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American Campus Communities Inc. – ‘8-K’ for 4/19/21 – ‘EX-99.2’

On:  Monday, 4/19/21, at 6:47pm ET   ·   As of:  4/20/21   ·   For:  4/19/21   ·   Accession #:  1283630-21-73   ·   File #:  1-32265

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/20/21  American Campus Communities Inc.  8-K:2,7     4/19/21   14:5.2M

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     28K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    125K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML     62K 
10: R1          Cover                                               HTML     48K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
 9: XML         XBRL Instance -- acc-20210419_htm                    XML     22K 
11: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.CAL  XBRL Calculations -- acc-20210419_cal                XML      7K 
 6: EX-101.DEF  XBRL Definitions -- acc-20210419_def                 XML      9K 
 7: EX-101.LAB  XBRL Labels -- acc-20210419_lab                      XML     71K 
 8: EX-101.PRE  XBRL Presentations -- acc-20210419_pre               XML     35K 
 4: EX-101.SCH  XBRL Schema -- acc-20210419                          XSD     12K 
13: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    18K 
14: ZIP         XBRL Zipped Folder -- 0001283630-21-000073-xbrl      Zip     48K

‘EX-99.2’   —   Miscellaneous Exhibit

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C: 
  ex992-q12021supplemental  
Financial Highlights S-1 Consolidated Balance Sheets S-2 Consolidated Statements of Comprehensive Income S-3 Consolidated Statements of Funds from Operations S-4 Owned Properties Results of Operations S-5 Same Store Owned Properties Operating Expenses S-6 Seasonality of Operations S-7 Owned Development Update S-8 Third-Party Development Update S-9 Management Services Update S-10 Capital Structure S-11 Interest Coverage S-12 Capital Allocation – Long Term Funding Plan (2021-2023) S-13 Outlook - Summary (Q1 and Q2 2021) S-14 Outlook - Detail (Q1 and Q2 2021) S-15 Detail of Property Groupings S-16 Definitions S-17 Investor Information S-19 Table of Contents Q1 Supplemental Package April 19, 2021

 
Financial Highlights ($ in thousands, except share and per share data) S-1 Operating Data Three Months Ended March 31, 2021 2020 $ Change % Change Total revenues $ 232,722 $ 249,404 $ (16,682) (6.7%) Operating income 46,401 115,486 (69,085) (59.8%) Net income attributable to ACC 15,618 80,855 (65,237) (80.7%) Net income per share - basic and diluted 0.11 0.58 Funds From Operations ("FFO") 1 81,161 95,935 (14,774) (15.4%) FFO per share - diluted 1 0.58 0.69 (0.11) (15.9%) Funds From Operations - Modified ("FFOM") 1 79,464 98,662 (19,198) (19.5%) FFOM per share - diluted 1 0.57 0.70 (0.13) (18.6%) Market Capitalization and Unsecured Notes Covenants 2 March 31, 2021 December 31, 2020 Debt to total market capitalization 38.0% 37.8% Net debt to EBITDA 3 8.9x 8.3x Unencumbered asset value to total asset value 86.8% 86.5% Total debt to total asset value 41.9% 41.2% Secured debt to total asset value 7.2% 7.4% Unencumbered asset value to unsecured debt 250.0% 255.3% Interest coverage 3 3.3x 3.5x 1. Refer to page S-4 for a reconciliation to net income, the most directly comparable GAAP measure. 2. Refer to the definitions outlined on pages S-17 and S-18 for detailed definitions of terms appearing on this page. 3. Refer to calculations on page S-12, including a reconciliation to net income and interest expense, the most directly comparable GAAP measures.

 
Consolidated Balance Sheets ($ in thousands) S-2 March 31, 2021 December 31, 2020 (unaudited) Assets Investments in real estate Owned properties, net $ 6,713,529 $ 6,721,744 On-campus participating properties, net 67,445 69,281 Investments in real estate, net 6,780,974 6,791,025 Cash and cash equivalents 41,111 54,017 Restricted cash 24,118 19,955 Student contracts receivable, net 13,642 11,090 Operating lease right of use assets 1 456,860 457,573 Other assets 1 202,003 197,500 Total assets $ 7,518,708 $ 7,531,160 Liabilities and equity Liabilities Secured mortgage and bond debt, net $ 634,406 $ 646,827 Unsecured notes, net 2,376,527 2,375,603 Unsecured term loans, net 199,560 199,473 Unsecured revolving credit facility 462,500 371,100 Accounts payable and accrued expenses 58,232 85,070 Operating lease liabilities 2 490,582 486,631 Other liabilities 2 163,408 185,352 Total liabilities 4,385,215 4,350,056 Redeemable noncontrolling interests 24,754 24,567 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,378 1,375 Additional paid in capital 4,472,867 4,472,170 Common stock held in rabbi trust (4,326) (3,951) Accumulated earnings and dividends (1,382,492) (1,332,689) Accumulated other comprehensive loss (20,259) (22,777) Total American Campus Communities, Inc. and 3,067,168 3,114,128 Subsidiaries stockholders' equity Noncontrolling interests - partially owned properties 41,571 42,409 Total equity 3,108,739 3,156,537 Total liabilities and equity $ 7,518,708 $ 7,531,160 1. For purposes of calculating net asset value ("NAV") at March 31, 2021, the company excludes other assets of approximately $2.2 million related to net deferred financing costs on its revolving credit facility and the net value of in-place leases, as well as operating lease right of use assets disclosed above. 2. For purposes of calculating NAV at March 31, 2021, the company excludes other liabilities of approximately $46.7 million related to deferred revenue and fee income, as well as operating lease liabilities disclosed above.

