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: 03/04/05
                  (Date Of Earliest Event Reported): 03/01/2005


                       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))

- --------------------------------------------------------------------------------



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION


     On March 1, 2005, American Campus Communities, Inc. issued a press release
announcing earnings for the quarter and year ended December 31, 2004. The text
of the press release is included as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.

     The press release is furnished pursuant to Item 2.02 and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange 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.


ITEM 7.01 REGULATION FD DISCLOSURE

     On March 1, 2005, we disclosed a supplemental analyst package in connection
with our earnings conference call for the fourth quarter of 2004, which took
place on March 2, 2005. A copy of the supplemental analyst package is attached
hereto as Exhibit 99.2 and the full call script is attached hereto as Exhibit
99.3.

     The supplemental analyst package and call script are furnished pursuant to
Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange 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.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS


Exhibit No.           Description
- -----------           ------------
EX-99.1               Press Release Dated March 1, 2005


EX-99.2               Supplemental Analyst Package Fourth Quarter 2004

EX-99.3               Transcript of American Campus Communities
                      Fourth Quarter 2004 Earnings call





                                  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.



                                        By: /s/ Mark J. Hager
Date: March 4 2005.                     ---------------------------------------
                                                Mark J. Hager
                                         Executive Vice President, Chief
                                         Financial and Accounting Officer
                                                and Treasurer


                                 Exhibit Index
                                 -------------

Exhibit No.           Description
- -----------           ------------
EX-99.1               Press Release Dated March 1, 2005

EX-99.2               Supplemental Analyst Package Fourth Quarter 2004
                      Earnings Call Power Point Presentation dated
                      March 2, 2005

EX-99.3               Transcript of American Campus Communities
                      Fourth Quarter 2004 Earnings
                      March 2, 2005

EX-99.1

                                                                    Exhibit 99.1

                    (ACC) American Campus Communities, Inc.
          Reports 2004 Fourth-Quarter and Full-Year Financial Results

     AUSTIN, Texas--(BUSINESS WIRE)--March 1, 2005--American Campus
Communities, Inc. (NYSE:ACC), today announced the following financial
results for the quarter and year ending December 31, 2004.

    Highlights

    --  Fourth Quarter 2004 Net Income of $3.3 million and FFO of
        $0.48 per fully diluted share exceeds previous guidance.

    --  Fourth Quarter 2004 FFOM per fully diluted share of $0.36 in
        line with previous guidance.

    --  Fourth Quarter 2004 Net Operating Income ("NOI") for
        same-store owned off-campus properties increased 15 percent
        over fourth quarter 2003.

    --  Third party management services revenues in fourth quarter
        2004 increased 115 percent over prior year quarter.

    --  Closed and commenced construction on Cullen Oaks, a $17.0
        million on-campus participating property at the University of
        Houston, scheduled to open in Fall 2005.

    --  Assumed third-party management responsibilities of two
        properties serving students attending Florida State University
        and Central Michigan University.

    Fourth-Quarter 2004 Operating Results

    Revenue for the 2004 fourth quarter totaled $18.2 million, up 19
percent from $15.2 million in the 2003 fourth quarter. Net income for
2004 fourth quarter, totaled $3.3 million, or $0.26 per fully diluted
share, compared with a net loss of $0.4 million in the 2003 fourth
quarter. The increase in net income was primarily due to the opening
of new, owned properties at Temple University, California State
University at Fresno and California State University at San Bernardino
in August 2004. FFO for the quarter totaled $6.2 million, or $0.48 per
fully diluted share. FFOM totaled $4.5 million, or $0.36 per fully
diluted share. A reconciliation of FFO and FFOM to net income is shown
on Table 4. NOI for same-store owned off-campus properties was $4.6
million in the 2004 fourth quarter, up $0.6 million from the 2003
fourth quarter.
    "Our strong fourth-quarter performance benefited from the opening
of three new developments, a 15 percent increase in same-store NOI on
our owned off-campus properties, and occupancy rates exceeding 97
percent for our owned properties," said Bill Bayless, ACC President
and Chief Executive Officer. "We're also continuing to see numerous
development and acquisition opportunities that complement our growth
strategy of owning high-quality properties in close proximity to
college and university campuses."

    Full-Year 2004 Operating Results

    For the year ended December 31, 2004, the company's revenue
totaled $60.8 million, an increase of 6 percent over revenue of $57.1
million in 2003. A net loss of $1.3 million was reported for the 2004
full year, compared with a net loss of $0.9 million a year-earlier.
FFO and FFOM for the 2004 full year totaled $8.6 million and $6.5
million, respectively. A reconciliation of FFO and FFOM to net income
is shown in Table 4. NOI for same-store owned off-campus properties in
2004 totaled $16.4 million, compared to $16.2 million in 2003.
Full-year 2004 results reflect expenses totaling approximately $2.6
million related to certain transactions occurring in conjunction with
the company's IPO and related formation transactions. Excluding the
charges related to the IPO and formation transactions, net income, FFO
and FFOM for the year ended December 31, 2004 would have been $1.3
million, $11.2 million and $9.1 million, respectively.

    Recent Activities

    Since the end of the 2004 fourth quarter, the company:

    --  Completed the disposition of its University Village property
        to California State University, San Bernardino for an option
        price of $28.3 million.

    --  Closed the acquisition of five student housing properties in
        Florida containing a total of 1,656 beds for an aggregate
        purchase price of approximately $53.5 million, including the
        assumption of approximately $35.4 million in fixed-rate
        mortgage debt.

    --  Signed an agreement to purchase Cityparc at Fry Street, a
        418-bed student housing community located in close proximity
        to the University of North Texas, to be acquired for a
        purchase price of approximately $19.2 million, including
        approximately $11.8 million of existing fixed-rate mortgage
        debt.

    --  Signed an agreement to purchase the Exchange at Gainesville, a
        1,044-bed student housing community located in close proximity
        to the University of Florida, for a total purchase price of
        approximately $47.5 million. The property is unencumbered by
        debt.

    2005 Outlook

    Based on the judgment and current expectations of the management
team, the company is narrowing the range of its previous 2005 FFOM
guidance and is lowering its previous 2005 FFO guidance. This is due
to several factors, including :

    --  A delay in closing the acquisition of the five-property
        portfolio in Florida, which we had anticipated closing in
        mid-December 2004 and was closed in February 2005, this
        impacted 2005 FFO and FFOM by approximately 3 cents per share.

    --  The exercise of the option by California State University -
        San Bernardino to purchase our University Village property,
        which closed on January 5, 2005. This resulted in capital
        being inactive pending redeployment which lowered FFO and FFOM
        by approximately 3 to 7 cents per share.

    --  Our previous guidance had treated the development fee revenue
        from the Cullen Oaks Phase II project as third party service
        revenue as at that time we were pursuing this project in that
        structure. Our current guidance reflects this as an on-campus
        participating property structure and accordingly this
        development fee revenue is substantially eliminated in
        consolidation - this resulted in lowering of FFO by
        approximately 4 to 5 cents per share.

    The company now expects that full-year 2005 net income will range
from $0.72 to $0.78 per fully diluted share, FFO will range from $1.42
to $1.50 per fully diluted share, and FFOM will range from $1.32 to
$1.42 per fully diluted share. A reconciliation of the range provided
for projected net income to projected FFO and FFOM for the year ending
December 31, 2005 is shown in Table 5. We expect that the company's
financial results for the year ended December 31, 2005 will be
affected by national and regional economic trends and events, the
acquisition of properties, the ability of the company to be awarded
development projects and the timing of such awards, the amount of
income recognized by the taxable REIT subsidiary and any corresponding
income tax expense, and other factors.

    Supplemental Information and Earnings Conference Call

    Supplemental financial and operating information, as well as this
earnings news release, is available at the investor relations section
of American Campus Communities' website,
www.americancampuscommunities.com. In addition, the company will host
a conference call to discuss fourth quarter results and the 2005
outlook on Wednesday, March 2, 2005 at 11:00 a.m. EST (10 a.m. CST).
To participate by telephone, call 800-810-0924 or 913-981-4900 at
least five minutes prior to the call.
    To listen to the live broadcast, go to
www.americancampuscommunities.com or www.fulldisclosure.com at least
15 minutes prior to the call so that required audio software can be
downloaded. Informational slides to accompany prepared remarks during
the conference call as well as a supplemental analyst package can be
accessed at the websites. A replay of the conference call will be
available beginning two hours after the end of the call until March 9,
2005 by dialing 888-203-1112 or 719-457-0820, pass code 9400162. The
replay also will be available for 30 days at
www.americancampuscommunities.com and at www.fulldisclosure.com.

    About American Campus Communities

    American Campus Communities, Inc. is one of the largest
developers, owners and managers 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, leasing and management of student housing
properties. American Campus Communities owns and manages a portfolio
of 22 student housing communities containing approximately 14,100
beds. Including its owned properties, the company provides management
and leasing services at a total of 41 properties with more than 25,400
beds located on or near college and university campuses. Additional
information is available at www.americancampuscommunities.com.

    Forward-Looking Statements

    This news release contains forward-looking statements, which
express the current beliefs and expectations of management. Except for
historical information, the matters discussed in this news release are
forward-looking statements and can be identified by the use of the
words "anticipate," "believe," "expect," "intend," "may," "might,"
"plan," "estimate," "project," "should," "will," "result" and similar
expressions. 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.
    Our actual results could differ materially from those anticipated
in these forward-looking statements as a result of various factors,
including risks and uncertainties inherent in the national economy,
the real estate industry in general, and in our specific markets; the
effect of terrorism or the threat of terrorism; legislative or
regulatory changes including changes to laws governing REITS; our
dependence on key personnel whose continued service is not guaranteed;
availability of qualified acquisition and development targets;
availability of capital and financing; rising interest rates; rising
insurance rates; impact of ad valorem and income taxation; changes in
generally accepted accounting principals; and our continued ability to
successfully lease and operate our properties. While we believe these
forward-looking statements are based on reasonable assumptions, we can
give no assurance that our expectations will be achieved. These
forward-looking statements are made as of the date of this news
release, 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.




