EX-4.4





 Exhibit 4.4 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE &
CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR
DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE OPERATING PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AMERICAN CAMPUS
COMMUNITIES OPERATING PARTNERSHIP LP 
 3.875% Senior Note due 2031 
  


			
	REGISTERED	  	PRINCIPAL AMOUNT: $400,000,000
	No. R-1	  	
		
	 CUSIP: 024836 AG3
 ISIN:
US024836AG36
	  	

 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the “Operating
Partnership”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount of FOUR HUNDRED MILLION
DOLLARS ($400,000,000) on January 30, 2031 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms
of this Note and the Indenture) (the Stated Maturity Date and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the outstanding
principal amount of this Note from and including June 11, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on January 30 and July 30 of
each year, commencing on January 30, 2021 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 3.875% per annum, until said principal amount is paid or duly provided for. Interest on this
Note will be computed on the basis of a 360-day year consisting of twelve 30-day months. 












 Payment of Interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 15 or July 15, whether or not a
Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 
 Optional
Redemption. The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs. 

The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time, in each case upon notice at
least 15 days but not more than 60 days prior to the Par Call Date, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Make Whole Amount, plus in each case unpaid interest, if
any, accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after the Par Call Date, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time
to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership
will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the
Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of this Note. 
 “Comparable Treasury Issue” means, with respect
to any Redemption Date for the Notes, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed
(assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date). 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date for
the Notes, (a) the average of three Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Operating Partnership obtains fewer than
three but more than one such Reference Treasury Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations, or (c) if the Operating Partnership obtains only one such Reference Treasury Dealer
Quotation for such Redemption Date, that Reference Treasury Dealer Quotation. 
 “Independent Investment Banker” means,
with respect to any Redemption Date for the Notes, an independent investment banking institution of national standing the Operating Partnership appoints with respect to such Redemption Date. 

“Make Whole Amount” means, as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal of and interest on the Notes to be redeemed that would be due if such Notes matured on the Par Call Date (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding
scheduled interest payment will be reduced by the amount of unpaid interest accrued thereon to, but not including, such Redemption Date), discounted to the applicable Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.50%. 

“Par Call Date” means October 30, 2030. 

“Reference Treasury Dealer” means, with respect to any Redemption Date for the Notes, as the Operating Partnership
determines, either (a) (i) two primary U.S. Government securities dealers in The City of New York (each, a “Primary Treasury Dealer”) selected jointly by Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC or their
respective successors and (ii) three other Primary Treasury Dealers selected by the Operating Partnership or (b) one Primary Treasury Dealer selected by the Operating Partnership and four other Primary Treasury Dealers selected by the
Independent Investment Banker. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption of the Notes, the average, as the Operating Partnership determines, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Operating Partnership by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the date of the notice of redemption for the Notes. 

“Treasury Rate” means the yield on treasury securities at a constant maturity corresponding to the remaining life to maturity
(rounded to the nearest month) of the principal of the Notes being redeemed as of the Redemption Date (which maturity shall be deemed to be the Par Call Date) (the “Treasury Yield”). For purposes of calculating the Treasury Rate,
(1) the Treasury Yield will be equal to the arithmetic mean of the yields displayed for each day in the preceding calendar week published in the Statistical Release for Treasury constant maturities with a maturity equal to the remaining life to
maturity of the Notes being redeemed (assuming the Notes matured on the Par Call Date) and (2) the most recent Statistical Release published prior to the date of the applicable determination will be used. However, if no published maturity
exactly corresponds to such remaining life, then the Treasury Yield will be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest 

  
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and next longest published maturities (rounding in each of such relevant periods to the nearest month). If the format or content of the Statistical Release changes in a manner that precludes
determination of the Treasury Yield in the above manner, then the Treasury Yield shall be the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the date of the applicable notice of
redemption. As used in this paragraph and in the definition of “Reference Treasury Dealer Quotations” above, the term “Business Day” means any day, other than a Saturday or a Sunday, that is not a day on which banking
institutions in The City of New York are authorized or required by law, regulation or executive order to close. 
 “Statistical
Release” means the statistical release designated “H.15” or any successor publication that is published weekly by the Federal Reserve System and that reports yields on actively traded United States government securities adjusted
to constant maturities, or, if that statistical release or successor publication is not published at the time of any required determination under the Indenture, then another reasonably comparable index which we will designate. 

Place of Payment. The Operating Partnership will make payment of principal of, and premium, if any, and interest on, this Note in
immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Operating Partnership for such purpose in The City of New York, in Dollars. 