 
Consolidated Statements of Comprehensive Income (Unaudited, $ in thousands, except share and per share data) S-3 Three Months Ended March 31, 2021 2020 $ Change Revenues Owned properties 1 $ 218,444 $ 232,811 $ (14,367) On-campus participating properties 8,958 10,709 (1,751) Third-party development services 1,959 2,055 (96) Third-party management services 3,361 3,829 (468) Total revenues 232,722 249,404 (16,682) Operating expenses (income) Owned properties 93,991 92,474 1,517 On-campus participating properties 3,290 3,366 (76) Third-party development and management services 5,387 6,207 (820) General and administrative 2 12,328 10,158 2,170 Depreciation and amortization 68,117 66,169 1,948 Ground/facility leases 3,208 4,069 (861) Gain from disposition of real estate — (48,525) 48,525 Total operating expenses 186,321 133,918 52,403 Operating income 46,401 115,486 (69,085) Nonoperating income (expenses) Interest income 220 851 (631) Interest expense (28,977) (27,783) (1,194) Amortization of deferred financing costs (1,319) (1,287) (32) Loss from extinguishment of debt 3 — (4,827) 4,827 Total nonoperating expenses (30,076) (33,046) 2,970 Income before income taxes 16,325 82,440 (66,115) Income tax provision (340) (379) 39 Net income 15,985 82,061 (66,076) Net income attributable to noncontrolling interests (367) (1,206) 839 Net income attributable to ACC, Inc. and $ 15,618 $ 80,855 $ (65,237) Subsidiaries common stockholders Other comprehensive income (loss) Change in fair value of interest rate swaps and other 2,518 (9,801) 12,319 Comprehensive income $ 18,136 $ 71,054 $ (52,918) Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders Basic and Diluted $ 0.11 $ 0.58 Weighted-average common shares outstanding Basic 137,711,965 137,477,169 Diluted 139,008,642 138,587,513 1. Refer to page S-5 for more detail regarding the impact of the COVID-19 pandemic on revenues for our same store portfolio. 2. The three months ended March 31, 2021 include an estimated $1.2 million related to the anticipated settlement of a litigation matter, $0.9 million in consulting, legal and other related costs incurred in relation to stockholder engagement activities in preparation for the company's 2021 annual stockholders' meeting, and $0.5 million in accelerated amortization of unvested restricted stock awards due to the pending retirement of the company's President in August 2021. The three months ended March 31, 2020 include $1.1 million related to the settlement of a litigation matter. 3. The three months ended March 31, 2020 amount represents the loss associated with the January 2020 redemption of the company's $400 million 3.35% Senior Notes originally scheduled to mature in October 2020.

 
Consolidated Statements of Funds from Operations ("FFO") (Unaudited, $ in thousands, except share and per share data) S-4 1. Represents depreciation on corporate assets not added back for purposes of calculating FFO. 2. 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures which is included in ground/ facility leases expense in the accompanying consolidated statements of comprehensive income. 3. The three months ended March 31, 2020 amount represents the loss associated with the January 2020 redemption of the company's $400 million 3.35% Senior Notes originally scheduled to mature in October 2020. 4. Represents expenses associated with the actual or estimated settlements of litigation matters that are included in general and administrative expenses in the accompanying consolidated statements of comprehensive income. 5. Represents consulting, legal, and other related costs incurred in relation to stockholder engagement activities in preparation for the company’s 2021 annual stockholders' meeting. 6. Represents accelerated amortization of unvested restricted stock awards due to the pending retirement of the company's President in August 2021. Three Months Ended March 31, 2021 2020 $ Change Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 15,618 $ 80,855 $ (65,237) Noncontrolling interests' share of net income 367 1,206 (839) Joint Venture ("JV") partners' share of FFO JV partners' share of net income (300) (916) 616 JV partners' share of depreciation and amortization (1,892) (1,965) 73 (2,192) (2,881) 689 Gain from disposition of real estate — (48,525) 48,525 Total depreciation and amortization 68,117 66,169 1,948 Corporate depreciation 1 (749) (889) 140 FFO attributable to common stockholders and OP unitholders 81,161 95,935 (14,774) Elimination of operations of on-campus participating properties ("OCPPs") Net income from OCPPs (2,954) (3,706) 752 Amortization of investment in OCPPs (2,042) (2,037) (5) 76,165 90,192 (14,027) Modifications to reflect operational performance of OCPPs Our share of net cashflow 2 139 860 (721) Management fees and other 508 583 (75) Contribution from OCPPs 647 1,443 (796) Elimination of loss from extinguishment of debt 3 — 4,827 (4,827) Elimination of litigation settlement expense 4 1,200 1,100 100 Stockholder engagement and other proxy advisory costs 5 914 — 914 Executive retirement charges 6 538 — 538 Funds from operations-modified ("FFOM") attributable to $ 79,464 $ 97,562 $ (18,098) common stockholders and OP unitholders FFO per share - diluted $ 0.58 $ 0.69 FFOM per share - diluted $ 0.57 $ 0.70 Weighted-average common shares outstanding - diluted 139,512,359 139,091,230

 
Owned Properties Results of Operations 1 ($ in thousands) S-5 Three Months Ended March 31, 2021 2020 $ Change % Change Owned properties revenues Same store properties 2 $ 215,132 $ 229,921 $ (14,789) (6.4%) New properties 3,312 189 3,123 Sold properties and other 3 — 2,701 (2,701) Total revenues $ 218,444 $ 232,811 $ (14,367) (6.2%) Owned properties operating expenses Same store properties 4 $ 91,516 $ 91,065 $ 451 0.5% New properties 2,404 339 2,065 Sold properties and other 3 71 1,070 (999) Total operating expenses $ 93,991 $ 92,474 $ 1,517 1.6% Owned properties net operating income Same store properties $ 123,616 $ 138,856 $ (15,240) (11.0%) New properties 908 (150) 1,058 Sold properties and other 3 (71) 1,631 (1,702) Total net operating income $ 124,453 $ 140,337 $ (15,884) (11.3%) 1. Refer to page S-16 for detail of our store groupings. 2. The most significant impacts to our same store property revenues resulting from COVID-19 are as follows: – Approximately $1.3 million in rent refunds was provided to tenants at our on-campus ACE properties during the three months ended March 31, 2021, which was offset by $0.5 million of reimbursements from University partners to assist in the financial impacts of dedensification requirements. – Approximately $0.8 million in rent was forgiven during the three months ended March 31, 2021 as part of our Resident Hardship Program for residents and families at our same store properties who experienced financial hardship due to COVID-19. 3. Includes one property sold in 2020, as well as professional fees related to the operation of consolidated joint ventures that are included in owned properties operating expenses in the accompanying consolidated statements of comprehensive income (refer to page S-3). Does not include the allocation of payroll and other administrative costs related to corporate management and oversight. 4. Refer to page S-6 for detail of same store operating expenses.

