American Campus Communities, Inc. (NYSE: ACC), the nation's largest owner and manager of high-quality student housing properties, today announced that on November 15, the company closed on the sale of a non-core portfolio of 19 assets containing 12,083 beds for $508 million to Saban Real Estate Group. The transaction included the prepayment of $197.3 million of secured mortgage debt and represented an average economic cap rate of 6.1 percent based on in-place rental revenue, escalated trailing-12 operating expenses and historical average capital expenditures. American Campus Communities will provide third party management for 11 of the assets during a transition period up to approximately five months. Including two non-core properties sold during the first quarter of 2016, the company has completed the disposition of approximately $582 million of non-core properties during 2016 with the proceeds being recycled into the company's $603 million high-yielding 2017 development pipeline. Also, as previously communicated, the company continues to market two remaining non-core assets with a potential sale occurring in early 2017. "We are pleased to have completed the sale of this portfolio with the proceeds earmarked for reinvestment into our highly accretive development pipeline," said Bill Bayless, American Campus CEO. "With the sale of these non-core assets, which were all previously acquired as part of larger portfolio acquisitions, we have transformed our portfolio into one consisting almost entirely of core assets. Our overall proximity to campus improves to a median distance to campus of only one-tenth of a mile, from two-tenths of a mile, and our portfolio now contains only two remaining assets located more than one mile from campus. Additionally, with the sold assets averaging 16 years old, the age of our portfolio improves to an average of 8.5 years. We are very excited about the internal growth opportunities offered by our refined best-in-class core portfolio." 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, 2016, American Campus Communities owned 170 student housing properties containing approximately 105,300 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 205 properties with approximately 133,600 beds. Visit www.americancampus.com. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.