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): February 17, 2015


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

Commission File Number: 001-32265

12700 Hill Country Boulevard, Suite T-200
Austin, TX 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 February 17, 2015, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended December 31, 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 February 17, 2015, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended December 31, 2014 which took place on February 17, 2015. 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 Fourth Quarter and Year End 2014 Financial Results

Announces five new ACE projects awarded or in direct negotiation

Asset dispositions and ATM activity position balance sheet for growth

AUSTIN, Texas--(BUSINESS WIRE)--February 17, 2015--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2014.

Highlights

Fourth Quarter 2014

• Increased quarterly FFOM to $75.0 million or $0.70 per fully diluted share compared to $70.7 million or $0.66 per fully diluted share in the fourth quarter prior year.
• Increased same store wholly-owned Net Operating Income (NOI) by 2.0 percent over the fourth quarter 2013.
• Increased same store wholly-owned occupancy to 97.6 percent as of December 31, 2014 compared to 96.8 percent for the same date prior year.
• Preleased the same store wholly-owned portfolio for the upcoming 2015-2016 academic year to 61.4 percent applied for and 55.1 percent leased as of February 13, 2015 with a current projected rental rate increase of 2.9 percent. This compares to 60.2 percent applied for and 53.4 percent leased for the same date prior year.
• Awarded or directly negotiating a total of five new American Campus Equity (ACE^®) projects with approximately 4,000 beds at Arizona State University, Butler University and the University of Louisville.
• Awarded the right to negotiate two additional on-campus development projects on the campuses of Northeastern Illinois University and the University of Vermont. Both projects are subject to project feasibility analysis and transaction structuring.
• Commenced construction on a 456-bed ACE project on the University of Southern California Health Sciences Campus in Los Angeles and a 400-bed owned off-campus development pedestrian to the University of Colorado in Boulder.
• Closed a total of $94.0 million in core acquisitions with The Standard at Athens, a 610-bed community located pedestrian to the University of Georgia and subsequent to quarter end, Park Point Syracuse, a 226-bed community located on the campus of Syracuse University.
• Subsequent to quarter end, completed the disposition of seven non-core properties totaling 4,107 beds for $173.9 million, bringing the 2014 disposition package to a total sales amount of $197.5 million, consistent with the 2014 guidance range of $117.3 – $217.3 million.

Full Year 2014

• Increased full year FFOM to $254.4 million or $2.38 per fully diluted share compared to $236.6 million or $2.22 per fully diluted share for the full year 2013, an increase of 7.2 percent per share.
• Increased same store wholly-owned Net Operating Income (NOI) by 1.8 percent over the year ended December 31, 2013.

• Completed construction and opened six owned and mezzanine development assets totaling $258.9 million containing 3,573 beds, including three on-campus ACE communities totaling $86.8 million and 1,326 beds. The average occupancy of the six new core pedestrian communities was 99.6 percent as of December 31, 2014.
• Commenced, continued construction, or in final pre-development activities on eight owned-development projects totaling $501.7 million containing 5,055 beds with average distance to campus of 0.1 miles, including four on-campus ACE communities totaling $306.5 million and 2,783 beds.

“We completed 2014 and commenced 2015 with solid execution on all fronts,” said Bill Bayless, American Campus CEO. “Operationally, we achieved an industry leading 2014 Fall occupancy of 97.5 percent with solid rental rate growth of 2.1 percent while simultaneously setting the stage for even stronger rental rate growth in Fall 2015 as we are now targeting 2.9 percent. We also made excellent progress in our asset management initiatives, holding controllable expense growth, which excludes property taxes, insurance and utilities, to just 0.3 percent including a 24.4 percent reduction in marketing costs. In 2015, we now expect the operating margin on our total owned portfolio to improve above 53 percent. We also strengthened our balance sheet by executing on our strategy of disposing of older, non-core assets further from campus while simultaneously being opportunistic in raising equity via our ATM program. These combined efforts have created more than $500 million of additional balance sheet capacity. While creating that capacity is dilutive in the short term to our 2015 FFOM guidance, it is essential in funding the highly accretive future investment opportunities now before us in the form of the largest ACE development pipeline in our history, a solid and emerging pipeline of core pedestrian off-campus development opportunities, and numerous core pedestrian acquisitions. Bottom line - we have tailwinds and significant growth opportunities before us once again.”

Fourth Quarter Operating Results

Revenue for the 2014 fourth quarter totaled $196.8 million, up 7.7 percent from $182.7 million in the fourth quarter 2013 and operating income for the quarter increased $3.7 million or 7.6 percent over the prior year fourth quarter. The increase in revenues and operating income was primarily due to growth resulting from recently completed development properties, increased rental rates for the 2014-2015 academic year, and property acquisitions. Net income for the 2014 fourth quarter totaled $26.9 million, or $0.25 per fully diluted share, compared with net income of $27.8 million, or $0.26 per fully diluted share, for the same quarter in 2013. The decrease to net income as compared to the prior year quarter is primarily due to the gain from disposition of real estate recognized in the prior year quarter as well as an increase in corporate interest expense resulting from our June 2014 unsecured notes offering. FFO for the 2014 fourth quarter totaled $78.1 million, or $0.73 per fully diluted share, an increase of 7.4 percent per share, as compared to $72.8 million, or $0.68 per fully diluted share for the same quarter in 2013. FFOM for the 2014 fourth quarter was $75.0 million, or $0.70 per fully diluted share, an increase of 6.1 percent per share, as compared to $70.7 million, or $0.66 per fully diluted share for the same quarter in 2013.

NOI for same store wholly-owned properties was $97.3 million in the quarter, up 2.0 percent from $95.4 million in the 2013 fourth quarter. Same store wholly-owned property revenues increased by 2.7 percent over the 2013 fourth quarter due to an increase in average rental rates and occupancy for the 2014-2015 academic year. Same store wholly-owned property operating expenses increased by 3.5 percent over the prior year quarter. NOI for the total wholly-owned portfolio increased 9.2 percent to $105.1 million for the quarter from $96.3 million in the comparable period of 2013.

Portfolio Update

Developments

The company is progressing on the construction and final pre-development activities on its eight owned-development projects with expected deliveries in Fall 2015 and 2016. The developments total approximately $501.7 million, are all core Class A assets located on or pedestrian to campus in their respective markets - averaging less than 0.1 miles to campus, and are on track to achieve a stabilized development yield in the range of 6.75 - 7.00 percent.

American Campus Equity (ACE)

The company made significant advancements in its ACE development program with awards or the right to directly negotiate a total of five new projects comprised of two projects with Arizona State University, a second phase with Butler University and two projects with the University of Louisville. The projects are in various stages of feasibility analysis and conceptual planning and are expected to contain approximately 4,000 beds with deliveries targeted for Fall 2017 and Fall 2018 with a potential for certain project deliveries to occur as early as Fall 2016.

Since the inception of the program in 2007, excluding these five new awards but including the four ACE projects currently under construction or in the final stages of predevelopment with construction expected to commence in 2015, the company will have 21 ACE communities in service with a total investment of $1.2 billion with 15,630 beds. Based on a market capitalization rate of 5.0 to 5.25 percent, the total asset value of the 21 communities would be approximately $1.6 billion to $1.7 billion. Assuming the successful structuring and commencement of the five new ACE announcements, the owned ACE portfolio currently totals 26 on-campus communities containing approximately 19,600 beds.

Off-Campus Owned

In December, the company commenced demolition of the Boulder Outlook Hotel and construction of a 400-bed student housing property located less than 0.1 miles from the campus of the University of Colorado Boulder. The $52.2 million development is slated for delivery in Fall 2016.

The company is preparing for the redevelopment of its Sunnyside Commons site in Morgantown, West Virginia. The existing community is not being leased for the 2015-2016 academic year and is expected to be demolished and the site redeveloped for occupancy as early as Fall 2016 or potentially Fall 2017.

In the first quarter of 2015, the company expects to close on fully entitled land parcels in order to construct an off-campus property pedestrian to the University of Missouri in Columbia. The 720-bed project is targeting initial occupancy in Fall 2017.

Acquisitions

In October, the company acquired The Standard at Athens, a 610-bed, mixed-use community located pedestrian to the University of Georgia campus and within the downtown Athens entertainment hub. The community is currently 97.5 percent preleased for the upcoming academic year and offers a 1:1 parking ratio, an amenity package unmatched in the market and 25,000 square feet of student oriented retail. Additionally, subsequent to quarter end, the company acquired Park Point Syracuse, a 226-bed community located on the campus of Syracuse University. The combined purchase price of the two communities is $94.0 million and the company is targeting an average proforma cap rate of 5.5 percent nominal and 5.3 percent economic.

Dispositions

Subsequent to quarter end, the company completed the disposition of seven non-core properties in six markets for $173.9 million. Totaling 4,107 beds, the seven properties average more than 1.5 miles from their respective campuses and over fourteen years old. The properties were sold at an average economic cap rate of 6.3 percent based on in-place rental revenue, trailing-12 operating expenses escalated at two percent and portfolio average capital reserves.

