8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C., 20549

                                    Form 8-K

                                 Current Report
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

          Date Of Report (Date Of Earliest Event Reported): 12/21/2004

                        American Campus Communities, Inc.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                        Commission File Number: 001-32265


                MD                                 760753089
  (State or Other Jurisdiction Of               (I.R.S. Employer
  Incorporation or Organization)              Identification No.)

                         805 Las Cimas Parkway Suite 400
                                Austin, TX 78746
          (Address of Principal Executive Offices, Including Zip Code)

                                  512-732-1000
              (Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
    Act(17CFR240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act(17CFR240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act(17CFR240.13e-4(c)) [GRAPHIC OMITTED]

================================================================================




Item 7.01.    Regulation FD Disclosure.

      On December 21, 2004, American Campus Communities, Inc. announced that
construction has begun on the second phase of Cullen Oaks on The University of
Houston campus in Houston, TX. The project will cost approximately $17 million
and is being developed by American Campus Communities under a ground lease with
The University of Houston System. Development and construction fees for the
project are expected to total approximately $1.1 million.

      The press release is furnished pursuant to Item 7.01 and shall not be
deemed "filed" for purposes of Section 18 of the Securities Act of 1934 (the
"Exchange Act"), or subject to the liabilities of that Section. The information
in this Current Report shall not be incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.


                                  Signature(s)

      Pursuant to the Requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
Undersigned hereunto duly authorized.

                                   American Campus Communities, Inc.


D                                  By:    /s/    Mark J. Hager
Date: December 21, 2004.           ----------------------------------------
                                                 Mark J. Hager
                                           Executive Vice President, Chief
                                           Financial and Accounting Officer
                                           and Treasurer


                                  Exhibit Index

 Exhibit No.    Description
 ----------     -----------
   EX-99.1      Press Release Dated December 21, 2004

EX-99.1

                                                                    Exhibit 99.1

         American Campus Communities Begins Construction on $17 Million
            Student Housing Expansion Phase at University of Houston

    AUSTIN, Texas--(BUSINESS WIRE)--Dec. 21, 2004--American Campus
Communities, Inc. (NYSE:ACC), one of the nation's largest developers,
owners and managers of high-quality student housing properties, today
announced that construction has begun on the second phase of Cullen
Oaks on The University of Houston campus in Houston, Texas. The
project will cost approximately $17 million and is being developed by
American Campus Communities under a ground lease with The University
of Houston System.
    "We are excited to be working with The University of Houston once
again to provide high-quality, on-campus housing to meet the demands
of its growing student population," said Bill Bayless, ACC president
and chief executive officer. "This is our third student housing
project with the university and exemplifies a valued, on-going
relationship."
    The first Cullen Oaks project, completed in 2001, and the Bayou
Oaks Greek Housing project, completed in 2003, were developed and are
managed by American Campus Communities.
    The 354-bed Cullen Oaks Expansion will be a four-story community
providing one- and two-bedroom accommodations with a mix of private
and semi-private baths. All units will be fully furnished, offering
private bedroom accommodations, spacious living rooms and fully
equipped kitchens. The development will feature a fitness center and
game room, with social lounges, study rooms and laundry facilities
located on each floor.
    The community is scheduled to open for occupancy in Fall 2005,
concurrent with the beginning of the 2005-2006 academic year.

    About American Campus Communities

    American Campus Communities, Inc. is the only publicly traded REIT
solely focused on student housing in the United States. American
Campus Communities is a fully integrated, self-managed and
self-administered equity REIT with expertise in the acquisition,
design, finance, development, construction management, leasing and
management of student housing properties. The company owns 17
high-quality student housing properties, containing approximately
4,100 apartment units and 12,600 beds. In conjunction with the
properties owned, the company's total owned and managed portfolio
consists of 35 student housing properties, representing 24,000 beds.
More information is available at the company's website at
www.americancampuscommunities.com.

    Forward-Looking Statements

    Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements,
which express the current beliefs and expectations of management. Such
statements are based on current expectations and involve a number of
known and unknown risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements speak only as
of the date on which they are made, and we undertake no obligation to
update publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.


    CONTACT: American Campus Communities, Inc., Austin
             Joe Allen, 512-732-1000