Exhibit 99.2 Q3 Supplemental Package October 26, 2020 Table of Contents Financial Highlights S-1 Consolidated Balance Sheets S-2 Consolidated Statements of Comprehensive Income S-3 Consolidated Statements of Funds from Operations S-5 Owned Properties Results of Operations S-6 Same Store Owned Properties Operating Expenses S-7 Seasonality of Operations S-8 Portfolio Overview S-9 Investment Update S-10 Owned Development Update S-11 Third-Party Development Update S-12 Management Services Update S-13 Capital Structure S-14 Interest Coverage S-15 Capital Allocation – Long Term Funding Plan (2020-2023) S-16 Detail of Property Groupings S-17 Definitions S-18 Investor Information S-20
Financial Highlights ($ in thousands, except share and per share data) Operating Data Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change % Change 2020 2019 $ Change % Change Total revenues $ 202,675 $ 227,705 $ (25,030) (11.0%) $ 637,626 $ 687,207 $ (49,581) (7.2%) Operating income 8,235 27,307 (19,072) (69.8%) 136,233 124,147 12,086 9.7% Net (loss) income attributable to ACC (19,515) 20,223 (39,738) (196.5%) 47,996 60,249 (12,253) (20.3%) Net (loss) income per share - basic (0.15) 0.14 0.34 0.43 Net (loss) income per share - diluted (0.15) 0.14 0.33 0.43 Funds From Operations ("FFO") 1 45,000 85,956 (40,956) (47.6%) 191,188 260,513 (69,325) (26.6%) FFO per share - diluted 1 0.32 0.62 (0.30) (48.4%) 1.37 1.88 (0.51) (27.1%) Funds From Operations - Modified ("FFOM") 1 45,248 64,072 (18,824) (29.4%) 193,722 236,768 (43,046) (18.2%) FFOM per share - diluted 1 0.32 0.46 (0.14) (30.4%) 1.39 1.71 (0.32) (18.7%) Market Capitalization and Unsecured Notes Covenants 2 September 30, 2020 December 31, 2019 Debt to total market capitalization 42.6% 34.3% Net debt to EBITDA 3 8.1x 6.7x Unencumbered asset value to total asset value 83.5% 82.5% Total debt to total asset value 41.3% 39.8% Secured debt to total asset value 8.4% 9.1% Unencumbered asset value to unsecured debt 254.0% 269.5% Interest coverage 3 3.1x 3.8x 1. Refer to page S-5 for a reconciliation to net income, the most directly comparable GAAP measure. 2. Refer to the definitions outlined on pages S-18 and S-19 for detailed definitions of terms appearing on this page. 3. Refer to calculations on page S-15, including a reconciliation to net income and interest expense, the most directly comparable GAAP measures. S-1
Consolidated Balance Sheets ($ in thousands) September 30, 2020 December 31, 2019 (unaudited) Assets Investments in real estate: Owned properties, net $ 6,704,952 $ 6,694,715 On-campus participating properties, net 71,156 75,188 Investments in real estate, net 6,776,108 6,769,903 Cash and cash equivalents 44,449 54,650 Restricted cash 23,528 26,698 Student contracts receivable, net 22,008 13,470 Operating lease right of use assets 1 458,330 460,857 Other assets 1 257,101 234,176 Total assets $ 7,581,524 $ 7,559,754 Liabilities and equity Liabilities: Secured mortgage, construction and bond debt, net $ 740,128 $ 787,426 Unsecured notes, net 2,374,680 1,985,603 Unsecured term loans, net 199,385 199,121 Unsecured revolving credit facility 276,700 425,700 Accounts payable and accrued expenses 87,638 88,411 Operating lease liabilities 2 483,694 473,070 Other liabilities 2 202,775 157,368 Total liabilities 4,365,000 4,116,699 Redeemable noncontrolling interests 20,889 104,381 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 1,375 1,373 Additional paid in capital 4,472,489 4,458,456 Common stock held in rabbi trust (3,951) (3,486) Accumulated earnings and dividends (1,292,364) (1,144,721) Accumulated other comprehensive loss (24,614) (16,946) Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 3,152,935 3,294,676 Noncontrolling interests - partially owned properties 42,700 43,998 Total equity 3,195,635 3,338,674 Total liabilities and equity $ 7,581,524 $ 7,559,754 1. For purposes of calculating net asset value ("NAV") at September 30, 2020, the company excludes other assets of approximately $3.1 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 September 30, 2020, the company excludes other liabilities of approximately $70.6 million related to deferred revenue and fee income, as well as operating lease liabilities disclosed above. S-2