Capital Markets

At-The-Market (ATM) Share Offering Program

During the quarter, the company sold 2.1 million shares of common stock under the ATM program at a weighted average price of $40.51 per share for net proceeds of approximately $82.1 million. For the full year, the company sold 2.2 million shares of common stock at a weighted average price of $40.48 per share for net proceeds of approximately $88.0 million. Subsequent to quarter end, the company sold an additional 4.9 million shares of common stock at a weighted average price of $43.92 per share for net proceeds of approximately $213.4 million. Total net proceeds of $301.4 million have been raised under the ATM program in 2014 and 2015 leaving slightly less than $200 million of capacity under the current program.

2015 Outlook

The company believes that the financial results for the fiscal year ending December 31, 2015 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 and completion 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 2015-2016 academic year.

Based upon these factors, management anticipates that fiscal year 2015 FFO will be in the range of $2.33 to $2.45 per fully diluted share and FFOM, excluding the impact of transaction costs, will be in the range of $2.30 to $2.42 per fully diluted share. For additional details regarding the company’s 2015 outlook, please see pages 24-25 of the Supplemental Analyst Package 4Q 2014. All guidance is based on the current expectations and judgment of the company’s management team.

A reconciliation of the range provided for projected net income to projected FFO and FFOM for the fiscal year ending December 31, 2015 is included in Table 4.

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 fourth quarter and year end results and the 2015 outlook on Tuesday, February 17, 2015 at 11 a.m. EST (10:00 a.m. CST). Participants from within the U.S. may dial 888-317-6003 passcode 8911217, and participants outside the U.S. may dial 412-317-6061 passcode 8911217 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 February 27, 2015 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) conference number 10058443. 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, 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 December 31, 2014, American Campus Communities owned 169 student housing properties containing approximately 103,700 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 204 properties with approximately 130,700 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.

1. As of December 31, 2014, other assets include approximately $24.7 million related to net deferred financing costs and the net value of in-place leases.
2. As of December 31, 2014, other liabilities include approximately $67.0 million in deferred revenue and fee income.

1. Represents net losses from the sale of wholly-owned properties. Due to a recent change in accounting guidance, disposals of individual operating properties or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations 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 as of December 31, 2013.

1. For the year ended December 31, 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. Represents an impairment charge recorded for The Enclave, a property that was sold in September 2014, and a land parcel donated to a municipality in October 2014.
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 actual cash received for the year-to-date periods and amounts accrued for the interim periods, which is included in ground/facility leases expense in the consolidated statements of comprehensive income (refer to 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 that was subject to a pre-sale arrangement that we did not own as of December 31, 2014 but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. The property is consolidated for financial reporting purposes but we did not benefit from the net cash flow from operations prior to October 1, 2014. As a result, we have excluded the operations of this property during the third quarter 2014 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 Cover Q4 SUPPLEMENTAL ANALYST PACKAGE 4Q 2014 February 17, 2015

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 9 Portfolio Overview 112014 / 2015 Leasing Status 12 Investment Update  19 Owned Development Update 20 Third-party Development Update 21 Management Services Update 22 Capital Structure 23 2015 Outlook 24 Definitions 26 Investor Information 28

FINANCIAL HIGHLIGHTS $ in thousands, except share and per share data 1 Operating Data 2014 2013 $ Change%  Change 2014 2013 $ Change% Change Total revenues 196,819 $ 182,694 $ 14,125 $ 7.7% 733,915 $ 657,462 $ 76,453 $ 11.6% Operating income 52,704 48,967 3,737 7.6% 154,986 131,753 23,233 17.6% Net income attributable to ACC 126,850 27,829 (979) -3.5% 62,839 104,644 (41,805) -39.9% Net income per share – basic 0.25 0.26 0.59 0.99 Net income per share – diluted 0.25 0.26 0.58 0.98 Funds From Operations ("FFO") 78,135 72,816 5,319 7.3% 259,230 236,777 22,453 9.5% FFO per share—diluted 0.73 0.68 0.05 7.4% 2.42 2.22 0.20 9.0% Funds From Operations - Modified ("FFOM") 75,046 70,699 4,347 6.1% 254,366 236,643 17,723 7.5% FFOM per share—diluted 0.70 0.66 0.04 6.1% 2.38 2.22 0.16 7.2% Market Capitalization and Unsecured Notes Covenants Debt to total market capitalization2Net 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 coverage3Year Ended December 31, December 31, 2014 64.8% 3.3x December 31, 2013 55.8% 3.3x Three Months Ended December 31, 7.5x 7.6x 44.4% 259.2% 43.4% 298.5% 39.3%43.7% 19.4%24.7% 1.Excluding gains and losses from property dispositions and impairment charges, net income attributable to ACC for the three months ended December 31, 2014 and 2013 would have been $27.2 million  and $25.4 million, respectively. Excluding gains and losses from property dispositions and impairment charges, net income attributable to ACC for the years ended December 31, 2014 and 2013 would have been $62.8 million and $49.4 million, respectively.  2.Market capitalization is calculated based on a common share price of $41.36 and $32.21 as of December 31, 2014 and December 31, 2013, respectively, and fully diluted common shares totaling  109,075,328 and 106,727,855 as of December 31, 2014 and December 31, 2013, respectively.  3.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $379.4 million and $116.1 million, respectively, for the four most  recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $13.4 million and $2.7 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 $9.0 million of interest capitalized for GAAP purposes and excludes $12.9 million of amortization of net debt premiums related to mortgage loans assumed in connection with acquisitions.

CONSOLIDATED BALANCE SHEETS  $ in thousands  December 31, 2014December 31, 2013(unaudited) Assets Investments in real estate: Wholly-owned properties, net 5,308,538 $ 5,199,008 $ Wholly-owned properties held for sale 131,183 14,408 On-campus participating properties, net 94,128 73,456 Investments in real estate, net 5,533,849 5,286,872 Cash and cash equivalents 25,062 38,751 Restricted cash 31,937 35,451 Student contracts receivable, net  10,145 9,238 Other assets 12 33,755 227,728 Total assets 5,834,748 $ 5,598,040 $ Liabilities and equity Liabilities: Secured mortgage, construction and bond debt 1,331,914 $ 1,507,216 $ Secured agency facility- 87,750 Unsecured notes 798,305 398,721 Unsecured term loans 600,000 600,000 Unsecured revolving credit facility 242,500 150,700  Accounts payable and accrued expenses 70,629 65,088 Other liabilities 21 21,645 110,036 Total liabilities 3,164,993 2,919,511 Redeemable noncontrolling interests 54,47247,964 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,0721,043 Additional paid in capital 3,102,540 3,017,631 Accumulated earnings and dividends (487,986) (392,338) Accumulated other comprehensive loss (6,072)(1,435) 2,609,5542,624,901Noncontrolling interests - partially owned properties5,7295,664Total equity2,615,2832,630,565Total liabilities and equity5,834,748$ 5,598,040$  Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 2  1.As of December 31, 2014, other assets include approximately $24.7 million related to net deferred financing costs and the net value of in-place leases.  2. As of December 31, 2014, other liabilities include approximately $67.0 million in deferred revenue and fee income.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  $ in thousands, except share and per share data 3 2014 2013 $ Change 2014 2013 $ Change(unaudited) Revenues Wholly-owned properties 183,760$ 170,599$ 13,161$ 690,582$ 618,503$ 72,079$ On-campus participating properties 9,8258,4771,348 28,53426,3482,186 Third-party development services 394 827(433) 4,018 2,483 1,535 Third-party management services 1,918 2,089 (171) 7,669 7,514 155 Resident services 922 702 220 3,1122,614498 Total revenues 196,819 182,694 14,125 733,915 657,462 76,453 Operating expenses Wholly-owned properties 79,541 74,977 4,564 329,615 296,794 32,821 On-campus participating properties 3,025 2,595 430 11,290 11,049 241 Third-party development and management services 3,367 3,024 343 11,754 10,810 944 General and administrative 4,776 4,300 476 18,935 16,66 62,269 Depreciation and amortization 51,294 47,178 4,116 197,495 184,988 12,507 Ground/facility leases 2,046 1,653 393 7,397 5,402 1,995 Provision for real estate impairment 66 - 66 2,443 - 2,443 Total operating expenses 144,115 133,727 10,388 578,929 525,709 53,220 Operating income 52,70448,9673,737154,986131,75323,233Nonoperating income and (expenses) Interest income 1,045 840 205 4,168 3,005 1,163 Interest expense(24,489)(21,664)(2,825) (90,362)(78,028)(12,334) Amortization of deferred financing costs (1,415)(1,474) 59 (5,918)(5,608)(310) Loss from disposition of real estate1 (301) - (301) (368) - (368) Other nonoperating income (expense)186 - 186 186 (2,666) 2,852 Total nonoperating expenses(24,974)(22,298)(2,676)(92,294)(83,297)(8,997) Income before income taxes and discontinued operations 27,73026,6691,06162,69248,45614,236Income tax provision(439) (255) (184) (1,308) (1,020) (288) Income from continuing operations 27,29126,414877 61,38447,43613,948 Discontinued operations 2 (Loss) income attributable to discontinued operations- (202) 202 (123) 4,824 (4,947) Loss from early extinguishment of debt- (332) 332 - (332) 332 Gain from disposition of real estate- 2,432 (2,432) 2,843 55,263 (52,420) Total discontinued operations- 1,898(1,898)2,72059,755(57,035)Net income27,29128,312(1,021)64,104107,191(43,087)Net income attributable to noncontrolling interests(441) (483) 42 (1,265) (2,547) 1,282 Net income attributable to American Campus Communities, Inc. and Subsidiaries26,850$ 27,829$ (979)$ 62,839$ 104,644$ (41,805)$ Other comprehensive (loss) income Change in fair value of interest rate swaps(1,062)775(1,837) (4,859)5,226(10,085) Comprehensive income25,788$ 28,604$ (2,816)$ 57,980$ 109,870$ (51,890)$ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders  Basic0.25$ 0.26$ 0.59$ 0.99$  Diluted0.25$ 0.26$ 0.58$ 0.98$  Weighted-average common shares  outstanding  Basic105,414,388 104,782,817 105,032,155 104,760,502 Diluted106,024,960 105,386,079105,711,420105,382,320Three Months Ended December 31, (unaudited) Year Ended December 31,1.Represents net losses from the sale of wholly-owned properties. Due to a recent change in accounting guidance, disposals of individual operating properties or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations 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 as of December 31, 2013.

