ACC American Campus Communities Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549


Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date Of Report (Date Of Earliest Event Reported): October 21, 2014


American Campus Communities, Inc.
(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 001-32265

12700 Hill Country Blvd., Suite T-200
Austin, Texas 78738
(Address of Principal Executive Offices, Including Zip Code)

512-732-1000
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 21, 2014, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended September 30, 2014. The text of the Earnings Release is included as Exhibit 99.1 to this Current Report.

The Earnings Release is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE

On October 21, 2014, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended September 30, 2014 which took place on October 22, 2014. A copy of the supplemental analyst package is attached hereto as Exhibit 99.2.

The supplemental analyst package is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

The list of exhibits is incorporated herein by reference to the Exhibit Index.

Signature(s)

Pursuant to the Requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit Index

Exhibit 99.1

American Campus Communities, Inc. Reports Third Quarter 2014 Financial Results

Delivers six development assets totaling $258.9 million
Leads public student housing sector in Fall 2014 occupancy and rental rate growth

AUSTIN, Texas--(BUSINESS WIRE)--October 21, 2014--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended September 30, 2014.

Highlights

• Increased quarterly FFOM per share to $0.44 per fully diluted share or $46.5 million, versus $0.39 per fully diluted share or $41.5 million for the third quarter prior year.
• Increased same store wholly-owned net operating income ("NOI") by 5.6 percent over the third quarter 2013.
• Improved same store wholly-owned occupancy to 97.5 percent as of September 30, 2014 compared to 96.8 percent for the same date prior year, with an average rental rate increase of 2.1 percent.
• Delivered six owned and mezzanine development projects into service for the 2014-2015 academic year totaling $258.9 million in development costs and containing 3,573 beds which were 98.1 percent occupied as of September 30, 2014.
• Completed and delivered College Park, a 567-bed on-campus participating property serving students attending West Virginia University, which opened 97.7 percent occupied.

“We are pleased with the results of our Fall 2014 lease-up, which resulted in 2.8 percent same store rental revenue growth for the 2014-2015 academic year and led the public student housing sector in both final occupancy and rental rate growth. With the completion of the lease-up and our results to date, we believe we are trending between the midpoint and upper end of our FFOM guidance range,” said Bill Bayless, American Campus CEO. “Significant tailwinds are developing in the sector, with public and private student housing players noting increases in both occupancy and rental rates at the recent National Multifamily Housing Council Student Housing Conference. Additionally, Axiometrics is projecting a decrease in Fall 2015 supply by approximately 25 percent from the deliveries in Fall 2014. With these strong underlying fundamentals, we are currently targeting rental rate growth for the 2015-2016 academic year of approximately 2.8 percent as we kickoff leasing, which we believe positions us to generate same store net operating income growth in excess of three percent in 2015 and beyond.”

Third Quarter Operating Results

Revenue for the 2014 third quarter totaled $181.9 million, an increase of 14.9 percent from $158.4 million in the third quarter 2013, and operating income for the quarter increased $6.1 million or 40.6 percent over the prior year third quarter. The increase in revenues and operating income was primarily due to growth resulting from property acquisitions, recently completed development properties, and increased rental rates for the 2014-2015 academic year. Net loss for the 2014 third quarter totaled $5.8 million as compared with net income of $47.2 million for the same quarter in 2013. The decrease in net income as compared to the prior year quarter is primarily due to the disposition of four properties in July 2013, which resulted in a gain of $52.8 million recognized during the third quarter 2013. An increase in corporate interest expense resulting from our June 2014 bond offering also contributed to the decrease in net income. FFO for the 2014 third quarter totaled $45.7 million, or $0.43 per fully diluted share, as compared to $39.9 million, or $0.37 per fully diluted share for the same quarter in 2013. FFOM for the 2014 third quarter was $46.5 million, or $0.44 per fully diluted share as compared to $41.5 million, or $0.39 per fully diluted share for the same quarter in 2013. A reconciliation of FFO and FFOM to net income is provided in Table 3.

NOI for same store wholly-owned properties was $65.3 million in the quarter, an increase of 5.6 percent over $61.8 million in the 2013 third quarter. Same store wholly-owned property revenues increased by 4.9 percent over the 2013 third quarter due to an increase in occupancy and average rental rates for the 2014-2015 academic year. Same store wholly-owned property operating expenses increased by 4.3 percent over the prior year quarter due primarily to increases in payroll and general and administrative expenses. NOI for the total wholly-owned portfolio increased 15.9 percent to $74.3 million for the quarter from $64.1 million in the comparable period of 2013.

Portfolio Update

Developments

During the quarter, the company completed construction and delivered $227.2 million of owned and mezzanine development assets into service. Including the June delivery of Merwick Stanworth Phase I, six new communities were delivered in 2014 with a total project cost of $258.9 million. These developments are all core Class A assets pedestrian to campus in their respective markets and on track to meet their previously announced stabilized development yield in the range of 6.75 - 7.0 percent. As of September 30, 2014, the new assets are 98.1 percent occupied for the upcoming academic year.

The company continues to progress on the construction of four additional owned development projects with expected deliveries in Fall 2015. The developments total approximately $313.7 million, are all core Class A assets located on or pedestrian to campus in their respective markets and average less than 0.1 miles to campus.

Also during the quarter, the company delivered College Park, a 567-bed on-campus participating property at West Virginia University, which generated on-campus participating property development fees of $2.4 million during the construction period. As the community is now operational, the company and the University will each receive 50 percent of defined net cash flow on an annual basis for an initial term of 40 years with two 10-year extension options.

Dispositions

In September, the company sold The Enclave, a non-core 480-bed community built in 2002 and located approximately one-mile from the campus of Bowling Green State University in Ohio for a total sales price of $6.3 million. The property was sold at an economic cap rate of 5.6 percent based on in-place rental revenue and trailing-12 operating expenses.

Capital Markets

At-The-Market (ATM) Share Offering Program

During the quarter, the company sold 149,240 shares of common stock under the ATM program at a weighted average price of $40.10 per share for net proceeds of approximately $5.9 million. There has been no ATM activity subsequent to quarter end.

2014 Outlook

Based upon the results of the Fall 2014 lease-up and the financial results achieved through the third quarter of 2014, management believes that both 2014 FFO and FFOM are trending between the midpoint and the upper end of the current guidance ranges of $2.34 to $2.41 and $2.29 to $2.37 per fully diluted share, respectively.

All guidance is based on the current expectations and judgment of the company's management team.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com. In addition, the company will host a conference call to discuss third quarter results and the 2014 outlook on Wednesday, October 22, 2014 at 10 a.m. EDT (9:00 a.m. CDT). Participants from within the U.S. may dial 888-317-6003 passcode 6030479, and participants outside the U.S. may dial 412-317-6061 passcode 6030479 at least 10 minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides in the form of the supplemental analyst package can be accessed via the website. A replay of the conference call will be available beginning one hour after the end of the call until October 30, 2014 by dialing 877-344-7529 or 412-317-0088 conference number 10052439. The replay also will be available for one year at www.americancampus.com. The call will also be available as a podcast on www.REITcafe.com and on the company’s website shortly after the call.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines Funds from Operations ("FFO") as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable operating property sales, impairment charges and real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or FFOM, which reflects certain adjustments related to the economic performance of our on-campus participating properties and excludes other non-cash items, as we determine in good faith. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

The company defines property NOI as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is the largest owner and manager 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. American Campus Communities owns 166 student housing properties containing approximately 102,200 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 199 properties with approximately 128,300 beds. Visit www.americancampus.com or www.studenthousing.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.

