Presentation NAREIT Investor Deck June 2019 0 BEST-IN-CLASS - PowerPoint PPT Presentation

Investor Presentation NAREIT Investor Deck June 2019 0

BEST-IN-CLASS STUDENT HOUSING COMPANY Who we are. ACC pioneered the modernization of the student housing industry with over $16.0 billion in transactions since inception. American Campus Communities (ACC), founded in 1993, is the Transactions since Inception 1 largest developer, owner and manager of high-quality student $7.9B in Development housing communities in the United States. $5.9B in Acquisitions Founding Mission $2.2B in Dispositions “…to be the nation’s premier provider of quality student housing communities and services through a unique understanding and Comparative Statistics an unrelenting commitment to students, 2004 IPO Q1 2019 parents, educational institutions and Enterprise Value : $351M $9.7B 2 investors. Our people are our strength, Markets: 12 68 achieving success through a dedication to Properties: 16 171 excellence and integrity.” Beds: 11,773 109,400 Employees: 560 3,100 3 Credit Rating: Unrated BBB stable / Baa2 stable 1. Developments includes both owned and third party projects, properties currently under construction, and properties expected to commence construction during the current calendar year. Dispositions includes transactions completed and under contract. Acquisitions includes transactions completed. As of 4/22/19. 1 2. Based on share price as of 3/31/2019. 3. Employees as of 12/31/2018.

BEST-IN-CLASS STUDENT HOUSING COMPANY Where we are. ACC owns the industry’s preeminent portfolio— located a median distance of only one-tenth of a mile from campus. Portfolio NOI Composition by Distance to Campus 1 We primarily focus on developing and owning on-campus and pedestrian-to-campus properties serving Power 5 conferences and 1 149 9 PROPERTIES Carnegie R1 institutions. 95% 5% 0% NOI 0.1 miles median distance to campus Our investment criteria focuses on differentiated properties in close 1 1/2 1+ University mile mile mile proximity to campus within submarkets with high barriers to entry. Top 10 Universities by NOI 1 Current Portfolio ACC ACC Beds as AY 18-19 Owned % of Total % of Total Enrollment Beds Enrollment LTM NOI Wholly-owned Market 1 Arizona State University 51,585 7,822 15.2% 9.1% 2 University of Texas at Austin 51,832 4,980 9.6% 7.7% 3 Drexel University 24,634 3,192 13.0% 5.2% 4 Northern Arizona University 23,140 3,307 14.3% 3.9% 5 Florida State University 41,717 3,665 8.8% 3.8% 6 Virginia Commonwealth University 31,076 2,786 9.0% 2.7% 7 Texas A&M University 63,694 3,116 4.9% 2.6% 8 University of Central Florida 54,322 2,045 3.8% 2.6% 9 University of Michigan 46,716 1,767 3.8% 2.5% 10 University of Kentucky 29,182 2,974 10.2% 2.4% 41,790 3,565 8.5% 42.6% Avg Avg Avg Total 1. Includes owned properties, properties currently under construction, and properties expected to commence construction during the current calendar year and contribute NOI in the next 12 months. NOI used for percentage calculations for properties (i) open for the entire trailing 12 month period are based upon historical data, and (ii) owned for less than the full trailing 12 m onth period are based upon historical data and management’s estimates. Excludes properties classified as held for sale. Actua l 2 results may vary.

FUNDAMENTAL TAILWINDS Consistent enrollment growth. In ACC target markets, enrollment has remained steady regardless of the economic cycle. – Public 4-year universities have averaged 1.6% annual enrollment growth since 1970. – According to a 2016 Ernst & Young study, the biggest decline in enrollment has been among colleges with fewer than 1,000 students, which account for about 40% of degree-granting institutions. Public 4-year University Public 4-year Universities Remain in Demand Enrollment Growth (CAGR) 20% Since 1970 1.6% Since 1980 1.5% 10% Cumulative Enrollment Growth Since 1990 1.5% 0% Since 2000 2.3% Since 2010 1.6% -10% -20% -30% -40% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Public 4-year Public 2-year Private 4-year Private For-profit Total 3 Source: National Center for Education Statistics 2018 Table 303.25 (Data through Fall 2017). Parthenon- EY, “Strength in numbers: strategies for collaborating in a new era for higher education”, 2016.

FUNDAMENTAL TAILWINDS Robust demand for 4-year public universities. Demand far exceeds available seats at universities ACC serves. More High School Students are Choosing to Attend 4-year Universities 1 50% 45% 2.0x 40% 35% 30% 25% Avg. Applicant to Admissions 20% 15% Ratio within ACC Markets 2 10% 5% 0% % of Recent High School Completers (4 Year College) % of Recent High School Completers (2 Year College) Source: Company data 4 1. National Center for Education Statistics 2018 Table 302.10. 2. National Center for Education Statistics 2018 IPEDS Data Center .