                                Table 1
          American Campus Communities, Inc. and Subsidiaries
                Consolidated & Combined Balance Sheets
  (unaudited, dollars in thousands, except share and per share data)

                                                December 31,
                                        -----------------------------
                                            2004           2003
                                        -------------- --------------
Assets
Investments in real estate:
  Owned off-campus properties, net           $272,450       $222,907
  On-campus participating properties,
   net                                         68,064         77,689
                                        -------------- --------------
Investments in real estate, net               340,514        300,596

Cash and cash equivalents                       4,050          5,227
Restricted cash and short-term
 investments                                    9,816          9,503
Student contracts receivable, net               2,164          2,355
Other assets                                   11,084         12,885
                                        -------------- --------------

Total assets                                 $367,628       $330,566
                                        ============== ==============

Liabilities and stockholders' and
 Predecessor owners' equity

Liabilities:
  Mortgage loans, bonds payable and
   lines of credit                           $201,014       $275,598
  Accounts payable and accrued expenses         5,443          3,966
  Other liabilities                            20,294         23,092
                                        -------------- --------------

Total liabilities                             226,751        302,656

Minority interests                              2,648            252

Stockholders' and Predecessor owners'
 equity:
  Common stock, $0.01 par value,
   800,000,000 shares authorized,
   12,615,000 shares issued and
   outstanding                                    126             --
  Additional paid in capital                  136,259             --
  Accumulated earnings and dividends            1,802             --
  Accumulated other comprehensive income
   (loss)                                          42           (197)
  Predecessor owners' equity                       --         27,855
                                        -------------- --------------
Total stockholders' and Predecessor
 owners' equity                               138,229         27,658
                                        -------------- --------------

Total liabilities and stockholders' and
 Predecessor owners' equity                  $367,628       $330,566
                                        ============== ==============


                                Table 2
          American Campus Communities, Inc. and Subsidiaries
           Consolidated & Combined Statements of Operations
  (unaudited, dollars in thousands, except share and per share data)

                                          Quarter Ended December 31,
                                        ------------------------------
                                             2004           2003
                                        --------------- --------------
Revenues:
  Owned off-campus properties                  $10,455         $7,699
  On-campus participating properties             5,595          5,578
  Third-party development services               1,065          1,600
  Third-party management services                  798            371
  Resident services                                268             --
                                        --------------- --------------
Total revenues                                  18,181         15,248

Operating expenses:
  Owned off-campus properties                    4,446          3,728
  On-campus participating properties             2,082          2,099
  Third-party development and management
   services                                      1,422          1,448
  General and administrative                     1,314          1,561
  Depreciation and amortization                  2,823          2,237
  Ground lease                                     148            187
                                        --------------- --------------
Total operating expenses                        12,235         11,260
                                        --------------- --------------

Operating income                                 5,946          3,988

Non-operating income and (expenses):
  Interest income                                   25             15
  Interest expense                              (3,550)        (4,299)
  Amortization of deferred financing
   costs                                          (232)          (140)
  Other non-operating income                       653             --
                                        --------------- --------------
Total non-operating expenses                    (3,104)        (4,424)
                                        --------------- --------------

Income (loss) before taxes, minority
 interests and discontinued operations           2,842           (436)

Income tax provision                               (29)            --

Minority interests                                 (30)            41
                                        --------------- --------------

Income (loss) from continuing operations         2,783           (395)

Discontinued operations:
  Income attributable to discontinued
   operations                                      557              2
  Gain from disposition of real estate              --             16
                                        --------------- --------------
    Total discontinued operations                  557             18
                                        --------------- --------------

Net income (loss)                               $3,340          $(377)
                                        =============== ==============

Earnings per share, basic and fully
 diluted:
  Net income per share                           $0.26
                                        ===============

Weighted average common shares
 outstanding:
  Basic                                     12,622,145
                                        ===============
  Diluted                                   12,743,145
                                        ===============


                                Table 3
          American Campus Communities, Inc. and Subsidiaries
           Consolidated & Combined Statements of Operations
                   (unaudited, dollars in thousands)

                                           Year Ended December 31,
                                        -----------------------------
                                            2004           2003
                                        -------------- --------------
Revenues:
  Owned off-campus properties                 $35,115        $31,514
  On-campus participating properties           17,418         16,482
  Third-party development services              5,803          7,939
  Third-party management services               2,105          1,189
  Resident services and other                     382             12
                                        -------------- --------------
Total revenues                                 60,823         57,136

Operating expenses:
  Owned off-campus properties                  16,861         15,272
  On-campus participating properties            7,900          7,925
  Third-party development and management
   services                                     5,543          5,389
  General and administrative                    5,234          2,749
  Depreciation                                  9,973          8,868
  Ground lease                                    812            489
                                        -------------- --------------
Total operating expenses                       46,323         40,692
                                        -------------- --------------

Operating income                               14,500         16,444

Non-operating income and (expenses):
  Interest income                                  82             71
  Interest expense                            (16,698)       (16,940)
  Amortization of deferred financing
   costs                                       (1,211)          (558)
  Other non-operating income                      927             --
                                        -------------- --------------
Total non-operating expenses                  (16,900)       (17,427)
                                        -------------- --------------

Loss before taxes, minority interests
 and discontinued operations                   (2,400)          (983)

Income tax benefit                                728             --

Minority interests                                100             16
                                        -------------- --------------

Loss from continuing operations                (1,572)          (967)

Discontinued operations:
  Income attributable to discontinued
   operations                                     272              7
  (Loss) gain from disposition of real
   estate                                         (39)            16
                                        -------------- --------------
    Total discontinued operations                 233             23
                                        -------------- --------------

Net loss                                      $(1,339)         $(944)
                                        ============== ==============


                                Table 4
          American Campus Communities, Inc. and Subsidiaries
                      Calculation of FFO and FFOM
  (unaudited, dollars in thousands, except share and per share data)

                                        Quarter Ended    Year Ended
                                        -------------- --------------
                                          12/31/04       12/31/04
                                        -------------- --------------
Net income (loss)                              $3,340        $(1,339)
Minority interests                                 30           (100)
Loss from disposition of real estate               --             39
Real estate-related depreciation and
 amortization                                   2,791         10,009
                                        -------------- --------------

Funds from Operations ("FFO")                   6,161          8,609

Elimination of operations from on-campus
 participating properties:
  Net income from on-campus
   participating properties                    (1,179)          (270)
  Amortization of investment in
   on-campus participating properties            (871)        (3,531)
                                        -------------- --------------
                                               (2,050)        (3,801)

Modifications to reflect operational
 performance of on-campus participating
 properties:
  Our share of net cash flow (a)                  148            772
  Management fees                                 274            860
  On-campus participating properties
   development fees (b)                            15             15
                                        -------------- --------------
  Impact of on-campus participating
   properties                                     437          1,647
                                        -------------- --------------
Funds from Operations--Modified for
 operational performance of on-campus
 participating properties ("FFOM")             $4,548         $6,455
                                        ============== ==============

FFO per share--basic                            $0.49
                                        ==============
FFO per share--diluted                          $0.48
                                        ==============

FFOM per share--basic and diluted               $0.36
                                        ==============

Weighted average common shares
 outstanding:
  Basic                                    12,622,145
                                        ==============
  Diluted                                  12,743,145
                                        ==============

(a) 50 percent of the properties' net cash available for distribution
    after payment of operating expenses, debt service (including
    repayment of principal) and capital expenditures. Amounts indicate
    actual cash received for the year-to-date periods and amounts
    accrued for the interim periods.

(b) Development and construction management fees related to the Cullen
    Oaks Phase II on-campus participating property.


                                Table 5
          American Campus Communities, Inc. and Subsidiaries
                            2005 Outlook(a)
       (unaudited, dollars in thousands, except per share data)

                                             Low           High
                                        -------------- -------------
Net income                                     $9,200        $9,900
Gain on disposition of property                (5,400)       (5,600)
Minority interests                                 50           150
Depreciation and amortization                  13,900        14,100
Amortization of intangible acquired
 assets                                           400           600
                                        -------------- -------------
Funds from Operations ("FFO")                  18,150        19,150

Elimination of operations of on-campus
 participating properties:
  Net income from on-campus
   participating properties                      (500)         (400)
  Amortization of investment in
   on-campus participating properties          (3,500)       (3,500)
                                        -------------- -------------
                                               (4,000)       (3,900)

Modifications to reflect operational
 performance of on-campus participating
 properties:
  Our share of net cash flow                      800           900
  Development fees earned on Cullen Oaks        1,050         1,100
  Management fees                                 800           900
                                        -------------- -------------
Impact of on-campus participating
 properties                                     2,650         2,900
                                        -------------- -------------
Funds from operations--Modified for
 operational performance of on-campus
 participating properties ("FFOM")            $16,800       $18,150
                                        ============== =============

Weighted average common shares
 outstanding--diluted                          12,744        12,744
                                        ============== =============

Net income per share--diluted                   $0.72         $0.78
                                        ============== =============

FFO per share--diluted                          $1.42         $1.50
                                        ============== =============

FFOM per share--diluted                         $1.32         $1.42
                                        ============== =============

(a) Assumes that (1) the company will complete current contracted
    acquisitions by mid-year at current contract terms without effect
    of fair value adjustments that may be necessary, (2) University
    Village at Sweet Home will open on-time and on-budget, and that 50
    percent of the project costs will be permanently financed upon
    completion, (3) the on-campus participating construction property
    Cullen Oaks Phase II will open on-time and on-budget, (4) the
    company will enter into contracts for third-party development and
    construction projects that generate revenues consistent with 2004
    levels, (5) the 2005-2006 academic year lease-up will be at
    similar rates and occupancy levels as experienced in the current
    academic year, (6) the cost of Sarbanes-Oxley compliance at 2005
    year-end will be approximately $0.5 million, and (7) the interest
    rate on our floating rate debt will not increase more than 75
    basis points in 2005.





    CONTACT: American Campus Communities, Inc., Austin
             Mark J. Hager, 512-732-1000

EX-99.2

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

March 2, 2005

TABLE OF CONTENTS

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

1

Financial Highlights ……….…………………………....………………………...……..………………………….….….…....………….……

2

Consolidated and Combined Statements of Operations…………………………………………...…………………….....….….…...………..

3

Consolidated and Combined Statements of Funds from Operations……………………………………...…………………..….…….………

4

Capital Structure…………………………………………………………………………………….....….…………………...……………..……

5

Portfolio Overview……………………………………………………….…………………………………..…………….……....………………..

6

Same Store Results of Operations…………………………………………………….………………………………….....………………………

7

Owned Off-Campus Same Store Occupancy…………………………………………..…….…………………...……………………………...

8

Fall to Spring Change in Occupancy - Owned Off-Campus Properties…………………………………..……………………………………

9

Fall to Spring Change in Occupancy - On-Campus Participating Properties…………………………….……………………………………

10

2005 / 2006 Leasing Status...……………………...…………….………………………………..……………………………..………….………

11

Recent Acquisitions / Dispositions……………………………………………………………...……………....………………….………………

12

Acquisitions / Developments Update……………………………………………………………...……………....………………………….……

13

Third Party Development Services Update…………………………….……………………………..…………………..……………….………

14

Management Services Update…………………………………………………………………….………….…………..…………………...……

15

2005 Outlook………………………………………………………………………….………………………...…………….………….…………

16

American Campus Communities Contacts………….……………..…………………………..…………………………………….…………….

17

Consolidated and Combined Balance Sheets ……………………………………...……………………………………………..….…….……..

FINANCIAL HIGHLIGHTS
(dollars in thousands, except share and per share data)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

% Change

2004

2003

$ Change

% Change

Operating Data

Total revenues

18,181

$     

15,248

$     

2,933

$      

19.2%

60,823

$     

57,136

$     

3,687

$      

6.5%

Operating income

5,946

3,988

1,958

49.1%

14,500

16,444

(1,944)

-11.8%

Net income (loss)

3,340

(377)

3,717

985.9%

(1,339)

(944)

(395)

-41.8%

Net income per share - basic and diluted

0.26

-

-

-

-

-

-

-

FFO

6,161

1,828

4,333

237.0%

8,609

7,961

648

8.1%

FFO per share - basic

0.49

-

-

-

-

-

-

-

FFO per share - diluted

0.48

-

-

-

-

-

-

-

FFOM

4,548

325

4,223

1299.4%

6,455

5,784

671

11.6%

FFOM per share - basic and diluted

0.36

-

-

-

-

-

-

-

Capitalization

Total debt

(1)

Market equity

(2)

Total enterprise value

Debt to total enterprise value

Total common shares outstanding

Total PIUs and RSUs outstanding

(3)

128,145

128,145

(1)   

Excludes debt related to our on-campus participating properties of $77.2 million and $76.8 at December 31, 2004 and September 30, 2004, respectively.

