Supplemental
Analyst Package
2Q 2016
July 25, 2016
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 8
Investment Update 9
Owned Development Update 10
Third-Party Development Update 11
Management Services Update 12
Capital Structure 13
Interest Coverage 14
Capital Allocation – Long Term Funding Plan 15
2016 Outlook - Summary 16
2016 Outlook – Detail 17
Detail of Same Store Groupings 18
Definitions 19
Investor Information 21
Financial Highlights
($ in thousands, except share and per share data)
1. Excluding net gains from dispositions of real estate and losses from the early extinguishment of debt, net income attributable to ACC for the three months ended June 30, 2015 would have been $13.0 million.
Excluding net gains from dispositions of real estate and losses from the early extinguishment of debt, net income attributable to ACC for the six months ended June 30, 2016 and 2015 would have been $46.6 million
and $39.5 million, respectively.
2. Refer to page 4 for a reconciliation to net income, the most directly comparable GAAP measure.
3. Refer to the definitions outlined on pages 19 and 20 for detailed definitions of terms appearing on this page.
4. Refer to calculation on page 14.
Operating Data
2016 2015 $ Change % Change 2016 2015 $ Change % Change
Total revenues 185,983$ 177,874$ 8,109$ 4.6% 385,978$ 370,367$ 15,611$ 4.2%
Operating income 39,106 34,452 4,654 13.5% 92,141 84,628 7,513 8.9%
Net income attributable to ACC1 18,438 15,580 2,858 18.3% 64,025 85,777 (21,752) -25.4%
Net income per share - basic and diluted 0.14 0.14 0.50 0.76
Funds From Operations ("FFO")2 71,650 63,113 8,537 13.5% 153,496 140,152 13,344 9.5%
FFO per share—diluted2 0.54 0.55 (0.01) -1.8% 1.19 1.23 (0.04) -3.3%
Funds From Operations - Modified ("FFOM")2 72,195 65,185 7,010 10.8% 150,363 141,267 9,096 6.4%
FFOM per share—diluted2 0.54 0.57 (0.03) -5.3% 1.16 1.24 (0.08) -6.5%
Market Capitalization and Unsecured Notes Covenants3
Debt to total market capitalization
Net debt to EBITDA
Unencumbered asset value to total asset value
Total debt to total asset value
Secured debt to total asset value
Unencumbered asset value to unsecured debt
Interest coverage4
14.0% 15.4%
341.2% 260.5%
3.7x 3.7x
6.0x 7.4x
73.1% 71.3%
35.5% 42.8%
Three Months Ended June 30, Six Months Ended June 30,
June 30, 2016 December 31, 2015
26.8% 38.2%
1
Consolidated Balance Sheets
($ in thousands)
June 30, 2016 December 31, 2015
(unaudited)
Assets
Investments in real estate:
Wholly-owned properties, net 5,721,507$ 5,522,271$
Wholly-owned properties held for sale - 55,354
On-campus participating properties, net 87,596 90,129
Investments in real estate, net 5,809,103 5,667,754
Cash and cash equivalents 206,738 16,659
Restricted cash 34,946 33,675
Student contracts receivable, net 7,117 18,475
Other assets1 2 257,153 269,685
Total assets 6,315,057$ 6,006,248$
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt2 1,054,376$ 1,094,962$
Unsecured notes2 1,187,695 1,186,700
Unsecured term loans2 348,593 597,719
Unsecured revolving credit facility - 68,900
Accounts payable and accrued expenses 61,626 71,988
Other liabilities3 164,493 144,811
Total liabilities 2,816,783 3,165,080
Redeemable noncontrolling interests 73,722 59,511
Equity:
American Campus Communities, Inc. and
Subsidiaries stockholders' equity:
Common stock 1,304 1,124
Additional paid in capital 4,021,440 3,325,806
Treasury stock (975) (403)
Accumulated earnings and dividends (594,115) (550,501)
Accumulated other comprehensive loss (7,263) (5,830)
3,420,391 2,770,196
Noncontrolling interests - partially owned properties 4,161 11,461
Total equity 3,424,552 2,781,657
Total liabilities and equity 6,315,057$ 6,006,248$
Total American Campus Communities, Inc. and
Subsidiaries stockholders' equity
1. As of June 30, 2016, other assets include approximately $3.1 million related to net deferred financing costs on our revolving credit facility and the net value of in-place leases.
2. Beginning in 2016, deferred financing costs associated with secured mortgage, construction and bond debt, unsecured notes, and unsecured term loans are subject to new accounting guidance and are presented as
a direct reduction to the carrying value of the debt. Prior period amounts have been reclassified to conform to the current period presentation.