Consolidated Statements of Comprehensive Income (Unaudited, $ in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change 2020 2019 $ Change Revenues Owned properties 1 $ 191,710 $ 211,082 $ (19,372) $ 600,987 $ 638,657 $ (37,670) On-campus participating properties 5,386 6,944 (1,558) 20,196 24,788 (4,592) Third-party development services 2,186 5,611 (3,425) 5,531 12,389 (6,858) Third-party management services 2,771 3,342 (571) 9,268 9,118 150 Resident services 622 726 (104) 1,644 2,255 (611) Total revenues 202,675 227,705 (25,030) 637,626 687,207 (49,581) Operating expenses (income) Owned properties 106,518 111,836 (5,318) 284,741 294,768 (10,027) On-campus participating properties 3,783 3,822 (39) 10,357 11,585 (1,228) Third-party development and management services 5,061 5,430 (369) 16,245 14,129 2,116 General and administrative 2 8,638 7,165 1,473 28,563 22,595 5,968 Depreciation and amortization 67,369 68,930 (1,561) 199,979 206,500 (6,521) Ground/facility leases 3,071 3,215 (144) 10,033 10,000 33 (Gain) loss from disposition of real estate — — — (48,525) 282 (48,807) Provision for impairment — — — — 3,201 (3,201) Total operating expenses 194,440 200,398 (5,958) 501,393 563,060 (61,667) Operating income 8,235 27,307 (19,072) 136,233 124,147 12,086 Nonoperating income (expenses) Interest income 855 960 (105) 2,576 2,855 (279) Interest expense (29,056) (28,303) (753) (84,007) (82,432) (1,575) Amortization of deferred financing costs (1,349) (1,315) (34) (3,891) (3,665) (226) Gain (loss) from extinguishment of debt 3 — 20,992 (20,992) (4,827) 20,992 (25,819) Other nonoperating income 264 — 264 264 — 264 Total nonoperating expenses (29,286) (7,666) (21,620) (89,885) (62,250) (27,635) (Loss) income before income taxes (21,051) 19,641 (40,692) 46,348 61,897 (15,549) Income tax provision (373) (305) (68) (1,133) (983) (150) Net (loss) income (21,424) 19,336 (40,760) 45,215 60,914 (15,699) Net loss (income) attributable to noncontrolling interests 1,909 887 1,022 2,781 (665) 3,446 Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (19,515) $ 20,223 $ (39,738) $ 47,996 $ 60,249 $ (12,253) Other comprehensive income (loss) Change in fair value of interest rate swaps and other 1,851 (145) 1,996 (7,668) (14,532) 6,864 Comprehensive (loss) income $ (17,664) $ 20,078 $ (37,742) $ 40,328 $ 45,717 $ (5,389) Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common stockholders Basic $ (0.15) $ 0.14 $ 0.34 $ 0.43 Diluted $ (0.15) $ 0.14 $ 0.33 $ 0.43 Weighted-average common shares outstanding Basic 137,632,091 137,403,842 137,574,485 137,259,130 Diluted 137,632,091 138,375,527 138,678,713 138,257,906 Refer to the next page for footnote explanations. S-3
Consolidated Statements of Comprehensive Income (Unaudited, $ in thousands, except share and per share data) 1. Refer to page S-6 for more detail regarding the impact of the COVID-19 pandemic on revenues for our same store portfolio. 2. General and administrative expenses for the nine months ended September 30, 2020 include $1.1 million related to the settlement of a litigation matter. 3. The three and nine months ended September 30, 2019 amounts represent the gain on the extinguishment of debt associated with a property that was transferred to the lender in settlement of the property's mortgage loan in July 2019. The nine months ended September 30, 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. S-4
Consolidated Statements of Funds from Operations ("FFO") (Unaudited, $ in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change 2020 2019 $ Change Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (19,515) $ 20,223 $ (39,738) $ 47,996 $ 60,249 $ (12,253) Noncontrolling interests' share of net (loss) income (1,909) (887) (1,022) (2,781) 665 (3,446) Joint Venture ("JV") partners' share of FFO JV partners' share of net loss (income) 1,857 970 887 2,987 (368) 3,355 JV partners' share of depreciation and amortization (1,944) (2,145) 201 (5,836) (6,488) 652 (87) (1,175) 1,088 (2,849) (6,856) 4,007 (Gain) loss from disposition of real estate — — — (48,525) 282 (48,807) Elimination of provision for real estate impairment — — — — 3,201 (3,201) Total depreciation and amortization 67,369 68,930 (1,561) 199,979 206,500 (6,521) Corporate depreciation 1 (858) (1,135) 277 (2,632) (3,528) 896 FFO attributable to common stockholders and OP unitholders 45,000 85,956 (40,956) 191,188 260,513 (69,325) Elimination of operations of on-campus participating properties ("OCPPs") Net loss (income) from OCPPs 1,294 424 870 (206) (2,138) 1,932 Amortization of investment in OCPPs (1,883) (2,289) 406 (5,965) (6,334) 369 44,411 84,091 (39,680) 185,017 252,041 (67,024) Modifications to reflect operational performance of OCPPs Our share of net cashflow 2 518 353 165 1,632 2,063 (431) Management fees and other 319 369 (50) 1,146 1,597 (451) Contribution from OCPPs 837 722 115 2,778 3,660 (882) Transaction costs 3 — 147 (147) — 147 (147) Elimination of (gain) loss from extinguishment of debt 4 — (20,992) 20,992 4,827 (20,992) 25,819 Elimination of litigation settlement expense 5 — — — 1,100 — 1,100 Elimination of FFO from property in receivership 6 — 104 (104) — 1,912 (1,912) Funds from operations-modified ("FFOM") attributable to common stockholders and OP unitholders $ 45,248 $ 64,072 $ (18,824) $ 193,722 $ 236,768 $ (43,046) FFO per share - diluted $ 0.32 $ 0.62 $ 1.37 $ 1.88 FFOM per share - diluted $ 0.32 $ 0.46 $ 1.39 $ 1.71 Weighted-average common shares outstanding - diluted 139,235,064 138,879,244 139,182,430 138,854,970 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 consolidated statements of comprehensive income (refer to page S-3). The decrease as compared to prior year is a result of the universities' decisions to provide rent abatements to tenants during the latter part of the 2019/2020 academic year and the lower occupancy achieved for the 2020/2021 academic year as a result of COVID-19. 3. Represents transaction costs incurred in connection with the closing of one presale transaction in August 2019. 4. The three and nine months ended September 30, 2019 amounts represent the gain on the extinguishment of debt associated with a property that was transferred to the lender in settlement of the property's mortgage loan in July 2019. The nine months ended September 30, 2020 amount represents the loss associated with the January 2020 redemption of the Company's $400 million 3.35% Senior Notes originally scheduled to mature in October 2020. 5. Represents the settlement of a litigation matter that is included in general and administrative expenses in the accompanying consolidated statements of comprehensive income. 6. Represents FFO for an owned property that was transferred to the lender in July 2019 in settlement of the property's mortgage loan. S-5
Owned Properties Results of Operations 1 ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change % Change 2020 2019 $ Change % Change Owned properties revenues Same store properties 2 $ 182,728 $ 201,564 $ (18,836) (9.3%) $ 571,861 $ 617,195 $ (45,334) (7.3%) New properties 9,604 4,667 4,937 28,069 5,110 22,959 Sold and held for sale properties 3 — 5,577 (5,577) 2,701 18,607 (15,906) Total revenues 4 $ 192,332 $ 211,808 $ (19,476) (9.2%) $ 602,631 $ 640,912 $ (38,281) (6.0%) Owned properties operating expenses Same store properties 5 $ 100,950 $ 106,526 $ (5,576) (5.2%) $ 271,175 $ 281,689 $ (10,514) (3.7%) New properties 5,386 2,608 2,778 12,266 3,792 8,474 Other 6 182 75 107 283 210 73 Sold and held for sale properties 3 7 — 2,627 (2,627) 1,017 9,077 (8,060) Total operating expenses $ 106,518 $ 111,836 $ (5,318) (4.8%) $ 284,741 $ 294,768 $ (10,027) (3.4%) Owned properties net operating income Same store properties $ 81,778 $ 95,038 $ (13,260) (14.0%) $ 300,686 $ 335,506 $ (34,820) (10.4%) New properties 4,218 2,059 2,159 15,803 1,318 14,485 Other 6 (182) (75) (107) (283) (210) (73) Sold and held for sale properties 3 7 — 2,950 (2,950) 1,684 9,530 (7,846) Total net operating income $ 85,814 $ 99,972 $ (14,158) (14.2%) $ 317,890 $ 346,144 $ (28,254) (8.2%) 1. Refer to page S-17 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 $2.1 million and $17.2 million in rent refunds and/or early lease terminations was provided to tenants at our on-campus ACE properties and certain off-campus residence halls during the three and nine months ended September 30, 2020, respectively; – Approximately $4.5 million and $12.7 million in rent was forgiven during the three and nine months ended September 30, 2020, respectively, as part of our Resident Hardship Program for residents and families at our same store properties who experienced financial hardship due to COVID-19; – Approximately $8.4 million and $15.8 million of the decrease during the three and nine months ended September 30, 2020, respectively, as compared to the prior year was a result of lost summer camp and conference revenue, waived fees, an increase in the provision for uncollectible accounts resulting from rent delinquencies, and other items related to COVID-19; – Approximately $8.6 million decrease in revenues as compared to the amount initially anticipated prior to the impact of COVID-19 for the three months and nine months ended September 30,2020, due to the decrease in occupancy from the Academic Year 2020-2021 lease-up. 3. Includes properties sold in 2019 and 2020 and one property that was transferred to the lender in July 2019 in settlement of the property's mortgage loan. 4. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of comprehensive income. 5. Refer to page S-7 for detail of same store operating expenses. 6. Includes professional fees related to the operation of consolidated joint ventures that are included in owned properties operating expenses in the consolidated statements of comprehensive income (refer to page S-3). 7. Does not include the allocation of payroll and other administrative costs related to corporate management and oversight. S-6
Same Store Owned Properties Operating Expenses 1 2 ($ in thousands, except per bed amounts) Three Months Ended September 30, 2020 2019 % Change % of Total % of Total From Prior Operating Operating Total Per Bed Year Expenses Total Per Bed Expenses Property taxes $ 21,668 $ 235 0.3% 21% $ 21,596 $ 234 20% Payroll 20,510 222 (4.0%) 20% 21,368 232 20% General & administrative and other 17,890 194 (10.0%) 18% 19,869 216 19% Utilities 17,261 187 (5.1%) 17% 18,186 197 17% Repairs and maintenance 17,708 192 (3.7%) 18% 18,381 199 17% Marketing 2,998 33 (38.6%) 3% 4,884 53 5% Insurance 2,915 32 30.0% 3% 2,242 24 2% Total same store owned operating expenses $ 100,950 $ 1,095 (5.2%) 100% $ 106,526 $ 1,155 100% Same store owned beds 92,193 Nine Months Ended September 30, 2020 2019 % Change % of Total % of Total From Prior Operating Operating Total Per Bed Year Expenses Total Per Bed Expenses Property taxes $ 65,786 $ 713 3.0% 24% $ 63,898 $ 693 22% Payroll 54,281 588 (1.2%) 20% 54,948 596 20% General & administrative and other 53,066 575 (8.4%) 20% 57,933 628 21% Utilities 51,037 554 (6.5%) 19% 54,559 592 19% Repairs and maintenance 29,825 324 (2.3%) 11% 30,515 331 11% Marketing 9,175 100 (30.5%) 3% 13,209 143 5% Insurance 8,005 87 20.8% 3% 6,627 72 2% Total same store owned operating expenses $ 271,175 $ 2,941 (3.7%) 100% $ 281,689 $ 3,055 100% Same store owned beds 92,193 1. Refer to the definition of operating expenses on page S-19 for a detailed description of items included in the various expense categories. 2. Refer to page S-17 for detail of our same store groupings. S-7
Seasonality of Operations 1 ($ in thousands, except per bed amounts) Three Months Ended Total/Weighted Average- September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 Last 12 Months 2020 Same Store Properties Average number of owned beds 92,193 92,193 92,193 92,193 92,193 92,193 Average physical occupancy for the quarter 88.9% 97.4% 97.0% 85.1% 84.9% 91.1% Rental revenue per occupied bed per month 2 $ 750 $ 783 $ 777 $ 700 $ 732 $ 750 Rental revenue $ 184,529 $ 210,989 $ 208,484 $ 164,806 $ 171,832 $ 756,111 Other income 3 17,035 13,339 11,283 4,560 10,896 40,078 Total revenue $ 201,564 $ 224,328 $ 219,767 $ 169,366 $ 182,728 $ 796,189 Property operating expenses 106,526 90,237 88,113 82,112 100,950 361,412 Net operating income $ 95,038 $ 134,091 $ 131,654 $ 87,254 $ 81,778 $ 434,777 Operating margin 47.2% 59.8% 59.9% 51.5% 44.8% 54.6% 2020 New Properties Average number of owned beds 1,432 3,159 3,159 3,678 5,022 3,755 Average physical occupancy for the quarter 95.0% 98.8% 97.7% 69.9% 52.9% 76.1% Rental revenue per occupied bed per month 2 $ 1,020 $ 1,069 $ 1,067 $ 1,050 $ 1,188 $ 1,092 Rental revenue $ 4,163 $ 10,010 $ 9,876 $ 8,101 $ 9,466 $ 37,453 Other income 3 504 573 467 21 138 1,199 Total revenue $ 4,667 $ 10,583 $ 10,343 $ 8,122 $ 9,604 $ 38,652 Property operating expenses 2,608 3,608 3,291 3,589 5,386 15,874 Net operating income $ 2,059 $ 6,975 $ 7,052 $ 4,533 $ 4,218 $ 22,778 Operating margin 44.1% 65.9% 68.2% 55.8% 43.9% 58.9% ALL PROPERTIES Average number of owned beds 93,625 95,352 95,352 95,871 97,215 95,948 Average physical occupancy for the quarter 89.0% 97.5% 97.0% 84.6% 83.2% 90.5% Rental revenue per occupied bed per month 2 $ 755 $ 792 $ 787 $ 711 $ 747 $ 761 Rental revenue $ 188,692 $ 220,999 $ 218,360 $ 172,907 $ 181,298 $ 793,564 Other income 3 17,539 13,912 11,750 4,581 11,034 41,277 Total revenue $ 206,231 $ 234,911 $ 230,110 $ 177,488 $ 192,332 $ 834,841 Property operating expenses 109,134 93,845 91,404 85,701 106,336 377,286 Net operating income $ 97,097 $ 141,066 $ 138,706 $ 91,787 $ 85,996 $ 457,555 Operating margin 47.1% 60.1% 60.3% 51.7% 44.7% 54.8% Sold, held for sale properties and other 4 Total revenue $ 5,577 $ 4,886 $ 2,701 $ — $ — $ 7,587 Property operating expenses 2,702 2,051 1,070 48 182 3,351 Net operating income (loss) $ 2,875 $ 2,835 $ 1,631 $ (48) $ (182) $ 4,236 1. Refer to page S-17 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-6. S-8
Portfolio Overview As of September 30, 2020 Leases as % of Design Beds Rental Revenue per As of As last reported PY Final Design Leased Bed for Academic Year 9/30/2020 9/11/2020 9/30/2019 Beds 2020 / 2021 2019 / 2020 Change 2021 Same Store Owned Properties August Commencement Properties that primarily house sophomores and above 92.9% 92.8% 97.7% 76,226 $ 744 $ 730 1.9% Properties that primarily house first-year students 76.8% 79.5% 95.7% 12,067 1,119 1,073 4.3% Total August Commencement 90.7% 91.0% 97.4% 88,293 $ 787 $ 776 1.4% September Commencement Properties that primarily house sophomores and above 85.0% 82.4% 97.0% 7,059 $ 1,001 $ 1,003 (0.2%) Properties that primarily house first-year students n/a n/a n/a n/a n/a n/a n/a Total September Commencement 85.0% 82.4% 97.0% 7,059 $ 1,001 $ 1,003 (0.2%) Total 2021 Same Store Owned Properties Properties that primarily house sophomores and above 92.3% 91.9% 97.6% 83,285 $ 764 $ 753 1.5% Properties that primarily house first-year students 76.8% 79.5% 95.7% 12,067 1,119 1,073 4.3% Total 2021 Same Store Owned Properties 90.3% 90.3% 97.4% 95,352 $ 802 $ 793 1.1% 2020 Development Properties1 Currie Hall, Phase II - ACE (Los Angeles, CA) 73.5% 73.9% n/a 272 $ 1,258 n/a n/a Manzanita Square - ACE (San Francisco, CA) 25.5% 25.5% n/a 584 1,504 n/a n/a Total 2020 Development Properties 40.8% 40.9% n/a 856 $ 1,361 n/a n/a Total Owned Properties 89.9% 89.9% 97.4% 96,208 $ 804 n/a n/a On Campus Participating Properties 86.6% n/a 98.2% 5,230 1. Excludes 1,627 beds at the Disney College Program Phases I and II as these beds do not follow the company's typical pre-leasing process. S-9
Investment Update ($ in thousands) DISPOSITIONS Extinguished Project Location Primary University Served Beds Closing Date Sales Price Mortgage Debt The Varsity College Park, MD University of Maryland 901 March 20, 2020 $ 148,000 $ — S-10
Owned Development Update ($ in thousands) RECENTLY COMPLETED PROJECTS Primary University / Project Total Construction Project Location Market Served Type Beds Project Cost 1 Completed Disney College Program Phase I Orlando, FL Walt Disney World® Resort ACE 778 $ 61,600 May 2020 Currie Hall Phase II Los Angeles, CA Univ. of Southern California ACE 272 41,600 July 2020 Disney College Program Phase II Orlando, FL Walt Disney World® Resort ACE 849 46,900 August 2020 Manzanita Square San Francisco, CA San Francisco State Univ. ACE 584 129,300 August 2020 2,483 $ 279,400 OWNED DEVELOPMENT PROJECTS UNDER CONSTRUCTION 2 Primary University / Project Estimated Total Costs Incurred as of Scheduled Project Location Market Served Type Beds Project Cost 1 September 30, 2020 3 Completion Disney College Program Phases III-V 4 Orlando, FL Walt Disney World® Resort ACE 3,369 $ 190,400 $ 171,477 Jan, May & Aug 2021 Disney College Program Phases VI-VIII 5 Orlando, FL Walt Disney World® Resort ACE 3,235 193,000 100,467 Jan, May & Aug 2022 Disney College Program Phases IX-X 6 Orlando, FL Walt Disney World® Resort ACE 2,209 122,700 32,958 Jan & May 2023 8,813 $ 506,100 $ 304,902 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 ten markets totaling $67.2 million. 3. Includes $301.6 million in construction in progress ("CIP") and excludes $8.5 million of CIP balances related to ongoing renovation projects at operating properties. Total consolidated CIP as of September 30, 2020 was $310.1 million. 4. Phase III, with estimated project costs of $54.4 million and 984 beds, is scheduled for occupancy in January 2021. 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 $41.2 million and 736 beds, is scheduled for occupancy in May 2023. S-11
