$0.4 million and $1.4 million for the three months and year ended
December 31, 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
noncontrolling partner’s interest and now owns 100% of the property.
Also excludes $1.0 million for both the three months and year ended
December 31, 2012, of income attributable to the seller of University
Edge, a property subject to a pre-sale arrangement that was consolidated
for financial reporting purposes prior to our purchase of the property
in December 2012. 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
actual cash received for the year-to-date periods and amounts accrued
for the interim periods. 4.Represents 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. Represents losses associated with the early
pay-off of mortgage loans for University Mills in connection with the
sale of the property in November 2013 and Brookstone Village and Campus
Walk in connection with the sale of those properties in October 2012.
Such costs are excluded from gains from disposition of real estate
reported in accordance with GAAP. However, we view the losses from early
extinguishment of debt associated with the sales of real estate as an
incremental cost of the sale transactions because we extinguished the
debt in connection with the consummation of the sale transactions and we
had no intent to extinguish the debt absent such transactions. We
believe that adjusting FFO to exclude these losses more appropriately
reflects the results of our operations exclusive of the impact of our
disposition transactions. 7.In connection with our purchase of
University Heights from Fund II (see Note 2), 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. 8.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. 5 AMERICAN CAMPUS COMMUNITIES
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 fourth quarter same store grouping
includes properties purchased or developed prior to October 1, 2012. The
year-to-date same store grouping includes properties purchased or
developed prior to January 1, 2012. 1.Excludes (1) University Mills -
sold in November 2013, (2) Campus Ridge - sold in October 2013, and (3)
State College Park, University Pines, Northgate Lakes, and The Village
at Blacksburg - sold in July 2013. These sold properties are classified
within discontinued operations on the accompanying consolidated
statements of comprehensive income. Includes Hawks Landing, which was
sold in February 2014 and is also included in discontinued operations on
the accompanying consolidated statements of comprehensive income.
Revenues for Hawks Landing totaled $0.6 million for both three month
periods ended December 31, 2013 and 2012 and $2.5 million and $2.4
million for the years ended December 31, 2013 and 2012, respectively.
Operating expenses for Hawks Landing totaled $0.3 million and $0.2
million for the three months ended December 31, 2013 and 2012,
respectively, and $1.2 million and $1.1 million for the years ended
December 31, 2013 and 2012, respectively. Excluding Hawks Landing, same
store net operating income would have increased by 0.9% and 0.8% for the
three months and year ended December 31, 2013, respectively. 2.Includes
revenues that are reflected as Resident Services Revenue on the
accompanying consolidated statements of comprehensive income.
3.Operating expenses for the three months and year ended December 31,
2013 include $2.1 million and $2.4 million of acquisition-related costs
such as broker fees, due diligence costs and legal and accounting fees.
Operating expenses for the three months and year ended December 31, 2012
include $0.3 million and $1.8 million, respectively, of
acquisition-related costs. 6 20132012$ Change% Change20132012$ Change%
ChangeWholly-owned properties revenuesSame store properties131,877$
130,706$ 1,171$ 0.9%369,509$ 363,511$ 5,998$ 1.7%New properties 40,036
7,833 32,203 254,096 62,941 191,155 Total revenues2171,913$ 138,539$
33,374$ 24.1%623,605$ 426,452$ 197,153$ 46.2%Wholly-owned properties
operating expensesSame store properties57,086$ 56,504$ 582$ 1.0%175,993$
171,373$ 4,620$ 2.7%New properties318,159 2,940 15,219 122,020 29,841
92,179 Total operating expenses75,245$ 59,444$ 15,801$ 26.6%298,013$
201,214$ 96,799$ 48.1%Wholly-owned properties net operating incomeSame
store properties74,791$ 74,202$ 589$ 0.8%193,516$ 192,138$ 1,378$
0.7%New properties 21,877 4,893 16,984 132,076 33,100 98,976 Total net
operating income96,668$ 79,095$ 17,573$ 22.2%325,592$ 225,238$ 100,354$
44.6%Three Months Ended December 31,Year Ended December 31, AMERICAN
CAMPUS COMMUNITIES
SAME STORE
WHOLLY-OWNED PROPERTIES OPERATING EXPENSES1 $ in thousands, except per
bed data 1.Includes Hawks Landing, which was sold in February 2014 and
is included in discontinued operations on the accompanying consolidated
statements of comprehensive income. 2.Represents gross expenses prior to
any recoveries from tenants, which are reflected in wholly-owned
properties revenues. 3.Includes payroll and related expenses for on-site
personnel including general managers, maintenance staff, and leasing
staff. 4.The increase from the prior year is primarily related to our
2011 development deliveries being assessed at full value at various
points during 2012, as well as the expiration of a tax rebate agreement.
5.Includes property-level general and administrative costs as well as an
allocation of costs related to corporate management and oversight. Also
includes acquisition integration costs, bad debt, food service, and
other miscellaneous expenses. The decrease from the prior year is
related to operational and organizational efficiencies achieved through
the growth of our wholly-owned portfolio, as well as a reduction in
incentive compensation as compared to the prior year. These decreases
were offset by additional travel expenses incurred by corporate
personnel in 2013 to stimulate leasing velocity for the 2013/2014
academic year and an increase in bad debt expense. 6.Includes general
maintenance costs such as interior painting, routine landscaping, pest
control, fire protection, snow removal, elevator maintenance, roof and
parking lot repairs, and other miscellaneous building repair costs. Also
includes security costs and costs related to the annual turn process.
7.Includes costs related to electronic and print advertising campaigns,
promotional events, residence life, and athletic and other sponsorships.
The increase from the prior year is due to additional costs incurred to
stimulate leasing velocity for the 2013/2014 academic year. 7 Total Per
Bed Total Per BedUtilities243,665$ 805$ 2.1%25%42,786$ 789$
25%Payroll334,386 634 -0.2%19%34,453 635 20%Property taxes429,149 537
7.6%17%27,083 499 16%General & administrative and other528,835 532
-2.1%16%29,465 543 17%Repairs and maintenance624,266 447 -1.3%14%24,578
453 14%Marketing711,143 205 26.7%6%8,792 162 5%Insurance4,549 84
7.9%3%4,216 78 3%Total same store wholly- owned operating
expenses175,993$ 3,245$ 2.7%100%171,373$ 3,160$ 100%Weighted average
same store wholly-owned beds54,232 Year Ended December 31,20132012%
Change From Prior Year% of Total Operating Expenses% of Total Operating
Expenses AMERICAN CAMPUS COMMUNITIES
SEASONALITY OF
OPERATIONS1 2013 annual same store grouping $ 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 January 1, 2012.)
