EX-99.2 3 a50848725-ex992.htm EXHIBIT 99.2

Exhibit 99.2

GRAPHIC SUPPLEMENTAL ANALYST PACKAGE 1Q 2014 April 22, 2014

GRAPHIC Title: Table of Contents

GRAPHIC FINANCIAL highlights $ in thousands, except share and per share data Market capitalization is calculated based on a common share price of $37.35 and $32.21 as of March 31, 2014 and December 31, 2013, respectively, and fully diluted common shares totaling 106,944,474 and 106,727,855 as of March 31, 2014 and December 31, 2013, respectively.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $349.7 million and $99.5 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $9.3 million and negative $0.8 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 $9.6 million of interest capitalized for GAAP purposes and excludes $13.5 million of amortization of net debt premiums related to mortgage loans assumed in connection with acquisitions.

GRAPHIC CONSOLIDATED BALANCE SHEETS $ in thousands March 31, 2014 December 31, 2013 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 5,240,032 $ 5,199,008 $ Wholly-owned property held for sale - 14,408 On-campus participating properties, net 83,710 73,456 Investments in real estate, net 5,323,742 5,286,872 Cash and cash equivalents 31,211 38,751 Restricted cash 36,163 35,451 Student contracts receivable, net 8,004 9,238 Other assets 221,595 227,728 Total assets 5,620,715 $ 5,598,040 $ Liabilities and equity Liabilities: Secured mortgage, construction and bond debt 1,432,387 $ 1,507,216 $ Secured agency facility 87,750 87,750 Unsecured notes 398,750 398,721 Unsecured term loans 600,000 600,000 Unsecured revolving credit facility 271,700 150,700 Accounts payable and accrued expenses 49,861 65,088 Other liabilities 113,176 110,036 Total liabilities 2,953,624 2,919,511 Redeemable noncontrolling interests 52,813 47,964 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,043 1,043 Additional paid in capital 3,011,951 3,017,631 Accumulated earnings and dividends (401,983) (392,338) Accumulated other comprehensive loss (2,428) (1,435) 2,608,583 2,624,901 Noncontrolling interests - partially owned properties 5,695 5,664 Total equity 2,614,278 2,630,565 Total liabilities and equity 5,620,715 $ 5,598,040

GRAPHIC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited, $ in thousands, except share and per share data 3 2014 2013 $ Change Revenues Wholly-owned properties 171,950 $ 152,275 $ 19,675 $ On-campus participating properties 8,188 8,102 86 Third-party development services 187 479 (292) Third-party management services 1,985 1,709 276 Resident services 873 597 276 Total revenues 183,183 163,162 20,021 Operating expenses Wholly-owned properties 75,808 66,057 9,751 On-campus participating properties 2,482 2,504 (22) Third-party development and management services 2,786 2,306 480 General and administrative 4,374 3,806 568 Depreciation and amortization 48,175 45,602 2,573 Ground/facility leases 1,563 1,203 360 Total operating expenses 135,188 121,478 13,710 Operating income 47,995 41,684 6,311 Nonoperating income and (expenses) Interest income 1,031 426 605 Interest expense (21,090) (17,411) (3,679) Amortization of deferred financing costs (1,499) (1,311) (188) Other nonoperating expense - (2,800) 2,800 Total nonoperating expenses (21,558) (21,096) (462) Income before income taxes and discontinued operations 26,437 20,588 5,849 Income tax provision (290) (255) (35) Income from continuing operations 26,147 20,333 5,814 Discontinued operations (Loss) income attributable to discontinued operations (123) 2,048 (2,171) Gain from disposition of real estate 2,843 - 2,843 Total discontinued operations 2,720 2,048 672 Net income 28,867 22,381 6,486 Net income attributable to noncontrolling interests (469) (791) 322 Net income attributable to American Campus Communities, Inc. and Subsidiaries 28,398 $ 21,590 $ 6,808 $ Other comprehensive (loss) income Change in fair value of interest rate swaps (993) 813 (1,806) Comprehensive income 27,405 $ 22,403 $ 5,002 $ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders Basic and diluted 0.27 $ 0.20 $ Weighted-average common shares outstanding Basic 104,821,669 104,697,433 Diluted 105,525,765 105,364,769

GRAPHIC CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS Unaudited, $ in thousands, except share and per share data 4 2014 2013 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries 28,398 $ 21,590 $ 6,808 $ Noncontrolling interests1 469 382 87 Gain from disposition of real estate (2,843) - (2,843) Real estate related depreciation and amortization 47,768 46,530 1,238 Funds from operations ("FFO") 73,792 68,502 5,290 Elimination of operations of on-campus participating properties Net income from on-campus participating properties (2,871) (2,654) (217) Amortization of investment in on-campus participating properties (1,212) (1,174) (38) 69,709 64,674 5,035 Modifications to reflect operational performance of on-campus participating properties Our share of net cash flow2 627 539 88 Management fees 375 376 (1) On-campus participating properties development fees3 237 - 237 Impact of on-campus participating properties 1,239 915 324 Non-cash litigation settlement expense4 - 2,800 (2,800) Funds from operations-modified ("FFOM") 70,948 $ 68,389 $ 2,559 $ FFO per share - diluted 0.69 $ 0.64 $ FFOM per share - diluted 0.66 $ 0.64 $ Weighted average common shares outstanding - diluted 106,868,612 106,611,973 Three Months Ended March 31, 1. Excludes $0 and $0.4 million for the three months ended March 31, 2014 and 2013, 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. 2. 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. 3. 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. 4. 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.

