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 Detail of Property Groupings S-13 Definitions S-14 Investor Information S-16 Table of Contents Q1 Supplemental Package April 25, 2022 Exhibit 99.2

Financial Highlights ($ in thousands, except share and per share data) S-1 Operating Data Three Months Ended March 31, 2022 2021 $ Change % Change Total revenues $ 273,746 $ 232,722 $ 41,024 17.6% Operating income 73,995 46,401 27,594 59.5% Net income attributable to ACC 39,183 15,618 23,565 150.9% Net income per share - basic 0.28 0.11 Net income per share - diluted 0.27 0.11 Funds From Operations ("FFO") 1 106,076 81,161 24,915 30.7% FFO per share - diluted 1 0.75 0.58 0.17 29.3% Funds From Operations - Modified ("FFOM") 1 101,386 79,464 21,922 27.6% FFOM per share - diluted 1 0.72 0.57 0.15 26.3% Market Capitalization and Unsecured Notes Covenants 2 March 31, 2022 December 31, 2021 Debt to total market capitalization 30.9% 30.5% Net debt to EBITDA 3 7.0x 7.3x Unencumbered asset value to total asset value 89.1% 89.1% Total debt to total asset value 39.1% 39.1% Secured debt to total asset value 5.9% 5.9% Unencumbered asset value to unsecured debt 268.6% 268.9% Interest coverage 3 3.8x 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-14 and S-15 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, 2022 December 31, 2021 (unaudited) Assets Investments in real estate Owned properties, net $ 6,637,363 $ 6,676,811 On-campus participating properties, net 63,809 65,559 Investments in real estate, net 6,701,172 6,742,370 Cash and cash equivalents 87,656 120,351 Restricted cash 16,988 14,326 Student contracts receivable, net 20,476 14,187 Operating lease right of use assets 1 455,627 456,239 Other assets 1 214,329 227,113 Total assets $ 7,496,248 $ 7,574,586 Liabilities and equity Liabilities Secured mortgage and bond debt, net $ 534,735 $ 535,836 Unsecured notes, net 2,774,979 2,773,855 Unsecured term loan, net 199,912 199,824 Unsecured revolving credit facility — — Accounts payable and accrued expenses 57,277 93,067 Operating lease liabilities 2 498,897 496,821 Other liabilities 2 152,202 173,898 Total liabilities 4,218,002 4,273,301 Redeemable noncontrolling interests 31,193 31,858 Equity American Campus Communities, Inc. and Subsidiaries stockholders' equity Common stock 1,393 1,391 Additional paid in capital 4,693,018 4,694,242 Common stock held in rabbi trust (3,887) (3,943) Accumulated earnings and dividends (1,586,700) (1,559,765) Accumulated other comprehensive loss (9,830) (14,547) Total American Campus Communities, Inc. and 3,093,994 3,117,378 Subsidiaries stockholders' equity Noncontrolling interests - partially owned properties 153,059 152,049 Total equity 3,247,053 3,269,427 Total liabilities and equity $ 7,496,248 $ 7,574,586 1. For purposes of calculating net asset value ("NAV") at March 31, 2022, the company excludes other assets of approximately $7.3 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, 2022, the company excludes other liabilities of approximately $49.6 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, 2022 2021 $ Change Revenues Owned properties $ 253,048 $ 218,444 $ 34,604 On-campus participating properties 10,694 8,958 1,736 Third-party development services 6,882 1,959 4,923 Third-party management services 3,122 3,361 (239) Total revenues 273,746 232,722 41,024 Operating expenses Owned properties 103,608 93,991 9,617 On-campus participating properties 4,001 3,290 711 Third-party development and management services 5,154 5,387 (233) General and administrative 1 10,298 11,128 (830) Depreciation and amortization 70,552 68,117 2,435 Ground/facility leases 6,138 3,208 2,930 Other operating expenses 2 — 1,200 (1,200) Total operating expenses 199,751 186,321 13,430 Operating income 73,995 46,401 27,594 Nonoperating income (expenses) Interest income 560 220 340 Interest expense (30,061) (28,977) (1,084) Amortization of deferred financing costs (1,614) (1,319) (295) Other nonoperating income 180 — 180 Total nonoperating expenses (30,935) (30,076) (859) Income before income taxes 43,060 16,325 26,735 Income tax provision (340) (340) — Net income 42,720 15,985 26,735 Net income attributable to noncontrolling interests (3,537) (367) (3,170) Net income attributable to ACC, Inc. and $ 39,183 $ 15,618 $ 23,565 Subsidiaries common stockholders Other comprehensive income Change in fair value of interest rate swaps and other 4,717 2,518 2,199 Comprehensive income $ 43,900 $ 18,136 $ 25,764 Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders Basic $ 0.28 $ 0.11 Diluted $ 0.27 $ 0.11 Weighted-average common shares outstanding Basic 139,237,447 137,711,965 Diluted 140,536,609 139,008,642 1. The three months ended March 31, 2022 amount includes $0.2 million in consulting, legal, and other costs incurred in relation to stockholder activism activities in preparation for the company's annual stockholders' meeting. The three months ended March 31, 2021 amount includes $0.9 million in consulting, legal, and other costs incurred in relation to stockholder activism activities in preparation for the company's annual stockholders' meeting and $0.5 million in accelerated amortization of unvested restricted stock awards due to the retirement of the company's President in August 2021. 2. The three months ended March 31, 2021 amount includes $1.2 million related to the settlement of a litigation matter.

