#1AMERICAN CAMPUS COMMUNITIES Where students love living. 25 YEARS Investor Presentation Citi CEO Conference Investor Deck March 2021#2Current Business Update Lightview | Boston, Massachusetts 1#3CURRENT BUSINESS UPDATE Recent highlights. ACC experienced an improved operating environment as it moved into the Spring 2021 semester. - 2020 and COVID impact summary. • • • Achieved an average rental rate increase of 1.1% and 90.3% leased rate for 2021 same store properties as of September 30, 2020. Received payments for approximately 97.6% of rent in the fourth quarter, compared to 93.7% and 94.6% in the second and third quarters, respectively. Refunded rent of only $1.5 million in 4Q compared to $15.1 million and $2.1 million in on- campus rent refunds in 2Q and 3Q, respectively. Rent abatement through the Resident Hardship Program totaled $0.9 million in the fourth quarter compared to $8.6 million in the second quarter and $4.7 million in the third quarter. Current environment. Signed 3,600 leases for spring 2021 move-ins, ~50% more than last year's 2,400 leases. Industry-wide preleasing is progressing at a slower pace than in years prior to COVID, however asking rental rates remain in-line or slightly above prior year pricing and ACC leasing velocity is outpacing peers in the majority of markets. Incrementally positive university announcements regarding Fall 2021 in-person classes, exemplified by the announcements by the U-Cal and Cal State university systems as well as several other major universities who have been fully online in the current academic year. Early indications on college application data and university admissions commentary indicate a potential increase in demand for higher education in the fall for Tier 1 universities. Improved Operating Environment Rent Collections Refunded Rent (millions) RHP Rent Abatements (millions) 2Q20 3Q20 4Q20 93.7% 94.6% 97.6% $15.1 $2.1 $1.5 $8.6 $4.7 $0.9 LIGHTVIEW Lightview | Boston, MA 2#4CURRENT BUSINESS UPDATE Students desire to be in college environment. Universities were able to successfully manage enrollment despite the turmoil caused by COVID-19. ACC achieved an average same store rental rate increase of 1.1% and 90.3% leased rate for Fall 2021. As of September 30th, classes at 13 of the universities ACC serves were primarily in-person, while 55 universities were using some level of online curriculum delivery methodology. - However, Fall 2020 total enrollment at the universities ACC serves is flat compared to 2019 (-0.3% year over year). Leasing at properties that primarily serve first-year students was most impacted by COVID-19 but the company expects the long-term impact to be limited as first-year enrollment was only down 1.6%. Universities that reported on international enrollment statistics were also able to absorb a 14.1% decline in international enrollment by admitting more domestic students and ultimately only experiencing a 0.4% decrease in total enrollment. Fall 2020 Enrollment Data Fall 2020 Enrollment Data by CHE Curriculum Delivery # Markets w/ # Markets Data % Change Fall Curriculum Plans w/ Data % Change Change in Total Enrollment 68 -0.3% Hybrid 21 1.2% Total Change in Enrol. - Growth Markets 33 2.5% Primarily in person 13 -0.1% Total Change in Enrol. - Decline Markets 35 -3.0% Primarily online 30 -1.2% Change in First-Year Enrollment 61 -1.6% Fully online 4 -3.3% Change in International Enrollment 60 -14.1% Total 68 -0.3% Source: The Chronicle of Higher Education data as of September 30, 2020 and ACC Research. 3#5CURRENT BUSINESS UPDATE Consistent enrollment growth. Enrollment growth at ACC targeted universities has remained steady throughout the economic cycle. - Declining national enrollment statistics over the last decade have been driven by non-traditional students leaving private for-profit universities and community colleges to return to the workforce as the economy has recovered. Public 4-year universities have averaged 1.6% annual enrollment growth since 1970 and have continued at these levels since the Great Recession. Public 4-year Universities Remain in Demand Public 4-year University Enrollment Growth (CAGR) Cumulative Enrollment Growth 20% 10% 0% -10% -20% -30% -40% -50% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Public 4-year Private 4-year Nonprofit Public 2-year Private For-profit Total Source: National Center for Education Statistics 2019 Table 303.25 (Data through Fall 2018). Since 1970 1.6% Since 1980 1.5% Since 1990 1.5% Since 2000 2.2% Since 2010 1.6% +#6CURRENT BUSINESS UPDATE College is affordable and a sound investment. Public 4-year universities still provide a good return and student debt is manageable. At four year public universities, 34% of students graduate with no debt¹. • Of those graduating with debt, the average student loan balance