GRAPHIC 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 first quarter same store grouping includes properties purchased or developed prior to January 1, 2013. 1. Excludes (1) Hawks Landing – sold in February 2014, (2) University Mills - sold in November 2013, (3) Campus Ridge - sold in October 2013 and (4) 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. 2. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income. 5 2014 2013 $ Change % Change Wholly-owned properties revenues Same store properties 153,687 $ 152,797 $ 890 $ 0.6% New properties 19,136 75 19,061 Total revenues2 172,823 $ 152,872 $ 19,951 $ 13.1% Wholly-owned properties operating expenses Same store properties 67,744 $ 66,040 $ 1,704 $ 2.6% New properties 8,064 17 8,047 Total operating expenses 75,808 $ 66,057 $ 9,751 $ 14.8% Wholly-owned properties net operating income Same store properties 85,943 $ 86,757 $ (814) $ -0.9% New properties 11,072 58 11,014 Total net operating income 97,015 $ 86,815 $ 10,200 $ 11.7%

GRAPHIC SEASONALITY OF OPERATIONS1 $ in thousands, except for per bed amounts Note: The same store grouping above includes properties owned or operating for the entire year ended December 31, 2013 (i.e. properties purchased or developed on or prior to December 31, 2012.) 1. Excludes sold properties. 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 2013: 7th Street Station, U Club on Woodward Phase II (formerly referred to as The Plaza Apartments and 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 Boulder Outlook acquired in 2014 and The Plaza on University, acquired in July 2011, which is currently undergoing redevelopment activities. 6 March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 March 31, 2014 Total/Weighted Average- Last 12 Months 2014 annual same store properties Revenue per occupied bed Rental revenue per occupied bed per month 587 $ 580 $ 552 $ 590 $ 589 $ 578 $ Other income per occupied bed per month2 44 48 63 43 45 50 Total revenue per occupied bed 631 $ 628 $ 615 $ 633 $ 634 $ 628 $ Average number of owned beds 83,530 83,537 83,537 83,537 83,537 83,537 Average physical occupancy for the quarter 96.6% 92.5% 94.2% 96.8% 96.8% 95.1% Total revenue 152,797 $ 145,675 $ 145,282 $ 153,621 $ 153,687 $ 598,265 $ Property operating expenses 66,040 68,874 83,451 66,300 67,744 286,369 Net operating income 86,757 $ 76,801 $ 61,831 $ 87,321 $ 85,943 $ 311,896 $ Operating margin 56.8% 52.7% 42.6% 56.8% 55.9% 52.1% 2014 new store properties3 Revenue per occupied bed Rental revenue per occupied bed per month - $ - $ 697 $ 755 $ 760 $ 749 $ Other income per occupied bed per month2 - - 58 75 101 84 Total revenue per occupied bed - $ - $ 755 $ 830 $ 861 $ 833 $ Average number of owned beds - - 3,297 7,284 7,670 4,563 Average physical occupancy for the quarter - - 75.4% 97.4% 96.6% 93.1% Total revenue 75 $ 356 $ 5,631 $ 17,680 $ 19,136 $ 42,803 $ Property operating expenses 17 49 3,385 8,677 8,064 20,175 Net operating income 58 $ 307 $ 2,246 $ 9,003 $ 11,072 $ 22,628 $ Operating margin N/A N/A 39.9% 50.9% 57.9% 52.9% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month 587 $ 580 $ 558 $ 604 $ 603 $ 587 $ Other income per occupied bed per month2 45 50 62 45 50 52 Total revenue per occupied bed 632 $ 630 $ 620 $ 649 $ 653 $ 639 $ Average number of owned beds 83,530 83,537 86,834 90,821 91,207 88,100 Average physical occupancy for the quarter 96.6% 92.5% 93.5% 96.9% 96.8% 95.0% Total revenue 152,872 $ 146,031 $ 150,913 $ 171,301 $ 172,823 $ 641,068 $ Property operating expenses 66,057 68,923 86,836 74,977 75,808 306,544 Net operating income 86,815 $ 77,108 $ 64,077 $ 96,324 $ 97,015 $ 334,524 $ Operating margin 56.8% 52.8% 42.5% 56.2% 56.1% 52.2%

GRAPHIC PORTFOLIO OVERVIEW Summary Note: The same store grouping above includes all properties in the same store grouping for the first quarter 2014. This represents properties purchased or developed prior to January 1, 2013. 1. Excludes properties sold in 2013 and 2014. 2. Includes 7 wholly-owned properties that completed construction and opened for operations in August and September 2013. Also includes 1) 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 and 2) The Lodges of East Lansing Phase II, a property subject to a pre-sale agreement that completed construction and was purchased by the company in July 2013. 3. 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 U Club on Woodward Phase II, formerly referred to as 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. 4. Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year occupancy. 7 Units Beds 2014 2013 Q1 2014 Same Store Wholly-owned Properties1 27,055 83,537 96.8% 96.6% New Wholly-owned Properties New Development Deliveries2 1,377 4,919 96.6% n/a New Acquisition Properties3 831 2,392 100.5% n/a Subtotal - New Wholly-owned Properties 2,208 7,311 97.9% n/a Total - Wholly-owned Properties 29,263 90,848 96.9% 96.6%4 On-campus Participating Properties 1,863 4,519 96.3% 95.6%