Third-Party Development Update ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change 2020 2019 $ Change Development services revenue $ 2,186 $ 5,611 $ (3,425) $ 5,531 1 $ 12,389 $ (6,858) % of total revenue 1.1% 2.5% 0.9% 1.8% RECENTLY COMPLETED PROJECTS Construction Project Location Primary University Served Beds Total Fees Completed University View II Prairie View, TX Prairie View A&M University 540 $ 2,500 August 2020 Dundee Residence Hall and Glasgow Riverside, CA University of California, Riverside 820 5,000 August 2020 Dining Hall 1,360 $ 7,500 CONTRACTED PROJECTS IN PROGRESS Fees Earned Fees Remaining Fees as of Earned in as of Scheduled Project Location Primary University Served Beds Total Fees September 30, 2020 Current Year September 30, 2020 Completion University of California - Riverside North Riverside, CA University of California, Riverside 1,502 $ 6,700 $ 4,628 $ 794 $ 2,072 September 2021 District Phase I Georgetown University - Capitol Campus Washington, D.C. Georgetown University 476 3,000 1,600 1,600 1,400 August 2022 Housing 1,978 $ 9,700 $ 6,228 $ 2,394 $ 3,472 ON-CAMPUS AWARD PIPELINE 2 Anticipated Anticipated Targeted Estimated Project Location Financing Structure Commencement Completion Fees Concordia University Phase II Austin, TX Third-party Q1 2021 Summer 2022 $1,000 Upper Hearst Development for the Berkeley, CA Third-party Q2 / Q3 2021 Summer 2023 $3,000 Goldman School of Public Policy University of California Irvine Phase V Irvine, CA Third-party Q2 / Q3 2021 Summer 2023 $5,000 MIT Family & Graduate Housing Cambridge, MA ACE Q4 2021 / Q1 2022 Fall 2024 N/A Northeastern University - Phase II Boston, MA ACE Q1 / Q2 2022 Fall 2024 N/A Princeton University Lake Campus Princeton, NJ TBD TBD TBD TBD Graduate Housing University of California Berkeley Master Berkeley, CA TBD TBD TBD TBD Development 3 University of California Riverside Master Riverside, CA Third-party TBD TBD TBD Development 3 West Virginia University Master Morgantown, WV TBD TBD TBD TBD Development 3 Virginia Commonwealth University (Honors Richmond, VA TBD TBD TBD TBD College) 1. Includes $0.7 million of construction savings revenue related to one project delivered in Fall 2019. 2. These awards relate to speculative development projects that are subject to final determination of feasibility, negotiation, final award, procurement rules and other applicable law, execution and closing of definitive agreements on terms acceptable to the company, and fluctuations in the construction and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions. Anticipated commencement and targeted completion dates for certain projects have been delayed due to disruption associated with COVID-19. 3. These projects include multiple phases to be completed over several years. The full scope, transaction structure, feasibility, fees, and timing will be negotiated. S-12
Management Services Update ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 $ Change 2020 2019 $ Change Management services revenue $ 2,771 $ 3,342 $ (571) $ 9,268 $ 9,118 $ 150 % of total revenue 1.4% 1.5% 1.5% 1.3% NEW / PENDING MANAGEMENT CONTRACTS Actual or Approximate Stabilized Anticipated Project Location Primary University / Market Served Beds Annual Fees 1 Commencement The Oasis KGI Commons Claremont, CA Keck Graduate Institute 419 $ 235 April 2020 University View II Prairie View, TX Prairie View A&M University 540 190 August 2020 The Cambridge at College Station College Station, TX Texas A&M University 552 220 August 2020 Dundee Residence Hall and Glasgow Dining Hall Riverside, CA University of California, Riverside 820 440 September 2020 Nevada State College 2 Henderson, NV Nevada State College 342 100 October 2020 University of California - Riverside North District Riverside, CA University of California, Riverside 1,502 540 September 2021 Phase I Georgetown University - Capitol Campus Housing Washington, D.C. Georgetown University 476 404 September 2022 4,651 $ 2,129 DISCONTINUED MANAGEMENT CONTRACTS 2020 Fee Contribution Prior to Project Location Primary University / Market Served Beds Termination Discontinued As Of The Rixey Arlington, VA Marymount University 531 $ 4 January 2020 Spinner Place Burlington, VT University of Vermont 312 17 April 2020 843 $ 21 1. Stabilized annual fees are dependent upon the achievement of normalized occupancy levels which are not expected to occur during the 2020/2021 academic year as a result of COVID-19. 2. The stabilized annual fee amount does not include an initial operations fee of $140,000 earned from May 2019 through July 2020. S-13
