Supplemental Analyst Package 4Q 2015 February 22, 2015

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 Same Store Wholly-Owned Properties Operating Expenses 6 Seasonality of Operations 7 2016 / 2017 Leasing Status 9 Investment Update 10 Owned Development Update 11 Third-Party Development Update 12 Management Services Update 13 Capital Structure 14 Interest Coverage 15 Capital Allocation – Long Term Funding Plan 16 2016 Outlook - Summary 17 2016 Outlook – Detail 18 Detail of Same Store Groupings 19 Definitions 20 Investor Information 22

Financial Highlights ($ in thousands, except share and per share data) 1. Excluding net gains from property dispositions and impairment charges, net loss attributable to ACC for the three months ended December 31, 2015 and 2014 would have been $28.4 million and $27.2 million, respectively. Excluding net gains from property dispositions, impairment charges and losses from the early extinguishment of debt, net income attributable to ACC for the years ended December 31, 2015 and 2014 would have been $65.1 million and $62.8 million, respectively. 2. Starting in 2015, the Company began reflecting the add-back of property acquisition costs as an adjustment when calculating FFOM. FFOM for the three months and year ended December 31, 2014 has been adjusted accordingly in order to reflect comparable results for the periods presented. 3. Refer to the definitions outlined on pages 20 and 21 for detailed definitions of terms appearing on this page. 4. Refer to calculation on page 15. Operating Data 2015 2014 $ Change % Change 2015 2014 $ Change % Change Total revenues 202,198$ 196,819$ 5,379$ 2.7% 753,381$ 733,915$ 19,466$ 2.7% Operating income 53,725 52,704 1,021 1.9% 156,904 154,986 1,918 1.2% Net income attributable to ACC 1 28,359 26,850 1,509 5.6% 115,991 62,839 53,152 84.6% Net income per share - basic 0.25 0.25 1.03 0.59 Net income per share - diluted 0.25 0.25 1.02 0.58 Funds From Operations ("FFO") 82,626 78,135 4,491 5.7% 271,381 259,230 12,151 4.7% FFO per share—diluted 0.72 0.73 (0.01) -1.4% 2.38 2.42 (0.04) -1.7% Funds From Operations - Modified ("FFOM") 2 79,113 75,751 3,362 4.4% 269,259 255,071 14,188 5.6% FFOM per share—diluted 2 0.69 0.71 (0.02) -2.8% 2.36 2.38 (0.02) -0.8% Market Capitalization and Unsecured Notes Covenants 3 Debt to total market capitalization N t bt to EBITDA Unencumbered asset value to total asset value Total debt to total asset value Secured debt to total asset value Unencumbered asset value to unsecured debt Interest coverage 4 Three Months Ended December 31, Year Ended December 31, December 31, 2015 December 31, 2014 38.2% 39.3% 7.4x 7.6x 71.3% 64.8% 42.8% 44.4% 15.4% 19.4% 260.5% 259.2% 3.7x 3.3x 1

Consolidated Balance Sheets ($ in thousands) December 31, 2015 December 31, 2014 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 5,522,271$ 5,308,707$ Wholly-owned properties held for sale 55,354 131,014 On-campus participating properties, net 90,129 94,128 Investments in real estate, net 5,667,754 5,533,849 Cash and cash equivalents 16,659 25,062 Restricted cash 33,675 31,937 Student contracts receivable, net 18,475 10,145 Other assets 1 289,384 233,755 Total assets 6,025,947$ 5,834,748$ Liabilities and equity Liabilities: Secured mortgage, construction and bond debt 1,101,325$ 1,331,914$ Unsecured notes 1,197,755 798,305 Unsecured term loans 600,000 600,000 Unsecured revolving credit facility 68,900 242,500 Accounts payable and accrued expenses 71,988 70,629 Other liabilities 2 144,811 121,645 Total liabilities 3,184,779 3,164,993 Redeemable noncontrolling interests 59,511 54,472 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,124 1,072 Additional paid in capital 3,325,806 3,102,540 Treasury stock (403) - Accumulated earnings and dividends (550,501) (487,986) Accumulated other comprehensive loss (5,830) (6,072) 2,770,196 2,609,554 Noncontrolling interests - partially owned properties 11,461 5,729 Total equity 2,781,657 2,615,283 Total liabilities and equity 6,025,947$ 5,834,748$ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 1. As of December 31, 2015, other assets include approximately $24.0 million related to net deferred financing costs and the net value of in-place leases. 2. As of December 31, 2015, other liabilities include approximately $71.7 million in deferred revenue and fee income. 2

Consolidated Statements of Comprehensive Income ($ in thousands, except share and per share data) 2015 2014 $ Change 2015 2014 $ Change (unaudited) Revenues Wholly-owned properties 187,268$ 183,760$ 3,508$ 704,909$ 690,582$ 14,327$ On-campus participating properties 10,117 9,825 292 31,586 28,534 3,052 Third-party development services 1,786 394 1,392 4,964 4,018 946 Third-party management services 2,227 1,918 309 8,813 7,669 1,144 Resident services 800 922 (122) 3,109 3,112 (3) Total revenues 202,198 196,819 5,379 753,381 733,915 19,466 Operating expenses Wholly-owned properties 79,164 79,541 (377) 331,836 329,615 2,221 On-campus participating properties 3,270 3,025 245 12,437 11,290 1,147 Third-party development and management services 3,792 3,419 373 14,346 12,008 2,338 General and administrative 5,171 4,724 447 20,838 18,681 2,157 Depreciation and amortization 54,685 51,294 3,391 208,788 197,495 11,293 Ground/facility leases 2,391 2,046 345 8,232 7,397 835 Provision for real estate impairment - 66 (66) - 2,443 (2,443) Total operating expenses 148,473 144,115 4,358 596,477 578,929 17,548 Operating income 53,725 52,704 1,021 156,904 154,986 1,918 Nonoperating income and (expenses) Interest income 1,125 1,045 80 4,421 4,168 253 Interest expense (24,162) (24,489) 327 (87,789) (90,362) 2,573 Amortization of deferred financing costs (1,518) (1,415) (103) (5,550) (5,918) 368 (Loss) gain from disposition of real estate 1 - (301) 301 52,699 (368) 53,067 Loss from early extinguishment of debt - - - (1,770) - (1,770) Other nonoperating income - 186 (186) 388 186 202 Total nonoperating expenses (24,555) (24,974) 419 (37,601) (92,294) 54,693 Income before income taxes and discontinued operations 29,170 27,730 1,440 119,303 62,692 56,611 Income tax provision (310) (439) 129 (1,242) (1,308) 66 Income from continuing operations 28,860 27,291 1,569 118,061 61,384 56,677 Discontinued operations 2 Loss attributable to discontinued operations - - - - (123) 123 Gain from disposition of real estate - - - - 2,843 (2,843) Total discontinued operations - - - - 2,720 (2,720) Net income 28,860 27,291 1,569 118,061 64,104 53,957 Net income attributable to noncontrolling interests (501) (441) (60) (2,070) (1,265) (805) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 28,359$ 26,850$ 1,509$ 115,991$ 62,839$ 53,152$ Other comprehensive income (loss) Change in fair value of interest rate swaps and other 2,907 (1,062) 3,969 464 (4,859) 5,323 Comprehensive income 31,266$ 25,788$ 5,478$ 116,455$ 57,980$ 58,475$ Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders Basic 0.25$ 0.25$ 1.03$ 0.59$ Diluted 0.25$ 0.25$ 1.02$ 0.58$ Weighted-average common shares outstanding Basic 112,343,835 105,414,388 111,987,361 105,032,155 Diluted 113,001,039 106,024,960 114,032,222 105,711,420 Three Months Ended December 31, Year Ended December 31, (unaudited) 1. Represents net gains and losses from the sale of wholly-owned properties. Due to a recent change in accounting guidance, disposals of individual operating properties or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations. 2. The operations for any properties sold during 2014 that were classified as held for sale as of December 31, 2013 are not subject to the new accounting guidance for discontinued operations and have been presented in discontinued operations. 3

