American Campus Communities, Inc. Announces Pricing of $400 Million 3.300 Percent Senior Unsecured Notes Due 2026

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 its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These seven-year notes were issued at 99.704 percent of par value with a coupon of 3.300 percent and are fully and unconditionally guaranteed by American Campus Communities, Inc. Interest on the notes is payable semi-annually on January 15 and July 15, with the first payment due and payable on January 15, 2020. The notes will mature on July 15, 2026. American Campus Communities Operating Partnership LP expects to use the net proceeds (after expenses) of approximately $394.3 million to repay borrowings under its revolving credit facility, to fund projects in its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for June 21, 2019, subject to the satisfaction of customary closing conditions.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Jefferies LLC and U.S. Bancorp Investments, Inc. are the Joint Book-Running Managers for the offering and BBVA Securities Inc., Capital One Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC and Sandler O’Neill & Partners, L.P. are the Co-Managers.

American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC”) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents that American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed with the SEC, including the prospectus supplement, for more complete information about American Campus Communities, Inc., American Campus Communities Operating Partnership LP and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, American Campus Communities, Inc., American Campus Communities Operating Partnership LP or any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting Deutsche Bank Securities Inc., toll free at 800-503-4611; J.P. Morgan Securities LLC, collect at 212-834-4533; or Wells Fargo Securities, LLC, toll free at 800-645-3751.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or other jurisdiction.

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, 2019, American Campus Communities owned 171 student housing properties containing approximately 109,400 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 133,700 beds

Forward-Looking Statements

In addition to historical information, this press release 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, Inc. (the "Company”) 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, 2018 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, whether as a result of new information, future events, or otherwise.

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