Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE 2Q 2014 July 22, 2014

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 5 Seasonality of Operations 6 Portfolio Overview 7 2014/2015 Leasing Status – Summary 8 2014/2015 Leasing Status – Detail 9 Owned Development Update 14 Third-party Development Update 15 Management Services Update 16 Capital Structure 17 2014 Outlook 18 Definitions 20 Investor Information 22 AMERICAN CAMPUS COMMUNITIES

FINANCIAL HIGHLIGHTS $ in thousands, except share and per share data Operating Data Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change % Change 2014 2013 $ Change % Change Total revenues $ 171,977 $ 153,212 $ 18,765 12.2% $ 355,160 $ 316,374 $ 38,786 12.3% Operating income 35,433 26,000 9,433 36.3% 83,428 67,684 15,744 23.3% Net income attributable to ACC 13,438 8,049 5,389 67.0% 41,836 29,639 12,197 41.2% Net income per share - basic 0.13 0.07 0.39 0.28 Net income per share - diluted 0.12 0.07 0.39 0.28 Funds From Operations ("FFO") 61,615 55,553 6,062 10.9% 135,407 124,055 11,352 9.2% FFO per share—diluted 0.58 0.52 0.06 11.5% 1.27 1.16 0.11 9.5% Funds From Operations - Modified ("FFOM") 62,317 56,264 6,053 10.8% 133,265 124,653 8,612 6.9% FFOM per share—diluted 0.58 0.53 0.05 9.4% 1.25 1.17 0.08 6.8% Market Capitalization and Unsecured Notes Covenants June 30, 2014 December 31, 2013 Debt to total market capitalization1 41.1% 43.7% Net debt to EBITDA 7.9x 7.5x Unencumbered asset value to total asset value 58.9% 55.8% Total debt to total asset value 44.7% 43.4% Secured debt to total asset value 22.7% 24.7% Unencumbered asset value to unsecured debt 268.1% 298.5% Interest coverage2 2.9x 3.3x 1. Market capitalization is calculated based on a common share price of $38.24 and $32.21 as of June 30, 2014 and December 31, 2013, respectively, and fully diluted common shares totaling 106,948,350 and 106,727,855 as of June 30, 2014 and December 31, 2013, respectively. 2. Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $354.2 million and $122.3 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $5.9 million and $15.0 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 $8.8 million of interest capitalized for GAAP purposes and excludes $13.2 million of amortization of net debt premiums related to mortgage loans assumed in connection with acquisitions. AMERICAN CAMPUS COMMUNITIES 1

CONSOLIDATED BALANCE SHEETS $ in thousands June 30, 2014 December 31, 2013 (unaudited) Assets Investments in real estate: Wholly-owned properties, net $ 5,291,661 $ 5,199,008 Wholly-owned property held for sale - 14,408 On-campus participating properties, net 90,480 73,456 Investments in real estate, net 5,382,141 5,286,872 Cash and cash equivalents 64,324 38,751 Restricted cash 35,132 35,451 Student contracts receivable, net 8,947 9,238 Other assets 230,449 227,728 Total assets $ 5,720,993 $ 5,598,040 Liabilities and equity Liabilities: Secured mortgage, construction and bond debt $ 1,425,398 $ 1,507,216 Secured agency facility 87,750 87,750 Unsecured notes 798,224 398,721 Unsecured term loans 600,000 600,000 Unsecured revolving credit facility - 150,700 Accounts payable and accrued expenses 58,436 65,088 Other liabilities 113,987 110,036 Total liabilities 3,083,795 2,919,511 Redeemable noncontrolling interests 53,054 47,964 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,043 1,043 Additional paid in capital 3,013,401 3,017,631 Accumulated earnings and dividends (428,676) (392,338) Accumulated other comprehensive loss (7,290) (1,435) Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 2,578,478 2,624,901 Noncontrolling interests - partially owned properties 5,666 5,664 Total equity 2,584,144 2,630,565 Total liabilities and equity $ 5,720,993 $ 5,598,040 AMERICAN CAMPUS COMMUNITIES 2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited, $ in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change 2014 2013 $ Change Revenues Wholly-owned properties $ 163,056 $ 145,598 $ 17,458 $ 335,006 $ 297,873 $ 37,133 On-campus participating properties 4,735 4,703 32 12,923 12,805 118 Third-party development services 1,581 555 1,026 1,768 1,034 734 Third-party management services 1,997 1,924 73 3,982 3,633 349 Resident services 608 432 176 1,481 1,029 452 Total revenues 171,977 153,212 18,765 355,160 316,374 38,786 Operating expenses Wholly-owned properties 76,034 68,922 7,112 151,842 134,979 16,863 On-campus participating properties 2,780 2,929 (149) 5,262 5,433 (171) Third-party development and management services 2,720 2,422 298 5,506 4,728 778 General and administrative 4,978 4,626 352 9,352 8,432 920 Depreciation and amortization 48,450 47,153 1,297 96,625 92,755 3,870 Ground/facility leases 1,582 1,160 422 3,145 2,363 782 Total operating expenses 136,544 127,212 9,332 271,732 248,690 23,042 Operating income 35,433 26,000 9,433 83,428 67,684 15,744 Nonoperating income and (expenses) Interest income 1,037 947 90 2,068 1,373 695 Interest expense (20,989) (19,369) (1,620) (42,079) (36,780) (5,299) Amortization of deferred financing costs (1,461) (1,413) (48) (2,960) (2,724) (236) Other nonoperating expense - - - - (2,800) 2,800 Total nonoperating expenses (21,413) (19,835) (1,578) (42,971) (40,931) (2,040) Income before income taxes and discontinued operations 14,020 6,165 7,855 40,457 26,753 13,704 Income tax provision (289) (255) (34) (579) (510) (69) Income from continuing operations 13,731 5,910 7,821 39,878 26,243 13,635 Discontinued operations Income (loss) attributable to discontinued operations - 2,756 (2,756) (123) 4,804 (4,927) Gain from disposition of real estate - - - 2,843 - 2,843 Total discontinued operations - 2,756 (2,756) 2,720 4,804 (2,084) Net income 13,731 8,666 5,065 42,598 31,047 11,551 Net income attributable to noncontrolling interests (293) (617) 324 (762) (1,408) 646 Net income attributable to American Campus Communities, Inc. and Subsidiaries $ 13,438 $ 8,049 $ 5,389 $ 41,836 $ 29,639 $ 12,197 Other comprehensive (loss) income Change in fair value of interest rate swaps (4,877) 4,801 (9,678) (5,870) 5,614 (11,484) Comprehensive income $ 8,561 $ 12,850 $ (4,289) $ 35,966 $ 35,253 $ 713 Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders Basic $ 0.13 $ 0.07 $ 0.39 $ 0.28 Diluted $ 0.12 $ 0.07 $ 0.39 $ 0.28 Weighted-average common shares outstanding Basic 104,918,131 104,779,159 104,870,167 104,738,522 Diluted 105,609,561 105,390,682 105,583,346 105,377,793 AMERICAN CAMPUS COMMUNITIES 3