1. Represents a loss from the sale of a wholly-owned property (the Enclave) in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations and will be classified within income from continuing operations on the consolidated statements of comprehensive income.
2. The operations for properties sold during 2013, along with any properties sold in 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 in the consolidated statements of comprehensive income. We sold Hawks Landing in February 2014 but will continue to present the operations of the property and the resulting gain from disposition in discontinued operations because the property was classified as held for sale in our consolidated financial statements for the year ended December 31, 2013.

1. For the nine months ended September 30, 2013, excludes $0.8 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. Effective July 1, 2013, the company acquired the noncontrolling partner’s interest and now owns 100% of the property.
2. For the three and nine months ended September 30, 2014, represents an impairment charge recorded for The Enclave, a property that was sold in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations. As a result, this impairment charge is included in other nonoperating expense in the consolidated statements of comprehensive income (refer to table 2).
3. 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 table 2).
4. Represents development and construction management fees related to the West Virginia University on-campus participating property, which completed construction in August 2014. Although the company is including this project in its consolidated financial statements for accounting purposes, similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects.
5. University Walk is a property subject to a pre-sale arrangement that we did not own as of September 30, 2014 but are obligated to purchase as long as the developer meets certain construction deadlines and closing conditions. The property opened for operations in August and we anticipate closing on the purchase of the property in the fourth quarter 2014. The property is consolidated for financial reporting purposes but we do not benefit from the net cash flow from operations prior to our purchase. As a result, we have excluded the operations of this property from FFOM.
6. On April 22, 2013, the company acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million, which are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation. The instruments carry an interest rate of 5.123 percent. The acquisition facilitated the settlement of litigation related to a third-party management agreement for the properties with a GMH entity that was acquired by the company’s 2008 merger with GMH. The acquisition resulted in a non-cash settlement charge of $2.8 million to reflect the fair market valuation of the instruments. Management believes it is appropriate to exclude this non-cash charge from FFOM in order to more accurately present the operating results of the company on a comparative basis during the periods presented

CONTACT:
American Campus Communities, Inc., Austin
Ryan Dennison, 512-732-1000

Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE 3Q 2014 October 21, 2014

AMERICAN CAMPUS COMMUNITIES | TABLE OF CONTENTS Financial Highlights 1Consolidated Balance Sheets 2Consolidated Statements of Comprehensive Income 3Consolidated Statements of Funds from Operations 4Wholly-owned Properties Results of Operations 5Seasonality of Operations 6Portfolio Overview 7Portfolio Overview - Detail by Property 8Owned Development Update 13Third-party Development Update 14Management Services Update 15Capital Structure 16Definitions 17Investor Information 19

AMERICAN CAMPUS COMMUNITIES | FINANCIAL HIGHLIGHTS $ in thousands, except share and per share data 1 Operating Data20142013$ Change% Change20142013$ Change% ChangeTotal revenues181,936$ 158,394$ 23,542$ 14.9%537,096$ 474,768$ 62,328$ 13.1%Operating income21,231 15,101 6,130 40.6%104,659 82,785 21,874 26.4%Net (loss) income attributable to ACC1(5,847) 47,176 (53,023) -112.4%35,989 76,815 (40,826) -53.1%Net (loss) income per share - basic(0.06) 0.45 0.34 0.73 Net (loss) income per share - diluted(0.06) 0.45 0.33 0.72 Funds From Operations ("FFO") 45,688 39,906 5,782 14.5%181,095 163,961 17,134 10.5%FFO per share—diluted 0.43 0.37 0.06 16.2%1.69 1.54 0.15 9.7%Funds From Operations - Modified ("FFOM") 46,535 41,530 5,005 12.1%179,800 166,183 13,617 8.2%FFOM per share—diluted 0.44 0.39 0.05 12.8%1.68 1.56 0.12 7.7%Market Capitalization and Unsecured Notes CovenantsDebt to total market capitalization2Net debt to EBITDAUnencumbered asset value to total asset valueTotal debt to total asset valueSecured debt to total asset valueUnencumbered asset value to unsecured debtInterest coverage33.3xDecember 31, 201355.8%3.3xThree Months Ended September 30,7.5x7.6x44.4%262.0%43.4%298.5%42.3%43.7%20.6%24.7%Nine Months Ended September 30,September 30, 201462.6%1.Excluding gains and losses from property dispositions and impairment charges, net loss attributable to ACC for the three months ended September 30, 2014 and 2013 would have been $3.4 million and $5.7 million, respectively. Excluding gains and losses from property dispositions and impairment charges, net income attributable to ACC for the nine months ended September 30, 2014 and 2013 would have been $35.6 million and $24.0 million, respectively. 2.Market capitalization is calculated based on a common share price of $36.45 and $32.21 as of September 30, 2014 and December 31, 2013, respectively, and fully diluted common shares totaling 107,020,059 and 106,727,855 as of September 30, 2014 and December 31, 2013, respectively. 3.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $373.7 million and $113.8 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $15.5 million and $6.9 million, respectively, to reflect all acquisitions, development deliveries, dispositions, debt repayments and debt refinancings as if such transactions had occurred on the first day of the 12 month period presented. Adjusted Interest Expense includes $8.6 million of interest capitalized for GAAP purposes and excludes $13.0 million of amortization of net debt premiums related to mortgage loans assumed in connection with acquisitions.

AMERICAN CAMPUS COMMUNITIES | CONSOLIDATED BALANCE SHEETS $ in thousands September 30, 2014December 31, 2013(unaudited)AssetsInvestments in real estate:Wholly-owned properties, net5,356,617$ 5,199,008$ Wholly-owned property held for sale - 14,408 On-campus participating properties, net95,39373,456Investments in real estate, net5,452,0105,286,872Cash and cash equivalents19,41238,751Restricted cash 31,33835,451Student contracts receivable, net14,6609,238Other assets1236,441227,728Total assets5,753,861$ 5,598,040$ Liabilities and equityLiabilities:Secured mortgage, construction and bond debt1,387,581$ 1,507,216$ Secured agency facility - 87,750 Unsecured notes798,264 398,721 Unsecured term loans600,000 600,000 Unsecured revolving credit facility138,500 150,700 Accounts payable and accrued expenses73,59665,088Other liabilities2155,386110,036Total liabilities3,153,3272,919,511Redeemable noncontrolling interests50,93747,964Equity:American Campus Communities, Inc. and Subsidiaries stockholders' equity:Common stock1,0441,043Additional paid in capital3,022,6863,017,631Accumulated earnings and dividends(474,659)(392,338)Accumulated other comprehensive loss(5,114)(1,435)2,543,9572,624,901Noncontrolling interests - partially owned properties5,6405,664Total equity2,549,5972,630,565Total liabilities and equity5,753,861$ 5,598,040$ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity2 1.Other assets include approximately $25.5 million related to net deferred financing costs and the net value of in-place leases. 2.Other liabilities include approximately $83.1 million in deferred revenue and fee income.