 
Same Store Owned Properties Operating Expenses 1 2 ($ in thousands, except per bed amounts) S-6 Three Months Ended March 31, 2021 2020 Total Per Bed $ Change From Prior Year % Change From Prior Year % of Total Operating Expenses Total Per Bed % of Total Operating Expenses Property taxes $ 22,666 $ 238 $ 582 2.6% 25% $ 22,084 $ 232 24% Utilities 18,703 196 (200) (1.1%) 20% 18,903 198 21% General & administrative and other 18,233 191 (1,714) (8.6%) 20% 19,947 209 22% Payroll 17,986 189 (100) (0.6%) 20% 18,086 190 20% Repairs and maintenance 7,444 78 1,641 28.3% 8% 5,803 61 6% Marketing 3,427 36 (296) (8.0%) 4% 3,723 39 4% Insurance 3,057 32 538 21.4% 3% 2,519 26 3% Total same store owned operating expenses $ 91,516 $ 960 $ 451 0.5% 100% $ 91,065 $ 955 100% Same store owned beds 95,351 1. Refer to the definition of operating expenses on page S-18 for a detailed description of items included in the various expense categories. 2. Refer to page S-16 for detail of our same store groupings.

 
Seasonality of Operations 1 ($ in thousands, except per bed amounts) S-7 Three Months Ended Total/Weighted Average- March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Last 12 Months 2021 Same Store Properties Average number of owned beds 95,351 95,351 95,351 95,351 95,351 95,351 Average physical occupancy for the quarter 97.0% 85.0% 84.6% 90.5% 90.3% 87.6% Rental revenue per occupied bed per month 2 $ 787 $ 711 $ 745 $ 786 $ 786 $ 758 Rental revenue $ 218,361 $ 172,900 $ 180,243 $ 203,449 $ 203,038 $ 759,630 Other income 3 11,560 4,491 10,906 11,272 12,094 38,763 Total revenue $ 229,921 $ 177,391 $ 191,149 $ 214,721 $ 215,132 $ 798,393 Property operating expenses 91,065 84,890 104,487 91,290 91,516 372,183 Net operating income $ 138,856 $ 92,501 $ 86,662 $ 123,431 $ 123,616 $ 426,210 Operating margin 60.4% 52.1% 45.3% 57.5% 57.5% 53.4% 2021 New Properties Average number of owned beds — 519 1,863 2,483 3,467 2,083 Average physical occupancy for the quarter —% 1.0% 13.6% 14.6% 14.6% 13.5% Rental revenue per occupied bed per month 2 $ — $ 450 $ 1,388 $ 1,198 $ 1,339 $ 1,301 Rental revenue $ — $ 7 $ 1,055 $ 1,303 $ 2,033 $ 4,398 Other income 3 189 90 128 2,044 1,279 3,541 Total revenue $ 189 $ 97 $ 1,183 $ 3,347 $ 3,312 $ 7,939 Property operating expenses 339 811 1,849 2,342 2,404 7,406 Net operating (loss) income $ (150) $ (714) $ (666) $ 1,005 $ 908 $ 533 Operating margin (79.4%) (736.1%) (56.3%) 30.0% 27.4% 6.7% ALL PROPERTIES Average number of owned beds 95,351 95,870 97,214 97,834 98,818 97,434 Average physical occupancy for the quarter 97.0% 84.6% 83.2% 88.6% 87.6% 86.0% Rental revenue per occupied bed per month 2 $ 787 $ 711 $ 747 $ 787 $ 790 $ 760 Rental revenue $ 218,361 $ 172,907 $ 181,298 $ 204,752 $ 205,071 $ 764,028 Other income 3 11,749 4,581 11,034 13,316 13,373 42,304 Total revenue $ 230,110 $ 177,488 $ 192,332 $ 218,068 $ 218,444 $ 806,332 Property operating expenses 91,404 85,701 106,336 93,632 93,920 379,589 Net operating income $ 138,706 $ 91,787 $ 85,996 $ 124,436 $ 124,524 $ 426,743 Operating margin 60.3% 51.7% 44.7% 57.1% 57.0% 52.9% Sold properties and other 4 Total revenue $ 2,701 $ — $ — $ — $ — $ — Property operating expenses 1,070 48 182 81 71 382 Net operating income (loss) $ 1,631 $ (48) $ (182) $ (81) $ (71) $ (382) 1. Refer to page S-16 for detail of our store groupings. 2. Rental revenue per occupied bed per month is calculated based upon our net student rental revenue earned during the respective quarter divided by average monthly occupied beds over the periods presented. 3. Other income is all income other than net student rent. This includes, but is not limited to, utility income, damages, parking income, summer conference rent, application and administration fees, income from retail tenants, and the provision for uncollectible accounts. 4. Includes properties sold during the periods presented and costs related to the operation of consolidated joint ventures as noted on page S-5.