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS Unaudited, $ in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change 2014 2013 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries $ 13,438 $ 8,049 $ 5,389 $ 41,836 $ 29,639 $ 12,197 Noncontrolling interests1 293 235 58 762 617 145 Gain from disposition of real estate - - - (2,843) - (2,843) Real estate related depreciation and amortization 47,884 47,269 615 95,652 93,799 1,853 Funds from operations ("FFO") 61,615 55,553 6,062 135,407 124,055 11,352 Elimination of operations of on-campus participating properties Net loss (income) from on-campus partic ipating properties 880 1,159 (279) (1,991) (1,495) (496) Amortization of investment in on-campus participating properties (1,228) (1,182) (46) (2,440) (2,356) (84) 61,267 55,530 5,737 130,976 120,204 10,772 Modifications to reflect operational performance of on-campus participating properties Our share of net cash flow2 650 520 130 1,277 1,059 218 Management fees 209 214 (5) 584 590 (6) On-campus participating properties development fees3 191 - 191 428 - 428 Impact of on-campus participating properties 1,050 734 316 2,289 1,649 640 Non-cash litigation settlement expense4 - - - - 2,800 (2,800) Funds from operations-modified ("FFOM") $ 62,317 $ 56,264 $ 6,053 $ 133,265 $ 124,653 $ 8,612 FFO per share - diluted $ 0.58 $ 0.52 $ 1.27 $ 1.16 FFOM per share - diluted $ 0.58 $ 0.53 $ 1.25 $ 1.17 Weighted average common shares outstanding - diluted 106,947,442 106,637,886 106,923,696 106,624,997 1. Excludes $0.4 million and $0.8 million for the three and six months ended June 30, 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, which is included in ground/facility leases expense in the consolidated statements of comprehensive income (refer to page 3). 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. AMERICAN CAMPUS COMMUNITIES 4

WHOLLY-OWNED PROPERTIES RESULTS OF OPERATIONS1 $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change % Change 2014 2013 $ Change % Change Wholly-owned properties revenues Same store properties $ 146,831 $ 145,675 $ 1,156 0.8% $ 300,518 $ 298,471 $ 2,047 0.7% New properties 16,833 355 16,478 35,969 431 35,538 Total revenues2 $ 163,664 $ 146,030 $ 17,634 12.1% $ 336,487 $ 298,902 $ 37,585 12.6% Wholly-owned properties operating expenses Same store properties $ 68,281 $ 68,874 $ (593) -0.9% $ 136,025 $ 134,914 $ 1,111 0.8% New properties 7,753 48 7,705 15,817 65 15,752 Total operating expenses $ 76,034 $ 68,922 $ 7,112 10.3% $ 151,842 $ 134,979 $ 16,863 12.5% Wholly-owned properties net operating income Same store properties $ 78,550 $ 76,801 $ 1,749 2.3% $ 164,493 $ 163,557 $ 936 0.6% New properties 9,080 307 8,773 20,152 366 19,786 Total net operating income $ 87,630 $ 77,108 $ 10,522 13.6% $ 184,645 $ 163,923 $ 20,722 12.6% Note: The same store grouping above represents properties owned or operated for the entire comparative periods presented. The second quarter same store grouping includes properties purchased or developed prior to April 1, 2013. The year-to-date 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. AMERICAN CAMPUS COMMUNITIES 5

SEASONALITY OF OPERATIONS1 $ in thousands, except for per bed amounts Three Months Ended June 30, 2013 September 30, 2013 December 31, 2013 March 31, 2014 June 30, 2014 Total/Weighted Average-Last 12 Months 2014 annual same store properties Revenue per occupied bed Rental revenue per occupied bed per month $ 580 $ 552 $ 590 $ 589 $ 580 $ 578 Other income per occupied bed per month2 48 63 43 45 48 49 Total revenue per occupied bed $ 628 $ 615 $ 633 $ 634 $ 628 $ 627 Average number of owned beds 83,537 83,537 83,537 83,537 83,537 83,537 Average physical occupancy for the quarter 92.5% 94.2% 96.8% 96.8% 93.4% 95.3% Total revenue $ 145,675 $ 145,282 $ 153,621 $ 153,687 $ 146,831 $ 599,421 Property operating expenses 68,874 83,451 66,300 67,744 68,281 285,776 Net operating income $ 76,801 $ 61,831 $ 87,321 $ 85,943 $ 78,550 $ 313,645 Operating margin 52.7% 42.6% 56.8% 55.9% 53.5% 52.3% 2014 new store properties3 Revenue per occupied bed Rental revenue per occupied bed per month $ - $ 697 $ 755 $ 760 $ 745 $ 748 Other income per occupied bed per month2 - 58 75 101 150 101 Total revenue per occupied bed $ - $ 755 $ 830 $ 861 $ 895 $ 849 Average number of owned beds - 3,297 7,284 7,670 7,574 6,456 Average physical occupancy for the quarter - 75.4% 97.4% 96.6% 82.8% 90.1% Total revenue $ 355 $ 5,631 $ 17,680 $ 19,136 $ 16,833 $ 59,280 Property operating expenses 48 3,385 8,677 8,064 7,753 27,879 Net operating income $307 $ 2,246 $ 9,003 $ 11,072 $ 9,080 $ 31,401 Operating margin N/A 39.9% 50.9% 57.9% 53.9% 53.0% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month $ 580 $ 558 $ 604 $ 603 $ 592 $ 590 Other income per occupied bed per month2 50 62 45 50 55 53 Total revenue per occupied bed $ 630 $ 620 $ 649 $ 653 $ 647 $ 643 Average number of owned beds 83,537 86,834 90,821 91,207 91,111 89,993 Average physical occupancy for the quarter 92.5% 93.5% 96.9% 96.8% 92.5% 94.9% Total revenue $ 146,030 $ 150,913 $ 171,301 $ 172,823 $ 163,664 $ 658,701 Property operating expenses 68,922 86,836 74,977 75,808 76,034 313,655 Net operating income $ 77,108 $ 64,077 $ 96,324 $ 97,015 $ 87,630 $ 345,046 Operating margin 52.8% 42.5% 56.2% 56.1% 53.5% 52.4% 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. AMERICAN CAMPUS COMMUNITIES 6