1.Excludes sold properties and includes Hawks Landing which was sold in
February 2014. All such properties are included in discontinued
operations on the accompanying consolidated statements of comprehensive
income. 2.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. 3.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, Park Point, U
Centre at Fry Street, Cardinal Towne 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. 8 December 31, 2012March
31, 2013June 30, 2013September 30, 2013December 31, 2013Total/Weighted
Average- Last 12 Months2013 annual same store properties Revenue per
occupied bed Rental revenue per occupied bed per month554$ 554$ 543$
536$ 559$ 548$ Other income per occupied bed per month2363842573743Total
revenue per occupied bed590$ 592$ 585$ 593$ 596$ 591$ Average number of
owned beds54,232 54,232 54,232 54,232 54,232 54,232 Average physical
occupancy for the quarter97.4%97.6%94.1%95.1%97.3%96.0%Total
revenue93,524$ 93,939$ 89,517$ 91,718$ 94,335$ 369,509$ Property
operating expenses40,50040,32642,63151,93341,112176,002Net operating
income53,024$ 53,613$ 46,886$ 39,785$ 53,223$ 193,507$ Operating
margin56.7%57.1%52.4%43.4%56.4%52.4%2013 new store properties3Revenue
per occupied bedRental revenue per occupied bed per month658$ 645$ 649$
592$ 671$ 640$ Other income per occupied bed per month2575764705862Total
revenue per occupied bed715$ 702$ 713$ 662$ 729$ 702$ Average number of
owned beds21,989 29,782 29,789 33,062 36,899 32,383 Average physical
occupancy for the quarter95.4%95.0%89.6%91.1%96.2%93.1%Total
revenue45,015$ 59,548$ 57,136$ 59,834$ 77,578$ 254,096$ Property
operating expenses18,94426,00226,62135,25534,133122,011Net operating
income26,071$ 33,546$ 30,515$ 24,579$ 43,445$ 132,085$ Operating
margin57.9%56.3%53.4%41.1%56.0%52.0%ALL PROPERTIES Revenue per occupied
bedRental revenue per occupied bed per month584$ 586$ 579$ 556$ 604$
582$ Other income per occupied bed per month2424550624550Total revenue
per occupied bed626$ 631$ 629$ 618$ 649$ 632$ Average number of owned
beds76,221 84,014 84,021 87,294 91,131 86,615 Average physical occupancy
for the quarter96.8%96.7%92.5%93.5%96.9%94.9%Total revenue138,539$
153,487$ 146,653$ 151,552$ 171,913$ 623,605$ Property operating
expenses59,44466,32869,25287,18875,245298,013Net operating income79,095$
87,159$ 77,401$ 64,364$ 96,668$ 325,592$ Operating
margin57.1%56.8%52.8%42.5%56.2%52.2%Three Months Ended AMERICAN CAMPUS
COMMUNITIES
SEASONALITY OF
OPERATIONS 1 Build-up to 2014 annual same store grouping $ in thousands,
except for per bed amounts Note: The purpose of the table above is to
provide a build-up to the 2014 annual same store property grouping. 1.
Excludes sold properties and includes Hawks Landing which was sold in
February 2014. All such properties are included in discontinued
operations on the accompanying consolidated statements of comprehensive
income. 2. 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. 3.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. 9 March 31, 2013June 30,
2013September 30, 2013December 31, 2013Total/Weighted Average - Last 12
Months2013 annual same store properties Revenue per occupied bed Rental
revenue per occupied bed per month554$ 543$ 536$ 559$ 548$ Other income
per occupied bed per month23842573743Total revenue per occupied bed592$
585$ 593$ 596$ 591$ Average number of owned beds54,232 54,232 54,232
54,232 54,232 Average physical occupancy for the
quarter97.6%94.1%95.1%97.3%96.0%Total revenue93,939$ 89,517$ 91,718$
94,335$ 369,509$ Property operating
expenses40,32642,63151,93341,112176,002Net operating income53,613$
46,886$ 39,785$ 53,223$ 193,507$ Operating
margin57.1%52.4%43.4%56.4%52.4%2014 new annual same store
properties3Revenue per occupied bed Rental revenue per occupied bed per
month645$ 649$ 583$ 645$ 631$ Other income per occupied bed per
month25760715360Total revenue per occupied bed702$ 709$ 654$ 698$ 691$
Average number of owned beds29,782 29,789 29,789 29,789 29,787 Average
physical occupancy for the quarter94.8%89.6%92.7%95.9%93.3%Total
revenue59,473$ 56,780$ 54,203$ 59,897$ 230,353$ Property operating
expenses25,98526,57231,87025,472109,899Net operating income33,488$
30,208$ 22,333$ 34,425$ 120,454$ Operating
margin56.3%53.2%41.2%57.5%52.3%2014 ANNUAL SAME STORE PROPERTIES Revenue
per occupied bed Rental revenue per occupied bed per month586$ 579$ 552$
589$ 577$ Other income per occupied bed per month24448624349Total
revenue per occupied bed630$ 627$ 614$ 632$ 626$ Average number of owned
beds84,014 84,021 84,021 84,021 84,019 Average physical occupancy for
the quarter96.6%92.5%94.2%96.8%95.0%Total revenue153,412$ 146,297$
145,921$ 154,232$ 599,862$ Property operating
expenses66,31169,20383,80366,584285,901Net operating income87,101$
77,094$ 62,118$ 87,648$ 313,961$ Operating
margin56.8%52.7%42.6%56.8%52.3%Three Months Ended AMERICAN CAMPUS
COMMUNITIES
CAPITAL STRUCTURE AS
OF DECEMBER 31, 2013 Total Debt 1 2,673$ Total Equity Market Value
23,438 Total Market Capitalization 6,111 $ Debt to Total Market
Capitalization 43.7% Net Debt to EBITDA7.5x Total Asset Value 36,158 $
Unencumbered Asset Value3,435$ Unencumbered Asset Value to Total Asset
Value 55.8% Requirement Current Ratio Total Debt to Total Asset Value≤
60%43.4%Secured Debt to Total Asset Value≤ 40%24.7%Unencumbered Asset
Value to Unsecured Debt> 150%298.5%2011Interest Coverage4>
1.5x3.3x20122013Principal Outstanding Weighted Average Interest Rate
Average Term To Maturity2015Fixed Rate Mortgage Loans1,300$ 5.3%
54.42016Variable Rate Construction Loans45 1.6%0.42017Unsecured
Revolving Credit Facility 151 1.7%4.22018+Unsecured Term Loans600
2.1%3.9Unsecured Notes400 3.8%9.3Secured Agency Facility88