3. As of June 30, 2016, other liabilities include approximately $42.7 million in deferred revenue and fee income.
2
Consolidated Statements of Comprehensive Income
(Unaudited, $ in thousands, except share and per share data)
2016 2015 $ Change 2016 2015 $ Change
Revenues
Wholly-owned properties 174,682$ 167,468$ 7,214$ 360,384$ 347,366$ 13,018$
On-campus participating properties 6,214 5,704 510 16,260 14,904 1,356
Third-party development services 2,121 1,677 444 3,156 2,241 915
Third-party management services 2,253 2,324 (71) 4,663 4,325 338
Resident services 713 701 12 1,515 1,531 (16)
Total revenues 185,983 177,874 8,109 385,978 370,367 15,611
Operating expenses
Wholly-owned properties 77,722 77,251 471 156,573 156,261 312
On-campus participating properties 3,299 2,942 357 6,341 5,610 731
Third-party development and management services 3,560 4,012 (452) 7,298 7,152 146
General and administrative 6,126 5,678 448 11,435 10,428 1,007
Depreciation and amortization 53,703 51,578 2,125 107,419 102,229 5,190
Ground/facility leases 2,467 1,961 506 4,771 4,059 712
Total operating expenses 146,877 143,422 3,455 293,837 285,739 8,098
Operating income 39,106 34,452 4,654 92,141 84,628 7,513
Nonoperating income and (expenses)
Interest income 1,475 1,085 390 2,754 2,197 557
Interest expense (20,119) (20,586) 467 (42,746) (42,574) (172)
Amortization of deferred financing costs (1,352) (1,338) (14) (3,894) (2,717) (1,177)
Gain from disposition of real estate - 3,790 (3,790) 17,409 48,042 (30,633)
Loss from early extinguishment of debt - (1,175) 1,175 - (1,770) 1,770
Total nonoperating (expense) income (19,996) (18,224) (1,772) (26,477) 3,178 (29,655)
Income before income taxes 19,110 16,228 2,882 65,664 87,806 (22,142)
Income tax provision (345) (310) (35) (690) (621) (69)
Net income 18,765 15,918 2,847 64,974 87,185 (22,211)
Net income attributable to noncontrolling interests (327) (338) 11 (949) (1,408) 459
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders 18,438$ 15,580$ 2,858$ 64,025$ 85,777$ (21,752)$
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other (23) 845 (868) (1,433) (1,023) (410)
Comprehensive income 18,415$ 16,425$ 1,990$ 62,592$ 84,754$ (22,162)$
Net income per share attributable to ACC, Inc.
and Subsidiaries common stockholders
Basic and diluted 0.14$ 0.14$ 0.50$ 0.76$
Weighted-average common shares outstanding
Basic 130,456,923 112,308,114 126,951,454 111,635,345
Diluted 131,240,667 112,983,939 127,753,492 113,652,341
Three Months Ended June 30, Six Months Ended June 30,
3
Consolidated Statements of Funds from Operations
(Unaudited, $ in thousands, except share and per share data)
2016 2015 $ Change 2016 2015 $ Change
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders 18,438$ 15,580$ 2,858$ 64,025$ 85,777$ (21,752)$
Noncontrolling interests 327 338 (11) 949 1,408 (459)
Gain from disposition of real estate - (3,790) 3,790 (17,409) (48,042) 30,633
Real estate related depreciation and amortization 52,885 50,985 1,900 105,931 101,009 4,922
Funds from operations ("FFO") attributable to
common stockholders and OP unitholders 71,650 63,113 8,537 153,496 140,152 13,344
Elimination of operations of on-campus participating properties
Net loss (income) from on-campus participating properties 1,097 969 128 (2,067) (1,699) (368)
Amortization of investment in on-campus participating
properties (1,831) (1,735) (96) (3,654) (3,451) (203)
70,916 62,347 8,569 147,775 135,002 12,773
Modifications to reflect operational performance of on-campus
participating properties
Our share of net cash flow1 1,015 739 276 1,865 1,614 251
Management fees 264 241 23 723 668 55
Contribution from on-campus participating properties 1,279 980 299 2,588 2,282 306
Property acquisition costs - 683 (683) - 2,213 (2,213)
Elimination of loss from early extinguishment of debt2 - 1,175 (1,175) - 1,770 (1,770)
Funds from operations-modified ("FFOM") attributable to
common stockholders and OP unitholders 72,195$ 65,185$ 7,010$ 150,363$ 141,267$ 9,096$
FFO per share - diluted 0.54$ 0.55$ 1.19$ 1.23$
FFOM per share - diluted 0.54$ 0.57$ 1.16$ 1.24$
Weighted average common shares outstanding - diluted 132,638,808 114,541,910 129,159,380 113,762,540
Three Months Ended June 30, Six Months Ended June 30,
1. 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).