PORTFOLIO OVERVIEW Summary Property Type Units Beds 2014 2013 Physical Occupancy at June 30, Q2 2014 Same Store Wholly-owned Properties1 27,055 83,537 90.1% 89.5% New Wholly-owned Properties New Development Deliveries2 1,504 5,133 60.3%3 n/a New Acquisition Properties4 831 2,392 99.3% n/a Subtotal - New Wholly-owned Properties 2,335 7,525 72.7%3 n/a Total - Wholly-owned Properties 29,390 91,062 88.7% 89.5%5 On-campus Participating Properties6 1,863 4,519 17.3% 17.8% Note: The same store grouping above includes all properties in the same store grouping for the second quarter 2014. This represents properties purchased or developed prior to April 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 and one wholly-owned property that completed construction and opened for operations in June 2014. 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 Merwick Stanworth Phase I which was completed and available for occupancy in June 2014. The property consists of faculty and staff housing with the vast majority of residents moving in during the third quarter resulting in low occupancy at June 30, 2014. Also includes three freshman residence halls where occupancy is low during the summer months because these properties operate on fall and spring semester lease terms. Excluding Merwick Stanworth Phase I and these three freshman residence halls, occupancy for new development deliveries and new wholly-owned properties was 96.2% and 97.6% at June 30, 2014, respectively. 4. 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 and is currently undergoing redevelopment activities. 5. Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year occupancy. 6. Occupancy at our on-campus participating properties is low during the summer months due to the expiration of the nine-month leases concurrent with the end of the spring semester. AMERICAN CAMPUS COMMUNITIES 7

2014/2015 LEASING STATUS Wholly-owned properties – summary Applications + Leases Current Year Prior Year Applications + Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Q4 2014 Same Store Wholly-owned Properties 88,974 88,466 100.6% 98.6% 88,765 96.8% New Wholly-owned Properties 5,567 5,645 98.6% n/a 5,656 n/a Total - Wholly-owned Properties 94,541 94,111 100.5% 98.6%4 94,421 96.8%4 Leases Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase5 Current Projected Rate Increase5 Q4 2014 Same Store Wholly-owned Properties 82,095 88,466 92.8% 90.8% 88,765 96.8% 2.0% 2.1% New Wholly-owned Properties 5,384 5,645 95.4% n/a 5,656 n/a n/a n/a Total - Wholly-owned Properties 87,479 94,111 93.0% 90.8%4 94,421 96.8%4 2.0% 2.1% Note: 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. The fourth quarter 2014 same store grouping includes the annual 2014 same store properties presented on pages 5 through 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 July 18, 2014 for current year and July 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 8