2.2%0.7On-Campus Participating Properties89 6.6%10.7Total/Weighted
Average2,673$ 4.0%4.8 Yrs Market Capitalization & Unsecured Notes
Covenants Debt Maturity Schedule$147$217$205$119$166$47$298$80$21$45$151
$350$250$88$31$58$400
$0$100$200$300$400$500$600$700$8002014201520162017201820192020202120222023+Fixed
Rate Mortgage Loans Variable Rate Construction Loans Unsecured Revolving
Credit Facility Unsecured Term Loans Secured Agency Facility On-Campus
Participating Properties Unsecured Notes $ in millions, except share and
per share data Note – refer to the Definitions outlined on pages 24 and
25 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 $72.6 million and the unamortized
original issue discount on unsecured notes of $1.3 million. 2.Based on
share price of $32.21 and fully diluted share count of 106,727,855 as of
December 31, 2013. Assumes conversion of 1,342,847 common and preferred
Operating Partnership units and 602,191 unvested restricted stock
awards. 3.Excludes accumulated depreciation of $586.8 million and
receivables and intangible assets, net of accumulated amortization, of
$26.5 million. 4.Based on Adjusted Earnings Before Interest, Taxes,
Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense
of $350.3 million and $107.4 million, respectively, for the four most
recently completed fiscal quarters. Includes pro forma adjustments to
EBITDA and Interest Expense of $16.2 million and $7.2 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 $14.0 million of amortization
of net debt premiums 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 4.6%. 10 Total Debt 4.1% 5.2% 5.9% 3.2% 3.0% 1.7% 5.6% 5.4% 4.4% 4.1%
Fixed Rate Mortgage Loans 5.5% 5.2% 5.9% 5.8% 4.2% - 5.6% 5.4% 4.4% 5.3%
Weighted Average Interest Rate Of Debt Maturing Each Year AMERICAN
CAMPUS COMMUNITIES
PORTFOLIO OVERVIEW
Summary Note: The same store grouping above includes all properties in
the same store grouping for the fourth quarter 2013. This represents
properties purchased or developed prior to October 1, 2012. 1. Excludes
properties sold in 2012 and 2013. Includes Hawks Landing which was sold
in February 2014 and is included in discontinued operations on the
accompanying consolidated financial statements. Excluding Hawks Landing,
the Q4 2013 same store occupancy would have remained unchanged as of
both December 31, 2013 and 2012. 2.Includes the following properties: 1)
7th Street Station in Corvallis, OR - acquired in July 2013, 2) Park
Point in Rochester, NY - acquired in October 2013, 3) Cardinal Towne in
Louisville, KY - acquired in November 2013 and 4) U Centre at Fry Street
in Denton, TX - acquired in November 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. 3.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 pre-sale agreement that completed construction in August 2013 and was
purchased by the company in September 2013. 4.Properties not owned or
under ACC management during the prior year are excluded for purposes of
calculating the prior year occupancy. 11 UnitsBeds20132012Q4 2013 Same
Store Wholly-owned Properties1 23,09772,33896.7%96.8%New Wholly-owned
PropertiesNew Acquisition Properties28312,392100.4%n/aKayne Anderson
Portfolio4,22412,04996.7%93.3%New Development
Deliveries31,2334,55398.2%n/aSubtotal - New Wholly-owned
Properties6,28818,99497.5%93.3%4Total - Wholly-owned
Properties29,38591,33296.8%96.4%4On-campus Participating
Properties1,8634,51996.7%96.7%Physical Occupancy at December 31,Property
Type AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS Wholly-owned properties – summary 12 Prior Year Applications +
Leases Applications + Leases1Rentable Beds2% of Rentable Beds% of
Rentable BedsQ4 2014 Same Store Wholly-owned
Properties50,61187,65957.7%49.5%88,76596.8%New Wholly-owned
Properties4,3055,62876.5%n/a5,656n/a Total - Wholly-owned
Properties54,91693,28758.9%49.5%494,42196.8%4Prior
YearLeasesLeases1Rentable Beds2% of Rentable Beds% of Rentable BedsQ4
2014 Same Store Wholly-owned
Properties44,61087,65950.9%44.5%88,76596.8%2.0%2.1%New Wholly-owned
Properties3,8505,62868.4%n/a5,656n/an/an/a Total - Wholly-owned
Properties48,46093,28751.9%44.5%494,42196.8%42.0%2.1%Current Projected
Rate Increase5Current Year Design Beds Final Fall 2013 Occupancy3Current
Year Design Beds Final Fall 2013 Occupancy3Initial Projected Rate
Increase5Note: The same store grouping presented above for purposes of
disclosing the pre-leasing status for the upcoming 2014/2015 academic
year represents properties that will be classified as same store
properties during the fourth quarter 2014 (the first full quarter of
operations in the 2014/2015 academic year.) This represents properties
purchased or developed prior to October 1, 2013. 1. As of February 10,
2014 for current year and February 10, 2013 for prior year. 2. Rentable
beds exclude beds needed for on-site staff. 3 . As of September 30,
2013. 4. Properties not owned or under ACC management during the prior
year are excluded for purposes of calculating the prior year percentage
of rentable beds and final fall 2013 occupancy. 5. Projected rate
increase reflects projected rental rates anticipated to be achieved
through the end of the company’s leasing cycle, up to targeted
occupancy. AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS Q4 2014 same store properties with final fall 2013 occupancy of
98% or greater 1.As of February 10, 2014 for current year and February
10, 2013 for prior year. 2. Rentable beds exclude beds needed for
on-site staff. 3. As of September 30, 2013. 4. Projected rate increase
reflects projected rental rates anticipated to be achieved through the
end of the company’s leasing cycle, up to targeted occupancy. 5.