2. Represents losses associated with the early pay-off of mortgage loans for four properties sold during the six months ended June 30, 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 Operations
($ in thousands)
2016 2015 $ Change % Change 2016 2015 $ Change % Change
Wholly-owned properties revenues
Same store properties 157,172$ 153,387$ 3,785$ 2.5% 323,348$ 315,763$ 7,585$ 2.4%
New properties 18,223 6,780 11,443 36,418 10,539 25,879
Sold properties1 - 8,002 (8,002) 2,133 22,595 (20,462)
Total revenues2 175,395$ 168,169$ 7,226$ 4.3% 361,899$ 348,897$ 13,002$ 3.7%
Wholly-owned properties operating expenses
Same store properties3 70,926$ 69,245$ 1,681$ 2.4% 141,641$ 138,479$ 3,162$ 2.3%
New properties 6,796 3,888 2,908 13,824 6,610 7,214
Sold properties1 - 4,118 (4,118) 1,108 11,172 (10,064)
Total operating expenses 77,722$ 77,251$ 471$ 0.6% 156,573$ 156,261$ 312$ 0.2%
Wholly-owned properties net operating income
Same store properties 86,246$ 84,142$ 2,104$ 2.5% 181,707$ 177,284$ 4,423$ 2.5%
New properties 11,427 2,892 8,535 22,594 3,929 18,665
Sold properties1 - 3,884 (3,884) 1,025 11,423 (10,398)
Total net operating income 97,673$ 90,918$ 6,755$ 7.4% 205,326$ 192,636$ 12,690$ 6.6%
Three Months Ended June 30, Six Months Ended June 30,
Note: The same store grouping above represents properties owned and operating for both of the entire years ended December 31, 2016 and 2015, and which are not conducting or planning to conduct substantial
development or redevelopment activities. Refer to page 18 for detail of our same store groupings.
1. Includes 20 properties sold in 2015, along with two properties sold during the first six months of 2016, which are disclosed on page 9.
2. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income.
3. 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
Utilities1 15,881$ 199$ 0.5% 22% 15,801$ 198$ 23%
Property taxes2 16,162 203 6.3% 23% 15,200 191 22%
General & administrative and other3 15,605 196 5.0% 22% 14,863 186 22%
Payroll4 13,997 176 -0.5% 20% 14,063 176 20%
Repairs and maintenance5 5,037 63 -3.6% 7% 5,226 66 8%
Marketing6 2,643 33 10.2% 4% 2,399 30 3%
Insurance 1,601 20 -5.4% 2% 1,693 21 2%
Total same store wholly-
owned operating expenses 70,926$ 890$ 2.4% 100% 69,245$ 868$ 100%
Weighted average same store
wholly-owned beds 79,733
Total Per Bed Total Per Bed
Utilities1 32,475$ 407$ -0.7% 23% 32,703$ 410$ 24%
Property taxes2 31,907 400 5.2% 22% 30,336 381 22%
General & administrative and other3 30,637 384 3.7% 22% 29,554 371 21%
Payroll4 27,968 351 0.2% 20% 27,912 350 20%
Repairs and maintenance5 9,864 124 4.1% 7% 9,474 119 7%
Marketing6 5,588 70 12.4% 4% 4,972 62 4%
Insurance 3,202 40 -9.2% 2% 3,528 44 2%
Total same store wholly-
owned operating expenses 141,641$ 1,776$ 2.3% 100% 138,479$ 1,737$ 100%
Weighted average same store
wholly-owned beds 79,733
Three Months Ended June 30,
2016 2015
% Change
From Prior
Year
% of Total
Operating
Expenses
% of Total
Operating
Expenses
Six Months Ended June 30,
2016 2015
% 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, 2016 and 2015, and which are not conducting or planning to conduct substantial
development or redevelopment activities. Refer to page 18 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. The increase over the prior year is primarily due to higher than anticipated property tax assessments in various markets.
3. 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.
4. Includes payroll and related expenses for on-site personnel including general managers, maintenance staff, and leasing staff.
5. 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.