2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase4 Current Projected Rate Increase4 1. University Crossings-Philadelphia, PA (ACE)® 1,001 1,008 99.3% 99.7% 1,016 99.3% 16.2% 17.7% 2. 601 Copeland-Tallahassee, FL 282 283 99.6% 99.6% 283 99.3% 13.0% 13.1% 3. The Highlands-Reno, NV 692 729 94.9% 95.0% 732 99.7% 2.7% 6.3% 4. 26 West-Austin, TX 1,018 1,024 99.4% 99.6% 1,026 99.5% 4.8% 5.4% 5. Chestnut Square-Philadelphia, PA (ACE) 847 858 98.7% 102.4% 861 99.3% 4.2% 5.4% 6. The Callaway House Austin & The Penthouse at Callaway-Austin, TX 735 740 99.3% 99.5% 753 99.5% 5.0% 4.9% 7. 7th Street Station-Corvallis, OR 305 309 98.7% n/a 309 100.0% 5.0% 4.9% 8. 2nd Ave Centre-Gainesville, FL 863 868 99.4% 99.5% 868 99.5% 4.3% 4.8% 9-10. Vintage and Texan West Campus-Austin, TX 309 311 99.4% 99.4% 311 98.7% 3.9% 4.7% 11. University Heights-Birmingham, AL 522 525 99.4% 99.2% 528 99.4% 3.4% 4.4% 12. U Club Cottages-Baton Rouge, LA 304 308 98.7% 99.3% 308 99.0% 2.1% 4.3% 13. The Callaway House-College Station, TX 549 527 104.2% 104.2% 538 103.9% 4.3% 4.3% 14. Lofts54-Champaign, IL 172 172 100.0% 99.4% 172 100.0% 3.1% 4.0% 15. West 27th Place-Los Angeles, CA 481 471 102.1% 104.7% 475 104.0% 4.0% 4.0% 16-17. Willowtree Apartments and Towers-Ann Arbor, MI 841 845 99.5% 99.5% 851 99.3% 3.8% 4.0% 18. Avalon Heights-Tampa Bay, FL 753 754 99.9% 100.4% 754 100.0% 3.5% 4.0% 19. The Cottages of Durham-Durham, NH 611 615 99.3% 91.4% 619 98.1% 2.4% 3.9% 20. University Oaks-Columbia, SC 656 662 99.1% 98.9% 662 99.1% 3.3% 3.7% 21. University Pointe at College Station-Portland, OR (ACE)5 801 976 82.1% 83.0% 978 98.8% 3.3% 3.7% 22. U Club Townhomes on Marion Pugh-College Station, TX 636 640 99.4% 99.4% 640 99.4% 3.5% 3.6% 23. The Townhomes at Newtown Crossing-Lexington, KY 598 608 98.4% 100.3% 608 99.0% 3.5% 3.5% 24. University Heights-Knoxville, TN 625 632 98.9% 98.9% 636 98.9% 3.2% 3.5% 25. University Village at Boulder Creek-Boulder, CO 301 305 98.7% 98.7% 309 98.7% 3.1% 3.4% 26. U Club on Woodward-Tallahassee, FL 445 448 99.3% 99.1% 448 99.1% 3.0% 3.4% 27. City Parc at Fry Street-Denton, TX 397 418 95.0% 82.8% 418 98.3% 2.8% 3.4% 28. The Edge-Charlotte, NC 689 720 95.7% 99.6% 720 99.4% 3.4% 3.4% 29. Villas on Rensch-Amherst, NY 604 610 99.0% 99.0% 610 99.0% 2.9% 3.4% 30. University Edge-Kent, OH 604 606 99.7% 99.5% 608 99.3% 3.1% 3.3% 31. U Club on Frey-Kennesaw, GA 452 456 99.1% 98.9% 456 98.7% 2.0% 3.2% 32. The Cottages of Baton Rouge-Baton Rouge, LA 1,208 1,285 94.0% 99.6% 1,290 98.8% 1.0% 3.2% 33. Forest Village and Woodlake-Columbia, MO 692 700 98.9% 99.1% 704 98.9% 2.8% 3.2% 34. Hilltop Townhomes-Flagstaff, AZ (ACE) 572 576 99.3% 99.1% 576 99.3% 2.9% 3.0% 35. University View-Prairie View, TX (ACE)5 334 334 100.0% 100.9% 336 100.0% 3.0% 3.0% 36. University Village Northwest-Prairie View, TX (ACE)5 140 144 97.2% 99.3% 144 100.0% 3.0% 3.0% 37. Garnet River Walk-West Colombia, SC 471 476 98.9% 100.0% 476 98.7% 2.7% 2.9% 38. Sunnyside Commons-Morgantown, WV 162 161 100.6% 100.6% 161 100.6% 3.0% 2.9% 39. University Gables-Murfreesboro, TN 609 644 94.6% 74.3% 648 98.5% 2.7% 2.8% 40. The Province-Tampa, FL 923 947 97.5% 88.2% 947 99.6% 2.2% 2.7% 41. Grindstone Canyon-Columbia, MO 380 382 99.5% 100.0% 384 99.5% 2.4% 2.7% 42. Landmark-Ann Arbor, MI 601 606 99.2% 93.8% 606 98.8% 2.4% 2.6% 43. The Suites-Flagstaff, AZ (ACE) 547 546 100.2% 99.6% 550 99.5% 2.9% 2.6% 44. Villas at Chestnut Ridge-Amherst, NY 543 552 98.4% 99.6% 552 99.1% 2.6% 2.6% 45. The Province-Louisville, KY 765 855 89.5% 90.4% 858 99.1% 2.2% 2.5% 1. As of July 18, 2014 for current year and July 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. AMERICAN CAMPUS COMMUNITIES 9

