On April 13, 2022, American Campus Communities, Inc. received a letter on April 11, 2022, from Land & Buildings Investment Management, LLC pursuant to which Land & Buildings withdrew its nomination of an individual for election to the Board of Directors of the Company. In the letter, Land & Buildings stated that based upon the feedback it is hearing from the market, it has renewed faith that the Company is addressing the most important topics it has raised: namely, improving operations, enhancing capital allocation and being open to maximizing value through a sale if the right opportunity presents itself. Land & Buildings added that as a result, it is withdrawing its director nominations.