AMERICAN CAMPUS COMMUNITIES | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited, $ in thousands, except share and per share data 3 20142013$ Change20142013$ ChangeRevenues Wholly-owned properties171,816$ 150,031$ 21,785$ 506,822$ 447,904$ 58,918$ On-campus participating properties5,7865,066720 18,70917,871838 Third-party development services1,8566221,234 3,6241,6561,968 Third-party management services1,7691,792(23) 5,7515,425326 Resident services709883(174) 2,1901,912278 Total revenues181,936158,39423,542537,096474,76862,328Operating expenses Wholly-owned properties98,23286,83811,394 250,074221,81728,257 On-campus participating properties3,0033,021(18) 8,2658,454(189) Third-party development and management services2,8813,058(177) 8,3877,786601 General and administrative4,8073,934873 14,15912,3661,793 Depreciation and amortization49,57645,0564,520 146,201137,8118,390 Ground/facility leases2,2061,386820 5,3513,7491,602 Total operating expenses160,705143,29317,412432,437391,98340,454Operating income 21,23115,1016,130104,65982,78521,874Nonoperating income and (expenses) Interest income1,055792263 3,1232,165958 Interest expense(23,794)(19,584)(4,210) (65,873)(56,364)(9,509) Amortization of deferred financing costs(1,543)(1,410)(133) (4,503)(4,134)(369) Loss from disposition of real estate1(67)- (67) (67)- (67) Other nonoperating (expense) income(2,377) 134 (2,511) (2,377) (2,666) 289 Total nonoperating expenses(26,726)(20,068)(6,658)(69,697)(60,999)(8,698)(Loss) income before income taxes and discontinued operations(5,495)(4,967)(528)34,96221,78613,176Income tax provision(290) (255) (35) (869) (765) (104) (Loss) income from continuing operations(5,785)(5,222)(563) 34,09321,02113,072 Discontinued operations2 Income (loss) attributable to discontinued operations- 223 (223) (123) 5,027 (5,150) Gain from disposition of real estate- 52,831 (52,831) 2,843 52,831 (49,988) Total discontinued operations- 53,054(53,054)2,72057,858(55,138)Net (loss) income(5,785)47,832(53,617)36,81378,879(42,066) Net income attributable to noncontrolling interests(62) (656) 594 (824) (2,064) 1,240 Net (loss) income attributable to American Campus Communities, Inc. and Subsidiaries(5,847)$ 47,176$ (53,023)$ 35,989$ 76,815$ (40,826)$ Other comprehensive income (loss) Change in fair value of interest rate swaps2,073(1,163)3,236 (3,797)4,451(8,248) Comprehensive (loss) income(3,774)$ 46,013$ (49,787)$ 32,192$ 81,266$ (49,074)$ Net (loss) income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders Basic(0.06)$ 0.45$ 0.34$ 0.73$ Diluted(0.06)$ 0.45$ 0.33$ 0.72$ Weighted-average common shares outstanding Basic104,968,616 104,781,431 104,903,344 104,752,982 Diluted104,968,616104,781,431105,605,755105,381,053Three Months Ended September 30,Nine Months Ended September 30,1.Represents a loss from the sale of a wholly-owned property (The Enclave) in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations and will be classified within income from continuing operations on the consolidated statements of comprehensive income. 2.The operations for any properties sold during 2013, along with any properties sold in 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 in the consolidated statements of comprehensive income. We sold Hawks Landing in February 2014 but will continue to present the operations of the property and the resulting gain from disposition in discontinued operations because the property was classified as held for sale in our consolidated financial statements for the year ended December 31, 2013.

AMERICAN CAMPUS COMMUNITIES | CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS Unaudited, $ in thousands, except share and per share data 4 20142013$ Change20142013$ ChangeNet (loss) income attributable to American Campus Communities, Inc. and Subsidiaries(5,847)$ 47,176$ (53,023)$ 35,989$ 76,815$ (40,826)$ Noncontrolling interests162 656 (594) 824 1,273 (449) Loss (gain) from disposition of real estate67 (52,831) 52,898 (2,776) (52,831) 50,055 Elimination of provision for asset impairment - wholly-owned property22,377 - 2,377 2,377 - 2,377 Real estate related depreciation and amortization49,029 44,905 4,124 144,681 138,704 5,977 Funds from operations ("FFO")45,688 39,906 5,782 181,095 163,961 17,134 Elimination of operations of on-campus participating propertiesNet loss (income) from on-campus participating properties749 1,002 (253) (1,242) (493) (749) Amortization of investment in on-campus participating properties(1,548) (1,197) (351) (3,988) (3,553) (435) 44,889 39,711 5,178 175,865 159,915 15,950 Modifications to reflect operational performance of on-campus participating propertiesOur share of net cash flow31,070 627 443 2,347 1,686 661 Management fees257 242 15 841 832 9 On-campus participating properties development fees4642 950 (308) 1,070 950 120 Impact of on-campus participating properties1,969 1,819 150 4,258 3,468 790 Impact of University Walk (pre-sale arrangement)5(323) - (323) (323) - (323) Non-cash litigation settlement expense6- - - - 2,800 (2,800) Funds from operations-modified ("FFOM")46,535$ 41,530$ 5,005$ 179,800$ 166,183$ 13,617$ FFO per share - diluted0.43$ 0.37$ 1.69$ 1.54$ FFOM per share - diluted0.44$ 0.39$ 1.68$ 1.56$ Weighted average common shares outstanding - diluted106,974,047 106,639,825 106,940,665 106,629,998 Nine Months Ended September 30,Three Months Ended September 30,1.For the nine months ended September 30, 2013, excludes $0.8 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. Effective July 1, 2013, the company acquired the noncontrolling partner’s interest and now owns 100% of the property. 2.For the three and nine months ended September 30, 2014, represents an impairment charge recorded for The Enclave, a property that was sold in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations. As a result, this impairment charge is included in other nonoperating expense in the consolidated statements of comprehensive income (refer to page 3). 3.50% 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). 4.Represents development and construction management fees related to the West Virginia University on-campus participating property, which completed construction in August 2014. Although the company is including this project in its consolidated financial statements for accounting purposes, similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects. 5.University Walk is a property subject to a pre-sale arrangement that we did not own as of September 30, 2014 but are obligated to purchase as long as the developer meets certain construction deadlines and closing conditions. The property opened for operations in August and we anticipate closing on the purchase of the property in the fourth quarter 2014. The property is consolidated for financial reporting purposes but we do not benefit from the net cash flow from operations prior to our purchase. As a result, we have excluded the operations of this property from FFOM. 6.On April 22, 2013, the company acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million, which are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation. The instruments carry an interest rate of 5.123 percent. The acquisition facilitated the settlement of litigation related to a third-party management agreement for the properties with a GMH entity that was acquired by the company’s 2008 merger with GMH. The acquisition resulted in a non-cash settlement charge of $2.8 million to reflect the fair market valuation of the instruments. Management believes it is appropriate to exclude this non-cash charge from FFOM in order to more accurately present the operating results of the company on a comparative basis during the periods presented.