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS Unaudited, $ in thousands, except share and per share data 4 20142013$ Change20142013$ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries26,850$ 27,829$ (979)$ 62,839$ 104,644$ (41,805)$ Noncontrolling interests1441 483 (42) 1,265 1,756 (491) Loss (gain) from disposition of real estate301 (2,432) 2,733 (2,475) (55,263) 52,788 Elimination of provision for real estate impairment266 - 66 2,443 - 2,443 Real estate related depreciation and amortization50,477 46,936 3,541 195,158 185,640 9,518 Funds from operations ("FFO")78,135 72,816 5,319 259,230 236,777 22,453 Elimination of operations of on-campus participating properties Net income from on-campus participating properties(2,691) (2,729) 38 (3,933) (3,222) (711) Amortization of investment in on-campus participating properties(1,700) (1,203) (497) (5,688) (4,756) (932) 73,744 68,884 4,860 249,609 228,799 20,810 Modifications to reflect operational performance of on-campus participating properties Our share of net cash flow3854 760 94 2,721 2,207 514 Management fees448 369 79 1,289 1,201 88 On-campus participating properties development fees4- 354 (354) 1,070 1,304 (234) Impact of on-campus participating properties1,302 1,483 (181) 5,080 4,712 368 Impact of University Walk (pre-sale arrangement) 5- - - (323) - (323) Non-cash litigation settlement expense6- - - - 2,800 (2,800) Elimination of loss from early extinguishment of debt- 332 (332) - 332 (332) Funds from operations-modified ("FFOM")75,046$ 70,699$ 4,347$ 254,366$ 236,643$ 17,723$ FFO per share - diluted0.73$ 0.68$ 2.42$ 2.22$ FFOM per share - diluted0.70$ 0.66$ 2.38$ 2.22$ Weighted average common shares outstanding - diluted107,319,712 106,728,926 107,036,208 106,654,933 Year Ended December 31, Three Months Ended December 31, 1. For the year ended December 31, 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. Represents an impairment charge recorded for The Enclave, a property that was sold in September 2014, and a land parcel donated to a municipality in October 2014. 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 actual cash received for the year-to-date periods and amounts accrued for the interim periods, which is included in ground/facility leases expense in the consolidated statements of comprehensive income (refer to page 3). 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 that was subject to a pre-sale arrangement that we did not own as of December 31, 2014 but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. The property is consolidated for financial reporting purposes but we did not benefit from the net cash flow from operations prior to October 1, 2014. As a result, we have excluded the operations of this property during the third quarter 2014 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.

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 fourth quarter same store grouping includes properties purchased or developed prior to October 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 2014 2013 $ Change% Change20142013$ Change% Change Wholly-owned properties revenues Same store properties170,538$ 166,118$ 4,420$ 2.7%608,314$ 595,609$ 12,705$ 2.1% New properties 14,144 4,753 9,391 84,176 23,744 60,432 Sold properties2- 430 (430) 1,204 1,764 (560)  Total revenues3184,682$ 171,301$ 13,381$ 7.8%693,694$ 621,117$ 72,577$ 11.7%Wholly-owned properties operating expenses Same store properties73,222$ 70,754$ 2,468$ 3.5%290,567$ 283,409$ 7,158$ 2.5% New properties 6,319 3,942 2,377 38,147 12,145 26,002  Sold properties2- 281 (281) 901 1,240 (339) Total operating expenses79,541$ 74,977$ 4,564$ 6.1%329,615$ 296,794$ 32,821$ 11.1% Wholly-owned properties net operating income Same store properties97,316$ 95,364$ 1,952$ 2.0%317,747$ 312,200$ 5,547$ 1.8% New properties 7,825 811 7,014 46,029 11,599 34,430 Sold properties2- 149 (149) 303 524 (221)  Total net operating income105,141$ 96,324$ 8,817$ 9.2%364,079$ 324,323$ 39,756$ 12.3% Three Months Ended December 31,Year Ended December 31,

SAME STORE WHOLLY-OWNED PROPERTIES OPERATING EXPENSES 2014 ANNUAL SAME STORE GROUPING – YEAR-TO-DATE DETAIL  $ in thousands, except per bed data  1.Represents gross expenses prior to any recoveries from tenants, which are reflected in wholly-owned properties revenues. The increase over the prior year is primarily due to the unusually long and cold winter experienced in late 2013 and early 2014. 2.Includes security costs, shuttle costs, and property-level general and administrative costs as well as an allocation of costs related to corporate management and oversight. Also includes acquisition integration costs, bad debt, food service, and other miscellaneous expenses. The increase over the prior year is primarily due to additional incentive compensation in 2014 as a result of our improved operational performance as compared to 2013. The increase is also due to additional costs incurred in 2014 related to the company’s ongoing investment in upgrading and developing our next-generation technology platform, which is expected to enhance our future scalability and provide operational efficiencies. 3.Includes payroll and related expenses for on-site personnel including general managers, maintenance staff, and leasing staff.  4.The increase over the prior year is primarily related to an additional $3.0 million of expenses incurred in 2014 resulting from owned development deliveries and development property acquisitions placed into service in 2012 that were assessed at full value for the full year for the first time. Excluding the impact of such assessments on these properties, the increase in property taxes over the prior year would have been 1.0%, the increase in total same store wholly-owned operating expenses would have been 1.5%, and the increase in same store wholly-owned net operating income would have been 2.7%. 5.Includes general maintenance costs such as interior painting, routine landscaping, pest control, fire protection, snow removal, elevator maintenance, roof and parking lot repairs, and other miscellaneous building repair costs. Also includes costs related to the annual turn process. 6.Includes costs related to electronic and print advertising campaigns, promotional events, residence life, and athletic and other sponsorships. The decrease over the prior year is due to marketing expense returning to normalized levels one year earlier than expected, a result of our recent asset management initiatives. 6 Total Per Bed Total Per Bed Utilities 169,920$ 842$ 5.0%24%66,595$ 802$ 23% General & administrative and other257,810 696 4.3%20%55,406 667 20% Payroll357,495 692 2.9%20%55,882 673 20% Property taxes 455,475 668 6.7% 19% 51,971 626 18% Repairs and maintenance529,607 357 2.1%10%28,991 349 10% Marketing612,989 156 -24.4%4%17,170 207 6% Insurance7,271 88 -1.7%3%7,394 89 3% Total same store wholly-owned operating expenses290,567$ 3,499$ 2.5%100%283,409$ 3,413$ 100% Weighted average same store wholly-owned beds83,041 Year Ended December 31,2014 2013 % Change  From Prior Year% of Total  Operating  Expenses% of Total Operating  Expenses

SAME STORE WHOLLY-OWNED PROPERTIES OPERATING EXPENSES  2014 ANNUAL SAME STORE GROUPING – QUARTERLY DETAIL  $ in thousands, except per bed data  7 TotalPer BedTotalPer BedUtilities17,837$ 215$ 10.8%26%16,095$ 194$ 24%General & administrative and other12,902 155 -3.2%19%13,331 161 20% Payroll13,171 159 0.7%20%13,077 157 20% Property taxes13,709 165 7.8%20%12,712 153 19% Repairs and maintenance4,390 53 2.7%7%4,276 51 7% Marketing3,611 43 -18.4%5%4,424 53 7% Insurance1,853 22 0.7%3%1,841 22 3% Total same store wholly-  owned operating expenses67,473$ 812$ 2.6%100%65,756$ 791$ 100% Weighted average same store  wholly-owned beds83,057  TotalPer BedTotalPer BedUtilities16,584$ 200$ 2.2%24%16,220$ 195$ 24% General & administrative and other13,610 164 -1.7%20%13,849 167 20% Payroll13,391 161 -2.3%20%13,700 165 20% Property taxes13,923 168 12.0%20%12,427 150 18% Repairs and maintenance5,261 63 -0.7%8%5,299 64 8% Marketing3,432 41 -34.2%5%5,212 63 7% Insurance1,813 22 -2.7%3%1,863 22 3% Total same store wholly-  owned operating expenses68,014$ 819$ -0.8%100%68,570$ 826$ 100% Weighted average same store  wholly-owned beds83,057  Three Months Ended March 31,20142013% Change  From Prior  Year% of Total   Operating Expenses% of Total  Operating Expenses Three Months Ended June 30,20142013% Change  From Prior  Year% of Total  Operating  Expenses% of Total Operating Expenses

