American Campus Communities, Inc. Announces Pricing of $400 Million 2.250 Percent Senior Unsecured Notes Due 2029

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 99.928 percent of par value with a coupon of 2.250 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, 2022. The notes will mature on January 15, 2029. American Campus Communities Operating Partnership LP expects to use the net proceeds (after expenses) of approximately $394.4 million to repay borrowings under its revolving credit facility and for general business purposes. Settlement is scheduled for October 7, 2021, subject to the satisfaction of customary closing conditions.

BofA Securities, Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. are the Joint Book-Running Managers for the offering and Capital One Securities, Inc., KeyBanc Capital Markets Inc., Piper Sandler & Co. and Regions Securities LLC 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 BofA Securities, Inc., toll free at 1-800-294-1322, or Wells Fargo Securities, LLC, toll free at 1-800-645-3751.

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 June 30, 2021, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 141,300 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. 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, whether as a result of new information, future events, or otherwise.