AMERICAN CAMPUS COMMUNITIES | WHOLLY-OWNED PROPERTIES RESULTS OF OPERATIONS1 $ in thousands Note: The same store grouping above represents properties owned or operated for the entire comparative periods presented. The third quarter same store grouping includes properties purchased or developed prior to July 1, 2013. The year-to-date same store grouping includes properties purchased or developed prior to January 1, 2013. 1.Excludes (1) Hawks Landing – sold in February 2014, (2) University Mills - sold in November 2013, (3) Campus Ridge - sold in October 2013 and (4) State College Park, University Pines, Northgate Lakes, and The Village at Blacksburg - sold in July 2013. These sold properties are classified within discontinued operations on the accompanying consolidated statements of comprehensive income. 2.Includes The Enclave, a 120-unit, 480-bed wholly-owned property that was sold in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations and will be classified within income from continuing operations on the consolidated statements of comprehensive income (refer to page 3). 3.Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income. 5 20142013$ Change% Change20142013$ Change% ChangeWholly-owned properties revenuesSame store properties151,917$ 144,842$ 7,075$ 4.9%451,579$ 442,419$ 9,160$ 2.1%New properties 20,260 5,633 14,627 56,228 6,063 50,165 Sold properties2348 439 (91) 1,205 1,334 (129) Total revenues3172,525$ 150,914$ 21,611$ 14.3%509,012$ 449,816$ 59,196$ 13.2%Wholly-owned properties operating expensesSame store properties86,615$ 83,024$ 3,591$ 4.3%222,021$ 217,311$ 4,710$ 2.2%New properties 11,296 3,406 7,890 27,160 3,547 23,613 Sold properties2321 408 (87) 893 959 (66) Total operating expenses98,232$ 86,838$ 11,394$ 13.1%250,074$ 221,817$ 28,257$ 12.7%Wholly-owned properties net operating incomeSame store properties65,302$ 61,818$ 3,484$ 5.6%229,558$ 225,108$ 4,450$ 2.0%New properties 8,964 2,227 6,737 29,068 2,516 26,552 Sold properties227 31 (4) 312 375 (63) Total net operating income74,293$ 64,076$ 10,217$ 15.9%258,938$ 227,999$ 30,939$ 13.6%Three Months Ended September 30,Nine Months Ended September 30,

AMERICAN CAMPUS COMMUNITIES | SEASONALITY OF OPERATIONS1 $ in thousands, except for per bed amounts Note: The same store grouping above includes properties owned or operating for the entire year ended December 31, 2013 (i.e. properties purchased or developed on or prior to December 31, 2012.) 1.Excludes sold properties with the exception of The Enclave which was sold in September 2014 and is discussed in more detail below (note 3). All such properties are included in discontinued operations on the consolidated statements of comprehensive income (refer to page 3). 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.The decrease in average number of owned beds from prior quarters is due to a fire that damaged 32 beds at one of our properties which are anticipated to be available for occupancy in 2015. 4.Includes The Enclave, a 480-bed wholly owned property that was sold in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties will no longer qualify as discontinued operations and will be classified within income from continuing operations on the consolidated statements of comprehensive income (refer to page 3). 6 September 30, 2013December 31, 2013March 31, 2014June 30, 2014September 30, 2014Total/Weighted Average- Last 12 Months2014 annual same store propertiesRevenue per occupied bedRental revenue per occupied bed per month554$ 592$ 590$ 582$ 585$ 587$ Other income per occupied bed per month2634345486450Total revenue per occupied bed617$ 635$ 635$ 630$ 649$ 637$ Average number of owned beds83,057 83,057 83,057 83,057 83,038 383,052 Average physical occupancy for the quarter94.2%96.8%96.8%93.3%94.0%95.2%Total revenue144,842$ 153,191$ 153,253$ 146,409$ 151,917$ 604,770$ Property operating expenses83,02466,01967,43968,01486,615288,087Net operating income61,818$ 87,172$ 85,814$ 78,395$ 65,302$ 316,683$ Operating margin42.7%56.9%56.0%53.5%43.0%52.4%2014 new propertiesRevenue per occupied bedRental revenue per occupied bed per month697$ 755$ 760$ 745$ 698$ 738$ Other income per occupied bed per month25875101150141116Total revenue per occupied bed755$ 830$ 861$ 895$ 839$ 854$ Average number of owned beds3,297 7,284 7,670 7,574 9,029 7,889 Average physical occupancy for the quarter75.4%97.4%96.6%82.8%89.1%91.3%Total revenue5,633$ 17,680$ 19,135$ 16,833$ 20,260$ 73,908$ Property operating expenses3,4068,6778,0647,75311,29635,790Net operating income2,227$ 9,003$ 11,071$ 9,080$ 8,964$ 38,118$ Operating margin39.5%50.9%57.9%53.9%44.2%51.6%ALL PROPERTIES Revenue per occupied bedRental revenue per occupied bed per month559$ 605$ 605$ 594$ 595$ 600$ Other income per occupied bed per month2634650557155Total revenue per occupied bed622$ 651$ 655$ 649$ 666$ 655$ Average number of owned beds86,354 90,341 90,727 90,631 92,067 90,941 Average physical occupancy for the quarter93.5%96.8%96.7%92.5%93.5%94.9%Total revenue150,475$ 170,871$ 172,388$ 163,242$ 172,177$ 678,678$ Property operating expenses86,43074,69675,50375,76797,911323,877Net operating income64,045$ 96,175$ 96,885$ 87,475$ 74,266$ 354,801$ Operating margin42.6%56.3%56.2%53.6%43.1%52.3%2014 sold properties4Total revenue439$ 430$ 435$ 422$ 348$ 1,635$ Property operating expenses4082813052673211,174Net operating income31$ 149$ 130$ 155$ 27$ 461$ Three Months Ended

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW Wholly-owned properties – summary 7 September 30,Property Type201420132014/20152013/2014Q4 2014 Same Store Wholly-owned Properties28,38688,25397.5%96.8%0.7%2.1%2.8%617$ 604$ New Wholly-owned Properties1,8795,65698.6%n/an/an/an/a673$ n/aTotal - Wholly-owned Properties30,26593,90997.5%n/an/an/an/a620$ n/aOn Campus Participating Properties32,0875,08699.3%98.4%0.9%Physical Occupancy at Rental Revenue per Occupied Bed forAcademic Year2Fall 2014 Final Rental Rate ChangeDesign Units1Design Beds1Revenue ChangeOccupancy ChangeNote: The same store grouping presented above represents properties that will be classified as same store properties during the fourth quarter 2014 (the first full quarter of operations in the 2014/2015 academic year.) This same store grouping is presented for purposes of disclosing the final leasing results for the 2014/2015 academic year, which will have a significant effect on our results of operations for the year ended December 31, 2015. The fourth quarter 2014 same store grouping includes the annual 2014 same store properties, plus an additional 9 properties and an additional phase at an existing property containing 5,228 beds that completed construction or were acquired in the second or third quarter 2013. The same store grouping does not include The Enclave, a 480-bed property that was sold in September 2014. 1.Excludes 8 design units and 32 design beds from The Edge in Charlotte, NC, which incurred property damage resulting from a fire in July 2014. The 32 beds damaged by the fire are currently being rebuilt and are anticipated to be available for occupancy in 2015. 2.Represents average rental revenue per occupied bed for the academic years presented. 3.Includes College Park, a 224-unit, 567-bed on-campus participating property that commenced operations in August 2014 and serves students attending West Virginia University, which was 97.7 percent occupied at September 30, 2014.