 
Owned Development Update ($ in thousands) S-8 1. In certain instances at ACE properties, the company agrees to construct spaces within the property that will ultimately be owned, managed, and funded by the universities or ground lessors. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. Total and Estimated Project Cost excludes the costs of the construction of such facilities, as they will be reimbursed by the ground lessors. 2. Does not include land parcels in eleven markets totaling $77.6 million. 3. Includes $347.4 million in construction in progress ("CIP") and excludes $4.7 million of CIP balances related to ongoing renovation projects at operating properties. Total consolidated CIP as of March 31, 2021 was $352.1 million. 4. Phase IV, with estimated project costs of $84.5 million and 1,521 beds, is scheduled for occupancy in May 2021. Phase V, with estimated project costs of $51.5 million and 864 beds, is scheduled for occupancy in August 2021. 5. Phase VI, with estimated project costs of $61.3 million and 867 beds, is scheduled for occupancy in January 2022. Phase VII, with estimated project costs of $90.3 million and 1,632 beds, is scheduled for occupancy in May 2022. Phase VIII, with estimated project costs of $41.4 million and 736 beds, is scheduled for occupancy in August 2022. 6. Phase IX, with estimated project costs of $81.5 million and 1,473 beds, is scheduled for occupancy in January 2023. Phase X, with estimated project costs of $41.2 million and 736 beds, is scheduled for occupancy in May 2023. RECENTLY COMPLETED PROJECTS Project Location Primary University / Market Served Project Type Beds Total Project Cost 1 Construction Completed Disney College Program Phase III Orlando, FL Walt Disney World® Resort ACE 984 $ 54,400 January 2021 OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION 2 Project Location Primary University / Market Served Project Type Beds Estimated Project Cost 1 Total Costs Incurred as of March 31, 2021 3 Scheduled Completion Disney College Program Phases IV-V 4 Orlando, FL Walt Disney World® Resort ACE 2,385 $ 136,000 $ 132,851 May & Aug 2021 Disney College Program Phases VI-VIII 5 Orlando, FL Walt Disney World® Resort ACE 3,235 193,000 147,834 Jan, May & Aug 2022 Disney College Program Phases IX-X 6 Orlando, FL Walt Disney World® Resort ACE 2,209 122,700 69,653 Jan & May 2023 7,829 $ 451,700 $ 350,338

 
Third-Party Development Update ($ in thousands) S-9 Three Months Ended March 31, 2021 2020 $ Change Development services revenue1 $ 1,959 $ 2,055 $ (96) % of total revenue 0.8% 0.8% 1. The three months ended March 31, 2021 and 2020 amounts include $0.4 million of construction savings revenue related to one project delivered in Fall 2020 and $0.7 million of construction savings revenue related to one project delivered in Fall 2019, respectively. 2. These awards relate to speculative development projects that are subject to final determination of feasibility, negotiation, final award, procurement rules and other applicable law, execution and closing of definitive agreements on terms acceptable to the company, and fluctuations in the construction and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions. Anticipated commencement and targeted completion dates for certain projects have been delayed due to disruption associated with COVID-19. 3. These projects include multiple phases to be completed over several years. The full scope, transaction structure, feasibility, fees, and timing will be negotiated. CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Beds Total Fees Fees Earned as of March 31, 2021 Fees Earned in Current Year Remaining Fees as of March 31, 2021 Scheduled Completion University of California - Riverside North District Phase I Riverside, CA University of California, Riverside 1,502 $ 6,700 $ 5,460 $ 568 $ 1,240 September 2021 Georgetown University - Capitol Campus Housing Washington, D.C. Georgetown University 476 3,000 1,900 149 1,100 August 2022 Concordia University Phase II Austin, Texas Concordia University 235 1,300 780 780 520 August 2022 2,213 $ 11,000 $ 8,140 $ 1,497 $ 2,860 ON-CAMPUS AWARD PIPELINE 2 Project Location Anticipated Financing Structure Anticipated Commencement Targeted Completion Estimated Fees Upper Hearst Development for the Goldman School of Public Policy Berkeley, CA Third-party 2021 / 2022 Summer 2023 / 2024 $3,000 University of California Irvine Phase V Irvine, CA Third-party 2021 / 2022 Summer 2023 / 2024 $5,200 Princeton University Lake Campus Graduate Housing Princeton, NJ Third-party Q4 2021 / Q1 2022 Fall 2023 $6,000 Drexel University - Kelly Hall Renovation Philadelphia, PA Third-party Q4 2021 / Q1 2022 Fall 2023 $1,800 MIT Family & Graduate Housing Cambridge, MA ACE Q1 2022 Fall 2024 N/A Northeastern University - Phase II Boston, MA ACE Q1 / Q2 2022 Fall 2024 N/A University of California Berkeley Master Development - Phase I Berkeley, CA ACE 2022 Fall 2024 N/A University of California Berkeley Master Development - Future Phases3 Berkeley, CA TBD TBD TBD TBD University of California Riverside Master Development 3 Riverside, CA Third-party TBD TBD TBD West Virginia University Master Development 3 Morgantown, WV TBD TBD TBD TBD Virginia Commonwealth University (Honors College) Richmond, VA TBD TBD TBD TBD

 
Management Services Update ($ in thousands) S-10 Three Months Ended March 31, 2021 2020 $ Change Management services revenue $ 3,361 $ 3,829 $ (468) % of total revenue 1.4% 1.5% NEW / PENDING MANAGEMENT CONTRACTS Project Location Primary University / Market Served Approximate Beds Stabilized Annual Fees 1 Actual or Anticipated Commencement Granville Towers Chapel Hill, NC University of North Carolina, Chapel Hill 1,315 $ 490 February 2021 University of California - Riverside North District Phase I Riverside, CA University of California, Riverside 1,502 540 September 2021 Georgetown University - Capitol Campus Housing Washington, D.C. Georgetown University 476 400 September 2022 3,293 $ 1,430 DISCONTINUED MANAGEMENT CONTRACTS Project Location Primary University / Market Served Beds 2021 Fee Contribution Prior to Termination Discontinued As Of Garden Village Berkeley, CA University of California, Berkeley 236 $ 50 April 2021 Independence Place Columbus, GA Columbus State University 555 80 June 2021 791 $ 130 1. Stabilized annual fees are dependent upon the achievement of normalized occupancy levels.