2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater, continued Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase4 Current Projected Rate Increase4 46. Villas on Sycamore-Huntsville, TX 624 680 91.8% 92.3% 680 99.4% 2.5% 2.5% 47-49. University Village-Tallahassee, FL 668 716 93.3% 99.7% 716 99.4% 2.5% 2.5% 50. Tower at Third-Champaign, IL 352 373 94.4% 98.4% 375 98.4% 2.5% 2.5% 51. University Greens-Norman, OK 474 516 91.9% 98.6% 516 99.0% 3.0% 2.4% 52. The Province-Rochester, NY 749 816 91.8% 83.5% 816 100.7% 3.0% 2.3% 53. Burbank Commons-Baton Rouge, LA 524 530 98.9% 87.4% 532 98.9% 1.9% 2.3% 54. Chauncey Square-West Lafayette, IN 333 386 86.3% 100.0% 386 99.0% 3.5% 2.3% 55. Callaway Villas-College Station, TX 694 702 98.9% 100.0% 704 99.7% 2.8% 2.2% 56-58. The Summit & Jacob Heights-Mankato, MN 904 927 97.5% 80.9% 930 98.2% 1.6% 2.2% 59. University Village at Sweethome-Amherst, NY 817 827 98.8% 81.0% 828 99.6% 1.9% 2.2% 60. Campustown-Ames, IA 1,211 1,216 99.6% 101.0% 1,217 99.8% 2.6% 2.1% 61. Nittany Crossing-State College, PA 672 684 98.2% 99.4% 684 98.8% 2.0% 2.1% 62. Raiders Crossing-Murfreesboro, TN 273 276 98.9% 87.6% 276 98.9% 2.1% 2.1% 63. University Commons-Minneapolis, MN 535 476 112.4% 97.7% 480 115.8% 1.5% 1.8% 64. Aggie Station-Bryan, TX 448 448 100.0% 100.0% 450 100.0% 1.8% 1.8% 65. University Crescent-Baton Rouge, LA 576 611 94.3% 97.7% 612 98.5% 2.3% 1.6% 66. The Varsity-College Park, MD 691 901 76.7% 96.0% 901 99.4% 2.4% 1.5% 67. University Club Apartments-Gainesville, FL 373 376 99.2% 86.3% 376 98.9% 1.1% 1.5% 68. The Estates-Gainesville, FL 870 1,038 83.8% 97.8% 1,044 98.9% 2.9% 1.5% 69. Union-Waco, TX 108 120 90.0% 96.6% 120 98.3% 2.9% 1.4% 70. Olde Towne University Square-Toledo, OH 531 550 96.5% 100.6% 550 100.2% 0.3% 1.4% 71. Campus Edge on UTA Boulevard-Arlington, TX 488 488 100.0% 94.6% 488 99.6% 0.7% 1.3% 72. The View-Lincoln, NE 546 588 92.9% 101.0% 590 100.0% 3.6% 1.2% 73. Newtown Crossing-Lexington, KY 832 942 88.3% 98.8% 942 99.2% 2.4% 1.1% 74. Sanctuary Lofts-San Marcos, TX 431 487 88.5% 94.8% 487 98.2% -1.1% 1.0% 75. University Village-Sacramento, CA 379 387 97.9% 96.9% 394 102.5% 1.8% 1.0% 76. Lions Crossing-State College, PA 656 696 94.3% 89.7% 696 98.6% -1.6% 0.8% 77. Stone Gate-Harrisonburg, VA 664 672 98.8% 100.0% 672 99.1% 0.6% 0.7% 78. University Walk-Charlotte, NC 476 480 99.2% 98.9% 480 99.0% 1.7% 0.4% 79. Campus Trails-Starkville, MS 439 478 91.8% 98.3% 480 98.3% 2.5% 0.3% 80. GrandMarc Seven Corners-Minneapolis, MN 444 439 101.1% 104.4% 440 119.8% 0.8% -0.1% 81. Campus Corner-Bloomington, IN 677 796 85.1% 93.4% 796 99.1% -0.8% -0.8% 82. Peninsular Place-Ypsilanti, MI 371 475 78.1% 84.8% 478 99.0% -1.2% -1.2% 83. The Outpost-San Marcos, TX 422 486 86.8% 96.0% 486 99.2% -2.1% -1.3% 84. The Edge-Orlando, FL 851 930 91.5% 99.2% 930 98.9% 0.0% -2.8% 85. The Village at Alafaya Club-Orlando, FL 769 839 91.7% 90.1% 839 98.7% 1.6% -3.2% 86. The Village at Science Drive-Orlando, FL 706 732 96.4% 83.7% 732 98.0% 0.0% -3.7% 87. Royal Lexington-Lexington, KY 360 364 98.9% 100.0% 364 100.0% -4.6% -4.3% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy of 98% or Greater 46,978 49,084 95.7% 95.9%5 49,216 99.6% 2.8% 2.9% 1. As of July 18, 2014 for current year and July 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 prior year percentage of rentable beds. AMERICAN CAMPUS COMMUNITIES 10

2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy between 95% and 98% Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase4 Current Projected Rate Increase4 1. The Enclave-Bowling Green, OH 471 476 98.9% 73.7% 480 96.9% 3.6% 3.9% 2. 922 Place-Tempe, AZ 464 467 99.4% 84.2% 468 95.1% 3.3% 3.7% 3. University Manor-Greenville, NC 596 600 99.3% 86.0% 600 97.3% 2.5% 3.3% 4. RAMZ Apts on Broad-Richmond, VA 166 172 96.5% 97.6% 172 96.5% 2.5% 3.2% 5. Bishops Square-San Marcos, TX 309 315 98.1% 96.5% 315 97.1% 2.1% 3.2% 6. Royal Village-Gainesville, FL 430 448 96.0% 98.4% 448 97.8% 2.9% 3.1% 7. Manzanita-Tempe, AZ (ACE)5 812 812 100.0% 100.0% 816 96.7% 3.0% 3.0% 8. Barrett Honors College-Tempe, AZ (ACE)5 1,714 1,715 99.9% 100.0% 1,721 97.7% 3.0% 3.0% 9. The Lofts at Capital Garage-Richmond, VA 144 144 100.0% 100.0% 144 97.2% 2.7% 2.8% 10. River Mill-Athens, GA 420 461 91.1% 92.1% 461 96.7% 2.6% 2.6% 11. University Village-Philadelphia, PA 550 743 74.0% 75.6% 749 96.9% 2.6% 2.5% 12. Abbott Place-East Lansing, MI 645 650 99.2% 91.9% 654 97.9% 1.4% 2.4% 13. Aztec Corner-San Diego, CA 594 604 98.3% 87.7% 606 97.9% 2.0% 2.4% 14. 25Twenty-Lubbock, TX 556 558 99.6% 93.8% 562 95.6% 2.1% 2.1% 15. The Centre-Kalamazoo, MI 646 700 92.3% 88.8% 700 96.9% 1.7% 2.1% 16. The Woods at Greenland-Murfreesboro, TN 264 276 95.7% 84.6% 276 97.8% 1.8% 1.9% 17-18. 5 Twenty Four & 5 Twenty Five Angliana-Lexington, KY 976 1,056 92.4% 97.5% 1,060 96.2% 2.0% 1.8% 19. Casas del Rio-Albuquerque, NM (ACE) 736 1,000 73.6% 90.7% 1,028 95.3% 1.0% 1.8% 20. 309 Green-Champaign, IL 412 416 99.0% 76.9% 416 97.1% 1.3% 1.5% 21. Eagles Trail-Hattiesburg, MS 629 788 79.8% 85.1% 792 97.7% 1.9% 1.2% 22-23. University Club Townhomes-Tallahassee, FL 582 734 79.3% 86.6% 736 96.3% 1.2% 0.8% 24. Uptown Apartments-Denton, TX 445 528 84.3% 83.5% 528 95.1% 1.8% 0.6% 25. The Cottages of Columbia-Columbia, MO 412 509 80.9% 87.1% 513 97.3% 0.3% 0.3% 26. Chapel View-Chapel Hill, NC 280 354 79.1% 92.3% 358 97.2% 2.1% -0.1% 27. Chapel Ridge-Chapel Hill, NC 445 541 82.3% 89.9% 544 96.5% 1.8% -0.3% 28-29. Villas at Vista del Sol & Vista del Sol-Tempe, AZ (ACE) 2,235 2,263 98.8% 90.2% 2,266 96.6% -0.4% -0.8% 30. University Place-Charlottesville, VA 340 528 64.4% 67.9% 528 95.3% 2.6% -1.0% 31. The Club-Athens, GA 468 480 97.5% 88.8% 480 95.0% -0.5% -4.3% 32. University Meadows-Mt. Pleasant, MI 524 616 85.1% 97.7% 616 97.7% -1.2% -5.9% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Between 95% and 98% 17,265 18,954 91.1% 89.8% 19,037 96.7% 1.7% 1.4% 1. As of July 18, 2014 for current year and July 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. AMERICAN CAMPUS COMMUNITIES 11