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater 1.Excludes 8 design units and 32 design beds from The Edge in Charlotte, NC, which incurred property damage resulting from a fire in July 2014. The 32 beds damaged by the fire are currently being rebuilt and are anticipated to be available for occupancy in 2015. 8 Physical Occupancy atFall 2014DesignDesignSeptember 30,Final Rental PropertyUnitsBeds20142013Rate Change1.University Crossings-Philadelphia, PA (ACE)®2601,01697.8%99.3%16.2%2.601 Copeland-Tallahassee, FL8128399.3%99.3%13.7%3.U Club on Woodward-Tallahassee, FL11244899.1%99.1%7.3%4.The Highlands-Reno, NV216732100.0%99.7%6.6%5.7th Street Station-Corvallis, OR8230998.7%100.0%6.3%6-7.Vintage and Texan West Campus-Austin, TX12431199.4%98.7%6.2%8.26 West-Austin, TX3671,02699.4%99.5%5.6%9.Chestnut Square-Philadelphia, PA (ACE)22086199.7%99.3%5.6%10.The Callaway House Austin & The Penthouse at Callaway-Austin, TX21975399.5%99.5%5.0%11.The Suites-Flagstaff, AZ (ACE)27555099.6%99.5%4.8%12.University Heights-Birmingham, AL17652898.9%99.4%4.7%13.Avalon Heights-Tampa Bay, FL210754100.0%100.0%4.6%14.2nd Avenue Centre-Gainesville, FL27486899.4%99.5%4.6%15.U Club Cottages-Baton Rouge, LA10530899.0%99.0%4.4%16.Lofts54-Champaign, IL43172100.0%100.0%4.2%17.The Province-Tampa, FL287947100.0%99.6%4.2%18.West 27th Place-Los Angeles, CA161475104.0%104.0%4.0%19.University Pointe at College Station-Portland, OR (ACE)28297899.2%98.8%4.0%20.University Heights-Knoxville, TN20463698.9%98.9%4.0%21.U Club on Frey-Kennesaw, GA11445699.1%98.7%3.9%22-23.Willowtree Apartments and Towers-Ann Arbor, MI47385199.3%99.3%3.9%24.The Edge-Charlotte, NC117268899.4%99.4%3.8%25.University Oaks-Columbia, SC18166299.1%99.1%3.7%26.U Club Townhomes on Marion Pugh-College Station, TX16064099.4%99.4%3.7%27.The Cottages of Durham-Durham, NH14161999.0%98.1%3.5%28.Villas on Rensch-Amherst, NY15361099.0%99.0%3.4%29.The Callaway House-College Station, TX173538104.1%103.9%3.4%30.University Village at Boulder Creek-Boulder, CO8230998.7%98.7%3.4%31.The Townhomes at Newtown Crossing-Lexington, KY15260897.0%99.0%3.3%32.University Edge-Kent, OH20160899.0%99.3%3.3%33.City Parc at Fry Street-Denton, TX13641898.3%98.3%3.3%34.The Cottages of Baton Rouge-Baton Rouge, LA3821,29095.3%98.8%3.2%35-37.University Village-Tallahassee, FL21771698.6%99.4%3.1%38.Hilltop Townhomes-Flagstaff, AZ (ACE)14457699.3%99.3%3.1%39.Villas on Sycamore-Huntsville, TX17068099.4%99.4%3.0%40.University View-Prairie View, TX (ACE)96336100.0%100.0%2.9%41.Garnet River Walk-West Columbia, SC17047698.7%98.7%2.8%42.Villas at Chestnut Ridge-Amherst, NY19655299.3%99.1%2.7%43.Landmark-Ann Arbor, MI17360699.3%98.8%2.6%44.Nittany Crossing-State College, PA20468499.4%98.8%2.6%45.Tower at Third-Champaign, IL18837599.5%98.4%2.5%46.Sunnyside Commons-Morgantown, WV68161100.6%100.6%2.5%

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW Q4 2014 same store properties with final fall 2013 occupancy of 98% or greater, continued 9 Physical Occupancy atFall 2014 DesignDesignSeptember 30,Final RentalPropertyUnitsBeds20142013Rate Change47.Grindstone Canyon-Columbia, MO20138499.2%99.5%2.5%48.Campustown-Ames, IA4521,21799.8%99.8%2.4%49.Burbank Commons-Baton Rouge, LA13453298.9%98.9%2.4%50.Chauncey Square-West Lafayette, IN15838695.9%99.0%2.4%51.University Village at Sweethome-Amherst, NY269828100.0%99.6%2.3%52.University Crescent-Baton Rouge, LA19261299.5%98.5%2.3%53.Forest Village and Woodlake-Columbia, MO35270498.9%98.9%2.2%54.University Village Northwest-Prairie View, TX (ACE)36144100.0%100.0%2.2%55.The Province-Rochester, NY336816101.2%100.7%2.1%56.Aggie Station-Bryan, TX156450100.0%100.0%2.1%57.University Gables-Murfreesboro, TN16864899.1%98.5%2.1%58.University Village-Sacramento, CA250394107.4%102.5%2.0%59.Raiders Crossing-Murfreesboro, TN9627698.9%98.9%2.0%60.University Commons-Minneapolis, MN164480115.4%115.8%2.0%61.The Province-Louisville, KY36685898.0%99.1%1.7%62.Campus Edge on UTA Boulevard-Arlington, TX128488100.0%99.6%1.7%63.Callaway Villas-College Station, TX23670499.3%99.7%1.7%64-66.The Summit & Jacob Heights-Mankato, MN25893098.4%98.2%1.5%67.Olde Towne University Square-Toledo, OH224550100.0%100.2%1.5%68.Lions Crossing-State College, PA20469699.4%98.6%1.5%69.University Greens-Norman, OK15651698.8%99.0%1.2%70.Stone Gate-Harrisonburg, VA16867298.8%99.1%1.2%71.The Varsity-College Park, MD25890199.4%99.4%0.9%72.Sanctuary Lofts-San Marcos, TX20148793.4%98.2%0.9%73.The View-Lincoln, NE15759098.5%100.0%0.7%74.Union-Waco, TX5412097.5%98.3%0.3%75.University Walk-Charlotte, NC12048099.2%99.0%0.2%76.University Club Apartments-Gainesville, FL9437698.9%98.9%0.0%77.Newtown Crossing-Lexington, KY35694296.5%99.2%-0.1%78.The Estates-Gainesville, FL3961,04495.4%98.9%-0.1%79.Campus Trails-Starkville, MS15648098.5%98.3%-0.2%80.Peninsular Place-Ypsilanti, MI18347899.0%99.0%-0.3%81.GrandMarc Seven Corners-Minneapolis, MN186440119.8%119.8%-1.2%82.Campus Corner-Bloomington, IN25479695.2%99.1%-2.1%83.The Outpost-San Marcos, TX16248695.9%99.2%-2.1%84.The Edge-Orlando, FL30693099.2%98.9%-3.0%85.The Village at Science Drive-Orlando, FL19273299.5%98.0%-3.7%86.Royal Lexington-Lexington, KY9436498.9%100.0%-4.9%87.The Village at Alafaya Club-Orlando, FL22883999.5%98.7%-5.2%Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy of 98% or Greater15,94549,18499.3%99.6%2.8%