 
1. Refer to the definitions outlined on pages S-17 and S-18 for detailed definitions of terms appearing on this page. 2. Excludes net unamortized debt premiums related to mortgage loans assumed in connection with acquisitions of $1.3 million, unamortized original issue discount on unsecured notes of $5.6 million, and unamortized deferred financing costs of $19.6 million. 3. Based on share price of $43.17 and fully diluted share count of 139,585,183 as of March 31, 2021. Assumes conversion of 503,717 common and preferred Operating Partnership units and 1,215,674 unvested restricted stock awards. 4. Refer to calculations on page S-12, including a reconciliation to net income and interest expense, the most directly comparable GAAP measures. 5. Excludes accumulated depreciation of $1.8 billion, receivables and intangible assets, net of accumulated amortization, of $72.1 million, and lease-related right of use assets of $456.9 million. 6. Includes $330.0 million of mortgage debt related to the ACC / Allianz joint venture of which the company has a 55% interest. 7. Including the amortization of net debt premiums related to mortgage loans assumed in connection with property acquisitions, the effective interest rate for fixed rate mortgage loans is 4.0%. 8. The company's variable rate debt consists of the unsecured revolving credit facility and $1.8 million of mortgage debt at one of our on-campus participating properties. Capital Structure as of March 31, 2021 1 ($ in millions, except per share data) S-11 Market Capitalization & Unsecured Notes Covenants Debt Maturity Schedule Total Debt 2 $ 3,697 Total Equity Market Value 3 6,026 Total Market Capitalization 9,723 Debt to Total Market Capitalization 38.0% Net Debt to EBITDA 4 8.9x Total Asset Value 5 $ 8,820 Unencumbered Asset Value 7,658 Unencumbered Asset Value to Total Asset Value 86.8% Requirement Current Ratio Total Debt to Total Asset Value ≤ 60% 41.9% Secured Debt to Total Asset Value ≤ 40% 7.2% Unencumbered Asset Value to Unsecured Debt > 150% 250.0% Interest Coverage 4 > 1.5x 3.3x Principal Outstanding ² Weighted Average Interest Rate Average Term To Maturity Mortgage Loans 6 $ 552 4.2% 7 5.2 Yrs Unsecured Revolving Credit Facility 463 1.3% 1.0 Yrs Unsecured Term Loan 200 2.5% 1.2 Yrs Unsecured Notes 2,400 3.7% 6.0 Yrs On-Campus Participating Properties 82 4.3% 14.5 Yrs Total/Weighted Average $ 3,697 3.4% 5.2 Yrs Variable Rate Debt as % of Total Debt 8 12.6% Weighted Average Interest Rate Of Debt Maturing Each Year Fixed Rate Debt 4.8% 2.7% 3.8% 4.2% N/A 3.7% 3.6% 4.1% N/A 3.4% Total Debt 4.8% 1.8% 3.8% 4.2% 7.6% 3.7% 3.6% 4.0% N/A 3.4%

 
Interest Coverage 1 ($ in thousands) S-12 Three Months Ended June 30, September 30, December 31, March 31, Last Twelve 2020 2020 2020 2021 Months Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (13,344) $ (19,515) $ 24,807 $ 15,618 $ 7,566 Net (loss) income attributable to noncontrolling interests (2,078) (1,909) (174) 367 (3,794) Interest expense 27,168 29,056 28,500 28,977 113,701 Income tax provision 381 373 216 340 1,310 Depreciation and amortization 66,441 67,369 67,724 68,117 269,651 Amortization of deferred financing costs 1,255 1,349 1,368 1,319 5,291 Share-based compensation 4,439 3,502 3,495 5,148 16,584 Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") $ 84,262 $ 80,225 $ 125,936 $ 119,886 $ 410,309 Pro-forma adjustments to EBITDA 2 691 Adjusted EBITDA $ 411,000 Interest expense from consolidated statement of comprehensive income $ 27,168 $ 29,056 $ 28,500 $ 28,977 $ 113,701 Amortization of mortgage debt premiums/discounts 1,000 1,000 1,317 395 3,712 Capitalized interest 3,396 2,833 2,654 2,532 11,415 Change in accrued interest payable (3,638) (322) (6,761) 9,248 (1,473) Cash Interest Expense $ 27,926 $ 32,567 $ 25,710 $ 41,152 $ 127,355 Pro-forma adjustments to Cash Interest Expense 2 (899) Adjusted Interest Expense $ 126,456 Interest Coverage 3.3x 1. Refer to pages S-17 and S-18 for detailed definitions of terms appearing on this page. 2. Adjustment to reflect all acquisitions, development deliveries, dispositions, debt repayments, and debt refinancings as if such transactions had occurred on the first day of the 12 month period presented.

 
Capital Allocation – Long Term Funding Plan (2021-2023) ($ in millions) S-13 Sources and Uses for Development - As of March 31, 2021 Estimated Project Total Costs Remaining Estimated Capital Uses1: Cost Incurred Capital Needs Disney Internships & College Program Housing Phases IV-V (2021 deliveries) $ 136 $ 133 $ 3 Phases VI-VIII (2022 deliveries) 193 148 45 Phases IX-X (2023 deliveries) 123 70 53 Total $ 452 $ 351 $ 101 Estimated Sources through 2023: Capital Sources Cash and Cash Equivalents as of March 31, 2021 $ 41 Estimated Cash Flow Available for Investment - through 2023 2 186 Anticipated Debt (Repayment) / Funding - through 2023 3 (503) to (303) Anticipated Capital Recycling and/or Equity Funding - through 2023 3 377 to 177 Total $ 101 Selected Credit Metrics 4 Credit Metric: March 31, 2021 Pro Forma 5 Total Debt to Total Asset Value 41.9% 36.0% - 39.0% Net Debt to EBITDA 6 8.9x 5.8x - 6.2x Note: This analysis demonstrates the anticipated funding mix for the developments currently committed, underway, or with expected starts in the current year. As future developments commence, they are expected to be funded via additional dispositions, joint ventures, free cash available for investment, and/or capital market transactions. Due to the negative impacts of COVID-19 on the available cash flow for investment in 2020 per footnote 2 below, the Estimated Cash Flow Available for Investment through 2023 assumes available cash flow in 2021 is consistent with levels experienced in 2020, followed by a gradual recovery to fully normalized levels by 2023. For purposes of calculating the pro forma Net Debt to EBITDA ratio, EBITDA has been normalized for the COVID-19 related impacts on revenue and operating expenses and assumes the original underwritten EBITDA for the development properties delivered in 2020 and beyond. 1. Includes owned development projects under construction and management’s Estimated Project Cost for future development deliveries that are expected to commence construction during the current year, as disclosed on page S-8. 2. Available cash flow is derived from disclosures in our 2020 Form 10-K and is calculated as net cash provided by operating activities of $351.1 million, excluding changes in working capital of $40.9 million plus interest rate swap related items of $1.7 million, less dividend payments of $260.8 million, less principal payments on debt of $11.9 million, less recurring capital expenditures of $20.8 million. This calculation results in available cash flow for investment in 2020 of $15.0 million. The global disruption associated with the COVID-19 pandemic could have a material impact on the company's future cash flows and liquidity position, the magnitude of which is uncertain. Therefore, no assurances can be made that future cash flows will be consistent with historical levels or will return to normalized levels as assumed for purposes of the analysis above. 3. Reflects the company's current anticipated capital sources to fund committed developments through 2023. The actual mix of capital sources may vary based on prevailing capital market conditions and the company's balance sheet management strategy. 4. Refer to definitions outlined on pages S-17 and S-18 for detailed definitions of terms appearing on this page. 5. Ratios represent the pro forma impact of development deliveries and funding alternatives assumed in the Sources and Uses table. The lower end of the pro forma leverage ranges assumes remaining capital needs in excess of debt are funded with equity, while the higher end assumes remaining needs in excess of debt are funded with dispositions. Actual ratios will vary based on the timing of construction funding, future cash flow available for investment, and the ultimate mix of sources from debt, equity, joint ventures, or dispositions. 6. Refer to page S-12 for a reconciliation of EBITDA to net income, the most directly comparable GAAP measure.