2014/2015 LEASING STATUS Q4 2014 same store properties with final fall 2013 occupancy less than 95% Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase4 Current Projected Rate Increase4 1. University Centre-Newark, NJ 466 836 55.7% 72.1% 838 88.3% -6.2% 9.0% 2. The Castilian-Austin, TX 442 612 72.2% 66.7% 623 71.6% 3.5% 8.2% 3. Lakeside Apartments-Athens, GA 677 774 87.5% 77.0% 776 91.5% 2.1% 3.1% 4. Pirates Place Townhomes-Greenville, NC 444 528 84.1% 83.6% 528 93.4% 2.7% 2.2% 5. The Block-Austin, TX 1,511 1,555 97.2% 92.3% 1,555 94.5% 2.0% 1.9% 6. The Village on Sixth Avenue-Huntington, WV 679 752 90.3% 79.2% 752 94.4% 1.6% 1.6% 7. The Province-Greensboro, NC 691 696 99.3% 81.5% 696 88.4% 1.5% 1.5% 8. Casa de Oro-Glendale, AZ (ACE)5 344 348 98.9% 83.0% 365 58.9% 1.1% 1.1% 9. University Pointe-Lubbock, TX 674 682 98.8% 83.6% 682 91.8% 0.4% 1.0% 10. The Retreat-San Marcos, TX 701 780 89.9% 85.1% 780 92.7% 0.5% 0.7% 11. U Club Townhomes at Overton Park-Lubbock, TX 411 444 92.6% 83.2% 448 92.0% 0.2% 0.5% 12. The Village at Overton Park-Lubbock, TX 597 610 97.9% 82.9% 612 93.3% 0.0% 0.5% 13. U Pointe Kennesaw-Kennesaw, GA 785 793 99.0% 74.5% 795 89.1% 0.5% 0.2% 14. University Trails-Lubbock, TX 681 684 99.6% 79.6% 684 93.3% -0.5% 0.1% 15. Raiders Pass-Lubbock, TX 807 823 98.1% 83.4% 828 94.6% -0.2% 0.1% 16. Icon Plaza-Los Angeles, CA 203 251 80.9% 88.8% 253 92.5% 1.8% -0.1% 17. The Commons-Harrisonburg, VA 308 528 58.3% 58.3% 528 81.4% 6.1% -0.3% 18. Campus Way-Tuscaloosa, AL 649 678 95.7% 99.1% 680 94.4% 1.2% -0.6% 19. University Village-Fresno, CA 398 406 98.0% 82.2% 406 94.8% -0.4% -0.8% 20. South View-Harrisonburg, VA 902 960 94.0% 90.2% 960 93.0% -0.2% -0.8% 21-22. College Club Townhomes-Tallahassee, FL 362 540 67.0% 78.8% 544 89.3% 0.8% -1.0% 23. Blanton Common-Valdosta, GA 609 847 71.9% 80.9% 860 93.7% 0.2% -1.0% 24. The Province-Dayton, OH 466 656 71.0% 76.8% 657 92.2% 1.7% -1.2% 25. Lobo Village-Albuquerque, NM (ACE) 785 856 91.7% 73.4% 864 89.7% -1.5% -1.5% 26. Campustown Rentals-Champaign, IL 690 762 90.6% 67.9% 766 74.0% -1.7% -1.7% 27. The Outpost-San Antonio, TX 648 828 78.3% 66.4% 828 91.8% -0.4% -2.4% 28. The Lodges of East Lansing-East Lansing, MI 1,047 1,049 99.8% 77.9% 1,049 92.8% -3.8% -3.1% 29. Entrada Real-Tucson, AZ 361 363 99.4% 76.9% 363 84.3% -4.9% -3.7% 30. Villas at Babcock-San Antonio, TX 514 787 65.3% 71.8% 792 91.7% -2.2% -6.8% Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Less than 95% 17,852 20,428 87.4% 79.5% 20,512 89.9% 0.0% 0.6% Total - Q4 2014 Same Store Properties 82,095 88,466 92.8% 90.8%6 88,765 96.8% 2.0% 2.1% 1. As of July 18, 2014 for current year and July 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. AMERICAN CAMPUS COMMUNITIES 12