SAME  STORE WHOLLY-OWNED PROPERTIES OPERATING EXPENSES  2014 ANNUAL SAME STORE GROUPING – QUARTERLY DETAIL, CONTINUED  $ in thousands, except per bed data 8  TotalPer BedTotalPer BedUtilities17,609$ 212$ 4.9%20%16,794$ 202$ 20% General & administrative and other17,058 205 10.5%20%15,443 186 19% Payroll17,292 208 7.7%20%16,059 193 19% Property taxes13,779 166 5.2%16%13,095 158 16% Repairs and maintenance15,652 188 1.4%18%15,430 186 19% Marketing3,424 41 -22.0%4%4,387 53 5% Insurance1,801 22 -3.0%2%1,856 22 2% Total same store wholly-  owned operating expenses86,615$ 1,042$ 4.3%100%83,064$ 1,000$ 100% Weighted average same store  wholly-owned beds83,038  TotalPer BedTotalPer BedUtilities17,890$ 216$ 2.3%26%17,486$ 211$ 26% General & administrative and other14,240 172 11.4%21%12,783 154 19%Payroll13,641 164 4.6%20%13,046 157 20% Property taxes14,064 169 2.4%20%13,737 165 21% Repairs and maintenance4,304 52 8.0%6%3,986 48 6% Marketing2,522 30 -19.9%4%3,147 38 5% Insurance1,804 22 -1.6%3%1,834 22 3% Total same store wholly-  owned operating expenses68,465$ 825$ 3.7%100%66,019$ 795$ 100% Weighted average same store  wholly-owned beds83,012  Three Months Ended September 30,20142013% Change  From Prior Year% of Total  Operating  Expenses% of Total  Operating  ExpensesThree Months Ended December 31,20142013% Change  From Prior  Year% of Total Operating  Expenses% of Total  Operating  Expenses

SEASONALITY OF OPERATIONS1  2014 annual same store grouping  $ 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 5). 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 the average number of owned beds from prior quarters is due to a fire at one of our properties that damaged 32 beds which are being rebuilt and will be available for occupancy in Spring 2015. 4.The decrease in the average number of owned beds from the prior quarter is due to the sale of one building containing 20 beds at Campustown Rentals in Champaign, Illinois.  5.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 or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations on the  consolidated statements of comprehensive income (refer to page 3).  9  December 31, 2013March 31, 2014June 30, 2014September 30, 2014December 31, 2014Total/Weighted Average- Last 12 Months2014 annual same store propertiesRevenue per occupied bedRental revenue per occupied bed per month592$ 590$ 582$ 585$ 603$ 590$  Other income per occupied bed per month2434548644350Total revenue per occupied bed635$ 635$ 630$ 649$ 646$ 640$ Average number of owned beds83,057 83,057 83,057 83,038 383,012 483,041 Average physical occupancy for the quarter96.8%96.8%93.3%94.0%97.6%95.4% Total revenue153,191$ 153,251$ 146,409$ 151,917$ 156,737$ 608,314$ Property operating expenses66,01967,47368,01486,61568,465290,567Net operating income87,172$ 85,778$ 78,395$ 65,302$ 88,272$ 317,747$  Operating margin56.9%56.0%53.5%43.0%56.3%52.2% 2014 new propertiesRevenue per occupied bedRental revenue per occupied bed per month755$ 760$ 745$ 698$ 747$ 738$  Other income per occupied bed per month27510115014189116Total revenue per occupied bed830$ 861$ 895$ 839$ 836$ 854$  Average number of owned beds7,284 7,670 7,574 9,205 11,323 8,943 Average physical occupancy for the quarter97.4%96.6%82.8%87.4%98.5%91.9% Total revenue17,680$ 19,138$ 16,833$ 20,260$ 27,945$ 84,176$ Property operating expenses8,6778,0227,75311,29611,07638,147Net operating income9,003$ 11,116$ 9,080$ 8,964$ 16,869$ 46,029$ Operating argin50.9%58.1%53.9%44.2%60.4%54.7% ALL PROPERTIES Revenue per occupied bedRental revenue per occupied bed per month605$ 605$ 594$ 595$ 620$ 604$ Other income per occupied bed per month2465055714856Total revenue per occupied bed651$ 655$ 649$ 666$ 668$ 660$ Average number of owned beds90,341 90,727 90,631 92,243 94,335 91,984 Average physical occupancy for the quarter96.8%96.7%92.5%93.3%97.7%95.1%Total revenue170,871$ 172,389$ 163,242$ 172,177$ 184,682$ 692,490$ Property operating expenses74,69675,49575,76797,91179,541328,714Net operating income96,175$ 96,894$ 87,475$ 74,266$ 105,141$ 363,776$ Operating margin56.3%56.2%53.6%43.1%56.9%52.5% 2014 sold properties5Total revenue430$ 434$ 422$ 348$ -$ 1,204$ Property operating expenses281313267321- 901Net operating income149$ 121$ 155$ 27$ -$ 303$ Three Months Ended

SEASONALITY OF OPERATIONS Build-up to 2015 annual same store grouping  $ in thousands, except for per bed amounts  Note: The purpose of the table above is to provide a build-up to the 2015 annual same store property grouping.  1.This section presents operating results for the 2014 annual same store properties from page 9 excluding: (1) seven properties containing 4,107 beds sold in January 2015 (see page 19), (2) Sunnyside Commons, a 161-bed property in Morgantown, WV which is not being leased for the 2015/2016 academic year in preparation for its planned redevelopment (see page 20), and (3) University Crossings, a 1,016-bed property in Philadelphia, PA which is expected to undergo renovations this summer and will require residents to vacate units. 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 the average number of owned beds from prior quarters is due to a fire at one of our properties that damaged 32 beds which are being rebuilt and will be available for occupancy in Spring 2015. 4.The decrease in the average number of owned beds from the prior quarter is due to the sale of one building containing 20 beds at Campustown Rentals in Champaign, Illinois. 5.Includes the following properties opened or acquired in 2013 that will become part of the same store grouping for 2015: (1) Cardinal Towne and U Centre at Fry Street – both acquired in November 2013, (2) Park Point – acquired in October 2013, (3) Townhomes at Newtown Crossing – acquired in September 2013, (4) The Lodges of East Lansing Phase II and 7th Street Station – both acquired in July 2013 and (5) seven properties that completed construction and opened for operations in August and September 2013. 10 March 31, 2014June 30, 2014September 30, 2014December 31, 2014Total/Weighted Average - Last 12 onths2014 annual same store properties1Revenue per occupied bedRental revenue per occupied bed per month595$ 586$ 588$ 606$ 594$ Other income per occupied bed per month24548644350Total revenue per occupied bed640$ 634$ 652$ 649$ 644$ Average number of owned beds77,773 77,773 77,754 377,728 477,757 Average physical occupancy for the quarter96.6%93.0%93.7%97.5%95.2%Total revenue144,250$ 137,490$ 142,632$ 147,576$ 571,948$ Property operating expenses63,76864,31181,75564,645274,479Net operating income80,482$ 73,179$ 60,877$ 82,931$ 297,469$ Operating margin55.8%53.2%42.7%56.2%52.0%2015 new annual same store properties5Revenue per occupied bedRental revenue per occupied bed per month770$ 748$ 710$ 797$ 758$ Other income per occupied bed per month2741021138893Total revenue per occupied bed844$ 850$ 823$ 885$ 851$ Average number of owned beds7,311 7,311 7,311 7,311 7,311 Average physical occupancy for the quarter97.9%84.9%85.7%99.1%91.9% Total revenue18,128$ 15,818$ 15,458$ 19,236$ 68,640$ Property operating expenses7,4447,1578,5787,53430,713Net operating income10,684$ 8,661$ 6,880$ 11,702$ 37,927$ Operating margin58.9%54.8%44.5%60.8%55.3%2015 ANNUAL SAME STORE PROPERTIESRevenue per occupied bedRental revenue per occupied bed per month610$ 598$ 598$ 623$ 607$ Other income per occupied bed per month24852684754Total revenue per occupied bed658$ 650$ 666$ 670$ 661$ Average number of owned beds85,084 85,084 85,065 85,039 85,068 Average physical occupancy for the quarter96.8%92.3%93.1%97.7%94.9%Total revenue162,378$ 153,308$ 158,090$ 166,812$ 640,588$ Property operating expenses71,21271,46890,33372,179305,192Net operating income91,166$ 81,840$ 67,757$ 94,633$ 335,396$ Operating margin56.1%53.4%42.9%56.7%52.4% Three Months Ended

PORTFOLIO OVERVIEW  Wholly-owned properties – summary  11  December 31, Property Type20142013Q4 2014 Same Store Wholly-owned Properties128,37088,23397.6%96.8% New Wholly-owned Properties2013 Acquisition Properties27492,083100.2%100.5% 2014 Acquisition Properties319061099.7%n/aNew Development Deliveries41,1303,57399.6%n/aSubtotal - New Wholly-owned Properties2,0696,26699.8%100.5%5Total - Wholly-owned Properties30,43994,49997.7%96.8%5On Campus Participating Properties62,0875,08698.3%96.7%5Occupancy at  Design UnitsDesign  BedsPhysicalNote: The same store grouping above includes all properties in the same store grouping for the fourth quarter 2014. This represents properties purchased or developed prior to October 1, 2013. 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 being rebuilt and will be available for occupancy in Spring 2015. In addition, during the fourth quarter, the company sold one apartment building at Campustown Rentals in Champaign, IL containing 16 design units and 20 design beds. 2.Includes the following properties: 1) Park Point in Rochester, NY – acquired in October 2013, 2) Cardinal Towne in Louisville, KY – acquired in November 2013 and 3) U Centre at Fry Street in Denton, TX – acquired in November 2013. 3.Represents The Standard, a 610-bed property located in Athens, GA that was purchased in October 2014. 4.Includes five wholly-owned properties that completed construction and opened for operations in June and August 2014. Also includes University Walk, a property subject to a pre-sale agreement that completed construction in August 2014 and was purchased by the company in February 2015.5.Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year occupancy. 6.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.