is only $26,9001. - $23,000 salary differential between college graduates and high school graduates². - Annual average in-state tuition costs at the 60 public universities served by ACC is less than $11,000. Annual net tuition and fees is less than $10,000 for 77% of students at four-year public institutions (after grant aid)³. Student loan default rates average sub-4% at Power 5 and Carnegie R1 institutions. Average Earnings by Level of Education² Student Debt Levels¹ and Default Rates4 $60,000 13% $50,000 14% $45,000 16% $23,000 incremental $40,000 $54,990 12% earnings $35,000 Sub-4% default rates at Power 5 and R1 institutions 14% 14% 12% 10% $40,000 $30,000 10% 8% $25,000 $30,000 7% $35,000 8% 6% $20,000 7% 7% $31,990 $25,980 6% $20,000 4% $15,000 4% 4% $10,000 $10,000 3% 2% $5,000 2% $26,900 $31,450 $39,900 $0 0% $0 0% school Less than high High school completion Some college, Bachelor's or 4-year Public no bachelor's higher degree 4-year Private Non- Profit 4-year Private For- Profit completion degree Median Annual Earnings ($) -Unemployment Rate (%) Source: Company data 1. TICAS, "Quick Facts about Student Debt", April 2019. 2. National Center for Education Statistics 2018 Table 502.30 and Table 501.80. For persons 25-34 years old. Average Loan Balance ($) Default Rate (%) 5 3. The College Board, Trends in College Pricing 2018. 4. Federal Student Aid an Office of the U.S. Department of Education, September 26, 2018.#7Company Competitive Position PLAZ VERDE F PLAZAVERDE Plaza Verde | Irvine, California CO#8COMPANY COMPETITIVE POSITION Who we are. ACC owns the industry's preeminent portfolio-located a median distance of only one-tenth of a mile from campus. We primarily focus on developing and owning on-campus and pedestrian-to-campus properties serving Power 5 conferences and Carnegie R1 institutions. Investment criteria focuses on differentiated properties in close proximity to campus within submarkets with high barriers to entry. Current Portfolio Portfolio NOI Composition by Distance to Campus¹ Single Property in Market Multiple Properties in Market ☐ PROPERTIES ΝΟΙ 34 33% 115 61% 10 |-| 6% 0% 94% of NOI within ½ mile from campus University 1/2 1 1+ mile mile mile 0.1 miles median distance to campus 1. Includes owned properties, properties currently under construction, and properties expected to commence construction during the current calendar year. 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 month period are based upon historical data and management's estimates. Excludes properties classified as held for sale. Actual results may vary. 7#9COMPANY COMPETITIVE POSITION Modernizing an industry. Composition of student housing should continue to transition toward more modern, purpose built supply. Modernization is opportunity. On-campus - Primarily consists of residence halls built in the 1950's-60's designed for the Baby Boom generation. The median age of existing on-campus housing exceeds 50 years old in ACC markets. New purpose built living learning communities will replace these antiquated dormitories with product meeting the needs of current students. Off-campus Majority of current stock is low density alternate housing such as absentee landlord communities and single family residences not designed for today's student. New purpose built development off-campus is replacing this sub-standard alternate housing with modern purpose-built product. Current purpose built communities began in the mid 1990's. • The majority of early communities (pre-2010) were drive properties. . Since 2010, the majority of development has been built pedestrian to campus.1 Supply in 68 ACC University Markets² Drive: 13% Median Age: 11 years Purpose Built 25% Pedestrian: 12% Median Age: 7 years On-Campus 23% Alternate Supply 52% Modernization is opportunity. 1. According to the Company's most recent annual review of overall market composition. 2. According to the Company's analysis; estimated based on 2020 supply categories divided by academic year 2020/2021 preliminary enrollment within ACC's 68 university markets. Purpose built reflects certain off-campus properties that may lease by the unit rather than by the bed, but compete with ACC properties in the student housing market. 8#10COMPANY COMPETITIVE POSITION Historically recession resistant cash flows. Stable Performance Through Cycles Indexed Growth 200 180 160 140 120 100 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% 8842 80 -20.0% 60 40 -30.0% 20 -40.0% 0 -50.