Consolidated Statements of Funds from Operations (Unaudited, $ in thousands, except share and per share data) 2015 2014 $ Change 2015 2014 $ Change Net income attributable to ACC, Inc. and Subsidiaries common stockholders 28,359$ 26,850$ 1,509$ 115,991$ 62,839$ 53,152$ Noncontrolling interests 501 441 60 2,070 1,265 805 Loss (gain) from disposition of real estate - 301 (301) (52,699) (2,475) (50,224) Elimination of provision for real estate impairment 1 - 66 (66) - 2,443 (2,443) Real estate related depreciation and amortization 53,766 50,477 3,289 206,019 195,158 10,861 Funds from operations ("FFO") attributable to common stockholders and OP unitholders 82,626 78,135 4,491 271,381 259,230 12,151 Elimination of operations of on-campus participating properties Net income from on-campus participating properties (3,030) (2,691) (339) (4,236) (3,933) (303) Amortization of investment in on-campus participating properties (1,803) (1,700) (103) (7,034) (5,688) (1,346) 77,793 73,744 4,049 260,111 249,609 10,502 Modifications to reflect operational performance of on-campus participating properties Our share of net cash flow 2 853 854 (1) 3,118 2,721 397 Management fees 467 448 19 1,424 1,289 135 On-campus participating properties development fees 3 - - - - 1,070 (1,070) Impact of on-campus participating properties 1,320 1,302 18 4,542 5,080 (538) Property acquisition costs 4 - 705 (705) 2,836 705 2,131 Impact of University Walk (pre-sale arrangement) 5 - - - - (323) 323 Elimination of loss from early extinguishment of debt 6 - - - 1,770 - 1,770 Funds from operations-modified ("FFOM") attributable to common stockholders and OP unitholders 4 79,113$ 75,751$ 3,362$ 269,259$ 255,071$ 14,188$ FFO per share - diluted 0.72$ 0.73$ 2.38$ 2.42$ FFOM per share - diluted 4 0.69$ 0.71$ 2.36$ 2.38$ Weighted average common shares outstanding - diluted 114,513,960 107,319,712 114,141,997 107,036,208 Three Months Ended December 31, Year Ended December 31, 1. Represents an impairment charge recorded for The Enclave, a property that was sold in September 2014, and a land parcel donated to a municipality in October 2014. 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 actual cash received for the year-to- date periods and 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 completed construction in August 2014. 4. Starting in 2015, the Company began reflecting the add-back of property acquisition costs as an adjustment when calculating FFOM. FFOM for the three months and year ended December 31, 2014 has been adjusted accordingly in order to reflect comparable results for the periods presented. 5. University Walk is a property that was subject to a pre-sale arrangement and was purchased in February 2015. The property was consolidated for financial reporting purposes prior to its acquisition. However, as we did not benefit from the net cash flow from operations prior to our purchase, we have excluded the operations of this property from FFOM in 2014. 6. Represents losses associated with the early pay-off of mortgage loans for four properties sold during the twelve months ended December 31, 2015. Such costs are excluded from gains from disposition of real estate reported in accordance with GAAP. However, we view the losses from early extinguishment of debt associated with the sales of real estate as an incremental cost of the sale transactions because we extinguished the debt in connection with the consummation of the sale transactions and we had no intent to extinguish the debt absent such transactions. We believe that adjusting FFOM to exclude these losses more appropriately reflects the results of our operations exclusive of the impact of our disposition transactions. 4

Wholly-Owned Properties Results of Operations1 ($ in thousands) 2015 2014 $ Change % Change 2015 2014 $ Change % Change Wholly-owned properties revenues Same store properties 160,588$ 155,992$ 4,596$ 2.9% 616,526$ 597,018$ 19,508$ 3.3% New properties 27,480 11,624 15,856 73,453 26,696 46,757 Sold properties 1,2 - 17,066 (17,066) 18,039 69,980 (51,941) Total revenues 3 188,068$ 184,682$ 3,386$ 1.8% 708,018$ 693,694$ 14,324$ 2.1% Wholly-owned properties operating expenses Same store properties 4 68,172$ 66,869$ 1,303$ 1.9% 287,740$ 282,311$ 5,429$ 1.9% New properties 10,992 4,677 6,315 34,959 11,872 23,087 Sold properties 1,2 - 7,995 (7,995) 9,137 35,432 (26,295) Total operating expenses 79,164$ 79,541$ (377)$ -0.5% 331,836$ 329,615$ 2,221$ 0.7% Wholly-owned properties net operating income Same store properties 92,416$ 89,123$ 3,293$ 3.7% 328,786$ 314,707$ 14,079$ 4.5% New properties 16,488 6,947 9,541 38,494 14,824 23,670 Sold properties 1,2 - 9,071 (9,071) 8,902 34,548 (25,646) Total net operating income 108,904$ 105,141$ 3,763$ 3.6% 376,182$ 364,079$ 12,103$ 3.3% Three Months Ended December 31, Year Ended December 31, Note: The same store grouping above represents properties owned and operating for both of the entire years ended December 31, 2015 and 2014, and which are not conducting or planning to conduct substantial development or redevelopment activities. Refer to page 19 for detail of our same store groupings. 1. Excludes Hawks Landing, a property that was sold in February 2014 which is classified within discontinued operations on the accompanying consolidated statements of comprehensive income. 2. Includes The Enclave, a property that was sold in September 2014, along with 20 properties sold during the year ended December 31, 2015 which are disclosed on page 10. 3. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income. 4. See page 6 for detail of same store operating expenses. 5