(2)

   Based on closing price per common share of $22.49 and $18.56 as of December 31, 2004 and September 30, 2004, respectively.

352,778

30.2%

33.0%

12,615,000

12,615,000

(3)   

Consists of profit interest units ("PIUs") in the Operating Partnership and restricted stock units ("RSUs").

Quarter ended December 31,

Year ended December 31,

December 31, 2004

September 30, 2004

123,774

$                             

116,265

$

286,593

236,513

410,367

$                           

1

$

CONSOLIDATED & COMBINED BALANCE SHEETS(dollars in thousands, except share and per share data)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2

CONSOLIDATED & COMBINED BALANCE SHEETS(dollars in thousands, except share and per share data)

December 31, 2004

December 31, 2003

Assets

Investments in real estate:

Owned off-campus properties, net

$                272,450

$                222,907

On-campus participating properties, net

                     68,064

                     77,689

Investments in real estate, net

                   340,514

                   300,596

Cash and cash equivalents

                       4,050

                       5,227

Restricted cash and short-term investments

                       9,816

                       9,503

Student contracts receivable, net

                       2,164

                       2,355

Other assets

                     11,084

                     12,885

$                367,628

$                330,566

Total assets

Liabilities and stockholders’ and Predecessor owners’ equity

Liabilities:

Mortgage loans, bonds payable, and lines of credit

$                201,014

$                275,598

Accounts payable and accrued expenses

                       5,443

                       3,966

Other liabilities

                     20,294

                     23,092

                   226,751

                   302,656

Minority interests

                       2,648

                          252

Stockholders’ and Predecessor owners’ equity:

Common stock, $.01 par value, 800,000,000 shares authorized,

       12,615,000 shares issued and outstanding

                          126

-

Additional paid in capital

                   136,259

-

Accumulated earnings and dividends

                       1,802

-

Accumulated other comprehensive income (loss)

                            42

                        (197)

Predecessor owners’ equity

                             -   

                     27,855

                   138,229

                     27,658

Total liabilities and stockholders’ and Predecessor owners’ equity

$                367,628

$                330,566

Total stockholder’s and Predecessor owners’ equity

Total liabilities

CONSOLIDATED & COMBINED STATEMENTS OF OPERATIONS(dollars in thousands, except share and per share data)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

2004

2003

$ Change

Revenues:

Owned off-campus properties

10,455

$        

7,699

$     

2,756

$           

35,115

$         

31,514

$     

3,601

$           

On-campus participating properties

5,595

5,578

17

17,418

16,482

936

Third party development services

1,065

1,600

(535)

5,803

7,939

(2,136)

Third party management services

798

371

427

2,105

1,189

916

Resident services and other

268

-

268

382

12

370

Total revenues

18,181

15,248

2,933

60,823

57,136

3,687

Operating expenses:

Owned off-campus properties

4,446

3,728

718

16,861

15,272

1,589

On-campus participating properties

2,082

2,099

(17)

7,900

7,925

(25)

Third party development and management services

1,422

1,448

(26)

5,543

5,389

154

General and administrative

1,314

1,561

(247)

5,234

2,749

2,485

Depreciation and amortization

2,823

2,237

586

9,973

8,868

1,105

Ground lease

148

187

(39)

812

489

323

Total operating expenses

12,235

11,260

975

46,323

40,692

5,631

Operating income

5,946

3,988

1,958

14,500

16,444

(1,944)

Nonoperating income and (expenses):

Interest income

25

15

10

82

71

11

Interest expense

(3,550)

(4,299)

749

(16,698)

(16,940)

242

Amortization of deferred financing costs

(232)

(140)

(92)

(1,211)

(558)

(653)

Other nonoperating income

653

-

653

927

-

927

Total nonoperating expenses

(3,104)

(4,424)

1,320

(16,900)

(17,427)

527

Income (loss) before income taxes, minority interests, and

discontinued operations

2,842

(436)

3,278

(2,400)

(983)

(1,417)

Income tax (provision) benefit

(29)

-

(29)

728

-

728

Minority interests

(30)

41

(71)

100

16

84

Income (loss) from continuing operations

2,783

(395)

3,178

(1,572)

(967)

(605)

Discontinued operations:

Income attributable to discontinued operations

557

2

555

272

7

265

   Gain (loss) from disposition of real estate

-

16

(16)

(39)

16

(55)

    Total discontinued operations

557

18

539

233

23

210

Net income (loss)

(1)

3,340

$  

(377)

$  

3,717

$     

(1,339)

$  

(944)

$  

(395)

$      

Net income per share - basic and diluted

0.26

$           

Weighted-average common shares outstanding:

Basic

Diluted

(1)

Full-year 2004 results reflect charges totaling approximately $2.6 million related to the company’s IPO and related formation transactions.  Excluding these transactions,  
net income for the year ended December 31, 2004 would have been $1.3 million.

Quarter ended December 31,

Year ended December 31,

3

12,622,145

12,743,145

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

2004

2003

$ Change

Net income (loss)

(1)

3,340

$      

(377)

$         

3,717

$            

(1,339)

$      

(944)

$         

(395)

$            

Minority interests

30

(41)

71

(100)

(16)

(84)

(Gain) loss from disposition of real estate

-

(16)

16

39

(16)

55

Real estate related depreciation and amortization

2,791

2,262

529

10,009

8,937

1,072

Funds from operations (“FFO”)

(1)

6,161

1,828

   4,333

   8,609

7,961

648

Elimination of operations of on-campus  participating properties:

Net income from on-campus participating properties

(1,179)

(1,219)

40

(270)

(187)

(83)

Amortization of investment in on-campus participating properties

(871)

(850)

(21)

(3,531)

(3,270)

(261)

(2,050)

(2,069)

19

(3,801)

(3,457)

(344)

Modifications to reflect operational performance of on-campus

participating properties:

Our share of net cash flow

(2)

148

282

(134)

772

471

301

Management fees

274

284

(10)

860

809

51

CONSOLIDATED & COMBINED STATEMENTS OF FUNDS FROM OPERATIONS
(dollars in thousands, except per share data)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

On-campus participating property development fees

15

-

15

-

Impact of on-campus participating properties

437

566

(129)

1,647

1,280

367

Funds from operations – modified for operational performance

of on-campus participating properties (“FFOM”)

4,548

$  

325

$   

4,223

$   

6,455

$  

5,784

$  

671

$        

FFO per share – basic

0.49

$         

FFO per share – diluted

0.48

$         

FFOM per share – basic and diluted

0.36

$         

Weighted average common shares outstanding

      Basic

12,622,145

      Diluted

12,743,145

     FFO and FFOM for the year ended December 31, 2004 would have been $1.3 million, $11.2 million and $9.1 million, respectively

     represent actual cash received for the year-to-date periods and amounts accrued for the interim periods.

Quarter ended December 31,

Year ended December 31,

(2)

  50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures.  Amounts

(3)   

Development and construction management fees related to the Cullen Oaks Phase II on-campus participating property.

(1)

  Full-year 2004 results reflect charges totaling approximately $2.6 million related to the company’s IPO and related formation transactions.  Excluding these transactions, net income,

4

(1)

(3)

CAPITAL STRUCTURE
AS OF DECEMBER 31, 2004
(dollars in thousands)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004 Interest Expense Summary

(3)

Owned Off-Campus Properties

$                11,583

On-Campus Participating Properties

                    5,548

Corporate and other

                         180

Total Interest Expense

$               17,311

⁽²⁾Based on share price of $22.49 at December 31, 2004

⁽³⁾Includes interest expense related to discontinued operations.

⁽¹⁾Excluding debt related to our on-campus participating properties totaling $77.2 million with a weighted average interest rate of 6.9% and average term to maturity of 16.1 years

Total Debt

(1)

123,774

$           

Total Market Equity

(2)

286,593

Total Enterprise Value

410,367

$   

Debt to Total Enterprise Value

30.2%

Principal

Outstanding

(1)

Average

Term to

Maturity

Fixed Rate Mortgage Notes Payable

111,974

$            

6.73%

5.9 Years

Variable Rate Secured Revolving Credit Facility

11,800

3.92%

2.6 Years

Total / Weighted Average

123,774

$           

6.46%

5.6 Years

Variable Rate Debt as a Percent of Total Debt

9.5%

Variable Rate Debt as a Percent of Total Enterprise Value

2.9%

Weighted

Average

Interest

Total Equity

70%

Total Debt

(1)

30%

0

0

11,800

0

15,351

96,623

0

20

40

60

80

100

2005

2006

2007

2008

2009

Thereafter

Debt Maturity Schedule:  2005 - Thereafter

(1)

5

PORTFOLIO OVERVIEW
AS OF DECEMBER 31, 2004

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

Property

Primary University Served

Units

Beds

Occupancy

Owned off-campus properties:

Commons On Apache

Arizona State University Main Campus

111

444

100.0%

(1)

The Village at Blacksburg

Virginia Polytechnic Institute and State University

288

1,056

98.6%

The Village on University

Arizona State University Main Campus

288

918

95.1%

River Club Apartments

The University of Georgia – Athens

266

794

93.3%

River Walk Townhomes

The University of Georgia – Athens

100

340

98.2%

The Callaway House

Texas A&M University

173

538

101.9%

The Village at Alafaya Club

The University of Central Florida

228

840

96.5%

The Village at Science Drive

The University of Central Florida

192

732

99.5%

University Village at Boulder Creek

The University of Colorado at Boulder

82

309

87.1%

University Village at Fresno

California State University – Fresno

105

406

99.5%

University Village at San Bernardino

(2)

California State University – San Bernardino

132

480

95.6%

University Village at TU

Temple University

220

749

99.7%

University Village at Sweet Home

(3)

State University of New York – Buffalo

269

828

n/a

Total owned off-campus properties

2,454

8,434

97.3%

On-campus participating properties:

University Village—PVAMU

Prairie View A&M University

612

1,920

99.2%

University College—PVAMU

Prairie View A&M University

756

1,470

98.6%

University Village—TAMIU

Texas A&M International University

84

252

66.3%

Cullen Oaks Phase I

The University of Houston

231

525

98.3%

Cullen Oaks Phase II

(3)

The University of Houston

180

354

n/a

Total on-campus participating properties

1,863

4,521

96.9%

Total – all properties

4,317

12,955

97.1%

⁽¹⁾Commons on Apache is 100% leased for the 2004-2005 academic year by Arizona State University.

⁽²⁾In November 2004, California State University exercised its option to purchase this property for $28.3 million.  This disposition was consummated in January 2005.

⁽³⁾ Currently under development with a scheduled completion date of August 2005.