 
Outlook - Summary (Q1 and Q2 2021) 1 ($ in thousands, except share and per share data) Q1 2021 Guidance Q2 2021 Guidance Low High Low High Net income (loss) $ 12,400 $ 15,600 $ (19,300) $ (14,500) Noncontrolling interests' share of net income (loss) 300 300 (1,400) (1,400) Joint Venture ("JV") partners' share of FFO JV partners' share of net (income) loss (300) (300) 1,500 1,500 JV partners' share of depreciation and amortization (1,900) (1,900) (1,900) (1,900) (2,200) (2,200) (400) (400) Total depreciation and amortization 67,800 67,800 68,500 68,500 Corporate depreciation (800) (800) (700) (700) FFO 77,500 80,700 46,700 51,500 Elimination of operations from on-campus participating properties ("OCPP") (4,800) (4,800) (200) (200) Contribution from OCPPs 1,100 1,100 900 900 Stockholder engagement and other proxy advisory costs 2 900 900 — — Executive retirement charges 3 — — 1,300 1,300 Funds from operations - modified ("FFOM") $ 74,700 $ 77,900 $ 48,700 $ 53,500 Net income per share - diluted $ 0.09 $ 0.11 $ (0.14) $ (0.10) FFO per share - diluted $ 0.56 $ 0.58 $ 0.33 $ 0.37 FFOM per share - diluted $ 0.54 $ 0.56 $ 0.35 $ 0.38 Weighted-average common shares outstanding - diluted 139,576,200 139,576,200 139,651,100 139,651,100 1. The company believes that the financial results for the three months ended June 30, 2021 may be affected by a number of factors, many of which are directly related to the ongoing financial impacts associated with COVID-19. Such factors include: • national and regional economic trends and events; • the level of lease terminations, rent refunds, and/or abatements granted to student and commercial tenants; • economic hardship experienced by student and commercial tenants and its ultimate effect on rent collections and thus the provision for uncollectible accounts; • canceled or delayed third-party development projects; • reduced revenues at our third-party managed properties resulting in reduced third-party management fee income; • the impact of any stimulus payments that may be received by the company, our tenants, and/or our University partners under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and any future similar governmental actions; • any increase in, or reduction to, operating expenses as a result of COVID-19; • the amount of summer camps and conference revenue earned, if any; • the amount of leasing and related fees earned for the 2021-2022 academic year, which are affected by the timing and velocity of the company’s leasing process; • the timing and amount of any acquisitions, dispositions or joint venture activity; • interest rate risk; • the timing of commencement and completion of construction on owned development projects; • university enrollment, funding and policy trends; • the amount of income recognized by the taxable REIT subsidiaries and any corresponding income tax expense; • the outcome of legal proceedings arising in the normal course of business; and • the finalization of property tax rates and assessed values in certain jurisdictions. 2. Represents consulting, legal, and other related costs incurred in relation to stockholder engagement activities in preparation for the company’s 2021 annual stockholders' meeting. 3. Represents accelerated amortization of unvested restricted stock awards due to the pending retirement of the company's President in August 2021. S-14