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. Represents consulting, legal, and other costs incurred in relation to stockholder activism activities in preparation for the company’s 2021 and 2022 annual stockholders' meetings, which are included in general and administrative expenses in the accompanying consolidated statements of comprehensive income. 4. Represents expense associated with the settlement of a litigation matter, which is included in other operating expenses in the accompanying consolidated statements of comprehensive income. 5. Represents accelerated amortization of unvested restricted stock awards due to the retirement of the company's President in August 2021, which is included in general and administrative expenses in the accompanying consolidated statements of comprehensive income. Consolidated Statements of Funds from Operations ("FFO") (Unaudited, $ in thousands, except share and per share data) S-4 Three Months Ended March 31, 2022 2021 $ Change Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 39,183 $ 15,618 $ 23,565 Noncontrolling interests' share of net income 3,537 367 3,170 Joint Venture ("JV") partners' share of FFO JV partners' share of net income (3,391) (300) (3,091) JV partners' share of depreciation and amortization (3,121) (1,892) (1,229) (6,512) (2,192) (4,320) Total depreciation and amortization 70,552 68,117 2,435 Corporate depreciation 1 (684) (749) 65 FFO attributable to common stockholders and OP unitholders 106,076 81,161 24,915 Elimination of operations of on-campus participating properties ("OCPPs") Net income from OCPPs (3,901) (2,954) (947) Amortization of investment in OCPPs (1,993) (2,042) 49 100,182 76,165 24,017 Modifications to reflect operational performance of OCPPs Our share of net cashflow 2 433 139 294 Management fees and other 569 508 61 Contribution from OCPPs 1,002 647 355 Stockholder activism and other proxy advisory costs 3 202 914 (712) Elimination of litigation settlement expense 4 — 1,200 (1,200) Executive retirement charges 5 — 538 (538) Funds from operations-modified ("FFOM") attributable to $ 101,386 $ 79,464 $ 21,922 common stockholders and OP unitholders FFO per share - diluted $ 0.75 $ 0.58 FFOM per share - diluted $ 0.72 $ 0.57 Weighted-average common shares outstanding - diluted 141,040,326 139,512,359