GRAPHIC 2014/2015 LEASING STATUS Wholly-owned properties – summary 8 Prior Year Applications + Leases Applications + Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Q4 2014 Same Store Wholly-owned Properties 71,968 87,663 82.1% 74.8% 88,765 96.8% New Wholly-owned Properties 5,108 5,622 90.9% n/a 5,656 n/a Total - Wholly-owned Properties 77,076 93,285 82.6% 74.8%4 94,421 96.8%4 Prior Year Leases Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Q4 2014 Same Store Wholly-owned Properties 64,953 87,663 74.1% 68.2% 88,765 96.8% 2.0% 2.1% New Wholly-owned Properties 4,780 5,622 85.0% n/a 5,656 n/a n/a n/a Total - Wholly-owned Properties 69,733 93,285 74.8% 68.2%4 94,421 96.8%4 2.0% 2.1% Current Projected Rate Increase5 Current Year Design Beds Final Fall 2013 Occupancy3 Current Year Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase5 Note: The same store grouping presented above 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 same store grouping is presented for purposes of disclosing the pre-leasing status for the upcoming 2014/2015 academic year, which will have a significant effect on our results of operations for the year ended December 31, 2015. The fourth quarter 2014 same store grouping includes the annual 2014 same store properties presented on pages 5 and 7, plus an additional 9 properties and an additional phase at an existing property containing 5,228 beds that completed construction or were acquired in the second or third quarter 2013. 1. As of April 18, 2014 for current year and April 18, 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

GRAPHIC 2014/2015 Leasing Status Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater As of April 18, 2014 for current year and April 18, 2013 for prior year. Rentable beds exclude beds needed for on-site staff. As of September 30, 2013. Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. Property is leased under the University on-campus assignment process. 2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater 1. As of April 18, 2014 for current year and April 18, 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. 9 Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds 1. University Crossings-Philadelphia, PA (ACE)® 786 1,005 78.2% 99.8% 1,016 99.3% 16.2% 16.2% 2. 601 Copeland-Tallahassee, FL 281 278 101.1% 100.4% 283 99.3% 13.0% 13.1% 3. 26 West-Austin, TX 1,008 1,013 99.5% 99.6% 1,026 99.5% 4.8% 5.4% 4. Chestnut Square-Philadelphia, PA (ACE) 845 848 99.6% 101.8% 861 99.3% 4.2% 5.4% 5. 7th Street Station-Corvallis, OR 208 305 68.2% n/a 309 100.0% 5.0% 5.0% 6. The Callaway House Austin & The Penthouse at Callaway-Austin, TX 734 740 99.2% 96.6% 753 99.5% 5.0% 4.9% 7. 2nd Ave Centre-Gainesville, FL 860 860 100.0% 99.5% 868 99.5% 4.3% 4.8% 8-9. Vintage and Texan West Campus-Austin TX 306 311 98.4% 99.7% 311 98.7% 3.9% 4.7% 10. The Callaway House-College Station, TX 549 527 104.2% 104.2% 538 103.9% 4.3% 4.3% 11. U Club Cottages-Baton Rouge, LA 295 303 97.4% 99.3% 308 99.0% 2.1% 4.3% 12. Lofts54-Champaign, IL 171 172 99.4% 90.1% 172 100.0% 3.1% 4.0% 13. West 27th Place-Los Angeles, CA 418 471 88.7% 95.1% 475 104.0% 4.0% 4.0% 14-15. Willowtree Apartments and Towers-Ann Arbor, MI 841 845 99.5% 99.1% 851 99.3% 3.8% 4.0% 16. Avalon Heights-Tampa Bay, FL 751 748 100.4% 77.9% 754 100.0% 3.5% 4.0% 17. University Pointe at College Station-Portland, OR (ACE)5 537 960 55.9% 35.7% 978 98.8% 3.3% 3.9% 18. The Cottages of Durham-Durham, NH 605 607 99.7% 81.4% 619 98.1% 2.4% 3.9% 19. University Heights-Birmingham, AL 466 520 89.6% 63.3% 528 99.4% 3.4% 3.8% 20. University Oaks-Columbia, SC 651 655 99.4% 98.9% 662 99.1% 3.3% 3.7% 21. U Club Townhomes on Marion Pugh-College Station, TX 629 633 99.4% 99.4% 640 99.4% 3.5% 3.6% 22. The Townhomes at Newtown Crossing-Lexington, KY 587 602 97.5% 101.0% 608 99.0% 3.5% 3.5% 23. University Heights-Knoxville, TN 626 627 99.8% 95.4% 636 98.9% 3.2% 3.5% 24. University Village at Boulder Creek-Boulder, CO 298 300 99.3% 99.0% 309 98.7% 3.1% 3.4% 25. U Club on Woodward-Tallahassee, FL 439 443 99.1% 100.2% 448 99.1% 3.0% 3.4% 26. The Edge-Charlotte, NC 623 713 87.4% 99.9% 720 99.4% 3.4% 3.4% 27. University Edge-Kent, OH 597 600 99.5% 99.7% 608 99.3% 3.1% 3.3% 28. The Cottages of Baton Rouge-Baton Rouge, LA 1,071 1,272 84.2% 92.1% 1,290 98.8% 1.0% 3.2% 29. City Parc at Fry Street-Denton, TX 287 412 69.7% 50.5% 418 98.3% 2.8% 3.1% 30. Villas on Rensch-Amherst, NY 533 602 88.5% 92.5% 610 99.0% 2.9% 3.1% 31. The Province-Rochester, NY 552 808 68.3% 62.7% 816 100.7% 3.0% 3.0% 32. Hilltop Townhomes-Flagstaff, AZ (ACE) 565 569 99.3% 99.1% 576 99.3% 2.9% 3.0% 33. University View-Prairie View, TX (ACE)5 330 330 100.0% 60.9% 336 100.0% 3.0% 3.0% 34. University Village Northwest-Prairie View, TX (ACE)5 141 142 99.3% 71.1% 144 100.0% 3.0% 3.0% 35. Garnet River Walk-West Colombia, SC 428 471 90.9% 78.8% 476 98.7% 2.7% 2.9% 36. Sunnyside Commons-Morgantown, WV 159 161 98.8% 100.6% 161 100.6% 3.0% 2.9% 37. Callaway Villas-College Station, TX 596 691 86.3% 86.0% 704 99.7% 2.8% 2.8% 38. Forest Village and Woodlake-Columbia, MO 502 694 72.3% 82.1% 704 98.9% 2.8% 2.8% 39. Chauncey Square-West Lafayette, IN 300 381 78.7% 95.8% 386 99.0% 3.5% 2.8% 40. Union-Waco, TX 80 117 68.4% 90.6% 120 98.3% 2.9% 2.8% 41. University Gables-Murfreesboro, TN 393 638 61.6% 41.7% 648 98.5% 2.7% 2.7% 42. University Greens-Norman, OK 329 511 64.4% 93.7% 516 99.0% 3.0% 2.6% 43. Landmark-Ann Arbor, MI 600 596 100.7% 83.9% 606 98.8% 2.4% 2.6% 44. The Suites-Flagstaff, AZ (ACE) 383 535 71.6% 78.9% 550 99.5% 2.9% 2.6%