6. Includes costs related to property marketing campaigns associated with our annual leasing efforts.
6
Seasonality of Operations
($ in thousands, except per bed amounts)
June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016
Total/Weighted Average-
Last 12 Months
2016 same store properties
Revenue per occupied bed
Rental revenue per occupied bed per month 630$ 650$ 663$ 661$ 649$ 656$
Other income per occupied bed per month1 60 75 53 53 61 60
Total revenue per occupied bed 690$ 725$ 716$ 714$ 710$ 716$
Average number of owned beds 79,733 79,733 79,733 79,733 79,733 79,733
Average physical occupancy for the quarter 93.0% 91.3% 97.8% 97.4% 92.6% 94.8%
Total revenue 153,387$ 158,271$ 167,434$ 166,176$ 157,172$ 649,053$
Property operating expenses 69,245 87,580 70,984 70,715 70,926 300,205
Net operating income 84,142$ 70,691$ 96,450$ 95,461$ 86,246$ 348,848$
Operating margin 54.9% 44.7% 57.6% 57.4% 54.9% 53.7%
2016 new properties
Revenue per occupied bed
Rental revenue per occupied bed per month 800$ 649$ 786$ 784$ 785$ 762$
Other income per occupied bed per month1 92 98 75 71 69 76
Total revenue per occupied bed 892$ 747$ 861$ 855$ 854$ 838$
Average number of owned beds 2,978 5,263 7,738 7,738 7,738 7,119
Average physical occupancy for the quarter 85.1% 82.3% 90.5% 91.7% 91.9% 89.7%
Total revenue 6,780$ 9,704$ 18,097$ 18,195$ 18,223$ 64,219$
Property operating expenses 3,888 6,873 7,041 7,028 6,796 27,738
Net operating income 2,892$ 2,831$ 11,056$ 11,167$ 11,427$ 36,481$
Operating margin 42.7% 29.2% 61.1% 61.4% 62.7% 56.8%
ALL PROPERTIES
Revenue per occupied bed
Rental revenue per occupied bed per month 636$ 650$ 674$ 671$ 661$ 665$
Other income per occupied bed per month1 60 76 54 54 62 61
Total revenue per occupied bed 696$ 726$ 728$ 725$ 723$ 726$
Average number of owned beds 82,711 84,996 87,471 87,471 87,471 86,852
Average physical occupancy for the quarter 92.7% 90.7% 97.1% 96.9% 92.5% 94.3%
Total revenue 160,167$ 167,975$ 185,531$ 184,371$ 175,395$ 713,272$
Property operating expenses 73,133 94,453 78,025 77,743 77,722 327,943
Net operating income 87,034$ 73,522$ 107,506$ 106,628$ 97,673$ 385,329$
Operating margin 54.3% 43.8% 57.9% 57.8% 55.7% 54.0%
Sold properties2
Total revenue 8,002$ 3,078$ 2,537$ 2,133$ -$ 7,748$
Property operating expenses 4,118 1,958 1,139 1,108 - 4,205
Net operating income 3,884$ 1,120$ 1,398$ 1,025$ -$ 3,543$
Three Months Ended
Note: The same store grouping above represents properties owned and/or operating for both the entire years ended December 31, 2016 and 2015, and which are not conducting or planning to conduct substantial
development or redevelopment activities. Refer to page 18 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. Includes 20 properties sold in 2015, along with two properties sold during the first quarter of 2016, which are disclosed on page 9.
7
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 18 for detail of our same store groupings.
1. As of July 22, 2016 for current year and July 22, 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 and final fall 2015 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.
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.
7. Excluding Merwick Stanworth Phase II, a community which will serve faculty and staff members of Princeton University and is expected to stabilize in a manner consistent with a multi-family property during the first
academic year, the company’s 2016 new development deliveries are preleased to an average of 92.1%. 8
Prior Year
Applications + Leases
Applications +
Leases1
Rentable
Beds2
% of
Rentable
Beds
% of Rentable
Beds
2017 Same Store Wholly-owned Properties
Final Fall 2015 occupancy of 98% or greater 62,531 61,490 101.7% 103.4% 61,612 99.6%
Final Fall 2015 occupancy between 95% and 98% 10,480 11,104 94.4% 96.0% 11,148 96.8%
Final Fall 2015 occupancy less than 95% 13,065 14,621 89.4% 83.9% 14,711 85.3%
Total 2017 Same Store Wholly-owned Properties 86,076 87,215 98.7% 99.2% 87,471 96.8%
New Wholly-owned Properties6 3,197 3,169 100.9% n/a 3,191 n/a
Total - Wholly-owned Properties 89,273 90,384 98.8% 99.2%4 90,662 96.8%4
Prior Year
Leases Leases1
Rentable
Beds2
% of
Rentable
Beds
% of Rentable
Beds
2017 Same Store Wholly-owned Properties
Final Fall 2015 occupancy of 98% or greater 58,952 61,490 95.9% 97.5% 61,612 99.6%
Final Fall 2015 occupancy between 95% and 98% 10,015 11,104 90.2% 91.1% 11,148 96.8%
Final Fall 2015 occupancy less than 95% 12,273 14,621 83.9% 76.2% 14,711 85.3%
Total 2017 Same Store Wholly-owned Properties 81,240 87,215 93.1% 93.2% 87,471 96.8% 3.0% 3.0%
New Wholly-owned Properties6 2,667 3,169 84.2%7 n/a 3,191 n/a n/a n/a
Total - Wholly-owned Properties 83,907 90,384 92.8% 93.2%4 90,662 96.8%4 3.0% 3.0%
Current
Projected
Rate
Increase5
Current Year
Design
Beds
Final Fall 2015
Occupancy3
Current Year
Design
Beds
Final Fall 2015
Occupancy3
Initial
Projected
Rate
Increase
Investment Update
($ in thousands)
DISPOSITIONS
Project Location Primary University Served Beds Closing Date Sales Price
Outstanding
Mortgage Debt
The Edge - Orlando Orlando, FL University of Central Florida 930 March 11, 2016 -$