Owned Properties Results of Operations 1 ($ in thousands) S-5 Three Months Ended March 31, 2022 2021 $ Change % Change Owned properties revenues Same store properties $ 239,639 $ 217,789 $ 21,850 10.0% New properties 13,409 655 12,754 Total revenues $ 253,048 $ 218,444 $ 34,604 15.8% Owned properties operating expenses Same store properties 2 $ 96,369 $ 92,403 $ 3,966 4.3% New properties 7,148 1,517 5,631 Other 3 91 71 20 Total operating expenses $ 103,608 $ 93,991 $ 9,617 10.2% Owned properties net operating income (loss) Same store properties $ 143,270 $ 125,386 $ 17,884 14.3% New properties 6,261 (862) 7,123 Other 3 (91) (71) (20) Total net operating income $ 149,440 $ 124,453 $ 24,987 20.1% 1. Refer to page S-13 for detail of our store groupings. 2. Refer to page S-6 for detail of same store operating expenses. 3. Includes 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).

Same Store Owned Properties Operating Expenses 1 2 ($ in thousands, except per bed amounts) S-6 Three Months Ended March 31, 2022 2021 Total Per Bed $ Change From Prior Year % Change From Prior Year % of Total Operating Expenses Total Per Bed % of Total Operating Expenses Property taxes $ 22,859 $ 237 $ 55 0.2% 23% $ 22,804 $ 237 25% General & administrative and other 19,793 206 1,417 7.7% 21% 18,376 191 20% Utilities 19,431 202 631 3.4% 20% 18,800 195 20% Payroll 18,490 192 338 1.9% 19% 18,152 189 20% Repairs and maintenance 8,199 85 696 9.3% 9% 7,503 78 8% Marketing 3,818 40 272 7.7% 4% 3,546 37 4% Insurance 3,779 39 557 17.3% 4% 3,222 33 3% Total same store owned operating expenses $ 96,369 $ 1,001 $ 3,966 4.3% 100% $ 92,403 $ 960 100% Same store owned beds 96,234 1. Refer to the definition of operating expenses on page S-15 for a detailed description of items included in the various expense categories. 2. Refer to page S-13 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, 2021 June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Last 12 Months 2022 Same Store Properties Average number of owned beds 96,234 96,234 96,234 96,234 96,234 96,234 Average physical occupancy for the quarter 89.9% 83.6% 86.3% 96.0% 95.6% 90.4% Rental revenue per occupied bed per month 2 $ 790 $ 770 $ 778 $ 815 $ 815 $ 796 Rental revenue $ 204,950 $ 185,955 $ 193,947 $ 225,994 $ 224,877 $ 830,773 Other income 3 12,839 12,284 16,181 14,271 14,762 57,498 Total revenue $ 217,789 $ 198,239 $ 210,128 $ 240,265 $ 239,639 $ 888,271 Property operating expenses 92,403 93,234 112,632 96,119 96,369 398,354 Net operating income $ 125,386 $ 105,005 $ 97,496 $ 144,146 $ 143,270 $ 489,917 Operating margin 57.6% 53.0% 46.4% 60.0% 59.8% 55.2% 2022 New Properties Average number of owned beds 2,611 3,625 5,284 5,284 6,268 5,115 Average physical occupancy for the quarter 1.9% 8.6% 70.2% 87.8% 83.1% 67.8% Rental revenue per occupied bed per month 2 $ 813 $ 872 $ 778 $ 771 $ 826 $ 796 Rental revenue $ 121 $ 816 $ 8,662 $ 10,728 $ 12,904 $ 33,110 Other income 3 534 568 623 579 505 2,275 Total revenue $ 655 $ 1,384 $ 9,285 $ 11,307 $ 13,409 $ 35,385 Property operating expenses 1,517 2,398 4,479 4,592 7,148 18,617 Net operating (loss) income $ (862) $ (1,014) $ 4,806 $ 6,715 $ 6,261 $ 16,768 Operating margin (131.6%) (73.3%) 51.8% 59.4% 46.7% 47.4% ALL PROPERTIES Average number of owned beds 98,845 99,859 101,518 101,518 102,502 101,349 Average physical occupancy for the quarter 87.6% 80.8% 85.5% 95.6% 94.8% 89.2% Rental revenue per occupied bed per month 2 $ 789 $ 772 $ 778 $ 813 $ 816 $ 796 Rental revenue $ 205,071 $ 186,771 $ 202,609 $ 236,722 $ 237,781 $ 863,883 Other income 3 13,373 12,852 16,804 14,850 15,267 59,773 Total revenue $ 218,444 $ 199,623 $ 219,413 $ 251,572 $ 253,048 $ 923,656 Property operating expenses 93,920 95,632 117,111 100,711 103,517 416,971 Net operating income $ 124,524 $ 103,991 $ 102,302 $ 150,861 $ 149,531 $ 506,685 Operating margin 57.0% 52.1% 46.6% 60.0% 59.1% 54.9% Other 4 Total revenue $ — $ — $ — $ — $ — $ — Property operating expenses 71 71 65 67 91 294 Net operating loss $ (71) $ (71) $ (65) $ (67) $ (91) $ (294) 1. Refer to page S-13 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 costs related to the operation of consolidated joint ventures as noted on page S-5.

