American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties, announced that on May 4, 2016 its Board of Directors declared a regular quarterly dividend of $0.42 per share of common stock, payable on May 27, 2016, to shareholders of record at the close of business on May 16, 2016. The declared dividend is a 5.0 percent increase over the prior quarterly dividend of $0.40 per share of common stock.

“We are pleased to provide a fourth consecutive annual dividend increase for shareholders,” said Bill Bayless, American Campus CEO. “While our recent equity offering and the strategic dispositions included in our guidance have temporarily resulted in an FFOM payout ratio above our targeted mid 60 percent range, the long-term stability of our operating performance when coupled with our future growth prospects have given the Board of Directors the confidence to again increase our annual dividend, which has been maintained or increased throughout the 46 quarters since going public.”

The $0.42 quarterly dividend payment is equivalent to $1.68 per share on an annualized basis, and represents a yield of approximately 3.7 percent on the May 3, 2016 closing price of $45.63 per share.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of March 31, 2016, American Campus Communities owned 163 student housing properties containing approximately 100,600 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 203 properties with approximately 131,100 beds. Visit www.americancampus.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

American Campus Communities, Inc.Ryan Dennison, 512-732-1000Investor Relations

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