Property is leased under the University on-campus assignment process. 13
Prior YearLeases1Rentable Beds2% of Rentable Beds% of Rentable
Beds1.University Crossings-Philadelphia, PA
(ACE)®7111,00370.9%98.7%1,01699.3%16.2%16.2%2.601 Copeland-Tallahassee,
FL280278100.7%101.4%28399.3%13.0%13.0%3.26 West-Austin,
TX1,0051,01399.2%97.6%1,02699.5%4.8%5.4%4.Chestnut Square-Philadelphia,
PA (ACE)84484999.4%102.6%86199.3%4.2%5.4%5.7th Street Station-Corvallis,
OR3430511.1%n/a309100.0%5.0%5.0%6.The Callaway House Austin & The
Penthouse at Callaway-Austin, TX73174098.8%95.6%75399.5%5.0%5.0%7.The
Callaway House-College Station, TX50652796.0%93.4%538103.9%4.3%4.8%8.2nd
Ave Centre-Gainesville, FL83286096.7%98.3%86899.5%4.3%4.8%9-10.Vintage
and Texan West Campus-Austin, TX30031196.5%93.6%31198.7%3.9%4.7%11.U
Club Cottages-Baton Rouge, LA27730391.4%100.0%30899.0%2.1%4.3%12.West
27th Place-Los Angeles,
CA35447374.8%22.4%475104.0%4.0%4.0%13.Lofts54-Champaign,
IL16917298.3%69.8%172100.0%3.1%4.0%14.The Cottages of Durham-Durham,
NH58060795.6%60.6%61998.1%2.4%3.9%15-16.Willowtree Apartments and
Tower-Ann Arbor, MI62384573.7%41.2%85199.3%3.8%3.8%17.University
Oaks-Columbia, SC64565598.5%98.3%66299.1%3.3%3.7%18.U Club Townhomes on
Marion Pugh-College Station, TX62963399.4%99.2%64099.4%3.5%3.6%19.The
View-Lincoln, NE16458328.1%34.1%590100.0%3.6%3.6%20.The Townhomes at
Newtown Crossing-Lexington,
KY53760289.2%98.5%60899.0%3.5%3.5%21.University Heights-Birmingham,
AL26552051.0%40.2%52899.4%3.4%3.5%22.Avalon Heights-Tampa Bay,
FL51374768.7%39.4%754100.0%3.5%3.5%23.Chauncey Square-West Lafayette,
IN25538166.9%81.6%38699.0%3.5%3.5%24.The Cottages of Baton Rouge-Baton
Rouge, LA9091,27271.5%62.1%1,29098.8%1.0%3.4%25.U Club on
Woodward-Tallahassee, FL459443103.6%99.8%44899.1%3.0%3.4%26.University
Village at Boulder Creek-Boulder,
CO29529998.7%98.7%30998.7%3.1%3.4%27.University Heights-Knoxville,
TN47462775.6%24.6%63698.9%3.2%3.4%28.University Edge-Kent,
OH59059998.5%95.8%60899.3%3.1%3.3%29.University Pointe at College
Station-Portland, OR
(ACE)⁵16195916.8%11.9%97898.8%3.3%3.3%30.Union-Waco,
TX6211753.0%63.2%12098.3%2.9%3.2%31.Villas on Rensch-Amherst,
NY35260258.5%57.0%61099.0%2.9%3.1%32.University Greens-Norman,
OK20151139.3%66.7%51699.0%3.0%3.0%33.The Province-Rochester,
NY38780847.9%40.9%816100.7%3.0%3.0%34.Hilltop Townhomes-Flagstaff, AZ
(ACE)571569100.4%74.5%57699.3%2.9%3.0%35.The Edge-Charlotte,
NC43371360.7%65.4%72099.4%3.4%3.0%36.University Village-Prairie View, TX
(ACE)57714254.2%0.0%144100.0%3.0%3.0%37.University View-Prairie View, TX
(ACE)532933099.7%0.0%336100.0%3.0%3.0%38.Garnet River Walk-West
Colombia, SC34947174.1%46.3%47698.7%2.7%2.9%39.Sunnyside
Commons-Morgantown, WV15816198.1%99.4%161100.6%3.0%2.9%40.The
Estates-Gainesville, FL4821,03046.8%50.5%1,04498.9%2.9%2.9%41.City Parc
at Fry Street-Denton, TX14941236.2%23.5%41898.3%2.8%2.8%42.Forest
Village and Woodlake-Columbia,
MO29669442.7%45.8%70498.9%2.8%2.8%43.Callaway Villas-College Station,
TX18569126.8%26.5%70499.7%2.8%2.8%44.University Gables-Murfreesboro,
TN16563825.9%19.1%64898.5%2.7%2.7%45.Villas at Chestnut Ridge-Amherst,
NY21954540.2%46.1%55299.1%2.6%2.7%Current Year Current Projected Rate
Increase4Initial Projected Rate Increase4Final Fall 2013 Occupancy3
Design Beds AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS Q4 2014 same store properties with final fall 2013 occupancy of
98% or greater, continued 1.As of February 10, 2014 for current year and
February 10, 2013 for prior year. 2.Rentable beds exclude beds needed
for on-site staff. 3.As of September 30, 2013. 4.Projected rate increase
reflects projected rental rates anticipated to be achieved through the
end of the company’s leasing cycle, up to targeted occupancy.
5.Properties not owned or under ACC management during the prior year are
excluded for purposes of calculating the prior year percentage of
rentable beds. 14 Prior YearLeases1Rentable Beds2% of Rentable Beds% of
Rentable Beds46.The Suites-Flagstaff, AZ
(ACE)25353547.3%53.3%55099.5%2.9%2.6%47.Landmark-Ann Arbor,
MI58259697.7%75.3%60698.8%2.4%2.6%48.The Tower at Third-Champaign,
IL20436855.4%65.2%37598.4%2.5%2.5%49.Campus Trails-Starkville,
MS21147344.6%46.3%48098.3%2.5%2.5%50.Villas on Sycamore-Huntsville,
TX28667342.5%35.1%68099.4%2.5%2.5%51.The Province-Louisville,
KY44284952.1%17.8%85899.1%2.2%2.5%52.Newtown Crossing-Lexington,
KY54293657.9%62.2%94299.2%2.4%2.4%53.Grindstone Canyon-Columbia,
MO23537862.2%60.3%38499.5%2.4%2.4%54.University Crescent-Baton Rouge,
LA23860739.2%35.8%61298.5%2.3%2.3%55.The Varsity-College Park,
MD18589120.8%20.9%90199.4%2.4%2.2%56.The Province-Tampa,
