EX-99.2 3 a50803298ex99_2.htm EXHIBIT 99.2

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

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.