2015/2016 LEASING STATUS  Wholly-owned properties – summary  12 Prior YearApplications + LeasesApplications + Leases1Rentable Beds2% of Rentable Beds% of Rentable BedsQ4 2015 Same Store Wholly-owned Properties454,28888,38461.4%60.2%88,63797.5% New Wholly-owned Properties2,7344,80756.9%n/a4,814n/aTotal - Wholly-owned Properties57,02293,19161.2%60.2%593,45197.5%5Prior YearLeasesLeases1Rentable Beds2% of Rentable Beds% of Rentable BedsQ4 2015 Same Store Wholly-owned Properties448,68688,38455.1%53.4%88,63797.5%2.8%2.9% New Wholly-owned Properties2,5384,80752.8%n/a4,814n/an/an/aTotal - Wholly-owned Properties51,22493,19155.0%53.4%593,45197.5%52.8%2.9% Current Projected Rate Increase6Current YearDesign BedsFinal Fall 2014 Occupancy3Current YearDesign BedsFinal Fall 2014 Occupancy3Initial Projected Rate IncreaseNote: The same store grouping presented above for purposes of disclosing the pre-leasing status for the upcoming 2015/2016 academic year represents properties that will be classified as same store properties during the fourth quarter 2015 (the first full quarter of operations in the 2015/2016 academic year.) This represents properties purchased or developed prior to October 1, 2014. 1.As of February 13, 2015 for current year and February 13, 2014 for prior year. 2.Rentable beds exclude beds needed for on-site staff. 3.As of September 30, 2014. 4.Does not include Sunnyside Commons in Morgantown, West Virginia which is not being leased for the 2015/2016 academic year in preparation for its planned redevelopment. 5.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 2014 occupancy. 6.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy.

2015/2016 LEASING STATUS Q4 2015 same store properties with final fall 2014 occupancy of 98% or greater  1.As of February 13, 2015 for current year and February 13, 2014 for prior year. 2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014. 4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 5.Includes the effect of Penthouse apartment units, previously leased on a 12-month basis, being converted to residence hall beds, leased on a 9-month basis, for the 2015/2016 academic year at a significantly higher price point. As a result, rental revenue for this property for the full year 2015 is anticipated to increase approximately 13.8% over the full year 2014. 6.Property completed construction in August 2014 and was subject to a pre-sale agreement. The company completed the purchase of this property in February 2015. 7.Property is leased under the University on-campus assignment process.  13 Leases1Rentable Beds2% of Rentable Beds% of Rentable Beds1.The Callaway House Austin-Austin, TX70974095.8%87.2%75399.5%24.9%28.5%52.26 West-Austin, TX1,0011,02497.8%98.2%1,02699.4%5.0%5.8% 3.The Lodges of East Lansing-East Lansing, MI1,0151,04996.8%97.1%1,04998.9%4.7%5.7% 4.University Walk-Knoxville, TN652152499.4%99.4%52698.9%5.0%5.2% 5.Chestnut Square-Philadelphia, PA (ACE)®82685896.3%98.4%86199.7%4.5%5.2% 6.Landmark-Ann Arbor, MI60160699.2%96.4%60699.3%4.8%5.0% 7.The Callaway House-College Station, TX46052787.3%98.9%538104.1%5.2%5.0% 8.U Club on Woodward-Tallahassee, FL44344898.9%103.1%44899.1%4.5%4.9% 9.601 Copeland-Tallahassee, FL283283100.0%98.6%28399.3%4.5%4.8% 10.U Centre at Northgate-College Station, TX (ACE)77678099.5%98.5%78499.5%4.1%4.8% 11.West 27th Place-Los Angeles, CA43047191.3%76.2%475104.0%3.0%4.7% 12.2nd Ave Centre-Gainesville, FL85686898.6%96.8%86899.4%3.8%4.6% 13.Avalon Heights-Tampa Bay, FL55875474.0%70.6%754100.0%3.8%4.6% 14.University View-Prairie View, TX (ACE)7334334100.0%98.5%336100.0%4.5%4.5% 15.922 Place-Tempe, AZ46146798.7%82.0%46899.1%3.5%4.4% 16.Aztec Corner-San Diego, CA57160294.9%58.1%60698.5%3.2%4.4% 17.University Village Northwest-Prairie View, TX (ACE)7144144100.0%60.4%144100.0%4.3%4.3% 18.University Edge-Kent, OH60260699.3%98.2%60899.0%3.9%4.2% 19.Plaza on University-Orlando, FL1,3081,31299.7%73.1%1,31399.7%3.4%4.2% 20-21.Vintage and Texan West Campus-Austin, TX28330991.6%97.7%31199.4%4.1%4.1% 22.The Province-Tampa, FL53694756.6%29.5%947100.0%2.7%4.1% 23.Hilltop Townhomes-Flagstaff, AZ (ACE)57257699.3%99.1%57699.3%3.8%4.1% 24.University Manor-Greenville, NC47060078.3%51.8%60098.7%3.0%4.0% 25.University Trails-Lubbock, TX52368476.5%41.5%68499.0%3.3%3.9% 26.U Club Townhomes on Marion Pugh-College Station, TX53364083.3%98.3%64099.4%3.8%3.9% 27.U Pointe Kennesaw-Kennesaw, GA56279370.9%31.5%79599.0%3.8%3.8% 28.University Village at Boulder Creek-Boulder, CO29630597.0%97.0%30998.7%3.1%3.6% 29.The Cottages of Durham-Durham, NH50661582.3%95.6%61999.0%3.8%3.6% 30.Abbott Place-East Lansing, MI59665091.7%81.1%65499.4%3.3%3.5% 31.University Pointe at College Station-Portland, OR (ACE)718697619.1%20.3%97899.2%3.4%3.3% 32.Entrada Real-Tucson, AZ18736351.5%49.9%36398.9%3.3%3.3% 33.University Oaks-Columbia, SC56666285.5%97.6%66299.1%2.5%3.3% 34.University Heights-Knoxville, TN35663256.3%78.0%63698.9%3.2%3.2% 35.Lofts54-Champaign, IL15017287.2%98.3%172100.0%3.2%3.2% 36-37.Willowtree Apartments and Towers-Ann Arbor, MI60384771.2%74.5%85199.3%3.2%3.1% 38.University Pointe-Lubbock, TX40168258.8%43.3%68299.0%2.8%3.1% 39.University Gables-Murfreesboro, TN17564427.2%26.7%64899.1%3.0%3.0% 40.University Heights-Birmingham, AL14452527.4%51.2%52898.9%3.0%3.0% 41.Nittany Crossing-State College, PA51668475.4%81.9%68499.4%3.0%3.0% Current YearPrior YearCurrent Projected  Rate  Increase4Initial  Projected  Rate  IncreaseFinal Fall  2014  Occupancy3Design  Beds

