ACC American Campus Communities Inc

American Campus Communities, Inc. (the “Company”) received a letter on February 28, 2022 from Land & Buildings Investment Management, LLC (“L&B”) pursuant to which L&B stated it (a) was committed to moving forward with the transaction described in its letter of February 25, 2022, which was a “proposal indicating its willingness to offer to acquire ACC…at a price equal to $57 per share in cash…”  and (b) was prepared to disclose the identity of its financial advisor upon the execution of a confidentiality agreement in the form attached as an exhibit to the February 28 letter (which did not include generally customary provisions, such as a standstill and restrictions on broadly “shopping” the Company’s sensitive, confidential information).  By letter dated March 1, 2022, the Company (i) invited L&B to provide information to demonstrate that it is a credible potential counterparty, including by providing information as to its sources and uses of funds, and informed L&B that the execution of a confidentiality agreement was not a prerequisite to the provision of this information, and (ii) informed L&B that its proposed price undervalued the Company, its key assets and its prospects.  Copies of letters to and from L&B and certain members of the Company’s Board of Directors are attached as Exhibits 99.1 and 99.2 hereto.