GRAPHIC 2014/2015 Leasing Status Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater, continued As of April 18, 2014 for current year and April 18, 2013 for prior year. Rentable beds exclude beds needed for on-site staff. As of September 30, 2013. Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds. 2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater, continued 1. As of April 18, 2014 for current year and April 18, 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. 10 Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds 45. Villas at Chestnut Ridge-Amherst, NY 448 545 82.2% 80.4% 552 99.1% 2.6% 2.6% 46. The Province-Louisville, KY 591 849 69.6% 46.7% 858 99.1% 2.2% 2.5% 47. The Estates-Gainesville, FL 622 1,030 60.4% 75.8% 1,044 98.9% 2.9% 2.5% 48. Villas on Sycamore-Huntsville, TX 426 673 63.3% 64.2% 680 99.4% 2.5% 2.5% 49-51. University Village-Tallahassee, FL 591 710 83.2% 99.7% 716 99.4% 2.5% 2.5% 52. Tower at Third-Champaign, IL 282 368 76.6% 83.2% 375 98.4% 2.5% 2.5% 53. U Club on Frey-Kennesaw, GA 259 454 57.0% 99.1% 456 98.7% 2.0% 2.5% 54. The Province-Tampa, FL 646 938 68.9% 51.9% 947 99.6% 2.2% 2.5% 55. Grindstone Canyon-Columbia, MO 323 378 85.4% 83.1% 384 99.5% 2.4% 2.4% 56. University Crescent-Baton Rouge, LA 406 604 67.2% 72.8% 612 98.5% 2.3% 2.3% 57-59. The Summit & Jacob Heights-Mankato, MN 810 920 88.0% 60.2% 930 98.2% 1.6% 2.2% 60. The View-Lincoln, NE 384 583 65.9% 84.9% 590 100.0% 3.6% 2.1% 61. Campustown-Ames, IA 1,169 1,209 96.7% 71.7% 1,217 99.8% 2.6% 2.1% 62. Raiders Crossing-Murfreesboro, TN 142 274 51.8% 36.1% 276 98.9% 2.1% 2.1% 63. Nittany Crossing-State College, PA 654 676 96.7% 91.4% 684 98.8% 2.0% 2.0% 64. The Highlands-Reno, NV 343 723 47.4% 56.8% 732 99.7% 2.7% 2.0% 65. Burbank Commons-Baton Rouge, LA 309 524 59.0% 34.4% 532 98.9% 1.9% 1.9% 66. University Village at Sweethome-Amherst, NY 508 818 62.1% 41.4% 828 99.6% 1.9% 1.9% 67. University Commons-Minneapolis, MN 445 470 94.7% 65.3% 480 115.8% 1.5% 1.8% 68. Aggie Station-Bryan, TX 430 442 97.3% 74.7% 450 100.0% 1.8% 1.8% 69. Newtown Crossing-Lexington, KY 685 936 73.2% 86.5% 942 99.2% 2.4% 1.6% 70. The Varsity-College Park, MD 426 891 47.8% 54.4% 901 99.4% 2.4% 1.5% 71. University Club Apartments-Gainesville, FL 369 371 99.5% 55.0% 376 98.9% 1.1% 1.5% 72. University Walk-Charlotte, NC 341 474 71.9% 86.5% 480 99.0% 1.7% 1.0% 73. Campus Trails-Starkville, MS 333 474 70.3% 83.5% 480 98.3% 2.5% 1.0% 74. Sanctuary Lofts-San Marcos, TX 311 482 64.5% 65.8% 487 98.2% -1.1% 1.0% 75. University Village-Sacramento, CA 196 383 51.2% 64.8% 394 102.5% 1.8% 1.0% 76. Campus Edge on UTA Boulevard-Arlington, TX 277 483 57.3% 62.7% 488 99.6% 0.7% 1.0% 77. GrandMarc Seven Corners-Minneapolis, MN 329 434 75.8% 70.7% 440 119.8% 0.8% 0.8% 78. Stone Gate-Harrisonburg, VA 661 667 99.1% 99.6% 672 99.1% 0.6% 0.7% 79. Olde Towne University Square-Toledo, OH 394 542 72.7% 90.1% 550 100.2% 0.3% 0.3% 80. Lions Crossing-State College, PA 487 689 70.7% 62.8% 696 98.6% -1.6% 0.0% 81. Campus Corner-Bloomington, IN 511 788 64.8% 80.3% 796 99.1% -0.8% -0.8% 82. Peninsular Place-Ypsilanti, MI 204 466 43.8% 52.9% 478 99.0% -1.2% -1.2% 83. The Outpost-San Marcos, TX 244 480 50.8% 64.0% 486 99.2% -2.1% -2.1% 84. The Edge-Orlando, FL 486 920 52.8% 47.8% 930 98.9% 0.0% -2.6% 85. The Village at Alafaya Club-Orlando, FL 336 828 40.6% 47.5% 839 98.7% 1.6% -3.2% 86. The Village at Science Drive-Orlando, FL 433 724 59.8% 62.3% 732 98.0% 0.0% -4.5% 87. Royal Lexington-Lexington, KY 148 364 40.7% 100.0% 364 100.0% -4.6% -6.0% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy of 98% or Greater 38,319 48,600 78.8% 77.9%5 49,216 99.6% 2.8% 2.8%