Same Store Wholly-Owned Properties Operating Expenses ($ in thousands, except per bed amounts) Total Per Bed Total Per Bed Utilities 1 16,501$ 215$ 1.2% 24% 16,310$ 212$ 25% General & administrative and other 2 15,330 199 2.4% 22% 14,965 195 22% Property taxes 14,206 185 0.1% 21% 14,189 185 21% Payroll 3 13,501 176 2.0% 20% 13,235 172 20% Repairs and maintenance 4 4,567 59 9.9% 7% 4,154 54 6% Marketing 5 2,510 33 9.9% 4% 2,284 30 3% Insurance 1,557 20 -10.1% 2% 1,732 22 3% Total same store wholly- owned operating expenses 68,172$ 887$ 1.9% 100% 66,869$ 870$ 100% Weighted average same store wholly-owned beds 76,874 Total Per Bed Total Per Bed Utilities 1 64,914$ 844$ 0.4% 23% 64,656$ 841$ 23% General & administrative and other 2 61,253 797 2.8% 21% 59,588 775 21% Property taxes 58,258 758 3.1% 20% 56,528 735 20% Payroll 3 57,538 748 3.5% 20% 55,584 723 20% Repairs and maintenance 4 29,348 382 6.6% 10% 27,520 358 10% Marketing 5 10,051 131 -11.9% 4% 11,405 148 4% Insurance 6,378 83 -9.3% 2% 7,030 92 2% Total same store wholly- owned operating expenses 287,740$ 3,743$ 1.9% 100% 282,311$ 3,672$ 100% Weighted average same store wholly-owned beds 76,874 Year Ended December 31, 2015 2014 % Change From Prior Year % of Total Operating Expenses % of Total Operating Expenses Three Months Ended December 31, 2015 2014 % Change From Prior Year % of Total Operating Expenses % of Total Operating Expenses Note: The same store grouping above represents properties owned and operating for both of the entire years ended December 31, 2015 and 2014, and which are not conducting or planning to conduct substantial development or redevelopment activities. Refer to page 19 for detail of our same store groupings. 1. Represents gross expenses prior to any recoveries from tenants, which are reflected in wholly-owned properties revenues. 2. Includes security costs, shuttle costs, and property-level general and administrative costs as well as an allocation of costs related to corporate management and oversight. Also includes acquisition integration costs, bad debt, food service, and other miscellaneous expenses. 3. Includes payroll and related expenses for on-site personnel including general managers, maintenance staff, and leasing staff. 4. Includes general maintenance costs such as interior painting, routine landscaping, pest control, fire protection, snow removal, elevator maintenance, roof and parking lot repairs, and other miscellaneous building repair costs. Also includes costs related to the annual turn process. Excluding $0.7 million of costs incurred related to one-time occurrences at three properties during the year ended December 31, 2015, this expense category would have increased by 4.1% as compared to the year ended December 31, 2014. 5. Includes costs related to property marketing campaigns associated with our annual leasing efforts. The increase in the three months ended December 31, 2015 as compared to the three months ended December 31, 2014 is primarily related to our rebranding initiative and the timing of sports marketing agreements entered into at select properties. The decrease over the prior year is due to the continued strategic refinement of our marketing activities to yield optimal efficiency and effectiveness. 6

Seasonality of Operations1 ($ in thousands, except per bed amounts) December 31, 2014 March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total/Weighted Average- Last 12 Months 2015 same store properties Revenue per occupied bed Rental revenue per occupied bed per month 644$ 643$ 629$ 651$ 661$ 646$ Other income per occupied bed per month 1 48 49 58 73 51 58 Total revenue per occupied bed 692$ 692$ 687$ 724$ 712$ 704$ Average number of owned beds 76,849 76,874 2 76,874 76,874 76,874 76,874 Average physical occupancy for the quarter 97.8% 97.7% 93.0% 91.4% 97.8% 95.0% Total revenue 155,992$ 156,024$ 147,396$ 152,518$ 160,588$ 616,526$ Property operating expenses 66,881 67,152 67,153 85,263 68,172 287,740 Net operating income 89,111$ 88,872$ 80,243$ 67,255$ 92,416$ 328,786$ Operating margin 57.1% 57.0% 54.4% 44.1% 57.5% 53.3% 2015 new properties Revenue per occupied bed Rental revenue per occupied bed per month 676$ 687$ 715$ 627$ 748$ 698$ Other income per occupied bed per month 1 93 66 67 76 72 71 Total revenue per occupied bed 769$ 753$ 782$ 703$ 820$ 769$ Average number of owned beds 5,189 5,612 7,161 9,446 11,921 8,535 Average physical occupancy for the quarter 97.1% 99.3% 91.0% 90.9% 93.7% 93.3% Total revenue 11,623$ 12,580$ 15,291$ 18,102$ 27,480$ 73,453$ Property operating expenses 4,730 5,984 7,204 10,779 10,992 34,959 Net operating income 6,893$ 6,596$ 8,087$ 7,323$ 16,488$ 38,494$ Operating margin 59.3% 52.4% 52.9% 40.5% 60.0% 52.4% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month 646$ 646$ 636$ 648$ 672$ 651$ Other income per occupied bed per month 1 51 50 59 73 54 59 Total revenue per occupied bed 697$ 696$ 695$ 721$ 726$ 710$ Average number of owned beds 82,038 82,486 84,035 86,320 88,795 85,409 Average physical occupancy for the quarter 97.7% 97.8% 92.8% 91.3% 97.2% 94.8% Total revenue 167,615$ 168,604$ 162,687$ 170,620$ 188,068$ 689,979$ Property operating expenses 71,611 73,136 74,357 96,042 79,164 322,699 Net operating income 96,004$ 95,468$ 88,330$ 74,578$ 108,904$ 367,280$ Operating margin 57.3% 56.6% 54.3% 43.7% 57.9% 53.2% Sold properties 3 Total revenue 17,067$ 12,124$ 5,482$ 433$ -$ 18,039$ Property operating expenses 7,930 5,874 2,894 369 - 9,137 Net operating income 9,137$ 6,250$ 2,588$ 64$ -$ 8,902$ Three Months Ended Note: The same store grouping above represents properties owned and/or operating for both of the entire years ended December 31, 2015 and 2014, and which are not conducting or planning to conduct substantial development or redevelopment activities. Refer to page 19 for detail of our same store groupings. 1. 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. 2. The increase in the average number of beds from the prior quarter is due to 32 beds, which were destroyed by fire in the third quarter 2014 and were rebuilt and available for occupancy in the first quarter of 2015. 3. Includes The Enclave, a property that was sold in September 2014 along with 20 properties sold during the year ended December 31, 2015 which are disclosed on page 10. 7