Owned Development Update ($ in thousands) S-8 1. Beds and total project costs per phase amounts may vary from those previously disclosed due to early deliveries of beds at certain phases. 2. 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. 3. Does not include land parcels in thirteen markets totaling $90.8 million. 4. Phase VII B, with estimated project costs of $40.7 million and 736 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. 5. 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. DISNEY COLLEGE PROGRAM COMPLETED PHASES University / Market Served Project Location Project Type Beds 1 Total Project Cost 1 2 Opened for Occupancy Walt Disney World® Resort Disney College Program Phases I - II Orlando, FL ACE 1,627 $ 108,500 May & Aug 2020 Disney College Program Phase III Orlando, FL ACE 984 54,400 January 2021 Disney College Program Phase IV Orlando, FL ACE 1,521 84,500 May 2021 Disney College Program Phase V Orlando, FL ACE 1,152 71,900 July 2021 Disney College Program Phases VI Orlando, FL ACE 739 49,800 January 2022 Disney College Program Phases VII A Orlando, FL ACE 736 40,700 March 2022 6,759 $ 409,800 OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION 3 University / Market Served Project Location Project Type Beds 1 Estimated Project Cost 2 Total Costs Incurred as of March 31, 2022 Scheduled Occupancy Walt Disney World® Resort Disney College Program Phase VII B - VIII4 Orlando, FL ACE 1,472 $ 82,100 $ 77,783 May & Aug 2022 Disney College Program Phases IX-X 5 Orlando, FL ACE 2,209 122,700 99,779 Jan & May 2023 3,681 $ 204,800 $ 177,562