 
1. Refer to page S-16 for detail of the 2021 same store and new property groupings. Outlook - Detail (Q1 and Q2 2021) ($ in thousands, except share and per share data) FFOM Guidance As Reported Q1 2021 Guidance Q2 2021 Guidance Assumptions & Other Three months ended March 31, 2021 Three months ended March 31, 2021 Three Months Ended June 30, 2021 Low High Low High Owned properties ¹ 2021 same store properties Same store revenue $ 215,132 $ 212,500 $ 214,400 $ 187,200 $ 190,200 % growth (6.4) % (7.6) % (6.8) % 5.6 % 7.2 % Same store operating expenses (91,516) (92,000) (91,100) (92,300) (91,400) % growth 0.5 % 1.0 % — % 8.8 % 7.7 % Same store net operating income ("NOI") $ 123,616 $ 120,500 $ 123,300 $ 94,900 $ 98,800 % growth (11.0) % (13.2) % (11.2) % 2.6 % 6.8 % 2021 new properties NOI $ 908 $ 400 $ 800 $ (200) $ 700 ß Includes ($1.2) - ($0.6) million in the second quarter of negative NOI contribution from the completed phases of the Disney College Program project. Other $ (71) $ (100) $ (100) $ (100) $ (100) ß Includes recurring professional fees related to the operation of the ACC/Allianz joint venture. Total owned properties NOI $ 124,453 $ 120,800 $ 124,000 $ 94,600 $ 99,400 Third-party development services revenue $ 1,959 $ 1,500 $ 1,500 $ 900 $ 900 ß The first quarter includes $0.8 million in development fees recognized in association with the commencement of construction of the Concordia University project. Third-party management services revenue $ 3,361 $ 2,900 $ 3,100 $ 2,500 $ 2,700 Third-party development and mgmt. services expenses $ (5,387) $ (5,600) $ (5,700) $ (5,200) $ (5,300) Actual G&A for the first quarter includes $1.2 million in costs associated with an anticipated litigation settlement, $0.9 million in stockholder engagement and other proxy advisory costs, and $0.5 million in executive retirement charges. Second quarter guidance includes $1.3 million in executive retirement charges in G&A. All of these items are eliminated for the purposes of calculating FFOM. General and administrative expenses $ (12,328) $ (10,800) $ (11,000) $ (11,900) $ (12,100) ß Ground/facility leases expense $ (3,208) $ (3,600) $ (3,600) $ (3,400) $ (3,400) Less: OCPP ground/facility leases expense $ 139 $ 500 $ 500 $ 500 $ 500 Interest income $ 220 $ 100 $ 100 $ 100 $ 100 ß Excludes on-campus participating properties ("OCPPs") for the purposes of calculating FFOM. Interest expense $ (28,977) $ (29,000) $ (28,900) $ (29,300) $ (29,200) ß Net of $2.5 million of capitalized interest in each quarter. Less: OCPP interest expense $ 918 $ 1,000 $ 1,000 $ 900 $ 900 Amortization of deferred financing costs $ (1,296) $ (1,300) $ (1,300) $ (1,400) $ (1,400) ß Excluding OCPPs for the purposes of calculating FFOM. Corporate depreciation $ (749) $ (800) $ (800) $ (700) $ (700) ß Represents corporate depreciation expense not added back in the calculation of FFO as per the NAREIT definition of FFO. OCPP overhead $ (408) $ (500) $ (500) $ (400) $ (400) Income tax provision $ (340) $ (300) $ (300) $ (300) $ (300) JV partners' share of net income $ (300) $ (300) $ (300) $ 1,500 $ 1,500 For the purposes of calculating NAV, the company excludes $11.3 million of annual NOI and $148.5 million of mortgage debt related to consolidated joint venture partners' share of NOI and any mortgage debt.JV partners' share of depreciation and amortization $ (1,892) $ (1,900) $ (1,900) $ (1,900) $ (1,900) ß Contribution from OCPPs $ 647 $ 1,100 $ 1,100 $ 900 $ 900 ß Includes the company's 50% share of OCPP net cash flow and management and development fees received, as per the definition of FFOM on page S-17. Elimination of litigation settlement expense $ 1,200 $ — $ — $ — $ — See G&A note aboveStockholder engagement and other proxy advisory costs $ 914 $ 900 $ 900 $ — $ — ß Executive retirement charges $ 538 $ — $ — $ 1,300 $ 1,300 FFOM per share - diluted $ 0.57 $ 0.54 $ 0.56 $ 0.35 $ 0.38 S-15

 
Detail of Property Groupings As of March 31, 2021 S-16 2021 Grouping 2022 Grouping Same Store Properties New Properties Same Store Properties New Properties # of Properties Design Beds # of Properties Design Beds # of Properties Design Beds # of Properties Design Beds Properties Purchased or Developed Prior to January 1, 2020 157 95,351 157 95,351 2020 Development Deliveries 1 3 2,483 2 856 1 2 1,627 2 2021 Development Deliveries 1 — 3,369 — 3,369 2022 Development Deliveries 1 — 3,235 — 3,235 2023 Development Deliveries 1 — 2,209 — 2,209 Total Owned Properties 157 95,351 3 11,296 159 96,207 1 10,440 Grand Total # of Owned Properties (All Groupings) 160 Grand Total Owned Design Beds (All Groupings) 106,647 Note on Property Portfolio: When disclosing our number of properties and design beds as of a certain date, we include all properties that are owned and operating as of that date, as well as properties that are under construction and anticipated to open for operations in future years. Properties that are in our development pipeline but have not yet commenced construction are not included. 2021: The 2021 same store grouping represents properties owned and operating for both of the entire calendar years ended December 31, 2021 and 2020. This same store grouping will be used for purposes of presenting our 2021 same store operating results. 2022: The 2022 same store grouping represents properties owned and operating for both of the entire calendar years ended December 31, 2022 and 2021. This same store grouping will be used for purposes of presenting our 2022 same store operating results. 1. The Disney College Program project will be delivered in multiple phases over several years with initial deliveries occurring in 2020 and full development completion anticipated in 2023. All phases are counted as one property in the table above. As of April 2021, three phases have been completed totaling 2,611 beds. 2. Represents phases I - II of the Disney College Program project, which were completed in May and August 2020. All phases of the Disney College program project will be included in our same store results as one property beginning in 2025 once all ten phases have been completed and operating for two full calendar years.

 
Definitions ACE The company’s American Campus Equity program, whereby the company enters into long-term ground/facility lease agreements with Universities to invest our capital and to develop, own, and operate on-campus student housing communities. Properties under this structure are considered to be owned and are included in the company's consolidated financial statements. Adjusted EBITDA* EBITDA, including pro forma adjustments to reflect acquisitions, development deliveries, and dispositions as if such transactions had occurred on the first day of the 12-month period presented. Adjusted Interest Expense* Interest Expense, including pro forma adjustments to reflect acquisitions, development deliveries, dispositions, debt repayments, and debt refinancings as if such transactions had occurred on the first day of the 12-month period presented. Cash Cash and cash equivalents, determined on a consolidated basis in accordance with GAAP. Cash Interest Expense* Consolidated interest expense calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) the amortization of mark-to-market premiums/discounts on mortgage loans assumed in connection with acquisitions; (ii) capitalized interest; and (iii) the change in accrued interest during the period presented. Design Beds Total beds based on the original property design, generally as specified in the construction documents. EBITDA* Consolidated net income calculated in accordance with GAAP, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (i) interest expense; (ii) provision for income taxes; (iii) depreciation, amortization and all other non- cash items; (iv) provision for gains and losses; (v) noncontrolling interests; and (vi) extraordinary and other non-recurring items, as we determine in good faith. Funds from Operations (”FFO”) Determined based on the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). Calculated as consolidated 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. Also excludes non-cash impairment charges. FFO Modified (”FFOM”) FFO modified to reflect certain adjustments related to the economic performance of our on-campus participating properties, and other items, as we determine in good faith, that do not reflect our core operations on a comparative basis. The company believes it is meaningful to eliminate the FFO generated from the on-campus participating properties and instead to reflect the company's 50% share of the properties' net cash flow and management and development fees received, as this measure better reflects the economic benefit derived from the company's involvement in the operation of these properties. GAAP Accounting principles generally accepted in the United States of America. Interest Coverage* Adjusted EBITDA / Adjusted Interest Expense. Net Debt* Total Debt less Cash. Net Debt to EBITDA* Net Debt divided by Adjusted EBITDA. Net Operating Income “NOI” Property revenues less direct property operating expenses, excluding depreciation, but including an allocation of costs related to corporate management and oversight. * These definitions are provided for purposes of calculating the company’s unsecured notes covenants and other key ratios. S-17