6

SAME STORE RESULTS OF OPERATIONS(dollars in thousands)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

% Change

2004

2003

$ Change

% Change

Property revenues

Owned off-campus properties:

Same store properties

8,380

$      

7,699

$      

681

$         

8.8%

31,938

$     

31,514

$     

424

$         

1.3%

New properties

2,075

-

2,075

100.0%

3,177

-

3,177

100.0%

Total owned off-campus properties

10,455

7,699

2,756

35.8%

35,115

31,514

3,601

11.4%

On-campus participating properties:

Same store properties

5,595

5,578

17

0.3%

16,604

16,089

515

3.2%

New properties

-

-

-

-

814

393

421

107.1%

Total on-campus participating properties

5,595

5,578

17

0.3%

17,418

16,482

936

5.7%

Total property revenues

16,050

$     

13,277

$     

2,773

$      

20.9%

52,533

$     

47,996

$     

4,537

$      

9.5%

Property operating expenses

Owned off-campus properties:

Same store properties

3,813

$      

3,728

$      

85

$            

2.3%

15,576

$     

15,272

$     

304

$         

2.0%

New properties

633

-

633

100.0%

1,285

-

1,285

100.0%

Total owned off-campus properties

4,446

3,728

718

19.3%

16,861

15,272

1,589

10.4%

On-campus participating properties:

Same store properties

2,082

2,099

(17)

-0.8%

7,522

7,803

(281)

-3.6%

New properties

-

-

-

-

378

122

256

209.8%

Total on-campus participating properties

2,082

2,099

(17)

-0.8%

7,900

7,925

(25)

-0.3%

Total property operating expenses

6,528

$      

5,827

$      

701

$         

12.0%

24,761

$     

23,197

$     

1,564

$      

6.7%

Property net operating income

Owned off-campus properties:

Same store properties

4,567

$      

3,971

$      

596

$         

15.0%

16,362

$     

16,242

$     

120

$         

0.7%

New properties

1,442

-

1,442

100.0%

1,892

-

1,892

100.0%

Total owned off-campus properties

6,009

3,971

2,038

51.3%

18,254

16,242

2,012

12.4%

On-campus participating properties:

Same store properties

3,513

3,479

34

1.0%

9,082

8,286

796

9.6%

New properties

-

-

-

-

436

271

165

60.9%

Total on-campus participating properties

3,513

3,479

34

1.0%

9,518

8,557

961

11.2%

-

Total property net operating income

9,522

$      

7,450

$      

2,072

$      

27.8%

27,772

$     

24,799

$     

2,973

$      

12.0%

Quarter ended December 31,

Year ended December 31,

7

12/31/2004

12/31/2003

Occupancy

Occupancy

Callaway House

101.9%

71.6%

Commons on Apache

100.0%

96.4%

River Club Apartments

93.3%

98.1%

River Walk Townhomes

98.2%

95.3%

The Village at Alafaya Club

96.5%

99.2%

The Village at Blacksburg

98.6%

76.3%

The Village at Science Drive

99.5%

99.5%

The Village on University

95.1%

76.3%

University Village at Boulder Creek

87.1%

94.5%

97.0%

88.3%

Total

8

OWNED OFF-CAMPUS SAME STORE OCCUPANCY

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

Fall Beds

Occupied

(1)

Spring Beds

Occupied

(2)

Variance

Spring

Occupancy

Change

Commons on Apache

444

444

-

-

The Village at Blacksburg

1,041

1,040

(1)

-0.1%

The Village on University

887

909

22

2.4%

River Club Apartments

736

756

20

2.6%

River Walk Townhomes

334

333

(1)

-0.3%

The Callaway House

550

548

(2)

-0.4%

The Village at Alafaya Club

802

817

15

1.8%

The Village at Science Drive

728

727

(1)

-0.1%

University Village at Boulder Creek

266

268

2

0.7%

University Village at Fresno

405

402

(3)

-0.7%

University Village at TU

746

741

(5)

-0.7%

Total

6,939

6,985

46

0.7%

(1)

Occupancy as of 9/30/04

(2)

Occupancy as of 2/25/05

9

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

FALL TO SPRING CHANGE IN OCCUPANCY
OWNED OFF-CAMPUS PROPERTIES

Fall Beds

Occupied

(1)

Spring Beds

Occupied

(2)

Variance

Spring

Occupancy

Change

University Village - PVAMU

1,913

1,825

(88)

-19.8%

University College - PVAMU

1,469

1,406

(63)

-4.5%

University Village - TAMIU

178

181

3

1.7%

Cullen Oaks Phase I

523

523

-

0.0%

Total

4,083

3,935

(148)

-3.8%

(1)

Occupancy as of 9/30/04

(2)

Occupancy as of 2/25/05

10

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

FALL TO SPRING CHANGE IN OCCUPANCY
ON-CAMPUS PARTICIPATING PROPERTIES

2005/2006 LEASING STATUS
OWNED OFF-CAMPUS PORTFOLIO

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

(1)  

Represents applications and signed leases in place through February 2005 for the 2005/2006 academic year and through February 2004 for the 2004/2005 academic year.

11

2005/2006 Academic Year

(1)

2004/2005 Academic Year

(1)

Change

% Change

Applications

Signed Leases

Applications

Signed Leases

Applications

Signed Leases

Applications

Signed Leases

Commons On Apache

444

444

444

444

-

-

0.0%

0.0%

The Village at Blacksburg

1,002

976

1,012

987

(10)

(11)

-1.0%

-1.1%

-

The Village on University

56

-

25

-

31

-

124.0%

0.0%

River Club Apartments

369

364

171

132

198

232

115.8%

175.8%

-

River Walk Townhomes

178

177

195

149

(17)

28

-8.7%

18.8%

The Callaway House

410

308

294

158

116

150

39.5%

94.9%

-

The Village at Alafaya Club

167

164

238

228

(71)

(64)

-29.8%

-28.1%

-

The Village at Science Drive

340

321

344

330

(4)

(9)

-1.2%

-2.7%

University Village at Boulder Creek

60

55

85

12

(25)

43

-29.4%

358.3%

-

University Village at Fresno

216

140

90

61

126

79

140.0%

129.5%

-

University Village at TU

400

302

279

144

121

158

43.4%

109.7%

-

Totals

3,642

3,251

3,177

2,645

465

606

14.6%

22.9%

RECENT ACQUISITIONS / DISPOSITIONS
(dollars in thousands)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

ACQUISITIONS

Property

Location

Year

Built

Primary University Served

Units

Beds

Month of

Acquisition

Proctor portfolio:

University Club Tallahassee

Tallahassee, FL

2000

Florida State University

152

608

February 2005

The Grove at University Club

Tallahassee, FL

2002

Florida State University

64

128

February 2005

College Club

Tallahassee, FL

2001

Florida A&M University

96

384

February 2005

College Club Tallahassee Phase II

Tallahassee, FL

2004

Florida A&M University

40

160

February 2005

University Club Gainesville Phase I

Gainesville, FL

1999

University of Florida

94

376

February 2005

    Total Proctor portfolio

(1)

446

1,656

DISPOSITIONS

Property

Location

Year

Built

Primary University Served

Units

Beds

Sales Price

Cash

Proceeds

Month of

Disposition

University Village at San Bernardino

San Bernardino, CA

2004

California State University -

San Bernardino

132

480

$       28,250

$      28,146

January 2005

(1)

This portfolio was purchased for a total purchase price of $53.5 million, including the assumption of $35.4 million in debt with a weighted average interest rate of
7.4% and average term to maturity of 6 years.

12

ACQUISITIONS / DEVELOPMENTS UPDATE
(dollars in thousands)

ACQUISITIONS

Property

Location

Primary University Served

Units

Beds

Estimated

Acquisition

Costs

(1)

Estimated Debt

Assumed

Estimated

Closing Date

Cityparc at Fry Street

Denton, TX

University of North Texas

136

418

19,150

$            

11,790

$           

1st Quarter 2005

The Exchange at Gainesville

Gainesville, FL

University of Florida

396

1,044

47,500

-

1st Quarter 2005

DEVELOPMENTS

Property

Location

Primary University Served

Units

Beds

Estimated

Project Costs

Scheduled

Completion

Date

% Complete at

12/31/04

University Village at Sweet Home

Amherst, NY

State University of New York -

Buffalo

269

828

36,074

$            

August 2005

30.8%

(1)

Represents purchase price per Purchase and Sale Agreement

13

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

THIRD PARTY DEVELOPMENT SERVICES UPDATE
(dollars in thousands)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

% Change

2004

2003

$ Change

% Change

Development services revenue

1,065

$  

1,600

$  

(535)

$   

-33.4%

5,803

$  

7,939

$  

(2,136)

$

-26.9%

% of total revenue

5.9%

10.5%

9.5%

13.9%

CURRENT PROJECTS

Project

Units

Beds

Total Fees

Fees

Earned to

Date

(1)

Remaining

Fees

(1)

Scheduled

Completion

Saint Leo University  Phase II

87

320

375

$      

83

$         

292

$         

August 2005

Vista del Campo Phase II

545

1,564

3,501

43

3,458

August 2006

West Virginia University -

Pre-Development Services

96

345

400

250

150

May 2005

(1)

As of December 31, 2004

Quarter ended December 31,

Year ended December 31,

Location

Primary University Served

Morgantown, WV

West Virginia University

St. Leo, FL

St. Leo University

Irvine, CA

University of California - Irvine

14

MANAGEMENT SERVICES UPDATE
(dollars in thousands)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

2004

2003

$ Change

% Change

2004

2003

$ Change

% Change

Management services revenue

798

$         

371

$         

427

$         

115.1%

2,105

$      

1,189

$      

916

$        

77.0%

% of total revenue

4.4%

2.4%

3.5%

2.1%

NEW AND RENEWED MANAGEMENT CONTRACTS

Property

Location

Units

Beds

Estimated

Annual

Fees

Calumet

Hammond, IN

95

377

88

$           

San Marcos Hall

San Marcos, TX

307

892

48

Sterling Grove

Tallahassee, FL

168

576

132

Sterling Meadows

Mt. Pleasant, MI

184

616

120

Central Michigan University

Property Management

Texas State University - San Marcos

Accounting Services

Florida State University

Property Management

Purdue-Calumet

Initial Operations & Property Management

Quarter ended December 31,

Year ended December 31,

Primary University Served

Service Provided

15

2005 OUTLOOK
(dollars in thousands, except per share data)

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

Low

High

Net income

9,200

$      

9,900

$      

Gain on disposition of property

(5,400)

(5,600)

Minority interests

50

150

Depreciation and amortization

13,900

14,100

Amortization of acquired intangible assets

400

600

Funds from operations ("FFO")

18,150

19,150

Elimination of operations of on-campus participating

properties:

Net income from on-campus participating properties

(500)

(400)

Amortization of investment in on-campus

participating properties

(3,500)

(3,500)

(4,000)

(3,900)

Modifications to reflect operational performance of

on-campus participating properties:

Our share of net cash flow

800

900

Development fees earned on Cullen Oaks

1,050

1,100

Management fees

800

900

Impact of on-campus participating properties

2,650

2,900

Funds from operations - modified for operational performance

of on-campus participating properties (“FFOM”)

16,800

$   

18,150

$   

Weighted average common shares outstanding - diluted

12,744

12,744

Net income per share - diluted

0.72

$        

0.78

$        

FFO per share - diluted

1.42

$        

1.50

$        

FFOM per share - diluted

1.32

$        

1.42

$        

Key Assumptions

(1)  We will  complete current contracted acquisitions by mid-year at current contract terms without effect of fair value adjustments

       that may be necessary.