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 14 Yr Public University Enrollment Same Store NOI Growth (Indexed) -Multifamily Same Store NOI Growth (Indexed) Year over Year Growth ACC's recession resilient cash flows have produced similar same store NOI growth to multifamily, with less volatility throughout the economic cycle. Strategic capital recycling has further strengthened portfolio quality relative to last downturn. S&P 500 Annual Return Portfolio Improvement Since Last Downturn Distance to Campus (% of Beds) < 1/2 Mile 2009 58% 1 Mile 1+ Miles 22% 20% 2019 93% 7% 0% % of Beds On-Campus 2009 8% 2019 26% 9 Sources: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Fall Enrollment component final data (2002, 2003, 2006 - 2016) and provisional data (2004, 2005, 2017). ACC Research. 1. Multifamily peer group includes AVB, AIV, EQR, ESS, CPT, MAA, UDR. Note: 2018 & 2019 enrollment growth based on ACC portfolio.#11COMPANY COMPETITIVE POSITION Repositioned for value creation. - ACC's strategically refined portfolio is positioned to have resilient performance over the long term. • Closer location to campus. Higher product quality & correspondingly lower cap-ex requirements. • Enhanced price point and product differentiation. - - Improved sustainability of cash flows. Portfolio of primarily core assets offers an accretive reinvestment opportunity into higher yielding developments. Increased focus on match-timing and sizing capital raises relative to deployment into income producing assets, as frequently as possible. Operational systems enhancement through Next Gen and business intelligence investment have increased the efficiency and scalability of the company's platform. Prior to COVID, FY 2019 FFOM per share growth of 5% reflected the beginning of a return to improved earnings per share growth. 10#12COMPANY COMPETITIVE POSITION Creating value through selective development. ACC has consistently delivered high-quality, value-enhancing developments throughout the economic cycle. ACC has set a high standard on what projects are selected to be on-balance sheet. . Over the last decade, ACC closed on only 15% of all underwritten development deals. - $8.1 billion in owned and third-party development for - - our university partners since inception. $4.8 billion in owned developments. . $2.7 billion through the on-campus ACE program. • $2.1 billion in off-campus development. Current yields of 6%+ represent an attractive 150-200 basis point spread to private market values. 0.10 $155 60.8% Average miles to campus for ACC's developed assets. Per bed 2019 annual recurring capex for development assets compared to $292 for acquired properties. Development NOI margin compared to 51.2% for acquired properties¹. Source: Internal company data and public filings. 1) Pre-COVID as of 2019. 11#13- - COMPANY COMPETITIVE POSITION Build for the masses, not the classes. ACC's properties are strategically positioned to offer a wide array of unit types and price points within the same community which appeals to a broader set of student residents. Proprietary unit design and configuration maximizes rent per square foot while creating affordable per bed price. points not previously available in the market. Competitors target the highest socio-economic, while ACC targets the widest socio-economic ACC Communities versus Market Competitors: 61% 12% 91% 32% ARE BELOW MARKET MEDIAN RENT LEVEL AVERAGE RATE DISCOUNT TO MARKET ARE CLOSER TO CAMPUS THAN THE MARKET AVERAGE DISTANCE AVERAGE RATE DISCOUNT TO COMMUNITIES BUILT IN 2017 OR LATER ACC Effective Rental Rates versus Competitive Set (% of ACC Properties) 100th Percentile 75th Percentile 14% 25% 50th Percentile 32% 25th Percentile 29% Source: Data from RealPage Axiometrics' Student Housing Performance Time Series by Month report as of 10/24/2019. Market statistics are based on all properties tracked by RealPage in ACC's 69 markets located within 1 mile from campus with effective rental rate data for September 2019. 12#14COMPANY COMPETITIVE POSITION On-campus modernization opportunities post-COVID. - Enhanced opportunities to capitalize on the potential acceleration of modernization due to COVID-19. Impact of COVID highlighted need to accelerate modernization, especially of community bath residence halls Financial stress from COVID will push more universities to P3 and off-balance sheet financing structures, like the ACE program. ACC's public company platform makes us the only company that offers single-source partner equity/developer/manager solution. 53 Average age of existing on- campus housing in ACC markets. 60 Universities being tracked by ACC that are evaluating potential privatized residential projects. "The coronavirus pandemic resulted in fiscal challenges at institutions and virtual learning dampened housing demand, but Fitch anticipates an increase in project financings and public private partnerships (PPPs) over the medium term as institutions look to expand housing and repurpose assets." Fitch Ratings Project Financings in U.S. Higher Education 183k 62% Report, October 2020 Traditional community bath- style beds within ACC markets, representing over 39% of existing on-campus housing. Win rate for P3 projects pursued and awarded in 2018- 2019. Source: Internal company data and public filings. 