FL24993826.5%23.9%94799.6%2.2%2.2%57.Raiders Crossing-Murfreesboro,
TN4827417.5%9.5%27698.9%2.1%2.1%58.Campustown-Ames,
IA1,0721,20988.7%46.8%1,21799.8%2.6%2.1%59.U Club on Frey-Kennesaw,
GA5045111.1%70.1%45698.7%2.0%2.0%60.Nittany Crossing-State College,
PA55367681.8%74.9%68498.8%2.0%2.0%61.Burbank Commons-Baton Rouge,
LA16852432.1%15.6%53298.9%1.9%1.9%62-64.The Summit & Jacob
Heights-Mankato, MN66791572.9%43.6%93098.2%1.6%1.9%65.University Village
at Sweethome-Amherst, NY18181822.1%18.1%82899.6%1.9%1.9%66.Aggie
Station-Bryan, TX24144254.5%44.6%450100.0%1.8%1.8%67.The Highlands-Reno,
NV10772314.8%21.4%73299.7%2.7%1.8%68.University Commons-Minneapolis,
MN31847267.4%30.1%480115.8%1.5%1.7%69.University Walk-Charlotte,
NC24047450.6%27.0%48099.0%1.7%1.6%70.Olde Towne University
Square-Toledo, OH30254255.7%71.3%550100.2%0.3%1.5%71.Sanctuary Lofts-San
Marcos, TX21248244.0%43.8%48798.2%-1.1%1.3%72.University Club
Apartments-Gainesville, FL29537179.5%38.5%37698.9%1.1%1.2%73.Lions
Crossing-State College,
PA34768950.4%49.5%69698.6%-1.6%1.1%74-76.University Village-Tallahassee,
FL42170959.4%89.4%71699.4%2.5%1.0%77.University Village-Sacramento,
CA8338321.7%39.2%394102.5%1.8%1.0%78.GrandMarc Seven
Corners-Minneapolis, MN16343437.6%34.6%440119.8%0.8%0.8%79.Stone
Gate-Harrisonburg, VA64466796.6%100.4%67299.1%0.6%0.7%80.Campus Edge on
UTA Boulevard-Arlington, TX16048233.2%46.3%48899.6%0.7%0.7%81.The
Village at Alafaya Club-Orlando,
FL19982824.0%26.0%83998.7%1.6%0.0%82.Campus Corner-Bloomington,
IN33278842.1%55.8%79699.1%-0.8%-0.8%83.The Edge-Orlando,
FL19991921.7%22.6%93098.9%0.0%-1.0%84.Peninsular Place-Ypsilanti,
MI6246613.3%23.1%47899.0%-1.2%-1.3%85.The Village at Science
Drive-Orlando, FL26072435.9%40.7%73298.0%0.0%-2.0%86.The Outpost-San
Marcos, TX12748026.5%30.8%48699.2%-2.1%-2.1%87.Royal
Lexington-Lexington, KY10736429.4%100.0%364100.0%-4.6%-4.6%Subtotal - Q4
2014 Same Store Properties With Final Fall 2013 Occupancy of 98% or
Greater28,54248,59058.7%48.2%549,21699.6%2.8%3.0%Current Projected Rate
Increase4Current Year Design Beds Final Fall 2013 Occupancy3Initial
Projected Rate Increase 4 AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS Q4 2014 same store properties with final fall 2013 occupancy
between 95% and 98% 1.As of February 10, 2014 for current year and
February 10, 2013 for prior year. 2.Rentable beds exclude beds needed
for on-site staff. 3.As of September 30, 2013. 4.Projected rate increase
reflects projected rental rates anticipated to be achieved through the
end of the company’s leasing cycle, up to targeted occupancy. 5.Property
is leased under the University on-campus assignment process. 15 Prior
YearLeases1Rentable Beds2% of Rentable Beds% of Rentable Beds1.922
Place-Tempe, AZ36846179.8%11.1%46895.1%3.3%3.6%2.The Enclave-Bowling
Green, OH21447645.0%25.9%48096.9%3.6%3.6%3.Royal Village-Gainesville,
FL36244182.1%93.4%44897.8%2.9%3.1%4.Manzanita-Tempe, AZ
(ACE)⁵17781221.8%0.0%81696.7%3.0%3.0%5.Barrett Honors College-Tempe, AZ
(ACE)⁵2701,71515.7%36.0%1,72197.7%3.0%3.0%6.University Manor-Greenville,
NC31059452.2%26.3%60097.3%2.5%2.9%7.The Lofts at Capital
Garage-Richmond, VA6314443.8%11.8%14497.2%2.7%2.7%8.University
Place-Charlottesville, VA11352021.7%14.2%52895.3%2.6%2.6%9.River
Mill-Athens, GA22845650.0%42.5%46196.7%2.6%2.6%10.University
Village-Philadelphia, PA18773525.4%17.0%74996.9%2.6%2.6%11.RAMZ Apts on
Broad-Richmond, VA6717039.4%12.9%17296.5%2.5%2.5%12.Bishops Square-San
Marcos, TX12031238.5%42.6%31597.1%2.1%2.2%13.Abbott Place-East Lansing,
MI52664281.9%44.2%65497.9%1.4%2.2%14.Aztec Corner-San Diego,
CA31759753.1%39.7%60697.9%2.0%2.0%15-16.5 Twenty Four Angliana & 5
Twenty Five Angliana-Lexington,
KY4981,04847.5%46.8%1,06096.2%2.0%2.0%17.25Twenty-Lubbock,
TX22655041.1%42.0%56295.6%2.1%2.0%18.Chapel View-Chapel Hill,
NC12734936.4%35.8%35897.2%2.1%2.0%19.The Centre-Kalamazoo,
MI19369427.8%30.0%70096.9%1.7%1.7%20.309 Green-Champaign,
IL34941683.9%44.2%41697.1%1.3%1.6%21.The Woods-Murfreesboro,
TN4327215.8%11.0%27697.8%1.8%1.2%22-23.University Club
Townhomes-Tallahassee, FL26473036.2%31.2%73696.3%1.2%1.2%24.Uptown
Apartments-Denton, TX12052322.9%33.7%52895.1%1.8%1.0%25.Eagles
Trail-Hattiesburg, MS13278516.8%20.1%79297.7%1.9%1.0%26.Casas del
Rio-Albuquerque, NM (ACE)2481,00024.8%37.0%1,02895.3%1.0%1.0%27.Chapel
Ridge-Chapel Hill, NC21753540.6%48.2%54496.5%1.8%0.6%28.The Club-Athens,
GA17247536.2%39.4%48095.0%-0.5%0.5%29.The Cottages of Columbia-Columbia,
MO23450246.6%55.4%51397.3%0.3%0.3%30-31.Villas at Vista del Sol & Vista
del Sol-Tempe, AZ
(ACE)1,5332,23368.7%36.1%2,26696.6%-0.4%-0.4%32.University Meadows-Mt.