(2)  University Village at Sweet Home will open on-time and on-budget, and that 50% of the project costs will be permanently financed upon completion.

(3)  The on-campus participating construction property Cullen Oaks Phase II will open on-time and on-budget

(4)  We will enter into contracts for third-party development and construction projects that generate revenues consistent with historical levels.

(5)  Our 2005/2006 academic year lease-up will be at similar rates and occupancy levels as experienced in the current academic year

(6)  Our cost to comply with Sarbanes Oxley Section 404 by the end of 2005 will be approximately $0.5 million.

(7)  The LIBOR and prime rates of interest will not increase more than 75 basis points in 2005.

16

AMERICAN CAMPUS COMMUNITIES CONTACTS

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

Contact Name

Phone

E-mail

William C. Bayless, Jr.

(512) 732-1020

bbayless@student housing.com

Brian B. Nickel

(512) 732-1045

bnickel@student housing.com

Mark J. Hager

(512) 732-1040

mhager@studenthousing.com

Georganne Palffy

(312) 640-6768

gpalffy@financialrelationsboard.com

American Campus Communities, Inc.

805 Las Cimas Parkway

Suite 400

Austin, Texas  78746

Tel:  (512) 732-1000

Fax:  (512) 732-2450

www.americancampuscommunities.com

Corporate Headquarters

Title

Chief Executive Officer

Chief Investment Officer

Chief Financial Officer

Investor Relations

17

FORWARD LOOKING STATEMENTS

This supplemental package contains forward-looking statements, which express the current beliefs and
expectations of management. Except for historical information, the matters discussed in this supplemental
package are forward-looking statements and can be identified by the use of the words “anticipate,”
“believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and
similar expressions.  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.

Our actual results could differ materially from those anticipated in these forward-looking statements as a
result of various factors, including risks and uncertainties inherent in the national economy, the real estate
industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative
or regulatory changes including changes to laws governing REITS; our dependence on key personnel
whose continued service is not guaranteed; availability of qualified acquisition and development targets;  
availability of capital and financing;  rising interest rates; rising insurance rates; impact of ad valorem and
income taxation; changes in generally accepted accounting principals; and our continued ability to
successfully lease and operate our properties. While we believe these forward-looking statements are
based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These
forward-looking statements are made as of the date of this supplemental package, and we undertake no
obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Supplemental Analyst Package

Fourth Quarter 2004 Earnings Call

EX-99.3

                                                                    Exhibit 99.3

American Campus Communities
Fourth Quarter 2004 Earnings
March 2, 2005

Operator:  Please  stand by,  we're about to begin.  Good  morning  everyone and
welcome to the American  Campus  Communities,  Inc. Fourth Quarter 2004 Earnings
Conference Call. Today's call is being recorded.  At this time, all participants
are in a listen  only  mode.  Following  the  presentation,  we will  conduct  a
question and answer session and  instructions  will be provided at that time for
you to queue  up for  questions.  I would  like to  remind  everyone  that  this
conference is being recorded and would now like to turn the  conference  over to
Georganne Palffy of the Financial Relations Board. Please go ahead.

Georganne Palffy: Good morning and thanks to all of you for joining the American
Campus  Communities  Fourth Quarter 2004 Conference  Call. The press release was
furnished on form 8K to provide access to the widest possible  audience.  In the
release the company has  reconciled  all  non-GAAP  financial  measures to those
directly comparable GAAP measures in accordance with Reg G requirements.  If you
do not yet have a copy of the release,  it is available on the company's website
at  www.americancampuscommunities.com  in the investor  relations  section under
press  releases.  Also posted on the company  website in the investor  relations
section,  you will find a supplemental  financial package.  Additionally,  we're
hosting  a live  webcast  of  today's  call,  which  you can  access in the same
section.  An  audio  webcast  replay  will be  available  for one  month  on the
company's  website.  The company  will have a few  selected  slides that will be
accompanying  their  discussion  this  morning  and  those can be found on their
website.

     Management will be making forward looking  statements  today. The reference
is to the disclosure in the press release on the website with the slides as well
as SEC filings.  Management would like me to inform you that certain  statements
made during this  conference  call which are not  historical  fact may be deemed
forward looking  statements  within the meaning of Section 27A of The Securities
Act of 1933 and Section  21E of The  Securities  and  Exchange  Act of 1934,  as
amended by The Private  Securities  Litigation Reform Act of 1995.  Although the
company  believes the expectations  reflected in any forward looking  statements
are based on  reasonable  assumptions,  they are subject to  economic  risks and
uncertainties.  The company can provide no assurance that its expectations  will
be  achieved  and actual  results  may vary.  Factors and risks that could cause
actual results to differ  materially from expectations are detailed in the press
release and from time to time in the  company's  periodic  filings with the SEC.
The company  undertakes no  obligation  to advise or update any forward  looking
statements to reflect events or circumstances after the date of this release.

                                       1



     So, having said all of that, I would now like to introduce management.  Mr.
Bill  Bayless,  Chief  Executive  Officer;  Mr. Brian Nickel,  Chief  Investment
Officer;  and Mr. Mark Hager, Chief Financial Officer, and turn the call over to
Mr. Bayless for his opening remarks. Please go ahead, sir.

Bill Bayless: Thank you Georganne. Good morning and thank you all for joining us
as we discuss our  operating  and  financial  results for the fourth  quarter of
2004.  We'll also be providing you with an update on important  recent  business
activities in the new year. As Georganne stated,  there is a corresponding slide
presentation available on our website at americancampuscommunities.com, which we
will be referring to  periodically  throughout the call.  Presenting with me are
Brian Nickel, our Chief Investment Officer,  and Mark Hager, our Chief Financial
Officer. Greg Dowell, our Chief of Operations,  is also with us and is available
to participate in the question and answer session.

     Let me first address the format of our presentation  today. I'll review the
highlights  of the  fourth  quarter,  provide  an  overview  of our  same  store
operational  results and discuss the leasing status of our owned  properties for
the upcoming  2005/2006  academic  year.  Mark will then discuss our 2004 fourth
quarter and year end financial results, our capital structure as of 12/31/04 and
will  provide an outlook for 2005.  Brian  Nickel will then  discuss our recent,
upcoming and pipeline investment opportunities for each segment of our business.
We'll then open the call for questions and answers. With that, we'll begin.

     The fourth quarter of 2004 was our first full quarter as a public  company.
It was also the first quarter to reflect a full quarter's  contribution from our
construction  properties which we opened in late August.  During the quarter, we
achieved  earnings  per  share  and FFO at a level  slightly  above the range of
guidance  previously  given,  and we achieved  FFOM within the range of guidance
previously given. Mark will discuss this in greater detail.

     In December,  we closed on and commenced  construction on Cullen Oaks Phase
2, a 17 million dollar,  on campus  participating  property at the University of
Houston  that is  scheduled  to open in  August,  2005.  We also  closed  on and
commenced  construction on Vista Del Campo Phase 2, a 110 million dollar,  third
party development  located on the campus of the University of California Irvine.
Upon  completion  and occupancy of this property in August of 2006, we will also
provide third party  management  services.  During the quarter,  we also assumed
third party  management of two properties  serving  students  attending  Florida
State  University  and Central  Michigan  University.  Fourth quarter 2004 third
party management  services  revenue  increased 115% over the same quarter in the
prior year.  Occupancy at our same store owned off campus  assets as of 12/31/04
was 97% compared to 88.3% for the same date from the prior year.



                                       2



     Same store NOI for our owned off campus  properties for the 12 month period
ended 12/31/04 was 16.4 million compared to 16.2 million for the 12 month period
ended  12/31/03,  an increase of 0.7%. As a benefit of our successful  Fall 2004
lease up, same store NOI for our owned off campus properties for the three month
period ended December 31st '04 was 4.6 million compared with 4.0 million for the
three months ended 12/31/03, an increase of 15%. This 15% increase in same store
NOI was  driven  by an 8.8%  increase  in  revenues,  while  operating  expenses
increased  by  only  2.3%.  When  including  the  contributions   from  our  new
construction  properties,  NOI for the  entire  portfolio  of owned,  off campus
assets for the 12 month period ended 12/31/04 was 18.3 million  compared to 16.2
million for the 12 month period ended  December  31st '03, an increase of 12.4%.
NOI for our entire portfolio of owned, off campus properties for the three month
period ended  12/31/04 was six million  compared with four million for the three
month period ended  12/31/03,  an increase of 51.3%.  This 51.3% increase in NOI
was driven by a 35.8%  increase  in  revenues,  while  operating  expenses  only
increased by 19.3%.

     Same  store  NOI's for our on campus  participating  properties  for the 12
month period ended  12/31/04 was 9.1 million  compared to 8.3 million for the 12
month  period  ended   12/31/03,   an  increase  of  9.6%.  NOI  for  on  campus
participating   properties  for  the  three  month  period  ended  12/31/04  was
relatively  constant at 3.5 million,  increasing slightly by a percentage point.
This one  percent  increase  in same store NOI was driven by a 0.3%  increase in
revenues, while operating expenses actually decreased by 0.8%.

     Since the  beginning  of the new  year,  we have had  significant  business
activities.  In early January we completed the disposition of University Village
at Cal State  University,  San  Bernardino to the university for net proceeds of
28.1 million. Earlier this month we closed on the acquisition of a five property
portfolio in Florida for an aggregate purchase price of 53.5 million,  including
the  assumption of  approximately  35.4 million in fixed rate mortgage  debt. We
also  recently  executed a purchase and sale contract to acquire the Exchange at
Gainesville,  the 1,044 bed community serving students  attending the University
of Florida for 47.5  million  dollars,  and we've  executed a purchase  and sale
contract to acquire Cityparc at Fry Street, a 418 bed community serving students
attending the  University of North Texas,  for a purchase price of 19.2 million,
including the  assumption of  approximately  11.8 million in fixed rate mortgage
debt.

     Each of the  acquisitions  that I have just mentioned  exemplifies our core
investment  strategy.  We  continue  to focus  on  owning  assets  that are less
susceptible  to market  fluctuations.  Each of these  assets are well located at
their respective campuses, with either pedestrian, bicycle or university shuttle
access.  They are also  located in specific  sub markets  that have  barriers to
entry and they offer some form of competitive product differentiation. We remain
committed to a disciplined  investment strategy. For us it's not about being the
biggest, it's about delivering maximum shareholder return by staying true to the
underlying fundamentals of our investment strategy,  which we know are essential
for long term success in this industry.

                                       3




     If you look at slide nine on our webcast,  you'll see that we currently own
22 properties  containing  approximately  14,000 beds. Including our most recent
acquisition  our own  portfolio is currently  96.6%  occupied.  In addition,  we
manage  19  properties  on a third  party  basis,  predominantly  for  colleges,
universities  and financial  institutions.  This brings our total properties and
beds under management to 41 and 25,418 respectively.