FUNDAMENTAL TAILWINDS High value of a college degree. A college degree leads to higher income and greater financial security. – Graduates from universities served by ACC average an estimated 640% return on the average net cost of attendance. 1 – According to the Institute for College Access & Success, “Young adults with only a high school diploma are almost three times as likely to be unemployed, and earn 40% less than, those with at least a bachelor’s degree. ” 2 College Continues to be a High Return Investment 3 Student Loans are Manageable at 4-yr Public Schools 4 $45,000 16% $60,000 14% Sub-4% default rates 13% $23,000 incremental $40,000 at Power 5 and R1 14% $54,990 14% 12% earnings $50,000 institutions $35,000 12% 10% $40,000 $30,000 10% 8% $25,000 $35,000 7% $30,000 8% 7% $20,000 7% 6% $31,990 $25,980 6% $20,000 $15,000 4% 4% 4% $10,000 3% $10,000 2% 2% $5,000 $26,900 $31,450 $39,900 $0 0% $0 0% Less than high High school Some college, no Bachelor's or 4-year Public 4-year Private Non- 4-year Private For- school completion completion bachelor's degree higher degree Profit Profit Median Annual Earnings ($) Unemployment Rate (%) Average Loan Balance ($) Default Rate (%) Source: Company data 1. National Center for Education Statistics 2018 IPEDS Data Center. 30 years of the median earnings of students working 10 years after entry minus 34 years of the median earnings of high school graduates divided by the 4 year average net cost of attendance. 2. TICAS , “Student Debt and the Class of 2017”, September 2018. 3. National Center for Education Statistics 2018 Table 502.30 and Table 501.80. For persons 25-34 years old. 5 4. TICAS, “Quick Facts about Student Debt”, April 2019; Federal Student Aid an Office of the U.S. Department of Education, Sept ember 26, 2018.

MODERNIZATION TO MEET PENT-UP DEMAND Highly fragmented market. ACC has a long runway for growth through consolidation of the industry. ACC Addressable Market 2 ACC Target Market Composition 7.5 million students, 309 Tier 1 Universities ─ Power 5 conference schools ─ Carnegie R1 research institutions 7.0 Million Addressable Fragmented Market Provides Opportunity Students ─ Few well capitalized companies or operators ─ Largest 25 owners cumulative market share of only 7.7% in ACC addressable markets ACC - 1.4% 104,000 beds 1 Other Top 25 Owners – 6.3% 478,000 beds 1 Source: Company data & estimates. 6 1. Student Housing Business’s list of the Top 25 Owners of Student Housing, November/December 2018. 2. National Center for Education Statistics 2018 IPEDS Data Center.

MODERNIZATION TO MEET PENT-UP DEMAND Obsolete housing supply creates opportunity. ACC provides a modern, purpose-built product at comparable price points to obsolete existing product. – The median age of existing on-campus Typical Supply ACC Purpose-Built housing exceeds 50 years old in ACC On-Campus markets – primarily built for the Baby Boom generation in the 1950’s - 60’s. $757 / $970 $767 shared / private average average rent per month rent per month – Majority of current stock is low density Typical Supply ACC Purpose-Built alternate housing such as absentee Off-Campus landlord communities and single family residences not designed for today’s student. Source: ACC research; same-store rent per occupied bed as of September 30, 2018 (Academic Year 2018/2019). 7

MODERNIZATION TO MEET PENT-UP DEMAND Diversified investment mediums. Composition of current housing supply creates multiple avenues for long-term growth. Pent-up demand 900,000 beds met via Consolidation via Drive Purpose Built development acquisitions 800,000 beds Pedestrian Purpose Built Supply in 68 ACC Markets 1 4.1 million beds Supply % of Supply Median Age 1.7 million beds Alternate Supply On-Campus 22% 52 years On-Campus Consolidation via PB – Pedestrian 11% 7 years partnership (P3)/ PB – Drive 12% 11 years redevelopment Alternate Supply 55% N/A 1. According to the Company’s analysis; estimated based on 2018 supply categories divided by academic year 2018/2019 enrollment within ACC’s 68 markets. Purpose Built reflects certain off-campus properties that may lease by the unit 8 rather than by the bed, but compete with ACC properties in the student housing market Note: ACC’s addressable market bed count groupings are extrapolated from the makeup of supply within ACC’s 68 markets.