Pleasant, MI23760639.1%73.1%61697.7%-1.2%-3.2%Subtotal - Q4 2014 Same
Store Properties With Final Fall 2013 Occupancy Between 95% and 98%
7,91518,79342.1%35.2%19,03796.7%1.7%1.6%Current Projected Rate
Increase4Current YearDesign BedsFinal Fall 2013 Occupancy3Initial
Projected Rate Increase 4 AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS Q4 2014 same store properties with final fall 2013 occupancy less
than 95% 1.As of February 10, 2014 for current year and February 10,
2013 for prior year. 2.Rentable beds exclude beds needed for on-site
staff. 3.As of September 30, 2013. 4.Projected rate increase reflects
projected rental rates anticipated to be achieved through the end of the
company’s leasing cycle, up to targeted occupancy. 5.Property is leased
under the University on-campus assignment process. 6.Properties not
owned or under ACC management during the prior year are excluded for
purposes of calculating the prior year percentage of rentable beds. 16
Prior YearLeases1Rentable Beds2% of Rentable Beds% of Rentable
Beds1.Pirates Place Townhomes-Greenville,
NC15052428.6%21.2%52893.4%2.7%2.7%2.The Castilian-Austin,
TX8560914.0%9.9%62371.6%3.5%2.5%3.Block on Campus-Austin,
TX1,1951,55576.8%67.8%1,55594.5%2.0%2.0%4.Lakeside Apartments-Athens,
GA19577125.3%20.8%77691.5%2.1%1.8%5.Icon Plaza-Los Angeles,
CA9424738.1%30.1%25392.5%1.8%1.8%6.The Village on Sixth
Avenue-Huntington, WV17874523.9%12.3%75294.4%1.6%1.6%7.The
Province-Greensboro, NC24669135.6%20.5%69688.4%1.5%1.5%8.Campus
Way-Tuscaloosa, AL27067140.2%34.7%68094.4%1.2%1.2%9.Casa de
Oro-Glendale, AZ (ACE)⁵343489.8%0.0%36558.9%1.1%1.1%10.University
Pointe-Lubbock, TX28267641.7%30.8%68291.8%0.4%1.0%11.The
Province-Dayton, OH13065020.0%14.6%65792.2%1.7%0.9%12-13.College Club
Townhomes-Tallahassee, FL15853329.6%39.6%54489.3%0.8%0.8%14.The
Retreat-San Marcos, TX35777246.2%31.6%78092.7%0.5%0.6%15.U Pointe
Kennesaw-Kennesaw, GA22778628.9%11.9%79589.1%0.5%0.5%16.U Club Townhomes
at Overton Park-Lubbock, TX21444048.6%23.4%44892.0%0.2%0.5%17.Blanton
Common-Valdosta, GA20884724.6%22.8%86093.7%0.2%0.2%18.The
Commons-Harrisonburg, VA11252321.4%31.4%52881.4%6.1%0.0%19.The Village
at Overton Park-Lubbock, TX32360353.6%51.2%61293.3%0.0%0.0%20.Raiders
Pass-Lubbock, TX30881537.8%21.8%82894.6%-0.2%0.0%21.University
Trails-Lubbock, TX27367840.3%41.0%68493.3%-0.5%-0.1%22.The Outpost-San
Antonio, TX16282219.7%7.7%82891.8%-0.4%-0.4%23.University
Village-Fresno, CA10439826.1%19.6%40694.8%-0.4%-0.4%24.South View
Apartments-Harrisonburg, VA66795270.1%56.7%96093.0%-0.2%-0.9%25.Lobo
Village-Albuquerque, NM
(ACE)14784317.4%21.5%86489.7%-1.5%-1.5%26.Campustown Rentals-Champaign,
IL48476263.5%27.2%76674.0%-1.7%-1.7%27.Villas at Babcock-San Antonio,
TX16478620.9%19.1%79291.7%-2.2%-2.5%28.The Lodges of East Lansing-East
Lansing, MI1,0191,03998.1%50.1%1,04992.8%-3.8%-3.1%29.Entrada
Real-Tucson, AZ17235947.9%21.2%36384.3%-4.9%-4.2%30.University
Centre-Newark, NJ19583123.5%33.3%83888.3%-6.2%-6.2%Subtotal - Q4 2014
Same Store Properties With Final Fall 2013 Occupancy Less than
95%8,15320,27640.2%30.1%20,51289.9%0.0%-0.1%Total - Q4 2014 Same Store
Properties44,61087,65950.9%44.5%588,76596.8%2.0%2.1%Current Projected
Rate Increase4Current Year Design Beds Final Fall 2013 Occupancy3Initial
Projected Rate Increase 4 AMERICAN CAMPUS COMMUNITIES
2014/2015 LEASING
STATUS New wholly-owned properties 1.As of February 10, 2014 for current
year and February 10, 2013 for prior year. 2.Rentable beds exclude beds
needed for on-site staff. 3.As of September 30, 2013. 4.Projected rate
increase reflects projected rental rates anticipated to be achieved
through the end of the company’s leasing cycle, up to targeted
occupancy. 5.Property is currently under development and is subject to a
pre-sale agreement. The company anticipates closing on the purchase of
this property during the third quarter 2014 once the third party
developer meets certain construction completion deadlines and other
closing conditions. 6.Property is leased under the University on-campus
assignment process. 7.Properties not owned or under ACC management
during the prior year are excluded for purposes of calculating the prior
year percentage of rentable beds and final fall 2013 occupancy. 17 Prior
YearLeases1Rentable Beds2% of Rentable Beds% of Rentable Beds1.Cardinal
Towne-Louisville, KY36454566.8%n/a545n/an/an/a2.Park Point-Rochester,
NY54292458.7%n/a924n/an/an/a3.U Centre on Fry Street-Denton,
TX17660928.9%n/a614n/an/an/aSubtotal - 2013
Acquisitions1,0822,07852.1%n/a2,083n/an/an/a1.University Walk-Knoxville,
TN⁵52152499.4%n/a526n/an/an/a2.University Centre-College Station, TX
(ACE)76877699.0%n/a784n/an/an/a3.Kennesaw State University Phase
II-Kennesaw, GA37740892.4%n/a408n/an/an/a4.Plaza on University-Orlando,
FL9391,30072.2%n/a1,313n/an/an/a5.The Suites Phase II-Flagstaff, AZ
(ACE)16332849.7%n/a328n/an/an/a6.Stanworth Commons Phase I-Princeton, NJ
(ACE)⁶n/a214n/an/a214n/an/an/aSubtotal - 2014 Development
Deliveries2,7683,55078.0%n/a3,573n/an/an/aTotal - New Wholly-owned
Properties3,8505,62868.4%n/a5,656n/an/an/aTotal - Wholly-owned
Properties48,46093,28751.9%44.5%794,42196.8%72.0%2.1%Current Projected
Rate Increase4Current YearDesign BedsFinal Fall 2013 Occupancy3Initial
Projected Rate Increase 4 AMERICAN CAMPUS COMMUNITIES
INVESTMENT UPDATE $
in thousands 1.Does not include The Plaza Apartments, which was acquired
in August 2013 for a purchase price of $10.4 million. This property is
currently reflected in the owned development pipeline on page 19, as the
company is currently vacating tenants in preparation for redevelopment
activities which are anticipated to commence in the second or third
quarter 2014. 2.In connection with this acquisition, the company assumed
$37.2 million of secured debt associated with a New Markets Tax Credit
“NMTC” structure inherited from the seller. This debt is partially
offset by a loan receivable of $28.3 million that was also assumed by
the company as part of the NMTC structure. 3.These properties were
included in the Collateral Pool which secures the company’s Agency
Facility. Concurrent with the sale of these properties, $23.1 million of
the Secured Agency Facility was paid down. 18
ACQUISITIONS1LocationPrimary University ServedUnitsBedsClosing
DateContract Sales PriceAssumed Mortgage Debt7th Street
StationCorvallis, OROregon State Univ.82309July 25, 201326,500$ -$ Park
PointRochester, NYRochester Inst. Of Tech.300924October 8, 2013100,250
70,000 U Centre at Fry StreetDenton, TXUniv. of North
Texas194614November 6, 201351,250 - Cardinal Towne Louisville, KYUniv.