     I'd now like to address the level of  fluctuation in our occupancy from the
fall to the spring  semester.  At our owned,  off  campus  properties  we have a
majority of 12 month  leases.  The terms of each lease  requires a resident  who
will be departing the  university,  due to  graduation  or  withdrawal  from the
university,  to replace  themselves in order to be released from their financial
obligations.  In addition,  to fill vacancies that occur,  we market to students
who are newly admitted to the university and are commencing  their enrollment in
the spring term. At September 30, 2004 we had 6,939  students who resided in our
same store  owned off  campus  properties.  As of  February  25th,  we had 6,985
residents,  an increase of 46 students or 0.7%. This type of stability from fall
to spring can be the norm in well managed off campus student housing.

     At our on campus  participating  properties,  we're  required to follow the
client  university's  policies  related  to the  release  of  students  who  are
graduating or withdrawing  from the  university at the end of a given  semester.
Here too,  we  aggressively  market to newly  admitted  students  to fill  these
vacancies.  As  compared  to the 4,083  students  who  resided  in our on campus
participating  properties  at  09/30/04,  we had 3,935  residents as of February
25th, a decrease of 148 students or 3.8%.  This level of attrition  from fall to
spring is the norm in on campus  student  housing,  and is  consistent  with our
historical trend for our on campus participating properties,  with the exception
of 2003,  when we experienced an abnormal  stability in our on campus  occupancy
from fall to spring. Please keep in mind that the contribution of value from our
on campus  participating  properties is limited to the actual cash  contribution
that we  receive  from our  management  contracts  and our share of the net cash
distributions that we receive under these participating lease structures.

     I'd now like to  discuss  the  leasing  status for the  upcoming  2005/2006
academic  year. As we previously  discussed on our road show and first  earnings
call,  one of the  inherent  risks in the student  housing  industry,  and a key
difference  between student housing and our traditional  multi-family  peers, is
the fact that we must release our  properties  each  academic  year. As such, it
will be our  standard  practice  to provide  you with  leasing  updates  for the
upcoming  academic  year in each of our  quarterly  calls.  With 25 to 26  weeks
remaining prior to the  commencement of the `05/'06 academic year at our subject
colleges and universities, we're off to a very good start. Our same store owned,
off campus  properties are currently 52% applied for, and 46% leased as compared
to 45% and 38%  respectively  when compared to the same period one year ago. Our
average rental rate increase at our same store owned,  off campus  properties is
currently at 2.2%.  If we continue to track ahead of our prior year's pace,  and
individual  market  conditions  warrant,  we may have the ability to raise rates
further on select product types, in select markets. Conversely, however, we also
continually  monitor  rental  rates by  accommodation  type and leasing  pace to
ensure that we make  prudent  pricing  adjustments,  whether it be  increases or
decreases, to maximize revenue via rent and occupancy.


                                       4



     Our  owned  off  campus  development  at  SUNY  Buffalo,   which  is  under
construction  and  scheduled to open for  occupancy in late August of 2005,  has
been well  received in the market place and is currently 78% applied for and 67%
leased. The five recently acquired Florida  properties,  which we just closed on
this month,  are currently 29% applied for and 26% leased for the upcoming year.
We believe this portfolio's leasing progress is trailing behind that of our same
store owned portfolio due to the fact that the majority of re-leasing efforts to
the existing  residents  commenced upon our closing,  versus the commencement of
re-leasing efforts to current residents in the months of December and January at
our same store owned  properties.  Our  corporate  marketing and leasing team is
currently at those  properties to ensure the full and proper  implementation  of
our  transitional  marketing and leasing plan.  For those of you who are viewing
the chart on our  webcast,  you'll note on page 13 that the five newly  acquired
Florida  properties  are  shown as three  properties  for  lease  administration
reporting  purposes,  as two of these properties are second phase  developments.
Operational  and  financial  reporting  will be  maintained  on all five  assets
separately.

     When combining all of the previously  mentioned  categories,  our owned off
campus  portfolio is currently  50% applied for and,  excuse me, 50% applied for
and 45%  leased for the  upcoming  `05/'06  academic  year.  In all  cases,  the
difference  between our percent  applied for and percent leased merely  reflects
those applications that are in the administrative process of having their leases
generated  and  disseminated  for execution by both the student and the parental
guarantor.  With that, I would now like to turn the call over to Mark to discuss
our 2004 financial results, as well as our 2005 outlook.

Mark  Hager:  Thank you Bill.  Looking at our full year  results  for 2004,  our
revenue  increased 7% over 2003 for a total of 60.8 million  dollars,  with 2004
NOI for our same store owned, off campus properties  remaining  relatively level
with 2003 at 16.2 million  compared to 16.4 million  respectively.  Our net loss
for 2004  totaled 1.3  million  compared to a net loss of 0.9 million for a year
earlier.  Funds from operations for 2004 totaled 8.6 million dollars. As we have
previously  communicated,  we  have  four  on  campus  properties  where  we and
participating  universities each receive 50% of the net cash flow available from
our on campus participating properties after payment of operating expenses, debt
service and capital  expenditures.  Under the terms of the participating leases,
we do not have access to operational cash flow, and do not have an obligation to
financially support these operations.  In addition, upon re-payment of our debt,
our lease hold  interest  in these  assets is  terminated,  and  therefore,  the
re-payment  of debt and  capital  investments  does not  increase  our  economic
interest in these assets. For this reason, when considering FFO as a performance
measure,  we believe it is useful to consider  FFO  modified to reflect only the
economic  impact of the  management  fees and actual cash  received  under these
participating  ground  leases.  We refer to this measure as FFO modified for the
performance of on campus participating properties or FFOM. FFOM for 2004 totaled
6.5  million.  Please  note  that  our 2004  results  reflect  charges  totaling
approximately  2.6  million  related  to  certain   transactions   occurring  in
conjunction with the company's IPO and related formation transactions. Excluding
these charges related to the IPO and formation transactions, net income, FFO and
FFOM for the year ended  December  31,  2004 would have been 1.3  million,  11.2
million and 9.1 million respectively.

                                       5


     As Bill mentioned  earlier,  our fourth quarter  results either exceeded or
fell within the range of our  previously  provided  guidance.  As we discuss the
results of our fourth quarter or 2005  guidance,  please note that all per share
amounts discussed are calculated on a fully diluted basis. Our total revenue for
the fourth  quarter of 2004 was 18.2 million,  an increase of 2.9 million or 19%
from the same quarter in 2003, primarily due to an increase of approximately 2.8
million in owned off campus revenues, a result of the improved occupancy and the
opening of the two new development  properties  that Bill previously  mentioned.
The net operating margin for our off campus  properties,  prior to depreciation,
improved from 52% for the fourth  quarter of 2003 to 57% in fourth quarter 2004,
a result  of the  improved  same  store  operating  performance,  as well as the
opening of the new properties and markets with relatively higher rents.

     Fourth  quarter  2004  operating  results  for our on campus  participating
properties  remain  consistent  with prior year results,  producing  revenues of
approximately 5.6 million and a net operating margin,  before  depreciation,  of
approximately 62%. Third party revenues for the fourth quarter represented 10.2%
of our total revenues  compared to 12.9% for the same 2003 quarter.  All totaled
third  party  service  revenues  of 1.9  million  for  the  fourth  quarter  was
consistent  with that from the same quarter in 2003. A decline in revenues  from
third party  development  fees of  approximately  one half  million  dollars was
offset by a similar  increase in third  party  management  fees.  The decline in
third  party  service  revenues  was a result of fewer  active  projects  in the
current quarter.  Brian Nickel will discuss our third party service prospects in
more detail a little later in the call.


                                       6


     From a non operating expense  perspective,  the fourth quarter  represented
the first full  quarter  of  expenses  reflecting  the post IPO  structure,  and
consequently,  as it relates to non operating expenses, has value in determining
our 2005 run rate. Our general and administrative expense for the fourth quarter
of 2004 totaled 1.3 million.  We believe that this fourth quarter  expense level
on an annualize basis will approximate our run rate for 2005. Income tax expense
related to our TRS for the fourth  quarter was not material.  Income tax expense
related to our TRS is calculated  using an effective rate of 38% and is impacted
by  variations  in income and expenses of TRS as well as other  factors.  At the
forecasted  midpoint of our guidance range, we do not anticipate 2005 income tax
expense to be material.  Interest and depreciation  expense will be directly and
incrementally  impacted by the level of  acquisitions,  developments and capital
expenditures, as well as financing activity in 2005.


     Net income for the fourth quarter  totaled 3.3 million  dollars or 26 cents
per share,  above our guidance of 21 cents to 23 cents per share. Our funds from
operations  for the fourth  quarter  totaled  6.2 million or 48 cents per share,
also above our guidance range of 44 to 47 cents per share.  Our FFOM totaled 4.5
million  for the  fourth  quarter  or 36 cents per  share,  which was within our
guidance range of 35 to 38 cents per share.

     Looking to our 2005  guidance,  we expect our 2005 FFOM to be between  1.32
and 1.42 per share, a narrowing  from our previous  guidance of 1.32 to 1.47 per
share. We expect our 2005 FFO to be between 1.42 and 1.50 per share,  lower than
our previous  guidance of 1.54 to 1.67 per share.  This revised  guidance is due
primarily to the following results which differed from our previous assumptions.
A delay in closing the  acquisition  of the five property  portfolio in Florida,
which we had anticipated closing in mid December, 2004, which actually closed in
February,  2005  impacted  2005 FFO and FFOM by  approximately  three  cents per
share.  The exercise of the option by Cal State San  Bernardino  to purchase our
University  Village  property there closed on January 5, 2005.  This resulted in
capital  being  inactive  pending  redeployment,  which  lowers  FFO and FFOM by
approximately  three to seven cents per share. Our previous guidance had treated
the  development fee revenue from the Cullen Oaks Phase 2 project as third party
service  revenue,  because at that time we were pursuing this project under that
structure.  Our current  guidance  reflects  this as an on campus  participating
property   structure,   and   accordingly,   this  development  fee  revenue  is
substantially eliminated in consolidation.  This results in a lowering of FFO by
approximately four to five cents per share. A reconciliation of our guidance and
the key  assumptions  used in our guidance  are  included in the  earnings  news
release in the analyst package available on our website

     Taking a look at our capital  structure  at December  31,  2004,  our total
enterprise  value  amounted to 410.4  million  dollars,  consisting of equity at
market  value of  286.6  million  dollars  and  debt,  excluding  our on  campus
participating property debt, of 123.8 million dollars. The debt consisted of 112
million dollars of fixed rate mortgage debt and 11.8 million dollars of variable
rate debt outstanding  under our revolving  credit facility.  As of December 31,
2004  the  ratio of total  debt,  when  excluding  the on  campus  participating
property debt, to equity was 30%. Our floating rate debt  represented nine and a
half percent of our total debt.  Now,  Brian Nickel will discuss our third party
services and the status of our current portfolio and acquisition and development
prospects. Brian?


                                       7


Brian Nickel:  Thanks Mark. As was the case in the last call, I'm going to focus
on three growth areas. The third party services  business,  acquisitions and off
campus  development.  First,  let's review the third party services  sector.  As
anticipated, we were successful in closing on the second phase of the University
of California Irvine, with projected  development fees in excess of 3.5 million,
as well as  starting  construction  on the Cullen  Oaks  transaction  which Mark
discussed  earlier.  As we discussed on the last call,  revenues for development
services  for the quarter are below  historical  levels due to the impact of the
overall IPO effort.  Since our call,  we've  continued  to see a large number of
universities pursuing privatized housing as an alternative,  and also started to
see the impact of our  refocusing  on this business  segment,  having been short
listed on seven potential transactions.  When taking into account our historical
track record for delivery of deals on which we've been short listed,  we believe
that we are in a good position to be able to move  development  revenues back to
historical levels seen in 2003.