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW Q4 2014 same store properties with final fall 2013 occupancy between 95% and 98% 10 Physical Occupancy atFall 2014DesignDesignSeptember 30,Final RentalPropertyUnitsBeds20142013Rate Change1.University Village-Philadelphia, PA22074988.3%96.9%6.3%2.The Lofts at Capital Garage-Richmond, VA36144100.0%97.2%4.5%3.University Manor-Greenville, NC16860098.7%97.3%4.3%4.RAMZ Apts on Broad-Richmond, VA8817297.7%96.5%3.8%5.Royal Village-Gainesville, FL11844897.8%97.8%3.7%6.Manzanita-Tempe, AZ (ACE)24181697.2%96.7%3.6%7.River Mill-Athens, GA24346197.6%96.7%3.5%8.Barrett Honors College-Tempe, AZ (ACE)6041,72197.9%97.7%3.1%9.Bishops Square-San Marcos, TX13431598.1%97.1%3.0%10.Abbott Place-East Lansing, MI22265499.4%97.9%2.6%11.Aztec Corner-San Diego, CA18060698.5%97.9%2.5%12.The Woods at Greenland-Murfreesboro, TN7827697.8%97.8%2.4%13.25Twenty-Lubbock, TX24956299.3%95.6%2.3%14.309 Green-Champaign, IL11041698.8%97.1%2.3%15.922 Place-Tempe, AZ13246899.1%95.1%2.1%16.Uptown Apartments-Denton, TX18052898.5%95.1%1.9%17-18.5 Twenty Four & 5 Twenty Five Angliana-Lexington, KY3761,06095.7%96.2%1.7%19.The Centre-Kalamazoo, MI23270098.7%96.9%1.6%20.The Cottages of Columbia-Columbia, MO14551390.1%97.3%1.2%21.Chapel View-Chapel Hill, NC22435891.9%97.2%1.1%22.Chapel Ridge-Chapel Hill, NC18054494.3%96.5%0.7%23.Casas del Rio-Albuquerque, NM (ACE)2831,02883.0%95.3%-0.4%24-25.Vista del Sol-Tempe, AZ (ACE)7172,26698.6%96.6%-0.5%26-27.University Club Townhomes-Tallahassee, FL21673690.6%96.3%-1.5%28.Eagles Trail-Hattiesburg, MS21679295.3%97.7%-1.8%29.The Club-Athens, GA12048097.5%95.0%-4.6%30.University Place-Charlottesville, VA14452897.3%95.3%-4.8%31.University Meadows-Mt. Pleasant, MI18461694.3%97.7%-5.0%Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Between 95% and 98% 6,04018,55795.9%96.7%1.6%

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW Q4 2014 same store properties with final fall 2013 occupancy less than 95% 11 Physical Occupancy atFall 2014 DesignDesignSeptember 30,Final RentalPropertyUnitsBeds20142013Rate Change1.University Centre-Newark, NJ23483875.8%88.3%11.9%2.The Castilian-Austin, TX37162386.4%71.6%7.6%3.Casa de Oro-Glendale, AZ (ACE)10936581.6%58.9%2.8%4.The Block-Austin, TX6691,55598.4%94.5%2.1%5.Campus Edge-Harrisonburg, VA13252881.1%81.4%2.0%6.The Village on Sixth Avenue-Huntington, WV24875297.3%94.4%1.6%7.The Province-Greensboro, NC21969698.6%88.4%1.5%8.Lakeside Apartments-Athens, GA24477698.2%91.5%1.4%9.The Village at Overton Park-Lubbock, TX16361298.0%93.3%1.3%10.U Pointe Kennesaw-Kennesaw, GA21679599.0%89.1%0.7%11.Pirates Place Townhomes-Greenville, NC14452895.8%93.4%0.6%12.University Pointe-Lubbock, TX20468299.0%91.8%0.5%13.Raiders Pass-Lubbock, TX26482899.5%94.6%0.5%14.U Club Townhomes at Overton Park-Lubbock, TX11244899.1%92.0%0.5%15.The Retreat-San Marcos, TX18778094.6%92.7%0.5%16.University Trails-Lubbock, TX24068499.0%93.3%0.3%17.Icon Plaza-Los Angeles, CA5625397.2%92.5%-0.3%18.Lobo Village-Albuquerque, NM (ACE)21686498.7%89.7%-0.8%19.Campus Way-Tuscaloosa, AL19468098.7%94.4%-0.9%20.Blanton Common-Valdosta, GA27686088.7%93.7%-1.0%21.South View-Harrisonburg, VA24096097.7%93.0%-1.4%22-23.College Club Townhomes-Tallahassee, FL13654485.7%89.3%-2.0%24.University Village-Fresno, CA10540699.0%94.8%-2.1%25.Campustown Rentals-Champaign, IL28076693.2%74.0%-2.5%26.The Lodges of East Lansing-East Lansing, MI3641,04998.9%92.8%-2.8%27.The Province-Dayton, OH20065792.1%92.2%-2.8%28.Entrada Real-Tucson, AZ9836398.9%84.3%-3.2%29.The Outpost-San Antonio, TX27682893.0%91.8%-4.0%30.Villas at Babcock-San Antonio, TX20479288.4%91.7%-8.4%Subtotal - Q4 2014 Same Store Properties With Final Fall 2013 Occupancy Less than 95%6,40120,51294.5%89.9%0.8%Total - Q4 2014 Same Store Properties28,38688,25397.5%96.8%2.1%

AMERICAN CAMPUS COMMUNITIES | PORTFOLIO OVERVIEW New wholly-owned properties 12 DesignDesignPropertyUnitsBeds1.Park Point-Rochester, NY300924102.7%2.Cardinal Towne-Louisville, KY25554598.5%3.U Centre at Fry Street-Denton, TX19461495.4%Subtotal - 2013 Acquisitions7492,08399.5%1.The Suites Phase II-Flagstaff, AZ (ACE)164328100.3%2.U Club on Frey Phase II-Kennesaw, GA102408100.0%3.Plaza on University-Orlando, FL3641,31399.7%4.U Centre at Northgate-College Station, TX (ACE)19678499.5%5.University Walk-Knoxville, TN117752698.9%6.Merwick Stanworth Phase I-Princeton, NJ (ACE)212721473.8%Subtotal - 2014 Development Deliveries1,1303,57398.1%Total - New Wholly-owned Properties1,8795,65698.6%Total - Wholly-owned Properties30,26593,90997.5%Physical Occupancy at September 30, 20141.Property completed construction in August 2014 and is subject to a pre-sale agreement. The company anticipates closing on the purchase of this property during the fourth quarter 2014. 2.Property is leased under the University on-campus assignment process and consists of faculty and staff housing. Unlike student housing communities, this property is expected to stabilize during the first academic session.