13#15COMPANY COMPETITIVE POSITION Next Gen-enhanced proprietary operating platform. ACC's proprietary operating platform created a significant core competency that will be enhanced with the implementation of our Next Gen business intelligence systems. Current Proprietary Platform Leasing а O Â Targeted Ads/ SEO Social Media University Relationships Brand Value Next Gen Enhancements -100% Digital Leasing - "Instant Leasing" Capabilities - Intelligent Marketing Campaigns - Enhanced Self-Service Customer Experience Operations/ Revenue Management Centralized Corporate Support Proprietary LAMS Systems Investment Decision Making اتا Analytics --- Business Intelligence - Dynamic & Perpetual Inventory Management - Enhanced Current Period Leasing - Automated Data Generation - 'Smart' Rate Setting Through Bl mi Portfolio Optimization Allows for the combined analysis of ACC's sector leading Market, Competitor, Leasing and Financial Data Warehouses in ways previously unobtainable allowing for unprecedented insights into the business. 14#16COMPANY COMPETITIVE POSITION Balance sheet positioned to weather disruption. The company benefits from broad access to capital, ample liquidity and limited near-term debt maturities. Balance Sheet Management Investment Grade Credit Profile • BBB negative / Baa2 stable². • Provides access to broadest set of capital options. • Consistent cash flows and credit statistics. Balance Sheet Liquidity (in millions)1 Revolver Capacity $1,000.0 Drawn to Date ($371.1) Available to Draw $628.9 Cash and Cash Equivalents Total $54.0 $682.9 Maintain a staggered debt maturity schedule Limited mortgage maturities in 2021. Broad access to capital ACC has raised $6.4 billion from dispositions, joint ventures and capital markets activity since the beginning of 2015. Access to GSE's and other secured debt provides flexibility Manageable development exposure with approximately 2% of gross assets in annual developments through 2023 $142 million development cost remaining to fund is covered by current liquidity. Debt Maturity Schedule¹ $1,000 Unsecured Notes ■On-Campus Participating Properties $900 Unsecured Term Loans Unsecured Revolving Credit Facility $800 ■Mortgage Loans $700 $600 $500 $200 $400 $800 $2 $400 $300 $371 $400 $200 $400 $400 $330 3 $100 $24 $132 $75 $26 $9 $8 $40 1. As of December 31, 2020. 2. A credit rating is not a recommendation to buy, sell, or hold securities and may be changed or withdrawn at any time. $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ 15 3. In February 2021, $24.0 million of on-campus participating property mortgage debt scheduled to mature in 2021 was refinanced, which extended the maturity to February 2028.#17FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES In addition to historical information, this presentation contains forward-looking statements under the applicable federal securities law. These statements are based on management's current expectations and assumptions regarding markets in which American Campus Communities operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 under the heading "Risk Factors" and under the heading "Business - Forward-looking Statements" and subsequent quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statements, including our expected 2021 operating results, whether as a result of new information, future events, or otherwise. This presentation contains certain financial information not derived in accordance with United States generally accepted accounting principles ("GAAP"). These items include earnings before interest, tax, depreciation and amortization ("EBITDA"), net operating income ("NOI"), funds from operations ("FFO") and FFO-Modified ("FFOM"). The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as 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. The Company presents FFO because it considers FFO an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. We also believe it is meaningful to present FFOM, which reflects certain adjustments related to the economic performance of its on-campus participating properties, impairment charges, losses on early extinguishment of debt related to property dispositions, and other non-cash charges. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of the Company's financial performance or cash flow from operating activities computed in accordance with GAAP as an indicator of its liquidity, nor are these measures indicative of funds available to fund its cash needs, including its 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. AMERICAN CAMPUS COMMUNITIES 16 The Summit | Philadelphia, PA Plaza on University | Orlando, FL