     Our  management  services  business also had strong  activity in the fourth
quarter,  with  the  addition  of two  third  party  managed  properties  to our
portfolio. We continue to be contacted by a large number of lenders,  developers
and  universities  seeking  management  expertise.  In 2004  we saw  significant
revenue  growth in this area,  as we continued to add large  communities  to our
third  party  management  umbrella.  We expect  this trend to  continue  and for
revenue attributable to third party management to become a larger portion of the
overall third party services business.

     Next I'd like to discuss our acquisition and development  activity.  As you
may be aware from the recent press  releases,  we were  successful in closing on
The Proctor Portfolio in February.  This acquisition was delayed somewhat due to
an extremely cumbersome loan assumption process, but despite the challenges,  we
successfully  closed  the  acquisition  last  month,  on the same  terms as were
discussed on the previous  call. As you may recall,  this was an  approximate 55
million  dollar  acquisition  at a seven  and a half cap rate when  taking  into
account the above  market  debt.  We are also seeing a lot of activity  with the
recent announcement of our two pending  acquisitions.  Cityparc on Fry Street at
the  University of North Texas is an  opportunity  that we put under contract in
January, but due to contract restrictions, we've not been able to announce until
this week. This asset contains 136 units and 418 beds, with a total  acquisition
price of 19.2 million and a total  estimated  acquisition  cost of 19.5 million.
This includes the assumption of 11.8 million in debt. It is consistent  with our
investment strategy benefiting from pedestrian access to campus and a sub market
with barriers to entry and competitive product  differentiation at a high growth
university. When taking into account the impact of the recognition of fair value
of the assumed debt,  which has a weighted  average  interest rate of 5.96%, the
cap rate on this asset would be 7%.


                                       8


     Also  announced  last week is the pending  acquisition  of The  Exchange at
Gainesville.  Located  less than one block  from the  University  of  Florida at
Gainesville,  this acquisition also fits squarely into ACC's overall  investment
strategy.  With 396 units and 1,044 beds,  this asset  benefits  from a superior
location with pedestrian  access to campus and also has spacious floor plans and
a  spectacular  amenities  package.  These  create  solid,  competitive  product
differentiation.  When  these  factors  are taken into  account at this  growing
university, we believe this asset is properly positioned for strong rent growth.
Our  estimated  going  in cap  rate is 7% on a  purchase  price of 47 and a half
million and a total estimated  acquisition  cost of 48.7 million.  This asset is
being purchased free and clear.

     During  the  fourth  quarter  we  continued  to see  cap  rates  that  were
compressed  when compared to historical  levels,  with averages in the six and a
half to seven  and a half  percent  range.  In  addition,  we are not  seeing an
appropriate  bump in return  for  additional  risk in  markets  with low  growth
opportunity, or with assets that are greater distances from campus. Our pipeline
of  opportunity  remains  significant  at well over 750  million  in the  active
pipeline,  but we want to caution that recent activities  suggest that cap rates
remain low, and we remain focused on qualifying each  opportunity to insure that
it meets not only quantitative, but qualitative criteria as well.

     On the development  front,  construction  of The Sweet Home  Development is
proceeding  well. We were  approximately  30% complete in December and remain on
budget. In addition,  as Bill mentioned,  preliminary leasing numbers look great
and we are excited about the opportunity for strong yields on this asset.  Since
our last call, we have sourced a number of development  opportunities and are in
active due diligence on two developments that are consistent with our investment
strategy  and could be completed on time for a 2006  delivery.  These  represent
approximately 80 million in development, with going in yields ranging from 8% to
9%. From a pipeline  perspective,  we are seeing a large  number of  development
opportunities  with  attractive  yields,  and as such, are devoting  significant
resources to this sector going forward.

     I want to take a couple of minutes and talk about our  strategy for funding
development and acquisition  opportunities.  With The Proctor  closing,  and the
Cityparc and Exchange  contracts in hand, we  anticipate  closing on 120 million
during,  or shortly  after,  the end of the first  quarter of this year. We will
also be focusing  our  efforts on  bringing  one or more of the owned off campus
development  opportunities  to  fruition  for a 2005  construction  start.  It's
important to remember that our 2005 development pipeline is still moving through
the  municipal  approval  process,  and a number of factors  could  cause  these
developments to be delayed or ultimately not  consummated.  During this time, we
will continue to qualify and conduct due diligence on our acquisition  pipeline,
with the intent on closing on  subsequent  acquisitions  at the end of the third
quarter and fourth  quarter,  preferably  after the  completion  of leased up at
those  properties.  Late second  quarter and early third  quarter is a difficult
time for the  closing  of  acquisitions,  given  that the bulk of  assets in the
market are in the middle of their lease up cycle,  and create  unknown  lease up
risks.  During  this time,  we will also have the  opportunity  to fully vet our
capital strategy,  making sure any capital plan is disciplined and beneficial to
existing investors. With that, we're going to open it up for questions.


                                       9



Operator:  Thank  you.  The  question  and  answer  session  will  be  conducted
electronically.  If you would like to ask a  question,  please do so by pressing
the star key, followed by the digit one on your touchtone  telephone.  If you're
on a speaker phone,  please make sure your mute function is turned off, to allow
your signal to reach our equipment. Again, please press "star one" if you have a
question,  and we'll pause for just a moment to assemble  our roster.  And we'll
take our first question from Jordan Sadler with Smith Barney.

Jordan  Sadler:  Good morning guys. I'm here with Jon Litt. My first question is
regarding  the outlook for '05 and you guys taking the top end of the range down
by about five cents on FFOM. You identified, and Mark, you ran through the three
items,  including  the delayed  closing and San  Bernardino  being sold and then
Cullen Oaks being treated a little  differently.  All those items at the low end
of the  adjustment  add up to 10 cents by my count and you're  only  lowering by
five. What's the difference? What's the offset?

Brian Nickel: Well, on the last call we talked about 30 million in at a mid year
convention in our guidance.  We are, have  obviously  ramped up our  acquisition
activity  with 70  million  under  contract  at this  point in time.  So  that's
re-deployment of that capital, we are being successful with that.

Jonathon  Litt:  Can you  expand a little bit on why San  Bernardino  decided to
purchase that asset? I thought it was  advantageous for the universities to have
these  owned  off the  book so that  they  could  use  that  capital  for  other
investments.

Bill  Bayless:  Yes,  and we would have agreed with that also,  Jon.  One of the
things that we think has taken place and where the  university was successful in
getting Board of Regents approval on that is the escalating cost of construction
and development in California. In our UC Irvine Phase 2 we saw about a 15 to 18%
increase in  construction  costs,  and the university went to their board and at
the agreed upon rate showed that while the per bed purchase  price was very good
at almost 60,000 per bed, they felt that future  development  with  construction
cost escalation would be significantly  higher and convinced their board that it
was a good bargain for them versus what they, as a state institution, subject to
prevailing  wages and the like,  would  have to do to  develop  in the future on
their own. And that's the position the university took with the Board of Regents
that was successful.

                                       10



Jonathon  Litt:  You have other assets which have similar  options.  What's your
sense  on the  likelihood  that  in  '05  or in  '06  that  you  might  see  the
universities buy in some of those assets?

Bill Bayless:  We do not have any other owned off campus  properties where those
options exist. That was the only one.

Jonathon Litt: And you went through what happened with Cullen Oaks, maybe I, you
know,  didn't get it quite  right.  Can you just go through  that one more time,
maybe a little more slowly with a little more detail?

Bill  Bayless:  Sure.  As you  may be  aware,  we  have  two  properties  at the
University of Houston, one that was done as an on campus participating property,
and the most recent which was one done, under the tax exempt structure,  where a
third party service  provider.  At the time we gave our previous  guidance,  our
discussions  with the university led us to judge that this was going to be a tax
exempt  transaction,  where the fee on that  would  have been  earned as a third
party service. It has since gone full circle and is currently being developed as
an on campus participating that causes the recognition of that to be capitalized
differently.

Jonathon Litt: So it didn't get the tax exempt status?

Bill  Bayless:  The  University  chose at this time not to  pursue  that type of
transaction.  It is still  open in the future to be able to do so, but given the
fact that we are under  construction with conventional  financing in place as an
on campus  participating,  we certainly  feel that it's important to treat it as
that, although in the future it could offer an opportunity for a tax exempt take
out to that property as well as our adjacent on campus participating property.

Jordan  Sadler:  So,  you're not booking the expected fee on Cullen Oaks Phase 2
was a million, a million and a half dollars?

Brian Nickel: A little over a million.

Jordan Sadler:  Ok, and in FFOM you would  ordinarily take some portion of that,
and now you're not. You're just putting it up in the on campus?

Mark Hager: No, actually,  what you'll see in the  reconciliation  is as we earn
that cash fee, that will be added back into the cash adjustment for FFOM.

                                       11


Jordan  Sadler:  Ok. So what are the  total  development  fees and  third  party
service revenues that are implicit in your '05 guidance, separately?

Brian Nickel:  We said at this point and time that we were  projecting  these to
get back up to  historical  levels.  We did that,  a little over five million in
development services in 2004, about seven million in 2003, so we would expect us
to move closer to the seven million.

Jordan Sadler: In 2005?

Brian Nickel: In 2005.

Jordan Sadler: Ok. And the third party property management?

Mark  Hager:  Approximately  2.6  million,  which is  slightly  ahead of the '04
numbers.

Jordan Sadler: Ok. And then lastly, could you just talk about, well, I guess the
cap rates on the two  acquisitions  you're making here. One, the Cityparc at Fry
Street and The  Exchange  at  Gainesville.  They both seem to be at about  seven
caps. Would you characterize  those markets as having similar growth  prospects,
and why would you pay seven for the two of them?

Brian Nickel: A couple of things about them, they have similar growth prospects.
The University of Florida is growing,  and then The University of North Texas is
also growing very  rapidly.  In addition,  both of these assets have  pedestrian
access to campus and have locations that are virtually  impossible to repeat. We
think that's going to afford us the opportunity  for accelerated  rent growth in
the future, which justifies the seven cap.

Jordan Sadler: Ok. My last question was just on The Proctor  Portfolio,  leasing
looks like it's a little bit behind  schedule  you said  relative  to your other
assets  that are leasing up for the fall  season.  Do you still think it will be
able to hit the seven and a half cap rate goal?

Bill Bayless: Yes, we do. And again, if we look at the break down of the leasing
between  renewal of  existing  residents  versus new  applications,  where it is
currently  behind is in the renewal of existing,  and that was because of it not
being kicked off until we closed, and those efforts are now in full swing. We'll
have a much better  indication  as we go through  that  renewal  process that is
taking place over the next four weeks.

Jordan Sadler: Ok. Thanks.


                                       12



Operator:  And we'll take our next question. As a reminder,  it's "star one" for
questions, and I'll take our next question from David Rodgers of KeyMcDonald.