 
Definitions On-campus Participating Properties A transaction structure whereby the company enters into long-term ground/facility lease agreements with Universities to develop, construct, and operate student housing communities. Under the terms of the leases, title to the constructed facilities is held by the University/lessor and such lessor receives 50% of net cash flows, as defined, on an annual basis through the term of the lease. Operating Expenses General & administrative and other expenses include security costs, shuttle costs, and property-level general and administrative costs as well as an allocation of costs related to corporate management and oversight. Also includes acquisition integration costs, food service, and other miscellaneous expenses. Utilities expense represents gross expenses prior to any recoveries from tenants, which are reflected in owned properties revenues. Payroll expense includes payroll and related expenses for on-site personnel including general managers, maintenance staff, and leasing staff. Repairs and maintenance expense includes general maintenance costs such as interior painting, routine landscaping, pest control, fire protection, snow removal, elevator maintenance, roof and parking lot repairs, and other miscellaneous building repair costs. Also includes costs related to the annual turn process. Marketing expense includes costs related to property marketing campaigns associated with our ongoing leasing efforts. Physical Occupancy Occupied beds, including staff accommodations, divided by Design Beds. Rentable Beds Design Beds less beds used by on-site staff. Same Store Grouping Properties owned and operating for both of the entire annual periods presented, which are not conducting or planning to conduct substantial development, redevelopment, or repositioning activities, and are not classified as held for sale as of the current period-end. Includes the full operating results of properties owned through joint ventures in which the company has a controlling financial interest and which are consolidated for financial reporting purposes. Secured Debt* The portion of Total Debt that is secured by a mortgage, trust, deed of trust, deed to secure indebtedness, pledge, security interest, assignment of collateral, or any other security agreement. Total Asset Value* Undepreciated book value of real estate assets and all other assets, excluding receivables, intangibles, and right of use assets, of our consolidated subsidiaries, all determined in accordance with GAAP. Total Debt* Total consolidated debt calculated in accordance with GAAP, including finance leases and excluding mark-to-market premiums/ discounts on mortgage loans assumed in connection with acquisitions, the original issued discount on unsecured notes, and deferred financing costs. Total Equity Market Value Fully diluted common shares times the company’s stock price at period-end. Unencumbered Asset Value* The sum of (i) the undepreciated book value of real estate assets which are not subject to secured debt; and (ii) all other assets, excluding accounts receivable and intangibles, for such properties. Does not include assets of unconsolidated joint ventures. Unsecured Debt* The portion of Total Debt that is not Secured Debt. * These definitions are provided for purposes of calculating the company’s unsecured notes covenants and other key ratios. S-18

 
Investor Information Corporate Headquarters Investor Relations American Campus Communities, Inc. 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000 Fax: (512) 732-2450 www.americancampus.com Ryan Dennison SVP, Capital Markets and Investor Relations (512) 732-1000 rdennison@americancampus.com Executive Management Bill Bayless Chief Executive Officer Jim Hopke President Jennifer Beese Chief Operating Officer Daniel Perry Chief Financial Officer William Talbot Chief Investment Officer Kim Voss Chief Accounting Officer Research Coverage Angus Kelleher Argus Research Company (203) 548-9892 akelleher@argusresearch.com Jeffery Spector Bank of America / Merrill Lynch (646) 855-1363 jeff.spector@baml.com Neil Malkin Capital One (571) 633-8191 neil.malkin@capitalone.com Michael Bilerman / Nick Joseph Citigroup Equity Research (212) 816-1383 / (212) 816-1909 michael.bilerman@citi.com / nicholas.joseph@citi.com Derek Johnston / Tom Hennessy Deutsche Bank Securities, Inc. (212) 250-5683 / (212) 250-4063 derek.johnston@db.com / tom.hennessy@db.com Steve Sakwa / Samir Khanal Evercore ISI (212) 446-9462 / (212) 888-3796 steve.sakwa@evercoreisi.com / samir.khanal@evercoreisi.com Richard Skidmore Goldman Sachs & Co. (801) 741-5459 richard.skidmore@gs.com John Pawlowski / Alan Peterson Green Street Advisors (949) 640-8780 / (949) 640-8780 jpawlowski@greenstreetadvisors.com / apeterson@greenstreetadvisors.com Anthony Paolone / Nikita Bely J.P. Morgan Securities (212) 622-6682 / (212) 622-0695 anthony.paolone@jpmorgan.com / nikita.bely@jpmorgan.com Jordan Sadler / Austin Wurschmidt KeyBanc Capital Markets (917) 368-2280 / (917) 368-2311 jsadler@key.com / awurschmidt@key.com Alexander Goldfarb / Daniel Santos Piper Sandler & Co. (212) 466-7937 / (212) 466-7927 alexander.goldfarb@psc.com / daniel.santos@psc.com American Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of the company or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. S-19

 
Forward-looking Statements and Non-GAAP Financial Measures 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. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward looking-statements include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, and those discussed in 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”). Refer to Definitions for a detailed explanation of terms appearing in the supplement. The Company presents this financial information because it considers each item 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. These measures 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.

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
12/31/22
12/31/2110-K,  5
6/30/2110-Q
Filed as of:4/20/21
Filed on / For Period end:4/19/21
3/31/2110-Q
12/31/2010-K,  5
9/30/2010-Q
6/30/2010-Q
3/31/2010-Q
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