Seasonality of Operations - Build-up to 2016 Same Store Grouping ($ in thousands, except per bed amounts) Note: The purpose of the table above is to provide a build-up to the 2016 same store property grouping. Refer to page 19 for detail of our same store groupings. 1. This section presents operating results for the 2015 same store properties from page 7, excluding two properties containing 1,324 beds, which are classified as Held for Sale as of December 31, 2015 and are anticipated to be sold in the first quarter 2016. 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 2014 that will become part of the same store grouping for 2016: (1) The Standard – acquired in October 2014, (2) Merwick Stanworth Phase I which completed construction and opened for operations in June 2014 and (3) five properties that completed construction and opened for operations in August 2014. 8 March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total/Weighted Average - Last 12 Months 2015 same store properties 1 Revenue per occupied bed Rental revenue per occupied bed per month 642$ 629$ 649$ 662$ 646$ Other income per occupied bed per month 2 51 60 76 52 59 Total revenue per occupied bed 693$ 689$ 725$ 714$ 705$ Average number of owned beds 75,550 75,550 75,550 75,550 75,550 Average physical occupancy for the quarter 97.7% 92.8% 91.2% 97.7% 94.9% Total revenue 153,555$ 144,876$ 149,873$ 158,051$ 606,355$ Property operating expenses 65,993 65,918 83,663 66,966 282,540 Net operating income 87,562$ 78,958$ 66,210$ 91,085$ 323,815$ Operating margin 57.0% 54.5% 44.2% 57.6% 53.4% 2016 new same store properties 3 Revenue per occupied bed Rental revenue per occupied bed per month 656$ 660$ 661$ 683$ 666$ Other income per occupied bed per month 2 50 52 59 68 57 Total revenue per occupied bed 706$ 712$ 720$ 751$ 723$ Average number of owned beds 4,183 4,183 4,183 4,183 4,183 Average physical occupancy for the quarter 99.6% 95.2% 92.9% 99.6% 96.8% Total revenue 8,821$ 8,511$ 8,398$ 9,383$ 35,113$ Property operating expenses 3,241 3,327 3,917 4,018 14,503 Net operating income 5,580$ 5,184$ 4,481$ 5,365$ 20,610$ Operating margin 63.3% 60.9% 53.4% 57.2% 58.7% 2016 SAME STORE PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month 643$ 630$ 650$ 663$ 647$ Other income per occupied bed per month 2 51 60 75 53 59 Total revenue per occupied bed 694$ 690$ 725$ 716$ 706$ Average number of owned beds 79,733 79,733 79,733 79,733 79,733 Average physical occupancy for the quarter 97.8% 93.0% 91.3% 97.8% 95.0% Total revenue 162,376$ 153,387$ 158,271$ 167,434$ 641,468$ Property operating expenses 69,234 69,245 87,580 70,984 297,043 Net operating income 93,142$ 84,142$ 70,691$ 96,450$ 344,425$ Operating margin 57.4% 54.9% 44.7% 57.6% 53.7% Three Months Ended

2016 / 2017 Leasing Status Note: The same store grouping presented above for purposes of disclosing the pre-leasing status for the upcoming 2016/2017 academic year represents properties that will be classified as same store properties in 2017. Refer to page 19 for detail of our same store groupings. 1. As of February 19, 2016 for current year and February 19, 2015 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2015. 4. Properties not owned or under ACC management during the prior year, or properties whose leasing progress is not comparable to the prior year as a result of plans to renovate or redevelop the property, are excluded for purposes of calculating the prior year percentage of rentable beds. 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. 6. Properties currently under construction with an anticipated delivery date of Fall 2017 are not included because these properties will not begin undertaking leasing activities until Fall 2016. 9 Prior Year Applications + Leases Applications + Leases 1 Rentable Beds 2 % of Rentable Beds % of Rentable Beds 2017 Same Store Wholly-owned Properties Final Fall 2015 occupancy of 98% or greater 43,519 62,800 69.3% 71.6% 62,936 99.7% Final Fall 2015 occupancy between 95% and 98% 5,909 11,105 53.2% 53.6% 11,148 96.8% Final Fall 2015 occupancy less than 95% 7,187 14,624 49.1% 43.6% 14,711 85.3% Total 2017 Same Store Wholly-owned Properties 56,615 88,529 64.0% 64.9% 4 88,795 96.9% New Wholly-owned Properties 6 1,327 3,175 41.8% n/a 3,195 n/a Total - Wholly-owned Properties 57,942 91,704 63.2% 64.9% 4 91,990 96.9% 4 Prior Year Leases Leases 1 Rentable Beds 2 % of Rentable Beds % of Rentable Beds 2017 Same Store Wholly-owned Properties Final Fall 2015 occupancy of 98% or greater 40,427 62,800 64.4% 64.8% 62,936 99.7% Final Fall 2015 occupancy between 95% and 98% 5,597 11,105 50.4% 48.4% 11,148 96.8% Final Fall 2015 occupancy less than 95% 6,489 14,624 44.4% 36.4% 14,711 85.3% Total 2017 Same Store Wholly-owned Properties 52,513 88,529 59.3% 58.3% 4 88,795 96.9% 3.0% 3.0% New Wholly-owned Properties 6 862 3,175 27.1% n/a 3,195 n/a n/a n/a Total - Wholly-owned Properties 53,375 91,704 58.2% 58.3% 4 91,990 96.9% 4 3.0% 3.0% Current Projected Rate Increase 5 Current Year Design Beds Final Fall 2015 Occupancy 3 Current Year Design Beds Final Fall 2015 Occupancy 3 Initial Projected Rate Increase