1 Capital Structure as of September 30, 2020 ($ in millions, except per share data) Market Capitalization & Unsecured Notes Covenants Debt Maturity Schedule Total Debt 2 $ 3,615 Total Equity Market Value 3 4,862 Total Market Capitalization 8,477 Debt to Total Market Capitalization 42.6% Net Debt to EBITDA 4 8.1x Total Asset Value 5 $ 8,749 Unencumbered Asset Value 7,308 Unencumbered Asset Value to Total Asset Value 83.5% Requirement Current Ratio Total Debt to Total Asset Value ≤ 60% 41.3% Secured Debt to Total Asset Value ≤ 40% 8.4% Unencumbered Asset Value to Unsecured Debt > 150% 254.0% Interest Coverage 4 > 1.5x 3.1x Weighted Average Principal Average Term To Outstanding ² Interest Rate Maturity Mortgage Loans 6 $ 655 4.4% 7 4.8 Yrs Unsecured Revolving Credit Facility 277 1.4% 1.5 Yrs Unsecured Term Loan 200 2.5% 1.7 Yrs Unsecured Notes 2,400 3.7% 6.5 Yrs On-Campus Participating Properties 83 4.7% 12.9 Yrs Total/Weighted Average $ 3,615 3.6% 5.7 Yrs Variable Rate Debt as % of Total Debt 8 7.7% Weighted Average Interest Rate Of Debt Maturing Each Year Fixed Rate Debt N/A 5.4% 2.9% 3.8% 4.2% N/A 3.7% 3.6% 4.1% 3.4% Total Debt N/A 5.2% 2.0% 3.8% 4.2% 7.6% 3.7% 3.6% 4.1% 3.4% 1. Refer to the definitions outlined on pages S-18 and S-19 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 $3.0 million, unamortized original issue discount on unsecured notes of $6.0 million, and unamortized deferred financing costs of $21.3 million. 3. Based on share price of $34.92 and fully diluted share count of 139,231,070 as of September 30, 2020. Assumes conversion of 503,717 common and preferred Operating Partnership units and 1,095,262 unvested restricted stock awards. 4. Refer to calculations on page S-15, including a reconciliation to net income and interest expense, the most directly comparable GAAP measures. 5. Excludes accumulated depreciation of $1.7 billion, receivables and intangible assets, net of accumulated amortization, of $81.0 million, and lease-related right of use assets of $458.3 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 3.9%. 8. The company's variable rate debt consists of the unsecured revolving credit facility and $2.4 million of mortgage debt at one of our on-campus participating properties. S-14
Interest Coverage 1 ($ in thousands) Three Months Ended December 31, March 31, June 30, September 30, Last Twelve 2019 2020 2020 2020 Months Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 24,720 $ 80,855 $ (13,344) $ (19,515) $ 72,716 Net income (loss) attributable to noncontrolling interests 1,128 1,206 (2,078) (1,909) (1,653) Interest expense 28,855 27,783 27,168 29,056 112,862 Income tax provision 524 379 381 373 1,657 Depreciation and amortization 68,546 66,169 66,441 67,369 268,525 Amortization of deferred financing costs 1,347 1,287 1,255 1,349 5,238 Share-based compensation 3,003 3,988 4,439 3,502 14,932 Provision for impairment 14,013 — — — 14,013 Loss on extinguishment of debt, net — 4,827 — — 4,827 Gain from disposition of real estate (229) (48,525) — — (48,754) Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") $ 141,907 $ 137,969 $ 84,262 $ 80,225 $ 444,363 Pro-forma adjustments to EBITDA 2 (4,671) Adjusted EBITDA $ 439,692 Interest Expense from consolidated statement of comprehensive income $ 28,855 $ 27,783 $ 27,168 $ 29,056 $ 112,862 Amortization of mortgage debt premiums/discounts 1,233 1,411 1,000 1,000 4,644 Capitalized interest 2,669 3,246 3,396 2,833 12,144 Change in accrued interest payable 2,942 2,886 (3,638) (322) 1,868 Cash Interest Expense $ 35,699 $ 35,326 $ 27,926 $ 32,567 $ 131,518 Pro-forma adjustments to Cash Interest Expense 2 8,765 Adjusted Interest Expense $ 140,283 Interest Coverage 3.1x 1. Refer to pages S-18 and S-19 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. S-15