GRAPHIC 2014/2015 Leasing Status Q4 2014 same store properties with final fall 2013 occupancy between  95% and 98% As of April 18, 2014 for current year and April 18, 2013 for prior year. Rentable beds exclude beds needed for on-site staff. As of September 30, 2013.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. Property is leased under the University on-campus assignment process. 2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy between 95% and 98% 1. As of April 18, 2014 for current year and April 18, 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. 11 Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds 1. The Enclave-Bowling Green, OH 355 469 75.7% 42.7% 480 96.9% 3.6% 3.9% 2. 922 Place-Tempe, AZ 457 461 99.1% 44.5% 468 95.1% 3.3% 3.6% 3. University Manor-Greenville, NC 567 594 95.5% 56.4% 600 97.3% 2.5% 3.2% 4. RAMZ Apts on Broad-Richmond, VA 137 170 80.6% 45.9% 172 96.5% 2.5% 3.2% 5. Royal Village-Gainesville, FL 411 441 93.2% 98.2% 448 97.8% 2.9% 3.1% 6. Manzanita-Tempe, AZ (ACE)S 812 812 100.0% 62.1% 816 96.7% 3.0% 3.0% 7. Barrett Honors College-Tempe, AZ (ACE)5 1,225 1,715 71.4% 75.9% 1,721 97.7% 3.0% 3.0% 8. The Lofts at Capital Garage-Richmond, VA 125 144 86.8% 54.2% 144 97.2% 2.7% 2.8% 9. University Place-Charlottesville, VA 152 520 29.2% 29.2% 528 95.3% 2.6% 2.6% 10. River Mill-Athens, GA 315 456 69.1% 68.2% 461 96.7% 2.6% 2.6% 11. University Village-Philadelphia, PA 356 735 48.4% 45.3% 749 96.9% 2.6% 2.5% 12. Aztec Corner-San Diego, CA 592 599 98.8% 65.7% 606 97.9% 2.0% 2.4% 13. Abbott Place-East Lansing, MI 636 642 99.1% 63.7% 654 97.9% 1.4% 2.2% 14. 25Twenty-Lubbock, TX 404 550 73.5% 67.6% 562 95.6% 2.1% 2.1% 15. Bishops Square-San Marcos, TX 227 312 72.8% 94.9% 315 97.1% 2.1% 2.1% 16. Casas del Rio-Albuquerque, NM (ACE) 451 1,000 45.1% 59.7% 1,028 95.3% 1.0% 2.0% 17. The Centre-Kalamazoo, MI 481 694 69.3% 57.6% 700 96.9% 1.7% 2.0% 18-19. 5 Twenty Four & 5 Twenty Five Angliana-Lexington, KY 806 1,048 76.9% 83.8% 1,060 96.2% 2.0% 2.0% 20. Eagles Trail-Hattiesburg, MS 302 781 38.7% 35.2% 792 97.7% 1.9% 1.9% 21. The Woods at Greenland-Murfreesboro, TN 182 272 66.9% 42.6% 276 97.8% 1.8% 1.8% 22. 309 Green-Champaign, IL 407 416 97.8% 56.3% 416 97.1% 1.3% 1.6% 23-24. University Club Townhomes-Tallahassee, FL 407 728 55.9% 46.4% 736 96.3% 1.2% 1.2% 25. Uptown Apartments-Denton, TX 263 522 50.4% 55.4% 528 95.1% 1.8% 1.0% 26. Chapel View-Chapel Hill, NC 190 349 54.4% 61.3% 358 97.2% 2.1% 0.8% 27. The Cottages of Columbia-Columbia, MO 337 502 67.1% 71.1% 513 97.3% 0.3% 0.3% 28-29. Villas at Vista del Sol & Vista del Sol-Tempe, AZ (ACE) 2,214 2,233 99.1% 56.1% 2,266 96.6% -0.4% -0.8% 30. Chapel Ridge-Chapel Hill, NC 300 535 56.1% 72.1% 544 96.5% 1.8% -1.6% 31. The Club-Athens, GA 263 475 55.4% 68.2% 480 95.0% -0.5% -3.4% 32. University Meadows-Mt. Pleasant, MI 360 606 59.4% 89.4% 616 97.7% -1.2% -4.5% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Between 95% and 98% 13,734 18,781 73.1% 61.8% 19,037 96.7% 1.7% 1.5%