Investment Update ($ in thousands) ACQUISITIONS Project Location Primary University Served Units Beds Closing Date Purchase Price Assumed Mortgage Debt Park Point Syracuse, NY Syracuse University 66 226 February 13, 2015 11,621$ 1200 West Marshall Richmond, VA Virginia Commonwealth University 136 406 March 19, 2015 - 8 1/2 Canal Street Richmond, VA Virginia Commonwealth University 160 540 March 19, 2015 - Vistas San Marcos San Marcos, TX Texas State University 255 600 March 27, 2015 - Crest at Pearl Austin, TX University of Texas 141 343 June 17, 2015 - UP at Metroplex Binghamton, NY Binghamton University - SUNY 186 710 June 25, 2015 - Stadium Centre Tallahassee, FL Florida State University 367 710 July 27, 2015 57,800 1,311 3,535 358,550$ 69,421$ DISPOSITIONS Project Location Primary University Served Units Beds Closing Date Sales Price Outstanding Mortgage Debt The Highlands Reno, NV University of Nevada at Reno 216 732 January 22, 2015 -$ Portfolio Disposition The View Lincoln, NE University of Nebraska 157 590 January 30, 2015 - Chapel Ridge Chapel Hill, NC University of North Carolina 180 544 January 30, 2015 - Chapel View Chapel Hill, NC University of North Carolina 224 358 January 30, 2015 9,690 The Village at Alafaya Club Orlando, FL University of Central Florida 228 839 January 30, 2015 - University Place Charlottesville, VA University of Virginia 144 528 January 30, 2015 - University Greens Norman, OK University of Oklahoma 156 516 January 30, 2015 - The Outpost - San Marcos San Marcos, TX Texas State University 162 486 February 25, 2015 - University Meadows Mt. Pleasant, MI Central Michigan University 184 616 February 26, 2015 9,633 Eagles Trail Hattiesburg, MS University of Southern Mississippi 216 792 March 26, 2015 - Portfolio Disposition Lakeside Apartments Athens, GA University of Georgia 244 776 May 28, 2015 14,100 The Club Athens, GA University of Georgia 120 480 May 28, 2015 - The Estates Gainesville, FL University of Florida 396 1,044 May 28, 2015 - South View Harrisonburg, VA James Madison University 240 960 May 28, 2015 - Stone Gate Harrisonburg, VA James Madison University 168 672 May 28, 2015 - The Commons Harrisonburg, VA James Madison University 132 528 May 28, 2015 4,017 University Heights Knoxville, TN University of Tennessee 204 636 May 28, 2015 - Portfolio Disposition The Woods at Greenland Murfreesboro, TN Middle Tennessee State University 78 276 July 23, 2015 - Raiders Crossing Murfreesboro, TN Middle Tennessee State University 96 276 July 23, 2015 - University Gables Murfreesboro, TN Middle Tennessee State University 168 648 July 23, 2015 - 3,713 12,297 436,700$ 37,440$ 10

Owned Development Update ($ in thousands) OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION Project Location Primary University Served Project Type Beds CIP2 Land and Other3 Total Costs Incurred0 Scheduled Completion Currie Hall Los Angeles, CA University of Southern California ACE 456 52,200$ 29,297$ 47$ 29,344$ August 2016 Fairview House Indianapolis, IN Butler University ACE 633 39,600 23,063 - 23,063 August 2016 University Pointe Louisville, KY University of Louisville ACE 531 44,100 19,154 - 19,154 August 2016 Merwick Stanworth Phase II Princeton, NJ Princeton University ACE 379 46,500 16,345 674 17,019 Fall 20164 U Club on 28th Boulder, CO University of Colorado Off-Campus 400 52,200 20,338 9,971 30,309 August 2016 U Club Sunnyside Morgantown, WV West Virginia University Off-Campus 536 46,300 15,309 7,771 23,080 August 2016 SUBTOTAL - 2016 DELIVERIES 2,935 280,900$ 123,506$ 18,463$ 141,969$ Arizona State Univ. Res. Hall Tempe, AZ Arizona State University ACE 1,594 107,800$ 9,001$ -$ 9,001$ August 2017 NAU Phase IV Flagstaff, AZ Northern Arizona University ACE 626 56,600 - 991 991 August 2017 U Centre on Turner Columbia, MO University of Missouri Off-Campus 718 69,100 3,364 14,004 17,368 August 2017 Waco Project Waco, TX Baylor University Off-Campus 700 49,800 - 5,352 5,352 August 2017 21Hundred @ Overton Park Lubbock, TX Texas Tech Off-Campus 1,204 81,600 - 17,996 17,996 August 2017 SUBTOTAL - 2017 DELIVERIES 4,842 364,900$ 12,365$ 38,343$ 50,708$ PRESALE DEVELOPMENT PROJECT UNDER CONSTRUCTION Project Location Primary University Served Project Type Beds CIP2 Land and Other3 Total Costs Incurred0 Scheduled Completion The Court at Stadium Centre5 Tallahassee, FL Florida State University Off-Campus 260 26,450$ 12,575$ 9,552$ 22,127$ May 2016 OWNED DEVELOPMENT PIPELINE6 7 Project Location Primary University Served Project Type Anticipated Commencement Approx. Targeted Beds Estimated Project Cost1 8 Targeted Completion U Club Binghamton Binghamton, NY Binghamton University - SUNY Off-campus March 2016 562 53,000$ August 2017 Suites at 3rd Champaign, IL University of Illinois Off-campus Q2 2016 251 25,000 August 2017 Butler University Phase II Indianapolis, IN Butler University ACE Q3/Q4 2016 633 39,000 Fall 2018 Univ. of California, Berkeley Berkeley, CA University of California, Berkeley ACE Q4 2016 783 94,000 Fall 2018 Northeastern University Boston, MA Northeastern University ACE Q1 2017 798 150,000 Fall 2019 Carbondale Development Carbondale, IL Southern Illinois University Off-campus TBD 650 32,000 TBD 3,677 393,000$ Purchase Price As of December 31, 2015 Estimated Project Cost1 As of December 31, 2015 1. In certain instances at ACE properties, the company agrees to construct spaces within the property that will ultimately be owned, managed, and funded by the universities. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. The Estimated Project Cost excludes the costs of the construction of such facilities, as they will be reimbursed by the universities. 2. The total construction in progress (“CIP”) balance above excludes $6.5 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. This community will serve faculty and staff members of Princeton University and, unlike student housing communities, this property is expected to stabilize in a manner consistent with a multi-family property during the first academic session. 5. In conjunction with the purchase of Stadium Centre in July 2015 (see page 10), we entered into a presale agreement to purchase The Court at Stadium Center, an adjacent property, which will be completed in May 2016. We are 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 seven university markets totaling $31.0 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 Cost includes land and other predevelopment costs of $18.8 million incurred as of December 31, 2015 for owned development pipeline projects. 11

