American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These five-year notes were issued at 99.811 percent of par value with a coupon of 3.35 percent and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on April 1 and October 1, with the first payment beginning on April 1, 2016. The notes will mature on October 1, 2020. American Campus Communities Operating Partnership LP expects to use the net proceeds of approximately $395.3 million to repay the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for September 22, 2015, subject to customary closing conditions.

Deutsche Bank Securities, J.P. Morgan, Wells Fargo Securities, BofA Merrill Lynch and US Bancorp are Joint Book-Running Managers for the offering.

American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents that American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed with the SEC, including the prospectus supplement, for more complete information about American Campus Communities, Inc., American Campus Communities Operating Partnership LP and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, American Campus Communities, Inc., American Campus Communities Operating Partnership LP or any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting Deutsche Bank Securities Inc., toll free at 800-503-4611; J.P. Morgan Securities LLC, collect at 212-834-4533; or Wells Fargo Securities, LLC, toll free at 800-645-3751.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or other jurisdiction.

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.

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 June 30, 2015, American Campus Communities owned 159 student housing properties containing approximately 96,400 beds. Including its owned and third-party managed properties, American Campus Communities’ total managed portfolio consisted of 198 properties with approximately 126,800 beds.

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

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