Third-Party Development Update ($ in thousands) S-9 Three Months Ended March 31, 2022 2021 $ Change Development services revenue1 $ 6,882 $ 1,959 $ 4,923 1. The three months ended March 31, 2022 and 2021 amounts include $0.8 million and $0.4 million, respectively, of revenue related to cost savings on previously completed projects. 2. Construction commenced in April 2022. 3. 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. 4. These projects include awards to develop multiple phases to be completed over several years. The scope, transaction structure, feasibility, fees, and timing will be determined on a phase by phase basis. 5. The scope of the proposed project will involve a combination of refinancing, new construction, extensive renovation, refurbishment and/or modernization of existing on-campus university housing facilities. CONTRACTED PROJECTS IN PROGRESS University Served Project Location Beds Total Fees Fees Earned as of March 31, 2022 Fees Earned in Current Year Remaining Fees as of March 31, 2022 Scheduled Completion Georgetown University Capitol Campus Housing Washington, D.C. 476 $ 3,000 $ 2,561 $ 209 $ 439 August 2022 Concordia University Phase II Austin, TX 235 1,300 1,075 116 225 August 2022 Princeton University Lake Campus Graduate Housing Princeton, NJ 604 6,000 3,013 476 2,987 August 2023 Drexel University Kelly Hall Renovation Philadelphia, PA 410 1,900 1,134 117 766 August 2023 University of California, Irvine Phase V Irvine, CA 1,077 5,700 2,321 354 3,379 September 2023 University of Texas at Austin Graduate Housing 2 Austin, TX 784 4,475 — — 4,475 July 2024 Massachusetts Institute of Technology Family & Graduate Housing Cambridge, MA 676 9,800 4,766 4,766 5,034 August 2024 4,262 $ 32,175 $ 14,870 $ 6,038 $ 17,305 ON-CAMPUS AWARD PIPELINE 3 University Served Project Location Anticipated Financing Structure Anticipated Commencement Targeted Completion Estimated Fees Emory University Graduate Housing Atlanta, GA Third-party 2022 / 2023 Fall 2024 / 2025 $2,600 University of California, Berkeley Albany Village Graduate Housing Berkeley, CA ACE 2022 Fall 2024 N/A Upper Hearst Development for the Goldman School of Public Policy Berkeley, CA Third-party 2023 Summer 2025 $3,000 Master Development - future phases 4 Berkeley, CA TBD TBD TBD TBD Purdue University Purdue University Research Foundation West Lafayette, IN Third-party 2022 / 2023 Fall 2024 / 2025 $3,900 Northeastern University Phase II Boston, MA ACE Q1 / Q2 2023 Fall 2025 N/A University of Toledo 5 Housing System Modernization, Renovation & Monetization Toledo, OH Third-party TBD TBD TBD University of California, Riverside Master Development - future phases 4 Riverside, CA TBD TBD TBD TBD Virginia Commonwealth University Honors College Housing Richmond, VA TBD TBD TBD TBD West Virginia University Master Development 4 Morgantown, WV TBD TBD TBD TBD

Management Services Update ($ in thousands) S-10 Three Months Ended March 31, 2022 2021 $ Change Management services revenue $ 3,122 $ 3,361 $ (239) NEW / PENDING MANAGEMENT CONTRACTS University Served Project Location Approximate Beds Stabilized Annual Fees 1 Actual or Anticipated Commencement University of Toledo 2 Various Toledo, OH 2,730 $ 700 June 2022 Florida Atlantic University Multiple properties Boca Raton and Jupiter, FL 5,100 1,200 July 2022 Morgan State University Morgan View Phase II Baltimore, MD 670 200 August 2022 Princeton University Lake Campus Graduate Housing Princeton, NJ 604 190 August 2023 University of California, Irvine Phase V Irvine, CA 1,077 440 September 2023 10,181 $ 2,730 DISCONTINUED MANAGEMENT CONTRACTS University Served Project Location Beds 2022 Fee Contribution Prior to Termination Discontinued As Of Disney College Program 3 Various Orlando, FL 3,771 $ 21 March 2022 Columbus State University Independence Place Columbus, GA 555 38 March 2022 4,326 $ 59 1. Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2. Represents the approximate number of beds and estimated stabilized fee upon the completion of refinancing, new construction, extensive renovation, refurbishment and/or modernization of existing on-campus university housing facilities. 3. Represents legacy housing for Disney College Program participants, which has been replaced by the various phases of the company's Walt Disney World® Resort owned development project (see page S-8)