Third-Party Development Update ($ in thousands) CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of December 31, 2015 Fees Earned in Current Year Remaining Fees as of December 31, 2015 Scheduled Completion University of Kansas 2 Lawrence, KS University of Kansas n/a n/a 500$ -$ -$ 500$ Q1 2016 Northeastern Illinois University Chicago, IL Northeastern Illinois University 110 440 2,100 1,445 1,445 655 August 2016 Oregon State Univ. Cascades Bend, OR Oregon State University 114 340 1,900 1,019 1,019 881 December 2016 224 780 4,500$ 2,464$ 2,464$ 2,036$ ON-CAMPUS AWARD PIPELINE 3 Project Location Anticipated Financing Structure Estimated Fees Prairie View A&M Univ. Phase VIII Prairie View, TX ACE n/a Louisville Village Site Louisville, KY ACE n/a Momentum Village Phase II Corpus Christi, TX Third-party TBD Arizona State Univ. Apartments Tempe, AZ ACE n/a Virgina Commonwealth University Richmond, VA ACE Fall 2018 or Fall 2019 n/a Anticipated Commencement Targeted Completion TBD Fall 2018 Fall 2017Q2 2016 TBD Q1/Q2 2016 Fall 2017 or Fall 2018 TBD Fall 2018 2015 2014 $ Change 2015 2014 $ Change Development services revenue 1 1,786$ 394$ 1,392$ 4,964$ ,018$ 946$ % of t tal r venue 0.9% 0.2% 0.7% 0.5% Three Months Ended December 31, Year Ended December 31, 1. Includes $0.5 million earned during the three months ended December 31, 2015 related to our participation in cost savings for the Honors Academic Village project in Toledo, OH that completed construction and opened for operations in August 2015. 2. Under the terms of the predevelopment services agreement, during the first quarter 2016, we earned fees for the performance of various predevelopment activities. This concludes the company’s role in this transaction. 3. These awards relate to speculative development projects that are subject to final determination of feasibility, negotiation, final award, procurement rules and other applicable law, execution and closing of definitive agreements on terms acceptable to the company, 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. 12

Management Services Update ($ in thousands) 2015 2014 $ Change 2015 2014 $ Change Management services revenue 2,227$ 1,918$ 309$ 8,813$ 7,669$ 1,144$ % of total r venue 1.1% 1.0% 1.2% 1.0% Three Months Ended December 31, Year Ended December 31, 1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2. We earned a fee related to the initial lease-up of this property prior to September 2015, at which time we earned the full contracted amount. 3. The stabilized annual fee amount represents an initial operations fee to be earned from December 2015 through August 2016. Subsequent to August 2016, the stabilized annual fee will be $50,000 per year. 13 NEW/PENDING MANAGEMENT CONTRACTS Property Location Approximate Beds Stabilized Annual Fees 1 Actual or Anticipated Commencement The Lofts at Gateway Toledo, OH University of Toledo 112 40$ February 2015 Donnelly Street Student Housing Ontario, Canada University of Windsor 117 20 February 2015 Independence Place Columbus, GA Fort Benning (military housing) 555 150 March 2015 Centennial College Student Residence Toronto, Canada Centennial College 368 70 May 2015 Lakeside Graduate Community Princeton, NJ Princeton University 715 180 June 2015 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 MyRez on Lester 2 Ontario, Canada University of Waterloo 455 80 September 2015 Conestoga Commons 3 Ontario, Canada Conestoga College 1,000 90 December 2015 The Nest Chicago, IL Northeastern Illinois University 440 170 August 2016 4,736 1,150$ DISCONTINUED MANAGEMENT CONTRACTS Property Location Beds 2015 Fee Contribution Prior to Termination Discontinued As Of Heritage Hall Clevela d, OH Cleveland State University 156 11$ April 2015 Hassayampa Academic Village Tempe, AZ Arizona State University 1,950 70 July 2015 Adelphi Commons I Tempe, AZ Arizona State University 331 18 July 2015 Adelphi Commons II Tempe, AZ Arizona State University 263 14 July 2015 45 Mann Ottawa, Canada University of Ottawa 355 18 September 2015 3,055 131$ Primary University Served Primary University Served

Capital Structure as of December 31, 2015 ($ in millions, except per share data) Total Debt 1 2,920$ Total Equity Market Value 2 4,730 Total Market Capitalization 7,650$ Debt to Total Market Capitalization 38.2% Net Debt to EBITDA 7.4x Total Asset Value 3 6,829$ Unencumbered Asset Value 4,868$ Unencumbered Asset Value to Total Asset Value 71.3% Requirement Current Ratio Total Debt to Total Asset Value ≤ 60% 42.8% Secured Debt to Total Asset Value ≤ 40% 15.4% Unencumbered Asset Value to Unsecured Debt > 150% 260.5% 2011 Interest Coverage 4 > 1.5x 3.7x 2012 2013 Principal Outstanding Weighted Average Interest Rate Average Term To Maturity 2015 Fixed Rate Mortgage Loans 935$ 5.2% 5 4.1 Yrs 2016 Construction Loan 6 4.6% 8.7 Yrs Unsecured Revolving Credit Facility 6 69 2.0% 2.2 Yrs 2018+ Unsecured Term Loans 7 600 2.1% 1.9 Yrs Un cured Notes 1,200 3.8% 6.9 Yrs On-Campus Participating Properties 110 5.1% 16.0 Yrs Total/Weighted Average 2,920$ 3.9% 5.2 Yrs Variable Rate Debt as % of Total Debt 8 10.9% Market Capitalization & Unsecured Notes Covenants Debt Maturity Schedule $154 $118 $164 $60 $301 $64 $4 $58 $12 $6 $69 $350 $250 $29 $21 $60 $400 $400 $400 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+ Fixed Rate Mortgage Loans Construction Loans Unsecured Revolving Credit Facility Unsecured Term Loans On-Campus Participating Properties Unsecured Notes Weighted Average Interest Rate Of Debt Maturing Each Year Fixed Rate Mortgage Loans 6.0% 5.8% 4.2% - 5.6% 5.4% 4.1% 7.2% 4.5% 3.7% Total Debt 6.0% 3.2% 3.5% 1.7% 3.6% 5.3% 4.1% 4.0% 4.3% 4.6% 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 $50.6 million and the unamortized original issue discount on unsecured notes of $2.2 million. 2. Based on share price of $41.34 and fully diluted share count of 114,426,207 as of December 31, 2015. Assumes conversion of 1,419,405 common and preferred Operating Partnership units and 655,925 unvested restricted stock awards. 3. Excludes accumulated depreciation of $862.0 million and receivables and intangible assets, net of accumulated amortization, of $58.8 million. 4. Refer to page 15 for a calculation of Interest Coverage and a reconciliation to the nearest GAAP measures. 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 3.9%. 6. In February 2016, the company repaid the balance of the revolving credit facility in full using proceeds from the issuance of 17.9 million common shares, which closed on February 5, 2016. 7. On January 29, 2016 the company refinanced $150 million of its $350 million unsecured term loan by extending the maturity date for this $150 million portion from 2017 to 2021. In February 2016, the company repaid the $250 million term loan maturing in 2019 using proceeds from the issuance of shares referred to in Note 6. 8. The company’s variable rate debt consists of a $250 million unsecured term loan and the unsecured revolving credit facility. As a result of the transactions described above, all variable debt was repaid in February 2016. 14