University Village - Sacramento Sacramento, CA California State Univ. - Sacramento 394 March 24, 2016 -
1,324 73,800$ -$
9
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$ 50,681$ 77$ 50,758$ August 2016
Fairview House Indianapolis, IN Butler University ACE 633 39,600 37,311 11 37,322 August 2016
University Pointe Louisville, KY University of Louisville ACE 531 44,100 38,679 19 38,698 August 2016
Merwick Stanworth Phase II4 Princeton, NJ Princeton University ACE 379 46,500 41,134 671 41,805 Fall 2016
U Club on 28th Boulder, CO University of Colorado Off-campus 398 52,200 39,714 9,971 49,685 August 2016
U Club Sunnyside Morgantown, WV West Virginia University Off-campus 534 46,300 38,324 7,779 46,103 August 2016
The Court at Stadium Centre5 Tallahassee, FL Florida State University Off-campus 260 27,900 25,242 1,825 27,067 August 2016
SUBTOTAL - 2016 DELIVERIES 3,191 308,800$ 271,085$ 20,353$ 291,438$
Arizona State Univ. Res. Hall Tempe, AZ Arizona State University ACE 1,594 107,800$ 41,868$ -$ 41,868$ August 2017
Sky View Flagstaff, AZ Northern Arizona University ACE 626 56,600 11,932 236 12,168 August 2017
Prairie View A&M Univ. Phase VIII Prairie View, TX Prairie View A&M University ACE 466 26,800 4,508 - 4,508 August 2017
U Centre on Turner Columbia, MO University of Missouri Off-campus 718 69,100 12,657 14,005 26,662 August 2017
U Pointe on Speight Waco, TX Baylor University Off-campus 700 49,800 9,551 4,705 14,256 August 2017
21Hundred @ Overton Park Lubbock, TX Texas Tech University Off-campus 1,204 81,600 13,424 16,772 30,196 August 2017
Suites at 3rd Champaign, IL University of Illinois Off-campus 251 25,000 2,101 831 2,932 August 2017
U Club Binghamton Binghamton, NY SUNY Binghamton University Off-campus 562 55,800 4,478 12,847 17,325 August 2017
Callaway House Apartments6 Norman, OK University of Oklahoma Off-campus 915 89,100 21,462 12,651 34,113 August 2017
U Centre on College6 Clemson, SC Clemson University Off-campus 418 41,500 12,208 - 12,208 August 2017
SUBTOTAL - 2017 DELIVERIES 7,454 603,100$ 134,189$ 62,047$ 196,236$
OWNED DEVELOPMENT PIPELINE7 8
Project Location Primary University Served
Project
Type
Anticipated
Commencement
Approx.
Targeted Beds
Estimated
Project
Cost1 9
Targeted
Completion
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
Virginia Commonwealth Univ. Richmond, VA Virginia Commonwealth Univ. ACE Q3 2016 1,524 92,000 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
4,388 407,000$
Estimated
Project Cost1
As of June 30, 2016
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 $3.2 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 year.
5. In conjunction with the purchase of Stadium Centre in July 2015, we entered into a presale agreement to purchase The Court at Stadium Centre, an adjacent property, which will be completed in August 2016. We
completed the purchase of the property in May 2016. Estimated Project Cost includes the initial purchase price as well as amounts incurred by the company outside of the acquisition, which consist of ACC-elected
upgrades, marketing and leasing costs and transaction costs.
6. In June 2016, we secured two in-process development projects which were part of the broader University House Communities Group, Inc. transaction.
7. Does not include undeveloped land parcels in eight university markets totaling $39.5 million.
8. Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction
market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of
university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions.
9. Estimated Project Cost includes land and other predevelopment costs of $10.6 million incurred as of June 30, 2016 for owned development pipeline projects. 10
Third-Party Development Update
($ in thousands)
CONTRACTED PROJECTS IN PROGRESS
Project Location Primary University Served Beds
Total
Fees
Fees Earned
as of
June 30, 2016
Fees Earned in
Current Year
Remaining Fees
as of
June 30, 2016
Scheduled
Completion
The Nest Chicago, IL Northeastern Illinois University 440 2,100$ 1,843$ 398$ 257$ August 2016
Oregon State Univ. Cascades Bend, OR Oregon State University 340 1,900 1,376 357 524 December 2016
Momentum Village Phase II Corpus Christi, TX Texas A&M University Corpus Christi 560 2,300 1,190 1,190 1,110 August 2017
Texas A&M University San Antonio San Antonio, TX Texas A&M University San Antonio 382 1,100 560 560 540 August 2017
1,722 7,400$ 4,969$ 2,505$ 2,431$
ON-CAMPUS AWARD PIPELINE1
Project Location Anticipated Financing Structure Estimated Fees
Texas A&M University Corpus Christi2 Corpus Christi, TX Third-party 1,400$
Arizona State Univ. Apartments Tempe, AZ ACE n/a
Louisville Village Site Louisville, KY ACE n/a
La Salle University Philadelphia, PA Third-party TBDTBD Fall 2019
Anticipated
Commencement Targeted Completion
TBD Q3 / Q4 2018
TBD Fall 2019
n/a Q3 / Q4 2016
2016 2015 $ Change 2016 2015 $ Change
Development services revenue 2,121$ 1,677$ 444$ 3,156$ 2,241$ 915$
% of total revenue 1.1% 0.9% 0.8% 0.6%
Three Months Ended June 30, Six Months Ended June 30,
1. 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.
