American Campus Communities, Inc. Provides Second Quarter Update

American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today released an interim leasing update for the 2015-2016 academic year in conjunction with REITWeek 2015: NAREIT’s Investor Forum®, which will begin on June 9, 2015, and provided an update on capital recycling activity.

Academic Year 2015-2016 Preleasing Update

As of June 5, 2015, the company’s same store wholly-owned portfolio was 93.3 percent applied for and 86.7 percent leased compared to 93.4 percent applied for and 85.8 percent leased for the same date prior year, with a 2.9 percent current projected rental rate increase over in-place rents. The company’s new wholly-owned properties are 75.0 percent leased bringing the total wholly-owned portfolio to 85.9 percent leased.

Capital Recycling Activity

In May, the company completed the sale of a seven property portfolio for $173.6 million. The sale included the defeasance of $18.1 million in secured mortgage debt. With this transaction, the company has reached the high-end of the 2015 disposition guidance of $230.7 million. The seven non-core assets contain 5,096 beds, average 1.1 miles from their respective campuses and average over eighteen years old. The portfolio was sold at an average economic cap rate of 6.5 percent based on in-place rental revenue, escalated trailing-12 other income and operating expenses, and portfolio average capital reserves.

Year-to-date, when including the January closing of the final assets in the 2014 disposition package, the company has completed the disposition of 17 non-core assets for a total sales price of $404.6 million and an average economic cap rate of 6.3 percent. The proceeds from these dispositions are being recycled into the company’s $313.7 million high yielding 2015 development pipeline and $165.3 million of core acquisitions completed year-to-date. This represents a significant improvement in portfolio quality as the 17 disposition properties average 1.3 miles from their respective campuses and an average age of over 15 years, while the core pedestrian growth assets average 0.1 miles from their respective campuses and an average age of only one year.

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 March 31, 2015, American Campus Communities owned 164 student housing properties containing approximately 100,000 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 203 properties with approximately 130,100 beds. Visit www.americancampus.com.

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American Campus Communities, Inc.Ryan Dennison, 512-732-1000Investor Relations