GRAPHIC 2014/2015 Leasing Status  Q4 2014 same store properties with final fall 2013 occupancy less  than 95% As of April 18, 2014 for current year and April 18, 2013 for prior year. Rentable beds exclude beds needed for on-site staff. As of September 30, 2013. Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. Property is leased under the University on-campus assignment process. Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds. 2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy less than 95% 1. As of April 18, 2014 for current year and April 18, 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. 12 Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds 1. University Centre-Newark, NJ 305 830 36.7% 47.8% 838 88.3% -6.2% 9.0% 2. The Castilian-Austin, TX 343 612 56.0% 44.3% 623 71.6% 3.5% 8.2% 3. Pirates Place Townhomes-Greenville, NC 271 524 51.7% 45.8% 528 93.4% 2.7% 2.8% 4. The Commons-Harrisonburg, VA 192 523 36.7% 40.9% 528 81.4% 6.1% 2.0% 5. The Village on Sixth Avenue-Huntington, WV 438 745 58.8% 48.7% 752 94.4% 1.6% 1.6% 6-7. College Club Townhomes-Tallahassee, FL 241 533 45.2% 52.7% 544 89.3% 0.8% 1.5% 8. The Block-Austin, TX 1,368 1,555 88.0% 83.2% 1,555 94.5% 2.0% 1.5% 9. The Province-Greensboro, NC 533 691 77.1% 47.5% 696 88.4% 1.5% 1.5% 10. Campus Way-Tuscaloosa, AL 402 671 59.9% 60.4% 680 94.4% 1.2% 1.2% 11. Casa de Oro-Glendale, AZ (ACE)S 321 348 92.2% 31.0% 365 58.9% 1.1% 1.1% 12. University Pointe-Lubbock, TX 470 676 69.5% 57.4% 682 91.8% 0.4% 1.0% 13. The Province-Dayton, OH 226 650 34.8% 42.3% 657 92.2% 1.7% 0.9% 14. The Retreat-San Marcos, TX 522 772 67.6% 49.9% 780 92.7% 0.5% 0.7% 15. U Club Townhomes at Overton Park-Lubbock, TX 298 440 67.7% 58.9% 448 92.0% 0.2% 0.5% 16. Icon Plaza-Los Angeles, CA 143 247 57.9% 58.6% 253 92.5% 1.8% 0.5% 17. The Village at Overton Park-Lubbock, TX 526 607 86.7% 66.2% 612 93.3% 0.0% 0.4% 18. U Pointe Kennesaw-Kennesaw, GA 719 786 91.5% 28.4% 795 89.1% 0.5% 0.2% 19. Blanton Common-Valdosta, GA 344 847 40.6% 44.1% 860 93.7% 0.2% 0.0% 20. Raiders Pass-Lubbock, TX 494 815 60.6% 41.7% 828 94.6% -0.2% 0.0% 21. University Trails-Lubbock, TX 558 678 82.3% 60.3% 684 93.3% -0.5% 0.0% 22. The Outpost-San Antonio, TX 294 822 35.8% 20.6% 828 91.8% -0.4% -0.4% 23. University Village-Fresno, CA 208 398 52.3% 47.5% 406 94.8% -0.4% -0.4% 24. Lakeside Apartments-Athens, GA 327 771 42.4% 44.9% 776 91.5% 2.1% -1.0% 25. Lobo Village-Albuquerque, NM (ACE) 333 843 39.5% 42.4% 864 89.7% -1.5% -1.5% 26. South View-Harrisonburg, VA 763 952 80.1% 77.6% 960 93.0% -0.2% -1.5% 27. Campustown Rentals-Champaign, IL 590 762 77.4% 42.7% 766 74.0% -1.7% -1.7% 28. Villas at Babcock-San Antonio, TX 317 786 40.3% 42.4% 792 91.7% -2.2% -2.5% 29. The Lodges of East Lansing-East Lansing, MI 1,040 1,039 100.1% 60.6% 1,049 92.8% -3.8% -3.1% 30. Entrada Real-Tucson, AZ 314 359 87.5% 60.2% 363 84.3% -4.9% -4.2% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Less than 95% 12,900 20,282 63.6% 51.3% 20,512 89.9% 0.0% 0.9% Total - Q4 2014 Same Store Properties 64,953 87,663 74.1% 68.2%6 88,765 96.8% 2.0% 2.1%

GRAPHIC 2014/2015 Leasing Status New wholly-owned properties As of April 18, 2014 for current year and April 18, 2013 for prior year. Rentable beds exclude beds needed for on-site staff. As of September 30, 2013. Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 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. Property consists of faculty and staff housing and is leased under the University on-campus assignment process. 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. 2014/2015 LEASING STATUS New wholly-owned properties 1. As of April 18, 2014 for current year and April 18, 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 consists of faculty and staff housing and 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. 13 Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds 1. Cardinal Towne-Louisville, KY 495 545 90.8% n/a 545 n/a n/a n/a 2. Park Point-Rochester, NY 716 924 77.5% n/a 924 n/a n/a n/a 3. U Centre at Fry Street-Denton, TX 315 608 51.8% n/a 614 n/a n/a n/a Subtotal - 2013 Acquisitions 1,526 2,077 73.5% n/a 2,083 n/a n/a n/a 1. Plaza on University-Orlando, FL 1,308 1,301 100.5% n/a 1,313 n/a n/a n/a 2. U Club on Frey Phase II-Kennesaw, GA 403 403 100.0% n/a 408 n/a n/a n/a 3. University Walk-Knoxville, TNS 520 524 99.2% n/a 526 n/a n/a n/a 4. U Centre at Northgate-College Station, TX (ACE) 769 776 99.1% n/a 784 n/a n/a n/a 5. The Suites Phase II-Flagstaff, AZ (ACE) 248 328 75.6% n/a 328 n/a n/a n/a 6. Stanworth Commons Phase I-Princeton, NJ (ACE)⁶ 6 213 2.8% n/a 214 n/a n/a n/a Subtotal - 2014 Development Deliveries 3,254 3,545 91.8% n/a 3,573 n/a n/a n/a Total - New Wholly-owned Properties 4,780 5,622 85.0% n/a 5,656 n/a n/a n/a Total - Wholly-owned Properties 69,733 93,285 74.8% 68.2%7 94,421 96.8%7 2.0% 2.1%