2. Under the terms of a Consultant Agreement, and with the consent of the University’s Board of Regents, we will earn fees for the performance of advisory services related to a not-for-profit entity’s purchase of a 1,790-
bed apartment community for the benefit of the University.
11
Management Services Update
($ in thousands)
2016 2015 $ Change 2016 2015 $ Change
Management services revenue 2,253$ 2,324$ (71)$ 4,663$ 4,325$ 338$
% of total revenue 1.2% 1.3% 1.2% 1.2%
Three Months Ended June 30, Six Months Ended June 30,
1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels.
2. The stabilized annual fee amount does not include an initial operations fee of $90,000 to be earned from December 2015 through August 2016. Subsequent to August 2016, the stabilized annual fee will be
approximately $50,000 per year.
12
NEW/PENDING MANAGEMENT CONTRACTS
Property Location
Approximate
Beds
Stabilized
Annual Fees1
Actual or
Anticipated
Commencement
The Nest Chicago, IL Northeastern Illinois University 440 170$ August 2016
Centennial Place Toronto, Canada Centennial College 742 170 September 2016
Collegeview Commons2 Ontario, Canada Conestoga College 487 50 September 2016
Texas A&M University Corpus Christi Corpus Christi, TX Texas A&M University Corpus Christi 1,790 480 Q3 / Q4 2016
Momentum Village Phase II Corpus Christi, TX Texas A&M University Corpus Christi 560 180 August 2017
Texas A&M University San Antonio San Antonio, TX Texas A&M University San Antonio 382 100 August 2017
Collegeview Commons Phase II Ontario, Canada Conestoga College 513 50 September 2017
4,914 1,200$
DISCONTINUED MANAGEMENT CONTRACTS
Property Location Beds
2016 Fee
Contribution
Prior to
Termination Discontinued As Of
3170 & 3190 Donnelly Windsor, Ontario University of Windsor 117 4$ April 2016
675 Richmond London, Ontario University of Western Ontario 451 16 April 2016
West Village Suites Hamilton, Ontario McMaster University 449 45 July 2016
The Luxe Waterloo, Ontario University of Waterloo 955 92 July 2016
Village Suites Oshawa, Ontario Durham College 588 51 July 2016
Centennial Toronto, Canada Centennial College 368 42 September 2016
2,928 250$
Primary University Served
Primary University Served
Capital Structure as of June 30, 2016
($ in millions, except per share data)
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% 3.5% 4.2%
- 3.6% 4.2% 4.1% 4.0% 4.3% 4.6%
Note – refer to the definitions outlined on pages 19 and 20 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 $45.0 million, unamortized original issue discount on unsecured notes of $2.1 million, and unamortized
deferred financing costs of $16.9 million.
2. Based on share price of $52.87 and fully diluted share count of 132,624,203 as of June 30, 2016. Assumes conversion of 1,394,405 common and preferred Operating Partnership units and 783,220 unvested restricted
stock awards.
3. Excludes accumulated depreciation of $951.0 million and receivables and intangible assets, net of accumulated amortization, of $33.9 million.
4. Refer to page 14 for a calculation of Interest Coverage and a reconciliation to the nearest GAAP measures.
5. Including the amortization of net debt premiums related to mortgage loans assumed in connection with property acquisitions, the effective interest rate for fixed rate mortgage loans is 3.9%.
6. The company’s variable rate debt consists of the unsecured revolving credit facility. All variable debt was repaid in February 2016. 13
Interest Coverage
($ in thousands)
14
September 30,
2015
December 31,
2015
March 31,
2016
June 30,
2016
Last Twelve
Months
Net income attributable to ACC, Inc. and Subsidiaries
common stockholders 1,855$ 28,359$ 45,587$ 18,438$ 94,239$
Net income attributable to noncontrolling interests 161 501 622 327 1,611
Interest expense 21,053 24,162 22,627 20,119 87,961
Income tax provision 311 310 345 345 1,311
Depreciation and amortization 51,874 54,685 53,716 53,703 213,978
Amortization of deferred financing costs 1,315 1,518 2,542 1,352 6,727
Share-based compensation 1,704 2,481 2,651 2,842 9,678
Gain from disposition of real estate (4,657) - (17,409) - (22,066)
Other adjustments (388) - - - (388)
Earnings Before Interest, Taxes, Depreciation,
and Amortization ("EBITDA") 73,228$ 112,016$ 110,681$ 97,126$ 393,051$
Pro-forma adjustments to EBITDA1 415
Adjusted EBITDA 393,466$
Interest Expense from consolidated statement of
comprehensive income 21,053$ 24,162$ 22,627$ 20,119$ 87,961$
Amortization of mortgage debt premiums/discounts 3,106 3,150 3,236 3,188 12,680
Capitalized interest 2,713 1,461 2,090 3,565 9,829
Change in accrued interest payable 1,054 (4,366) 4,884 (4,275) (2,703)
Cash Interest Expense 27,926$ 24,407$ 32,837$ 22,597$ 107,767$
Pro-forma adjustments to Cash Interest Expense1 (1,637)
Adjusted Interest Expense 106,130$
Interest Coverage 3.7x
Three Months Ended
Note: refer to the definitions outlined on pages 19 and 20 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)
15
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 10. Estimated Project Cost for 2018/2019 developments includes three projects not yet under construction: Butler University Phase II ($39.0 million), Univ. of California, Berkeley ($94.0 million), and Virginia
Commonwealth University ($92.0 million). If we elect to move forward with additional developments, we would commence construction in future years.
