American Campus Communities and Walt Disney World Resort Celebrate Commencement of Construction on Disney Internships & Programs Future Housing

American Campus Communities, Inc. (NYSE: ACC), the largest owner, manager and developer of high-quality student housing communities in the U.S., celebrated the commencement of construction on an approximately $630 million residential community for participants of the Disney College Program, now known as Disney Internships & Programs. ACC and Walt Disney World Resort announced the partnership in June, which is structured as an American Campus Equity (ACE^®) transaction, whereby American Campus Communities serves as the developer, manager and owner of the new purpose-built housing via a 75-year ground lease.

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American Campus Communities and Walt Disney World representatives celebrate the groundbreaking of the Disney Internships & Programs Future Housing. From left to right: Manager of Government Relations Adrianna Sekula, Walt Disney World; ACC Chief Investment Officer William Talbot; ACC Chief Operating Officer Jennifer Beese; ACC CEO Bill Bayless; Mickey Mouse; George Kalogridis, President, Walt Disney World; Vice President Disney International and Campus Programs Kristi Breen, Walt Disney World; Senior Vice President of Resorts Thomas Mazloum, Walt Disney World; and Senior Manager of Business Development Sebastien Baillet, Walt Disney World. (Photo: Business Wire)

"Collaborating with Walt Disney World^® on this project and serving the Disney Internships and Programs participants is an incredible honor,” said Bill Bayless, ACC CEO. "When we first launched American Campus Communities in 1993, we travelled around the country with four poster boards, sharing our vision for the student experience. One of them was titled, ‘The Disney Way.’ It was our founding goal to emulate Disney’s best-in-class customer service. To celebrate this partnership with Disney and the ACC team during our 25^th anniversary year is magical.”

Program participants will have access to two 25,000-square-foot community centers that will serve as hubs for resident recreation and connection and will feature amenities including resort-style swimming pools, event and recreational lawns, fitness centers and social lounges. The 10,400-bed project will feature a variety of modern floor plans with private and shared accommodations designed efficiently for comfort and study – all at affordable price points.

In addition, the development will include the Disney Education Center within the housing community, providing unprecedented integration for program participants to engage in ‘uniquely Disney’ learning experiences and the ability to earn up to nine credit hours in college coursework. Program residents will also have access to resources for academic success, including group and private study rooms, computers with free printing, and Wifi.

"The college students who have been part of our college and internship programs have helped make magic for millions of our Guests for more than three decades,” said Kristi Breen, vice president of Disney International Campus Programs. "We are pleased to join our friends at American Campus Communities to break ground on this new residential community for our future participants.”

The community will be delivered in multiple phases, with the first phase scheduled for occupancy in May 2020 when students from Disney Internships & Programs will begin moving in from existing housing facilities. Expected to be completed by May 2023, the project is targeting a stabilized yield of 6.8 percent.

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 September 30, 2018, American Campus Communities owned 168 student housing properties containing approximately 103,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 202 properties with approximately 131,900 beds. Visit www.americancampus.com.

About Walt Disney World Resort

Walt Disney World Resort is a contiguous, nearly 40-square-mile, world-class entertainment and recreation destination featuring four theme parks (Magic Kingdom, Epcot, Disney's Hollywood Studios and Disney's Animal Kingdom); two water adventure parks (Disney's Blizzard Beach and Disney's Typhoon Lagoon); 36 resort hotels (26 owned and operated by Walt Disney World, includes eight Disney Vacation Club resort properties); 63 holes of golf on four courses; two full-service spas; Disney's Wedding Pavilion; ESPN Wide World of Sports Complex; and Disney Springs, an entertainment-shopping-dining district. Walt Disney World Resort is also included in vacation packages of Disney Cruise Line. Located at Lake Buena Vista, Fla., 20 miles southwest of Orlando, Walt Disney World Resort opened Oct. 1, 1971. Open daily, year-round. For information on attractions and vacations at Walt Disney World Resort, visit disneyworld.com, call (407) W-DISNEY or contact local travel agents.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on management’s current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the "Company”) operates, operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. For discussions of some risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017 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 2018 operating results, whether as a result of new information, future events, or otherwise.

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