2015/2016 LEASING STATUS Q4 2015 same store properties with final fall 2014 occupancy of 98% or greater, continued  1.As of February 13, 2015 for current year and February 13, 2014 for prior year. 2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014.  4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 14 Leases1Rentable Beds2% of Rentable Beds% of Rentable Beds42.The Province-Greensboro, NC33769648.4%37.6%69698.6%2.9%2.9% 43.U Club Cottages-Baton Rouge, LA16130852.3%90.9%30899.0%3.1%2.8% 44.Garnet River Walk-West Colombia, SC29847662.6%73.3%47698.7%2.8%2.8% 45-46.Villas at Vista and Vista del Sol-Tempe, AZ (ACE)2,2372,26698.7%69.0%2,26698.6%2.1%2.8% 47.The Village at Overton Park-Lubbock, TX44261072.5%54.6%61298.0%2.4%2.8% 48.Villas at Chestnut Ridge-Amherst, NY22555040.9%46.7%55299.3%2.8%2.7% 49.University Club Apartments-Gainesville, FL17737647.1%80.6%37698.9%2.7%2.7% 50.309 Green-Champaign, IL31541675.7%87.0%41698.8%2.6%2.6% 51.Cardinal Towne-Louisville, KY25054346.0%67.2%54598.5%3.0%2.5% 52.Grindstone Canyon-Columbia, MO23138260.5%63.1%38499.2%2.5%2.5% 53.Lions Crossing-State College, PA32069646.0%50.4%69699.4%2.5%2.5% 54.Raiders Pass-Lubbock, TX32282539.0%37.8%82899.5%2.5%2.5% 55.7th Street Station-Corvallis, OR11130935.9%16.2%30998.7%2.5%2.5% 56.Park Point-Rochester, NY49892453.9%61.5%924102.7%2.5%2.5% 57.The Village at Science Drive-Orlando, FL28273238.5%36.1%73299.5%2.5%2.5% 58.Tower at Third-Champaign, IL16437344.0%57.9%37599.5%2.5%2.5% 59.Campustown-Ames, IA1,1611,21795.4%89.3%1,21799.8%2.7%2.5% 60.University Village at Sweethome-Amherst, NY21182725.5%25.8%828100.0%2.8%2.4% 61-62.U Club on Frey-Kennesaw, GA47386454.7%50.7%86499.5%2.4%2.4% 63.The Centre-Kalamazoo, MI25870036.9%28.6%70098.7%2.4%2.4% 64.Burbank Commons-Baton Rouge, LA17753033.4%31.9%53298.9%2.4%2.4% 65.The Lofts at Capital Garage-Richmond, VA3214422.2%45.8%144100.0%2.4%2.4% 66.Raiders Crossing-Murfreesboro, TN6327622.8%18.8%27698.9%2.4%2.4% 67.The Block-Austin, TX1,2291,55579.0%77.3%1,55598.4%2.5%2.4% 68.25Twenty-Lubbock, TX26655847.7%43.9%56299.3%2.3%2.4% 69.Villas on Rensch-Amherst, NY39661064.9%61.1%61099.0%2.3%2.3% 70-72.The Summit & Jacob Heights-Mankato, MN44393047.6%72.7%93098.4%2.5%2.3% 73.The Province-Rochester, NY45281655.4%47.9%816101.2%2.2%2.2% 74.Aggie Station-Bryan, TX33344874.3%55.6%450100.0%2.0%2.1% 75.City Parc at Fry Street-Denton, TX13541832.3%36.4%41898.3%2.1%2.1% 76.Peninsular Place-Ypsilanti, MI9547520.0%17.1%47899.0%2.1%2.1% 77.Forest Village and Woodlake-Columbia, MO32670046.6%44.3%70498.9%2.1%2.1% 78.University Crescent-Baton Rouge, LA20261233.0%40.2%61299.5%2.1%2.1% 79.Uptown Apartments-Denton, TX13952826.3%23.5%52898.5%2.0%2.0% 80.University Village-Sacramento, CA16238941.6%22.1%394107.4%2.0%2.0% 81.Villas on Sycamore-Huntsville, TX32468047.6%42.8%68099.4%1.8%1.9% 82.Stone Gate-Harrisonburg, VA65267297.0%96.1%67298.8%0.5%1.9% 83.Callaway Villas-College Station, TX20370228.9%27.4%70499.3%2.0%1.9% 84.The Edge-Orlando, FL24293026.0%22.5%93099.2%1.8%1.8% Current  Projected  Rate  Increase4Current YearPrior YearDesign  BedsFinal Fall  2014  Occupancy3Initial  Projected  Rate  Increase

2015/2016 LEASING STATUS Q4 2015 same store properties with final fall 2014 occupancy of 98%  or greater, continued  1.As of February 13, 2015 for current year and February 13, 2014 for prior year.  2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014.  4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 15 Leases1Rentable Beds2% of Rentable Beds% of Rentable Beds85.Campus Edge on UTA Boulevard-Arlington, TX22748846.5%33.6%488100.0%2.0%1.8%86-87.The Suites-Flagstaff, AZ (ACE)54887662.6%48.1%87899.9%3.0%1.7% 88.U Club Townhomes at Overton Park-Lubbock, TX24544455.2%52.3%44899.1%1.6%1.6% 89-91.University Village-Tallahassee,  FL31471643.9%59.9%71698.6%1.5%1.5% 92.Campus Trails-Starkville,  MS22447846.9%46.0%48098.5%1.5%1.5% 93.Campus Way-Tuscaloosa, AL15167622.3%40.7%68098.7%2.0%1.5% 94.The Province-Louisville, KY46485654.2%52.3%85898.0%1.2%1.2% 95.University Village-Fresno, CA17640643.3%28.3%40699.0%1.2%1.2% 96.Lakeside Apartments-Athens, GA32777442.2%25.5%77698.2%1.0%1.0% 97.The Varsity-College Park, MD13090114.4%21.3%90199.4%1.0%1.0% 98.Bishops Square-San Marcos, TX13131541.6%39.0%31598.1%1.0%1.0% 99.The Edge-Charlotte, NC26472036.7%60.3%72099.4%1.0%1.0% 100.University Walk-Charlotte, NC17648036.7%50.2%48099.2%1.0%1.0% 101.Lobo Village-Albuquerque, NM (ACE)27885632.5%17.9%86498.7%1.3%1.0% 102.Olde Towne University Square-Toledo, OH21955039.8%55.2%550100.0%0.0%0.0% 103.University Commons-Minneapolis, MN14747830.8%69.0%480115.4%1.7%-2.2% 104.Royal Lexington-Lexington, KY26936473.9%29.7%36498.9%-2.9%-3.5% 105.GrandMarc Seven Corners-Minneapolis, MN17143739.1%41.0%440119.8%1.0%-4.2% Subtotal - Q4 2015 Same Store Properties  With Final Fall 2014 Occupancy of 98% or Greater38,86561,58163.1%60.2%61,72899.6%3.4%3.6% Current  Projected  Rate  Increase4Current YearPrior YearDesign BedsFinal Fall 2014 Occupancy3Initial Projected Rate Increase

2015/2016 LEASING STATUS Q4 2015 same store properties with final fall 2014 occupancy between 95% and 98%  1.As of February 13, 2015 for current year and February 13, 2014 for prior year. 2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014.  4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 5.Property is leased under the University on-campus assignment process. 16 Leases1Rentable Beds2% of Rentable Beds% of Rentable Beds1.The Woods at Greenland-Murfreesboro, TN8727631.5%18.5%27697.8%3.1%3.1% 2.Barrett Honors College-Tempe, AZ (ACE)501,7150.0%15.7%1,72197.9%3.0%3.0% 3.Manzanita-Tempe, AZ  (ACE)508120.0%21.8%81697.2%3.0%3.0% 4.Pirates Place Townhomes-Greenville, NC25152847.5%29.4%52895.8%2.5%2.5% 5.Icon Plaza-Los Angeles, CA9425137.5%39.0%25397.2%2.5%2.5% 6.RAMZ Apts on Broad-Richmond, VA9717256.4%40.1%17297.7%2.3%2.3% 7.Chauncey Square-West Lafayette, IN30338678.5%66.6%38695.9%2.4%2.3% 8.U Centre at Fry Street-Denton, TX20261432.9%30.3%61495.4%2.2%2.2% 9.River Mill-Athens, GA20946145.3%49.9%46197.6%2.1%2.1% 10.Union-Waco, TX8412070.0%51.7%12097.5%1.5%2.0% 11.The Village on Sixth Avenue-Huntington, WV23075230.6%26.1%75297.3%2.0%2.0% 12.Royal Village-Gainesville, FL27744861.8%81.7%44897.8%1.8%1.8% 13.Eagles Trail-Hattiesburg, MS14578818.4%17.4%79295.3%1.6%1.6% 14.The Townhomes at Newtown Crossing-Lexington, KY43760871.9%88.7%60897.0%1.5%1.5% 15.South View-Harrisonburg, VA79196082.4%69.9%96097.7%1.2%1.2% 16.The Estates-Gainesville, FL4501,03843.4%47.0%1,04495.4%1.1%1.1% 17.The Cottages of Baton Rouge-Baton Rouge, LA3851,28530.0%72.1%1,29095.3%2.5%1.0% 18.Campus Corner-Bloomington, IN47579659.7%44.2%79695.2%-0.3%0.5% 19-20.5 Twenty Four & 5 Twenty Five Angliana-Lexington, KY4941,05646.8%49.5%1,06095.7%0.5%0.5% 21.The Club-Athens, GA21748045.2%36.5%48097.5%0.5%0.5% 22.Newtown Crossing-Lexington, KY42794245.3%58.2%94296.5%0.0%0.1% 23.The Outpost-San Marcos, TX24048649.4%27.4%48695.9%0.0%0.0% Subtotal - Q4 2015 Same Store Properties With Final Fall 2014 Occupancy Between 95% and  98% 5,89514,97439.4%44.1%15,00596.5%1.8%1.7% Current  Projected Rate  Increase4Current YearPrior YearDesign  BedsFinal Fall 2014 Occupancy3Initial Projected Rate Increase