2. For purposes of analysis, available cash flow is derived from disclosure in our 2015 Form 10-K and is calculated as net cash provided by operating activities of $261.0 million less dividend payments of $178.5 million,
less principal payments on debt of $14.5 million, less recurring capital expenditures of $19.4 million. Calculation results in available cash flow for investment in 2015 of $49.0 million, which is then annualized over the
remaining 10 quarters through the end of 2018.
3. Remaining targeted dispositions after the $74 million of dispositions closed during Q1 2016.
4. Refer to definitions outlined on pages 19 and 20 for detailed definitions of terms appearing on this page.
5. Ratios represent the pro forma impact of dispositions and development deliveries assumed in the Sources and Uses table. Yields for developments range from 6.5% - 7.0% and the capitalization rate range for
dispositions and/or joint ventures is consistent with those observed in recent transactions for core (5.0%) and non-core (6.3%) student housing assets. Actual ratios will vary based on the timing of dispositions versus
the timing of construction funding. The targeted asset dispositions for 2016, consist entirely of non-core assets.
Estimated Development Capital Uses:
Development Pipeline1
Estimated
Project Cost
Total Costs
Incurred
Remaining
Capital Needs
2016 Developments Underway 309$ 291$ 18$
2017 Developments Underway or Expected to Start in Current Year 603 196 407
2018/2019 Developments Expected to Start in Current Year 225 5 220
Total 1,137$ 492$ 645$
Estimated Sources:
Capital Sources
Cash and Cash Equivalents 207$
Estimated Cash Flow available for Investment - through 20182 123
Remaining Targeted Asset Dispositions and/or Joint Ventures through 20163 126 - 526
Total $ 456 - 856
Credit Metric: June 30, 2016 Pro Forma5
Total Debt to Total Asset Value 35.5% 33.0% - 36.5%
Net Debt to EBITDA 6.0x 5.3x - 6.0x
Sources and Uses for Development - As of June 30, 2016
Selected Credit Metrics4
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, free cash available for investment, and capital market transactions.
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.
2. Refer to page 17 for details of changes in assumptions used to determine the revised guidance range. 16
Low High Low High
Net income 90,800$ 101,000$ 108,500$ 118,800$
Noncontrolling interests 900 1,100 1,150 1,300
Gain from disposition of real estate - - (17,400) (17,400)
Depreciation and amortization 195,700 206,100 202,250 206,800
Funds from operations ("FFO") 287,400$ 308,200$ 294,500$ 309,500$
Elimination of operations from on-campus
participating properties (11,000) (11,400) (11,000) (11,400)
Contribution from on-campus participating properties 3,800 4,400 3,800 4,400
Funds from operations - modified ("FFOM") 280,200$ 301,200$ 287,300$ 302,500$
Net income per share - diluted 0.69$ 0.77$ 0.83$ 0.91$
FFO per share - diluted 2.19$ 2.35$ 2.25$ 2.36$
FFOM per share - diluted 2.14$ 2.30$ 2.19$ 2.31$
Weighted-average common shares outstanding -
diluted 130,950,000 130,950,000 130,950,000 130,950,000
Original Current2
2016 Outlook – Changes From Previous Guidance
($ in thousands, except share and per share data)