AMERICAN CAMPUS COMMUNITIES | OWNED DEVELOPMENT UPDATE $ in thousands 13 RECENTLY COMPLETED PROJECTSProjectProject TypeLocationPrimary University ServedUnitsBedsTotal Project CostOpened for OccupancyMerwick Stanworth Phase IACEPrinceton, NJPrinceton University12721431,700$ 1June 20141The Plaza on UniversityOff-campusOrlando, FLUniversity of Central Florida3641,313112,900 August 2014U Club on Frey Phase IIOff-campusKennesaw, GAKennesaw State University10240824,700 August 2014U Centre at NorthgateACECollege Station, TXTexas A&M University19678436,800 August 2014The Suites Phase IIACEFlagstaff, AZNorthern Arizona University16432818,300 August 2014University Walk2Pre-SaleKnoxville, TNUniversity of Tennessee17752634,500 August 20141,1303,573258,900$ OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTIONProjectProject TypeLocationPrimary University ServedUnitsBedsCIP3Land and Other4Total Costs Incurred% Complete5Scheduled CompletionThe Summit at University CityACEPhiladelphia, PADrexel University3511,316170,700$ 74,927$ 212$ 75,139$ 51%September 20152125 FranklinOff-campusEugene, ORUniversity of Oregon19273464,600 25,122 8,483 33,605 45%September 2015160 RossOff-campusAuburn, ALAuburn University18264241,300 12,787 3,068 15,855 34%August 2015U Club on Woodward Phase IIOff-campusTallahassee, FLFlorida State University12449637,100 6,792 9,825 16,617 28%August 2015SUBTOTAL - 2015 DELIVERIES8493,188313,700$ 119,628$ 21,588$ 141,216$ OWNED DEVELOPMENT PIPELINE6 7ProjectProject TypeLocationPrimary University ServedApprox. Targeted BedsEstimated Project Cost8Targeted CompletionBoulder, CO Development9Off-campusBoulder, COUniversity of Colorado40051,600$ August 2016USC Health Sciences CampusACELos Angeles, CAUniversity of Southern California46049,000 August 2016Merwick Stanworth Phase IIACEPrinceton, NJPrinceton University37944,600 120161Butler UniversityACEIndianapolis, INButler University632 TBDFall 2016Carbondale DevelopmentOff-campusCarbondale, ILSouthern Illinois University65032,100 TBD2,521177,300$ Q1 2015TBDQ4 2014Q1 2015Anticipated CommencementAs of September 30, 2014Q4 2014Estimated Project Cost1.This community serves faculty and staff members of Princeton University and, unlike student housing communities, this property is expected to stabilize during the first academic session. $2.1 million included in the original estimated project costs previously disclosed for Phase I of this project are now being allocated to Phase II. 2.The company previously provided mezzanine financing to a private developer and was obligated to purchase the property once construction was completed and certain closing conditions were met. The property opened for operations in August 2014 and the company anticipates closing on the purchase of the property in the fourth quarter 2014. As of September 30, 2014, the company is including this property in its consolidated financial statements. Therefore, as of September 30, 2014, the company has included the following amounts in its consolidated balance sheet: land of $4.1 million, building and improvements of $26.0 million, furniture, fixtures, and equipment of $2.0 million, and construction loan payable of $17.4 million. 3.The total construction in progress (“CIP”) balance above excludes $12.4 million related to ongoing renovation projects at operating properties. 4.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. 5.Based on costs incurred under the general construction contract as of September 30, 2014. 6.Does not include undeveloped land parcels in 5 university markets totaling $38.4 million. 7.Commencement of owned off-campus development projects is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. 8.Estimated project costs include land and other predevelopment costs of $19.2 million incurred as of September 30, 2014 for owned development pipeline projects. 9.In January 2014, the company purchased this site containing an existing hotel. The seller is operating the hotel until the fourth quarter 2014, at which point the hotel will be demolished and construction on a new student housing facility will commence.

AMERICAN CAMPUS COMMUNITIES | THIRD-PARTY DEVELOPMENT UPDATE $ in thousands 14 20142013$ Change20142013$ ChangeDevelopment services revenue1,856$ 622$ 1,234$ 3,624$ 1,656$ 1,968$ % of total revenue1.0%0.4%0.7%0.3%Three Months Ended September 30, Nine Months Ended September 30, RECENTLY COMPLETED PROJECTS ProjectLocationPrimary University ServedUnitsBedsTotal FeesCompletedCollege Park1Morgantown, WVWest Virginia University2245672,374$ August 2014Northern Arizona University2Flagstaff, AZNorthern Arizona Universityn/an/a600 September 20142245672,974$ CONTRACTED PROJECTS IN PROGRESSProjectLocationPrimary University ServedUnitsBedsTotal FeesFees Earned as of September 30, 2014Fees Earned in Current Year Remaining Fees as of September 30, 2014Scheduled CompletionLakeside Graduate CommunityPrinceton, NJPrinceton University3297153,200$ 2,688$ 640$ 512$ Q4 2014/Q1 20153Honors Academic VillageToledo, OHUniversity of Toledo1534922,110 1,241 1,241 869 August 2015Momentum VillageCorpus Christi, TXTexas A&M University - Corpus Christi1244821,500 906 906 594 August 20156061,6896,810$ 4,835$ 2,787$ 1,975$ 1.In July 2013, the company entered into long-term ground and facility leases with the University to finance, construct, and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees, and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects. 2.This project consists of a student and academic services facility to be located on the University campus. Under the terms of the Preconstruction Services Agreement, we performed various predevelopment activities for which we received a fee of $0.6 million. The University now self-manages the remaining development activities for this facility. 3.This project will be delivered in phases from the fourth quarter 2014 to the first quarter 2015.

AMERICAN CAMPUS COMMUNITIES | MANAGEMENT SERVICES UPDATE $ in thousands 15 1.Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2.This project will be delivered in phases from the fourth quarter 2014 to the first quarter 2015. 3.We will earn a fee during the construction phase of this property for services related to the initial lease-up and operations, which we anticipate will begin in July 2015. We do not expect the stabilized annual management fee to be earned upon completion of construction and commencement of operations to be materially different from the fee earned during the construction period. NEW/PENDING MANAGEMENT CONTRACTSPropertyLocationApproximate BedsStabilized Annual Fees1New Orleans, LASouthern University at New Orleans698150$ University Courtyard Temple, TX Temple College 28060 University Village Phase VRichardson, TXThe University of Texas at Dallas600110 Lakeside Graduate CommunityPrinceton, NJ Princeton University715180 45 Mann3Ottawa, CanadaUniversity of Ottawa355120 Honors Academic Village Toledo, OH University of Toledo492200 Momentum VillageCorpus Christi, TXTexas A&M University - Corpus Christi482150 3,622970$ July 2014Q4 2014 / Q1 20152August 2015August 2015Southern University at New Orleans Primary University ServedActual or Anticipated CommencementJune 2014August 2014July 201520142013$ Change20142013$ ChangeManagement services revenue1,769$ 1,792$ (23)$ 5,751$ 5,425$ 326$ % of total revenue1.0%1.1%1.1%1.1%Three Months Ended September 30, Nine Months Ended September 30,

AMERICAN CAMPUS COMMUNITIES | CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2014 Total Debt1 2,864$ Total Equity Market Value23,901 Total Market Capitalization6,765$ Debt to Total Market Capitalization42.3%Net Debt to EBITDA7.6xTotal Asset Value36,442$ Unencumbered Asset Value4,031$ Unencumbered Asset Value to Total Asset Value62.6%RequirementCurrent RatioTotal Debt to Total Asset Value≤ 60%44.4%Secured Debt to Total Asset Value≤ 40%20.6%Unencumbered Asset Value to Unsecured Debt> 150%262.0%2011Interest Coverage4> 1.5x3.3x20122013Principal OutstandingWeighted Average Interest RateAverage Term To Maturity2015Fixed Rate Mortgage Loans1,150$ 5.2%54.1 Yrs2016Variable Rate Construction Loans62 2.0%0.8 Yrs2017Unsecured Revolving Credit Facility 139 1.7%3.4 Yrs2018+Unsecured Term Loans600 2.1%3.2 YrsUnsecured Notes800 4.0%9.2 YrsOn-Campus Participating Properties113 5.2%16.8 YrsTotal/Weighted Average2,864$ 4.0%5.7 YrsMarket Capitalization & Unsecured Notes CovenantsDebt Maturity Schedule$21$215$188$118$165$61 $295$65$22$62$139 $350$250$31$82$800 $0$100$200$300$400$500$600$700$800$9002014201520162017201820192020202120222023+Fixed Rate Mortgage LoansVariable Rate Construction LoansUnsecured Revolving Credit FacilityUnsecured Term LoansOn-Campus Participating PropertiesUnsecured NotesCAPITAL STRUCTURE AS OF SEPTEMBER 30, 2014 $ in millions, except share and per share data Note – refer to the Definitions outlined on pages 17 and 18 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 $62.9 million and the unamortized original issue discount on unsecured notes of $1.7 million. 2.Based on share price of $36.45 and fully diluted share count of 107,020,059 as of September 30, 2014. Assumes conversion of 1,322,578 common and preferred Operating Partnership units and 611,245 unvested restricted stock awards. 3.Excludes accumulated depreciation of $719.3 million and receivables and intangible assets, net of accumulated amortization, of $30.7 million. 4.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $373.7 million and $113.8 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $15.5 million and $6.9 million, respectively, to reflect all acquisitions, development deliveries, dispositions, debt repayments and debt refinancings as if such transactions had occurred on the first day of the 12 month period presented. Adjusted Interest Expense includes $8.6 million of interest capitalized for GAAP purposes and excludes $13.0 million of amortization of net debt premiums related to mortgage loans assumed in connection with acquisitions. 5.Including the amortization of net debt premiums related to mortgage loans assumed in connection with property acquisitions, the effective interest rate for fixed rate mortgage loans is 4.0%. 16 Total Debt 2.7% 5.0% 5.9% 3.2% 3.1% 1.7% 5.6% 5.3% 4.1% 4.2% Fixed Rate Mortgage Loans 5.0% 5.2% 5.9% 5.8% 4.2% - 5.6% 5.4% 4.1% 4.9% Weighted Average Interest Rate Of Debt Maturing Each Year