Interest Coverage ($ in thousands) 15 March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Last Twelve Months Net income attributable to ACC, Inc. and Subsidiaries common stockholders 70,197$ 15,580$ 1,855$ 28,359$ 115,991$ Net income attributable to noncontrolling interests 1,070 338 161 501 2,070 Interest expense 21,988 20,586 21,053 24,162 87,789 Income tax provision 311 310 311 310 1,242 Depreciation and amortization 50,651 51,578 51,874 54,685 208,788 Amortization of deferred financing costs 1,379 1,338 1,315 1,518 5,550 Share-based compensation 2,061 1,915 1,704 2,481 8,161 Loss from early extinguishment of debt 595 1,175 - - 1,770 Gain from disposition of real estate (44,252) (3,790) (4,657) - (52,699) Other adjustments - - (388) - (388) Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") 104,000$ 89,030$ 73,228$ 112,016$ 378,274$ Pro-forma adjustments to EBITDA 1 12,463 Adjusted EBITDA 390,737$ Interest Expense from consolidated statement of comprehensive income 21,988$ 20,586$ 21,053$ 24,162$ 87,789$ Amortization of mortgage debt premiums/discounts 2,961 2,819 3,106 3,150 12,036 Capitalized interest 2,496 2,943 2,713 1,461 9,613 Change in accrued interest payable (6,253) (718) 1,054 (4,366) (10,283) Cash Interest Expense 21,192$ 25,630$ 27,926$ 24,407$ 99,155$ Pro-forma adjustments to Cash Interest Expense 1 7,241 Adjusted Interest Expense 106,396$ Interest Coverage 3.7x Three Months Ended Note: refer to the definitions outlined on pages 20 and 21 for detailed definitions of terms appearing on this page. 1. Adjustment 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.

Capital Allocation – Long Term Funding Plan ($ in millions) 16 1. Includes development projects under construction, and management’s Estimated Project Cost for future development deliveries that are expected to commence construction during the current year, as disclosed on page 11. Estimated Project Cost for 2017 developments includes two projects not yet under construction: U Club Binghamton ($53.0 million) and Suites at 3rd ($25.0 million). Estimated Project Cost for 2018 developments includes two projects not yet under construction: Butler University Phase II ($39.0 million) and Univ. of California, Berkeley ($94.0 million). If we elect to move forward with additional developments, we would commence construction in future years. 2. Includes $26.5 million for The Court at Stadium Centre pre-sale development. 3. For purposes of analysis, available cash flow is derived from disclosure in our 2014 Form 10-K and is calculated as net cash provided by operating activities of $259.9 million less dividend payments of $158.5 million, less principal payments on debt of $16.0 million, less recurring capital expenditures of $19.4 million. Calculation results in available cash flow for investment in 2014 of $66 million, which is then annualized over the remaining 12 quarters through the end of 2018. 4. Includes the underwriters’ over-allotment option and is net of estimated transaction costs of $2.2 million. 5. Refer to page 18 for details on the timing and amount of targeted asset dispositions. 6. Refer to definitions outlined on pages 20 and 21 for detailed definitions of terms appearing on this page. 7. Ratios represent the pro forma impact of dispositions and development deliveries assumed in the Sources and Uses table. Yields for developments range from 6.5% - 7.0% and the capitalization rate range for dispositions and/or joint ventures is consistent with those observed in recent transactions for core (5.0%) and non-core (6.3%) student housing assets. Actual ratios will vary based on the timing of dispositions versus the timing of construction funding. The targeted asset dispositions for 2016, as detailed on page 18, consist entirely of non-core assets. Estimated Development Capital Uses: Development Pipeline 1 Estimated Project Cost Total Costs Incurred Remaining Capital Needs 2016 Developments Underway 2 307$ 164$ 143$ 2017 Developments Underway or Expected to Start in Current Year 443 65 378 2018 Developments Expected to Start in Current Year 133 1 132 Total 883$ 230$ 653$ Estimated Sources: Capital Sources Cash and Cash Equivalents 17$ Estimated Cash Flow available for Investment - through 2018 3 198 Net Proceeds from February 2016 Equity Offering 4 708 Targeted Asset Dispositions and/or Joint Ventures through 2016 5 200 - 600 Total $1,123 - $1,523 Credit Metric: December 31, 2015 Pro Forma 7 Total Debt to Total Asset Value 42.8% 29.3% - 34.1% Net Debt to EBITDA 7.4x 4.9x - 5.6x Sources and Uses for Development - As of December 31, 2015 Selected Credit Metrics 6 Note: This analysis demonstrates anticipated funding for the developments currently underway or with expected starts in the current year. As future developments commence, they are expected to be funded via additional dispositions and free cash available for investment.

2016 Outlook – Summary1 ($ in thousands, except share and per-share data) 1. The company believes that the financial results for the fiscal year ending December 31, 2016 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 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 2016-2017 academic year. 17 Low High Net income 90,800$ 101,000$ Noncontrolling interests 900 1,100 Depreciation and amortization 195,700 206,100 Funds from operations ("FFO") 287,400$ 308,200$ Elimination of operations from on-campus participating properties (11,000) (11,400) Modifications to reflect operational performance of on-campus participating properties 3,800 4,400 Funds from operations - modified ("FFOM") 280,200$ 301,200$ Net income per share - diluted 0.69$ 0.77$ FFO per share - diluted 2.19$ 2.35$ FFOM per share - diluted 2.14$ 2.30$ W ight d-average common shares outstanding - diluted 130,950,000 130,950,000