1. Refer to page 18 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 were sold in the first quarter 2016.
3. All ranges assume a 6.4% nominal cap rate on dispositions.
4. Net of capitalized interest and excluding on-campus participating properties. 17
2016 Property Net Operating Income
Low High Low High
Wholly-owned properties:
2016 same store properties1
Revenue 655,400$ 659,800$ 655,400$ 659,800$
Operating Expenses (304,000) (302,300) (304,000) (302,300)
Net operating income 351,400 357,500 351,400 357,500
2016 new properties net operating income 52,700 53,200 52,700 53,200
2016 Held for Sale properties net operating income2 1,100 1,100 1,100 1,100
2016 speculative dispositions net operating income (21,000) (2,500) (10,000) (900)
384,200$ 409,300$ 395,200$ 410,900$
2.0% 3.8% 2.0% 3.8%
96.75% 98.75% 96.75% 98.75%
3.25% 2.75% 3.25% 2.75%
600,000$ 200,000$ 600,000$ 200,000$
Development deliveries 280,900$ 280,900$ 280,900$ 280,900$
26,450$ 26,450$ 27,900$ 27,900$
Third-party Services
Low High Low High
Third-party development services revenue 4,200$ 5,200$ 5,200$ 5,200$
Third-party management services revenue 10,800 9,800 9,900 9,800
Third-party dev. and mgmt. services expenses (16,500) (15,100) (16,500) (15,100)
Corporate Expenses and Other
Low High Low High
Net Income:
General and administrative expenses 22,700$ 22,900$ 22,700$ 22,900$
Ground/facility leases expense:
ACE properties 6,000 6,000 6,000 6,000
On-campus participating properties 2,500 2,900 2,500 2,900
Total ground/facility leases expense 8,500 8,900 8,500 8,900
Interest income 5,300 4,600 5,300 4,600
Interest expense4 70,500 76,000 74,400 76,200
Capitalized interest 10,700 10,900 10,700 10,900
Amortization of deferred financing costs 6,200 6,400 6,300 6,400
Income tax provision 1,400 1,400 1,400 1,400
FFOM:
Corporate depreciation 3,500 3,300 3,500 3,300
Contribution from on-campus participating properties 3,800 4,400 3,800 4,400
The low-end of the range for third party development services revenue has been updated to
reflect the actual closing and commencement of construction of the Momentum Village
Phase II and Texas A&M University San Antonio projects during the second quarter 2016, as
well as the anticipated closing of the Texas A&M University Corpus Christi consulting
engagement during the third or fourth quarter 2016. The low-end of the original guidance
range assumed only two of these three projects would close during 2016. Refer to page 11.
The low-end of the original and current guidance ranges for third party management
services revenue assumes we will provide management services for a majority of the sold
properties assumed in the low-end of the guidance range, subsequent to their disposition.
The low-end of the current guidance range for third-party management services revenue has
been updated to reflect the revised disposition timing assumptions discussed above.
Dispositions3
2016 same store net operating income growth
Mezzanine/pre-sale purchases
The only revision to property net operating income guidance relates to the timing of
anticipated disposition activity. Both the original and current guidance ranges include $74
million of disposition activity completed in the first quarter 2016. The original guidance
range for dispositions assumed an additional $526 million of dispositions during the
second quarter 2016 at the low-end, and an additional $126 million of dispositions during
the fourth quarter 2016 at the high-end. The current guidance range has been updated to
reflect the anticipated timing of such disposition activity to occur at various dates during the
fourth quarter 2016 (October 1, 2016 closing date at the low-end and December 1, 2016
closing date at the high-end.)
Significant Changes From Previous GuidanceOriginal Current
AY 2016/2017 final leasing results - occupancy
AY 2016/2017 final leasing results - rental rate Mezzanine/pre-sale purchases has been revised to include post acquisition costs of
completion, which consist of ACC-elected upgrades, initial operations, marketing and
leasing costs, as well as transaction costs.
Interest expense and amortization of deferred financing costs have been revised to reflect
differences in the timing of speculative dispositions, as discussed above. The low-end of
the guidance range assumes the extinguishment of $264.7 million of fixed rate mortgage
loans (including $55.5 million scheduled to mature in 2016) with an effective interest rate of
4.4% in connection with the property dispositions assumed at the low-end of the guidance
range. The high-end of the guidance range assumes the extinguishment of $44.8 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.
Total wholly-owned properties net
operating income
Current
Original Current
Original
Detail of Same Store Groupings as of June 30, 2016
18
# of Design # of Design # of Design # of Design
Properties Beds Properties Beds Properties Beds Properties Beds
134 79,733 134 79,733
2015 Acquisition Properties 7 3,535 7 3,535
2015 Development Deliveries 4 3,187 4 3,187
2015 Redevelopment Property 1 1,016 1 1,016
2016 Development Deliveries 7 3,191 7 3,191
2017 Development Deliveries 10 7,454 10 7,454
Total Wholly-owned Properties 134 79,733 29 18,383 146 87,471 17 10,645
Grand Total # of Wholly-owned Properties (All Groupings) 163
Grand Total Wholly-owned Design Beds (All Groupings) 98,116
2017 Grouping2016 Grouping
Same Store Properties New Properties Same Store Properties
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, 2015
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
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. 19
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.
20
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 / Juan Sanabria Bank of America / Merrill Lynch (646) 855-1363 / (646) 855-1589 jeff.spector@baml.com / juan.sanabria@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
David Corak FBR & Co. (703) 312-1610 dcorak@fbr.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 / Daniel Santos Sandler O'Neill + Partners, L.P. (212) 466-7937 / (212) 466-7927 agoldfarb@sandleroneill.com / dsantos@sandleroneill.com
Nick Yulico / Greg McGinniss UBS Investment Research (212) 713-3402 / (212) 713-2130 nick.yulico@ubs.com / greg.mcginiss@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.
21
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.