AMERICAN CAMPUS COMMUNITIES | DEFINITIONS 17 ACEThe company’s American Campus Equity program, whereby the company enters into long-term ground/facility lease agreements with Universities to finance, construct, and operate on-campus student housing communities. Properties under this structure are considered to be wholly-owned and are included in the company's consolidated financial statements.Adjusted EBITDA*EBITDA, including pro forma adjustments to reflect acquisitions, development deliveries, and dispositions as if such transactions had occurred on the first day of the 12-month period presented. Adjusted Interest Expense*Interest Expense, including pro forma adjustments to reflect acquisitions, development deliveries, dispositions, debt repayments, and debt refinancings as if such transactions had occurred on the first day of the 12-month period presented. CashCash and cash equivalents, determined on a consolidated basis in accordance with GAAP.Design BedsTotal beds based on the original property design, generally as specified in the construction documents.EBITDA*Consolidated net income calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) interest expense; (ii) provision for income taxes; (iii) depreciation, amortization and all other non-cash items; (iv) provision for gains and losses; (v) noncontrolling interests; and (vi) extraordinary and other non-recurring items, as we determine in good faith.Funds from Operations (“FFO”)Determined based on the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Calculated as consolidated net income or loss attributable to common shares computed in accordance with GAAP, excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Also excludes non-cash impairment charges.FFO Modified (“FFOM”)FFO modified to reflect certain adjustments related to the economic performance of our on-campus participating properties and other non-cash items, as we determine in good faith. The company believes it is meaningful to eliminate the FFO generated from the on-campus participating properties and instead to reflect the company's 50% share of the properties' net cash flow and management fees received, as this measure better reflects the economic benefit derived from the company's involvement in the operation of these properties.GAAPAccounting principles generally accepted in the United States of America.Interest Coverage*Adjusted EBITDA / Adjusted Interest Expense. Interest Expense*Consolidated interest expense calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) the amortization of mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions; (ii) capitalized interest; (iii) the change in accrued interest during the period presented; and (iv) interest expense associated with properties classified within discontinued operations, as adjusted for the items previously mentioned.Net Debt*Total Debt less Cash.* These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios.

AMERICAN CAMPUS COMMUNITIES | DEFINITIONS, CONTINUED 18 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 PropertiesA 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 OccupancyOccupied beds, including staff accommodations, divided by Design Beds. Rentable BedsDesign beds less beds used by on-site staff.Secured Debt*The portion of Total Debt that is secured by a mortgage, trust, deed of trust, deed to secure indebtedness, pledge, security interest, assignment of collateral, or any other security agreement.Total Asset Value*Undepreciated book value of real estate assets and all other assets, excluding receivables and intangibles, of our consolidated subsidiaries, all determined in accordance with GAAP.Total Debt*Total consolidated debt calculated in accordance with GAAP, including capital leases and excluding mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions.Total Equity Market ValueFully diluted common shares times the company’s stock price at period-end.Unencumbered Asset Value*The sum of (i) the undepreciated book value of real estate assets which are not subject to secured debt; and (ii) all other assets, excluding accounts receivable and intangibles, for such properties. Does not include assets of unconsolidated joint ventures. Unsecured Debt*The portion of Total Debt that is not Secured Debt.* These definitions are provided for purposes of calculating the company’s bond covenants and other key ratios.

AMERICAN CAMPUS COMMUNITIES | INVESTOR INFORMATION Executive ManagementBill Bayless Chief Executive OfficerJim HopkeChief Operating OfficerJon GrafChief Financial OfficerWilliam TalbotChief Investment OfficerResearch CoverageJeffery Spector / Jana GalanBank of America / Merrill Lynch(646) 855-1363 / (646) 855-3081jeff.spector@baml.com / jana.galan@baml.comMichael Bilerman / Nick JosephCitigroup Equity Research (212) 816-1383 / (212) 816-1909michael.bilerman@citi.com / nicholas.joseph@citi.comVincent Chao/ Mike Husseini Deutsche Bank Securities, Inc.(212) 250-6799/ (212) 250-7703vincent.chao@db.com/ mike.husseini@db.com Andrew Rosivach / Jeff PehlGoldman Sachs(212) 902-2796 / (212) 357-4474andrew.rosivach@gs.com / jeffrey.pehl@gs.comDave Bragg / Ryan BurkeGreen Street Advisors(949) 640-8780 / (949) 640-8780dbragg@greenst.com / rburke@greenst.comCarol KempleHilliard Lyons(502) 588-1839ckemple@hilliard.comSteve Sakwa / Derek BowerISI Group Inc.(212) 446-9462 / (212) 888-3842ssakwa@isigrp.com / dbower@isigrp.comAnthony Paolone / Emil ShalmiyevJ.P. Morgan Securities(212) 622-6682 / (212) 622-6615anthony.paolone@jpmorgan.com / emil.shalmiyev@jpmorgan.comJordan Sadler / Karin FordKeyBanc Capital Markets(917) 368-2280 / (917) 368-2293jsadler@keybanccm.com / kford@keybanccm.comRyan Meliker / Jonathan PetersenMLV & Co(212) 542-5872 / (646) 556-9185rmeliker@mlvco.com / jpetersen@mlvco.comAlexander Goldfarb / Andrew SchafferSandler O'Neill + Partners, L.P.(212) 466-7937 / (212) 466-8062agoldfarb@sandleroneill.com / aschaffer@sandleroneill.comRoss Nussbaum / Nick YulicoUBS Investment Research(212) 713-2484 / (212) 713-3402ross.nussbaum@ubs.com / nick.yulico@ubs.comInvestor Relations:Ryan DennisonVP, Investor Relations(512) 732-1000rdennison@americancampus.com 12700 Hill Country Blvd., Suite T-200Austin, Texas 78738Tel: (512) 732-1000; Fax: (512) 732-2450www.americancampus.comAmerican Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.Additional InformationCorporate Headquarters:American Campus Communities, Inc.INVESTOR INFORMATION 19

AMERICAN CAMPUS COMMUNITIES | 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.