Housing for the Disney College Program:An ACE®

Housing for the Disney College Program: An ACE® Community June 2018 FORWARD-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, 2017 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 2018 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 to 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.

The Summit | Philadelphia, PA Plaza on University | Orlando, FL 1 Housing for Participants of the Disney College Program at the Walt Disney World ® Resort Disney College Program housing.

− ACC is negotiating with the Walt Disney World® Resort to develop an ACE® project for purpose-built housing for students participating in Disney Internships and Programs, including collectively the Disney College Program, Disney International Program and Disney Culinary Program, on land owned by a Disney subsidiary.

− Community to be located in close proximity to the Walt Disney World ® Resort outside of Orlando, FL, within Flamingo Crossings® Town Center with dedicated bus transportation providing access to all Walt Disney World ® parks and resorts.

− The highly competitive Disney Internships and Programs has over 70,000 annual applicants with a current acceptance rate of approximately 27%.

− ACC has entered into a non-binding Letter of Intent with the Walt Disney World® Resort. ACC does not yet have a binding agreement with the Walt Disney World® Resort, the terms of which are still being negotiated.

− If a binding agreement is reached, ACC will be the exclusive provider to design, build and own a new multi-building housing project replacing existing beds owned or master-leased by the Walt Disney World® Resort. Project will incorporate the Disney Education Center for program participants.

− Targeting a stabilized nominal yield of 6.8%.

2 An established program in high demand.

Living, Learning, Earning. – Paid internship within Disney programs – the Disney College Program, Disney International Program and Disney Culinary Program. – Participants work at the Walt Disney World ® Resort in a variety of operating roles. – College coursework available through the Disney Education Center – opportunity to earn credit hours (based upon participant’s college/university). – Participants must be actively enrolled at an accredited university (or have graduated within prior six-months). – Typical internships range from one semester to 12 months.

Internship program with high demand. – 70,000 applications annually with a current acceptance rate of only 27%. – Participation includes approximately 1,600 schools. – Demand for program participants (and related housing) at the Walt Disney World ® Resort has been steadily and consistently increasing.

Walt Disney World® Resort expansion1. – The opening of new lands in existing theme parks including Toy Story Land Area (planned to open Summer 2018) and Star Wars: Galaxy’s Edge Area (current planned to open late Fall 2019) in Disney’s Hollywood Studios®. – Ongoing planned and publicly announced expansion at the Walt Disney World ® Resort.

1. Star Wars: TM & © Lucasfilm LTD., All Rights Reserved. © Disney / Pixar 3 A long history of Disney College Program housing. The program has been a part of the Walt Disney World® Resort for almost 40-years.

Patterson Court apartments built as Program renamed the Walt Disney program grows (master leased by the World® College Program. Walt Disney World® Resort). Opening of Toy Story Land Area The Commons apartments built near (planned to open Summer 2018) and The Magic Kingdom College Vista Way, master leased by the Walt Star Wars: Galaxy’s Edge Area Program is established. Disney World® Resort for program (planned to open late Fall 2019)1. interns.

1981 1982 1989 1998 2002 2008 2017 2018/9 2023

Chatham Square apartments Opening of ACC Initial participants housed in constructed in same area, master Housing Community. Snow White Village, a mobile leased by the Walt Disney World® home park 15 miles from the The Walt Disney World® Resort Resort. Magic Kingdom® Park. developed Vista Way, a multi- family project to house program participants, approx. 5-10 miles Approximately 70,000 from the parks. annual applicants.

Disney negotiation with ACC to program, develop and own purpose-built housing for program participants.

Looking ahead to the American Campus Community.

– The Walt Disney World ® Resort working with American Campus Communities as the experienced developer with the expertise necessary to program, design and develop housing for program participants. A final definitive agreement has yet to be executed.

– Two development parcels within the Flamingo Crossings® Town Center.

– The Disney Education Center will be located within the community and provide unprecedented integration between participants, the community and the Walt Disney World® Resort.

– ACC-designed unit types offering a variety of configurations and price points that provide privacy and individuality for residents, even in shared bedroom accommodations.

– Amenities designed specifically to support participant lifestyles include two (2) 25,000 square foot amenity buildings with fitness/wellness centers, 4 resort-style swimming pools and ample indoor and outdoor meeting and event spaces.

– Convenient dedicated bus transportation provided to the Walt Disney World ® Resort properties where participants work.

5 Convenient location adjacent to the Walt Disney World® Resort.

MAGIC KINGDOM® Park

Flamingo Crossings® Town Center

EPCOT® Current Housing

Project DISNEY’S ANIMAL Sites KINGDOM® Theme Park DISNEY’S HOLLYWOOD STUDIOS®

6 Participant Housing Site Plan

Disney Education Center

7 Extending the program experience to housing. The Disney College Program provides an immersive experience at work and now at “home”.

Housing for program Participants at the Walt Disney World® Resort. – Housing featured on program website with Walt Disney World® Resort marketing assistance. – New purpose-built accommodations on land owned by a Disney subsidiary. – Differentiated product types with range of privacy options Four Bed / Two Bath Single Occupancy Unit Occupancy Single Bath Two / Four Bed and price points. – 50,000 sq. ft. of amenity space including 2 fitness/wellness centers, 4 pools and numerous indoor and outdoor event spaces. – 25,000-square-foot Disney Education Center on-site. – Both sites designed with transportation in mind: – Car parking available. – On-site dedicated bus lanes connected to campus- wide network. 24-hour security with controlled access. – Unit Occupancy Double Bath Two / Four Bed 8 ACE transaction structure.

If final negotiations with Walt Disney World® Resort are successfully concluded and a definitive agreement is executed, our agreement will be structured as an American Campus Equity (ACE ®) deal.

Critical Components of an ACE Transaction 75-Year Ground Lease  Full Rights of Ownership  Financing and Transfer Provisions  ACC Program Design and Product Development  ACC Construction Specifications and Methodology  ACC Managed  Access to Back – Up Market of WDW Cast Members 

9 5-year phased delivery.

Project is to be delivered over multiple phases with stabilization in 2024.

Estimated Funding Schedule Construction Scheduled First 12 Total Phase Start Occupancy Month Yield1 Project Costs2

Phase I Nov-18 May-20 4.7% $106.4 Phase II Aug-19 Aug-20

Phase III Oct-19 Jan-21 Phase IV Jan-20 May-21 7.5% $193.8 Phase V Jul-20 Aug-21

Phase VI Sep-20 Jan-22 Phase VII Dec-20 May-22 6.7% $191.6 Phase VIII Jun-21 Aug-22

Phase IX Aug-21 Jan-23 8.5% $123.4 Phase X Feb-22 May-23

Total 6.8% $615.1

1. Nominal cash flows and yields are after ground rent, and are representative of the first 12 operational months. Ex: Phase II, First 12 months includes Aug 2020 – July 2021 (start of operation through the following 12 months). 2. Total project costs ($ millions) by phase after reimbursement by the Walt Disney World® Resort for the education center of $8.5 million. Clubhouse costs are captured in the first phase of each respective building (East – 10 Phase I; West – Phase VI).