2016 Outlook – Detail ($ in thousands, except share and per share data) 1. Refer to page 19 for detail of the 2016 same store and new property groupings. 2. Represents the contribution from two properties (The Edge Orlando and University Village Sacramento) classified as Held for Sale as of December 31, 2015 that are anticipated to be sold in the first quarter 2016. 3. Both the low-end and high-end of the guidance range include $74 million of disposition activity related to the two properties discussed in Note 2. An additional $526 million of dispositions during the second quarter 2016 is also included at the low-end, and an additional $126 million of dispositions during the fourth quarter 2016 is also included at the high-end. Assumes a 6.4% nominal cap rate on dispositions. 4. The low-end of the guidance range assumes, subsequent to their disposition, that we provide third-party management services for a majority of the sold properties assumed in the low-end of the guidance range, as discussed in note 3. 5. Includes ACE properties and excludes on-campus participating properties. 6. Net of capitalized interest and excluding on-campus participating properties. The low-end of the guidance range assumes the extinguishment of $266.0 million of fixed rate mortgage loans (including $55.5 million of mortgage loans scheduled to mature in 2016) with an effective interest rate of 4.37% in connection with the property dispositions assumed at the low-end of the guidance range, as discussed in notes 2 and 3. The high-end of the guidance range assumes the extinguishment of $45.2 million of fixed rate mortgage loans with an effective interest rate of 3.6% in connection with the dispositions assumed at the high-end of the guidance range. 18 Components of 2016 Property Net Operating Income Third-party Services Low High Low High Third-party development services revenue 4,200$ 5,200$ Wholly-owned properties Third-party management services revenue 4 10,800$ 9,800$ 2016 same store properties 1 Third-party development and mgmt. services expenses 16,500$ 15,100$ Revenue 655,400$ 659,800$ 2.2% - 2.9% Operating expenses (304,000) (302,300) 2.3% - 1.8% Net operating income 351,400 357,500 2.0% - 3.8% Corporate Expenses and Other 2016 new properties net operating Low High income 1 52,700 53,200 Net income: 2016 Held for Sale properties net operating income 2 1,100 1,100 General and administrative expenses 22,700$ 22,900$ 2016 speculative dispositions Ground/facility leases expense 5 6,000$ 6,000$ net operating income 3 (21,000) (2,500) Interest income 5,300$ 4,600$ Total wholly-owned properties net Interest expense 6 70,500$ 76,000$ operating income 384,200$ 409,300$ Capitalized interest 10,700$ 10,900$ Amortization of deferred financing costs 6,200$ 6,400$ 2016 Property Net Operating Income Guidance Assumptions Income tax provision 1,400$ 1,400$ Low High Timing AY 2016/2017 final leasing results - occupancy 96.75% 98.75% Fall 2016 FFOM: AY 2016/2017 final leasing results - rental rate 3.25% 2.75% Fall 2016 Corporate depreciation 3,500$ 3,300$ Dispositions 3 600,000$ 200,000$ See note 3 Development Deliveries 280,900$ 280,900$ See page 11 Mezzanine/pre-sale purchases 26,450$ 26,450$ See page 11 % Change From 2015

Detail of Same Store Groupings as of December 31, 2015 19 # of Design # of Design # of Design # of Design # of Design # of Design Properties Beds Properties Beds Properties Beds Properties Beds Properties Beds Properties Beds 129 76,874 127 1 75,550 1 127 1 75,550 1 2014 Acquisition Properties 1 610 1 610 1 610 2014 Development Deliveries 6 3,573 6 3,573 6 3,573 2015 Acquisition Properties 7 3,535 7 3,535 7 3,535 2015 Development Deliveries 4 3,187 4 3,187 4 3,187 2015 Redevelopment Property 1 1,016 1 1,016 1 1,016 2016 Development Deliveries 7 3,195 7 3,195 7 3,195 2017 Development Deliveries 2 2,312 2 2,312 2 2,312 Total Wholly-owned Properties 129 76,874 28 17,428 134 79,733 21 13,245 146 87,471 9 5,507 Grand Total # of Wholly-owned Properties (All Groupings) 157 Grand Total Wholly-owned Design Beds (All Groupings) 94,302 2015: The 2015 same store grouping represents properties owned and operating for both of the entire calendar years ended December 31, 2015 and 2014. This same store grouping is used for purposes of presenting our 2015 same store operating results. 2016: The 2016 same store grouping represents properties that will be owned and operating for both of the entire calendar years ended December 31, 2016 and 2015. This same store grouping will be used for purposes of presenting our 2016 same store operating results. 2017: The 2017 same store grouping represents properties that will be owned and operating for both of the entire calendar years ended December 31, 2017 and 2016. This same store grouping will be used for purposes of presenting our 2017 same store operating results and our same store leasing status updates throughout 2016. Properties Purchased or Developed Prior to January 1, 2014 Note on Property Portfolio: When disclosing our number of properties and design beds as of a certain date, we include all properties that are owned and operating as of that date, as well as properties that are under construction and anticipated to open for operations in future years. Properties that are in our development pipeline but have not yet commenced construction are not included. New Properties 2017 Grouping Same Store Properties New Properties 2016 Grouping Same Store Properties New Properties 2015 Grouping Same Store Properties 1. Excludes two properties containing 1,324 beds (The Edge Orlando and University Village Sacramento) which are classified as Held for Sale as of December 31, 2015 and are anticipated to be sold in the first quarter 2016.

Definitions ACE The company’s American Campus Equity program, whereby the company enters into long-term ground/facility lease agreements with Universities to invest our capital and to develop, own, 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. Cash 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; and (iii) the change in accrued interest during the period presented. 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 the elimination of property acquisition costs 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 and development fees received, as this measure better reflects the economic benefit derived from the company's involvement in the operation of these properties. * These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios. 20

Definitions GAAP Accounting principles generally accepted in the United States of America. Interest Coverage* Adjusted EBITDA / Adjusted Interest Expense. Net Debt* Total Debt less Cash. 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. Same Store Grouping Wholly-owned properties owned and operating for both of the entire annual periods presented, and which are not conducting or planning to conduct substantial development or redevelopment activities. 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. 21

Investor Information Corporate Headquarters Investor Relations American Campus Communities, Inc. Tel: (512) 732-1000 Ryan Dennison (512) 732-1000 12700 Hill Country Blvd., Suite T-200 Fax: (512) 732-2450 VP, Investor Relations rdennison@americancampus.com Austin, Texas 78738 www.americancampus.com Executive Management Bill Bayless Chief Executive Officer Jim Hopke 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 Ryan Meliker / Michael Kodesch Canaccord Genuity (212) 389-8094 / (212) 389-8095 rmeliker@canaccordgenuity.com / mkodesch@canaccordgenuity.com Michael Bilerman / Nick Joseph Citigroup Equity Research (212) 816-1383 / (212) 816-1909 michael.bilerman@citi.com / nicholas.joseph@citi.com Vincent Chao / Vlad Rudnytsky Deutsche Bank Securities, Inc. (212) 250-6799 / (212) 250-6090 vincent.chao@db.com / vlad.rudnytsky@db.com Steve Sakwa / Gwen Clark Evercore ISI (212) 446-9462 / (212) 446-5611 ssakwa@evercoreisi.com / gwen.clark@evercoreisi.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 Aaron Hecht JMP Securities (415) 835-3963 ahecht@jmpsecurities.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 / Austin Wurschmidt KeyBanc Capital Markets (917) 368-2280 / (917) 368-2311 jsadler@keybanccm.com / awurschmidt@key.com Drew Babin Robert W. Baird & Co. (215) 553-7816 dbabin@rwbaird.com Alexander Goldfarb / Ryan Peterson Sandler O'Neill + Partners, L.P. (212) 466-7937 / (212) 466-7927 agoldfarb@sandleroneill.com / rpeterson@sandleroneill.com Rod Petrik / David Corak Stifel, Nicolaus & Company, Inc. (443) 224-1306 / (443) 224-1340 rpetrik@stifel.com / corakd@stifel.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. 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.