2014/2015 LEASING STATUS New wholly-owned properties Current Year Prior Year Leases1 Rentable Beds2 % of Rentable Beds % of Rentable Beds Design Beds Final Fall 2013 Occupancy3 Initial Projected Rate Increase4 Current Projected Rate Increase4 1. Cardinal Towne-Louisville, KY 539 543 99.3% n/a 545 n/a n/a n/a 2. Park Point-Rochester, NY 859 924 93.0% n/a 924 n/a n/a n/a 3. U Centre at Fry Street-Denton, TX 510 614 83.1% n/a 614 n/a n/a n/a Subtotal - 2013 Acquisitions 1,908 2,081 91.7% n/a 2,083 n/a n/a n/a 1. U Club on Frey Phase II-Kennesaw, GA 410 408 100.5% n/a 408 n/a n/a n/a 2. Plaza on University-Orlando, FL 1,310 1,312 99.8% n/a 1,313 n/a n/a n/a 3. The Suites Phase II-Flagstaff, AZ (ACE) 327 328 99.7% n/a 328 n/a n/a n/a 4. University Walk-Knoxville, TN5 521 524 99.4% n/a 526 n/a n/a n/a 5. U Centre at Northgate-College Station, TX (ACE) 775 780 99.4% n/a 784 n/a n/a n/a 6. Merwick Stanworth Phase I-Princeton, NJ (ACE)⁶ 133 212 62.7% n/a 214 n/a n/a n/a Subtotal - 2014 Development Deliveries 3,476 3,564 97.5% n/a 3,573 n/a n/a n/a Total - New Wholly-owned Properties 5,384 5,645 95.4% n/a 5,656 n/a n/a n/a Total - Wholly-owned Properties 87,479 94,111 93.0% 90.8%7 94,421 96.8%7 2.0% 2.1% 1. As of July 18, 2014 for current year and July 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. AMERICAN CAMPUS COMMUNITIES 13

OWNED DEVELOPMENT UPDATE $ in thousands RECENTLY COMPLETED PROJECTS Project Project Type Location Primary University Served Units Beds Total Project Cost Opened for Occupancy Merwick Stanworth Phase I ACE Princeton, NJ Princeton University 127 214 $ 34,300 June 20141 OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION Project Project Type Location Primary University Served Units Beds Estimated Project Cost As of June 30, 2014 CIP2 Land and Other3 Total Costs Incurred % Complete4 Scheduled Completion The Plaza on University Off-campus Orlando, FL University of Central Florida 364 1,313 $ 112,300 $ 70,751 $ 24,809 $ 95,560 88% August 2014 U Club on Frey Phase II Off-campus Kennesaw, GA Kennesaw State University 102 408 25,300 16,911 5,671 22,582 98% August 2014 U Centre at Northgate ACE College Station, TX Texas A&M University 196 784 37,500 31,187 747 31,934 94% August 2014 The Suites Phase II ACE Flagstaff, AZ Northern Arizona University 164 328 19,300 12,432 247 12,679 79% August 2014 SUBTOTAL - 2014 DELIVERIES 826 2,833 $ 194,400 $ 131,281 $ 31,474 $ 162,755 Lancaster Project ACE Philadelphia, PA Drexel University 351 1,316 170,700 $ 46,562 $ 309 $ 46,871 $ 31% September 2015 2125 Franklin Off-campus Eugene, OR University of Oregon 192 734 64,600 15,460 8,547 24,007 24% September 2015 160 Ross Off-campus Auburn, AL Auburn University 182 642 41,300 7,950 3,101 11,051 17% August 2015 U Club on Woodward Phase II Off-campus Tallahassee, FL Florida State University 124 496 37,100 1,777 9,683 11,460 4% August 2015 SUBTOTAL - 2015 DELIVERIES 849 3,188 $ 313,700 $ 71,749 $ 21,640 $ 93,389 MEZZANINE DEVELOPMENT PROJECTS UNDER CONSTRUCTION Project Transaction Structure Location Primary University Served Units Beds Estimated Project Cost As of June 30, 2014 CIP2 Land and Other3 Total Costs Incurred % Complete4 Scheduled Completion University Walk5 Pre-Sale Knoxville, TN University of Tennessee 177 526 $ 32,300 $ 20,767 $ 4,488 $ 25,255 83% August 2014 OWNED DEVELOPMENT PIPELINE6 7 Project Project Type Location Primary University Served Anticipated Commencement Approx. Targeted Beds Estimated Project Cost8 Targeted Completion Merwick Stanworth Phase II ACE Princeton, NJ Princeton University Q4 2014 379 $ 42,500 July 2015 Boulder, CO Development9 Off-campus Boulder, CO University of Colorado Q4 2014/Q1 2015 400 TBD August 2016 USC Health Sciences Campus ACE Los Angeles, CA University of Southern California Q4 2014 460 49,000 TBD Carbondale Development Off-campus Carbondale, IL Southern Illinois University TBD 650 32,100 TBD 1,889 $ 123,600 1. This community will serve faculty and staff members of Princeton University and, unlike student housing communities, this property is expected to stabilize during the first academic session. 2. The total construction in progress (“CIP”) balance above excludes $20.0 million related to ongoing renovation projects at operating properties. 3. 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. 4. Based on costs incurred under the general construction contract as of June 30, 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 5 university markets totaling $38.4 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 $16.6 million incurred as of June 30, 2014 for owned development pipeline projects. 9. 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. AMERICAN CAMPUS COMMUNITIES 14

THIRD-PARTY DEVELOPMENT UPDATE $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change 2014 2013 $ Change Development services revenue $ 1,581 $ 555 $ 1,026 $ 1,768 $ 1,034 $ 734 % of total revenue 0.9% 0.4% 0.5% 0.3% CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of June 30, 2014 Fees Earned in Current Year Remaining Fees as of June 30, 2014 Scheduled Completion West Virginia University Project1 Morgantown, WV West Virginia University 224 567 $ 2,374 $ 1,732 $ 428 $ 642 August 2014 Lakeside Graduate Community Princeton, NJ Princeton University 329 715 3,200 2,566 518 634 Q3/Q4 20142 Honors Academic Village Toledo, OH University of Toledo 153 492 2,110 1,118 1,118 992 August 2015 Momentum Village3 Corpus Christi, TX Texas A&M University - Corpus Christi 124 482 1,500 - - 1,500 August 2015 830 2,256 $ 9,184 $ 5,416 $ 2,064 $ 3,768 ON-CAMPUS AWARD PIPELINE4 Project Location Anticipated Financing Structure Anticipated Commencement Estimated Fees Northern Arizona University5 Flagstaff, AZ Third-party Q3/Q4 2014 $ 600 Butler University Indianapolis, IN TBD TBD 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. This project will be delivered in phases from August 2014 to November 2014. 3. This project closed on third-party financing and commenced construction in July 2014. 4. 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. 5. This project consists of a student and academic services facility to be located on the University campus. Under the terms of the Preconstruction Services Agreement, we performed various predevelopment activities for which we anticipate receiving a fee of $0.6 million. We will receive the fee upon closing of the project financing, which is anticipated to occur in the third or fourth quarter 2014. After closing, the University will self-manage the remaining development activities for this facility. AMERICAN CAMPUS COMMUNITIES 15