2015/2016 LEASING STATUS  Q4 2015 same store properties with final fall 2014 occupancy less  than 95% 1.As of February 13, 2015 for current year and February 13, 2014 for prior year.  2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014.  4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy. 5.Property is leased under the University on-campus assignment process.  17 Leases1Rentable Beds2% of Rentable Beds% of Rentable Beds1.The Cottages of Columbia-Columbia, MO17751334.5%46.8%51390.1%3.5%3.5% 2.The Castilian-Austin, TX16361226.6%14.7%62386.4%5.5%3.5% 3.Merwick Stanworth-Princeton, NJ (ACE)502140.0%0.0%21473.8%3.0%3.0% 4.Campustown Rentals-Champaign, IL63874286.0%65.9%74693.2%2.5%2.5% 5.Casa de Oro-Glendale, AZ (ACE)503630.0%9.4%36581.6%3.0%2.4% 6.Campus Edge-Harrisonburg, VA28352853.6%21.2%52881.1%1.5%1.5% 7.University Centre-Newark, NJ15183618.1%24.9%83875.8%1.5%1.5% 8.University Meadows-Mt. Pleasant, MI26761643.3%38.8%61694.3%0.9%1.0% 9.Blanton Common-Valdosta, GA18185321.2%24.9%86088.7%0.9%0.9% 10.The Retreat-San Marcos, TX47677861.2%46.7%78094.6%0.8%0.8% 11.University Village-Philadelphia, PA19574326.2%26.8%74988.3%0.5%0.5% 12.Sanctuary Lofts-San Marcos, TX21148743.3%43.9%48793.4%0.5%0.5% 13.The Province-Dayton, OH14365621.8%20.0%65792.1%0.3%0.3% 14.Villas at Babcock-San Antonio, TX13679117.2%20.8%79288.4%0.2%0.2% 15.The Outpost-San Antonio, TX598237.2%20.2%82893.0%0.0%0.0% 16-17.University Club Townhomes-Tallahassee, FL41973457.1%36.8%73690.6%-1.0%-1.0% 18-19.College Club Townhomes-Tallahassee, FL16954031.3%29.8%54485.7%-3.7%-4.3% 20.Casas del Rio-Albuquerque, NM (ACE)2581,00025.8%25.4%1,02883.0%-4.8%-4.6% Subtotal - Q4 2015 Same Store Properties With Final Fall 2014 Occupancy Less than 95%3,92611,82933.2%30.0%11,90488.0%0.8%0.7% Total - Q4 2015 Same Store Properties48,68688,38455.1%53.4%88,63797.5%2.8%2.9% Current  Projected  Rate  Increase4Current YearPrior YearDesign  BedsFinal Fall  2014  Occupancy3Initial  Projected  Rate  Increase

2015/2016 LEASING STATUS New wholly-owned properties 1.As of February 13, 2015 for current year and February 13, 2014 for prior year. 2.Rentable beds exclude beds needed for on-site staff.  3.As of September 30, 2014.  4.Projected rate increase reflects projected rental rates anticipated to be achieved through the end of the company’s leasing cycle, up to targeted occupancy.  5.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 2014 occupancy.  18  Leases1Rentable  Beds2% of  Rentable  Beds% of  Rentable  Beds1.The Standard-Athens, GA59460997.5%n/a610n/an/an/aSubtotal - 2014 Acquisition Properties59460997.5%n/a610n/an/an/a1.U Club on Woodward Phase II-Tallahassee, FL496496100.0%n/a496n/an/an/a2.160 Ross-Auburn, AL40764063.6%n/a642n/an/an/a3.The Summit at University City-Philadelphia, PA (ACE)6571,31350.0%n/a1,316n/an/an/a4.2125 Franklin-Eugene, OR14573319.8%n/a734n/an/an/aSubtotal - 2015 Development Properties1,7053,18253.6%n/a3,188n/an/an/a1.University Crossings-Philadelphia, PA (ACE)2391,01623.5%n/a1,016n/an/an/aSubtotal - 2015 Redevelopment Properties2391,01623.5%n/a1,016n/an/an/aTotal - New Wholly-owned Properties2,5384,80752.8%n/a4,814n/an/an/aTotal - Wholly-owned Properties51,22493,19155.0%53.4%593,45197.5%52.8%2.9% Current  Projected  Rate  Increase4Current YearPrior YearDesign  BedsFinal Fall  2014  Occupancy3Initial Projected Rate Increase

INVESTMENT UPDATE  $ in thousands 19 ACQUISITIONSLocationPrimary University ServedUnitsBedsClosing DatePurchase PriceAssumed  Mortgage DebtThe StandardAthens, GAUniversity of Georgia190610October 27, 2014-$ Park PointSyracuse, NYSyracuse University66226February 13, 201511,621 25683694,033$ 11,621$ DISPOSITIONSLocationPrimary University ServedUnitsBedsClosing DateSales PriceOutstanding Mortgage  DebtHawks LandingOxford, OHMiami University of Ohio122484February 11, 201415,600$ The EnclaveBowling Green, OHBowling Green State University120480September 8, 2014- The HighlandsReno, NVUniversity of Nevada at Reno216732January 22, 2015- Portfolio DispositionThe ViewLincoln, NEUniversity of Nebraska157590January 30, 2015- Chapel RidgeChapel Hill, NCUniversity of North Carolina180544January 30, 2015- Chapel ViewChapel Hill, NCUniversity of North Carolina224358January 30, 20159,690 The Village at Alafaya ClubOrlando, FLUniversity of Central Florida228839January 30, 2015- University PlaceCharlottesville, VAUniversity of Virginia144528January 30, 2015- University GreensNorman, OKUniversity of Oklahoma156516January 30, 2015- 1,5475,071197,507$ 25,290$ ProjectProject

OWNED DEVELOPMENT UPDATE  $ in thousands 20  OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTIONProjectProject  TypeLocationPrimary University ServedUnitsBedsCIP1Land and  Other2Total Costs  Incurred% Complete3Scheduled  CompletionThe Summit at University CityACEPhiladelphia, PADrexel University3511,316170,700$ 105,703$ 985$ 106,688$ 68%September 20152125 FranklinOff-campusEugene, ORUniversity of Oregon19273464,600 34,665 8,897 43,562 63%September 2015160 RossOff-campusAuburn, ALAuburn University18264241,300 19,402 3,536 22,938 51%August 2015U Club on Woodward Phase IIOff-campusTallahassee, FLFlorida State University12449637,100 13,910 10,092 24,002 58%August 2015SUBTOTAL - 2015 DELIVERIES8493,188313,700$ 173,680$ 23,510$ 197,190$ Boulder, CO Development4Off-campusBoulder, COUniversity of Colorado10040052,200$ 1,737$ 9,289$ 11,026$ 0%August 2016USC Health Sciences Campus5ACELos Angeles, CAUniversity of Southern California17845650,400 4,818 - 4,818 0%August 2016SUBTOTAL - 2016 DELIVERIES278856102,600$ 6,555$ 9,289$ 15,844$ OWNED DEVELOPMENT PIPELINE6 7ProjectProject TypeLocationPrimary University ServedApprox. Targeted BedsEstimated  Project Cost8Targeted CompletionButler UniversityACEIndianapolis, INButler University63240,800$ Fall 2016Merwick Stanworth Phase IIACEPrinceton, NJPrinceton University37944,600 20169University of MissouriOff-campusColumbia, MOUniversity of Missouri720TBDFall 2017Louisville Park SiteACELouisville, KYUniversity of Louisville540TBDFall 2016 or Fall 2017Sunnyside Commons10Off-campusMorgantown, WVWest Virginia University530TBDTBDCarbondale DevelopmentOff-campusCarbondale, ILSouthern Illinois University65032,100 TBD3,451117,500$ Anticipated  CommencementTBDAs of December 31, 2014Estimated Project CostTBDQ1 2015Q3 2015TBDQ2 2015 1.The total construction in progress (“CIP”) balance above excludes $5.2 million related to ongoing renovation projects at operating properties. 2.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. 3.Based on costs incurred under the general construction contract as of December 31, 2014. 4.The company purchased a site containing an existing hotel which the seller operated until November 2014, at which point the company began the abatement phase of the project. As of December 31, 2014, the project remained in the abatement/demolition phase with construction of the student housing facility expected to commence in March 2015. 5.As of December 31, 2014, the project was in the utility relocation phase and construction of the facility commenced in January 2015. 6.Does not include undeveloped land parcels in 5 university markets totaling $38.7 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 $8.0 million incurred as of December 31, 2014 for owned development pipeline projects. 9.This community will serve faculty and staff members of Princeton University and, unlike student housing communities, this property is expected to stabilize during the first academic session. 10.The Company is not leasing this property for the 2015/2016 academic year in preparation for its planned redevelopment.

THIRD-PARTY DEVELOPMENT UPDATE  $ in thousands 21 20142013$ Change20142013$ ChangeDevelopment services revenue394$ 827$ (433)$ 4,018$ 2,483$ 1,535$ % of total revenue0.2%0.5%0.5%0.4% Three Months Ended December 31, Year Ended December 31, CONTRACTED PROJECTS IN PROGRESSProjectLocationPrimary University  ServedUnitsBedsTotal FeesFees Earned as of December 31,  2014Fees Earned in Current Year Remaining Fees as ofDecember 31, 2014Scheduled CompletionLakeside Graduate CommunityPrinceton, NJPrinceton University3297153,200$ 2,777$ 729$ 423$ Q2 20151Honors Academic VillageToledo, OHUniversity of Toledo1534922,110 1,401 1,401 709 August 2015Momentum VillageCorpus Christi, TXTexas A&M University - Corpus Christi1244821,500 1,000 1,000 500 August 20156061,6896,810$ 5,178$ 3,130$ 1,632$ ON-CAMPUS AWARD PIPELINE2ProjectLocationAnticipated Financing StructureEstimated FeesArizona State Univ. Residence HallTempe, AZACEn/aArizona State Univ. ApartmentsTempe, AZACEn/aButler University Phase IIIndianapolis, INACEn/aLouisville Village SiteLouisville, KYACEn/aUniversity of VermontBurlington, VTTBDn/aNortheastern Illinois UniversityChicago, ILThird-Party$2,000TBDTBDTBDQ2 2015 or Q2 2016TBDFall 2017Fall 2017 or Fall 2018Fall 2017Targeted CompletionFall 2017TBDAnticipated CommencementTBDFall 2017 or Fall 2018 1.This project will be delivered in phases in the second quarter 2015. 2.These awards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, 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.