1. Refer to the definitions outlined on pages S-14 and S-15 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 $0.4 million, unamortized original issue discount on unsecured notes of $5.1 million, and unamortized deferred financing costs of $21.1 million. 3. Based on share price of $55.97 and fully diluted share count of 141,079,670 as of March 31, 2022. Assumes conversion of 503,717 common and preferred Operating Partnership units and 1,192,537 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 $2.1 billion, receivables and intangible assets, net of accumulated amortization, of $80.3 million, and lease-related right of use assets of $455.6 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 4.1%. 8. The company's variable rate debt consists of the unsecured revolving credit facility and $0.6 million of mortgage debt at one of our on-campus participating properties. Capital Structure as of March 31, 2022 1 ($ in millions, except per share data) S-11 Market Capitalization & Unsecured Notes Covenants Debt Maturity Schedule Total Debt 2 $ 3,535 Total Equity Market Value 3 7,896 Total Market Capitalization 11,431 Debt to Total Market Capitalization 30.9% Net Debt to EBITDA 4 7.0x Total Asset Value 5 $ 9,050 Unencumbered Asset Value 8,059 Unencumbered Asset Value to Total Asset Value 89.1% Requirement Current Ratio Total Debt to Total Asset Value ≤ 60% 39.1% Secured Debt to Total Asset Value ≤ 40% 5.9% Unencumbered Asset Value to Unsecured Debt > 150% 268.6% Interest Coverage 4 > 1.5x 3.8x Principal Outstanding ² Weighted Average Interest Rate Average Term To Maturity Mortgage Loans 6 $ 460 4.1% 7 5.0 Yrs Unsecured Revolving Credit Facility — —% 3.1 Yrs Unsecured Term Loan 200 2.5% 0.2 Yrs Unsecured Notes 8 2,800 3.5% 5.3 Yrs On-Campus Participating Properties 75 4.2% 14.2 Yrs Total/Weighted Average $ 3,535 3.5% 5.1 Yrs Variable Rate Debt as % of Total Debt 8 0.1% Weighted Average Interest Rate Of Debt Maturing Each Year Fixed Rate Debt 2.5% 3.8% 4.2% N/A 3.7% 3.6% 4.1% 2.3% 2.9% 3.9% Total Debt 2.5% 3.8% 4.2% 7.6% 3.7% 3.6% 4.0% 2.3% 2.9% 3.9% $400 $400 $400 $400 $400 $400 $400 $200 $130 $330 $6 $6 $24 $39 Unsecured Notes Unsecured Term Loans Mortgage Loans Unsecured Revolving Credit Facility On-Campus Participating Properties 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+ $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

Interest Coverage 1 ($ in thousands) S-12 Three Months Ended June 30, September 30, December 31, March 31, Last Twelve 2021 2021 2021 2022 Months Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (9,402) $ (11,439) $ 40,712 $ 39,183 $ 59,054 Net (loss) income attributable to noncontrolling interests (1,651) (1,920) 999 3,537 965 Interest expense 29,240 29,271 30,305 30,061 118,877 Income tax provision 341 340 340 340 1,361 Depreciation and amortization 68,741 69,445 69,294 70,552 278,032 Amortization of deferred financing costs 1,418 1,470 1,617 1,614 6,119 Share-based compensation 6,481 4,693 3,531 4,294 18,999 Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") $ 95,168 $ 91,860 $ 146,798 $ 149,581 $ 483,407 Pro-forma adjustments to EBITDA 2 6,332 Adjusted EBITDA $ 489,739 Interest expense from consolidated statement of comprehensive income $ 29,240 $ 29,271 $ 30,305 $ 30,061 $ 118,877 Amortization of mortgage debt premiums/discounts 340 366 131 38 875 Capitalized interest 2,367 1,849 1,874 1,586 7,676 Change in accrued interest payable (7,062) 7,346 (8,617) 7,279 (1,054) Cash Interest Expense $ 24,885 $ 38,832 $ 23,693 $ 38,964 $ 126,374 Pro-forma adjustments to Cash Interest Expense 2 2,993 Adjusted Interest Expense $ 129,367 Interest Coverage 3.8x 1. Refer to pages S-14 and S-15 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.