of Louisville255545November 22, 201359,222 37,200 28312,392237,222$
107,200$ DISPOSITIONSLocationPrimary University ServedUnitsBedsClosing
DateContract Sales PriceOutstanding Mortgage DebtThe Village at
BlacksburgBlacksburg, VAVirginia Tech Univ.2881,056July 10, 201356,000$
-$ State College ParkState College, PAPenn State Univ.196752July 10,
201342,750 - University PinesStatesboro, GAGeorgia Southern
Univ.144552July 10, 201319,100 - Northgate LakesOrlando, FLUniv. of
Central Florida194710July 24, 201339,550 15,500 3Campus RidgeJohnson
City, TNEast Tennessee State Univ.132528October 4, 201312,250 7,600
3University MillsCedar Falls, IAUniv. of Northern Iowa121481November 13,
201314,500 8,100 Hawks LandingOxford, OHMiami Univ. of
Ohio122484February 11, 201417,250 15,600 1,1974,563201,400$ 46,800$
ProjectProject AMERICAN CAMPUS COMMUNITIES
OWNED DEVELOPMENT
UPDATE $ in thousands 19 1.The total construction in progress (“CIP”)
balance above excludes $6.8 million related to ongoing renovation
projects at operating properties. 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 December 31, 2013. 4.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. 5.In July 2013, the company purchased this site which contained
various mixed-use buildings. In December 2013, the existing buildings
were demolished and construction commenced on a new student housing
facility. 6.In July 2013, the company provided $8.75 million of
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. 7.Does not
include undeveloped land parcels in 4 university markets totaling $37.7
million. 8.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. 9.Estimated project costs include land and
other predevelopment costs of $6.7 million incurred as of December 31,
2013 for owned development pipeline projects. 10.This property was
purchased in August 2013. The company is currently vacating tenants in
preparation for redevelopment activities. 11.In January 2014, the
company purchased this site containing an existing hotel. The seller
will operate the hotel until the fourth quarter 2014 or first quarter
2015, at which point the hotel will be demolished and construction on a
new student housing facility will commence. OWNED DEVELOPMENT PROJECTS
UNDER CONSTRUCTION Project Project Type Location Primary University
ServedUnitsBedsCIP1Land and Other2Total Costs Incurred%
Complete3Scheduled Completion The Plaza on University Off-campus
Orlando, FL University of Central Florida 3641,313112,300$ 45,316$
26,852$ 72,168$ 55%August 2014Stanworth Commons Phase I4ACEPrinceton, NJ
Princeton University12721435,800 17,810 1,160 18,970 56%July 2014U Club
on Frey Phase II Off-campus Kennesaw, GA Kennesaw State
University10240825,300 8,704 5,618 14,322 50%August 2014U Centre at
Northgate ACE College Station, TX Texas A&M University19678437,500
13,073 1,608 14,681 38%August 2014The Suites Phase II ACE Flagstaff, AZ
Northern Arizona University16432819,300 3,538 241 3,779 22%August
2014SUBTOTAL - 2014 DELIVERIES9533,047230,200$ 88,441$ 35,479$ 123,920$
Lancaster Project ACE Philadelphia, PA Drexel University3511,316170,700$
17,021$ 409$ 17,430$ 9%September 2015Eugene, OR
Development5Off-campusEugene, OR University of Oregon19273464,600 1,905
8,299 10,204 0%September 2015SUBTOTAL - 2015 DELIVERIES5432,050235,300$
18,926$ 8,708$ 27,634$ MEZZANINE DEVELOPMENT PROJECTS UNDER CONSTRUCTION
Project Transaction Structure Location Primary University
ServedUnitsBedsCIP1Land and Other2Total Costs Incurred%
Complete3Scheduled Completion University Walk6Pre-SaleKnoxville, TN
University of Tennessee17752632,300$ 6,556$ 4,067$ 10,623$ 22%August
2014OWNED DEVELOPMENT PIPELINE7 8ProjectProject Type Location Primary
University Served Approx. Targeted Beds Estimated Project Cost9Targeted
Completion The Plaza Apartments10Off-campusTallahassee, FL Florida State
University49636,400$ August 2015Stanworth Commons Phase II4ACEPrinceton,
NJ Princeton University37942,500 July 2015Boulder, CO
Development11Off-campusBoulder, CO University of Colorado400TBDAugust
2016USC Health Sciences Campus ACE Los Angeles, CA University of
Southern California46049,000 TBD Carbondale Development Off-campus
Carbondale, IL Southern Illinois University65032,100 TBD2,385160,000$
TBD Estimated Project Cost As of December 31, 2013Q2/Q3 2014TBDQ3
2014Anticipated Commencement As of December 31, 2013Q4 2014/Q1
2015Estimated Project Cost AMERICAN CAMPUS COMMUNITIES
THIRD-PARTY
DEVELOPMENT UPDATE $ in thousands 20 1.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.
2.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. CONTRACTED PROJECTS IN PROGRESS Project
Location Primary University Served Units Beds Total Fees Fees Earned as
of December 31, 2013Fees Earned in Current Year Remaining Fees as of
December 31, 2013Scheduled Completion West Virginia University
Project1Morgantown, WV West Virginia University2245672,374$ 1,304$
1,304$ 1,070$ August 2014Lakeside Graduate Community Princeton, NJ
Princeton University3297153,200 2,048 610 1,152 August
20145531,2825,574$ 3,352$ 1,914$ 2,222$ ON-CAMPUS AWARD
PIPELINE2ProjectLocationAnticipated Financing Structure Estimated Fees
University of Toledo Toledo, OHThird-party2,100$ Texas A&M University -
Corpus Christi Corpus Christi, TX Third-party TBD Anticipated
CommencementQ2 2014Q2 201420132012$ Change20132012$ Change Development
services revenue827$ 1,147$ (320)$ 2,483$ 8,574$ (6,091)$ % of total
revenue0.5%0.8%0.4%1.8%Three Months Ended December 31, Year Ended
December 31, AMERICAN CAMPUS COMMUNITIES
MANAGEMENT SERVICES
UPDATE $ in thousands NEW/PENDING MANAGEMENT CONTRACTS Property Location
Approximate Beds Stabilized Annual Fees1Luxe Phase I Waterloo, ON,
Canada536125$ San Juan Village Portales, NM26760 Sierra Vista Village
Roswell, NM25860 Richardson, TX The University of Texas at
Dallas1,140275 Piedra del Sol2San Diego, CA San Diego State
University24050 DeKalb, IL Northern Illinois University36075 Richardson,
TX The University of Texas at Dallas40075 Dolphin Cove Staten Island, NY
City University of New York454255 Luxe Phase II Waterloo, ON, Canada
University of Waterloo & Laurier University418100 Fraternity Row San
Diego, CA San Diego State University26056 University Village Phase V
Richardson, TX The University of Texas at Dallas600110 4,9331,241$
DISCONTINUED MANAGEMENT CONTRACTS Property LocationBeds2013 Fee
Contribution Prior to Termination Discontinued As Of Jaguar Suites
Victoria, TX University of Houston-Victoria22020$ January 2014Jaguar
Court Victoria, TX University of Houston-Victoria17425 January
