American Campus Communities, Inc. Announces Launch of Common Stock Offering

American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that it plans to sell 15,000,000 shares of its common stock in an underwritten public offering. The company also plans to grant the underwriters an option to purchase up to an additional 2,250,000 shares of common stock.

The company intends to use the net proceeds from the offering to fund the cash consideration payable in the previously announced acquisition from affiliates of Campus Acquisitions, LLC of a portfolio of 15 student housing properties. The company intends to use the remaining net proceeds to repay its current debt, including 100% of the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general corporate purposes.

BofA Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities and J.P. Morgan will serve as joint book-running managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the prospectus relating to the offering may be obtained by contacting BofA Merrill Lynch, 222 Broadway, 7th Floor, New York, New York 10038, Attn: Prospectus Department or email dg.prospectus_requests@baml.com; KeyBanc Capital Markets Inc., Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114, telephone: (216) 689-0421; Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, New York 10005-2836, telephone: (800) 503-4611 or email at prospectus.cpdg@db.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204.

About American Campus Communities

American Campus Communities, Inc. is the largest developer, owner and manager 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. American Campus Communities owns 124 student housing properties containing approximately 76,100 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 152 properties with approximately 99,500 beds.

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 Communities 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.

Contacts:

American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
Investor Relations
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