GRAPHIC OWNED DEVELOPMENT UPDATE $ in thousands 14 OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION Project Project Type Location Primary University Served Units Beds CIP1 Land and Other2 Total Costs Incurred % Complete3 Scheduled Completion The Plaza on University Off-campus Orlando, FL University of Central Florida 364 1,313 112,300 $ 58,250 $ 26,552 $ 84,802 $ 73% August 2014 Stanworth Commons Phase I ACE Princeton, NJ Princeton University 127 214 35,800 23,299 1,022 24,321 76% July 2014 U Club on Frey Phase II Off-campus Kennesaw, GA Kennesaw State University 102 408 25,300 13,701 5,647 19,348 80% August 2014 U Centre at Northgate ACE College Station, TX Texas A&M University 196 784 37,500 21,733 1,120 22,853 66% August 2014 The Suites Phase II ACE Flagstaff, AZ Northern Arizona University 164 328 19,300 7,222 223 7,445 44% August 2014 SUBTOTAL - 2014 DELIVERIES 953 3,047 230,200 $ 124,205 $ 34,564 $ 158,769 $ Lancaster Project ACE Philadelphia, PA Drexel University 351 1,316 170,700 $ 29,249 $ 322 $ 29,571 $ 18% September 2015 2125 Franklin Off-campus Eugene, OR University of Oregon 192 734 64,600 8,192 8,573 16,765 9% September 2015 160 Ross4 Off-campus Auburn, AL Auburn University 182 642 41,300 3,878 3,096 6,974 4% August 2015 SUBTOTAL - 2015 DELIVERIES 725 2,692 276,600 $ 41,319 $ 11,991 $ 53,310 $ MEZZANINE DEVELOPMENT PROJECTS UNDER CONSTRUCTION Project Transaction Structure Location Primary University Served Units Beds CIP1 Land and Other2 Total Costs Incurred % Complete3 Scheduled Completion University Walk5 Pre-Sale Knoxville, TN University of Tennessee 177 526 32,300 $ 12,670 $ 4,067 $ 16,737 $ 48% August 2014 OWNED DEVELOPMENT PIPELINE6 7 Project Project Type Location Primary University Served Approx. Targeted Beds Estimated Project Cost8 Targeted Completion U Club on Woodward Phase II9 Off-campus Tallahassee, FL Florida State University 496 36,400 $ August 2015 Stanworth Commons Phase II ACE Princeton, NJ Princeton University 379 42,500 July 2015 Boulder, CO Development10 Off-campus Boulder, CO University of Colorado 400 TBD August 2016 USC Health Sciences Campus ACE Los Angeles, CA University of Southern California 460 49,000 TBD Carbondale Development Off-campus Carbondale, IL Southern Illinois University 650 32,100 TBD 2,385 160,000 $ TBD Q3 2014 Anticipated Commencement As of March 31, 2014 Q4 2014/Q1 2015 Estimated Project Cost TBD Estimated Project Cost As of March 31, 2014 Q2/Q3 2014 1. The total construction in progress (“CIP”) balance above excludes $11.5 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 March 31, 2014. 4. The company purchased this site in February 2014 and construction commenced in March 2014. 5. 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. 6. Does not include undeveloped land parcels in 4 university markets totaling $37.8 million. 7. Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. 8. Estimated project costs include land and other predevelopment costs of $16.3 million incurred as of March 31, 2014 for owned development pipeline projects. 9. Formerly referred to as The Plaza Apartments, this property was purchased in August 2013. The company is currently vacating tenants in preparation for redevelopment activities. 10. In January 2014, the company purchased this site containing an existing hotel. The seller is operating 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.

GRAPHIC Third-party development update  $ in thousands 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. 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. This project consists of an academic and student support services building to be located on the University campus.  The company received the executed interim services agreement in April 2014. THIRD-PARTY DEVELOPMENT UPDATE $ in thousands 15 2014 2013 $ Change Development services revenue 187 $ 479 $ (292) $ % of total revenue 0.1% 0.3% Three Months Ended March 31, CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of March 31, 2014 Fees Earned in Current Year Remaining Fees as of March 31, 2014 Scheduled Completion West Virginia University Project1 Morgantown, WV West Virginia University 224 567 2,374 $ 1,572 $ 268 $ 802 $ August 2014 Lakeside Graduate Community Princeton, NJ Princeton University 329 715 3,200 2,199 151 1,001 August 2014 553 1,282 5,574 $ 3,771 $ 419 $ 1,803 $ ON-CAMPUS AWARD PIPELINE2 Project Location Anticipated Financing Structure Estimated Fees University of Toledo Toledo, OH Third-party 2,000 $ Texas A&M University - Corpus Christi Corpus Christi, TX Third-party TBD Northern Arizona University3 Flagstaff, AZ Third-party TBD Butler University Indianapolis, IN TBD TBD Q3/Q4 2014 Anticipated Commencement Q2 2014 Q2 2014 TBD 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. 3. This project consists of an academic and student support services building to be located on the University campus. The company received the executed interim services agreement in April 2014.

GRAPHIC Management services update  $ in thousands 16 Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. MANAGEMENT SERVICES UPDATE $ in thousands 16 1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2014 2013 $ Change Management services revenue 1,985 $ 1,709 $ 276 $ % of total revenue 1.1% 1.0% Three Months Ended March 31, NEW/PENDING MANAGEMENT CONTRACTS Property Location Approximate Beds Stabilized Annual Fees1 New Orleans, LA Southern University at New Orleans 698 150 $ University Village Phase V Richardson, TX The University of Texas at Dallas 600 110 1,298 260 $ DISCONTINUED MANAGEMENT CONTRACTS Property Location Beds 2014 Fee Contribution Prior to Termination Discontinued As Of Jaguar Suites Victoria, TX University of Houston-Victoria 220 2 $ January 2014 Jaguar Court Victoria, TX University of Houston-Victoria 174 1 January 2014 Jaguar Hall Victoria, TX University of Houston-Victoria 264 3 January 2014 Ridgebrook Court Dekalb, IL Northern Illinois University 360 31 May 2014 1,018 37