2014Jaguar Hall Victoria, TX University of Houston-Victoria26442 January
201465887$ Primary University Served Actual or Anticipated Commencement
University of Waterloo & Laurier University Waterview Park July
2013July 2013February 2013Primary University Served April 2013Eastern
New Mexico University at Roswell August 2014November 2013Ridgebrook
Court July 2013August 2013September 2013Eastern New Mexico University at
Portales University Village Phase IV August 2013March 201321
1.Stabilized annual fees are dependent upon the achievement of
anticipated occupancy levels. 2.Facilities management only. 20132012$
Change20132012$ Change Management services revenue2,089$ 1,810$ 279$
7,514$ 6,893$ 621$ % of total revenue1.1%1.2%1.1%1.5%Three Months Ended
December 31, Year Ended December 31, AMERICAN CAMPUS COMMUNITIES
2014 OUTLOOK1
Summary $ in thousands, except share and per-share data 22 Low High Net
income51,500$ 59,800$ Noncontrolling interests625 725 Depreciation and
amortization195,300195,300Funds from operations ("FFO")247,425$ 255,825$
Elimination of operations from on-campus participating
properties(9,400)(9,600) Modifications to reflect operational
performance of on-campus participating properties4,5004,900Funds from
operations - modified ("FFOM")242,525$ 251,125$ Net income per share -
diluted0.48$ 0.56$ FFO per share - diluted 2.31$ 2.39$ FFOM per share -
diluted 2.27$ 2.35$ Weighted-average common shares outstanding -
diluted107,050,000107,050,0001.The company believes that the financial
results for the fiscal year ending December 31, 2014 may be affected by,
among other factors: national and regional economic trends and events;
the timing of acquisitions and/or dispositions; interest rate risk; the
timing of commencement and completion of construction on owned
development projects; the ability of the company to be awarded and the
timing of the commencement of construction on third-party development
projects; university enrollment, funding and policy trends; the ability
of the company to earn third-party management revenues; the amount of
income recognized by the taxable REIT subsidiaries and any corresponding
income tax expense; the ability of the company to integrate acquired
properties; the outcome of legal proceedings arising in the normal
course of business; and the success of releasing the company’s owned
properties for the 2014/2015 academic year. AMERICAN CAMPUS COMMUNITIES
2014 OUTLOOK Detail
$ in thousands 23 1.Refer to page 9 for detail regarding the 2014 annual
same store grouping. 2.Includes Hawks Landing, a wholly-owned property
that was sold in February 2014 for $17.25 million. Assumes a 6.5%
nominal cap rate on dispositions. 3.Includes ACE properties and excludes
on-campus participating properties. 4.Net of capitalized interest and
excluding on-campus participating properties. Assumes a mid-year bond
offering. Components of 2014 Property Net Operating IncomeThird-party
ServicesLowHighLowHighThird-party development services revenue3,300$
3,900$ Wholly-owned propertiesThird-party management services
revenue7,800$ 8,500$ 2014 annual same store properties1 Third-party
development and mgmt. services expenses11,300$ 11,900$ Revenue609,000$
614,200$ 1.6%-2.5% Operating expenses(290,800) (292,100) 1.7%-2.2% Net
operating income318,200 322,100 1.6%-2.8%Corporate Expenses and Other
2014 new store properties net operating income43,400 43,500 LowHigh 2014
dispositions net operating income2(5,000) (3,000) Net income:Total
wholly-owned properties net General and administrative expenses18,000$
18,800$ operating income356,600$ 362,600$ Ground/facility leases
expense3 4,200$ 4,200$ Interest income3,900$ 3,900$ 2014 Property Net
Operating Income Guidance Assumptions Interest expense489,900$ 87,600$
LowHighTiming Capitalized interest 8,800$ 9,200$
Occupancy96.0%-98.0%Fall 2014 Amortization of deferred financing
costs5,800$ 5,800$ Rental rate growth1.75%-2.25%Fall 2014 Income tax
provision1,200$ 1,200$ Dispositions2 217,250$ -117,250$ Fall
2014FFOM:Acquisitions Corporate depreciation2,500$ 2,500$ Development
DeliveriesSee Page 19 Contribution from on-campus participating
properties4,500$ 4,900$ Mezzanine/pre-sale purchasesSee Page
19$230,200none% Change From 2013$32,300 AMERICAN CAMPUS COMMUNITIES
DEFINITIONS 24 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 BedsTotal 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. GAAPAccounting 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. AMERICAN CAMPUS COMMUNITIES
DEFINITIONS,
CONTINUED 25 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. AMERICAN CAMPUS COMMUNITIES
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) 855-3081jeff.spector@baml.com /
jana.galan@baml.com Michael Bilerman / Nick Joseph Citigroup Equity
Research (212) 816-1383 / (212) 816-1909michael.bilerman@citi.com /
eric.wolfe@citi.com Vincent Chao Deutsche Bank Securities, Inc.(212)
250-6799vincent.chao@db.com Andrew Rosivach / Jeff Pehl Goldman
Sachs(212) 902-2796 / (212) 357-4474andrew.rosivach@gs.com /
jeffrey.pehl@gs.com Dave Bragg / Ryan Burke Green Street Advisors(949)
640-9780 / (949) 640-8780dbragg@greenst.com / rburke@greenst.com Carol
Kemple Hilliard Lyons(502) 588-1839ckemple@hilliard.comSteve Sakwa /
Derek BowerI SI Group Inc.(212) 446-9462 / (212)
888-3842ssakwa@isigrp.com / dbower@isigrp.com Anthony Paolone / Emil
Shalmiyev J.P. Morgan Securities(212) 622-6682 / (212)
622-6615anthony.paolone@jpmorgan.com / emil.shalmiyev@jpmorgan.com
Jordan Sadler / Karin Ford Key Banc Capital Markets(917) 368-2280 /
(917) 368-2293jsadler@keybanccm.com / kford@keybanccm.com Ryan Meliker /
Jonathan Petersen MLV & Co(212) 542-5872 / (646)
556-9185rmeliker@mlvco.com / jpetersen@mlvco.com Paula Poskon / Tom
Lesnick Robert W. Baird & Co., Inc.(571) 203-1677 / (571)
203-1679pposkon@rwbaird.com / tlesnick@rwbaird.com Alexander Goldfarb /
Andrew Schaffer Sandler O'Neill + Partners, L.P.(212) 466-7937 / (212)
466-8062agoldfarb@sandleroneill.com / aschaffer@sandleroneill.com Ross
Nussbaum / Nick YulicoUBS Investment Research(212) 713-2484 / (212)
713-3402ross.nussbaum@ubs.com / nick.yulico@ubs.com Investor Relations:
Ryan Dennison VP, Investor Relations(512) 732-100012700 Hill Country
Blvd., Suite T-200Austin, Texas 78738Tel: (512) 732-1000; Fax: (512)
732-2450www.americancampus.comAmerican 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
InformationCorporate Headquarters:American Campus Communities,
Inc.INVESTOR INFORMATION 26 AMERICAN CAMPUS COMMUNITIES
FORWARD-LOOKING
STATEMENTS 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.