Time of Payment. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need
not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such payment
as a result of payment on such next succeeding Business Day. 
 General. This Note is one of a duly authorized issue of Securities of
the Operating Partnership, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of April 2, 2013, among the Operating Partnership, American Campus Communities, Inc., as guarantor
(the “Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part),
as supplemented by a First Supplemental Indenture thereto, dated as of April 2, 2013 (the “First Supplemental Indenture,”), and as further supplemented by a Second Supplemental Indenture thereto, dated as of June 21, 2019
(the “Second Supplemental Indenture,” and together with the Base Indenture and the First Supplemental Indenture, the “Indenture”), among the Operating Partnership, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Operating Partnership, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “3.875% Senior Notes due 2031” (collectively, the “Notes”), limited, except as
specified below, in aggregate principal amount to FOUR HUNDRED MILLION DOLLARS ($400,000,000). To the extent the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. 

  
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 Further Issuance. The Operating Partnership may, from time to time, without notice
to, or the consent of, the Holders of the Notes, increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with, and having the same interest
rate, maturity and other terms as, the originally issued Notes (other than the issue date and, to the extent applicable, public offering price, initial Interest Payment Date and initial date of interest accrual). Any such Additional Securities will
be consolidated, and constitute a single series of Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other identifying number of any Outstanding
Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. 
 Reports. So long as any Notes are
outstanding, the Guarantor and the Operating Partnership will furnish to the Trustee such information, documents and other reports, and such summaries thereof, as may be required by Section 314(a) of the Trust Indenture Act. In addition, in the
event the Operating Partnership is not subject to Section 13 or 15(d) of the Exchange Act, the Operating Partnership will, solely with respect to the Notes, within 15 days after each of the respective dates by which the Operating Partnership
would have been required to file annual reports, quarterly reports and other documents with the Commission, if it were so subject, (a) file or furnish with the Commission for public availability, (b) post on a website (which may be a
password protected website) hosted by the Guarantor and the Operating Partnership or by a third party, which such website shall be made available to Holders of the Notes, or (c) mail or otherwise transmit to such Holders, in each case within
the applicable time period specified above, copies of the annual reports, quarterly reports and other documents that the Operating Partnership would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act if it were subject to such Sections. 
 Events of Default. If an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal of the Notes may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture. 

Sinking Fund. The Notes are not subject to, or entitled to the benefits of, any sinking fund. 

Satisfaction and Discharge. The Indenture contains provisions where, upon the Operating Partnership’s direction and satisfaction
of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture. 

Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance of certain obligations of the Operating
Partnership under this Note and the Indenture and covenant defeasance of certain obligations of the Operating Partnership under the Indenture. 

  
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 Modification and Waivers; Obligations of the Operating Partnership Absolute. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Operating Partnership and the Guarantor and the rights of the Holders of the Securities. Such amendment
and modification may be effected under the Indenture at any time by the Operating Partnership, the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series
affected thereby (voting as separate classes). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding
Securities of such series, to waive compliance by the Operating Partnership with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding
Securities of any series to waive, on behalf of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and
binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Operating Partnership, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed. 

Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to
institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a
written request to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no
inconsistent direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the
Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the
enforcement therefor, and this right shall not be impaired without the consent of such Holder. 
 Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 

Registration of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the Office or Agency in any Place of Payment, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Operating Partnership and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
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 As provided in the Indenture and subject to certain limitations herein and therein set
forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue,
and none of the Operating Partnership, the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary. 

Guarantee. Payment of this Note is fully and unconditionally guaranteed by the Guarantor pursuant to the Guarantee issued pursuant to
the Base Indenture. 
 Defined Terms. All terms used but not defined in this Note shall have the meanings assigned to them in the
Indenture. 
 Governing Law. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING PARTNERSHIP, THE GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTION CONTEMPLATED HEREBY.

 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture (including the Guarantee) or be valid or obligatory for any purpose. 
 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Operating Partnership has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the
correctness or accuracy of such CUSIP number, or the ISIN number, printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed by
duly authorized signatories. 
 Dated: June 11, 2020 
  

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
			
	By:	 		 	American Campus Communities Holdings, LLC, its general partner
			
		 	By:	 	  

		 		 	Daniel B. Perry
		 		 	Vice President, Secretary and Treasurer
			
		 	By:	 	  

		 		 	Kim K. Voss
		 		 	Vice President



  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 
		 	Name:
		 	Title:


 Dated: June 11, 2020 

  
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 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  
  

 
 PLEASE INSERT SOCIAL SECURITY NUMBER
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		 	
		  	 	  	

  
  

 
  

(Please print or typewrite name and address, 

including postal zip code, of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

 
 to transfer said Note on the books of the Trustee,
with full power of substitution in the premises. 
  

					
	Dated:                                     
	  		  	                                      
                                         
                                         
                                         
                       
		  		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

  

			
	                                      
                      	  	
	        Signature Guarantee	  	


  
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