MANAGEMENT SERVICES UPDATE  $ in thousands 22 1.Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels.  2.This project will be delivered in phases in the second 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 Village SuitesOshawa, CanadaDurham College588120 675 RichmondLondon, CanadaUniversity of Western Ontario450120 The Lofts at GatewayToledo, OH University of Toledo11240 Lakeside Graduate CommunityPrinceton, NJ Princeton University715180 Centennial College Student ResidenceToronto, CanadaCentennial College36890 45 Mann3Ottawa, CanadaUniversity of Ottawa355120 Honors Academic Village Toledo, OH University of Toledo492200 Momentum VillageCorpus Christi, TXTexas A&M University - Corpus Christi482150 5,1401,340$ July 2014Q2 20152August 2015August 2015Southern University at New Orleans Primary University ServedActual or Anticipated CommencementJune 2014August 2014July 2015November 2014November 2014May 2015February 2015 20142013$ Change20142013$ ChangeManagement services revenue1,918$ 2,089$ (171)$ 7,669$ 7,514$ 155$ % of total revenue1.0%1.1%1.0%1.1% Three Months Ended December 31, Year Ended December 31,

CAPITAL STRUCTURE AS OF DECEMBER 31, 2014 $ in millions, except share and per share data Total Debt1 2,915$ Total Equity Market Value24,511 Total Market Capitalization7,426$ Debt to Total Market Capitalization39.3% Net Debt to EBITDA7.6xTotal Asset Value36,571$ Unencumbered Asset Value4,257$ Unencumbered Asset Value to Total Asset Value64.8% RequirementCurrent RatioTotal Debt to Total Asset Value= 60%44.4% Secured Debt to Total Asset Value= 40%19.4% Unencumbered Asset Value to Unsecured Debt> 150%259.2%2011Interest Coverage4> 1.5x3.3x20122013Principal  OutstandingWeighted Average Interest RateAverage Term To Maturity2015Fixed Rate Mortgage Loans1,094$ 5.2%54.0 Yrs2016Variable Rate Construction Loans64 2.0%0.6 Yrs2017Unsecured Revolving Credit Facility 243 1.7%3.2 Yrs2018+ Unsecured Term Loans600 2.1%2.9 YrsUnsecured Notes800 4.0%8.9 YrsOn-Campus Participating Properties114 5.2%16.8 YrsTotal/Weighted Average2,915$ 3.9%5.5 YrsMarket Capitalization & Unsecured Notes CovenantsDebt Maturity Schedule$182$188$118$165$61$294 $65$5$16$64$243 $350$250$30$23$61$400 $400 $0$100$200$300$400$500$600$700$800$9002015201620172018201920202021202220232024+ Fixed Rate Mortgage LoansVariable Rate Construction LoansUnsecured Revolving Credit FacilityUnsecured Term LoansOn-Campus Participating PropertiesUnsecured Notes Note – refer to the Definitions outlined on pages 23 and 24 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 $59.7 million and the unamortized original issue discount on unsecured notes of $1.7 million. 2.Based on share price of $41.36 and fully diluted share count of 109,075,328 as of December 31, 2014. Assumes conversion of 1,290,578 common and preferred Operating Partnership units and 609,514 unvested restricted stock awards.  3.Excludes accumulated depreciation of $768.1 million and receivables and intangible assets, net of accumulated amortization, of $31.6 million. 4.Based on Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) and Adjusted Interest Expense of $379.4 million and $116.1 million, respectively, for the four most recently completed fiscal quarters. Includes pro forma adjustments to EBITDA and Interest Expense of $13.4 million and $2.7 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 $9.0 million of interest capitalized for  GAAP purposes and excludes $12.9 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 4.3%. 23 Total Debt   4.4% 5.9% 3.3% 2.7% 1.7% 5.6% 5.3% 4.1% 4.0% 4.3% Fixed Rate Mortgage Loans  5.2% 5.9% 5.8% 4.2% - 5.6% 5.4% 4.1% 7.2% 4.2% Weighted Average Interest Rate Of Debt Maturing Each Year

2015 OUTLOOK1 Summary $ in thousands, except share and per-share data 24 LowHighNet income61,800$ 68,400$ Noncontrolling interests1,1001,200 Depreciation and amortization203,000209,600Funds from operations ("FFO")265,900$ 279,200$ Elimination of operations from on-campus participating properties(10,200)(10,600) Modifications to reflect operational performance  of on-campus participating properties4,3004,900 Acquisition transaction costs1,8002,600Funds from operations - modified ("FFOM")261,800$ 276,100$ Net income per share - diluted0.54$ 0.60$ FFO per share - diluted 2.33$ 2.45$ FFOM per share - diluted 2.30$ 2.42$ Weighted-average common shares outstanding - diluted114,000,000114,000,0001.The company believes that the financial results for the fiscal year ending December 31, 2015 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 and completion 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 2015/2016 academic year.

2015 OUTLOOK Detail $ in thousands 25 Components of 2015 Property Net Operating IncomeThird-party ServicesLowHighLowHighThird-party development services revenue2,900$ 4,200$ Wholly-owned propertiesThird-party management services revenue8,500$ 9,000$ 2015 annual same store properties1 Third-party development and mgmt. services expenses13,100$ 13,300$ Revenue654,200$ 660,800$ 2.1% - 3.2% Operating expenses(311,100) (309,700) 1.9% - 1.5% Net operating income343,100 351,100 2.3% - 4.7%Corporate Expenses and Other 2015 new properties net operatingLowHigh income237,000 39,100 Net income:  2015 sold properties net operating income31,100 1,100 General and administrative expenses20,800$ 21,100$ 2015 speculative dispositions Ground/facility leases expense5 5,100$ 5,100$ net operating income4(11,100) (2,200) Interest income4,300$ 4,300$ Total wholly-owned properties net Interest expense681,000$ 88,100$ operating income370,100$ 389,100$ Capitalized interest 9,000$ 8,800$ Amortization of deferred financing costs5,100$ 5,500$ 2015 Property Net Operating Income Guidance Assumptions Income tax provision1,200$ 1,200$ LowHighTiming Q4 2015 same store properties - occupancy97.0%99.0%Fall 2015FFOM: Q4 2015 same store properties - rental rate g2.6%3.2%Fall 2015 Corporate depreciation2,800$ 2,800$ Acquisitions2223,500$ 418,500$ See note 2 Contribution from on-campus participating properties4,300$ 4,900$ Dispositions4 230,700$ 36,100$ See note 4 Acquisition transaction costs1,800$ 2,600$ Development Deliveries313,700$ 313,700$ See page 20 Mezzanine/pre-sale purchases% Change From 2014None1.Refer to page 10 for detail regarding the 2015 annual same store grouping. 2.The low-end of the 2015 guidance range assumes property acquisition activity of $30.0 million, $88.5 million and $105.0 million during the first, second and third quarters, respectively. The high-end of the 2015 guidance range assumes property acquisition activity of $30.0 million, $88.5 million, $150.0 million and $150.0 million during the first, second, third and fourth quarters, respectively. Excludes University Walk, a property subject to a pre-sale arrangement that we purchased in February 2015. 3.Includes seven wholly-owned properties that were sold in January 2015. 4.The low-end of the 2015 guidance range assumes property disposition activity of $57.1 million and $173.6 million during the first quarter and second quarter 2015, respectively. The high-end of the 2015 guidance range assumes property disposition activity of $36.1 million during the first quarter 2015. Assumes a 6.5% nominal cap rate on dispositions. 5.Includes ACE properties and excludes on-campus participating properties. 6.Net of capitalized interest and excluding on-campus participating properties. The high-end of the 2015 guidance range assumes a $400 million mid-year bond offering.

DEFINITIONS 26 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.

DEFINITIONS, CONTINUED 27 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.

NVESTOR 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 / icholas.joseph@citi.comVincent Chao/ Mike Husseini Deutsche Bank Securities, Inc.(212) 250-6799 / (212) 250-7703vincent.chao@db.com/ mike.husseini@db.com Steve Sakwa / Derek BowerEvercore ISI(212) 446-9462 / (212) 888-3842ssakwa@evercoreisi.com / dbower@evercoreisi.comAndrew 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.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 MelikerMLV & Co(212) 542-5872 rmeliker@mlvco.com Alexander Goldfarb / Andrew SchafferSandler O'Neill + Partners, L.P.(212) 466-7937 / (212) 466-8062agoldfarb@sandleroneill.com / aschaffer@sandleroneill.comRod Petrik / David CorakStifel, Nicolaus & Company, Inc.(443) 224-1306 / (410) 246-6312rpetrik@stifel.com / corakd@stifel.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.Barrett 28

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.