MANAGEMENT SERVICES UPDATE $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2014 2013 $ Change 2014 2013 $ Change Management services revenue $ 1,997 $ 1,924 $ 73 $ 3,982 $ 3,633 $ 349 % of total revenue 1.2% 1.3% 1.1% 1.1% NEW/PENDING MANAGEMENT CONTRACTS Property Location Primary University Served Approximate Beds Stabilized Annual Fees1 Actual or Anticipated Commencement Southern University at New Orleans New Orleans, LA Southern University at New Orleans 698 $ 150 June 2014 University Courtyard Temple, TX Temple College 280 60 July 2014 University Village Phase V Richardson, TX The University of Texas at Dallas 600 110 August 2014 Lakeside Graduate Community Princeton, NJ Princeton University 715 180 Q3/Q4 2014 Honors Academic Village Toledo, OH University of Toledo 492 200 August 2015 Momentum Village Corpus Christi, TX Texas A&M University - Corpus Christi 482 150 August 2015 3,267 $ 850 DISCONTINUED MANAGEMENT CONTRACTS Property Location Primary University Served Beds 2014 Fee Contribution Prior to Termination Discontinued As Of Ridgebrook Court Dekalb, IL Northern Illinois University 360 $ 31 May 2014 1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. AMERICAN CAMPUS COMMUNITIES 16

CAPITAL STRUCTURE AS OF JUNE 30, 2014 $ in millions, except share and per share data Weighted Average Interest Rate Of Debt Maturing Each Year Fixed Rate Mortgage Loans 5.1% 5.2% 5.9% 5.8% 4.2% - 5.6% 5.4% 4.1% 4.9% Total Debt 3.0% 5.1% 5.9% 3.2% 4.2% 1.7% 5.6% 5.3% 4.1% 4.2% Note – refer to the Definitions outlined on pages 20 and 21 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 $66.2 million and the unamortized original issue discount on unsecured notes of $1.8 million. 2. Based on share price of $38.24 and fully diluted share count of 106,948,350 as of June 30, 2014. Assumes conversion of 1,327,578 common and preferred Operating Partnership units and 688,776 unvested restricted stock awards. 3. Excludes accumulated depreciation of $674.2 million and receivables and intangible assets, net of accumulated amortization, of $23.1 million. 4. Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $354.2 million and $122.3 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $5.9 million and $15.0 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 $8.8 million of interest capitalized for GAAP purposes and excludes $13.2 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 4.2%. AMERICAN CAMPUS COMMUNITIES 17

2014 OUTLOOK1 Summary $ in thousands, except share and per-share data Low High Net income $ 58,200 $ 66,000 Noncontrolling interests 700 800 Gain from disposition of real estate (2,850) (2,850) Depreciation and amortization 195,300 195,300 Funds from operations ("FFO") $ 251,350 $ 259,250 Elimination of operations from on-campus participating properties (9,400) (9,600) Modifications to reflect operational performance of on-campus participating properties 4,500 4,900 Funds from operations - modified ("FFOM") $ 246,450 $ 254,550 Net income per share - diluted $ 0.54 $ 0.61 FFO per share - diluted $ 2.34 $ 2.41 FFOM per share - diluted $ 2.29 $ 2.37 Weighted-average common shares outstanding - diluted 107,602,000 107,602,000 1. 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 18

2014 OUTLOOK Detail $ in thousands Components of 2014 Property Net Operating Income Low High % Change From 2013 Wholly-owned properties 2014 annual same store properties1 Revenue $ 609,400 $ 614,600 1.7%-2.6% Operating expenses (291,000) (291,700) 1.8%-2.0% Net operating income 318,400 322,900 1.6%-3.1% 2014 new store properties net operating income 43,400 44,100 2014 dispositions net operating income2 (5,000) (3,000) Total wholly-owned properties net operating income $ 356,800 $ 364,000 Third-party Services Low High Third-party development services revenue $3,300 $ 3,900 Third-party management services revenue $ 7,800 $ 8,500 Third-party development and mgmt. services expenses $ 11,400 $ 12,100 Corporate Expenses and Other Low High Net income: General and administrative expenses $ 18,200 $ 19,000 Ground/facility leases expense3 $ 4,200 $ 4,200 Interest income $ 3,900 $ 3,900 Interest expense4 $ 85,900 $ 85,200 Capitalized interest $ 7,800 $ 8,200 Amortization of deferred financing costs $ 5,800 $ 5,800 Income tax provision $ 1,200 $ 1,200 FFOM: Corporate depreciation $ 2,500 $ 2,500 Contribution from on-campus participating properties $ 4,500 $ 4,900 2014 Property Net Operating Income Guidance Assumptions Low High Timing Occupancy 96.0% - 98.0% Fall 2014 Rental rate growth 1.75% - 2.25% Fall 2014 Dispositions2 $ 217,250 - $ 117,250 Fall 2014 Acquisitions none Development Deliveries $228,700 See Page 14 Mezzanine/pre-sale purchases $32,300 See Page 14 1. Refer to page 6 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. Also includes a $400 million bond offering that closed on June 24, 2014. AMERICAN CAMPUS COMMUNITIES 19

DEFINITIONS 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. AMERICAN CAMPUS COMMUNITIES 20

DEFINITIONS, CONTINUED 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 21

INVESTOR INFORMATION 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 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. 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampus.com  Investor Relations: Ryan Dennison VP, Investor Relations (512) 732-1000 AMERICAN CAMPUS COMMUNITIES 22

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. AMERICAN CAMPUS COMMUNITIES