Detail of Property Groupings As of March 31, 2022 S-13 2022 Grouping 2023 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, 2021 159 96,234 159 96,234 2020 Development Deliveries 1 1 1,627 1 1,627 2021 Development Deliveries 1 — 3,657 — 3,657 2022 Development Deliveries 1 — 2,947 — 2,947 2023 Development Deliveries 1 — 2,209 — 2,209 Total Owned Properties 159 96,234 1 10,440 159 96,234 1 10,440 Grand Total # of Owned Properties (All Groupings) 160 Grand Total Owned Design Beds (All Groupings) 106,674 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. 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. 2023: The 2023 same store grouping represents properties owned and operating for both of the entire calendar years ended December 31, 2023 and 2022. This same store grouping will be used for purposes of presenting our 2023 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 March 31, 2022, six full phases and one partial phase totaling 6,759 beds were open for occupancy. 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-14

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-15

Investor Information Corporate Headquarters Investor Relations American Campus Communities, Inc. Tel: (512) 732-1000 Ryan Dennison (512) 732-1000 12700 Hill Country Blvd., Suite T-200 Fax: (512) 732-2450 SVP, Capital Markets and Investor Relations rdennison@americancampus.com Austin, Texas 78738 www.americancampus.com Executive Management Bill Bayless Chief Executive Officer Jennifer Beese President & Chief Operating Officer Daniel Perry Chief Financial Officer William Talbot Chief Investment Officer Kim Voss Chief Accounting Officer Research Coverage Jeffery Spector / Joshua Dennerlein BofA Securities (646) 855-1363 / (646) 855-1681 jeff.spector@bofa.com / joshua.dennerlein@bofa.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 Chandni Luthra Goldman Sachs (212) 902-5533 chandni.luthra@gs.com John Pawlowski / Alan Peterson Green Street Advisors (949) 640-8780 / (949) 640-8780 jpawlowski@greenstreetadvisors.com / apeterson@greenstreetadvisors.com Anthony Paolone / Nahom Tesfazghi J.P. Morgan Securities (212) 622-6682 anthony.paolone@jpmorgan.com / nahom.tesfazghi@jpmchase.com Austin Wurschmidt KeyBanc Capital Markets (917) 368-2311 awurschmidt@key.com Alexander Goldfarb Piper Sandler & Co. (212) 466-7937 alexander.goldfarb@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-16

Non-GAAP Financial Measures and Other Information Non-GAAP Financial Measures 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. Additional Information and Where to Find It In connection with the proposed transaction, ACC will file with the Securities and Exchange Commission (the “SEC”) a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, ACC will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS AND SECURITY HOLDERS OF ACC ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT ACC FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and any other documents filed by ACC with the SEC (when available) may be obtained free of charge at the SEC’s website at www.sec.gov or at ACC’s website at www.americancampus.com or by writing to American Campus Communities, Inc., Attention: Investor Relations, 12700 Hill Country Boulevard, Suite T-200, Austin, TX 78738. Participants in the Solicitation ACC and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from ACC’s stockholders with respect to the proposed transaction. Information about ACC’s directors and executive officers and their ownership of ACC securities is set forth in ACC’s proxy statement for its 2022 annual meeting of stockholders on Schedule 14A filed with the SEC on April 20, 2022 and subsequent documents filed with the SEC. Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available. Cautionary Statement Regarding Forward Looking Statements Some of the statements contained in this release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this release reflect ACC’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of ACC that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement, which risks and uncertainties include, but are not limited to: the ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary shareholder approval and satisfaction of other closing conditions to consummate the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; risks that the proposed transaction disrupts ACC’s current plans and operations or diverts the attention of ACC’s management or employees from ongoing business operations; the risk of potential difficulties with ACC’s ability to retain and hire key personnel and maintain relationships with suppliers and other third parties as a result of the proposed transaction; the failure to realize the expected benefits of the proposed transaction; the proposed transaction may involve unexpected costs and/or unknown or inestimable liabilities; the risk that ACC’s business may suffer as a result of uncertainty surrounding the proposed transaction; the risk that shareholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of ACC’s common stock. While forward-looking statements reflect ACC’s good faith beliefs, they are not guarantees of future performance or events. Any forward-looking statement speaks only as of the date on which it was made. ACC disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause ACC’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in ACC’s Annual Report on Form 10-K for the year ended December 31, 2021 and in the other periodic reports ACC files with the SEC.