GRAPHIC CAPITAL STRUCTURE AS OF MARCH 31, 2014 $ in millions, except share and per share data Note – refer to the Definitions outlined on pages 18 and 19 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 $69.3 million and the unamortized original issue discount on unsecured notes of $1.3 million. 2. Based on share price of $37.35 and fully diluted share count of 106,944,474 as of March 31, 2014. Assumes conversion of 1,342,847 common and preferred Operating Partnership units and 693,927 unvested restricted stock awards. 3. Excludes accumulated depreciation of $628.5 million and receivables and intangible assets, net of accumulated amortization, of $23.5 million. 4. Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $349.7 million and $99.5 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $9.3 million and negative $0.8 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 $9.6 million of interest capitalized for GAAP purposes and excludes $13.5 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 4.1%. 17 Total Debt 3.2% 5.2% 5.9% 3.2% 2.7% 1.7% 5.6% 5.3% 4.1% 4.1% Fixed Rate Mortgage Loans 5.1% 5.2% 5.9% 5.8% 4.2% - 5.6% 5.4% 4.1% 4.9% Weighted Average Interest Rate Of Debt Maturing Each Year

GRAPHIC DEFINITIONS 18 ACE The company’s American Campus Equity program, whereby the company enters into long-term ground/facility lease agreements with Universities to finance, construct, and operate on-campus student housing communities. Properties under this structure are considered to be wholly-owned and are included in the company's consolidated financial statements. Adjusted EBITDA* EBITDA, including pro forma adjustments to reflect acquisitions, development deliveries, and dispositions as if such transactions had occurred on the first day of the 12-month period presented. Adjusted Interest Expense* Interest Expense, including pro forma adjustments to reflect acquisitions, development deliveries, dispositions, debt repayments, and debt refinancings as if such transactions had occurred on the first day of the 12-month period presented. Cash Cash and cash equivalents, determined on a consolidated basis in accordance with GAAP. Design Beds Total beds based on the original property design, generally as specified in the construction documents. EBITDA* Consolidated net income calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) interest expense; (ii) provision for income taxes; (iii) depreciation, amortization and all other non-cash items; (iv) provision for gains and losses; (v) noncontrolling interests; and (vi) extraordinary and other non-recurring items, as we determine in good faith. Funds from Operations (“FFO”) Determined based on the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Calculated as consolidated net income or loss attributable to common shares computed in accordance with GAAP, excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Also excludes non-cash impairment charges. FFO Modified (“FFOM”) FFO modified to reflect certain adjustments related to the economic performance of our on-campus participating properties and other non-cash items, as we determine in good faith. The company believes it is meaningful to eliminate the FFO generated from the on-campus participating properties and instead to reflect the company's 50% share of the properties' net cash flow and management fees received, as this measure better reflects the economic benefit derived from the company's involvement in the operation of these properties. GAAP Accounting principles generally accepted in the United States of America. Interest Coverage* Adjusted EBITDA / Adjusted Interest Expense. Interest Expense* Consolidated interest expense calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) the amortization of mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions; (ii) capitalized interest; (iii) the change in accrued interest during the period presented; and (iv) interest expense associated with properties classified within discontinued operations, as adjusted for the items previously mentioned. Net Debt* Total Debt less Cash. * These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios.

GRAPHIC DEFINITIONS, CONTINUED 19 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.

GRAPHIC Executive Management Bill Bayless Chief Executive Officer Greg Dowell Chief Operating Officer Jon Graf Chief Financial Officer William Talbot Chief Investment Officer Research Coverage Jeffery Spector / Jana Galan Bank of America / Merrill Lynch (646) 855-1363 / (646) 855-3081 jeff.spector@baml.com / jana.galan@baml.com Michael Bilerman / Nick Joseph Citigroup Equity Research (212) 816-1383 / (212) 816-1909 michael.bilerman@citi.com / nicholas.joseph@citi.com Vincent Chao Deutsche Bank Securities, Inc. (212) 250-6799 vincent.chao@db.com Andrew Rosivach / Jeff Pehl Goldman Sachs (212) 902-2796 / (212) 357-4474 andrew.rosivach@gs.com / jeffrey.pehl@gs.com Dave Bragg / Ryan Burke Green Street Advisors (949) 640-8780 / (949) 640-8780 dbragg@greenst.com / rburke@greenst.com Carol Kemple Hilliard Lyons (502) 588-1839 ckemple@hilliard.com Steve Sakwa / Derek Bower ISI Group Inc. (212) 446-9462 / (212) 888-3842 ssakwa@isigrp.com / dbower@isigrp.com Anthony Paolone / Emil Shalmiyev J.P. Morgan Securities (212) 622-6682 / (212) 622-6615 anthony.paolone@jpmorgan.com / emil.shalmiyev@jpmorgan.com Jordan Sadler / Karin Ford KeyBanc Capital Markets (917) 368-2280 / (917) 368-2293 jsadler@keybanccm.com / kford@keybanccm.com Ryan Meliker / Jonathan Petersen MLV & Co (212) 542-5872 / (646) 556-9185 rmeliker@mlvco.com / jpetersen@mlvco.com Paula Poskon / Stephen Dye Robert W. Baird & Co., Inc. (571) 203-1677 / (571) 203-1678 pposkon@rwbaird.com / sdye@rwbaird.com Alexander Goldfarb / Andrew Schaffer Sandler O'Neill + Partners, L.P. (212) 466-7937 / (212) 466-8062 agoldfarb@sandleroneill.com / aschaffer@sandleroneill.com Ross Nussbaum / Nick Yulico UBS Investment Research (212) 713-2484 / (212) 713-3402 ross.nussbaum@ubs.com / nick.yulico@ubs.com Investor Relations: Ryan Dennison VP, Investor Relations (512) 732-1000 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampus.com American Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Additional Information Corporate Headquarters: American Campus Communities, Inc.

GRAPHIC Forward-looking statement Body: 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.