David Rodgers:  Yeah, good morning guys. Wanted to ask a couple of questions,  I
guess.  In your guidance for 2005 in the  supplement  it says you're  estimating
flat occupancy and rent levels for the `05/'06  academic year.  Clearly it looks
like you're ahead of both of those.  Is that just an extra  conservatism,  or is
there something that gives you pause for concern there?

Brian Nickel: It is conservatism in terms of the guidance.

David Rodgers: Ok. On your leasing, year to date, it looked like you were pretty
much running ahead of schedule except for the University of Central Florida.  Is
there a reason why that market and in particular  seems to be struggling?  Is it
company specific? Is it new supply? Could you give some light on that?

Bill Bayless:  No, that market continues to remain strong. We have two assets in
that market place,  The Village at Science  Drive and also Alafaya.  Alafaya was
tracking  behind,  Science  Drive is right on  target.  We are  monitoring  that
closely.  There again,  where we're running a little behind in that market is on
the resident  renewal.  We have a new manager in place at that property and that
is where  their  efforts  are  focused.  We continue to see good growth and good
demand from in the new resident  phase.  The other  market where we're  watching
leasing closely is at the University of Colorado Boulder, which is where we feel
the softest market that we're  currently  located,  and where we have a cautious
eye towards.

David Rodgers: Ah, at the time of the IPO it seemed that you were probably going
to shy away from any of the on campus participating structures in the future and
it sounds like this one kind of flopped on you a little  bit.  But what are your
thoughts  about  further  structures  in the on  campus  participating  property
nature?

Bill Bayless:  We do see those as being few and far between.  The fact that this
was at a client institution on a site adjacent to an existing on campus property
is what  drove  that.  Also,  from  facilitating  a  transaction  the tax exempt
structures do take longer time to put in play.  And it was the  opportunity  for
the  university  an existing  client to meet their  objectives to get those beds
online.  We still would expect the on campus  participating  to be fewer and far
between.  However, we will say one industry trend that we see vary, in the early
stages of development, is universities beginning in some of the RFP's that we're
seeing,  to interject  perhaps an opportunity for owner equity to be utilized in
on campus transactions, which could in essence present an opportunity to have on
campus  assets as owned real estate.  We think that that  opportunity  is in its
infancy.  We're watching  closely.  We're hoping to try and nurture that, but it
could be the next evolution,  and that is due to the fact that the cost of these
tax exempt  financings has risen to a level with bond insurance and  transaction
costs  that now make pure  privatization  as an  alternative  perhaps  look more
attractive.


                                       13



David  Rodgers:  Ok.  And then,  I guess a question  for Brian,  in terms of the
overall  acquisition  guidance,  the  acquisition  guidance for the full year. I
didn't hear you give a specific number. I heard you say the pipeline and we know
where you're  standing year to date. Did you give,  kind of, a weighted  average
new guidance for acquisitions?

Brian Nickel:  We've targeted in our guidance 20 million to happen at the end of
the first  quarter and another 50 to happen in the middle of the year,  which is
baked into the guidance right now.

David Rodgers:  Ok, and what about capital  re-investments  in the  acquisitions
that you're making currently?  What level of re-investment do you anticipate, if
any?

Bill Bayless:  It depends upon the asset. In The Proctor  Portfolio it was about
250,000 in terms of immediate upgrades to the product to bring them to the level
that we're looking for to drive rents. In the case of Cityparc and The Exchange,
they're  both new  assets  that are very well  constructed  that do not  require
substantial investment on the front end.

David Rodgers:  And, I guess, one quick housekeeping item, the revenues from San
Bernardino in the fourth quarter, was it about 900,000 to a million?

Mark Hager: Let me get that for you.

David Rodgers:  And I guess and the last question, I guess, while you're looking
that up is, did you give any guidance or any  indication for FFO or FFOM for the
first quarter, in and of itself?

Brian Nickel: We're not speaking to quarterly guidance at this point in time.

David Rodgers: All right, thank you.

Operator:  And once again, that's "star one" for questions.  We'll take our next
question from Tony Paolone with JP Morgan.

Tony Paolone:  Hi. Thanks.  Just want to clarify the  development  fee income in
your guidance for 2005. You mentioned seven million  dollars.  Does that include
the Cullen Oaks project?

Brian Nickel: Yes.

                                       14



Tony Paolone:  Last quarter,  I think you also mentioned you had about 7 million
that was pretty  visible,  and then in your guidance for '05 you had between one
and three million of spec revenues. How, what's that number now?

Brian Nickel:  At this point and time,  since  nothing's  changed since the last
quarter,  the one to three  million did not include the Cullen Oaks and we're on
track right now and in the same position we were on the last call.

Bill Bayless:  Tony, let me clarify something there, and, please,  correct me if
I'm  wrong,  Mark.  That  seven  million  is total  third  party  revenue,  both
development and third party management I speak to in the '05 guidance.

Mark Hager: That's correct.

Bill Bayless:  And so, it's the  combination  of those that we have the ability.
But one thing that we are also seeing in that sector is the  opportunities,  you
see in the quarter we had 115% increase in management contracts.  Because of our
success rate,  when we do develop for  universities  in acquiring the management
which runs over 50%,  we see that  segment of our third  party  business  having
greater potential.

Tony  Paolone:  Ok. So the seven million that you  mentioned,  that includes the
development  fees that are visible  right now,  as well as  property  management
contracts?

Bill Bayless: Yeah, that is correct.

Tony Paolone: In Cullen Oaks.

Bill Bayless: Only the appropriate level of Cullen Oaks based upon it being a on
campus participating,  again we don't get full recognition of that fee, and that
is why the FFOM, FFO rather, came down.

Tony  Paolone:  Ok. But if I'm thinking in terms of FFOM  though,  so would that
seven million  dollars be a different  number,  kind of on an equivalent  basis,
could you be getting the full credit for Cullen Oaks?

Bill Bayless: I'm sorry can you repeat the question?

Brian Nickel: Can you repeat that question?

Tony Paolone: So, I'm thinking about this in terms of FFOM. Is there a different
number I should be thinking about for Cullen Oaks, then?



                                       15



Brian Nickel:  1.1 million on Cullen Oaks is the revenue from that  transaction.
That would be all recognized in FFOM in 2005.

Mark Hager: Approximately all of it.

Tony Paolone: Ok. And again, just to make sure I understand this, that's part of
the seven million bucks, or no?

Brian Nickel: No.

Mark Hager: No, it is not a part of the seven million dollars.

Tony  Paolone:  Ok.  So, if I'm just  thinking  about the  economics  from these
things, putting the accounting aside, you're talking about 8.1 basically.

Brian Nickel: Correct.

Tony Paolone: Ok. And is there anything speculative on top of that that you have
in your guidance?

Brian Nickel: It's the same one to three that we identified on the last call.

Tony Paolone: Ok. That's still there then.

Mark Hager: Yes, but we do have good, short list prospects that we are targeting
to fill that speculated revenue.

Tony Paolone: Ok. Great, thanks.

Operator:  And  we'll  take  our  next  question  from  Richard  Paoli  with ABP
Investments.

Richard Paoli: Hey guys. I have a question regarding your, I guess, your leasing
indicators for the beginning of the fall season.  Historically  what is the drop
off rate for people that have either, you know, I guess,  applied or have signed
leases this early in the season?  I mean,  you know,  a lot of things can change
between now and September  and, you know,  how much of a, you know,  fall off is
there, and is there an economic, I guess, disincentive for people to do that?

Bill  Bayless:  No, and  Richard  it's very low,  and if you look at a couple of
sections that I'll point out to you. Most of our properties are apartment  style
for upper classmen and so there's more stability  than,  say,  within  freshmen.
People may recall when we were on the road show this was a big question  because
we  were in the  bulk of a lease  up.  At  most  of our  properties  that  total
cancellation  from  application to lease is less than two percent.  And we do it
throughout  the year.  Those numbers that you're looking at today are not loaded
up. Any  cancellations  that have  occurred  have already  taken place.  But one
property  that  has an  exception  to  that  is  Callaway  House  at  Texas  A&M
University, which is a freshmen residences hall product, and in that product you
do see a higher level,  typically between 10 and 12%  cancellation,  as students
who may have been admitted to different universities make their final selection.
As you can see, at that  particular  property,  where last year we ended up with
(occupancy)  103%,  actually  had to do some bunk beds in our  design bed units,
we're  actually  significantly  even further ahead this year.  And so, we do not
have concern at this point and time.


                                       16



Richard  Paoli:  Ok. The other  question I have is with respect to, perhaps what
I'd call  seasonality  to your FFO numbers.  I know you're not giving  quarterly
guidance,  which,  in the future,  I'd  encourage you guys to do if you could do
that. I know you've got a lot going on,  returns,  acquisitions  and such.  But,
could you kind of give me a sense of,  you know,  where the high  water mark and
the low water mark is? I think I know, you know,  obviously you've got the lease
up expenses in the third  quarter,  but,  could you just enumerate that for me a
little better?

Brian  Nickel:  What we would say about  that at this  point and time is that we
would  expect,  but you've got to  remember,  you've got  acquisitions  that are
rolling on.

Richard  Paoli:  Right.  Well,  if you hold  the  acquisitions  aside,  say on a
stabilized  basis,  you know,  where do you see, you know,  it sounds like,  you
know,  FFO seems to be kind of stable  or, you know,  your cash flow  from,  you
know,  from December to the March quarter seems kind of flattish,  and then what
happens,  expenses obviously go up in the summer when you do the turnovers,  so,
you know, put the  acquisitions on the side for a minute and say, you know, on a
stabilized basis where, you know, your cash flow is, where the variability is in
the quarters.

Brian  Nickel:  The way that works on a same store basis is basically  the first
and fourth  quarter are very similar,  a little bit down in the second  quarter,
and then obviously the third quarter is impacted by turnover expenses as well as
there's a few assets that  don't,  that are not on 12 month  leases,  and that's
what we'd expect to be the weakest quarter. If you add the acquisitions in, and,
as we ramp up we would  expect the first and third  quarter to be very  similar,
and then the second and fourth quarter to be higher than those,  with the fourth
quarter being the strongest.

Richard Paoli: Ok. Thank you.

Mark Hager:  If I could,  let me go back to a previously  asked  question  about
revenues on San  Bernardino.  San  Bernardino  is  reflected  as a  discontinued
operation in our financial  statements and so it showed net in that section, but
just as a matter of reference, it had 1.2 million in revenues for that period.


                                       17



Operator: And again, that's "star one" for questions. And there appears to be no
further questions at this time. I would like to turn the conference back over to
Mr. Bayless for any additional or closing remarks.

Bill Bayless:  Thank you. We would like to thank you for joining all of us as we
discussed  the  fourth  quarter.  As a company  we are very  pleased,  as to the
success of the fourth  quarter.  We look very forward to  continuing to keep you
updated,  as we implement our growth business plan, and also, very  importantly,
move,  once again to release those beds for the next academic year. We'd like to
thank the employees of American Campus and also our board members,  who have put
forth great efforts to help us in our immediate success. Thank you very much.

Operator:  And that does conclude  today's  teleconference.  We do thank you for
your participation. You may now disconnect.



                                       18