Capital Allocation – Long Term Funding Plan (2020-2023) ($ in millions) Sources and Uses for Development - As of September 30, 2020 Estimated Project Total Costs Remaining Estimated Capital Uses1: Cost Incurred Capital Needs Disney Internships & College Program Housing Phases III-V (2021 deliveries) $ 190 $ 171 $ 19 Phases VI-VIII (2022 deliveries) 193 101 92 Phases IX-X (2023 deliveries) 123 33 90 Total $ 506 $ 305 $ 201 Estimated Sources through 2023: Capital Sources Cash and Cash Equivalents as of September 30, 2020 $ 44 Estimated Cash Flow Available for Investment - through 2023 2 265 Anticipated Debt (Repayment) / Funding - through 2023 3 (485) to (285) Anticipated Capital Recycling and/or Equity Funding - through 2023 3 377 to 177 Total $ 201 Selected Credit Metrics 4 Credit Metric: September 30, 2020 Pro Forma 5 Total Debt to Total Asset Value 41.3% 35.1% - 38.1% Net Debt to EBITDA 6 8.1x 5.9x - 6.4x Note: This analysis demonstrates anticipated funding 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 capital market transactions. 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 during 2020 and assumes the underwritten EBITDA for the development properties being 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-11. 2. Available cash flow is derived from disclosures in our 2019 Form 10-K and is calculated as net cash provided by operating activities of $370.4 million, excluding changes in working capital of $8.7 million plus interest rate swap related items of $12.0 million, less dividend payments of $258.6 million, less principal payments on debt of $11.9 million, less recurring capital expenditures of $21.5 million. Calculation results in available cash flow for investment in 2019 of $81.7 million, which is then annualized over the remaining 13 quarters through the end of 2023. 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. 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-18 and S-19 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-15 for a reconciliation of EBITDA to net income, the most directly comparable GAAP measure. S-16
Detail of Property Groupings As of September 30, 2020 2020 Grouping 2021 Grouping Same Store Properties New Properties Same Store Properties New Properties # of Design # of Design # of Design # of Design Properties Beds Properties Beds Properties Beds Properties Beds Properties Purchased or Developed Prior to January 1, 2019 152 92,193 152 92,193 2019 Development Deliveries 5 3,159 5 3,159 2020 Development Deliveries 1 3 2,483 3 2,483 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 152 92,193 8 14,455 157 95,352 3 11,296 Grand Total # of Owned Properties (All Groupings) 160 Grand Total Owned Design Beds (All Groupings) 106,648 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. 2020: The 2020 same store grouping represents properties owned and operating for both of the entire calendar years ended December 31, 2020 and 2019. This same store grouping will be used for purposes of presenting our 2020 same store operating results. 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. 1. The Disney College Program project will be delivered in multiple phases over several years with initial deliveries expected in 2020 and full development completion in 2023. All phases are counted as one property in the table above. In May and August 2020, 778 and 849 beds were delivered as a part of the completion of Phases I and II of the development. S-17
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 Determined based on the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (”FFO”) (“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 FFO modified to reflect certain adjustments related to the economic performance of our on-campus participating properties, the (”FFOM”) elimination of real estate transaction costs, 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 Property revenues less direct property operating expenses, excluding depreciation, but including an allocation of costs related to “NOI” corporate management and oversight. * These definitions are provided for purposes of calculating the company’s unsecured notes covenants and other key ratios. S-18
Definitions On-campus Participating A transaction structure whereby the company enters into long-term ground/facility lease agreements with Universities to develop, Properties 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-19
Investor Information 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 Aaron Hecht JMP Securities (415) 835-3963 ahecht@jmpsecurities.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. 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 S-20
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, 2019 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 2020 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.